Document:

EXHIBIT 4.15

 Dated 26th July 2011 
 ALLIED IRISH BANKS, P.L.C. 
 and 

THE MINISTER FOR FINANCE OF IRELAND 
  

 
 NOTE PURCHASE
AGREEMENT 
 relating to 
 €1,600,000,000 
 10.00 per cent. 

Contingent Capital Tier 2 Notes due 2016 
  

 

 TABLE OF CONTENTS 

 

							
	 1
	 	 Interpretation
	  	 	2	  
	 2
	 	 Issue of the CCNs
	  	 	4	  
	 3
	 	 Representations and Warranties
	  	 	5	  
	 4
	 	 Undertakings by the Issuer
	  	 	7	  
	 5
	 	 Conditions Precedent
	  	 	9	  
	 6
	 	 Closing
	  	 	10	  
	 7
	 	 Fees, Costs and Expenses
	  	 	10	  
	 8
	 	 Taxes
	  	 	10	  
	 9
	 	 Termination
	  	 	11	  
	 10
	 	 Survival of Representations and Obligations
	  	 	11	  
	 11
	 	 Onward Sale of CCNs
	  	 	11	  
	 12
	 	 Notices
	  	 	11	  
	 13
	 	 Assignment
	  	 	12	  
	 14
	 	 Counterparts
	  	 	13	  
	 15
	 	 Governing Law and Jurisdiction
	  	 	13	  
		
	 SCHEDULE
	  			
	 Draft form of Terms and Conditions
	  	 	14	  

 This Agreement is made on 26th July 2011, 

BETWEEN: 
  

	(1)	ALLIED IRISH BANKS, P.L.C., a company incorporated in Ireland with registered number 24173 and whose registered office is at Bankcentre, Ballsbridge, Dublin 4,
Ireland (the “Issuer”); and 

  

	(2)	THE MINISTER FOR FINANCE OF IRELAND of Upper Merrion Street, Dublin 2, Ireland (the “Minister”). 

WHEREAS 
  

	(A)	The Issuer and the Minister wish to record the arrangements agreed between them in relation to an issue of €1,600,000,000 10.00 per cent. Contingent Capital
Tier 2 Notes due 2016 by the Issuer (the “CCNs”). 

  

	(B)	The CCNs shall be issued in registered form and represented by a definitive certificate or certificates pursuant to the Agency Deed (as defined in Clause 2.4 below).

  

	1.	Interpretation 

  

	 	1.1	In this Agreement, unless the context otherwise all terms defined in the Conditions shall have equivalent meanings when used herein. In this Agreement, the following
words and expressions shall have the following meanings: 

 “Business Day” means a day (excluding
Saturdays, Sundays and public holidays) on which banks are generally open for business in the City of Dublin and London; 

“Central Bank” means the Central Bank of Ireland; 

“Conditions” means the terms and conditions of the CCNs (as scheduled to the Agency Deed and as modified from time to
time in accordance with their terms), being materially in the form of the draft terms and conditions set out in the Schedule to this Agreement (subject to such changes as may be agreed between the Issuer and the Minister), and any reference to a
numbered “Condition” is to the corresponding numbered provision thereof; 
 “GEM” means the Global
Exchange Market of the Irish Stock Exchange; 
 “GEM Rules” means the Listing and Admission to Trading Rules of
the Global Exchange Market of the Irish Stock Exchange; 
 “Group” means the Issuer and its subsidiaries from
time to time, subsidiary undertakings from time to time and any other entity in respect of which financial information is included from time to time in the annual accounts of the Issuer, and “Group Company” means any of them;

 “Issue Date” means such date as the Issuer and the Minister may agree, being not later than 29 July
2011; 
 “Issue Price” means 100 per cent. of the aggregate principal amount of the CCNs, being
€1,600,000,000; 
 “Listing Particulars” means the listing particulars to be prepared in connection with
the listing of the CCNs on the Stock Exchange; 

  
 2 

 “Lower Tier 2 Capital” means capital instruments falling within the
definition set out in Regulation 9 of the European Communities (Capital Adequacy of Credit Institutions) Regulations 2006 (as amended); 
 “Placing Agreement” means the placing agreement dated 1 July 2011 between, inter alios, the Minister and the Issuer, in respect of ordinary shares in the capital of the
Issuer; 
 “Previous Announcements” has the meaning ascribed to it in the Placing Agreement, save that the
words “before the date of this Agreement” in the definition of such term in the Placing Agreement shall be deemed to refer to the date of this Agreement; 
 “Register” means a register maintained by the Registrar in accordance with the Conditions; 
 “Registrar Letter of Instruction” means a letter from the Issuer to the Registrar, instructing the Registrar to issue the Certificate to the Minister and to enter the Minister on the
Register as the holder of €1,600,000,000 of the CCNs; 
 “Stock Exchange” means the Irish Stock Exchange
Limited; and 
 “Working Hours” means 9.00 am to 5.00 pm on a Business Day. 

 

	 	1.2	In this Agreement, unless the context otherwise requires: 

  

	 	(a)	a reference to: 

  

	 	(i)	any party includes its successors in title and permitted assigns; 

  

	 	(ii)	a “person” includes any individual, firm, body corporate, association or partnership, government or state or agency of a state, local authority or
government body or any joint venture association or partnership (whether or not having a separate legal personality) and that person’s personal representatives, successors or permitted assigns; 

 

	 	(iii)	a “company” will be construed so as to include any company, corporation or body corporate, wherever and however incorporated or established;

  

	 	(iv)	a Clause, paragraph, or Schedule, unless otherwise specified, is a reference to a Clause, paragraph of or Schedule to this Agreement; 

 

	 	(v)	writing or similar expressions includes, unless otherwise specified, transmission by facsimile but excludes email; 

 

	 	(vi)	the singular includes the plural and vice versa and references to one gender includes all genders; 

 

	 	(vii)	“day” or a “Business Day” will mean a period of 24 (twenty-four) hours running from midnight to midnight; 

 

	 	(viii)	a “month” will mean a calendar month; 

  

	 	(ix)	times are to time in Ireland; 

  
 3 

	 	(x)	a reference to a “subsidiary undertaking” is to be construed in accordance with the European Communities (Companies: Group Accounts) Regulations 1992
of Ireland and a “subsidiary” is to be construed in accordance with Section 155 of the Companies Act 1963 of Ireland; and 

  

	 	(xi)	any other document referred to in this Agreement is a reference to that document as amended, varied, novated or supplemented at any time. 

 

	 	(b)	a reference to a statute or statutory provision will be construed as a reference to the laws of Ireland unless otherwise specified and includes:

  

	 	(i)	any subordinate legislation made under it including all regulations, by-laws, orders and codes made thereunder; 

 

	 	(ii)	any repealed statute or statutory provision which it re-enacts (with or without modification); and 

 

	 	(iii)	any statute or statutory provision which modifies, consolidates, reenacts or supersedes it; 

in each case, prior to the date of this Agreement. 
  

	 	(c)	any phrase introduced by the terms “including”, “include” and “in particular” or any similar expression will be
construed as illustrative and will not limit the sense of the words preceding those terms. 

  

	 	1.3	The table of contents and headings in this Agreement are inserted for convenience only, and they are to be ignored in the interpretation of this Agreement.

  

	 	1.4	Unless the context otherwise requires, references in this Agreement to CCNs being or to be “listed on the Stock Exchange” shall be to CCNs being or to
be listed and admitted to trading on the GEM, having obtained approval from the Stock Exchange in its capacity as competent authority for admission of the CCNs to trading on the GEM. 

 

	2.	Issue of the CCNs 

  

	 	2.1	The Issuer undertakes to the Minister, subject to and in accordance with the provisions of this Agreement, to issue the CCNs on the Issue Date.

  

	 	2.2	The Minister undertakes to the Issuer, subject to and in accordance with the provisions of this Agreement, that the Minister will subscribe and pay for all of the CCNs
on the Issue Date at the Issue Price. 

  

	 	2.3	The consideration payable in respect of the subscription for the CCNs by the Minister shall be payable in cash, to an account nominated by the Issuer.

  

	 	2.4	The Issuer will, not later than the Issue Date, enter into an agency deed (the “Agency Deed”) with Citibank, N.A., London Branch as fiscal agent (the
“Fiscal Agent”) and registrar (the “Registrar”, together with the Fiscal Agent, and any other agent or agents appointed from time to time in connection with the CCNs, the “Agents”) substantially in
the form approved by the Minister and the Issuer. The CCNs will be issued in accordance with the terms of the Agency Deed and will be represented by one or more definitive certificates, in the form set out in Schedule 1 to the Agency Deed (the
“Certificates”). This Agreement and the Agency Deed are together referred to as the “Contracts”. 

  
 4 

	3.	Representations and Warranties 

  

	 	3.1	Warranties: The Issuer represents and warrants to the Minister that: 

 

	 	(a)	Incorporation: it is duly incorporated under the laws of Ireland, with full power and authority to conduct its business, and is lawfully qualified to do business
in those jurisdictions in which business is conducted by it; 

  

	 	(b)	Validity of Contracts: this Agreement has been duly authorised, executed and delivered by it and constitutes, and the Agency Deed, has been duly authorised by it
and on the Issue Date will constitute, valid, legally binding and enforceable obligations of the Issuer subject, as to enforceability, to the reservations contained in any legal opinions referred to in Clause 5; 

 

	 	(c)	Validity of CCNs: the issue of the CCNs has been duly authorised by the Issuer and, when the Certificate is duly executed, authenticated and issued in accordance
with the Agency Deed, the CCNs will constitute valid, legally binding and enforceable obligations of the Issuer subject, as to enforceability, to the reservations contained in any legal opinions referred to in Clause 5; 

 

	 	(d)	Compliance: the execution and delivery of the Contracts, the issue of the CCNs and any issue of Ordinary Shares as a result of the conversion of the CCNs (as
contemplated by the Conditions), the carrying out by the Issuer of the other transactions contemplated by the Contracts and compliance by the Issuer with their terms do not or, as the case may be, will not (a) conflict with or result in a
breach of any of the terms or provisions of, or constitute a default under, the constitutional documents of the Issuer, or (b) conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, any
indenture, trust deed, mortgage or other agreement or instrument to which the Issuer, or any member of the Group is a party or by which any of them is bound which conflict, breach or default could reasonably be expected to be material in the context
of the issue of the CCNs, or (c) infringe any existing applicable law or regulation of any government, governmental body or court, or (d) to the best knowledge and belief of the Issuer, infringe on or breach any judgment, order or decree
of any government, governmental body or court; 

  

	 	(e)	Consents: no action or thing is required to be taken, fulfilled or done (including without limitation the obtaining of any consent or licence or the making of
any filing or registration) for the issue of the CCNs and (other than as contemplated by and in accordance with the Conditions) any issue of Ordinary Shares as a result of the conversion of the CCNs, the carrying out of any other transactions
contemplated by the Contracts or the compliance by the Issuer with the terms of the CCNs, as the case may be. 

  

	 	(f)	 Listing Particulars: as at the date of publication of the Listing Particulars (a) the Listing Particulars will contain all information
which, according to the particular nature of the Issuer and of the CCNs to be admitted to trading on the GEM, is necessary to enable investors to make an informed assessment of (i) the assets and liabilities, financial position, profit and
losses, and prospects of the Issuer; and (ii) the rights attaching to the CCNs, (b) any statements relating to the Issuer contained in Listing Particulars will be, in every material particular true and accurate and not misleading,
(c) any opinions and 

  
 5 

	 	
intentions with regard to the Issuer expressed in the Listing Particulars will at such date be, honestly held, have been reached after considering all relevant circumstances and are based on
reasonable assumptions, (d) there are no other facts in relation to the Issuer or the CCNs the omission of which shall, in the context of the listing of the CCNs, make any statement in the Listing Particulars misleading in any material respect,
(e) all reasonable enquiries will have been made by the Issuer to ascertain such facts and to verify the accuracy of all such information and statements and (f) the Listing Particulars will have been made available to the public in
accordance with the GEM Rules; 

  

	 	(g)	Financial Statements: (a) the audited consolidated financial statements of the Issuer to be incorporated by reference in the Listing Particulars were
prepared pursuant to the relevant laws of Ireland and in accordance with accounting principles required for the purposes of the GEM Rules consistently applied and give a true and fair view, in accordance with International Financial Reporting
Standards, of the state of the Group’s consolidated financial affairs as at the date they are made up to and of its consolidated profit for the financial year then ended, and (b) save for any matter specifically disclosed (1) in
writing to, and accepted by or on behalf of, the Minister in respect of warranties contained in the Placing Agreement or (2) in Previous Announcements, since the date of the last audited consolidated financial statements of the Issuer there has
been no material adverse change to the financial condition or results of operations of the Group; 

  

	 	(h)	Litigation: save for any matter specifically disclosed (1) in writing to, and accepted by or on behalf of, the Minister in respect of warranties contained
in the Placing Agreement or (2) in Previous Announcements, there are no, nor have there been, any litigation, governmental or arbitration proceedings, including any which are pending or threatened of which the Issuer is aware, which may have,
or have had during the 12 months prior to the date of this Agreement (or any date on which this warranty is deemed to be repeated), a significant effect on the Issuer’s or the Group’s consolidated financial position or profitability or
which are otherwise material in the context of the issue of the CCNs or any issue of Ordinary Shares as a result of the conversion of the CCNs (as contemplated by the Conditions); and 

 

	 	(i)	Stamp Taxes: under the laws of Ireland in force at the date hereof, it is not necessary that this Agreement be filed, recorded or enrolled with any court or
other authority in such jurisdiction or that any stamp duty, registration or similar tax be payable in relation to the issue of the CCNs or any of the Contracts. 

 

	 	3.2	Repetition: 

  

	 	(a)	The representations and warranties in Clause 3.1 (other than those set out in Clause 3.1(f)) above are given as at the date of this Agreement and shall be deemed to be
repeated (a) on the Issue Date by reference to the facts and circumstances then existing, (b) as at the date of publication of the Listing Particulars and any supplement or amendment to the Listing Particulars published in accordance with
Clause 4.4, by reference to the facts and circumstances then existing and qualified, where relevant, by the contents of the Listing Particulars or any such supplement or amendment; and 

 

	 	(b)	The representations and warranties in Clause 3.1(f) shall be given as at the date of publication of the Listing Particulars and shall be deemed repeated as at the date
of publication of any supplement or amendment to the Listing Particulars published in accordance with Clause 4.4, by reference to the facts and circumstances then existing and qualified, where relevant, by the contents of any such supplement or
amendment. 

  
 6 

	 	3.3	Indemnity: The commitment of the Minister under this Agreement is being made on the basis of the foregoing representations and warranties and agreements of the
Issuer with the intention that such representations and warranties shall remain true and accurate in all respects up to and including the Issue Date (or such later date on which any representation or warranty is deemed to be given or repeated) and
that such agreements shall have been performed on or before the Issue Date and the Issuer undertakes to indemnify, and keep indemnified, the Minister, or any of its respective directors, officers or employees (each a “Relevant
Party”) for any loss or liability (not including loss of profit) incurred and any reasonable and properly incurred cost or expense (including, without limitation, in connection with investigating, disputing, defending or preparing to defend
any of the foregoing) (a “Loss”) in respect of any breach or alleged breach of any such representation, warranty or agreement (other than as a result of the default by the Minister under this Agreement). 

The Minister shall not have any duty or obligation, whether as fiduciary or trustee for any Relevant Party or otherwise, to recover any
such payment or to account to any other person for any amounts paid to it under this Clause 3.3. 
  

	4.	Undertakings by the Issuer 

The Issuer undertakes with the Minister as follows: 
  

	 	4.1	Approval of the Listing Particulars: The Issuer undertakes to the Minister that the Listing Particulars shall be prepared, submitted to the Stock Exchange for
approval in its capacity as competent authority for the purposes of the GEM Rules and, if such approval is granted, published in accordance with the GEM Rules, no later than 31 October 2011. The Issuer further undertakes to provide to the
Minister such opinions, certificates, letters of comfort or other documentation as the Minister may require in connection with the preparation, approval and publication of the Listing Particulars. 

 

	 	4.2	Supply of Information: The Issuer agrees to deliver to the Stock Exchange copies of the Listing Particulars and to take such other steps as may be required for
the purpose of obtaining such listing on the Stock Exchange. 

  

	 	4.3	Maintenance of Listing: The Issuer will use all reasonable endeavours to obtain and maintain such listing on the Stock Exchange on or before 31 October 2011
and for as long as any CCN is outstanding. If, however, they are unable to do so, having used such endeavours, or (for so long as the Minister is the holder of any of the CCNs) if the maintenance of such listing is agreed by the Minister, acting
reasonably, to be unduly onerous, the Issuer will instead use all reasonable endeavours promptly to obtain and thereafter to maintain a listing for the CCNs on such other Recognised Stock Exchange as may be agreed between the Issuer and the
Minister. 

  

	 	4.4	 Supplements or Amendments: If at any time during the relevant period for the purpose of Rule 3.10 of the GEM Rules there arises or is noted a
significant new factor, material mistake or inaccuracy relating to the information included in the Listing Particulars, the Issuer will promptly inform the Minister and will prepare and submit to the Stock Exchange for its approval a supplement to
the Listing Particulars containing details of the new factor, mistake or inaccuracy so as to comply with the 

  
 7 

	 	
requirements of Rule 3.10 of the GEM Rules. The Issuer will deliver to the Minister, without charge, such number of copies of such supplement to the Listing Particulars as the Minister may
reasonably request. 

  

	 	4.5	Taxes: The Issuer will pay (1) any stamp, issue, registration, documentary or other taxes and duties, including interest and penalties, payable in Ireland
or elsewhere on or in connection with the creation, issue and offering of the CCNs or the execution or delivery of the Contracts; and (2) in addition to any amount payable by it under this Agreement, any value added, turnover or similar tax
payable in respect of that amount. 

  

	 	4.6	Representations and Warranties: The Issuer will forthwith notify the Minister if, at any time prior to payment of the Issue Price for the CCNs to the Issuer on
the Issue Date, it becomes aware of anything that renders or may render materially untrue or materially incorrect in any respect any of the representations, warranties, agreements and indemnities contained in Clause 3 and will forthwith take such
steps as the Minister may reasonably require to remedy and/or publicise the fact. 

  

	 	4.7	Delivery of CCNs: The Issuer will ensure that the Certificate, duly executed on behalf of the Issuer is delivered to the Registrar on or prior to the Issue Date.

  

	 	4.8	Register: The Issuer will on delivery of the Certificate, duly executed on behalf of the Issuer to the Registrar, procure that the Registrar promptly
authenticates the Certificate and enters the Minister in the Register as the holder of €1,600,000,000 in principal amount of the CCNs. 

  

	 	4.9	Capital: For so long as any CCN remains outstanding and the Minister is a holder of CCNs, the Issuer shall (in each case save with the approval of the Minister):

  

	 	(a)	(other than in connection with a Reorganisation) not issue or pay up any Ordinary Shares or Other Securities, in either case by way of capitalisation of profits or
reserves, other than: 

  

	 	(i)	by the issue of fully paid Ordinary Shares or Other Securities to (A) Shareholders and (B) other holders of preference shares in the capital of the Issuer in
issue as at the Issue Date, which, by their terms, entitle the holders thereof to receive Ordinary Shares or Other Securities on a capitalisation of profits or reserves (including in lieu of the whole or part of a dividend in cash thereon); or

  

	 	(ii)	by the issue of Ordinary Shares paid up in full (in accordance with applicable law) and issued wholly, ignoring fractional entitlements, in lieu of the whole or part of
a Dividend in cash; or 

  

	 	(iii)	by the issue of fully paid Other Securities to the holders of Ordinary Shares or Other Securities which, by their terms, entitle the holders thereof to receive Other
Securities; or 

  

	 	(iv)	 by the issue of Ordinary Shares or Other Securities to, or for the benefit of, any employee or former employee, director or executive holding or
formerly holding executive office of Issuer or any of its Subsidiaries or any associated company or to trustees or nominees to be held for the benefit of any such person, in any such case pursuant to an employee, director or executive share or
option scheme whether for all employees, directors, or executives or any one or more of them, 

  
 8 

 
unless, in any such case, the same constitutes a Dividend or otherwise gives rise (or would, but for the provisions of Condition 4(i) relating to roundings and minimum adjustments or the carry
forward of adjustments, give rise) to an adjustment to the Conversion Price and unless, if the Conversion Price would otherwise be reduced to below the prevailing nominal value of the Ordinary Shares at the effective date of such adjustment, gives
rise to an adjustment to the nominal value of the Ordinary Shares to reflect the Conversion Price so reduced; 
  

	 	(b)	not in any way modify the rights attaching to, or nominal value of, the Ordinary Shares or issue any Other Securities carrying any rights which are more favourable than
such rights, or take any steps that could lead to the liquidation or winding-up of the Issuer; 

  

	 	(c)	not redeem, purchase or otherwise acquire for any consideration any Ordinary Shares or Other Securities; or 

 

	 	(d)	not effect any return of capital. 

  

	5.	Conditions Precedent 

  

	 	5.1	The obligations of the Minister to subscribe and pay for the CCNs are conditional upon: 

 

	 	(a)	Placing Agreement: the Placing Agreement becoming unconditional in all respects; 

 

	 	(b)	Certificates and Agency Deed: the execution and delivery on or before the Issue Date of the Certificates and the Agency Deed by the respective parties thereto;

  

	 	(c)	Compliance: on the Issue Date (a) the representations and warranties of the Issuer in this Agreement (other than those in Clause 3.1(f)) being true,
accurate and correct in all material respects at, and as if made on, the Issue Date by reference to the facts and circumstances then existing (b) the Issuer having performed all of its material obligations under this Agreement to be performed
on or before the Issue Date and (c) there having been delivered to the Minister a certificate substantially in the form agreed by the Issuer and the Minister prior to signing this Agreement, dated the Issue Date, signed by a duly authorised
officer of the Issuer to such effect; 

  

	 	(d)	Authorisations: on or before the date of this Agreement, there having been delivered to the Minister a certified copy of: 

 

	 	(i)	the constitutional documents the Issuer; and 

  

	 	(ii)	the internal authorisations of the Issuer authorising the issue of the CCNs, the execution of the Contracts and any other matters contemplated by the Contracts
(including the issue of any Ordinary Shares on the conversion of the CCNs); 

  

	 	(e)	Opinions: on or before the Issue Date, there having been delivered to the Minister legal and tax opinions, in form and substance satisfactory to the Minister,
dated the Issue Date from the legal and tax advisers to the Issuer in relation to Irish law and Irish taxation; 

  
 9 

	 	(f)	Central Bank Confirmation: the Issuer having received written confirmation from the Central Bank that the CCNs will qualify as Lower Tier 2 Capital, a copy of
which the Issuer shall provide to the Minister; and 

  

	 	(g)	Registrar: confirmation from the Registrar that it has received (i) the Certificate duly executed by the Issuer, and (ii) the Registrar Letter of
Instruction signed by the Issuer. 

  

	 	5.2	The Minister may, at its discretion and upon such terms as it thinks fit, waive compliance with the whole or any part of Clause 5.1 (other than sub-Clauses 5.1(a) and
5.1(b)). 

  

	6.	Closing 

  

	 	6.1	On or prior to the Issue Date, the Issuer will deliver to the Registrar, the Certificate duly executed on behalf of the Issuer. 

 

	 	6.2	Upon confirmation being received by the Minister from the Registrar that (i) it has received the Certificate duly executed by the Issuer and the Registrar Letter
of Instruction signed by the Issuer, and (ii) it has authenticated the Certificate, the Minister will pay, or cause to be paid to the Issuer the Issue Price for the CCNs. Such payment shall be made by on behalf of the Minister, in euro in
immediately available funds to such euro account as shall be notified by the Issuer to the Minister. No deduction or withholding shall be made from the payment to the Issuer of the Issue Price for the CCNs. 

 

	 	6.3	On payment of the amounts referred to in Clause 6.2, the Issuer shall procure that the Registrar promptly enters the Minister in the Register, as the holder of
€1,600,000,000 in principal amount of the CCNs and provides written confirmation to the Minister of such entry in the Register. 

  

	7.	Fees, Costs and Expenses 

  

	 	7.1	The Issuer will bear the costs, charges, fees and expenses (including without limitation the costs and expenses of the legal, financial or, where relevant, other
professional advisers) of the Minister, incurred for the purpose of or in connection with the issue of the CCNs, the execution of the Contracts, or any arrangements referred to in, or contemplated by, this Agreement or any of the Contracts.

  

	 	7.2	The Issuer undertakes upon request by the Minister from time to time to promptly pay to or reimburse to the Minister the amount of any such costs, charges, fees and
expenses referred to in Clause 7.1, which the Minister may have paid or incurred, together with any value added, turnover or similar tax payable in respect of that amount. 

 

	 	7.3	The Issuer agrees to bear and pay its own costs, charges, fees and expenses and those of its advisers, incurred for the purpose of or in connection with the issue of
the CCNs, the execution of the Contracts, or any arrangements referred to in, or contemplated by, this Agreement or any of the other Contracts. 

  

	8.	Taxes 

  

	 	8.1	Each payment made by the Issuer under this Agreement shall be made without any tax deduction, unless a tax deduction is required by law. 

  
 10 

	 	8.2	If the Issuer becomes aware that it must make a tax deduction in respect of any payment under this Agreement (or that there is any change in the rate or the basis of a
tax deduction) it shall notify the Minister accordingly. 

  

	 	8.3	If a tax deduction is required by law to be made by the Issuer in respect of any payment required to be made by it to the Minister under this Agreement then the Issuer
shall pay to the Minister such amount as the Minister determines will leave it (after such payment) in the same after tax position as it would have been in had the tax deduction not been required to be made by the Issuer. 

 

	9.	Termination 

  

	 	9.1	Notwithstanding anything contained in this Agreement, the Minister may, by notice in writing to the Issuer given at any time prior to payment of the Issue Price for the
CCNs to the Issuer, terminate this Agreement in any of the following circumstances: 

  

	 	(a)	if there shall have come to the notice of the Minister any material breach of, or any event rendering untrue or incorrect in any material respect, any of the warranties
and representations contained in Clause 3 or any failure to perform any of the Issuer’s material undertakings or agreements in this Agreement; 

  

	 	(b)	if any of the conditions precedent specified in Clause 5 have not been satisfied (unless otherwise waived by the Minister) on or prior to the Issue Date; or

  

	 	(c)	if the Placing Agreement is terminated pursuant to the provisions of Clause 3.4 or Clause 14.1 of the Placing Agreement. 

 

	 	9.2	Upon such written notice being given this Agreement shall terminate and be of no further effect and no party shall be under any liability to any other in respect of
this Agreement, except that the Issuer shall remain liable, pursuant to Clause 7, for the payment of all costs and expenses already incurred or incurred in consequence of such termination and the respective obligations of the parties pursuant to
this Clause 9 which would have continued had the arrangements for the subscription and issue of the CCNs been completed, shall continue. 

  

	10.	Survival of Representations and Obligations 

 The representations, warranties, agreements, undertakings and indemnities in this Agreement shall continue in full force and effect despite completion of the arrangements for the subscription and issue of
the CCNs or any investigation made by or on behalf of the Minister or any of them. 
  

	11.	Onward Sale of CCNs 

Without prejudice to the Conditions, the Minister shall have absolute discretion as to whether to sell the CCNs, to whom it may sell the
CCNs and the terms of any such sale. 
  

	12.	Notices 

  

	 	12.1	Subject to Clause 12.2, any notice or other communication under this Agreement will only be effective if it is in writing. 

 

	 	12.2	Communication by email will not be effective under this Agreement. 

  
 11 

	 	12.3	Any notice or other communication given or made under this Agreement will be addressed as provided in Clause 12.5 and, if so addressed, will, in the absence of earlier
receipt, be deemed to have been duly given or made as follows: 

  

	 	(a)	if sent by personal delivery, on delivery at the address of the relevant party; 

 

	 	(b)	if sent by pre-paid post, two (2) clear Business Days after the date of posting; or 

 

	 	(c)	if sent by facsimile, when transmitted. 

  

	 	12.4	Any notice or other communication given or made, or deemed to have been given or made, outside Working Hours will be deemed not to have been given or made until the
start of the next period of Working Hours. 

  

	 	12.5	The relevant notice details for the parties hereto are: 

  

					
	Allied Irish Banks, p.l.c.	  		  	
			
	Bankcentre	  		  	
	Ballsbridge,	  		  	
	Dublin 4	  		  	
			
	Fax no.:	  	+353 1 668 9677	  	
			
	Attention:	  	Group Law Agent	  	
			
	Minister for Finance	  		  	
			
	Upper Merrion Street	  		  	
	Dublin 2	  		  	
			
	Fax no.:	  	+353 1 678 9936	  	
			
	Attention:	  	Marked for the attention of:	  	
		  	The Secretary General	  	
		  	Department of Finance	  	

  

	 	12.6	A party may notify the other parties of a change to its notice details. That notification will only be effective on: 

 

	 	(a)	any effective date specified in the notification; or 

  

	 	(b)	if no effective date is specified or the effective date specified is less than five (5) clear Business Days after the date when notice is received, the date
falling five (5) clear Business Days after the notification has been received. 

  

	13.	Assignment 

 The Issuer
may not assign, transfer or otherwise dispose of all or any part of its respective rights or obligations under this Agreement. 

  
 12 

	14.	Counterparts 

 This
Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same document and any party to this Agreement may enter into this Agreement by executing a counterpart. 

 

	15.	Governing Law and Jurisdiction 

  

	 	15.1	This Agreement, and all non-contractual obligations arising in connection therewith, shall be governed by and construed in accordance with Irish law.

  

	 	15.2	The courts of Ireland are to have jurisdiction to settle any disputes which may arise out of or in connection with this Agreement and accordingly any legal action or
proceedings arising out of or in connection with this Agreement (“Proceedings”) may be brought in such courts. The Issuer irrevocably submits to the jurisdiction of such courts and waives any objection to Proceedings in such courts
whether on the ground of venue or on the ground that the Proceedings have been brought in an inconvenient forum. These submissions are made for the benefit of the Minister and shall not limit the right of any of them to take Proceedings in any other
court of competent jurisdiction nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction (whether concurrently or not), 

IN WITNESS WHEREOF this Agreement has been entered into on the date which first appears on page 2 of this Agreement. 

  
 13 

 SCHEDULE 
 Draft form of Terms and Conditions 
 For the avoidance of doubt the final terms and
conditions of the CCNs shall be scheduled to the Agency Deed. In the event of any inconsistency between this Schedule and the Conditions as set out in the Agency Deed, the Conditions as set out in the Agency Deed shall prevail. 

The following (excluding this paragraph) is the text of the terms and conditions (the “Conditions”) of the CCNs which
(subject to modification) shall be endorsed on the Certificates relating to the CCNs. 
 The €1,600,000,000 10.00 per cent.
Contingent Capital Tier 2 Notes due 28 July 2016 (“CCNs”) issued by Allied Irish Banks, plc (the “Issuer”), which expression shall in these Conditions include any further CCNs issued pursuant to Condition 10 and
forming a single series with the CCNs, are subject to these Conditions and are issued pursuant to an agency deed dated on or about the Issue Date (the “Agency Deed”) made between the Issuer and Citibank N. A., London Branch as
fiscal agent (the “Fiscal Agent”) and registrar (the “Registrar”) (together with any other agent or agents appointed from time to time with respect to the CCNs, the “CCN Agents” and each a
“CCN Agent”). Copies of the Agency Deed will be available during usual business hours at the specified offices of the Fiscal Agent. 
 The Holders are entitled to the benefit of, are bound by, and are deemed to have notice of those provisions applicable to them of the Agency Deed. 

 

	1.	Form, Denomination and Title 

 The CCNs are issued in definitive registered form, serially numbered, in denominations of €100,000 and integral multiples of €1,000 in excess thereof. 

The CCNs are represented by a definitive registered certificate or, as the case may be, definitive registered certificates (each, a
“Certificate”) and, save as provided in these Conditions, each Certificate shall represent the entire holding of CCNs by the same Holder. 
 Title to the CCNs shall pass by registration in the register that the Issuer shall procure to be kept by the Registrar in accordance with the provisions of the Agency Deed (the
“Register”). 
  

	2.	Status and Subordination of the CCNs 

  

	 	(a)	Status 

 The CCNs
constitute direct, unsecured and subordinated obligations of the Issuer and rank pari passu and without any preference among themselves. The rights and claims of the Holders are subordinated as described in Condition 2(b). 

 

	 	(b)	Subordination 

Subject as provided below, in the event of an order being made, or an effective resolution being passed, for the liquidation, dissolution
or winding-up of the Issuer by reason of insolvency, bankruptcy or otherwise, the rights and claims of the Holders against the Issuer in respect of or arising under (including any damages awarded for breach of any obligation under) the CCNs shall,
subject to any obligations which are mandatorily preferred by law, rank (A) junior to the claims of all holders of unsubordinated obligations of the Issuer, (B) pari passu with the claims of holders of all other subordinated
obligations of the Issuer which qualify as consolidated Tier 2 Capital of the Group for regulatory capital purposes or which rank, or are expressed 

  
 14 

 
to rank, pari passu with the CCNs, and (C) senior to the claims of holders of ail other subordinated obligations of the Issuer which rank, or are expressed to rank, junior to the CCNs
including any subordinated obligations of the Issuer which qualify as Tier 1 Capital of the Group for regulatory purposes. 
  

	3.	Interest 

  

	 	(a)	Interest Payment Dates 

 Each CCN bears interest on its principal amount from time to time from (and including) the Issue Date (the “Interest Commencement Date”) and interest will be payable in arrear at the Rate
of Interest (as defined below) on 27 July in each year (each an “Interest Payment Date”) up to (but excluding) the Maturity Date in accordance with Condition 7. 

If any Interest Payment Date falls on a day which is not a Business Day, such Interest Payment Date shall be postponed to the next day
which is a Business Day unless it would then fall into the next calendar month, in which event the Interest Payment Date shall be brought forward to the immediately preceding Business Day. 

The period from and including the Interest Commencement Date to (but excluding) the first Interest Payment Date, and each successive
period from and including an Interest Payment Date to (but excluding) the next succeeding Interest Payment Date, or if earlier, the Maturity Date or the Conversion Date is called an “Interest Period”. 

 

	 	(b)	Interest Accrual 

 Interest accrues on each CCN from day to day from (and including) the Interest Commencement Date to (but excluding) the date on which such CCN has been redeemed or converted in accordance with these
Conditions. Each CCN will cease to bear interest from and including the due date for redemption unless, upon due presentation and surrender of the relevant Certificate, payment of the principal in respect of such CCN is improperly withheld or
refused or unless default is otherwise made in respect of payment. In such event, interest will continue to accrue until whichever is the earlier of: 
  

	 	(i)	the date upon which all amounts due in respect of such CCN has been paid; 

  

	 	(ii)	five days after the date on which the full amount of the moneys in respect of such CCN has been received by the Fiscal Agent and notice to that effect has been given to
the Holders; and 

  

	 	(iii)	in the case of a Conversion (as defined below), the Conversion Date. 

  

	 	(c)	Fixed Rate of Interest 

 Subject to Condition 3(g), interest is payable on each Interest Payment Date at a rate of 10.00 per cent. per annum (the “Rate of Interest”) and shall be calculated in accordance
with these Conditions on each Interest Payment Date in respect of each CCN. 
  

	 	(d)	Calculations 

 If interest is required to be calculated for a period other than a complete Interest Period, the day count fraction used will be the actual number of days in the relevant period divided by the actual
number of days in the Interest Period in which such payment falls (including the first such day but excluding the last). 

  
 15 

	 	(e)	Notifications to be Final 

 All notifications, opinions, determinations, certificates, calculations, quotations and decisions given, expressed, made or obtained for the purposes of the provisions of these Conditions by the Fiscal
Agent will, in the absence of wilful default, bad faith or manifest error, be binding on the Issuer, the Fiscal Agent and the Holders and in the absence of wilful default, bad faith or manifest error, no liability to the Issuer or the Holders shall
attach to the Fiscal Agent in connection with exercise or nonexercise by it of its powers, duties and discretions under these Conditions. 
  

	 	(f)	No Deferral 

 The
Issuer shall not be entitled to defer or cancel any payments of interest or any other amounts payable in respect of the CCNs. 
  

	 	(g)	Remarketing Option 

  

	 	(i)	For as long as the Initial Holder is Holder of 100 per cent. of the CCNs, the Initial Holder may, at any time, increase the Rate of Interest on the CCNs (such
increased rate, the “New Interest Rate”) as determined by an independent investment bank appointed by the Initial Holder (the “Remarketing Agent”) but with effect only from the date that the CCNs are sold by the
Initial Holder to any other person other than any State Entity (a “Third Party Sale”). 

  

	 	(ii)	For the purposes of this Condition 3(g), the New Interest Rate will not exceed 18.00 per cent. per annum. 

 

	 	(iii)	The Initial Holder will provide at least 15 Business Days’ notice in writing to the Issuer of any proposed Third Party Sale or such longer period as may be
approved in writing by the Initial Holder. During such period, the Issuer may solicit other third party investors, at a potentially lower interest rate than the rate described in Condition 3(g)(ii), to whom the entire principal amount of the CCNs
may be sold at an equivalent or higher price than the Initial Holder would receive for any proposed Third Party Sale. 

  

	 	(iv)	Notwithstanding any other provision of these Conditions or the Agency Deed to the contrary, the Initial Holder shall have absolute discretion as to whether to sell the
CCNs, to whom it may sell the CCNs and the terms of any such sale. 

  

	 	(v)	The Issuer shall, if required by the Initial Holder: (a) disclose to the Initial Holder the identity of any third party investors solicited or to be solicited by
the Issuer pursuant to Condition 3(g)(iii) and (b) provide and/or disclose to the Initial Holder all such information necessary, as determined by the Initial Holder in its absolute discretion, to facilitate a Third Party Sale.

  

	 	(h)	Maintenance of Agents 

 The Issuer shall ensure that, so long as any of the CCNs remain outstanding, there shall at all times be a Fiscal Agent having its office in a European city (other than Ireland) and not operating through
a branch in Ireland, and that, if the Issuer or the Fiscal Agent would be required to withhold or deduct tax in respect of payments on 

  
 16 

 
the CCNs, the Issuer undertakes that it will ensure that it maintains a Fiscal Agent in a member state of the European Union (other than Ireland) that will not be obliged to withhold or deduct
tax pursuant to European Council Directive 2003/48/EC on the taxation of savings or any law implementing or complying with, or introduced in order to confirm to, such Directive. 

 

	4.	Conversion 

  

	 	(a)	Conversion upon a Conversion Event 

  

	 	(i)	If a Conversion Event occurs at any time while the CCNs are outstanding, each CCN shall, subject to and as provided in this Condition 4, be immediately and mandatorily
redeemed as of the Conversion Date and settled (such redemption and settlement being the “Conversion” and the term “converted” shall be construed accordingly) by the allotment, issue and delivery by the Issuer of
fully paid Ordinary Shares to the Holders on the date specified in the Conversion Notice (as defined below), which date shall be no later than 20 Business Days following the Conversion Date (the “Conversion Settlement Date”),
Subject to Condition 4(c), receipt by the Holders of the Ordinary Shares and Accrued. Conversion Interest (if any) shall be a good and complete discharge of the Issuer’s obligations in respect of the CCNs. 

 

	 	(ii)	As soon as reasonably practicable following the occurrence of the Conversion Event, the Issuer shall give notice thereof to Holders (the “Conversion
Notice”) in accordance with Condition 13. The Conversion Notice shall specify the circumstances giving rise to the Conversion Event, the Conversion Price and the Conversion Settlement Date. 

 

	 	(iii)	If a Conversion Event occurs, the CCNs will be converted in whole and not in part as provided in accordance with this Condition 4(a). CCNs so converted shall be
automatically cancelled by the Issuer and may not be held, reissued or resold. 

  

	 	(iv)	Except on the occurrence of a Conversion Event, the CCNs are not convertible into Ordinary Shares at the option of Holders at any time and are not redeemable in cash as
a result of a Conversion Event. 

  

	 	(v)	No Conversion Notice shall be given and no Conversion shall occur following a Capital Deficiency Event if, notwithstanding the Capital Ratio being below the Trigger
Ratio, the Competent Authority, at the request of the Issuer, has agreed, in its absolute discretion, that a Conversion shall not occur because it is satisfied that actions, circumstances or events have had, or imminently will have during the next
90 days following such Capital Deficiency Event, the effect of restoring the Capital Ratio to a level above the Trigger Ratio that the Competent Authority deems to be adequate at such time. 

 

	 	(vi)	Notwithstanding Condition 4(a)(v), a Conversion Event will immediately occur if the Competent Authority determines, in its absolute discretion, that at any time after
agreeing under Condition 4(a)(v) that no Conversion Event shall occur, the Issuer will not be able to restore the Capital Ratio to a level above the Trigger Ratio that the Competent Authority deems to be adequate at such time.

  
 17 

	 	(b)	Accrued Conversion Interest 

  

	 	(i)	Upon Conversion, Accrued Conversion Interest shall become due and payable on the Conversion Date and the Issuer shall pay to the Holders the Accrued Conversion Interest
(if any) in respect of the CCNs on the Conversion Settlement Date. 

  

	 	(ii)	Payment of any Accrued Conversion Interest will be made in cash by transfer to an account with a bank in a city in which banks have access to the TARGET System, as
specified by the relevant Holder. 

  

	 	(c)	Conversion Price 

  

	 	(i)	Upon Conversion, each Holder shall be deemed to have accepted the conversion of its holding of CCNs into Ordinary Shares at the Conversion Price and that the Issuer
shall effect such Conversion on behalf of such Holder. Such Ordinary Shares will be deemed to be credited as fully paid up and allotted, issued and delivered as of the Conversion Date, whereupon each Holder shall cease as a matter of Irish law to be
treated for all purposes under Irish law as a Holder and shall instead as of such date be treated for all purposes under Irish law as a Shareholder. 

  

	 	(ii)	The Issuer shall, not later than the Conversion Settlement Date, allot, issue and deliver such number of Ordinary Shares to the Holders in respect of each CCN as is
determined by dividing the principal amount of such CCN by the Conversion Price in effect on the Conversion Date. 

  

	 	(iii)	The Conversion Price shall be subject to adjustment in the circumstances provided in Condition 4(e) (with such modifications and amendments as an Independent Financial
Adviser acting in good faith shall determine to be appropriate) and the Issuer shall give notice to Holders of the adjusted Conversion Price and of any such modifications and amendments thereafter. 

 

	 	(d)	Conversion on a Takeover Event 

  

	 	(i)	If a Qualifying Takeover Event occurs then the CCNs shall, where the Conversion Date falls on or after the Takeover Event Date, be convertible into Approved Entity
Shares upon the occurrence of a Conversion Event, mutatis mutandis as provided in accordance with this Condition 4, at a Conversion Price that shall be the New Conversion Price. 

 

	 	(ii)	The New Floor Price shall be subject to adjustment in the circumstances provided in Condition 4(e) for the adjustment of the Conversion Price (if necessary with such
modifications and amendments as an Independent Financial Adviser acting in good faith shall determine to be appropriate) and the Issuer shall give notice to Holders of the New Floor Price and of any such modifications and amendments thereafter.

  

	 	(iii)	If a Non-Qualifying Takeover Event occurs then, with effect from the occurrence of such Non-Qualifying Takeover Event and unless a Conversion Event shall have occurred
prior to such date, any outstanding CCNs shall remain the obligation of the Issuer and shall, upon the occurrence of a Conversion Event, be convertible into Ordinary Shares in accordance with this Condition 4 but shall not be convertible into
Approved Entity Shares at any time notwithstanding that a Conversion Event may occur subsequently. 

  
 18 

	 	(iv)	In the case of a Qualifying Takeover Event: 

  

	 	(1)	the Issuer shall, on or prior to the Takeover Event Date, enter into such agreements and arrangements, (which may include deeds supplemental to these Conditions and
amendments and modifications to these Conditions) as may be required to ensure that, with effect from the Takeover Event Date, the CCNs will be convertible into Approved Entity Shares, mutatis mutandis in accordance with, and subject to, this
Condition 4 (as may be so supplemented, amended or modified) at a price equal to the New Conversion Price and that subject to such Conversion the CCNs shall remain the obligations of the Issuer; and 

 

	 	(2)	the Issuer shall, where the Conversion Date falls on or after the Takeover Event Date, procure the allotment and issue and/or delivery of the relevant number of
Approved Entity Shares in the manner provided in this Condition 4, as may be amended or modified as provided above. 

  

	 	(v)	Within 10 Business Days following the occurrence of a Takeover Event, the Issuer shall give notice thereof in accordance with Condition 13 to the Holders (a
“Takeover Event Notice”), which shall specify. 

  

	 	(1)	the identity of the Acquirer; 

  

	 	(2)	whether the Takeover Event is a Qualifying Takeover Event or a Non-Qualifying Takeover Event; 

 

	 	(3)	in the case of a Qualifying Takeover Event, if determined at such time, the New Conversion Price; and 

 

	 	(4)	in the case of a Qualifying Takeover Event, the Takeover Event Date. 

  

	 	(e)	Adjustments to the Conversion Price 

 Upon the happening of any of the events described below, the Conversion Price shall be adjusted as follows, unless, for as long as the Initial Holder is a holder of 100 per cent. of the CCNs and the
circumstances giving rise to such adjustment occur within six months of the Issue Date, the Initial Holder agrees that no adjustment is required: 
  

	 	(i)	Increase of share capital by means of capitalisation of reserves, profits or premia by distribution of Ordinary Shares, or division or consolidation of Ordinary
Shares 

 Subject to Condition 4(f), in the event of a change in the Issuer’s share capital as a result
of the capitalisation of reserves, profits or premia by means of the distribution of Ordinary Shares or as a result of the division or consolidation of the Ordinary Shares, the Conversion Price shall be adjusted by multiplying the Conversion Price
in force immediately prior to such change by the result of the following formula: 
 Nold / Nnew 
 where: 
  

			
	  Nold	  	is the number of Ordinary Shares existing before the change in share capital; and
		
	  Nnew	  	is the number of Ordinary Shares existing after the change in share capital;

  
 19 

 provided, however, that no such adjustment shall be made if Ordinary Shares are issued in
lieu of the whole or any part of a Cash Dividend, or another cash distribution made in lieu of a dividend, which the Shareholders concerned would or could otherwise have received. Such adjustment shall become effective on the date on which such
Ordinary Shares are traded ex-the relevant entitlement on the Primary Stock Exchange. 
  

	 	(ii)	Issues of Ordinary Shares or Other Securities to Shareholders by way of conferring subscription or purchase rights 

Subject to Condition 4(f), if (a) the Issuer issues or grants to Shareholders any rights or options, warrants or other rights to
subscribe for or acquire Ordinary Shares, Other Securities or securities convertible or exchangeable into Ordinary Shares or Other Securities or (b) any third party, with the agreement of the Issuer, issues to holders of Ordinary Shares any
rights, options or warrants to purchase any Ordinary Shares, Other Securities or securities convertible or exchangeable into Ordinary Shares or Other Securities (the rights referred to in (a) and (b) collectively and individually being the
“Purchase Rights”), the Conversion Price shall be adjusted by multiplying the Conversion Price in force immediately prior to such issue or grant by the result of the following formula: 

(Pcum - R) / Pcum 
 where: 
  

			
	  Pcum	  	is the VWAP of one Ordinary Share on whichever is the later of (x) the last dealing day immediately preceding the first date on which the Ordinary Shares are first traded
ex-the relevant Purchase Rights on the Primary Stock Exchange or (y) the dealing day when the price for the relevant Purchase Rights is announced, or if the day the subscription or purchase price is announced is not a dealing day, the next
following dealing day; and
		
	  R	  	is the value of the relevant Purchase Rights relating to one Ordinary Share or Other Security, such value to be calculated as follows:

  

	 	(1)	if the Purchase Rights relate to Ordinary Shares 

 R = Pcum - TERP

 where: 
 TERP = (Nold x
Pcum + Nnew x (Prights + Div)) / (Nold + Nnew) 
 and: 
 TERP is the theoretical ex-rights price; and 

Nold is the number of Ordinary Shares existing before the change in share capital; and 

  
 20 

			
	Nnew	  	is the number of Ordinary Shares being newly issued; and
		
	Prights	  	is the price at which one new Ordinary Share can be subscribed, exercised or purchased for; and
		
	Div	  	is the amount (in euro) by which the dividend entitlement per Ordinary Share exceeds the dividend entitlement per new Ordinary Share, (x) if dividends have already been
proposed to the general meeting of shareholders but not yet paid, based on the proposed dividend amount, or (y) if dividends have not yet been proposed based on the last paid dividend;

 provided, however, that no such adjustment shall be made if the subscription or
purchase price at which one new Ordinary Share can be subscribed or purchased is at least 95 per cent. of
Pcum (as defined above); 

 

	 	(2)	if the Purchase Rights relate to Other Securities or to securities convertible or exchangeable into Ordinary Shares or Other Securities and where such Purchase Rights,
or Other Securities are traded on a regulated stock exchange in the European Union, the United States of America, Canada or Japan: 

 R = Nrights x
Prights  

where: 
  

			
	 Nrights	  	is the number of Purchase Rights granted per Ordinary Share; and
		
	 Prights	  	is the average of the last paid prices on the Primary Stock Exchange (in euro) (or, if no dealing is recorded, the arithmetic mean of the bid and offered prices) on a spot basis of
one Purchase Right on each dealing day during the period the Purchase Rights are traded or, if such period is longer than ten dealing days, the arithmetic average of the last paid prices (or, if no dealing is recorded, the arithmetic mean of the bid
and offered prices) on a spot basis on the first ten such dealing days; or

  

	 	(3)	in all other cases where neither of the previous paragraphs (1) or (2) is applicable: 

R will be determined by an Independent Financial Adviser. 
 Such adjustment shall become effective: 
  

	 	(i)	where the provisions of Condition 4(e)(ii)(l) apply, on the date on which the Ordinary Shares are traded ex-Purchase Rights on the Primary Stock Exchange or, if the
subscription or exercise price is announced only at a later time, one dealing day after the announcement of the price of the Purchase Right; 

  
 21 

	 	(ii)	where the provisions of Condition 4(e)(ii)(2) apply, five dealing days after (x) the end of the subscription or purchase period or (y) the tenth day of the
subscription or purchase period, whichever is the sooner; and 

  

	 	(iii)	where the provisions of Condition 4(e)(ii)(3) apply, on the date determined by an Independent Financial Adviser. 

 

	 	(iii)	Capital Distributions 

Subject to Condition 4(f), if and whenever any Capital Distribution shall be made or paid to Shareholders, the Conversion Price shall be
adjusted by multiplying the Conversion Price in force immediately prior to the Effective Date by the following fraction: 
 (Pcum - D) /
Pcum 

where: 
  

			
	 Pcum	  	is the VWAP of one Ordinary Share on whichever is the later of (x) the last dealing day immediately preceding the Effective Date or (y) the dealing day when the relevant
Dividend is announced (or, if the day on which the amount of the relevant Dividend is announced is not a dealing day, the next following dealing day); and
		
	 D	  	is the portion of the Fair Market Value of the aggregate Capital Distribution attributable to one Ordinary Share, with such portion being determined by dividing the Fair Market
Value of the aggregate Capital Distribution on the Effective Date by the number of Ordinary Shares entitled to receive the relevant Dividend (or, in the case of a purchase, redemption or buy back of Ordinary Shares (or any depositary or other
receipts or certificates representing Ordinary Shares) by or on behalf of the Issuer or any Subsidiary of the Issuer, by the number of Ordinary Shares in issue immediately following such purchase, redemption or buy back, and treating as not being in
issue any Ordinary Shares (or any Ordinary Shares represented by depositary or other receipts or certificates) so purchased, redeemed or bought back).

 Such adjustment shall become effective on the Effective Date or, if later, the first date upon which the
Fair Market Value of the relevant Capital Distribution is capable of being determined as provided herein. 

  
 22 

	 	(iv)	Non-Cash Dividends 

Subject to Condition 4(f), in respect of a Non-Cash Dividend, the Conversion Price shall be adjusted as follows: 

 

	 	(1)	where the Non-Cash Dividend in question (x) consists of securities that are traded on a regulated stock exchange in the European Union, the United States of
America, Canada or Japan or (y) has otherwise a value which is determinable by reference to a stock exchange quotation or otherwise, by multiplying the Conversion Price in force immediately prior to such Non-Cash Dividend by the result of the
following formula: 

 (Pcum - D) / Pcum 
 where: 
  

			
	 Pcum	  	is the VWAP of one Ordinary Share on whichever is the later of (x) the last dealing day preceding the date on which the Ordinary Shares are first traded ex-the relevant
Non-Cash Dividend on the Primary Stock Exchange or (y) the dealing day when the amount of the relevant Non-Cash Dividend is announced (or, if the day on which the amount of the relevant Non-Cash Dividend is announced is not a dealing day, the
next following dealing day); and
		
	 D	  	is the portion of the Fair Market Value of the relevant Non-Cash Dividend (in euro) on the dealing day immediately following the date in respect of which Pcum (as defined above) has been determined; and

  

	 	(2)	in all other cases, by multiplying the Conversion Price in force immediately prior to such issue or distribution by the result of the following formula:

 Pafter / Pbefore 
 where: 
  

			
	 Pafter	  	is the arithmetic average of the VWAP of an Ordinary Share on the first five consecutive dealing days starting on the dealing day immediately following the first dealing day on
which the Ordinary Shares are traded ex-the relevant Non-Cash Dividend (the “Distribution Date”); and
		
	 Pbefore	  	is arithmetic average of the VWAP of an Ordinary Share on the five consecutive dealing days ending on the dealing day immediately preceding the Distribution Date,

 as determined by an Independent Financial Adviser. 

Such adjustment shall become effective: 
  

	 	(i)	where the provisions of Condition 4(e)(iv)(l) apply, on the date on which the relevant Non-Cash Dividend is made; and 

 

	 	(ii)	where the provisions of Condition 4(e)(iv)(2) apply, five dealing days after the Distribution Date. 

 

	 	(v)	Other Events 

 If the
Issuer determines that, notwithstanding paragraphs (i) to (iv) of this Condition 4(e), an adjustment should be made to the Conversion Price as a result of one or more of the events or circumstances not referred to in this Condition 4(e) or
circumstances have arisen which might have an adverse effect on the right of the Holders upon Conversion of the CCNs and no adjustment of the Conversion Price under this Condition 4(e) would otherwise arise, the Issuer shall engage the advice or
services of an Independent Financial Adviser to determine as soon as practicable what adjustment, if any, to the Conversion Price or amendment, if any, to the terms 

  
 23 

 
of this Condition 4 is fair and reasonable to take into account thereof and the date on which such adjustment should take effect. The Independent Financial Adviser shall have no responsibility to
make any enquiries as to whether or not any event has occurred which might require an adjustment to the Conversion Price or amendment, if any, to the terms of this Condition 4. 

Notwithstanding the foregoing provisions of this Condition 4(e)(v): 

 

	 	(1)	where the events or circumstances giving rise to any adjustment pursuant to this Condition 4(e) have already resulted or will result in an adjustment to the Conversion
Price or where the events or circumstances giving rise to any adjustment arise by virtue of any other events or circumstances which have already given or will give rise to an adjustment to the Conversion Price or where more than one event which
gives rise to an adjustment to the Conversion Price occurs within such a short period of time that, in the opinion of the Issuer, a modification to the operation of the adjustment provisions is required to give the intended result, such modification
shall be made to the operation of the adjustment provisions as may be determined in good faith by an Independent Financial Adviser to be in its opinion appropriate to give the intended result; 

 

	 	(2)	such modification shall be made to the operation of the CCNs as may be determined in good faith by an Independent Financial Adviser to be in its opinion appropriate
(i) to ensure that an adjustment to the Conversion Price or the economic effect thereof shall not be taken into account more than once and (ii) to ensure that the economic effect of a Dividend is not taken into account more than once;

  

	 	(3)	for the avoidance of doubt, the issue of Ordinary Shares upon a Conversion or upon any conversion or exchange in respect of any Other Securities or the exercise of any
other options, warrants or other rights shall not result in an adjustment to the Conversion Price; and 

  

	 	(4)	at any time when the Ordinary Shares are not admitted to trading on a Recognised Stock Exchange, the Conversion Price shall be adjusted as provided above save that for
the purposes thereof the Current Market Price, the VWAP of an Ordinary Share and the date upon which any adjustment becomes effective shall be determined in good faith by an Independent Financial Adviser in such manner as it considers appropriate to
ensure that an adjustment to the Conversion Price is made which gives the intended same result as if the Ordinary Shares we so admitted to trading. 

 Notice of any adjustments to the Conversion Price pursuant to this Condition 4(e)(v) shall be given by the Issuer in accordance with Condition 13 to Holders promptly after the determination thereof.

 The Conversion Price shall not in any event be reduced to below the prevailing nominal value of the Ordinary Shares at the
effective date of such adjustment. The Issuer shall not take any action, and procure that no action is taken, that would otherwise result in an adjustment to the Conversion Price to an amount below such nominal value. 

  
 24 

	 	(f)	Events not Giving Rise to Adjustments 

 Notwithstanding the provisions of Condition 4(e), no adjustment to the Conversion Price will be made: 
  

	 	(i)	if, in connection with any issue or distribution of new Ordinary Shares or Other Securities, the pre-emptive right in respect thereof has been validly excluded by a
non-routine resolution of the general meeting of Shareholders. For the purpose of these Conditions, the annual disapplication of pre-emption rights conferred by way of special resolution proposed at each annual general meeting of the Issuer shall
not constitute a non-routine resolution; or 

  

	 	(ii)	as a result of any public issue of bonds convertible into Ordinary Shares or bonds with options to subscribe for Ordinary Shares, such issue being in connection with a
conditional increase of the share capital of the Issuer, irrespective of whether in respect of such issue the advance subscription rights to acquire such bonds have been excluded or not, unless advance subscription rights have been granted and are
traded on the Primary Stock Exchange; or 

  

	 	(iii)	if, as a result of any Non-Cash Dividend by the Issuer, the Issuer sells any share, right, warrant or other security representing the same (an
“Interest”) in any of its subsidiaries to holders of the Ordinary Shares at fair value, and for this purpose: 

  

	 	(1)	where such Interest is listed on, traded on, or dealt in any stock exchange, the fair value of such Interest shall be at least 95 per cent. of the average of the
last paid prices therefor on such stock exchange (or, if more than one, the principal such stock exchange) on each of the ten dealing days commencing on the twentieth dealing day before the day on which the Issuer officially announces the terms and
conditions for such sale, as determined by an Independent Financial Adviser; and 

  

	 	(2)	where such Interest is not so listed, traded or dealt in, the fair value of such Interest shall be at least 95 per cent. of the Fair Market Value thereof; or

  

	 	(iv)	as a result of the payment or satisfaction of any dividend or distribution on any class of preference shares in issue as at the Issue Date in the capital of the Issuer
or any Subsidiary which is paid or made in cash, Ordinary Shares or otherwise; or 

  

	 	(v)	if an increase in the Conversion Price would result from such adjustment, except in case of an exchange of the Ordinary Shares for Other Securities or a consolidation
of Ordinary Shares. 

  

	 	(g)	Decision of an Independent Financial Adviser 

  

	 	(i)	If any doubt shall arise as to whether an adjustment falls to be made to the Conversion Price or as to the appropriate adjustment to the Conversion Price, and following
consultation between the Issuer and an Independent Financial Adviser, a written opinion of such Independent Financial Adviser in respect thereof shall be conclusive and binding on the Issuer and the Holders, save in the case of manifest error.

  

	 	(ii)	If the Independent Financial Adviser does not at any time for any reason make any determination or calculate any adjustment in the circumstances provided for in this
Condition 4 then the Holders shall, at the expense of the Issuer, be entitled to appoint an agent to do so, and such determination or calculation shall be deemed to have been made by the Independent Financial Adviser. In doing so, the Holders’
agent shall apply the foregoing provisions of Condition 4, with any necessary consequential amendments, to the extent that, in its opinion, it can do so, and in all other respects it shall do so in such manner as it shall deem fair and reasonable in
all the circumstances. 

  
 25 

	 	(h)	Share Option Schemes 

 No adjustment will be made to the Conversion Price if Ordinary Shares or Other Securities (including pre-emptive rights, options or warrants in relation to Ordinary Shares or Other Securities) are issued,
offered or granted to, or for the benefit of, directors or employees, or former directors or employees, of the Issuer or any of its Subsidiaries or any associated company or to trustees to be held for the benefit of any such person in any such case
pursuant to any employee share or option scheme which, if required, has been approved by Shareholders. 
  

	 	(i)	Rounding Down 

 On
any adjustment, the resultant Conversion Price, if a number that is of more decimal places than the initial Conversion Price, shall be rounded to such decimal place. No adjustment shall be made to the Conversion Price where such adjustment (rounded
down if applicable) would be less than one per cent. of the Conversion Price then in effect. Any adjustment not required to be made, and/or any amount by which the Conversion Price has been rounded down, shall be carried forward and taken into
account in any subsequent adjustment, and such subsequent adjustment shall be made on the basis that the adjustment not required to be made had been made at the relevant time and/or, as the case may be, that the relevant rounding down had not been
made. 
  

	 	(j)	No other Conversion Events 

 Other than a Conversion in accordance with this Condition 4, the CCNs are not subject to any other conversion event. In particular, the CCNs are not convertible into Ordinary Shares at the option of the
Holders. 
  

	 	(k)	Procedure for Settlement and Delivery of Ordinary Shares on Conversion 

Ordinary Shares to be issued upon a Conversion in respect of the CCNs shall be allotted, issued and delivered subject to and as provided
in these Conditions and in the Agency Deed. 
  

	 	(l)	Fractions 

Fractions of Ordinary Shares will not be issued or delivered pursuant to the Conditions upon a Conversion and no cash payment will be
made in lieu thereof. 
  

	 	(m)	Delivery of Ordinary Shares 

  

	 	(i)	 The Issuer shall, on or prior to the Conversion Settlement Date, allot, issue and deliver to the Holders such number of Ordinary Shares as is required
to satisfy in full the Issuer’s obligation to deliver Ordinary Shares in respect of the Conversion of the aggregate amount of CCNs as at the Conversion Date. 

  
 26 

	 	
Receipt by the Holders of such Ordinary Shares and Accrued Conversion Interest (if any) shall be a good and complete discharge of the Issuer’s obligations in respect of the CCNs.

  

	 	(ii)	In order to obtain delivery of the relevant Ordinary Shares upon a Conversion, the relevant Holder must deliver the relevant Certificates representing the CCNs held by
it to the specified office of the Registrar prior to the Conversion Settlement Date. 

  

	 	(iii)	The Issuer shall procure that Ordinary Shares to be created, issued and delivered following a Conversion Event will be delivered to the Holders in uncertificated form
through CREST, unless at the relevant time the Ordinary Shares are not a participating security in CREST or the relevant holder elects to receive the Ordinary Shares in certificated registered form. Where the Ordinary Shares are to be delivered
through CREST, they will be delivered to an account specified by the relevant Holder on or prior to the Conversion Settlement Date. Where the Ordinary Shares are to be delivered in certificated form, a certificate in respect thereof will be
dispatched by mail free of charge (but uninsured and at the risk of the recipient) to the relevant Holder at such address as is specified by the Holder on or prior to the Conversion Settlement Date. 

 

	 	(n)	Taxes and Duties 

  

	 	(i)	A Holder must pay any taxes and capital, stamp, issue and registration and transfer taxes or duties arising on Conversion (other than any taxes and capital, stamp,
issue and registration and transfer taxes or other duties payable in Ireland in respect of the issue and delivery of the Ordinary Shares delivered pursuant to these Conditions which shall be paid by the Issuer) and such Holder must pay all, if any,
taxes arising by reference to any disposal or deemed disposal of a CCN or interest therein. 

  

	 	(ii)	If the Issuer shall fail to pay any taxes or capital, stamp, issue, registration and transfer taxes or other duties payable in Ireland for which it is responsible as
provided in Condition 4(n)(i) above, any Holder shall be entitled (but shall not be obliged) to tender and pay the same and the Issuer, as a separate and independent stipulation, covenants to reimburse and indemnify on an after tax basis such Holder
in respect of any payment thereof and any penalties payable in respect thereof. 

  

	 	(o)	Ordinary Shares 

The Ordinary Shares issued and delivered on Conversion will be fully paid and non-assessable, free from any Encumbrance and will in all
respects rank pari passu with the fully paid Ordinary Shares in issue on the Conversion Date except in any such case for any right excluded by mandatory provisions of applicable law, and except that the Ordinary Shares so issued or delivered
will not rank for (or, as the case may be, the relevant Holder shall not be entitled to receive) any rights, distributions or payments the record date or other due date for the establishment of entitlement for which falls prior to the Conversion
Date. 

  
 27 

	5.	Covenants 

 For so long as
any CCN remains outstanding, the Issuer shall (in each case save with the prior written approval of the Holders): 
  

	 	(a)	not make any issue, grant, reorganisation, capitalisation or distribution or take or omit to take any other action if the effect thereof would be (or is reasonably
foreseeable to be) that an Ordinary Share cannot be legally issued as fully paid and free from any Encumbrance on the Conversion of each CCN; 

  

	 	(b)	(other than in connection with a Reorganisation) not issue or pay up any Ordinary Shares or Other Securities, in either case by way of capitalisation of profits or
reserves, other than: 

  

	 	(i)	by the issue of fully paid Ordinary Shares or Other Securities to (A) Shareholders and (B) other holders of preference shares in the capital of the Issuer in
issue as at the Issue Date, which, by their terms, entitle the holders thereof to receive Ordinary Shares or Other Securities on a capitalisation of profits or reserves (including in lieu of the whole or part of a dividend in cash thereon); or

  

	 	(ii)	by the issue of Ordinary Shares paid up in full (in accordance with applicable law) and issued wholly, ignoring fractional entitlements, in lieu of the whole or part of
a Dividend in cash; or 

  

	 	(iii)	by the issue of fully paid Other Securities to the holders of Ordinary Shares or Other Securities which, by their terms, entitle the holders thereof to receive Other
Securities; or 

  

	 	(iv)	by the issue of Ordinary Shares or Other Securities to, or for the benefit of, any employee or former employee, director or executive holding or formerly holding
executive office of Issuer or any of its Subsidiaries or any associated company or to trustees or nominees to be held for the benefit of any such person, in any such case pursuant to an employee, director or executive share or option scheme whether
for all employees, directors, or executives or any one or more of them, 

 unless, in any such case, the same
constitutes a Dividend or otherwise gives rise (or would, but for the provisions of Condition 4(i) relating to roundings and minimum adjustments or the carry forward of adjustments, give rise) to an adjustment to the Conversion Price and unless, if
the Conversion Price would otherwise be reduced to below the prevailing nominal value of the Ordinary Shares at the effective date of such adjustment, gives rise to an adjustment to the nominal value of the Ordinary Shares to reflect the Conversion
Price so reduced; 
  

	 	(c)	not modify the rights attaching to the Ordinary Shares with respect to voting, dividends or liquidation but so that nothing in this Condition 5(c) shall prevent:

  

	 	(i)	any consolidation, reclassification or subdivision of the Ordinary Shares; or 

 

	 	(ii)	any modification of such rights which is not materially prejudicial to the interests of the Holders as determined in good faith by an Independent Financial Adviser;

  

	 	(d)	procure that no Ordinary Shares or Other Securities issued without rights to convert into, or exchange or subscribe for, Ordinary Shares shall subsequently be granted
such rights and that at no time shall there be in issue Ordinary Shares of differing nominal values unless the same gives rise (or would, but for the provisions of Condition 4(i) relating to roundings and minimum adjustments or the carry forward of
adjustments, give rise) to an adjustment to the Conversion Price and that at no time shall there be in issue Ordinary Shares or Other Securities of differing nominal values, save where such Ordinary Shares or Other Securities have the same economic
rights; 

  
 28 

	 	(e)	not reduce its issued ordinary share capital, share premium account, capital redemption reserve, or any uncalled liability in respect thereof, or any non-distributable
reserves, except where the reduction is permitted by applicable law and results in (or would, but for the provisions of Condition 4(i) relating to roundings or the carry forward of adjustments, result in) an adjustment to the Conversion Price or is
otherwise taken into account for the purposes of determining whether or not such an adjustment should be made provided that, this Condition 5(e) shall not operate to restrict the Issuer from (i) reducing its preference share capital, capital
redemption reserve and share premium amounts in respect of its share capital (including, for the avoidance of doubt, the proposed reduction of capital redemption reserve and share premium as set out in a circular and notice of extraordinary general
meeting of the Issuer dated 1 July 2011) or (ii) reducing the nominal value of the Ordinary Shares, in each case in accordance with applicable law; 

 

	 	(f)	issue, allot and/or deliver Ordinary Shares upon Conversion subject to and as provided in Condition 4; 

 

	 	(g)	use all reasonable endeavours to ensure that any Ordinary Shares issued upon a Conversion Event will, as soon as is practicable, be admitted to the Official List of the
Irish Stock Exchange and trading on the ESM or will be listed, quoted or dealt in, as soon as is practicable, on any other stock exchange or securities market on which the Ordinary Shares are then listed or quoted or dealt in;

  

	 	(h)	use all reasonable endeavours to ensure that its issued and outstanding Ordinary Shares continue to be admitted to the Official List of the Irish Stock Exchange and
trading on the ESM, or listed, admitted to trading, quoted or dealt in on such other stock exchange or securities market on which the Ordinary Shares are currently listed, admitted to trading or quoted or dealt in; 

 

	 	(i)	in the event of a Reorganisation, take (or shall procure that there is taken) all necessary action to ensure that, immediately after completion of the relevant
proceedings, such amendments are made to these Conditions as are necessary to ensure that the CCNs may be converted into or exchanged for ordinary shares or units or the equivalent in Newco mutatis mutandis in accordance with and subject to
these Conditions and the ordinary shares or units or the equivalent of Newco are listed and admitted to trading on a Recognised Stock Exchange; 

  

	 	(j)	if an offer is made to all (or a majority) of the holders of the Ordinary Shares other than the offeror and/or any associates of the offeror to acquire all or a
majority of the issued ordinary share capital of the Issuer, or if a scheme (other than a Reorganisation) or merger is proposed with regard to such acquisition or merger with the undertaking of the Issuer, give notice in writing of such offer or
scheme or merger to the Holders, in their capacity as the Holders, as soon as practicable upon becoming aware of such offer; 

  

	 	(k)	 give notice in writing to the Holders, in their capacity as the Holders, if an offer is made to all (or a majority) of the holders of the Ordinary
Shares other than the offeror and/or any associate of the offeror to acquire all or a majority of the issued ordinary share capital of the Issuer or if any person proposes a scheme or merger with regard to such acquisition or merger with the
undertaking of the Issuer and such offer or scheme or merger having become or been declared unconditional in all respects, the right to cast more than 50 per cent. of the votes which may ordinarily be cast on a poll

  
 29 

	 	
at a general meeting of the Issuer has or will become unconditionally vested in the offeror and/or an associate. Such notice shall specify all information relevant to Holders concerning such
offer or scheme or merger; 

  

	 	(l)	notwithstanding that no voting rights shall attach to the CCNs in respect of the Ordinary Shares, provide to the Holders, in their capacity as Holders, notice of every
general meeting of the Shareholders of the Issuer and a copy of every circular or like document sent out by the Issuer to the Shareholders; 

  

	 	(m)	for so long as the CCNs are listed and freely transferable, from time to time on request and at its own expense, do and execute or procure to be done and executed all
necessary acts, deeds, documents and things in a form satisfactory to a Holder that such Holder reasonably considers necessary to effect and/or facilitate the transfer of any of the CCNs and their registration in the name of the transferee in the
Register; 

  

	 	(n)	where the provisions of Condition 4 require or provide for a determination by an Independent Financial Adviser, use all reasonable endeavours promptly to appoint such
person for such purpose; 

  

	 	(o)	at all times keep available for issue, free from pre-emptive or other preferential rights, a sufficient number of Ordinary Shares to enable the conversion of the CCNs,
and any other rights of subscription and exchange for Ordinary Shares arising pursuant to the CCNs, to be satisfied in full; 

  

	 	(p)	not take any action, and procure that no action is taken, that would result in an adjustment to the Conversion Price to below the prevailing nominal value of the
Ordinary Shares at the effective date of such adjustment; 

  

	 	(q)	provide to the Competent Authority the Core Tier 1 Ratio and CET1 Ratio, as applicable, on an ad hoc or ongoing basis as requested by the Competent Authority and
the Issuer will publish the Core Tier 1 Ratio and CET1 Ratio, as applicable, in respect of any Semi-Annual Reporting Period or as otherwise required to be publically disclosed by the Issuer; 

 

	 	(r)	obtain prior written approval from the Competent Authority for any distributions proposed by the Issuer in respect of any profit generated or other fair value movements
as a consequence of the accounting treatment of the CCNs in the Issuer’s shareholder funds; 

  

	 	(s)	use all reasonable endeavours to obtain and maintain a listing of the CCNs on the Irish Stock Exchange, or failing that, any other Recognised Stock Exchange; and

  

	 	(t)	immediately give notice in writing to the Holders of the occurrence of any Conversion Event or Takeover Event or any Event of Default or any matter it concludes is
likely to give rise to a Conversion Event or Takeover Event or Event of Default immediately upon becoming aware thereof and without waiting for the Holders to take any further action. 

 

	6.	Redemption and Cancellation 

  

	 	(a)	Redemption at Maturity 

 Unless previously converted as provided in these Conditions, each CCN will only be redeemed at its principal amount, together with accrued interest, on the Maturity Date. 

  
 30 

	 	(b)	No other redemption, purchase, or buy back 

 None of the Issuer nor any of its Subsidiaries nor any other Group Company shall purchase, redeem, buy back or otherwise acquire any of the CCNs prior to the Maturity Date. 

 

	 	(c)	Cancellation 

 All
CCNs redeemed by the Issuer pursuant to this Condition 6 will forthwith be cancelled. 
  

	7.	Payments 

  

	 	(a)	Payments in respect of CCNs 

  

	 	(i)	Payments of principal to be made to Holders in respect of CCNs and payments of accrued interest payable on a redemption of CCNs (other than on an Interest Payment Date)
and payment of any Accrued Conversion Interest that is to be paid in accordance with this Condition 7 shall, in each case, be made against presentation and surrender of the relevant Certificates at the specified office of any of the CCN Agents or of
the Registrar. 

  

	 	(ii)	Payments of interest to be made to Holders in respect of CCNs due on an Interest Payment Date shall be paid to the person shown on the Register at the close of business
on the fifteenth day before the Relevant Date for payment thereof (the “Record Date”). 

  

	 	(iii)	Payments of any other amounts in respect of CCNs other than as referred to in (i) and (ii) will be made as provided in these Conditions.

  

	 	(b)	Payments subject to Fiscal Laws 

 All payments are subject in all cases to any applicable fiscal or other laws, regulations and directives in the place of payment, but without prejudice to the provisions of Condition 8, No commission or
expenses shall be charged to the Holders in respect of such payments. 
  

	 	(c)	Method of Payment 

Payments of principal and interest will be made by credit or transfer in euro to the account specified in the Register. 

 

	 	(d)	Non-Business Days 

If any date for payment in respect of any CCNs is not a Business Day, the Holder shall not be entitled to payment until the next
following Business Day nor to any interest or other sum in respect of such postponed payment. 
  

	8.	Taxation 

 All payments of
principal, premium (if any) and/or interest to the Holders by or on behalf of the Issuer in respect of the CCNs shall be made without withholding or deduction for or on account of any present or future tax, duty, assessment or governmental charge of
whatsoever nature imposed, levied, collected, withheld or assessed by or on behalf of Ireland or any authority thereof or therein having power to tax, unless such withholding or deduction is required by law. In that event, the Issuer shall pay such
additional amounts (“Additional 

  
 31 

 
Amounts”) as will result (after such withholding or deduction) in receipt by the Holders of the sums which would have been receivable (in the absence of such withholding or deduction)
from it in respect of their CCNs; except that no such Additional Amounts shall be payable with respect to any CCN: 
  

	 	(a)	to, or to a third party on behalf of, a Holder if such withholding or deduction may be avoided by complying with any statutory requirement or by making a declaration of
non-residence or other similar claim for exemption to any authority of or in Ireland, unless such Holder proves that he is not entitled so to comply or to make such declaration or claim; or 

 

	 	(b)	to, or to a third party on behalf of, a Holder that is a partnership, or a holder that is not the sole beneficial owner of the CCN, or which holds the CCN in a
fiduciary capacity, to the extent that any of the members of the partnership, the beneficial owner or the settlor or beneficiary with respect to the fiduciary would not have been entitled to the payment of an additional amount had each of the
members of the partnership, the beneficial owner, settlor or beneficiary (as the case may be) received directly his beneficial or distributive share of the payment; or 

 

	 	(c)	(where presentation and surrender is required pursuant to these Conditions) presented for payment more than 30 days after the Relevant Date except to the extent that
the Holder thereof would have been entitled to such Additional Amounts on presenting the same for payment at the expiry of such period of 30 days; or 

  

	 	(d)	where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC, or any other
European Union Directive implementing the conclusions of the ECOFIN Council Meeting of 26-27 November 2000, on the taxation of savings income or any law implementing or complying with, or introduced in order to conform to, such Directive.

  

	9.	Variation following Tax Event 

  

	 	(a)	Tax Event 

 If a
Tax Event has occurred and is continuing, the Issuer may, subject to Condition 9(b), at any time upon not less than 30 nor more than 60 days’ notice to the Holders in accordance with Condition 13, without any requirement for the consent of
approval of the Holders, vary the terms of the CCNs on the condition that they remain or, as appropriate, become, Qualifying CCNs. In connection with any variation in accordance with this Condition 9, the Issuer shall comply with the rules of any
stock exchange on which the CCNs are for the time being listed or admitted to trading. 
  

	 	(b)	Conditions to Variation 

 Any variation of the terms of the CCNs in accordance with this Condition 9 shall be solely for the purposes of curing a Tax Event and shall be subject to (i) the provisions of Condition 14(b) and
(ii) for so long as the Initial Holder is a holder of 100 per cent. of the CCNs, such variation being approved in writing by the Initial Holder. 
  

	10.	Replacement of Certificates 

 If a Certificate is lost, stolen, mutilated, defaced or destroyed, it may be replaced, subject to applicable laws, regulations and stock exchange or other relevant authority regulations, at the specified
office of the Registrar, or such other CCN Agent as may from time to time be designated by the Issuer for the purpose and notice of whose designation is given to Holders, 

  
 32 

 
on payment by the claimant of the fees and costs incurred in connection therewith and on such terms as to evidence, security and indemnity (which may provide, inter alia, that if the allegedly
lost, stolen or destroyed Certificate is subsequently presented for payment there shall be paid to the Issuer on demand the amount payable by the Issuer in respect of such Certificates) and otherwise as the Issuer and/or CCN Agent may reasonably
require. Mutilated or defaced CCNs or Certificates must be surrendered before replacements will be issued. 
  

	11.	Further Issues 

 The
Issuer may, from time to time, without the consent of the Holders, create and issue further securities either having the same terms and conditions as the CCNs in all respects (or in all respects except for the first payment of interest on them) and
so that such further issue shall be consolidated and form a single series with the outstanding securities of any series (including the CCNs) or upon such terms as the Issuer may determine at the time of their issue. References in these Conditions to
the CCNs include (unless the context requires otherwise) any other securities issued pursuant to these Conditions and forming a single series with the CCNs. 
  

	12.	Event of Default 

 If, for
so long as the CCNs have not converted, (a) there is default for more than 7 days in the payment of any principal or for more than 14 days in the payment of any interest in respect of the CCNs or any of them when and as the same are due for
payment or (b) if proceedings have been instituted for the winding up or liquidation of the Issuer (each an “Event of Default”), the Holders of 25 per cent. of the aggregate principal amount of the CCNs for the time being
outstanding may, in their absolute discretion, institute proceedings for the winding-up or liquidation of the Issuer (in the case of (a) above) and each Holder may prove and/or claim in the winding up or liquidation of the Issuer for such
payment but may not take any other action with respect to such default. 
  

	13.	Notices 

 A notice may be
given by the Issuer to any Holder of CCNs by sending it by post to such Holder at its address in the Register. Service of such notice shall be deemed to have been effected by properly addressing, prepaying and posting a letter by post containing the
notice and shall be deemed to have been given on the second Business Day after the date of posting. 
 A notice may be given by
the Issuer to joint holders of the CCNs by giving notice to the joint holder first named in the Register. 
 A notice may be
given by the Issuer, to the extent permitted by the Irish Stock Exchange (if and for so long as the CCNs are listed on the Irish Stock Exchange) and by law, by electronic communication if so requested or authorised by the Holders, the Holders having
notified the Issuer of an e-mail address to which the Issuer may send electronic communications and having agreed to receive notices and other documents from the Issuer by electronic communication. If a Holder notifies the Issuer of an e-mail
address, the Issuer may send the Holder the notice or other document by publishing the notice or other document on a website and notifying the Holder by e-mail that the notice or other document has been published on the website. The Issuer must also
specify the address of the website on which it has been published, the place on the website where the notice may be accessed and how it may be accessed and, where the notice in question is a notice of a meeting, the notice must continue to be
published on that website throughout the period beginning with the date of that notification and ending on the conclusion of that meeting, save that if the notice is published for part only of that period the failure to publish the notice throughout
that period shall not 

  
 33 

 
invalidate the proceedings of a meeting where such failure is wholly attributable to circumstances which it would not be reasonable to have expected the Issuer to prevent or avoid. 

In addition, if and for so long as the CCNs are listed on the Irish Stock Exchange or any other Recognised Stock Exchange, notices shall
be given in accordance with any requirement of such exchange. 
 Any notice or notification (however expressed) to be given by
any Holder to the Issuer shall be effected by properly addressing, prepaying and posting a letter by registered post containing the notice and shall be deemed to have been given on the second Business Day after the date of posting. 

 

	14.	Meetings of Holders, Modification and Consent 

  

	 	(a)	Meetings of Holders 

 The Agency Deed contains provisions for convening meetings of Holders to consider any matter affecting their interests, including the sanctioning by Extraordinary Resolution of a modification of any of
these Conditions or any provisions of the Agency Deed. Such a meeting may be convened by Holders holding not less than 10 per cent. in aggregate principal amount of the CCNs for the time being outstanding. The quorum for any meeting convened to
consider an Extraordinary Resolution shall be one or more persons holding or representing a clear majority in aggregate principal amount of the CCNs for the time being outstanding, or at any adjourned meeting one or more persons being or
representing Holders whatever the aggregate principal amount of the CCNs held or represented, unless the business of such meeting includes consideration of proposals, inter alia, (i) to amend the provisions for redemption of the CCNs or
any date for payment of interest on the CCNs, (ii) to reduce or cancel the principal amount of the CCNs, (iii) to reduce the rate of interest in respect of the CCNs or to vary the method or basis of calculating the rate or amount of
interest or the basis for calculating the amounts of any interest in respect of the CCNs, (iv) to vary any method of, or basis for, calculating the amounts payable on redemption of the CCNs, (v) to vary the currency of payment or
denomination of the CCNs, (vi) to modify the provisions concerning the quorum required at any meeting of Holders or the majority required to pass the Extraordinary Resolution, or (vii) to amend or modify the provisions relating to the
Conversion Event, in which case the necessary quorum shall be such person or persons holding or representing not less than 75 per cent., or at any adjourned meeting not less than 25 per cent., in aggregate principal amount of the CCNs for
the time being outstanding. Any Extraordinary Resolution duly passed shall be binding on Holders (whether or not they were present at the meeting at which such resolution was passed). 

A resolution in writing signed by or on behalf of the Holder or Holders of not less than 75 per cent. in aggregate principal amount
of the CCNs outstanding shall for all purposes be as valid and effective as an Extraordinary Resolution passed at a meeting of Holders duly convened and held. Such a resolution in writing may be contained in one document or several documents in the
same form, each signed by or on behalf of one or more Holders. 
  

	 	(b)	Modification 

 No
modification to these Conditions or any other provisions of the Agency Deed (whether pursuant to this Condition 14 or otherwise) shall become effective unless the Issuer shall have received written approval from the Competent Authority (provided
that, at the relevant time, there is a requirement to obtain such approval). 

  
 34 

 The Issuer may, in accordance with Condition 9, without the consent or approval of the
Holders, make such modifications or variations to the terms of the CCNs and Agency Deed as it considers necessary or desirable to give effect to the provisions of Condition 9, provided that such modifications or variations are not materially
prejudicial to the interests of the Holders, as determined in good faith by an Independent Financial Adviser, and provided that such modifications or variations do not modify or vary any of the terms of the CCNs as contemplated by Condition 14(a)(i)
to (vii) above. 
  

	 	(c)	Consent 

 Where
these Conditions require the prior consent or approval of the Holders, such consent or approval shall for all purposes be deemed to be valid and effective if in writing signed by or on behalf of the Holder or Holders of in excess of 50.00 per
cent. in aggregate principal amount of the CCNs outstanding or if given by way of an Extraordinary Resolution. 
  

	15.	Transfers of CCNs 

  

	 	(a)	Transfer of CCNs 

One or more CCNs may be transferred upon the surrender (at the specified office of the Registrar) of the Certificate representing such
CCNs to be transferred, together with the form of transfer endorsed on such Certificate (or another form of transfer substantially in the same form and containing the same representations and certifications (if any), unless otherwise agreed by the
Issuer), duly completed and executed and any other evidence as the Registrar may reasonably require. A new Certificate shall be issued to the transferee in respect of the CCNs the subject of the relevant transfer and, in the case of a transfer of
part only of a holding of CCNs represented by one Certificate, a new Certificate in respect of the balance of the CCNs not transferred shall be issued to the transferor. In the case of a transfer of CCNs to a person who is already a Holder, a new
Certificate representing the enlarged holding may be issued but only against surrender of the Certificate representing the existing holding of such person. All transfers of CCNs and entries on the Register will be made subject to the detailed
regulations concerning transfers of CCNs scheduled to the Agency Deed. The regulations may be changed by the Issuer, with the prior written approval of the Registrar. A copy of the current regulations will be made available by the Registrar to any
Holder upon request. 
  

	 	(b)	Delivery of New Certificates 

 Each new Certificate to be issued pursuant to Condition 15(a) shall be available for delivery within three Business Days of receipt of the form of transfer and surrender of the relevant Certificate,
Delivery of new Certificate(s) shall be made at the specified office of the Registrar to whom delivery and surrender of such form of transfer and Certificate or, as the case may be, surrender of such Certificate, shall have been made or, at the
option of the relevant Holder and as specified in the relevant form of transfer or otherwise in writing, be mailed by uninsured post at the risk of the Holder entitled to the new Certificate to such address as may be so specified, unless such Holder
requests otherwise and pays in advance to the relevant Registrar the costs of such other method of delivery and/or such insurance as it may specify. 
  

	 	(c)	Transfers Free of Charge 

 Transfers of CCNs and the issue of new Certificates on transfer shall be effected without charge by or on behalf of the Issuer or the Registrar, but upon payment by the transferee of any tax or other
governmental charges that may be imposed in relation to it (or the giving of such indemnity as the Registrar may require). 

  
 35 

	16.	Definitions and Interpretation 

  

	 	16.1	The following capitalised terms shall have the following meanings: 

 “Accrued Conversion Interest” means, upon Conversion of the CCNs, interest accrued on the CCNs, if any, from (and including) the Interest Payment Date immediately preceding the Conversion
Date (or, if none, from the Issue Date) to (but excluding) the Conversion Date; 
 “Acquirer” means the person
which, following a Takeover Event, controls the Issuer; 
 “Additional Amounts” has the meaning given to it in
Condition 8; 
 “Approved Entity” means a body corporate (other than a State Entity) which: (i) for so
long as the Initial Holder is a holder of 100 per cent. of the CCNs is (a) approved in writing by the Initial Holder and (b) on the occurrence of the Takeover Event, has in issue Approved Entity Shares; or (ii) where the Initial
Holder is not the sole holder of 100 per cent. of the CCNs, on the occurrence of the Takeover Event, has in issue Approved Entity Shares. On and after the date of a Takeover Event, references herein to “Ordinary Shares” shall
be read as references to “Approved Entity Shares”; 
 “Approved Entity Shares” means ordinary
shares in the capital of the Approved Entity which constitute equity share capital or the equivalent which, unless otherwise agreed in writing by the Holders at such time, is listed and admitted to trading on a Recognised Stock Exchange. In relation
to any Conversion in respect of which the Conversion Date falls on or after the Takeover Event Date, where the Takeover Event is a Qualifying Takeover Event, references herein to “Ordinary Shares” shall be deemed to be references to
“Approved Entity Shares”; 
 “Business Day” means a day on which the TARGET system is
operating; 
 “Capital Deficiency Event” means the occurrence of (i) the Issuer giving notice to the
Holders that the relevant Capital Ratio is below the Trigger Ratio, or (ii) the Competent Authority notifying the Issuer that it has determined, in its absolute discretion, that the Group’s financial and solvency condition is deteriorating
in such a way that the relevant Capital Ratio is likely to be below the Trigger Ratio in the short term; 
 “Capital
Distribution” means: 
  

	 	(i)	any Dividend which is expressed by the Issuer or declared by the board of directors of the Issuer to be a capital distribution, extraordinary dividend, extraordinary
distribution, special dividend or return of value to Shareholders or any analogous or similar term, in which case the Capital Distribution for the purpose of these Conditions shall be the Fair Market Value of such Dividend; or

  

	 	(ii)	any Cash Dividend (the “Relevant Dividend”) paid or made in respect of a fiscal year of the Issuer (the “Relevant Fiscal Year”) if the
sum of: 

  

	 	(a)	the Fair Market Value of the Relevant Dividend per Ordinary Share; and 

  

	 	(b)	the aggregate of the Fair Market Value per Ordinary Share of any other Cash Dividend or Cash Dividends per Ordinary Share paid or made in respect of the Relevant Fiscal
Year (disregarding for such purposes any amount previously determined to be a Capital Distribution in respect of the Relevant Fiscal Year), 

  
 36 

 such sum being the “Current Year’s Dividend”, exceeds the Reference
Amount, and in such case the amount of the relevant Capital Distribution shall be the lesser of (i) the amount by which the Current Year’s Dividend exceeds the Reference Amount and (ii) the Fair Market Value of the Relevant Dividend;

 “Capital Ratio” means, prior to the CRD IV Implementation Date, the Core Tier 1 Ratio and, on or after the
CRD IV Implementation Date, the CET1 Ratio; 
 “Cash Dividend” means (i) any Dividend which is to be paid
or made in cash (in whatever currency) and (ii) any Dividend determined to be a Cash Dividend pursuant to paragraph (i) of the definition of Dividend: 
 “CET1 Amount” means, at any time, as calculated by the Issuer on a consolidated basis and expressed in the Group’s reporting currency, the sum of all amounts (whether positive or
negative) of Common Equity Tier 1 Capital of the Group as at such time. For the avoidance of doubt, CET1 Amount includes any capital instruments injected at any time by the Initial Holder or any other State Entity to strengthen the capital base of
the Group and deemed by the Competent Authority to be eligible to count previously towards Core Tier 1 Amount; 
 “CET1
Ratio” means, in respect of any Semi-Annual Reporting Period, the ratio (expressed as a percentage) of the CET1 Amount divided by the RWA Amount, as at the date of the financial statements contained in the relevant Semi-Annual Financial
Report, as calculated by the Issuer and appearing in its relevant Semi-Annual Financial Report; 
 “Common Equity Tier 1
Capital” means all items that constitute common equity tier 1 capital, or deductions from and any other adjustments to common equity tier 1 capital, in each case within the meaning of these terms or equivalent in the CRD IV and as
implemented, where necessary, in Ireland through legislation. For the avoidance of doubt the Common Equity Tier 1 Capital will be calculated taking into account the phase-in of deductions and other adjustments pursuant to CRD IV; 

“Competent Authority” means the Central Bank of Ireland or any subsequent entity acting in that capacity as the lead
regulator of the Issuer; 
 “Conversion” and “converted” shall have the meaning given to such
terms in Condition 4(a); 
 “Conversion Date” means the date upon which a Conversion Event occurs; 

“Conversion Event” means the occurrence of a Capital Deficiency Event or Non-Viability Event; 

“Conversion Notice” has the meaning given to it in Condition 4(a)(ii); 

“Conversion Price” means €0.01 (one cent), subject to adjustment thereafter in accordance with Condition 4(e);

  
 37 

 “Conversion Settlement Date” shall have the meaning given to such terms in
Condition 4(a)(i); 
 “Core Tier 1 Amount” means, if at any time, as calculated by the Issuer on a consolidated
basis and expressed in the Group’s reporting currency, the aggregate amount of capital elements prescribed by the European Banking Authority in the “Supporting Document 2: Capital Definition Criteria” published on the 8 April
2011 and released to be the benchmark to be used in the 2011 EU-wide stress test for the purpose of computing the “Core Tier 1 including existing government support measures (CT1)” as at such time. For the avoidance of doubt, Core Tier 1
Amount includes any capital instruments injected at any time by the Initial Holder or any other State Entity to strengthen the capital base of the Group and deemed by the Competent Authority to be eligible to count towards Core Tier 1 Amount;

 “Core Tier 1 Ratio” means, in respect of any Semi-Annual Reporting Period, the ratio (expressed as a
percentage) of the Core Tier 1 Amount divided by the RWA Amount, as at the date of the financial statements contained in the Semi-Annual Reporting Period, as calculated by the Issuer and appearing in its relevant Semi-Annual Financial Report as
“Core Tier 1 Ratio” or such other term having the same meaning; 
 “CRD IV” means a proposal for a
Directive of the European Parliament and of the Council which will amend Directives 2006/48/EC and 2006/49/EC, principally in order to implement in the EU, the reforms agreed by the Basel Committee on Banking Supervision in December 2010 (Basel
III), including reforms to the definition of capital and counterparty credit risk and the introduction of a leverage ratio and liquidity requirements; 
 “CRD IV Implementation Date” means the first date on which the Group is required to comply with the capital adequacy standards adopted and implemented in the European Union through the
CRD IV as amended and as implemented, where necessary, in Ireland through legislation. Such date can be when the Minister chooses to transpose the requirements of CRD IV into Irish law or when the deadline for transposition has been reached,
whichever is earlier; 
 “Current Market Price” means, in respect of an Ordinary Share at a particular date,
the average of the daily VWAP of an Ordinary Share on each of the five consecutive dealing days ending on the dealing day immediately preceding such date; provided that, if the VWAP of an Ordinary Share is not available on one or more of the said
five dealing days (disregarding for this purpose the proviso to the definition of VWAP), then the average of such VWAPs which are available in that five-dealing-day period shall be used (subject to there being a daily VWAP available for a minimum of
two such days) and if only one, or no, such VWAP is available in the relevant period, the Current Market Price shall be determined in good faith by an Independent Financial Adviser; 

“dealing day” means a day on which the Primary Stock Exchange or relevant stock exchange or securities market is open
for business and on which Ordinary Shares or Other Securities may be dealt in (other than a day on which the Primary Stock Exchange or relevant stock exchange or securities market is scheduled to or does close prior to its regular weekday closing
time); 

  
 38 

 “Dividend” means any dividend or distribution in respect of the Ordinary
Shares to Shareholders whether of cash, assets or other property, and however described and whether payable out of share premium account, profits, retained earnings or any other capital or revenue reserve or account, and including a distribution or
payment to holders upon or in connection with a reduction of capital, provided that: 
  

	 	(i)	where a Dividend in cash is announced which is to be, or may at the election of a Shareholder or Shareholders be, satisfied by the issue or delivery of Ordinary Shares
or other property or assets, then the Dividend in question shall be treated as a Cash Dividend of an amount equal to the greater of (i) the Fair Market Value of such cash amount and (ii) the Current Market Price of such Ordinary Shares as
at the first date on which the Ordinary Shares are traded ex-the relevant Dividend on the Primary Stock Exchange or, as the case may be, the Fair Market Value of such other property or assets as at the date of the first public announcement of such
Dividend on the Primary Stock Exchange or, if later, the date on which the number of Ordinary Shares (or amount of such other property or assets, as the case may be) which may be issued or delivered is determined; 

 

	 	(ii)	any issue of Ordinary Shares falling within Condition 4(e)(i) or Condition 4(e)(ii) shall be disregarded; 

 

	 	(iii)	a purchase or redemption or buy back of share capital of the Issuer by or on behalf of the Issuer or any of its Subsidiaries shall not constitute a Dividend unless, in
the case of a purchase or redemption or buy back of Ordinary Shares by or on behalf of the Issuer or any of its Subsidiaries, the VWAP per Ordinary Share (before expenses) on any one day (a “Specified Share Day”) in respect of such
purchases or redemptions or buy backs exceeds by more than 5 per cent. the average of the daily VWAP of an Ordinary Share on the five dealing days immediately preceding the Specified Share Day or, where an announcement (excluding, for the
avoidance of doubt for these purposes, any general authority for such purchases, redemptions or buy backs approved by a general meeting of Shareholders or any notice convening such a meeting of Shareholders) has been made of the intention to
purchase, redeem or buy back Ordinary Shares at some future date at a specified price or where a tender offer is made, on the five dealing days immediately preceding the date of such announcement or the date of first public announcement of such
tender offer (and regardless of whether or not a price per Ordinary Share, a minimum price per Ordinary Share or a price range or formula for the determination thereof is or is not announced at such time), as the case may be, in which case such
purchase, redemption or buy back shall be deemed to constitute a Dividend in euro in an amount equal to the amount by which the aggregate price paid (before expenses) in respect of such Ordinary Shares purchased, redeemed or bought back by the
Issuer or, as the case may be, any of its Subsidiaries exceeds the product of (i) 105 per cent. of the daily VWAP of an Ordinary Share determined as aforesaid and (ii) the number of Ordinary Shares so purchased, redeemed or bought
back; 

  

	 	(iv)	if the Issuer or any of its Subsidiaries shall purchase, redeem or buy back any depositary or other receipts or certificates representing Ordinary Shares, the
provisions of paragraph (iii) above shall be applied in respect thereof in such manner and with such modifications (if any) as shall be determined in good faith by an Independent Financial Adviser; and 

 

	 	(v)	 where a dividend or distribution is paid or made to Shareholders pursuant to any plan implemented by the Issuer for the purpose of enabling
Shareholders to elect, or which may require Shareholders, to receive dividends or distributions in respect of the Ordinary Shares held by them from a person 

  
 39 

	 	
other than, or in addition to, the Issuer, such dividend or distribution shall for the purposes of Condition 4 be treated as a dividend or distribution made or paid to Shareholders by the Issuer,
and the foregoing provisions of this definition and the provisions of Condition 4, including references to the Issuer paying or making a dividend, shall be construed accordingly, and any such determination shall be made on a gross basis and
disregarding any withholding or deduction required to be made on account of tax, and disregarding any associated tax credit; 

 “EEA Regulated Market” means a market as defined by Article 4.1(14) of Directive 2004/39/EC of the European Parliament and of the Council on markets on financial instruments; 

“Effective Date” means, in respect of Condition 4(e), the first date on which the ordinary shares are traded ex-the
relevant Dividend on the Primary Stock Exchange or, in the case of a purchase, redemption or buy back of Ordinary Shares (or any depositary or other receipts or certificates representing Ordinary Shares), the date on which such purchase, redemption
or buy back is made; 
 “Encumbrance” means any pledge, lien, option, security interest, claim, equity, trust,
mortgage, charge, encumbrance or third party right or interest of any nature whatsoever and including for the avoidance of doubt any pre-emptive or similar right; 
 “ESM” means the Enterprise Securities Market operated by the Irish Stock Exchange; 
 “Event of Default” means any of the conditions, events or acts provided in Condition 12 to be Events of Default; 
 “Exempt Reorganisation” means a Reorganisation where, immediately after completion of the relevant proceedings, the ordinary shares or units or equivalent of Newco (or depositary or other
receipts or certificates representing ordinary shares or units or equivalent of Newco) are (i) admitted to trading on the Primary Stock Exchange or (ii) admitted to listing on such other regulated, regularly operating, recognised stock
exchange or securities market as the Issuer or Newco may determine; 
 “Extraordinary Resolution” has the
meaning given to it in the Agency Deed; 
 “Fair Market Value” means, with respect to any property on any date,
the fair market value of that property as determined by an Independent Financial Adviser in good faith, provided that: 
  

	 	(i)	the Fair Market Value of any cash amount shall be the amount of such cash; 

 

	 	(ii)	where Ordinary Shares or Other Securities are publicly traded on a stock exchange or securities market of adequate liquidity (as determined in good faith by an
Independent Financial Adviser), the Fair Market Value of such Ordinary Shares or Other Securities shall equal the arithmetic mean of the daily VWAP of such Ordinary Shares or Other Securities (or the arithmetic mean of the daily closing prices
should daily VWAP not be available), during the period of five dealing days on the relevant stock exchange or securities market commencing on such date (or, if later, the first such dealing day such Ordinary Shares or Other Securities) or such
shorter period as such Ordinary Shares or Other Securities are publicly traded; 

  
 40 

	 	(iii)	where Ordinary Shares or Other Securities are not publicly traded on a stock exchange or securities market of adequate liquidity (as aforesaid), the Fair Market Value
of such Ordinary Shares or Other Securities shall be determined in good faith by an Independent Financial Adviser, on the basis of a commonly accepted market valuation method and taking account of such factors as it considers appropriate, including
the market price per Ordinary Share, the dividend yield of an Ordinary Share, the volatility of such market price, prevailing interest rates and the terms of such Ordinary Shares or Other Securities, including as to the expiry date and exercise
price (if any) thereof; and 

  

	 	(iv)	the Fair Market Value shall be determined on a gross basis and disregarding any withholding or deduction required to be made on account of tax, and disregarding any
associated tax credit; 

 “Global Exchange Market” or “GEM” means the Global
Exchange Market of the Irish Stock Exchange; 
 “Group” means the Issuer and its subsidiaries (within the
meaning of Section 155 of the Companies Act 1963) from time to time, subsidiary undertakings from time to time and any other entity in respect of which financial information is included from time to time in the consolidated annual accounts of
the Issuer, and “Group Company” means any of them; 
 “Holder” means each person in whose name
a CCN is registered for the time being in the Register (being the Initial Holder on the Issue Date) and “Holders” shall be construed accordingly; 
 “Independent Financial Adviser” means an independent financial institution of international repute appointed at its own expense by the Issuer and, for so long as the Initial Holder is a
holder of 100 per cent. of the CCNs, which is approved in writing by the Initial Holder; 
 “Initial
Holder” means the Minister, and subsequently if transferred, any other State Entity which may from time to time be the Holder of the CCNs; 
 “Interest Commencement Date” has the meaning given to such term in Condition 3(a); 
 “Interest Payment Date” has the meaning given to such term in Condition 3(a); 
 “Interest Period” has the meaning given to such term in Condition 3(a); 
 “Issue Date” means 27 July 2011 or such other date agreed between the Issuer and the Initial Holder; 
 “Maturity Date” means 28 July 2016; 

“Minister” means the Minister for Finance of Ireland; 

“National Regulations” means the prevailing national banking and capital adequacy laws directly applicable to the Group
and prevailing capital adequacy regulations promulgated by the Competent Authority and applicable to the Group; 
 “New
Conversion Condition” means, if by no later than seven Business Days following the occurrence of a Takeover Event where the Acquirer is an Approved Entity, the Issuer shall have entered into such agreements and arrangements, to the

  
 41 

 
satisfaction of the Initial Holder for so long as the Initial Holder is a holder of 100 per cent. of the CCNs, with the Approved Entity to procure delivery of the Approved Entity Shares to
the Holders upon the occurrence of a Conversion Event on terms mutatis mutandis identical to the provisions of Condition 4; 
 “New Conversion Price” means, in respect of any Conversion Date falling on or after the Takeover Event Date, where the Takeover Event is a Qualifying Takeover Event, the greater of;

  

	 	(i)	the Reference Market Price of the Approved Entity Shares on the Business Day prior to the date of the Conversion Notice (and where references in the definition of
“Reference Market Price” and “VWAP” to “Ordinary Shares” shall be construed as a reference to the Approved Entity Shares and in the definition of “dealing day”, reference to the “Primary Stock
Exchange” shall be to the relevant Recognised Stock Exchange); and 

  

	 	(ii)	the New Floor Price on the Business Day prior to such Conversion Date. 

 “New Floor Price” means the amount determined in accordance with the following formula: 
  

													
		 	NFP	 	=	 	EFP	 	X	 	 VWAPAES
	  	
		 		 		 		 		 	VWAPOS	  	

 where: 
 “NFP” is the New Floor Price; 
 “EFP” is the
Conversion Price in effect on the dealing day immediately prior to the Takeover Event Date; 
 “VWAPAES” means
the average of the VWAP of the Approved Entity Shares on each of the five dealing days ending on the dealing day prior to the closing date of the Takeover Event (and where references in the definition of “VWAP” to “Ordinary
Shares” shall be construed as a reference to the Approved Entity Shares and in the definition of “dealing day”, references to the “Primary Stock Exchange’” shall be to the relevant Recognised Stock Exchange); and

 “VWAPOS” is the average of the VWAP of the Ordinary Shares on each of the five dealing days ending on the
dealing day immediately prior to the Takeover Event Date; 
 “Non-Cash Dividend” means any Dividend which is
not a Cash Dividend; 
 “Non-Qualifying Takeover Event” means a Takeover Event that is not a Qualifying
Takeover Event; 
 “Non-Viability Event” means the earliest of the following: 

 

	 	(i)	 the Competent Authority, in its absolute discretion, determining that Conversion of the CCNs, together with the conversion or write off of
holders’ claims in respect of any Tier 1 Instruments or Tier 2 Instruments that, pursuant to their terms or by operation of law, are capable of being converted into equity or written off at that time, is, because customary measures to improve
the Group’s capital adequacy are at the time inadequate or unfeasible, an essential requirement to prevent the Issuer from becoming 

  
 42 

	 	
insolvent, bankrupt or unable to pay its debts as they fall due, or from ceasing to carry on its business, or from failing to meet its minimum capital adequacy requirements, as determined by the
Competent Authority; or 

  

	 	(ii)	by virtue of customary measures to improve the Group’s capital adequacy being at the time inadequate or unfeasible, the Issuer receiving an irrevocable commitment
of extraordinary support from any State Entity (beyond customary transactions and arrangements in the ordinary course) that has, or imminently will have, the effect of improving the Group’s capital adequacy and without which, in the
determination of the Competent Authority, the Issuer would become insolvent, bankrupt, unable to pay its debts as they fall due, or cease carrying on its business or fail to meet its minimum capital adequacy requirements, as determined by the
Competent Authority; 

 “Ordinary Shares” means ordinary shares of the Issuer of €0.01 (one
cent) nominal value (Bloomberg Code: ALBK) which are admitted to the Official List of the Irish Stock Exchange and trading on its ESM. The Ordinary Shares deliverable upon Conversion of the CCNs will be shares newly issued from the authorised
capital of the Issuer. Ordinary Shares will rank pari passu with all other ordinary registered shares of the Issuer for any and all distributions payable on them on or after the Conversion Date; 

“Other Securities” means any equity securities including, without limitation, shares in the capital of the Issuer, or
options, warrants or other rights to subscribe for or purchase or acquire shares in the capital of the Issuer other than the Ordinary Shares; 
 “person” includes any individual, company, corporation, firm, partnership, joint venture, undertaking, association, organisation, trust, state or agency of a state (in each case whether
or not being a separate legal entity); 
 “Primary Stock Exchange” means the Irish Stock Exchange or, if at the
relevant time the Ordinary Shares are not at that time listed and admitted to trading on the Irish Stock Exchange, the stock exchange or securities market on which the Ordinary Shares, if listed, are then listed, admitted to trading or quoted or
accepted for dealing; 
 “Qualifying CCNs” means securities issued directly or indirectly by the Issuer that
(i) have terms materially as favourable to Holders as the CCNs prior to the Tax Event occurring, as determined in good faith by an Independent Financial Adviser and (ii) contain terms which in terms of quality of capital are at least
equivalent to the terms of the CCNs prior to the Tax Event occurring, as determined by the Competent Authority in its absolute discretion; 
 “Qualifying Takeover Event” means a Takeover Event where (i) the Acquirer is an Approved Entity and (ii) the New Conversion Condition is satisfied; 

“Rate of Interest” has the meaning given to such term in Condition 3(c); 

“Recognised Stock Exchange” means an EEA Regulated Market that is a recognised stock exchange for the purposes of
Section 64 of the Taxes Consolidation Act 1997; 
 “Record Date” has the meaning given to it in Condition
7(a)(ii); 
 “Reference Amount” means 5 per cent. of the average of the VWAP of an Ordinary Share on each
dealing day in the period of 5 dealing days ending on the dealing date immediately preceding the Effective Date provided that if on any such dealing day the VWAP shall have been based on a price cum-Dividend or cum-any other

  
 43 

 
entitlement, the VWAP of an Ordinary Share on such dealing day shall be deemed to be an amount thereof reduced by an amount equal to the Fair Market Value of any such Dividend or other
entitlement per Ordinary Share as at the Effective Date relating to the relevant Dividend or entitlement; 
 “Reference
Market Price” means, in respect of an Ordinary Share at a particular date, the average of the daily VWAP of an Ordinary Share on each of the 30 consecutive dealing days ending on the dealing day immediately preceding such date (the
“Reference Period”): 
  

	 	(i)	provided that: 

  

	 	(A)	if at any time during the Reference Period the VWAP shall have been based on a price ex-Dividend (or ex-any other entitlement) and during some other part of that
Reference Period the VWAP shall have been based on a price cum-Dividend (or cum- any other entitlement), then: 

  

	 	(I)	if the Ordinary Shares to be issued or delivered (if applicable) do not rank for the Dividend (or entitlement) in question, the VWAP on the date(s) on which the
Ordinary Shares shall have been based on a price cum-Dividend (or cum- any other entitlement) shall, for the purposes of this definition, be deemed to be the amount thereof reduced by an amount equal to the fair market value (as determined by an
Independent Financial Adviser) of any such Dividend or entitlement per Ordinary Share as at the date of first public announcement relating to such Dividend or entitlement; or 

 

	 	(II)	if the Ordinary Shares to be issued or delivered (if applicable) do rank for the Dividend (or entitlement) in question, the VWAP on the date(s) on which the Ordinary
Shares shall have been based on a price ex-Dividend (or ex-any other entitlement) shall, for the purposes of this definition, be deemed to be the amount thereof increased by an amount equal to the fair market value (as determined by an Independent
Financial Adviser) of any such Dividend or entitlement per Ordinary Share as at the date of first public announcement relating to such Dividend or entitlement, 

 

	 	(B)	if on any of the dealing days in the Reference Period the VWAP shall have been based on a price cum-Dividend (or cum-any other entitlement) in respect of a Dividend (or
other entitlement) which has been declared or announced but the Ordinary Shares to be issued or delivered do not rank for that Dividend (or other entitlement), the VWAP on each of such dates shall, for the purposes of this definition, be deemed to
be the amount thereof reduced by an amount equal to the fair market value (as determined by an Independent Financial Adviser) of any such Dividend or entitlement per Ordinary Share as at the date of first public announcement relating to such
Dividend or entitlement, and 

  

	 	(C)	 if the VWAP of an Ordinary Share is not available on one or more of the dealing days in the Reference Period (disregarding for this purpose the proviso
to the definition of VWAP), then the average of 

  
 44 

	 	
such VWAPs which are available in the Reference Period shall be used (subject to there being a daily VWAP available for a minimum of two such days) and if only one, or no, such VWAP is available
in the Reference Period, the Reference Market Price shall be determined in good faith by an Independent Financial Adviser appointed in good faith by the Issuer, and 

“Relevant Date” in respect of any payment on any CCN, means the date on which such payment first becomes due or (if any
amount of the money payable is improperly withheld or refused) the date on which payment in full of the amount required to be paid is made or, in the case where presentation of the relevant Certificate is required pursuant to the Conditions, (if
earlier) the date seven days after that on which notice is duly given to the Holders that, upon further presentation of the Certificate being made in accordance with the Conditions, such payment will be made, provided that payment is in fact made
upon such presentation; 
 “Reorganisation” means proceedings which effect the interposition of a limited
liability company (“Newco”) between the Shareholders immediately prior to such proceedings (the “Existing Shareholders”) and the Issuer; provided that: 

 

	 	(ii)	only ordinary shares or units or equivalent of Newco (or depositary or other receipts or certificates representing ordinary shares or units or equivalent of Newco) are
issued to Existing Shareholders; 

  

	 	(iii)	immediately after completion of such proceedings the only holders of ordinary shares, units or equivalent of Newco (or, as the case may be, the only holders of
depositary or other receipts or certificates representing ordinary shares or units or equivalent of Newco) are Existing Shareholders holding in the same proportions as immediately prior to completion of such proceedings; 

 

	 	(iv)	immediately after completion of such proceedings, Newco is (or one or more wholly-owned Subsidiaries of Newco are) the only Shareholder; 

 

	 	(v)	all Subsidiaries immediately prior to such proceedings (other than Newco, if Newco is then a Subsidiary of the Issuer) are Subsidiaries of the Issuer (or of Newco)
immediately after completion of such proceedings; and 

  

	 	(vi)	immediately after completion of such proceedings, the Issuer (or Newco) holds, directly or indirectly, the same percentage of the ordinary share capital and equity
share capital of those Subsidiaries as was held by the Issuer immediately prior to such proceedings; 

“RWA Amount” means, as at any date, the aggregate amount of all risk-weighted assets of the Issuer calculated on a
consolidated basis pursuant to National Regulations, each applicable at such time, expressed in the Issuer’s reporting currency; 
 “Semi-Annual Financial Report” means the consolidated financial accounts and disclosures of the Group in respect of a calendar semi-annual reporting period contained in a customary
financial report published by the Group; 
 “Semi-Annual Reporting Period” means six months ended 30 June
and 31 December in each year or, if the Group amends its financial year end, such corresponding period as may be approved in writing by the Holders; 

  
 45 

 “Shareholders” means the holders of Ordinary Shares for the time being
(and “Shareholder” shall be construed accordingly); 
 “State Entities” means the Minister or
his nominee, the National Pension Reserve Fund Commission, the National Treasury Management Agency, National Asset Management Agency, or any other entity or agency of or related to the Government of Ireland and “State Entity” shall
be construed accordingly; 
 “Subsidiary” means a subsidiary within the meaning of Section 155 of the
Companies Act 1963; 
 “Takeover Event” shall occur if any person or persons acting in concert acquires control
of the Issuer (other than as a result of an Exempt Reorganisation). For the purposes of the definition of “Takeover Event”, “acting in concert” has the meaning given to such term in the Irish Takeover Panel Act 1997 and
“control” means the acquisition or holding of legal or beneficial ownership of more than 95 per cent. of the issued Ordinary Shares of the Issuer and the Ordinary Shares are not admitted to trading, or are no longer admitted to
trading, as the case may be, on any Recognised Stock Exchange, and “controlled” shall be construed accordingly; 
 “Takeover Event Date” means the date with effect from which the New Conversion Condition shall have been satisfied; 

“TARGET System” means the Trans-European Automated Real-Time Gross Settlement Express Transfer (known as TARGET2) System
which was launched on 19 November 2007 or any successor thereto; 
 “Tax Event” is deemed to have occurred
if, as a result of a Tax Law Change, in making any payments on the CCNs, the Issuer has paid or will or would on the next payment date be required to pay Additional Amounts and the Issuer cannot avoid the foregoing by taking measures reasonably
available to it; 
 “Tax Law Change” means a change in or proposed change in, or amendment or proposed
amendment to, the laws or regulations of Ireland including any treaty to which Ireland is a party, or any change in any generally published application or interpretation of such laws, including a decision of any court or tribunal, or any change in
the generally published application or interpretation of such laws by any relevant tax authority or any generally published pronouncement by any tax authority, which change, amendment or pronouncement (x) (subject to (y)) becomes, or would
become, effective on or after the Issue Date, or (y) in the case of a change or proposed change in law, if such change is enacted (or, in the case of a proposed change, is expected to be enacted) by the Oireachtas or by Statutory Instrument, on
or after the Issue Date; 
 “Trigger Ratio” means, at any time, 8.25 per cent.; 

“Tier 1 Capital” means any or all items constituting at the relevant time tier 1 capital under National Regulations
(including items eligible as Tier 1 Capital as a result of grandfathering under Directive 2009/111/EC or CRD IV); 

“Tier 1 Instruments” means any and all shares, securities or other obligations issued by the Group, each of which
shares, securities or other obligations qualify, or are issued in respect of a security that qualifies, as Tier 1 Capital of the Group (without regard to quantitative limits on such capital) on a consolidated or on an unconsolidated basis;

  
 46 

 “Tier 2 Capital” means any or all items constituting at the relevant time
tier 2 capital under National Regulations (including items eligible as Tier 2 Capital as a result of grandfathering under CRD IV); 
 “Tier 2 Instruments” means any and all securities or other obligations issued by the Group, each of which securities or other obligations qualify, or are issued in respect of a security
that is eligible to qualify, as Tier 2 Capital of the Group on a consolidated or on an unconsolidated basis; and 

“VWAP” means, in respect of an Ordinary Share or Other Security, as the case may be, for any dealing day, the order book
volume-weighted average price of an Ordinary Share or Other Security, as the case may be, published by or derived (in the case of an Ordinary Share) from the relevant Bloomberg page or (in the case of an Other Security) from the principal stock
exchange or securities market on which such Other Securities are then listed or quoted or dealt in, if any or, in any such case, such other source as shall be determined in good faith to be appropriate by an Independent Financial Adviser on such
dealing day, provided that if on any such dealing day such price is not available or cannot otherwise be determined as provided above, the VWAP of an Ordinary Share or Other Security in respect of such dealing day shall be the VWAP, determined as
provided above, on the immediately preceding dealing day on which the same can be so determined or determined as an Independent Financial Adviser might otherwise determine in good faith to be appropriate. 

 

	 	16.2	References to any act or statute or any provision of any act or statute shall be deemed also to refer to any statutory modification or re-enactment thereof or any
statutory instrument, order or regulation made thereunder or under such statutory modification or re-enactment. 

  

	 	16.3	Unless the context otherwise requires, references to (i) “principal” shall be deemed to include any premium payable in respect of the CCNs and all
other amounts in the nature of principal payable pursuant to these Conditions or any amendment or supplement to it, (ii) “interest” shall be deemed to include any Accrued Conversion Interest and in any such case shall be deemed
to include any Additional Amounts that may be payable under Condition 8 or any undertaking given in addition to or in substitution for it under the Agency Deed in respect of any such amount. 

 

	 	16.4	References to any issue or offer or grant to Shareholders or Existing Shareholders “as a class” or “by way of rights” shall be taken to be
references to an issue or offer or grant to all or substantially all Shareholders or Existing Shareholders, as the case may be, other than Shareholders or Existing Shareholders, as the case may be, to whom, by reason of the laws of any territory or
requirements of any recognised regulatory body or any other stock exchange or securities market in any territory or in connection with fractional entitlements, it is determined not to make such issue or offer or grant. 

 

	 	16.5	In making any calculation or determination of Current Market Price or VWAP, such adjustments (if any) shall be made as an Independent Financial Adviser determines in
good faith to be appropriate to reflect any consolidation or sub-division of the Ordinary Shares or any issue of Ordinary Shares by way of capitalisation of profits or reserves, or any like or similar event. 

 

	 	16.6	 For the purposes of Condition 4, (i) references to the “issue” of Ordinary Shares or Ordinary Shares being “issued” shall,
unless otherwise expressly specified to be the case in respect of any of the provisions of Condition 4, include the delivery of Ordinary Shares, whether newly issued and allotted or previously existing or held by

  
 47 

	 	
or on behalf of the Issuer or any of its Subsidiaries, and (ii) Ordinary Shares held by or on behalf of the Issuer or any of its respective Subsidiaries shall not be considered as or treated
as “in issue” or “issued” or entitled to receive the relevant Dividend, right or other entitlement. 

  

	 	16.7	References in these Conditions to “listing” or “listed” on the Irish Stock Exchange (or like or similar references) shall be construed as admission
to the Official List of the Irish Stock Exchange and trading on its ESM or its Global Exchange Market. 

  

	17.	Governing Law and Jurisdiction 

  

	 	(a)	Governing Law 

The CCNs and any non-contractual obligations arising out of or in connection with them are governed by, and shall be construed in
accordance with, the laws of Ireland. 
  

	 	(b)	Jurisdiction 

Save as provided below, the courts of Ireland shall have exclusive jurisdiction to settle any disputes that may arise out of or in
connection with any CCNs and accordingly any legal action or proceedings arising out of or in connection with any CCNs (“Proceedings”) may be brought in such courts. The Issuer submits to the jurisdiction of the courts of Ireland in
respect of any such Proceedings and waives any objection to Proceedings in such courts on the ground of venue or on the ground that the Proceedings have been brought in an inconvenient forum. These submissions are made for the benefit of each of the
Holders. 

  
 48 

			
	The Issuer
	
	Signed for and on behalf of
	Allied Irish Banks, p.l.c.:
		
	By:	 	

		
	Name:	 	CATHERINE WOODS
		
	Title:	 	Authorised Signatory

	
	The Minister
	
	

	Michael Noonan TD
	Minister for FinanceEX-4.02

 Exhibit 4.02 
 FINAL – EXECUTION COPY 
 FIRST AMENDMENT TO CREDIT AGREEMENT

 This FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of November 27, 2012 (this “Amendment”),
is by and among (a) ENTERCOM RADIO, LLC (the “Borrower”), a Delaware limited liability company, (b) ENTERCOM COMMUNICATIONS CORP. (the “Parent”), a Pennsylvania corporation, (c) certain
Lenders (as defined below) and (d) BANK OF AMERICA, N.A., as administrative agent (the “Administrative Agent”) for itself and the other Lenders party to that certain Credit Agreement, dated November 23, 2011 (as
amended, supplemented, and restated or otherwise modified and in effect from time to time, the “Credit Agreement”), by and among the Borrower, the Parent, the lending institutions party thereto (the “Lenders”), and
the Administrative Agent. Capitalized terms used herein without definition shall have the meanings assigned to such terms in the Credit Agreement, as amended hereby. 
 WHEREAS, the third paragraph of Section 10.01 of the Credit Agreement permits amendment of the Credit Agreement with consent of the Administrative Agent, the Borrower and the Lenders providing
the relevant replacement term loan tranche to permit the refinancing of all or a portion of outstanding Term Loans with a replacement term loan tranche thereunder; and 
 WHEREAS, pursuant to the third paragraph of Section 10.01 of the Credit Agreement, the Borrower desires to create Replacement Term Loans under the Credit Agreement having identical terms with
and having the same rights and obligations under the Loan Documents as the Refinanced Term Loans, as set forth in the Credit Agreement and Loan Documents, except as such terms are amended hereby; and 

WHEREAS, each Term B Lender that executes and delivers a consent to this Amendment substantially in the form of Exhibit A
hereto (each, a “Consent”) shall be deemed, upon effectiveness of this Amendment, to have exchanged all (or such lesser amount allocated to it by the Arrangers) of its Term B Loans for Term B-1 Loans, and such Lender shall
thereafter become a Term B-1 Lender; and 
 WHEREAS, each Person that executes and delivers a joinder agreement to this
Amendment substantially in the form of Exhibit B hereto (each, a “Joinder Agreement”) as an Additional Term B-1 Lender will make Term B-1 Loans in the amount set forth on the signature page of such Person’s Joinder
Agreement on the effective date of this Amendment to the Borrower, the proceeds of which will be used by the Borrower to repay a like amount of the outstanding principal amount of Non-Exchanged Term B Loans (as defined herein); and 

WHEREAS, the Borrower shall pay to each Term B Lender immediately prior to the effectiveness of this Amendment all accrued and
unpaid interest on its Term B Loans to, but not including, the date of effectiveness of this Amendment; and 
 WHEREAS,
the Loan Parties and the Required Lenders desire to make certain other amendments set forth in Section 2 below pursuant to amendments authorized by Section 10.01 of the Credit Agreement; 

NOW THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Borrower, the Parent, the undersigned Lenders and the Administrative Agent hereby agree as follows: 

  
 FIRST AMENDMENT TO CREDIT
AGREEMENT – Page 1 

 §1. Amendments to Credit Agreement. Effective as of the First Amendment
Effective Date, the Credit Agreement is hereby amended as follows: 
 (a) Section 1.01 of the Credit Agreement is
hereby amended to amend and restate the following definitions in their entirety to read as follows: 

“Applicable Percentage” means (a) in respect of the Term B-1 Facility, with respect to any Term B-1
Lender at any time, the percentage (carried out to the ninth decimal place) of the Term B-1 Facility represented by (i) on or prior to the First Amendment Effective Date, such Term B-1 Lender’s Term B-1 Commitment at such time and
(ii) thereafter, the principal amount of such Term B-1 Lender’s Term B-1 Loans at such time, and (b) in respect of the Revolving Credit Facility, with respect to any Revolving Lender at any time, the percentage (carried out to the
ninth decimal place) of such Revolving Lender’s Revolving Commitment at such time. If the commitment of each Revolving Lender to make Committed Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated
pursuant to Section 8.02 or if the Revolving Commitments have expired, then the Applicable Percentage of each Revolving Lender in respect of the Revolving Credit Facility shall be determined based on the Applicable Percentage of such
Revolving Lender in respect of the Revolving Credit Facility most recently in effect, giving effect to any subsequent assignments. The initial Applicable Percentage of each Lender in respect of each Facility is set forth opposite the name of such
Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable. 
 “Closing Date” means November 23, 2011. 

“Loan Documents” means this Agreement, amendments and joinders to this Agreement, each Note, each Issuer
Document, each Fee Letter, each Collateral Document and the Guaranty, and each other document or agreement executed by any Loan Party in connection with this Agreement from time to time and any amendment or modification entered into in connection
with any Incremental Facility or Extension; excluding Swap Contracts. 
 “Term B Lender” means
any Lender that holds Term B Loans immediately prior to the First Amendment Effective Date. 
 (b) Clause (b) of the
definition of “Applicable Rate” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 (b) in respect of the Term B-1 Facility, 3.75% per annum with respect to the Eurodollar Rate and 2.75% per annum with respect to the Base Rate; provided, however, as of the
first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a) showing the Consolidated Leverage Ratio is equal to or less than 4.50 to 1, the Applicable Rate in respect of the Term
B-1 Facility shall be 3.50% per annum with respect to the Eurodollar Rate and 2.50% per annum with respect to the Base Rate. 

  
 FIRST AMENDMENT TO CREDIT
AGREEMENT – Page 2 

 (c) Section 1.01 of the Credit Agreement is hereby amended to add the following
definitions in proper alphabetical order to read as follows: 
 “Additional Term B-1 Commitment”
means, with respect to an Additional Term B-1 Lender, the commitment of such Additional Term B-1 Lender to make an Additional Term B-1 Loan on the First Amendment Effective Date, in the amount set forth in the records of the Administrative Agent.
The aggregate amount of the Additional Term B-1 Commitments of all Additional Term B-1 Lenders shall equal the outstanding aggregate principal amount of Non-Exchanged Term B Loans. 

“Additional Term B-1 Lender” means a Person with an Additional Term B-1 Commitment to make Additional
Term B-1 Loans to the Borrower on the First Amendment Effective Date, which for the avoidance of doubt may be an existing Term B Lender. 
 “Additional Term B-1 Loan” means a Loan that is made pursuant to Section 2.01(c)(ii) of the Credit Agreement on the First Amendment Effective Date. 

“Exchanged Term B Loans” means each Term B Loan (or portion thereof) as to which the Lender thereof has
consented to exchange into a Term B-1 Loan and the Arrangers have allocated into a Term B-1 Loan. 

“First Amendment” means that certain First Amendment to Credit Agreement dated as of November 27,
2012, among the Borrower, the Parent, the Administrative Agent and the Lenders party thereto. 
 “First
Amendment Effective Date” means November 27, 2012. 
 “Non-Exchanged Term B Loan”
means each Term B Loan (or portion thereof) other than an Exchanged Term B Loan. 
 “Refinanced
Commitment” has the meaning specified in Section 10.01. 
 “Refinanced Term
Loans” has the meaning specified in Section 10.01. 
 “Replacement
Commitments” has the meaning specified in Section 10.01. 
 “Replacement Term
Loans” has the meaning specified in Section 10.01. 
 “Term B-1 Commitment”
means (a) with respect to a Term B Lender, the agreement of such Term B Lender to exchange all or a portion of the principal amount of its Term B Loans (or such lesser amount allocated to it by the Arrangers) for an equal principal amount of
Term B-1 Loans on the First Amendment Effective Date in the amount set forth in the records of the Administrative Agent and (b) any Additional Term B-1 Commitment. 

  
 FIRST AMENDMENT TO CREDIT
AGREEMENT – Page 3 

 “Term B-1 Facility” means, at any time, (a) on or
prior to the First Amendment Effective Date, the aggregate amount of the Term B-1 Commitments at such time and (b) thereafter, the aggregate principal amount of the Term B-1 Loans of all Term B-1 Lenders outstanding at such time. 

“Term B-1 Lender” means at any time, (a) on or prior to the First Amendment Effective Date, any
Lender that has a Term B-1 Commitment at such time and (b) at any time after the First Amendment Effective Date, any Lender that holds Term B-1 Loans at such time. 

“Term B-1 Loan” means an Additional Term B-1 Loan or a Loan that is deemed made pursuant to
Section 2.01(c)(i). 
 (d) Section 1.01 of the Credit Agreement is hereby amended to delete the
definitions of “Term B Commitment” and “Term B Facility” in their entirety. 
 (e) On and after the First
Amendment Effective Date, all references to “Term B Commitment”, “Term B Facility”, “Term B Lender” and “Term B Loan” in the Credit Agreement and the Loan Documents shall be deemed to be references to
“Term B-1 Commitment”, “Term B-1 Facility”, “Term B-1 Lender” and “Term B-1 Loan”, respectively (other than any such references contained in (i) the First Amendment, (ii) Section 2.01(b),
(iii) Section 2.02(b) (with respect to the Term B Loans funded on the Closing Date), (iv) Section 2.06(b) and (v) Section 7.11). 
 (f) Section 2.01 of the Credit Agreement is hereby amended by amending and restating subsection (b) thereof to read in its entirety as follows: 

(b) Term B Loans. Subject to the terms and conditions set forth herein, the Term B Lenders made a term loan to the
Borrower on the Closing Date in an aggregate amount equal to $375,000,000 (collectively, the “Term B Loans” and each, individually, a “Term B Loan”). 

(g) Section 2.01 of the Credit Agreement is hereby amended by adding new subsection (c) to read as follows:

 (c) Term B-1 Loans. 

(i) Subject to the terms and conditions hereof and of the First Amendment, each Term B Lender severally agrees to exchange
its Exchanged Term B Loans for a like principal amount of Term B-1 Loans on the First Amendment Effective Date. 

(ii) Subject to the terms and conditions hereof and of the First Amendment, each Additional Term B-1 Lender severally
agrees to make an Additional Term B-1 Loan to the Borrower on the First Amendment Effective Date in the principal amount equal to its Additional Term B-1 Commitment on the First Amendment Effective Date. The Borrower shall prepay the Non-Exchanged
Term B Loans with a like amount of the gross proceeds of the Additional Term B-1 Loans, concurrently with the receipt thereof. 

  
 FIRST AMENDMENT TO CREDIT
AGREEMENT – Page 4 

 (iii) The Borrower shall pay to the Term B Lenders immediately prior to the
effectiveness of the First Amendment all accrued and unpaid interest on the Exchanged Term B Loans to, but not including, the First Amendment Effective Date on such First Amendment Effective Date and the Borrower shall thereafter pay breakage
thereon to the extent required in accordance with Section 3.05 as though (solely for this purpose) each Exchanged Term B Loan had been prepaid on such date. All Term B-1 Loans will have an initial Interest Period beginning on the First
Amendment Effective Date. 
 (iv) Amounts borrowed under this Section 2.01(c) and repaid or prepaid
may not be reborrowed. Term B-1 Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 
 (v) The Term B-1 Loans shall have the same terms as the Term B Loans as set forth in the Credit Agreement and Loan Documents before giving effect to the First Amendment, except as modified by the First
Amendment; it being understood that the Term B-1 Loans (and all principal, interest and other amounts in respect thereof) will constitute “Obligations” under the Credit Agreement and the other Loan Documents and shall have the same rights
and obligations under the Credit Agreement and the other Loan Documents as the Term B Loans prior to the First Amendment Effective Date. 
 (h) Section 2.05(c)(ii) of the Credit Agreement is hereby amended to delete the reference to “Closing Date” and replace it with a reference to “First Amendment Effective
Date”. 
 (i) Section 2.06(b)(i) of the Credit Agreement is hereby amended by adding the following sentence as
the end of such subsection: 
 The Term B-1 Commitment of each Additional Term B-1 Lender shall be automatically
terminated on the First Amendment Effective Date upon the effectiveness of the Additional Term B-1 Loans on such date. 
 (j)
Section 2.07(b) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 (b) Term B-1 Loans. Repay to the Term B-1 Lenders on the last day of each fiscal quarter (or, in the case of the final principal installment to be repaid on the Term B Loan Maturity Date, as
set forth in the proviso hereto), commencing with the fiscal quarter beginning on January 1, 2013 (with the first such payment being due and payable on March 31, 2013), a quarterly principal installment on the Term B-1 Loans in an amount
equal to 0.25% of the original principal amount of the Term B-1 Facility (the “Term B Repayment Amounts”); provided, however, that the final principal repayment installment of the Term B-1 Loans shall be repaid on
the Maturity Date for the Term B-1 Facility and in any event shall be in an amount equal to the aggregate principal amount of all Term B-1 Loans outstanding on such date (together with all accrued and unpaid interest thereon). 

  
 FIRST AMENDMENT TO CREDIT
AGREEMENT – Page 5 

 (k) Section 7.11 of the Credit Agreement is hereby amended to add the following
sentence at the end thereof to read as follows: 
 Use the proceeds of the Term B-1 Loans for any purpose other
than to refinance the outstanding amount of the Term B Loans. 
 §2. Other Amendment to Credit Agreement.
Effective as of the First Amendment Effective Date, with the consent of the Required Lenders determined after giving effect to the exchange of Term B Loans into Term B-1 Loans and the effectiveness of Additional Term B-1 Loans: 

(a) Section 1.01 of the Credit Agreement is hereby amended to amend and restate the following definition in its entirety to
read as follows: 
 “Change in Law” means the occurrence, after the date of this Agreement (or
in the case of Additional Term B-1 Loans, after the First Amendment Effective 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 or application thereof by any Governmental Authority or (c) the making or issuance of any guideline or directive (whether or not having the force of law) by any Governmental Authority; provided
that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests,
rules, guidelines or directives promulgated by the Bank for International settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant
to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 
 (b) Clause (a) of the definition of “Consolidated Operating Cash Flow” in Section 1.01 of the Credit Agreement is hereby amended to add “plus” after clause
(xiii) thereof and to add new clause (xiv) to read as follows: 
 (xiv) to the extent
deducted in determining Consolidated Net Income for such period and except to the extent capitalized, fees and expenses incurred in connection with (A) this Agreement (including the First Amendment), (B) other Indebtedness of the Loan
Parties permitted under Section 7.03 hereof, and (C) any issuance of Equity Interests by the Loan Parties permitted under the terms of this Agreement, in each case, including fees and expenses of advisors and legal counsel,

  
 FIRST AMENDMENT TO CREDIT
AGREEMENT – Page 6 

 (c) The definition of “Excess Cash Flow” in Section 1.01 of the Credit
Agreement is hereby amended to add the following sentence at the end thereof: 
 For the avoidance of doubt, in calculating
Excess Cash Flow for the Parent’s 2012 fiscal year, the $3.75 million of repayments of the scheduled payments on the Term B Loans made prior to the First Amendment Effective Date shall be subtracted from Consolidated Operating Cash Flow
pursuant to clause (b)(ii) above. 
 (d) Exhibit C to the Credit Agreement is hereby amended in its entirety and
replaced with the document attached hereto as Exhibit C. 
 §3. Conditions to Effectiveness. This
Amendment shall become effective as of the date set forth above upon the satisfaction of the following conditions, including receipt by the Administrative Agent of the following items: 

(a) there shall exist no Default immediately after giving effect to this Amendment; and 

(b) the Administrative Agent shall have received a counterpart signature page to this Amendment, duly executed and delivered by the
Borrower, the Parent, each Guarantor, the Term B-1 Lenders, the Required Lenders and the Administrative Agent; and 
 (c) the
Administrative Agent shall have received Consents to this Amendment from Term B Lenders and Joinder Agreements executed by one or more Additional Term B-1 Lenders such that the aggregate principal amount of the Exchanged Term B Loans plus the
aggregate principal amount of the Additional Term B-1 Commitments shall equal the aggregate principal amount of the outstanding Term B Loans immediately prior to the effectiveness of this Amendment; and 

(d) the Administrative Agent and the Lenders shall have received a legal opinion of counsel to the Loan Parties, which shall be in form,
scope and substance reasonably satisfactory to the Administrative Agent; and 
 (e) the representations and warranties set forth
in the immediately following Section of this Amendment entitled “Representations and Warranties” shall be true and correct as of the date of this Amendment; and 
 (f) the Administrative Agent shall have received, in form and substance reasonably acceptable to it, all resolutions, incumbency certificates, certificates of no default, and such other certificates and
documents as reasonably requested by the Administrative Agent; and 
 (g) the Borrower shall have paid to each Lender that was a
Term B Lender prior to giving effect to this Amendment, all accrued and unpaid interest on its Term B Loans to, but not including, the First Amendment Effective Date; and 
 (h) the Administrative Agent shall have received the fee and expenses set forth in any engagement letter executed in connection with the Agreement, as amended hereby; and 

(i) the Administrative Agent shall have received a confirmation agreement that confirms and affirms each of the Guaranty and each of the
Collateral Documents, and each other Loan Document by the applicable Loan Parties, in each case reasonably acceptable to the Administrative Agent and the Required Lenders; and 

  
 FIRST AMENDMENT TO CREDIT
AGREEMENT – Page 7 

 (j) the Administrative Agent shall have received Notes executed by the Borrower in favor of
each Lender requesting a Note evidencing its Term B-1 Loan; and 
 (k) to the extent reasonably requested by an Additional Term
B-1 Lender in writing not less than five (5) Business Days prior to the First Amendment Effective Date, the Administrative Agent shall have received, prior to the effectiveness of this Amendment, all documentation and other information with
respect to the Borrower required by regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including without limitation the Act. 

§4. Representations and Warranties. The Borrower represents and warrants to the Administrative Agent and the Lenders
as follows: 
 (a) Representations and Warranties. Each of the representations and warranties contained in Article V
of the Credit Agreement are true and correct in all material respects on and as of the date hereof (giving effect to this Amendment), except to the extent such representations and warranties are already qualified by materiality, in which case, such
representations and warranties are true and correct in all respects and except to the extent that such representations and warranties relate specifically to a prior date. 
 (b) Enforceability. The execution and delivery by the Borrower and the Parent of this Amendment, and the performance by the Borrower and the Parent of this Amendment and the Credit Agreement, as
amended hereby, and each of the other Loan Documents (and amendments, restatements and substitutions therefore in connection with this Amendment) are within the authority of each of the Borrower and the Parent and have been duly authorized by all
necessary proceedings. This Amendment and the Credit Agreement, as amended, and each of the other Loan Documents (and amendments, restatements and substitutions therefore in connection with this Amendment), constitute valid and legally binding
obligations of each of the Borrower and the Parent, enforceable against each of them in accordance with their terms, except to the extent that the enforceability hereof and thereof may be limited by Debtor Relief Laws and by the application of
general equitable principles (whether such enforcement is sought by proceedings in equity or at law). 
 (c) No Default.
No Default has occurred and is continuing, and no Default will result from the execution, delivery and performance on the First Amendment Effective Date by the Borrower and the Parent of this Amendment or the other Loan Documents. 

(d) No Conflict. Neither the execution, delivery and performance of this Amendment, or the Credit Agreement, as amended hereby, nor
the consummation of any transactions contemplated herein or therein will result in any breach of or default under the Senior Notes or any Senior Notes Document. 

  
 FIRST AMENDMENT TO CREDIT
AGREEMENT – Page 8 

 §5. No Other Amendments, etc. Except as expressly provided in this
Amendment, (a) all of the terms and conditions of the Credit Agreement and the other Loan Documents remain unchanged, and (b) all of the terms and conditions of the Credit Agreement, as amended hereby, and of the other Loan Documents are
hereby ratified and confirmed and remain in full force and effect. Nothing herein shall be construed to be an amendment, consent or a waiver of any requirements of the Borrower, the Parent or of any other Person under the Credit Agreement or any of
the other Loan Documents except as expressly set forth herein or pursuant to a written agreement executed in connection herewith. Nothing in this Amendment shall be construed to imply any willingness on the part of the Administrative Agent or any
Lender to grant any similar or future amendment, consent or waiver of any of the terms and conditions of the Credit Agreement or the other Loan Documents. 
 §6. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by each party on a separate counterpart, each of which when so executed and delivered
shall be an original, but all of which together shall constitute one instrument. In proving this Amendment, it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought.

 §7. Loan Document. This Amendment is a Loan Document under the terms of the Credit Agreement. 

§8. Miscellaneous. THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT
OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. The captions in this Amendment are for
convenience of reference only and shall not define or limit the provisions hereof. 
 [Remainder of Page Intentionally Left
Blank] 

  
 FIRST AMENDMENT TO CREDIT
AGREEMENT – Page 9 

 IN WITNESS WHEREOF, the undersigned have duly executed this Amendment as a sealed
instrument as of the date first set forth above. 
  

			
	The Borrower:
	
	ENTERCOM RADIO, LLC
		
	By:	 	  

		 	Name: John C. Donlevie
		 	Title: Executive Vice President
	
	The Parent:
	
	ENTERCOM COMMUNICATIONS CORP.
		
	By:	 	  

		 	Name: John C. Donlevie
		 	Title: Executive Vice President

 [Signature Page to First Amendment to Credit Agreement] 

 
			
	The Administrative Agent:
	
	 BANK OF AMERICA, N.A.,
 as Administrative Agent

		
	By:	 	  

		 	Name:
		 	Title:
	
	The Lenders:
	
	 BANK OF AMERICA, N.A.,
 as a Lender

		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to First Amendment to Credit Agreement] 

 
			
	The Lenders:
	
	[Other Lenders], as a Lender
		
	 By:
	 	 
		 	Name:
		 	Title:

 [Signature Page to First Amendment to Credit Agreement] 

 RATIFICATION OF GUARANTORS 

Each of the undersigned Guarantors hereby (a) acknowledges and consents to the Amendment dated as of November 27, 2012 to which
this ratification is attached, and the Borrower’s and the Parent’s execution thereof; (b) joins the foregoing Amendment for the purpose of consenting to and being bound by the provisions thereof, (c) ratifies and confirms all of
their respective obligations and liabilities under the Loan Documents to which any of them is a party and ratifies and confirms that such obligations and liabilities extend to and continue in effect with respect to, and continue to guarantee and
secure, as applicable, the Obligations of the Borrower under the Credit Agreement, as amended by the Amendment; (d) acknowledges and confirms that the liens and security interests granted by such Guarantor pursuant to the Loan Documents are and
continue to be valid and perfected first priority liens and security interests (subject only to Liens permitted under Section 7.01 of the Credit Agreement) that secure all of the Obligations on and after the date hereof to the extent
required under the Loan Documents; (g) acknowledges, affirms and agrees to each term of the Amendment; and (h) hereby represents and warrants that its organizational or other governing documents have not been amended or modified in a
manner adverse to the Lenders since such documents were most recently delivered to the Administrative Agent. 
  

			
	The Guarantors:
	
	ENTERCOM COMMUNICATIONS CORP.
		
	 By:
	 	  

		 	Name: John C. Donlevie
		 	Title: Executive Vice President

 [Signature Page to First Amendment to Credit Agreement] 

 
			
	DELAWARE EQUIPMENT HOLDINGS, LLC
	ENTERCOM AUSTIN LICENSE, LLC
	ENTERCOM AUSTIN, LLC
	ENTERCOM BOSTON 1 TRUST
	ENTERCOM BOSTON LICENSE, L.L.C.
	ENTERCOM BOSTON, LLC
	ENTERCOM BUFFALO LICENSE, LLC
	ENTERCOM BUFFALO, LLC
	ENTERCOM CALIFORNIA, LLC
	ENTERCOM CAPITAL, INC.
	ENTERCOM DENVER LICENSE, LLC
	ENTERCOM DENVER, LLC
	ENTERCOM GAINESVILLE LICENSE, LLC
	ENTERCOM GAINESVILLE, LLC
	ENTERCOM GREENSBORO LICENSE, LLC
	ENTERCOM GREENSBORO, LLC
	ENTERCOM GREENVILLE LICENSE, LLC
	ENTERCOM GREENVILLE, LLC
	ENTERCOM INDIANAPOLIS LICENSE, LLC
	ENTERCOM INDIANAPOLIS, LLC
	ENTERCOM KANSAS CITY LICENSE, LLC
	ENTERCOM KANSAS CITY, LLC
	ENTERCOM MADISON LICENSE, LLC
	ENTERCOM MADISON, LLC
	ENTERCOM MEMPHIS LICENSE, LLC
	ENTERCOM MEMPHIS, LLC
		
	By:	 	 
		 	Name: John C. Donlevie
		 	Title: Executive Vice President

 [Signature Page to First Amendment to Credit Agreement] 

  
 -2-

 
			
	ENTERCOM MILWAUKEE LICENSE, LLC
	ENTERCOM MILWAUKEE, LLC
	ENTERCOM NEW ORLEANS LICENSE, LLC
	ENTERCOM NEW ORLEANS, LLC
	ENTERCOM NEW YORK, INC.
	ENTERCOM NORFOLK LICENSE, LLC
	ENTERCOM NORFOLK, LLC
	ENTERCOM PORTLAND LICENSE, LLC
	ENTERCOM PORTLAND, LLC
	ENTERCOM PROPERTIES, LLC
	ENTERCOM PROVIDENCE LICENSE, LLC
	ENTERCOM PROVIDENCE, LLC
	ENTERCOM ROCHESTER LICENSE, LLC
	ENTERCOM ROCHESTER, LLC
	ENTERCOM SACRAMENTO LICENSE, LLC
	ENTERCOM SAN FRANCISCO LICENSE, LLC
	ENTERCOM SEATTLE LICENSE, LLC
	ENTERCOM SEATTLE, LLC
	ENTERCOM SPRINGFIELD LICENSE, LLC
	ENTERCOM SPRINGFIELD, LLC
	ENTERCOM WICHITA LICENSE, LLC
	ENTERCOM WICHITA, LLC
	ENTERCOM WILKES-BARRE SCRANTON, LLC
		
	By:	 	 
		 	Name: John C. Donlevie
		 	Title: Executive Vice President
	
	ENTERCOM INCORPORATED
		
	By:	 	 
		 	Name: John C. Donlevie
		 	Title: President

 [Signature Page to First Amendment to Credit Agreement] 

  
 -3-

 EXHIBIT A 

CONSENT TO FIRST AMENDMENT 
 CONSENT TO FIRST AMENDMENT (this “Consent”) to the First Amendment (“Amendment”) to that certain Credit Agreement, dated as of November 23, 2011 (the
“Credit Agreement”), (a) ENTERCOM RADIO, LLC (the “Borrower”), a Delaware limited liability company, (b) ENTERCOM COMMUNICATIONS CORP. (the “Parent”), a Pennsylvania
corporation, (c) certain Lenders from time to time party thereto and (d) BANK OF AMERICA, N.A., as administrative agent (the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Amendment. 
 The undersigned Term B Lender hereby irrevocably and
unconditionally approves the Amendment and consents as follows (check ONE option): 
 Cashless Settlement Option

  

	 	•	 	 to convert 100% of the outstanding principal amount of the Term B Loan held by such Lender (or such lesser amount allocated to such Lender by the
Arrangers) into a Term B-1 Loan in a like principal amount. 

 Post-Closing Settlement Option

  

	 	•	 	 to have 100% of the outstanding principal amount of the Term B Loan held by such Lender prepaid on the First Amendment Effective Date and purchase by
assignment a principal amount of Term B-1 Loans committed to separately by the undersigned (or such lesser amount allocated to such Lender by the Arrangers). 

 Cashless Settlement Option and Partial Prepayment 
  

	 	•	 	 to convert $             (the “Cashless Settlement Amount”) of the
outstanding principal amount of the Term B Loan held by such Lender (or such lesser amount allocated to such Lender by the Arrangers) into a Term B-1 Loan in a like principal amount, and to have any remaining principal amount of the Term B Loan held
by such Lender prepaid on the First Amendment Effective Date. 

 Exhibit A to First Amendment to Credit
Agreement 

 IN WITNESS WHEREOF, the undersigned has caused this Consent to be executed and delivered by
a duly authorized officer. 
  

					
	 Date: November         , 2012
	 	[Name of Term B Lender],
		 	as a Lender
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

 Existing principal amount of Term B Loans 
 immediately prior to First Amendment Effective Date: 

$                         
        

  
 Exhibit A to
First Amendment to Credit Agreement 
 -2- 

 EXHIBIT B 

JOINDER AGREEMENT 
 JOINDER AGREEMENT, dated as of November         , 2012 (this “Agreement”), by and among [ADDITIONAL TERM B-1 LENDER] (each, an
“Additional Term B-1 Lender” and, collectively, the “Additional Term B-1 Lenders”), ENTERCOM RADIO, LLC (the “Borrower”), a Delaware limited liability company, and BANK OF AMERICA,
N.A. (the “Administrative Agent”). 
 RECITALS: 

WHEREAS, reference is hereby made to the Credit Agreement dated as of November 23, 2011, and amended by First Amendment to
Credit Agreement dated as of November 27, 2012 (the “First Amendment”) (as further amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among
the Borrower, Entercom Communications Corp. (the “Parent”), a Pennsylvania corporation, each Lender from time to time party thereto and Bank of America, N.A., as Administrative Agent, (capitalized terms used but not defined herein
having the meaning provided in the Credit Agreement); 
 WHEREAS, subject to the terms and conditions of the Credit
Agreement, the Borrower may establish Additional Term B-1 Commitments (the “Additional Term B-1 Commitments”) with existing Term B Lenders and/or Additional Term B-1 Lenders; and 

WHEREAS, subject to the terms and conditions of the Credit Agreement, Additional Term B-1 Lenders shall become Lenders pursuant to
one or more Joinder Agreements; 
 NOW, THEREFORE, in consideration of the premises and agreements, provisions and
covenants herein contained, the parties hereto agree as follows: 
 Each Additional Term B-1 Lender hereby agrees to provide the
Additional Term B-1 Commitment set forth on its signature page hereto pursuant to and in accordance with Section 2.01(c)(ii) of the Credit Agreement. The Additional Term B-1 Commitments provided pursuant to this Agreement shall be subject to
all of the terms in the Credit Agreement and to the conditions set forth in the Credit Agreement, and shall be entitled to all the benefits afforded by the Credit Agreement and the other Loan Documents, and shall, without limiting the foregoing,
benefit equally and ratably from each Guaranty and Liens created by the Collateral Documents. For the avoidance of doubt, each Additional Term B-1 Lender hereby consents to the First Amendment. 

Each Additional Term B-1 Lender, the Borrower and the Administrative Agent acknowledge and agree that the Additional Term B-1 Commitments
provided pursuant to this Agreement shall constitute Term B-1 Commitments for all purposes of the Credit Agreement and the other applicable Loan Documents. Each Additional Term B-1 Lender hereby agrees to make an Additional Term B-1 Loan to the
Borrowers in an amount equal to its Additional Term B-1 Commitment on the First Amendment Effective Date in accordance with Section 2.01(c)(ii) of the Credit Agreement. 
 Exhibit B to First Amendment to Credit Agreement 

 Each Additional Term B-1 Lender (i) confirms that it has received a copy of the Credit
Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this
Agreement; (ii) agrees that it will, independently and without reliance upon the Administrative Agent, the Arrangers or any other Additional Term B-1 Lender or any other Lender or Agent and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise
such powers and discretion under the Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; and (iv) agrees
that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender. 
 Upon (i) the execution of a counterpart of this Agreement by each Additional Term B-1 Lender, the Administrative Agent and the Borrower and (ii) the delivery to the Administrative Agent of a
fully executed counterpart (including by way of telecopy or other electronic transmission) hereof, each of the undersigned Additional Term B-1 Lenders shall become Lenders under the Credit Agreement and shall have the respective Additional Term B-1
Commitment set forth on its signature page hereto, effective as of the First Amendment Effective Date. 
 For each Additional
Term B-1 Lender, delivered herewith to the Administrative Agent and the Borrower are such forms, certificates or other evidence with respect to United States federal income tax withholding matters as such Additional Term B-1 Lender may be required
to deliver to the Administrative Agent pursuant to Section 3.01(e) of the Credit Agreement. 
 This Agreement may not be
amended, modified or waived except by an instrument or instruments in writing signed and delivered on behalf of each of the parties hereto. 
 This Agreement, the Credit Agreement and the other Loan Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior
agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter hereof. 
 THIS AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS
CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 Any term or
provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and
provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be
interpreted to be only so broad as would be enforceable. 
 This Agreement may be executed in counterparts, each of which shall
be deemed to be an original, but all of which shall constitute one and the same agreement. 

  
 Exhibit B to
First Amendment to Credit Agreement 
 -2- 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of November         , 2012. 
  

			
	
	[NAME OF ADDITIONAL TERM B-1 LENDER]
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	[If a second signature is necessary:]
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 Additional Term B-1 Commitments: 
 $                                 
                      

  
 Exhibit B to
First Amendment to Credit Agreement 
 -3- 

			
	ENTERCOM RADIO, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 Exhibit B to
First Amendment to Credit Agreement 
 -4- 

			
	Accepted:
	
	BANK OF AMERICA, N.A.,
	as Administrative Agent
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 Exhibit B to
First Amendment to Credit Agreement 
 -5- 

 EXHIBIT C 

FORM OF COMPLIANCE CERTIFICATE 
 • Financial Statement Date:
                            ,
                     
  

	To:	Bank of America, N.A., as Administrative Agent 

  

	•	 	 Ladies and Gentlemen: 

 Reference is made to that certain Credit Agreement, dated as of November 23, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among Entercom Radio, LLC, a Delaware limited liability company (the “Borrower”), Entercom Communications Corp., a Pennsylvania
corporation (the “Parent”), each lender (collectively, the “Lenders” and individually, a “Lender”) from time to time party to the Agreement and BANK OF AMERICA, N.A. (“Bank of
America”), as Administrative Agent, Swing Line Lender and L/C Issuer. 
 The undersigned Responsible Officer hereby
certifies on behalf of the Borrower as of the date hereof that he/she is the of                     the Borrower, and that, as such, he/she is
authorized to execute and deliver this Certificate to the Administrative Agent on the behalf of the Borrower, and that: 

[Use following paragraph 1 for fiscal year-end financial statements] 

1. Attached hereto as Schedule 1 are the year-end audited financial statements required by Section 6.01(a) of the
Agreement for the fiscal year of the Parent ended as of the above date, together with the report and opinion of an independent certified public accounting firm required by such section. **Not required if an Annual Report on form 10-K is filed with
the SEC and is made publicly available through EDGAR. 
 [Use following paragraph 1 for fiscal quarter-end financial
statements] 
 1. Attached hereto as Schedule 1 are the unaudited financial statements required by
Section 6.01(b) of the Agreement for the fiscal quarter of the Parent ended as of the above date. Such financial statements were prepared in accordance with GAAP for interim financial information and are accompanied by the certifications
required by the rules and regulations of the SEC. **Not required if a Quarterly Report on form 10-Q is filed with the SEC and is made publicly available through EDGAR. 
 2. The undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made under his/her supervision, a detailed review of the transactions and financial
condition of the Parent and the Borrower during the accounting period covered by the attached financial statements. 
 3.
To the knowledge of the undersigned, [Select one: ][No Default exists] or [A Default exists. The following (i) sets forth the details of such Default, (ii) describes each material provision of the Agreement and the Loan Document that
may be materially implicated by the occurrence of such Default and (iii) sets forth the actions the Borrower has taken or proposes to take with respect thereto:] 
 4. The financial covenant analyses and information set forth on Schedule 2 attached hereto are (i) based on the financial statements and (ii) true and accurate in all material
respects on and as of the date of this Certificate. 
 5. The other information set forth on Schedule 2 attached
hereto is true and accurate in all material respects on and as of the date of this Certificate. 
 6. Based upon the
Consolidated Leverage Ratio, the Applicable Rate in respect of the Revolving Credit Facility as of the date hereof (i) for Base Rate Loans is                 % and
(ii) for Eurodollar Rate Loans is                     %. 

 

  
 Form of
Compliance Certificate 
 C-1 

 7. To the extent adjustments made in accordance with Section 1.07 of the Agreement are
set forth on Schedule 2 attached hereto, the delivery of this Certificate constitutes the notice required by Section 1.07 of the Agreement. 
 [Remainder of Page Intentionally Left Blank.] 

  
 Form of
Compliance Certificate 
 C-2 

 IN WITNESS WHEREOF, the undersigned has executed this Certificate as of
                    , 20    . 

 

			
	ENTERCOM RADIO, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 Form of
Compliance Certificate 
 C-3 

 For the Quarter/Year ended
                            (“Statement Date”) 

The period of the four most recently completed fiscal quarters of the Parent ending on the Statement Date is referred to herein as the
“Subject Period” 
 SCHEDULE 2 

to the Compliance Certificate 
 ($ in 000’s) 
  

							
	I. Section 7.13(a)—Consolidated Interest Coverage Ratio.	  			
		
	 A.     Consolidated Operating Cash Flow for the Subject Period
	  			
			
		 	 1.      Consolidated Net Income
	  	 	$                        	  
			
		 	 2.      to the extent deducted in determining Consolidated Net Income for such period, interest
expense (excluding interest expense in connection with EPLLC Deemed Debt), depreciation and amortization
	  	 
	$                        
	  

			
		 	 3.      to the extent deducted in determining Consolidated Net Income for such period, non-cash
charges and other expenses (including, without limitation, impairment charges and any charges and expenses relating to the abandonment of assets) which do not represent a cash expense in such period or any future period (except in the case of
non-cash charges from a loss on the write-down of any multi-year agreement (e.g., lease termination charge) where the Borrower elects to include such charge within this Line (A)(3.) subject to corresponding future reductions pursuant to Line
(17) below)
	  	 	$                        	  
			
		 	 4.      to the extent deducted in determining Consolidated Net Income for such period, non-cash
equity based compensation expenses (including, without limitation, compensation expenses arising from stock dividends and stock dividend equivalents on unvested shares), if any
	  	 	$                        	  
			
		 	 5.      up to $5,000,000 in the aggregate for all Permitted Acquisitions consummated over the term
of the Agreement in connection with pro forma cost savings of the Borrower (the “Add Back”), but only to the extent that (i) such cost savings are reflected in good faith projections delivered to the Administrative Agent,
(ii) the Borrower has commenced such necessary action to generate such annualized cost savings no later than 180 days after the consummation of the Permitted Acquisitions, and (iii) such Add Back is reduced each consecutive fiscal quarter
by up to $1,250,000 (or such lesser amount equal to one-fourth of the total Add-Back)
	  	 	$                        	  
			
		 	 6.      to the extent deducted in determining Consolidated Net Income for such period, all non-cash
losses incurred in connection with the disposition of assets
	  	 	$                        	  

  
 Form of
Compliance Certificate 
 C-4 

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

			
		 	 9.      to the extent deducted in determining Consolidated Net Income for such period,
non-recurring expenses recognized for restructuring or similar costs, including but not limited to severance costs, relocation costs, integration and facilities costs, signing costs, retention or completion bonuses, transition costs and litigation
expenses (including judgment and settlement amounts relating to a Permitted Acquisition), provided that any such costs added back pursuant to this Line (9)(1) shall not exceed $2,500,000 in any four fiscal quarter period and (2) in
respect of litigation expenses shall not exceed $1,000,000 in the aggregate during the term of the Agreement commencing on the Closing Date
	  	 
	$                        
	  

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

			
		 	 11.    to the extent not already included in Consolidated Net Income, the Parent’s, the Borrower’s
and any Restricted Subsidiary’s pro rata share (based on equity ownership) of the OCF of any Unrestricted Subsidiary or other Person that is not a Restricted Subsidiary, but not more than the aggregate amount of cash Dollars actually
distributed by such Person during such period of determination to the Borrower or a Restricted Subsidiary as a dividend or other distribution
	  	 	$                        	  
			
		 	 12.    to the extent deducted in determining Consolidated Net Income for such period and except to the extent
capitalized, fees and expenses incurred in connection with (A) the Agreement and the Senior Notes Documents and invoiced no later than 90 days after the Closing Date, including fees and expenses of advisors and legal counsel, (B) the costs
incurred in connection with the requirements under the Loan Documents with respect to the Collateral and (C) any Specified Equity Contribution
	  	 	$                        	  
			
		 	 13.    to the extent deducted in determining Consolidated Net Income for such period, loss from early
extinguishment of debt as a result of the acceleration or amortization of deferred financing costs associated with the Loans, Senior Notes and/or other Indebtedness permitted under the Agreement
	  	 	$                        	  

  
 Form of
Compliance Certificate 
 C-5 

					
			
		 	 14.    to the extent deducted in determining Consolidated Net Income for such period, transaction costs paid
in Dollars by the Loan Parties during such period and required by GAAP to be expensed, in each case in connection with Permitted Acquisitions consummated after the Closing Date or Acquisitions attempted after the Closing Date, provided that all such
transaction costs for all Loan Parties that are added back under this Line (14) shall not exceed a cumulative maximum aggregate amount of $5,000,000 for the period from the Closing Date through any date of determination
	  	$                        
			
		 	 15.    to the extent deducted in determining Consolidated Net Income for
such period and except to the extent capitalized, fees and expenses incurred in connection with (A) this Agreement (including the First Amendment), (B) other Indebtedness of the Loan Parties permitted under Section 7.03 of the
Agreement, and (C) any issuance of Equity Interests by the Loan Parties permitted under the terms of the Agreement, in each case, including fees and expenses of advisors and legal counsel

 
 provided that, notwithstanding the foregoing, in no event shall
Consolidated Operating Cash Flow include (x) any gain or loss as a result of the purchase, forgiveness or other cancellation of Indebtedness of the Parent, the Borrower or any Subsidiary and (y) any add back for any bad debt
expense
	  	$                        
			
		 	 16.    To the extent included in determining Consolidated Net Income for
the Subject Period, the sum of
  
 (i)
extraordinary as well as unusual gains, including net gains on the sales of assets other than asset sales in the ordinary course of business,
  

(ii) any items of extraordinary as well as unusual losses and charges, including net losses on the sale of assets
other than asset sales in the ordinary course of business,
  
 (iii) expenses relating to any minority interests,
  

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

 
 (v) any gain or loss as a result of any
(non-cash) fair value measurement of any asset or liability, and
  
 (vi) any gain or loss as a result of any mark-to-market changes in the fair value of any Swap Contract-related asset or liability;

 
 Total Exclusions (the sum of (i) through
(vi) above)
	  	
$                       
 

			
		 	 17.    To the extent a non-cash charge from a loss on the write-down of a multi-year agreement was added back
since the Closing Date pursuant to the parenthetical at the end of I.A.3 above, cash payments pursuant to such agreement(s) made in the period of determination with respect to such non-cash charge.
	  	
$                       
 

			
		 	 18.    Adjustments made in accordance with Section 1.07 of the Agreement (if any)
	  	$                        

  
 Form of
Compliance Certificate 
 C-6 

							
			
		 	 19.    Consolidated Operating Cash Flow for the Subject Period (Lines I.A.1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 +
10 + 11 + 12 + 13 + 14 + 15 – 16 – 17 + 18)
	  	 	$                        	  
		
	 B.     Consolidated Interest Charges for Subject Period.
	  			
			
		 	 1.      all cash interest (excluding interest with respect to EPLLC Deemed Debt), fees, charges
(excluding fees and charges related to the Loans) and related cash expenses of the Parent, the Borrower and their Restricted Subsidiaries in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase
price of assets, in each case to the extent treated as interest in accordance with GAAP
	  	 	$                        	  
			
		 	 2.      dividends paid in cash with respect to any Disqualified Stock
	  	 	$                        	  
			
		 	 3.      the portion of rent expense of the Parent, the Borrower and their Restricted Subsidiaries
paid in cash during such period under capital leases that is treated as interest in accordance with generally accepted accounting principles
	  	 	$                        	  
			
		 	 4.      Adjustments made in accordance with Section 1.07 of the Agreement (if
any)
	  	 
	$                        
	  

			
		 	 5.      Consolidated Interest Charges (Lines I.B.1 + 2 + 3 + 4)
	  	 	$                        	  
			
		 	 6.      Line II.B.5 above net of (i) consolidated interest income of the Parent, the Borrower
and their Restricted Subsidiaries for the Subject Period and (ii) interest accrued on the Attributable Indebtedness and other obligations described in subsection (e) of the definition of Consolidated Funded Indebtedness
	  	 	$                        	  
		
	 C.     Consolidated Interest Coverage Ratio (Line I.A.19 ÷ Line
I.B.6)
	  	 	             to 1.00	  
		
	          Minimum Required
	  			

  

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

  
 Form of
Compliance Certificate 
 C-7 

							
	 II. Section 7.13(b)—Consolidated Leverage Ratio.

 
	  			
	 A.     Net Consolidated Funded Indebtedness at Statement Date (without
duplication)
	  			
			
		  	 1.      the outstanding principal amount of all obligations, whether current or long-term, for
borrowed money (including Obligations hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments
	  	 	$                        	  
			
		  	 2.      all purchase money Indebtedness
	  	 	$                        	  
			
		  	 3.      all direct and indirect obligations arising under letters of credit (including standby and
commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments
	  	 	$                        	  
			
		  	 4.      all obligations in respect of the deferred purchase price of property or services (except
trade accounts payable in the ordinary course of business not past due for more than 180 days unless disputed in good faith)
	  	 	$                        	  
			
		  	 5.      Attributable Indebtedness in respect of capital leases and similar obligations, and
Synthetic Lease Obligations
	  	 	$                        	  
			
		  	 6.      indebtedness (excluding prepaid interest thereon) secured by (or for which the holder of
such debt has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by the Parent, the Borrower or any of their Restricted Subsidiaries, whether or not the obligations secured thereby have been assumed
by such Person or is limited in recourse (provided that, if such Indebtedness is non-recourse, the amount of such Indebtedness for purposes hereof shall be limited to the lesser of the principal amount of such Indebtedness and the fair market value
of the property serving as collateral therefor)
	  	 	$                        	  
			
		  	 7.      at any time after the occurrence and during the continuance of an Event of Default under
any agreement of any Loan Party governing Swap Contracts, the aggregate amount payable by such Loan Party under such agreement
	  	 	$                        	  
			
		  	 8.      all Disqualified Stock
	  	 	$                        	  
			
		  	 9.      all Guarantees with respect to outstanding Indebtedness of the types specified in Lines
(A)(1.) through (A)(8.) above of Persons other than the Parent, the Borrower or any Restricted Subsidiary
	  	 	$                        	  
			
		  	 10.    the aggregate amount of Indebtedness of Unrestricted Subsidiaries of the types referred to in Lines
(A)(1.) through (A)(9.) above for which any Loan Party has direct liability
	  	 	$                        	  
			
		  	The amount of any capital lease, similar obligation or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as
of such date.	  	 	$                        	  
			
		  	Notwithstanding anything herein to the contrary, in no event will any of the following be included in the calculation of Consolidated Funded Indebtedness (i) the EPLLC Deemed Debt
and (ii) any “earn-out” obligation payable in connection with the purchase of any assets or any Permitted Acquisition to the extent not past due.	  			
			
		  	 11.    Adjustments made in accordance with Section 1.07 (if any)
	  	 	$                        	  

  
 Form of
Compliance Certificate 
 C-8 

							
			
		 	 12.    The amount of unrestricted cash and Cash Equivalents on hand of the Parent, the Borrower and its
Restricted Subsidiaries (not to exceed $40,000,000)
	  	 	$                        	  
			
		 	 13.    Amounts on deposit in a Funding Account
	  	 	$                        	  
			
		 	 14.    Net Consolidated Funded Indebtedness (Lines II.A.1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 ± 11
– (12 + 13))
	  	 	$                        	  
		
	 B.     Consolidated Operating Cash Flow for the Subject Period (Line I.A.19)
	  	 	$                        	  
		
	 C.     Consolidated Leverage Ratio (Line II.A.14 ÷ Line II.B)
	  	 	             to 1.00	  
		
	          Maximum Permitted
	  			

  

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

  

							
	 III.   Calculation of the “Available Amount”
	  			
		
	 A.     the sum of
	  			
			
		 	 1.      100% of Cumulative Retained Excess Cash Flow for all fiscal years prior to the Available
Amount Reference Time
	  	$	                        	  
			
		 	 2.      100% of the Eligible Equity Proceeds received by the Parent during the period from and
including the Business Day immediately following the Closing Date through and including the Available Amount Reference Time, but only to the extent such Eligible Equity Proceeds have been contributed by the Parent in cash to the Borrower as common
equity prior to the Available Amount Reference Time
	  	$	                        	  
			
		 	 3.      if during the period from and including the Business Day immediately following the Closing
Date through and including the Available Amount Reference Time, the Borrower has designated and converted an Unrestricted Subsidiary to a Restricted Subsidiary in accordance with the terms of the Agreement and such Person remains a Restricted
Subsidiary, without duplication, an amount equal to the lesser of (i) the original amount of any investment by the applicable Loan Party in such Unrestricted Subsidiary prior to the Available Amount Reference Time and (ii) the fair market value of
the investment of the applicable Loan Party in such Unrestricted Subsidiary at the time of such designation or conversion
	  	$	                        	  

  
 Form of
Compliance Certificate 
 C-9 

							
			
		 	 1.      Notwithstanding any provision in the foregoing to the contrary, to the extent that any
amounts which would be included in the calculation of the Available Amount for any fiscal year pursuant to Lines (III) (A) (1), (2) or (3) preceding are required by any provision of any other agreement entered into by any Loan Party
with respect to other Indebtedness of any Loan Party, or any other Subsidiary of any Loan Party, to repay or prepay obligations or liabilities under such Indebtedness, such amounts may not be included in the calculation of the Available
Amount.
	  			
		
	 B.     minus the sum of
	  			
			
		 	 1.      the aggregate amount of Investments (including (x) Investments in Unrestricted
Subsidiaries and (y) Investments deemed made in Unrestricted Subsidiaries upon the designation or conversion of any Restricted Subsidiary as an Unrestricted Subsidiary) made relying on the permitted basket in Section 7.02(g) of the
Agreement during the period commencing on the Closing Date and ending on the Available Amount Reference Time without taking into account of the intended usage of the Available Amount at such Available Amount Reference Time
	  	$	                        	  
			
		 	 2.      the aggregate amount of Restricted Payments made relying on the permitted basket in
Section 7.06(d) of the Agreement during the period commencing on the Closing Date and ending on the Available Amount Reference Time without taking into account of the intended usage of the Available Amount at such Available Amount
Reference Time
	  	$
	                        
	  

			
		 	 3.      the aggregate amount of prepayments, redemption, defeasance, repurchase or cancellation of
Indebtedness, made relying on the permitted basket in Section 7.18(d) of the Agreement during the period commencing on the Closing Date and ending on the Available Amount Reference Time without taking into account of the intended usage
of the Available Amount at such Available Amount Reference Time; provided that if such Indebtedness is purchased at a discount to par or cancelled, only the actual amount of cash U.S. dollars spent to retire or cancel such Indebtedness shall
be included in such calculation
	  	$	                        	  
			
		 	 5.      Total usage (Lines III.B. 1 + 2 + 3)
	  	$	                        	  
		
	 C.     Available Amount if the Consolidated Leverage Ratio is equal to or less than 5.00 to
1.00 (Lines III.A.1 + 2 + 3 – Line B.4)
	  	$	                        	  
		
	 IV.   Section 7.02(f) of the Agreement – Investments; Section 7.06(c) of the
Agreement – Restricted Payments; Section 7.18(c) of the Agreement – Prepayments, etc. of Indebtedness
	  			
		
	 A.     Aggregate amount of Investments made pursuant to Section 7.02(f) of the
Agreement
	  	$	                        	  

  
 Form of
Compliance Certificate 
 C-10 

									
				
		 	 B.     Aggregate amount of Restricted Payments made pursuant to Section 7.06(c) of the
Agreement
	  	 	$	  	  	
				
		 	 C.     Aggregate amount of prepayments, etc. of Indebtedness made pursuant to
Section 7.18(c) of the Agreement
	  	 	$	  	  	
				
		 	 D.     Total of remaining amounts available to be utilized ($40,000,000 – Line IV.A. – B.
– C.)
	  	 	$	  	  	
			
	 V.     Consolidated Senior Secured Leverage Ratio1
	  				  	
				
		 	 A.     Net Consolidated Funded Indebtedness at Statement Date (Line II.A.14)
	  	 	$	  	  	
				
		 	 B.     Consolidated Funded Indebtedness which is unsecured
	  	 	$	  	  	
				
		 	 C.     Consolidated Funded Indebtedness (other than Consolidated Funded Indebtedness which is unsecured)
subordinated to the Obligations on terms and in a manner satisfactory to the Administrative Agent
	  	 	$	  	  	
				
		 	 D.     Consolidated Senior Secured Indebtedness (Lines V.A. – V.B. – V.C.)
	  	 	$	  	  	
				
		 	 E.     Consolidated Operating Cash Flow for the Subject Period (Line I.A.19)
	  	 	$	  	  	
			
		 	 F.      Consolidated Senior Secured Leverage Ratio (Line V.D ÷ Line V.E)
	  	 	             to 1.00
			
		 	 G.     Maximum Permitted 
	  	 	3.50 to 1.00

  

	1 	 To be calculated only if required pursuant to Section 2.18. 

  
 Form of
Compliance Certificate 
 C-11

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