Document:

Exhibit 10.1

 

AMENDMENT NO. 1 TO THE THIRD AMENDED AND
RESTATED CREDIT AGREEMENT

AND

AMENDMENT NO.1 TO THE SECURITY AGREEMENT

 

This Amendment No.
1 (this “Amendment”) is entered into as of October 21, 2014 with reference to (i) the Third Amended and Restated
Credit Agreement dated as of December 18, 2012, among The McClatchy Company, as the Borrower, Bank of America, N.A., as Administrative
Agent and L/C Issuer, JPMorgan Chase Bank, N.A., as Syndication Agent, and the other Lenders party thereto (the “Credit
Agreement”) and (ii) the Security Agreement dated as of September 26, 2008, by The McClatchy Company, as the Borrower,
the other entities listed on the signature pages thereto or that became a party thereto pursuant to Section 7.6 thereof, in favor
of Bank of America, N.A., as Administrative Agent and L/C Issuer, and each other Secured Party (as defined therein) (as amended,
the “Security Agreement”). Capitalized terms used in this Amendment and not otherwise defined herein are used
with the meanings set forth for those terms in the Credit Agreement or the Security Agreement, as applicable.

 

1.Amendments
to the Credit Agreement. The Borrower and the Administrative Agent (acting with the consent of the Lenders) hereby agree to
amend the Credit Agreement as follows:

 

(a)Section 1.01
of the Credit Agreement is hereby amended by

 

(i)inserting
the following definition in the appropriate alphabetical order:

 

““Amendment Effective
Date” means the date upon which Amendment No.1 to this Agreement, dated October 21, 2014, becomes effective in accordance
with its terms.”

 

(ii)inserting
the following definition in the appropriate alphabetical order:

 

““Commodity Exchange Act” means
the Commodity Exchange Act (7 U.S.C. Sec. 1 et seq.), as amended from time to time, and any successor statute.”

 

(iii)amending
the definition of the term “Consolidated EBITDA (Financial Covenant)” in the following manner:

 

		(A)	inserting the following clause (a)(vii) and re-numbering the remaining subclauses accordingly:

 

“(vii) all cash restructuring
charges for such period, up to $100,000,000 for the period from and including the third fiscal quarter 2013, to the extent reducing
the Consolidated Net Income (Financial Covenant) for such period,”

 

		(B)	replacing clause (a)(xi) (as re-numbered) in its entirety with the following:

 

“all dividend income received
by the Borrower from ongoing operations of the business, regardless of whether such dividend income was included in the GAAP calculation
of the Consolidated Net Income (Financial Covenant)”

 

    	 	1	Amendment No.1 to Third A&R Credit Agreement
Amendment No.1 to Security Agreement

    	 

    

  

		(C)	replacing clause (b)(i) in its entirety with the following:

 

“all dividend income received
by the Borrower as a result of asset sales or other one-time events and not from ongoing business operations, all non-recurring
or non-cash gains or other non-recurring or non-cash items (as determined in the reasonable discretion of the Administrative Agent
in consultation with the Borrower),”

 

(iv)deleting
the definition of the term “Consolidated Interest Coverage Ratio”

 

(v)replacing
the definition of the term “Consolidated Total Leverage Ratio” in its entirety with the following:

 

““Consolidated Total
Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Indebtedness as of such date, reduced
by the amount of unrestricted cash and Cash Equivalents held by the Borrower in excess of $20,000,000 as of such date, to (b)
Consolidated EBITDA (Financial Covenant) for the period of the four fiscal quarters most recently ended for which the Borrower
has delivered financial statements pursuant to Section 6.01(a) or (b).”

 

(vi)inserting
the following definition in the appropriate alphabetical order:

 

““Designated Jurisdiction”
means any country or territory to the extent that such country or territory itself is the subject of any Sanction.”

 

(vii)replacing
the definition of “Eurodollar Rate” in its entirety with the following:

 

““Eurodollar Rate”
means:

 

(a)for any Interest Period
with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”)
or a comparable or successor rate, which rate is approved by the Administrative Agent, as published on the applicable Bloomberg
screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent
from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period,
for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; and;

 

(b)for any interest calculation
with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m., London time determined
two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day;

 

    	 	2	Amendment No.1 to Third A&R Credit Agreement
Amendment No.1 to Security Agreement

    	 

    

  

provided that to the extent a comparable
or successor rate is approved by the Administrative Agent in connection herewith, the approved rate shall be applied in a manner
consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for
the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative
Agent. If the Eurodollar Rate, as determined in accordance with subsection (a) or (b) above, as applicable, shall be less than
zero, such rate shall be deemed zero for purposes of this Agreement.”

 

(viii)inserting
the following definition in the appropriate alphabetical order:

 

““Excluded
Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion
of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or
any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity
Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure
for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act (determined
after giving effect to Section 6.13 and any other “keepwell, support or other agreement” for the benefit of such Guarantor
and any and all guarantees of such Guarantor’s Swap Obligations by other Loan Parties) at the time the Guarantee of such
Guarantor, or a grant by such Guarantor of a security interest, becomes effective with respect to such Swap Obligation. If a Swap
Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such
Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes excluded in accordance
with the first sentence of this definition.”

 

(ix)replacing
the definition of the term “Guarantors” in its entirety with the following:

 

““Guarantors”
means, collectively, (a) the Subsidiaries of the Borrower that have or shall be required to execute and deliver a guaranty or guaranty
supplement pursuant to Section 6.12 and (b) with respect to the payment and performance by each Specified Loan Party
of its obligations under the Guaranty with respect to all Swap Obligations, the Borrower.”

 

(x)replacing
the definition of the term “Maturity Date” in its entirety with the following:

 

““Maturity
Date” means December 18, 2019.”

 

(xi)Inserting
the following definition in the appropriate alphabetical order:

 

    	 	3	Amendment No.1 to Third A&R Credit Agreement
Amendment No.1 to Security Agreement

    	 

    

  

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

 

(xii)deleting
the following words where they appear at the end of the definition of “Priority Payment Lien Obligations”:

 

“and provided further
that all parties hereto agree that only Obligations under this Agreement and Hedging Obligations and Cash Management Obligations
described in clause (ii) above shall qualify as “Priority Payment Lien Obligations”“

 

(xiii)inserting
the following definition in the appropriate alphabetical order:

 

““Sanction(s)”
means any sanction administered or enforced by the United States Government (including without limitation, OFAC), the United Nations
Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority.”

 

(xiv)inserting
the following definition in the appropriate alphabetical order:

 

““Specified Loan
Party” means any Loan Party that is not an “eligible contract participant” under the Commodity Exchange Act
(determined prior to giving effect to Section 6.13).”

 

(xv)inserting
the following definition in the appropriate alphabetical order:

 

““Swap Obligations”
means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes
a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.”

 

(xvi)replacing
the definition of the term “Swing Line Sublimit” in its entirety with the following:

 

““Swing
Line Sublimit” subject to Section 2.16(g), means an amount equal to the lesser of (a) $15,000,000 and (b)
the Aggregate Commitments. The Swing Line Sublimit is part of, and not in addition to, the Aggregate Commitments.”

 

(b)Article V of
the Credit Agreement is hereby amended by inserting the following Section 5.18:

 

“5.18OFAC. Neither
the Borrower, nor any of its Subsidiaries, nor, to the knowledge of the Borrower and its Subsidiaries, any director, officer or
employee, thereof, is an individual or entity that is, or is owned or controlled by any individual or entity that is (i) currently
the subject or target of any Sanctions or (ii) located, organized or resident in a Designated Jurisdiction.

 

    	 	4	Amendment No.1 to Third A&R Credit Agreement
Amendment No.1 to Security Agreement

    	 

    

  

(c)Article VI of
the Credit Agreement is hereby amended by inserting the following Section 6.13:

 

“6.13Keepwell.
The Borrower, so long as the Guaranty by any Specified Loan Party remains effective with respect to any Swap Obligation, hereby
absolutely, unconditionally and irrevocably undertakes to provide such funds or other support to each Specified Loan Party with
respect to such Swap Obligation as may be needed by such Specified Loan Party from time to time to honor all of its obligations
under the Guaranty and the other Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount
of such liability that can be hereby incurred without rendering the Borrower’s obligations and undertakings under this Section
6.13 voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The
obligations and undertakings of the Borrower under this Section 6.13 shall remain in full force and effect until the Obligations
have been indefeasibly paid and performed in full. The Borrower intends this Section to constitute, and this Section shall be deemed
to constitute, a guaranty of the obligations of, and a “keepwell, support, or other agreement” for the benefit of,
each Specified Loan Party for all purposes of the Commodity Exchange Act.”

  

(d)Section 7.03
of the Credit Agreement is hereby amended by

 

(i)replacing
the phrase “Restatement Effective Date” as it appears in the proviso to Section 7.03(a) with the phrase “Amendment
Effective Date”.

 

(ii)replacing
Section 7.03(b)(iii) in its entirety with the following:

 

“(iii) (A) to repay or prepay
outstanding Loans hereunder, provided that the Borrower shall also effect a permanent reduction in the Commitments in an amount
equal to the aggregate principal amount so repaid or prepaid with such Net Available Cash, or (B) to repay, prepay, purchase, repurchase,
redeem or otherwise acquire any of the New Senior Secured Notes or the Borrower’s 5.750% Notes due September 1, 2017, or
(so long as, on a pro forma basis, the Priority Leverage Ratio would be no greater than 2.75 to 1.00) any other of the Existing
Unsecured Notes.”

 

(iii)replacing
Section 7.03(c) in its entirety with the following:

 

“All Net Available Cash that
is not applied or invested (or committed pursuant to a written agreement to be applied or invested) as provided in subclause (i),
(ii) or (iii) of Section 7.03(b) within 365 days after receipt (or in the case of any amount committed to be so applied or reinvested,
which are not actually so applied or reinvested within 180 days following such 365 day period) will be applied by the Borrower
in accordance with Section 3.7(c) of the New Senior Secured Notes Indenture (it being understood that any Unutilized Excess Proceeds
(as defined in the New Senior Secured Notes Indenture) may be used for general corporate purposes, the repayment of Indebtedness
or as otherwise required pursuant to the Borrower’s other contractual requirements, subject to the terms of this Agreement).”

 

    	 	5	Amendment No.1 to Third A&R Credit Agreement
Amendment No.1 to Security Agreement

    	 

    

  

(e)Section 7.08
of the Credit Agreement is hereby amended by replacing subsection (a) in its entirety with the following:

 

“(a)[Reserved.]”

 

(f)Section 7.10
of the Credit Agreement is hereby amended by replacing subsection (b)(xvii) in its entirety with the following:

 

“(xvii)the purchase,
repurchase, redemption, defeasance, acquisition or retirement of the Borrower’s 5.750% Notes due September 1, 2017, or (so
long as, on a pro forma basis, the Priority Leverage Ratio would be no greater than 2.75 to 1.00) any other of the Existing Unsecured
Notes;”

 

(g)Section 7.13
of the Credit Agreement is hereby amended by replacing subsection (a) in its entirety with the following:

 

“(a)[Reserved.]”

 

(h)Section 7.13
of the Credit Agreement is hereby amended by replacing subsection (b) in its entirety with the following:

 

“(b)fail to effect an
Early Retirement in full by no later than June 1, 2017, of its 5.750% Notes due September 1, 2017; provided that such Early
Retirement shall not be required if any of the following conditions are met at June 1, 2017: (i) the aggregate outstanding principal
amount of the 5.750% Notes due September 1, 2017 is less than $65.0 million, (ii) the sum of (A) the unused Commitments and (B)
the Borrower’s consolidated unrestricted cash and Cash Equivalents is greater than or equal to the outstanding principal
amount of, plus accrued and unpaid interest on, the Borrower’s 5.750% Notes due September 1, 2017, or (iii) the Priority
Leverage Ratio is less than 2.25 to 1.00.”

 

(i)Clause “Fourth”
of Section 8.03 of the Credit Agreement is hereby amended by inserting the following proviso at the end of such clause:

 

“; provided
that Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such Guarantor or
its assets, but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation
to Obligations otherwise set forth in this Section”

 

(j)Section 10.01(e)
of the Credit Agreement is hereby amended by deleting the words “Section 2.10” and replacing them with the words “Section 2.13”.

 

(k)Section 10.06(d)
of the Credit Agreement is hereby amended by deleting the following proviso in the second sentence of such Section:

 

“; provided
that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, waiver or other modification described in the first proviso to Section 10.01 that directly affects such Participant”

 

    	 	6	Amendment No.1 to Third A&R Credit Agreement
Amendment No.1 to Security Agreement

    	 

    

  

(l)Schedule 2.01
of the Credit Agreement is hereby amended by replacing it in its entirety with the form of Schedule 2.01 attached hereto as Exhibit
B to this Amendment.

 

(m)Schedule 1 to
Exhibit D of the Credit Agreement is hereby amended by deleting Item “I” in its entirety and re-numbering item “II”
as item “I”.

 

(n)Schedule 2 to
Exhibit D of the Credit Agreement is hereby amended by replacing the row “+ dividend income” with the row “+
dividend income from ongoing business operations” and replacing the row “- non-recurring or non-cash gains or other
items” with the row “- non-recurring or non-cash gains or other items, including one-time dividend income from assets
sales or other events and not from business operations”.

 

2.Amendment
to the Security Agreement. The Borrower and the Administrative Agent (acting with the consent of the Lenders) hereby agree
to amend the Security Agreement as follows:

 

(a)Section 2.2
of the Security Agreement is hereby amended by inserting the following proviso at the end of such Section:

 

“; provided
that the Secured Obligations shall not include any Excluded Swap Obligations”.

 

3.Conditions
Precedent. The effectiveness of this Amendment shall be conditioned upon the satisfaction of the following conditions precedent
(the date upon which all such conditions precedent shall have been satisfied, the “Amendment Effective Date”):

 

(a)the receipt
by the Administrative Agent of:

 

(i)counterparts
of this Amendment executed by the Borrower;

 

(ii)reaffirmations
from each Guarantor of their obligations under the Guaranty and the Security Agreement, in a form satisfactory to the Administrative
Agent and the Lenders;

 

(iii)a favorable
opinion of counsel to the Borrower (as to, inter alia, the authority to enter into, legality, validity, binding effect and
enforceability of this Amendment and of the Loan Documents, as amended) addressed to the Administrative Agent and each Lender and
such corporate resolutions, certificates and other documents as the Administrative Agent and the Lender may reasonably require;

 

(iv)written
consents hereto executed by the Lenders in substantially the form of Exhibit A attached hereto;

 

    	 	7	Amendment No.1 to Third A&R Credit Agreement
Amendment No.1 to Security Agreement

    	 

    

  

(v)all fees
and expenses payable to it and its special counsel in connection with this Amendment; and

 

(vi)on account
of each Lender, an upfront fee equal to 50 basis points times the Commitment of such Lender as of the Closing Date.

 

(b)there shall
not have occurred since June 30, 2014, any event or condition that has had or could be reasonably expected, either individually
or in the aggregate, to have, a Material Adverse Effect; and

 

(c)there shall
be no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in any court or before
any arbitrator or governmental authority that could reasonably be expected to have a Material Adverse Effect.

 

4.Representations
and Warranties. The Borrower represents and warrants to the Administrative Agent and the Lenders that, as of the date of this
Amendment, (i) no Default has occurred and remains continuing, and (ii) the representations and warranties contained in Article V
of the Credit Agreement, as amended hereby, and each other Loan Document are true and correct as if made on the date hereof, except
for representations and warranties which expressly speak as of a particular date, in which case they shall be true and correct
as of such earlier date except that (A) the representations and warranties contained in subsections (a) and (b) of Section 5.05
of the Credit Agreement shall refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively,
of Section 6.01 of the Credit Agreement, and (B) the representations and warranties contained in subsection (c) of Section 5.05
of the Credit Agreement shall refer to the most recent statements furnished pursuant to subsection (b) of Section 6.01 of
the Credit Agreement.

 

5.FATCA.
For purposes of determining withholding Taxes imposed under FATCA, from and after the Amendment Effective Date, the Borrower and
the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Obligations of the
Borrower set forth in the Credit Agreement, as modified by this Amendment, as not qualifying as a “grandfathered obligation”
within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

    	 	8	Amendment No.1 to Third A&R Credit Agreement
Amendment No.1 to Security Agreement

    	 

    

  

6.Reporting.
The Borrower agrees, and the Administrative Agent on behalf of the Lenders acknowledges, that notwithstanding the actual Amendment
Effective Date, the Borrower’s financial reporting beginning with the end of its third fiscal quarter of 2014 will reflect
the terms of the Credit Agreement as amended hereby.

 

7.Confirmation.
In all other respects, the terms of the Credit Agreement and the other Loan Documents are hereby confirmed. This Amendment shall
be deemed to be a Loan Document.

 

8.Counterparts.
This Amendment may be executed in any number of counterparts, and all of such counterparts taken together shall be deemed to constitute
one and the same instrument.

 

9.Governing
Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

 

 

 

 

 

[Signature page follows]

 

    	 	9	Amendment No.1 to Third A&R Credit Agreement
Amendment No.1 to Security Agreement

    	 

    

 

IN WITNESS WHEREOF,
the Borrower and the Administrative Agent have executed this Amendment as of the date first written above by their duly authorized
representatives.

 

	 	THE McCLATCHY COMPANY
	 	 
	 	By:	/s/ R. Elaine Lintecum
	 	Name:	R. Elaine Lintecum
	 	Title:   	Vice President, Finance, Chief Financial 

Officer and Treasurer
	 	 	 
	 	 	 
	 	BANK OF AMERICA, N.A., as Administrative Agent
	 	 
	 	By:	/s/ Erik M. Truette
	 	Name:	Erik M. Truette
	 	Title:	Assistant Vice President

 

 

 

    	 	10	Amendment No.1 to Third A&R Credit Agreement
Amendment No.1 to Security AgreementExhibit 10.2

 

 

COLLATERALIZED ISSUANCE AND REIMBURSEMENT
AGREEMENT

 

 

 

between

 

 

 

Bank of America, N.A.

 

 

 

and

 

The McClatchy Company

 

 

 

 

 

Dated as of October 21, 2014

 

 

 

 

    	 

    	 

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I	DEFINITIONS	 
	Section 1.1	Definitions	1
	ARTICLE II	LETTERS OF CREDIT	 
	Section 2.1	Issuance of the Letters of Credit	4
	Section 2.2	Reimbursement of Drawings under the Letters of Credit	5
	Section 2.3	Fees	5
	Section 2.4	Method of Payment; etc	6
	Section 2.5	Computation of Interest	6
	Section 2.6	Payment Due on Non-Business Day to be Made on Next Business Day	6
	Section 2.7	Operative Documents	6
	Section 2.8	Collateralization	6
	ARTICLE III	CONDITIONS PRECEDENT	 
	Section 3.1	Conditions Precedent to Closing Date	8
	Section 3.2	Conditions Precedent to Issuance of Letters of Credit After the Closing Date	9
	ARTICLE IV	REPRESENTATIONS AND WARRANTIES	 
	Section 4.1	Company Representations	9
	ARTICLE V	DEFAULTS	 
	Section 5.1	Events of Default	10
	Section 5.2	Remedies	11
	Section 5.3	Rights Not Exclusive	11
	ARTICLE VI	MISCELLANEOUS	 
	Section 6.1	Payment of Expenses	12
	Section 6.2	Indemnity and Costs	12
	Section 6.3	Obligations Absolute	13
	Section 6.4	Liability of the Bank	14
	Section 6.5	Successors; Participants	14
	Section 6.6	Modification of this Agreement	15
	Section 6.7	Waiver of Rights by the Bank	15
	Section 6.8	Severability	15
	Section 6.9	Governing Law	15
	Section 6.10	Notices	16
	Section 6.11	Survival of Representations and Obligations	17
	Section 6.12	Taxes, Additional Yield Corrections	17
	Section 6.13	Headings	19
	Section 6.14	Intercreditor Agreement Matters	19
	Section 6.15	Counterparts	19

 

 

    	 

    	 

    

 

 

COLLATERALIZED ISSUANCE AND REIMBURSEMENT
AGREEMENT

 

This COLLATERALIZED
ISSUANCE AND REIMBURSEMENT AGREEMENT, dated as of October 21, 2014 (as amended, restated,
modified or otherwise supplemented from time to time, this “Agreement”), is
made by and between THE MCCLATCHY COMPANY, a Delaware corporation (the “Company”),
and Bank of AMERICA, N.A. (the “Bank”).

 

W I T N E S S E T H :

 

WHEREAS,
the Company has requested the Bank to commit to issue letters of credit, each in form and substance satisfactory to the Bank, in
an aggregate amount not to exceed the Commitment Amount (as defined herein);

 

WHEREAS,
the Company has agreed, on the terms and conditions set forth herein, to secure its obligations under this Agreement with the Collateral
and to reimburse the Bank for any amounts paid by the Bank pursuant to the Letters of Credit; and

 

NOW,
THEREFORE, in consideration of the premises and of the covenants and undertakings herein expressed, the parties hereto hereby
agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section 1.1Definitions.

 

(a)As used in this
Agreement:

 

“Account”
has the meaning given such term in Section 2.8(a).

 

“Additional
Yield Correction” has the meaning given such term in Section 6.12(d) hereof.

 

“Application”
means the Bank’s standard application form for standby letters of credit, including all attachments, disclosures and agreements
therein, or such other form of application as the Bank shall accept in relation to any one or more Letters of Credit.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial
banks are authorized to close under the Laws of, or are in fact closed in California or New York.

 

“Change”
has the meaning given such term in Section 6.12(c) hereof.

 

“Closing
Date” means the date on which all conditions precedent under Section 3.1
hereof have been met or waived by the Bank.

 

    	1

    	 

    

  

“Code”
means the U.S. Internal Revenue Code of 1986 and the regulations and published rulings promulgated thereunder.

 

“Collateral”
has the meaning given such term in Section 2.8(b) hereof.

 

“Commitment”
means the Bank’s obligation to issue Letters of Credit pursuant to Section 2.1.

 

“Commitment
Amount” means thirty-five million Dollars ($35,000,000).

 

“Commitment
Fee” has the meaning given such term in Section 2.3(b) hereof.

 

“Credit
Agreement” means that certain Third Amended and Restated Credit Agreement, dated as
of December 18, 2012, by and among the Company, as borrower, the Bank, as administrative agent, swing lender, L/C issuer and lender,
and the other lenders from time to time party thereto, as the same may be amended, restated, modified or otherwise supplemented
from time to time.

 

“Drawing”
means each demand for payment under the applicable Letter of Credit pursuant to the terms and conditions of this Agreement and
the applicable Letter of Credit.

 

“Debtor Relief
Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment
for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws
of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

 

“Dollar”
or “$” means lawful currency of the United States of America.

 

“Eligible
CDs” has the meaning given such term in Section 2.8(a) hereof.

 

“Event
of Default” has the meaning given such term in Section 5.1 hereof.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to the Bank
or required to be withheld or deducted from a payment (or amount credited) to the Bank, (a) Taxes imposed on or measured by net
income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of the Bank being
organized under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing
such Tax (or any state or other political subdivision thereof) or (ii) imposed as a result of a present or former connection between
the Bank and the jurisdiction imposing such Tax (other than connections arising from the Bank having executed, delivered, become
a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to or enforced this Agreement, or sold or assigned an interest in this Agreement), (b) in the
event that payments are made under this Agreement to a jurisdiction outside the United States, U.S. federal withholding Taxes imposed
on amounts payable to or for the account of the Bank with respect to an applicable interest in an Obligation pursuant to a law
in effect on the Closing Date (or, with respect to any assignee, the date of assignment), and any similar Tax imposed by any other
jurisdiction in which the Bank is located (c) Taxes attributable to failure to provide any customary tax documents that would reduce
or eliminate Taxes described in clause (b) , and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA.

 

    	2

    	 

    

  

“FATCA”
means Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), and any current or future regulations or official interpretations thereof,
any agreement entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection
with the implementation of such Sections of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant
to such intergovernmental agreement.

 

“Letter
of Credit” means a standby letter of credit issued by the Bank in accordance
with this Agreement or any other letter of credit designated by the Company and the Bank as constituting a “Letter of Credit”
for purposes of this Agreement.

 

“Letter
of Credit Fee” has the meaning given such term in Section 2.3(a) hereof.

 

“Maturity
Date” means December 18, 2019.

 

“Obligation”
means the Letter of Credit Fees, the Reimbursement Obligations and all other obligations of the Company to the Bank arising under
or in relation to this Agreement or any Letter of Credit.

 

“Potential
Default” means an event which but for the lapse of time or the giving of notice,
or both, would constitute an Event of Default.

 

“Prime
Rate” means the annual rate of interest announced by the Bank as its “Prime
Lending Rate,” as such rate may be adjusted by the Bank from time to time. The “Prime Rate” shall not necessarily
be equivalent to, or dependent upon, the lowest or best interest rate that the Bank offers.

 

“Quarterly
Payment Date” means the last Business Day of March, June, September and December
of each year, commencing with the first such date to occur following the Closing Date.

 

“Reimbursement
Obligation” has the meaning given such term in Section 2.2 hereof.

 

“Responsible
Officer” means the chief executive officer, president, chief financial officer, treasurer
or assistant treasurer of the Company.

 

“Risk-Based
Capital Guidelines” has the meaning given such term in Section 6.12(c)
hereof.

 

“Scheduled
Expiration Date” means, in the case of any Letter of Credit, the stated expiry
date thereof or such later date to which the stated expiry date may be extended from time to time pursuant to Section 2.7
hereof.

 

    	3

    	 

    

  

“Stated
Amount” means, on any date and relative to a particular Letter of Credit, the total
amount then available to be drawn under such Letter of Credit.

 

“Taxes”
means any present or future taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and
all liabilities with respect thereto. 

 

ARTICLE
II

LETTERS OF CREDIT

 

Section 2.1Issuance
of the Letters of Credit.

 

(a)General.
Subject to the terms of this Agreement, the Bank agrees that it will issue one or more Letters of Credit (or amend, renew or extend
an existing Letter of Credit) from time to time on any Business Day after the Closing Date, but at least one (1) Business Day before
the Maturity Date, for the account of the Company, in the Stated Amount requested by the Company, in Dollars. Each request by the
Company for the issuance of a Letter of Credit shall be accompanied by a duly completed Application, which shall form part of and
be incorporated into this Agreement upon its execution and delivery to the Bank. In its discretion, the Bank may require the Company
to deliver a new or revised Application in connection with any amendment, renewal or extension of a Letter of Credit.

 

(b)Expiration
Date. Each Letter of Credit has a Scheduled Expiration Date no later than one (1) year from the date of its issuance. Any Letter
of Credit issued hereunder with an expiration date of less than or equal to one (1) year may include auto-renewal provisions for
extensions of the maturity date of such Letter of Credit for up to an additional twelve months beyond its Scheduled Expiration
Date; provided that no Letter of Credit shall have a Scheduled Maturity Date (after giving effect to all auto-renewals) that is
after the Maturity Date.

 

(c)Amount.
A Letter of Credit may be issued, amended, renewed or extended only if upon the issuance, amendment, renewal or extension of such
Letter of Credit the sum of (i) the aggregate Stated Amount of all outstanding Letters of Credit plus (ii) all unpaid
Reimbursement Obligations under any Letters of Credit that has been drawn, does not exceed the Commitment Amount.

 

(d)Cash Collateralization.
Before the issuance of any Letter of Credit pursuant to this Section 2.1, the Company shall deliver Collateral to the Bank
as more particularly described in Section 2.8 hereof.

 

(e)Treatment
of Auto-Renewals. The renewal of any Letter of Credit under the auto-renewal provisions, if any, of such Letter of Credit,
shall be deemed to be a “renewal” of the Letter of Credit for all purposes under this Agreement. At any time before
sixty (60) days before the then Scheduled Expiration Date of any Letter of Credit containing auto-renewal provisions, the Company
may give written notice to the Bank requesting that such Scheduled Expiration Date be extended. Within thirty (30) days from receipt
of such notice, the Bank shall inform the Company whether or not the Scheduled Expiration Date will be extended. If the Bank rejects
such notice or it fails to respond in a timely manner, such Letter of Credit shall expire on the then Scheduled Expiration Date.
If the Bank approves such request in writing, the Scheduled Expiration Date shall automatically extend to the date 364 days (or
such agreed shorter period) following the then Scheduled Expiration Date (but in no event beyond the Maturity Date), and thereafter
all references in this Agreement to the Scheduled Expiration Date shall be deemed to be references to the Scheduled Expiration
Date as so extended. Any date to which the Scheduled Expiration Date has been extended in accordance with this Section 2.1(e)
may be extended in like manner; provided that no Letter of Credit shall have a Scheduled Maturity Date (after giving effect to
all auto-renewals) that is after the Maturity Date.

 

    	4

    	 

    

  

Section 2.2Reimbursement
of Drawings under the Letters of Credit.

 

Each Drawing made under
each Letter of Credit shall constitute an extension of credit by the Bank to the Company. The Company promises to reimburse the
Bank (the “Reimbursement Obligation”)
for the amount of each Drawing immediately upon notice from the Bank to the Company that the Bank has honored such Drawing, and
agrees that the Bank may immediately and without prior notice to the Company, set off against the Collateral an amount sufficient
to repay such Reimbursement Obligation, and all interest and accrual fees thereon, in full. The Company shall pay to the Bank such
interest as is specified in the Application, or if no provision for payment of interest is set forth therein, at the Prime Rate
plus 3% per annum on the unpaid principal amount of each Reimbursement Obligation from the date such Drawing is paid
or disbursed by the Bank until the date that the related Reimbursement Obligation is repaid as provided herein, payable on the
date such Reimbursement Obligation is repaid. Any amounts not paid when due hereunder shall continue to be payable, whether or
not demand therefor shall have been made.

 

Section 2.3Fees.

 

(a)Letter of
Credit Fee. The Company agrees to pay to the Bank a letter of credit fee (the “Letter of Credit Fee”) on
the Stated Amount of each Letter of Credit upon its issuance or renewal, in an amount equal to 1% of the Stated Amount thereof.
If any Letter of Credit contains an auto-renewal feature, the Letter of Credit Fee shall be due and payable concurrently with the
renewal of the related Letter of Credit in accordance with Section 2.1(e).

 

(b)Commitment
Fee. The Company agrees to pay to the Bank a commitment fee (the “Commitment Fee”) at a rate equal to 0.50%
per annum on the daily unused portion of the Commitment Amount, such Commitment Fee being accruing and being payable only for each
day that the aggregate Stated Amount of all outstanding Letters of Credit is less than half of the Commitment Amount. The Commitment
Fees shall start to accrue on the day that the aggregate Stated Amount of all Letters of Credit is less than half of the Commitment
Amount, and shall be due and payable in arrears on (i) the date on which the aggregate Stated Amount of all Letters of Credit is
equal to or greater than half of the Commitment Amount, (ii) if earlier than the date in clause (i), each Quarterly Payment Date,
and (iii) on the Maturity Date.

 

(c)Other Amounts.
In addition to the Letter of Credit Fee, the Company agrees to pay to the Bank upon demand the Bank’s reasonable and customary
charges from time to time with respect to the issuance, amendment, transfer, administration, cancellation and conversion of, and
drawings under, each Letter of Credit. Any amount of fees or charges payable by the Company to the Bank that is not paid when due
shall bear interest, from the date such amount of fees or charges was due until the date of payment in full, as is specified in
the Application, or if no provision for payment of interest is set forth therein, at the Prime Rate plus 3% per annum,
payable upon demand and on the date of payment in full of such amount.

 

    	5

    	 

    

  

Section 2.4Method
of Payment; etc.

 

Except as provided
below and in Section 2.2 hereof, all payments to be made by the Company under this Agreement shall be made by debiting of
the account of the Company to be opened with the Bank pursuant to this Agreement, or such other account as the Bank and the Company
may agree to designate from time to time. If the account referred to above has insufficient funds or is otherwise not debited for
the amount payable, the Company shall pay or cause to be paid the full amount due and owing to the Bank on the due date by delivering
to the Bank a Federal Reserve Bank wire transfer confirmation number evidencing the wire transfer of such amount to the Bank by
12 noon Pacific time on such date. If such amount is so paid after 12 noon Pacific time on such date, such amount shall
not be considered paid on such date, but shall be considered paid on the next day the Bank is open for business and interest shall
accrue thereon until such next day, payable on demand, at the rate specified in Section 2.2 hereof.

 

Section 2.5Computation
of Interest. 

 

All computations of
interest payable by the Company under this Agreement shall be made on the basis of a three hundred sixty-five (365) day year and
actual days elapsed. Interest shall accrue during each period during which interest is computed from and including the first day
thereof to but excluding the last day thereof.

 

Section 2.6Payment
Due on Non-Business Day to be Made on Next Business Day.

 

If any sum becomes
payable pursuant to this Agreement on a day which is not a Business Day, the date for payment thereof shall be extended to the
next succeeding Business Day, and such extended time shall be included in the computation of interest and fees.

 

Section 2.7Operative
Documents.

 

If there is any discrepancy
between the versions of any certificate submitted to the Bank in connection with a Drawing by facsimile or email and the original
subsequently sent to the Bank, it is agreed that the sole operative document which shall control for all purposes shall be the
version submitted to the Bank by facsimile or email.

 

Section 2.8Collateralization.

 

(a)The Account,
Initial Collateralization. The Company will deliver to an account nominated by the Bank (the “Account”),
and thereafter maintain at all times, an aggregate cash amount equal to 101% of the aggregate undrawn Stated Amount of the Letters
of Credit outstanding at any time. At the Company’s option, the foregoing cash requirement may be satisfied in whole or in
part by delivery to the Bank, for credit to the Account, of one or more certificates of deposit issued by the Bank (“Eligible
CDs”). Eligible CDs will be valued at 100% of the face amount thereof. The Account shall not bear interest, but the interest
that accrues on the Eligible CDs will be paid by the Bank to the Company in accordance with their terms; provided that nothing
in the foregoing shall limit the Bank’s right to set off against such interest amounts any Obligations that are then due
and owing and unpaid. If at any time the aggregate value of cash and Eligible CDs credited to the Account shall fall below 101%
of the aggregate undrawn Stated Amount of the Letters of Credit outstanding, then upon demand by the Bank the Company shall deposit
into the Account a cash amount or Eligible CDs, or a combination thereof, with a value not less than such shortfall.

 

    	6

    	 

    

  

(b)Pledge of
Collateral. The Company hereby pledges to the Bank, and grants to the Bank a security interest in, and express right of setoff
against, all of the right, title and interest of the Company in, to and under the following property, whether now owned or existing
or hereafter from time to time acquired or coming into existence (collectively, the “Collateral”): (i) the
Account, all funds held therein or credited thereto, all rights to renew or withdraw the same, and all certificates and instruments,
if any, from time to time representing or evidencing the Account; (ii) all Eligible CDs held in the Account and all instruments,
financial assets or investment property evidencing or arising out of investment of any funds or Eligible CDs held in or credited
to the Account pursuant to this Agreement; (iii) any interest, dividends, cash, instruments and other property from time to
time received, receivable or otherwise distributed in respect of or in exchange for any or all of the then existing Collateral;
and (iv) all proceeds of any and all of the Collateral.

 

(c)Further Assurances.
The Company shall deliver to the Bank all documents and instruments evidencing the Eligible CDs, and shall execute, deliver and
file such financing statements and other documents as the Bank may request from time to time with respect to such Collateral, and
the Company expressly grants to the Bank the right, in the Bank’s sole discretion, to file financing statements naming the
Company as debtor and the Bank as secured party and describing the Collateral deposited hereunder, all at the Company’s expense.

 

(d)Holding of
Collateral. The Collateral shall be held by the Bank as collateral for the payment and performance of the obligations of the
Company under the Letters of Credit (including the related Applications) and this Agreement. Subject to the terms of this Agreement,
property held in or credited to the Account may be (i) applied by the Bank against Drawings made under the Letters of Credit,
payment of Reimbursement Obligations or any other due and unpaid Obligations of the Company hereunder, and (ii) to the extent
not so applied, held for the satisfaction or reimbursement of any demand under the Letters of Credit, until such time as the Bank
agrees to release its security interest in the Collateral in its sole discretion. The Bank hereby agrees to release its security
interest in the Collateral upon the expiration of a Letter of Credit, in an amount equal to the Stated Amount of such Letter of
Credit, and the Bank shall thereupon return the Collateral securing such Letter of Credit to the Company, but only to the extent
there is no outstanding Drawing or other demand under or in connection with or however purporting to be under or in connection
with such Letter of Credit. The Company may withdraw any amount from the Account at any time and from time to time; provided that
in no event, including after giving effect to any such withdrawal by the Company, shall the aggregate amount of the Collateral
be less than 101% of the aggregate undrawn Stated Amount of the Letters of Credit outstanding at any time.

 

    	7

    	 

    

  

ARTICLE
III

CONDITIONS PRECEDENT

 

Section 3.1Conditions
Precedent to Closing Date.

 

As conditions precedent
to the effectiveness of this Agreement and the obligation of the Bank to issue the initial Letters of Credit pursuant to the terms
hereto,

 

(a)The Company
shall provide to the Bank on or before the Closing Date, in form and substance satisfactory to the Bank and its special counsel,
Mayer Brown LLP:

 

(i)this
Agreement duly executed and delivered by the Company;

 

(ii)a
certificate signed by a duly authorized officer of the Company, dated the Closing Date and certifying that on the Closing Date,

 

(A)the
representations and warranties contained in Article IV of this Agreement are correct on and as of the Closing Date as though made
on such date;

 

(B)no Event
of Default or Potential Default has occurred and is continuing, or would result from the issuance of any Letter of Credit on the
date hereof or the execution and delivery of this Agreement; and

 

(C)no event,
change or condition has occurred that has had, or could reasonably be expected to have, a material adverse effect on the business,
assets, operations or condition, financial or otherwise, of the Company and its subsidiaries, taken as a whole, since June 29,
2014;

 

(iii)copies
of the resolutions of the Company authorizing the transactions contemplated by this Agreement and certified by the Secretary of
the Company;

 

(iv)a
certificate of the Secretary of the Company certifying the names and true signatures of the officer(s) of the Company authorized
to sign this Agreement;

 

(v)copies
of the certificate of incorporation and bylaws of the Company, certified by a duly authorized officer of the Company as being a
true, complete and accurate copy thereof;

 

(vi)a
certificate of good standing of the Company certified by the Secretary of State of Delaware, as of a date reasonably close to the
Closing Date;

 

(vii)a
written opinion of external counsel to the Company, dated the Closing Date, as to such matters as the Bank may reasonably request;
and

 

(viii)such
other documents, certificates and opinions as the Bank or its special counsel may reasonably request;

 

    	8

    	 

    

  

(b)all filings
or recordings necessary or reasonably requested by the Bank (including financing statements and precautionary financing statements),
to perfect the rights, titles and interests of the Bank intended to be created by Section 2.8 hereof shall have been made
in the appropriate places or offices; and

 

(c)all legal requirements
provided herein incident to the execution, delivery, and performance of this Agreement and the transactions contemplated hereby
and thereby, shall be reasonably satisfactory to the Bank and its special counsel.

 

Section 3.2Conditions
Precedent to Issuance of Letters of Credit After the Closing Date.

 

As conditions precedent
to the obligation of the Bank to issue Letters of Credit after the Closing Date,

 

(a)the representations
and warranties contained in Article IV of this Agreement shall be correct on and as of the date of any issuance of any Letter of
Credit as though made on such date; and

 

(b)no Event of
Default or Potential Default shall have then occurred or be continuing, or would result from the issuance of any Letter of Credit.

 

ARTICLE
IV

REPRESENTATIONS AND WARRANTIES

 

Section 4.1Company
Representations.

 

In order to induce
the Bank to enter into this Agreement, the Company represents and warrants as of the Closing Date and as of the date of issuance
of any Letter of Credit and each extension of the Scheduled Expiration Date as follows:

 

(a)Organization;
Powers; Compliance. The Company is duly organized, validly existing and in good standing
under the laws of the State of Delaware, and has the requisite power and authority (i) to own its properties and to carry on its
operations as now conducted, and (ii) to execute, deliver and perform its obligations under this Agreement. The Company has complied
in all material respects with all provisions of applicable law in all matters related to such actions of the Company as are contemplated
by this Agreement.

 

(b)Authorization;
Absence of Conflicts. The execution, delivery and performance by the Company of this Agreement
(i) has been duly authorized by all necessary corporate action on the part of the Company, (ii) does not and will not conflict
with, or result in a violation of, any provision of any applicable law or any order, writ, rule or regulation of any court or governmental
agency, authority or instrumentality binding upon or applicable to the Company and (iii) does not and will not conflict with in
any material respect, result in a violation of, or constitute a default under, any order, resolution, agreement or instrument to
which the Company is a party or by which the Company or any of its property is bound.

 

    	9

    	 

    

  

(c)Binding Obligation.
This Agreement is a valid and binding obligation of the Company enforceable in accordance with its terms, except to
the extent, if any, that the enforceability thereof may be limited by (i) any applicable bankruptcy, insolvency or other similar
law or enactment now or hereafter enacted affecting the enforcement of creditors’ rights, (ii) the fact that specific performance
and other equitable remedies are granted only in the discretion of a court, and (iii) indemnification provisions may or may not
be enforced by courts in their discretion on public policy grounds.

 

(d)Governmental
Consent or Approval. No consent, approval, permit, authorization or order of, or registration
or filing with, any court or governmental agency, authority or other instrumentality not already obtained, given or made is required
on the part of the Company for the execution, delivery and performance by the Company of this Agreement.

 

(e)No Default.
No Potential Default or Event of Default has occurred and is continuing or would result from the obligations incurred
by the Company hereunder.

 

ARTICLE
V

DEFAULTS

 

Section 5.1Events
of Default.

 

If any of the following
events shall occur and be continuing, each such event shall be an “Event of Default”:

 

(a)The Company
shall fail to pay (A) any Reimbursement Obligation when and as the same is due, or (B) any Letter of Credit Fee, any Commitment
Fee or any other Obligation (other than a Reimbursement Obligation) when and as due, and in the case of (B) such default continues
for a period of five (5) Business Days after the same becomes due;

 

(b)At any time,
the aggregate value of cash and Eligible CDs credited to the Account shall fall below 101% of the aggregate undrawn Stated Amount
of the Letters of Credit outstanding, and the Company shall fail to cure such deficit within one (1) Business Days of notice requiring
it to do so;

 

(c)Any representation
or warranty or certification made or deemed made by or on behalf of the Company herein, in any Application, or in any document
delivered in connection herewith or therewith shall be incorrect or misleading in any material respect when made or deemed made;

 

(d)An “Event
of Default” (under and as defined in the Credit Agreement) shall have occurred and be continuing, after giving effect to
any applicable cure or grace period and any notice requirements;

 

(e)The Company
shall default in the due observance or performance by it of any other term, covenant or agreement to be performed by it set forth
in this Agreement and such default has not been remedied within thirty (30) days after the earlier of (i) knowledge by a Responsible
Officer of the Company of such failure or (ii) written notice thereof from the Bank to the Company;

 

    	10

    	 

    

 

(f)The Company
institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit
of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator
or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer is appointed without the application or consent of the Company and the appointment continues undischarged
or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to the Company or to all or any material
part of their property is instituted without the consent of the Company and continues undismissed or unstayed for 60 calendar days,
or an order for relief is entered in any such proceeding; or the Company becomes unable or admits in writing its inability or fails
generally to pay its debts as they become due, or any writ or warrant of attachment or execution or similar process is issued or
levied against all or any material part of the property of any the Company and is not released, vacated or fully bonded within
30 days after its issue or levy; or;

 

(g)This Agreement
or any Application, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder
or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or the Company or any other
person contests in any manner the validity or enforceability hereof or thereof; or the Company denies that it has any or further
liability or obligation hereunder or thereunder, or purports to revoke, terminate or rescind this Agreement or any Application.

 

Section 5.2Remedies.

 

If any Event of Default
shall have occurred and be continuing, the Bank may exercise any one or more of the following rights and remedies:

 

(a)The obligation
of the Bank to issue any Letter of Credit, if any such Letter of Credit has not yet been issued, shall terminate;

 

(b)The Bank may,
by notice to the Company, declare all Obligations to be, and such amounts shall thereupon become due and payable without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Company, provided that upon the occurrence of
an Event of Default under Section 5.1(f) hereof such acceleration shall automatically occur (unless such automatic acceleration
is waived by the Bank in writing);

 

(c)The Bank may
pursue any rights or remedies it may have under this Agreement; and

 

(d)The Bank may
pursue any other action or remedy available at law or in equity.

 

Section 5.3Rights
Not Exclusive.

 

The rights and remedies
provided for in Section 5.2 hereof are cumulative and are not exclusive of any other rights, powers, privileges or remedies
provided by law or in equity.

 

    	11

    	 

    

  

ARTICLE
VI

MISCELLANEOUS

 

Section 6.1Payment
of Expenses.

 

The Company hereby
agrees:

 

(a)to pay or reimburse
the Bank for all its reasonable attorneys’ fees and reasonable out-of-pocket costs and expenses incurred in connection with
the negotiation, preparation, review and execution of this Agreement, each Letter of Credit and any other document prepared in
connection therewith and the consummation of the transactions contemplated thereby (including, without limitation, the reasonable
fees and disbursements of Mayer Brown LLP, special counsel to the Bank) and for any reasonable attorneys’ fees and other
expenses incurred in connection with the negotiation, preparation, review and execution of any amendment, supplement or modification
to any Letter of Credit, this Agreement or any other document prepared in connection therewith and the consummation of the transactions
contemplated thereby; and

 

(b)to pay or reimburse
the Bank for all its reasonable costs and expenses incurred in connection with the enforcement or preservation of any rights under
any Letter of Credit, this Agreement and any other document prepared in accordance herewith or therewith or any refinancing or
restructuring of this Agreement or such other documents in the nature of a “work-out,” including reasonable fees and
disbursements of counsel to the Bank.

 

Section 6.2Indemnity
and Costs.

 

(a)The Company
agrees to indemnify and hold the Bank, each affiliate of the Bank, the directors, officers, agents and employees of the Bank and
each other person controlling any of the foregoing within the meaning of either Section 15 of the Securities Act of 1933,
as amended, or Section 20 of the Securities Exchange Act of 1934, as amended (collectively, the “Indemnified Party”)
harmless from and against, and to pay on demand, any and all claims, damages, losses, liabilities, costs and expenses whatsoever
which any Indemnified Party may incur or suffer by reason of or in connection with the execution and delivery of this Agreement
or any Letter of Credit, or in connection with any payment under any Letter of Credit, including, without limitation, the reasonable
fees and expenses of counsel for the Indemnified Party with respect thereto and all reasonable fees and expenses, if any, in connection
with the enforcement or defense of the rights of the Indemnified Party in connection with this Agreement or any Letter of Credit
or the collection of any monies due under this Agreement or such other documents; except, only if, and to the extent that any such
claim, damage, loss, liability, cost or expense shall be caused by the willful misconduct, bad faith or gross negligence of such
Indemnified Party or of the Bank in performing its obligations under this Agreement or in making payment against a Drawing presented
under any Letter of Credit which does not comply with the terms thereof (it being understood that in making such payment the Bank’s
exclusive reliance on the documents presented to the Bank in accordance with the terms of the applicable Letter of Credit as to
any and all matters set forth therein, whether or not any statement or any document presented pursuant to such Letter of Credit
proves to be forged, fraudulent or invalid in any respect or any statement therein proves to be untrue or inaccurate in any respect
whatsoever shall not be deemed willful misconduct or gross negligence of the Bank). The Company, upon demand by any Indemnified
Party at any time, shall defend (as described below) or shall reimburse such Indemnified Party for any legal or other expenses
incurred in connection with investigating or defending against any of the foregoing. Promptly after receipt by any Indemnified
Party of notice of the starting, or threatened starting, of any action subject to the indemnities contained in this Section 6.2,
the Bank shall promptly notify the Company thereof; provided, however, that the failure of the Bank so to notify the Company will
not affect the obligation of the Company to indemnify such Indemnified Party with respect to such action or any other action pursuant
to this Section 6.2. The obligations of the Company under this Section 6.2 shall survive payment of any funds due under
this Agreement or the expiration of the Letters of Credit.

 

    	12

    	 

    

 

(b)The Bank shall
not in any way be responsible for the form, correctness, genuineness, authority of any person signing, falsification or legal effect
of any documents called for under any Letter of Credit if such documents on their face appear to be in order.

 

Section 6.3Obligations
Absolute.

 

The obligations of
the Company under this Agreement shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with
the terms of this Agreement under all circumstances whatsoever, including, without limitation, the following circumstances:

 

(i)any
lack of validity or enforceability of any Letter of Credit, this Agreement or any other agreement or instrument relating thereto;

 

(ii)any
amendment or waiver of or any consent to departure from all or any of this Agreement or the Letters of Credit;

 

(iii)the
existence of any claim, set-off, defense or other rights which the Company may have at any time against the Bank or any other person
or entity, whether in connection with this Agreement, any Letter of Credit or any unrelated transaction;

 

(iv)any
statement or any other document presented under any Letter of Credit proving to be forged, fraudulent or invalid or any statement
therein being untrue or inaccurate in any respect whatsoever;

 

(v)payment
by the Bank under any Letter of Credit against presentation of a certificate which does not comply with the terms of such Letter
of Credit, provided such payment does not arise from the Banks gross negligence or willful misconduct in determining whether documents
presented under any Letter of Credit comply with the terms of such Letter of Credit; and

 

(vi)any
other circumstances or happening whatsoever, whether or not similar to any of the foregoing.

 

    	13

    	 

    

  

Section 6.4Liability
of the Bank.

 

The Company assumes
all risks of the acts or omissions of any transferee of any Letter of Credit with respect to its use of such Letter of Credit.
No Indemnified Party shall be liable or responsible for: (a) the use which may be made of any Letter of Credit or for any
acts or omissions of any transferee in connection therewith; (b) the validity or genuineness of documents tendered to or relied
upon by the Bank, or of any endorsement(s) thereon, even if such documents should in fact prove to be in any or all respects invalid,
fraudulent or forged; (c) payment by the Bank against presentation of documents which do not comply with the terms of any
Letter of Credit, including failure of any documents to bear any reference or adequate reference to such Letter of Credit; or (d)
any other circumstances whatsoever in making or failing to make payment under any Letter of Credit; provided, however, that the
Company has a claim against the Bank, and the Bank shall be liable to the Company, to the extent of any direct, as opposed to consequential,
damages suffered by the Company which the Company proves were caused by (i) the Bank’s bad faith, willful misconduct or gross
negligence in determining whether documents presented under any Letter of Credit comply with the terms of such Letter of Credit
(it being understood by the parties hereto that in making payment under such Letter of Credit the Bank’s exclusive reliance
on the documents presented to the Bank in accordance with the terms of such Letter of Credit as to any and all matters set forth
therein, whether or not any statement or any document presented pursuant to such Letter of Credit proves to be forged, fraudulent
or invalid or any statement therein proves to be untrue or inaccurate in any respect whatsoever, shall not be deemed bad faith,
willful misconduct or gross negligence of the Bank) or (ii) the Bank’s failure to make lawful payment under any Letter of
Credit after the presentation to the Bank by the Company of a certificate strictly complying with the terms and conditions of such
Letter of Credit. The Bank is hereby expressly authorized and directed to honor any demand for payment which is made under any
Letter of Credit without regard to, and without any duty on its part to inquire into the existence of, any disputes or controversies
among the Issuer, the Company or any other person or the respective rights, duties or liabilities of any of them, or whether any
facts or occurrences represented in any of the documents presented under such Letter of Credit are true and correct.

 

Section 6.5Successors;
Participants.

 

Whenever in this Agreement
the Bank is referred to, such reference shall be deemed to include any successors of the Bank and all covenants, promises and agreements
by or on behalf of the Company which are contained in this Agreement shall inure to the benefit of any successors of the Bank.
The rights and duties of the Company, however, may not be assigned or transferred, except with the prior written consent of the
Bank. The Bank may assign its interest hereunder and under any Letter of Credit upon prior written consent of the Company, which
consent shall not be (i) unreasonably withheld or delayed or (ii) required upon the occurrence and continuance of an Event of Default.
The Bank may grant participations in the Obligations arising under this Agreement, and in portions of its obligations under any
Letter of Credit, and such participants shall be entitled to the benefits of this Agreement (including without limitation Section 6.12
hereof) to the same extent as if they were a direct party hereto and named specifically herein wherever the Bank is named; provided,
that in no event shall any participant (x) be entitled to any greater payment under Section 6.12 than the Bank would have been
entitled to receive with respect to the participation granted to such participant, unless such grant was made with the Company’s
prior written consent, or (y) have any right to approve any amendment or waiver of any provision of this Agreement or any Letter
of Credit, or any consent to any departure by the Company or any other person therefrom, except to the extent that such amendment,
waiver or consent would reduce any portion of the Obligations.

 

    	14

    	 

    

 

Section 6.6Modification
of this Agreement.

 

No amendment, modification
or waiver of any provision of this Agreement shall be effective unless the same shall be in writing and signed by the Bank and
the Company, and no amendment, modification or waiver of any provision of any Letter of Credit shall in any event be effective
unless the same shall be in writing and signed by the Bank. Any such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. No notice to or demand on the Company in any case shall entitle the Company to any
other or further notice or demand in the same, similar or other circumstances.

 

Section 6.7Waiver
of Rights by the Bank.

 

No course of dealing
or failure or delay on the part of the Bank in exercising any right, power or privilege hereunder or under any Letter of Credit
shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise or the
exercise of any other right or privilege. The rights of the Bank under each Letter of Credit and under this Agreement are cumulative
and not exclusive of any rights or remedies which the Bank would otherwise have.

 

Section 6.8Severability.

 

In case any one or
more of the provisions contained in this Agreement or in any document, instrument or agreement required hereunder should be declared
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained
herein or therein shall not in any way be affected or impaired thereby. The parties shall endeavor in good faith negotiations to
replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible
to that of the invalid, illegal or unenforceable provisions.

 

Section 6.9Governing
Law.

 

(A)PURSUANT
TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW, THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS EXCEPT SAID SECTION 5-1401) OF THE STATE OF NEW YORK, BUT GIVING EFFECT
TO FEDERAL LAWS APPLICABLE TO THE BANK.

 

(B)THE
COMPANY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT,
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT, EACH LETTER OF CREDIT OR THE ACTIONS OR FAILURES TO ACT OF THE
BANK IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF OR THEREOF.

 

    	15

    	 

    

  

(C)THE
PARTIES AGREE THAT ALL DISPUTES BETWEEN THEM ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED
BETWEEN THEM IN CONNECTION WITH THIS AGREEMENT, AND/OR ANY LETTER OF CREDIT, AND WHETHER ARISING IN CONTRACT, TORT, EQUITY, OR
OTHERWISE, SHALL BE RESOLVED ONLY BY FEDERAL COURTS LOCATED IN NEW YORK, NEW YORK (UNLESS JURISDICTION IN SUCH FEDERAL COURTS CANNOT
BE OBTAINED, IN WHICH CASE THE SAME SHALL BE RESOLVED ONLY BY STATE COURTS LOCATED IN NEW YORK, NEW YORK), BUT THE COMPANY AND
THE BANK ACKNOWLEDGE THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF NEW YORK, NEW YORK.
THE COMPANY AND THE BANK WAIVE IN ALL DISPUTES ANY OBJECTION THAT EITHER MAY HAVE TO THE LOCATION OF THE COURT CONSIDERING THE
DISPUTE.

 

(D)THE
COMPANY AGREES THAT THE BANK HAS THE RIGHT TO PROCEED AGAINST THE COMPANY OR ITS PROPERTY IN A COURT IN ANY LOCATION TO ENABLE
THE BANK TO REALIZE ON SUCH PROPERTY, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER ENTERED IN FAVOR OF THE BANK. THE COMPANY WAIVES
ANY OBJECTION THAT IT MAY HAVE TO THE LOCATION OF THE COURT IN WHICH THE BANK HAS STARTED A PROCEEDING DESCRIBED IN THIS SUBSECTION.

 

Section 6.10Notices.

 

Except as otherwise
specified herein regarding telephonic notice, all notices hereunder shall be given by United States certified or registered mail,
by facsimile or overnight delivery services or by telecommunication device capable of creating written record of such notice and
its receipt. Notices hereunder shall be effective when received and shall be addressed:

 

To the Bank as follows:

 

For delivery of Applications and Letters of Credit:

 

Bank of America, N.A.

Trade Operations – Los Angeles #226521

1000 West Temple Street, Suite Level 7

Mail Code: CA9-705-07-05

Los Angeles, CA 90017-1466

Attn: Tai Lu

 

    	16

    	 

    

 

Telephone:213-457-8841

Facsimile:213-481-7840

 

For all other matters:

 

Bank of America Merrill Lynch

555 Capitol Mall, Suite 150

Sacramento, California 95814

Attn:      Robert L. Munn, Jr.

Telephone:    916-326-3125

Facsimile:      916-326-3177

 

To the Company as follows:

 

The McClatchy Company

2100 Q Street

Sacramento, CA 95816 

Attn:      Elaine Lintecum

Telephone:    916-321-1846

Facsimile:      916-321-1869

 

Either party may change
its address for purposes hereof by notice in writing as aforesaid to the other parties.

 

Section 6.11Survival
of Representations and Obligations.

 

This Agreement shall
be in full force and effect from its date to and including such date as all Obligations shall have been fully paid; provided, that
the covenants and Obligations of the Company pursuant to Sections 6.1, 6.2, and 6.12 hereof shall survive the payment of the Obligations
and termination of this Agreement.

 

Section 6.12Taxes,
Additional Yield Corrections.

 

(a)The Company
intends that the Bank shall receive all amounts due hereunder when due, free and clear of and without liability or deduction for
or by reason of any Taxes (other than Excluded Taxes of the Bank) (collectively, “Indemnified Taxes”), which
Indemnified Taxes shall be borne by the Company. The Company shall pay to the Bank not later than 30 days after demand by the Bank
the amounts necessary such that, on an after tax basis to the Bank (taking into account any Indemnified Taxes paid by the Bank
on such amounts) the net amount received and retained by the Bank is not less than the amount payable under this Agreement had
such Indemnified Taxes not been imposed. If notwithstanding the foregoing the Bank pays any such Indemnified Taxes for such period,
the Bank will furnish to the Company official tax receipts or other evidence of payment of all such Indemnified Taxes and the Company
will so reimburse the Bank for the amount of such Indemnified Taxes not later than 30 days after being notified by the Bank to
do so. If the Bank determines, in its sole discretion, that it has received a refund of any Taxes as to which it has been indemnified
by the Company or with respect to which the Company has paid additional amounts pursuant to this Section, the Bank shall pay to
the Company an amount equal to such refund, net of all out-of-pocket expenses incurred by the Bank, and without interest (other
than any interest paid by the relevant taxing authority with respect to such refund), provided that the Company agrees to repay
the amount paid over to the Company (plus any penalties, interest or other charges imposed by the relevant taxing authority) to
the Bank in the event the Bank is required to repay such refund to such taxing authority. This clause shall not be construed to
require the Bank to make available its tax returns (or any other information relating to its taxes that it deems confidential)
to the Company or any other person.

 

    	17

    	 

    

  

(b)If the Code,
or any other law, rule, regulation or governmental interpretation thereof affecting the Bank (other than as provided for in clause
(c) below), whether or not having the force of law, or compliance of the Bank with such:

 

(i)subjects
the Bank to any tax (other than any Excluded Taxes of the Bank), duty, charge or withholding on or from payments due hereunder
or changes the basis of taxation (other than by a change in taxation with respect to Excluded Taxes of the Bank) of payments due
hereunder to the Bank, or

 

(ii)imposes
any other condition or circumstance, including any reserve or special deposit requirement, the result of which increases the cost
to the Bank of purchasing, funding, carrying or maintaining any Letter of Credit or any amounts used to fund a liability of the
Bank under any Letter of Credit or arising in connection therewith or herewith, or reduces any amount receivable by the Bank hereunder
or requires the Bank to make any payment calculated by reference to the same (other than any Excluding Taxes of the Bank) or reduces
interest received by it by an amount deemed material by the Bank,

 

then, within 30 days of demand by the Bank,
the Company shall pay to the Bank an amount which will equal, on an after tax basis to the Bank (taking into account any Indemnified
Taxes payable by the Bank on such amount) (x) that portion of such increased cost incurred or (y) the amount of reduction in an
amount received.

 

(c)If the Bank
determines the amount of capital required or expected to be maintained by the Bank or any corporation controlling the Bank is increased
as a result of a Change, then, within 15 days of demand by the Bank, the Company shall pay the Bank the amount necessary to compensate
for any shortfall in the rate of return on the portion of such increased capital which the Bank determines is attributable to this
Agreement, the Obligations, any Letter of Credit or its commitment to make credit extensions hereunder (after taking into account
the Bank’s policies as to capital adequacy). “Change”
means (i) any change after the date of this Agreement in the Risk-Based Capital Guidelines, or (ii) any adoption of or change in
any other law, governmental or quasi-governmental rule, regulation, policy, guideline, interpretation, or directive (whether or
not having the force of law) after the date of this Agreement which affects the amount of capital required or expected to be maintained
by the Bank or any corporation controlling the Bank. “Risk-Based Capital Guidelines”
means (i) the risk-based capital guidelines in effect in the United States on the date of this Agreement, including transition
rules, and (ii) the corresponding capital regulations promulgated by regulatory authorities outside the United States implementing
the July 1988 report of the Basel Committee on Banking Regulation and Supervisory Practices Entitled “International Convergence
of Capital Measurements and Capital Standards,” including transition rules, and any amendments to such regulations adopted
before the date of this Agreement.

 

    	18

    	 

    

  

(d)The term “Additional
Yield Correction” shall mean any amount owing under this Section 6.12.
Upon the request of the Company the Bank shall deliver to the Company details of the calculation of the Additional Yield Corrections
owing under this Section 6.12 which calculation shall constitute prima facie evidence of the same binding on the Company in
the absence of manifest error. The effect of any increased cost incurred by the Bank described in this Section 6.12 or reduction
in an amount received by the Bank which is imposed on the Bank described in this Section 6.12, generally, may be allocated
to the Company on any reasonable basis.

 

Section 6.13Headings.

 

The captions in this
Agreement are for convenience of reference only and shall not define or limit the provisions hereof.

 

Section 6.14Intercreditor
Agreement Matters.

 

(a)This Agreement
is subject to the provisions of the Intercreditor Agreement dated as of December 18, 2012 (as amended, restated, supplemented or
otherwise modified from time to time), among The McClatchy Company, the other grantors party thereto, Bank of America, N.A., as
credit agreement collateral agent, and The Bank of New York Mellon Trust Company, N.A., as notes collateral agent, and each additional
collateral agent from time to time party thereto (the “Intercreditor Agreement”).

 

(b)For purposes
of the Intercreditor Agreement, the Bank hereby appoints itself as collateral agent with respect to the Collateral provided under
this Agreement and the exercise of any rights and remedies in respect thereof.

 

(c)The Company
and the Bank acknowledge and agree that this Agreement and the Letters of Credit are intended by them to be Priority Payment Lien
Obligations as defined in and for the purposes of the Intercreditor Agreement.

 

(d)The Bank is
authorized as Additional Collateral Agent (as defined in the Intercreditor Agreement) to become a party to the Intercreditor Agreement
by executing and delivering a Collateral Agent Joinder Agreement (as defined in the Intercreditor Agreement) and upon such execution
and delivery, the Obligations and the holders thereof shall become subject to and bound by the provisions of the Intercreditor
Agreement.

 

Section 6.15Counterparts.

 

This Agreement may
be executed in two or more counterparts, each of which shall constitute an original but both or all of which, when taken together,
shall constitute but one instrument, and shall become effective when copies hereof which, when taken together, bear the signatures
of each of the parties hereto shall be delivered to the Company and the Bank.

 

[Signature page follows]

 

    	19

    	 

    

 

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

 

	 	THE McCLATCHY COMPANY
	 	 
	 	By:	/s/ R. Elaine Lintecum
	 	Name:	R. Elaine Lintecum
	 	Title:   	Vice President, Finance, Chief Financial 

Officer and Treasurer
	 	 	 

 

 

    	20

    	 

    

 

	 	 	 
	 	BANK OF AMERICA, N.A.
	 	 
	 	By:	/s/ Robert Munn, Jr.
	 	Print Name:	Robert Munn, Jr.
	 	Title:	Senior Vice President

 

 

 

 

 

    	21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}]]