Document:

Exhibit 10.1

 

EXECUTION VERSION

 

AMENDMENT
No. 1, dated as of February 3, 2020 (this “Amendment”), to the Credit Agreement dated as of May 1,
2019 ( “Credit Agreement”, the Credit Agreement as amended by this Amendment, the “Amended Credit Agreement”),
among IHEARTCOMMUNICATIONS, INC., a Texas corporation (the “Borrower”), IHEARTMEDIA CAPITAL I, LLC, a Delaware
limited liability company (“Holdings”), the other Guarantors party hereto, Citibank,
N.A. as Administrative Agent and Collateral Agent (in such capacities, the “Existing Administrative Agent”),
BANK OF AMERICA, N.A. (“BOA”), as the New Administrative Agent (as defined below) and each lender from time
to time party thereto (collectively, the “Lenders” and individually, a “Lender”); capitalized
terms used and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.

 

WHEREAS, the Borrower
desires to amend the Credit Agreement on the terms set forth herein;

 

WHEREAS, (a) Section
2.15 of the Credit Agreement provides that the Borrower may obtain Refinancing Term Loans pursuant to a Refinancing Amendment,
the proceeds of which shall be used to prepay in full Initial Term Loans outstanding under the Credit Agreement as of the Amendment
No. 1 Effective Date (immediately prior to giving effect to this Amendment) (the “Existing Term Loans”; and
the Initial Lenders holding such Existing Term Loans, the “Existing Term Lenders”); and (b) Section 10.01 provides
that the relevant Loan Parties and the Required Lenders may amend the Credit Agreement and the other Loan Documents for certain
purposes;

 

WHEREAS, the Borrower
and the Existing Administrative Agent hereby agree to replace the Existing Administrative Agent, as administrative agent under
the Credit Agreement, with BOA, in its capacities as successor administrative agent and collateral agent under the Loan Documents
(in such capacities, the “New Administrative Agent”) and to amend or otherwise modify each applicable Loan Document
to effect such replacement;

 

WHEREAS, BofA Securities,
Inc., has agreed to act in the roles and pursuant to the titles set forth in the Engagement Letter, dated as of January 21, 2020,
between the Borrower and BofA Securities, Inc., in respect of such Refinancing Term Loans (acting in its capacity in such roles
and titles, the “Lead Arranger”);

 

WHEREAS, cash on hand
will be used to repay $150,000,000.00 of the aggregate principal amount of Existing Term Loans outstanding on the Amendment No.
1 Effective Date, together with all accrued and unpaid interest and other amounts due and payable with respect to such Existing
Term Loans in accordance with the Credit Agreement as of the Amendment No. 1 Effective Date (the “Initial Repayment Amount”);

 

WHEREAS, after the payment
of the Initial Repayment Amount, BOA (the “New Term Lender”) has agreed to provide Refinancing Term Loans (such
Refinancing Term Loans, the “New Term Loans”) in an aggregate principal amount of $2,101,271,311.40, which is
equal to the outstanding principal amount of Existing Term Loans in effect as of the Amendment No. 1 Effective Date after giving
effect to the payment of the Initial Repayment Amount, in accordance with the terms and conditions set forth herein and in the
Credit Agreement; and

 

WHEREAS, the New Term
Lender has agreed to provide New Term Loans and (ii) the Borrower has requested, and the New Term Lender has agreed to, an amendment
to the Credit Agreement pursuant to which certain other provisions of the Credit Agreement will be amended as set forth herein.

 

     

     

    

 

NOW, THEREFORE, in consideration
of the premises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

Section
1.                   New
Term Loans; Amendment.

 

(a)                With
effect from and including the Amendment No. 1 Effective Date, the New Term Lender shall become a party to the Amended Credit
Agreement as a “Lender”, a “Initial Lender” and “Term Lender”, shall have a commitment to
provide Refinancing Term Loans in accordance with the terms hereof in an aggregate principal amount equal to
$2,101,271,311.40 (the “New Term Loan Commitment”) as set forth in Schedule 1.01B to this Amendment, which is equal to the outstanding principal amount of
Existing Term Loans in effect as of the Amendment No. 1 Effective Date after giving effect to the payment of the Initial
Repayment Amount, and shall have all of the rights and obligations of a “Lender”, “Initial Term
Lender” and “Term Lender” under the Amended Credit Agreement and the other Loan Documents. On the Amendment
No. 1 Effective Date, each Existing Term Lender (in its capacity as such, but not in any other capacity) shall cease to be a
Lender party to the Credit Agreement (and, for the avoidance of doubt, shall not be a party to the Amended Credit Agreement
with respect to Initial Term Loans (except to the extent that it shall subsequently become party thereto (i) pursuant to an
Assignment and Assumption entered into with any Lender in accordance with the terms of the Amended Credit Agreement or (ii)
through other means in accordance with the terms and provisions of the Amended Credit Agreement)), and all accrued and unpaid
fees and other amounts payable under the Credit Agreement for the account of each Existing Term Lender shall be due and
payable on such date.

 

(b)               
On the Amendment No. 1 Effective Date,

 

(i)           
the Borrower shall prepay to the Existing Administrative Agent the Initial Repayment Amount;

 

(ii)          
the New Term Lender, severally and not jointly, shall make a Refinancing Term Loan to the Borrower in accordance with this Section
1(b) and Section 2.15 of the Credit Agreement in immediately available funds in an amount equal to the New Term Loan Commitment;

 

(iii)         
the Borrower shall prepay to the Existing Administrative Agent in full the remaining Existing Term Loans and all accrued and unpaid
interest and other amounts due and payable with respect to such Existing Term Loans in accordance with the Credit Agreement as
of the Amendment No. 1 Effective Date (such payment, together with the Initial Repayment Amount, collectively, the “Borrower’s
Payment”); and

 

(iv)         
the Existing Administrative Agent shall apply the Borrower’s Payment to pay to each Existing Term Lender an amount equal
to such Existing Term Lender’s Existing Term Loan Prepayment Amount.

 

The transactions described in this Section
1(b) shall be deemed to occur immediately prior to the effectiveness of the amendment of the Credit Agreement pursuant to Section
1(c) hereof. The New Term Loan Commitments provided for hereunder shall terminate on the Amendment No. 1 Effective Date immediately
upon the borrowing of the New Term Loans pursuant to Section 1(b). For purposes of this Amendment, the “Existing Term
Loan Prepayment Amount” shall mean, for each Existing Term Lender, the sum of (i) the aggregate principal amount of Existing
Term Loans owing to such Existing Term Lender on the Amendment No. 1 Effective Date plus (ii) all accrued and unpaid interest
and other amounts due and payable in accordance with the Credit Agreement on such Existing Term Lender’s Existing Term Loans
as of the Amendment No. 1 Effective Date.

 

    -2-

     

    

 

(c)               
The Credit Agreement is, effective as of the Amendment No. 1 Effective Date (as defined below), hereby amended to (i) delete
the stricken text (indicated textually in the same manner as the following example: stricken text)
and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined
text) as set forth in the pages of the Credit Agreement attached as Exhibit A hereto and (ii) add Exhibit
J-2 to this Amendment as Exhibit J-2 to the Exhibits to the Credit Agreement.

 

(d)               
With effect from the effectiveness of this Amendment, each New Term Loan made on the Amendment No. 1 Effective Date in accordance
with Section 1(b) shall constitute, for all purposes of the Amended Credit Agreement, an Initial Term Loan made pursuant to the
Amended Credit Agreement and this Amendment; provided that each such New Term Loan shall constitute an “Initial Term
Loan” for all purposes of the Amended Credit Agreement, and all provisions of the Amended Credit Agreement applicable to
Initial Term Loans shall continue to be applicable to such New Term Loans.

 

Section
2.                   Representations
and Warranties. Each Loan Party hereby represents and warrants that, as of the Amendment No. 1 Effective Date, this Amendment
has been duly authorized, executed and delivered by such Loan Party and constitutes the legal, valid and binding obligation of
such Loan Party enforceable against it in accordance with its terms, except as such enforceability may be limited by Debtor Relief
Laws and by general principles of equity.

 

Section
3.                   Effectiveness.
This Amendment shall become effective on the date (such date, the “Amendment No. 1 Effective Date”) that the
following conditions have been satisfied:

 

(a)               
Consents. The Lead Arranger shall have received executed signature pages hereto from the Existing Administrative
Agent, the New Administrative Agent, the New Term Lender, Holdings, the Borrower and the other Loan Parties;

 

(b)               
Expenses. The Borrower shall have paid to the Lead Arranger, the Existing Administrative Agent and the New Administrative
Agent all fees and expenses due to be paid on the Amendment No. 1 Effective Date, including all reasonable and documented out-of-pocket
expenses required to be paid or reimbursed under Section 10.04 of the Credit Agreement for which invoices have been presented at
least one Business Day prior to the Amendment No. 1 Effective Date;

 

(c)               
Legal Opinions. The Lead Arranger shall have received a legal opinion from Kirkland & Ellis LLP, counsel to the
Loan Parties, in form and substance reasonably satisfactory to the Lead Arranger (it being agreed that a legal opinion in the form
substantially similar to such delivered to the Existing Administrative Agent on the Closing Date shall be deemed so satisfactory);

 

(d)               
Officer’s Certificate. The Lead Arranger shall have received a certificate of a Responsible Officer of the
Borrower dated the Amendment No. 1 Effective Date certifying that, after giving effect to the Amendment, (i) the representations
and warranties of the Borrower and each other Loan Party contained in the Credit Agreement or in the other Loan Documents are true
and correct in all material respects with the same effect as though such representations and warranties had been made on and as
of the Amendment No. 1 Effective Date; provided that, to the extent that such representations and warranties specifically
refer to an earlier date, such representations and warranties were true and correct in all material respects as of such earlier
date; provided, further, that any representation and warranty that is qualified as to “materiality,” “Material
Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects
on such respective dates and (ii) no Event of Default has occurred and is continuing after giving effect to the New Term Loans;
and

 

    -3-

     

    

 

(e)               
Closing Certificates. The Lead Arranger shall have received such certificates of good standing (to the extent such
concept exists) from the applicable secretary of state (or equivalent public official) to the state of organization of each Loan
Party (or a certificate from each Loan Party that there have been no changes to the Organization Documents, including all amendments
thereto, that were delivered to the Existing Administrative Agent on the Closing Date), certificates or resolutions or other action,
incumbency certificates and/or other certificates of Responsible Officers of each Loan Party (A) evidencing the identity, authority
and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Amendment and
the other Loan Documents, (B) certifying copies of resolutions or other actions of the board of directors, board of managers or
other applicable governing body of such Loan Party (including shareholder resolutions to the extent necessary under applicable
law or any Organization Document) approving the entry into this Amendment and the performance of the other Loan Documents and (C)
certifying copies of the Organization Documents of such Loan Party;

 

(f)                
KYC. (x) Upon the reasonable request of the New Term Lender made at least five (5) Business Days prior to the Amendment
No. 1 Effective Date, the Borrower shall have provided all documentation and other information about the Borrower and the Guarantors
required under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT
Act in each case at least two (2) Business Days prior to the Amendment No. 1 Effective Date and (y) at least two (2) Business Days
prior to the Closing Date, if the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation,
the Borrower shall have delivered, to the New Term Lender if it so requests at least five (5) Business Days prior to the Amendment
No. 1 Effective Date, a Beneficial Ownership Certification.

 

(g)               
Successor Agent Agreement. The Lead Arranger shall have received executed counterparts of the Successor Agent Agreement.

 

(h)               
Borrower’s Payment. The Existing Administrative Agent shall have received the Borrower’s Payment.

 

(i)                
Notices. The Existing Administrative Agent shall have received a prepayment notice in respect of the Existing Term
Loans and the New Administrative Agent shall have received a Committed Loan Notice in respect of the New Term Loans.

 

Section
4.                   Counterparts.
This Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of
which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a
single instrument. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or any other electronic
transmission shall be effective as delivery of an original executed counterpart hereof.

 

Section
5.                   Headings.
The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

 

    -4-

     

    

 

Section
6.                   Effect
of Amendment. Except as expressly set forth herein, (i) this Amendment shall not by implication or otherwise limit,
impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Existing Administrative Agent or
the New Administrative Agent, in each case under the Credit Agreement or any other Loan Document, and (ii) shall not alter, modify,
amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement
or any other Loan Document. Except as expressly set forth herein, each and every term, condition, obligation, covenant and agreement
contained in the Credit Agreement or any other Loan Document is hereby ratified and re-affirmed in all respects and shall continue
in full force and effect. Without limiting the foregoing, (i) each Loan Party acknowledges and agrees that (A) each Loan Document
to which it is a party is hereby confirmed and ratified and shall remain in full force and effect according to its respective terms
(in the case of the Credit Agreement, as amended hereby) and (B) the Collateral Documents do, and all of the Collateral does, and
in each case shall continue to, secure the payment of all of its Obligations (including, for the avoidance of doubt, the New Term
Loans made on the Amendment No. 1 Effective Date) on the terms and conditions set forth in the Collateral Documents, and hereby
confirms and, to the extent necessary, ratifies the security interests granted by it pursuant to the Collateral Documents to which
it is a party and (ii) each Guarantor hereby confirms and ratifies its continuing unconditional obligations as Guarantor under
the Guaranty with respect to all of its Obligations (including, for the avoidance of doubt, the New Term Loans made on the Amendment
No. 1 Effective Date). This Amendment shall constitute a Loan Document for purposes of the Credit Agreement, including without
limitation for purposes of Sections 10.15, 10.16 and 10.17 thereof, and from and after the Amendment No. 1 Effective Date, all
references to the Credit Agreement in any Loan Document and all references in the Credit Agreement to “this Agreement,”
 “hereunder,” “hereof” or words of like import referring to the Credit Agreement, shall, unless expressly
provided otherwise, refer to the Credit Agreement as amended by this Amendment.

 

Section
7.                   Replacement
of Administrative Agent.

 

(a)   
The New Term Lender and the Borrower acknowledge the Existing Administrative Agent’s resignation as Administrative
Agent and as Collateral Agent, effective as of the Amendment No. 1 Effective Date. Pursuant to the Amended Credit Agreement and
the Successor Administrative Agent Agreement, dated as of the Amendment No. 1 Effective Date, between the Existing Administrative
Agent, the New Administrative Agent and the Loan Parties (the “Successor Agent Agreement”), the Existing Administrative
Agent, the Borrower and the New Term Lender (which constitutes Required Lenders under the Amended Credit Agreement) hereby appoint
BOA to act as the Administrative Agent and as the Collateral Agent under the Amended Credit Agreement, the Security Agreement and
the other Loan Documents, all effective as of the Amendment No. 1 Effective Date. BOA, in its capacity as the New Administrative
Agent hereby accepts the appointment to act as the Administrative Agent and as the Collateral Agent under the Amended Credit Agreement,
the Security Agreement and the other Loan Documents. The New Term Lender and the Borrower hereby waive any notice requirements
and any inconsistency or conflict with the provisions in Section 9.09 of the Amended Credit Agreement with respect to the resignation
of the Existing Administrative Agent and the appointment of the New Administrative Agent.

 

(b)   
The New Administrative Agent is hereby vested with all the rights, powers, discretion and privileges of the Existing Administrative
Agent as described in the Credit Agreement, the Security Agreement and the other Loan Documents and the New Administrative Agent
assumes, from and after the date hereof, the obligations, responsibilities and duties of the Existing Administrative Agent in accordance
with the terms of the Amended Credit Agreement, the Security Agreement and the other Loan Documents. Nothing in this Agreement
shall be deemed a termination of the provisions of the Loan Documents that survive the Existing Administrative Agent’s resignation
or that pertain to Citi in its capacity as Collateral Agent under the Amended Credit Agreement, the Security Agreement and the
other Loan Documents.

 

    -5-

     

    

 

(c)   
The parties hereby agree and acknowledge that, from and after the Amendment No. 1 Effective Date, (i) BOA shall be, and
shall be deemed to be, the Administrative Agent and the Collateral Agent under the Amended Credit Agreement (including the schedules
and exhibits thereto) and the other Loan Documents and (ii) the Successor Agent Agreement shall constitute a “Loan Document”
under and for all purposes of the Loan Documents. In furtherance of the foregoing, as of the Amendment No. 1 Effective Date, unless
the context otherwise requires, all recitals, introductory paragraphs, defined terms and other references to “Citibank, N.A.”
as the Administrative Agent and Collateral Agent in the Amended Credit Agreement and the other Loan Documents (including, for the
avoidance of doubt, as Term Loan Collateral Agent in the ABL Intercreditor Agreement and as Credit Agreement Agent in the First
Lien Intercreditor Agreement) are hereby deemed amended to reference “Bank of America, N.A.” as the Administrative
Agent and Collateral Agent, as applicable, thereunder. All notices addressed to the “Administrative Agent” or the “Collateral
Agent” under the Amended Credit Agreement or the other Loan Documents shall be sent to:

 

Bank of America, N.A.

 

For payments and Requests for
Credit Extensions:

Bank of America, N.A.

BUILDING C

2380 PERFORMANCE DR

RICHARDSON, TX, 75082

Attn: Gita Pandey

Phone: 214.209.2984

Email:
gita.pandey@bofa.com

Account No.: 1366072250600 

Attn: Wire Clearing Acct for Syn
Loans - LIQ  

Ref:   iHeartCommunications,
Inc.

ABA# 026009593

 

Other Notices for Administrative
Agent:

Bank of America, N.A.

Agency Management

135 S LA SALLE ST, Suite 961

CHICAGO, IL, 60603-4157

Attn: Teresa Weirath

Phone: 312.992.3532

Email: Teresa.Weirath@bofa.com

Fax Number: 312.453.2835

 

Section
8.                   No
Novation. Nothing herein contained shall be construed as a substitution or novation of the obligations outstanding under
the Credit Agreement or instruments securing the same, which shall remain in full force and effect, except to any extent modified
hereby or by instruments executed concurrently herewith and except to the extent repaid as provided herein. Nothing implied in
this Amendment or in any other document contemplated hereby shall discharge or release the Lien or priority of any Collateral Document
or any other security therefor or otherwise be construed as a release or other discharge of any of the Loan Parties under any Loan
Document from any of its obligations and liabilities as a borrower, guarantor or pledgor under any of the Loan Documents, except,
in each case, to any extent modified hereby and except to the extent repaid as provided herein.

 

Section
9.                   Notices.
The execution and delivery of this Amendment by the Borrower and the satisfaction of all conditions precedent to effectiveness
of this Amendment pursuant to Section 3 hereof shall be deemed to satisfy any requirement for, and constitute any notice
required to be delivered to the Existing Administrative Agent or the New Administrative Agent under the Credit Agreement (other
than delivery of a Committed Loan Notice and a prepayment notice as set forth in Section 3(i)). The New Term Loans shall be funded
with a single Interest Period which shall commence on the Amendment No. 1 Effective Date and end on March 2, 2020, and the New
Term Lender hereby consents to such Interest Period. The New Term Lender, in its capacity as  an Existing Term Lender, hereby
consents to waive all compensation payable to it (if any) pursuant to Section 3.05 of the Credit Agreement.

 

[Signature Pages Follow]

 

    -6-

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first
above written.

 

	 	IHEARTCOMMUNICATIONS, INC., as Borrower
	 	 
	 	By:	/s/ Richard J. Bressler          
	 	 	Name: 	Richard J. Bressler
	 	 	Title: 	President and Chief Financial Officer
	 	 
	 	IHEARTMEDIA CAPITAL I, LLC, as Holdings
	 	 
	 	By:	/s/ Richard J. Bressler
	 	 	Name: 	Richard J. Bressler
	 	 	Title: 	President and Chief Financial Officer

 

Signature
Page to Amendment No. 1 (iHM 2020 Repricing)

 

    

     

    

 

	 	AMFM BROADCASTING LICENSES, LLC
	 	AMFM BROADCASTING, INC.
	 	AMFM OPERATING INC.
	 	AMFM RADIO LICENSES, LLC
	 	AMFM TEXAS LICENSES, LLC
	 	AMFM TEXAS, LLC
	 	CAPSTAR RADIO OPERATING COMPANY
	 	CAPSTAR TX, LLC
	 	CC BROADCAST HOLDINGS, INC.
	 	CC LICENSES, LLC
	 	CHRISTAL RADIO SALES, INC.
	 	CINE GUARANTORS II, INC.
	 	CITICASTERS CO.
	 	CITICASTERS LICENSES, INC.
	 	CLEAR CHANNEL BROADCASTING LICENSES, INC.
	 	CLEAR CHANNEL MEXICO HOLDINGS, INC.
	 	CRITICAL MASS MEDIA, INC.
	 	IHEART OPERATIONS, INC.
	 	IHEARTMEDIA + ENTERTAINMENT, INC.
	 	IHEARTMEDIA MANAGEMENT SERVICES, INC.
	 	IHM IDENTITY, INC.
	 	KATZ COMMUNICATIONS, INC.
	 	KATZ MEDIA GROUP, INC.
	 	KATZ MILLENNIUM SALES & MARKETING INC.
	 	KATZ NET RADIO SALES, INC.
	 	M STREET CORPORATION
	 	PREMIERE NETWORKS, INC.
	 	STUFF MEDIA LLC
	 	TTWN MEDIA NETWORKS, LLC
	 	TTWN NETWORKS, LLC, each as Guarantor
	 	 
	 	By:	/s/ Richard J. Bressler
	 	 	Name: 	Richard J. Bressler
	 	 	Title: 	President and Chief Financial Officer
	 	 
	 	AMFM TEXAS BROADCASTING, LP, as Guarantor
	 	 
	 	By: AMFM BROADCASTING, INC., its general partner
	 	 
	 	By:	/s/  Richard J. Bressler
	 	 	Name: 	Richard J. Bressler
	 	 	Title: 	President and Chief Financial Officer

 

Signature
Page to Amendment No. 1 (iHM 2020 Repricing)

 

    

     

    

 

	 	BANK OF AMERICA, N.A.,
	 	as New Administrative Agent
	 	 
	 	By:	/s/ Charlene Wright-Jones
	 	 	Name: 	Charlene Wright-Jones
	 	 	Title: 	Vice President

 

Signature
Page to Amendment No. 1 (iHM 2020 Repricing)

 

    

     

    

 

NEW TERM LENDER SIGNATURE PAGE

 

By executing a counterpart
to this Amendment as the New Term Lender, Bank of America, N.A. agrees to make New Term Loans on the Amendment No. 1 Effective
Date, in accordance with the terms and conditions set forth herein and in the Amended Credit Agreement. Bank of America, N.A.,
as the New Term Lender, acknowledges and agrees that in the absence of a change to the terms and conditions of this Amendment (including
Exhibit A hereto) that is (x) materially adverse to the New Term Lender, in its capacity as such and (y) made after the submission
of such executed counterpart, such submission is irrevocable.

 

	Name of Institution:	BANK OF AMERICA,
    N.A.,
	 	as a New Term Lender
	 	 
	 	By: 	/s/ Kyle Oberkrom
	 	 	Name: Kyle Oberkrom
	 	 	Title: Vice President

 

Signature
Page to Amendment No. 1 (iHM 2020 Repricing)

 

    

     

    

 

	 	Citibank,
    N.A.
	 	as Existing Administrative
    Agent
	 	 
	 	By:	/s/ Scott Sartorius
	 	 	Name: Scott Sartorius
	 	 	Title: Vice President

 

Signature
Page to Amendment No. 1 (iHM 2020 Repricing)

 

    

     

    

 

Exhibit A

 

See attached.

 

    

     

    

 

EXECUTION VERSION

 

EXHIBIT
A

 

 

CREDIT AGREEMENT

 

Dated as of May 1, 2019, as
amended by Amendment No. 1 dated as of February 3, 2020

 

Among

 

IHEARTMEDIA CAPITAL I, LLC,

as Holdings,

 

IHEARTCOMMUNICATIONS, INC.,

as the Borrower,

 

THE OTHER GUARANTORS PARTY HERETO FROM TIME
TO TIME

 

CITIBANKBANK
OF AMERICA, N.A.,

as Administrative Agent and Collateral Agent,

 

and

 

THE LENDERS PARTY HERETO FROM TIME TO TIME

 

 

    

     

    

 

TABLE OF CONTENTS

 

Page

 

ARTICLE I

Definitions and Accounting Terms

 

	Section 1.01	Defined Terms	32
	Section 1.02	Other Interpretive Provisions	361
	Section 1.03	Accounting Terms	361
	Section 1.04	Rounding	362
	Section 1.05	References to Agreements, Laws, Etc.	362
	Section 1.06	Times of Day	63
	Section 1.07	Timing of Payment or Performance	63
	Section 1.08	Initial Lenders	63
	Section 1.09	[Reserved]	63
	Section 1.10	Currency Equivalents Generally	63
	Section 1.11	Fixed Amounts and Incurrence Based Amounts	364
	Section 1.12	Divisions	364
	Section 1.13	Interest Rates	64
	 	 
	ARTICLE II
	The Commitments and Credit Extensions
	 	 
	Section 2.01	The Loans	364
	Section 2.02	Borrowings, Conversions and Continuations of Loans	364
	Section 2.03	Disbursement Agent	366
	Section 2.04	Undeliverable Distributions	366
	Section 2.05	Prepayments	367
	Section 2.06	Termination or Reduction of Commitments	378
	Section 2.07	Repayment of Loans	379
	Section 2.08	Interest	379
	Section 2.09	Fees	379
	Section 2.10	Computation of Interest and Fees	380
	Section 2.11	Evidence of Indebtedness	380
	Section 2.12	Payments Generally	380
	Section 2.13	Sharing of Payments	382
	Section 2.14	Incremental Credit Extension	83
	Section 2.15	Refinancing Amendments	388
	Section 2.16	Extension of Term Loans	389
	Section 2.17	Defaulting Lenders	391
	 
	ARTICLE III
	Taxes, Increased Costs Protection and Illegality
	Section 3.01	Taxes	392
	Section 3.02	Illegality	93
	Section 3.03	Inability to Determine Rates	93
	Section 3.04	Increased Cost and Reduced Return; Capital
    Adequacy; Reserves on Eurocurrency Rate Loans	93
	Section 3.05	Funding Losses	93
	Section 3.06	Matters Applicable to All Requests for Compensation	93
	Section 3.07	Replacement of Lenders under Certain Circumstances	93
	Section 3.08	Survival	93

 

    i

     

    

 

	ARTICLE IV
	Conditions Precedent to Credit Extensions
	Section 4.01	Conditions to Initial Credit Extension	93
	Section 4.02	Conditions to All Credit Extensions	93
	ARTICLE V
	Representations and Warranties
	Section 5.01	Existence, Qualification and Power; Compliance with Laws	93
	Section 5.02	Authorization; No Contravention	93
	Section 5.03	Governmental Authorization; Other Consents	93
	Section 5.04	Binding Effect	93
	Section 5.05	Financial Statements; No Material Adverse Effect	93
	Section 5.06	Litigation	93
	Section 5.07	Special Representations Relating to FCC Authorizations, Etc.	93
	Section 5.08	Ownership of Property; Liens and Real Property	93
	Section 5.09	Environmental Matters	93
	Section 5.10	Taxes	93
	Section 5.11	ERISA Compliance	93
	Section 5.12	Subsidiaries; Equity Interests	93
	Section 5.13	Margin Regulations; Investment Company Act	93
	Section 5.14	Disclosure	93
	Section 5.15	Labor Matters	93
	Section 5.16	[Reserved]	93
	Section 5.17	Intellectual Property; Licenses, Etc	93
	Section 5.18	Solvency	93
	Section 5.19	OFAC; USA PATRIOT Act; FCPA	93
	Section 5.20	[Reserved]	93
	Section 5.21	Security Documents	93
	 	 	 
	ARTICLE VI
	Affirmative Covenants
	 
	Section 6.01	Financial Statements	93
	Section 6.02	Certificates; Other Information	93
	Section 6.03	Notices	93
	Section 6.04	Payment of Obligations	93
	Section 6.05	Preservation of Existence, Etc.	93
	Section 6.06	Maintenance of Properties	93
	Section 6.07	Maintenance of Insurance	93
	Section 6.08	Compliance with Laws	93
	Section 6.09	Books and Records	93
	Section 6.10	Inspection Rights	93
	Section 6.11	Additional Collateral; Additional Guarantors	93
	Section 6.12	Compliance with Environmental Laws	93
	Section 6.13	Further Assurances	93
	Section 6.14	Designation of Subsidiaries	93
	Section 6.15	Maintenance of Ratings	93
	Section 6.16	Post-Closing Covenants	93
	Section 6.17	License Subsidiaries	93
	 	 	 
	ARTICLE VII
	Negative Covenants
	 
	Section 7.01	Liens	93
	Section 7.02	Investments	93
	Section 7.03	Indebtedness	93

 

    ii

     

    

 

	Section 7.04	Fundamental Changes	93
	Section 7.05	Dispositions	93
	Section 7.06	Restricted Payments	93
	Section 7.07	Change in Nature of Business	93
	Section 7.08	Transactions with Affiliates	93
	Section 7.09	Burdensome Agreements	93
	Section 7.10	[Reserved]	93
	Section 7.11	[Reserved]	93
	Section 7.12	Change in Fiscal Year	93
	Section 7.13	Prepayments, Etc. of Indebtedness	93
	Section 7.14	Permitted Activities	93
	 	 	 
	ARTICLE VIII
	Events of Default and Remedies
	 
	Section 8.01	Events of Default	93
	Section 8.02	Remedies Upon Event of Default	93
	Section 8.03	Exclusion of Immaterial Subsidiaries	93
	Section 8.04	Application of Funds	93
	 	 	 
	ARTICLE IX
	Administrative Agent and Other Agents
	 
	Section 9.01	Appointment and Authorization of Agents	93
	Section 9.02	Delegation of Duties	93
	Section 9.03	Liability of Agents	93
	Section 9.04	Reliance by Agents	93
	Section 9.05	Notice of Default	93
	Section 9.06	Credit Decision; Disclosure of Information by Agents	93
	Section 9.07	Indemnification of Agents	93
	Section 9.08	Agents in Their Individual Capacities	93
	Section 9.09	Successor Agents	93
	Section 9.10	Administrative Agent May File Proofs of Claim	93
	Section 9.11	Collateral and Guaranty Matters	93
	Section 9.12	Other Agents; Lead Arrangers	93
	Section 9.13	Withholding Tax Indemnity	93
	Section 9.14	Appointment of Supplemental Agents	93
	Section 9.15	Lender Action	93
	Section 9.16	Intercreditor Agreements	93
	Section 9.17	Certain ERISA Matters	93
	 	 	 
	ARTICLE X
	Miscellaneous
	 
	Section 10.01	Amendments, Etc.	93
	Section 10.02	Notices and Other Communications; Facsimile Copies	93
	Section 10.03	No Waiver; Cumulative Remedies	93
	Section 10.04	Attorney Costs and Expenses	93
	Section 10.05	Indemnification by the Borrower	93
	Section 10.06	Payments Set Aside	93
	Section 10.07	Successors and Assigns	93
	Section 10.08	Confidentiality	93
	Section 10.09	Setoff	93
	Section 10.10	Interest Rate Limitation	93
	Section 10.11	Counterparts	93
	Section 10.12	Integration; Termination	93
	Section 10.13	Survival of Representations and Warranties	93

 

    iii

     

    

 

	Section 10.14	Severability	93
	Section 10.15	GOVERNING LAW	93
	Section 10.16	WAIVER OF RIGHT TO TRIAL BY JURY	93
	Section 10.17	Binding Effect	93
	Section 10.18	USA PATRIOT Act	93
	Section 10.19	No Advisory or Fiduciary Responsibility	93
	Section 10.20	Electronic Execution of Assignments	93
	Section 10.21	Effect of Certain Inaccuracies	93
	Section 10.22	Judgment Currency	93
	Section 10.23	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	93
	Section 10.24	FCC	93
	Section 10.25	Acknowledgement Regarding Any Supported QFCs	93
	 	 	 
	ARTICLE XI
	Guaranty
	 
	Section 11.01	The Guaranty	93
	Section 11.02	Obligations Unconditional	93
	Section 11.03	Reinstatement	93
	Section 11.04	Subrogation; Subordination	93
	Section 11.05	Remedies	93
	Section 11.06	Instrument for the Payment of Money	93
	Section 11.07	Continuing Guaranty	93
	Section 11.08	General Limitation on Guarantee Obligations	93
	Section 11.09	Information	93
	Section 11.10	Release of Guarantors	93
	Section 11.11	Right of Contribution	93
	Section 11.12	ORIGINAL ISSUE DISCOUNT LEGEND	93

 

    iv

     

    

 

SCHEDULES

 

	 	1.01A	Commitments
	 	1.01B	Identified Assets
	 	1.01C	Unrestricted Subsidiaries
	 	5.05	Certain Liabilities
	 	5.06	Litigation
	 	5.07	FCC Authorizations
	 	5.08	Ownership of Property
	 	5.09(a)	Environmental Matters
	 	5.10	Taxes
	 	5.12	Subsidiaries and Other
    Equity Investments
	 	6.16	Post-Closing Covenants
	 	7.02(f)	Existing Investments
	 	7.02(y)	Existing Joint Ventures
	 	7.05(s)	Dispositions
	 	7.08	Transactions with Affiliates
	 	7.09	Certain Contractual Obligations
	 	10.02	Administrative Agent’s
    Office, Certain Addresses for Notices

 

EXHIBITS

 

Form of

 

		A	Committed Loan Notice
	 	B	[Reserved]
	 	C	Term Note
	 	D	[Reserved]
	 	E-1	Compliance Certificate
	 	E-2	Solvency Certificate
	 	F	Assignment and Assumption
	 	G	Security Agreement
	 	H	[Reserved]
	 	I	Intercompany Note
	 	J-1	First Lien Intercreditor
    Agreement
	 	J-2	Junior Lien Intercreditor
    Agreement
	 	K-1	United States Tax Compliance
    Certificate (Foreign Non-Partnership Lenders)
	 	K-2	United States Tax Compliance
    Certificate (Foreign Non-Partnership Participants)
	 	K-3	United States Tax Compliance
    Certificate (Foreign Partnership Lenders)
	 	K-4	United States Tax Compliance
    Certificate (Foreign Partnership Participants) Administrative Questionnaire
	 	M-1	Acceptance and Prepayment
    Notice
	 	M-2	Discount Range Prepayment
    Notice
	 	M-3	Discount Range Prepayment
    Offer
	 	M-4	Solicited Discounted
    Prepayment Notice
	 	M-5	Solicited Discounted
    Prepayment Offer
	 	M-6	Specified Discount Prepayment
    Notice
	 	M-7	Specified Discount Prepayment
    Response

 

    v

     

    

 

CREDIT AGREEMENT

 

This CREDIT AGREEMENT (as the same may be
amended, modified, refinanced and/or restated from time to time, this “Agreement”) is entered into as of May
1, 2019, among IHEARTCOMMUNICATIONS, INC., a Texas corporation (the “Borrower”), IHEARTMEDIA CAPITAL I, LLC,
a Delaware limited liability company (“Holdings”), the other Guarantors from time to time party hereto, CITIBANKBANK
OF AMERICA, N.A., as Administrative Agent and Collateral Agent, and each lender from time to time party hereto (collectively,
the “Lenders” and individually, a “Lender”).

 

PRELIMINARY STATEMENTS

 

1.       On
March 14, 2018, the Borrower, Holdings, and certain of the Subsidiary Guarantors (as defined herein) (collectively, the “iHeart
Debtors”) filed voluntary petitions for relief under Chapter 11 in the United States Bankruptcy Court for the Southern
District of Texas Houston Division (such court, together with any other court having exclusive jurisdiction over the Case from
time to time and any Federal appellate court thereof, the “Bankruptcy Court”) and commenced cases, jointly administered
under the Modified Fifth Amended Joint Chapter 11 Plan of Reorganization of iHeartMedia, Inc. and its Debtor Affiliates Pursuant
to Chapter 11 of the Bankruptcy Code in the Bankruptcy Court on January 22, 2019 [Docket No. 2521], Case No. 18-31274 (collectively,
the “Case”), and have continued in the possession and operation of their assets and in the management of their
businesses pursuant to sections 1107 and 1108 of the Bankruptcy Code of the United States.

 

2.       The
iHeart Debtors are parties to (i) the certain Superpriority Secured Debtor-In-Possession Credit Agreement, dated as of June 14,
2018 (as amended, restated, supplemented, replaced or refinanced or otherwise modified prior to the Closing
dDate hereof,
to the extent permitted by the ABL Intercreditor Agreement, the “Existing DIP Credit Agreement”), by and among
the iHeart Debtors, Citibank, N.A., as administrative agent and the lending institutions from time to time parties thereto, and
(ii) the certain credit agreement dated as of May 13, 2008, (as amended and restated as of February 23, 2011, amended by Amendment
No. 1, dated as of October 15, 2012, Amendment No. 2, dated as of May 31, 2013 and Amendment No. 3, dated as of December 18, 2013
and as further amended, restated, supplemented, or otherwise modified prior to the Closing
dDate hereof,
the “Existing CF Credit Agreement”), among the iHeart Debtors, the lenders party thereto (such lenders party
thereto holding term loans thereunder being referred to herein as the “Prepetition Term Lenders”) and Citibank,
N.A., as administrative agent and collateral agent.

 

3.       The
iHeart Debtors filed the Fifth Amended Joint Chapter 11 Plan of Reorganization of iHeartMedia, Inc. and its Debtor Affiliates Pursuant
to Chapter 11 of the Bankruptcy Code in the Bankruptcy Court on October 18, 2018 [Docket No. 1632] (together with all schedules,
documents and exhibits contained therein, as amended, supplemented, modified or waived from time to time, the “Bankruptcy
Plan”).

 

4.       On
January 22, 2019, the Bankruptcy Court entered an order confirming the Bankruptcy Plan with respect to the iHeart Debtors [Docket
No. 2525] (the “Confirmation Order”).

 

5.       Pursuant
to the Bankruptcy Plan, the Prepetition Term Lenders and the other Initial Lenders are receiving, among other things, interests
in an exit term loan facility on the Closing Date in an initial aggregate principal amount of $3,487,359,200.50, on the terms and
conditions set forth in this Agreement and the other Loan Documents

 

    

     

    

 

6.       The proceeds
of the Initial Term Loans together with the proceeds of (i) the Senior Notes and (ii) a portion of the ABL Facility will be used
on the Closing Date to (a) consummate the Transactions, (b) to pay the costs and expenses related to the Transactions and the
consummation of the Bankruptcy Plan, (c) to fund distributions in connection with the consummation of, or as required by, the
Bankruptcy Plan, and (d) for general corporate purposes.

 

In consideration of the mutual covenants
and agreements herein contained, the parties hereto covenant and agree as follows:

 

ARTICLE I

Definitions and Accounting Terms

 

Section 1.01        Defined Terms.

 

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

 

“ABL Credit Agreement”
means that certain ABL Credit Agreement, dated as of the Closing Date, by and among Holdings, the Borrower, the other borrowers
and guarantors from time to time party thereto, the lenders from time to time party thereto, the ABL Facility Administrative Agent
and the entities party from time to time thereto as swing line lender and L/C issuers, as such agreement may be amended, supplemented,
waived or otherwise modified from time to time or refunded, refinanced, replaced, renewed, repaid, increased or extended from time
to time (whether in whole or in part, whether with the original administrative agent and lenders or other agents and lenders or
otherwise, and whether provided under the original ABL Credit Agreement or other credit agreement or otherwise, unless such agreement,
instrument or document expressly provides that it is not intended to be and is not an ABL Credit Agreement), to the extent permitted
by the ABL Intercreditor Agreement.

 

“ABL Facility” means
the collective reference to the ABL Credit Agreement, any Loan Documents (as defined therein), any notes and letters of credit
issued pursuant thereto and any guarantee, security agreement, letter of credit applications and other guarantees, pledge agreements,
security agreements and collateral documents, and other instruments and documents, executed and delivered pursuant to or in connection
with any of the foregoing, in each case as the same may be amended, supplemented, waived or otherwise modified from time to time
or refunded, refinanced, replaced, renewed, repaid, increased or extended from time to time (whether in whole or in part, whether
with the original administrative agent and lenders or other agents and lenders or otherwise, and whether provided under the original
ABL Credit Agreement or other credit agreement or otherwise, unless such agreement, instrument or document expressly provides that
it is not intended to be and is not an ABL Credit Agreement), to the extent permitted by the ABL Intercreditor Agreement.

 

“ABL Facility Administrative Agent”
means Citibank, N.A. in its capacity as administrative agent under the ABL Credit Agreement or any successor, new or replacement
administrative agent under the ABL Loan Documents.

 

“ABL Incremental Loans”
means loans and commitments resulting from a “Revolving Commitment Increase” under (and as defined in) the ABL Credit
Agreement as in effect on the Closing dDate
hereof.

 

“ABL Intercreditor Agreement”
means the intercreditor agreement, dated as of the Closing
dDate hereof,
among, inter alios, Citibank, N.A., in its capacity as ABL Collateral Agent, CitibankBank
of America, N.A., as Term Loan Collateral Agent and Designated Junior Priority Representative, and U.S. Bank National
Association, as Notes Collateral Agent, as the same may be amended, restated, modified, supplemented, replaced or refinanced from
time to time.

 

    2

     

    

 

“ABL Lenders” means the “Lenders”
under and as defined in the ABL Credit Agreement.

 

“ABL Loan Documents”
means the “Loan Documents” as defined in the ABL Credit Agreement.

 

“ABL Obligations” means the “Obligations”
as defined in the ABL Credit Agreement.

 

“ABL Priority Collateral”
means “Intercreditor Collateral” as defined in the ABL Intercreditor Agreement.

 

“Acceptable Discount” has the meaning
set forth in Section 2.05(a)(v)(D)(2).

 

“Acceptable Prepayment Amount”
has the meaning set forth in Section 2.05(a)(v)(D)(3).

 

“Acceptance and Prepayment Notice”
means a notice of the Borrower’s acceptance of the Acceptable Discount in substantially the form of Exhibit M-1.

 

“Acceptance Date” has the meaning
set forth in Section 2.05(a)(v)(D)(2).

 

“Acquired EBITDA” means,
with respect to any Acquired Entity or Business or any Converted Restricted Subsidiary for any period, the amount for such period
of Consolidated EBITDA of such Acquired Entity or Business or Converted Restricted Subsidiary (determined as if references to Holdings
and the Restricted Subsidiaries in the definition of Consolidated EBITDA were references to such Acquired Entity or Business and
its Subsidiaries or to such Converted Restricted Subsidiary and its Subsidiaries), as applicable, all as determined on a consolidated
basis for such Acquired Entity or Business or Converted Restricted Subsidiary, as applicable.

 

“Acquired Entity or Business”
has the meaning set forth in the definition of the term “Consolidated EBITDA.”

 

“Additional Lender” has the meaning
set forth in Section 2.14(c).

 

“Additional Refinancing Lender”
has the meaning set forth in Section 2.15(a).

 

“Administrative Agent”
means CitibankBank
of America, N.A., in its capacity as administrative agent under any of the Loan Documents, or any successor administrative
agent.

 

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

 

“Administrative Questionnaire”
means an Administrative Questionnaire in the form of Exhibit L or such other form as may be supplied from time to time by
the Administrative Agent.

 

“Affiliate” means, with
respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled
by or is under common Control with the Person specified. “Control” means the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise
voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative
thereto. Notwithstanding anything to the contrary contained herein, in no event shall any Lender or Agent be deemed an Affiliate
of a Loan Party solely by virtue of its capacity as a Lender or Agent hereunder.

 

    3

     

    

 

“Agent-Related Persons”
means the Agents, together with their respective Affiliates, and the officers, directors, employees, partners, agents, advisors,
attorneys-in-fact and other representatives of such Persons and Affiliates.

 

“Agents” means, collectively,
the Administrative Agent, the Collateral Agent and the Supplemental Agents (if any).

 

“Aggregate Commitments” means the
Commitments of all the Lenders.

 

“Agreement” means this
Credit Agreement, as the same may be amended, supplemented or otherwise modified from time to time.

 

“All-In Yield” means,
as to any Indebtedness, the yield thereof incurred or payable by the applicable borrower generally to all Lenders of such Indebtedness
in an amount equal to the sum of (a) the applicable margin; (b) OID and upfront fees; provided that (i) OID and upfront
fees shall be equated to interest rate assuming a 4-year life to maturity on a straight line basis (or, if less, the stated life
to maturity at the time of incurrence of the applicable Indebtedness); and (ii) “All-In Yield” shall not include amendment
fees, arrangement fees, structuring fees, commitment fees, underwriting fees and any similar fees payable to any lead arranger
(or its affiliates) in connection with the commitment or syndication of such Indebtedness, consent fees paid to consenting Lenders,
ticking fees on undrawn commitments and any other fees not paid or payable generally to all Lenders in the primary syndication
of such Indebtedness and (c) the interest rate (exclusive of margin) after giving effect to any Eurocurrency Rate or Base Rate
floor.

 

“Amendment
No. 1” means Amendment No. 1 to this Agreement dated as of the Amendment No. 1 Effective Date.

 

“Amendment
No. 1 Effective Date” means February 3, 2020, the date of the effectiveness of Amendment No. 1.

 

“Applicable Asset Sale Percentage”
means (a) 100.0% if the Consolidated First Lien Net Leverage Ratio as of the most recently ended Test Period is greater than 3.50
to 1.00, (b) 50.0% if the Consolidated First Lien Net Leverage Ratio as of the most recently ended Test Period is less than or
equal to 3.50 to 1.00 and greater than 3.00 to 1.00 and (c) 0% if the Consolidated First Lien Net Leverage Ratio as of the most
recently ended Test Period is less than or equal to 3.00 to 1.00, in each case, calculated on a Pro Forma Basis.

 

“Applicable Discount”
has the meaning set forth in Section 2.05(a)(v)(C)(2).

 

“Applicable ECF Percentage”
means, for any fiscal year, (a) 50.0% if the Consolidated First Lien Net Leverage Ratio as of the last day of such fiscal year
is greater than 3.75 to 1.00, (b) 25.0% if the Consolidated First Lien Net Leverage Ratio as of the last day of such fiscal year
is less than or equal to 3.75 to 1.00 and greater than 3.25 to 1.00 and (c) 0.0% if the Consolidated First Lien Net Leverage Ratio
as of the last day of such fiscal year is less than or equal to 3.25 to 1.00, in each case, calculated on a Pro Forma Basis.

 

“Applicable Period” has
the meaning set forth in Section 10.21.

 

“Applicable Proceeds” has the meaning
set forth in Section 2.05(b)(ii).

 

    4

     

    

 

“Applicable Rate” means
a percentage per annum equal to, (x) for Eurocurrency Rate Loans, 43.00%
and (y) for Base Rate Loans, 32.00%.

 

“Appropriate Lender”
means, at any time, with respect to Loans of any Class, the Lenders of such Class.

 

“Approval Order” shall
mean the Order (I) Authorizing Debtors to Obtain Postpetition Financing Pursuant to 11 U.S.C. §§ 105, 362, 363(b), 364(c)(1),
364(d)(1) and 364(e), (II) Granting Adequate Protection to Prepetition Secured Parties Pursuant to 11 U.S.C. §§ 361,
362, 363, 364 and 507(b) and (III) Authorizing Debtors to Obtain Exit Financing entered by the Bankruptcy Court on June 7, 2018
Docket No. 918.

 

“Approved Fund” means,
with respect to any Lender, any Fund that is administered, advised or managed by (a) such Lender, (b) an Affiliate of such Lender
or (c) an entity or an Affiliate of an entity that administers, advises or manages such Lender.

 

“Assignees” has the meaning set
forth in Section 10.07(b).

 

“Assignment and Assumption”
means an Assignment and Assumption substantially in the form of Exhibit F.

 

“Assignment Taxes” has the meaning
set forth in Section 3.01(b).

 

“Attorney Costs” means
and includes all reasonable and documented out-of-pocket fees, expenses and disbursements of any law firm or other external legal
counsel.

 

“Attributable Indebtedness”
means, on any date, in respect of any Capitalized Lease of any Person, the capitalized amount thereof that would appear on a balance
sheet of such Person prepared as of such date in accordance with GAAP.

 

“Auction Agent” means
(a) the Administrative Agent or (b) any other financial institution or advisor employed by the Borrower (whether or not an Affiliate
of the Administrative Agent) to act as an arranger in connection with any Discounted Term Loan Prepayment pursuant to Section 2.05(a)(v);
provided that the Borrower shall not designate the Administrative Agent as the Auction Agent without the written consent
of the Administrative Agent (it being understood that the Administrative Agent shall be under no obligation to agree to act as
the Auction Agent); provided, further, that neither the Borrower nor any of its Affiliates (other than an Initial Lender)
may act as the Auction Agent.

 

“Audited Financial Statements”
means the audited consolidated balance sheets of Holdings as of each of December 31, 2018, 2017 and 2016 and related consolidated
statements of income, stockholders’ equity and cash flows of Holdings for the fiscal years ended December 31, 2018, 2017
and 2016.

 

“Available Incremental Amount”
has the meaning set forth in Section 2.14(d)(v).

 

“Bail-In Action” means
the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of
an EEA Financial Institution.

 

“Bail-In Legislation”
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of
the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule.

 

    5

     

    

 

“Bank
of America” means, Bank of America, N.A.

 

“Bankruptcy Code” means
title 11 of the United States Code, 11 U.S.C. §§ 101–1532, and the rules and regulations promulgated thereunder.

 

“Bankruptcy Court” shall
have the meaning provided in the Preliminary Statements to this Agreement.

 

“Bankruptcy Plan” shall
have the meaning provided in the Preliminary Statements to this Agreement.

 

“Base Rate” means, for
any day, a rate per annum equal to the greatest of (a) the Federal Funds Rate in effect on such day plus 1/2 of 1%, (b) the Prime
Rate in effect for such day and (c) the Eurocurrency Rate for deposits in Dollars for a one-month
Interest Period plus 1.00%. The Base Rate shall be deemed to be 0.00% per annum if the Base Rate calculated pursuant
to the foregoing provisions would otherwise be less than 0.00% per annum. If the Administrative Agent shall have determined (which
determination shall be conclusive absent manifest error) that it is unable to ascertain the Federal Funds Rate for any reason,
including the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms of
the definition thereof, the Base Rate shall be determined without regard to clause (a) of the preceding sentence until the circumstances
giving rise to such inability no longer exist. Any change in the Base Rate due to a change in the Prime Rate, the Federal Funds
Rate or the Eurocurrency Rate shall be effective on the effective date of such change in the Prime Rate, the Federal Funds Rate
or the Eurocurrency Rate, as the case may be.

 

“Base Rate Loan” means
a Loan denominated in Dollars that bears interest based on the Base Rate.

 

“Benefit Plan” means
any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42)
or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan”
or “plan”.

 

“Beneficial Ownership Certification”
means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

 

“Beneficial Ownership Regulation”
means 31 C.F.R. § 1010.230.

 

“Borrower” has the meaning set
forth in the introductory paragraph to this Agreement.

 

“Borrower Materials” has the meaning
set forth in Section 6.02.

 

“Borrower Offer of Specified Discount
Prepayment” means the offer by any Company Party to make a voluntary prepayment of Term Loans at a Specified Discount
to par pursuant to Section 2.05(a)(v)(B).

 

“Borrower Solicitation of Discount
Range Prepayment Offers” means the solicitation by any Company Party of offers for, and the corresponding acceptance
by a Lender of, a voluntary prepayment of Term Loans at a specified range of discounts to par pursuant to Section 2.05(a)(v)(C).

 

    6

     

    

 

“Borrower Solicitation of Discounted Prepayment
Offers” means the solicitation by any Company Party of offers for, and the subsequent acceptance, if any, by a Lender
of, a voluntary prepayment of Term Loans at a discount to par pursuant to Section 2.05(a)(v)(D).

 

“Borrowing” means a Term Borrowing
of a particular Class, as the context may require.

 

“Broadcast Licenses”
means the main station licenses issued by the FCC or any foreign Governmental Authority and held by the Borrower or any of its
Restricted Subsidiaries for the Broadcast Stations operated by the Borrower or any of its Restricted Subsidiaries.

 

“Broadcast Stations”
means each full-service AM or FM radio broadcast station or full-service television broadcast station now or hereafter owned and
operated by the Borrower or any of its Restricted Subsidiaries.

 

“Business Day” means
(a) any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or
are in fact closed in, the State of New York, and (b) if such day relates to any interest rate settings as to a Eurocurrency Rate
Loan, any fundings, disbursements, settlements and payments in respect of any such Eurocurrency Rate Loan, or any other dealings
to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means a day on which dealings in deposits
in Dollars are conducted by and between banks in the applicable London interbank market.

 

“Capital Expenditures”
means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities and including in all events
all amounts expended or capitalized under Capitalized Leases) by Holdings and its Restricted Subsidiaries during such period that,
in conformity with GAAP, are or are required to be included as capital expenditures on the consolidated statement of cash flows
of Holdings and its Restricted Subsidiaries.

 

“Capitalized Lease Obligation”
means, at the time any determination thereof is to be made, the amount of the liability in respect of a Capitalized Lease; provided
that any obligations of Holdings or its Restricted Subsidiaries either existing on the Closing Date or created prior to any recharacterization
described below (i) that were not included on the consolidated balance sheet of Holdings as capital lease obligations and (ii)
that are subsequently recharacterized as capital lease obligations or indebtedness due to a change in accounting treatment or otherwise,
shall for all purposes under this Agreement (including, without limitation, the calculation of Consolidated Net Income and Consolidated
EBITDA) not be treated as capital lease obligations, Capitalized Lease Obligations or Indebtedness.

 

“Capitalized Leases”
means all leases that have been or are required to be, in accordance with GAAP, recorded as capitalized leases; provided
that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for
as a liability on a balance sheet in accordance with GAAP; provided, further, that for purposes of calculations made pursuant
to the terms of this Agreement, GAAP will be deemed to treat leases in a manner consistent with its treatment under generally accepted
accounting principles as of January 1, 2015, notwithstanding any modifications or interpretive changes thereto that may have occurred
thereafter.

 

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

 

    7

     

    

 

“Case” shall have the meaning provided
in the Preliminary Statements to this Agreement.

 

“Cash Collateral Account”
means a blocked account at a commercial bank specified by the Administrative Agent in the name of the Administrative Agent and
under the sole dominion and control of the Administrative Agent, and otherwise established in a manner reasonably satisfactory
to the Administrative Agent.

 

“Cash Equivalents” means
any of the following types of Investments, to the extent owned by Holdings or any Restricted Subsidiary:

 

(1) Dollars;

 

(2) such local currencies held by Holdings
or any Restricted Subsidiary from time to time in the ordinary course of business (including without limitation Sterling, euro,
AUD or any national currency of any participating member state of the Economic and Monetary Union);

 

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

 

(4) certificates of deposit, time deposits
and eurodollar time deposits with maturities of 24 months or less from the date of acquisition, demand deposits, bankers’
acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any domestic or foreign commercial
bank having capital and surplus of not less than $250,000,000 in the case of U.S. banks and $100,000,000 in the case of non-U.S.
banks;

 

(5) repurchase obligations for underlying
securities of the types described in clauses (3), (4), (7) and (8) entered into with any financial institution or recognized securities
dealer meeting the qualifications specified in clause (4) above;

 

(6) commercial paper and variable or fixed
rate notes rated at least P-2 by Moody’s or at least A-2 by S&P (or, if at any time neither Moody’s nor S&P
shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency) and in each
case maturing within 24 months after the date of creation thereof;

 

(7) marketable short-term money market and
similar funds having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither
Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical
rating agency);

 

(8) readily marketable direct obligations
issued by any state, commonwealth or territory of the United States or any political subdivision or taxing authority thereof having
an investment grade rating from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P shall be
rating such obligations, an equivalent rating from another nationally recognized statistical rating agency) with maturities of
24 months or less from the date of acquisition;

 

(9) readily marketable direct obligations
issued by any foreign government or any political subdivision or public instrumentality thereof, in each case having an investment
grade rating from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations,
an equivalent rating from another nationally recognized statistical rating agency) with maturities of 24 months or less from the
date of acquisition;

 

    8

     

    

 

(10) Investments with average maturities
of 12 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P
or Aaa3 (or the equivalent thereof) or better by Moody’s (or, if at any time neither Moody’s nor S&P shall be rating
such obligations, an equivalent rating from another nationally recognized statistical rating agency);

 

(11) securities with maturities of 12 months
or less from the date of acquisition backed by standby letters of credit issued by any financial institution or recognized securities
dealer meeting the qualifications specified in clause (4) above;

 

(12) Indebtedness or preferred stock issued
by Persons with a rating of “A” or higher from S&P or “A2” or higher from Moody’s with maturities
of 24 months or less from the date of acquisition; and

 

(13) investment funds investing at least
90% of their assets in securities of the types described in clauses (1) through (12) above.

 

In the case of Investments by any Foreign
Subsidiary that is a Restricted Subsidiary or Investments made in a country outside the United States of America, Cash Equivalents
shall also include (a) investments of the type and maturity described in clauses (1) through (8) and clauses (10), (11), (12) and
(13) above of foreign obligors, which Investments or obligors (or the parents of such obligors) have ratings described in such
clauses or equivalent ratings from comparable foreign rating agencies and (b) other short-term investments utilized by Foreign
Subsidiaries that are Restricted Subsidiaries in accordance with normal investment practices for cash management in investments
analogous to the foregoing investments in clauses (1) through (13) and in this paragraph.

 

Notwithstanding the foregoing, Cash Equivalents
shall include amounts denominated in currencies other than those set forth in clauses (1) and (2) above; provided that such
amounts are converted into any currency listed in clauses (1) and (2) as promptly as practicable and in any event within ten (10)
Business Days following the receipt of such amounts.

 

For the avoidance of doubt, any items identified
as Cash Equivalents under this definition will be deemed to be Cash Equivalents for all purposes regardless of the treatment of
such items under GAAP.

 

“Casualty Event” means
any event that gives rise to the receipt by Holdings or any Restricted Subsidiary of any insurance proceeds or condemnation awards
in respect of any equipment, fixed assets or real property (including any improvements thereon) to replace or repair such equipment,
fixed assets or real property.

 

“CCH” means Clear Channel Holdings,
Inc., a Delaware corporation.

 

“CERCLA” means the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as subsequently amended, and the regulations promulgated thereunder.

 

“Change
in Law” means the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking effect of
any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration,
interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any
request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that
notwithstanding
anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
guidelines or directives thereunder or issued in connection therewith or
in the implementation thereof and
(y) all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements,
the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or
foreign
regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a“Change
in Law”,
regardless of the date enacted, adopted,
issued or implemented.

 

    9

     

    

 

“Change of Control” shall be deemed
to occur if:

 

(a)       any
person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing Date)
shall have acquired beneficial ownership (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act) of 50% or more on a fully
diluted basis of the voting interest in Parent’s Equity Interests;

 

(b)       a
 “change of control” (or similar event) shall occur under the ABL Facility, the Senior Notes Indentures; or

 

(c)       Holdings
shall cease to own directly or indirectly 100% of the Equity Interests of the Borrower.

 

Notwithstanding the preceding
or any provision of Section 13d-3 of the Exchange Act, (i) a Person or group shall not be deemed to beneficially own Equity Interests
subject to a stock or asset purchase agreement, merger agreement, option agreement, warrant agreement or similar agreement (or
voting or option or similar agreement related thereto) until the consummation of the acquisition of the Equity Interests in connection
with the transactions contemplated by such agreement and (ii) the right to acquire Equity Interests (so long as such Person does
not have the right to direct the voting of the Equity Interests subject to such right) or any veto power in connection with the
acquisition or disposition of Equity Interests will not cause a party to be a beneficial owner.

 

“City Code” has the meaning set
forth in Section 1.03(c).

 

“Claimant Assignee” has the meaning
set forth in Section 10.07(b).

 

“Class” (a) when used
with respect to any Lender, refers to whether such Lender has a Loan or Commitment with respect to a particular Class of Loans
or Commitments, (b) when used with respect to Commitments, refers to whether such Commitments are Initial Term Commitments, Incremental
Term Commitments, Incremental Revolving Credit Commitments, Refinancing Term Commitments of a given Refinancing Series or Extended
Term Loans of a given Extension Series and (c) when used with respect to Loans or a Borrowing, refers to whether such Loans, or
the Loans comprising such Borrowing, are Initial Term Loans, Incremental Term Loans, Refinancing Term Loans of a given Refinancing
Series or Extended Term Loans of a given Extension Series. Incremental Revolving Credit Commitments, Initial Term Commitments,
Incremental Term Commitments or Refinancing Term Commitments (and in each case, the Loans made pursuant to such Commitments) that
have different terms and conditions shall be construed to be in different Classes. Commitments (and, in each case, the Loans made
pursuant to such Commitments) that have the same terms and conditions shall be construed to be in the same Class. There shall be
no more than an aggregate of three Classes of revolving credit facilities and five Classes of term loan facilities under this Agreement
at any time outstanding.

 

“Closing Date” means
May 1, 2019, the first date on which all conditions precedent in Section 4.01 are satisfied or waived in accordance with Section
10.03.

 

“iHeartCommunications Warrants”
means the warrants issued by the Borrower to a Claimholder (as defined in the Plan of Reorganization) on the Closing Date to purchase
shares of common stock of Clear Channel Outdoor Holdings, Inc.

 

    10

     

    

 

“Code” means the U.S. Internal
Revenue Code of 1986, as amended from time to time.

 

“Collateral” means (i)
the “Collateral” as defined in the Security Agreement, (ii) all the “Collateral” or “Pledged Assets”
or similar term as defined in any other Collateral Document and (iii) any other assets pledged or in which a Lien is granted or
purported to be granted, in each case, pursuant to any Collateral Document.

 

“Collateral Agent” means
CitibankBank of America,
N.A., in its capacity as collateral agent or pledgee in its own name under any of the Loan Documents, or any successor collateral
agent.

 

“Collateral and Guarantee Requirement”
means, at any time, the requirement that:

 

(a)       the
Administrative Agent shall have received each Collateral Document required to be delivered on the Closing Date pursuant to Section
4.01(a) or from time to time pursuant to Section 6.11 or Section 6.13, subject to the limitations and exceptions of this Agreement,
duly executed by each Loan Party party thereto;

 

(b)       all
Obligations shall have been unconditionally guaranteed pursuant to the Guaranty by (i) Holdings, (ii) any Electing Guarantor and
(iii) each direct and indirect wholly-owned Restricted Subsidiary of Holdings (other than any Excluded Subsidiary);

 

(c)       the
Obligations and the Guaranty shall have been secured by a first-priority security interest in (i) all the Equity Interests of the
Borrower and each Guarantor, and (ii) all Equity Interests of each other Restricted Subsidiary (that is not an Excluded Subsidiary),
in each case, subject to exceptions and limitations otherwise set forth in this Agreement, the Collateral Documents (to the extent
appropriate in the applicable jurisdiction) and the Intercreditor Agreements;

 

(d)       the
Obligations and the Guaranty shall have been secured by a perfected security interest in, and Mortgages on, (i) in the case of
Holdings, the Borrower and each US Guarantor, substantially all now owned or, in the case of real property, fee owned, or at any
time hereafter acquired tangible and intangible assets of each such Loan Party thereof (including Equity Interests, intercompany
debt, accounts, inventory, equipment, investment property, contract rights, intellectual property in the United States of America,
other general intangibles, Material Real Property and proceeds of the foregoing), in each case, subject to exceptions and limitations
otherwise set forth in this Agreement and the Collateral Documents (to the extent appropriate in the applicable jurisdiction) and
(ii) in the case of each other Loan Party, a pledge of (x) the applicable Equity Interests referred to in clause (c) above and
(y) each intercompany promissory note or similar debt instrument representing intercompany Indebtedness owed from a Restricted
Subsidiary of Holdings to the applicable Loan Party, subject to exceptions and limitations otherwise set forth in this Agreement
and the Collateral Documents (to the extent appropriate in the applicable jurisdiction), in each case with the priority required
by the Collateral Documents, the First Lien Intercreditor Agreement and the ABL Intercreditor Agreement;

 

    11

     

    

 

(e)       subject
to limitations and exceptions of this Agreement and the Collateral Documents, to the extent a security interest in and Mortgages
on any Material Real Property are required pursuant to clause (d) above or under Sections 6.11 or 6.13 (each, a “Mortgaged
Property”), the Administrative Agent shall have received (i) counterparts of a Mortgage with respect to such Mortgaged
Property duly executed and delivered by the record owner of such property, together with evidence such Mortgage has been duly
executed, acknowledged and delivered by a duly authorized officer of each party thereto, in form suitable for filing or recording
in all filing or recording offices that the Administrative Agent may reasonably deem necessary or desirable in order to create
a valid and subsisting perfected Lien (subject only to Liens described in clause (ii) below) on the property and/or rights described
therein in favor of the Collateral Agent for the benefit of the Secured Parties, and evidence that all filing and recording taxes
and fees have been paid or otherwise provided for in a manner reasonably satisfactory to the Administrative Agent (it being understood
that if a mortgage tax will be owed on the entire amount of the indebtedness evidenced hereby, then the amount secured by the
Mortgage shall, to the extent permitted pursuant to applicable law, be limited to 100% of the fair market value of the property
(as reasonably determined by the Borrower in consultation with the Administrative Agent) at the time the Mortgage is entered into
if such limitation results in such mortgage tax being calculated based upon such fair market value), (ii) fully paid American
Land Title Association Lender’s policies of title insurance (or marked-up title insurance commitments having the effect
of policies of title insurance) on the Mortgaged Property naming the Collateral Agent as the insured for its benefit and that
of the Secured Parties and their respective successors and assigns (the “Mortgage Policies”) issued by a nationally
recognized title insurance company reasonably acceptable to the Collateral Agent in form and substance and in an amount reasonably
acceptable to the Collateral Agent (not to exceed 100% of the fair market value of the real properties covered thereby), insuring
the Mortgages to be valid subsisting first priority Liens on the property described therein, free and clear of all Liens other
than Liens permitted pursuant to Section 7.01 and other Liens reasonably acceptable to the Collateral Agent, each of which shall
(A) to the extent reasonably necessary, include such coinsurance and reinsurance arrangements (with provisions for direct access,
if reasonably necessary) as shall be reasonably acceptable to the Collateral Agent, (B) contain a “tie-in” or “cluster”
endorsement, if available under applicable law (i.e., policies which insure against losses regardless of location or allocated
value of the insured property up to a stated maximum coverage amount), and (C) have been supplemented by such endorsements as
shall be reasonably requested by the Collateral Agent (including endorsements on matters relating to usury, first loss, last dollar,
zoning, contiguity, doing business, non-imputation, public road access, variable rate, environmental lien, subdivision, mortgage
recording tax, separate tax lot, revolving credit and so-called comprehensive coverage over covenants and restrictions, to the
extent such endorsements are available in the applicable jurisdiction at commercially reasonable rates), (iii) opinions of local
counsel to the Loan Parties in states in which the Mortgaged Properties are located, with respect to the enforceability and perfection
of the Mortgages and any related fixture filings, in form and substance reasonably satisfactory to the Collateral Agent and (iv)
no later than three Business Days prior to the date on which a Mortgage is executed and delivered pursuant to this Agreement,
a completed “life of the loan” Federal Emergency Management Agency standard flood hazard determination with respect
to each Mortgaged Property on which any “building” (as defined in the Flood Insurance Laws) is located, duly executed
and acknowledged by the appropriate Loan Parties, together with evidence of flood insurance as and to the extent required under
Section 6.07 hereof. Notwithstanding the foregoing, the Administrative Agent shall not enter into any Mortgage in respect of any
real property acquired by the Borrower or any other Loan Party after the Closing Date until (1) the date that occurs 45 days after
the Administrative Agent has delivered to the Lenders (which may be delivered electronically) the following documents in respect
of such real property: (i) a completed flood hazard determination from a third party vendor; (ii) if such real property is located
in a Special Flood Hazard Area, (A) a notification to the Borrower (or applicable Loan Party) of that fact and (if applicable)
notification to the Borrower (or applicable Loan Party) that flood insurance coverage is not available and (B) evidence of the
receipt by the Borrower (or applicable Loan Party) of such notice; and (iii) if such notice is required to be provided to the
Borrower (or applicable Loan Party) and flood insurance is available in the community in which such real property is located,
evidence of required flood insurance and (2) the Administrative Agent shall have received written confirmation from the Lenders
the that flood insurance due diligence and flood insurance compliance has been completed by the Lenders (such written confirmation
not to be unreasonably conditioned, withheld or delayed); and

 

    12

     

    

 

(f)       after
the Closing Date, each Restricted Subsidiary of Holdings that is not then a Guarantor and not an Excluded Subsidiary shall become
a Guarantor and signatory to this Agreement pursuant to a joinder agreement in accordance with Sections 6.11 or 6.13 and a party
to the Collateral Documents in accordance with Section 6.11; provided that notwithstanding the foregoing provisions, any
Subsidiary of Holdings that Guarantees (or is the borrower or issuer with respect to) the Senior Notes, the ABL Facility or any
Junior Financing or any Permitted Refinancing of any of the foregoing shall be a Guarantor hereunder for so long as it Guarantees
such Indebtedness.

 

Notwithstanding the foregoing provisions
of this definition or anything in this Agreement or any other Loan Document to the contrary:

 

(A)       the
foregoing definition shall not require, unless otherwise stated in this clause (A), the creation or perfection of pledges of,
security interests in, Mortgages on, or the obtaining of title insurance or taking other actions with respect to the following:
(i) other than in the case of any Electing Guarantors, any property or assets owned by any Excluded Subsidiary, (ii) any lease,
license or agreement or any property subject to a purchase money security interest or similar arrangement to the extent that a
grant of a security interest therein would violate or invalidate such lease, license or agreement or purchase money arrangement
or create a right of termination in favor of any other party thereto after giving effect to the applicable anti-assignment provisions
of the Uniform Commercial Code or other applicable Law, other than proceeds and receivables thereof, the assignment of which is
expressly deemed effective under the Uniform Commercial Code or other applicable Law notwithstanding such prohibition, (iii) any
interest in fee-owned real property other than Material Real Properties, (iv) Excluded Contracts, Excluded Equipment and any interest
in leased real property (it being understood that no action shall be required with respect to creation or perfection of security
interests with respect to leases, including any requirement to obtain or deliver landlord waivers, estoppels or collateral access
letters), (v) motor vehicles and other assets subject to certificates of title except to the extent perfection of a security interest
therein may be accomplished by filing of financing statements in appropriate form in the applicable jurisdiction under the Uniform
Commercial Code, (vi) Margin Stock and Equity Interests of any Person other than wholly-owned Subsidiaries that are Restricted
Subsidiaries, (vii) any trademark application filed in the United States Patent and Trademark Office on the basis of the Borrower’s
or any Guarantor’s “intent to use” such mark and for which a form evidencing use of the mark has not yet been
filed with the United States Patent and Trademark Office, to the extent that granting a security interest in such trademark application
prior to such filing would impair the enforceability or validity of such trademark application or any registration that issues
therefrom under applicable federal Law, (viii) the creation or perfection of pledges of, or security interests in, any property
or assets that would result in material adverse tax consequences to Holdings and any Restricted Subsidiaries of Holdings, as determined
in the reasonable judgment of the Borrower in consultation with the Administrative Agent, (ix) any governmental licenses or state
or local franchises, charters and authorizations, to the extent a security in any such license, franchise, charter or authorization
is prohibited or restricted thereby after giving effect to the anti-assignment provisions of the Uniform Commercial Code and other
applicable Law, (x) pledges and security interests prohibited or restricted by applicable Law whether on the Closing Date or thereafter
(including any requirement to obtain the consent of any Governmental Authority or third party), (xi) all commercial tort claims
in an amount less than $15,000,000 in the aggregate, (xii) letter of credit rights, except to the extent constituting a supporting
obligation for other Collateral as to which perfection of the security interest in such other Collateral is accomplished solely
by the filing of a Uniform Commercial Code financing statement (it being understood that no actions shall be required to perfect
a security interest in letter of credit rights, other than the filing of a Uniform Commercial Code financing statement), (xiii)
any particular assets if, in the reasonable judgment of the Administrative Agent and the Borrower, the burden, cost or consequences
of creating or perfecting such pledges or security interests in such assets or obtaining title insurance is excessive in relation
to the benefits to be obtained therefrom by the Lenders under the Loan Documents, (xiv) cash and cash equivalents, deposit and
securities accounts (including securities entitlements and related assets), in each case, other than proceeds of Collateral as
to which perfection may be accomplished solely by the filing of a UCC financing statement, (xv) any segregated funds held in escrow
for the benefit of an unaffiliated third party (including such funds in Escrow), (xvi) any FCC Authorizations to the extent (but
only to the extent) that at such time the Collateral Agent may not validly possess a security interest therein pursuant to applicable
Communications Laws, but the Collateral shall include, to the maximum extent permitted by law, all rights incident or appurtenant
to the FCC Authorizations (except to the extent requiring approval of the FCC, unless such approval has first been secured consistent
with Section 10.24), the economic value of the FCC Authorizations, and the right to receive all proceeds derived from or in connection
with the direct or indirect sale, assignment or transfer of the FCC Authorizations, (xvii) the Identified Assets, (viii) any Equity
Interests of Clear Channel Outdoor Holdings, Inc. and (xix) proceeds from any and all of the foregoing assets described in the
clauses above to the extent such proceeds would otherwise be excluded pursuant the clauses above;

 

    13

     

    

 

(B)       (i)
the foregoing definition shall not require control agreements with respect to any cash, deposit accounts or securities accounts
or any other assets requiring perfection through control agreements; (ii) other than with respect to an Electing Guarantor organized
in a jurisdiction other than the U.S. or a Foreign Subsidiary that is not an Immaterial Foreign
Subsidiary that is required to join as a Guarantor hereunder, no actions in any non-U.S. jurisdiction shall be
required in order to create any security interests in assets located or titled outside of the U.S., or to perfect such security
interests (it being understood that there shall be no security agreements or pledge agreements, or share charge (or mortgage) agreements
governed under the laws of any non-U.S. jurisdiction, other than, with respect to an Electing Guarantor organized in a jurisdiction
other than the U.S. or a Foreign Subsidiary that is not an Immaterial Foreign Subsidiary that
is required to join as a Guarantor hereunder, a security agreement, pledge agreement or share charge governed by
the laws of such jurisdiction in which such Subsidiary is organized) and (iii) except to the extent that perfection and priority
may be achieved by the filing of a financing statement under the Uniform Commercial Code with respect to the Borrower or a Guarantor
or delivery of possessory Collateral required to be delivered pursuant to the Collateral Documents, the Loan Documents shall not
contain any requirements as to perfection or priority with respect to any assets or property described in this clause (B)

 

(C)       the
Collateral Agent in its discretion may grant extensions of time for the creation or perfection of security interests in, and Mortgages
on, or obtaining of title insurance or taking other actions with respect to, particular assets (including extensions beyond the
Closing Date) or any other compliance with the requirements of this definition where it reasonably determines in writing, in consultation
with the Borrower, that the creation or perfection of security interests and Mortgages on, or obtaining of title insurance or taking
other actions, or any other compliance with the requirements of this definition cannot be accomplished without undue delay, burden
or expense by the time or times at which it would otherwise be required by this Agreement or the Collateral Documents;

 

(D)       Liens
required to be granted from time to time pursuant to the Collateral and Guarantee Requirement shall be subject to exceptions and
limitations set forth in this Agreement and the Collateral Documents; and

 

    14

     

    

 

(E)       general
statutory limitations, financial assistance, corporate benefit, capital maintenance rules, fraudulent preference, “thin capitalisation”
rules, retention of title claims and similar principles may limit the ability of a Foreign Subsidiary to provide a Guaranty or
Collateral or may require that the Guaranty or Collateral be limited by an amount or otherwise, in each case as reasonably determined
by the Borrower, in consultation with the Administrative Agent.

 

“Collateral Documents”
means, collectively, the Security Agreement, the Intellectual Property Security Agreements, each of the Mortgages, collateral assignments,
security agreements, pledge agreements or other similar agreements delivered to the Administrative Agent or the Collateral Agent
pursuant to Section 4.01, Section 6.11 or Section 6.13, and each of the other agreements, instruments or documents that creates
or purports to create a Lien in favor of the Administrative Agent or the Collateral Agent for the benefit of the Secured Parties.

 

“Commitment” means an
Incremental Revolving Credit Commitment, Initial Term Commitment, Incremental Term Commitment or Refinancing Term Commitment of
a given Refinancing Series as the context may require.

 

“Committed Loan Notice”
means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of Eurocurrency
Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A or such other
form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system
as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of Holdings.

 

“Commodity Exchange
Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.).

 

“Communications Laws”
means the Communications Act of 1934, as amended, and the FCC’s rules, regulations, published orders and published and promulgated
policy statements, all as may be amended from time to time.

 

“Company Parties” means
the collective reference to Holdings and its Restricted Subsidiaries, including the Borrower, and “Company Party”
means any one of them.

 

“Compensation Period” has the meaning
set forth in Section 2.12(c)(ii).

 

“Compliance Certificate” means
a certificate substantially in the form of Exhibit E-1.

 

“Confirmation Order”
shall have the meaning provided in the Preliminary Statements to this Agreement.

 

“Consolidated EBITDA” means, for
any period, the Consolidated Net Income for such period:

 

(1) increased (without duplication)
by the following, in each case (other than with respect to clauses (h), (k) and (p)) to the extent deducted (and not added back)
in determining Consolidated Net Income for such period:

 

(a)       provision
for taxes based on income, profits or capital gains of Holdings and the Restricted Subsidiaries, including, without
limitation, federal, state, franchise and similar taxes (such as the Delaware franchise tax) and foreign withholding taxes
(including any future taxes or other levies which replace or are intended to be in lieu of such taxes and any penalties and
interest related to such taxes or arising from tax examinations), and the net tax expense associated with any adjustments
made pursuant to clauses (1) through (15) of the definition of “Consolidated Net Income”; plus

 

    15

     

    

 

(b)       Fixed
Charges for such period (including (x) net losses on Swap Obligations or other derivative instruments entered into for the purpose
of hedging interest rate risk, (y) bank fees and other financing fees and (z) costs of surety bonds in connection with financing
activities, plus amounts excluded from Consolidated Interest Expense as set forth in clauses (1)(i) through (viii) in the definition
thereof); plus

 

(c)       the
total amount of depreciation and amortization expense, including the amortization of intangible assets, deferred financing costs,
debt issuance costs, commissions, fees and expenses and Capitalized Software Expenditures of Holdings and its Restricted Subsidiaries
for such period on a consolidated basis and otherwise determined in accordance with GAAP; plus

 

(d)       the
amount of any restructuring charges or reserves, equity-based or non-cash compensation charges or expenses including any such charges
or expenses arising from grants of stock appreciation or similar rights, stock options, restricted stock or other rights, retention
charges (including charges or expenses in respect of incentive plans), costs and expenses for Permitted Tax Restructurings, start-up
or initial costs for any project or new production line, division or new line of business or other business optimization expenses
or reserves including, without limitation, severance costs, costs relating to initiatives aimed at profitability improvement, costs
or reserves associated with improvements to IT and accounting functions, integration and facilities opening costs or any one-time
costs incurred in connection with acquisitions and investments and costs related to the closure and/or consolidation of facilities;
plus

 

(e)       any
other non-cash charges, including any non-cash write-offs or write-downs reducing Consolidated Net Income for such period (provided
that if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, (A) Holdings may
elect not to add back such non-cash charge in the current period and (B) to the extent Holdings elects to add back such non-cash
charge, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent,
and excluding amortization of a prepaid cash item that was paid in a prior period); plus

 

(f)       the
amount of any non-controlling interest or minority interest expense consisting of Subsidiary income attributable to minority equity
interests of third parties in any non-wholly owned Subsidiary; plus

 

(g)       the
amount of any fees, compensation and indemnities and expenses paid to the members of the board of directors (or the equivalent
thereof) of the Borrower or any of its parent entities; plus

 

(h)       the
amount of (x) pro forma “run rate” cost savings, operating expense reductions and synergies related to the
Transactions generated from actions that have been taken or with respect to which substantial steps have been taken or are
expected to be taken (in the good faith determination of Holdings) within 24 months after the Closing Date (including from
any actions taken in whole or in part prior to the Closing Date), net the amount of actual benefits realized during such
period from such actions and (y) pro forma “run rate” cost savings, operating expense reductions and synergies
related to mergers and other business combinations, acquisitions, investments, dispositions, divestitures, restructurings,
operating improvements, cost savings initiatives and other transactions or similar initiatives generated from actions that
have been taken or with respect to which substantial steps have been taken (in each case, including prior to the Closing
Date) or are expected to be taken (in the good faith determination of Holdings) within 24 months after a merger or other
business combination, acquisition, investment, disposition or divestiture is consummated or generated by actions (including
restructurings, operating improvements, cost savings initiatives and other transactions or similar initiatives) that have
been taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith
determination of Holdings), in each case, calculated on a pro forma basis as though such cost savings, operating expense
reductions, and synergies had been realized on the first day of such period, as if such cost savings, operating expense
reductions and synergies were realized during the entirety of such period, net of the amount of actual benefits realized
during such period from such actions; provided that (A) such cost savings, operating expense reductions and synergies are
reasonably identifiable and factually supportable in the good faith judgment of Holdings and (B) no cost savings, operating
expense reductions or synergies shall be added pursuant to this clause (h) to the extent duplicative of any synergies,
expenses or charges otherwise added to Consolidated EBITDA, whether through a pro forma adjustment or otherwise, for such
period or any period; provided further that the aggregate amount of add backs made pursuant to this clause (h)(y) shall not
exceed an amount equal to 25% of Consolidated EBITDA for the period of four consecutive fiscal quarters most recently ended
prior to the determination date (calculated before giving effect to any adjustments pursuant to this clause (h)(y) and
excluding amounts in compliance with Regulation S-X of the Exchange Act); plus

 

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(i)       [reserved];
plus

 

(j)       any
costs or expense incurred by Holdings or a Restricted Subsidiary or a parent entity of Holdings to the extent paid by Holdings
pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any
stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed
to the capital of Holdings or net cash proceeds of an issuance of Equity Interest of Holdings (other than Disqualified Equity Interest)
solely to the extent that such net cash proceeds are excluded from the calculation of Cumulative Credit; plus

 

(k)       cash
receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated
Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated
EBITDA pursuant to clause (2) below for any previous period and not added back; plus

 

(l)       any
net losses, charges, expenses, costs or other payments (including all fees, expenses or charges related thereto) (i) from disposed,
abandoned or discontinued operations, (ii) in respect of facilities no longer used or useful in the conduct of the business of
Holdings or a Restricted Subsidiary, abandoned, closed, disposed or discontinued operations and any losses on disposal of abandoned,
closed or discontinued operations and (iii) attributable to business dispositions or asset dispositions (other than in the ordinary
course of business) as determined in good faith by Holdings; plus

 

(m)       100%
of the increase in Deferred Revenue as of the end of such period from Deferred Revenue as of the beginning of such period (or minus
100% of any such decrease); plus

 

(n)       amortization
of development advance payments which were made with the objective of increasing the number of clients or customers; plus;

 

(o)       [reserved];
plus

 

(p)       the
amount of net cost savings and net cash flow effect of revenue enhancements related to New Contracts projected by Holdings in
good faith to be realized as a result of specified actions taken or to be taken prior to or during such period (which cost
savings or revenue enhancements shall be subject only to certification by management of Holdings and shall be calculated on a
Pro Forma Basis as though such cost savings or revenue enhancements had been realized on the first day of such period), net
of the amount of actual benefits realized during such period from such actions; provided that (A) such cost savings or
revenue enhancements are reasonably identifiable and factually supportable, (B) such actions have been taken or are to be
taken within 12 months after the date of determination to take such action and (C) no cost savings or revenue enhancements
shall be added pursuant to this clause (p) to the extent duplicative of any expenses or charges relating to such cost savings
or revenue enhancements that are included in clause (d) above with respect to such period; provided that the aggregate amount
of add backs made relating to New Contracts in respect of which no revenues have been received during such period pursuant to
this clause (p) shall not exceed an amount equal to 5% of Consolidated EBITDA for the period of four consecutive fiscal
quarters most recently ended prior to the determination date (without giving effect to any adjustments pursuant to this
clause (p)),

 

(2) decreased (without duplication)
by the following, in each case to the extent included in determining Consolidated Net Income for such period:

 

(q)       non-cash
gains increasing Consolidated Net Income of Holdings for such period, excluding any non-cash gains to the extent they represent
the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period and any non-cash
gains with respect to cash actually received in a prior period so long as such cash did not increase Consolidated EBITDA in such
prior period; plus

 

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(r)       any
net income from disposed, abandoned, closed or discontinued operations or attributable to business dispositions or asset dispositions
(other than in the ordinary course of business) as determined in good faith by Holdings.

 

There shall be included in determining
Consolidated EBITDA for any period, without duplication, (A) the Acquired EBITDA of any Person, property, business or asset
acquired by Holdings or any Restricted Subsidiary during such period (but not the Acquired EBITDA of any related Person,
property, business or assets to the extent not so acquired), to the extent not subsequently sold, transferred or otherwise
disposed of, or closed or classified as discontinued operations (but if such operations are classified as discontinued due to
the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations are
actually disposed of) by Holdings or such Restricted Subsidiary during such period (each such Person, property, business or
asset acquired and not subsequently so disposed of, an “Acquired Entity or Business”) and the Acquired
EBITDA of any Unrestricted Subsidiary that is converted into a Restricted Subsidiary during such period (each, a
 “Converted Restricted Subsidiary”), based on the actual Acquired EBITDA of such Acquired Entity or
Business or Converted Restricted Subsidiary for such period (including the portion thereof occurring prior to such
acquisition or conversion) and (B) for the purposes of the definition of the term “Permitted Acquisition” and the
calculation of Consolidated First Lien Net Leverage Ratio, Consolidated Secured Net Leverage Ratio, Consolidated Total Net
Leverage Ratio and Consolidated Interest Coverage Ratio, but without limiting the adjustments included in the definition of
Consolidated EBITDA, an adjustment in respect of each Acquired Entity or Business equal to the amount of the Pro Forma
Adjustment with respect to such Acquired Entity or Business for such period (including the portion thereof occurring prior to
such acquisition) as specified in a certificate executed by a Responsible Officer and delivered to the Lenders and the
Administrative Agent. There shall be excluded in determining Consolidated EBITDA for any period the Disposed EBITDA of any
Person, property, business or asset (other than an Unrestricted Subsidiary) sold, transferred or otherwise disposed of, or
closed or classified as discontinued operations by Holdings or any Restricted Subsidiary during such period (each such
Person, property, business or asset so sold or disposed of, a “Sold Entity or Business”) and the Disposed
EBITDA of any Restricted Subsidiary that is converted into an Unrestricted Subsidiary during such period (each a
 “Converted Unrestricted Subsidiary”), based on the actual Disposed EBITDA of such Sold Entity or Business
or Converted Unrestricted Subsidiary for such period (including the portion thereof occurring prior to such sale, transfer,
disposition or conversion).

 

“Consolidated First Lien Net Debt”
means Consolidated Total Net Debt that is secured by a Lien on the Collateral that is pari passu with or senior to the Liens securing
the Obligations or any Permitted First Priority Credit Agreement Refinancing Debt.

 

“Consolidated First Lien Net Leverage
Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated First Lien Net Debt as of the last day of
such Test Period to (b) Consolidated EBITDA for such Test Period.

 

“Consolidated Interest Coverage
Ratio” means, with respect to any four-quarter period, the ratio of (a) Consolidated EBITDA of Holdings and its Restricted
Subsidiaries for such period to (b) Consolidated Interest Expense, to the extent payable in cash, for Holdings and its Restricted
Subsidiaries for such period.

 

“Consolidated Interest Expense”
means, for any period:

 

(1) the sum, without duplication, of consolidated
interest expense of Holdings and its Restricted Subsidiaries for such period, to the extent such expense was deducted (and not
added back) in computing Consolidated Net Income (including (a) amortization of OID resulting from the issuance of Indebtedness
at less than par, (b) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances,
(c) non-cash interest payments (but excluding any non-cash interest expense attributable to the movement in the mark to market
valuation of Swap Obligations or other derivative instruments pursuant to GAAP), (d) the interest component of Capitalized Lease
Obligations, (e) net payments, if any made (less net payments, if any, received), pursuant to interest rate Swap Obligations with
respect to Indebtedness and (f) cash interest expense of Indebtedness for which the proceeds are held in Escrow (except, excluding
the interest expense in respect thereof that is covered by such proceeds held in Escrow), and excluding (i) costs associated with
obtaining Swap Obligations, (ii) any expense resulting from the discounting of any Indebtedness in connection with the application
of recapitalization accounting or, if applicable, purchase accounting in connection with the Transactions or any acquisition, (iii)
penalties and interest relating to taxes, (iv) any “additional interest” or “liquidated damages” with respect
to the Senior Notes or other securities for failure to timely comply with registration rights obligations, (v) amortization or
expensing of deferred financing fees, amendment and consent fees, debt issuance costs, commissions, fees and expenses and discounted
liabilities, (vi) any expensing of bridge, commitment and other financing fees and any other fees related to the Transactions or
any acquisitions after the Closing Date including annual agency fees paid pursuant to the administrative agents and collateral
agents under this Agreement or other credit facilities, (vii) [reserved] and (viii) any accretion of accrued interest on discounted
liabilities and any prepayment premium or penalty); plus

 

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

 

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

 

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

 

“Consolidated
Net Income” means, for any period, the net income (loss) of Holdings and the Restricted Subsidiaries for such period
determined on a consolidated basis in accordance with GAAP; provided, however, that, without duplication,

 

(1) any after-tax effect of extraordinary,
non-recurring or unusual gains or losses (less all fees and expenses relating thereto), charges or expenses (including relating
to any multi-year strategic initiatives), Transaction Expenses, restructuring and duplicative running costs, relocation costs,
integration costs, facility consolidation and closing costs, severance costs and expenses, one-time compensation charges, costs
and expenses for Permitted Tax Restructurings, costs relating to pre-opening and opening costs for facilities, signing, retention
and completion bonuses, costs incurred in connection with any strategic initiatives, transition costs, costs incurred in connection
with acquisitions and non-recurring product and intellectual property development, other business optimization expenses (including
costs and expenses relating to business optimization programs and new systems design, retention charges, system establishment costs
and implementation costs) and operating expenses attributable to the implementation of cost-savings initiatives, and curtailments
or modifications to pension and post-retirement employee benefit plans shall be excluded;

 

(2) the cumulative effect of a change in
accounting principles and changes as a result of the adoption or modification of accounting policies during such period shall be
excluded;

 

(3) any net after-tax effect of gains or
losses on disposal, abandonment or discontinuance of disposed, abandoned or discontinued operations, as applicable, shall be excluded;

 

(4) any net after-tax effect of gains or
losses (less all fees, expenses and charges relating thereto) attributable to asset dispositions (including, for the avoidance
of doubt, bulk subscriber contract sales) or abandonments or the sale or other disposition of any Equity Interests of any Person
other than in the ordinary course of business shall be excluded;

 

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

 

(6) the net income for such period of any
Restricted Subsidiary (other than the Borrower or any Guarantor) shall be excluded to the extent that the declaration or payment
of dividends or similar distributions by that Restricted Subsidiary of its net income is not at the date of determination permitted
without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms
of its charter or any agreement, instrument, judgment, decree, order, statute, rule, or governmental regulation applicable to that
Restricted Subsidiary or its stockholders (other than restrictions in this Agreement), unless such restriction with respect to
the payment of dividends or similar distributions has been legally waived; provided that the Consolidated Net Income of
Holdings and its Restricted Subsidiaries will be increased by the amount of dividends or other distributions or other payments
actually paid in cash or Cash Equivalents (or to the extent converted into cash or Cash Equivalents) to Holdings or a Restricted
Subsidiary thereof in respect of such period, to the extent not already included therein (other than Excluded Contributions);

 

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(7) [reserved];

 

(8) any after-tax effect of income (loss)
from the early extinguishment or conversion of (i) Indebtedness, (ii) Swap Obligations or (iii) other derivative instruments shall
be excluded;

 

(9) any impairment charge or asset write-off
or write-down, including impairment charges or asset write-offs or write-downs related to intangible assets, long-lived assets,
investments in debt and equity securities and investments recorded using the equity method or as a result of a change in law or
regulation, in each case, pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP shall be excluded;

 

(10) any equity-based or non-cash compensation
charge or expense including any such charge or expense arising from grants of stock appreciation or similar rights, stock options,
restricted stock, profits interests or other rights or equity or equity-based incentive programs (“equity incentives”),
any one-time cash charges associated with the equity incentives or other long-term incentive compensation plans, roll-over, acceleration,
or payout of Equity Interests by management, other employees or business partners of Holdings or any of its direct or indirect
parent companies, shall be excluded;

 

(11) any fees, expenses or charges incurred
during such period, or any amortization thereof for such period, in connection with any acquisition, recapitalization, Investment,
disposition, incurrence or repayment of Indebtedness (including such fees, expenses or charges related to the offering and issuance
of the Senior Notes, the syndication and incurrence of loans under the ABL Facility and other securities and the syndication and
incurrence of any Facility), issuance of Equity Interests, refinancing transaction or amendment or modification of any debt instrument
(including any amendment or other modification of the Senior Notes, the ABL Facility and other securities and any Facility) and
including, in each case, any such transaction consummated on or prior to the Closing Date and any such transaction undertaken but
not completed, and any charges or non-recurring merger costs incurred during such period as a result of any such transaction, in
each case whether or not successful or consummated (including, for the avoidance of doubt the effects of expensing all transaction
related expenses in accordance with Financial Accounting Standards Board Accounting Standards Codification 805), shall be excluded;

 

(12) accruals and reserves that are established
or adjusted within 12 months after the Closing Date that are so required to be established or adjusted as a result of the Transactions
(or within twenty four months after the closing of any acquisition that are so required to be established as a result of such acquisition)
in accordance with GAAP or changes as a result of modifications of accounting policies shall be excluded; provided that
amounts paid in respect of such accruals and reserves shall be deducted from Consolidated Net Income when paid in cash;

 

(13) any expenses, charges or losses to
the extent covered by insurance or indemnity and actually reimbursed, or, so long as Holdings has made a determination that there
exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying party and only to the extent
that such amount is in fact reimbursed within 365 days of the date of the insurable or indemnifiable event (net of any amount so
added back in any prior period to the extent not so reimbursed within the applicable 365-day period), shall be excluded;

 

(14) any non-cash compensation expense resulting
from the application of Accounting Standards Codification Topic No. 718, Compensation—Stock Compensation, shall be
excluded;

 

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(15) the following items shall be excluded:

 

(a)       any
net unrealized gain or loss (after any offset) resulting in such period from Swap Obligations and the application of Accounting
Standards Codification Topic No. 815, Derivatives and Hedging,

 

(b)       any
net unrealized gain or loss (after any offset) resulting in such period from currency translation gains or losses including those
related to currency remeasurements of Indebtedness (including any net loss or gain resulting from Swap Obligations for currency
exchange risk) and any other foreign currency translation gains and losses, to the extent such gains or losses are non-cash items,

 

(c)       any
adjustments resulting for the application of Accounting Standards Codification Topic No. 460, Guarantees, or any comparable
regulation,

 

(d)       effects
of adjustments to accruals and reserves during a prior period relating to any change in the methodology of calculating reserves
for returns, rebates and other chargebacks,

 

(e)       earn-out
and contingent consideration obligations (including to the extent accounted for as bonuses or otherwise) and adjustments thereof
and purchase price adjustments; and

 

(f)       restructuring-related
or other similar charges, fees, costs, commissions and expenses or other charges incurred during such period in connection with
this Agreement, the other Loan Documents, the Case, any reorganization plan in connection with the Case, the Bankruptcy Plan, including
the write-off of any receivables, the termination or settlement of executory contracts, professional and accounting costs fees
and expenses, management incentive, employee retention or similar plans (in each case to the extent such plan is approved by the
Bankruptcy Court to the extent required), litigation costs and settlements, asset write-downs, income and gains recorded in connection
with the corporate reorganization of the iHeart Debtors;

 

(16) [reserved]; and

 

(17) if such Person is treated as a disregarded
entity or partnership for U.S. federal, state and/or local income tax purposes for such period or any portion thereof, the amount
of distributions actually made to any direct or indirect parent company of such Person in respect of such period in accordance
with Section 7.06(i)(iii) shall be included in calculating Consolidated Net Income as though such amounts had been paid as taxes
directly by such Person for such period.

 

In addition, to the extent not already included
in the Consolidated Net Income of Holdings and its Restricted Subsidiaries, notwithstanding anything to the contrary in the foregoing,
Consolidated Net Income shall include the amount of proceeds received from business interruption insurance and reimbursements of
any expenses and charges that are covered by indemnification or other reimbursement provisions in connection with any acquisition,
investment or any sale, conveyance, transfer or other disposition of assets permitted under this Agreement to the extent such expenses
and charges reduced Consolidated Net Income.

 

“Consolidated Secured Net Debt”
means Consolidated Total Net Debt that is secured by a Lien on the Collateral or that is secured by any Lien on any other property
or assets of Holdings or any Restricted Subsidiary.

 

“Consolidated Secured Net Leverage
Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated Secured Net Debt as of the last day of such
Test Period to (b) Consolidated EBITDA for such Test Period.

 

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“Consolidated Total Net Debt”
means, as of any date of determination, (a) the aggregate principal amount of (i) Indebtedness of Holdings and its Restricted Subsidiaries
outstanding on such date, in an amount that would be reflected on a balance sheet prepared as of such date on a consolidated basis
in accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of purchase
accounting in connection with the Transactions or any Permitted Acquisition), consisting of Indebtedness for borrowed money plus
(ii) purchase money indebtedness, Attributable Indebtedness and debt obligations evidenced by promissory notes, bonds, debentures,
loan agreements or similar instruments (but, in each case of this clause (a), excluding for the avoidance of doubt, any obligations
in respect of the iHeart Operations Preferred Stock with a liquidation preference or stated value not to exceed $60,000,000)the
greater of (x) $200,000,000 and (y) 2.5% of Total Assets as of the last day of the then most recently ended Test Period),
minus (b) the aggregate amount of all unrestricted cash and Cash Equivalents on the balance sheet of Holdings and its Restricted
Subsidiaries as of such date; provided that Consolidated Total Net Debt shall not include Indebtedness (i) in respect of
letters of credit, except to the extent of unreimbursed amounts thereunder; provided that any unreimbursed amount under
commercial letters of credit shall not be counted as Consolidated Total Net Debt until three Business Days after such amount is
drawn, (ii) of Unrestricted Subsidiaries and (iii) incurred in advance of, and the proceeds of which are to be applied in connection
with, the consummation of a transaction solely to the extent and for so long as the proceeds thereof are and continue to be held
in an Escrow and are not otherwise made available to the relevant Person (it being understood that in any event, any such proceeds
subject to such Escrow shall be deemed to constitute “restricted cash” for purposes of cash netting) (provided that
such Escrow is secured only by proceeds of such Indebtedness and the proceeds thereof shall be promptly applied to satisfy and
discharge such Indebtedness if the definitive agreement for such transaction is terminated prior to the consummation thereof);
it being understood, for the avoidance of doubt, that obligations under Swap Contracts do not constitute Consolidated Total Net
Debt.

 

“Consolidated Total Net Leverage
Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated Total Net Debt as of the last day of such
Test Period to (b) Consolidated EBITDA for such Test Period.

 

“Consolidated Working Capital”
means, with respect to Holdings and its Restricted Subsidiaries on a consolidated basis at any date of determination, Current Assets
at such date of determination minus Current Liabilities at such date of determination; provided that increases or decreases
in Consolidated Working Capital shall be calculated without regard to any changes in Current Assets or Current Liabilities as a
result of any reclassification in accordance with GAAP of assets or liabilities, as applicable, between current and noncurrent.
For purposes of calculating Excess Cash Flow, any changes to Consolidated Working Capital due to non-cash adjustments of Current
Assets and/or Current Liabilities shall be ignored.

 

“Contract Consideration” has the
meaning set forth in the definition of “Excess Cash Flow.”

 

“Contractual Obligation”
means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking
to which such Person is a party or by which it or any of its property is bound.

 

“Control” has the meaning set forth
in the definition of “Affiliate.”

 

“Converted Restricted Subsidiary”
has the meaning set forth in the definition of “Consolidated EBITDA.”

 

“Converted Unrestricted Subsidiary”
has the meaning set forth in the definition of “Consolidated EBITDA.”

 

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“Credit Agreement Refinancing Indebtedness”
means (a) Permitted First Priority Refinancing Debt, (b) Permitted Second Priority Refinancing Debt, (c) Permitted Unsecured Refinancing
Debt or (d) other Indebtedness incurred pursuant to a Refinancing Amendment, in each case, issued, incurred or otherwise obtained
(including by means of the extension or renewal of existing Indebtedness) in exchange for, or to extend, renew, replace, repurchase,
retire or refinance, in whole or part, existing Term Loans, or any then-existing Credit Agreement Refinancing Indebtedness (“Refinanced
Debt”); provided that (i) such Indebtedness has a maturity no earlier, and in the case of Refinancing Term Loans,
a Weighted Average Life to Maturity equal to or greater, than the Refinanced Debt, (ii) such Indebtedness shall not have a greater
principal amount than the principal amount of the Refinanced Debt plus accrued interest, fees, premiums (if any) and penalties
thereon and reasonable fees and expenses associated with the refinancing, (iii) the covenants and events of default are, in the
good faith determination of the Borrower, not materially less favorable (when taken as a whole) to the Borrower than the covenants
and events of default applicable to the Refinanced Debt being refinanced or replaced (except for (x) pricing, premiums, fees, rate
floors and prepayment and redemption terms and (y) covenants or other provisions applicable only to periods after the Latest Maturity
Date at the time of incurrence of such Indebtedness); provided that a certificate of a Responsible Officer delivered to
the Administrative Agent at least five (5) Business Days prior to the incurrence of such Indebtedness, together with a reasonably
detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto,
stating that the Borrower has determined in good faith that such covenants and events of default satisfy the requirement of this
clause (iii) shall be conclusive evidence that such terms and conditions satisfy such requirement unless the Administrative Agent
notifies the Borrower within such five (5) Business Day period that it disagrees with such determination (including a description
of the basis upon which it disagrees) unless the Lenders of the Term Loans receive the benefit of such more restrictive terms (it
being understood that to the extent any more restrictive terms are added for the benefit of any such Credit Agreement Refinancing
Indebtedness, no consent shall be required from the Administrative Agent or any of the Lenders to the extent that such more restrictive
terms are also added for the benefit of any corresponding existing Facility), and (iv) such Refinanced Debt shall be repaid, repurchased,
retired, defeased or satisfied and discharged, all accrued interest, fees, premiums (if any) and penalties in connection therewith
shall be paid, and all commitments thereunder terminated, on the date such Credit Agreement Refinancing Indebtedness is issued,
incurred or obtained.

 

“Credit Extension” means a Borrowing.

 

“Cumulative Credit” means,
at any date, an amount, not less than zero in the aggregate, determined on a cumulative basis equal to, without duplication:

 

(a)       the
greater of (x) $38500,000,000
and (y) 450.0%
of Consolidated EBITDA for the then most recently ended Test Period; plus

 

(b)       an
amount (which shall not be less than zero) equal to (i) Consolidated EBITDA minus (ii) 140% of Consolidated Interest Expense,
in each case, for the period from the first day of the fiscal quarter of Holdings during which the Closing Date occurred to and
including the last day of the most recently ended fiscal quarter of Holdings for which internal consolidated financial statements
of Holdings are available, plus

 

(c)       to
the extent not otherwise reflected in Consolidated Net Income, the cumulative amount of cash and Cash Equivalent proceeds
(other than Excluded Contributions) from (i) the sale of Equity Interests (other than any Disqualified Equity Interests) of
Holdings or any direct or indirect parent of Holdings after the Closing Date and on or prior to such time (including upon
exercise of warrants or options) which proceeds have been contributed as common equity to the capital of the Borrower and
(ii) the common Equity Interests of Holdings or any direct or indirect parent of Holdings (other than Disqualified Equity
Interests of the Borrower) issued upon conversion of Indebtedness (other than Indebtedness that is contractually subordinated
to the Obligations) of Holdings or any Restricted Subsidiary of Holdings owed to a Person other than a Loan Party or a
Restricted Subsidiary of a Loan Party, in each case, not previously applied for a purpose other than use in the Cumulative
Credit (including, for the avoidance of doubt, for the purposes of Section 7.03(m)(ii)); plus

 

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(d)       to
the extent not otherwise reflected in Consolidated Net Income, 100% of the aggregate amount of contributions to the common capital
(other than from a Restricted Subsidiary) of Holdings received in cash and Cash Equivalents after the Closing Date (other than
Excluded Contributions), in each case, not previously applied for a purpose other than use in the Cumulative Credit (including,
for the avoidance of doubt, for the purposes of Section 7.03(m)(ii)); plus

 

(e)       100%
of the aggregate amount received by Holdings or any Restricted Subsidiary of Holdings in cash and Cash Equivalents from:

 

(A)       the
sale (other than to Holdings or any Restricted Subsidiary) of the Equity Interests of an Unrestricted Subsidiary or any minority
investments, or

 

(B)       any
dividend or other distribution by an Unrestricted Subsidiary or received in respect of any minority investment (except to the extent
increasing Consolidated Net Income and excluding Excluded Contributions), or

 

(C)       any
interest, returns of principal payments and similar payments by an Unrestricted Subsidiary or received in respect of any minority
investments (except to the extent increasing Consolidated Net Income), plus

 

(f)       in
the event any Unrestricted Subsidiary has been redesignated as a Restricted Subsidiary or has been merged, consolidated or amalgamated
with or into, or transfers or conveys its assets to, or is liquidated into, Holdings or a Restricted Subsidiary, the fair market
value of the Investments of Holdings and the Restricted Subsidiaries in such Unrestricted Subsidiary at the time of such redesignation,
combination or transfer (or of the assets transferred or conveyed, as applicable) so long as such Investments were originally made
pursuant to Section 7.02(n)(III), plus

 

(g)       to
the extent not already included in Consolidated Net Income, an amount equal to any returns in cash and Cash Equivalents (including
dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received
by Holdings or any Restricted Subsidiary in respect of any Investments made pursuant to Section 7.02(n)(III); plus

 

(h)       100% of
the aggregate amount of any Declined Proceeds; plus

 

(i)       the
amount of any Net Proceeds received by Holdings or a Restricted Subsidiary from a Disposition that would otherwise be required
to be used to prepay Term Loans in accordance with Section 2.05(b) but for the Applicable Asset Sale Percentage being less than
100%; minus

 

(j)       any
amount of the Cumulative Credit used to make Investments pursuant to Section 7.02(n)(y) after the Closing Date and prior to such
time; minus

 

(k)       any
amount of the Cumulative Credit used to pay dividends or make distributions pursuant to Section 7.06(h)(ii) after the Closing
Date and prior to such time; minus

 

(l)       any
amount of the Cumulative Credit used to make payments or distributions in respect of Junior Financings pursuant to Section 7.13(a)
after the Closing Date and prior to such time.

 

“Current Assets” means,
with respect to Holdings and the Restricted Subsidiaries on a consolidated basis at any date of determination, all assets (other
than cash and Cash Equivalents) of Holdings and the Restricted Subsidiaries that would, in accordance with GAAP, be classified
on a consolidated balance sheet of Holdings and its Restricted Subsidiaries as current assets at such date of determination, other
than amounts related to current or deferred Taxes based on income or profits, assets held for sale or of discontinued operations,
loans (permitted) to third parties, pension assets, deferred bank fees and derivative financial instruments.

 

    24

     

    

 

“Current Liabilities”
means, with respect to Holdings and the Restricted Subsidiaries on a consolidated basis at any date of determination, all liabilities
of Holdings and the Restricted Subsidiaries that would, in accordance with GAAP, be classified on a consolidated balance sheet
of Holdings and its Restricted Subsidiaries as current liabilities at such date of determination, other than (a) the current portion
of any Indebtedness, (b) accruals of Consolidated Interest Expense (excluding Consolidated Interest Expense that is past due and
unpaid), (c) accruals for current or deferred Taxes based on income or profits, (d) accruals for liabilities of discontinued operations,
loans (permitted) from third parties, pension liabilities, and derivative financial instruments, and (e) accruals of any costs
or expenses related to restructuring reserves.

 

“Customary Term A Loans”
means any term loans that contain provisions customary for “term A loans,” as reasonably determined by the Borrower
in good faith, that are syndicated primarily to Persons regulated as banks in the primary syndication thereof, up to an aggregate
principal amount not to exceed the greater of $480,000,000 and 50.0% of Consolidated EBITDA.

 

“Debt Fund Affiliate”
means any Affiliate of Holdings that is a bona fide debt fund, financial institution or an investment vehicle or managed account
that is engaged in the making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of
credit in the ordinary course and with respect to which Holdings does not, directly or indirectly, possess the power to direct
or cause the direction of the investment policies of such Affiliate.

 

“Debtor Relief Laws”
means the Bankruptcy Code of the United States and all other liquidation, conservatorship, bankruptcy, assignment for the benefit
of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief Laws of the United States
or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally, including in case
of the Borrower (a) a winding-up, administration or dissolution including, without limitation, bankruptcy, insolvency, voluntary
or involuntary liquidation, composition with creditors , moratorium or reprieve from payment, general settlement with creditors,
reorganization or similar laws affecting the rights of creditors generally and/or (b) a receiver, administrative receiver, administrator,
trustee, custodian, sequestrator, conservator or similar officer being appointed.

 

“Declined Proceeds” has the meaning
set forth in Section 2.05(b)(ix).

 

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

 

“Default Rate” means
an interest rate equal to (a) the Base Rate plus (b) the Applicable Rate, if any, applicable to Base Rate Loans plus (c) 2.0%
per annum; provided that with respect to the overdue principal or interest in respect of a Loan, the Default Rate shall
be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan, plus 2.0% per
annum, in each case to the fullest extent permitted by applicable Laws.

 

“Defaulting Lender” means
any Lender whose acts or failure to act, whether directly or indirectly, cause it to meet any part of the definition of “Lender
Default.”

 

“Deferred Revenue” means
the amount of long or short term deferred revenue of Holdings and its Restricted Subsidiaries, on a consolidated basis, determined
in accordance with GAAP.

 

    25

     

    

 

“Disbursement Agent”
means iHeartCommunications, Inc., in its capacity as Initial Lender for the benefit of the Unidentified Claimants.

 

“Discount Prepayment Accepting
Lender” has the meaning set forth in Section 2.05(a)(v)(B)(2).

 

“Discount Range” has the meaning
set forth in Section 2.05(a)(v)(C)(1).

 

“Discount Range Prepayment Amount”
has the meaning set forth in Section 2.05(a)(v)(C)(1).

 

“Discount Range Prepayment Notice”
means a written notice of a Borrower Solicitation of Discount Range Prepayment Offers made pursuant to Section 2.05(a)(v)(C) substantially
in the form of Exhibit M-2.

 

“Discount Range Prepayment Offer”
means the irrevocable written offer by a Lender, substantially in the form of Exhibit M-3, submitted in response to an invitation
to submit offers following the Auction Agent’s receipt of a Discount Range Prepayment Notice.

 

“Discount Range Prepayment Response
Date” has the meaning set forth in Section 2.05(a)(v)(C)(1).

 

“Discount Range Proration” has
the meaning set forth in Section 2.05(a)(v)(C)(3).

 

“Discounted Prepayment Determination
Date” has the meaning set forth in Section 2.05(a)(v)(D)(3).

 

“Discounted Prepayment Effective
Date” means in the case of a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount Range
Prepayment Offer or Borrower Solicitation of Discounted Prepayment Offer, five (5) Business Days following the Specified Discount
Prepayment Response Date, the Discount Range Prepayment Response Date or the Solicited Discounted Prepayment Response Date, as
applicable, in accordance with Section 2.05(a)(v)(B)(1), Section 2.05(a)(v)(C)(1) or Section 2.05(a)(v)(D)(1), respectively, unless
a shorter period is agreed to between the Borrower and the Auction Agent.

 

“Discounted Term Loan Prepayment”
has the meaning set forth in Section 2.05(a)(v)(A).

 

“Disposed EBITDA” means,
with respect to any Sold Entity or Business or any Converted Unrestricted Subsidiary for any period, the amount for such period
of Consolidated EBITDA of such Sold Entity or Business (determined as if references to Holdings and the Restricted Subsidiaries
in the definition of Consolidated EBITDA (and in the component definitions used therein) were references to such Sold Entity or
Business and its Subsidiaries or such Converted Unrestricted Subsidiary and its Subsidiaries) or such Converted Unrestricted Subsidiary,
all as determined on a consolidated basis for such Sold Entity or Business or such Converted Unrestricted Subsidiary.

 

    26

     

    

 

“Disposition” or “Dispose”
means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction and any sale or issuance
of Equity Interests in a Restricted Subsidiary) of any property by any Person, including any sale, assignment, transfer or other
disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith; provided
that (x) “Disposition” and “Dispose” shall not be deemed to include any issuance by Holdings
of any of its Equity Interests to another Person and (y) no transaction or series of related transactions shall be considered a
 “Disposition” for purposes of Section 2.05(b)(ii) or Section 7.05 unless the Net Proceeds resulting from such transaction
or series of transactions shall exceed $250,000,000.

 

“Disqualified Equity Interests”
means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interests into which it is convertible
or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other
than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change
of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale
event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable and the
termination of the Commitments), (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity
Interests and other than as a result of a change of control or asset sale so long as any rights of the holders thereof upon the
occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other
Obligations that are accrued and payable), in whole or in part, (c) provides for the scheduled payments of dividends in cash, or
(d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified
Equity Interests, in each case, prior to the date that is ninety-one (91) days after the Latest Maturity Date at the time of issuance
of such Equity Interests; provided that if such Equity Interests are issued pursuant to a plan for the benefit of employees
of Holdings (or any direct or indirect parent thereof), the Borrower or the Restricted Subsidiaries or by any such plan to such
employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because it may be required to be repurchased
by Holdings or its Restricted Subsidiaries in order to satisfy applicable statutory or regulatory obligations.

 

“Disqualified Lenders”
means (a) such Persons that have been specified in writing to the Administrative Agent prior to the Closing Date, as being “Disqualified
Lenders” and made available to any Lender upon request and (b) any Person who is a bona fide competitor identified in writing
to the Administrative Agent prior to the Closing dDate
hereof, as such list of bona fide competitors may be updated by the Borrower (by
furnishing such updates to the Administrative Agent in writing) from time to time thereafter, and (c) any Affiliate of each such
Person referred to in clause (a) or (b) that is identified in writing to the Administrative Agent from time to time and in each
case, any Affiliate of each such Person that is clearly identifiable on the basis of such Affiliate’s name (in each case,
other than bona fide fixed income investors or debt funds that are engaged in making, purchasing, holding or otherwise investing
in commercial loans, bonds and similar extensions of credit in the ordinary course of business). No updates to the list of Disqualified
Lenders shall be deemed to retroactively disqualify any Person that has previously validly acquired an assignment or participation
in respect of any Loans from continuing to hold or vote such previously acquired assignments and participations on the terms set
forth herein for Lenders that are not Disqualified Lenders; provided that any such Person will deemed to become a Disqualified
Lender as soon as such Person ceases to hold any such Loans hereunder.

 

“Distressed Person” has
the meaning set forth in the definition of “Lender-Related Distress Event.”

 

“Dollar” and “$”
mean lawful money of the United States.

 

“EEA Financial Institution”
means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision
of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution
described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a
subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent;

 

    27

     

    

 

“EEA Member Country”
means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution Authority”
means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country
(including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Electing Guarantor”
means any Excluded Subsidiary that at the option, and in the sole discretion, of Holdings has been designated as a Guarantor (solely
during the time of such designation); provided that such Excluded Subsidiary shall not become a Guarantor until the Administrative
Agent shall have received and be satisfied with all documentation and other information reasonably requested by it under applicable
 “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act.

 

“Eligible Assignee” has the meaning
set forth in Section 10.07(a).

 

“Environment” means indoor
air, ambient air, surface water, groundwater, drinking water, land surface, subsurface strata and natural resources such as wetlands,
flora and fauna.

 

“Environmental Laws”
means any applicable Law relating to pollution, protection of the Environment and natural resources, pollutants, contaminants,
or chemicals or any toxic or otherwise hazardous substances, wastes or materials, or the protection of human health and safety
as it relates to any of the foregoing, including any applicable provisions of CERCLA.

 

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

 

“Environmental Permit”
means any permit, approval, identification number, license or other authorization required under any Environmental Law.

 

“Equity Interests” means,
with respect to any Person, all of the shares, interests, rights, participations or other equivalents (however designated) of capital
stock of (or other ownership or profit interests or units in) such Person and all of the warrants, options or other rights for
the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities).

 

“ERISA” means the Employee
Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

 

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“ERISA Affiliate” means
any trade or business (whether or not incorporated) that, together with a Loan Party or any Restricted Subsidiary, is treated as
a single employer under Section 414(b) or (c) of the Code, or solely for purposes of Section 302 of ERISA and Section 412 of the
Code, is treated as a single employer under Section 414 of the Code.

 

“ERISA Event” means (a)
a Reportable Event with respect to a Pension Plan; (b) a withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate
from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section
4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete
or partial withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from a Multiemployer Plan or a determination
that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of ERISA or in “endangered”
or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA); (d) a written determination
that a Pension Plan is in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA);
(e) the filing of a notice of intent to terminate any Pension Plan, the treatment of a Pension Plan or Multiemployer Plan amendment
as a termination under Sections 4041 or 4041A of ERISA, respectively, or the commencement of proceedings by the PBGC to terminate
a Pension Plan or Multiemployer Plan; (f) appointment of a trustee to administer any Pension Plan or Multiemployer Plan; (g) with
respect to a Pension Plan, the failure to satisfy the minimum funding standard of Section 412 of the Code or Section 302, 303 or
304 of ERISA, whether or not waived; (h) any Foreign Benefit Event; or (i) the imposition of any liability under Title IV of ERISA,
other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon a Loan Party, any Restricted Subsidiary or
any ERISA Affiliate.

 

“Escrow” means an escrow,
trust, collateral or similar account or arrangement holding proceeds of Indebtedness solely for the benefit of an unaffiliated
third party.

 

“EU Bail-In Legislation Schedule”
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from
time to time.

 

“euro” means the single
currency of participating member states of the economic and monetary union in accordance with the Treaty of Rome 1957, as amended
by the Single European Act 1986, the Maastricht Treaty of 1992 and the Amsterdam Treaty of 1998.

 

“Eurocurrency
Rate” means, with respect to any Eurocurrency Rate Loans, (a) for
any Interest Period, with
respect to a Eurocurrency Rate Loan, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”) as
administered by ICE Benchmark Administration (or any other authorityPerson that
takes over the administration of such rate) for Dollars for a period equal in length to such Interest Period as
displayed on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate) (“LIBOR”)
as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations
as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two
(2) Business Days prior to the commencement of such Interest Period; provided that,
to the extent that the Eurocurrency Rate is not ascertainable pursuant to the foregoing provisions of this definition, the
 “Eurocurrency Rate” shall be the rate which results from interpolating on a linear basis between (a) the
Eurocurrency Rate for the longest period (for which a Eurocurrency Rate is available) which is less than the Interest Period
of that Loan and (b) the Eurocurrency Rate for the shortest period (for which a Eurocurrency Rate is available) which exceeds
the Interest Period of that Loan, at approximately,
for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period;
(b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or
about 11:00 a.m., London time, determined two
(2) BusinessLondon Banking Days
prior to the commencement of such Interest Period. If the “Eurocurrency
Rate” is not ascertainable after the application of such interpolation, Section 3.03 shall determinesuch
date for U.S. Dollar deposits with a term of one month commencing that day; and (c) if the Eurocurrency Rate.
Notwithstanding the foregoing, the Eurocurrency Rate in respect of any applicable Interest Period shall be deemed to be not
less than 0.00% per annum in all cases. shall
be less than zero, such rate shall be deemed zero for purposes of this Agreement.

 

    29

     

    

 

“Eurocurrency Rate Loan”
means a Loan that bears interest at a rate based on clause (a) of
the Eurocurrency Rate.

 

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

 

“Excess Cash Flow”
means, for any period, an amount equal to (a) the sum, without duplication, of (i) Consolidated Net Income for such period,
(ii) an amount equal to the amount of all non-cash charges to the extent deducted in arriving at such Consolidated Net
Income, (iii) decreases in Consolidated Working Capital and long-term accounts receivable of Holdings and its Restricted
Subsidiaries for such period, and (iv) an amount equal to the aggregate net non-cash loss on Dispositions by Holdings and its
Restricted Subsidiaries during such period (other than sales in the ordinary course of business) to the extent deducted in
arriving at such Consolidated Net Income, minus (b) the sum, without duplication, of (i) an amount equal to the amount of all
non-cash credits included in arriving at such Consolidated Net Income and cash charges included in clauses (1) through (17)
of the definition of “Consolidated Net Income”, (ii) the aggregate amount of (x) all principal payments of
Indebtedness of Holdings or its Restricted Subsidiaries during such period and (y) any premium, make-whole or penalty
payments paid (or committed to be paid) in cash by the Borrower and its respective Restricted Subsidiaries during such period
or, at the option of the Borrower, paid after such period and prior to the date the Excess Cash Flow prepayment is due (it
being understood that to the extent such premium, make-whole or penalty payments are not actually paid as committed in a
subsequent period, such amount shall be added back in calculating Excess Cash Flow for such subsequent period) that are
required to be made in connection with any prepayment of Indebtedness (including (A) the principal component of payments in
respect of Capitalized Leases, (B) the amount of any scheduled repayment of Term Loans pursuant to Section 2.07 and Senior
Notes pursuant to the Senior Notes Indenture, and (C) any mandatory prepayment of Term Loans pursuant to Section 2.05(b)(ii)
to the extent required due to a Disposition that resulted in an increase to Consolidated Net Income and not in excess of the
amount of such increase but excluding (X) all other prepayments of Term Loans, (Y) [reserved] and (Z) all prepayments in
respect of any other loans under a revolving credit facility, except to the extent there is an equivalent permanent reduction
in commitments thereunder), in each case, except to the extent financed with the proceeds of an incurrence or issuance of
other Indebtedness of Holdings or its Restricted Subsidiaries (other than revolving loans unless such revolving loans
refinance such revolving loans being repaid), (iii) an amount equal to the aggregate net non-cash gain on Dispositions by
Holdings and its Restricted Subsidiaries during such period (other than Dispositions in the ordinary course of business) to
the extent included in arriving at such Consolidated Net Income, (iv) increases in Consolidated Working Capital and long-term
accounts receivable of Holdings and its Restricted Subsidiaries for such period, (vi) without duplication of amounts deducted
from Excess Cash Flow in prior periods, the aggregate consideration required to be paid in cash by Holdings and its
Restricted Subsidiaries pursuant to binding contracts (the “Contract Consideration”) entered into prior to
or during such period relating to acquisitions that constitute Investments permitted under this Agreement or Capital
Expenditures or acquisitions of intellectual property to the extent expected to be consummated or made, plus any
restructuring cash expenses, pension payments or tax contingency payments that have been added to Excess Cash Flow pursuant
to clause (a)(ii) above required to be made, in each case during the period of four consecutive fiscal quarters of Holdings
following the end of such period; provided that to the extent the aggregate amount of proceeds utilized to finance
such Permitted Acquisitions, Capital Expenditures or acquisitions of intellectual property during such period of four
consecutive fiscal quarters is less than the Contract Consideration, the amount of such shortfall shall be added to the
calculation of Excess Cash Flow at the end of such period of four consecutive fiscal quarters, (vii) the amount of cash taxes
paid in such period to the extent they exceed the amount of tax expense deducted in determining Consolidated Net Income for
such period (provided that any such taxes were not deducted in determining Consolidated Net Income in a prior period),
(viii) cash expenditures in respect of Swap Contracts during such fiscal year to the extent not deducted in arriving at such
Consolidated Net Income, except to the extent financed with the proceeds of an incurrence or issuance of other Indebtedness
of Holdings or its Restricted Subsidiaries (other than revolving loans) and (ix) any payment of cash to be amortized or
expensed over a future period and recorded as a long-term asset, except to the extent financed with the proceeds of an
incurrence or issuance of other Indebtedness of Holdings or its Restricted Subsidiaries (other than revolving loans) (it
being understood that the amortization or expense of such payment shall not reduce Excess Cash Flow in any future period).
Notwithstanding anything in the definition of any term used in the definition of Excess Cash Flow to the contrary, all
components of Excess Cash Flow shall be computed for Holdings and its Restricted Subsidiaries on a consolidated basis.

 

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

 

“Exchange Rate” means
on any day with respect to any currency other than Dollars, the rate at which such currency may be exchanged into Dollars, as set
forth at approximately 11:00 a.m. (London time) on such day on the Reuters World Currency Page for such currency; in the event
that such rate does not appear on any Reuters World Currency Page, the Exchange Rate shall be determined by reference to such other
publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Borrower, or,
in the absence of such agreement, such Exchange Rate shall instead be the arithmetic average of the spot rates of exchange of the
Administrative Agent in the market where its foreign currency exchange operations in respect of such currency are then being conducted,
at or about 10:00 a.m. (New York City time) on such date for the purchase of Dollars for delivery two Business Days later.

 

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“Excluded Contract” means,
at any date, any rights or interest of the Borrower or any Guarantor under any agreement, contract, license, instrument, document
or other general intangible (referred to solely for purposes of this definition as a “Contract”) to the
extent that such Contract by the terms of a restriction in favor of a Person who is not the Borrower or any Guarantor, or any requirement
of law, then prohibits, or requires any consent, unless it is first secured, or establishes any other condition, unless it is first
secured, for or would terminate because of an assignment thereof or a grant of a security interest therein by the Borrower or a
Guarantor; provided that (i) rights under any such Contract otherwise constituting an Excluded Contract by virtue of this
definition shall be included in the Collateral to the extent permitted thereby or by Section 9-406 or Section 9-408 of the Uniform
Commercial Code and (ii) all proceeds paid or payable to any of the Borrower or any Guarantor from any sale, transfer or assignment
of such Contract and all rights to receive such proceeds shall be included in the Collateral.

 

“Excluded Contribution”
means net cash proceeds, marketable securities or Qualified Proceeds received by Holdings after the Closing Date from:

 

(1) contributions to its common equity capital;

 

(2) dividends, distributions,
fees and other payments (A) from Unrestricted Subsidiaries and any of their Subsidiaries, (B) received in respect of any minority
investments and (C) from any joint ventures that are not Restricted Subsidiaries; and

 

(3) the sale (other than to a
Subsidiary of Holdings or to any management equity plan or stock option plan or any other management or employee benefit plan or
agreement of Holdings or any of its Subsidiaries) of Equity Interests (other than Disqualified Equity Interests and preferred stock)
of Holdings;

 

in each case to the extent designated
as Excluded Contributions by Holdings within 180 days of the date such capital contributions are made, such dividends, distributions,
fees or other payments are paid, or the date such Equity Interests are sold, as the case may be; provided such amounts may
only be designated as Excluded Contributions by Holdings to the extent such amounts were Not Otherwise Applied prior to such date.

 

“Excluded Equipment”
means, at any date, any equipment or other assets of the Borrower or any Guarantor which is subject to, or secured by, a Capitalized
Lease Obligation or a purchase money obligation if and to the extent that (i) a restriction in favor of a Person who is not Holdings
or any Restricted Subsidiary of Holdings contained in the agreements or documents granting or governing such Capitalized Lease
Obligation or purchase money obligation prohibits, or requires any consent or establishes any other conditions for or would result
in the termination of such agreement or document because of an assignment thereof, or a grant of a security interest therein, by
the Borrower or any Guarantor and (ii) such restriction relates only to the asset or assets acquired by the Borrower or any Guarantor
with the proceeds of such Capitalized Lease Obligation or purchase money obligation and attachments thereto, improvements thereof
or substitutions therefor; provided that all proceeds paid or payable to any of the Borrower or any Guarantor from any sale,
transfer or assignment or other voluntary or involuntary disposition of such assets and all rights to receive such proceeds shall
be included in the Collateral to the extent not otherwise required to be paid to the holder of any Capitalized Lease Obligations
or purchase money obligations secured by such assets.

 

“Excluded Subsidiary”
means (a) any Subsidiary of Holdings that is not, directly or indirectly, a wholly-owned Subsidiary of Holdings, (b) any Subsidiary
of a Guarantor that does not have total assets in excess of 5.0% of Total Assets or 5.0% of revenues for Holdings and its Restricted
Subsidiaries in each case, individually or in the aggregate with all other Subsidiaries excluded via this clause (b), (c) any Subsidiary
that is prohibited by applicable Law or Contractual Obligations (other than any Contractual Obligation in favor of Holdings or
any of its Restricted Subsidiaries) existing on the Closing Date (or, in the case of any newly acquired Subsidiary, in existence
at the time of acquisition but not entered into in contemplation thereof) from guaranteeing the Obligations or if guaranteeing
the Obligation would require governmental (including regulatory) consent, approval, license or authorization (unless such consent,
approval, license or authorization has been obtained), (d) any other Subsidiary with respect to which, in the reasonable judgment
of the Administrative Agent, in consultation with the Borrower, the burden or cost or other consequences (including any adverse
tax consequences) of providing a Guaranty shall be excessive in view of the benefits to be obtained by the Lenders therefrom, (e)
[reserved], (f) any not-for-profit Subsidiaries, (g) any Unrestricted Subsidiaries, (h) any Immaterial
Foreign Subsidiary, (i) any Foreign Subsidiary with respect to which, in the reasonable
judgment of the Borrower, in consultation with the Administrative Agent, the burden or cost or other consequences (including any
material adverse tax consequences) of providing a Guaranty shall be excessive in view of the benefits to be obtained by the Lenders
therefrom,[reserved], (j) [reserved], (k)
any captive insurance subsidiaries, and (l) special purpose entities; provided that, notwithstanding the foregoing, “Excluded
Subsidiary” shall not include (i) the Borrower, (ii) any Electing Guarantor for so long as such Electing Guarantor constitutes
an Electing Guarantor in accordance with the terms of this Agreement, (iii) any Subsidiary of Holdings that constitutes a guarantor
under the Senior Notes Documents, the ABL Loan Documents or any Junior Financing or (iv) any Guarantor referenced in the proviso
of clause (f) of the definition of “Collateral and Guarantee Requirements”.

 

    31

     

    

 

“Excluded
Taxes” means with
respect to any Agent,
Lender or any other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder, (i)
Taxes imposed on or measured by its net income (however denominated), franchise Taxes imposed in lieu of net income Taxes, and
branch profits Taxes, in each case, (A) imposed as a result of such recipient being organized under the laws of, or having
its principal office (or, in the case of any Lender, its applicable Lending Office) in, the
jurisdiction imposing such Tax (or
any political subdivision thereof), or (B) as a result of any present or former connection between such recipient and
the jurisdiction imposing such Tax (other than any connections arising from executing, delivering, becoming a party to,
engaging in any transaction pursuant
to, performing its obligations under, receiving payments under, receiving or perfecting a security interest under, or
enforcing, any Loan Document, or selling or assigning an interest in any Loan or Loan Document), (ii) Taxes attributable to
the failure by any Agent ,
Lender or any other recipient  to deliver the
documentation required to be delivered pursuant to Section 3.01(d), (iii) in the case of any Lender (other than an assignee
pursuant to a request by the Borrower under Section 3.07), any U.S. federal withholding Tax imposed
on amounts payable to or for the account of such Lender 
that is in effect on the date such Lender becomes a party to this Agreement, or designates a new Lending Office, except to
the extent such Lender (or its assignor, if any) was entitled immediately prior to the time of designation of a new Lending
Office (or assignment) to receive additional amounts with respect to such Tax pursuant to Section 3.01 and (iv) any
withholding Taxes imposed under FATCA.

 

“Existing CF Credit Agreement”
shall have the meaning provided in the Preliminary Statements to this Agreement.

 

“Existing DIP Credit Agreement”
shall have the meaning provided in the Preliminary Statements to this Agreement.

 

“Existing Term Loan Tranche” has
the meaning set forth in Section 2.16(a).

 

“Extended Term Loans” has the meaning
set forth in Section 2.16(a).

 

“Extending Term Lender” has the
meaning set forth in Section 2.16(c).

 

“Extension” means the
establishment of a Term Loan Extension Series by amending a Loan pursuant to Section 2.16 and the applicable Extension Amendment.

 

“Extension Amendment” has the meaning
set forth in Section 2.16(d).

 

“Extension Election” has the meaning
set forth in Section 2.16(c).

 

“Facility” means the
Initial Term Loans, a given Class of Incremental Term Loans, a given Refinancing Series of Refinancing Term Loans, a given Term
Loan Extension Series of Extended Term Loans, or a given Class of Incremental Revolving Credit Commitments, as the context may
require.

 

“FATCA” means Sections
1471 through 1474 of the Code, as of the Closing Date (and any amended or successor version thereof that is to
the extent substantively comparable), any current or future regulations or official interpretations thereof, any agreements
entered into pursuant to Section 1471(b)(1) of the Code, and any current or future fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreements, treaties, or conventions among Governmental Authorities entered into in connection
with the implementation thereof.

 

“FCC” means the Federal
Communications Commission of the United States or any Governmental Authority succeeding to the functions of such commission in
whole or in part.

 

    32

     

    

 

 

“FCC Authorizations”
means all Broadcast Licenses and other licenses, permits and other authorizations issued by the FCC and held by Holdings, the Borrower
or any of the Restricted Subsidiaries.

 

“Federal Funds Rate”
means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with
members of the Federal Reserve System arranged by federal funds brokers on such day, as published on the next succeeding Business
Day by the Federal Reserve Bank of New York; provided that (a) if such day is not a Business Day, the Federal Funds Rate
for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding
Business Day, and (b) if no such rate is so published for any day that is a Business Day, the average of the quotations for the
day for such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected
by it.

 

“FIRREA” means the Financial
Institutions Reform, Recovery and Enforcement Act of 1989, as amended.

 

“First Lien Intercreditor Agreement”
means the pari passu intercreditor agreement, dated as of the Closing Date and substantially in the form of Exhibit J-1, among
the Borrower and the Guarantors from time to time party thereto, the Administrative Agent, the Collateral Agent, U.S. Bank, National
Association, as trustee under the Senior Secured Notes and the other parties thereto (including, one or more collateral agents
or representatives for the holders of Indebtedness that is permitted under Section 7.03 to be, and intended to be, secured on a
pari passu basis with the Liens securing the Obligations), as amended, restated, supplemented or otherwise modified from time to
time in accordance with the requirements thereof and of this Agreement, and which shall also include any replacement intercreditor
agreement entered into in accordance with the terms hereof.

 

“Fixed Amounts” has the
meaning set forth in Section 1.11.

 

“Fixed Charges” means,
with respect to Holdings and its Restricted Subsidiaries for any period, the sum of, without duplication:

 

(1)       Consolidated
Interest Expense for such period;

 

(2)       all
cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of preferred stock during
such period; and

 

(3)       all
cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of Disqualified Equity Interests
during such period.

 

“Flood Insurance Laws”
means, collectively, (i) National Flood Insurance Reform Act of 1994 (which comprehensively revised the National Flood Insurance
Act of 1968 and the Flood Disaster Protection Act of 1973) as now or hereafter in effect or any successor statute thereto, (ii)
the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (iii) the Biggert-Waters
Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto.

 

“Foreign
Benefit Event” means, with respect to any Foreign Pension Plan, (a) the existence of unfunded liabilities in excess
of the amount permitted under any applicable Law or in excess of the amount that would be permitted absent a waiver from applicable
Governmental Authority or (b) the failure to make the required contributions or payments, under any applicable Law, on or before
the due date for such contributions or payments.

 

    33

     

    

 

“Foreign Disposition”
has the meaning set forth in Section 2.05(b)(xi).

 

“Foreign Pension Plan”
means any benefit plan established or maintained outside of the United States that under applicable Law is required to be funded
through a trust or other funding vehicle other than a trust or funding vehicle maintained exclusively by a Governmental Authority.

 

“Foreign Subsidiary”
means any direct or indirect Restricted Subsidiary of Holdings that is not a US Subsidiary.

 

“FRB” means the Board
of Governors of the Federal Reserve System of the United States.

 

“Free and Clear Incremental Amount”
has the meaning set forth in Section 2.14(d)(v).

 

“Fund” means any Person
(other than a natural person) that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar
extensions of credit in the ordinary course.

 

“GAAP” means generally
accepted accounting principles in the United States of America, as in effect from time to time; provided, however, that
(i) if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate
the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of such provision
(or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for
such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof,
then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have
become effective until such notice shall have been withdrawn or such provision amended in accordance herewith and (ii) GAAP shall
be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election
under FASB ASC Topic 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness
or other liabilities of the Borrower or any of its Subsidiaries at “fair value,” as defined therein, and Indebtedness
shall be measured at the aggregate principal amount thereof.

 

“Governmental Authority”
means any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory
body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory
or administrative powers or functions of or pertaining to government.

 

“Granting Lender” has
the meaning set forth in Section 10.07(i).

 

“Guarantee”
means, as to any Person, without duplication, (a) any obligation, contingent or otherwise, of such Person guaranteeing or
having the economic effect of guaranteeing any Indebtedness or other monetary obligation payable or performable by another
Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of
such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or other monetary obligation, (ii) to purchase or lease property, securities or services for the purpose of
assuring the obligee in respect of such Indebtedness or other monetary obligation of the payment or performance of such
Indebtedness or other monetary obligation, (iii) to maintain working capital, equity capital or any other financial statement
condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such
Indebtedness or other monetary obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee
in respect of such Indebtedness or other monetary obligation of the payment or performance thereof or to protect such obligee
against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness
or other monetary obligation of any other Person, whether or not such Indebtedness or other monetary obligation is assumed by
such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); provided
that the term “Guarantee” shall not include endorsements for collection or deposit, in either case in the
ordinary course of business, or customary and reasonable indemnity obligations in effect on the Closing Date or entered into
in connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with
respect to Indebtedness). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable
amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or
determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in
good faith. The term “Guarantee” as a verb has a corresponding meaning.

 

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“Guaranteed Obligations”
has the meaning set forth in Section 11.01.

 

“Guarantors” means, collectively,
(i) Holdings, (ii) the direct and indirect wholly owned Restricted Subsidiaries of Holdings (other than any Excluded Subsidiary),
(iii) any Electing Guarantors and (iv) those Restricted Subsidiaries of Holdings that issue a Guaranty of the Obligations after
the Closing Date pursuant to Section 6.11 or otherwise, at the option of the Borrower, issues a Guaranty of the Obligations after
the Closing Date.

 

“Guaranty” means, collectively,
the guaranty of the Obligations by the Guarantors pursuant to this Agreement.

 

“Hazardous Materials”
means all materials, pollutants, contaminants, chemicals, compounds, constituents, substances or wastes, including petroleum or
petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, lead, radon gas, pesticides, fungicides,
fertilizers, or toxic mold that are regulated pursuant to, or which could give rise to liability under, applicable Environmental
Law.

 

“Holdings” has the meaning
set forth in the introductory paragraph to this Agreement.

 

“Identified Assets” mean
the assets specified on Schedule 1.01B.

 

“Identified Participating Lenders”
has the meaning set forth in Section 2.05(a)(v)(C)(3).

 

“Identified Qualifying Lenders”
has the meaning set forth in Section 2.05(a)(v)(D)(3).

 

“iHeart Debtors” shall
have the meaning provided in the Preliminary Statements to this Agreement.

 

“iHeart Operations” means
iHeart Operations, Inc., a Delaware corporation.

 

“iHeart Operations Preferred Stock”
means the preferred Equity Interests issued by iHeart Operations to the holders thereof in accordance with the Bankruptcy Plan.

 

“Immaterial Subsidiary”
has the meaning set forth in Section 8.03.

 

“Immaterial
Foreign Subsidiary” means, as of any date of determination, any Foreign Subsidiary of Holdings that, together with
its consolidated Subsidiaries, (i) does not have revenues exceeding 15.0% of total revenues for Holdings and the Restricted
Subsidiaries or (ii) Total Assets exceeding 15.0% of Total Assets of Holdings and its Restricted Subsidiaries, in each case,
as determined based on the most recent set of financials that have been delivered to the Administrative Agent pursuant to
Section 6.01.

 

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“Incremental Amendment”
has the meaning set forth in Section 2.14(f).

 

“Incremental Base Amount”
means the greater of (1) $960,000,000 and (2) 100.0% of Consolidated EBITDA for the then most recently ended Test Period.

 

“Incremental Commitments”
has the meaning set forth in Section 2.14(a).

 

“Incremental Equivalent Debt”
has the meaning set forth in Section 7.03(q).

 

“Incremental Equivalent First Lien
Debt” has the meaning set forth in Section 7.03(q).

 

“Incremental Equivalent Junior
Lien Debt” has the meaning set forth in Section 7.03(q).

 

“Incremental Equivalent Unsecured
Debt” has the meaning set forth in Section 7.03(q).

 

“Incremental Facility”
has the meaning set forth in Section 2.14(a).

 

“Incremental Facility Closing Date”
has the meaning set forth in Section 2.14(d).

 

“Incremental Lenders”
has the meaning set forth in Section 2.14(c).

 

“Incremental Loan” has
the meaning set forth in Section 2.14(b).

 

“Incremental Loan Request”
has the meaning set forth in Section 2.14(a).

 

“Incremental Revolving Credit Commitments”
has the meaning set forth in Section 2.14(a).

 

“Incremental Revolving Credit Lender”
has the meaning set forth in Section 2.14(c).

 

“Incremental Revolving Credit Loan”
has the meaning set forth in Section 2.14(b).

 

“Incremental Revolving Facility”
has the meaning set forth in Section 2.14(a).

 

“Incremental Term Commitments”
has the meaning set forth in Section 2.14(a).

 

“Incremental Term Facility”
has the meaning set forth in Section 2.14(a).

 

“Incremental Term Lender”
has the meaning set forth in Section 2.14(c).

 

“Incremental Term Loan”
has the meaning set forth in Section 2.14(b).

 

“Incurrence Based Amounts”
has the meaning set forth in Section 1.11.

 

“Incurrence Based Incremental Amount”
has the meaning set forth in Section 2.14(d)(v).

 

“Indebtedness” means,
as to any Person at a particular time, without duplication, all of the following:

 

    36

     

    

 

(a)       all
obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements
or other similar instruments;

 

(b)       the
maximum amount (after giving effect to any prior drawings or reductions which may have been reimbursed) of all outstanding letters
of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds, performance bonds and
similar instruments issued or created by or for the account of such Person;

 

(c)       net obligations
of such Person under any Swap Contract;

 

(d)       all
obligations of such Person to pay the deferred purchase price of property or services (other than (i) trade accounts and accrued
expenses payable in the ordinary course of business and (ii) any earn-out obligation until such obligation becomes a liability
on the balance sheet of such Person in accordance with GAAP and (iii) accruals for payroll and other liabilities accrued in the
ordinary course);

 

(e)       indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness
arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial development
bond and similar financings), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse;

 

(f)       all Attributable
Indebtedness;

 

(g)       all
obligations of such Person in respect of Disqualified Equity Interests;

 

if and to the extent that the foregoing would constitute indebtedness
or a liability in accordance with GAAP; provided that Indebtedness of any direct or indirect parent of Holdings appearing upon
the balance sheet of Holdings solely by reason of push-down accounting under GAAP shall be excluded; and

 

(h)       to
the extent not otherwise included above, all Guarantees of such Person in respect of any of the foregoing.

 

For all purposes
hereof, the Indebtedness of any Person shall (A) include the Indebtedness of any partnership or joint venture (other than a
joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint
venturer, except to the extent such Person’s liability for such Indebtedness is otherwise expressly limited and only to
the extent such Indebtedness would be included in the calculation of Consolidated Total Net Debt, (B) in the case of Holdings
and its Restricted Subsidiaries, exclude (i) all intercompany Indebtedness having a term not exceeding 364 days (inclusive of
any roll-over or extensions of terms), (ii) intercompany transfer pricing and marketing recharge fees and (iii) intercompany
royalty and/or licensing agreements (including, cash collection arrangements in respect of airline revenue), in each case
made in the ordinary course of business or for cash management purposes and (C) exclude obligations under or in respect of
operating leases or sale lease-back transactions (except any resulting Capitalized Lease Obligations). The amount of any net
obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The
amount of Indebtedness of any Person for purposes of clause (e) shall be deemed to be equal to the lesser of (i) the
aggregate unpaid amount of such Indebtedness and (ii) the fair market value of the property encumbered thereby as determined
by such Person in good faith. Notwithstanding anything in this definition to the contrary, Indebtedness shall be calculated
without giving effect to the effects of Financial Accounting Standards Board Accounting Standards Codification 815 and
related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any
purpose hereunder as a result of accounting for any embedded derivatives created by the terms of such Indebtedness.

 

    37

     

    

 

“Indemnified Liabilities”
has the meaning set forth in Section 10.05.

 

“Indemnified
Taxes” means, with respect to any Agentor
any Lender, all Taxes other than (i) Taxes imposed on or measured by its net income (however
denominated), franchise (and similar) Taxes imposed in lieu of
net income taxes, and branch profits Taxes, in each case, (A)
imposed as a result of such recipient being organized under the laws of, or having its principal office (or, in the case of any
Lender, its applicable Lending Office) in, such jurisdiction (or
any political subdivision thereof), or (B) as a result of any present or former connection between such Lender
or Agent and the jurisdiction imposing such Tax (other than any connections arising from executing,
delivering, becoming a party to, engaging in any transactions pursuant
to, performing its obligations under, receiving payments under, receiving or perfecting a security interest under, or enforcing,
any Loan Document, or selling or assigning an interest in any Loan or Loan Document), (ii) Taxes attributable to the failure by
any Agent or Lender to deliver the documentation required to
be delivered pursuant to Section 3.01(d), (iii) in the case of any Lender (other than an assignee pursuant to a request by the
Borrower under Section 3.07), any U.S. federal withholding Tax that is in effect on the date such Lender becomes a party to this
Agreement, or designates a new Lending Office, except to the extent such Lender (or its assignor, if any) was entitled immediately
prior to the time of designation of a new Lending Office (or assignment) to receive additional amounts with respect to such Tax
pursuant to Section 3.01, and (iv) any withholding Taxes imposed under FATCA.

 

“Indemnified
Taxes” means (a) Taxes other than Excluded Taxes, imposed on or with respect to any payment made by or on account of
any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.

 

“Indemnitees” has the
meaning set forth in Section 10.05.

 

“Information” has the
meaning set forth in Section 10.08.

 

“Initial Lenders” means
the financial institutions named on Schedule 1.01A. Each Initial Lender is deemed to be a party to this Agreement on the Closing
Date pursuant to the Bankruptcy Plan and the terms and provisions of this Agreement.

 

“Initial Term Commitment”
means, as to each Initial Lender, its obligation to accept Initial Term Loans pursuant to the Bankruptcy Plan in an aggregate amount
set forth opposite such Term Lender’s name in Schedule 1.01A under the caption “Initial Term Commitment”.
The aggregate amount of the Initial Term Commitments is $3,487,359,200.50.

 

“Initial Term Loans”
means the term loans deemed made by the Initial Lenders on the Closing Date to the Borrower pursuant to Section 2.01(a).

 

“Intellectual Property Security
Agreements” has the meaning set forth in the Security Agreement.

 

“Intercompany Note” means
a promissory note substantially in the form of Exhibit I.

 

“Intercreditor
Agreements” means the ABL Intercreditor Agreement, First Lien Intercreditor Agreement and the Junior Lien
Intercreditor Agreement, collectively, in each case to the extent in effect.

 

    38

     

    

 

“Interest Payment Date”
means, (a) as to any Eurocurrency Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date
of the Facility under which such Loan was made; provided that if any Interest Period for a Eurocurrency Rate Loan exceeds three
months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment
Dates and (b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Maturity Date
of the Facility under which such Loan was made.

 

“Interest Period” means,
as to each Eurocurrency Rate Loan, the period commencing on the date such Eurocurrency Rate Loan is disbursed or converted to or
continued as a Eurocurrency Rate Loan and ending on the date one, two, three or six months thereafter or, to the extent agreed
by each Lender of such Eurocurrency Rate Loan and the Administrative Agent, twelve months or less than one month thereafter, as
selected by the Borrower in its Committed Loan Notice; provided that:

 

(i)       any
Interest Period that would otherwise end on a day that is not a Business Day shall, subject to clause (iii) below, be extended
to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period
shall end on the next preceding Business Day;

 

(ii)       any
Interest Period (other than an Interest Period having a duration of less than one month) that begins on the last Business Day of
a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest
Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and

 

(iii)       no
Interest Period shall extend beyond the Maturity Date of the Facility under which such Loan was made.

 

“Investment” means, as
to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition
of Equity Interests or debt or other securities of another Person, (b) a loan (including by way of a listed Eurobond), advance
or capital contribution to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity
participation or interest in, another Person, including any partnership or joint venture interest in such other Person excluding,
in the case of Holdings and its Restricted Subsidiaries, (i) intercompany loans, advances, or Indebtedness having a term not exceeding
364 days (inclusive of any roll-over or extensions of terms), (ii) intercompany transfer pricing and marketing re-charge fees and
(iii) intercompany royalty and/or licensing agreements (including, cash collection arrangements in respect of airline revenue),
in each case made in the ordinary course of business or for cash management purposes or (c) the purchase or other acquisition (in
one transaction or a series of transactions) of all or substantially all of the property and assets or business of another Person
or assets constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount
of any Investment at any time shall be the amount actually invested (measured at the time made), without adjustment for subsequent
increases or decreases in the value of such Investment.

 

“IP Rights” has the meaning set
forth in Section 5.17.

 

“IRS” means the United States Internal
Revenue Service.

 

“Junior Financing” has the meaning
set forth in Section 7.13(a).

 

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“Junior Financing Documentation”
means any documentation governing any Junior Financing.

 

“Junior Lien Intercreditor Agreement”
means an intercreditor agreement substantially in the form of Exhibit J-2 hereto (which agreement in such form or with immaterial
changes thereto the Administrative Agent and the Collateral Agent are hereby authorized to enter into) among the Administrative
Agent, the Collateral Agent and one or more collateral agents or representatives for the holders of permitted Indebtedness issued
or incurred pursuant to Sections 7.03 that is intended to be secured on a basis junior to the Obligations. Wherever in this Agreement,
an Other Debt Representative is required to become party to the Junior Lien Intercreditor Agreement, if the related Indebtedness
is the initial Indebtedness incurred by Holdings or any Restricted Subsidiary to be secured by a Lien on a basis junior to the
Liens securing the Obligations, then the Borrower, Holdings, the Subsidiary Guarantors, the Collateral Agent and the Other Debt
Representative for such Indebtedness shall execute and deliver the Junior Lien Intercreditor Agreement.

 

“Latest Maturity Date”
means, at any date of determination, the latest Maturity Date applicable to any Loan or Commitment hereunder at such time, including
the latest maturity date of any Refinancing Term Loan, any Refinancing Term Commitment or any Extended Term Loan, in each case
as extended in accordance with this Agreement from time to time.

 

“Laws” means, collectively,
all international, foreign, federal, state and local statutes, treaties, rules, constitutions, guidelines, regulations, ordinances,
codes, common law and administrative or judicial precedents, orders, decrees, injunctions or authorities, including the interpretation
or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof,
and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with,
any Governmental Authority.

 

“LCA Election” has the meaning
set forth in Section 1.03(c).

 

“LCA Test Date” has the meaning
set forth in Section 1.03(c).

 

“Lender” has the meaning
set forth in the introductory paragraph to this Agreement, and their respective successors and assigns as permitted hereunder,
each of which is referred to herein as a “Lender.” Each Initial Lender is a Lender on the Closing Date.

 

“Lender Default” means
(i) the refusal (which may be given verbally or in writing and has not been retracted) or failure of any Lender to make available
its portion of any incurrence of revolving loans hereunder or reimbursement obligations required to be made by it hereunder, which
refusal or failure is not cured within one Business Day after the date of such refusal or failure; (ii) the failure of any Lender
to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two Business
Days of the date when due, unless subject to a good faith dispute; (iii) a Lender has notified the Borrower or the Administrative
Agent that it does not intend to comply with its funding obligations, or has made a public statement to that effect with respect
to its funding obligations under agreements generally in which it commits to extend credit; (iv) [reserved]; (v) a Lender has admitted
in writing that it is insolvent or such Lender becomes subject to a Lender-Related Distress Event or (vi) a Lender has become the
subject of a Bail-In Action. Any determination by the Administrative Agent that a Lender Default has occurred under any one or
more of clauses (i) through (vi) above shall be conclusive and binding absent manifest error, and the applicable Lender shall be
deemed to be a Defaulting Lender (subject to Section 2.17(b)) upon delivery of written notice of such determination to the Borrower
and each Lender.

 

    40

     

    

 

“Lender-Related Distress
Event” means, with respect to any Lender or any person that directly or indirectly controls such Lender (each, a
 “Distressed Person”), as the case may be, a voluntary or involuntary case with respect to such Distressed
Person under any Debtor Relief Law, or a custodian, conservator, receiver or similar official is appointed for such
Distressed Person or any substantial part of such Distressed Person’s assets, or such Distressed Person or any person
that directly or indirectly controls such Distressed Person is subject to a forced liquidation, or such Distressed Person
makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any Governmental
Authority having regulatory authority over such Distressed Person or its assets to be, insolvent or bankrupt; provided
that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of
any equity interests in any Lender or any person that directly or indirectly controls such Lender by a Governmental Authority
or an instrumentality thereof, so long as such ownership interest does not result in or provide such Lender with immunity
from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its
assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or
agreements made with such Lender.

 

“Lending Office” means,
as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or
such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent.

 

“LIBOR” has the meaning set forth
in the definition of “Eurocurrency Rate.”

 

“LIBOR Successor Rate” has the
meaning set forth in Section 3.03(b).

 

“LIBOR Successor Rate Conforming
Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition of Base Rate,
Interest Period, timing and frequency of determining rates and making payments of interest and other technical,
administrative or operational matters as may be appropriate,
in the discretion of the Administrative Agent, in
consultation with the Borrower to reflect the adoption and
implementation of such LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent in
a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion
of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor
Rate exists, in such other manner of administration as the Administrative Agent determines in
consultation, is reasonably necessary in connection
with the Borroweradministration
of this Agreement).

 

“License Subsidiary”
means a direct or indirect wholly-owned Restricted Subsidiary of the Borrower substantially all of the assets of which consist
of Broadcast Licenses and related rights.

 

“Lien” means any mortgage,
pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority
or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other
title retention agreement, any easement, right of way or other encumbrance on title to Real Property, and any Capitalized Lease
having substantially the same economic effect as any of the foregoing).

 

“Limited Condition Transaction”
means (a) any acquisition, investment of or in any assets, business or Person permitted by this Agreement, in each case, whose
consummation is not conditioned on the availability of, or on obtaining, third party financing, (b) any prepayment of Indebtedness
for which irrevocable notice has been given and/or (c) distributions that have been publically declared by one or more of Holdings
and its Restricted Subsidiaries.

 

“Loan”
means an extension of credit by (or deemed made by) a Lender to the Borrower under Article II in the form of a Term Loan (and
including any Incremental Term Loan and any extensions of credit under any Incremental Revolving Commitment).

 

    41

     

    

 

“Loan Documents” means,
collectively, (i) this Agreement, (ii) the Notes, (iii) the Collateral Documents, (iv) each Intercreditor Agreement to the extent
then in effect and (v) any Refinancing Amendment, Incremental Amendment or Extension Amendment.

 

“Loan Parties” means, collectively,
the Borrower and each Guarantor.

 

“Margin Stock” has the meaning
set forth in Regulation U issued by the FRB.

 

“Master Agreement” has the meaning
set forth in the definition of “Swap Contract.”

 

“Material Adverse Effect”
means a (a) material adverse effect on the business, operations, assets, liabilities (actual or contingent) or financial condition
of Holdings and its Restricted Subsidiaries, taken as a whole, (b) material adverse effect on the ability of the Loan Parties,
taken as a whole, to fully and timely perform any of their payment obligations under any Loan Document to which any of the Loan
Parties is a party or (c) material adverse effect on the rights and remedies available to the Lenders or any Agent under any Loan
Document.

 

“Material IP” means the
intellectual property rights that are (i) material (individually or in the aggregate) to the business of Holdings or any of its
Restricted Subsidiaries and (ii) owned by Holdings or any of its Subsidiaries.

 

“Material Real Property”
means any fee owned Real Property located in the United States that is owned by any Loan Party with a fair market value in excess
of $15,000,000 (at the Closing Date or, with respect to Real Property acquired after the Closing Date, at the time of acquisition,
in each case, as reasonably estimated by the Borrower in good faith).

 

“Maturity Date” means
(i) with respect to the Initial Term Loans, the date that is seven years after the Closing Date, (ii) with respect to any tranche
of Extended Term Loans, the final maturity date applicable thereto as specified in the applicable Term Loan Extension Request accepted
by the respective Lender or Lenders, (iii) with respect to any Refinancing Term Loans, the final maturity date applicable thereto
as specified in the applicable Refinancing Amendment and (iv) with respect to any Incremental Term Loans or Incremental Revolving
Credit Commitments, the final maturity date applicable thereto as specified in the applicable Incremental Amendment; provided,
in each case, that if such date is not a Business Day, then the applicable Maturity Date shall be the next succeeding Business
Day.

 

“Maximum Rate” has the meaning
set forth in Section 10.10.

 

“MFN Protection” has the meaning
set forth in Section 2.14(e)(iii).

 

“MFN Trigger Amount” has the meaning
set forth in Section 2.14(e)(iii).

 

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

 

“Mortgage Policies” has
the meaning set forth in the definition of “Collateral and Guarantee Requirement.”

 

“Mortgaged Property”
has the meaning set forth in the definition of “Collateral and Guarantee Requirement.”

 

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“Mortgages” means
collectively, the deeds of trust, trust deeds, deeds to secure debt, hypothecs and mortgages made by the Loan Parties in
favor or for the benefit of the Collateral Agent on behalf of the Secured Parties creating and evidencing a Lien on a
Mortgaged Property in form and substance reasonably satisfactory to the Collateral Agent with such terms and provisions as
may be required by the applicable Laws of the relevant jurisdiction, and any other mortgages executed and delivered pursuant
to Sections 6.11 and 6.13, in each case, as the same may from time to time be amended, restated, supplemented, or otherwise
modified.

 

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

 

“Net Proceeds” means:

 

(a)       100%
of the cash proceeds actually received by Holdings or any of the Restricted Subsidiaries (including any cash payments
received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment
receivable or otherwise and including casualty insurance settlements and condemnation awards, but in each case only as and
when received) from any Disposition or Casualty Event, net of (i) attorneys’ fees, accountants’ fees, investment
banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or
mortgage recording taxes, other customary expenses and brokerage, consultant and other customary fees actually incurred in
connection therewith, (ii) the principal amount, premium or penalty, if any, interest and other amounts on any Indebtedness
that is secured by a Lien (other than a Lien that ranks pari passu with or subordinated to the Liens securing the
Obligations) on the asset subject to such Disposition or Casualty Event and that is required to be repaid (and is timely
repaid) in connection with such Disposition or Casualty Event (other than Indebtedness under the Loan Documents), (iii) in
the case of any Disposition or Casualty Event by a non-wholly-owned Restricted Subsidiary, the pro rata portion of the Net
Proceeds thereof (calculated without regard to this clause (iii)) attributable to minority interests and not available for
distribution to or for the account of Holdings or a wholly-owned Restricted Subsidiary as a result thereof, (iv) Taxes paid
or reasonably estimated to be payable as a result thereof, and (v) the amount of any reasonable reserve established in
accordance with GAAP against any adjustment to the sale price or any liabilities (other than any Taxes deducted pursuant to
clause (iv) above) (x) related to any of the applicable assets and (y) retained by Holdings or any of the Restricted
Subsidiaries including, without limitation, pension and other post-employment benefit liabilities and liabilities related to
environmental matters or against any indemnification obligations (however, the amount of any subsequent reduction of such
reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Proceeds of such
Disposition or Casualty Event occurring on the date of such reduction); provided that Holdings may reinvest any portion of
such proceeds in assets used or useful for its business (which shall include any Investment permitted by this Agreement)
within 12 months450
days of such receipt and such portion of such proceeds shall not constitute Net Proceeds except to the extent not,
within 12 months450
days of such receipt, so reinvested or contractually committed to be so reinvested (it being understood that if
any portion of such proceeds are not so used within such 12-month450
day period but within such 12-month450
day period are contractually committed to be used, then upon the termination of such contract or if such Net
Proceeds are not so used within 180 days after the end of such 12-month450
day period, such remaining portion shall constitute Net Proceeds as of the date of such termination or expiry
without giving effect to this proviso; it being further understood that such proceeds shall constitute Net Proceeds
notwithstanding any investment notice if there is a Specified Default at the time of a proposed reinvestment unless such
proposed reinvestment is made pursuant to a binding commitment entered into at a time when no Specified Default was
continuing); provided, further, that no proceeds realized in a single transaction or series of related transactions shall
constitute Net Proceeds (x) unless such proceeds shall exceed $15,000,000 and (y) the aggregate net proceeds excluded under
clause (x) exceeds $30,000,000 in any fiscal year (and thereafter only net cash proceeds in excess of such amount shall
constitute Net Proceeds under this clause (a)), and

 

    43

     

    

 

(b)       100%
of the cash proceeds from the incurrence, issuance or sale by Holdings or any of the Restricted Subsidiaries of any Indebtedness,
net of all Taxes paid or reasonably estimated to be payable as a result thereof and fees (including investment banking fees and
discounts), commissions, costs and other expenses, in each case incurred in connection with such incurrence, issuance or sale.

 

For purposes of calculating the amount of
Net Proceeds, fees, commissions and other costs and expenses payable to Holdings or any Restricted Subsidiary shall be disregarded.

 

“New Contracts” means
binding new agreements or amendments to existing agreements with customers.

 

“Non-Consenting Lender” has the
meaning set forth in Section 3.07(d).

 

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

 

“Non-Permitted Claimant” has the
meaning set forth in Section 10.07(b).

 

“Non-Permitted Claimant Notice”
has the meaning set forth in Section 10.07(b).

 

“Non-Permitted Claimant Payment Date”
has the meaning set forth in Section 10.07(b).

 

“Not Otherwise Applied”
means, with reference to any amount of Net Proceeds of any transaction or event, that such amount (a) was not required to be applied
to prepay the Loans pursuant to Section 2.05(b) or to make a mandatory prepayment or redemption of any Credit Agreement Refinancing
Indebtedness or any pari passu Indebtedness, and (b) was not previously (and is not concurrently being) applied in determining
the permissibility of a transaction under the Loan Documents where such permissibility was or is (or may have been) contingent
on receipt of such amount or utilization of such amount for a specified purpose.

 

“Note” means a Term Note.

 

“Obligations” means all
advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party and its Restricted Subsidiaries arising
under any Loan Document or otherwise with respect to any Loan, whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after
the commencement by or against any Loan Party or Restricted Subsidiary of any proceeding under any Debtor Relief Laws naming such
Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without
limiting the generality of the foregoing, the Obligations of the Loan Parties under the Loan Documents (and of their Restricted
Subsidiaries to the extent they have obligations under the Loan Documents) include (a) the obligation (including guarantee obligations)
to pay principal, interest, reimbursement obligations, charges, expenses, fees, Attorney Costs, indemnities and other amounts payable
by any Loan Party under any Loan Document and (b) the obligation of any Loan Party to reimburse any amount in respect of any of
the foregoing that any Lender, in its sole discretion, may elect to pay or advance on behalf of such Loan Party.

 

“OFAC” means the Office of Foreign
Assets Control of the United States Department of the Treasury.

 

    44

     

    

 

“Offered Amount” has the meaning
set forth in Section 2.05(a)(v)(D)(1).

 

“Offered Discount” has the meaning
set forth in Section 2.05(a)(v)(D)(1).

 

“OID” means original issue discount.

 

“Organization Documents”
means (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable
constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate
or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust
or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and
any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the
applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles
of formation or organization of such entity.

 

“Other Applicable Indebtedness”
has the meaning set forth in Section 2.05(b)(ii).

 

“Other Debt Representative”
means, with respect to any series Indebtedness permitted to be incurred hereunder on a pari passu or junior Lien basis to
the Lien securing the Obligations, the trustee, administrative agent, collateral agent, security agent or similar agent under the
indenture or agreement pursuant to which such Indebtedness is issued, incurred or otherwise obtained, as the case may be, and each
of their successors in such capacities.

 

“Other Taxes” has the meaning set
forth in Section 3.01(b).

 

“Outstanding Amount”
means with respect to the Term Loans on any date, the aggregate outstanding Principal Amount thereof after giving effect to any
borrowings and prepayments or repayments of Term Loans, as the case may be, occurring on such date.

 

“Overnight Rate” means, for any
day, the Federal Funds Rate.

 

“Parent” means iHeartMedia, Inc.,
a Delaware corporation.

 

“Participant” has the meaning set
forth in Section 10.07(f).

 

“Participant Register” has the
meaning set forth in Section 10.07(f).

 

“Participating Lender” has the
meaning set forth in Section 2.05(a)(v)(C)(2).

 

“PBGC” means the Pension Benefit
Guaranty Corporation.

 

“Pension Plan” means
any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer
Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Loan Party, any Restricted Subsidiary or any ERISA
Affiliate or to which any Loan Party, any Restricted Subsidiary or any ERISA Affiliate contributes or has an obligation to contribute,
or with respect to which a Loan Party or Restricted Subsidiary has any liability (contingent or otherwise).

 

“Permitted Acquisition” has the
meaning set forth in Section 7.02(i).

 

    45

     

    

 

“Permitted First Lien Ratio Debt”
has the meaning set forth in the definition of “Permitted Ratio Debt.”

 

“Permitted First Priority Refinancing
Debt” means any Permitted First Priority Refinancing Notes and any Permitted First Priority Refinancing Loans.

 

“Permitted First Priority Refinancing
Loans” means any Credit Agreement Refinancing Indebtedness in the form of secured loans incurred by Holdings in the form
of one or more tranches of loans not under this Agreement; provided that (i) such Indebtedness is secured by the Collateral
on a pari passu basis (but without regard to the control of remedies) with the Liens securing the Obligations and is not
secured by any property or assets of Holdings, the Borrower or any Restricted Subsidiary other than the Collateral, (ii) such Indebtedness
is not at any time guaranteed by any Subsidiaries other than Loan Parties or (iii) such Indebtedness does not mature or have scheduled
amortization or payments of principal (other than customary offers to repurchase upon a change of control, asset sale or event
of loss and a customary acceleration right after an event of default) on or prior to the date that is the Latest Maturity Date
at the time such Indebtedness is incurred or issued.

 

“Permitted First Priority Refinancing
Notes” means any Credit Agreement Refinancing Indebtedness in the form of secured Indebtedness (including any Registered
Equivalent Notes) incurred by the Borrower and/or the other Loan Parties in the form of one or more series of senior secured notes
(whether issued in a public offering, Rule 144A, private placement or otherwise); provided that (i) such Indebtedness is
secured by the Collateral on a pari passu basis (but without regard to the control of remedies) with the Liens securing
the Obligations and is not secured by any property or assets of Holdings, the Borrower or any Restricted Subsidiary other than
the Collateral, (ii) such Indebtedness is not at any time guaranteed by any Subsidiaries other than Loan Parties, (iii) such Indebtedness
does not mature or have scheduled amortization or payments of principal (other than customary offers to repurchase upon a change
of control, asset sale or event of loss and a customary acceleration right after an event of default) on or prior to the date that
is the Latest Maturity Date at the time such Indebtedness is incurred or issued, (iv) the security agreements relating to such
Indebtedness are substantially the same as or more favorable to the Loan Parties than the Collateral Documents (with such differences
as are reasonably satisfactory to the Administrative Agent) and (v) an Other Debt Representative acting on behalf of the holders
of such Indebtedness shall have become party to each Intercreditor Agreement. Permitted First Priority Refinancing Notes will include
any Registered Equivalent Notes issued in exchange therefor.

 

“Permitted Junior Secured Ratio
Debt” has the meaning set forth in the definition of “Permitted Ratio Debt”.

 

“Permitted Other Debt Conditions”
means that such applicable debt (i) does not mature or have scheduled amortization payments of principal or payments of principal
and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligations (except customary asset sale or
change of control provisions that provide for the prior repayment in full of the Loans and all other Obligations), in each case
on or prior to the Latest Maturity Date at the time such Indebtedness is incurred, (ii) is not at any time guaranteed by any Person
other than the Loan Parties, and (iii) to the extent secured, the security agreements relating to such Indebtedness are substantially
the same as or more favorable to the Loan Parties than the Collateral Documents (with such differences as are reasonably satisfactory
to the Administrative Agent).

 

    46

     

    

 

“Permitted
Ratio Debt” means Indebtedness of Holdings or any Restricted Subsidiary so long as immediately after giving Pro
Forma Effect thereto and to the use of the proceeds thereof (but without netting the proceeds thereof) (i) no Event of
Default shall be continuing or result therefrom, and (ii) (x) if such Indebtedness is secured by the Collateral on a pari
passu basis with the Liens securing the Obligations (such Indebtedness, the “Permitted First Lien Ratio
Debt”), the Consolidated First Lien Net Leverage Ratio is no greater than either (1) 4.50 to 1.00 determined on a
Pro Forma Basis as of the last day of the most recently ended Test Period or (2) if such Permitted First Lien Ratio Debt is
incurred in connection with a Permitted Acquisition or other similar Investment permitted hereunder, the Consolidated First
Lien Net Leverage Ratio in effect immediately prior to the making of such Permitted Acquisition or similar Investment, (y) if
such Indebtedness is secured by the Collateral on a junior lien basis with the Liens securing the Obligations (such
Indebtedness, the “Permitted Junior Secured Ratio Debt”), the Consolidated Secured Net Leverage Ratio is
no greater than either (1) 4.50 to 1.00 determined on a Pro Forma Basis as of the last day of the most recently ended Test
Period or (2) if such Permitted Junior Secured Ratio Debt is incurred in connection with a Permitted Acquisition or other
similar Investment permitted hereunder, the Consolidated Secured Net Leverage Ratio in effect immediately prior to the making
of such Permitted Acquisition or similar Investment and (z) if such Indebtedness is unsecured or secured by assets that are
not Collateral (such Indebtedness, the “Permitted Unsecured Ratio Debt”), solely at the election of the
Borrower, either (I)(1) the Consolidated Interest Coverage Ratio is no less than 2.00 to 1.00 or (2) if such Permitted
Unsecured Ratio Debt is incurred in connection with a Permitted Acquisition or other similar Investment permitted hereunder,
the Consolidated Interest Coverage Ratio in effect immediately prior to the making of such Permitted Acquisition or similar
Investment or (II) the Consolidated Total Net Leverage Ratio is no greater than (1) 6.0025 to
1.00 determined on a Pro Forma Basis as of the last day of the most recently ended period of four consecutive fiscal quarters
or (2) if such Permitted Unsecured Ratio Debt is incurred in connection with a Permitted Acquisition or other similar
Investment permitted hereunder, the Consolidated Total Net Leverage Ratio in effect immediately prior to the making of such
Permitted Acquisition or similar Investment, in each case, determined on a Pro Forma Basis as of the last day of the most
recently ended period of four consecutive fiscal quarters; provided that, such Indebtedness shall (A) in the case of
Permitted First Lien Ratio Debt, have a maturity date that is after the Latest Maturity Date at the time such Indebtedness is
incurred, and in the case of Permitted Junior Secured Ratio Debt or Permitted Unsecured Ratio Debt, have a maturity date that
is at least ninety-one (91) days after the Latest Maturity Date at the time such Indebtedness is incurred (in each case,
other than with respect to Permitted Ratio Debt that constitutes Customary Term A Loans); provided that the foregoing
requirements of this clause (A) shall not apply to the extent such Indebtedness constitutes a customary bridge facility, so
long as the long-term Indebtedness into which such customary bridge facility is to be converted or exchanged satisfies the
requirements of this clause (A) and such conversion or exchange is subject only to conditions customary for similar
conversions or exchange, (B) in the case of Permitted First Lien Ratio Debt, have a Weighted Average Life to Maturity not
shorter than the longest remaining Weighted Average Life to Maturity of the Facilities (other than with respect to Permitted
Ratio Debt that constitutes Customary Term A Loans); provided that the foregoing requirements of this clause (B) shall
not apply to the extent such Indebtedness constitutes a customary bridge facility, so long as the long-term Indebtedness into
which such customary bridge facility is to be converted or exchanged satisfies the requirements of this clause (B) and such
conversion or exchange is subject only to conditions customary for similar conversions or exchange, and, in the case of
Permitted Junior Secured Ratio Debt or Permitted Unsecured Ratio Debt, shall not be subject to scheduled amortization prior
to maturity, (C) if such Indebtedness is incurred or guaranteed on a secured basis by a Loan Party on a junior Lien basis to
the Liens securing the Obligations, an Other Debt Representative acting on behalf of the holders of such Indebtedness shall
have become party to the Junior Lien Intercreditor Agreement and, if such Indebtedness is secured on a pari passu
basis to the Liens securing the Obligations, and the Other Debt Representative acting on behalf of the holders of such
Indebtedness shall have become party to the First Lien Intercreditor Agreement and (D) have covenants and events of default
that in the good faith determination of the Borrower are not materially less favorable (when taken as a whole) to the
Borrower than the covenants and events of default of the Loan Documents (when taken as a whole); provided that a
certificate of the Borrower as to the satisfaction of the conditions described in this clause (D) delivered at least five (5)
Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material
terms and conditions of such Indebtedness or drafts of documentation relating thereto, stating that the Borrower has
determined in good faith that such terms and conditions satisfy the foregoing requirements of this clause (D), shall be
conclusive evidence) and (E) in the case of Permitted First Lien Ratio Debt in the form of term loans, be subject to the MFN
Protection (but subject to the MFN Trigger Amount and other exceptions and qualifications to such MFN Protection specified in
Section 2.14(e)(iii)) as if such Indebtedness were an Incremental Term Loan; provided, further, that any Permitted
Ratio Debt incurred by a Restricted Subsidiary that is not a Loan Party, together with any Indebtedness incurred by a
Restricted Subsidiary that is not a Loan Party pursuant to Sections 7.03(g), 7.03(q) or 7.03(v), may not exceed in the
aggregate at any time outstanding the greater of (i) $1200,000,000
and (ii) 10.02.5%
of Consolidated EBITDATotal
Assets as of the last day of the then most recently ended Test Period, in each case determined at the time of
incurrence.

 

    47

     

    

 

“Permitted Refinancing”
means, with respect to any Person, any modification, refinancing, refunding, renewal, replacement or extension of any Indebtedness
of such Person; provided that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal
amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed, replaced or extended
except by an amount equal to unpaid accrued interest and premium thereon plus other reasonable amounts paid, and fees and expenses
reasonably incurred, in connection with such modification, refinancing, refunding, renewal, replacement or extension and by an
amount equal to any existing commitments unutilized thereunder, (b) other than with respect to a Permitted Refinancing in respect
of Indebtedness permitted pursuant to Section 7.03(e), such modification, refinancing, refunding, renewal, replacement or extension
has a final maturity date equal to or later than the final maturity date of, and has a Weighted Average Life to Maturity equal
to or greater than the Weighted Average Life to Maturity of, the Indebtedness being modified, refinanced, refunded, renewed, replaced
or extended, (c) at the time thereof, no Event of Default shall have occurred and be continuing and (d) if such Indebtedness being
modified, refinanced, refunded, renewed, replaced or extended is Junior Financing, (i) to the extent such Indebtedness being modified,
refinanced, refunded, renewed, replaced or extended is subordinated in right of payment to the Obligations, such modification,
refinancing, refunding, renewal, replacement or extension is subordinated in right of payment to the Obligations on terms at least
as favorable to the Lenders as those contained in the documentation governing the Indebtedness being modified, refinanced, refunded,
renewed, replaced or extended, (ii) such modification, refinancing, refunding, renewal, replacement or extension is incurred by
the Person who is the obligor of the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended and (iii)
if the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended was subject to an Intercreditor Agreement,
the holders of such modified, refinanced, refunded, renewed, replaced or extended Indebtedness (if such Indebtedness is secured)
or their representative on their behalf shall become party to such Intercreditor Agreement.

 

“Permitted
Second Priority Refinancing Debt” means Credit Agreement Refinancing Indebtedness constituting secured Indebtedness
incurred by the Borrower in the form of one or more series of second lien (or other junior lien) secured notes or second lien
(or other junior lien) secured loans; provided that (i) such Indebtedness is secured by the Collateral on a second
priority (or other junior priority) basis to the liens securing the Obligations and the obligations in respect of any
Permitted First Priority Refinancing Debt and is not secured by any property or assets of Holdings, the Borrower or any
Restricted Subsidiary other than the Collateral, (ii) such Indebtedness may be secured by a Lien on the Collateral that is
junior to the Liens securing the Obligations and the obligations in respect of any Permitted First Priority Refinancing Debt,
notwithstanding any provision to the contrary contained in the definition of “Credit Agreement Refinancing
Indebtedness,” (iii) an Other Debt Representative acting on behalf of the holders of such Indebtedness shall have
become party to the Junior Lien Intercreditor Agreement as a “Second Priority Representative” thereunder, and
(iv) such Indebtedness meets the Permitted Other Debt Conditions. Permitted Second Priority Refinancing Debt will include any
Registered Equivalent Notes issued in exchange therefor.

 

    48

     

    

 

“Permitted Tax Restructuring”
means any reorganizations and other activities entered into after the Closing Date among Holdings
and its Restricted Subsidiaries for the purpose of tax planning and optimizing the tax payments of Holdings and its Restricted
Subsidiaries, provided that:related to tax planning
and tax reorganization entered into prior to, on or after the Amendment No. 1 Effective Date so long as such Permitted Tax Restructuring
is not materially adverse to the Lenders (as determined by the Borrower in good faith).

 

(a)       after
giving effect to any such reorganization and other activities (i) the priority and perfection of the Liens on the Collateral shall
be maintained for the benefit of the Lenders as in effect prior to such reorganizations and other activities and as required hereunder
and under the other Loan Documents, (ii) any outstanding Lien that is required to be created pursuant to the terms of the Loan
Documents shall not be terminated or subordinated, (iii) security interests of the Lenders shall not be impaired and (iv) no intervening
Lien shall be created, incurred or assumed that would directly or indirectly be adverse to the Lenders, in their capacity as such;

 

(b) after giving effect
to any such reorganization and other activities each of Holdings and its Restricted Subsidiaries otherwise comply with Section
6.11;

 

(c) to the extent that
any Permitted Tax Restructuring would, directly or indirectly, in one step or a series of steps, (i) transfer or dispose of assets
or Equity Interests from a Loan Party to a non-Loan Party or (ii) merge or consolidate a Loan Party into a non-Loan Party, then
Holdings shall cause such non-Loan Party to sell, assign, convey or otherwise transfer any assets or equity received in any such
transaction to Loan Party, cause such a non-Loan Party to merge or consolidate with and into a Loan Party or otherwise cause such
transfer or merger or consolidation to be reversed or unwound as soon as reasonably practicable but in no event more than 60 days
after such transaction, and cause the applicable Subsidiary to comply with the terms of Section 6.11; and

 

(d)
for the avoidance of doubt, no such Permitted Tax Restructuring may
allow the incurrence of, and neither Holdings nor any of its Restricted Subsidiaries may incur, Indebtedness other than Indebtedness
permitted hereunder (other than Intercompany Indebtedness which is otherwise repaid).

 

“Permitted Unsecured Ratio Debt”
has the meaning set forth in the definition of “Permitted Ratio Debt”.

 

“Permitted Unsecured Refinancing
Debt” means Credit Agreement Refinancing Indebtedness in the form of unsecured Indebtedness (including any Registered
Equivalent Notes) incurred by the Borrower in the form of one or more series of senior unsecured notes or loans; provided that
(i) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness and (ii) meets the Permitted Other Debt Conditions.

 

“Person” means any natural
person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority
or other entity.

 

“Plan”
means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA), other than a Multiemployer
Plan, sponsored, maintained or contributed to by any Loan Party or Restricted Subsidiary or, with respect to any such Plan that
is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate.

 

    49

     

    

 

“Platform” has the meaning set
forth in Section 6.02.

 

“Pledged Debt” means,
collectively, (a) “Pledged Debt” (as defined in the Security Agreement) and (b) any other Collateral constituting “Pledged
Debt,” “Receivables,” “Intercompany Debt Documents” or terms of similar import (as defined in any
other Collateral Document).

 

“Pledged Equity” means,
collectively, (a) “Pledged Equity” (as defined in the Security Agreement) and (b) any other Collateral consisting of
Equity Interests. For the avoidance of doubt, Pledged Equity shall not include any Equity Interests included in the definition
of “Excluded Assets” (as defined in the Security Agreement).

 

“Post-Acquisition Period”
means, with respect to any Permitted Acquisition or the conversion of any Unrestricted Subsidiary into a Restricted Subsidiary,
the period beginning on the date such Permitted Acquisition or conversion is consummated and ending on the first anniversary of
the date on which such Permitted Acquisition or conversion is consummated.

 

“Prepetition Term Lenders”
shall have the meaning provided in the Preliminary Statements to this Agreement.

 

“Prime Rate” means the
rate of interest announced publicly by CitibankBank
of America in New York from time to time, as Citibank’sBank
of America’s prime rate. The Prime Rate is a reference rate and does not necessarily represent the lowest or best
rate actually charged to any customer. The Administrative Agent or any other Lender may make commercial loans or other loans at
rates of interest at, above or below the Prime Rate.

 

“Principal Amount” means the stated
or principal amount of each Loan.

 

“Pro Forma
Adjustment” means, for any Test Period that includes all or any part of a fiscal quarter included in any
Post-Acquisition Period, with respect to the Acquired EBITDA of the applicable Acquired Entity or Business or Converted
Restricted Subsidiary or the Consolidated EBITDA of Holdings, the pro forma increase or decrease in such Acquired EBITDA or
such Consolidated EBITDA, as the case may be, projected by Holdings in good faith as a result of (a) actions that have been
taken during such Post-Acquisition Period or with respect to which substantial steps have been taken or are expected to be
taken (in the good faith determination of Holdings) within 24 months after the date such Permitted Acquisition or conversion
is consummated for the purposes of realizing reasonably identifiable and factually supportable cost savings or (b) any
additional costs incurred during such Post-Acquisition Period, in each case in connection with the combination of the
operations of such Acquired Entity or Business or Converted Restricted Subsidiary with the operations of Holdings and the
Restricted Subsidiaries; provided that (i) at the election of Holdings, such Pro Forma Adjustment shall not be
required to be determined for any Acquired Entity or Business or Converted Restricted Subsidiary to the extent the aggregate
consideration paid in connection with such acquisition or the fair market value of such Converted Restricted Subsidiary, as
applicable, was less than $40,000,000, and (ii) so long as such actions are taken during such Post-Acquisition Period or such
revenue is accrued or costs are incurred during such Post-Acquisition Period, as applicable, for purposes of projecting such
pro forma increase or decrease to such Acquired EBITDA or such Consolidated EBITDA, as the case may be, it may be assumed
that such cost savings will be realizable during the entirety of such Test Period, or such additional revenue or costs, as
applicable, will be accrued or incurred during the entirety of such Test Period; provided, further, that any such pro
forma increase or decrease to such Acquired EBITDA or such Consolidated EBITDA, as the case may be, shall be without
duplication for cost savings or additional costs already included in such Acquired EBITDA or such Consolidated EBITDA, as the
case may be, for such Test Period.

 

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“Pro Forma Basis”, “Pro
Forma Compliance” and “Pro Forma Effect” mean, with respect to compliance with any test hereunder,
that (A) to the extent applicable, the Pro Forma Adjustment shall have been made and (B) all Specified Transactions and the following
transactions in connection therewith shall be deemed to have occurred as of the first day of the applicable period of measurement:
(a) income statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction,
(i) in the case of a Disposition of all or substantially all Equity Interests in any Subsidiary of Holdings or any division, product
line, or facility used for operations of Holdings or any of its Subsidiaries, shall be excluded, and (ii) in the case of a Permitted
Acquisition or Investment described in the definition of “Specified Transaction”, shall be included, (b) any retirement
of Indebtedness, and (c) any Indebtedness incurred or assumed by Holdings or any of the Restricted Subsidiaries in connection therewith
(without giving effect to the netting of any cash proceeds of such Indebtedness to the extent such proceeds are being utilized
in connection with any such Specified Transaction), and if such Indebtedness has a floating or formula rate, shall have an implied
rate of interest for the applicable period for purposes of this definition determined by utilizing the rate which is or would be
in effect with respect to such Indebtedness as at the relevant date of determination; provided that (I) without limiting
the application of the Pro Forma Adjustment pursuant to (A) above, the foregoing pro forma adjustments may be applied to any such
test solely to the extent that such adjustments are consistent with the definition of Consolidated EBITDA and give effect to events
(including operating expense reductions) that are (as determined by Holdings in good faith) (i) (x) directly attributable to such
transaction, (y) expected to have a continuing impact on Holdings and the Restricted Subsidiaries and (z) factually supportable
or (ii) otherwise consistent with the definition of Pro Forma Adjustment and (II) that when calculating the Consolidated First
Lien Net Leverage Ratio for purposes of (i) the Applicable ECF Percentage and (ii) Applicable Asset Sale Percentage, the events
that occurred subsequent to the end of the applicable Test Period shall not be given pro forma effect; and (III) in determining
Pro Forma Compliance with the Consolidated First Lien Net Leverage Ratio, the Consolidated Secured Net Leverage Ratio, the Consolidated
Total Net Leverage Ratio or any other incurrence test, in connection with the incurrence (including by assumption or guarantee)
of any Indebtedness, the incurrence of any Indebtedness in respect of the ABL Facility included in the Consolidated First Lien
Net Leverage Ratio, the Consolidated Secured Net Leverage Ratio, the Consolidated Total Net Leverage Ratio or such other incurrence
test calculation immediately prior to, or simultaneously with, the event for which the Pro Forma Compliance determination of such
ratio or other test is being made, shall be disregarded. In the event any fixed “baskets” are intended to be utilized
together with any incurrence-based “baskets” in a single transaction or series of related transactions (including utilization
of the Free and Clear Incremental Amount and the Incurrence Based Incremental Amount), (i) compliance with or satisfaction of any
applicable financial ratios or tests for the portion of Indebtedness or any other applicable transaction or action to be incurred
under any incurrence-based “baskets” shall first be calculated without giving effect to amounts being utilized pursuant
to any fixed “baskets”, but giving full pro forma effect to all applicable and related transactions (including, subject
to the foregoing with respect to fixed “baskets”, any incurrence and repayments of Indebtedness) and all other permitted
Pro Forma Adjustments (except that the incurrence of any Indebtedness under the ABL Facility immediately prior to or in
connection therewith shall be disregarded), and (ii) thereafter, incurrence of the portion of such Indebtedness or other applicable
transaction or action to be incurred under any fixed “baskets” shall be calculated.

 

“Pro Rata Share”
means, with respect to each Lender, at any time a fraction (expressed as a percentage, carried out to the ninth decimal
place), the numerator of which is the amount of the Commitments and, if applicable and without duplication, Term Loans of
such Lender under the applicable Facility or Facilities at such time and the denominator of which is the amount of the
Aggregate Commitments under the applicable Facility or Facilities and, if applicable and without duplication, Term Loans
under the applicable Facility or Facilities at such time.

 

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“PTE” means a prohibited
transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

 

“Public Lender” has the meaning
set forth in Section 6.02.

 

“Qualified Equity Interests”
means any Equity Interests that are not Disqualified Equity Interests.

 

“Qualified Proceeds”
means the fair market value of assets that are used or useful in, or Equity Interests of any Person engaged in, a Similar Business.

 

“Qualifying Lender” has the meaning
set forth in Section 2.05(a)(v)(D)(3).

 

“Real Property” means,
collectively, all right, title and interest (including any leasehold, mineral or other estate) in and to any and all parcels of
or interests in real property owned or leased by any Person, whether by lease, license or other means, together with, in each case,
all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and equipment, all general
intangibles and contract rights and other property and rights incidental to the ownership, lease or operation thereof.

 

“Refinanced Debt” has
the meaning set forth in the definition of Credit Agreement Refinancing Indebtedness.

 

“Refinancing” means the
deemed repayment or replacement in full of the Existing CF Credit Agreement in accordance with the Bankruptcy Plan.

 

“Refinancing Amendment”
means an amendment to this Agreement executed by each of (a) the Borrower, (b) the Administrative Agent, (c) each Additional Refinancing
Lender and (d) each Lender that agrees to provide any portion of Refinancing Term Loans, incurred pursuant thereto, in accordance
with Section 2.15.

 

“Refinancing Series”
means all Refinancing Term Loans and Refinancing Term Commitments that are established pursuant to the same Refinancing Amendment
(or any subsequent Refinancing Amendment to the extent such Refinancing Amendment expressly provides that the Refinancing Term
Loans or Refinancing Term Commitments provided for therein are intended to be a part of any previously established Refinancing
Series) and that provide for the same All-In Yield and, in the case of Refinancing Term Loans or Refinancing Term Commitments,
amortization schedule.

 

“Refinancing Term Commitments”
means one or more Classes of Term Commitments hereunder that are established to fund Refinancing Term Loans of the applicable Refinancing
Series hereunder pursuant to a Refinancing Amendment.

 

“Refinancing Term Loans”
means one or more Classes of Term Loans hereunder that result from a Refinancing Amendment.

 

“Register” has the meaning set
forth in Section 10.07(d).

 

“Registered
Equivalent Notes” means, with respect to any notes originally issued in an offering pursuant to Rule 144A under the
Securities Act or other private placement transaction under the Securities Act of 1933, substantially identical notes (having
the same guarantees) issued in a dollar-for-dollar exchange therefor pursuant to an exchange offer registered with the SEC.

 

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“Related Fund” means,
with respect to any Lender, any Fund that is administered or managed by (a) such Lender, (b) an Affiliate of such Lender or (c)
an entity or an Affiliate of an entity that administers or manages such Lender.

 

“Release” means any releasing,
spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing or migrating
into, onto or through the Environment.

 

“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York for the purpose of recommending a
benchmark rate to replace LIBOR in loan agreements similar to this Agreement.

 

“Reportable Event” means
any of the events set forth in Section 4043(c) of ERISA or the regulations issued thereunder, other than events for which the thirty
(30) day notice period has been waived.

 

“Repricing Transaction”
means the prepayment, refinancing, substitution or replacement of all or a portion of the Initial Term Loans with the net cash
proceeds of issuances, offerings or placement of debt obligations, or refinancing or repayment pursuant to Section 3.07(a)(y)(I)
of Initial Term Loans substantially concurrently with the incurrence of, or conversion of the loans thereunder into, new senior
secured term loans that have an effective All-In Yield (with the comparative determinations to be made by the Administrative Agent
consistent with generally accepted financial practices) that is less than the All-In Yield of such Initial Term Loans so repaid,
refinanced, substituted or replaced, including without limitation, as may be effected through any amendment, amendment and restatement
or other modifications to this Agreement relating to the interest rate for, or weighted average yield of, such Term Loans or the
incurrence of any Replacement Term Loans, in each case other than in connection with a Change of Control or a Transformative Transaction.

 

“Request for Credit Extension”
means with respect to a Borrowing, continuation or conversion of Term Loans, a Committed Loan Notice.

 

“Required Class Lenders”
means, with respect to any Class on any date of determination, Lenders having more than 50% of the sum of (i) the outstanding Loans
under such Class and (ii) the aggregate unused Commitments under such Facility.

 

“Required Consenting Senior Creditors”
has the meaning set forth in the Bankruptcy Plan.

 

“Required Facility Lenders”
means, as of any date of determination, with respect to any Facility, Lenders having more than 50% of the sum of (a) the Total
Outstandings under such Facility and (b) the aggregate unused Commitments under such Facility; provided that the unused
Commitments of, and the portion of the Total Outstandings under such Facility held or deemed held by, any Defaulting Lender shall
be excluded for purposes of making a determination of the Required Facility Lenders.

 

“Required Lenders” means,
as of any date of determination, Lenders having more than 50% of the sum of the (a) Total Outstandings, and (b) aggregate unused
Term Commitments; provided that the unused Term Commitment, and the portion of the Total Outstandings held or deemed held
by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.

 

    53

     

    

 

“Response Deadline”
has the meaning set forth in Section 10.07(b).

 

“Responsible Officer”
means the chief executive officer, president, vice president, chief financial officer, treasurer or assistant treasurer or other
similar officer of a Loan Party and, as to any document delivered on the Closing Date, any secretary or assistant secretary of
such Loan Party and any other officer or employee of the applicable Loan Party whose signature is included on an incumbency certificate
or similar certificate, attaching resolutions authorizing such officer or employee to sign such documents and otherwise reasonably
satisfactory to the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party
shall be conclusively presumed to have been authorized by all necessary corporate, limited liability company, partnership and/or
other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf
of such Loan Party.

 

“Restricted Investment”
means any Investment that is not otherwise permitted pursuant to Section 7.02.

 

“Restricted Payment”
means (1) any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest
of Holdings or any Restricted Subsidiary, or any payment (whether in cash, securities or other property), including any sinking
fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination
of any such Equity Interest, or on account of any return of capital to Holdings’ or a Restricted Subsidiary’s stockholders,
partners or members (or the equivalent Persons thereof) and (2) any Restricted Investment.

 

“Restricted Subsidiary”
means any Subsidiary of Holdings other than an Unrestricted Subsidiary. Unless otherwise specified, all references herein to a
 “Restricted Subsidiary” or to “Restricted Subsidiaries” shall refer to a Restricted Subsidiary or Restricted
Subsidiaries of Holdings.

 

“Reversion Date” has
the meaning set forth in Section 2.03.

 

“S&P” means Standard
 & Poor’s Ratings Financial Services, LLC, a subsidiary of S&P Global Inc., and any successor thereto.

 

“Same Day Funds” means
immediately available funds.

 

“Sanction(s)” means any
international economic or financial sanctions or trade embargoes or other comprehensive prohibitions against transaction activity
pursuant to anti-terrorism laws or export control laws administered or enforced by the United States government (including without
limitation, OFAC), the United Nations Security Council, the European Union or Her Majesty’s Treasury.

 

“SEC” means the Securities
and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Secured Parties” means,
collectively, the Administrative Agent, the Collateral Agent, the Lenders, the Supplemental Agents and each co-agent or sub-agent
appointed by the Administrative Agent or Collateral Agent from time to time pursuant to Section 9.02.

 

“Securities Act” means
the Securities Act of 1933, as amended.

 

“Security Agreement”
means the US Security Agreement substantially in the form of Exhibit G, dated as of the Closing Date, among Holdings, the
Borrower, the US Guarantors and the Collateral Agent.

 

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“Security Agreement Supplement”
has the meaning set forth in the Security Agreement.

 

“Senior Notes” means the Senior
Secured Notes and the Senior Unsecured Notes.

 

“Senior Notes Documents”
means the Senior Secured Notes Documents and the Senior Unsecured Notes Documents.

 

“Senior Notes Indentures”
means the Senior Secured Notes Indenture and the Senior Unsecured Notes Indenture.

 

“Senior Secured Notes”
means $799,999,940 in aggregate principal amount of the Borrower’s 6.375% senior secured notes due 2026 issued pursuant to
the Senior Secured Notes Indenture on the Closing Date.

 

“Senior Secured Notes Documents”
means the Senior Secured Notes Indenture and the other transaction documents referred to therein (including the related guarantee,
each Intercreditor Agreement to the extent then in effect, the notes, the purchase agreement, mortgages, collateral assignments,
security agreements, pledge agreements, intellectual property security agreements or other similar agreements).

 

“Senior Secured Notes Indenture”
means the indenture, dated as of the Closing Date, among the Borrower, as issuer, the guarantors party thereto and the trustee
referred to therein pursuant to which the Senior Secured Notes are issued, as such indenture may be amended or supplemented from
time to time.

 

“Senior Unsecured Notes”
means $1,449,999,997 in aggregate principal amount of the Borrower’s 8.375% senior unsecured notes due 2027 issued pursuant
to the Senior Unsecured Notes Indenture on the Closing Date.

 

“Senior Unsecured Notes Documents”
means the Senior Unsecured Notes Indenture and the other transaction documents referred to therein (including the related guarantee,
the notes, the purchase agreement or other similar agreements).

 

“Senior Unsecured Notes Indenture”
means the indenture, dated as of the Closing Date, among the Borrower, as issuer, the guarantors party thereto and the trustee
referred to therein pursuant to which the Senior Unsecured Notes are issued, as such indenture may be amended or supplemented from
time to time.

 

“Similar Business” means
(1) any business conducted or proposed to be conducted by Holdings or any of its Restricted Subsidiaries on the Closing Date, and
any reasonable extension thereof, or (2) any business or other activities that are reasonably similar, ancillary, incidental, complementary
or related to, or a reasonable extension, development or expansion of, the businesses in which Holdings and its Restricted Subsidiaries
are engaged or propose to be engaged on the Closing Date.

 

“SOFR”
with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York,
as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s website (or
any successor source) and, in each case, that has been selected or recommended by the Relevant Governmental Body.

 

“SOFR-Based
Rate” means SOFR or Term SOFR.

 

“Sold Entity or Business” has the
meaning set forth in the definition of the term “Consolidated EBITDA.”

 

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“Solicited Discount Proration”
has the meaning set forth in Section 2.05(a)(v)(D)(3).

 

“Solicited Discounted Prepayment
Amount” has the meaning set forth in Section 2.05(a)(v)(D)(1).

 

“Solicited Discounted Prepayment
Notice” means a written notice of the Borrower of Solicited Discounted Prepayment Offers made pursuant to Section 2.05(a)(v)(D)
substantially in the form of Exhibit M-4.

 

“Solicited Discounted Prepayment
Offer” means the irrevocable written offer by each Lender, substantially in the form of Exhibit M-5, submitted
following the Administrative Agent’s receipt of a Solicited Discounted Prepayment Notice.

 

“Solicited Discounted Prepayment
Response Date” has the meaning set forth in Section 2.05(a)(v)(D)(1).

 

“Solvent” and “Solvency”
mean, with respect to any Person on any date of determination, that on such date (a) the fair value of the assets of such Person
and its Subsidiaries, on a consolidated basis, exceeds, on a consolidated basis, their debts and liabilities, subordinated, contingent
or otherwise, (b) the present fair saleable value of the property of such Person and its Subsidiaries, on a consolidated basis,
is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of their debts and other
liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured, (c) such Person
and its Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, subordinated, contingent or otherwise,
as such liabilities become absolute and matured and (d) such Person and its Subsidiaries, on a consolidated basis, are not engaged
in, and are not about to engage in, business for which they have unreasonably small capital. The amount of any contingent liability
at any time shall be computed as the amount that would reasonably be expected to become an actual and matured liability.

 

“SPC” has the meaning set forth
in Section 10.07(i).

 

“Special Flood Hazard Area” has
the meaning set forth in Section 6.07(b).

 

“Specified Default” means a Default
under Section 8.01(a), (f) or (g).

 

“Specified Discount” has the meaning
set forth in Section 2.05(a)(v)(B)(1).

 

“Specified Discount Prepayment
Amount” has the meaning set forth in Section 2.05(a)(v)(B)(1).

 

“Specified Discount Prepayment
Notice” means a written notice of the Borrower Offer of Specified Discount Prepayment made pursuant to Section 2.05(a)(v)(B)
substantially in the form of Exhibit M-6.

 

“Specified Discount Prepayment
Response” means the irrevocable written response by each Lender, substantially in the form of Exhibit M-7, to
a Specified Discount Prepayment Notice.

 

“Specified Discount Prepayment
Response Date” has the meaning set forth in Section 2.05(a)(v)(B)(1).

 

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“Specified Discount Proration”
has the meaning set forth in Section 2.05(a)(v)(B)(3).

 

“Specified Representations”
means those representations and warranties made by any Loan Party (after giving effect to the applicable Permitted Acquisition)
in Sections 5.01(a), 5.01(b)(ii), 5.02(a), 5.02(b)(i), 5.02(b)(iii) (to the extent such conflict has not resulted, and would not
reasonably be expected to result, in a Material Adverse Effect (as such term or similar definition is defined in the main transaction
agreement governing the applicable Permitted Acquisition), 5.04, 5.13, 5.18 and 5.21).

 

“Specified Transaction”
means any Investment, Disposition, incurrence or repayment of Indebtedness, Restricted Payment, Subsidiary designation, Incremental
Term Loan or Incremental Revolving Credit Commitment in respect of which the terms of this Agreement require any test to be calculated
on a “Pro Forma Basis” or after giving “Pro Forma Effect”; provided that Incremental Revolving Credit
Commitments, at the time of incurrence thereof, for purposes of this “Specified Transaction” definition, shall be deemed
to be fully drawn.

 

“Sterling” or “£”
means freely transferable lawful money of the United Kingdom (expressed in pounds sterling).

 

“Submitted Amount” has the meaning
set forth in Section 2.05(a)(v)(C)(1).

 

“Submitted Discount” has the meaning
set forth in Section 2.05(a)(v)(C)(1).

 

“Subsidiary” of a Person
means a corporation, partnership, joint venture, limited liability company or other business entity of which (i) a majority of
the shares of securities or other interests having ordinary voting power for the election of directors or other governing body
(other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially
owned, (ii) more than half of the issued share capital is at the time beneficially owned or (iii) the management of which is otherwise
controlled, directly or indirectly, through one or more intermediaries, or both, by such Person. Unless otherwise specified, all
references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of
Holdings. For the avoidance of doubt, any entity that is owned at a 50.0% or less level (as described above) shall not be a “Subsidiary”
for any purpose under this Agreement, regardless of whether such entity is consolidated on Holdings’ or any Restricted Subsidiary’s
financial statements.

 

“Subsidiary Guarantor” means any
Guarantor other than Holdings.

 

“Successor Company” has the meaning
set forth in Section 7.04(d).

 

“Supplemental Agent”
has the meaning set forth in Section 9.14(a) and “Supplemental Agents” shall have the corresponding meaning.

 

“Swap” means, any agreement,
contract, or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

 

“Swap Contract”
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions,
commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price
or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate
options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap
transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or
any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such
transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related
confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by
the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other
master agreement (any such master agreement, together with any related schedules, a “Master Agreement”),
including any such obligations or liabilities under any Master Agreement.

 

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“Swap Obligation” means,
with respect to any Person, any obligation to pay or perform under any Swap.

 

“Swap Termination Value”
means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement
relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination
value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause
(a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market
or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any
Affiliate of a Lender).

 

“Tax Group” has the meaning set
forth in Section 7.06(i)(iii).

 

“Tax Matters Agreement”
means the Tax Matters Agreement, dated as of May 1, 2019, by and among Parent, the Company, iHeart Operations, Clear Channel Holdings,
Inc. and Clear Channel Outdoor Holdings, Inc., as amended from time to time.

 

“Taxes” has the meaning set forth
in Section 3.01(a).

 

“Term Borrowing” means
a borrowing consisting of simultaneous Term Loans of the same Class and Type and, in the case of Eurocurrency Rate Loans, having
the same Interest Period made (or deemed made) by each of the Term Lenders pursuant to Section 2.01, an Incremental Amendment,
a Refinancing Amendment or an Extension.

 

“Term Commitment” means a Commitment.

 

“Term Lender” means,
at any time, any Lender that has an Initial Term Commitment, a Term Commitment or a Term Loan at such time.

 

“Term Loan Extension Request” has
the meaning set forth in Section 2.16(a).

 

“Term Loan Extension Series” has
the meaning set forth in Section 2.16(a).

 

“Term Loans” means any
Initial Term Loan or any Incremental Term Loan, Refinancing Term Loan or Extended Term Loan designated as a “Term Loan”,
as the context may require.

 

“Term Loan Increase” has the meaning
set forth in Section 2.14(a).

 

“Term Note” means a promissory
note of the Borrower payable to any Term Lender or its registered assigns, in substantially the form of Exhibit C hereto,
evidencing the aggregate Indebtedness of the Borrower to such Term Lender resulting from the Term Loans of each Class made by such
Term Lender.

 

“Term Priority Collateral” means
 “Non-Intercreditor Collateral” as defined in the ABL Intercreditor Agreement.

 

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“Term
SOFR” means the forward-looking term rate for any period that is approximately (as determined by the Administrative Agent)
as long as any of the Interest Period options set forth in the definition of “Interest Period” and that is based on
SOFR and that has been selected or recommended by the Relevant Governmental Body, in each case as published on an information service
as selected by the Administrative Agent from time to time in its reasonable discretion.

 

“Test Period” means,
for any date of determination under this Agreement, the latest four consecutive fiscal quarters of the Borrower for which financial
statements have been delivered to the Administrative Agent on or prior to the Closing Date and/or for which financial statements
are required to be delivered pursuant to Section 6.01(a) or (b), as applicable.

 

“Threshold Amount” means $100,000,000.

 

“Total Assets” means
the total assets of Holdings and the Restricted Subsidiaries on a consolidated basis in accordance with GAAP, as shown on the most
recent balance sheet of Holdings delivered pursuant to Sections 6.01(a) or (b).

 

“Total Outstandings” means the
aggregate Outstanding Amount of all Loans.

 

“Transactions” means,
collectively, the transactions contemplated by or in connection with the Bankruptcy Plan or necessary to effectuate the Bankruptcy
Plan, including, without limitation, (a) the deemed making of the Initial Term Loans and the execution and delivery of Loan Documents
entered into on the Closing Date, (b) the Refinancing, (c) the issuance of the Senior Notes and the execution and delivery of Senior
Notes Documents entered into on the Closing Date, (d) the issuance of the iHeart Operations Preferred Stock and the entry into
documentation governing the iHeart Operations Preferred Stock, (e) the payment of Transaction Expenses, (f) the incurrence of any
loans under the ABL Facility on the Closing Date and the execution and delivery of the ABL Loan Documents entered into on the Closing
Date, (g) the execution, delivery and performance of the Tax Matters Agreement, the Transition Services Agreement, any employee
matters agreement contemplated by the Bankruptcy Plan or other agreement as contemplated by the Bankruptcy Plan, (h) any and all
transactions referred to in Bankruptcy Plan or necessary to effectuate the Bankruptcy Plan, (i) the issuance of the iHeartCommunications
Warrants, and (j) in each case, the other transactions contemplated by or entered into in connection with the foregoing clauses
(a) through (j).

 

“Transaction Expenses”
means any fees or expenses incurred or paid by Holdings, the Borrower or any of its (or their) Subsidiaries in connection with
the Transactions (including expenses in connection with hedging transactions related to the Facilities), this Agreement and the
other Loan Documents and the transactions contemplated hereby and thereby.

 

“Transferred Guarantor” has the
meaning set forth in Section 11.10.

 

“Transformative Transaction”
means any acquisition, dissolution, merger or consolidation that is either (a) not permitted by this Agreement immediately prior
to the consummation of such transaction or (b) if permitted by this Agreement immediately prior to the consummation of such transaction,
would not provide Holdings and its Subsidiaries with adequate flexibility under this Agreement for the continuation and/or expansion
of their combined operations following such consummation, as determined by the Borrower acting in good faith.

 

“Transition Services
Agreement” means the Transition Services Agreement, dated as of May 1, 2019, by and among iHeartMedia Management
Services, Inc., Parent, the Company and Clear Channel Outdoor Holdings, Inc., as amended from time to time.

 

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

 

“Unaudited Financial Statements”
means the unaudited consolidated balance sheets of Holdings as of March 31, 2019 and related consolidated statements of income,
stockholders’ equity and cash flows of Holdings as of March 31, 2019.

 

“Unidentified Claimant Term Loan Amount”
means $10,821,073.59.

 

“Unidentified Claimants”
means each Person entitled to an Initial Term Loan pursuant to the Bankruptcy Plan on account of an Allowed Claim or Allowed Interest
(each as defined in the Bankruptcy Plan) that, as of the Closing
dDate hereof,
has not responded to a request from the Disbursement Agent for information necessary to facilitate the distributions to which it
is entitled in accordance with the Bankruptcy Plan.

 

“Uniform Commercial Code”
or “UCC” means the Uniform Commercial Code as the same may from time to time be in effect in the State of New
York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required to apply
to any item or items of Collateral.

 

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

 

“United States Tax Compliance Certificate”
means a certificate substantially in the form of Exhibits K-1, K-2, K-3 and K-4 hereto, as applicable.

 

“Unrestricted Subsidiary”
means (a) as of the Closing Date, each Subsidiary of Holdings listed on Schedule 1.01C, (b) any Subsidiary of Holdings designated
by Holdings as an Unrestricted Subsidiary pursuant to Section 6.14 subsequent to the Closing Date and (c) any Subsidiary of an
Unrestricted Subsidiary.

 

“US Guarantor” means each US Subsidiary
that constitutes a Guarantor.

 

“US Person” means any
Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 

“US Subsidiary” means
any Restricted Subsidiary that is organized under the Laws of the United States, any state thereof or the District of Columbia.

 

“USA PATRIOT Act” means
the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001,
Public Law 10756, as amended or modified from time to time.

 

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness at any date, the number of years obtained by dividing: (i) the sum of the products obtained
by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal,
including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that
will elapse between such date and the making of such payment; by (ii) the then outstanding principal amount of such Indebtedness.

 

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“wholly owned” means,
with respect to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Equity Interests of which (other than
(x) director’s qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable Law) are
owned by such Person and/or by one or more wholly owned Subsidiaries of such Person.

 

“Write-Down and Conversion Powers”
means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from
time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described
in the EU Bail-In Legislation Schedule.

 

“Yield Differential” has the meaning
set forth in Section 2.14(e)(iii).

 

Section 1.02      Other Interpretive Provisions.

 

With reference to this Agreement and each
other Loan Document, unless otherwise specified herein or in such other Loan Document:

 

(a)       The
meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

(b)       The
words “herein,” “hereto,” “hereof” and “hereunder” and words of similar import
when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof.

 

(c)       Article,
Section, Exhibit and Schedule references are to the Loan Document in which such reference appears.

 

(d)       The term
 “including” is by way of example and not limitation.

 

(e)       The
term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial
statements and other writings, however evidenced, whether in physical or electronic form.

 

(f)       In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including”; the words “to” and “until” each mean “to but excluding”; and the word
 “through” means “to and including.”

 

(g)       Section
headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation
of this Agreement or any other Loan Document.

 

Section 1.03      Accounting Terms.

 

(a)       All
accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including
financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with, GAAP, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically
prescribed herein.

 

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(b)       For
purposes of determining whether Holdings, the Borrower and its Restricted Subsidiaries comply with any exception to Article
VII where compliance with any such exception is based on a financial ratio or metric being satisfied as of a particular point
in time, it is understood that (a) compliance shall be measured at the time when the relevant event is undertaken, as such
financial ratios and metrics are intended to be “incurrence” tests and not “maintenance” tests and
(b) correspondingly, any such ratio and metric shall only prohibit Holdings, the Borrower and its Restricted Subsidiaries
from creating, incurring, assuming, suffering to exist or making, as the case may be, any new, for example, Liens,
Indebtedness or Investments, but shall not result in any previously permitted, for example, Liens, Indebtedness or
Investments ceasing to be permitted hereunder.

 

(c)       Notwithstanding
anything to the contrary herein, for purposes of determining compliance with any test or covenant contained in this Agreement
with respect to any period during which any Specified Transaction occurs, the Consolidated First Lien Net Leverage Ratio,
Consolidated Secured Net Leverage Ratio, Consolidated Interest Coverage Ratio and Consolidated Total Net Leverage Ratio shall
be calculated with respect to such period and such Specified Transaction on a Pro Forma Basis; provided that, for any
Specified Transaction that is consummated in connection with a Limited Condition Transaction, at the option of the Borrower
(the Borrower’s election to exercise such option in connection with any Limited Condition Transaction, an “LCA
Election”) the date of determination for calculation of any such ratios shall be deemed to be either (a) the date
the definitive agreements for such Limited Condition Transaction are entered into, or (b) solely in connection with an
acquisition to which the United Kingdom City Code on Takeovers and Mergers (the “City Code”) applies, the date on
which a “Rule 2.7 announcement” of a firm intention to make an offer in respect of such target company is made in
compliance with the City Code (the “LCA Test Date”) and if, after giving pro forma effect to the Limited
Condition Transaction and the Specified Transactions to be entered into in connection therewith as if they had occurred at
the beginning of the most recent date of determination ending prior to the LCA Test Date, the Borrower could have taken such
action on the relevant LCA Test Date in compliance with such ratio or basket, such ratio or basket shall be deemed to have
been complied with. For the avoidance of doubt, if the Borrower has made an LCA Election and any of the ratios or baskets for
which compliance was determined or tested as of the LCA Test Date are exceeded as a result of fluctuations in any such ratio
or basket, including due to fluctuations in Consolidated EBITDA or Total Assets of the Borrower or the Person subject to such
Limited Condition Transaction, at or prior to the consummation of the relevant transaction or action, such baskets or ratios
will not be deemed to have been exceeded as a result of such fluctuations solely for purposes of determining whether the
relevant transaction or action is permitted to be consummated or taken. If the Borrower has made an LCA Election for any
Limited Condition Transaction, then in connection with any subsequent calculation of any ratio or basket availability with
respect to any other Specified Transaction on or following the relevant LCA Test Date and prior to the earlier of the date on
which such Limited Condition Transaction is consummated or the date that the definitive agreement for, or “Rule 2.7
announcement” in respect of, as applicable, such Limited Condition Transaction is terminated or expires without
consummation of such Limited Condition Transaction, any such ratio or basket shall be calculated on a Pro Forma Basis
assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of
Indebtedness and the use of proceeds thereof and any associated Lien) have been consummated. In connection with any action
being taken in connection with a Limited Condition Transaction, for purposes of determining compliance with any provision of
this Agreement which requires that no Default or Event of Default, as applicable, has occurred, is continuing or would result
from any such action, as applicable, such condition shall, at the option of the Borrower, be deemed satisfied, so long as no
Default or Event of Default, as applicable, exists on the date the definitive agreements for such Limited Condition
Transaction are entered into. For the avoidance of doubt, if the Borrower has exercised its option under this clause (c), and
any Default or Event of Default occurs following the date the definitive agreements for the applicable Limited Condition
Transaction were entered into and prior to the consummation of such Limited Condition Transaction, any such Default or Event
of Default (other than an Event of Default under Sections 8.01(a) or (f)) shall be deemed to not have occurred or be
continuing for purposes of determining whether any action being taken in connection with such Limited Condition Transaction
is permitted hereunder.

 

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Section 1.04      Rounding.

 

Any financial ratios required to be maintained
by Holdings pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement)
shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the
number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding
up if there is no nearest number).

 

Section 1.05      References to Agreements, Laws, Etc.

 

Unless otherwise expressly provided herein,
(a) references to Organization Documents, agreements (including the Loan Documents) and other contractual instruments shall be
deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to
the extent that such amendments, restatements, extensions, supplements and other modifications are permitted by the Loan Documents;
and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing
or interpreting such Law.

 

Section 1.06      Times
of Day.

 

Unless otherwise specified, all references
herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

 

Section 1.07      Timing of Payment or Performance.

 

When the payment of any obligation or the
performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day,
the date of such payment (other than as described in the definition of Interest Period) or performance shall extend to the immediately
succeeding Business Day.

 

Section 1.08      Initial Lenders.

 

By accepting the benefits under this Agreement
and the other Loan Documents, each Initial Lender acknowledges and agrees that it shall be bound by all provisions of this Agreement
(including for the avoidance of doubt, Section 9.07) and shall have all of the rights and obligations of a Lender hereunder.

 

Section 1.09     [Reserved].

 

Section 1.10     Currency Equivalents Generally.

 

(a)       Any
amount specified in this Agreement (other than in Articles II, IX and X or as set forth in paragraph (b) of this Section
1.10) or any of the other Loan Documents to be in Dollars shall also include the equivalent of such amount in any currency
other than Dollars, such equivalent amount to be determined at the rate of exchange quoted by the Reuters World Currency Page
for the applicable currency at 11:00 a.m. (London time) on such day (or, in the event such rate does not appear on any
Reuters World Currency Page, by reference to such other publicly available service for displaying exchange rates as may be
agreed upon by the Administrative Agents and the Borrower, or, in the absence of such agreement, such rate shall instead be
the arithmetic average of the spot rates of exchange of the Administrative Agents in the market where its foreign currency
exchange operations in respect of such currency are then being conducted, at or about 10:00 a.m. (New York City time) on such
date for the purchase of Dollars for delivery two Business Days later). Notwithstanding the foregoing, for purposes of
determining compliance with Sections 7.01, 7.02 and 7.03 with respect to any amount of Indebtedness or Investment in a
currency other than Dollars, no Default shall be deemed to have occurred solely as a result of changes in rates of exchange
occurring after the time such Indebtedness or Investment is incurred; provided that, for the avoidance of doubt, the
foregoing provisions of this Section 1.10 shall otherwise apply to such Sections, including with respect to determining
whether any Indebtedness or Investment may be incurred at any time under such Sections.

 

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(b)       For
purposes of determining compliance under Sections 7.02, 7.05, 7.06 or 7.13 or for calculating the Consolidated First Lien Net Leverage
Ratio, Consolidated Secured Net Leverage Ratio and Consolidated Total Net Leverage Ratio, any amount in a currency other than Dollars
will be converted to Dollars based on the average Exchange Rate for such currency for the most recent twelve-month period immediately
prior to the date of determination determined in a manner consistent with that used in calculating Consolidated EBITDA for the
applicable period.

 

Section 1.11      Fixed Amounts and Incurrence Based
Amounts.

 

Notwithstanding anything to the contrary
herein, with respect to any amounts incurred (including the incurrence of any Free and Clear Incremental Amount) or transactions
entered into (or consummated) in reliance on a provision of this Agreement that does not require compliance with a financial ratio
or test (including, without limitation, pro forma compliance with any Consolidated Interest Coverage Ratio test, any Consolidated
First Lien Net Leverage Ratio test, any Consolidated Total Net Leverage Ratio test, Consolidated Secured Net Leverage Ratio test,
and/or any other financial ratio or test) (any such amounts, the “Fixed Amounts”) substantially concurrently
with any amounts incurred (including the incurrence of any Incurrence Based Incremental Amount) or transactions entered into (or
consummated) in reliance on a provision of this Agreement that requires compliance with any such financial ratio or test (any such
amounts, the “Incurrence Based Amounts”), it is understood and agreed that the Fixed Amounts (and any cash proceeds
thereof) shall, in each case, be disregarded in the calculation of the financial ratio or test applicable to the Incurrence Based
Amounts in connection with such substantially concurrent incurrence.

 

Section 1.12      Divisions. For all purposes
under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under
a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right,
obligation or liability of a different Person pursuant to such division transaction, then such asset, right, obligation or liability
shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into
existence as a result of such division transaction, such new Person shall be deemed to have been organized on the first date of
its existence by the holders of its Equity Interests at such time.

 

Section
1.13      Interest Rates. The Administrative Agent does not
warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission
or any other matter related to the rates in the definition of “Eurocurrency Rate” or with respect to any rate that
is an alternative or replacement for or successor to any of such rate (including, without limitation, any LIBOR Successor Rate)
or the effect of any of the foregoing, or of any LIBOR Successor Rate Conforming Changes.

 

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ARTICLE II

The Commitments and Credit Extensions

 

Section 2.01      The Loans.

 

(a)       The
Initial Term Loan Borrowings. Subject to the terms and conditions set forth herein and in accordance with the Bankruptcy Plan,
each Initial Lender (i) is deemed to have made, on the Closing Date, a term loan to the Borrower denominated in Dollars in the
amount of such Initial Lender’s Initial Term Commitment and (ii) is deemed to have executed and delivered, on the Closing
Date, this Agreement, regardless of whether such Initial Lender has executed and delivered a signature page hereto to the Borrower
on the Closing Date. Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be reborrowed. Initial Term Loans
may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein; provided that, on the Closing Date, the Initial
Term Loans shall be deemed made as Eurocurrency Rate Loans with an initial Interest Period of three months (it being understood
and agreed that this Section 2.01(a) shall be in lieu of a Committed Loan Notice on the Closing Date).

 

Section 2.02      Borrowings, Conversions and Continuations
of Loans.

 

(a)       Each
Term Borrowing (other than a Borrowing of Initial Term Loans), each conversion of Term Loans from one Type to the other, and each
continuation of Eurocurrency Rate Loans shall be made upon the Borrower’s irrevocable written notice to the Administrative
Agent, which may be given by (A) telephone, or (B) a Committed Loan
Notice; provided that any telephone notice must be confirmed immediately by delivery to the Administrative Agent of a Committed
Loan Notice. Each such notice must be received by the Administrative Agent not later than 1:00 p.m. New York City time
(i) three Business Days prior to the requested date of any Borrowing or continuation of Eurocurrency Rate Loans or any conversion
of Base Rate Loans to Eurocurrency Rate Loans, and (ii) 10:00 a.m. New York City time on the Business Day of a requested date of
any Borrowing of Base Rate Loans. Except as provided in Section 2.14(a), each Borrowing of (other than a Borrowing of Initial Term
Loans), conversion to or continuation of Eurocurrency Rate Loans shall be in a minimum principal amount of $2,000,000, or a whole
multiple of $500,000 in excess thereof. Except as provided in Section 2.14(a), each Borrowing of or conversion to Base Rate Loans
shall be in a minimum principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. Each Committed Loan Notice
shall specify (i) whether the Borrower is requesting a Term Borrowing of a particular Class, a conversion of Term Loans of any
Class or a continuation of Eurocurrency Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the
case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the
Type of Loans to be borrowed or to which existing Term Loans of a Class are to be converted, (v) [reserved] and (vi) if applicable,
the duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Committed Loan Notice
or fails to give a timely notice requesting a conversion or continuation, then the applicable Term Loans shall be made as or converted
to Eurocurrency Rate Loans having an Interest Period of one month, as applicable. Any such automatic conversion to one-month Eurocurrency
Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurocurrency
Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate Loans in any such Committed
Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one (1) month.

 

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(b)       Following
receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Pro Rata
Share or other applicable share provided for under this Agreement of the applicable Class of Loans, and if no timely notice
of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender of the details
of any automatic conversion or continuation described in Section 2.02(a). In the case of each Borrowing, each Appropriate
Lender shall make the amount of its Loan available to the Administrative Agent in Same Day Funds at the Administrative
Agent’s Office not later than 1:00 p.m. (New York City time) on the Business Day specified in the applicable Committed
Loan Notice. Each Lender may, at its option, make any Loan by causing any domestic or foreign branch or Affiliate of such
Lender to make such Loan; provided that any exercise of such option shall not affect in any manner the obligation of the
Borrower to repay such Loan in accordance with the terms of this Agreement. The Administrative Agent shall make all funds so
received available to the Borrower in like funds as received by the Administrative Agent by wire transfer of such funds in
accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower.

 

(c)       Except
as otherwise provided herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of an Interest Period
for such Eurocurrency Rate Loan unless the Borrower pays the amount due, if any, under Section 3.05 in connection therewith.

 

(d)       The
Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period
for Eurocurrency Rate Loans upon determination of such interest rate. The determination of the Eurocurrency Rate by the Administrative
Agent shall be conclusive in the absence of manifest error. At any time that Base Rate Loans are outstanding, the Administrative
Agent shall notify the Borrower and the Lenders of any change in the Prime Rate used in determining the Base Rate promptly following
the announcement of such change.

 

(e)       After
giving effect to all Term Borrowings, all conversions of Term Loans from one Type to the other, and all continuations of Term Loans
as the same Type, there shall not be more than fifteenten
(150) Interest
Periods in effect.

 

(f)       The
failure of any Lender to make the Loan to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation,
if any, hereunder to make its Loan on the date of such Borrowing, but no Lender shall be responsible for the failure of any other
Lender to make the Loan to be made by such other Lender on the date of any Borrowing.

 

Section 2.03      Disbursement Agent. The
Disbursement Agent shall hold Initial Term Loans in an amount equal to the Unidentified Claimant Term Loan Amount for the benefit
of the Unidentified Claimants until the earlier of (x) the Reversion Date, at which time all remaining Initial Term Loans held
by the Disbursement Agent shall be cancelled, terminated and discharged pursuant to Section 2.04(b) and (y) the date on which all
of the Disbursement Agent’s rights and obligations hereunder are assigned to Claimant Assignees and/or discharged, terminated
and cancelled, in each case, in accordance with the last paragraph of Section 10.07(b). In connection with any vote, consent or
other instruction that the Disbursement Agent shall be entitled to deliver with respect to the Initial Term Loans it holds for
the benefit of the Unidentified Claimants, the Disbursement Agent shall vote such Initial Term Loans (or shall give instructions
with respect to such Initial Term Loans) in the same proportion as the other Loans entitled to vote or give such instruction have
voted or given such instruction. For the avoidance of doubt, iHeartCommunications, Inc. shall be deemed to be acting in its capacity
as Disbursement Agent and Initial Lender with respect to the relevant provisions in this Agreement relating to Unidentified Claimants,
and not in its capacity as the Borrower; provided that, acting in such capacity as Disbursement Agent shall not otherwise affect
its rights and obligations under this Agreement in its capacity as Borrower, except as expressly set forth herein.

 

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Section 2.04      Undeliverable Distributions.

 

(a)       If,
on the date that is six months after the Closing Date (the “Reversion Date”), an Initial Lender has failed to
comply with its obligations hereunder to provide a completed Administrative Questionnaire and any applicable tax forms required
pursuant to Section 3.01(d) with respect to itself, then, without any further action by the Administrative Agent or any Lender,
on the Reversion Date each such Initial Lender’s Initial Term Loans deemed made pursuant to Section 2.01 shall be deemed
unclaimed property or interests in property pursuant to Section 347(b) of the Bankruptcy Code and an “Unclaimed Distribution”
under and as defined in the Bankruptcy Plan and shall revert to the Borrower and be automatically discharged, terminated and cancelled
(and the Administrative Agent shall update the Register to reflect such discharge, termination and cancellation).

 

(b)       If,
on the Reversion Date (or, if later with respect to any Unidentified Claimant that has become a Claimant Assignee on or prior to
the Reversion Date, the Response Deadline), the Disbursement Agent holds Initial Term Loans for the benefit of any Unidentified
Claimant, such Initial Term Loans shall be deemed unclaimed property or interests in property pursuant to Section 347(b) of the
Bankruptcy Code and an “Unclaimed Distribution” under and as defined in the Bankruptcy Plan and shall revert to the
Borrower and be automatically discharged, terminated and cancelled (and the Administrative Agent shall update the Register to reflect
such discharge, termination and cancellation). For the avoidance of doubt, the Disbursement Agent shall cease to be a Lender and
a party to this Agreement on and from the earlier of (x) the later of (A) the Reversion Date and (B) the date on which the last
Claimant Assignee completes the documentation required under Section 10.07(b) and (y) the latest Response Deadline for any Unidentified
Claimant that shall have become a Claimant Assignee identified prior to the Reversion Date (if any), which date shall be no later
than eight months from the Closing Date. The Disbursement Agent shall provide written notice to the Administrative Agent no later
than five (5) Business Days prior to the Reversion Date of the principal amount of Initial Term Loans held by the Disbursement
Agent for the benefit of Unidentified Claimants which are subject to discharge, termination and cancellation on the Reversion Date
pursuant to this Section 2.04(b).

 

Section 2.05      Prepayments.

 

(a)       Optional.
(i) The Borrower, upon written notice to the Administrative Agent by the Borrower, may voluntarily prepay at any time or from
time to time Term Loans of any Class in whole or in part without premium or penalty (subject to Section 2.05(a)(iv)); provided that
(1) such notice must be signed by a Responsible Officer of the
Borrower and received by the Administrative Agent not later than 1:00 p.m. New York City time (A) three Business
Days prior to any date of prepayment of Eurocurrency Rate Loans and (B) one (1) Business Day prior to any prepayment of Base
Rate Loans in each case, unless the Administrative Agent agrees to a shorter period in its discretion; (2) any prepayment of
Eurocurrency Rate Loans shall be in a minimum Principal Amount of $2,000,000 or a whole multiple of $1,000,000 in excess
thereof; and (3) any prepayment of Base Rate Loans shall be in a minimum Principal Amount of $1,000,000 or a whole multiple
of $500,000 in excess thereof or, in each case, if less, the entire Principal Amount thereof then outstanding. Each such
notice shall specify the date and amount of such prepayment and the Class(es) and Type(s) of Loans to be prepaid. The
Administrative Agent will promptly notify each Appropriate Lender of its receipt of each such notice, and of the amount of
such Lender’s Pro Rata Share or other applicable share provided for under this Agreement of such prepayment. If such
notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice
shall be due and payable on the date specified therein. Any prepayment of a Eurocurrency Rate Loan shall be accompanied by
all accrued interest thereon to such date, together with any additional amounts required pursuant to Section 3.05. In the
case of each prepayment of the Loans pursuant to this Section 2.05(a), the Borrower may in its sole discretion select the
Borrowing or Borrowings (and the application of such prepayment to scheduled maturities of principal payments) to be repaid,
and such payment shall be paid to the Appropriate Lenders in accordance with their respective Pro Rata Shares or other
applicable share as provided for under this Agreement.

 

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(ii)       At
any time prior to the Reversion Date, the Borrower, upon written notice to the Administrative Agent by the Borrower, may voluntarily
prepay, on a non-pro rata basis, all (but not less than all) Initial Term Loans of any Initial Lender that, together with its Affiliates
and Related Funds, has Initial Term Loans outstanding not exceeding $100,000, without premium or penalty (subject to Section 2.05(a)(iv));
provided that (1) such notice must be received by the Administrative Agent not later than 1:00 p.m. New York City time (A)
three Business Days prior to any date of prepayment of Eurocurrency Rate Loans and (B) one (1) Business Day prior to any prepayment
of Base Rate Loans in each case, unless the Administrative Agent agrees to a shorter period in its discretion; (2) any prepayment
of Loans of any Initial Lender shall not exceed $100,000 (plus any accrued interest thereon to such date, together with any additional
amounts required pursuant to Section 3.05) and shall be for the entire Principal Amount of the Initial Term Loans of such Initial
Lender; (3) notwithstanding any provision to the contrary in this Agreement or any other Loan Document, any such prepayment may
be made on a non-pro rata basis to each applicable Initial Lender (without requiring any pro rata payment to any other Initial
Lender); and (4) the aggregate amount of all such prepayments of Initial Term Loans made pursuant to this Section 2.05(a)(ii) shall
not exceed $25,000,000. Each such notice shall specify the date and amount of such prepayment and the Initial Lender being prepaid
along with the amount each lender is being prepaid. The Administrative Agent will promptly notify the applicable Initial Lender
of its receipt of each such notice, and of the date of such prepayment. If such notice is given by the Borrower, the Borrower shall
make such prepayment and the entire Principal Amount of such Initial Term Loans specified in such notice shall be due and payable
on the date specified therein. Any prepayment of a Eurocurrency Rate Loan shall be accompanied by all accrued interest thereon
to such date, together with any additional amounts required pursuant to Section 3.05. In the case of each prepayment of the Loans
pursuant to this Section 2.05(a)(ii), the Borrower may in its sole discretion select the Initial Lenders to be repaid, and such
payment shall be paid to such Initial Lender.

 

(iii)       Notwithstanding
anything to the contrary contained in this Agreement, subject to the payment of any amounts owing pursuant to Section 3.05, the
Borrower may rescind any notice of prepayment under Sections 2.05(a)(i) if such prepayment is conditioned on the consummation of
another concurrent transaction, which such transaction shall not be consummated or shall otherwise be delayed. Each prepayment
of any Class of Term Loans pursuant to this Section 2.05(a) (other than Section 2.05(a)(ii)) shall be applied in an order of priority
to repayments thereof as directed by the Borrower and, absent such direction, shall be applied in direct order of maturity to repayments
thereof required pursuant to Section 2.07(a).

 

(iv)       In
the event that, prior to the date that is ninesix
(96)
months following the ClosingAmendment
No. 1 Effective Date, the Borrower (x) prepays, refinances, substitutes or replaces any Initial Term Loans pursuant
to a Repricing Transaction (including, for avoidance of doubt, any prepayment made pursuant to Section 2.05(b)(iii) that constitutes
a Repricing Transaction), or (y) effects any amendment, amendment and restatement or other modification of this Agreement resulting
in a Repricing Transaction, the Borrower shall pay to the Administrative Agent, for the ratable account of each of the applicable
Term Lenders, (I) in the case of clause (x), a prepayment premium of 1.00% of the aggregate principal amount of the Initial Term
Loans incurred on the ClosingAmendment
No. 1 Effective Date so prepaid, refinanced, substituted or replaced and (II) in the case of clause (y), a fee equal
to 1.00% of the aggregate principal amount of the applicable Initial Term Loans amended or otherwise modified pursuant to such
amendment. If, prior to ninesix
months following the ClosingAmendment
No. 1 Effective Date, any Term Lender
that is a Non-Consenting Lender and is replaced pursuant to Section 3.07(a) in connection with any amendment, amendment and restatement
or other modification of this Agreement resulting in a Repricing Transaction, such Term Lender (and not any Person who replaces
such Term Lender pursuant to Section 3.07(a)) shall receive its pro rata portion (as determined immediately prior to it being
so replaced) of the prepayment premium or fee described in the preceding sentence. Such amounts shall be due and payable on the
date of effectiveness of such Repricing Transaction.

 

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(v)       Notwithstanding
anything in any Loan Document to the contrary, so long as no Default or Event of Default has occurred and is continuing or would
result therefrom, any Company Party may prepay the outstanding Term Loans (which shall, for the avoidance of doubt, be automatically
and permanently canceled immediately upon such prepayment) (or Holdings or any of its Subsidiaries may purchase such outstanding
Term Loans and immediately cancel them) on the following basis:

 

(A)       Any
Company Party shall have the right to make a voluntary prepayment of Term Loans at a discount to par pursuant to a Borrower Offer
of Specified Discount Prepayment, Borrower Solicitation of Discount Range Prepayment Offers or Borrower Solicitation of Discounted
Prepayment Offers (any such prepayment, the “Discounted Term Loan Prepayment”), in each case made in accordance
with this Section 2.05(a)(v); provided that no Company Party shall initiate any action under this Section 2.05(a)(v) in
order to make a Discounted Term Loan Prepayment unless (I) at least ten (10) Business Days shall have passed since the consummation
of the most recent Discounted Term Loan Prepayment as a result of a prepayment made by a Company Party on the applicable Discounted
Prepayment Effective Date; or (II) at least three Business Days shall have passed since the date the Company Party was notified
that no Term Lender was willing to accept any prepayment of any Term Loan at the Specified Discount, within the Discount Range
or at any discount to par value, as applicable, or in the case of Borrower Solicitation of Discounted Prepayment Offers, the date
of any Company Party’s election not to accept any Solicited Discounted Prepayment Offers.

 

(B)       (1)
Subject to the proviso to subsection (A) above, any Company Party may from time to time offer to make a Discounted Term Loan
Prepayment by providing the Auction Agent with five (5) Business Days’ notice in the form of a Specified Discount
Prepayment Notice; provided that (I) any such offer shall be made available, at the sole discretion of the Company
Party, to (x) each Term Lender and/or (y) each Term Lender with respect to any Class of Term Loans on an individual tranche
basis, (II) any such offer shall specify the aggregate principal amount offered to be prepaid (the “Specified
Discount Prepayment Amount”) with respect to each applicable tranche, the tranche or tranches of Term Loans subject
to such offer and the specific percentage discount to par (the “Specified Discount”) of such Term Loans to
be prepaid (it being understood that different Specified Discounts and/or Specified Discount Prepayment Amounts may be
offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as a separate
offer pursuant to the terms of this Section 2.05(a)(v)(B)), (III) the Specified Discount Prepayment Amount shall be in an
aggregate amount not less than $10,000,000 and whole increments of $1,000,000 in excess thereof and (IV) each such offer
shall remain outstanding through the Specified Discount Prepayment Response Date. The Auction Agent will promptly provide
each Appropriate Lender with a copy of such Specified Discount Prepayment Notice and a form of the Specified Discount
Prepayment Response to be completed and returned by each such Term Lender to the Auction Agent (or its delegate) by no later
than 5:00 p.m. (New York City time), on the third Business Day after the date of delivery of such notice to such Lenders (the
 “Specified Discount Prepayment Response Date”).

 

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(2)       Each
Term Lender receiving such offer shall notify the Auction Agent (or its delegate) by the Specified Discount Prepayment Response
Date whether or not it agrees to accept a prepayment of any of its applicable then outstanding Term Loans at the Specified Discount
and, if so (such accepting Lender, a “Discount Prepayment Accepting Lender”), the amount and the tranches of
such Lender’s Term Loans to be prepaid at such offered discount. Each acceptance of a Discounted Term Loan Prepayment by
a Discount Prepayment Accepting Lender shall be irrevocable. Any Term Lender whose Specified Discount Prepayment Response is not
received by the Auction Agent by the Specified Discount Prepayment Response Date shall be deemed to have declined to accept the
applicable Borrower Offer of Specified Discount Prepayment.

 

(3)       If
there is at least one Discount Prepayment Accepting Lender, the relevant Company Party will make a prepayment of outstanding Term
Loans pursuant to this paragraph (B) to each Discount Prepayment Accepting Lender in accordance with the respective outstanding
amount and tranches of Term Loans specified in such Lender’s Specified Discount Prepayment Response given pursuant to subsection
(2) above; provided that if the aggregate principal amount of Term Loans accepted for prepayment by all Discount Prepayment
Accepting Lenders exceeds the Specified Discount Prepayment Amount, such prepayment shall be made pro rata among the Discount Prepayment
Accepting Lenders in accordance with the respective principal amounts accepted to be prepaid by each such Discount Prepayment Accepting
Lender and the Auction Agent (in consultation with such Company Party and subject to rounding requirements of the Auction Agent
made in its reasonable discretion) will calculate such proration (the “Specified Discount Proration”). The Auction
Agent shall promptly, and in any case within three Business Days following the Specified Discount Prepayment Response Date, notify
(I) the relevant Company Party of the respective Term Lenders’ responses to such offer, the Discounted Prepayment Effective
Date and the aggregate principal amount of the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender
of the Discounted Prepayment Effective Date, and the aggregate principal amount and the tranches of Term Loans to be prepaid at
the Specified Discount on such date and (III) each Discount Prepayment Accepting Lender of the Specified Discount Proration, if
any, and confirmation of the principal amount, tranche and Type of Term Loans of such Lender to be prepaid at the Specified Discount
on such date. Each determination by the Auction Agent of the amounts stated in the foregoing notices to the Company Party and such
Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice
to the Company Party shall be due and payable by such Company Party on the Discounted Prepayment Effective Date in accordance with
subsection (F) below (subject to subsection (J) below).

 

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(C)       (1)
Subject to the proviso to subsection (A) above, any Company Party may from time to time solicit Discount Range Prepayment
Offers by providing the Auction Agent with five (5) Business Days’ notice in the form of a Discount Range Prepayment
Notice; provided that (I) any such solicitation shall be extended, at the sole discretion of such Company Party, to
(x) each Term Lender and/or (y) each Term Lender with respect to any Class of Term Loans on an individual tranche basis, (II)
any such notice shall specify the maximum aggregate principal amount of the relevant Term Loans (the “Discount Range
Prepayment Amount”), the tranche or tranches of Term Loans subject to such offer and the maximum and minimum
percentage discounts to par (the “Discount Range”) of the principal amount of such Term Loans with respect
to each relevant tranche of Term Loans willing to be prepaid by such Company Party (it being understood that different
Discount Ranges and/or Discount Range Prepayment Amounts may be offered with respect to different tranches of Term Loans and,
in such event, each such offer will be treated as a separate offer pursuant to the terms of this Section 2.05(a)(v)(C)),
(III) the Discount Range Prepayment Amount shall be in an aggregate amount not less than $10,000,000 and whole increments of
$1,000,000 in excess thereof and (IV) each such solicitation by a Company Party shall remain outstanding through the Discount
Range Prepayment Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Discount
Range Prepayment Notice and a form of the Discount Range Prepayment Offer to be submitted by a responding Lender to the
Auction Agent (or its delegate) by no later than 5:00 p.m. (New York City time), on the third Business Day after the date of
delivery of such notice to such Lenders (the “Discount Range Prepayment Response Date”). Each Term
Lender’s Discount Range Prepayment Offer shall be irrevocable and shall specify a discount to par within the Discount
Range (the “Submitted Discount”) at which such Lender is willing to allow prepayment of any or all of its
then outstanding Term Loans of the applicable tranche or tranches and the maximum aggregate principal amount and tranches of
such Lender’s Term Loans (the “Submitted Amount”) such Term Lender is willing to have prepaid at the
Submitted Discount. Any Term Lender whose Discount Range Prepayment Offer is not received by the Auction Agent by the
Discount Range Prepayment Response Date shall be deemed to have declined to accept a Discounted Term Loan Prepayment of any
of its Term Loans at any discount to their par value within the Discount Range.

 

(2)       The
Auction Agent shall review all Discount Range Prepayment Offers received on or before the applicable Discount Range Prepayment
Response Date and shall determine (in consultation with such Company Party and subject to rounding requirements of the Auction
Agent made in its sole reasonable discretion) the Applicable Discount and Term Loans to be prepaid at such Applicable Discount
in accordance with this subsection (C). The relevant Company Party agrees to accept on the Discount Range Prepayment Response Date
all Discount Range Prepayment Offers received by Auction Agent by the Discount Range Prepayment Response Date, in the order from
the Submitted Discount that is the largest discount to par to the Submitted Discount that is the smallest discount to par, up to
and including the Submitted Discount that is the smallest discount to par within the Discount Range (such Submitted Discount that
is the smallest discount to par within the Discount Range being referred to as the “Applicable Discount”) which
yields a Discounted Term Loan Prepayment in an aggregate principal amount equal to the lower of (I) the Discount Range Prepayment
Amount and (II) the sum of all Submitted Amounts. Each Term Lender that has submitted a Discount Range Prepayment Offer to accept
prepayment at a discount to par that is larger than or equal to the Applicable Discount shall be deemed to have irrevocably consented
to prepayment of Term Loans equal to its Submitted Amount (subject to any required proration pursuant to the following subsection
(3)) at the Applicable Discount (each such Term Lender, a “Participating Lender”).

 

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(3)       If
there is at least one Participating Lender, the relevant Company Party will prepay the respective outstanding Term Loans of
each Participating Lender in the aggregate principal amount and of the tranches specified in such Lender’s Discount
Range Prepayment Offer at the Applicable Discount; provided that if the Submitted Amount by all Participating Lenders
offered at a discount to par greater than or equal to the Applicable Discount exceeds the Discount Range Prepayment Amount,
prepayment of the principal amount of the relevant Term Loans for those Participating Lenders whose Submitted Discount is a
discount to par greater than or equal to the Applicable Discount (the “Identified Participating Lenders”)
shall be made pro rata among the Identified Participating Lenders in accordance with the Submitted Amount of each such
Identified Participating Lender and the Auction Agent (in consultation with such Company Party and subject to rounding
requirements of the Auction Agent made in its sole reasonable discretion) will calculate such proration (the
 “Discount Range Proration”). The Auction Agent shall promptly, and in any case within five (5) Business
Days following the Discount Range Prepayment Response Date, notify (I) the relevant Company Party of the respective Term
Lenders’ responses to such solicitation, the Discounted Prepayment Effective Date, the Applicable Discount, and the
aggregate principal amount of the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Lender of
the Discounted Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount and tranches of Term
Loans to be prepaid at the Applicable Discount on such date, (III) each Participating Lender of the aggregate principal
amount and tranches of such Term Lender to be prepaid at the Applicable Discount on such date, and (IV) if applicable, each
Identified Participating Lender of the Discount Range Proration. Each determination by the Auction Agent of the amounts
stated in the foregoing notices to the relevant Company Party and Term Lenders shall be conclusive and binding for all
purposes absent manifest error. The payment amount specified in such notice to the Company Party shall be due and payable by
such Company Party on the Discounted Prepayment Effective Date in accordance with subsection (F) below (subject to subsection
(J) below).

 

(D)     (1)      Subject to the proviso
to subsection (A) above, any Company Party may from time to time solicit Solicited Discounted Prepayment Offers by providing the
Auction Agent with five (5) Business Days’ notice in the form of a Solicited Discounted Prepayment Notice; provided
that (I) any such solicitation shall be extended, at the sole discretion of such Company Party, to (x) each Term Lender and/or
(y) each Lender with respect to any Class of Loans on an individual tranche basis, (II) any such notice shall specify the maximum
aggregate amount of the Term Loans (the “Solicited Discounted Prepayment Amount”) and the tranche or tranches
of Term Loans the Borrower is willing to prepay at a discount (it being understood that different Solicited Discounted Prepayment
Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer will be treated as
a separate offer pursuant to the terms of this Section 2.05(a)(v)(D)), (III) the Solicited Discounted Prepayment Amount shall be
in an aggregate amount not less than $10,000,000 and whole increments of $1,000,000 in excess thereof and (IV) each such solicitation
by a Company Party shall remain outstanding through the Solicited Discounted Prepayment Response Date. The Auction Agent will promptly
provide each Appropriate Lender with a copy of such Solicited Discounted Prepayment Notice and a form of the Solicited Discounted
Prepayment Offer to be submitted by a responding Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m. (New
York City time), on the third Business Day after the date of delivery of such notice to such Term Lenders (the “Solicited
Discounted Prepayment Response Date”). Each Term Lender’s Solicited Discounted Prepayment Offer shall (x) be irrevocable,
(y) remain outstanding until the Acceptance Date, and (z) specify both a discount to par (the “Offered Discount”)
at which such Term Lender is willing to allow prepayment of its then outstanding Term Loan and the maximum aggregate principal amount and
tranches of such Term Loans (the “Offered Amount”) such Term Lender is willing to have prepaid at the Offered
Discount. Any Term Lender whose Solicited Discounted Prepayment Offer is not received by the Auction Agent by the Solicited Discounted
Prepayment Response Date shall be deemed to have declined prepayment of any of its Term Loans at any discount.

 

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(2)       The
Auction Agent shall promptly provide the relevant Company Party with a copy of all Solicited Discounted Prepayment Offers received
on or before the Solicited Discounted Prepayment Response Date. Such Company Party shall review all such Solicited Discounted Prepayment
Offers and select the largest of the Offered Discounts specified by the relevant responding Term Lenders in the Solicited Discounted
Prepayment Offers that is acceptable to the Company Party (the “Acceptable Discount”), if any. If the Company
Party elects to accept any Offered Discount as the Acceptable Discount, then as soon as practicable after the determination of
the Acceptable Discount, but in no event later than by the third Business Day after the date of receipt by such Company Party from
the Auction Agent of a copy of all Solicited Discounted Prepayment Offers pursuant to the first sentence of this subsection (2)
(the “Acceptance Date”), the Company Party shall submit an Acceptance and Prepayment Notice to the Auction Agent
setting forth the Acceptable Discount. If the Auction Agent shall fail to receive an Acceptance and Prepayment Notice from the
Company Party by the Acceptance Date, such Company Party shall be deemed to have rejected all Solicited Discounted Prepayment Offers.

 

(3)       Based
upon the Acceptable Discount and the Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted
Prepayment Response Date, within three Business Days after receipt of an Acceptance and Prepayment Notice (the “Discounted
Prepayment Determination Date”), the Auction Agent will determine (in consultation with such Company Party and subject
to rounding requirements of the Auction Agent made in its sole reasonable discretion) the aggregate principal amount and the tranches
of Term Loans (the “Acceptable Prepayment Amount”) to be prepaid by the relevant Company Party at the Acceptable
Discount in accordance with this Section 2.05(a)(v)(D). If the Company Party elects to accept any Acceptable Discount, then the
Company Party agrees to accept all Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted
Prepayment Response Date, in the order from largest Offered Discount to smallest Offered Discount, up to and including the Acceptable
Discount. Each Term Lender that has submitted a Solicited Discounted Prepayment Offer with an Offered Discount that is greater
than or equal to the Acceptable Discount shall be deemed to have irrevocably consented to prepayment of Term Loans equal to its
Offered Amount (subject to any required pro rata reduction pursuant to the following sentence) at the Acceptable Discount (each
such Lender, a “Qualifying Lender”). The Company Party will prepay outstanding Term Loans pursuant to this
subsection (D) to each Qualifying Lender in the aggregate principal amount and of the tranches specified in such Lender’s
Solicited Discounted Prepayment Offer at the Acceptable Discount; provided that if the aggregate Offered Amount by all
Qualifying Lenders whose Offered Discount is greater than or equal to the Acceptable Discount exceeds the Solicited Discounted
Prepayment Amount, prepayment of the principal amount of the Term Loans for those Qualifying Lenders whose Offered Discount is
greater than or equal to the Acceptable Discount (the “Identified Qualifying Lenders”) shall be made pro rata
among the Identified Qualifying Lenders in accordance with the Offered Amount of each such Identified Qualifying Lender and the
Auction Agent (in consultation with such Company Party and subject to rounding requirements of the Auction Agent made in its sole
reasonable discretion) will calculate such proration (the “Solicited Discount Proration”). On or prior to the
Discounted Prepayment Determination Date, the Auction Agent shall promptly notify (I) the relevant Company Party of the Discounted
Prepayment Effective Date and Acceptable Prepayment Amount comprising the Discounted Term Loan Prepayment and the tranches to
be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, the Acceptable Discount, and the Acceptable Prepayment
Amount of all Term Loans and the tranches to be prepaid to be prepaid at the Applicable Discount on such date, (III) each Qualifying
Lender of the aggregate principal amount and the tranches of such Term Lender to be prepaid at the Acceptable Discount on such
date, and (IV) if applicable, each Identified Qualifying Lender of the Solicited Discount Proration. Each determination by the
Auction Agent of the amounts stated in the foregoing notices to such Company Party and Term Lenders shall be conclusive and binding
for all purposes absent manifest error. The payment amount specified in such notice to such Company Party shall be due and payable
by such Company Party on the Discounted Prepayment Effective Date in accordance with subsection (F) below (subject to subsection
(J) below).

 

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(E)       In
connection with any Discounted Term Loan Prepayment, the Company Parties and the Term Lenders acknowledge and agree that the Auction
Agent may require as a condition to any Discounted Term Loan Prepayment, the payment of customary fees and expenses from a Company
Party in connection therewith.

 

(F)       If
any Term Loan is prepaid in accordance with paragraphs (B) through (D) above, a Company Party shall prepay such Term Loans on the
Discounted Prepayment Effective Date. The relevant Company Party shall make such prepayment to the Administrative Agent, for the
account of the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable, at the Administrative
Agent’s Office in immediately available funds not later than 11:00 a.m. (New York City time) on the Discounted Prepayment
Effective Date and all such prepayments shall be applied to the remaining principal installments of the relevant tranche of Loans
on a pro rata basis across such installments. The Term Loans so prepaid shall be accompanied by all accrued and unpaid interest
on the par principal amount so prepaid up to, but not including, the Discounted Prepayment Effective Date. Each prepayment of the
outstanding Term Loans pursuant to this Section 2.05(a)(v) shall be paid to the Discount Prepayment Accepting Lenders, Participating
Lenders, or Qualifying Lenders, as applicable, and shall be applied to the relevant Loans of such Lenders in accordance with their
respective Pro Rata Share. The aggregate principal amount of the tranches and installments of the relevant Term Loans outstanding
shall be deemed reduced by the full par value of the aggregate principal amount of the tranches of Term Loans prepaid on the Discounted
Prepayment Effective Date in any Discounted Term Loan Prepayment. In connection with each prepayment pursuant to this Section 2.05(a)(v),
the relevant Company Party shall waive any right to bring any action against the Administrative Agent, in its capacity as such,
in connection with any such Discounted Term Loan Prepayment.

 

(G)       To
the extent not expressly provided for herein, each Discounted Term Loan Prepayment shall be consummated pursuant to procedures
consistent with the provisions in this Section 2.05(a)(v), established by the Auction Agent acting in its reasonable discretion
and as reasonably agreed by the Borrower.

 

(H)       Notwithstanding
anything in any Loan Document to the contrary, for purposes of this Section 2.05(a)(v), each notice or other communication required
to be delivered or otherwise provided to the Auction Agent (or its delegate) shall be deemed to have been given upon Auction Agent’s
(or its delegate’s) actual receipt during normal business hours of such notice or communication; provided that any
notice or communication actually received outside of normal business hours shall be deemed to have been given as of the opening
of business on the next Business Day.

 

(I)       Each
of the Company Parties and the Term Lenders acknowledge and agree that the Auction Agent may perform any and all of its duties
under this Section 2.05(a)(v) by itself or through any Affiliate of the Auction Agent and expressly consents to any such delegation
of duties by the Auction Agent to such Affiliate and the performance of such delegated duties by such Affiliate. The exculpatory
provisions pursuant to this Agreement shall apply to each Affiliate of the Auction Agent and its respective activities in connection
with any Discounted Term Loan Prepayment provided for in this Section 2.05(a)(v) as well as activities of the Auction Agent.

 

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(J)       Each
Company Party shall have the right, by written notice to the Auction Agent, to revoke in full (but not in part) its offer to make
a Discounted Term Loan Prepayment and rescind the applicable Specified Discount Prepayment Notice, Discount Range Prepayment Notice
or Solicited Discounted Prepayment Notice therefor at its discretion at any time on or prior to the applicable Specified Discount
Prepayment Response Date (and if such offer is revoked pursuant to the preceding clauses, any failure by such Company Party to
make any prepayment to a Lender, as applicable, pursuant to this Section 2.05(a)(v) shall not constitute a Default or Event of
Default under Section 8.01 or otherwise).

 

(b)       Mandatory.
(i) Within five (5) Business Days after financial statements have been delivered pursuant to Section 6.01(a) (commencing with
the fiscal year ending December 31, 2020) and the related Compliance Certificate has been delivered pursuant to Section 6.02(a),
the Borrower shall cause to be offered to be prepaid in accordance with clause (b)(ix) below, an aggregate principal amount of
Term Loans in an amount equal to (A) the Applicable ECF Percentage of Excess Cash Flow, if any, for the fiscal year covered by
such financial statements minus (B) the sum of (1) all voluntary prepayments, repurchases or redemptions of Term Loans made during
such fiscal year or after year-end and prior to when such Excess Cash Flow prepayment is made (including, in the case of Term
Loans prepaid pursuant to Section 2.05(a)(v), the actual purchase price paid in cash pursuant to a “Dutch Auction”,
(2) all voluntary prepayments, repurchases or redemptions of loans under the ABL Facility during such fiscal year or after year-end
and prior to when such Excess Cash Flow prepayment is due to the extent the commitments under the ABL Facility are permanently
reduced by the amount of such payments and (3) all voluntary prepayments, repurchases or redemptions of Senior Notes and any Incremental
Equivalent First Lien Debt, Credit Agreement Refinancing Indebtedness, Permitted Ratio Debt, incurred Indebtedness under Section
7.03(g) and any other Indebtedness (in the case of any revolving credit facilities, to the extent accompanied by a permanent reduction
of the corresponding commitment), in each case secured on a pari passu basis with the Initial Term Loans, and repurchased
or redeemed on a pro rata basis or less than pro rata basis with the Initial Term Loans (except to the extent financed with proceeds
of long-term funded Indebtedness (other than revolving loans)) during such fiscal year or after year-end and prior to when such
Excess Cash Flow prepayment is due, (4) the amount of Capital Expenditures or acquisitions of intellectual property to the extent
not expensed and Capitalized Software Expenditures accrued or made (or committed to be made) in cash during such period or, at
the option of the Borrower, made after such period and prior to the date the Excess Cash Flow prepayment is due (it being understood
that to the extent such Capital Expenditures or acquisitions are not actually made as committed in a subsequent period, such amount
shall be added back in calculating Excess Cash Flow for such subsequent period, to the extent financed with internally generated
cash or borrowings under the ABL Facility), (5) cash payments by the Borrower and its respective Restricted Subsidiaries made
(or committed to be made) during such period or, at the option of the Borrower, made after such period and prior to the date the
Excess Cash Flow prepayment is due (it being understood that to the extent such payments are not actually made as committed in
a subsequent period, such amount shall be added back in calculating Excess Cash Flow for such subsequent period) in respect of
long-term liabilities of the Borrower and its respective Restricted Subsidiaries other than Indebtedness, to the extent financed
with internally generated cash or borrowings under the ABL Facility, (6) the amount of Investments and acquisitions made (or committed
to be made) by the Borrower and its respective Restricted Subsidiaries during such period or, at the option of the Borrower, made
after such period and prior to the date the Excess Cash Flow prepayment is due (it being understood that to the extent such Investments
and acquisitions are not actually made as committed in a subsequent period, such amount shall be added back in calculating Excess
Cash Flow for such subsequent period) and paid (or committed to be paid) in cash pursuant to Section 7.02 (other than Section
7.02(a), (c), or (x)), to the extent financed with internally generated cash or borrowings under the ABL Facility and (7) the
amount of Restricted Payments paid in cash (or committed to be paid) during such period or, at the option of the Borrower, paid
after such period and prior to the date the Excess Cash Flow prepayment is due (it being understood that to the extent such payments
are not actually paid as committed in a subsequent period, such amount shall be added back in calculating Excess Cash Flow for
such subsequent period) pursuant to Section 7.06(i) (clauses (i), (ii) or (iii) only) or Section 7.06(g), to the extent financed
with internally generated cash or borrowings under the ABL Facility, in the case of each of the immediately preceding clauses
(1) through (7), without duplication of any deduction from Excess Cash Flow in any prior period; provided that repayments pursuant
to this Section 2.05(b)(i) shall only be required if the amount of Excess Cash Flow for such fiscal year is greater than the greater
of $100,000,000 and 10% of Consolidated EBITDA (and only such excess amount shall be applied to the payment thereof).

 

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(ii)       If
(x) Holdings or any of its Restricted Subsidiaries Disposes of any property or assets pursuant to Sections 7.05 (j) or (m),
or (y) any Casualty Event occurs, which results in the realization or receipt by Holdings or Restricted Subsidiary of Net
Proceeds, the Borrower shall cause to be offered to be prepaid in accordance with clause (b)(ix) below, on or prior to the
date which is ten (10) Business Days after the date of the realization or receipt by Holdings or any Restricted Subsidiary of
such Net Proceeds, subject to clause (b)(xi) below, an aggregate principal amount of Term Loans in an amount equal to the
Applicable Asset Sale Percentage of all Net Proceeds received (such amount, the “Applicable Proceeds”); provided
that no such prepayment shall be required if at the time that any such prepayment would be required, the Borrower is required
to offer to repurchase any Senior Secured Notes or other Indebtedness outstanding at such time that is secured by a Lien on
the Collateral ranking pari passu with the Liens securing the Term Loans pursuant to the terms of the documentation governing
the Senior Secured Notes or such other Indebtedness with the Net Proceeds of such Disposition or Casualty Event (such
Indebtedness together with the Senior Secured Notes required to be offered to be so repurchased, “Other Applicable
Indebtedness”), in which case the Borrower may apply the Applicable Proceeds (on a pro rata basis determined on the
basis of the aggregate outstanding principal amount of the Term Loans and Other Applicable Indebtedness at such time) and the
remaining Net Proceeds so received to the prepayment of such Other Applicable Indebtedness; provided, further, that
(A) the portion of the Applicable Proceeds (but not the other Net Proceeds received) allocated to the Other Applicable
Indebtedness shall not exceed the amount of Applicable Proceeds required to be allocated to the Other Applicable Indebtedness
pursuant to the terms thereof, and the remaining amount, if any, of the Applicable Proceeds shall be allocated to the Term
Loans in accordance with the terms hereof to the prepayment of the Term Loans and to the repurchase or prepayment of Other
Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to
this Section 2.05(b)(ii) shall be reduced accordingly and (B) to the extent the holders of Other Applicable Indebtedness
decline to have such indebtedness repurchased or prepaid, the declined amount shall promptly (and in any event within ten
(10) Business Days after the date of such rejection) be applied to prepay the Term Loans in accordance with the terms
hereof.

 

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(iii)       If
Holdings or any Restricted Subsidiary incurs or issues any Indebtedness after the Closing Date (other than Indebtedness permitted
under Section 7.03 (excluding Section 7.03(t)), the Borrower shall cause to be offered to be prepaid in accordance with clause
(b)(x) below an aggregate principal amount of Term Loans in an amount equal to 100% of all Net Proceeds received therefrom on or
prior to the date which is five (5) Business Days after the receipt by Holdings or such Restricted Subsidiary of such Net Proceeds.

 

(iv)       [Reserved].

 

(v)       [Reserved].

 

(vi)       Except
with respect to Loans incurred in connection with any Refinancing Amendment, Term Loan Extension Request, or any Incremental Amendment
(which may be prepaid on a less than pro rata basis in accordance with its terms), (A) each prepayment of Term Loans pursuant to
this Section 2.05(b) shall be applied to each Class of Term Loans (as determined by the Borrower among such Classes) then outstanding
(provided that (i) any prepayment of Term Loans with the Net Proceeds of Credit Agreement Refinancing Indebtedness shall
be applied solely to each applicable Class of Refinanced Debt, and (ii) any Class of Incremental Term Loans may specify that one
or more other Classes of Term Loans and Incremental Term Loans may be prepaid prior to such Class of Incremental Term Loans); (B)
with respect to each Class of Term Loans, each prepayment pursuant to clauses (i) through (iii) of this Section 2.05(b) shall be
applied to the scheduled installments of principal thereof following the date of prepayment as directed by the Borrower (without
premium or penalty) and, absent such direction, shall be applied in direct order of maturity to repayments thereof; and (C) each
such prepayment shall be paid to the Lenders in accordance with their respective Pro Rata Shares of such prepayment.

 

(vii)       The
Borrower shall notify the Administrative Agent in writing of any mandatory prepayment of Term Loans required to be made pursuant
to clauses (i) through (iii) of this Section 2.05(b) at least four (4) Business Days prior to the date of such prepayment. Each
such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the amount of such prepayment.
The Administrative Agent will promptly notify each Appropriate Lender of the contents of the Borrower’s prepayment notice
and of such Appropriate Lender’s Pro Rata Share of the prepayment.

 

(viii)       Funding
Losses, Etc. All prepayments under this Section 2.05 shall be made together with, in the case of any such prepayment of a
Eurocurrency Rate Loan on a date prior to the last day of an Interest Period therefor, any amounts owing in respect of such
Eurocurrency Rate Loan pursuant to Section 3.05. Notwithstanding any of the other provisions of Section 2.05(b), so long as
no Event of Default shall have occurred and be continuing, if any prepayment of Eurocurrency Rate Loans is required to be
made under this Section 2.05(b), prior to the last day of the Interest Period therefor, the Borrower may, in its sole
discretion, deposit the amount of any such prepayment otherwise required to be made thereunder into a Cash Collateral Account
until the last day of such Interest Period, at which time the Administrative Agent shall be authorized (without any further
action by or notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of such Loans in
accordance with this Section 2.05(b). Upon the occurrence and during the continuance of any Event of Default, the
Administrative Agent shall also be authorized (without any further action by or notice to or from the Borrower or any other
Loan Party) to apply such amount to the prepayment of the outstanding Loans in accordance with this Section 2.05(b).

 

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(ix)       Term
Opt-out of Prepayment. With respect to each prepayment of Term Loans required pursuant to Section 2.05(b), (A) each Lender
of Term Loans will have the right to refuse such offer of prepayment by giving written notice of such refusal to the Administrative
Agent within one (1) Business Day after such Lender’s receipt of notice from the Administrative Agent of such offer of prepayment
(and the Borrower shall not prepay any Term Loans of such Lender on the date that is specified in clause (B) below), (B) the Borrower
will make all such prepayments not so refused upon the fourth Business Day after delivery of notice by the Borrower pursuant to
Section 2.05(b)(vii) and (C) any prepayment refused by Lenders of Term Loans (such refused amounts, the “Declined Proceeds”)
may be retained by the Borrower.

 

(x)       In
connection with any mandatory prepayments by the Borrower of the Term Loans pursuant to this Section 2.05(b), such prepayments
shall be applied on a pro rata basis to the then outstanding Term Loans of the applicable Class or Classes being prepaid irrespective
of whether such outstanding Term Loans are Base Rate Loans or Eurocurrency Rate Loans; provided that if no Lenders exercise
the right to waive a given mandatory prepayment of the Term Loans pursuant to Section 2.05(b)(ix), then, with respect to such mandatory
prepayment, the amount of such mandatory prepayment within any tranche of Term Loans shall be applied first to Term Loans of such
tranche that are Base Rate Loans to the full extent thereof before application to Term Loans of such tranche that are Eurocurrency
Rate Loans in a manner that minimizes the amount of any payments required to be made by the Borrower pursuant to Section 3.05.

 

(xi)       Foreign
Dispositions. Notwithstanding any other provisions of this Section 2.05, (i) to the extent that any of or all the Net
Proceeds of any Disposition by a Foreign Subsidiary (“Foreign Disposition”) or Excess Cash Flow
attributable to Foreign Subsidiaries are prohibited or delayed by applicable local law from being repatriated to the United
States, the portion of such Net Proceeds or Excess Cash Flow so affected will not be required to be applied to repay Term
Loans at the times provided in this Section 2.05 but may be retained by the applicable Foreign Subsidiary so long, but only
so long, as the applicable local law will not permit repatriation to the United States (the Borrower hereby agreeing to cause
the applicable Foreign Subsidiary to promptly take all actions reasonably required by the applicable local law to permit such
repatriation), and once such repatriation of any of such affected Net Proceeds or Excess Cash Flow that, in each case, would
otherwise be required to be used to make an offer of prepayment pursuant to Sections 2.05(b)(i) or 2.05(b)(ii), is permitted
under the applicable local law, such repatriation will be immediately effected and such repatriated Net Proceeds or Excess
Cash Flow will be promptly (and in any event not later than two Business Days after such repatriation) applied (net of
additional taxes payable or reserved against as a result thereof) to the repayment of the Term Loans pursuant to this Section
2.05 and (ii) to the extent that the Borrower has determined in good faith that repatriation of any of or all the Net
Proceeds of any Foreign Disposition or Foreign Subsidiary Excess Cash Flow would have material adverse tax cost consequences
with respect to such Net Proceeds or Excess Cash Flow, such Net Proceeds or Excess Cash Flow so affected may be retained by
the applicable Foreign Subsidiary; provided that in the case of this clause (ii), on or before the date on which any
such Net Proceeds so retained would otherwise have been required to be applied to reinvestments or prepayments pursuant to
Section 2.05(b) or any such Excess Cash Flow would have been required to be applied to prepayments pursuant to Section
2.05(b), the Borrower applies an amount equal to such Net Proceeds or Excess Cash Flow to such reinvestments or prepayments,
as applicable, as if such Net Proceeds or Excess Cash Flow had been received by the Borrower rather than such Foreign
Subsidiary, less the amount of additional taxes that would have been payable or reserved against if such Net Proceeds or
Excess Cash Flow had been repatriated (or, if less, the Net Proceeds or Excess Cash Flow that would be calculated if received
by such Foreign Subsidiary); provided that any such prepayment pursuant to this clause (ii) shall be deemed a
mandatory prepayment made pursuant to Section 2.05(b) and not a voluntary prepayment for purposes of calculating Excess Cash
Flow or any Excess Cash Flow prepayment under Section 2.05(b)(i).

 

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Section 2.06     Termination or Reduction of Commitments.

 

(a)       Optional.
The Borrower may, upon written notice to the Administrative Agent, terminate the unused Commitments of any Class, or from time
to time permanently reduce the unused Commitments of any Class, in each case without premium or penalty; provided that (i)
any such notice shall be received by the Administrative Agent three Business Days prior to the date of termination or reduction,
and (ii) any such partial reduction shall be in a minimum aggregate amount of $5,000,000, or any whole multiple of $1,000,000,
in excess thereof or, if less, the entire amount thereof. Notwithstanding the foregoing, the Borrower may rescind or postpone any
notice of termination of the Commitments if such termination would have resulted from a refinancing of all of the applicable Facility,
which refinancing shall not be consummated or otherwise shall be delayed.

 

(b)       Mandatory.
The Initial Term Commitment of each Term Lender of each Class shall be automatically and permanently reduced to $0 upon the deemed
making of Initial Term Loans on the Closing Date.

 

(c)       Application
of Commitment Reductions; Payment of Fees. The Administrative Agent will promptly notify the Appropriate Lenders of any termination
or reduction of the unused Commitments of any Class under this Section 2.06. Upon any reduction of unused Commitments of any Class,
the Commitment of each Lender of such Class shall be reduced by such Lender’s Pro Rata Share of the amount by which such
Commitments are reduced (other than the termination of the Commitment of any Lender as provided in Section 3.07). All commitment
fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such
termination.

 

Section 2.07     Repayment of Loans.

 

(a)       Term
Loans. The Borrower shall repay to the Administrative Agent for the ratable account of the Term Lenders (i) on the last
Business Day of each March, June, September and December, commencing with the last Business Day of the first full fiscal
quarter ending after the Closing Date through and including the
fiscal quarter ending December 31, 2019, an aggregate principal amount of Initial Term Loans deemed made on the
Closing Date equal to 0.25% of the aggregate principal amount of all Initial Term Loans outstanding on the Closing Date
(which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set
forth in Section 2.05), (ii) on the last Business Day of each March, June, September and December, commencing with the last
Business Day of the first fiscal quarter ending after the Amendment No. 1 Effective Date, an aggregate principal amount of
Initial Term Loans deemed made on the Amendment No. 1 Effective Date equal to 0.25% of the aggregate principal amount of all
Initial Term Loans outstanding on the Amendment No. 1 Effective Date (which payments shall be reduced as a result
of the application of prepayments in accordance with the order of priority set forth in Section 2.05) and (ii) on the
Maturity Date for the Initial Term Loans, the aggregate principal amount of all Initial Term Loans outstanding on such date.
In the event any Incremental Term Loans, Refinancing Term Loans or Extended Term Loans are made, such Incremental Term Loans,
Refinancing Term Loans or Extended Term Loans, as applicable, shall be repaid by the Borrower in the amounts and on the dates
set forth in the Incremental Amendment, Refinancing Amendment or Extension Amendment with respect thereto and on the
applicable Maturity Date thereof.

 

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Section 2.08     Interest.

 

(a)       Subject
to the provisions of Section 2.08(b), (i) each Eurocurrency Rate Loan shall bear interest on the outstanding principal amount thereof
for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period plus the Applicable Rate;
and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date
at a rate per annum equal to the Base Rate plus the Applicable Rate.

 

(b)       During
the continuance of a Default under Section 8.01(a), the Borrower shall pay interest on past due amounts owing by it hereunder at
a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws;
provided that no interest at the Default Rate shall accrue or be payable to a Defaulting Lender so long as such Lender shall
be a Defaulting Lender. Accrued and unpaid interest on such amounts (including interest on past due interest) shall be due and
payable upon demand.

 

(c)       Interest
on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may
be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment,
and before and after the commencement of any proceeding under any Debtor Relief Law.

 

Section 2.09     Fees.

 

The Borrower shall pay to the Agents such
fees as shall have been separately agreed upon in writing in the amounts and at the times so specified. Such fees shall be fully
earned when paid and shall not be refundable for any reason whatsoever (except as expressly agreed between the Borrower and the
applicable Agent).

 

Section 2.10     Computation of Interest and Fees.

 

All computations of interest for Base Rate
Loans (including Base Rate Loans determined by reference to the Eurocurrency
Rate) shall be made on the basis of a year of three hundred sixty-five (365) days, or three hundred sixty-six (366)
days, as applicablethe
case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a three
hundred sixty (360) day year and actual days elapsed. Interest shall accrue on each Loan for the day on which the Loan is made,
and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; provided that
any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one (1) day. Each
determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes,
absent manifest error.

 

Section 2.11     Evidence of Indebtedness.

 

(a)       The
Term Loans made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and evidenced
by one or more entries in the Register maintained by the Administrative Agent, acting solely for this purpose as a
nonfiduciary agent of the Borrower in each case in the ordinary course of business. The accounts or records maintained by the
Administrative Agent and each Lender shall be prima facie evidence absent manifest error of the amount of the Term
Loans made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in
doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with
respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the
accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative
Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent,
the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note payable to such Lender, which
shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its
Note and endorse thereon the date, Type (if applicable), amount, and maturity of its Loans and payments with respect
thereto.

 

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(b)       [Reserved].

 

(c)       Entries
made in good faith by the Administrative Agent in the Register pursuant to Section 2.11(a), and by each Lender in its account or
accounts pursuant to Section 2.11(a), shall be prima facie evidence of the amount of principal and interest due and payable
or to become due and payable from the Borrower to, in the case of the Register, each Lender and, in the case of such account or
accounts, such Lender, under this Agreement and the other Loan Documents, absent manifest error; provided that the failure
of the Administrative Agent or such Lender to make an entry, or any finding that an entry is incorrect, in the Register or such
account or accounts shall not limit or otherwise affect the obligations of the Borrower under this Agreement and the other Loan
Documents.

 

Section 2.12     Payments Generally.

 

(a)       All
payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff.
Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent,
for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent’s Office
for Dollar-denominated payments and in Same Day Funds not later than 1:00 p.m. New York City time on the date specified herein.
The Administrative Agent will promptly distribute to each Appropriate Lender its Pro Rata Share (or other applicable share as provided
herein) of such payment in like funds as received by wire transfer to such Lender’s applicable Lending Office. All payments
received by the Administrative Agent after the time specified above shall in each case be deemed received on the next succeeding
Business Day and any applicable interest or fee shall continue to accrue.

 

(b)       Except
as otherwise provided herein, if any payment to be made by the Borrower shall come due on a day other than a Business Day, payment
shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees,
as the case may be; provided that if such extension would cause payment of interest on or principal of Eurocurrency Rate
Loans to be made in the next succeeding calendar month, such payment shall be made on the immediately preceding Business Day.

 

(c)       Unless
the Borrower or any Lender has notified the Administrative Agent, one
Business Day prior to the date any payment is required to be made by it to the Administrative Agent hereunder, that
the Borrower or such Lender, as the case may be, will not make such payment, the Administrative Agent may assume that the Borrower
or such Lender, as the case may be, has timely made such payment and may (but shall not be so required to), in reliance thereon,
make available a corresponding amount to the Person entitled thereto. If and to the extent that such payment was not in fact made
to the Administrative Agent in Same Day Funds, then:

 

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(i)       if
the Borrower failed to make such payment, each Lender shall forthwith on demand repay to the Administrative Agent the portion of
such assumed payment that was made available to such Lender in Same Day Funds, together with interest thereon in respect of each
day from and including the date such amount was made available by the Administrative Agent to such Lender to the date such amount
is repaid to the Administrative Agent in Same Day Funds at the applicable Overnight Rate, plus any reasonable administrative, processing
or similar fees customarily charged by the Administrative Agent in connection with the foregoing; and

 

(ii)       if
any Lender failed to make such payment, such Lender shall forthwith on demand pay to the Administrative Agent the amount thereof
in Same Day Funds, together with interest thereon for the period from the date such amount was made available by the Administrative
Agent to the Borrower to the date such amount is recovered by the Administrative Agent (the “Compensation Period”)
at a rate per annum equal to the applicable Overnight Rate, plus any reasonable administrative, processing or similar fees customarily
charged by the Administrative Agent in connection with the foregoing. When such Lender makes payment to the Administrative Agent
(together with all accrued interest thereon), then such payment amount (excluding the amount of any interest which may have accrued
and been paid in respect of such late payment) shall constitute such Lender’s Loan included in the applicable Borrowing.
If such Lender does not pay such amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent
may make a demand therefor upon the Borrower, and the Borrower shall pay such amount to the Administrative Agent, together with
interest thereon for the Compensation Period at a rate per annum equal to the rate of interest applicable to the applicable Borrowing.
Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights which
the Administrative Agent or the Borrower may have against any Lender as a result of any default by such Lender hereunder.

 

A notice of the Administrative Agent to any Lender or the Borrower
with respect to any amount owing under this Section 2.12(c) shall be conclusive, absent manifest error.

 

(d)       If
any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing
provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because the conditions
to the applicable Credit Extension set forth in Article IV or in the applicable Incremental Amendment, Extension Amendment or Refinancing
Amendment are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in
like funds as received from such Lender) to such Lender, without interest.

 

(e)       The
obligations of the Lenders hereunder to make Loans are several and not joint. The failure of any Lender to make any Loan or to
fund any such participation on any date required hereunder shall not relieve any other Lender of its corresponding obligation to
do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan or purchase its
participation.

 

(f)       Nothing
herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute
a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

 

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(g)       Whenever
any payment received by the Administrative Agent under this Agreement or any of the other Loan Documents is insufficient to
pay in full all amounts due and payable to the Administrative Agent and the Lenders under or in respect of this Agreement and
the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent and applied by the
Administrative Agent and the Lenders in the order of priority set forth in Section 8.04. If the Administrative Agent receives
funds for application to the Obligations of the Loan Parties under or in respect of the Loan Documents under circumstances
for which the Loan Documents do not specify the manner in which such funds are to be applied, the Administrative Agent may
(to the fullest extent permitted by mandatory provisions of applicable Law), but shall not be obligated to, elect to
distribute such funds to each of the Lenders in accordance with such Lender’s Pro Rata Share of the sum of the
Outstanding Amount of all Loans outstanding at such time.

 

Section 2.13     Sharing of Payments.

 

If, other than as expressly provided elsewhere
herein, any Lender shall obtain on account of the Loans made by it, any payment (whether voluntary, involuntary, through the exercise
of any right of setoff, or otherwise) in excess of its ratable share (or other share contemplated hereunder) thereof, such Lender
shall immediately (a) notify the Administrative Agent of such fact, and (b) purchase from the other Lenders, at a cash price equal
to the par amount thereof, plus all accrued and unpaid interest and fees thereon, such participations in the Loans made by them
as shall be necessary to cause such purchasing Lender to share the excess payment in respect of such Loans or such participations,
as the case may be, pro rata with each of them; provided that if all or any portion of such excess payment is thereafter
recovered from the purchasing Lender under any of the circumstances described in Section 10.06 (including pursuant to any settlement
entered into by the purchasing Lender in its discretion), such purchase shall to that extent be rescinded and each other Lender
shall repay to the purchasing Lender the purchase price paid therefor, together with an amount equal to such paying Lender’s
ratable share (according to the proportion of (i) the amount of such paying Lender’s required repayment to (ii) the total
amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect
of the total amount so recovered, without further interest thereon. For avoidance of doubt, the provisions of this paragraph shall
not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance with the express terms of this
Agreement as in effect from time to time (including the application of funds arising from the existence of a Defaulting Lender)
or (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to
any assignee or participant permitted hereunder. The Borrower agrees that any Lender so purchasing a participation from another
Lender may, to the fullest extent permitted by applicable Law, exercise all its rights of payment (including the right of setoff,
but subject to Section 10.09) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower
in the amount of such participation. The Administrative Agent will keep records (which shall be conclusive and binding in the absence
of manifest error) of participations purchased under this Section 2.13 and will in each case notify the Lenders following any such
purchases or repayments. Each Lender that purchases a participation pursuant to this Section 2.13 shall from and after such purchase
have the right to give all notices, requests, demands, directions and other communications under this Agreement with respect to
the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations
purchased.

 

Section 2.14     Incremental Credit Extensions.

 

(a)       Incremental
Commitments. The Borrower may at any time or from time to time after the Closing Date, by notice to the Administrative Agent
(an “Incremental Loan Request”), request (A) one or more new commitments which may be in the same Facility
as any outstanding Term Loans of an existing Class of Term Loans (a “Term Loan Increase”) or a new Class of
Term Loans (each, an “Incremental Term Facility”, collectively with any Term Loan Increase, the “Incremental
Term Commitments”) and/or (B) the establishment of one or more new revolving credit commitments in
an aggregate principal amount not to exceed the greater of $500,000,000 and 50% of Consolidated EBITDA at the time of incurrence
(each, an “Incremental Revolving Facility” and collectively with any Incremental Term Facility,
an “Incremental Facility” and any such new commitments, collectively with
any Revolving Commitment Increases, the “Incremental Revolving Credit Commitments” and the
Incremental Revolving Credit Commitments, collectively with any Incremental Term Commitments, the “Incremental Commitments”),
whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders.

 

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(b)       Incremental
Loans. Any Incremental Commitments effected through the establishment of one or more new revolving credit commitments or new
Term Loans made on an Incremental Facility Closing Date shall be designated a separate Class of Incremental Commitments for all
purposes of this Agreement. On any Incremental Facility Closing Date on which any Incremental Term Commitments of any Class are
effected (including through any Term Loan Increase), subject to the satisfaction of the terms and conditions in this Section 2.14,
(i) each Incremental Term Lender of such Class shall make a Loan to the Borrower (an “Incremental Term Loan”)
in an amount equal to its Incremental Term Commitment of such Class and (ii) each Incremental Term Lender of such Class shall become
a Lender hereunder with respect to the Incremental Term Commitment of such Class and the Incremental Term Loans of such Class made
pursuant thereto. On any Incremental Facility Closing Date on which any Incremental Revolving Credit Commitments of any Class are
effected through the establishment of one or more new revolving credit commitments, subject to the satisfaction of the terms and
conditions in this Section 2.14, (i) each Incremental Revolving Credit Lender of such Class shall make its Commitment available
to the Borrower (when borrowed, an “Incremental Revolving Credit Loan” and collectively with any Incremental
Term Loan, an “Incremental Loan”) in an amount equal to its Incremental Revolving Credit Commitment of such
Class and (ii) each Incremental Revolving Credit Lender of such Class shall become a Lender hereunder with respect to the Incremental
Revolving Credit Commitment of such Class and the Incremental Revolving Credit Loans of such Class made pursuant thereto. Notwithstanding
the foregoing, Incremental Term Loans may have identical terms to any of the Term Loans and be treated as the same Class as any
of such Term Loans.

 

(c)       Incremental
Loan Request. Each Incremental Loan Request from the Borrower pursuant to this Section 2.14 shall set forth the requested amount
and proposed terms of the relevant Incremental Term Loans or Incremental Revolving Credit Commitments. Incremental Term Loans may
be made, and Incremental Revolving Credit Commitments may be provided, by any existing Lender (but each existing Lender will not
have an obligation to make any Incremental Commitment, nor will the Borrower have any obligation to approach any existing lenders
to provide any Incremental Commitment) or by any other bank or other financial institution or institutional lender (any such other
bank or other financial institution or other institutional lender being called an “Additional Lender”) (each
such existing Lender or Additional Lender providing such, an “Incremental Revolving Credit Lender” or “Incremental
Term Lender,” as applicable, and, collectively, the “Incremental Lenders”); provided that the
Administrative Agent shall have consented (not to be unreasonably withheld or delayed) to such Lender’s or Additional Lender’s
making such Incremental Term Loans or providing such Incremental Revolving Credit Commitments to the extent such consent, if any,
would be required under Section 10.07(b) for an assignment of Loans or Revolving Credit Commitments, as applicable, to such Lender
or Additional Lender.

 

(d)       Effectiveness
of Incremental Amendment. The effectiveness of any Incremental Amendment, and the Incremental Commitments thereunder, shall
be subject to the satisfaction on the date thereof (the “Incremental Facility Closing Date”) of each of the
following conditions:

 

(i)       (x)
if the proceeds of such Incremental Commitments are being used to finance a Permitted Acquisition or similar Investment, no
Event of Default under Sections 8.01(a) or (f) shall have occurred and be continuing at the time of entering into a
definitive agreement in respect thereof, or (y) if otherwise, no Event of Default shall have occurred and be continuing or
would exist after giving effect to such Incremental Commitments;

 

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(ii)       after
giving effect to such Incremental Commitments, the conditions of Section 4.02(i) shall be satisfied (it being understood that all
references to “the date of such Credit Extension” or similar language in such Section 4.02 shall be deemed to refer
to the effective date of such Incremental Amendment); provided that (a) if the proceeds of such Incremental Commitments
are being used to finance a Permitted Acquisition or similar Investment, (x) the reference in 4.02(i) to the accuracy of the representations
and warranties shall refer to the accuracy of the representations and warranties that would constitute Specified Representations
and (y) the reference to “Material Adverse Effect” in the Specified Representations shall be understood for this purpose
to refer to “Material Adverse Effect” or similar definition as defined in the main transaction agreement governing
such Permitted Acquisition and (b) the requirement to deliver a Committed Loan Notice may be waived;

 

(iii)       [reserved];

 

(iv)       each
Incremental Term Commitment shall be in an aggregate principal amount that is not less than $10,000,000 and shall be in an increment
of $1,000,000 (provided that such amount may be less than $10,000,000 if such amount represents all remaining availability
under the limit set forth in the next sentence) and each Incremental Revolving Credit Commitment shall be in an aggregate principal
amount that is not less than $5,000,000 and shall be in an increment of $1,000,000 (provided that such amount may be less
than $5,000,000 if such amount represents all remaining availability under the limit set forth in the next sentence);

 

(v)       the
aggregate amount of the Incremental Term Loans and the Incremental Revolving Credit Commitments shall not exceed the sum of
(A) Incremental Base Amount plus (B) all voluntary prepayments, repurchases, redemptions and other retirements of Term Loans
and Incremental Equivalent First Lien Debt and voluntary prepayments of Incremental Revolving Credit Loans accompanied by
corresponding voluntary permanent reductions of Commitments in respect of such Incremental Revolving Credit Loans prior to or
simultaneous with the Incremental Facility Closing Date, including through “Dutch Auctions” open to all Lenders
of the applicable Class on a pro rata basis in accordance with procedures of the type described in Section 2.05(a)(v), which
shall be credited to the extent of the actual purchase price paid in cash in connection with such “Dutch Auction”
or open-market purchase (excluding voluntary prepayments, repurchases, redemptions and other retirements of Incremental Term
Loans and all voluntary prepayments of Incremental Revolving Credit Loans accompanied by corresponding voluntary permanent
reductions of Incremental Revolving Credit Commitments, to the extent funded with a contemporaneous incurrence of long-term
funded Indebtedness (other than revolving loans)), plus (C) additional unlimited amounts (including at any time prior to the
utilization of amounts under clauses (A) and (B) above) so long as (i) if such Indebtedness is secured by the Collateral on a
pari passu basis with the Liens securing the Initial Term Loans, the Consolidated First Lien Net Leverage Ratio, determined
on a Pro Forma Basis as of the last day of the most recently ended Test Period, does not exceed either (a) 4.50 to 1.00 or
(b) in the case of any Incremental Facility incurred to consummate a Permitted Acquisition or other permitted Investment, the
Consolidated First Lien Net Leverage Ratio in effect immediately prior thereto, (ii) if such Indebtedness is secured by the
Collateral on a junior basis to Liens securing the Initial Term Loans, the Consolidated Secured Net Leverage Ratio,
determined on a Pro Forma Basis as of the last day of the most recently ended Test Period, does not exceed either (a) 4.50 to
1.00 or (b) in the case of any Incremental Facility incurred to consummate a Permitted Acquisition or other permitted
Investment, the Consolidated Secured Net Leverage Ratio in effect immediately prior thereto or (iii) if such Indebtedness is
contractually subordinated in right of payment to the Obligations, unsecured or secured solely by assets that are not
Collateral, either (1) the Consolidated Total Net Leverage Ratio, determined on a Pro Forma Basis as of the last day of the
most recently ended Test Period, does not exceed either (a) 6.0025 to
1.00 or (b) in the case of any Incremental Facility incurred to consummate a Permitted Acquisition or other permitted
Investment, the Consolidated Total Net Leverage Ratio in effect immediately prior thereto or (2) the Consolidated Interest
Coverage Ratio, determined on a Pro Forma Basis as of the last day of the most recently ended Test Period, either (a) 2.00 to
1.00 or (b) in the case of any Incremental Facility incurred to consummate a Permitted Acquisition or other permitted
Investment, the Consolidated Interest Coverage Ratio in effect immediately prior thereto, in each case determined on a Pro
Forma Basis as of the last day of the most recently ended period of four consecutive fiscal quarters for which financial
statements are internally available as if any Incremental Term Loans under such Incremental Commitments had been outstanding
on the last day of such period, and without netting the cash proceeds of any such Incremental Loans (the amounts under the
foregoing clauses (A) and (B) are herein referred to as the “Free and Clear Incremental Amount”, and the
amounts pursuant to this clause (C) are herein referred to as the “Incurrence Based Incremental Amount”
and together with the Incremental Base Amount, herein referred to as the “Available Incremental Amount”));
and

 

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(vi)       such
other conditions as the Borrower, each Incremental Lender providing such Incremental Commitments and the Administrative Agent shall
agree.

 

The Borrower may elect to use the Incurrence
Based Incremental Amount prior to the Free and Clear Incremental Amount or any combination thereof; provided that, if no
election is specified, the Borrower shall be deemed to have elected to use the Incurrence Based Incremental Amount, and any portion
of any Incremental Term Facility incurred in reliance on the Free and Clear Incremental Amount shall be reclassified, as the Borrower
may elect from time to time, as incurred under the Incurrence Based Incremental Amount if the Borrower meets the applicable ratio
for the Incurrence Based Incremental Amount at such time on a Pro Forma Basis, and if any applicable ratio for the Incurrence Based
Incremental Amount would be satisfied on a Pro Forma Basis as of the end of any subsequent fiscal quarter after the initial incurrence
of such Incremental Term Facility, such reclassification shall be deemed to have automatically occurred whether or not elected
by the Borrower.

 

For purposes of determining Pro Forma Compliance
and any testing of any ratios in the Incurrence Based Incremental Amount, (a) it shall be assumed that all commitments under any
Incremental Revolving Facility then being established are fully drawn and (b) the cash proceeds of any Incremental Facility shall
be excluded from “net” Indebtedness in determining whether such Incremental Facility can be incurred (provided that
the use of proceeds thereof and any other Pro Forma Adjustments shall be included).

 

(e)       Required
Terms. The terms, provisions and documentation of the Incremental Term Loans and Incremental Term Commitments or the
Incremental Revolving Credit Loans and Incremental Revolving Credit Commitments, as the case may be, of any Class shall be as
agreed between the Borrower and the applicable Incremental Lenders providing such Incremental Commitments, and except as
otherwise set forth herein, in the case of Incremental Term Loans and Incremental Term Commitments, to the extent not
consistent with the Initial Term Loans, each existing on the Incremental Facility Closing Date have covenants and events of
default that in the good faith determination of the Borrower are not materially less favorable (when taken as a whole) to the
Borrower than the covenants and events of default of the Loan Documents (when taken as a whole) unless (x) the Lenders of the
Term Loans receive the benefit of such more restrictive terms or (y) any such provisions apply after the Latest Maturity Date
at the time of incurrence of such Incremental Term Commitment or shall otherwise be reasonably satisfactory to Administrative
Agent (it being understood that to the extent any more restrictive terms are added for the benefit of any such Incremental
Term Commitment, no consent shall be required from the Administrative Agent or any of the Lenders to the extent that such
more restrictive terms are also added for the benefit of any corresponding existing Facility, and otherwise be reasonably
satisfactory to Administrative Agent). In any event:

 

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(i)       the Incremental
Term Loans:

 

(A)       shall
rank pari passu or junior in right of payment or of security with the Initial Term Loans (and to the extent subordinated
in right of payment or security, subject to intercreditor arrangements reasonably satisfactory to the Administrative Agent), or
shall be unsecured,

 

(B)       other
than (i) Customary Term A Loans, or (ii) as provided for in clause (e)(iii) below, shall not mature earlier than the Latest Maturity
Date of any Term Loans outstanding at the time of incurrence of such Incremental Term Loans,

 

(C)       other
than Customary Term A Loans, shall have a Weighted Average Life to Maturity not shorter than the remaining Weighted Average Life
to Maturity of any Term Loans outstanding at the time of incurrence of such Incremental Term Loans (without giving effect to prior
prepayments that would otherwise modify the Weighted Average Life to Maturity of the Term Loans),

 

(D)       shall
have an Applicable Rate, and subject to clauses (e)(i)(B) and (e)(i)(C) above and clause (e)(iii) below, amortization determined
by the Borrower and the applicable Incremental Term Lenders, and

 

(E)       the
Incremental Term Loans may participate on a pro rata basis or less than pro rata basis (but not on a greater than pro rata basis)
in any voluntary or mandatory prepayments of Term Loans hereunder, as specified in the applicable Incremental Amendment.

 

(ii)       the
Incremental Revolving Credit Commitments and Incremental Revolving Credit Loans shall be substantially consistent with those applicable
to any existing Incremental Revolving Credit Commitments and Incremental Revolving Credit Loans or, including with respect to the
initial Incremental Revolving Credit Commitments, otherwise reasonably acceptable to the Administrative Agent (it being understood
and agreed that any terms that are consistent with any existing Term Loans shall be deemed reasonably acceptable).

 

(iii)       the
amortization schedule applicable to any Incremental Term Loans and the All-In Yield applicable to the Incremental Term Loans
or Incremental Revolving Credit Loans of each Class shall be determined by the Borrower and the applicable new Lenders and
shall be set forth in each applicable Incremental Amendment; provided, however, that with respect to any Loans
under Incremental Term Loan Commitments (other than with respect to any Incremental Term Facility up to an amount not to
exceed $200,000,000 (the “MFN Trigger Amount”), in each case, that are secured by the Collateral on a pari
passu basis with the Initial Term Loans, established on or prior to the date that is 12 months after the Closing Date and
with a maturity date that is less than 12 months after the then Latest Maturity Date of the Initial Term Loans, if the All-In
Yield applicable to such Incremental Term Loans shall be greater than the applicable All-In Yield payable pursuant to the
terms of this Agreement as amended through the date of such calculation with respect to such Initial Term Loans by more than
50 basis points per annum (the amount of such excess, the “Yield Differential”) then the interest rate
(together with, as provided in the proviso below, the Eurocurrency or Base Rate floor) with respect to the Initial Term Loans
shall be increased by the applicable Yield Differential; provided, further that, if any Incremental Term Loans include
a Eurocurrency or Base Rate floor that is greater than the Eurocurrency or Base Rate floor applicable to the Initial Term
Loans, such differential between interest rate floors shall be included in the calculation of All-In Yield for purposes of
this clause (iii) but only to the extent an increase in the Eurocurrency or Base Rate Floor applicable to the Initial Term
Loans would cause an increase in the interest rate then in effect thereunder, and in such case the Eurocurrency and Base Rate
floors (but not the Applicable Rate, unless the Borrower otherwise elects in its sole discretion) applicable to the Initial
Term Loans shall be increased to the extent of such differential between interest rate floors (this proviso, the
 “MFN Protection”).

 

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(f)       Incremental
Amendment. Commitments in respect of Incremental Term Loans and Incremental Revolving Credit Commitment shall become Commitments,
under this Agreement pursuant to an amendment (an “Incremental Amendment”) to this Agreement and, as appropriate,
the other Loan Documents, executed by the Borrower, each Incremental Lender providing such Commitments and the Administrative Agent.
The Incremental Amendment may, without the consent of any other Loan Party, Agent or Lender, effect such amendments to this Agreement
and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the
Borrower, to effect the provisions of this Section 2.14. The Borrower will use the proceeds of the Incremental Term Loans and Incremental
Revolving Credit Commitments for any purpose not prohibited by this Agreement. No Lender shall be obligated to provide any Incremental
Term Loans or Incremental Revolving Credit Commitments, unless it so agrees.

 

(g)       Reallocation
of Revolving Credit Exposure. Upon any Incremental Facility Closing Date on which Incremental Revolving Credit Commitments
are effected through an increases in any existing Class of Incremental Revolving Credit Commitments pursuant to this Section 2.14(a),
each of the existing Incremental Revolving Credit Lenders of such Class immediately prior to such increases will automatically
and without further act be deemed to have assigned to each of the new Incremental Revolving Credit Lenders of such Class, and each
of the new Incremental Revolving Credit Lenders of such Class shall automatically and without further act be deemed to have purchased
from each such existing Incremental Revolving Credit Lender of such Class a portion of such Incremental Revolving Credit Lender’s
participations thereunder in outstanding letters of credit, at the principal amount thereof, such interests in the Incremental
Revolving Credit Loans of such Class outstanding on such Incremental Facility Closing Date as shall be necessary in order that,
after giving effect to all such assignments and purchases, such participations and Incremental Revolving Credit Loans will be held
by existing Incremental Revolving Credit Commitments of such Class after giving effect to the addition of such Incremental Revolving
Credit Commitments to the existing Incremental Revolving Credit Commitments of such Class, (b) each new Incremental Revolving Credit
Commitment shall be deemed for all purposes an Incremental Revolving Credit Commitment of such Class and each Loans made thereunder
shall be deemed for all purposes, an Incremental Revolving Credit Loan of such Class and (c) each new Incremental Revolving Credit
Lender shall become a Lender with respect to the new Incremental Revolving Credit Commitments of such Class and all matters relating
thereto.

 

(h)       Notwithstanding
the foregoing, Incremental Term Facilities and Incremental Revolving Facilities may be established and incurred as a means of
effectively extending the maturity or effecting a repricing or a refinancing, in whole or in part, without regard to whether
an Event of Default has occurred and is continuing and, without regard to the minimums set forth in Section 2.14(d)(iv), to
the extent that the net cash proceeds from the Incremental Term Loans and Incremental Revolving Credit Loans, as applicable,
are used to either (x) prepay Term Loans or (y) permanently reduce Incremental Revolving Credit Commitments; provided
that (i) the Lenders with respect to any Class of Loans or Commitments being prepaid are offered the opportunity to
participate in such transaction on a pro rata basis (and on the same terms) and (ii) the aggregate principal amount of such
Class of Loans or Commitments, as the case may be, does not exceed the sum of (A) the aggregate principal amount of the
applicable Class of Loans or Commitments being prepaid, (B) fees and expenses associated with the such prepayment (including
any prepayment premium, penalties or other call protection) and (C) fees and expenses (including any OID, upfront fees,
commitment fees, amendment fees, arrangement fees, underwriting fees or other fees) related to the establishment of such
Incremental Term Facilities and Incremental Revolving Facilities, as applicable.

 

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Section 2.15     Refinancing Amendments.

 

(a)       On
one or more occasions after the Closing Date, the Borrower may obtain, from any Lender or any other bank, financial institution
or other institutional lender or investor that agrees to provide any portion of Refinancing Term Loans pursuant to a Refinancing
Amendment in accordance with this Section 2.15 (each, an “Additional Refinancing Lender”) (provided that
the Administrative Agent shall have consented (not to be unreasonably withheld or delayed) to such Lender’s or Additional
Refinancing Lender’s making such Refinancing Term Loans to the extent such consent, if any, would be required under Section
10.07(b) for an assignment of Loans to such Lender or Additional Refinancing Lender.

 

(b)       The
effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof of each of the conditions set
forth in Section 4.02 and, to the extent reasonably requested by the Administrative Agent, receipt by the Administrative Agent
of (i) customary legal opinions, board resolutions and officers’ certificates consistent with those delivered on the Closing
Date other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel’s form
of opinion reasonably satisfactory to the Administrative Agent and (ii) reaffirmation agreements and/or such amendments to the
Collateral Documents as may be reasonably requested by the Administrative Agent in order to ensure that such Credit Agreement Refinancing
Indebtedness is provided with the benefit of the applicable Loan Documents.

 

(c)       Each
issuance of Credit Agreement Refinancing Indebtedness under Section 2.15(a) shall be in an aggregate principal amount that is (x)
not less than $10,000,000 and (y) an integral multiple of $1,000,000 in excess thereof.

 

(d)       Each
of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to a Refinancing Amendment,
without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms
of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto and (ii) make such other changes to this Agreement and
the other Loan Documents consistent with the provisions and intent of the second paragraph of Section 10.01 (without the consent
of the Required Lenders called for therein) and (iii) effect such other amendments to this Agreement and the other Loan Documents
as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions
of this Section 2.15, and the Required Lenders hereby expressly authorize the Administrative Agent to enter into any such Refinancing
Amendment.

 

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Section 2.16     Extension of Term Loans.

 

(a)       Extension
of Term Loans. The Borrower may at any time and from time to time request that all or a portion of the Term Loans of a
given Class (each, an “Existing Term Loan Tranche”) be amended to extend the scheduled maturity date(s)
with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so amended,
 “Extended Term Loans”) and to provide for other terms consistent with this Section 2.16. In order to
establish any Extended Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy
of such notice to each of the Lenders under the applicable Existing Term Loan Tranche) (each, a “Term Loan Extension
Request”) setting forth the proposed terms of the Extended Term Loans to be established, which shall (x) be
identical as offered to each Lender under such Existing Term Loan Tranche (including as to the proposed interest rates and
fees payable) and offered pro rata to each Lender under such Existing Term Loan Tranche and (y) be identical to the Term
Loans under the Existing Term Loan Tranche from which such Extended Term Loans are to be amended, except that: (i) all or any
of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the
scheduled amortization payments of principal of the Term Loans of such Existing Term Loan Tranche, to the extent provided in
the applicable Extension Amendment; (ii) the All-In Yield with respect to the Extended Term Loans (whether in the form of
interest rate margin, upfront fees, OID or otherwise) may be different than the All-In Yield for the Term Loans of such
Existing Term Loan Tranche, in each case, to the extent provided in the applicable Extension Amendment; (iii) the Extension
Amendment may provide for other covenants and terms that apply solely to any period after the Latest Maturity Date that is in
effect on the effective date of the Extension Amendment (immediately prior to the establishment of such Extended Term Loans);
and (iv) Extended Term Loans may have call protection as may be agreed by the Borrower and the Lenders thereof; provided
that no Extended Term Loans may be optionally prepaid prior to the date on which the Term Loans under the Existing Term Loan
Tranche from which such Extended Term Loans were amended are repaid in full, unless such optional prepayment is accompanied
by at least a pro rata optional prepayment of such Existing Term Loan Tranche; provided, however, that (A) in
no event shall the final maturity date of any Extended Term Loans of a given Term Loan Extension Series at the time of
establishment thereof be earlier than the then Latest Maturity Date of any then existing Term Loans hereunder, (B) the
Weighted Average Life to Maturity of any Extended Term Loans of a given Term Loan Extension Series at the time of
establishment thereof shall be no shorter (other than by virtue of amortization or prepayment of such Indebtedness prior to
the time of incurrence of such Extended Term Loans) than the remaining Weighted Average Life to Maturity of any Existing Term
Loan Tranche, (C) any such Extended Term Loans (and the Liens securing the same) shall be permitted by the terms of the
Intercreditor Agreements (to the extent any Intercreditor Agreement is then in effect), (D) all documentation in respect of
such Extension Amendment shall be consistent with the foregoing and (E) any Extended Term Loans may participate on a pro rata
basis or less than a pro rata basis (but not greater than a pro rata basis) in any voluntary or mandatory repayments or
prepayments hereunder, in each case as specified in the respective Term Loan Extension Request. Any Extended Term Loans
amended pursuant to any Term Loan Extension Request shall be designated a series (each, a “Term Loan Extension
Series”) of Extended Term Loans for all purposes of this Agreement; provided that any Extended Term Loans
amended from an Existing Term Loan Tranche may, to the extent provided in the applicable Extension Amendment, be designated
as an increase in any previously established Term Loan Extension Series with respect to such Existing Term Loan Tranche. Each
Term Loan Extension Series of Extended Term Loans incurred under this Section 2.16 shall be in an aggregate principal amount
that is not less than $10,000,000 (or such greater amount that the Borrower, at its election, specifies as a condition to
consummating any Extension Amendment (to be determined and specified in the relevant Term Loan Extension Request in the
Borrower’s sole discretion and as may be waived by the Borrower)).

 

(b)       [Reserved].

 

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(c)       Extension
Request. The Borrower shall provide the applicable Term Loan Extension Request at least three (3) Business Days prior to
the date on which Lenders under the Existing Term Loan Tranche are requested to respond, and shall agree to such procedures,
if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably to accomplish
the purposes of this Section 2.16. No Lender shall have any obligation to agree to have any of its Term Loans of any Existing
Term Loan Tranche amended into Extended Term Loans pursuant to any Term Loan Extension Request. Any Lender holding a Loan
under an Existing Term Loan Tranche (each, an “Extending Term Lender”) wishing to have all or a portion of
its Term Loans under the Existing Term Loan Tranche subject to such Term Loan Extension Request amended into Extended Term
Loans shall notify the Administrative Agent (each, an “Extension Election”) on or prior to the date
specified in such Term Loan Extension Request of the amount of its Term Loans under the Existing Term Loan Tranche which it
has elected to request be amended into Extended Term Loans (subject to any minimum denomination requirements imposed by the
Administrative Agent). In the event that the aggregate principal amount of Term Loans under the Existing Term Loan Tranche in
respect of which applicable Term Lenders shall have accepted the relevant Term Loan Extension Request exceeds the amount of
Extended Term Loans requested to be extended pursuant to the Term Loan Extension Request or Term Loans, as applicable,
subject to Extension Elections shall be amended to Extended Term Loans on a pro rata basis (subject to rounding by the
Administrative Agent, which shall be conclusive) based on the aggregate principal amount of Term Loans included in each such
Extension Election.

 

(d)       Extension
Amendment. Extended Term Loans shall be established pursuant to an amendment (each, an “Extension Amendment”)
to this Agreement among the Borrower, the Administrative Agent and each Extending Term Lender providing an Extended Term Loan thereunder,
which shall be consistent with the provisions set forth in Section 2.16(a) above, respectively (but which shall not require the
consent of any other Lender). The effectiveness of any Extension Amendment shall be subject to the satisfaction on the date thereof
of each of the conditions set forth in Section 4.02 and, to the extent reasonably requested by the Administrative Agent, receipt
by the Administrative Agent of (i) legal opinions, board resolutions and officers’ certificates consistent with those delivered
on the Closing Date other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel’s
form of opinion reasonably satisfactory to the Administrative Agent and (ii) reaffirmation agreements and/or such amendments to
the Collateral Documents as may be reasonably requested by the Administrative Agent in order to ensure that the Extended Term Loans
are provided with the benefit of the applicable Loan Documents. The Administrative Agent shall promptly notify each Lender as to
the effectiveness of each Extension Amendment. Each of the parties hereto hereby agrees that this Agreement and the other Loan
Documents may be amended pursuant to an Extension Amendment, without the consent of any other Lenders, to the extent (but only
to the extent) necessary to (i) reflect the existence and terms of the Extended Term Loans incurred pursuant thereto, (ii) modify
the scheduled repayments set forth in Section 2.07 with respect to any Existing Term Loan Tranche subject to an Extension Election
to reflect a reduction in the principal amount of the Term Loans thereunder in an amount equal to the aggregate principal amount
of the Extended Term Loans amended pursuant to the applicable Extension (with such amount to be applied ratably to reduce scheduled
repayments of such Term Loans required pursuant to Section 2.07), (iii) modify the prepayments set forth in Section 2.05 to reflect
the existence of the Extended Term Loans and the application of prepayments with respect thereto, (iv) make such other changes
to this Agreement and the other Loan Documents consistent with the provisions and intent of the second paragraph of Section 10.01
(without the consent of the Required Lenders called for therein) and (v) effect such other amendments to this Agreement and the
other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower,
to effect the provisions of this Section 2.16, and the Required Lenders hereby expressly authorize the Administrative Agent to
enter into any such Extension Amendment.

 

(e)       No
conversion of Loans pursuant to any Extension in accordance with this Section 2.16 shall constitute a voluntary or mandatory payment
or prepayment for purposes of this Agreement.

 

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Section 2.17     Defaulting Lenders.

 

(a)       Adjustments.
Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such
time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law:

 

(i)       Waivers
and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in Section 10.01.

 

(ii)       Reallocation
of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise), shall be applied
at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by
that Defaulting Lender to the Administrative Agent or the Collateral Agent hereunder; second, as the Borrower may request
(so long as no Default or Event of Default has occurred and is continuing), to the funding of any Loan in respect of which that
Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent;
third, if so determined by the Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account
and released in order to satisfy obligations of that Defaulting Lender to fund Loans under this Agreement; fourth, to the
payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender
or against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement;
fifth, so long as no Default or Event of Default has occurred and is continuing, to the payment of any amounts owing to
the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against that Defaulting
Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to that
Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a
payment of the principal amount of any Loans or in respect of which that Defaulting Lender has not fully funded its appropriate
share and (y) such Loans were made at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment
shall be applied solely to pay the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment
of any Loans of that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that
are applied (or held) to pay amounts owed by a Defaulting Lender shall be deemed paid to and redirected by that Defaulting Lender,
and each Lender irrevocably consents hereto.

 

(iii)       Certain
Fees. That Defaulting Lender shall not be entitled to receive any commitment fee pursuant to Section 2.09(a) for any period
during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would
have been required to have been paid to that Defaulting Lender).

 

(b)       Defaulting
Lender Cure. If the Borrower and the Administrative Agent agree in writing in their sole discretion that a Defaulting Lender
should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as
of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements
with respect to any cash collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans of
the other Lenders, whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made
retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting
Lender; and provided, further, that except to the extent otherwise expressly agreed by
the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of
any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

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ARTICLE III

Taxes, Increased Costs Protection and Illegality

 

Section 3.01     Taxes.

 

(a)       Except
as provided in this Section 3.01, any and all payments made by or on account of the Borrower or any Guarantor under any Loan Document
shall be made free and clear of and without deduction for any and all present or future taxes, duties, levies, imposts, assessments,
deductions or withholdings (including backup withholding) or similar fees or charges imposed by any Governmental Authority including
interest, penalties and additions to tax (collectively “Taxes”),
except as required by applicable Law. If the Borrower, any Guarantor or other applicable withholding agent shall be required by
any Laws to deduct any Taxes from or in respect of any sum payable under any Loan Document to any Agent or any Lender, (A) to the
extent the Tax in question is an Indemnified Tax or Other Tax (as defined in Section 3.01(b)
below), the sum payable by the Borrower or such Guarantor shall be increased as
necessary so that after making all required deductions and withholdings (including deductions and withholdings applicable to additional
sums payable under this Section 3.01), each of such Agent and such Lender receives an amount equal to the sum it would have received
had no such deductions or withholdings been made, (B) the applicable withholding agent shall make such deductions, (C) the applicable
withholding agent shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable
Laws, and (D) as soon as practicable after the date of such payment, if the Borrower or any Guarantor is the applicable withholding
agent, shall furnish to such Agent or Lender (as the case may be) the original or a copy of a receipt evidencing payment thereof
or other evidence reasonably acceptable to such Agent or Lender.

 

(b)       In
addition, each Loan Party agrees to pay any and all present or future stamp, court or documentary taxes and any other excise, property,
intangible or mortgage recording taxes, or charges or levies of the same character, imposed by any Governmental Authority, which
arise from any payment made under any Loan Document or from the execution, delivery, performance, enforcement or registration of,
from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document (including additions
to tax, penalties and interest related thereto) excluding, in each case, such amounts that result from an Agent or Lender’s
Assignment and Assumption, grant of a participation, transfer or assignment to or designation of a new applicable Lending Office
or other office for receiving payments under any Loan Document (collectively, “Assignment
Taxes”) to the extent such Assignment Taxes result from a present or former connection
that the Agent or Lender has with the taxing jurisdiction (other than any connections arising from executing, delivering, becoming
a party to, engaging in any transactions pursuant to, performing its obligations under, receiving payments under, receiving or
perfecting a security interest under, or enforcing, any Loan Document, or selling or assigning an interest in any Loan or Loan
Document), except for such Assignment Taxes resulting from assignment or participation that is requested or required in writing
by the Borrower (all such non-excluded Taxes described in this Section 3.01(b) being hereinafter referred to as “Other
Taxes”), or at the option of an Agent timely reimburse such Agent for payment
of any such Taxes. As soon as practicable after the date of payment of any Other Taxes by a Loan Party, the Loan Parties shall
furnish to the Administrative Agent the original or a copy of a receipt evidencing payment thereof or other evidence reasonably
acceptable to such Agent.

 

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(c)       The
Loan Parties agree to indemnify each Agent and each Lender, within ten (10) days after demand therefor, for (i) the full
amount of Indemnified Taxes and Other Taxes (including
any such Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) payable by, or required to
be withheld or deducted from any payment to, such Agent or such Lender and (ii) any reasonable documented and out-of-pocket
expenses arising therefrom or with respect thereto, in each case whether or not such Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority; provided that, if a Loan Party reasonably believes that such Taxes were
not correctly or legally imposed or asserted, such Agent or Lender shall, upon the written request of the Borrower setting
forth in reasonable detail the basis for such belief that such Taxes were not correctly or legally imposed or asserted, use
reasonable efforts to cooperate with the Loan Parties to apply for a refund of such Taxes, which shall be repaid to the Loan
Party in accordance with, and subject to the terms, conditions and limitations in, Section 3.01(f), so long as such efforts
would not result in any out-of-pocket costs or expenses not reimbursed by the Loan Party (including any additional
Indemnified Taxes or Other Taxes or
fees, penalties, interest and additions to tax) or be otherwise disadvantageous to such Agent or Lender as determined in such
Agent’s or Lender’s sole discretion (it being understood that in no event will any Agent or Lender be required to
(w) apply for or obtain any taxpayer identification number (including a U.S. employer identification number) from the IRS or
other applicable taxing jurisdiction, (x) retain counsel or other advisers (legal, accounting or otherwise), (y) make
available its tax returns or any other information that such Agent or Lender reasonably deems confidential or (z) in the case
of a Lender, solicit information from or otherwise contact any direct or indirect shareholder, investor, partner, member or
other equity holder or beneficial owner thereof). A certificate as to the amount of such payment or liability prepared in
good faith by such Agent or Lender (or by an Agent on behalf of such Lender), accompanied by a written statement thereof
setting forth in reasonable detail the basis and calculation of such amounts shall be conclusive absent manifest error. For
the avoidance of doubt, no Agent or Lender shall be entitled to duplicative payments from the Loan Parties in respect of the
same Indemnified Tax or Other Tax pursuant
to Section 3.01(a) and (b), on the one hand, and this Section 3.01(c), on the other hand.

 

(d)       Each
Lender (which shall, for purposes of this Section 3.01(d) include any Administrative Agent to whom payment is made) shall,
at such times as are reasonably requested by the Borrower or the Administrative Agent, provide the Borrower and the Administrative
Agent with any documentation prescribed by Law certifying as to any entitlement of such Lender to an exemption from, or reduction
in, withholding Tax with respect to any payments to be made to such Lender under the Loan Documents. Each such Lender shall, whenever
a lapse in time or change in circumstances renders such documentation obsolete or inaccurate in any material respect, deliver promptly
to the Borrower and the Administrative Agent updated or other appropriate documentation (including any new documentation reasonably
requested by the applicable withholding agent) or promptly notify the Borrower and the Administrative Agent in writing of its inability
to do so. Unless the applicable withholding agent has received forms or other documents satisfactory to it indicating that payments
under any Loan Document to or for a Lender are not subject to withholding Tax or are subject to such Tax at a rate reduced by an
applicable tax treaty, the Borrower, the Administrative Agent or other applicable withholding agent shall withhold amounts required
to be withheld by applicable Law from such payments at the applicable statutory rate. Notwithstanding any other provision of this
clause (d), a Lender shall not be required to deliver any form pursuant to this clause (d) that such Lender is not legally able
to deliver. Without limiting the foregoing:

 

(i)       Each
Lender that is a US Person shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes
a party to this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent)
two properly completed and duly signed copies of IRS Form W-9 (or any successor form) certifying that such Lender is exempt from
federal backup withholding.

 

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(ii)       Each
Lender that is not a US Person shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes
a party to this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent)
whichever of the following is applicable:

 

(A)       two
properly completed and duly signed copies of IRS Form W-8BEN or W-8BEN-E (or any successor forms) claiming eligibility for the
benefits of an income tax treaty to which the United States is a party, and such other documentation as required under the Code,

 

(B)       two
properly completed and duly signed copies of IRS Form W-8ECI (or any successor forms),

 

(C)       in
the case of a Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (a) a United
States Tax Compliance Certificate to the effect that such Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10
percent shareholder” of Borrower within the meaning of Section 871(h)(3)(B) of the
Code, or a “controlled foreign corporation” related
to Borrower as described in Section 881(c)(3)(C) of the Code and (b) two properly completed and duly signed copies of IRS Form
W-8BEN or W-8BEN-E (or any successor form), or

 

(D)       to
the extent a Lender is not the beneficial owner (for example, where the Lender is a partnership or a participating Lender), IRS
Form W-8IMY (or any successor forms) of the Lender, accompanied by a Form W-8ECI, W-8BEN or W-8BEN-E, United States Tax Compliance
Certificate, Form W-9, Form W-8IMY and/or any other required information from each beneficial owner, as applicable (provided
that if the Lender is a partnership, and one or more beneficial partners of such Lender are claiming the portfolio interest exemption,
the United States Tax Compliance Certificate may be provided by such Lender on behalf of such partner).

 

(iii)       If
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent, at the time or times prescribed
by law and at such time or times reasonably requested by the Borrower or the Administrative Agent, such documentation prescribed
by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply
with their obligations under FATCA, to determine whether such Lender has or has not complied with such Lender’s
obligations under FATCA and, as necessary, to determine the amount to deduct and withhold from such payment. Solely
for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the Closing Date.

 

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(iv)       The
Administrative Agent and any successor thereto shall deliver to the Borrower on or prior to the date on which it becomes the
Administrative Agent under this Agreement (and from time to time thereafter upon request of the Borrower) (i) if the
Administrative Agent (or such successor to the Agent) is a US Person, two properly completed and duly signed copies of IRS
Form W-9 certifying that it is exempt from U.S. federal backup withholding, or (ii) if the Administrative Agent (or such
successor to the Administrative Agent) is not a US Person, (A) two properly completed and duly signed copies of IRS Form
W-8ECI (or any successor form) with respect to any amounts payable under any Loan Document to the Administrative Agent for
its own account, and (B) IRS Form W-8IMY (or any successor form) with respect to any amounts payable under any Loan Document
to the Administrative Agent for the account of others, certifying that it is a “U.S. branch” and that the
payments it receives for the account of others are not effectively connected with the conduct of its trade or business within
the United States and that it is using such form as evidence of its agreement with the Borrower to be treated as a US Person
and thus act as the withholding agent with respect to such payments (and the Borrower and the Administrative Agent agree to
so treat the Administrative Agent as a US Person with respect to such payments as contemplated by Treasury Regulation Section
1.1441-1(b)(2)(iv)(A)).

 

(e)       Any
Lender claiming any additional amounts payable pursuant to this Section 3.01 and Section 3.04(a) shall, if requested in writing
by the Borrower, use its reasonable efforts to change the jurisdiction of its Lending Office (or assign its rights and obligations
hereunder to another of its offices, branches or Affiliates) if, in the sole determination of such Lender, such a change or assignment
would (i) reduce any such additional amounts (including any such additional amounts that may thereafter accrue) and (ii) not result
in any unreimbursed cost or expense or be otherwise materially disadvantageous to such Lender. The Loan Parties agree to pay all
reasonable and documented out-of-pocket costs and expense incurred by any Lender in connection with any such change, and nothing
in this Section 3.01(e) shall affect or postpone any of the Obligations of the Loan Parties or the rights of such Lender pursuant
to Section 3.01.

 

(f)       If
any Lender or Agent receives a refund in respect of any Indemnified Taxes or Other Taxes
as to which indemnification or additional amounts have been paid to it by any Loan
Party pursuant to this Section 3.01, it shall promptly remit such refund to such Loan Party (but only to the extent of indemnification
or additional amounts paid by such Loan Party under this Section 3.01 with respect to Indemnified Taxes or
Other Taxes giving rise to such refund), net of all reasonable and documented out-of-pocket
expenses (including any Taxes) of the Lender or Agent, as the case may be, incurred in obtaining such refund and without interest
(other than any interest paid by the relevant taxing authority with respect to such refund); provided that such Loan Party,
upon the request of the Lender or Agent, as the case may be, agrees promptly to return such refund (plus any penalties, interest
or other charges imposed by the relevant taxing authority) to such party in the event such party is required to repay such refund
to the relevant taxing authority. Notwithstanding anything to the contrary in this Section 3.01(f), in no event will the indemnified
party be required to pay any amount to an indemnifying party pursuant to this Section 3.01(f) the payment of which would place
the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject
to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification
payments or additional amounts with respect to such Tax had never been paid. This section shall not be construed to require the
Administrative Agent or any Lender to make available its tax returns (or any other information relating to Taxes that it deems
confidential) to the Borrower or any other person.

 

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Section 3.02     Illegality.

 

If any Lender determines that any Law
has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable
Lending Office to make, maintain or fund Eurocurrency Rate Loans, or to determine or charge interest rates based upon the
Eurocurrency Rate, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, any obligation of
such Lender to make or continue Eurocurrency Rate Loans in the affected currency or currencies, or, in the case of
Eurocurrency Rate Loans denominated in Dollars, to convert Base Rate Loans to Eurocurrency Rate Loans shall be suspended
until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination
no longer exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to the
Administrative Agent), prepay or, if applicable and such Loans are denominated in Dollars, convert all applicable
Eurocurrency Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such
Lender may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or promptly, if such Lender may not
lawfully continue to maintain such Eurocurrency Rate Loans. Upon any such prepayment or conversion, the Borrower shall also
pay accrued interest on the amount so prepaid or converted and all amounts due, if any, in connection with such prepayment or
conversion under Section 3.05. Each Lender agrees to designate a different Lending Office if such designation will avoid the
need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such
Lender.

 

Section 3.03     Inability to Determine Rates.

 

(a)       If
the Required Lenders determine that for any reason adequate and reasonable means do not exist for determining the applicable Eurocurrency
Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan or that the Eurocurrency Rate for any
requested Interest Period with respect to a proposed Eurocurrency Rate Loan does not adequately and fairly reflect the cost to
such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, the
obligation of the Lenders to make or maintain Eurocurrency Rate Loans shall be suspended until the Administrative Agent (upon the
instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request
for a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans or, failing that, will be deemed to have converted
such request, if applicable, into a request for a Borrowing of Base Rate Loan in the amount specified therein.

 

(b)       Notwithstanding
anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines (which determination
shall be conclusive absent manifest error), or the Required Lenders notify the Administrative Agent (with a copy to the Borrower)
that the Required Lenders have determined that:

 

(i)       adequate
and reasonable means do not exist for ascertaining LIBOR for any requested Interest Period, including, without limitation, because
LIBOR is not available or published on a current basis and such circumstances are unlikely to be temporary;
or the supervisor for

 

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(ii)       the
administrator of LIBOR or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement
identifying a specific date after which LIBOR shall no longer be made available, or used for determining the interest rate of
loans, provided that, at the time of such statement, there is
no successor administrator that is satisfactory to the Administrative Agent, that will continue to provide LIBOR after such specific
date (such specific date, the “Scheduled Unavailability Date”), then,
after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the
Administrative Agent and the Borrower may amend this Agreement tosolely
for the purpose of replaceing
LIBOR with anin
accordance with this Section 3.03 with (x) one or more SOFR-Based Rates or (y) another alternate
benchmark rate (giving
due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities
for such alternative benchmarks and, in each case, including any mathematical or other
adjustments to the benchmark (if any) incorporated therein) that has been broadly accepted
by the syndicated loan market in the United States in lieu of LIBOR (such
benchmark giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated
credit facilities for such benchmarks, which adjustment or method for calculating such adjustment shall be published on an information
service as selected by the Administrative Agent from time to time in its reasonable discretion and may be periodically updated
(the “Adjustment;” and any such proposed rate, a “LIBOR
Successor Rate”), together with any proposed
LIBOR Successor Rate Conforming Changes and,
notwithstanding anything to the contrary in Section 10.01, any such amendment shall become effective at 5:00 p.m. (New
York time) on the fifth (5th) Business Day after the Administrative Agent shall have posted such proposed amendment
to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative
Agent written notice that such Required Lenders do not accept such amendment.(A)
in the case of an amendment to replace LIBOR with a rate described in clause (x), object to the Adjustment; or (B) in the case
of an amendment to replace LIBOR with a rate described in clause (y), object to such amendment; provided that for the avoidance of doubt, in
the case of an amendment to replace LIBOR with a rate described in clause (x), the Required Lenders shall not be entitled to object
to any SOFR-Based Rate contained in any such amendment. Such LIBOR Successor Rate shall be applied in a manner consistent with
market practice; provided that to the extent such market practice is not administratively feasible for the Administrative
Agent, such LIBOR Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.

 

If no LIBOR
Successor Rate has been determined and the circumstances under clause (i) above exist or
the Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent will promptly so notify the Borrower and
each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurocurrency
Rate Loans shall be suspended (to the extent of the affected Eurocurrency Rate Loans or Interest Periods) and (y) the Eurocurrency
Rate component shall no longer be utilized in determining the Base Rate. Upon receipt of such notice, the Borrower may revoke any
pending request for a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans (to the extent of the affected Eurocurrency
Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing
of Base Rate Loans (subject to the foregoing clause (y)) in the amount specified therein. Notwithstanding anything else herein,
any definition of LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor Rate be less than zero for purposes
of this Agreement.

 

In
connection with the implementation of a LIBOR Successor Rate, the Administrative Agent will have the right to make LIBOR
Successor Rate Conforming Changes from
time to time, in consultation with the Borrower, and, notwithstanding anything to the contrary herein or in any other Loan
Document, any amendments implementing such LIBOR Successor Rate Conforming Changes will become effective without any further
action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected, the
Administrative Agent shall post each such amendment implementing such LIBOR Successor Conforming Changes to the Lenders and
the Borrower reasonably promptly after such amendment becomes effective.

 

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Section 3.04     Increased Cost and Reduced
Return; Capital Adequacy; Reserves on Eurocurrency Rate Loans.

 

(a)       If
any Lender reasonably determines that as a result of the introduction of or any
cChange
in or in the interpretation of any Law,
in each case after the Closing Date, or such Lender’s compliance therewith, there
shall be any increase in the cost to such Lender of agreeing to make or making, funding or maintaining any Loans or (as the case
may be), or a reduction in the amount received or receivable by such Lender in connection with any of the foregoing (excluding
for purposes of this Section 3.04(a) any such increased costs or reduction in amount resulting from (i) Indemnified Taxes
or Other, (ii) Excluded
Taxes, or any Taxes described in the definition
of Indemnified Taxes or (iii)
reserve requirements contemplated by Section 3.04(c)) and the result of any of the foregoing shall be to increase the cost to
such Lender of making or maintaining the Loan (or of maintaining its obligations to make any Loan), or to reduce the amount of
any sum received or receivable by such Lender, then from time to time within fifteen (15) days after demand by such Lender setting
forth in reasonable detail such increased costs (with a copy of such demand to the Administrative Agent given in accordance with
Section 3.06), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such increased
cost or reduction. Notwithstanding anything
herein to the contrary, for all purposes under this Agreement, (x)
the Dodd Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or
issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International
settlements, the Basel Committee on Banking Supervision (or
any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in
each case be deemed to be a change in law, regardless of the
date enacted, adopted or issued; provided,
that to the extent any increased costs or reductions are incurred by any Lender as a result of any requests, rules, guidelines
or directives promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act or pursuant to Basel III after the
Closing Date, then such Lender shall be compensated pursuant to this Section 3.04 only if such Lender imposes such charges under
other syndicated credit facilities involving similarly situated borrowers that such Lender is a lender under.

 

(b)       If
any Lender determines that the introduction of any
Change in Law regarding
capital adequacy or liquidity requirements or any change therein or in the interpretation thereof, in each case after the Closing
Date, or compliance by such Lender (or its Lending Office), has the effect of reducing the rate of return on the capital of such
Lender or any Person controlling such Lender as a consequence of such Lender’s obligations
hereunder (taking into consideration its policies with respect to capital adequacy and liquidity requirements and such Lender’s
desired return on capital), then from time to time upon demand of such Lender setting forth in reasonable detail the charge and
the calculation of such reduced rate of return (with a copy of such demand to the Administrative Agent given in accordance with
Section 3.06), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender (or the Person controlling
such Lender) for such reduction within fifteen (15) days after receipt of such demand.

 

(c)       The
Borrower shall pay to each Lender, (i) as long as such Lender shall be required to maintain reserves, capital or liquidity
with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits, additional interest on the
unpaid principal amount of each applicable Eurocurrency Rate Loan of the Borrower equal to the actual costs of such reserves,
capital or liquidity allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination
shall be conclusive in the absence of manifest error), and (ii) as long as such Lender shall be required to comply with any
reserve ratio, capital or liquidity requirement or analogous requirement of any other central banking or financial regulatory
authority imposed in respect of the maintenance of the Commitments or the funding of any Eurocurrency Rate Loans of the
Borrower, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five
decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender
in good faith, which determination shall be conclusive absent manifest error) which in each case shall be due and payable on
each date on which interest is payable on such Loan; provided the Borrower shall have received at least fifteen (15)
days’ prior notice (with a copy to the Administrative Agent) of such additional
interest or cost from such Lender. If a Lender fails to give notice fifteen (15) days prior to the relevant Interest Payment
Date, such additional interest or cost shall be due and payable fifteen (15) days from receipt of such notice.

 

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(d)       Failure
or delay on the part of any Lender to demand compensation pursuant to this Section 3.04 shall not constitute a waiver of such Lender’s
right to demand such compensation.

 

(e)       If
any Lender requests compensation under this Section 3.04, then such Lender will, if requested by the Borrower, use commercially
reasonable efforts to designate another Lending Office for any Loan affected by such event; provided that such efforts are
made on terms that, in the reasonable judgment of such Lender, cause such Lender and its Lending Office(s) to suffer no material
economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section 3.04(e) shall affect or
postpone any of the Obligations of the Borrower or the rights of such Lender pursuant to Sections 3.04(a), (b), (c) or (d).

 

Section 3.05     Funding Losses.

 

Upon written demand of any Lender (with
a copy to the Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for and hold such Lender
harmless from any loss, cost or expense actually incurred by it as a result of:

 

(a)       any
continuation, conversion, payment or prepayment of any Eurocurrency Rate Loan of the Borrower on a day other than the last day
of the Interest Period for such Loan;

 

(b)       any
failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert
any Eurocurrency Rate Loan of the Borrower on the date or in the amount notified by the Borrower, including any loss or expense
(excluding loss of anticipated profits) arising from the liquidation or reemployment of funds obtained by it to maintain such Loan
or from fees payable to terminate the deposits from which such funds were obtained.

 

For purposes of calculating amounts payable
by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurocurrency Rate Loan
made by it at the Eurocurrency Rate for such Loan by a matching deposit or other borrowing in the London interbank Eurocurrency
market for the applicable currency for a comparable amount and for a comparable period, whether or not such Eurocurrency Rate Loan
was in fact so funded.

 

Section 3.06     Matters Applicable to All Requests
for Compensation.

 

(a)       Any
Agent or any Lender claiming compensation under this Article III shall deliver a certificate to the Borrower setting forth the
additional amount or amounts to be paid to it hereunder which shall be conclusive in the absence of manifest error. In determining
such amount, such Agent or such Lender may use any reasonable averaging and attribution methods.

 

(b)       With
respect to any Lender’s claim for compensation under Sections 3.01, 3.02, 3.03
or 3.04, the Borrower shall not be required to compensate such Lender for any amount incurred more than one hundred and
eighty (180) days prior to the date that such Lender notifies the Borrower of the event that gives rise to such claim; provided
that if the circumstance giving rise to such claim is retroactive, then such 180-day period referred to above shall be
extended to include the period of retroactive effect thereof. If any Lender requests compensation by the Borrower under
Section 3.04, the Borrower may, by notice to such Lender (with a copy to the Administrative Agent), suspend the obligation of
such Lender to make or continue from one Interest Period to another applicable Eurocurrency Rate Loan, or, if applicable, to
convert Base Rate Loans into Eurocurrency Rate Loans, until the event or condition giving rise to such request ceases to be
in effect (in which case the provisions of Section 3.06(c) shall be applicable); provided that such suspension shall
not affect the right of such Lender to receive the compensation so requested.

 

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(c)       If
the obligation of any Lender to make or continue any Eurocurrency Rate Loan, or to convert Base Rate Loans into Eurocurrency Rate
Loans shall be suspended pursuant to Section 3.06(b) hereof, such Lender’s applicable
Eurocurrency Rate Loans shall be automatically converted into Base Rate Loans (or, if such conversion is not possible, repaid)
on the last day(s) of the then current Interest Period(s) for such Eurocurrency Rate Loans (or, in the case of an immediate conversion
required by Section 3.02, on such earlier date as required by Law) and, unless and until such Lender gives notice as provided below
that the circumstances specified in Sections 3.02, 3.03 or 3.04 hereof that gave rise to such conversion no longer exist:

 

(i)       to
the extent that such Lender’s Eurocurrency Rate Loans have been so converted, all
payments and prepayments of principal that would otherwise be applied to such Lender’s
applicable Eurocurrency Rate Loans shall be applied instead to its Base Rate Loans; and

 

(ii)       all
Loans that would otherwise be made or continued from one Interest Period to another by such Lender as Eurocurrency Rate Loans shall
be made or continued instead as Base Rate Loans (if possible), and all Base Rate Loans of such Lender that would otherwise be converted
into Eurocurrency Rate Loans shall remain as Base Rate Loans.

 

(d)       If
any Lender gives notice to the Borrower (with a copy to the Administrative Agent) that the circumstances specified in Sections
3.02, 3.03 or 3.04 hereof that gave rise to the conversion of any of such Lender’s
Eurocurrency Rate Loans pursuant to this Section 3.06 no longer exist (which such Lender agrees to do promptly upon such circumstances
ceasing to exist) at a time when Eurocurrency Rate Loans made by other Lenders under the applicable Facility are outstanding, if
applicable, such Lender’s Base Rate Loans shall be automatically converted, on the
first day(s) of the next succeeding Interest Period(s) for such outstanding Eurocurrency Rate Loans, to the extent necessary so
that, after giving effect thereto, all Loans held by the Lenders holding Eurocurrency Rate Loans under such Facility and by such
Lender are held pro rata (as to principal amounts, interest rate basis, and Interest Periods) in accordance with their respective
Commitments for the applicable Facility.

 

Section 3.07     Replacement of Lenders under Certain
Circumstances.

 

(a)       If
at any time (i) the Borrower becomes obligated to pay additional amounts or indemnity payments described in Section 3.01
(with respect to Indemnified Taxes) or 3.04 as a result of any condition described in such Sections or any Lender ceases to
make any Eurocurrency Rate Loans as a result of any condition described in Section 3.02 or Section 3.04, (ii) any Lender
becomes a Defaulting Lender, (iii) any Lender elects not to be an Extending Term Lender or (iv) any Lender becomes a
Non-Consenting Lender, then the Borrower may so long as no Event of Default has occurred and is continuing, at its sole cost
and expense, on ten (10) Business Days’ prior written notice to the
Administrative Agent and such Lender, (x) replace such Lender by causing such Lender to (and such Lender shall be obligated
to) assign pursuant to Section 10.07(b) (with the assignment fee to be paid by the Borrower in such instance) all of its
rights and obligations under this Agreement (in respect of any applicable Facility only in the case of clause (i) or, with
respect to a Class vote, clause (iii)) to one or more Eligible Assignees; provided that neither the Administrative
Agent nor any Lender shall have any obligation to the Borrower to find a replacement Lender or other such Person; and provided,
further, that (A) in the case of any such assignment resulting from a claim for compensation under Section 3.04 or
payments required to be made pursuant to Section 3.01 (with respect to Indemnified Taxes), such assignment will result in a
reduction in such compensation or payments and (B) in the case of any such assignment resulting from a Lender becoming a
Non-Consenting Lender, the applicable Eligible Assignees shall have agreed to, and shall be sufficient (together with all
other consenting Lenders) to cause the adoption of, the applicable departure, waiver or amendment of the Loan Documents; or
(y) terminate the Commitment of such Lender (in respect of any applicable Facility only in the case of clause (i) or clause
(iv)), as the case may be, and in the case of a Lender, repay all Obligations of the Borrower owing to such Lender relating
to the Loans and participations held by such Lender as of such termination date; provided that in the case of any such
termination of a Non-Consenting Lender such termination shall be sufficient (together with all other consenting Lenders) to
cause the adoption of the applicable departure, waiver or amendment of the Loan Documents and such termination shall be in
respect of any applicable Facility only in the case of clause (i) or, with respect to a Class vote, clause (iv).

 

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(b)       Any
Lender being replaced pursuant to Section 3.07(a)(x) above shall (i) execute and deliver an Assignment and Assumption with respect
to such Lender’s applicable Commitment and outstanding Loans in respect thereof, and
(ii) deliver any Notes evidencing such Loans to the Borrower or Administrative Agent. Pursuant to such Assignment and Assumption,
(A) the assignee Lender shall acquire all or a portion, as the case may be, of the assigning Lender’s
Commitment and outstanding Loans, (B) all obligations of the Borrower owing to the assigning Lender relating to the Loans, Commitments
and participations so assigned shall be paid in full by the assignee Lender to such assigning Lender concurrently with such Assignment
and Assumption (provided that Obligations other than with respect to the principal of the Loans may be paid by the Borrower)
and (C) upon such payment and, if so requested by the assignee Lender, delivery to the assignee Lender of the appropriate Note
or Notes executed by the Borrower, the assignee Lender shall become a Lender hereunder and the assigning Lender shall cease to
constitute a Lender hereunder with respect to such assigned Loans, Commitments and participations, except with respect to indemnification
provisions under this Agreement, which shall survive as to such assigning Lender. In connection with any such replacement, if any
such Non-Consenting Lender or Defaulting Lender does not execute and deliver to the Administrative Agent a duly executed Assignment
and Assumption reflecting such replacement within five (5) Business Days of the date on which the assignee Lender executes and
delivers such Assignment and Assumption to such Non-Consenting Lender or Defaulting Lender, then such Non-Consenting Lender or
Defaulting Lender shall be deemed to have executed and delivered such Assignment and Assumption without any action on the part
of the Non-Consenting Lender or Defaulting Lender.

 

(c)       [Reserved].

 

(d)       In
the event that (i) the Borrower or the Administrative Agent has requested that the Lenders consent to a departure or waiver of
any provisions of the Loan Documents or agree to any amendment thereto, (ii) the consent, waiver or amendment in question requires
the agreement of each Lender, each affected Lender or each affected Lender of a certain Class in accordance with the terms of Section
10.01 or all the Lenders with respect to a certain Class of the Loans and (iii) the Required Lenders (or, in the case of a consent,
waiver or amendment involving all affected Lenders of a certain Class, the Required Class Lenders as applicable) have agreed to
such consent, waiver or amendment, then any Lender who does not agree to such consent, waiver or amendment shall be deemed a “Non-Consenting
Lender.”

 

(e)       For
the avoidance of doubt, any amounts owing to a Non-Consenting Lender or a Lender electing not to be an Extending Term Lender under
Section 2.5(a) shall be required to be paid as a condition to replacing or terminating such Lender under this Section 3.07.

 

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Section 3.08     Survival.

 

All of the
Borrower’s obligations under this Article III shall survive resignation or replacement
of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, termination of the Aggregate Commitments
and repayment, satisfaction or discharge of all other Obligations under any Loan Document.

 

ARTICLE IV

Conditions Precedent to Credit Extensions

 

Section 4.01     Conditions to Initial
Credit Extension.

 

The obligation of each Lender to accept
a Term Loan hereunder on the Closing Date is subject to satisfaction of the following conditions precedent, except as otherwise
agreed between the Borrower and the Administrative Agent:

 

(a)       The
Administrative Agent’s receipt of the following, each of which shall be originals
or pdf copies or other facsimiles (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible
Officer of the signing Loan Party each in form and substance reasonably satisfactory to the Administrative Agent:

 

(i)       [reserved];

 

(ii)       executed
counterparts of this Agreement;

 

(iii)       the
Security Agreement and each other Collateral Document required to be executed on the Closing Date, in each case duly executed by
each Loan Party thereto, together with:

 

(A)       certificates,
if any, representing the Pledged Equity referred to therein accompanied by undated stock or membership interest powers executed
in blank and instruments evidencing the Pledged Debt indorsed in blank (or confirmation in lieu thereof that such certificates,
powers and instruments have been sent for overnight delivery to the Collateral Agent or its counsel);

 

(B)       copies
of Uniform Commercial Code financing statements in appropriate form for filing under the Uniform Commercial Code in the jurisdiction
of incorporation or organization of each Loan Party;

 

(C)       evidence
that all other actions, recordings and filings required by the Collateral Documents as of the Closing Date or that the Administrative
Agent may deem reasonably necessary to satisfy the Collateral and Guarantee Requirement shall have been taken, completed or otherwise
provided for in a manner reasonably satisfactory to the Administrative Agent;

 

(D)       subject
to Section 6.16, evidence that insurance (other than title insurance) complying with the requirements of Section 6.07 has been
obtained and is in effect;

 

(E)       to
the extent required by the Security Agreement, Intellectual Property Security Agreements, duly executed by the appropriate
Loan Party, together with evidence that all actions that the Administrative Agent may deem reasonably necessary in order to
perfect the Liens created under such Intellectual Property Security Agreements have been taken; and

 

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(iv)       (A)
the First Lien Intercreditor Agreement substantially in the form attached hereto as Exhibit J-1 among the Borrower and the Guarantors
from time to time party thereto, the Collateral Agent and the other parties thereto and (B) the ABL Intercreditor Agreement among
the Borrower and the Guarantors from time to time party thereto, Citibank, N.A., as ABL Collateral Agent, the Collateral Agent
and the other parties thereto;

 

(v)       such
certificates of good standing (to the extent such concept exists) from the applicable secretary of state (or equivalent public
official) of the state of organization of each Loan Party, certificates of resolutions or other action, incumbency certificates
and/or other certificates of Responsible Officers of each Loan Party (A) evidencing the identity, authority and capacity of each
Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents
to which such Loan Party is a party or is to be a party on the Closing Date, (B) certifying copies of resolutions or other actions
of the board of directors, board of managers or other applicable governing body of such Loan Party (including shareholder resolutions
to the extent necessary under applicable law or any Organization Document) approving the entry into this Agreement and all other
agreements in connection with the Transactions or this Agreement, to which such Loan Party is a party, and (C) certifying copies
of the Organization Documents of such Loan Party;

 

(vi)       customary
legal opinions from Kirkland & Ellis LLP, counsel to the Loan Parties;

 

(vii)       a
solvency certificate from the chief financial officer, chief accounting officer or other officer with equivalent duties or manager
of Holdings (after giving effect to the Transactions) substantially in the form attached hereto as Exhibit E-2;

 

(viii)       a
certificate, dated the Closing Date and signed by a Responsible Officer of Holdings and the Borrower, confirming satisfaction of
the conditions set forth in Sections 4.01(g) and 4.02;

 

(ix)       copies
of a recent Lien and judgment search (to the extent such search is available in the applicable Loan Party’s
jurisdiction in which it is organized and/or its chief executive office is located) in each jurisdiction reasonably requested by
the Administrative Agent with respect to the Loan Parties; and

 

(x)       a
certificate, dated the Closing Date and signed by a Responsible Officer of Holdings and the Borrower, confirming the satisfaction
(or waiver) of the conditions set forth in Article IX.A of the Bankruptcy Plan as of the Closing Date, in accordance with the requirements
of the Bankruptcy Plan.

 

(b)       All
fees and expenses due to the Administrative Agent, the Collateral Agent and their Affiliates, if any, required to be paid on the
Closing Date and (in the case of expenses) invoiced at least three Business Days before the Closing Date (except as otherwise reasonably
agreed by the Borrower) shall have been paid.

 

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(c)       The
Administrative Agent shall have received reasonably satisfactory evidence that prior to or substantially simultaneously with the
initial Credit Extensions the Refinancing has been or shall be consummated.

 

(d)       [Reserved].

 

(e)       The
Administrative Agent shall have received at least three (3) Business Days prior to the Closing Date all documentation and other
information about the Borrower and the Guarantors required under applicable “know
your customer” and anti-money laundering rules and regulations, including the USA
PATRIOT Act that has been requested by the Administrative Agent in writing at least ten (10) Business Days prior to the Closing
Date.

 

(f)       Since
the most recently publicly filed Audited Financial Statements or Unaudited Financial Statements filed on Parent’s
Form 10-K or Form 10-Q, there has been no event or circumstance, either individually or in the aggregate, that has resulted in,
or would reasonably be expected to result in, a Material Adverse Effect.

 

(g)       The
Bankruptcy Plan shall not have been amended, modified or supplemented after January 22, 2019 in any manner and no condition to
the effectiveness thereof shall have been waived that, individually or in the aggregate, would reasonably be expected to adversely
affect the interests of the Lenders (taken as a whole and in their capacities as such) in any material respect.

 

(h)       The
Confirmation Order shall be in form and substance materially consistent with the Bankruptcy Plan and otherwise reasonably satisfactory
to the Required Consenting Senior Creditors and shall have been entered confirming the Bankruptcy Plan.

 

(i)       Each
of the Approval Order and the Confirmation Order shall be in full force and effect and not have been stayed, reversed, or vacated,
amended, supplemented, or modified except that such applicable order may be further amended, supplemented or otherwise modified
in any manner that would not reasonably be expected to adversely affect the interests of the Lenders (taken as a whole and in their
capacities as such) in any material respect and shall not be subject to any pending appeals, except for any of the following, which
shall be permissible appeals the pendency of which shall not prevent the occurrence of the Closing Date: (i) any appeal with respect
to or relating to the distributions (or the allocation of such distributions) between and among creditors under the Bankruptcy
Plan, or (ii) any other appeal, the result of which would not have a materially adverse effect on the rights and interests of the
Administrative Agent and the Lenders (taken as a whole and in their capacities as such).

 

(j)       The
Confirmation Order shall authorize the iHeart Debtors and the Loan Parties to execute, deliver and perform all of their obligations
under all Loan Documents and shall contain no term or provision that contradicts such authorization.

 

(k)       The
iHeart Debtors shall be and shall have been in compliance with the Confirmation Order in all material respects.

 

(l)       The
Bankruptcy Plan shall have become effective in accordance with its terms and all conditions to the effectiveness of the
Bankruptcy Plan shall have been satisfied or waived (in accordance with the terms of the Bankruptcy Plan) without giving
effect to any waiver that would reasonably be expected to adversely affect the interests of the Lenders in any material
respect unless consented to by the Lenders (such consent not to be unreasonably withheld, conditioned or delayed), and all
transactions contemplated therein or in the Confirmation Order to occur on the effective date of the Bankruptcy Plan shall
have been (or concurrently with the Closing Date, shall be) substantially consummated in accordance with the terms thereof
and in compliance with applicable laws.

 

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(m)       KYC
Information. Any Borrower that qualifies as a “legal entity customer”
under the Beneficial Ownership Regulation shall deliver a Beneficial Ownership Certification in
relation to such Borrower in accordance with the requirements of the Beneficial Ownership Regulation (other than such portions
of such certification as it relates to information of the Initial Lenders and the equity holders of such Borrower as of the Closing
Date).

 

Without limiting the generality of the provisions
of Section 9.03(c), for purposes of determining compliance with the conditions specified in this Section 4.01 (and irrespective
of whether any Initial Lender has signed this Agreement), each Lender shall be deemed to have consented to, approved or accepted
or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory
to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying
its objection thereto.

 

Section 4.02     Conditions to All Credit Extensions.

 

The obligation of each Lender to accept
the Initial Term Loans on the Closing Date to honor any Request for Credit Extension (other than a (x) Committed Loan Notice requesting
only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans and or (y) a Request for Credit Extension
for an Incremental Facility which shall be governed by Section 2.14(d)) is subject to the following conditions precedent:

 

(i)       The
representations and warranties of each Loan Party set forth in Article V and in each other Loan Document shall be true and correct
in all material respects (except that any representation and warranty that is qualified as to “materiality”
or “Material Adverse Effect” shall
be true and correct in all respects as so qualified) on and as of the date of such Credit Extension with the same effect as though
made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which
case they shall be true and correct in all material respects as of such earlier date (except that any representation and warranty
that is qualified as to “materiality” or
“Material Adverse Effect” shall be true
and correct in all respects as so qualified).

 

(ii)       No
Default shall exist or would result from such proposed Credit Extension or from the application of the proceeds therefrom.

 

(iii)       The
Administrative Agent shall have received a Request for Credit Extension in accordance with the requirements hereof.

 

Each Request for Credit Extension (other
than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans)
submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(i)
and (ii) (or, in the case of a Request for Credit Extension for an Incremental Facility, the conditions specified in Section 2.14(d))
have been satisfied on and as of the date of the applicable Credit Extension.

 

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ARTICLE V

Representations and Warranties

 

The Borrower and each Guarantor party
hereto (solely to the extent applicable to it) represents and warrants to the Agents and the Lenders at the time of each
Credit Extension (to the extent required by Section 4.01 and/or Section 4.02, as applicable) that:

 

Section 5.01     Existence, Qualification and Power;
Compliance with Laws.

 

Each Loan Party and each Restricted Subsidiary
(a) is a Person duly organized or formed, validly existing and in good standing (where relevant) under the Laws of the jurisdiction
of its incorporation or organization, (b) has all requisite power and authority to (i) own or lease its assets and carry on its
business as currently conducted and (ii) in the case of the Loan Parties, execute, deliver and perform its obligations under the
Loan Documents to which it is a party, (c) is duly qualified and in good standing (where relevant) under the Laws of each jurisdiction
where its ownership, lease or operation of properties or the conduct of its business requires such qualification, (d) is in compliance
with all Laws, orders, writs and injunctions and (e) has all requisite governmental licenses, authorizations, consents and approvals
to operate its business as currently conducted; except in each case, referred to in clause (a) (other than with respect to the
Borrower), (b)(i) (other than with respect to the Borrower), (c), (d) and (e), to the extent that failure to do so could not reasonably
be expected to have a Material Adverse Effect.

 

Section 5.02     Authorization; No Contravention.

 

The execution,
delivery and performance by each Loan Party of each Loan Document to which such Person is a party, and the consummation of the
Transactions, are within such Loan Party’s corporate or other powers, (a) have been
duly authorized by all necessary corporate or other organizational action, and (b) do not (i) contravene the terms of any of such
Person’s Organization Documents, (ii) conflict with or result in any breach or contravention
of, or the creation of any Lien under (other than as permitted by Section 7.01), or require any payment to be made under (x) any
Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its
Subsidiaries or (y) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which
such Person or its property is subject, or (iii) violate any applicable Law; except with respect to any conflict, breach or contravention
or payment (but not creation of Liens) referred to in clause (b)(ii)(x), to the extent that such violation, conflict, breach, contravention
or payment could not reasonably be expected to have a Material Adverse Effect.

 

Section 5.03     Governmental Authorization; Other
Consents.

 

No material approval, consent,
exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority is necessary or
required in connection with (a) the execution, delivery or performance by, or enforcement against, any Loan Party of this
Agreement or any other Loan Document, or for the consummation of the Transactions, (b) the grant by any Loan Party of the
Liens granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance of the Liens created under the
Collateral Documents (including the priority thereof) or (d) the exercise by the Administrative Agent or any Lender of its
rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents, except for
(i) filings, recordings and registrations with Governmental Authorities necessary to perfect the Liens on the Collateral
granted by the Loan Parties in favor of the Secured Parties, (ii) the approvals, consents, exemptions, authorizations,
actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect (except to
the extent not required to be obtained, taken, given or made or be in full force and effect pursuant to the Collateral and
Guarantee Requirement) and (iii) those approvals, consents, exemptions, authorizations or other actions, notices or filings,
the failure of which to obtain or make could not reasonably be expected to have a Material Adverse Effect, and except that
(x) certain actions which may be taken by the Administrative Agent or the Lenders in the exercise of their rights and
remedies under this Agreement or any other Loan Document may require the prior consent of the FCC, and (y) copies of this
Agreement or any other Loan Document may be required to be filed with the FCC for informational purposes.

 

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Section 5.04     Binding Effect.

 

This Agreement and each other Loan Document
has been duly executed and delivered by each Loan Party that is a party thereto. This Agreement and each other Loan Document constitutes
a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is a party thereto in accordance
with its terms, except as such enforceability may be limited by (i) Debtor Relief Laws and by general principles of equity, (ii)
the need for filings, recordations and registrations necessary to create or perfect the Liens on the Collateral granted by the
Loan Parties in favor of the Secured Parties and (iii) the effect of foreign Laws, rules and regulations as they relate to pledges
and/or Liens granted by the Loan Parties, if any, of or in Equity Interests in Foreign Subsidiaries.

 

Section 5.05     Financial Statements; No Material
Adverse Effect.

 

(a)       (i)
The Audited Financial Statements fairly present in all material respects the financial condition of Holdings and its Subsidiaries
as of the dates thereof and their results of operations for the periods covered thereby in accordance with GAAP consistently applied
throughout the periods covered thereby, except as otherwise expressly noted therein.

 

(ii)       The
Unaudited Financial Statements fairly present in all material respects the financial condition of Holdings and its Subsidiaries
as of the dates thereof and their results of operations for the periods covered thereby in accordance with GAAP consistently applied
throughout the periods covered thereby, except as otherwise expressly noted therein.

 

(b)       Any
forecasts of consolidated balance sheets and consolidated statements of income and cash flow of Holdings and its Subsidiaries which
have been furnished to the Administrative Agent prior to the Closing Date have been prepared in good faith on the basis of the
assumptions stated therein, which assumptions were believed to be reasonable at the time of preparation of such forecasts, it being
understood that actual results may vary from such forecasts and that such variations may be material.

 

(c)       Since
December 31, 2018, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably
be expected to have a Material Adverse Effect.

 

(d)       As
of the Closing Date, none of Holdings and its Subsidiaries has any Indebtedness or other obligations or liabilities, direct or
contingent (other than (i) the liabilities reflected on Schedule 5.05 or otherwise set forth on the Unaudited Financial
Statements, (ii) obligations arising under the Loan Documents, the ABL Loan Documents or under the Senior Notes Documents and (iii)
liabilities incurred in the ordinary course of business that, either individually or in the aggregate, have not had nor could reasonably
be expected to have a Material Adverse Effect).

 

Section 5.06     Litigation.

 

Except as set forth on Schedule 5.06,
there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of Holdings or the Borrower, threatened
in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against Holdings or any of its Restricted
Subsidiaries or against any of their properties or revenues that either individually or in the aggregate, could reasonably be expected
to have a Material Adverse Effect.

 

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Section 5.07     Special Representations
Relating to FCC Authorizations, Etc.

 

(a)       The
Borrower and its Restricted Subsidiaries hold all FCC Authorizations that are necessary or required for the Borrower and its Restricted
Subsidiaries to conduct their business in the manner in which it is currently being conducted, except where the failure to do so
would not have a Material Adverse Effect. Schedule 5.07 hereto lists each material FCC Authorization held by the Borrower or any
Restricted Subsidiary as of the Closing Date. With respect to each Broadcast License issued by the FCC and listed on Schedule 5.07
hereto, the description includes the call sign, FCC identification number, community of license and the license expiration date.

 

(b)       All
material FCC Authorizations held by the Borrower and its Restricted Subsidiaries are in full force and effect in accordance with
their terms, with such exceptions as would not individually or in the aggregate reasonably be expected to have a Material Adverse
Effect. Except as set forth on Schedule 5.07, and except for such matters as would not have a Material Adverse Effect, (i) neither
the Borrower nor any Restricted Subsidiary has knowledge of any investigation, notice of apparent liability, notice of violation,
notice of forfeiture or complaint issued by or filed with or before the FCC with respect to any material FCC Authorization (other
than proceedings relating to the broadcast industry generally), and (ii) no event has occurred that has resulted in, or after notice
or lapse of time or both would reasonably be expected to result in, revocation, suspension, material adverse modification, non-renewal,
material impairment, material restriction or termination of, or material forfeiture with respect to, any material FCC authorization.
For purposes of this Section 5.07, all references to material FCC Authorizations include all of the Broadcast Licenses. The Borrower
and the Restricted Subsidiaries have timely filed all required reports and notices with the FCC and have paid all amounts due in
timely fashion on account of fees and charges to the FCC, except where the failure to do so would not reasonably be expected to
result in a Material Adverse Effect.

 

Section 5.08     Ownership of Property; Liens
and Real Property. Holdings and each of its Restricted Subsidiaries has good record title to, or valid leasehold interests in,
or easements or other limited property interests in, all Real Property necessary in the ordinary conduct of its business, free
and clear of all Liens except as set forth on Schedule 5.08 hereto and except for minor defects in title that do not materially
interfere with its ability to conduct its business or to utilize such assets for their intended purposes and Liens permitted by
Section 7.01 and except where the failure to have such title or other interest could not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect. As of the Closing Date, neither Holdings nor any of its Restricted Subsidiaries
owns any Material Real Property.

 

Section 5.09     Environmental Matters.

 

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

 

(a)       Each
Loan Party and its respective properties and operations are and, other than any matters which have been finally resolved with no
further liability or obligations, have been in compliance with all Environmental Laws, which includes obtaining, maintaining and
complying with all applicable Environmental Permits required under such Environmental Laws to carry on the business of the Loan
Parties;

 

(b)       the
Loan Parties have not received any written notice that alleges any of them is in violation of or potentially liable under any
Environmental Laws and none of the Loan Parties nor any of the Real Property is the subject of any claims, investigations,
liens, demands, or judicial, administrative or arbitral proceedings pending or, to the knowledge of Holdings or the Borrower,
threatened, under or relating to any Environmental Law;

 

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(c)       there
has been no Release of Hazardous Materials on, at, under or from any Real Property or facilities currently or formerly owned, leased
or operated by any Loan Party or Subsidiary, or arising out of the conduct of the Loan Parties that requires or could reasonably
be expected to require investigation, remedial activity or corrective action or cleanup by, or on behalf of, any Loan Party or
Subsidiary or could reasonably be expected to result in any Environmental Liability;

 

(d)       there
are no facts, circumstances or conditions arising out of or relating to the Loan Parties or any of their respective operations
or any facilities currently or, to the knowledge of Holdings or the Borrower, formerly owned, leased or operated by any of the
Loan Parties or Subsidiaries, that could reasonably be expected to require investigation, remedial activity or corrective action
or cleanup by, or on behalf of, any Loan Party or Subsidiary or could reasonably be expected to result in any Environmental Liability;
and

 

(e)       the
Borrower has made available to the Administrative Agent all environmental reports, studies, assessments, audits, or other similar
documents containing information regarding any Environmental Liability that are in the possession or control of a Loan Party or
any Subsidiary of a Loan Party.

 

Section 5.10     Taxes.

 

Except as would not, either individually
or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each of the Loan Parties and their Subsidiaries
have filed all tax returns required to be filed, and have paid all Taxes levied or imposed upon them or their properties, that
are due and payable (including in their capacity as a withholding agent), except those that are being contested in good faith by
appropriate proceedings diligently conducted. Except as described on Schedule 5.10, there is no proposed Tax deficiency
or assessment known to any Loan Parties against the Loan Parties that would, if made, individually or in the aggregate, have a
Material Adverse Effect.

 

Section 5.11     ERISA Compliance.

 

(a)       Except
as would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each Plan
is in compliance with the applicable provisions of ERISA and the Code and the regulations and published interpretations thereunder
and other Applicable Laws.

 

(b)       (i)
No ERISA Event has occurred during the five year period prior to the date on which this representation is made or deemed made
or is reasonably expected to occur; (ii) neither any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects
to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent
under Section 4007 of ERISA); (iii) neither any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to
incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in
such liability) under Sections 4201 of ERISA with respect to a Multiemployer Plan; (iv) neither any Loan Party nor any ERISA
Affiliate has engaged in a transaction that could reasonably be expected to be subject to Sections 4069 or 4212(c) of ERISA,
(v) each Plan that is intended to qualify under Section 401(a) of the Code has received from the IRS a favorable
determination or opinion letter, which has not by its terms expired, that such Plan is so qualified, or such Plan is entitled
to rely on an IRS advisory or opinion letter with respect to an IRS-approved master and prototype or volume submitter plan,
or a timely application for such a determination or opinion letter is currently being processed by the IRS with respect
thereto, and nothing has occurred which would prevent, or cause the loss of, such qualification; (vi) there is no
 “funding shortfall” (within the meaning of Section 430(c) of the Code or Section 303(c) of ERISA) with respect to
each Pension Plan (determined as of the end of the most recently preceding plan year pursuant to the assumptions used for
funding such Pension Plan for the applicable plan year in accordance with Section 430 of the Code); (vii) there are no
pending or, to the knowledge of Holdings or the Borrower, threatened claims, actions or lawsuits, or action by any
Governmental Authority, with respect to any Plan; and (viii) there has been no prohibited transaction or violation of the
fiduciary responsibility rules with respect to any Plan, except, with respect to each of the foregoing clauses of this
Section 5.11(b), as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse
Effect.

 

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(c)       
Neither any Loan Party nor any ERISA Affiliate maintains or contributes to a Plan that is,
or is expected to be, in at-risk status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code) in each case,
except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

(d)       With
respect to each Foreign Pension Plan and except as would not reasonably be expected, individually or in the aggregate, to have
a Material Adverse Effect, (i) such Foreign Pension Plan has been maintained and administered in compliance with its terms and
with the requirements of all applicable Law, (ii) all required contributions with respect to such Foreign Pension Plan have been
made when due and (iii) the present value of the accrued benefit liabilities (whether or not vested) under each such Foreign Pension
Plan, determined as of the most recent valuation date of such Foreign Pension plan, on the basis of actuarial assumptions each
of which are reasonable, did not exceed the current value of the assets of such Foreign Pension plan allocable to such liabilities.

 

Section 5.12     Subsidiaries; Equity Interests.

 

As of the Closing Date (after giving effect
to the Transactions), no Loan Party has any material Restricted Subsidiaries other than those specifically disclosed in Schedule
5.12, and all of the outstanding Equity Interests owned by the Loan Parties in such material Restricted Subsidiaries have been
validly issued and are fully paid and all Equity Interests owned by a Loan Party in such material Restricted Subsidiaries are owned
free and clear of all Liens except (i) those created under the Collateral Documents, the ABL Loan Documents and the Senior Secured
Notes Documents and (ii) any other Lien that is permitted under Section 7.01. As of the Closing Date, Schedule 5.12 sets
forth the name and jurisdiction of each Loan Party and sets forth the ownership interest of the Borrower and any other Guarantor
in each material Subsidiary, including the percentage of such ownership.

 

Section 5.13     Margin Regulations; Investment Company
Act.

 

(a)       None
of the Loan Parties is engaged nor will it engage, principally or as one of its important activities, in the business of purchasing
or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any Borrowings
will be used for any purpose that violates Regulation U of the Board of Governors of the United States Federal Reserve System.

 

(b)       None
of the Borrower, any Person Controlling the Borrower, or any of its Restricted Subsidiaries is or is required to be registered
as an “investment company” under the
Investment Company Act of 1940.

 

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Section 5.14     Disclosure.

 

No written report, financial statement,
certificate or other written information furnished by or on behalf of any Loan Party (other than projected financial information,
pro forma financial information and information of a general economic or industry nature) to any Agent or any Lender in connection
with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan
Document (as modified or supplemented by other information so furnished), when taken as a whole, contains any untrue statement
of a material fact or omits to state any material fact necessary to make the statements therein (when taken as a whole), in the
light of the circumstances under which they were made, not materially misleading. With respect to projected financial information
and pro forma financial information, each of Holdings and the Borrower represents that such information was prepared in good faith
based upon assumptions believed by Holdings and the Borrower to be reasonable at the time of preparation; it being understood that
such projections are as to future events and are not to be viewed as facts, are subject to significant uncertainties and contingencies,
many of which are beyond the control of Holdings and its Restricted Subsidiaries, that no assurance can be given that any particular
projections will be realized and that actual results during the period or periods covered may vary significantly from actual results
and that such variances may be material.

 

Section 5.15     Labor Matters.

 

Except as, in the aggregate, could not reasonably
be expected to have a Material Adverse Effect, as of the Closing Date (a) there are no strikes or other labor disputes against
Holdings or any of its Restricted Subsidiaries pending or, to the knowledge of Holdings or the Borrower, threatened, (b) hours
worked by and payment made to employees of Holdings or any of its Restricted Subsidiaries have not been in violation of the Fair
Labor Standards Act or any other applicable Laws, (c) the Borrower and the other Loan Parties have complied with all applicable
labor laws including work authorization and immigration and (d) all payments due from the Borrower or any of its Restricted Subsidiaries
on account of employee health and welfare insurance have been paid or accrued as a liability on the books of the relevant party.

 

Section 5.16     [Reserved].

 

Section 5.17     Intellectual Property; Licenses, Etc.

 

Holdings
and its Restricted Subsidiaries own, license or possess the right to use all of the trademarks, service marks, trade names, domain
names, copyrights, patents, patent rights, licenses, technology, software, know-how database rights, design rights and other intellectual
property rights, whether owned or licensed (collectively, “IP Rights”)
that are reasonably necessary for the operation of their respective businesses as currently conducted, and, to the knowledge of
Holdings or the Borrower, such IP Rights do not conflict with the rights of any Person, except to the extent such failure to own,
license or possess or such conflicts, either individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect. The business of any Loan Party or any of their Subsidiaries as currently conducted does not infringe upon, misappropriate
or otherwise violate any IP Rights held by any Person except for such infringements, misappropriations and violations, individually
or in the aggregate, which could not reasonably be expected to have a Material Adverse Effect. No claim or litigation regarding
any of the IP Rights, is filed and presently pending or, to the knowledge of Holdings or the Borrower, presently threatened in
writing against any Loan Party or any of its Subsidiaries, which, either individually or in the aggregate, could reasonably be
expected to have a Material Adverse Effect.

 

Except pursuant to licenses and other user
agreements entered into by each Loan Party in the ordinary course of business, as of the Closing Date, all registrations listed
on schedules to the applicable Intellectual Property Security Agreements entered into on the Closing Date are valid and subsisting
except, in each case, to the extent failure of such registrations to be valid and subsisting could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

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Section 5.18     Solvency.

 

On the Closing Date, after giving effect
to the Transactions, Holdings and its Restricted Subsidiaries, on a consolidated basis, are Solvent.

 

Section 5.19     OFAC; USA PATRIOT Act; FCPA.

 

(a)       To
the extent applicable, each of Holdings and its Subsidiaries is in compliance, in all material respects, with (i) applicable Sanctions,
the United States Foreign Corrupt Practices Act of 1977, as amended and other anti-corruption laws, and (ii) the USA PATRIOT Act.

 

(b)       Neither
Holdings nor any of its Subsidiaries nor, to the knowledge of the Borrower and the other Loan Parties, any director, officer, employee,
agent or controlled affiliate of Holdings or any Subsidiary of Holdings is currently the subject of any Sanctions, nor is Holdings
or any of its Restricted Subsidiaries located, organized or resident in any country or territory that is the subject of comprehensive
Sanctions (as of the Closing Date, Cuba, Iran, North Korea, Syria, and the Crimea Region of Ukraine).

 

(c)       No
part of the proceeds of the Loans will be used, lent, contributed or otherwise made available, directly or, to the knowledge of
the Borrower or Holdings, indirectly, by the Borrower or Holdings (i) in violation of the United States Foreign Corrupt Practices
Act of 1977, as amended or other applicable anti-corruption law; (ii) for the purpose of financing or facilitating any activities
or business of or with, involving or for the benefit of any Person that, at the time of such financing or facilitation, is the
subject of any Sanctions in violation of applicable Sanctions; or (iii) in any other manner that would result in a violation of
applicable Sanctions by any Person.

 

Section 5.20     [Reserved].

 

Section 5.21     Security Documents.

 

(a)       Valid
Liens. Each Collateral Document delivered pursuant to Section 4.01 and Sections 6.11 and 6.13 will, upon execution and delivery
thereof, be effective to create in favor of the Collateral Agent for the benefit of the Secured Parties, legal, valid and enforceable
Liens on, and security interests in, the Collateral described therein to the extent intended to be created thereby and (i) when
financing statements and other filings in appropriate form are filed in the appropriate offices for filing and (ii) upon the taking
of possession or control by the Collateral Agent of such Collateral with respect to which a security interest may be perfected
only by possession or control (which possession or control shall be given to the Collateral Agent to the extent possession or control
by the Collateral Agent is required by the applicable Collateral Document), the Liens created by the Collateral Documents (other
than the Mortgages) shall constitute fully perfected Liens on, and security interests in (to the extent intended to be created
thereby), all right, title and interest of the grantors in such Collateral to the extent perfection can be obtained by filing financing
statements or the taking of possession or control, in each case subject to no Liens other than Liens permitted hereunder.

 

(b)       PTO
Filing; Copyright Office Filing. When the Intellectual Property Security Agreements are properly filed in the United
States Patent and Trademark Office and the United States Copyright Office, to the extent such filings may perfect such
interests, the Liens created by the Security Agreement shall constitute fully perfected Liens on, and security interests in,
all right, title and interest of the grantors thereunder in Patents and Trademarks (each as defined in the Security
Agreement) registered or applied for with the United States Patent and Trademark Office and Copyrights (as defined in the
Security Agreement) registered or applied for with the United States Copyright Office, as the case may be, in each case
subject to no Liens other than Liens permitted hereunder (it being understood that subsequent recordings in the United States
Patent and Trademark Office and the United States Copyright Office may be necessary to establish a Lien on registered
Patents, Trademarks and Copyrights acquired by the grantors thereof after the Closing Date).

 

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(c)       Mortgages.
Upon recording thereof in the appropriate recording office, each Mortgage is effective to create, in favor of the Collateral Agent,
for its benefit and the benefit of the Secured Parties, legal, valid and enforceable perfected Liens on, and security interest
in, all of the Loan Parties’ right, title and interest in and to the Mortgaged Properties
thereunder and the proceeds thereof, subject only to Liens permitted hereunder, and when any Mortgage executed and delivered after
the Closing dDate
hereof in accordance with the provisions
of Sections 6.11 and 6.13, is filed in the offices specified in the local counsel opinion delivered with respect thereto in accordance
with the provisions of Sections 6.11 and 6.13, the Mortgages shall constitute legal, valid and enforceable perfected Liens on,
and security interests in, all right, title and interest of the Loan Parties in the Mortgaged Properties and the proceeds thereof,
in each case prior and superior in right to any other Person, other than Liens permitted by hereunder.

 

Notwithstanding anything herein (including
this Section 5.21) or in any other Loan Document to the contrary, neither the Borrower nor any other Loan Party makes any representation
or warranty as to (A) the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security
interest in any Equity Interests of any Foreign Subsidiary, or as to the rights and remedies of the Agents or any Lender with respect
thereto, under foreign Law or (B) the pledge or creation of any security interest, or the effects of perfection or non-perfection,
the priority or the enforceability of any pledge of or security interest to the extent such pledge, security interest, perfection
or priority is not required pursuant to the Collateral and Guarantee Requirement.

 

ARTICLE VI

Affirmative Covenants

 

So long as any Lender shall have any Commitment
hereunder, any Loan or other Obligation (other than contingent indemnification obligations not yet due and payable) hereunder which
is accrued and payable shall remain unpaid or unsatisfied Holdings shall, and shall cause, to the extent applicable, each of its
Restricted Subsidiaries to:

 

Section 6.01     Financial Statements.

 

(a)       Deliver
to the Administrative Agent for prompt further distribution to each Lender, within ninety (90) days after the end of each fiscal
year of Holdings (which may be extended to the extent such extension is permitted and such extension is granted by the SEC but,
in any event, no later than 105 days after the end of such fiscal year), a consolidated balance sheet of Holdings and its Subsidiaries
as at the end of such fiscal year, and the related consolidated statements of income or operations, stockholders’
equity and cash flows for such fiscal year, setting forth in each case in comparative form the
figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by
a report and opinion of any independent registered public accounting firm of nationally recognized standing, which report and
opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going
concern” or like qualification or exception or any qualification or exception as
to the scope of such audit other than a going concern qualification or “emphasis
of matter” resulting from (I) an upcoming maturity date under the Facilities (including
any Refinancing Loans, Incremental Loans or any Extended Loans) or Indebtedness permitted under Section 7.03 or (II) any actual
or prospective financial covenant default;

 

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(b)       Deliver
to the Administrative Agent for prompt further distribution to each Lender, within forty-five (45) days after the end of each of
the first three fiscal quarters of each fiscal year of Holdings (which may be extended to the extent such extension is permitted
and such extension is granted by the SEC but, in any event, no later than 60 days after the end of such fiscal quarter), a consolidated
balance sheet of Holdings and its Subsidiaries as at the end of such fiscal quarter and the related consolidated statements of
income or operations for such fiscal quarter and the portion of the fiscal year then ended, setting forth in comparative form the
figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year,
and statements of stockholders’ equity for the current fiscal quarter and consolidated
statement of cash flows for the portion of the fiscal year then ended, setting forth in each case in comparative form the figures
for the corresponding portion of the previous fiscal year, all in reasonable detail and certified by a Responsible Officer of Holdings
as fairly presenting in all material respects the financial condition, results of operations, stockholders’ equity
and cash flows of Holdings and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and
the absence of footnotes;

 

(c)       [Reserved];
and

 

(d)       Deliver
to the Administrative Agent with each set of consolidated financial statements referred to in Sections 6.01(a) and 6.01(b) above,
supplemental unaudited financial information necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such
consolidated financial statements.

 

Notwithstanding
the foregoing, the obligations in paragraphs (a) and (b) of this Section 6.01 may be satisfied with respect to financial information
of Holdings and the Subsidiaries by furnishing (A) the applicable financial statements of Holdings (or any direct or indirect parent
of Holdings, including Parent) or (B) Holdings’ (or any direct or indirect parent
thereof, including Parent), as applicable, Form 10-K or 10-Q, as applicable, filed with the SEC; provided that with respect
to clauses (A) and (B), (i) to the extent such information relates to a parent of Holdings, such information is accompanied by
consolidating information that explains in reasonable detail the differences between the information relating to Holdings (or such
parent), on the one hand, and the information relating to Holdings and the Subsidiaries on a stand-alone basis, on the other hand
and (ii) to the extent such information is in lieu of information required to be provided under Section 6.01(a), such materials
are accompanied by a report and opinion of any independent registered public accounting firm of nationally recognized standing,
which report and opinion shall be prepared in accordance with generally accepted auditing standards and, except as permitted in
Section 6.01(a), shall not be subject to any “going concern” or
“emphasis of matter” or like qualification
or exception or any qualification or exception as to the scope of such audit.

 

Documents
required to be delivered pursuant to Section 6.01 and Section 6.02(b) may be delivered electronically and if so delivered,
shall be deemed to have been delivered on the date (i) on which Holdings (or any direct or indirect parent of Holdings) posts
such documents, or provides a link thereto on the website on the Internet at Holdings’ website
address listed on Schedule 10.02; or (ii) on which such documents are posted on Holdings’ behalf
on IntraLinks/IntraAgency or another relevant website, if any, to which each Lender and the Administrative Agent have access
(whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) upon
written request by the Administrative Agent, Holdings shall deliver paper copies of such documents to the Administrative
Agent for further distribution to each Lender until a written request to cease delivering paper copies is given by the
Administrative Agent; and (ii) Holdings shall notify (which may be by facsimile or electronic mail) the Administrative Agent
of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions
(i.e., soft copies) of such documents. Each Lender shall be solely responsible for timely accessing posted documents
or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such
documents.

 

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Section 6.02     Certificates;
Other Information.

 

Deliver to the Administrative Agent
for prompt further distribution to each Lender:

 

(a)       no
later than five (5) Business Days after the delivery of the financial statements referred to in Sections 6.01(a) and (b), a duly
completed Compliance Certificate signed by a Responsible Officer of Holdings and the Borrower;

 

(b)       promptly
after the same are publicly available, copies of all annual, regular, periodic and special reports and registration statements
which Holdings, (or any direct or indirect parent of Holdings, including Parent) or any of its Restricted Subsidiaries files with
the SEC or with any Governmental Authority that may be substituted therefor (other than amendments to any registration statement
(to the extent such registration statement, in the form it became effective, is delivered), exhibits to any registration statement
and, if applicable, any registration statement on Form S-8) and in any case not otherwise required to be delivered to the Administrative
Agent pursuant hereto; provided that notwithstanding the foregoing, the obligations in this Section 6.02(b) may be satisfied so
long as such information is publicly available on the SEC’s EDGAR website;

 

(c)       promptly
after the furnishing thereof, copies of any material requests or material notices received by any Loan Party (other than in the
ordinary course of business) or material statements or material reports furnished to any holder of debt securities of any Loan
Party or of any of its Restricted Subsidiaries pursuant to the terms of any Senior Notes Documents or any Junior Financing Documentation
and, in each case, any Permitted Refinancing thereof, and any other Indebtedness in a principal amount in excess of the Threshold
Amount and not otherwise required to be furnished to the Lenders pursuant to any other clause of this Section 6.02;

 

(d)       together
with the delivery of each Compliance Certificate pursuant to Section 6.02(a), (i) in the case of annual Compliance Certificates
only, a report setting forth the legal name and the jurisdiction of formation of each Loan Party and the location of the chief
executive office of each Loan Party or confirming that there has been no change in such information since the later of the Closing
Date or the date of the last such report, (ii) a description of each event, condition or circumstance during the last fiscal quarter
covered by such Compliance Certificate requiring a mandatory prepayment under Section 2.05(b) and (iii) a list of each Subsidiary
of Holdings that identifies each Subsidiary as a Restricted Subsidiary, an Unrestricted Subsidiary or an Excluded Subsidiary as
of the date of delivery of such Compliance Certificate or confirmation that there has been no change in such information since
the later of the Closing Date or the date of the last such list;

 

(e)       [reserved];
and

 

(f)       promptly,
such additional information regarding the business, legal, financial or corporate affairs of the Loan Parties or any of their respective
Restricted Subsidiaries, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender through
the Administrative Agent may from time to time reasonably request.

 

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Each of Holdings and the Borrower hereby
acknowledges that (a) the Administrative Agent will make available to the Lenders materials and/or information provided by or
on behalf of the Loan Parties hereunder (collectively, “Borrower
Materials”) by posting the Borrower Materials on IntraLinks or another
similar electronic system (the “Platform”)
and (b) certain of the Lenders may be “public-side” Lenders
(i.e., Lenders that do not wish to receive material non-public information with respect to Holdings, the Borrower,
their respective Affiliates or any of their respective securities) (each, a “Public
Lender”). The Borrower hereby agrees to make all Borrower Materials that the
Borrower intends to be made available to Public Lenders clearly and conspicuously designated as “PUBLIC.” By
designating Borrower Materials as “PUBLIC”,
the Borrower (x) authorizes such Borrower Materials to be made available to a portion of the Platform designated “Public
Investor”, which is intended to contain only information that is either publicly
available or not material information (though it may be sensitive and proprietary) with respect to Holdings, the Borrower,
their respective Affiliates or any of their respective securities for purposes of foreign, United States federal and state
securities laws, (y) authorizes the Administrative Agent and/or the Collateral Agent to treat such Borrower materials as
publicly available and not containing any material non-public information with respect to Holdings, the Borrower, their
respective Affiliates or any of their respective securities for purposes of foreign, United States federal and state
securities laws and (z) authorizes the Administrative Agent and/or the Collateral Agent to treat any Borrower Materials that
are not marked “PUBLIC” as being
suitable only for posting on a portion of the Platform not designated “Public
Investor”. Notwithstanding the foregoing, the Borrower shall not be under any
obligation to mark any Borrower Materials “PUBLIC.” The
Borrower agrees that (i) any Loan Documents and notifications of changes in terms of the Loan Documents, (ii) any financial
statements delivered pursuant to Section 6.01 and (iii) any Compliance Certificates delivered pursuant to Section 6.02(a)
will be deemed to be “public-side” Borrower
Materials and may be made available to Public Lenders.

 

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

 

Section 6.03     Notices.

 

Within 3 Business Days after
a Responsible Officer of Holdings or the Borrower has obtained knowledge thereof, notify the Administrative Agent:

 

(a)       of
the occurrence of any Default;

 

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

 

(c)       of
the filing or commencement of any action, suit, litigation or proceeding, whether at law or in equity by or before any Governmental
Authority, (i) against Holdings or any of its Restricted Subsidiaries that would reasonably be expected to result in a Material
Adverse Effect or (ii) with respect to any Loan Document.

 

Each notice pursuant to
this Section 6.03 shall be accompanied by a written statement of a Responsible Officer of the Borrower (x) that such notice is
being delivered pursuant to Sections 6.03(a), (b) or (c) (as applicable) and (y) setting forth details of the occurrence referred
to therein and stating what action the Borrower has taken and proposes to take with respect thereto.

 

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Section 6.04     Payment of Obligations.

 

Pay, discharge or otherwise satisfy as the
same shall become due and payable in the normal conduct of its business, all its obligations and liabilities in respect of Taxes
imposed upon it or upon its income or profits or in respect of its property, except, in each case, (i) to the extent any such Tax
is being contested in good faith and by appropriate proceedings for which appropriate reserves have been established or (ii) if
such failure to pay or discharge such obligations and liabilities would not reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect.

 

Section 6.05     Preservation of Existence, Etc.

 

(a)       Preserve,
renew and maintain in full force and effect its legal existence under the Laws of the jurisdiction of its organization except (x)
in a transaction permitted by Sections 7.04 or 7.05 and (y) any Restricted Subsidiary may merge or consolidate with any other Restricted
Subsidiary and (b) take all reasonable action to maintain all rights, privileges (including its good standing where applicable
in the relevant jurisdiction), permits, licenses and franchises necessary or desirable in the normal conduct of its business (including
any material Broadcast Licenses) except, in the case of (a) (other than with respect to the Borrower) or (b), (i) to the extent
that failure to do so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or
(ii) pursuant to a transaction permitted by Article VII or clause (a)(y) of this Section 6.05.

 

Section 6.06     Maintenance of Properties.

 

Except if the failure to do so could not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, maintain, preserve and protect all
of its material tangible or intangible properties and equipment necessary in the operation of its business in good working order,
repair and condition (including, in the case of IP Rights, by maintaining, preserving and protecting such rights, including by
maintaining and renewing registrations and reasonably prosecuting applications therefor), ordinary wear and tear excepted and fire,
casualty or condemnation excepted.

 

Section 6.07     Maintenance of Insurance.

 

(a)       Maintain
with financially sound and reputable insurance companies, insurance with respect to its properties and business against loss or
damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts
(after giving effect to any self-insurance reasonable and customary for similarly situated Persons engaged in the same or similar
businesses as Holdings, the Borrower and the Restricted Subsidiaries) as are customarily carried under similar circumstances by
such other Persons.

 

(b)       If
any portion of any Mortgaged Property is at any time located in an area identified by the Federal Emergency Management Agency
(or any successor agency) as a special flood hazard area (a “Special Flood
Hazard Area”) with respect to which flood insurance has been made available
under the National Flood Insurance Act of 1968 (as in effect on the Closing Date or thereafter or any successor act thereto),
then the Borrower shall, or shall cause each Loan Party to, (i) maintain, or cause to be maintained, with a financially sound
and reputable insurer (except to the extent that any insurance company insuring the Mortgaged Property of such Loan Party
ceases to be financially sound and reputable after the Closing Date, in which case, such Loan Party shall promptly replace
such insurance company with a financially sound and reputable insurance company), flood insurance in an amount as the
Administrative Agent and the Lenders may from time to time reasonably require, and otherwise sufficient to comply with all
applicable rules and regulations promulgated pursuant to the Flood Insurance Laws and (ii) promptly upon request of the
Administrative Agent or any Lender, will deliver to the Administrative Agent for distribution to the Lenders, evidence of
such compliance in form and substance reasonably acceptable to the Administrative Agent and such Lender, including, without
limitation, evidence of annual renewals of such insurance.

 

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(c)       All
such liability and casualty insurance (other than business interruption insurance) as to which the Administrative Agent shall have
reasonably requested to be so named, shall name the Administrative Agent as additional insured or lender loss payee, as applicable.

 

Section 6.08     Compliance with Laws.

 

(a)       Comply
with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property,
except if the failure to comply therewith could not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect.

 

(b)       Operate
all of the Broadcast Stations and other facilities authorized by the FCC Authorizations in material compliance with the Communications
Laws and with the terms of the FCC Authorizations, (ii) timely file all required reports and notices with the FCC and pay all amounts
due in a timely fashion on account of fees and charges to the FCC and (iii) timely file and prosecute all applications for renewal
or for extension with respect to all of the FCC Authorizations, except, in each case of the foregoing, for any failure which would
not reasonably be expected to have a Material Adverse Effect.

 

Section 6.09     Books
and Records.

 

Maintain
proper books of record and account, in which entries that are full, true and correct in all material respects and are in
conformity with GAAP consistently applied and which reflect all material financial transactions and matters involving the
assets and business of Holdings or a Restricted Subsidiary, as the case may be (it being understood and agreed that certain
Foreign Subsidiaries maintain individual books and records in conformity with generally accepted accounting principles in
their respective countries of organization and that such maintenance shall not constitute a breach of the representations,
warranties or covenants hereunder).

 

Section 6.10     Inspection
Rights.

 

Permit representatives
and independent contractors of the Administrative Agent and each Lender to visit and inspect any of its properties, to
examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its
affairs, finances and accounts with its directors, officers, and independent public accountants (subject to such
accountants’ customary policies and procedures), all at the reasonable expense of the Borrower and at such reasonable
times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower; provided
that, other than any such visits and inspections during the continuation of an Event of Default, only the Administrative
Agent on behalf of the Lenders may exercise rights of the Administrative Agent and the Lenders under this Section 6.10 and
the Administrative Agent shall not exercise such rights more often than two times during any calendar year and only one (1)
such time shall be at the Borrower’s expense; provided, further, that when an Event of Default exists, the
Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the
foregoing from time to time at the expense of the Borrower at any time during normal business hours and upon reasonable
advance notice. The Administrative Agent and the Lenders shall give the Borrower the opportunity to participate in any
discussions with the Borrower’s independent public accountants. Notwithstanding anything to the contrary in this
Section 6.10, none of Holdings nor any Restricted Subsidiary shall be required to disclose, permit the inspection,
examination or making copies or abstracts of, or discussion of, any document, information or other matter that (i)
constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the
Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by Law or (iii) is
subject to attorney-client or similar privilege or constitutes attorney work-product.

 

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Section 6.11     Additional Collateral; Additional
Guarantors.

 

At the Borrower’s
expense, take all action either necessary or as reasonably requested by the Administrative Agent or the Collateral Agent to ensure
that the Collateral and Guarantee Requirement continues to be satisfied, including:

 

(a)       Upon
(x) the formation or acquisition of any new direct or indirect wholly owned Restricted Subsidiary (other than an Excluded Subsidiary)
by Holdings, (y) any Excluded Subsidiary ceasing to constitute an Excluded Subsidiary (including, following the designation of
a Restricted Subsidiary as an Electing Guarantor) or (z) the designation in accordance with Section 6.14 of an Unrestricted Subsidiary
(other than an Excluded Subsidiary) as a Restricted Subsidiary (a “New Restricted
Subsidiary”):

 

(i)       within
sixty (60) days after such formation, acquisition, cessation or designation or election, or such longer period as the Administrative
Agent may agree in writing in its discretion:

 

(A)       cause
each such Restricted Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement (each,
a “New Guarantor”) to duly execute
and deliver to the Administrative Agent or the Collateral Agent (as appropriate) joinders to this Agreement as Guarantors, Security
Agreement Supplements (with respect to any US Guarantor), Intellectual Property Security Agreements, Mortgages, a counterpart of
the Intercompany Note, each Intercreditor Agreement, if applicable, and other security agreements and documents (including, with
respect to such Mortgages, the documents listed in Section 6.13)), as reasonably requested by and in form and substance reasonably
satisfactory to the Administrative Agent (consistent with the Mortgages, Security Agreement and other Collateral Documents in effect
on the Closing Date), in each case granting Liens required by the Collateral and Guarantee Requirement;

 

(B)       cause
each such New Restricted Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement
to deliver any and all certificates representing Equity Interests in such New Restricted Subsidiary (to the extent certificated
or constituting “certificated securities”)
and intercompany notes that are required to be pledged pursuant to the Collateral and Guarantee Requirement, accompanied by undated
stock powers or other appropriate instruments of transfer executed in blank;

 

(C)       take
and cause any such New Restricted Subsidiary that is a New Guarantor pursuant to the Collateral and Guarantee Requirement to
take whatever action (including the recording of Mortgages, the filing of Uniform Commercial Code financing statements and
intellectual property security agreements, and delivery of Pledged Equity and Pledged Debt, accompanied by undated stock
powers or other appropriate instruments of transfer executed in blank) as may be necessary in the reasonable opinion of the
Collateral Agent to vest in the Collateral Agent (or in any representative of the Collateral Agent designated by it) valid
and perfected Liens securing the Obligations to the extent required by the Collateral and Guarantee Requirement, and to
otherwise comply with the requirements of the Collateral and Guarantee Requirement;

 

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(ii)       if
reasonably requested by the Administrative Agent or the Collateral Agent, within sixty (60) days after such request (or such longer
period as the Administrative Agent may agree in writing in its discretion), deliver to the Administrative Agent a signed copy of
an opinion, addressed to the Administrative Agent, Collateral Agent and the Lenders, of counsel for the Loan Parties consistent
with the opinion delivered pursuant to Section 4.01(a)(vi) on the Closing Date;

 

(iii)       as
promptly as practicable after the request therefor by the Administrative Agent or Collateral Agent, deliver to the Collateral Agent
with respect to each Material Real Property, any existing title reports, abstracts or environmental assessment reports, to the
extent available and in the possession or control of the Loan Parties or their respective Subsidiaries; provided, however,
that there shall be no obligation to deliver to the Administrative Agent any existing environmental assessment report whose disclosure
to the Administrative Agent would require the consent of a Person other than the Loan Parties or one of their respective Subsidiaries,
where, despite the commercially reasonable efforts of the Loan Parties or their respective Subsidiaries to obtain such consent,
such consent cannot be obtained; and

 

(iv)       if
reasonably requested by the Administrative Agent or the Collateral Agent, within sixty (60) days after such request (or such longer
period as the Administrative Agent may agree in writing in its discretion), deliver to the Collateral Agent any other items necessary
from time to time to satisfy the Collateral and Guarantee Requirement with respect to perfection and existence of security interests
with respect to property of any Guarantor acquired after the Closing Date and subject to the Collateral and Guarantee Requirement,
but not specifically covered by the preceding clauses (i), (ii) or (iii) or clause (b) below.

 

(b)       Not
later than ninety (90) days after the acquisition by any Loan Party of any Material Real Property as determined by the Borrower
(acting reasonably and in good faith) (or such longer period as the Administrative Agent may agree in writing in its discretion)
that is required to be provided as Collateral pursuant to the Collateral and Guarantee Requirement, cause such property to be subject
to a Lien and Mortgage in favor of the Collateral Agent for the benefit of the Secured Parties and take, or cause the relevant
Loan Party to take, such actions as shall be necessary or reasonably requested by the Administrative Agent to grant and perfect
or record such Lien, in each case to the extent required by, and subject to the limitations and exceptions of, the Collateral and
Guarantee Requirement and to otherwise comply with the requirements of the Collateral and Guarantee Requirement.

 

(c)
Notwithstanding anything contained herein to the contrary,
if any fee owned real property owned by any Loan Party becomes subject to a Lien
(other than a Lien permitted under Section 7.01(c), (d), (g). (i), (n), (t), or (x) or any non-consensual Lien arising by
operation of Law), as promptly as practicable, deliver to the Collateral Agent with respect to each such parcel of real
property, a mortgage, any existing title reports, abstracts or environmental assessment reports, to the extent available and
in the possession or control of the Loan Parties or their respective Subsidiaries; provided, however, that there shall be no
obligation to deliver to the Administrative Agent any existing environmental assessment report whose disclosure to the
Administrative Agent would require the consent of a Person other than the Loan Parties or one of their respective
Subsidiaries, where, despite the commercially reasonable efforts of the Loan Parties or their respective Subsidiaries to
obtain such consent, such consent cannot be obtained or any other documents required by Section 6.13.

 

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Notwithstanding
the foregoing, the requirements of this Section 6.11 shall not apply to any Foreign Subsidiary if, in the reasonable judgment of
the Administrative Agent in consultation with the Borrower,
the burden, cost or consequences of complying with this Section 6.11 is excessive in relation to the benefits to be obtained therefrom
by the Lenders under the Loan Documents.

 

Section 6.12     Compliance with Environmental Laws.

 

Except, in each case, to the extent that
the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, comply,
and take all commercially reasonable actions to cause all lessees and other Persons operating or occupying its properties to comply
with all applicable Environmental Laws and Environmental Permits; obtain, maintain and renew all Environmental Permits necessary
for its operations and properties; and, in each case to the extent the Loan Parties or Subsidiaries are required by Environmental
Laws, conduct any investigation, remedial or other corrective action necessary to address Hazardous Materials at any property or
facility in accordance with applicable Environmental Laws.

 

Section 6.13     Further Assurances.

 

Promptly upon reasonable request by the
Administrative Agent (i) correct any material defect or error that may be discovered in the execution, acknowledgment, filing or
recordation of any Intercreditor Agreement or any Collateral Document or other document or instrument relating to any Collateral,
and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further
acts, deeds, certificates, assurances and other instruments as the Administrative Agent may reasonably request from time to time
in order to carry out more effectively the purposes of any Intercreditor Agreement or the Collateral Documents, to the extent required
pursuant to the Collateral and Guarantee Requirement. If the Administrative Agent or the Collateral Agent reasonably determines
that it is required by applicable Law to have appraisals prepared in respect of the Real Property of any Loan Party subject to
a Mortgage constituting Collateral, the Borrower shall provide to the Administrative Agent appraisals that satisfy the applicable
requirements of the Real Estate Appraisal Reform Amendments of FIRREA.

 

Section 6.14     Designation of Subsidiaries.

 

(a)       Holdings
may at any time designate any Restricted Subsidiary of Holdings as an Unrestricted Subsidiary or any Unrestricted Subsidiary
as a Restricted Subsidiary; provided that (i) immediately before and after such designation, no Default or Event of
Default shall have occurred and be continuing, (ii) no Subsidiary may be designated as an Unrestricted Subsidiary if it is a “Restricted
Subsidiary” for the purpose of any Senior Notes Documents, ABL Loan Documents or
any Junior Financing, (iii) no Subsidiary may be designated as an Unrestricted Subsidiary if such Subsidiary or any of its
Subsidiaries owns any Broadcast Licenses, Broadcast Stations, material intellectual property or other material property or
assets necessary at such time to the operation of the business of the Loan Parties and (iv) no Unrestricted Subsidiary may
own Equity Interests, or hold any Indebtedness, of Holdings, the Borrower or any Restricted Subsidiary. The designation of
any Subsidiary as an Unrestricted Subsidiary after the Closing Date shall constitute an Investment by Holdings therein at the
date of designation in an amount equal to the fair market value of Holdings’ or
its Subsidiary’s (as applicable) Investment therein. The designation of any
Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (i) the incurrence at the time of designation of any
Investment, Indebtedness or Liens of such Subsidiary existing at such time and (ii) a return on any Investment by Holdings in
Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the fair market value at the date of such
designation of Holdings’ or its Subsidiary’s (as applicable) Investment in such Subsidiary.

 

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(b)       Holdings
may designate (or re-designate) any Restricted Subsidiary that is an Excluded Subsidiary as an Electing Guarantor and may designate
(or re-designate) any Electing Guarantor as an Excluded Subsidiary; provided that (i) no Subsidiary may be designated as an Excluded
Subsidiary if it is a guarantor for the purpose of any Senior Notes Documents, ABL Loan Documents or any Junior Financing, (ii)
any such designation (or redesignation) of an Electing Guarantor as an Excluded Subsidiary shall constitute an Investment by Holdings
or the relevant Restricted Subsidiary, as applicable, therein at the date of designation in an amount equal to the fair market
value (as determined in good faith by Holdings) of the Investments held by Holdings and/or the applicable Restricted Subsidiaries
in such Electing Guarantor immediately prior to such designation and such Investments shall otherwise be permitted hereunder and
(iii) any Indebtedness or Liens of any Restricted Subsidiary designated (or re-designated) as an Electing Guarantor or an Excluded
Subsidiary, as applicable, shall be deemed to be incurred after giving effect to such designation and such incurrence shall otherwise
be permitted hereunder.

 

Section 6.15     Maintenance of Ratings.

 

Use commercially
reasonable efforts to (i) cause each Facility to be continuously rated (but not any specific rating) by S&P and Moody’s
and (ii) maintain a public corporate rating for Holdings (but not any specific rating) from S&P and a public corporate family
rating for Holdings (but not any specific rating) from Moody’s. For purposes of clause
(ii) of this Section 6.15, a public corporate rating of Parent and a public corporate family for Parent shall be sufficient.

 

Section 6.16     Post-Closing Covenants.

 

Except as otherwise agreed by the Administrative
Agent in its sole discretion, Holdings and the Borrower shall, and shall cause each of the other Loan Parties to, deliver each
of the documents, instruments and agreements and take each of the actions set forth on Schedule 6.16 within the time periods
set forth therein (or such longer time periods as determined by the Administrative Agent in its sole discretion or with respect
to matters relating primarily to the ABL Priority Collateral, in the sole discretion of the ABL Facility Administrative Agent).

 

Section 6.17     License Subsidiaries.

 

(a)       Except,
in each case, to the extent that the failure to do so could not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect, ensure that each License Subsidiary engages only in the business of holding Broadcast Licenses and rights
and activities related thereto.

 

(b)       Except,
in each case, to the extent that the failure to do so could not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect, ensure that the FCC Authorizations held by each License Subsidiary are not (i) commingled with the property
of the Borrower and any Restricted Subsidiary thereof other than another License Subsidiary or (ii) transferred by such License
Subsidiary to the Borrower or any Restricted Subsidiary (other than any other License Subsidiary), except in connection with a
Disposition permitted under Section 7.05.

 

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(c)       Except,
in each case, to the extent that the failure to do so could not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect, ensure that no License Subsidiary has any Indebtedness or other material liabilities
except (i) liabilities arising under the Loan Documents to which it is a party, the ABL Facility and the Senior Notes and
(ii) trade payables incurred in the ordinary course of business, tax liabilities incidental to ownership of such rights and
other liabilities incurred in the ordinary course of business, including those in connection with agreements necessary or
desirable to operate broadcast stations, including affiliation, programming, syndication, time brokerage, joint sales, lease
and similar agreements.

 

ARTICLE VII

Negative Covenants

 

So long as any Lender shall have any Commitment
hereunder, any Loan or other Obligation hereunder (other than contingent indemnification obligations not yet due and payable) which
is accrued and payable shall remain unpaid or unsatisfied:

 

Section 7.01     Liens.

 

Neither Holdings nor the Restricted Subsidiaries
shall, directly or indirectly, create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues,
whether now owned or hereafter acquired, other than the following:

 

(a)       Liens
pursuant to any Loan Document, the ABL Loan Documents and/or the Senior Secured Notes Documents and, in each case, any Permitted
Refinancing thereof;

 

(b)       Liens
(i) permitted to remain outstanding under the Bankruptcy Plan and (ii) arising in connection with the Transactions or pursuant
to the Tax Matters Agreement, the Transition Services agreement, any employee matters agreement contemplated by the Bankruptcy
Plan or other agreement contemplated by the Bankruptcy Plan, and, in any such case of clauses (i) and (ii), any modifications,
replacements, renewals, refinancings or extensions thereof; provided that (x) the Lien does not extend to any additional
property other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien or financed
by Indebtedness permitted under Section 7.03, and (B) proceeds and products thereof, and (y) the replacement, renewal, extension
or refinancing of the obligations secured or benefited by such Liens, to the extent constituting Indebtedness, is permitted by
Section 7.03;

 

(c)       Liens
for Taxes that are not overdue for a period of more than thirty (30) days or not yet payable or that are being contested in good
faith and by appropriate actions diligently conducted, if adequate reserves with respect thereto are maintained on the books of
the applicable Person to the extent required in accordance with GAAP;

 

(d)       statutory
or common law Liens of landlords, sublandlords, carriers, warehousemen, mechanics, materialmen, repairmen, construction contractors
or other like Liens that secure amounts not overdue for a period of more than forty-five (45) days or if more than forty-five (45)
days overdue, that are unfiled and no other action has been taken to enforce such Lien or that are being contested in good faith
and by appropriate actions diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable
Person to the extent required in accordance with GAAP;

 

(e)       (i)
pledges or deposits in the ordinary course of business in connection with workers’ compensation,
unemployment insurance and other social security legislation and (ii) pledges and deposits in the ordinary course of business
securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit
or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to Holdings or
any of its Restricted Subsidiaries;

 

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(f)       deposits
to secure the performance of bids, trade contracts, governmental contracts and leases (other than Indebtedness for borrowed money),
statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including
(i) those to secure health, safety and environmental obligations and (ii) letters of credit and bank guarantees required or requested
by any Governmental Authority in connection with any contract or Law) incurred in the ordinary course of business;

 

(g)       easements,
rights-of-way, restrictions, encroachments, protrusions and other similar encumbrances and minor title defects affecting Real Property,
and any exceptions on the Mortgage Policies issued in connection with the Mortgaged Properties, that do not in the aggregate materially
interfere with the ordinary conduct of the business of Holdings or any of its Restricted Subsidiaries, taken as a whole;

 

(h)       Liens
securing judgments for the payment of money not constituting an Event of Default under Section 8.01(h);

 

(i)       leases,
licenses, subleases or sublicenses granted to others in the ordinary course of business which do not (i) interfere in any material
respect with the business of Holdings and its Restricted Subsidiaries, taken as a whole or (ii) secure any Indebtedness;

 

(j)       Liens
(i) in favor of customs and revenue authorities arising as a matter of Law to secure payment of customs duties in connection with
the importation of goods in the ordinary course of business and (ii) Liens on specific items of inventory or other goods and proceeds
thereof of any Person securing such Person’s obligations in respect of bankers’
acceptances or letters of credit issued or created for the account of such Person to facilitate
the purchase, shipment or storage of such inventory or other goods in the ordinary course of business;

 

(k)       Liens
(i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection, (ii)
attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business and
(iii) in favor of a banking or other financial institution arising as a matter of Law or under customary general terms and conditions
encumbering deposits or other funds maintained with a financial institution (including the right of set-off) and that are within
the general parameters customary in the banking industry or arising pursuant to such banking institution’s
general terms and conditions;

 

(l)       Liens
(i) on cash advances or Cash Equivalents in favor of (x) the seller of any property to be acquired in an Investment permitted pursuant
to Sections 7.02(i) and (n) or (ii) consisting of an agreement to Dispose of any property in a Disposition permitted under Section
7.05 (other than 7.05(e)), in each case, solely to the extent such Investment or Disposition, as the case may be, would have been
permitted on the date of the creation of such Lien;

 

(m)       Liens
(i) in favor of Holdings or a Restricted Subsidiary on assets of a Restricted Subsidiary that is not a Loan Party securing permitted
intercompany Indebtedness and (ii) in favor of Holdings or any Subsidiary Guarantor;

 

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(n)       any
interest or title of a lessor, sublessor, licensor or sublicensor under leases, subleases, licenses or sublicenses entered into
by Holdings or any of its Restricted Subsidiaries in the ordinary course of business;

 

(o)       Liens
arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by Holdings
or any of its Restricted Subsidiaries in the ordinary course of business permitted by this Agreement;

 

(p)       Liens
deemed to exist in connection with Investments in repurchase agreements under Section 7.02;

 

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

 

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

 

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

 

(t)       ground
leases in respect of Real Property on which facilities owned or leased by Holdings or any of its Restricted Subsidiaries are located;

 

(u)       Liens
to secure Indebtedness permitted under Section 7.03(e); provided that (i) such Liens are created within 365 days of the
acquisition, construction, repair, lease or improvement of the property subject to such Liens, (ii) such Liens do not at any time
encumber property (except for replacements, additions and accessions to such property) other than the property financed by such
Indebtedness and the proceeds and products thereof and customary security deposits and (iii) with respect to Capitalized Leases,
such Liens do not at any time extend to or cover any assets (except for replacements, additions and accessions to such assets)
other than the assets subject to such Capitalized Leases and the proceeds and products thereof and customary security deposits;
provided that individual financings of equipment provided by one lender may be cross collateralized to other financings
of equipment provided by such lender;

 

(v)       Liens
on property (i) of any Subsidiary that is not a Loan Party and (ii) that does not constitute Collateral, which Liens secure Indebtedness
of Holdings or any Restricted Subsidiary permitted under Section 7.03;
provided that, in the case of this clause (ii), such Liens shall not secure any Indebtedness in
an aggregate principal amount outstanding at any time not to exceed the greater of $50,000,000 and 5.0% of Consolidated EBITDA
in each case determined as of the date of incurrence;

 

(w)       In
the case of Liens securing Indebtedness assumed pursuant to Section 7.03(g), Liens existing on property at the time of its
acquisition or existing on the property of any Person at the time such Person becomes a Restricted Subsidiary (other than by
designation as a Restricted Subsidiary pursuant to Section 6.14), in each case after the Closing Date (other than Liens on
the Equity Interests of any Person that becomes a Restricted Subsidiary); provided that (i) such Lien was not created
in contemplation of such acquisition or such Person becoming a Restricted Subsidiary and (ii) such Lien does not extend to or
cover any other assets or property (other than the proceeds or products thereof and other than after-acquired property
subjected to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other
obligations are permitted hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property,
it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not
have applied but for such acquisition);

 

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(x)       (i)
zoning, building, entitlement and other land use regulations by Governmental Authorities with which the normal operation of the
business complies, and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or
regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of Holdings
and its Restricted Subsidiaries, taken as a whole;

 

(y)       to
the extent constituting a Lien, Liens arising from precautionary Uniform Commercial Code financing statement or similar filings;

 

(z)       Liens
on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

 

(aa)     the modification, replacement, renewal
or extension of any Lien permitted by clauses (u) and (w) of this Section 7.01; provided that (i) the Lien does not extend
to any additional property, other than (A) after-acquired property that is affixed or incorporated into the property covered by
such Lien and (B) proceeds and products thereof, and (ii) the renewal, extension or refinancing of the obligations secured or benefited
by such Liens is permitted by Section 7.03 (to the extent constituting Indebtedness);

 

(bb)    other Liens securing Indebtedness
outstanding in an aggregate principal amount not to exceed $25,000,000 incurred pursuant to Section 7.03(f);

 

(cc)     Liens
with respect to property or assets of Holdings or any of its Restricted Subsidiaries securing obligations in an aggregate principal
amount outstanding at any time not to exceed the greater of $2350,000,000
and 235.0%
of Consolidated EBITDA for the then most recently ended Test Period in each case determined as of the date of incurrence; provided
that any Liens on Collateral incurred pursuant to this clause (cc) must be secured on a junior priority basis to the Liens securing
the Obligations and the Other Debt Representative acting on behalf of the holders of such Indebtedness shall have entered into
a Junior Lien Intercreditor Agreement;

 

(dd)Liens
to secure Indebtedness permitted to be secured under Sections 7.03(g), 7.03(q) or 7.03(s); provided that the Other Debt
Representative acting on behalf of the holders of each such Indebtedness becomes party to (i) if such Indebtedness is secured by
the Term Priority Collateral on a pari passu basis (but without regard to the control of remedies) with the Obligations,
the First Lien Intercreditor Agreement and, if any Indebtedness is outstanding that is secured by the Term Priority Collateral
on a junior priority basis to the liens securing the Obligations, the Junior Lien Intercreditor Agreement as a “Senior
Representative” (as defined in the Junior Lien Intercreditor Agreement) and (ii) if
such Indebtedness is secured by the Collateral on a junior priority basis to the liens securing the Obligations, the Junior Lien
Intercreditor Agreement as a “Second Priority Representative” (as
defined in the Junior Lien Intercreditor Agreement);

 

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(ee)     Liens on the Collateral securing obligations
in respect of Credit Agreement Refinancing Indebtedness constituting Permitted First Priority Refinancing Debt or Permitted Second
Priority Refinancing Debt (and any Permitted Refinancing of any of the foregoing); provided that (x) any such Liens on the
Collateral securing any Permitted Refinancing in respect of any Permitted First Priority Refinancing Debt are subject to the First
Lien Intercreditor Agreement and (y) any such Liens on the Collateral securing any Permitted Refinancing in respect of such Permitted
Second Priority Refinancing Debt are subject to the Junior Lien Intercreditor Agreement;

 

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

 

(gg)     deposits
of cash with the owner or lessor of premises leased and operated by Holdings or any of its Subsidiaries to secure the performance
of Holdings’ or such Subsidiary’s obligations
under the terms of the lease for such premises; and

 

(hh)     Liens on proceeds of Indebtedness
held in Escrow for so long as the proceeds thereof are and continue to be held in an Escrow and are not otherwise made available
to the Borrower or a Restricted Subsidiary.

 

Notwithstanding the
foregoing, (x) no consensual Liens shall exist on Equity Interests that constitute Collateral other than pursuant to clauses (a),
(m)(ii), (dd) and (ee) above and (y) no Liens shall exist on fee owned real property owned by any Loan Party (other than Liens
permitted under Section 7.01(c), (d), (g). (i), (n), (t), or (x) or any non-consensual Lien arising by operation of Law).

 

For purposes of determining compliance with
this Section 7.01, (A) Liens need not be incurred solely by reference to one category of Liens permitted by this Section 7.01 but
are permitted to be incurred in part under any combination thereof and of any other available exemption and (B) with respect to
any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the incurrence of such Indebtedness,
such Lien shall also be permitted to secure any amount permitted under Section 7.03(x) in respect of such Indebtedness.

 

Section 7.02     Investments.

 

Neither Holdings nor the Restricted Subsidiaries
shall directly or indirectly, make any Investments, except:

 

(a)       Investments
by Holdings or any of its Restricted Subsidiaries in assets that were Cash Equivalents when such Investment was made;

 

(b)       Loans
or advances to officers, directors, managers and employees of any Loan Party (or any direct or indirect parent thereof) or any
of its Restricted Subsidiaries (i) for reasonable and customary business-related travel, entertainment, relocation and analogous
ordinary business purposes, (ii) in connection with such Person’s purchase of Equity
Interests of Holdings or any direct or indirect parent thereof directly from such issuing entity (provided that the amount
of such loans and advances shall be contributed to Holdings in cash as common equity) and (iii) for any other purposes not described
in the foregoing clauses (i) and (ii); provided that the aggregate principal amount outstanding at any time (x) under clause
(ii) above shall not exceed $10,000,000 and (y) under (iii) above shall not exceed $15,000,000;

 

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(c)       Investments
by Holdings or the Borrower or any Restricted Subsidiary in any of Holdings, the Borrower or any Restricted Subsidiary; provided
that, in the case of any Investment by a Loan Party in a Restricted Subsidiary that is not a Loan Party, either
(x) the aggregate amount of such Investments shall not exceed the greater of (xI)
$250,000,000 and (yII)
25.0% of Consolidated EBITDA for the then most recently ended Test Period plus an amount equal to any returns of capital or sale
proceeds actually received in cash in respect of any such Investments (which amount shall not exceed the amount of such Investment
at the time such Investment was made) or (y) such Investment
is made in the ordinary course of business or consistent with past practice;

 

(d)       Investments
consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit
in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled
account debtors and other credits to suppliers in the ordinary course of business;

 

(e)       Investments
(excluding loans and advances made in lieu of Restricted Payments pursuant to and limited by Section 7.02(m) below) consisting
of transactions permitted under Sections 7.01, 7.03 (other than 7.03(c) and (d)), 7.04 (other than 7.04(c), (d) and (e)), 7.05
(other than 7.05(d) or (e), 7.06 (other than 7.06(e) and (i)(iv)) and 7.13, respectively;

 

(f)       Investments
(i) existing or contemplated on the Closing Date and set forth on Schedule 7.02(f) and any modification, replacement, renewal,
reinvestment or extension thereof and (ii) existing on the Closing Date by Holdings or any Restricted Subsidiary in Holdings or
any other Restricted Subsidiary and any modification, renewal or extension thereof; provided that, in each case, the amount
of the original Investment is not increased except by the terms of such Investment as of the Closing Date and described on Schedule
7.02(f) or as otherwise permitted by this Section 7.02;

 

(g)       Investments
in Swap Contracts permitted under Section 7.03;

 

(h)       promissory
notes and other non-cash consideration received in connection with Dispositions permitted by Section 7.05;

 

(i)       any
acquisition of all or substantially all the assets of a Person, or any Equity Interests in a Person that becomes a Restricted Subsidiary
or a division or line of business of a Person (or any subsequent Investment made in a Person, division or line of business previously
acquired in a Permitted Acquisition), in a single transaction or series of related transactions, if immediately after giving effect
thereto (i) other than in the case of a Limited Condition Transaction, no Event of Default under Section 8.01(a) or (f)
with respect to the Borrower shall have occurred and be continuing, (ii) the newly acquired business shall comply with Section
7.07 and (iii) to the extent required by the Collateral and Guarantee Requirement, (A) the property, assets and businesses acquired
in such purchase or other acquisition shall constitute Collateral and (B) any such newly created or acquired Subsidiary (other
than an Excluded Subsidiary or an Unrestricted Subsidiary) shall become a Guarantor, in each case, in accordance with Section 6.11
(any such acquisition, a “Permitted Acquisition”);

 

(j)       Investments
made pursuant to or in connection with the Transactions and Tax Matters Agreement, the Transition Services Agreement, any employee
matters agreement contemplated by the Bankruptcy Plan or other agreement contemplated by the Bankruptcy Plan;

 

(k)       Investments
in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit and UCC Article 4 customary
trade arrangements with customers consistent with past practices;

 

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(l)       Investments
(including debt obligations and Equity Interests) received in connection with the bankruptcy or reorganization of suppliers and
customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary
course of business or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any
secured Investment;

 

(m)       loans
and advances to Holdings and any other direct or indirect parent of Holdings, and not in excess of the amount of (after giving
effect to any other loans, advances or Restricted Payments in respect thereof) Restricted Payments to the extent permitted to be
made to such parent in accordance with Sections 7.06(f), (g), (h) or (l);

 

(n)       other
Investments in an aggregate amount outstanding pursuant to this clause (n) (valued at the time of the making thereof, and without
giving effect to any write downs or write offs thereof) at any time not to exceed the sum of (I) Restricted Payments permitted
pursuant to 7.06(h) that have not otherwise been made, plus (II) the greater of $385400,000,000
and 38.540.0%
of Consolidated EBITDA for the then most recently ended Test Period determined at the time of such Investment (in each case, net
of any return in respect thereof, including dividends, interest, distributions, returns of principal, profits on sale, repayments,
income and similar amounts) plus (III) the portion, if any, of the Cumulative Credit on such date that Holdings elects to
apply to this clause (III) plus (IV) Investments (i) in an amount equal to the amount of Excluded Contributions previously
received and that Holdings elects to apply under this clause (IV) or (ii) without duplication with clause (III) or clause (IV)(i),
in an amount equal to the Net Proceeds from a Disposition in respect of property or assets acquired after the Closing Date, if
the acquisition of such property or assets was financed with Excluded Contributions, in each case, to the extent Not Otherwise
Applied;

 

(o)       advances
of payroll payments to employees in the ordinary course of business;

 

(p)       Investments
to the extent that payment for such Investments is contemporaneously made solely with Equity Interests (other than Disqualified
Equity Interests) of Holdings (or any direct or indirect parent of Holdings);

 

(q)       Investments
of a Restricted Subsidiary acquired after the Closing Date or of a Person merged or amalgamated or consolidated into Holdings or
merged, amalgamated or consolidated with a Restricted Subsidiary in accordance with Section 7.04 after the Closing Date to the
extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, amalgamation or
consolidation and were in existence on the date of such acquisition, merger or consolidation;

 

(r)       [reserved];

 

(s)       Investments
constituting the non-cash portion of consideration received in a Disposition permitted by Section 7.05;

 

(t)       Guarantees
by Holdings or any of its Restricted Subsidiaries of leases (other than Capitalized Leases) or of other obligations that do not
constitute Indebtedness, in each case entered into in the ordinary course of business;

 

(u)       Investments
by the Borrower consisting of revolving loans made under that certain revolving loan agreement to be entered into upon the
closing of the Separation (as such term is defined in the Bankruptcy Plan), by and among the Borrower and Clear Channel
Outdoor, LLC, in an aggregate principal amount not to exceed $200,000,000 at any one time outstanding;

 

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(v)       Investments
in Unrestricted Subsidiaries having an aggregate fair market value, taken together with all other Investments made pursuant to
this clause (v) that are at the time outstanding, without giving effect to the sale of an Unrestricted Subsidiary to the extent
the proceeds of such sale do not consist of cash or marketable securities (until such proceeds are converted to Cash Equivalents),
not to exceed the greater of $50,000,000 and 5.0% of Consolidated EBITDA for the then most recently ended Test Period determined
at the time of such Investment (with the fair market value of each Investment being measured at the time made and without giving
effect to subsequent changes in value);

 

(w)       Investments
in another Person if such Person is engaged in any Similar Business and as a result of such Investment such other Person is merged,
consolidated or otherwise combined with or into, or transfers or conveys all or substantially all of its assets to, a Loan party;

 

(x)       so
long as no Default or Event of Default has occurred and is continuing or would result therefrom, Holdings and its Restricted Subsidiaries
may make Investments in an unlimited amount so long as the Consolidated Total Net Leverage Ratio calculated on a Pro Forma Basis
is less than or equal to 4.750
to 1.00 calculated on a consolidated basis for the then most recent Test Period ended immediately
preceding the date on which Investment is consummated;

 

(y)       Investments
in joint ventures of Holdings or any of its Restricted Subsidiaries existing on the Closing Date and set forth on Schedule 7.02(y);

 

(z)       Investments
in joint ventures of Holdings or any of its Restricted Subsidiaries after the Closing Date, taken together with all other Investments
made pursuant to this clause (z) that are at that time outstanding, not to exceed the greater of $15200,000,000
and 15.02.5%
of Consolidated EBITDATotal
Assets for the then most recently ended Test Period (in each case, determined on the
date such Investment is made, with the fair market value of each Investment being measured at the time made and without giving
effect to subsequent changes in value);

 

(aa)     earnest money deposits required in
connection with Permitted Acquisitions (or similar Investments); and

 

(bb)     contributions
to a “rabbi” trust for the benefit of
employees or other grantor trusts subject to claims of creditors in the case of bankruptcy of Holdings.

 

For purposes
of determining compliance with this Section 7.02, in the event that an item of Investment meets the criteria of more than one of
the categories of Investments described in clauses (a) through (bb)above, the Borrower may, in its sole discretion, classify or
later divide, classify or reclassify all or a portion of such item of Investment or any portion thereof in a manner that complies
with this Section 7.02 and will only be required to include the amount and type of such Investment in one or more of the above
clauses. In the event that a portion of the Investments could be classified as incurred under a “ratio-based”
basket (giving pro forma effect to the making of such Investments), the Borrower, in its sole discretion,
may classify such portion of such Investment as having been incurred pursuant to such “ratio-based”
basket and thereafter the remainder of the Investments as having been incurred pursuant to one
or more of the other clauses of this Section 7.02.

 

Notwithstanding the foregoing, no
Broadcast Licenses, Broadcast Stations or material intellectual property or other material property or asset necessary at
such time to the operation of the business of the Loan Parties (or Equity Interests in any Loan Party that owns any such
Broadcast Licenses, Broadcast Stations or other property or asset) that are, in each of the foregoing cases, owned by a Loan
Party, may be contributed as an Investment or otherwise, whether directly or indirectly or by one or more transactions, by
any Loan Party to any Person that is not a Loan Party.

 

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Section 7.03     Indebtedness. Neither Holdings
nor any of the Restricted Subsidiaries shall directly or indirectly, create, incur, assume or suffer to exist any Indebtedness,
except:

 

(a)       Indebtedness
of any Loan Party under (i) the Loan Documents, (ii) the Senior Secured Notes Documents in an aggregate principal amount under
this clause (ii) not to exceed $800,000,000, (iii) the Senior Unsecured Notes Documents in an aggregate principal amount under
this clause (iii) not to exceed $1,500,000,000 and (iv) Indebtedness incurred pursuant to the ABL Facility in an aggregate principal
amount not to exceed the sum of (I) $450,000,000 plus (II) ABL Incremental Loans plus (III) other ABL Obligations not constituting
principal and, in each case of clauses (i), (ii), (iii) and (iv), any Permitted Refinancing thereof;

 

(b)       Indebtedness
permitted to remain outstanding under the Bankruptcy Plan and Indebtedness incurred pursuant to or in connection with the terms
of the Tax Matters Agreement, the Transition Services Agreement, any employee matters agreement contemplated by the Bankruptcy
Plan or other agreement contemplated by the Bankruptcy Plan, and in each case of the foregoing, any Permitted Refinancing thereof;

 

(c)       Guarantees
by Holdings and any Restricted Subsidiary in respect of Indebtedness of Holdings or any Restricted Subsidiary of Holdings otherwise
permitted hereunder and/or as contemplated by the Bankruptcy Plan; provided that (A) no Guarantee of the Senior Notes, the
ABL Facility or any Indebtedness constituting Junior Financing shall be permitted unless such guaranteeing party shall have also
provided a Guaranty of the Obligations on the terms set forth herein and (B) if the Indebtedness being Guaranteed is subordinated
to the Obligations, such Guarantee shall be subordinated to the Guaranty of the Obligations on terms at least as favorable to the
Lenders as those contained in the subordination of such Indebtedness;

 

(d)       Indebtedness
of Holdings or any Restricted Subsidiary owing to Holdings or any Restricted Subsidiary (or issued or transferred to any direct
or indirect parent of a Loan Party which is substantially contemporaneously transferred to a Loan Party or any Restricted Subsidiary
of a Loan Party) to the extent constituting an Investment permitted by Section 7.02; provided that any such Indebtedness
(i) owing by any Loan Party to a Restricted Subsidiary that is not a Loan Party shall be subordinated in right of payment to the
Obligations pursuant to an Intercompany Note and (ii) subject to Section 6.16, owed contractually to a Loan Party by any other
Loan Party or any Restricted Subsidiary shall be evidenced by, and pledged to the Collateral Agent pursuant to, the Intercompany
Note;

 

(e)       (i)
Attributable Indebtedness and other Indebtedness (including Capitalized Leases) financing an acquisition, construction, repair,
replacement, lease or improvement of a fixed or capital asset incurred by Holdings or any Restricted Subsidiary prior to or within
365 days after the acquisition, construction, repair, replacement, lease or improvement of the applicable asset in an aggregate
amount not to exceed the greater of (x) $2400,000,000
and (y) 25.0%
of Total Assets determined at the time of incurrence (together with any Permitted Refinancings thereof) at any time outstanding,
(ii) Attributable Indebtedness arising out of sale-leaseback transactions permitted by Section 7.05(m) and (iii) any Permitted
Refinancing of any of the foregoing;

 

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(f)       Indebtedness
in respect of Swap Contracts designed to hedge against Holdings’ or any Restricted
Subsidiary’s exposure to interest rates, foreign exchange rates or commodities pricing
risks incurred in the ordinary course of business and not for speculative purposes;

 

(g)       Indebtedness
of Holdings or any Restricted Subsidiary assumed or incurred in connection with any Permitted Acquisition or similar permitted
Investment; provided that: (I) in the case of Indebtedness assumed in connection with any Permitted Acquisition or similar
permitted Investment (A) such Indebtedness may be assumed in unlimited amounts that would otherwise be permitted to be incurred
as Permitted Ratio Debt after giving Pro Forma Effect to the assumption thereof (and the other transactions consummated concurrently
therewith), and (B) any such assumed Indebtedness was not incurred in contemplation of such Permitted Acquisition or similar permitted
Investment; and (II) in the case of Indebtedness incurred in connection with such Permitted Acquisition or similar permitted Investment
(including to finance the consummation thereof) (A) the aggregate amount of such incurred Indebtedness does not exceed the sum
of (1) the greater of (x) $150,000,000 and (y) 15.0% of Consolidated EBITDA for the then most recently ended Test Period ending
on or prior to the incurrence thereof and (2) additional unlimited amounts that would otherwise be permitted to be incurred as
Permitted Ratio Debt hereunder; provided, further, that any such Indebtedness assumed or incurred by a Restricted Subsidiary
that is not a Loan Party, together with any Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party pursuant
to Sections 7.03(q), 7.03(s) or 7.03(v) or as a Permitted Refinancing by a Restricted Subsidiary that is not a Loan Party of Indebtedness
initially incurred under any of the foregoing clauses, does not exceed in the aggregate at any time outstanding the greater of
(x) $1200,000,000
and (y) 10.02.5%
of Consolidated EBITDATotal
Assets for the then most recently ended Test Period ending on or prior to the incurrence
thereof;

 

(h)       Indebtedness
representing deferred compensation to employees of Holdings (or any direct or indirect parent thereof) or any of its Restricted
Subsidiaries incurred in the ordinary course of business;

 

(i)       Indebtedness
consisting of promissory notes issued by Holdings or any of its Restricted Subsidiaries to future, present or former officers,
managers, consultants, directors and employees, their respective estates, spouses or former spouses to finance the purchase or
redemption of Equity Interests of Holdings or any direct or indirect parent of Holdings permitted by Section 7.06;

 

(j)       Indebtedness
incurred by Holdings or any of its Restricted Subsidiaries in a Permitted Acquisition, any other Investment expressly permitted
hereunder or any Disposition, in each case, constituting indemnification obligations or obligations in respect of purchase price
(including earnouts) or other similar adjustments;

 

(k)       Indebtedness
consisting of obligations of Holdings or any of its Restricted Subsidiaries under deferred compensation or other similar arrangements
incurred by such Person in connection with Permitted Acquisitions or any other Investment expressly permitted hereunder;

 

(l)       obligations
in respect of Indebtedness in respect of netting services, automatic clearinghouse arrangements, overdraft protections and similar
arrangements in each case in connection with deposit accounts;

 

(m)       Indebtedness
of Holdings or any of its Restricted Subsidiaries, in an aggregate principal amount that at the time of, and after giving
effect to, the incurrence thereof, would not exceed (i) the greater of $3050,000,000
and 305.0%
of Consolidated EBITDA for the then most recently ended Test Period at any time outstanding plus (ii) 100% of the cumulative
amount of the net cash proceeds and Cash Equivalent proceeds from the sale of Equity Interests (other than Excluded
Contributions, proceeds of Disqualified Equity Interests or sales of Equity Interests to Holdings or any of its
Subsidiaries) of Holdings or any direct or indirect parent of Holdings after the Closing Date and on or prior to such time
(including upon exercise of warrants or options) which proceeds have been contributed as common equity to the capital of
Holdings that has not been applied to incur debt pursuant to this clause (m)(ii), to make Restricted Payments pursuant to
Section 7.06 (other than pursuant to Section 7.06(h)), to make Investments pursuant to clause 7.02(n), (v), (w), (y) or (z),
to make prepayments of subordinated indebtedness pursuant to Section 7.13;

 

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(n)       Indebtedness
consisting of (a) the financing of insurance premiums or (b) take-or-pay obligations contained in supply arrangements, in each
case, in the ordinary course of business;

 

(o)       Indebtedness
incurred by Holdings or any of its Restricted Subsidiaries in respect of letters of credit, bank guarantees, bankers’
acceptances or similar instruments issued or created in the ordinary course of business, including
in respect of workers’ compensation claims, health, disability or other employee benefits
or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations
regarding workers compensation claims; provided that any reimbursement obligations in respect thereof are reimbursed within
30 Business Days following the incurrence thereof;

 

(p)       obligations
in respect of performance, bid, appeal and surety bonds and performance and completion guarantees and similar obligations provided
by Holdings or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments
related thereto, in each case in the ordinary course of business or consistent with past practice;

 

(q)       (i)
Indebtedness incurred in the form or notes or loans (x) secured by the Collateral on a pari passu basis with the Facilities
(“Incremental Equivalent First Lien Debt”),
(y) secured by the Collateral on a junior Lien basis with the Facilities (“Incremental
Equivalent Junior Lien Debt”) or (z) that are unsecured or secured solely by
assets that are not Collateral (“Incremental Equivalent Unsecured
Debt” and, together with Incremental Equivalent First Lien Debt and Incremental
Equivalent Junior Lien Debt, “Incremental Equivalent Debt”),
in an aggregate principal amount under this clause (q), when aggregated with the amount of Incremental Term Loans incurred
pursuant to Section 2.14(d)(v), not to exceed the Available Incremental Amount; provided that, (1)(x) if the proceeds of such
Indebtedness is being used to finance a Permitted Acquisition, Investment, or irrevocable repayment, repurchase or redemption
of any Indebtedness, no Event of Default under Sections 8.01(a) or (f) with respect to the Borrower shall have occurred and
be continuing or would exist after giving effect to such Indebtedness, or (y) if otherwise, no Event of Default shall have
occurred and be continuing or would exist after giving effect to such Indebtedness; (2) such Indebtedness shall (x) in the
case of Incremental Equivalent First Lien Debt, have a maturity date that is after the Latest Maturity Date at the time such
Indebtedness is incurred, and (y) in the case of Incremental Equivalent Junior Lien Debt and Incremental Equivalent Unsecured
Debt, have a maturity date that is at least ninety-one (91) days after the Latest Maturity Date at the time such Indebtedness
is incurred (in each case, other than with respect to Incremental Equivalent Debt that constitutes Customary Term A Loans); provided
that the foregoing requirements of this clause (2) shall not apply to the extent such Indebtedness constitutes a customary
bridge facility, so long as the long-term Indebtedness into which such customary bridge facility is to be converted or
exchanged satisfies the requirements of this clause (2) and such conversion or exchange is subject only to conditions
customary for similar conversions or exchanges; (3) such Indebtedness shall, in the case of Incremental Equivalent Debt
secured on a pari passu basis to the Liens securing the Obligations, have a Weighted Average Life to Maturity not shorter
than the longest remaining Weighted Average Life to Maturity of the Facilities (other than with respect to Incremental
Equivalent Debt that constitutes Customary Term A Loans); provided that the foregoing requirements of this clause (3)
shall not apply to the extent such Indebtedness constitutes a customary bridge facility, so long as the long-term
Indebtedness into which such customary bridge facility is to be converted or exchanged satisfies the requirements of this
clause (3) and such conversion or exchange is subject only to conditions customary for similar conversions or exchanges and,
in the case of Incremental Equivalent Debt secured on a junior lien basis with the Lien securing the Obligations or that is
unsecured, shall not be subject to scheduled amortization prior to maturity; (4) in the case of Incremental Equivalent Junior
Lien Debt, the Other Debt Representative shall be subject to the Junior Lien Intercreditor Agreement and, in the case of
Incremental Equivalent First Lien Debt, the Other Debt Representative shall be subject to the First Lien Intercreditor
Agreement; (5) in the case of Incremental Equivalent Debt in the form of term loans secured by the Collateral on a pari passu
basis with the Liens securing the Obligations, such Incremental Equivalent Debt shall be subject to MFN Protection (but
subject to the MFN Trigger Amount and other exceptions and qualifications to such MFN Protection specified in Section
2.14(e)(iii)) as if such Indebtedness were an Incremental Term Loan; (6) such Incremental Equivalent Debt shall otherwise
have terms and conditions, covenants or other provisions (other than pricing, rate floors, discounts, fees, premiums and
optional prepayment or redemption provisions) that in the good faith determination of Holdings are not materially less
favorable (when taken as a whole) to Holdings than the terms and conditions of the Loan Documents (when taken as a whole);
provided that a certificate of Holdings as to the satisfaction of the conditions described in this clause (6) delivered at
least five (5) Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of
the material terms and conditions of such Indebtedness or drafts of documentation relating thereto, stating that Holdings has
determined in good faith that such terms and conditions satisfy the foregoing requirements of this clause (6), shall be
conclusive unless the Administrative Agent notifies Holdings within such five (5) Business Day period that it disagrees with
such determination (including a description of the basis upon which it disagrees)) unless (x) the Lenders of the Term Loans
receive the benefit of such more restrictive terms or (y) any such provisions apply after the Latest Maturity Date at the
time of incurrence of such Indebtedness or shall otherwise be reasonably satisfactory to the Administrative Agent (it being
understood that to the extent any more restrictive terms added for the benefit of any such Permitted Ratio Debt, no consent
shall be required from the Administrative Agent or any of the Lenders to the extent that such more restrictive terms are
added for the benefit of any existing Facility); and (7) Incremental Equivalent Debt may be incurred by Restricted
Subsidiaries that do not constitute Loan Parties so long as the aggregate amount of Incremental Equivalent Debt incurred
pursuant to this clause (7), together with any Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party
pursuant to Sections 7.03(g), 7.03(v) and 7.03(s) and as Permitted Refinancing of any of the foregoing by a Restricted
Subsidiary that is not a Loan Party, does not exceed in the aggregate at any time outstanding, the greater of $1200,000,000
and 10.02.5%
of Consolidated EBITDATotal
Assets for the then most recently ended Test Period ending on or prior to the
incurrence thereof; and (ii) any Permitted Refinancing thereof;

 

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(r)       Indebtedness
supported by a letter of credit, in a principal amount not to exceed the face amount of such letter of credit;

 

(s)       Permitted
Ratio Debt and any Permitted Refinancing thereof;

 

(t)       Credit
Agreement Refinancing Indebtedness;

 

(u)       any
iHeart Operations Preferred Stock with a liquidation preference or stated value not to exceed the
greater of (x) $6200,000,000
and (y) 2.5% of Total Assets as of the last day of the then most
recently ended Test Period, and any Permitted Refinancing thereof; provided that,
for the avoidance of doubt, the greater of (x) $6200,000,000
and (y) 2.5% of Total Assets threshold
shall not be increased due to any anti-dilution provision or any other similar provision of such preferred stock;

 

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(v)       Indebtedness
incurred by a Subsidiary which is not a Loan Party which, when aggregated with the principal amount of all other Indebtedness incurred
pursuant to this clause (v) and then outstanding, together with any Indebtedness incurred by a Restricted Subsidiary that is not
a Loan Party pursuant to Sections 7.03(g), 7.03(q) or 7.03(s) or as a Permitted Refinancing of any of the foregoing by a Restricted
Subsidiary that is not a Loan Party, does not in the aggregate at any time outstanding exceed the greater of $1200,000,000
and 10.02.5%
of Consolidated EBITDATotal
Assets for the then most recently ended Test Period ending on or prior to the incurrence
thereof; and

 

(w)       [reserved];
and

 

(x)       all
premiums (if any), interest (including post-petition interest), fees, expenses, charges and additional or contingent interest on
obligations described in the clauses above.

 

For purposes
of determining compliance with this Section 7.03, in the event that an item of Indebtedness meets the criteria of more than one
of the categories of Indebtedness described in the clauses above, the Borrower may, in its sole discretion, classify or later divide,
classify or reclassify all or a portion of such item of Indebtedness or any portion thereof in a manner that complies with this
Section 7.03 and will only be required to include the amount and type of such Indebtedness in one or more of the above clauses;
provided that all Indebtedness outstanding under the Loan Documents and Senior Notes Documents, the ABL Loan Documents,
any Permitted Refinancing thereof, will at all times be deemed to be outstanding in reliance only on the exception in Section 7.03(a)
(but without limiting the right of the Borrower to classify and reclassify, or later divide, classify or reclassify, Indebtedness
incurred under Section 2.14, Section 7.03(g), 7.03(q) or 7.03(s)). In the event that a portion of the
Indebtedness or other obligations could be classified as an Incurrence Based Amount (giving pro
forma effect to the incurrence of such portion of such Indebtedness or other obligations), the Borrower, in its sole discretion,
may classify such portion of such Indebtedness as an Incurrence Based Amount and thereafter the remainder of the Indebtedness or
other obligations as having been incurred pursuant to one or more of the other clauses of this Section 7.03. The accrual of interest,
the accretion of accreted value and the payment of interest in the form of additional Indebtedness shall not be deemed to be an
incurrence of Indebtedness for purposes of this Section 7.03.

 

Section 7.04      Fundamental Changes.

 

Neither Holdings nor any of the Restricted
Subsidiaries shall merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction
or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor
of any Person, except that:

 

(a)       any
Restricted Subsidiary (other than the Borrower) may merge, amalgamate or consolidate with (i) Holdings (including a merger, the
purpose of which is to reorganize Holdings into a new jurisdiction); provided that Holdings shall be the continuing or surviving
Person and such merger does not result in Holdings ceasing to be a corporation, partnership or limited liability company organized
under the Laws of the United States, any state thereof or the District of Columbia, (ii) one or more other Restricted Subsidiaries;
provided that when any Person that is a Loan Party is merging with a Restricted Subsidiary, a Loan Party shall be the continuing
or surviving Person, or (iii) in order to consummate a Permitted Tax Restructuring subject
to complying with the express terms and conditions of the definition of “Permitted Tax Restructuring”;

 

(b)       (i)
any Restricted Subsidiary (other than the Borrower) that is not a Loan Party may merge, amalgamate or consolidate with or
into any other Restricted Subsidiary that is not a Loan Party; (ii) any Restricted Subsidiary (other than the Borrower) may
liquidate or dissolve if (x) Holdings determines in good faith that such action is in the best interest of Holdings and its
Restricted Subsidiaries and is not materially disadvantageous to the Lenders or the Collateral Agent and (y) to the extent
such Restricted Subsidiary is a Loan Party, any assets or business not otherwise disposed of or transferred in accordance
with Sections 7.02 (other than 7.02(e) or (h)) or 7.05 or, in the case of any such business, discontinued, shall be
transferred to otherwise owned or conducted by another Loan Party after giving effect to such liquidation or dissolution (it
being understood that in the case of any change in legal form, a Restricted Subsidiary that is a Guarantor will remain a
Guarantor unless such Guarantor is otherwise permitted to cease being a Guarantor hereunder), and (iii) Holdings or any
Restricted Subsidiary may change its legal form if Holdings determines in good faith that such action is in the best interest
of Holdings and its Restricted Subsidiaries and is not materially disadvantageous to the Lenders or the Collateral Agent and
all actions are taken to maintain the perfection of the Collateral Agent’s Liens
on the Collateral);

 

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(c)       any
Restricted Subsidiary (other than the Borrower) may Dispose of all or substantially all of its assets (upon voluntary liquidation
or otherwise) to Holdings or to another Restricted Subsidiary; provided that if the transferor in such a transaction is
a Guarantor, then (i) the transferee must be a Guarantor or the Borrower or (ii) to the extent constituting an Investment, such
Investment must be a permitted Investment in or Indebtedness of a Restricted Subsidiary that is not a Loan Party in accordance
with Sections 7.02 and 7.03, respectively;

 

(d)       so
long as no Default exists or would result therefrom, the Borrower may merge or consolidate with any other Person; provided
that (i) the Borrower shall be the continuing or surviving corporation or (ii) if the Person formed by or surviving any such merger
or consolidation is not the Borrower (any such Person, the “Successor Company”),
(A) the Successor Company shall be an entity organized or existing under the Laws of the United States, any state thereof or the
District of Columbia, (B) the Successor Company shall expressly assume all the obligations of the Borrower under this Agreement
and the other Loan Documents to which the Borrower is a party pursuant to a supplement hereto or thereto in form reasonably satisfactory
to the Administrative Agent, (C) each Guarantor, unless it is the other party to such merger or consolidation, shall have confirmed
that its Guaranty shall apply to the Successor Company’s obligations under the Loan
Documents, (D) each Guarantor, unless it is the other party to such merger or consolidation, shall have by a supplement to the
Security Agreement and/or other applicable Collateral Documents confirmed that its obligations thereunder shall apply to the Successor
Company’s obligations under the Loan Documents, (E) if requested by the Administrative
Agent, each mortgagor of a Mortgaged Property, unless it is the other party to such merger or consolidation, shall have by an amendment
to or restatement of the applicable Mortgage (or other instrument reasonably satisfactory to the Administrative Agent) confirmed
that its obligations thereunder shall apply to the Successor Company’s obligations
under the Loan Documents, and (F) the Borrower shall have delivered to the Administrative Agent an officer’s
certificate and an opinion of counsel, each stating that such merger or consolidation and such supplement to this Agreement or
any Collateral Document preserves the enforceability of this Agreement, the Guaranty and the Collateral Documents and the perfection
of the Liens under the Collateral Documents; provided, further, that if the foregoing are satisfied, the Successor Company
will succeed to, and be substituted for, the Borrower under this Agreement;

 

(e)       so
long as no Default exists (in the case of a merger involving a Loan Party), any Restricted Subsidiary may merge or consolidate
with any other Person (other than Holdings) in order to effect an Investment permitted pursuant to Section 7.02; provided
that the continuing or surviving Person shall be a Restricted Subsidiary (or, if such transaction involves the Borrower, the Borrower
shall survive), and any such Restricted Subsidiary shall have complied with the requirements of Section 6.11 to the extent required
pursuant to the Collateral and Guarantee Requirement;

 

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(f)       so
long as no Default exists or would result therefrom, a merger, dissolution, liquidation, consolidation or Disposition, the purpose
of which is to effect a Disposition permitted pursuant to Section 7.05; and

 

(g)       the
Transactions and any transactions as contemplated by the Bankruptcy Plan may be consummated.

 

Section 7.05Dispositions

 

Neither Holdings nor any of the Restricted
Subsidiaries shall, directly or indirectly, make any Disposition, except:

 

(a)       Dispositions
of obsolete, worn out or surplus property, whether now owned or hereafter acquired, in the ordinary course of business and Dispositions
of property no longer used or useful in the conduct of the business of Holdings and its Restricted Subsidiaries;

 

(b)       Dispositions
of inventory or goods (or other assets, including furniture and equipment) held for sale, intellectual property licensed to customers
and immaterial assets (including allowing any registrations or any applications for registration of any immaterial intellectual
property to lapse or go abandoned in the ordinary course of business), in each case, in the ordinary course of business;

 

(c)       Dispositions
of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property
or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such replacement property;

 

(d)       Dispositions
of property to Holdings or any Restricted Subsidiary; provided that if the transferor of such property is a Loan Party,
(i) the transferee thereof must be a Loan Party or (ii) if such transaction constitutes an Investment, such transaction is permitted
under Section 7.02;

 

(e)       to
the extent constituting Dispositions, transactions permitted by Sections 7.01, 7.02 (other than Section 7.02(e)), 7.04 (other than
Section 7.04(f)) and 7.06;

 

(f)       Dispositions
of Identified Assets;

 

(g)       Dispositions
of Cash Equivalents in the ordinary course of business;

 

(h)       (i)
leases, subleases, licenses or sublicenses (including the provision of software under an open source license), in each case in
the ordinary course of business and which do not materially interfere with the business of Holdings or any of its Restricted Subsidiaries
and (ii) Dispositions of intellectual property that do not materially interfere with the business of Holdings or any of its Restricted
Subsidiaries so long as Holdings or any of its Restricted Subsidiaries receives a license or other ownership rights to use such
intellectual property;

 

(i)       transfers
of property subject to Casualty Events;

 

(j)       Dispositions
of property; provided that (i) at the time of such Disposition (other than any such Disposition made pursuant to a
legally binding commitment entered into at a time when no Default exists), no Default shall exist or would result from such
Disposition and (ii) with respect to any Disposition pursuant to this clause (j) for a purchase price in excess of the
greater of (x) $150,000,000 and
(y) 1.5% of Total Assets for the Test Period then most recently ended on or prior to the date of such
Disposition, Holdings or any of its Restricted Subsidiaries shall receive not less
than 75% of such consideration in the form of cash or Cash Equivalents (in each case, free and clear of all Liens at the time
received, other than nonconsensual Liens permitted by Section 7.01 and Liens
permitted by Sections 7.01(a), (f), (k), (p), (q), (r)(i), (r)(ii), (dd) (only to the extent the Obligations are secured by
such cash and Cash Equivalents) and (ee) (only to the extent the Obligations are secured by such cash and Cash
Equivalents)Permitted Liens; provided,
however, that for the purposes of this clause (j)(ii), the following shall be deemed to be cash: (A) any liabilities (as
shown on Holdings’ (or the Restricted Subsidiaries’,
as applicable) most recent balance sheet provided hereunder or in the footnotes thereto) of Holdings or such Restricted
Subsidiary, other than liabilities that are by their terms subordinated to the payment in cash of the Obligations, that are
assumed by the transferee with respect to the applicable Disposition and for which Holdings and all of its Restricted
Subsidiaries shall have been validly released by all applicable creditors in writing, (B) any securities received by Holdings
or the applicable Restricted Subsidiary from such transferee that are converted by Holdings or such Restricted Subsidiary
into cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received) within 180 days following the closing
of the applicable Disposition, and (C) aggregate non-cash consideration received by Holdings or the applicable Restricted
Subsidiary having an aggregate fair market value (determined as of the closing of the applicable Disposition for which such
non-cash consideration is received) not to exceed the greater of $10250,000,000
and 1025.0%
of Consolidated EBITDA for the then most recently ended Test Period (net of any non-cash consideration converted into cash
and Cash Equivalents);

 

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(k)       [reserved];

 

(l)       Dispositions
or discounts without recourse of accounts receivable in connection with the compromise or collection thereof in the ordinary course
of business;

 

(m)       Dispositions
of property pursuant to sale-leaseback transactions; provided that the fair market value of all property so Disposed of
after the Closing Date shall not exceed 25.50%
of Total Assets as of the last day of the then most recently ended Test Period;

 

(n)       any
swap of assets in exchange for services or other assets of comparable or greater value or usefulness to the business of Holdings
and its Subsidiaries as a whole, as determined in good faith by the management of Holdings;

 

(o)       any
issuance or sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary (or a Restricted Subsidiary
which owns an Unrestricted Subsidiary so long as such Restricted Subsidiary owns no assets other than the Equity Interests of such
an Unrestricted Subsidiary));

 

(p)       the
unwinding of any Swap Contract pursuant to its terms;

 

(q)       Dispositions
of Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint
venture parties set forth in joint venture arrangements and similar binding arrangements;

 

(r)       the
lapse or abandonment in the ordinary course of business of any registrations or applications for registration of any immaterial
IP Rights;

 

(s)       Dispositions
listed on Schedule 7.05(s) or to consummate the Transactions, including Dispositions made pursuant to or in connection with the
Tax Matters Agreement, the Transition Services Agreement, any employee matters agreement contemplated by the Bankruptcy Plan or
other agreement contemplated by the Bankruptcy Plan;

 

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(t)       Dispositions
of the Equity Interests of Clear Channel Outdoor Holdings, Inc. subject to the iHeartCommunications Warrants as a result of the
exercise thereof or the cancellation of the such Equity Interests upon expiration of the iHeartCommunications Warrants without
exercise, if applicable;

 

(u)       transactions
entered into in order to consummate a Permitted Tax Restructuring subject to complying
with the express terms and conditions of the definition of “Permitted Tax Restructuring”;

 

(v)       Dispositions
of assets acquired pursuant to or in order to effectuate a Permitted Acquisition which assets are not used or useful to the core
or principal business of Holdings and its Restricted Subsidiaries;

 

provided
that any Disposition of any property pursuant to this Section 7.05 (except pursuant to Sections 7.05(e), (i), (p), (r) and (s)
and except for Dispositions from a Loan Party to any other Loan Party) shall be for no less than the fair market value of such
property at the time of such Disposition. To the extent any Collateral is Disposed of as expressly permitted by this Section 7.05
to any Person other than a Loan Party, such Collateral shall be sold free and clear of the Liens created by the Loan Documents
(and such Liens shall be automatically released),
and the Administrative Agent or the Collateral Agent, as applicable, shall be authorized to take any actions deemed appropriate
in order to effect the foregoing.

 

For purposes of determining compliance with
this Section 7.05, (A) Dispositions need not be incurred solely by reference to one category of Dispositions permitted by this
Section 7.05 but are permitted to be incurred in part under any combination thereof and of any other available exemption and (B)
in the event that Dispositions (or any portion thereof) meets the criteria of one or more of the categories of Dispositions permitted
by this Section 7.05, the Borrower may, in its sole discretion, classify or reclassify such Dispositions (or any portion thereof)
in any manner that complies with this provision.

 

Section 7.06Restricted Payments.

 

Neither Holdings nor any of the Restricted
Subsidiaries shall declare or make, directly or indirectly, any Restricted Payment, except:

 

(a)       each
Restricted Subsidiary may make Restricted Payments to Holdings, and other Restricted Subsidiaries of Holdings (and, in the case
of a Restricted Payment by a non-wholly owned Restricted Subsidiary, to Holdings and any other Restricted Subsidiary and to each
other owner of Equity Interests of such Restricted Subsidiary based on their relative ownership interests of the relevant class
of Equity Interests);

 

(b)       Holdings
and each Restricted Subsidiary may declare and make Restricted Payments payable solely in the Equity Interests (other than Disqualified
Equity Interests not otherwise permitted by Section 7.03) of such Person;

 

(c)       any
Restricted Payment made pursuant to or in connection with the Transactions and/or in connection with the Tax Matters Agreement,
the Transition Services Agreement, any employee matters agreement contemplated by the Bankruptcy Plan or other agreement contemplated
by the Bankruptcy Plan;

 

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(d)       so
long as no Default or Event of Default has occurred and is continuing or would result therefrom, Holdings and its Restricted Subsidiaries
may make Restricted Payments in an unlimited amount so long as the Consolidated Total Net Leverage Ratio calculated on a Pro Forma
Basis is less than or equal to 4.0075
to 1.00;

 

(e)       to
the extent constituting Restricted Payments, Holdings and its Restricted Subsidiaries may enter into and consummate transactions
expressly permitted by any provision of Sections 7.02 (other than 7.02(e) and (m)), 7.04 or 7.08 (other than Sections 7.08(e) or
7.08(j));

 

(f)       repurchases
of Equity Interests in Holdings (or any direct or indirect parent thereof) or any Restricted Subsidiary of Holdings deemed to occur
upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or
warrants;

 

(g)       Holdings
and each Restricted Subsidiary may pay (or make Restricted Payments to allow Holdings or any other direct or indirect parent thereof
to pay) for the repurchase, retirement or other acquisition or retirement for value of Equity Interests of such Restricted Subsidiary
(or of Holdings or any other such direct or indirect parent thereof) from any future, present or former employee, officer, director,
manager or consultant of such Restricted Subsidiary (or Holdings or any other direct or indirect parent of such Restricted Subsidiary)
or any of its Subsidiaries upon the death, disability, retirement or termination of employment of any such Person or pursuant to
any employee or director equity plan, employee, manager or director stock option plan or any other employee or director benefit
plan or any agreement (including any stock subscription or shareholder agreement) with any employee, manager, director, officer
or consultant of such Restricted Subsidiary (or Holdings or any other direct or indirect parent thereof) or any of its Restricted
Subsidiaries; provided that the aggregate amount of Restricted Payments made pursuant to this clause (g) shall not exceed
$40,000,000 in any calendar year (with unused amounts in any calendar year being carried over to succeeding calendar years subject
to a maximum of $80,000,000 in any calendar year); provided, further, that such amount in any calendar year may be increased
by an amount not to exceed:

 

(i)       to
the extent contributed to Holdings, the Net Proceeds from the sale of Equity Interests (other than Disqualified Equity Interests)
of any of Holdings’ direct or indirect parent companies, in each case to members of
management, managers, directors or consultants of Holdings, any of its Subsidiaries or any of its direct or indirect parent companies
that occurs after the Closing Date, to the extent Net Proceeds from the sale of such Equity Interests have been Not Otherwise Applied;
plus

 

(ii)       the
Net Proceeds of key man life insurance policies received by Holdings or its Restricted Subsidiaries; less

 

(iii)       the
amount of any Restricted Payments previously made with the cash proceeds described in clause (i) and (ii) of this Section 7.06(g);

 

(h)       Holdings
may make Restricted Payments in an aggregate amount not to exceed the sum of (i) the greater of $1300,000,000
and 10.03.5%
of Consolidated EBITDATotal
Assets for the Test Period then most recently ended on or prior to the date of
such Restricted Payment, plus (ii) the portion, if any, of the Cumulative Credit on such date that Holdings elects to
apply to this paragraph; provided that, solely in the case of any Restricted Payments made in reliance on clause (b)
of the definition of the “Cumulative Credit”, (A)
the Consolidated First Lien Net Leverage Ratio calculated on a Pro Forma Basis is less than or equal to 4.50 to 1.00 and (B) no
Event of Default under Sections 8.01(a) or (f) has occurred or is continuing, in the case of any Restricted Payments made in
reliance of clause (b) of the definition thereof) minus (iv) amounts applied to the prepayment of Junior
Financing pursuant to Section 7.13(a)(iv)(1);

 

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(i)       Holdings
may make Restricted Payments to any direct or indirect parent of Holdings:

 

(i)       to
pay its operating costs and expenses incurred in the ordinary course of business and other corporate overhead costs and expenses
(including administrative, legal, accounting and similar expenses provided by third parties), which are reasonable and customary
and incurred in the ordinary course of business and attributable to the ownership or operations of Holdings and its Restricted
Subsidiaries and, Transaction Expenses and any reasonable and customary indemnification claims made by directors, managers or officers
of such parent attributable to the ownership or operations of Holdings and its Restricted Subsidiaries;

 

(ii)       the
proceeds of which shall be used by such parent to pay franchise Taxes and other fees, Taxes and expenses required to maintain its
(or any of its direct or indirect parents’) corporate existence or good standing under
applicable law;

 

(iii)       for
any taxable period ending after the Closing Date (A) in which Holdings and/or any of its Subsidiaries is a member of a consolidated,
combined, unitary or similar Tax group (a “Tax Group”)
of which a direct or indirect parent of Borrower is the common parent or (B) in which Holdings is treated as a disregarded entity
or partnership for U.S. federal, state and/or local income tax purposes, to pay U.S. federal, state and local and foreign Taxes
that are attributable to the taxable income, revenue, receipts, gross receipts, gross profits, capital or margin of Holdings and/or
its Subsidiaries; provided that for each taxable period, the amount of such payments made in respect of such taxable period
in the aggregate shall not exceed the amount of such Taxes that Holdings and its Subsidiaries would have been required to pay if
they were a stand-alone Tax Group with Holdings as the corporate common parent of such stand-alone Tax Group; provided, further,
that the permitted payment pursuant to this clause (iii) with respect to any Taxes of any Unrestricted Subsidiary shall be limited
to the amount actually paid with respect to such period by such Unrestricted Subsidiary to Holdings or its Restricted Subsidiaries
for the purposes of paying such consolidated, combined unitary or similar Taxes;

 

(iv)       to
finance any Investment that would be permitted to be made pursuant to Section 7.02 if such parent were subject to such Section;
provided that (A) such Restricted Payment shall be made substantially concurrently with the closing of such Investment and
(B) such parent shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests)
to be contributed to Holdings or the Restricted Subsidiaries or (2) the merger (to the extent permitted in Section 7.04) of the
Person formed or acquired into Holdings or its Restricted Subsidiaries in order to consummate such Permitted Acquisition or Investment,
in each case, in accordance with the requirements of Section 6.11;

 

(v)       the
proceeds of which shall be used to pay customary salary, bonus and other benefits payable to officers and employees of Holdings
or any direct or indirect parent company of Holdings to the extent such salaries, bonuses and other benefits are attributable to
the ownership or operation of Holdings and the Restricted Subsidiaries; and

 

(vi)       the
proceeds of which shall be used by Holdings to pay (or to make Restricted Payments to allow any direct or indirect parent
thereof to pay) fees and expenses (other than to Affiliates) related to any unsuccessful equity or debt offering by Holdings
(or any direct or indirect parent thereof) that is directly attributable to the operations of Holdings and its
Restricted Subsidiaries;

 

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(j)       payments
made or expected to be made by Holdings or any of the Restricted Subsidiaries in respect of required withholding or similar non-U.S.
Taxes with respect to any future, present or former employee, director, manager or consultant and any repurchases of Equity Interests
in consideration of such payments including deemed repurchases in connection with the exercise of stock options;

 

(k)       Holdings
or any Restricted Subsidiary may (i) pay cash in lieu of fractional Equity Interests in connection with any dividend, split or
combination thereof or any Permitted Acquisition and (ii) honor any conversion request by a holder of convertible Indebtedness
and make cash payments in lieu of fractional shares in connection with any such conversion and may make payments on convertible
Indebtedness in accordance with its terms;

 

(l)       any
Restricted Payment by Holdings or any other direct or indirect parent of Holdings to pay listing fees and other costs and expenses
attributable to being a publicly traded company which are reasonable and customary;

 

(m)       any
Restricted Payment made in connection with paying dividends with respect to the declaration and payment by iHeart Operations of
cash interest with respect to the iHeart Operations Preferred Stock in an amount up to the
greater of (x) $6075,000,000
and (y) 7.5% of Total Assets as of the last day of the then most
recently ended Test Period of liquidation preference and any accrued unpaid interest
or premium thereon or any securities issued as a replacement therefor so long as the terms of such securities do not exceed the
greater of (x) $6075,000,000
and (y) 7.5% of Total Assets as of the last day of the then most
recently ended Test Period in liquidation preference, amount, stated value or principal
amount, and are not materially adverse to the Lenders, in their capacity as such, taken as whole, as compared to the terms of the
iHeart Operations Preferred Stock that is being replaced (as determined in good faith by the Borrower);

 

(n)       any
Restricted Payment made in connection with the declaration and payment of dividends or distributions to any holder of the iHeart
Operations Preferred Stock paying for the repayment, repurchase, redemption, defeasance, or otherwise acquire or retire for value
of all or any portion of the iHeart Operations Preferred Stock in an amount up to the
greater of (x) $6075,000,000
and % of Total Assets as of the last day of the then most recently
ended Test Period of liquidation preference or any securities issued as a replacement
therefor so long as the terms of such securities do not exceed the
greater of (x) $6075,000,000
and (y) 7.5% of Total Assets as of the last day of the then most
recently ended Test Period in liquidation preference, amount, stated value or principal
amount, and are not
materially adverse to the Lenders, in their capacity as such, taken as a whole, as compared to the terms of the iHeart Operations
Preferred Stock that is being replaced (as determined in good faith by the Borrower), together with accrued and unpaid interest
or premium thereon to the redemption date thereof, plus accrued and unpaid interest, dividends, premiums (including tender premiums),
defeasance costs, underwriting discounts, fees, costs and expenses (including original issue discount, upfront fees or similar
fees) related thereto;

 

(o)       distributions
in connection with the making of any “AHYDO Catch-up Payments,” in
respect of any Junior Financing defined as payments on any indebtedness to avoid the application of the “Applicable
High-Yield Discount Obligation” rules of Section 163 of the Code to such indebtedness;

 

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(p)       the
distribution, by dividend or otherwise, of Equity Interests of an Unrestricted Subsidiary (or a Restricted Subsidiary that owns
one or more Unrestricted Subsidiaries), or Indebtedness owed to Holdings or a Restricted Subsidiary by an Unrestricted Subsidiary;
provided that such Unrestricted Subsidiary (or a Restricted Subsidiary that owns one or more Unrestricted Subsidiaries)
owns no assets other than Equity Interests of one or more Unrestricted Subsidiaries (other than Unrestricted Subsidiaries the
primary assets of which are cash and/or Cash Equivalents); and

 

(q)       Restricted
Payments that are made (i) in an amount equal to the amount of Excluded Contributions previously received and that Holdings elects
to apply under this clause (q) or (ii) without duplication with clause (i), in an amount equal to the Net Proceeds not
required to be applied in accordance with Section 2.05 or the first proviso to the definition of Net Proceeds from
a Disposition in respect of property or assets acquired after the Closing Date, if the acquisition of such property or assets was
financed with Excluded Contributions, in each case, to the extent Not Otherwise Applied.

 

Section 7.07      Change in Nature of Business.

 

Holdings shall not, nor shall Holdings permit
any of the Restricted Subsidiaries to, directly or indirectly, engage in any material line of business substantially different
from those lines of business conducted by Holdings and the Restricted Subsidiaries on the Closing Date or any business reasonably
related, complementary, synergistic or ancillary thereto or reasonable extensions thereof.

 

Section 7.08      Transactions with Affiliates.

 

Neither
Holdings shall, nor shall Holdings permit any of the Restricted Subsidiaries to, directly or indirectly, enter into any
transaction of any kind with any Affiliate of Holdings, whether or not in the ordinary course of business for a transaction
value in excess of $25,000,000 per each individual transaction or series of related transactions, other than (a) loans and
other transactions among Holdings and its Restricted Subsidiaries or any entity that becomes a Restricted Subsidiary or as a
result of such loan or other transaction to the extent permitted under this Article VII, (b) on terms substantially as
favorable to Holdings or such Restricted Subsidiary as would be obtainable by Holdings or such Restricted Subsidiary at the
time in a comparable arm’s-length transaction with a Person other than an
Affiliate, (c) the Transactions and the payment of Transaction Expenses as part of or in connection with the Transactions,
(d) transactions pursuant to the Tax Matters Agreement, the Transition Services Agreement, any employee matters agreement
contemplated by the Bankruptcy Plan or other agreement contemplated by the Bankruptcy Plan, (e) Restricted Payments permitted
under Section 7.06 and Investments permitted under Section 7.02, (f) employment and severance arrangements between Holdings
and its Restricted Subsidiaries and their respective officers and employees in the ordinary course of business and
transactions pursuant to stock option plans and employee benefit plans and arrangements in the ordinary course of business,
(g) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors,
managers, officers, employees and consultants of Holdings and its Restricted Subsidiaries (or any direct or indirect parent
of Holdings) in the ordinary course of business to the extent attributable to the ownership or operation of Holdings and its
Restricted Subsidiaries, (h) transactions pursuant to agreements in existence on the Closing Date and set forth on Schedule
7.08 or any amendment thereto to the extent such an amendment is not adverse to the Lenders in any material respect, (i)
the issuance of the iHeartCommunications Warrants and the Disposition of the Equity Interests of Clear Channel Outdoor
Holdings, Inc. subject to the iHeartCommunications Warrants upon the exercise thereof, (j) payments by Holdings or any of its
Subsidiaries pursuant to any tax sharing agreements with any direct or indirect parent of Holdings to the extent attributable
to the ownership or operation of Holdings and the Subsidiaries, but only to the extent permitted by Section 7.06(i)(iii), (k)
the issuance or transfer of Equity Interests (other than Disqualified Equity Interests) of Holdings to any Permitted Holder
or to any former, current or future director, manager, officer, employee or consultant (or any Affiliate of any of the
foregoing) of Holdings, any of its Subsidiaries or any direct or indirect parent thereof, (l) transactions in connection with
Permitted Tax Restructurings subject to complying with the express terms and
conditions of the definition of “Permitted Tax Restructuring” or
(m) a joint venture which would constitute a transaction with an Affiliate solely as a result of Holdings or any Restricted
Subsidiary owning an equity interest or otherwise controlling such joint venture or similar entity.

 

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Section 7.09      Burdensome Agreements.

 

Holdings shall not, nor shall Holdings permit
any of the Restricted Subsidiaries to, enter into or permit to exist any Contractual Obligation (other than this Agreement or any
other Loan Document) that limits the ability of (a) any Restricted Subsidiary of Holdings that is not a Guarantor to make Restricted
Payments to Holdings or any Guarantor or to make or repay intercompany loans and advances to Holdings or any Guarantor or (b) any
Loan Party to create, incur, assume or suffer to exist Liens on property of such Person for the benefit of the Lenders with respect
to the Facilities and the Obligations or under the Loan Documents; provided that the foregoing clauses (a) and (b) shall
not apply to Contractual Obligations which (i)(x) exist on the Closing Date and (to the extent not otherwise permitted by this
Section 7.09) are listed on Schedule 7.09 hereto and (y) to the extent Contractual Obligations permitted by clause (x) are
set forth in an agreement evidencing Indebtedness, are set forth in any agreement evidencing any permitted modification, replacement,
renewal, extension or refinancing of such Indebtedness so long as such modification, replacement, renewal, extension or refinancing
does not expand the scope of such Contractual Obligation, (ii) are binding on a Restricted Subsidiary at the time such Restricted
Subsidiary first becomes a Restricted Subsidiary of Holdings, so long as such Contractual Obligations were not entered into solely
in contemplation of such Person becoming a Restricted Subsidiary of Holdings; provided, further, that this clause (ii) shall
not apply to Contractual Obligations that are binding on a Person that becomes a Restricted Subsidiary pursuant to Section 6.14,
(iii) represent Indebtedness of a Restricted Subsidiary of Holdings which is not a Loan Party which is permitted by Section 7.03,
(iv) arise in connection with any Disposition permitted by Sections 7.04 or 7.05 and relate solely to the assets or Person subject
to such Disposition, (v) are customary provisions in joint venture agreements and other similar agreements applicable to joint
ventures permitted under Section 7.02 and applicable solely to such joint venture entered into in the ordinary course of business,
(vi) are negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under Section 7.03 but solely
to the extent any negative pledge relates to the property financed by such Indebtedness, (vii) are customary restrictions on leases,
subleases, licenses or asset sale agreements otherwise permitted hereby so long as such restrictions relate to the assets subject
thereto, (viii) comprise restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant to Section 7.03(e),
(g) or (m) and to the extent that such restrictions apply only to the property or assets securing such Indebtedness or to the Restricted
Subsidiaries incurring or guaranteeing such Indebtedness, (ix) are customary provisions restricting subletting or assignment of
any lease governing a leasehold interest of Holdings or any Restricted Subsidiary, (x) are customary provisions restricting assignment
of any agreement entered into in the ordinary course of business, (xi) are restrictions on cash or other deposits imposed by customers
under contracts entered into in the ordinary course of business, (xii) arise in connection with cash or other deposits permitted
under Sections 7.01 and 7.02 and limited to such cash or deposit, (xiii) arise in connection with the Tax Matters Agreement, the
Transition Services Agreement, any employee matters agreement contemplated by the Bankruptcy Plan or other agreement contemplated
by the Bankruptcy Plan and (xiv) are restrictions contained in any ABL Loan Document, or Senior Notes Document or, in each case,
any Permitted Refinancing thereof.

 

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Section 7.10      [Reserved].

 

Section 7.11      [Reserved].

 

Section 7.12      Change in Fiscal Year.

 

Holdings shall not make any change in its
fiscal year; provided, however, that Holdings may, upon written notice to the Administrative Agent, change its fiscal year to any
other fiscal year reasonably acceptable to the Administrative Agent, in which case, Holdings and the Administrative Agent will,
and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary to reflect such change in
fiscal year.

 

Section 7.13 Prepayments, Etc. of Indebtedness.

 

(a)       Holdings
shall not, nor shall Holdings permit any of the Restricted Subsidiaries to, directly or indirectly, voluntarily prepay, redeem,
purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner (it being understood that (A) payments
of regularly scheduled principal and interest and (B) except to the extent occurring within the period that constitutes the final
365 days before the Latest Maturity of the Initial Term Loans, any prepayment, redemption, purchase, defeasance or other retirement
of Indebtedness made within one year of the final maturity of such Indebtedness shall be permitted), any Indebtedness (I) in excess
of the Threshold Amount and (II) that is or is required to be subordinated to the Obligations pursuant to the terms of the Loan
Documents in right of payment to the Obligations (collectively, “Junior Financing”)
or make any payment in violation of any subordination terms of any Junior Financing Documentation, except (i) the refinancing thereof
with the Net Proceeds of any Indebtedness (to the extent such Indebtedness constitutes a Permitted Refinancing and, if such Indebtedness
was originally incurred under Section 7.03(g), (q) or (s), is permitted pursuant to Section 7.03(g), (q) or (s)), to the extent
not required to prepay any Loans pursuant to Section 2.05(b), (ii) the conversion of any Junior Financing to Equity Interests (other
than Disqualified Equity Interests) of Holdings or any of its direct or indirect parents, (iii) the prepayment of Indebtedness
of Holdings or any Restricted Subsidiary to Holdings or any Restricted Subsidiary to the extent not prohibited by the subordination
provisions contained in the Intercompany Note, (iv) prepayments, redemptions, purchases, defeasances and other payments in respect
of Junior Financings prior to their scheduled maturity in an aggregate amount not to exceed the sum of (1) Restricted Payments
permitted pursuant to Section 7.06(h) that have not otherwise been made plus (2) the greater of $75300,000,000
and 73.5%
of Consolidated EBITDATotal
Assets for the then most recently ended Test Period plus (3) the portion, if
any, of the Cumulative Credit on such date that Holdings elects to apply to this paragraph (provided that, solely in the case of
any prepayments of Junior Financing made in reliance of clause (b) of the definition of the “Cumulative
Credit”, (X) the Consolidated First Lien Net
Leverage Ratio calculated on a Pro Forma Basis is less than or equal to 4.50 to 1.00 and (Y) no
Event of Default under Sections 8.01(a) of (f) has occurred or is continuing), plus (4) prepayments, redemptions, purchases,
defeasances and other payments in respect of Junior Financings that are made (i) in an amount equal to the amount of Excluded Contributions
previously received and that Holdings elects to apply under this clause (4) or (ii) without duplication with clause (3), in an
amount equal to the Net Proceeds from a Disposition in respect of property or assets acquired after the Closing Date, if the acquisition
of such property or assets was financed with Excluded Contributions, in each case, to the extent Not Otherwise Applied plus
(5) so long as no Default or Event of Default is continuing or would result therefrom, unlimited prepayments of Junior Financing
so long as the Consolidated Total Net Leverage Ratio calculated on a Pro Forma Basis is less than or equal to 4.75 to 1.00 and
(v) repayments, redemptions, purchases or defeasances in connection with “AHYDO Catch-up
Payments,” defined as payments on any indebtedness to avoid the application of the
“Applicable High-Yield Discount Obligation” rules
of Section 163 of the Code to such Indebtedness.

 

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(b)       Holdings
shall not, nor shall it permit any of the Restricted Subsidiaries to amend, modify or change in any manner materially adverse to
the interests of the Lenders any term or condition of any Junior Financing Documentation without the consent of the Administrative
Agent (which consent shall not be unreasonably withheld, conditioned or delayed).

 

Section 7.14      Permitted Activities.

 

In the case of Holdings, conduct, transact
or otherwise engage in any business or operations other than the following activities and those incidental thereto (i) its ownership
of the Equity Interests of the Borrower or other Restricted Subsidiaries, (ii) the maintenance of its legal existence, (iii) the
performance of the Loan Documents, the Senior Notes Documents, and the ABL Loan Documents, or (iv) any transaction that Holdings
is permitted to enter into or consummate under this Article VII.

 

ARTICLE VIII

Events of Default and Remedies

 

Section 8.01      Events of Default.

 

Any of the
following from and after the Closing Date shall constitute an event of default (an “Event
of Default”):

 

(a)       Non-Payment.
Any Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan, or (ii) within five
(5) Business Days after the same becomes due, any interest on any Loan or any other amount payable hereunder or with respect to
any other Loan Document; or

 

(b)       Specific
Covenants. Holdings or any Restricted Subsidiary, fails to perform or observe any term, covenant or agreement contained in
any of Section 6.03(a) or 6.05(a) (solely with respect to the Borrower) or Article VII; or

 

(c)       Other
Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in Sections 8.01(a) or
(b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty (30) days
after written notice thereof by the Administrative Agent to Holdings or the Borrower; or

 

(d)       Representations
and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of Holdings
or any other Loan Party herein, in any other Loan Document, or in any document required to be delivered in connection herewith
or therewith shall be incorrect in any material respect when made or deemed made; or

 

(e)       Cross-Default. Any
Loan Party or any Restricted Subsidiary (A) fails to make any payment beyond the applicable grace period with respect
thereto, if any, (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any
Indebtedness (other than (I) the ABL Facility, which shall
be governed solely by clause (iii) hereof or (II) Indebtedness hereunder) having
an outstanding aggregate principal amount of not less than the Threshold Amount, or (B) fails to observe or perform any other
agreement or condition relating to any such Indebtedness, after giving effect to all applicable grace periods, or any other
event occurs (other than, with respect to (I) the ABL
Facility, which shall be governed solely by clause (iii) hereof or (II) Indebtedness
consisting of Swap Contracts, termination events or equivalent events pursuant to the terms of such Swap Contracts), the
effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or
agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required,
such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer
to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity; provided that
this clause (B) shall not apply to Indebtedness that becomes due as a result of the voluntary sale or transfer of the
property or assets securing such Indebtedness if such sale or transfer is permitted hereunder; provided, further, that (i) this
clause (e) shall not apply if such failure is remedied or waived by the holders of such Indebtedness prior to any termination
of the Commitments or acceleration of the Loans pursuant to this Article VIII, (ii) any event or condition set forth under
this clause (e) shall not, until the expiration of any applicable grace period or the delivery of notice for the acceleration
of the underlying Indebtedness by the applicable holder or holders of such Indebtedness, constitute a “Default” or “Event
of Default” for purposes of this Agreement and (iii) any breach of any covenant
or the occurrence of any default with respect to any ABL Facility or any Permitted Refinancing thereof shall not constitute a “Default” or “Event
of Default” with respect to any Term Loans unless and until the ABL Lenders have
declared all amounts outstanding under the ABL Facility to be immediately due and payable and all outstanding commitments
under the ABL Facility to be immediately terminated, and such declaration has not been rescinded on or before such date;
or

 

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(f)       Insolvency
Proceedings, Etc. AnyExcept
with respect to any dissolution or liquidation of a Restricted Subsidiary expressly permitted by Section 7.04 in connection with
the consummation of a Permitted Tax Restructuring, any Loan Party or any Restricted
Subsidiary institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for
the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator,
rehabilitator, administrator, administrative receiver or similar officer for it or for all or any material part of its property;
or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar
officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for
sixty (60) calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part
of its property is instituted without the consent of such Person and continues undismissed or unstayed for sixty (60) calendar
days, or an order for relief is entered in any such proceeding; or

 

(g)       Inability
to Pay Debts; Attachment. (i) Any Loan Party or any Restricted Subsidiary becomes unable or admits in writing its inability
or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process
is issued or levied against all or any material part of the property of the Loan Parties, taken as a whole, and is not released,
vacated or fully bonded within sixty (60) days after its issue or levy; or

 

(h)       Judgments.
There is entered against any Loan Party or any Restricted Subsidiary one or more final judgments or orders for the payment of money
in an aggregate amount exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which
the insurer has been notified of such judgment or order and has not denied coverage) and such judgment or order shall not have
been satisfied, vacated, discharged or stayed or bonded pending an appeal for a period of sixty (60) consecutive days from the
entry thereof; or

 

(i)       Invalidity
of Loan Documents. Any material provision of any Loan Document, at any time after its execution and delivery and for any
reason other than as expressly permitted hereunder or thereunder (including as a result of a transaction permitted under
Sections 7.04 or 7.05) or as a result of acts or omissions by the Administrative Agent or Collateral Agent or any Lender or
the satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party contests in writing
the validity or enforceability of any provision of any Loan Document or the validity or priority of a Lien as required by the
Collateral Documents on a material portion of the Collateral; or any Loan Party denies in writing that it has any or
further liability or obligation under any Loan Document (other than as a result of repayment in full of the Obligations and
termination of the Aggregate Commitments), or purports in writing to revoke or rescind any Loan Document; or

 

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

 

(k)       Collateral
Documents. (i) Any Collateral Document or any material portion thereof, after delivery thereof pursuant to Section 4.01 or
Sections 6.11 or 6.13 shall for any reason (other than pursuant to the terms hereof and thereof including as a result of a transaction
not prohibited under this Agreement) cease to be in full force and effect and to create a valid and perfected Lien, with the priority
required by this Agreement the Collateral Documents and the Intercreditor Agreements on and security interest in any material portion
of the Collateral purported to be covered thereby, subject to Liens permitted under Section 7.01, (x) except to the extent that
any such perfection or priority is not required pursuant to the Collateral and Guarantee Requirement or any loss thereof results
from the failure of the Administrative Agent or the Collateral Agent to maintain possession of certificates actually delivered
to it representing securities pledged under the Collateral Documents or to file Uniform Commercial Code continuation statements
and (y) except as to Collateral consisting of Real Property to the extent that such losses are covered by a lender’s
title insurance policy and such insurer has not denied coverage, or (ii) any of the Equity Interests of the Borrower shall for
any reason cease to be pledged pursuant to the Collateral Documents; or

 

(l)       ERISA.
(i) An ERISA Event occurs which has resulted or could reasonably be expected to result in liability of a Loan Party or a Restricted
Subsidiary in an aggregate amount which could reasonably be expected to result in a Material Adverse Effect, or (ii) a Loan Party,
any Restricted Subsidiary or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any
installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan and a Material
Adverse Effect could reasonably be expected to result.

 

Section 8.02Remedies Upon Event of Default.

 

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

 

(i)       terminate
the Aggregate Commitments;

 

(ii)       declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable
hereunder or under any other Loan Document to be immediately due and payable, whereupon the foregoing shall become immediately
due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by
the Loan Parties;

 

(iii)       [reserved];
and

 

(iv)       exercise
on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable
Law;

 

provided that, upon the occurrence of an Event of
Default described in Section 8.01(f) with respect to Holdings or the Borrower, (x) the Aggregate Commitments shall
automatically terminate, and (y) the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid
thereon, and all other amounts owing or payable hereunder or under any other Loan Document shall be immediately due and
payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by
Holdings or the Borrower; provided, further, that upon the occurrence of an actual or deemed entry of an order for
relief with respect to any Loan Party under the Bankruptcy Code of the United States, the obligation of each Lender to make
Loans shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts
as aforesaid shall automatically become due and payable, in each case without further act of the Administrative Agent or any
Lender.

 

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Section 8.03      Exclusion of Immaterial Subsidiaries.

 

Solely for
the purpose of determining whether a Default or Event of Default has occurred under clause (f) or (g) of Section 8.01, any reference
in any such clause to any Restricted Subsidiary or Loan Party shall be deemed not to include any Restricted Subsidiary (an “Immaterial
Subsidiary”) affected by any event or circumstances referred to in any such clause
that did not, as of the last day of the most recent completed fiscal quarter of Holdings, have assets with a fair market value
in excess of 5.0% of Total Assets individually, or 10.0% of Total Assets together with the assets of all Restricted Subsidiaries
affected by any event or circumstance referred to in any such clause.

 

Section 8.04      Application of Funds.

 

After the exercise of remedies provided
for in Section 8.02 (or after the Loans have automatically become immediately due and payable), any amounts received on account
of the Obligations shall, subject to any Intercreditor Agreements then in effect, be applied by the Administrative Agent in the
following order (to the fullest extent permitted by mandatory provisions of applicable Law):

 

First, to payment of that
portion of the Obligations constituting fees, indemnities, expenses and other amounts (other than principal and interest, but including
Attorney Costs payable under Section 10.04 and amounts payable under Article III or Section 10.05) payable to the Administrative
Agent or the Collateral Agent in its capacity as such and their Agent-Related Parties;

 

Second, to payment of that
portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the
Lenders (including Attorney Costs payable under Section 10.04 and amounts payable under Article III), ratably among them in proportion
to the amounts described in this clause Second payable to them;

 

Third, to payment of that
portion of the Obligations constituting accrued and unpaid interest on the Loans ratably among the Secured Parties in proportion
to the respective amounts described in this clause Third payable to them;

 

Fourth, to the payment
of all other Obligations of the Borrower that are due and payable to the Administrative Agent and the other Secured Parties on
such date, ratably based upon the respective aggregate amounts of all such Obligations owing to the Administrative Agent and the
other Secured Parties on such date; and

 

Last, the balance, if any,
after all of the Obligations have been paid in full, to the Borrower or as otherwise required by Law or as directed by a court
of competent jurisdiction.

 

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ARTICLE IX

Administrative Agent and Other Agents

 

Section 9.01      Appointment and Authorization
of Agents.

 

(a)       Each
Lender hereby irrevocably appoints CitibankBank
of America, N.A. to act on its behalf as the Administrative Agent and Collateral Agent
(for purposes of this Section 9.01, the Administrative Agent and the Collateral Agent are referred to collectively as the “Agents”)
hereunder and under the other Loan Documents and authorizes each of the Administrative Agent and the Collateral Agent to take such
action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform
such duties as are delegated to it by the terms of this Agreement or any other Loan Document, together with such powers as are
reasonably incidental thereto. Without limiting the generality of the foregoing, the Lenders hereby expressly authorize the Agents
to (i) execute any and all documents (including releases) with respect to the Collateral and the rights of the Secured Parties
with respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the Collateral Documents and
(ii) negotiate, enforce or the settle any claim, action or proceeding affecting the Lenders in their capacity as such, at the direction
of the Required Lenders and, in each case, acknowledge and agree that any such action by any Agent shall bind the Lenders. Notwithstanding
any provision to the contrary contained elsewhere herein or in any other Loan Document, neither the Administrative Agent nor the
Collateral Agent shall have any duties or responsibilities, except those expressly set forth herein, nor shall the Administrative
Agent or the Collateral Agent have or be deemed to have any fiduciary relationship with any Lender or Participant, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan
Document or otherwise exist against the Administrative Agent or the Collateral Agent. Without limiting the generality of the foregoing
sentence, the use of the term “agent” herein
and in the other Loan Documents with reference to any Agent is not intended to connote any fiduciary or other implied (or express)
obligations arising under agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market custom,
and is intended to create or reflect only an administrative relationship between independent contracting parties.

 

(b)       [Reserved].

 

(c)       Each
of the Secured Parties hereby irrevocably appoints and authorizes the Collateral Agent to act as the agent of (and to hold any
security interest created by the Collateral Documents for and on behalf of or on trust for) such Secured Party for purposes of
acquiring, holding and enforcing any and all Liens on Collateral granted by the Loan Parties to secure any of the Obligations,
together with such powers and discretion as are reasonably incidental thereto. In this connection, the Collateral Agent (and any
co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 9.02 for purposes of holding
or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any
rights and remedies thereunder at the direction of the Collateral Agent), shall be entitled to the benefits of all provisions of
this Article IX (including Section 9.07, as though such co-agents, sub-agents and attorneys-in-fact were the Collateral Agent under
the Loan Documents) as if set forth in full herein with respect thereto. Without limiting the generality of the foregoing, the
Lenders hereby expressly authorize the Administrative Agent to execute any and all documents (including releases) with respect
to the Collateral and the rights of the Secured Parties with respect thereto, as contemplated by and in accordance with the provisions
of this Agreement and the Collateral Documents and acknowledge and agree that any such action by any Agent shall bind the Lenders.

 

(d)       Except
as provided in Sections 9.09 and 9.11, the provisions of this Article IX are solely for the benefit of the Agents and the Lenders,
and neither the Borrower nor any other Loan Party shall have rights as a third-party beneficiary of any of such provisions.

 

(e)       The
Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any
other Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall,
unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the
Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend
money to, own securities of, act as the financial advisor or in any other advisory capacity for, and generally engage in any
kind of business with, the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the
Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 

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Section 9.02      Delegation of Duties.

 

Each of the Administrative Agent and the
Collateral Agent may execute any of its duties under this Agreement or any other Loan Document (including for purposes of holding
or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents or of exercising any rights
and remedies thereunder) by or through agents, sub-agents, employees or attorneys-in-fact and shall be entitled to advice of counsel
and other consultants or experts concerning all matters pertaining to such duties. The Administrative Agent, the Collateral Agent
and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective
Agent-Related Persons. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Agent-Related Persons
of the Administrative Agent, the Collateral Agent and any such sub-agent, and shall apply to their respective activities in connection
with the syndication of the Facilities as well as activities as Administrative Agent or Collateral Agent. The Administrative Agent
shall not be responsible for the negligence or misconduct of any agent or sub-agent or attorney-in-fact that it selects, so long
as such selection was made in the absence of gross negligence or willful misconduct (as determined in the final non-appealable
judgment of a court of competent jurisdiction).

 

Section 9.03      Liability of Agents.

 

No
Agent-Related Person shall (a) be liable for any action taken or omitted to be taken by any of them under or in connection with
this Agreement or any other Loan Document or the transactions contemplated hereby (except for its own gross negligence or willful
misconduct, as determined by the final non-appealable judgment of a court of competent jurisdiction, in connection with its duties
expressly set forth herein), (b) except as expressly set forth herein and in the other Loan Documents, have any duty to disclose,
and shall not be liable for the failure to disclose, any information relating to Parent, Holdings, the Borrower or any of their
respective Affiliates that is communicated to or obtained by the Person serving as an Agent or any of their respective Affiliates
in any capacity, (c) be responsible for or have any duty to ascertain or inquire into the satisfaction of any condition set forth
in Article IV or elsewhere herein or in any other Loan Document, other than to confirm receipt of items expressly required
to be delivered to such Agent or (d) be responsible in any manner to any Lender or Participant for any recital, statement, representation
or warranty made by any Loan Party or any officer thereof, contained herein or in any other Loan Document, or in any certificate,
report, statement or other document referred to or provided for in, or received by any Agent or any of their respective Affiliates
under or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability
or sufficiency of this Agreement or any other Loan Document, the existence, value or collectability of the Collateral, any failure
to monitor or maintain any part of the Collateral, or the perfection or priority of any Lien or security interest created or purported
to be created under the Collateral Documents, or for any failure of any Loan Party or any other party to any Loan Document to
perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Lender or participant
to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement
or any other Loan Document, or to inspect the properties, books or records of any Loan Party or any Affiliate thereof. Notwithstanding
the foregoing, no Agent shall (a) be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred
and is continuing, (b) shall not be required to carry out any “know your customer”
or other checks in relation to any person on behalf of any Lender and each Lender confirms
to the Administrative Agent that it is solely responsible for any such checks it is required to carry out and that it may not
rely on any statement in relation to such checks made by the Administrative Agent or any of its Affiliates and (c) have any duty
to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated
hereby or by the other Loan Documents that the Administrative Agent or Collateral Agent (as applicable) is required to exercise
as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided
for herein or in the other Loan Documents); provided that no Agent (as applicable) shall be required to take any action
that, in its opinion or the opinion of its counsel, may expose such Agent (as applicable) to liability or that is contrary to
any Loan Document or applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic
stay under any Debtor Relief Law or that may affect a forfeiture, modification or termination of property of a Defaulting Lender
in violation of any Debtor Relief Law.

 

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Section 9.04       Reliance by Agents.

 

Each Agent shall be entitled to rely, and
shall be fully protected in relying, upon any writing, communication, signature, resolution, representation, notice, consent, certificate,
affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail message, statement or other document or conversation
believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon advice
and statements of legal counsel (including counsel to any Loan Party), independent accountants and other experts selected by such
Agent. Each Agent shall be fully justified in failing or refusing to take any action under any Loan Document unless it shall first
receive such advice or concurrence of the Required Lenders as it deems appropriate and, if it so requests, it shall first be indemnified
to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or
continuing to take any such action. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under
this Agreement or any other Loan Document in accordance with a request or consent of the Required Lenders (or such greater number
of Lenders as may be expressly required hereby in any instance) and such request and any action taken or failure to act pursuant
thereto shall be binding upon all the Lenders. In determining compliance with any condition hereunder to the making of a Loan that
by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory
to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making
of such Loan.

 

Section 9.05      Notice of Default.

 

The
Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default, except with respect to
defaults in the payment of principal, interest and fees required to be paid to the Administrative Agent for the account of
the Lenders, unless the Administrative Agent shall have received written notice from a Lender or the Borrower referring to
this Agreement, describing such Default and stating that such notice is a “notice
of default.” The Administrative Agent will notify the Lenders of its receipt of
any such notice (it being understood that posting of such notice to the “private
side” of the Platform shall be sufficient if (i) the Borrower determines that
such notice contains material non-public information with respect to any of the Loan Parties or their securities and is not
suitable for posting to “public” Lenders
and (ii) such notice relates to Defaults (other than Events of Default); it being understood and agreed that the
Administrative Agent shall post notices regarding Events of Default and payment Defaults to all Lenders). The Administrative
Agent will notify the Lenders of its receipt of any such notice. The Administrative Agent shall take such action with respect
to any Event of Default as may be directed by the Required Lenders in accordance with Article VIII; provided that
unless and until the Administrative Agent has received any such direction, the Administrative Agent may (but shall not be obligated
to) take such action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable or
in the best interest of the Lenders.

 

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Section 9.06      Credit Decision; Disclosure of Information
by Agents.

 

Each Lender acknowledges that no Agent-Related
Person has made any representation or warranty to it, and that no act by any Agent hereafter taken, including any consent to and
acceptance of any assignment or review of the affairs of any Loan Party or any Affiliate thereof, shall be deemed to constitute
any representation or warranty by any Agent-Related Person to any Lender as to any matter, including whether Agent-Related Persons
have disclosed material information in their possession. Each Lender represents to each Agent that it has, independently and without
reliance upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal
of, and investigation into, the business, prospects, operations, property, financial and other condition and creditworthiness of
the Loan Parties and their Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated
hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrower hereunder. Each Lender also
represents that it will, independently and without reliance upon any Agent-Related Person and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking
action under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself
as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties. Except
for notices, reports and other documents expressly required to be furnished to the Lenders by any Agent herein, such Agent shall
not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects,
operations, property, financial and other condition or creditworthiness of any of the Loan Parties or any of their Affiliates which
may come into the possession of any Agent-Related Person.

 

Section 9.07       Indemnification of Agents.

 

Whether
or not the transactions contemplated hereby are consummated, the Lenders shall indemnify upon demand each Agent-Related
Person (to the extent not reimbursed by or on behalf of any Loan Party and without limiting the obligation of any Loan Party
to do so), pro rata, and hold harmless each Agent-Related Person from and against any and all Indemnified Liabilities
incurred by it; provided that no Lender shall be liable for the payment to any Agent-Related Person of any portion of
such Indemnified Liabilities resulting from such Agent-Related Person’s own
gross negligence or willful misconduct, as determined by the final non-appealable judgment of a court of competent
jurisdiction; provided that no action taken in accordance with the directions of the Required Lenders (or such other
number or percentage of the Lenders as shall be required by the Loan Documents) shall be deemed to constitute gross
negligence or willful misconduct for purposes of this Section 9.07. In the case of any investigation, litigation or
proceeding giving rise to any Indemnified Liabilities, this Section 9.07 applies whether any such investigation, litigation
or proceeding is brought by any Lender or any other Person. Without limitation of the foregoing, each Lender shall reimburse
each Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including Attorney Costs) incurred by
each Agent, as the case may be, in connection with the preparation, execution, delivery, administration, modification,
amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of
rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to
herein, to the extent that such Agent, as the case may be, is not reimbursed for such expenses by or on behalf of the Loan
Parties; provided that such reimbursement by the Lenders shall not affect the Loan Parties’ continuing
reimbursement obligations with respect thereto. The undertaking in this Section 9.07 shall survive termination of the
Aggregate Commitments, the payment of all other Obligations and the resignation of the Administrative Agent or the Collateral
Agent, as the case may be.

 

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Section 9.08      Agents in Their Individual Capacities.

 

CitibankBank
of America, N.A. and its Affiliates may make loans to, issue letters of credit for the
account of, accept deposits from, acquire Equity Interests in and generally engage in any kind of banking, trust, financial advisory,
underwriting or other business with the Borrower and its respective Affiliates as though such Person were not an Agent and without
notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities, CitibankBank
of America, N.A. and/or any of its Affiliates
may receive information regarding the Borrower or its Affiliates (including information that may be subject to confidentiality
obligations in favor of the Borrower or such Affiliate) and acknowledge that no Agent shall be under any obligation to provide
such information to them. With respect to its Loans, CitibankBank
of America, N.A. and its Affiliates shall
have the same rights and powers under this Agreement as any other Lender and may exercise such rights and powers as though it were
not an Agent, and the terms “Lender” and
“Lenders” include CitibankBank
of America, N.A. in its individual capacity. Any successor to CitibankBank
of America, N.A. as the Administrative Agent or the Collateral Agent shall also have
the rights attributed to CitibankBank
of America, N.A. under this paragraph.

 

Section 9.09      Successor Agents.

 

Each of
the Administrative Agent and the Collateral Agent may resign as the Administrative Agent or the Collateral Agent, as
applicable upon thirty (30) days’ notice to the Lenders and the Borrower and if
either the Administrative Agent or the Collateral Agent is a Defaulting Lender, the Borrower may remove such Defaulting
Lender from such role upon ten (10) days’ notice to the Lenders. If the
Administrative Agent or the Collateral Agent resigns under this Agreement or is removed by the Borrower, the Required Lenders
shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall be consented to by the
Borrower at all times other than during the existence of an Event of Default under Sections 8.01(a), (f) or (g) (which
consent of the Borrower shall not be unreasonably withheld or delayed). If no successor agent is appointed prior to the
effective date of the resignation or removal of the Administrative Agent or the Collateral Agent, as applicable, the
Administrative Agent or the Collateral Agent, as applicable, in the case of a resignation, and the Borrower, in the case of a
removal may appoint, after consulting with the Lenders and the Borrower (in the case of a resignation), a successor agent
from among the Lenders. Upon the acceptance of its appointment as successor agent hereunder, the Person acting as such
successor agent shall succeed to all the rights, powers and duties of the retiring Administrative Agent or retiring
Collateral Agent and the term “Administrative Agent” or “Collateral
Agent”, as applicable, shall mean such successor administrative agent or
collateral agent and/or Supplemental Agent, as the case may be, and the retiring Administrative Agent’s
or Collateral Agent’s appointment, powers and duties as the Administrative Agent
or Collateral Agent shall be terminated. After the retiring Administrative Agent’s
or the Collateral Agent’s resignation or removal hereunder as the Administrative
Agent or Collateral Agent, the provisions of this Article IX and the provisions of Sections 10.04 and 10.05 shall inure to
its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent or Collateral Agent
under this Agreement. If no successor agent has accepted appointment as the Administrative Agent or the Collateral Agent by
the date which is thirty (30) days following the retiring Administrative Agent’s
or Collateral Agent’s notice of resignation or ten (10) days following the
Borrower’s notice of removal, the retiring Administrative
Agent’s or the retiring Collateral Agent’s
resignation shall nevertheless thereupon become effective and such Agent shall be discharged from its duties and obligations
hereunder and under the other Loan Documents, and Required Lenders shall perform all of the duties of the Administrative
Agent or Collateral Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided
for above. Upon the acceptance of any appointment as the Administrative Agent or Collateral Agent hereunder by a successor
and upon the execution and filing or recording of such financing statements, or amendments thereto, and such other
instruments or notices, as may be necessary or desirable, or as the Required Lenders may request, in order to (a) continue
the perfection of the Liens granted or purported to be granted by the Collateral Documents or (b) otherwise ensure that
Section 6.11 is satisfied, the successor Administrative Agent or Collateral Agent shall thereupon succeed to and become
vested with all the rights, powers, discretion, privileges, and duties of the retiring Administrative Agent or Collateral
Agent, and the retiring Administrative Agent or Collateral Agent shall be discharged, if not previously discharged pursuant
to the foregoing sentence, from its duties and obligations under the Loan Documents. After the retiring Administrative
Agent’s or Collateral Agent’s
resignation hereunder as the Administrative Agent or the Collateral Agent, the provisions of this Article IX and Sections
10.04 and 10.05 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while
it was acting as the Administrative Agent or the Collateral Agent.

 

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Section 9.10      Administrative Agent May File Proofs
of Claim.

 

In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative
to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as
herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent or the Collateral Agent shall
have made any demand on the Borrower) shall be (to the fullest extent permitted by mandatory provisions of applicable Law) entitled
and empowered, by intervention in such proceeding or otherwise:

 

(a)       to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Lenders, the Collateral Agent and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders, the Collateral Agent and the Administrative Agent and their respective agents and counsel
and all other amounts due to the Lenders, the Collateral Agent and the Administrative Agent under Sections 2.09, 10.04 and 10.05)
allowed in such judicial proceeding; and

 

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

 

and any custodian, curator, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
to make such payments to the Administrative Agent or the Collateral Agent and, in the event that the Administrative Agent shall
consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent or the Collateral Agent any
amount due for the reasonable compensation, expenses, disbursements and advances of the Agents and their respective agents and
counsel, and any other amounts due the Administrative Agent or the Collateral Agent under Sections 2.09, 10.04 and 10.05.

 

Nothing contained herein shall be deemed
to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative
Agent to vote in respect of the claim of any Lender in any such proceeding.

 

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Section 9.11      Collateral and Guaranty Matters.

 

The Lenders irrevocably agree:

 

(a)       that
any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Loan Document shall be
automatically released (i) upon termination of the Aggregate Commitments and payment in full of all Obligations (other than contingent
indemnification obligations not yet accrued and payable), (ii) at the time the property subject to such Lien is Disposed or to
be Disposed as part of or in connection with any Disposition permitted hereunder to any Person other than a Person required to
grant a Lien to the Administrative Agent or the Collateral Agent under the Loan Documents, (iii) subject to Section 10.01, if the
release of such Lien is approved, authorized or ratified in writing by the Required Lenders (iv) to the extent such asset constitutes
an Excluded Asset (as defined in the Security Agreement) or (v) if the property subject to such Lien is owned by a Guarantor, upon
release of such Guarantor from its obligations under its Guaranty pursuant to clause (c) below;

 

(b)       to
release or subordinate any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any
Loan Document to the holder of any Lien on such property that is permitted by Sections 7.01(u) or (w) (in the case of clause (w),
to the extent required by the terms of the obligations secured by such Liens);

 

(c)       that
any Subsidiary Guarantor shall be automatically released from its obligations under the Guaranty if such Person ceases to be a
Restricted Subsidiary or becomes an Excluded Subsidiary as a result of a transaction or designation permitted hereunder; provided
that (x) no such release shall occur if such Guarantor continues to be a guarantor in respect of the Senior Notes, the ABL Facility
or any Junior Financing with a principal amount in excess of the Threshold Amount and (y) no Guarantor shall be released from its
obligations under the Guaranty as a result of becoming a non-wholly-owned Subsidiary of Holdings unless the transaction resulting
in such Guarantor becoming a non-wholly-owned subsidiary of Holdings is an arm’s-length
transaction with a Person other than an Affiliate; and

 

(d)       the
Administrative Agent and/or the Collateral Agent may, without any further consent of any Lender, enter into (i) the ABL Intercreditor
Agreement, (ii) a First Lien Intercreditor Agreement with the Other Debt Representative for the Senior Secured Notes and any Permitted
First Priority Refinancing Notes or any Indebtedness incurred pursuant to Section(g), (q) or (s) that is secured on a pari passu
basis with the Liens securing the Obligations and/or (iii) a Junior Lien Intercreditor Agreement with the Other Debt Representative
for any Permitted Second Priority Refinancing Debt or any Indebtedness incurred pursuant to Sections 7.03 (g), (q) or (s) that
is secured on a junior lien basis with the Liens securing the Obligations, in each case, where such Indebtedness is secured by
Liens permitted under Section 7.01. The Administrative Agent and the Collateral Agent may rely exclusively on a certificate of
a Responsible Officer of Holdings or the Borrower as to whether any such other Liens are permitted. The ABL Intercreditor Agreement,
the First Lien Intercreditor Agreement or any Junior Lien Intercreditor Agreement entered into by the Administrative Agent and/or
Collateral Agent in accordance with the terms of this Agreement shall be binding on the Secured Parties.

 

Upon
request by the Administrative Agent or the Collateral Agent at any time, the Required Lenders will confirm in writing the
Administrative Agent’s or the Collateral Agent’s
authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from
its obligations under the Guaranty pursuant to this Section 9.11. In each case as specified in this Section 9.11, the
Administrative Agent or the Collateral Agent will promptly (and each Lender irrevocably authorizes the Administrative Agent
and the Collateral Agent to), at the Borrower’s expense, execute and deliver to
the applicable Loan Party such documents as the Borrower may reasonably request to evidence the release or subordination of
such item of Collateral from the assignment and security interest granted under the Collateral Documents, or to evidence the
release of such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the
Loan Documents and this Section 9.11.

 

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Section 9.12      Other Agents; Lead Arrangers.

 

None of
the Lenders or other Persons identified on the facing page or signature pages of this Agreement as a “joint
bookrunner”, “joint lead arranger”,
“co-syndication agent” or “co-documentation
agent” shall have any right, power, obligation, liability, responsibility or duty
under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders or
other Persons so identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges
that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding to enter into this
Agreement or in taking or not taking action hereunder.

 

Section 9.13      Withholding Tax Indemnity.

 

To the extent required by any applicable
Law, the Administrative Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax.
If the IRS or any other authority of the United States or other jurisdiction asserts a claim that the Administrative Agent did
not properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including, without limitation,
because the appropriate form was not delivered or not properly executed by such Lender, or because such Lender failed to notify
the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of withholding Tax ineffective),
such Lender shall, within 10 days after written demand therefor, indemnify and hold harmless the Administrative Agent (to the extent
that the Administrative Agent has not already been reimbursed by the Borrower pursuant to Section 3.01 and Section 3.04 and without
limiting or expanding the obligation of the Borrower to do so) for all amounts paid by the Administrative Agent as Taxes, together
with all reasonable expenses incurred in connection therewith, including legal expenses and any other out-of-pocket expenses, whether
or not such Tax was correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each
Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under
this Agreement or any other Loan Document against any amount due the Administrative Agent under this Section 9.13. The agreements
in this Section 9.13 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by,
or the replacement of, a Lender, the termination of the Aggregate Commitment and the repayment, satisfaction or discharge of all
other Obligations.

 

Section 9.14      Appointment of Supplemental Agents.

 

(a)       It
is the purpose of this Agreement and the other Loan Documents that there shall be no violation of any Law of any jurisdiction denying
or restricting the right of banking corporations or associations to transact business as agent or trustee in such jurisdiction.
It is recognized that in case of litigation under this Agreement or any of the other Loan Documents, and in particular in case
of the enforcement of any of the Loan Documents, or in case the Administrative Agent or the Collateral Agent deems that by reason
of any present or future Law of any jurisdiction it may not exercise any of the rights, powers or remedies granted herein or in
any of the other Loan Documents or take any other action which may be desirable or necessary in connection therewith, the Administrative
Agent and the Collateral Agent are hereby authorized to appoint an additional individual or institution selected by the Administrative
Agent or the Collateral Agent in its sole discretion as a separate trustee, co-trustee, administrative agent, collateral agent,
administrative sub-agent or administrative co-agent (any such additional individual or institution being referred to herein individually
as a “Supplemental Agent” and
collectively as “Supplemental Agents”).

 

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(b)       In
the event that the Collateral Agent appoints a Supplemental Agent with respect to any Collateral, (i) each and every right, power,
privilege or duty expressed or intended by this Agreement or any of the other Loan Documents to be exercised by or vested in or
conveyed to the Collateral Agent with respect to such Collateral shall be exercisable by and vest in such Supplemental Agent to
the extent, and only to the extent, necessary to enable such Supplemental Agent to exercise such rights, powers and privileges
with respect to such Collateral and to perform such duties with respect to such Collateral, and every covenant and obligation contained
in the Loan Documents and necessary to the exercise or performance thereof by such Supplemental Agent shall run to and be enforceable
by either the Collateral Agent or such Supplemental Agent, and (ii) the provisions of this Article IX and of Sections 10.04 and
10.05 that refer to the Administrative Agent shall inure to the benefit of such Supplemental Agent and all references therein to
the Collateral Agent shall be deemed to be references to the Collateral Agent and/or such Supplemental Agent, as the context may
require.

 

Should any instrument in writing from any
Loan Party be required by any Supplemental Agent so appointed by the Administrative Agent or the Collateral Agent for more fully
and certainly vesting in and confirming to him or it such rights, powers, privileges and duties, such Loan Party shall execute,
acknowledge and deliver any and all such instruments promptly upon request by the Administrative Agent or the Collateral Agent.
In case any Supplemental Agent, or a successor thereto, shall die, become incapable of acting, resign or be removed, all the rights,
powers, privileges and duties of such Supplemental Agent, to the extent permitted by Law, shall vest in and be exercised by the
Administrative Agent until the appointment of a new Supplemental Agent.

 

Section 9.15      Lender Action.

 

Each Lender
agrees that it shall not take or institute any actions or proceedings, judicial or otherwise, for any right or remedy against any
Loan Party or any other obligor under any of the Loan Documents (including the exercise of any right of setoff (except to the extent
permitted by Section 10.09), rights on account of any banker’s lien or similar claim
or other rights of self-help), or institute any actions or proceedings, or otherwise commence any remedial procedures, with respect
to any Guaranty or any Collateral or any other property of any such Loan Party, without the prior written consent of the Administrative
Agent. The provisions of this Section 9.15 are for the sole benefit of the Lenders and the Agents and shall not afford any right
to, or constitute a defense available to, any Loan Party.

 

Section 9.16      Intercreditor
Agreements.

 

Notwithstanding anything to the contrary
in this Agreement or in any other Loan Document: (a) the priority of the Liens granted to the Collateral Agent in favor of the
Secured Parties pursuant to the Loan Documents and the exercise of any right related to any Collateral shall be subject, in each
case, to the terms of the ABL Intercreditor Agreement, the First Lien Intercreditor Agreement or any Junior Lien Intercreditor
Agreement, (b) in the event of any conflict between the express terms and provisions of this Agreement or any other Loan Document,
on the one hand, and of the ABL Intercreditor Agreement, the First Lien Intercreditor Agreement or any Junior Lien Intercreditor
Agreement, on the other hand, the terms and provisions of the ABL Intercreditor Agreement, the First Lien Intercreditor Agreement
or such Junior Lien Intercreditor Agreement, as the case may be, shall control (in each case, other than any clause in any Loan
Document which grants a lien or security interest, which clause shall control), and (c) each Lender (and, by its acceptance of
the benefits of any Collateral Document, each other Secured Party) hereunder authorizes and instructs the Administrative Agent
and Collateral Agent to execute the ABL Intercreditor Agreement, the First Lien Intercreditor Agreement or any Junior Lien Intercreditor
Agreement on behalf of such Lender, and such Lender agrees to be bound by the terms thereof.

 

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Section 9.17      Certain ERISA Matters.

 

(a)       Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and its respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan
Party, that at least one of the following is and will be true:

 

(i)       such
Lender is not using “plan assets” (within
the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s
entrance into, participation in, administration of and performance of the Loans or the Commitments,

 

(ii)       the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by
independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company
general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement,

 

(iii)       (A)
such Lender is an investment fund managed by a “Qualified Professional Asset Manager”
(within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made
the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments
and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and
this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge
of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or

 

(iv)       such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion,
and such Lender.

 

(b)       In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender
has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause
(a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party,
that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement (including
in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document
or any documents related hereto or thereto).

 

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ARTICLE X

Miscellaneous

 

Section 10.01Amendments, Etc.

 

Except as
otherwise set forth in this Agreement, no amendment or waiver of any provision of this Agreement or any other Loan Document, and
no consent to any departure by any Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders, or
by the Administrative Agent with the consent of the Required Lenders, and such Loan Party (with
an executed copy thereof promptly delivered to the Administrative Agent if not otherwise part thereto; provided that failure
to deliver such a copy shall not result in any Default or Event of Default nor affect the effectiveness of any such amendment,
waiver or consent) and each such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given; provided that any amendment or waiver contemplated in clause (g)
below, shall only require the consent of such Loan Party and the Required Facility Lenders under the applicable Facility, as applicable;
provided, further, that no such amendment, waiver or consent shall:

 

(a)       extend
or increase the Commitment of any Lender without the written consent of each Lender holding such Commitment (it being understood
that a waiver of any condition precedent or of any Default, mandatory prepayment or mandatory reduction of the Commitments shall
not constitute an extension or increase of any Commitment of any Lender);

 

(b)       postpone
any date scheduled for, or reduce or forgive the amount of, any payment of principal or interest under Sections 2.07 or 2.08 without
the written consent of each Lender holding the applicable Obligation (it being understood that the waiver of (or amendment to the
terms of) any mandatory prepayment of the Term Loans shall not constitute a postponement of any date scheduled for the payment
of principal or interest and it being understood that any change to the definition of “Consolidated
First Lien Net Leverage Ratio,” “Consolidated Secured Net Leverage Ratio,”
 “Consolidated Total Net Leverage Ratio,” “Consolidated
Interest Coverage Ratio” or, in each case, in the component definitions thereof shall
not constitute a reduction or forgiveness in any rate of interest);

 

(c)       reduce
or forgive the principal of, or the rate of interest specified herein on, any Loan or (subject to clause (ii) of the first proviso
to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document (or extend the timing of payments
of such fees or other amounts) without the written consent of each Lender holding such Loan or to whom such fee or other amount
is owed (it being understood that any change to the definition of “Consolidated First
Lien Net Leverage Ratio,” “Consolidated Secured Net Leverage Ratio,”
 “Consolidated Total Net Leverage Ratio,” “Consolidated
Interest Coverage Ratio” or, in each case, in the component definitions thereof shall
not constitute a reduction or forgiveness in any rate of interest); provided that only the consent of the Required Lenders
shall be necessary to amend the definition of “Default Rate” or
to waive any obligation of the Borrower to pay interest at the Default Rate;

 

(d)       change
any provision of Sections 8.04 or 10.01 or the definition of “Required Lenders,”
 “Required Facility Lenders,” “Required
Class Lenders” or any other provision specifying the number of Lenders or portion
of the Loans or Commitments required to take any action under the Loan Documents, without the written consent of each Lender directly
affected thereby (it being understood that with the consent of the Required Lenders, additional extensions of credit pursuant to
this Agreement may be included in the determination of the “Required Lenders,”
 “Required Facility Lenders,” “Required
Class Lenders” or similar provisions on substantially the same basis as the Initial
Term Loans on the Closing Date);

 

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(e)       other
than in connection with a transaction permitted under Sections 7.04 or 7.05, release all or substantially all of the Collateral
in any transaction or series of related transactions, without the written consent of each Lender;

 

(f)       other
than in connection with a transaction permitted under Sections 7.04 or 7.05, release all or substantially all of the aggregate
value of the Guaranty, without the written consent of each Lender;

 

(g)       amend,
waive or otherwise modify any term or provision which directly affects Lenders under one or more Facilities and does not directly
affect Lenders under any other Facility, in each case, without the written consent of the Required Facility Lenders under such
applicable Facility (and in the case of multiple Facilities which are affected, with respect to any such Facility, such consent
shall be effected by the Required Facility Lenders of each such Facility); provided, however, that the waivers described
in this clause (g) shall not require the consent of any Lenders other than the Required Facility Lenders under such Facility or
Facilities;

 

and provided, further, that (i) [reserved]; (ii) no amendment,
waiver or consent shall, unless in writing and signed by the Administrative Agent or the Collateral Agent, as applicable, in addition
to the Lenders required above, affect the rights or duties of, or any fees or other amounts payable to, the Administrative Agent
or the Collateral Agent, as applicable, under this Agreement or any other Loan Document; (iii) Section 10.07(h) may not be amended,
waived or otherwise modified without the consent of each Granting Lender all or any part of whose Loans are being funded by an
SPC at the time of such amendment, waiver or other modification; and (iv) the consent of Lenders holding more than 50% of any Class
of Commitments or Loans shall be required with respect to any amendment that by its terms adversely affects the rights of such
Class in respect of payments or Collateral hereunder in a manner different than such amendment affects other Classes. Notwithstanding
anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender
may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any
Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification
requiring the consent of all Lenders or each affected Lender that by its terms materially and adversely affects any Defaulting
Lender (if such Lender were not a Defaulting Lender) to a greater extent than other affected Lenders shall require the consent
of such Defaulting Lender.

 

Each of
the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended by the Administrative Agent, the
Borrower and the Lenders providing any Incremental Term Loans, Incremental Revolving Credit Commitments, Refinancing Term Loans
or Extended Term Loans pursuant to an Incremental Amendment, Refinancing Amendment or Extension Amendment without the consent of
any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement
Refinancing Indebtedness incurred pursuant thereto (including, without limitation, in order to change or impose “MFN”
pricing protection with respect to additional Loans and/or Commitments made after the date of such
amendment) and (ii) make such other changes to this Agreement and the other Loan Documents consistent with the provisions of Section
2.14, 2.15 or 2.16, as applicable (without the consent of the Required Lenders called for therein) and (iii) effect such other
amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the
Administrative Agent and the Borrower, to effect the provisions of Section 2.14, 2.15 or 2.16, as applicable, and the Required
Lenders hereby expressly authorize the Administrative Agent to enter into any such Refinancing Amendment.

 

Notwithstanding the foregoing, no
Lender consent is required to effect any amendment or supplement to any ABL Intercreditor Agreement, any First Lien
Intercreditor Agreement, any Junior Lien Intercreditor Agreement or other intercreditor agreement or arrangement permitted
under this Agreement that is for the purpose of adding the holders of Permitted First Priority Refinancing Debt, or Permitted
Second Priority Refinancing Debt, as expressly contemplated by the terms of the ABL Intercreditor Agreement, such First Lien
Intercreditor Agreement, such Junior Lien Intercreditor Agreement or such other intercreditor agreement or arrangement
permitted under this Agreement, as applicable (it being understood that any such amendment or supplement may make such other
changes to the applicable intercreditor agreement as, in the good faith determination of the Administrative Agent, are
required to effectuate the foregoing and provided that such other changes are not adverse, in any material respect, to
the interests of the Lenders); provided, further, that no such agreement shall amend, modify or otherwise affect the
rights or duties of the Administrative Agent hereunder or under any other Loan Document without the prior written consent of
the Administrative Agent.

 

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Notwithstanding
the foregoing, this Agreement and any other Loan Document may be amended solely with the consent of the Administrative Agent and
the Borrower without the need to obtain the consent of any other Lender if such amendment is delivered in order (a) to correct
or cure ambiguities, errors, omissions, defects, (b) to effect administrative changes of a technical or immaterial nature, (c)
to fix incorrect cross references or similar inaccuracies in this Agreement or the applicable Loan Document, (d) solely
to add benefit to one or more existing Facilities, including increase in margin, interest rate floor, prepayment premium, call
protection and reestablishment of or increase in amortization schedule, in order to cause any Incremental Facility to be fungible
with any existing Facility and (e) to add any financial covenant for the benefit of all Lenders or any Class of Lenders pursuant
to the conditions imposed on the incurrence of any Indebtedness set forth elsewhere in this Agreement, and in each case of clauses
(a), (b) and (c), such amendment shall become effective without any further action or the consent of any other party to any Loan
Document if the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt of notice
thereof. The Collateral Documents and related documents in connection with this Agreement and the other Loan Documents may be in
a form reasonably determined by the Administrative Agent and may be, together with this Agreement, amended, supplemented and waived
with the consent of the Administrative Agent at the request of the Borrower without the need to obtain the consent of any other
Lender if such amendment, supplement or waiver is delivered in order (i) to comply with local Law or advice of local counsel, (ii)
to cure ambiguities, omissions, mistakes or defects or (iii) to cause such Collateral Documents or other document to be consistent
with this Agreement and the other Loan Documents; provided that, in any such case, such amendment, supplement or waiver shall become
effective only if the same is not objected to in writing by the Required Lenders to the Administrative Agent within five (5) days
following receipt of notice thereof.

 

Notwithstanding anything in this Agreement
or any other Loan Document to the contrary, the Borrower and the Administrative Agent may enter into any Incremental Amendment
in accordance with Section 2.14, Refinancing Amendment in accordance with Section 2.15 and Extension Amendment in accordance with
Section 2.16 and such Incremental Amendments, Refinancing Amendments and Extension Amendments shall be effective to amend the terms
of this Agreement and the other applicable Loan Documents, in each case, without any further action or consent of any other party
to any Loan Document.

 

Section 10.02     Notices and Other Communications;
Facsimile Copies.

 

(a)       General. Unless
otherwise expressly provided herein, all notices and other communications provided for hereunder or under any other Loan
Document shall be in writing (including by facsimile or other electronic image scan transmission). All such written notices
shall be mailed, faxed or delivered to the applicable address, facsimile number or electronic mail address, as follows:

 

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(i)       if
to the Borrower (or any other Loan Party) or the Administrative Agent, the Collateral Agent, to the address, facsimile number or
electronic mail address specified for such Person on Schedule 10.02 or to such other address, facsimile number or electronic
mail address as shall be designated by such party in a notice to the other parties; and

 

(ii)       if
to any other Lender, to the address, facsimile number or electronic mail address specified in its Administrative Questionnaire
or to such other address, facsimile number or electronic mail address as shall be designated by such party in a notice to the Borrower
and the Administrative Agent and the Collateral Agent.

 

All such notices and other communications
shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A) if
delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, four (4)
Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed
by telephone; and (D) if delivered by electronic mail (which form of delivery is subject to the provisions of Section 10.02(c)),
when delivered; provided that notices and other communications to the Administrative Agent or the Collateral Agent pursuant
to Article II shall not be effective until actually received by such Person. In no event shall a voice mail message be effective
as a notice, communication or confirmation hereunder.

 

(b)       Effectiveness
of Facsimile Documents and Signatures. Loan Documents may be transmitted and/or signed by facsimile or other electronic image
scan communication. The effectiveness of any such documents and signatures shall, subject to applicable Law, have the same force
and effect as manually signed originals and shall be binding on all Loan Parties, the Agents and the Lenders.

 

(c)       Reliance
by Agents and Lenders. The Administrative Agent, the Collateral Agent and the Lenders shall be entitled to rely and act upon
any notices purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein,
were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood
by the recipient, varied from any confirmation thereof. The Borrower shall indemnify each Agent-Related Person and each Lender
from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by
or on behalf of the Borrower in the absence of gross negligence or willful misconduct as determined in a final and non-appealable
judgment by a court of competent jurisdiction.

 

(d)       Electronic
Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic
communication (including e mail, FpML messaging, and Internet or intranet websites) pursuant to procedures approved by the
Administrative Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such
Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. The Administrative Agent or the Borrower may each, in its discretion, agree to accept notices and other
communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of
such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise prescribes,
(i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return
receipt requested” function, as available, return e-mail or other written
acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon
the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification
that such notice or communication is available and identifying the website address therefor; provided that, for both clauses
(i) and (ii), if such notice, email or other communication is not sent during the normal business hours of the recipient,
such notice, email or communication shall be deemed to have been sent at the opening of business on the next business day for
the recipient.

 

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(e)       The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND
“AS AVAILABLE.” THE AGENT PARTIES (AS
DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY
DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY,
INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM
FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no
event shall the Administrative Agent, the Collateral Agent, any Lead Arranger or any of their respective Related Parties (the “Agent
Parties”) have any liability to any Loan Party, any Lender or any other Person
for losses, claims, damages, liabilities or expenses of any kind (whether or not based on strict liability and including direct
or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise)) arising
out of the Borrower’s, any other Loan Party’s
or any Agent Party’s transmission of Borrower Materials or notices through the Platform,
any other electronic platform or electronic messaging service, or through the Internet.

 

Section 10.03    No Waiver; Cumulative Remedies.

 

No failure by any Lender or the Administrative
Agent or the Collateral Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege
hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy,
power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are
cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law.

 

Section 10.04    Attorney Costs and Expenses.

 

The Borrower agrees (a) to pay or
reimburse the Administrative Agent, the Collateral Agent and the Lenders for all reasonable and documented out-of-pocket
costs and expenses incurred in connection with the preparation, negotiation and execution of this Agreement and the other
Loan Documents, and any amendment, waiver, consent or other modification of the provisions hereof and thereof (whether or not
the transactions contemplated hereby or thereby are consummated) and any other documents prepared in connection herewith or
therewith, and the consummation and administration of the transactions contemplated hereby and thereby (including all
Attorney Costs, which shall be limited to one counsel to the Administrative Agent and one local counsel as reasonably
necessary in each relevant jurisdiction material to the interests of the Lenders taken as a whole) and (b) from and after the
Closing Date, (i) [reserved], and (ii) to pay or reimburse the Administrative Agent, the Collateral Agent and each Lender for
all reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement or preservation
(whether through negotiations, legal proceedings or otherwise) of any rights or remedies under this Agreement or the other
Loan Documents (including all such costs and expenses incurred during any legal proceeding, including any proceeding under
any Debtor Relief Law, and including all respective Attorney Costs which shall be limited to Attorney Costs of one counsel to
the Administrative Agent and the Collateral Agent (and one local counsel as reasonably necessary in each relevant
jurisdiction material to the interests of the Lenders taken as a whole) and, solely in the case of a conflict of interest,
one additional counsel in each relevant jurisdiction to each group of similarly situated affected Persons)). The foregoing
costs and expenses shall include all reasonable search, filing, recording and title insurance charges and fees related
thereto, and other reasonable and documented out-of-pocket expenses incurred by any Agent. The agreements in this Section
10.04 shall survive the termination of the Aggregate Commitments and repayment of all other Obligations. All amounts due
under this Section 10.04 shall be paid within thirty (30) days of receipt by the Borrower of an invoice relating thereto
setting forth such expenses in reasonable detail including, if requested by the Borrower and to the extent reasonably
available, backup documentation supporting such reimbursement request; provided that with respect to the Closing Date,
all amounts due under this Section 10.04 shall be paid on the Closing Date solely to the extent invoiced to the Borrower
within three Business Days of the Closing Date (except as otherwise reasonably agreed by the Borrower). If any Loan Party
fails to pay when due any costs, expenses or other amounts payable by it hereunder or under any Loan Document, such amount
may be paid on behalf of such Loan Party by the Administrative Agent in its sole discretion. For the avoidance of doubt, this
Section 10.04 shall not apply to Taxes, except any Taxes that represent liabilities, obligations, losses, damages, penalties,
claims, demands, actions, prepayments, suits, costs, expenses and disbursements arising from any non-Tax claims.

 

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Section 10.05    Indemnification by the Borrower.

 

The
Borrower shall indemnify and hold harmless each Agent-Related Person, each Lender and their respective Affiliates, and their
respective officers, directors, employees, partners, agents, advisors and other representatives of each of the foregoing
(collectively the “Indemnitees”)
from and against any and all liabilities (including Environmental Liabilities), obligations, losses, damages, penalties,
claims, demands, actions, judgments, suits, costs, expenses and disbursements (including Attorney Costs but limited in the
case of legal fees and expenses to the reasonable and documented out-of-pocket fees, disbursements and other charges of one
counsel to all Indemnitees taken as a whole and, if reasonably necessary, one local counsel for all Indemnitees taken as a
whole in each relevant jurisdiction that is material to the interests of the Lenders, and solely in the case of a conflict of
interest, one additional counsel in each relevant jurisdiction to each group of similarly situated affected Indemnitees) of
any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any
way relating to or arising out of or in connection with (a) the execution, delivery, enforcement, performance or
administration of any Loan Document or any other agreement, letter or instrument delivered in connection with the
transactions contemplated thereby or the consummation of the transactions contemplated thereby, (b) any Commitment or Loan or
the use or proposed use of the proceeds therefrom or (c) any actual or prospective claim, litigation, investigation or
proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation
of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless
of whether any Indemnitee is a party thereto and regardless of whether any such matter is initiated by a third party or by
Holdings, the Borrower, any of their respective Affiliates, creditors or equity holders or any other Person (all the
foregoing, collectively, the “Indemnified Liabilities”)
in all cases, whether or not caused by or arising, in whole or in part, out of the negligence of the Indemnitee; provided
that, notwithstanding the foregoing, such indemnity shall not, as to any Indemnitee, be available to the extent that such
liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or
disbursements resulted from (x) the gross negligence, bad faith or willful misconduct of such Indemnitee or of any of its
Affiliates or their respective directors, officers, employees, partners, agents, advisors or other representatives, as
determined by a final non-appealable judgment of a court of competent jurisdiction, (y) a material breach of any funding
obligations, or a material breach in bad faith of any other obligations, under any Loan Document by such Indemnitee or of any
of its Affiliates or their respective directors, officers, employees, partners, advisors or other representatives, as
determined by a final non-appealable judgment of a court of competent jurisdiction or (z) any dispute solely among
Indemnitees (other than any claims against an Indemnitee in its capacity or in fulfilling its role as an agent or arranger or
any similar role or as a letter of credit issuer under any Facility and other than any claims arising out of any act or
omission of Holdings, the Borrower or any of their Affiliates). No Indemnitee shall be liable for any damages arising from
the use by others of any information or other materials obtained through IntraLinks or other similar information transmission
systems in connection with this Agreement, nor shall any Indemnitee, Loan Party or any Subsidiary have any liability for any
special, punitive, indirect or consequential or exemplary damages relating to this Agreement or any other Loan Document or
arising out of its activities in connection herewith or therewith (whether before or after the Closing Date) (other than, in
the case of any Loan Party, in respect of any such damages incurred or paid by an Indemnitee to a third party and for any
out-of-pocket expenses); it being agreed that this sentence shall not limit the indemnification obligations of Holdings, the
Borrower or any Subsidiary. In the case of an investigation, litigation or other proceeding to which the indemnity in this
Section 10.05 applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is
brought by any Loan Party, any Subsidiary of a Loan Party, any of their respective Affiliates, directors, stockholders or
creditors or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto and whether or not
any of the transactions contemplated hereunder or under any of the other Loan Documents are consummated. All amounts due
under this Section 10.05 shall be paid within thirty (30) days after written demand therefor (together with backup
documentation supporting such reimbursement request); provided, however, that such Indemnitee shall promptly refund
the amount of any payment to the extent that there is a final judicial or arbitral determination that such Indemnitee was not
entitled to indemnification rights with respect to such payment pursuant to the express terms of this Section 10.05. The
agreements in this Section 10.05 shall survive the resignation of the Administrative Agent or Collateral Agent, the
replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all
the other Obligations. For the avoidance of doubt, this Section 10.05 shall not apply to Taxes, except any Taxes that
represent liabilities, obligations, losses, damages, penalties, claims, demands, actions, prepayments, suits, costs, expenses
and disbursements arising from any non-Tax claims.

 

Section 10.06    Payments Set Aside.

 

To the extent that any payment by or on
behalf of the Borrower is made to any Agent or any Lender, or any Agent or any Lender exercises its right of setoff, and such payment
or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set
aside or required (including pursuant to any settlement entered into by such Agent or such Lender in its discretion) to be repaid
to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a)
to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall, to the fullest extent
possible under provisions of applicable Law, be revived and continued in full force and effect as if such payment had not been
made or such setoff had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable
share of any amount so recovered from or repaid by any Agent, plus interest thereon from the date of such demand to the date such
payment is made at a rate per annum equal to the applicable Overnight Rate from time to time in effect, in the applicable currency
of such recovery or payment.

 

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Section 10.07     Successors and Assigns.

 

(a)       The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or
obligations hereunder without the prior written consent of the
Administrative Agent and each Lender (except as permitted by Section 7.04) and no
Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Assignee pursuant to an
assignment made in accordance with the provisions of Section 10.07(b) and the first proviso to this Section 10.07(a) (such an
assignee, which for the avoidance of doubt, shall not be a natural person, an “Eligible
Assignee”) (A) [reserved]), (B) in the case of any Assignee that is Holdings
or any of its Subsidiaries, Section 10.07(m), or (C) in the case of any Assignee that, immediately prior to or upon giving
effect to such assignment, is a Debt Fund Affiliate, Section 10.07(p), (ii) by way of participation in accordance with the
provisions of Section 10.07(f), (iii) by way of pledge or assignment of a security interest subject to the restrictions of
Section 10.07(h) or (iv) to an SPC in accordance with the provisions of Section 10.07(i) (and any other attempted assignment
or transfer by any party hereto shall be null and void); provided, however, that notwithstanding anything to the
contrary, no Lender may assign or transfer by participation any of its rights or obligations hereunder to (i) any Person that
is a Defaulting Lender or a Disqualified Lender (solely to the extent the list of Disqualified Lenders is available upon
request to the Lenders), (ii) a natural Person or (iii) to Holdings, the Borrower or any of their respective Subsidiaries
(except pursuant to Section 2.05(a)(v) or Section 10.07(m)); provided that the Borrower shall be deemed to have
consented to any assignment of Term Loans unless the Borrower shall have objected thereto within fifteenfive (15)
Business Days after having received written notice thereof. Nothing in this Agreement, expressed or implied, shall be
construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby,
Participants to the extent provided in Section 10.07(f) and, to the extent expressly contemplated hereby, the Indemnitees)
any legal or equitable right, remedy or claim under or by reason of this Agreement. The Administrative Agent shall have no
responsibility or liability for monitoring or enforcing the list of Disqualified Lenders or for any assignment of any Loan or
Commitment or for the sale of any participation, in either case, to a Disqualified Lender.

 

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(b)       (i)
Subject to the conditions set forth in paragraph (b)(ii) below and the last paragraph of this Section 10.07(b), any Lender (other
than the Disbursement Agent, which may only assign its rights and obligations hereunder in accordance with the last paragraph of
this Section 10.07(b)) may assign to one or more assignees (“Assignees”)
all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans
at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of:

 

(A)       the
Borrower; provided that no consent of the Borrower shall be required for (i) an assignment of all or any portion of the
Term Loans to a Lender, an Affiliate of a Lender or an Approved Fund, (ii) [reserved], (iii) if an Event of Default under Section
8.01(a) or, solely with respect to the Borrower, Section 8.01(f) has occurred and is continuing or (iv) an assignment of all or
a portion of the Loans pursuant to Section 10.07(l), Section 10.07(m) or Section 10.07(p);

 

(B)       the
Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment (i) of all
or any portion of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund or (ii) all or any portion of the Loans
pursuant to Section 10.07(m).

 

(ii)       Assignments
shall be subject to the following additional conditions:

 

(A)       except
in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire
remaining amount of the assigning Lender’s Commitment or Loans of any Class, the
amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the
Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than an
$1,000,000 and shall be in increments of an amount of $1,000,000 in excess thereof (or, if less, the remaining portion of the
assigning Lender’s Loans and/or Commitments under the applicable Facility)
(provided that simultaneous assignments to or from two or more Approved Funds shall be aggregated for purposes
of determining compliance with this Section 10.07(b)(ii)(A)), unless each of the Borrower and the Administrative Agent
otherwise consents; provided that such amounts shall be aggregated in respect of each Lender and its Affiliates or
Approved Funds, if any;

 

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(B)       the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption via an electronic
settlement system acceptable to the Administrative Agent (or if previously agreed with the Administrative Agent, manually), together
with a processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the Administrative
Agent); provided that only one such fee shall be payable in the event of simultaneous assignments to or from two or more
Approved Funds; and

 

(C)       other
than in the case of assignments pursuant to Section 10.07(m), the Assignee, if it shall not be a Lender, shall deliver to the Administrative
Agent an Administrative Questionnaire (in which the Assignee shall designate one or more credit contacts to whom all syndicate-level
information (which may contain material non-public information about the Loan Parties and their Affiliates or their respective
securities) will be made available and who may receive such information in accordance with the Assignee’s
compliance procedures and applicable laws, including federal and state securities laws) and all applicable tax forms required pursuant
to Section 3.01(d).

 

This paragraph (b) shall not prohibit any Lender from assigning
all or a portion of its rights and obligations among separate Facilities on a non-pro rata basis among such Facilities.

 

In connection with any assignment of rights
and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the
other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative
Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by
the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the
Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting
Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment
liabilities then owed by such Defaulting Lender to the Administrative Agent, the Collateral Agent or any Lender hereunder (and
interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans. Notwithstanding the foregoing,
in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable
Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting
Lender for all purposes of this Agreement until such compliance occurs.

 

The
Disbursement Agent shall assign Initial Term Loans held by it for the benefit of the Claimant Assignees (as defined below) to
each Unidentified Claimant that (x) is an Eligible Assignee and (y) provides to the Administrative Agent, on or prior to the
Reversion Date, information necessary to facilitate the distribution to which it is entitled and as a result becomes entitled
to receive such distribution (each, a “Claimant
Assignee”), subject to the satisfaction of the following (which, in any
event, shall be satisfied no later than later of (i) the Reversion Date or (ii) two months following the initial response
from such Claimant Assignee to the Disbursement Agent’s request for information
(the date in this clause (ii) with respect to any Claimant Assignee, the “Response
Deadline”)): (x) the Disbursement Agent, the Borrower, the Claimant Assignee
and the Administrative Agent shall have executed and delivered to the Administrative Agent an Assignment and Assumption
acceptable to the Administrative Agent, which Assignment and Assumption shall set forth the Principal Amount of Initial Term
Loans being assigned and the accrued interest thereon and shall require the Disbursement Agent to turn over all accrued and
paid interest on the Initial Term Loans being assigned to the Claimant Assignee and (y) the Claimant Assignee shall have
delivered to the Administrative Agent an Administrative Questionnaire (in which the Assignee shall designate one or more
credit contacts to whom all syndicate-level information (which may contain material non-public information about the Loan
Parties and their Affiliates or their respective securities) will be made available and who may receive such information in
accordance with the Claimant Assignee’s compliance procedures and applicable
laws, including federal and state securities laws) and all applicable tax forms required pursuant to Section 3.01(d). The
Disbursement Agent shall provide written notice to the Administrative Agent promptly after becoming aware of the existence of
any Claimant Assignee, which written notice shall include the name of the Claimant Assignee, the Response Deadline for such
Claimant Assignee and the principal amount of Initial Term Loans held by the Disbursement Agent for the benefit of such
Claimant Assignee. Notwithstanding anything to the contrary herein, no Lender shall be a natural Person and no Lender may
assign or transfer, by assignment, participation or otherwise, any of its rights or obligations hereunder to a natural
Person. If any Unidentified Claimant is a natural Person and responds to a request from the Disbursement Agent for, or
otherwise provides, necessary information to receive payment prior to the Reversion Date (a “Non-Permitted
Claimant”) and, as a result, would otherwise be entitled to receive Initial
Term Loans held by the Disbursement Agent but for the fact that such Unidentified Claimant is a natural Person, then the
Borrower shall (y) promptly provide written notice to the Administrative Agent (a “Non-Permitted
Claimant Notice”) specifying the name of the applicable Non-Permitted
Claimant, the Principal Amount of Initial Term Loans that the Disbursement Agent holds for the benefit of such Non-Permitted
Claimant, and the date on which the Borrower will pay or cause to be paid such Non- Permitted Claimant (which date shall be
no later than five (5) Business Days after the Borrower or the Disbursement Agent becomes aware of such Non-Permitted
Claimant and its entitlement to receive such Initial Term Loans held by the Disbursement Agent) (such payment date, the “Non-Permitted
Claimant Payment Date”) and (z) on the Non-Permitted Claimant Payment Date,
pay, or cause to be paid, to such Non-Permitted Claimant in cash an amount equal to the Principal Amount of Initial Term
Loans (plus any accrued interest thereon to such date) that the Disbursement Agent holds for the benefit of such Non-
Permitted Claimant pursuant to the Bankruptcy Plan, at which time, and without any further action by the Administrative Agent
or the Lenders, the Principal Amount of Initial Term Loans held by the Disbursement Agent for the benefit of the applicable
Non-Permitted Claimant shall be automatically discharged, terminated and cancelled and the Administrative Agent shall update
the Register to reflect such discharge, termination and cancellation.

 

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(c)       Subject
to acceptance and recording thereof by the Administrative Agent pursuant to Sections 10.07(d) and (e), from and after the
effective date specified in each Assignment and Assumption, (1) other than in connection with an assignment pursuant to
Section 10.07(m), the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and (2) the
assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from
its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to
be a party hereto but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05, 10.04 and 10.05 with
respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, and the surrender
by the assigning Lender of its Note, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender.
Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this clause
(c) shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with Section 10.07(f).

 

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(d)       The
Administrative Agent, acting solely for this purpose as a nonfiduciary agent of the Borrower, shall maintain at the
Administrative Agent’s Office a copy of each Assignment and Assumption delivered
to it, and each notice of cancellation of any Loans delivered by the Borrower or another Restricted Subsidiary pursuant to
Section 10.07(m) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and
principal amounts (and related interest amounts) of the Loans, owing to, each Lender pursuant to the terms hereof from time
to time (the “Register”).
The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Agents and the Lenders shall
treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes
of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower,
any Agent and, with respect to such Lender’s own interest only, any Lender, at
any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective unless recorded in
the Register. This Section 10.07(d) and Section 2.11 shall be construed so that all Loans are at all times maintained in “registered
form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code
and any related Treasury regulations (or any other relevant or successor provisions of the Code or of such Treasury
regulations).

 

(e)       Upon
its receipt of, and consent to, a duly completed Assignment and Assumption executed by an assigning Lender and an Eligible Assignee
(or, in the case of an assignment to a Claimant Assignee, executed by the Disbursement Agent, the Borrower, the Administrative
Agent and the Claimant Assignee), an Administrative Questionnaire completed in respect of the assignee (unless the Assignee shall
already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) above, if applicable, and the written
consent of the Administrative Agent, if required, and, if required, the Borrower to such assignment and any applicable tax forms
required pursuant to Section 3.01(d), the Administrative Agent shall promptly (i) accept such Assignment and Assumption and (ii)
record the information contained therein in the Register; provided that, with respect to each Initial Lender that has failed
to comply with its obligations hereunder to provide a completed Administrative Questionnaire and any applicable tax forms required
pursuant to Section 3.01(d) with respect to itself, the Administrative Agent shall not be required to accept any Assignment and
Assumption nor record the information contained therein in the Register until such Initial Lender has provided a completed Administrative
Questionnaire and any such applicable tax forms which are, in each case, reasonably satisfactory to the Administrative Agent. No
assignment shall be effective unless it has been recorded in the Register as provided in this paragraph (e).

 

(f)       Any
Lender may at any time sell participations to any Person, subject to the proviso to Section 10.07(a) (each, a “Participant”),
in all or a portion of such Lender’s rights and/or obligations under this
Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such
Lender’s obligations under this Agreement shall remain unchanged, (ii) such
Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the
Borrower, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with
such Lender’s rights and obligations under this Agreement. Any agreement or
instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right
to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision
of this Agreement or the other Loan Documents; provided that such agreement or instrument may provide that such Lender
will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the
second proviso to Section 10.01 that requires the affirmative vote of such Lender. Subject to Section 10.07(g), the Borrower
agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 (subject to the requirements
and limitations of such Sections) to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to Section 10.07(c). To the extent permitted by applicable Law, each Participant also shall be entitled to the
benefits of Section 10.09 as though it were a Lender; provided that such Participant agrees to be subject to Section
2.13 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a
non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the
principal amounts (and stated interest) of each participant’s interest in the Loans or other obligations under this
Agreement (the “Participant Register”). No participation shall be effective unless it has been recorded in
the Participant Register as provided in this Section 10.07(f); provided that no Lender shall have any obligation to
disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any
information relating to a Participant’s interest in any Commitments, Loans or its other obligations under any Loan
Document) except to the extent that such disclosure is necessary in connection with an audit or other proceeding to establish
that such Commitment, Loan or other obligation is in registered form under Treasury Regulation Section 5f.103- 1(c). The
entries in the Participant Register shall be conclusive and such Lender shall treat each person whose name is recorded in the
Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the
contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as such) shall have no responsibility for
maintaining a Participant Register.

 

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(g)       A
Participant shall not be entitled to receive any greater payment under Sections 3.01, 3.04 or 3.05 than the applicable Lender would
have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation
to such Participant is made with the Borrower’s prior written consent, not to be unreasonably
withheld or delayed.

 

(h)       Any
Lender may, without the consent of the Borrower or the Administrative Agent, at any time pledge or assign a security interest in
all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender,
including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment
shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a
party hereto.

 

(i)       Notwithstanding
anything to the contrary contained herein, any Lender (a “Granting
Lender”) may grant to a special purpose funding vehicle identified as such
in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower (an “SPC”)
the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make pursuant to
this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, (ii) if an
SPC elects not to exercise such option or otherwise fails to make all or any part of such Loan, the Granting Lender shall be
obligated to make such Loan pursuant to the terms hereof and (iii) such SPC and the
applicable Loan or any applicable part thereof, shall be appropriately reflected in the Participant Register. Each party
hereto hereby agrees that (i) an SPC shall be entitled to the benefit of Sections 3.01, 3.04 and 3.05 (subject to the
requirements and the limitations of such Section), but neither the grant to any SPC nor the exercise by any SPC of such
option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrower under this
Agreement except in the case of Sections 3.01 or 3.04, to the extent that the grant to the SPC was made with the prior
written consent of the Borrower (not to be unreasonably withheld or delayed; for the avoidance of doubt, the Borrower shall
have reasonable basis for withholding consent if an exercise by SPC immediately after the grant would result in materially
increased indemnification obligations to the Borrower at such time), (ii) no SPC shall be liable for any indemnity or similar
payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for all
purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain
the lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender
to the same extent, and as if, such Loan were made by such Granting Lender. Notwithstanding anything to the contrary
contained herein, any SPC may (i) with notice to, but without prior consent of the Borrower and the Administrative
Agent and with the payment of a processing fee of $3,500, assign all or any portion of its right to receive payment with
respect to any Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to
its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or
liquidity enhancement to such SPC.

 

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(j)       Notwithstanding
anything to the contrary contained herein, without the consent of the Borrower or the Administrative Agent, (1) any Lender may
in accordance with applicable Law create a security interest in all or any portion of the Loans owing to it and the Note, if any,
held by it and (2) any Lender that is a Fund may create a security interest in all or any portion of the Loans owing to it and
the Note, if any, held by it to the trustee for holders of obligations owed, or securities issued, by such Fund as security for
such obligations or securities; provided that unless and until such trustee actually becomes a Lender in compliance with
the other provisions of this Section 10.07, (i) no such pledge shall release the pledging Lender from any of its obligations under
the Loan Documents and (ii) such trustee shall not be entitled to exercise any of the rights of a Lender under the Loan Documents
even though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise.

 

(k)       [Reserved].

 

(l)       [Reserved].

 

(m)       Any
Lender may, so long as no Default or Event of Default has occurred and is continuing or would result therefrom, at any time, assign
all or a portion of its rights and obligations with respect to Term Loans under this Agreement to Holdings, the Borrower or any
Restricted Subsidiary through (x) Dutch auctions open to all Lenders on a pro rata basis in accordance with procedures of the type
described in Section 2.05(a)(v) or (y) notwithstanding Sections 2.12 and 2.13 or any other provision in this Agreement, open market
purchase on a non-pro rata basis; provided that in connection with assignments pursuant to clause (y) above:

 

(i)       if
Holdings is the assignee, upon such assignment, transfer or contribution, Holdings shall automatically be deemed to have contributed
the principal amount of such Term Loans, plus all accrued and unpaid interest thereon, to the Borrower; or

 

(ii)       if
the assignee is the Borrower (including through contribution or transfers set forth in clause (i) above, but, for the avoidance
of doubt, other than in its capacity as the Disbursement Agent) or another Restricted Subsidiary), (A) the principal amount of
such Term Loans, along with all accrued and unpaid interest thereon, so contributed, assigned or transferred to the Borrower or
such Restricted Subsidiary shall be deemed automatically cancelled and extinguished on the date of such contribution, assignment
or transfer, (B) the aggregate outstanding principal amount of Term Loans of the remaining Lenders shall reflect such cancellation
and extinguishing of the Term Loans then held by the Borrower and (C) the Borrower shall promptly provide notice to the Administrative
Agent of such contribution, assignment or transfer of such Term Loans, and the Administrative Agent, upon receipt of such notice,
shall reflect the cancellation of the applicable Term Loans in the Register.

 

(n)       [Reserved].

 

(o)       [Reserved].

 

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(p)       Notwithstanding
anything in Section 10.01 or the definition of “Required Lenders” to
the contrary, for purposes of determining whether the Required Lenders have (i) consented (or not consented) to any amendment,
modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan
Party therefrom, (ii) otherwise acted on any matter related to any Loan Document or (iii) directed or required the Administrative
Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document and
all Term Loans, held by Debt Fund Affiliates may not account for more than 49.9% (pro rata among such Debt Fund Affiliates) of
the Term Loans of consenting Lenders included in determining whether the Required Lenders have consented to any action pursuant
to Section 10.01.

 

Section 10.08      Confidentiality.

 

Each
of the Agents and the Lenders agrees to maintain the confidentiality of the Information and not to disclose such information,
except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ managers,
administrators, directors, officers, employees, trustees, partners, investors, investment advisors 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); (b) to the
extent requested by any Governmental Authority or self-regulatory authority having or asserting jurisdiction over such Person
(including any Governmental Authority or examiner (including the National Association of Insurance Commissioners or any other
similar organization) regulating any Lender or its Affiliates); provided that such Agent or such Lender, as
applicable, agrees that it will notify the Borrower as soon as practicable in the event of any such disclosure by such Person
(other than at the request of a regulatory authority or examiner) unless such notification is prohibited by law, rule or
regulation; (c) to the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP
numbers with respect to the Facilities or market data collectors, similar services providers to the lending industry and
service providers to the Administrative Agent in connection with the administration and management of this Agreement and the
Loan Documents; (d) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process; provided
that such Agent or such Lender, as applicable, agrees that it will notify the Borrower as soon as practicable in the event of
any such disclosure by such Person (other than at the request of a regulatory authority or examiner) unless such notification
is prohibited by law, rule or regulation; (e) to any other party to this Agreement; (f) subject to an agreement containing
provisions at least as restrictive as those set forth in this Section 10.08 (or as may otherwise be reasonably acceptable to
the Borrower), to any pledgee referred to in Section 10.07(h), counterparty to a Swap Contract, Eligible Assignee of or
Participant in, or any prospective Eligible Assignee of or Participant in any of its rights or obligations under this
Agreement (provided that the disclosure of any such Information to any Lenders or Eligible Assignees or Participants
shall be made subject to the acknowledgement and acceptance by such Lender, Eligible Assignee or Participant that such
Information is being disseminated on a confidential basis (on substantially the terms set forth in this Section 10.08 or as
otherwise reasonably acceptable to the Borrower, including, without limitation, as agreed in any Borrower Materials) in
accordance with the standard processes of such Agent or customary market standards for dissemination of such type of
Information; (g) with the written consent of the Borrower; (h) to the extent such Information becomes publicly available
other than as a result of a breach of this Section 10.08 or becomes available to the Agents, the Lead Arrangers, any Lender
or any of their respective Affiliates on a non-confidential basis from a source other than a Loan Party or its respective
known Affiliates (so long as such source is not known to the disclosing Agent, Lead Arranger, such Lender or any of its
Affiliates to be bound by confidentiality obligations to any Loan Party); (i) to any Governmental Authority or examiner
(including the National Association of Insurance Commissioners or any other similar organization) regulating any Lender; (j)
to any rating agency when required by it (it being understood that, prior to any such disclosure, such rating agency shall
undertake to preserve the confidentiality of any Information relating to Loan Parties and their Subsidiaries received by it
from such Lender) or to the CUSIP Service Bureau or any similar organization; (k) in connection with the exercise of any
remedies hereunder, under any other Loan Document or the enforcement of its rights hereunder or thereunder or (l) to the
extent such Information is independently developed by the Agents, the Lead Arrangers, such Lender or any of their respective
Affiliates; provided that no disclosure shall be made to any Disqualified Lender. In addition, the Agents and the
Lenders may disclose the existence of this Agreement and publicly available information about this Agreement to market data
collectors, similar service providers to the lending industry, and service providers to the Agents and the Lenders in
connection with the administration and management of this Agreement, the other Loan Documents, the Commitments, and the
Credit Extensions. For the purposes of this Section 10.08, “Information” means
all information received from the Loan Parties relating to any Loan Party, its Affiliates or its Affiliates’ directors,
managers, officers, employees, trustees, investment advisors or agents, relating to Holdings, the Borrower or any of their
Subsidiaries or its business, other than any such information that is publicly available to any Agent or any Lender prior to
disclosure by any Loan Party other than as a result of a breach of this Section 10.08; provided that, subject to the
penultimate paragraph of Section 6.02, all information received after the Closing Date from Holdings, the Borrower or any of
its Subsidiaries shall be deemed confidential unless such information is clearly identified at the time of delivery as not
being confidential.

 

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Section 10.09      Setoff.

 

In addition to any rights and remedies of
the Lenders provided by Law, upon the occurrence and during the continuance of any Event of Default, each Lender and its Affiliates
(and the Administrative Agent and the Collateral Agent and their respective Affiliates, in respect of any unpaid fees, costs and
expenses payable to it hereunder) is authorized at any time and from time to time, without prior notice to Holdings, the Borrower
or any other Loan Party, any such notice being waived by Holdings, the Borrower and each other Loan Party (on its own behalf and
on behalf of each of its Subsidiaries) to the fullest extent permitted by applicable Law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final) at any time held by, and other Indebtedness at any time owing by, such
Lender and its Affiliates or such Agent or its Affiliates to or for the credit or the account of the respective Loan Parties and
their Subsidiaries (but excluding amounts held in payroll, employee benefits, tax, and other fiduciary or trust accounts) against
any and all Obligations owing to such Lender and its Affiliates or the Collateral Agent hereunder or under any other Loan Document,
now or hereafter existing, irrespective of whether or not such Agent or such Lender or Affiliate shall have made demand under this
Agreement or any other Loan Document and although such Obligations may be contingent or unmatured or denominated in a currency
different from that of the applicable deposit or Indebtedness; provided that in the event that any Defaulting Lender shall
exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further
application in accordance with the provisions of Section 2.17 and, pending such payment, shall be segregated by such Defaulting
Lender from its other funds and deemed held in trust for the benefit of the Agents and the Lenders, and (y) the Defaulting Lender
shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting
Lender as to which it exercised such right of setoff. Each Lender agrees promptly to notify the Borrower and the Administrative
Agent and the Collateral Agent after any such set off and application made by such Lender; provided that the failure to
give such notice shall not affect the validity of such setoff and application. The rights of the Administrative Agent, the Collateral
Agent and each Lender under this Section 10.09 are in addition to other rights and remedies (including other rights of setoff)
that the Administrative Agent, the Collateral Agent and such Lender may have.

 

Section 10.10      Interest Rate Limitation.

 

Notwithstanding anything to the
contrary contained in any Loan Document, the interest paid or agreed to be paid under the
Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum
Rate”). If any Agent or any Lender shall receive interest in an amount that
exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid
principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by an Agent or
a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment
that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects
thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout
the contemplated term of the Obligations hereunder.

 

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Section 10.11      Counterparts.

 

This Agreement and each other Loan Document
may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. Delivery by telecopier or other electronic transmission of an executed counterpart of a signature
page to this Agreement and each other Loan Document shall be effective as delivery of an original executed counterpart of this
Agreement and such other Loan Document. The Agents may also require that any such documents and signatures delivered by telecopier
or other electronic transmission be confirmed by a manually signed original thereof; provided that the failure to request
or deliver the same shall not limit the effectiveness of any document or signature delivered by telecopier or other electronic
transmission.

 

Section 10.12      Integration; Termination.

 

This Agreement, together with the other
Loan Documents, comprises the complete and integrated agreement of the parties on the subject matter hereof and thereof and supersedes
all prior agreements, written or oral, on such subject matter. In the event of any conflict between the provisions of this Agreement
and those of any other Loan Document, the provisions of this Agreement shall control; provided that the inclusion of supplemental
rights or remedies in favor of the Agents or the Lenders in any other Loan Document shall not be deemed a conflict with this Agreement.
Each Loan Document was drafted with the joint participation of the respective parties thereto and shall be construed neither against
nor in favor of any party, but rather in accordance with the fair meaning thereof.

 

Section 10.13      Survival of Representations and Warranties.

 

All representations and warranties made
hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith
shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon
by each Agent and each Lender, regardless of any investigation made by any Agent or any Lender or on their behalf and notwithstanding
that any Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue
in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied.

 

Section 10.14      Severability.

 

If any provision of this Agreement or
the other Loan Documents is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of the
remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby. The invalidity
of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. Without limiting the foregoing provisions of this Section 10.14, if and to the extent that the enforceability
of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in
good faith by the Administrative Agent, then such provisions shall be deemed to be in effect only to the extent not so
limited.

 

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Section 10.15      GOVERNING LAW.

 

(a)       THIS
AGREEMENT AND EACH OTHER LOAN DOCUMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b)       ANY
LEGAL ACTION OR PROCEEDING ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS
OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER
NOW EXISTING OR HEREAFTER ARISING, SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE UNITED
STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH LOAN PARTY, EACH AGENT AND
EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS AND AGREES THAT
IT WILL NOT COMMENCE OR SUPPORT ANY SUCH ACTION OR PROCEEDING IN ANOTHER JURISDICTION. EACH LOAN PARTY, EACH AGENT AND EACH LENDER
IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS,
WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN
DOCUMENT OR OTHER DOCUMENT RELATED THERETO. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN TELECOPIER OR OTHER ELECTRONIC
TRANSMISSION) IN SECTION 10.02. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO
TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

Section 10.16      WAIVER OF RIGHT TO TRIAL BY JURY.

 

TO THE EXTENT PERMITTED BY APPLICABLE
LAW, EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION
ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR
ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL
COUNTERPART OR A COPY OF THIS SECTION 10.16 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE
WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

Section 10.17      Binding Effect.

 

This Agreement shall become effective
when it shall have been executed by the Loan Parties, the Administrative Agent, the Collateral Agent and the Lenders on the
Closing Date, the conditions set forth in Sections 4.01 and 4.02 have been satisfied or waived in accordance with this
Agreement and the Administrative Agent shall have notified by each Lender on the Closing Date that each such Lender has
executed it and, thereafter, shall be binding upon and inure to the benefit of the Loan Parties, each Agent and each Lender
and their respective successors and assigns, in each case in accordance with Section 10.07 (if applicable) and except that no
Loan Party shall have the right to assign its rights hereunder or any interest herein without the prior written consent of
the Lenders except as permitted by Section 7.04.

 

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Section 10.18      USA PATRIOT Act.

 

Each Lender that is subject to the USA PATRIOT
Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the
requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies each Loan Party, which
information includes the name, address and tax identification number of such Loan Party and other information regarding such Loan
Party that will allow such Lender or the Administrative Agent, as applicable, to identify such Loan Party in accordance with the
USA PATRIOT Act. This notice is given in accordance with the requirements of the USA PATRIOT Act and is effective as to the Lenders
and the Administrative Agent.

 

Section 10.19      No Advisory or Fiduciary Responsibility.

 

(a)       In
connection with all aspects of each transaction contemplated hereby, each Loan Party acknowledges and agrees, and acknowledges
its Affiliates’ understanding, that (i) the facilities provided for hereunder and
any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification
hereof or of any other Loan Document) are an arm’s-length commercial transaction between
the Borrower and its Affiliates, on the one hand, and the Agents and the Lenders, on the other hand, and the Borrower is capable
of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby
and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof), (ii) in connection with
the process leading to such transaction, each of the Agents and the Lenders is and has been acting solely as a principal and is
not the financial advisor, agent or fiduciary, for the Borrower or any of its Affiliates, stockholders, creditors or employees
or any other Person, (iii) none of the Agents or the Lenders has assumed or will assume an advisory, agency or fiduciary responsibility
in favor of the Borrower with respect to any of the transactions contemplated hereby or the process leading thereto, including
with respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of whether any Agent
or Lender has advised or is currently advising the Borrower or any of its Affiliates on other matters) and none of the Agents or
the Lenders has any obligation to the Borrower or any of its Affiliates with respect to the financing transactions contemplated
hereby except those obligations expressly set forth herein and in the other Loan Documents, (iv) the Agents and the Lenders and
their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from, and may conflict
with, those of the Borrower and its Affiliates, and none of the Agents or the Lenders has any obligation to disclose any of such
interests by virtue of any advisory, agency or fiduciary relationship and (v) the Agents and the Lenders have not provided and
will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including
any amendment, waiver or other modification hereof or of any other Loan Document) and the Loan Parties have consulted their own
legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate. Each Loan Party hereby waives and releases,
to the fullest extent permitted by law, any claims that it may have against the Agents and the Lenders with respect to any breach
or alleged breach of agency or fiduciary duty under applicable law relating to agency and fiduciary obligations.

 

    178

     

    

 

Each Loan Party acknowledges and agrees that each Lender and
any affiliate thereof may lend money to, invest in, and generally engage in any kind of business with, any of the Borrower, Holdings,
any Affiliate thereof or any other person or entity that may do business with or own securities of any of the foregoing, all as
if such Lender or Affiliate thereof were not a Lender (or an agent or any other person with any similar role under the Facilities)
and without any duty to account therefor to any other Lender, Holdings, the Borrower or any Affiliate of the foregoing. Each Lender
and any affiliate thereof may accept fees and other consideration from Holdings, the Borrower or any Affiliate thereof for services
in connection with this Agreement, the Facilities or otherwise without having to account for the same to any other Lender, Holdings,
the Borrower or any Affiliate of the foregoing. Some or all of the Lenders or the Agents may have directly or indirectly acquired
certain equity interests (including warrants) in Holdings, the Borrower or an Affiliate thereof or may have directly or indirectly
extended credit on a subordinated basis to Holdings, the Borrower or an Affiliate thereof. Each party hereto, on its behalf and
on behalf of its affiliates, acknowledges and waives the potential conflict of interest resulting from any such Lender, any Agent
or an Affiliate thereof holding disproportionate interests in the extensions of credit under the Facilities or otherwise acting
as arranger or agent thereunder and such Lender, the Agents or Affiliate thereof directly or indirectly holding equity interests
in or subordinated debt issued by Holdings, the Borrower or an Affiliate thereof.

 

Section 10.20      Electronic Execution of Assignments.

 

The
words “execution,” “execute”,
 “signed,” “signature,” and
words of like import in anyor
related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including
without limitation Assignment and Assumptions,
amendments or other modifications, Committed Loan Notices, waivers and consents) shall
be deemed to include electronic signatures, the
electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative
Agent, or the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based record
keepingrecordkeeping system,
as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in
Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws
based on the Uniform Electronic Transactions Act.;
provided that notwithstanding
anything contained herein to the contrary the
Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless
expressly agreed to by the Administrative Agent pursuant to procedures approved by it.

 

Section 10.21      Effect of Certain Inaccuracies.

 

In the event
that any financial statement or Compliance Certificate previously delivered pursuant to Section 6.02 was inaccurate (regardless
of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected,
would have led to the application of a higher Applicable Rate for any period (an “Applicable
Period”) than the Applicable Rate applied for such Applicable Period, then (i)
Holdings shall as soon as practicable deliver to the Administrative Agent a corrected financial statement and a corrected Compliance
Certificate for such Applicable Period, (ii) the Applicable Rate shall be determined based
on the corrected Compliance Certificate for such Applicable Period, and (iii) the Borrower shall within 15 days after the delivery
of the corrected financial statements and Compliance Certificate pay to the Administrative Agent the accrued additional interest
or fees owing as a result of such increased Applicable Rate for such Applicable Period. This Section 10.21 shall not limit the
rights of the Administrative Agent or the Lenders with respect to Sections 2.08(b) and 8.01.

 

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Section 10.22      Judgment Currency

 

If for the
purposes of obtaining judgment in any court it is necessary to convert a sum due from the Borrower hereunder in the currency expressed
to be payable herein (the “Specified Currency”)
into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange
used shall be that at which in accordance with normal banking procedures any Lender could purchase the Specified Currency with
such other currency at such Lender’s New York office on the Business Day preceding
that on which final judgment is given. The obligations of the Borrower in respect of any sum due to any Lender hereunder shall,
notwithstanding any judgment in a currency other than the Specified Currency, be discharged only to the extent that on the Business
Day following receipt by such Lender of any sum adjudged to be so due in such other currency such Lender may in accordance with
normal banking procedures purchase the Specified Currency with such other currency; if the amount of the Specified Currency so
purchased is less than the sum originally due to such Lender in the Specified Currency, the Borrower agrees, to the fullest extent
that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify the Lender against
such loss, and if the amount of the Specified Currency so purchased exceeds the sum originally due to such Lender in the Specified
Currency, such Lender agrees to remit such excess to the Borrower.

 

Section 10.23      Acknowledgement
and Consent to Bail-In of EEA Financial Institutions.

 

Notwithstanding anything to the contrary
in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured,
may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges
and agrees to be bound by:

 

(a)       the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)       the
effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)       a
reduction in full or in part or cancellation of any such liability;

 

(ii)       a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(iii)       the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

Section 10.24      FCC.

 

Notwithstanding anything to the
contrary contained herein or in any of the Loan Documents, neither the Administrative Agent nor the Lenders, nor any of their
agents, will take any action pursuant to any Loan Documents that would constitute or result in (i) any violation of the
Communications Laws, or (ii) any assignment of any FCC Authorization or any transfer of control thereof, within the meaning
of 310(d) of the Communications Act of 1934 or other Communications Law, if such assignment of license or transfer of control
thereof would require thereunder the prior approval of the FCC, without first obtaining such approval of the FCC. Each of
Holdings, the Borrower and the Restricted Subsidiaries will cooperate fully in the preparation and prosecution of such FCC
applications as may be necessary to secure such approvals of the FCC for such assignments of licenses or transfers of control
in a manner consistent with the Loan Documents.

 

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Section
10.25      Acknowledgement Regarding Any Supported QFCs.

 

To
the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Swap Contract or any other agreement
or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”),
the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation
under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together
with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported
QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC
may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the
United States):

 

(a)       In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a
proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit
Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in
property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support
(and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the
United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party
becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported
QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan
Documents were governed by the laws of the United States or a state of the United States. Without limitation of the
foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in
no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

(b)       As
used in this Section 10.25, the following terms have the following meanings:

 

“BHC
Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party.

 

“Covered
Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in
accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 382.2(b).

 

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

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with,
12 U.S.C. 5390(c)(8)(D).

 

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ARTICLE XI

Guaranty

 

Section 11.01      The Guaranty.

 

Each Guarantor
hereby jointly and severally with the other Guarantors guarantees, as a primary obligor and not merely as a surety, to the Administrative
Agent, for the benefit of the Secured Parties and their respective successors and assigns, the prompt payment in full when due
(whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the principal of and
interest (including any interest, fees, costs or charges that would accrue but for the provisions of (i) Title 11 of the United
States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code and (ii) any other Debtor Relief
Laws) on the Loans made by the Lenders to, and the Notes held by each Lender of, the Borrower, and all other Obligations from time
to time owing to the Secured Parties by any Loan Party under any Loan Document, in each case strictly in accordance with the terms
thereof (such obligations being herein collectively called the “Guaranteed Obligations”).
The Guarantors hereby jointly and severally agree that if the Borrower or other Guarantor(s) shall fail to pay in full when due
(whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay
the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal
of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration
or otherwise) in accordance with the terms of such extension or renewal.

 

Section 11.02      Obligations Unconditional.

 

The obligations of the Guarantors under
Section 11.01 shall constitute a guarantee of payment and to the fullest extent permitted by applicable Law, are absolute, irrevocable
and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Guaranteed
Obligations of the Borrower under this Agreement, the Notes, if any, or any other agreement or instrument referred to herein or
therein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations,
and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense
of a surety or Guarantor (except for payment in full). Without limiting the generality of the foregoing, it is agreed that the
occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder which shall
remain absolute, irrevocable and unconditional under any and all circumstances as described above:

 

(i)       at
any time or from time to time, without notice to the Guarantors, to the extent permitted by Law, the time for any performance of
or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived;

 

(ii)       any
of the acts mentioned in any of the provisions of this Agreement or the Notes, if any, or any other agreement or instrument referred
to herein or therein shall be done or omitted;

 

(iii)       the
maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended in
any respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall
be amended or waived in any respect or any other guarantee of any of the Guaranteed Obligations or except as permitted
pursuant to Section 11.10 any security therefor shall be released or exchanged in whole or in part or otherwise dealt
with;

 

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(iv)       any
Lien or security interest granted to, or in favor of, any Lender or Agent as security for any of the Guaranteed Obligations shall
fail to be perfected; or

 

(v)       the
release of any other Guarantor pursuant to Section 11.10.

 

The Guarantors hereby expressly waive diligence,
presentment, demand of payment, protest and, to the extent permitted by Law, all notices whatsoever, and any requirement that any
Secured Party exhaust any right, power or remedy or proceed against the Borrower under this Agreement or the Notes, if any, or
any other agreement or instrument referred to herein or therein, or against any other person under any other guarantee of, or security
for, any of the Guaranteed Obligations. The Guarantors waive, to the extent permitted by Law, any and all notice of the creation,
renewal, extension, waiver, termination or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by any
Secured Party upon this Guaranty or acceptance of this Guaranty, and the Guaranteed Obligations, and any of them, shall conclusively
be deemed to have been created, contracted or incurred in reliance upon this Guaranty, and all dealings between the Borrower and
the Secured Parties shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guaranty. This
Guaranty shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of payment without regard to any
right of offset with respect to the Guaranteed Obligations at any time or from time to time held by Secured Parties, and the obligations
and liabilities of the Guarantors hereunder shall not be conditioned or contingent upon the pursuit by the Secured Parties or any
other person at any time of any right or remedy against the Borrower or against any other person which may be or become liable
in respect of all or any part of the Guaranteed Obligations or against any collateral security or guarantee therefor or right of
offset with respect thereto. This Guaranty shall remain in full force and effect and be binding in accordance with and to the extent
of its terms upon the Guarantors and the successors and assigns thereof, and shall inure to the benefit of the Secured Parties,
and their respective successors and assigns, notwithstanding that from time to time during the term of this Agreement there may
be no Guaranteed Obligations outstanding.

 

Section 11.03      Reinstatement.

 

The obligations of the Guarantors under
this Article XI shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of the Borrower
or other Loan Party in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of
the Guaranteed Obligations, whether as a result of any proceedings in insolvency, bankruptcy or reorganization, pursuant to any
Debtor Relief Law or otherwise.

 

Section 11.04      Subrogation; Subordination.

 

Each Guarantor
hereby agrees that until the payment and satisfaction in full in cash of all Guaranteed Obligations (other than contingent indemnification
obligations not yet due and payable) and the expiration or termination of the Aggregate Commitments of the Lenders under this Agreement,
it shall waive any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by
it of its guarantee in Section 11.01, whether by subrogation or otherwise, against the Borrower or any other Guarantor of any of
the Guaranteed Obligations or any security for any of the Guaranteed Obligations. Any Indebtedness of any Loan Party permitted
pursuant to Sections 7.03(b)(ii) or 7.03(d) shall be subordinated to such Loan Party’s
Obligations in the manner set forth in the Intercompany Note evidencing such Indebtedness.

 

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Section 11.05      Remedies.

 

The Guarantors jointly and severally agree
that, as between the Guarantors and the Lenders, the obligations of the Borrower under this Agreement and the Notes, if any, may
be declared to be forthwith due and payable as provided in Section 8.02 (and shall be deemed to have become automatically due and
payable in the circumstances provided in Section 8.02) for purposes of Section 11.01, notwithstanding any stay, injunction or other
prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against the Borrower
and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such
obligations (whether or not due and payable by the Borrower) shall forthwith become due and payable by the Guarantors for purposes
of Section 11.01.

 

Section 11.06      Instrument for the Payment of Money.

 

Each Guarantor hereby acknowledges that
the guarantee in this Article XI constitutes an instrument for the payment of money, and consents and agrees that any Secured Party,
at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right
to bring a motion-action under New York CPLR Section 3213.

 

Section 11.07      Continuing Guaranty.

 

The guarantee in this Article XI is a continuing
guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising.

 

Section 11.08      General Limitation on Guarantee Obligations.

 

In any action or proceeding involving any
state corporate limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency,
reorganization or other Law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 11.01
would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other
creditors, on account of the amount of its liability under Section 11.01, then, notwithstanding any other provision to the contrary,
the amount of such liability shall, without any further action by such Guarantor, any Loan Party or any other person, be automatically
limited and reduced to the highest amount (after giving effect to the right of contribution established in Section 11.11) that
is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

 

Section 11.09      Information.

 

Each Guarantor
assumes all responsibility for being and keeping itself informed of the Borrower’s
financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations
and the nature, scope and extent of the risks that each Guarantor assumes and incurs under this Guaranty, and agrees that no Secured
Party shall have any duty to advise any Guarantor of information known to it regarding those circumstances or risks.

 

Section 11.10      Release of Guarantors.

 

If, in
compliance with the terms and provisions of the Loan Documents, (i) all or substantially all of the Equity Interests or
property of any Guarantor are sold or otherwise transferred (a “Transferred
Guarantor”) to a person or persons, none of which is a Loan Party (or a
Person that is required to become a Loan Party as a result of such sale or other transfer) or (ii) any Subsidiary Guarantor
becomes an Excluded Subsidiary, such Transferred Guarantor shall, upon the consummation of such sale or transfer, be
automatically released from its obligations under this Agreement (including under Section 10.05 hereof) and its obligations
to pledge and grant any Collateral owned by it pursuant to any Collateral Document and, in the case of a sale of all or
substantially all of the Equity Interests of the Transferred Guarantor, the pledge of such Equity Interests to the Collateral
Agent pursuant to the Collateral Documents shall be automatically released, and, so long as the Borrower shall have provided
the Agents such certifications or documents as any Agent shall reasonably request, the Administrative Agent and the
Collateral Agent shall, at such Transferred Guarantor’s expense, take such
actions as are necessary or reasonably requested to effect each release described in this Section 11.10 in accordance with
the relevant provisions of the Collateral Documents; provided that, no Guarantor shall be released from its
obligations under the Guaranty as a result of becoming a non-wholly owned Subsidiary of Holdings unless the transaction
resulting in such Guarantor becoming a non-wholly-owned subsidiary of Holdings is an arm’s-length
transaction with a Person other than an Affiliate.

 

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When all
Aggregate Commitments hereunder have terminated, and all Loans or other Obligations have been paid in full (other than contingent
indemnification obligations not yet accrued and payable) hereunder, this Agreement, the other Loan Documents and the guarantees
made herein shall terminate with respect to all Obligations, except with respect to Obligations that expressly survive such repayment
pursuant to the terms of this Agreement or the other Loan Documents. The Collateral Agent shall, at each Guarantor’s
expense, take such actions as are necessary to release any Collateral owned by such Guarantor in accordance with the relevant provisions
of the Collateral Documents.

 

Section 11.11      Right of Contribution.

 

Each Guarantor
hereby agrees that to the extent that a Subsidiary Guarantor shall have paid more than its proportionate share of any payment made
hereunder, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder
which has not paid its proportionate share of such payment, in an amount not to exceed the highest amount that would be valid and
enforceable and not subordinated to the claims of other creditors as determined in any action or proceeding involving any state
corporate, limited partnership or limited liability law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization
or other law affecting the rights of creditors generally. Each Subsidiary Guarantor’s
right of contribution shall be subject to the terms and conditions of Section 11.04. The provisions of this Section 11.11 shall
in no respect limit the obligations and liabilities of any Subsidiary Guarantor to the Agents, the Lenders and the other Secured
Parties, and each Subsidiary Guarantor shall remain liable to the Agents, the Lenders and the other Secured Parties for the full
amount guaranteed by such Subsidiary Guarantor hereunder.

 

Section 11.12      ORIGINAL ISSUE DISCOUNT LEGEND.

 

THE LOANS MAY BE ISSUED WITH ORIGINAL ISSUE
DISCOUNT FOR UNITED STATES FEDERAL INCOME TAX PURPOSES. THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD
TO MATURITY OF THE LOANS MAY BE OBTAINED BY WRITING TO THE AGENT AT ITS ADDRESS AS SPECIFIED IN THIS AGREEMENT.

 

[Signature Pages Follow]

 

    185

     

    

 

IN WITNESS WHEREOF, each of the undersigned
has caused its duly authorized officer to execute and deliver this Agreement as of the date first set forth above and the Initial
Lenders are deemed to be party to this Agreement pursuant to the Bankruptcy Plan and terms hereof.

 

	 	CITIBANKBANK OF AMERICA, N.A.,
	 	as Administrative Agent and Collateral Agent
	 	 
	 	By:	              
	 	Name:
	 	Title:

 

Signature
page to term loan credit agreement (iHeart 2019)

 

     

     

    

 

	 	IHEARTCOMMUNICATIONS,
    INC., as
	 	Disbursement
    Agent
	 	 
	 	By:	                               
	 	Name:
	 	Title:

 

    187

     

    

 

	 	IHEARTCOMMUNICATIONS, INC., as
	 	Borrower
	 	 
	 	By:	                                  
	 	Name:
	 	Title:

 

	 	IHEARTMEDIA CAPITAL I, LLC, as Holdings
	 	
	 	 
	 	By:	                               
	 	Name:
	 	Title:

 

Signature
page to term loan credit agreement (iHeart 2019)FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT

     

    

     

    

    between

     

    

     

    

    EL PASO NATURAL GAS COMPANY, L.L.C.

     (EPNG)

     

    

    and

     

    

     

    

    CADIZ, INC.

    (Cadiz)

     

    

    DATED: December 31, 2018

    

    

    AMENDED: February 3, 2020

     

    

    Retained Pipeline

    

      

    

    
      
        

    

     

    

    
      FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT

       

        

                  THIS FIRST AMENDMENT (this “Amendment”) TO THE PURCHASE
          AND SALE AGREEMENT, dated as of December 31, 2018, is made effective this 3rd day of February, 2020 by and between EL PASO NATURAL GAS COMPANY, L.L.C. a
          Delaware limited liability company ("EPNG"), whose address is 2 North Nevada, Colorado Springs, CO 80903 and CADIZ, INC., a Delaware corporation (“Cadiz”), whose address is 550 South Hope Street, Suite 2850, Los Angeles, CA 90017. EPNG and Cadiz
          may hereinafter be referred to individually as a “Party” or collectively as the “Parties.” Capitalized terms used herein but not defined in this Amendment shall have the meanings ascribed to such terms in the Purchase and Sale Agreement.

       

        

      W I T N E S S E T H:

       

      

       WHEREAS, EPNG and Cadiz have previously executed the Purchase and Sale Agreement
        with a provision for a Closing Date linked to the date on which the Bureau of Land Management (“BLM”) issues a renewed right-of-way for the Retained Pipeline (and other portions of the former oil transmission pipeline that are not included in the
        sale of facilities to Cadiz); and

      WHEREAS, the Parties anticipate the BLM shall
        issue the renewed right-of-way sometime in the first half of 2020; and

      WHEREAS, Cadiz desires some certainty on the
        earliest date it shall be required to make the final payment of the remaining portion of the Purchase Price; and

      WHEREAS, EPNG is willing to revise the timing
        of the Closing to provide that certainty to Cadiz in exchange for an adjustment of the Purchase Price and certain other modifications to the terms of the Purchase and Sale Agreement:

      NOW, THEREFORE, in consideration of the
        premises and the mutual covenants and agreements set forth herein, the receipt and sufficiency of which are hereby acknowledged, the Purchase and Sale Agreement is hereby amended as follows:

       

      

      SECTION 1.

       

        

      1.1   Amendments to Section 3.1 “Purchase Price.” Section 3.1 of the Purchase and Sale Agreement is hereby amended and restated in its entirety to read as follows:

      

      

      Purchase
            Price. The Purchase Price of the Retained Pipeline shall be Twenty-One Million Dollars ($21,000,000.00), which shall be paid to EPNG in the form of an initial payment of Two Million Dollars
          ($2,000,000) on the date of the execution of this Purchase and Sale Agreement, and a further payment of Nineteen Million Dollars ($19,000,000) at Closing.

      

      

          1.2  Amendments to Sections 7.1 “Closing Date” and 7.2. “Deliveries by Cadiz”  Sections 7.1 “Closing Date” and 7.2 “Deliveries by Cadiz“ of the Purchase and Sale Agreement ed and
        restated in their entirety to read as follows:

      
        
          

      

      

      

      Closing Date. The Closing of the transaction contemplated by this Agreement shall occur in the manner described in the Third Amendment to the Option Agreement which is
          attached hereto as an Addendum to this Purchase and Sale Agreement, and the terms of which are incorporated herein by this reference. Closing shall take place on or before 180 days following the date that EPNG provides written notice to Cadiz
          that the BLM has issued a renewed right-of-way for the Retained Pipeline (and other portions of the former oil transmission pipeline that includes the Retained Pipeline, the 1904 Pipeline and other portions that have been converted to natural gas
          transmission purposes as part of the EPNG natural gas pipeline system), PROVIDED HOWEVER, that if the BLM issuance of the renewed right-of-way occurs on a date that is after June 30, 2020, but before December 1, 2020, Closing will occur on a
          mutually acceptable date in December of 2020. If the BLM issuance of the renewed right-of-way occurs later than December 1, 2020, Closing will occur on a mutually acceptable date within 30 days of the issuance of the BLM renewal of the
          right-of-way. Closing shall occur at the offices of EPNG in Colorado Springs, Colorado.

      

      

      Deliveries
            by Cadiz. At the Closing, Cadiz shall deliver the Nineteen Million Dollar ($19,000,000) final portion of the Purchase Price to EPNG, all other amounts due having previously been paid to EPNG.

      

      

      1.3  Deletion of Section 7.4. Section 7.4 of the Purchase and Sale Agreement shall be deleted in its entirety.

      

      

      1.4  Amendment to Section 10.2 “Ad Valorem Taxes.” Section 10.2 of the Purchase and Sale Agreement is hereby amended and restated in its entirety to read as follows:

      

      

      Ad
            Valorem Taxes. Cadiz shall be responsible for the payment of all ad valorem and property taxes with respect to the Retained Pipeline for the Closing Year; provided, however, that EPNG shall
          reimburse Cadiz for its pro rata share of such taxes by applying a fraction based on the number of days in the calendar year prior to the date that is 30 days after the date that EPNG provides written notice to Cadiz that the BLM has issued a
          renewed right-of-way for the Retained Pipeline to the total amount of such taxes for the Closing Year. Upon payment of such taxes by Cadiz (after Closing), Cadiz shall invoice EPNG for such share.

       

        

      SECTION 2. RATIFICATION OF THE PURCHASE AND SALE AGREEMENT

      

      

      Except as provided in this Amendment, all of the terms,
        agreements and provisions of the Purchase and Sale Agreement are hereby ratified and confirmed and shall continue in existence and in full force and effect. Upon the execution and delivery of this Amendment all references to the Purchase and Sale
        Agreement (whether in the Purchase and Sale Agreement or in this Amendment or in any other agreement between the Parties) shall refer to the Purchase and Sale Agreement as amended by this Amendment.

      

      

      2

      
        
          

      

      

      

      IN WITNESS WHEREOF, the Parties have duly executed this Amendment as of the date first set forth above.

       

        

      
        	
                 

              	EL PASO NATURAL GAS COMPANY, LLC

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                By: 

                

              	
                /s/ Chris M. Meyer 

                

              
	
                 

              	
                 

              	
                Chris M. Meyer

                

              
	
                 

              	
                 

              	
                President 

                

              
	
                 

              	
                 

              	
                 

              
	 	 	 
	 	CADIZ INC.  

              
	 	 	 
	 	By: 

              	/s/ Scott S. Slater 

              
	 	 	Scott S. Slater 

              
	 	 	President 

              

         

      

      

      

      3

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