Document:

EX-10.1

 EXHIBIT 10.1 

INCREMENTAL AND REFINANCING AMENDMENT 

(AMENDMENT NO. 1 TO CREDIT AGREEMENT) 

INCREMENTAL AND REFINANCING AMENDMENT (this “Agreement”), dated as of August 25, 2016, among XPO LOGISTICS, INC., a
Delaware corporation (the “Borrower”), the other Subsidiaries of the Borrower party hereto, each financial institution identified on the signature pages hereto as an “Incremental Term B-1 Lender” (each, an
“Incremental Term B-1 Lender”), an “Incremental Term B-2 Lender” (each, an “Incremental Term B-2 Lender” and, together with the Incremental Term B-1 Lenders, the “Incremental Term Lenders”
and each an “Incremental Term Lender”) or a Refinancing Term Lender (each, a “Refinancing Term Lender”) and Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent for the Lenders (in such
capacities, the “Agent”), relating to the Senior Secured Term Loan Credit Agreement, dated as of October 30, 2015 (as heretofore amended, amended and restated, extended, supplemented or otherwise modified from time to time
prior to the date hereof, the “Credit Agreement”), among the Borrower, the other Subsidiaries of the Borrower from time to time party thereto, the Lenders from time to time party thereto and the Agent. 

RECITALS: 
 Refinancing
Amendment 
 WHEREAS, pursuant to Section 2.16 of the Credit Agreement, the Borrower wishes to obtain Refinancing Loans (the
“Refinancing Term Loans”) from the Refinancing Term Lenders to refinance all Loans outstanding immediately prior to the effectiveness of this Agreement (such Loans, collectively, and including for the avoidance of doubt, Loans that
are converted, exchanged or rolled into Refinancing Term Loans pursuant to this Agreement, the “Refinanced Term Loans”) pursuant to a Refinancing Amendment under the Credit Agreement, and the Refinancing Term Lenders are willing to
provide the Refinancing Term Loans on and subject to the terms and conditions set forth herein. 
 WHEREAS, the Refinancing Term Lenders
will comprise, and Refinancing Term Loans will be made by, (i) in part, Lenders who hold Refinanced Term Loans and who agree to convert, exchange or “cashless roll” all of their Refinanced Term Loans to or for Refinancing Term Loans;
and (ii) in part, Persons providing new Refinancing Term Loans the proceeds of which will be used by the Borrower to repay holders of Refinanced Term Loans that will not be so converted, exchanged or rolled. 

WHEREAS, pursuant to Sections 2.16(e) and 12.2 of the Credit Agreement, the Credit Agreement may be amended to give effect to the provisions
of Section 2.16 of the Credit Agreement through a Refinancing Amendment executed by the Borrower, the Agent and the Refinancing Term Lenders. 

Incremental Amendment 

WHEREAS, pursuant to Section 2.15 of the Credit Agreement, immediately after giving effect to the Refinancing Amendment and the
refinancing of the Refinanced Term Loans as contemplated hereby, the Borrower wishes to increase the aggregate principal amount of the Loans, and the Incremental Term Lenders have agreed to provide Incremental Term Loans (as defined below) in an
aggregate principal amount of up to $450,000,000 and with the terms set forth in this Agreement. 
 WHEREAS, the Incremental Term Loans and
the Refinancing Term Loans will, taken together, comprise a single class of Loans under the Credit Agreement, having identical terms as set forth herein. 

WHEREAS, pursuant to Sections 2.15(d) and 12.2 of the Credit Agreement, the Credit Agreement may be amended to give effect to the provisions
of Section 2.15 of the Credit Agreement through an Incremental Amendment executed by the Borrower, the Agent and each Incremental Lender providing an Incremental Commitment. 

 Further Amendments: 

WHEREAS, after giving effect to the Refinancing Amendment contemplated hereby and simultaneously with the effectiveness of the Incremental
Amendment contemplated hereby, the Borrower, the Incremental Term Lenders and the Refinancing Term Lenders (together, constituting the Requisite Lenders and, after giving effect to the Incremental Amendment and the Refinancing Amendment, all
Lenders), desire to make certain other changes to the terms of the Credit Agreement pursuant to Section 12.2 of the Credit Agreement. 

NOW THEREFORE, the parties hereto hereby agree as follows: 

SECTION 1. Defined Terms. Unless otherwise specifically defined herein, each term used herein that is
defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. 
 SECTION 2.
Incremental Term Loans. Subject to and upon the terms and conditions set forth herein, (a) each Incremental Term B-1 Lender party hereto severally agrees to make, on the Amendment No. 1 Closing Date (as defined below), term loans
(collectively, the “Incremental Term B-1 Loans”) in Dollars to the Borrower in an amount equal to the commitment amount set forth next to such Incremental Term B-1 Lender’s name in Schedule 1A hereto under the caption
“Incremental Term B-1 Commitment” (the “Incremental Term B-1 Commitment”) and (b) each Incremental Term B-2 Lender party hereto severally agrees to make, on the Amendment No. 1 Closing Date, term loans
(collectively, the “Incremental Term B-2 Loans” and, together with the Incremental Term B-1 Loans, the “Incremental Term Loans”) in Dollars to the Borrower in an amount equal to the commitment amount set forth next
to such Incremental Term B-2 Lender’s name in Schedule 1B hereto under the caption “Incremental Term B-2 Commitment” (the “Incremental Term B-2 Commitment” and, together with the Incremental Term B-1 Commitment, the
“Incremental Term Commitments”), in each case on the terms set forth in this Agreement. The Incremental Term Lenders’ several Incremental Term Commitments shall terminate on the Amendment No. 1 Closing Date (immediately
after giving effect to the Borrowing of Incremental Term Loans on such date). Incremental Term Loans borrowed under this Section 2 and subsequently repaid or prepaid may not be reborrowed. 

SECTION 3. Refinancing Term Loans.  

(a) Subject to and upon the terms and conditions set forth herein, each Refinancing Term Lender severally agrees to make, on the Amendment
No. 1 Closing Date, a Refinancing Term Loan in Dollars to the Borrower (or, in the case of a Converting Refinancing Term Lender (as defined in below), convert, exchange or roll its Refinanced Term Loan for a Refinancing Term Loan in an equal
principal amount) on the Amendment No. 1 Closing Date in an aggregate principal amount equal to the commitment amount set forth next to such Refinancing Term Lender’s name in Schedule 2, Part A hereto (in the case of any Refinancing Term
Loan making its Refinancing Term Loan in cash) or Schedule 2, Part B hereto (in the case of any Refinancing Term Lender converting, exchanging or rolling its Refinanced Term Loan for a Refinancing Term Loan), under the caption “Refinancing Term
Commitment” (the “Refinancing Term Commitment”) on the terms set forth in this Agreement. Each Refinancing Term Commitment will terminate in full upon the making of the related Refinancing Term Loan (or conversion, exchange or
roll of Refinanced Loan, as applicable). Refinancing Term Loans borrowed under this Section 3 and subsequently repaid or prepaid may not be reborrowed. In addition, each Refinancing Term Lender waives its right to any compensation pursuant to
Section 2.11(b) of the Credit Agreement with respect to the prepayment, exchange, roll or conversion of the Refinanced Term Loans. 

  
 2 

 (b) Substantially simultaneously with the borrowing of Refinancing Term Loans, the Borrower shall
fully prepay any outstanding Refinanced Term Loans, together with accrued and unpaid interest thereon to the Amendment No. 1 Closing Date; provided that each Converting Refinancing Term Lender irrevocably agrees to accept, in lieu of
cash for the outstanding principal amount of its Refinanced Term Loan so prepaid, on the Amendment No. 1 Closing Date an equal principal amount of Refinancing Term Loans in accordance with this Agreement. “Converting Refinancing Term
Lender” means a Refinancing Term Lender that agrees pursuant to Amendment No. 1 to convert, exchange or “cashless roll” all, or any portion, of its Refinanced Term Loan for a Refinancing Term Loan. 

SECTION 4. Amendments to Credit Agreement. The following amendments are made to the Credit Agreement to
effect the foregoing: 
 (a) Section 1.1 of the Credit Agreement is amended to add the following new defined terms in the appropriate
alphabetical order: 
 “Amendment No. 1” means the Incremental and Refinancing Amendment (Amendment
No. 1 to Credit Agreement) dated as of August 25, 2016 among the Borrower, the other Credit Parties thereto, the Lenders party thereto and the Agent. 

“Amendment No. 1 Closing Date” means has the meaning set forth in Amendment No.1, and occurred on
August 25, 2016. 
 “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-in
Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to
time which is described in the EU Bail-In Legislation Schedule. 
 “EEA Financial Institution” means
(a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution
described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to
consolidated supervision with its parent. 
 “EEA Member Country” means any of the member states of the
European Union, Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any public
administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

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

  
 3 

 “Write-Down and Conversion Powers” means, with respect to any
EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU
Bail-In Legislation Schedule. 
 (b) The following definitions in Section 1.1 of the Credit Agreement are amended and restated in its
entirety to read as follows: 
 “Applicable Margin” shall mean for any day with respect to (i) any
LIBOR Loan, 3.25% per annum and (ii) any Base Rate Loan, 2.25% per annum. 
 “Lender” means
each financial institution or other entity that (a) is listed on the signature pages hereof as a “Lender” or, pursuant to an Incremental Amendment or Refinancing Amendment, becomes an Additional Lender, or (b) from time to time
becomes a party hereto by execution of an Assignment Agreement. For the avoidance of doubt, the Incremental Term Lenders and the Refinancing Term Lenders, each as defined in Amendment No.1 hereto, shall constitute “Lenders” for all
purposes hereunder. 
 “Loans” means the loans made by the Lenders to the Borrower (a) pursuant to
Section 2.1(a) on the Closing Date, which loans, for the avoidance of doubt, shall cease to be outstanding on the Amendment No. 1 Closing Date or (b) pursuant to Amendment No.1 hereto, as applicable. 

(c) The definition of “Defaulting Lender” is hereby amended by adding, in clause (d)(i) thereof, the words “or a Bail-In
Action” immediately after the words “any Insolvency Law”. 
 (d) The definition “Permitted Investments” is hereby
amended by adding the following words immediately prior to the semicolon at the end of clause (7) thereof, “, or as a result of a Bail-In Action with respect to any contractual counterparty of the Borrower or any Restricted
Subsidiary”. 
 (e) Section 2.1(a) of the Credit Agreement is hereby amended by deleting the last sentence thereof and replacing it
with the following. “Each Loan made on the Closing Date shall be made by the Lenders in accordance with their applicable Pro Rata Share of the Commitments as of such date.” 

(f) Section 2.2 of the Credit Agreement is amended to read in its entirety as follows: 

The Borrower shall pay to each Lender (i) on the last Business Day of each Fiscal Quarter occurring after the Amendment No. 1 Closing
Date (commencing with the Fiscal Quarter ending September 30, 2016) but prior to the Maturity Date, a portion of the principal amount of all Loans then outstanding in an amount equal to 0.25% of the sum of the aggregate principal amount of the
Loans outstanding on the Amendment No. 1 Closing Date after giving effect to Amendment No. 1 (which amounts shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in
Section 2.3 of this Agreement) and (ii) on the Maturity Date, the aggregate principal amount of all Loans outstanding on such date and all accrued and unpaid interest thereon. 

(g) Section 2.3(a)(ii) of the Credit Agreement is hereby amended by: (a) replacing the words “12 months” in the first line
thereof with the words “6 months” and (b) replacing the words “Closing Date” in the first and second lines thereof with a reference to “Amendment No. 1 Closing Date”. 

(h) Section 2.4 of the Credit Agreement is amended to read in its entirety as follows: 

  
 4 

 Borrower shall utilize the proceeds of the Loans made on the Closing Date to (a) purchase
the capital stock of Con-way pursuant to the Con-way Acquisition Agreement, (b) directly or indirectly (including through intercompany loans or investments) prepay Con-way Existing Indebtedness, (c) pay related fees and expenses and
otherwise fund the Transactions and (d) for working capital and other general corporate purposes. Borrower shall utilize the proceeds of the Loans made on the Amendment No.1 Closing Date to (i) finance the Borrower’s redemption and/or
satisfaction and discharge of its 2019 Notes, (ii) repay all Loans outstanding on the Amendment No.1 Closing Date immediately prior to the funding of such Loans, (iii) pay interest, fees and expenses in connection with the foregoing and
(iv) for general corporate purposes. 
 (i) Section 2.15(b)(ii) of the Credit Agreement is hereby amended by adding the words
“, except to the extent that such representations or warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date” immediately prior to the semicolon at the
end of such Section. 
 (j) Section 6.10 of the Credit Agreement is hereby amended to add a new clause (e), which shall read as follows:

 Notwithstanding anything to the contrary herein or in any other Loan Document, the Borrower and the Guarantors shall not be required to
amend, modify, or otherwise revise the Mortgage relating to the property owned thereby and located at 2220 Claremont Court, Hayward, CA, to update title or obtain any title policy endorsement, or to take any other step with respect to such property
described in Section 6.10(b) above or otherwise, to the extent that the Borrower reasonably concludes that any such amendment, modification, revision or other step described herein cannot be obtained or completed in spite of the Borrower’s
commercially reasonable efforts, and the Agent and Lenders hereby acknowledge that, as of the Amendment No. 1 Closing Date, the Borrower has made such determination. In addition, the Borrower and the Guarantors shall not be deemed to be in
breach of any representation, warranty, covenant, or other provision of this Agreement or any other Loan Document by virtue of any failure to grant or maintain a perfected lien on such property. 

(k) The Credit Agreement is amended to add a new Section 12.26, which shall read as follows: 

12.26 Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in
any Loan Document or in any other agreement, arrangement or understanding among any of the parties hereto, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such
liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

 

	 	(a)	the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

  

	 	(b)	the effects of any Bail-in Action on any such liability, including, if applicable: 

  

	 	(i)	a reduction in full or in part or cancellation of any such liability; 

  

	 	(ii)	 a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA
Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise 

  
 5 

	 	
conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan
Document; or 

  

	 	(iii)	the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 

SECTION 5. Terms of the Incremental Term Loans and Refinancing Term Loans Generally. On the Amendment No.1
Closing Date, giving effect to the Incremental Term Loans and Refinancing Term Loans hereunder, (a) each Incremental Term Lender and each Refinancing Term Lender shall become a “Lender” for all purposes of the Credit Agreement and the
other Loan Documents, and (b) each Incremental Term Loan and each Refinancing Term Loan shall constitute a “Loan” for all purposes of the Credit Agreement and the other Loan Documents. The Incremental Term Loans and the Refinancing
Term Loans shall be on identical terms as contemplated hereby and shall constitute a single class of Loans under the Credit Agreement. The parties hereto hereby consent to the incurrence of the Incremental Term Loans and Refinancing Term Loans on
the terms set forth herein. Upon the effectiveness of this Agreement, all conditions and requirements set forth in the Credit Agreement or the other Loan Documents relating to the incurrence of the Incremental Term Loans and Refinancing Term Loans
shall be deemed satisfied and the incurrence of the Incremental Term Loans and Refinancing Term Loans shall be deemed arranged and consummated in accordance with the terms of the Credit Agreement and the other Loan Documents. For the avoidance of
doubt, the parties hereto agree that the incurrence of the Incremental Term Loans shall not consume all or any part of the $100 million basket contained in clause (a) of the proviso in the first sentence of Section 2.15(a) of the Credit
Agreement. 
 SECTION 6. Representations of the Borrower. The Borrower and each other Credit Party hereby
represents and warrants to the Agent, the Incremental Term Lenders and the Refinancing Lenders that on the Amendment No. 1 Closing Date: 

(a) no Default or Event of Default shall have occurred and be continuing immediately prior to or immediately after the incurrence of the
Incremental Term Loans and the Refinancing Term Loans; 
 (b) the representations and warranties set forth in Section 4 of the Credit
Agreement and in each other Loan Document shall be true and correct in all material respects on and as of the Amendment No. 1 Closing Date, except to the extent that such representations or warranties expressly relate to an earlier date, in
which case they shall be true and correct in all material respects as of such earlier date; 
 SECTION 7.
Conditions to the Amendment No. 1 Closing Date. This Agreement shall become effective as of the first date when each of the following conditions shall have been satisfied (the date of satisfaction of such conditions and the funding of the
Incremental Term Loans and the Refinancing Term Loans, “Amendment No. 1 Closing Date”): 
 (a) The Agent shall have
received from the Borrower, each other Credit Party, each Incremental Term Lender, each Refinancing Term Lender (which Refinancing Term Lenders shall, taken together, constitute the Requisite Lenders) and the Agent an executed counterpart hereof or
other written confirmation (in form satisfactory to the Agent) that such party has signed a counterpart hereof. 

  
 6 

 (b) The Agent shall have received a borrowing notice (with respect to the Incremental Term Loans
and the Refinancing Term Loans) at least one Business Day prior to the Amendment No. 1 Closing Date, legal opinions, corporate documents and officers and public officials certifications (including a solvency certificate) with respect to the
Borrower and the Guarantors in each case customary for financing of the type described herein) (it being understood that any such documentation shall be deemed “customary” if in a form consistent with such documentation delivered in
connection with the original closing of the Credit Agreement on October 30, 2015 (subject to adjustments to be reasonably agreed taking into account the nature of the facilities contemplated hereby)); 

(c) The Agent shall have received, at least three business days prior to the Amendment No. 1 Closing Date, all documentation and other
information related to the Borrower or any Guarantor required by regulatory authorizes under applicable “know your customer” and anti-money laundering rules and regulation including, without limitation, the Patriot Act, in each case to the
extent requested by the Agent from the Borrower in writing at least 10 business days prior to the Amendment No. 1 Closing Date. 
 (d)
All fees due to the Agent and the Incremental Term Lenders on the Amendment No. 1 Closing Date pursuant to the Commitment Letter and the Fee Letter, each dated as of August 11, 2016 between the Borrower and MSSF and pertaining to the
Incremental Term Loans made hereunder, shall have been paid, and all reasonable and documented out-of-pocket expenses to be paid or reimbursed to the Agent on the Amendment No. 1 Closing Date pursuant to such Commitment Letter that have been
invoiced at least three business days prior to the Amendment No. 1 Closing Date shall have been paid. 
 (e) The Incremental Term B-1
Lenders shall have received, as fee compensation for the funding of such Incremental Term B-1 Lender’s Incremental Term B-1 Loans on the Amendment No. 1 Closing Date, an upfront fee (the “Incremental Term B-1 Upfront Fee”)
in an amount equal to 0.50% of the stated principal amount of such Incremental Term B-1 Lender’s Incremental Term B-1 Loan made on the Amendment No. 1 Closing Date. Such Incremental Term B-1 Upfront Fees will be in all respects fully
earned, due and payable on the Amendment No. 1 Closing Date and non-refundable and noncreditable thereafter. Such Incremental Term B-1 Upfront Fees may be netted against the Incremental Term B-1 Loans made by such Incremental Term B-1 Lender on
the Amendment No. 1 Closing Date. 
 (f) All accrued interest, (subject to the last sentence of Section 3 hereof) fees pursuant to
Section 2.11(b) of the Credit Agreement owing by the Borrower pursuant to Credit Agreement and any amounts payable by Borrower to any Lender holding a Refinanced Term Loan pursuant to Section 2.3(a)(ii) of the Credit Agreement as a result
of the consummation of the transactions contemplated by this Agreement shall have been paid in full on the Amendment No.1 Closing Date. 

(g) The representations and warranties made pursuant to Section 6 hereof are true and correct in all material respects on and as of the
Amendment No. 1 Closing Date, except to the extent that such representations or warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date; 

(h) Since December 31, 2015, no event shall have occurred that alone or together with any other events, has had a material adverse effect
on the business, financial condition, operations or properties of the Borrower and its Subsidiaries, taken as a whole. 

  
 7 

 (i) The Agent shall have received a certificate, duly executed by an Officer of the Borrower,
certifying as to the satisfaction of the conditions referred to in Sections 7(g) and 7(h) above. 
 SECTION 8.
Governing Law. This Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of New York. 

SECTION 9. Confirmation of Guarantees and Security Interests. By signing this Agreement, each Credit Party
hereby confirms that (a) the obligations of the Credit Parties under the Credit Agreement as modified or supplemented hereby (including with respect to the Incremental Term Loans and Refinancing Term Loans contemplated by this Agreement) and
the other Loan Documents (i) are entitled to the benefits of the guarantees and the security interests set forth or created in the Credit Agreement, the Collateral Documents and the other Loan Documents, (ii) constitute
“Obligations” as such term is defined in the Credit Agreement, subject to the qualifications and exceptions described therein, (iii) notwithstanding the effectiveness of the terms hereof, the Collateral Documents and the other Loan
Documents, are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects and (b) each Incremental Term Lender and Refinancing Term Lender shall be a “Secured Party” and a
“Lender” (including without limitation for purposes of the definition of “Requisite Lenders” contained in Section 1.1 of the Credit Agreement) for all purposes of the Credit Agreement and the other Loan Documents. Each
Credit Party ratifies and confirms that all Liens granted, conveyed, or assigned to the Agent by such Person pursuant to any Loan Document to which it is a party remain in full force and effect, are not released or reduced, and continue to secure
full payment and performance of the Secured Obligations as increased hereby, subject to Section 6.10(e) of the Credit Agreement, as contemplated by this Agreement. 

SECTION 10. Credit Agreement Governs. Except as expressly set forth herein, this Agreement shall not by
implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of any Lender or the Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any
of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be
deemed to entitle any Credit Party to a future consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in
similar or different circumstances. 
 SECTION 11. Counterparts. This Agreement may be signed in any
number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or
electronic (i.e., “pdf” or “tif”) transmission shall be effective as delivery of a manually executed counterpart of this Agreement. 

SECTION 12. Miscellaneous. This Agreement shall constitute an “Incremental Amendment”, a
“Refinancing Amendment” and a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. The provisions of this Agreement are deemed incorporated into the Credit Agreement as if fully set forth
therein. To the extent required by the Credit Agreement, each of the Borrower and the Agent hereby consent to each Incremental Term Lender and each Refinancing Term Lender that is not a Lender as of the date hereof becoming a Lender under the Credit
Agreement on the Amendment No. 1 Closing Date. The Agent, the Incremental Term Lenders and the Refinancing Term Lenders hereby acknowledge that the Borrower has complied with the notice provisions required by Section 2.15 and
Section 2.16 in 

  
 8 

 
connection with the Incremental Term Loans and the Refinancing Term Loans. For only the purpose of Sections 11.1(a)(ii)(B) and 11.1(a)(iv)(A) of the Credit Agreement, the Borrower hereby consents
to the assignments by Morgan Stanley Senior Funding, Inc., in its capacity as a Lender under the Credit Agreement, on or before the date that is 45 calendar days from the Amendment No. 1 Closing Date, in a manner otherwise in accordance with
the Credit Agreement, as amended by this Agreement, of the Incremental Term Loans and its Refinancing Term Loans made by it on the Amendment No. 1 Closing Date solely to the institutions and solely in the amounts previously agreed upon by
Morgan Stanley Senior Funding, Inc. and the Borrower. 
 [Remainder of page intentionally left blank] 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the
date first above written. 
  

			
	    BORROWER:
	
	    XPO LOGISTICS, INC.
		
	By:	 	/s/ John Hardig
		 	Name:  John Hardig
		 	Title:    Chief Financial Officer

  
 [Signature Page –
Amendment No. 1 to XPO Senior Secured Term Loan Credit Agreement] 

 The following Persons are signatories to this Agreement in their capacity as Guarantors: 

 

			
	 3PD HOLDING, INC.
 3PDIC,
INC.
 BOUNCE LOGISTICS, INC.
 BTTS HOLDING
CORPORATION
 BTTS INTERMEDIATE HOLDING CORPORATION

PACER SERVICES, INC.
 XPO AIR CHARTER, LLC

XPO AQ, INC.
 XPO CARTAGE, INC.

XPO COURIER, LLC
 XPO CUSTOMS CLEARANCE SOLUTIONS,
INC.
 XPO DEDICATED, LLC
 XPO DRAYAGE,
INC.
 XPO EXPRESS, INC.
 XPO FLEET SERVICES,
INC.
 XPO GLOBAL FORWARDING, INC.
 XPO INTERMODAL
SOLUTIONS, INC.
 XPO INTERMODAL, INC.
 XPO LAST
MILE, INC.
 XPO LOGISTICS, LLC
 XPO NLM,
INC.
 XPO PORT SERVICES, INC.
 XPO SERVCO,
LLC
 XPO STACKTRAIN, LLC
 XPO SUPPLY CHAIN,
INC.
 XPO TRANSPORT, LLC
 CNF ADVISORS
LLC
 CNF INVESTMENTS, INC.
 XPO ENTERPRISE
SERVICES, INC.
 XPO LOGISTICS FREIGHT, INC.

CON-WAY GLOBAL SOLUTIONS, INC.
 XPO CNW, INC.

XPO LAND HOLDINGS, LLC
 XPO LOGISTICS MANUFACTURING,
INC.
 CON-WAY MULTIMODAL INC.
 XPO PROPERTIES,
INC.
 XPO LOGISTICS TRUCKLOAD, INC.
 EMERY
WORLDWIDE AIRLINES, INC.
 ORCAS AIRCRAFT LEASING, INC.

TRANSPORTATION EQUIPMENT LEASING, LLC
 TRANSPORTATION
PROPERTY LEASING, LLC
 TRANSPORTATION RESOURCES, INC.

		
	By:	 	/s/ John Hardig
		 	Name:  John Hardig
		 	Title:    Assistant Treasurer

  
  

  
 [Signature Page –
Amendment No. 1 to XPO Senior Secured Term Loan Credit Agreement] 

 
			
	 MANUFACTURERS CONSOLIDATION SERVICE OF CANADA, INC.

S & H TRANSPORT, INC.

S & H LEASING, INC.

XPO LOGISTICS SUPPLY CHAIN CORPORATE SERVICES, INC.

XPO LOGISTICS SUPPLY CHAIN ECOMMERCE, INC.

XPO LOGISTICS SUPPLY CHAIN HOLDING COMPANY

XPO LOGISTICS SUPPLY CHAIN OF NEW JERSEY, INC.

XPO LOGISTICS SUPPLY CHAIN OF SOUTH CAROLINA, LLC

XPO LOGISTICS SUPPLY CHAIN OF TEXAS, LLC

XPO LOGISTICS SUPPLY CHAIN TECHNOLOGY SERVICES, INC.

XPO LOGISTICS SUPPLY CHAIN, INC.

MENLO LOGISTICS GLOBAL TRANSPORTATION SERVICES, INC.

XPO LOGISTICS WORLDWIDE, INC.

XPO LOGISTICS WORLDWIDE GOVERNMENT SERVICES, LLC

XPO LOGISTICS WORLDWIDE TECHNOLOGIES, LLC

XPO LOGISTICS WORLDWIDE, LLC

		
	By:	 	/s/ John Hardig
		 	Name: John Hardig
		 	Title: Treasurer
	
	 PACER TRANSPORT, INC.
 XPO
OCEAN WORLD LINES, INC.

		
	By:	 	/s/ John Hardig
		 	Name:  John Hardig
		 	Title:    Chief Financial Officer
	
	 CNF ADVISORS, LLL,
 as
sole member of CNF Ventures LLC

		
	By:	 	/s/ John Hardig
		 	Name:  John Hardig
		 	Title:    Assistant Treasurer

  
 [Signature Page –
Amendment No. 1 to XPO Senior Secured Term Loan Credit Agreement] 

 
			
	XPO DISTRIBUTION SERVICES, INC.
		
	By:	 	/s/ Gordon Devens
		 	Name:  Gordon Devens
		 	Title:    Vice President and Secretary

  
 [Signature Page –
Amendment No. 1 to XPO Senior Secured Term Loan Credit Agreement] 

 
			
	CTP LEASING, INC.
		
	By:	 	/s/ Andrew J. DiLuciano
		 	Name: Andrew J. DiLuciano
		 	Title: President
	
	PDS TRUCKING, INC.
		
	By:	 	/s/ Andrew J. DiLuciano
		 	Name: Andrew J. DiLuciano
		 	Title: Treasurer

  
  
  

  
 [Signature Page –
Amendment No. 1 to XPO Senior Secured Term Loan Credit Agreement] 

 
			
	 MORGAN STANLEY SENIOR FUNDING, INC., as an Incremental Term B-1 Lender, an
Incremental Term B-2 Lender and a Refinancing Term Lender

		
	By:	 	/s/ William Graham
		 	Name:  William Graham
		 	Title:    Managing Director

  
 [Signature Page –
Amendment No. 1 to XPO Senior Secured Term Loan Credit Agreement] 

 
			
	 MORGAN STANLEY SENIOR FUNDING, INC., as Agent

		
	By:	 	/s/ William Graham
		 	Name:  William Graham
		 	Title:    Managing Director

  
 [Signature Page –
Amendment No. 1 to XPO Senior Secured Term Loan Credit Agreement] 

 Remaining Signature Pages 

[To be held on file with the Agent] 

 SCHEDULE 1A 

Incremental Term B-1 Commitments 
  

			
	 Name of Incremental Term Lender
	  	 Incremental Term Commitment

	 Morgan Stanley Senior Funding Inc.
	  	$400,000,000
		  	TOTAL: $400,000,000

 SCHEDULE 1B 

Incremental Term B-2 Commitments 
  

			
	 Name of Incremental Term Lender
	  	 Incremental Term Commitment

	 Morgan Stanley Senior Funding Inc.
	  	$50,000,000
		  	TOTAL: $50,000,000

  

 SCHEDULE 2 

Refinancing Term Commitments 

Part A 
  

					
	 Name of Refinancing Term Lender
	  	
Refinancing
Term
Commitment
	 
	 Morgan Stanley Senior Funding Inc.
	  	$	474,513,071	  
	 Bain Capital Credit, LP
	  	 	127,183,070	  
	 KKR Asset Management LLC
	  	 	75,920,191	  
	 Anchorage Capital Group, L.L.C.
	  	 	70,075,434	  
	 King Street Capital Management
	  	 	69,762,547	  
	 Carlyle Investment Management LLC
	  	 	67,672,469	  
	 Symphony Asset Management LLC
	  	 	46,267,500	  
	 Alcentra NY, LLC
	  	 	44,806,349	  
	 Voya Investment Management
	  	 	43,249,486	  
	 Western Asset Management Company
	  	 	49,131,155	  
	 GoldenTree Asset Management, LP
	  	 	36,974,200	  
	 BlackRock, Inc.
	  	 	35,272,182	  
	 Octagon Credit Investors, LLC
	  	 	31,221,237	  
	 Prudential Financial, Inc.
	  	 	29,857,500	  
	 Lord Abbett
	  	 	22,166,797	  
	 Thrivent Financial For Lutheran
	  	 	21,905,561	  
	 MJX Asset Management LLC
	  	 	1,492,500	  
	 Metropolitan Life Insurance Company
	  	 	19,900,000	  
	 Ares Management LLC
	  	 	19,030,306	  
	 Goldman Sachs Asset Management
	  	 	18,675,000	  
	 CRESCENT CAPITAL GROUP
	  	 	18,039,444	  
	 TIAA-CREF
	  	 	8,387,862	  
	 MacKay Shields LLC
	  	 	15,671,250	  
	 PIMCO
	  	 	15,621,500	  
	 Sound Point Capital Management, L.P.
	  	 	15,422,500	  
	 CAPITAL RESEARCH & MANAGEMENT CO
	  	 	12,946,975	  
	 Allianz Global Investors
	  	 	12,935,000	  
	 HPS INVESTMENT PARTNERS, LLC
	  	 	11,940,000	  
	 Intermediate Capital Group, Inc.
	  	 	11,442,500	  
	 Palmer Square Capital Management LLC
	  	 	10,696,250	  
	 ALLSTATE LIFE INSURANCE COMPANY
	  	 	9,469,956	  
	 THL Credit Senior Loan Strategies LLC
	  	 	8,955,000	  
	 Deutsche Asset and Wealth Management
	  	 	8,939,975	  
	 Manulife Asset Management
	  	 	7,960,000	  
	 American Money Management Corp.
	  	 	7,867,319	  
	 YORK CAPITAL MANAGEMENT
	  	 	6,969,987	  
	 HENDERSON GLOBAL INVESTORS LIMITED
	  	 	6,965,000	  
	 Barclays
	  	 	6,580,376	  
	 NEW YORK LIFE INS
	  	 	6,370,494	  

					
	 ARENA CAPITAL ADVISORS
	  	 	6,169,000	  
	 Triumph Capital Advisors
	  	 	5,970,000	  
	 Post Advisory Group, LLC
	  	 	5,965,013	  
	 Bank of Nova Scotia
	  	 	5,273,500	  
	 Wellfleet Credit Partners, LLC
	  	 	5,472,500	  
	 West Gate Horizons Advisors, LLC
	  	 	4,979,987	  
	 Highland Capital Management, L.P. (Institutional)
	  	 	3,983,741	  
	 AXA
	  	 	3,980,000	  
	 Feingold O’Keeffe Capital, LLC
	  	 	3,582,000	  
	 Orchard First Source Capital Inc
	  	 	3,482,500	  
	 PPM AMERICA INC.
	  	 	3,383,000	  
	 Tall Tree Investment Management
	  	 	2,985,000	  
	 Stone Harbor Investment Partners LP
	  	 	2,985,000	  
	 Valcour Capital
	  	 	2,985,000	  
	 Credit Value Partners LP
	  	 	2,985,000	  
	 Sound Harbor Partners
	  	 	2,985,000	  
	 Morgan Stanley
	  	 	2,597,288	  
	 Steele Creek Investment Management
	  	 	2,481,266	  
	 CQS
	  	 	1,990,000	  
	 Kramer Van Kirk Credit Strategies LP
	  	 	1,990,000	  
	 Virtus Partners LLC
	  	 	1,990,000	  
	 Hillmark Capital Management
	  	 	1,990,000	  
	 SKY Harbor Capital Management
	  	 	995,000	  
	 Penn Capital Management Company, Inc.
	  	 	995,000	  
	 Monegy
	  	 	796,000	  
	 Goldman Sachs
	  	 	751,263	  
		  	 	TOTAL: $1,592,000,000	  

 Part B 

[To be held on file with the Agent]Exhibit

Exhibit 10.1

THIRD AMENDMENT
This Third Amendment, dated as of August 18, 2016 (this “Amendment”), to the Credit Agreement, dated as of June 10, 2014 (as amended by the First Amendment, dated as of November 7, 2014, and the Second Amendment, dated as of April 30, 2015, the “Existing Credit Agreement” and, as amended by the amendments contemplated in Section 2 hereof, the “Amended Credit Agreement” and as further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Emmis Communications Corporation (the “Parent”), Emmis Operating Company (the “Borrower”), the other Credit Parties from time to time party thereto, the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), and the other parties party thereto.  

W I T N E S S E T H:
WHEREAS, the Parent, the Borrower, the Lenders and the Administrative Agent are parties to the Existing Credit Agreement;
WHEREAS, the Parent, the Borrower, the Subsidiary Guarantors party thereto and the Administrative Agent are parties to that certain Guarantee and Collateral Agreement, dated as of June 10, 2014 (the “Existing Guarantee and Collateral Agreement” and, as amended by this Amendment and as further amended, restated, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement”);
WHEREAS, the Borrower has requested that the Existing Credit Agreement and the Existing Guarantee and Collateral Agreement be amended in the manner provided for herein;
WHEREAS, the Required Lenders, the Borrower, the Parent and the Subsidiary Guarantors are willing to agree to the requested amendments subject to the provisions of this Amendment;   
NOW, THEREFORE, in consideration of the premises contained herein, the parties hereto agree as follows:
Section 1.    Defined Terms.  Unless otherwise defined herein, capitalized terms are used herein as defined in the Existing Credit Agreement.
Section 2    Amendment Effective Date Amendments.  As of the Amendment Effective Date (as defined below), the Existing Credit Agreement shall be amended as follows (collectively, the “Amendment Effective Date Amendments”):
(a)    Section 1.01 of the Existing Credit Agreement shall be amended by amending the definition of “Consolidated EBITDA” by replacing the word “and” before clause (n) thereof with “,” and adding a new clause (o) before “, minus” as follows: 
“and (o) costs and expenses incurred or reimbursed by the Borrower solely in connection with the investigation, exploration, negotiation, prosecution, defense or documentation of the Going Private Transaction (regardless of whether the Going Private Transaction is consummated) (including, but not limited to, legal, advisory and litigation costs associated therewith and fees and expenses incurred in connection with SEC and other regulatory matters); provided that if the Going Private Transaction is not consummated, the aggregate amount of such costs and expenses added to determine Consolidated EBITDA pursuant to this 

    
        

clause (o) shall not exceed (i) if the Going Private Transaction is approved by a special committee of the Board of Directors of Parent, $8,000,000 or (ii) if the Going  Private Transaction is not approved by a special committee of the Board of Directors of Parent, $2,500,000,”
(b)    Section 1.01 of the Existing Credit Agreement shall be amended by inserting the following new defined term in appropriate alphabetical order:
““Going Private Transaction” means any transaction that is intended to result in the Class A common stock of the Parent ceasing to be registered under Securities Exchange Act of 1934.”
(c)    Section 6.08 of the Existing Credit Agreement shall be amended by deleting the word “and” before clause (h) thereof and adding the following new clause (i):
“and (i) the Going Private Transaction and the payment of any costs and expenses incurred or reimbursed by the Borrower in connection with the investigation, exploration, negotiation, prosecution, defense or documentation of the Going Private Transaction (regardless of whether the Going Private Transaction is consummated) (including, but not limited to, legal, advisory and litigation costs associated therewith and fees and expenses incurred in connection with SEC and other regulatory matters).” 
Section 3.    Conditions to Effectiveness of the Amendment Effective Date Amendments.  The Amendment Effective Date Amendments shall become effective upon the date on which the following conditions precedent have been satisfied or waived (such date, the “Amendment Effective Date”):
(a)    The Administrative Agent shall have received counterparts to this Amendment duly executed by the Parent, the Borrower, the Required Lenders and the Subsidiary Guarantors.
(b)    The Administrative Agent shall have received all fees and expenses for which invoices have been presented at least one Business Day prior to the Amendment Effective Date (including the reasonable fees and expenses of legal counsel), in each case, required to be paid pursuant to the Loan Documents.
Section 4.    Going Private Transaction Amendments.  As of the Going Private Transaction Date (as defined below), the Amended Credit Agreement and the Existing Guarantee and Collateral Agreement shall amended as follows (collectively, the “Going Private Transaction Amendments”):
(a)    Section 1.01 of the Amended Credit Agreement shall be amended by amending and restating the definition of “Applicable Margin” to read as follows:
““Applicable Margin” means (a) with respect to the Revolving Facility, (i) 7.00% with respect to ABR Loans and (ii) 8.00% with respect to Eurodollar Loans, (b) with respect to the Term Loan Facility, (i) 7.00% with respect to ABR Loans and (ii) 8.00% with respect to Eurodollar Loans and (c) with respect to any Incremental Facility, the amount set forth in the applicable Increased Facility Activation Notice; provided that, with respect to clauses (i) and (ii) of the definition hereof, 100 basis points of the Applicable Margin shall be PIK Interest.”
(b)    Section 1.01 of the Amended Credit Agreement shall be amended by amending the definition of “Available Amount” by replacing the “.” at the end of clause (b) thereof with “; and” and adding the following new clause (c):
“(c) notwithstanding the foregoing, on the Going Private Transaction Date, the Available Amount shall be deemed to be 0.”

2

(c)    Section 1.01 of the Amended Credit Agreement shall be amended by amending the definition of “Change in Control” by amending and restating clause (a) thereof to read as follows: 
“(a) the failure by the Permitted Holders to own, directly or indirectly, beneficially or of record, Equity Interests representing more than 50% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Parent;”

(d)    Section 1.01 of the Amended Credit Agreement shall be amended by amending the definition of “Change in Control” by deleting the word “or” before clause (f) thereof, replacing the “.” at the end of clause (f) thereof with “; or” and adding the following new clause (g):
“(g) the acquisition by the holders of the Second Lien Notes of direct or indirect control of the Credit Parties following a default under the Second Lien Notes, including as a result of a bankruptcy or insolvency event;”
(e)    Section 1.01 of the Amended Credit Agreement shall be amended by amending clause (k) of the definition of “Consolidated EBITDA” to add the following parenthetical after “Asset Dispositions”: 
“(other than Specified Asset Dispositions in accordance with Section 5.15)”
(f)    Section 1.01 of the Amended Credit Agreement shall be amended by amending the definition of “Consolidated EBITDA” by replacing the word “and” before clause (o) thereof with “,” and adding a new clause (p) before “, minus” as follows:
“and (p) losses incurred during such period in connection with the operations of TagStation, LLC since the Going Private Transaction Date in an aggregate amount not in excess of $15,000,000 for all such periods,”
(g)    Section 1.01 of the Amended Credit Agreement shall be amended by amending and restating the definition of “ECF Percentage” to read as follows:
““ECF Percentage” means 90%; provided that with respect to each Fiscal Year, the ECF Percentage shall be reduced to 75% if the Total Senior Secured Leverage Ratio as of the last day of such Fiscal Year is less than 4.00 to 1.00.”
(h)    Section 1.01 of the Amended Credit Agreement shall be amended by amending the definition of “Permitted Refinancing” to revise the language before clause (A) to read as follows:
“means Indebtedness constituting a refinancing or extension of Indebtedness permitted under Sections 6.01(a), (b), (g), (h) and (l) that”
(i)    Section 1.01 of the Amended Credit Agreement shall be amended by amending and restating the definition of “Term Facility Maturity Date” to read as follows:
““Term Maturity Date” means June 30, 2020.”
(j)    Section 1.01 of the Amended Credit Agreement shall be amended by amending and restating the definition of “Unrestricted Subsidiaries” to read as follows:

3

““Unrestricted Subsidiaries” means collectively, (a) Emmis New York Radio LLC, Emmis New York Radio License LLC, the NextRadio License Subsidiaries and Digonex and (b) any not-for-profit subsidiary, if any. Notwithstanding the foregoing, no Person may be an Unrestricted Subsidiary hereunder if (i) it is a “Guarantor” under any indenture or other document or instrument governing Subordinated Indebtedness or has otherwise guaranteed or given assurances of payment or performance under or in respect of any Indebtedness (including Subordinated Indebtedness) of the Parent, the Borrower or any of the Subsidiaries or (ii) it is a License Subsidiary formed or organized, as applicable, under the laws of the United States.”
(k)    Section 1.01 of the Amended Credit Agreement shall be amended by inserting the following new defined term in appropriate alphabetical order:
““Going Private Transaction Date” shall mean the date on which the Going Private Transaction is consummated.
“PIK Interest” means interest on Indebtedness paid in the form of an increase in the outstanding principal amount of Indebtedness.
“Second Lien Notes” means the senior secured notes issued on the Going Private Transaction Date, which notes shall have terms, taken as a whole, no less favorable to the Borrower and the Credit Parties than those set forth on Exhibit A to the Third Amendment or terms .
“Specified Asset Dispositions” has the meaning set forth in Section 5.15.
“Third Amendment” means that certain Third Amendment to this Agreement, dated as of August 18, 2016, among the Parent, the Borrower, the Subsidiary Guarantors party thereto and the Lenders party thereto. 
(l)    Section 1.05(e) of the Amended Credit Agreement shall be amended to add the following proviso at the end thereof:
“provided that in no event shall any such cost savings, expenses or other adjustments pursuant to this clause (e) exceed 15% of the Consolidated EBITDA so acquired or divested.”
(m)    Section 2.10(a)(iii) of the Amended Credit Agreement shall be amended and restated in its entirety to read as follows:
“(iii) to the Administrative Agent for the account of each applicable Lender, on the first Business Day of each calendar quarter (each such date being called a “Repayment Date”) a principal amount of the Term Loans in an amount equal to 1.25% of the principal amount of the Term Loans outstanding as of the Going Private Transaction Date (after giving effect to any Term Loans prepaid in connection therewith), with the remaining balance thereof payable on the Term Maturity Date.”
(n)    The third sentence of Section 2.11(a) of the Amended Credit Agreement shall be amended and restated in its entirety to read as follows:
“All prepayments of Term Loans from the proceeds of a concurrent incurrence of Indebtedness by the Borrower effected (i) on and after the second anniversary of the Going Private Transaction Date but prior to the third anniversary of the Going Private Transaction Date shall be accompanied by a fee payable to the Term Lenders in an amount equal to 2.00% of the aggregate principal amount of the Term Loans so prepaid 

4

and (ii) on and after the third anniversary of the Going Private Transaction Date shall be accompanied by a fee payable to the Term Lenders in an amount equal to 3.00% of the aggregate principal amount of the Term Loans so prepaid; provided that, for the avoidance of doubt, no fee shall be payable in connection with any such prepayment prior to the second anniversary of the Going Private Transaction Date; provided, further, that, notwithstanding the foregoing, in the event that the Specified Asset Dispositions are not consummated (or under contract subject only to regulatory approval) on or before the date that is nine months after the Going Private Transaction Date, all such prepayments shall be accompanied by a fee payable to the Term Lenders in an amount equal to 3.00% of the aggregate principal amount of the Term Loans so prepaid.”  
(o)    Section 2.11(c)(i) of the Amended Credit Agreement shall be amended and restated in its entirety to read as follows:
“(i)    not later than the 30th day following the receipt thereof by the Parent, the Borrower or any Subsidiary, 100% of the aggregate Net Available Proceeds realized upon all Asset Dispositions and Asset Swaps (other than (x) Asset Dispositions or Assets Swaps permitted by Section 6.03 (other than Sections 6.03(c)(iii) or 6.03(c)(iv)) and (y) Asset Dispositions or Asset Swaps yielding Net Available Proceeds of less than $500,000 in any such Asset Disposition or Asset Swap or series of related Asset Dispositions or related Asset Swaps; provided that the aggregate amount of Net Available Proceeds excluded in any Fiscal Year pursuant to the operation of this clause (y) shall not exceed $1,000,000) in any Fiscal Year of the Borrower; provided that the first $5,000,000 of Net Available Proceeds realized upon Specified Asset Dispositions shall not be subject to this Section 2.11(c)(i);”
(p)    the following new Section 5.15 shall be added to the Amended Credit Agreement:
“SECTION 5.15.  Asset Dispositions.  Commencing  August __, 2016 and ending on or prior to the date that is nine months after the Going Private Transaction Date, the Borrower and its Subsidiaries shall use commercially reasonable efforts to consummate Asset Dispositions in an aggregate amount of not less than $40,000,000 (such Asset Dispositions, the “Specified Asset Dispositions”).   All Net Available Proceeds realized upon such Specified Asset Dispositions shall be applied to prepay the Loans in accordance with Section 2.11(c)(i).”
(q)    Section 6.01(h) of the Amended Credit Agreement shall be amended by replacing “$30,000,000” with “5,000,000”.
(r)    Section 6.01 of the Amended Credit Agreement shall be amended by deleting the word “and” at the end of clause (j) thereof, replacing the “.” at the end of clause (k) thereof with “; and” and adding the following new clause (l):
“(l) Indebtedness of any Credit Party in respect of the Second Lien Notes (and any Permitted Refinancing thereof (and any successive Permitted Refinancings thereof)) in an aggregate principal amount outstanding pursuant to this clause 6.01(l) not to exceed the sum of (i) $70,000,000 and (ii) any increase in the principal amount thereof as a result of the payment of PIK Interest.” 
(s)    Section 6.02(d) of the Amended Credit Agreement shall be amended by replacing “$5,000,000” with “2,000,000”.
(t)    Section 6.02 of the Amended Credit Agreement shall be amended by deleting the word “and” at the end of clause (j) thereof, replacing the “.” at the end of clause (k) thereof with “; and” and adding the following new clause (l):

5

“(l) Liens on the Collateral securing the Second Lien Notes (and any Permitted Refinancing thereof (and any successive Permitted Refinancings thereof)); provided that such Liens shall be subject to an intercreditor agreement in form and substance reasonably satisfactory to the Required Lenders.”
(u)    Section 6.03(c) of the Amended Credit Agreement shall be amended by deleting the word “and” at the end of clause (v) thereof, replacing “.” at the end of clause (vi) thereof with “; and” and adding the following new clause (vii):
“(vii)  Specified Asset Dispositions in accordance with Section 5.15; provided that in the case of each such Specified Asset Disposition (A) at least 75% of the consideration received by the applicable Credit Party or Subsidiary in connection therewith is in the form of cash or readily marketable cash equivalents and is received upon consummation of such Specified Asset Disposition, (B) each such Specified Asset Disposition is consummated on an arm’s length basis for fair consideration with a non-Affiliate of such Credit Party or Subsidiary and (C) all Net Available Proceeds realized upon such Specified Asset Disposition shall be applied to prepay the Loans in accordance with Section 2.11(c)(i).”
(v)    Section 6.03 of the Amended Credit Agreement shall be amended by adding the following paragraph at the end thereof:
“Notwithstanding anything in this Agreement or the other Credit Documents to the contrary, and for the avoidance of doubt, it is understood and agreed that this Section 6.03 shall not prohibit the Going Private Transaction.”
(w)    Section 6.04(i) of the Amended Credit Agreement shall be amended by replacing “$15,000,000” with “$5,000,000”.
(x)    Section 6.04(n) of the Amended Credit Agreement shall be deleted in its entirety and replaced with the following:
“(n) Investments in Digonex in an amount not to exceed the aggregate amount of such Investments existing on the Going Private Transaction Date;”
(y)    Section 6.07(a)(viii) of the Amended Credit Agreement shall be amended and restated to read as follows:
“(viii)    other Restricted Payments, together with payments pursuant to Section 6.07(b)(v), in an amount not to exceed $10,000,000 so long as (x) no Default or Event of Default exists or would result therefrom and (y) the Total Senior Secured Leverage Ratio is, immediately prior and after giving effect to such Restricted Payment, calculated on a pro forma basis, less than or equal to 3.00 to 1.00; and”
(z)    Section 6.07(b)(v) of the Amended Credit Agreement shall be amended and restated to read as follows:
“(v)    payments of Indebtedness, together with Restricted Payments made pursuant to Section 6.07(a)(viii), in an amount not to exceed $10,000,000 so long as (x) no Default or Event of Default exists or would result therefrom and (y) the Total Senior Secured Leverage Ratio is, immediately prior and after giving effect to such Restricted Payment, calculated on a pro forma basis, less than or equal to 3.00 to 1.00; provided this Section 6.07(b)(v) shall not permit prepayments of the Second Lien Notes (or any Permitted Refinancings thereof).

6

(aa)    Section 6.07 of the Amended Credit Agreement shall be amended by adding the following clause (c) at the end thereof:
“(c) The Credit Parties will not, and will not permit any of its Subsidiaries to, make or agree to pay or make, directly or indirectly, any payment or other distribution (whether in cash, securities or other property) of or in respect of principal or interest on the Second Lien Notes, or any payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of the Second Lien Notes, except (1) the payment of principal in respect thereof with the first $5,000,000 of Net Available Proceeds realized upon Specified Asset Dispositions and (2) the payment of regularly scheduled interest payments as and when due in respect thereof; provided that the aggregate amount of any such interest payments payable in cash shall not exceed (i) prior to the second anniversary of the Going Private Transaction Date, $3,000,000 per year and (ii) thereafter, $4,000,000 per year so long as, in the case of this clause (ii), the Borrower shall be in pro forma compliance with the financial covenant set forth in Section 6.17(c); provided, further, that this Section 6.07(c) shall not prohibit any increase in the principal amount of the Second Lien Notes as a result of the payment of PIK Interest.” 
(bb)    Section 6.11 of the Amended Credit Agreement shall be amended by replacing the text of clauses (c) and (d) thereof with “[Reserved]” and adding a new clause (f) after clause (e) thereof to read as follows:
“(f)  Promptly after the Going Private Transaction Date, Tag Station, LLC (f/k/a TagStation Holdings, LLC) shall become a Credit Party and shall execute a joinder to the Guarantee and Collateral Agreement in accordance with Section 5.13(a).”
(cc)    Section 6.17(b) of the Amended Credit Agreement shall be amended and restated in its entirety to read as follows:
“(b)  Commencing with the first Fiscal Quarter ending after the Going Private Transaction Date, the Borrower will not permit the Total Leverage Ratio as of the last day of any Fiscal Quarter set forth below to be more than the applicable ratio set forth below for such Fiscal Quarter:
	
		
	Fiscal Quarter Ending   
	Total Leverage Ratio

	Each Fiscal Quarter  ending on or prior to  February 29, 2020
	7.75: 1.00

	May 31, 2020 and thereafter
	6.00:1.00”

(dd)    Section 6.17 of the Amended Credit Agreement shall be amended by changing clause (c) thereof to clause (e) and adding the following new clauses (c) and (d):
“(c)  Commencing with the Fiscal Quarter ending May 31, 2017, the Borrower will not permit the Total Senior Secured Leverage Ratio as of the last day of any Fiscal Quarter set forth below to be more than the applicable ratio set forth below for such Fiscal Quarter:

7

	
		
	Fiscal Quarter Ending   
	Total Senior Secured Leverage Ratio

	May 31, 2017 through February 28, 2018
	4.75:1.00

	May 31, 2018
	4.00:1.00

	August 31, 2018
	3.75:1.00

	November 30, 2018 through February 28, 2019
	3.50:1.00

	May 31, 2019 through August 31, 2019
	3.25:1.00

	November 30, 2019 through February 29, 2020
	3.00:1.00

	May 31, 2020 and thereafter
	2.75:1.00

provided that, notwithstanding the foregoing, in the event that the Specified Asset Dispositions are not consummated (or under contract subject only to regulatory approval) on or before the date that is twelve months after the Going Private Transaction Date, the Total Senior Secured Leverage Ratio levels shall be reduced as set forth below:
	
		
	Fiscal Quarter Ending   
	Total Senior Secured Leverage Ratio

	May 31, 2017 through February 28, 2018
	3.75:1.00

	May 31, 2018
	3.00:1.00

	August 31, 2018
	2.75:1.00

	November 30, 2018 through February 28, 2019
	2.50:1.00

	May 31, 2019 through August 31, 2019
	2.25:1.00

	November 30, 2019 through February 29, 2020
	2.00:1.00

	May 31, 2020 and thereafter
	1.75:1.00

(d)  (i)  The aggregate amount of Capital Expenditures made by the Credit Parties and its Subsidiaries in each four Fiscal Quarter period (commencing with the first full four Fiscal Quarter period ending after the Going Private Transaction Date) shall not exceed $5,000,000.  
(ii)  An amount equal to 50% of the Capital Expenditures set forth in Section 6.17(d)(i) in respect of any four Fiscal Quarter period may be carried over for expenditure in the next succeeding four Fiscal Quarter period (but not any other four Fiscal Quarter period); provided that Capital Expenditures made during any four Fiscal Quarter period shall be deemed made, first, in respect of amounts permitted for such four Fiscal Quarter period and second, in respect of amounts carried over from the prior four Fiscal Quarter period pursuant to this Section 6.17(d)(ii).”

8

(ee)    Section 9.02 of the Amended Credit Agreement shall be amended by replacing the reference to “Section 6.17(c)” therein to “Section 6.17(e)”.
(ff)    Section 1 of the Existing Guarantee and Collateral Agreement shall be amended by amending clause (d) of the definition of “Excluded Assets” to add the words “NextRadio, LLC, Digonex and” before the words “any Subsidiary that is an Excluded Subsidiary solely pursuant to clauses (b), (c) or (g) of the definition thereof);”.
Section 5.    Conditions to Effectiveness of the Going Private Transaction Amendments.  The Going Private Transaction Amendments shall become effective upon the date on which the following conditions precedent have been satisfied or waived (such date, the “Going Private Transaction Date”):
(a)    The Going Private Transaction shall have been consummated.
(b)    The Borrower shall have prepaid at least $25,000,000 of Term Loans from the proceeds of the Second Lien Notes and such prepayment shall have been accompanied by a fee payable to the Term Lenders in an amount equal to 1.00% of the aggregate principal amount of the Term Loans so prepaid.
(c)    The Administrative Agent shall have received all fees and expenses for which invoices have been presented at least one Business Day prior to the Going Private Transaction Date (including the reasonable fees and expenses of legal counsel), in each case, required to be paid pursuant to the Loan Documents.
Section 6.    Representations and Warranties.  
(a)    As of the Amendment Effective Date, the representations and warranties of the Credit Parties and their Subsidiaries set forth in the Credit Documents are true and correct in all material respects (without duplication of any materiality qualifier contained therein) with the same effect as though made on and as of the Amendment Effective Date (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date is true and correct in all material respects only as of such specified date, and that any representation or warranty which is subject to any materiality qualifier shall be required to be true and correct in all respects).  
(b)    At the time of and immediately after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.
Section 7.    Fees.  The Borrower agrees to pay or cause to be paid to the Administrative Agent for the account of each Lender (each, a “Consenting Lender”) that has executed and delivered a counterpart to this Amendment to the Administrative Agent pursuant to the instructions provided by the Administrative Agent prior to 5:00 p.m., New York City time, on August 22, 2016 (the “Consent Deadline”), a consent fee in an amount equal to (x) if the Going Private Transaction is consummated, (i) 0.25% of such Consenting Lender’s Term Loan and Revolving Commitment as of the Consent Deadline, payable on, and subject to the occurrence of, the Going Private Transaction Date and (ii) 0.25% of such Consenting Lender’s Term Loan and Revolving Commitment as of the Consent Deadline, subject to the occurrence of the Going Private Transaction Date and payable on the earlier of (1) the date that is nine months after the Going Private Transaction Date and (2) the date of receipt of the first $10,000,000 of Net Available Proceeds realized upon Specified Asset Dispositions or (y) if the Going Private Transaction is not consummated, 0.50% of such Consenting Lender’s Term Loan and Revolving Commitment as of the Consent Deadline, subject to the approval of the Going Private Transaction by a special committee of the Board of Directors of Parent and payable on March 16, 2017; provided that any fees payable to a Consenting Lender pursuant to this clause (y) shall be credited against any fees payable to a Consenting Lender or its Affiliates in connection with an 

9

amendment to the Amended Credit Agreement that includes an amendment to Section 6.17(b) thereof and is executed on or prior to September 16, 2017.  Notwithstanding the foregoing, for the avoidance of doubt, no fees shall be payable to the Consenting Lenders pursuant to clause (y) of this Section 7 if the Going Private Transaction is not approved by a special committee of the Board of Directors of Parent.
Section 8.    Continuing Effect; No Other Amendments or Consents.  Except as expressly provided herein, all of the terms and provisions of the Existing Credit Agreement and the Existing Guarantee and Collateral Agreement are and shall remain in full force and effect.  The amendments provided for herein are limited to the specific subsections of the Existing Credit Agreement and the Existing Guarantee and Collateral Agreement specified herein and shall not constitute a consent, waiver or amendment of, or an indication of the Administrative Agent’s or the Lenders’ willingness to consent to any action requiring consent under any other provisions of the Existing Credit Agreement or the Existing Guarantee and Collateral Agreement or the same subsection for any other date or time period.
Section 9.    Consent and Affirmation of the Subsidiary Guarantors.  Each of the Subsidiary Guarantors, in its capacity as a guarantor and pledger under the Guarantee and Collateral Agreement, hereby (i) consents to the execution, delivery and performance of this Amendment and agrees that each of the Guarantee and Collateral Agreement and the other Security Documents is, and shall continue to be, in full force and effect and is hereby in all respects ratified and confirmed on the Amendment Effective Date, except that, on and after the Amendment Effective Date, each reference to “Credit Agreement”, “First Lien Credit Agreement”, “thereunder”, “thereof” or words of like import shall, unless the context otherwise requires, mean and be a reference to the Amended Credit Agreement and (ii) confirms that the Security Documents to which each of the Subsidiary Guarantors is a party and all of the Collateral described therein do, and shall continue to, secure the payment of all of the Secured Obligations.
Section 10.    Expenses.  The Borrower agrees to pay and reimburse the Administrative Agent for all its reasonable out-of-pocket costs and expenses incurred in connection with the preparation and delivery of this Amendment, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent, in accordance with Section 9.03 of the Existing Credit Agreement.
Section 11.    Successors and Assigns.  This Amendment shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties hereto.
Section 12.    Counterparts.  This Amendment may be executed in any number of counterparts by the parties hereto (including by facsimile and electronic (e.g. “.pdf”, or “.tif”) transmission), each of which counterparts when so executed shall be an original, but all the counterparts shall together constitute one and the same instrument.
Section 13.    Interpretation.  This Amendment is a Loan Document for the purposes of the Credit Agreement.
Section 14.    GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
[Signature pages follow.]

10

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

	 
	 
	 

	 
	By:
	/s/ Ryan A. Hornaday

	 
	 
	Name:
	Ryan A. Hornaday

	 
	 
	Title:
	Executive Vice President, Chief Financial Officer and Treasurer

	 
	 
	 
	 

	 
	EMMIS COMMUNICATIONS CORPORATION

	 
	 
	 

	 
	By:
	/s/ Ryan A. Hornaday

	 
	 
	Name:
	Ryan A. Hornaday

	 
	 
	Title:
	Executive Vice President, Chief Financial Officer and Treasurer

	 
	 
	 
	 

	 
	EMMIS RADIO LICENSE, LLC

	 
	EMMIS RADIO, LLC

	 
	EMMIS LICENSE CORPORATION OF NEW YORK

	 
	EMMIS RADIO LICENSE CORPORAION OF NEW YORK

	 
	EMMIS RADIO HOLDING CORPORATION

	 
	EMMIS RADIO HOLDING II CORPORATION

	 
	EMMIS PUBLISHING CORPORATION

	 
	LOS ANGELES MAGAZINE HOLDING COMPANY, INC.

	 
	MEDIATEX COMMUNICATIONS CORPORATION

	 
	EMMIS PUBLISHING, L.P.

	 
	ORANGE COAST KOMMUNICATIONS INC.

	 
	EMMIS INDIANA BROADCASTING, L.P.

	 
	TAGSTATION, LLC.

	 
	 
	 
	 

	 
	By:
	/s/ Ryan A. Hornaday

	 
	 
	Name:
	Ryan A. Hornaday

	 
	 
	Title:
	Executive Vice President, Chief Financial Officer and Treasurer

[Signature Page to Third Amendment]
        

	
				
	 
	ALM V, Ltd.,

	 
	as a Lender

	 
	By:
	Apollo Credit Management (CLO), LLC, as Collateral Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joe Moroney

	 
	 
	Name:
	Joe Moroney

	 
	 
	Title:
	Vice President

[Signature Page to Third Amendment]
    

	
				
	 
	ALM VI, Ltd.,

	 
	as a Lender

	 
	By:
	Apollo Credit Management (CLO), LLC, as Collateral Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joe Moroney

	 
	 
	Name:
	Joe Moroney

	 
	 
	Title:
	Vice President

        
[Signature Page to Third Amendment]
        

	
				
	 
	ALM VII (R), Ltd.,

	 
	as a Lender

	 
	By:
	Apollo Credit Management (CLO), LLC, as Collateral Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joe Moroney

	 
	 
	Name:
	Joe Moroney

	 
	 
	Title:
	Vice President

        
[Signature Page to Third Amendment]
        

	
				
	 
	ALM VII (R)-2, Ltd.,

	 
	as a Lender

	 
	By:
	Apollo Credit Management (CLO), LLC, as Collateral Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joe Moroney

	 
	 
	Name:
	Joe Moroney

	 
	 
	Title:
	Vice President

        
[Signature Page to Third Amendment]
        

	
				
	 
	ALM VII, Ltd.,

	 
	as a Lender

	 
	By:
	Apollo Credit Management (CLO), LLC, as Collateral Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joe Moroney

	 
	 
	Name:
	Joe Moroney

	 
	 
	Title:
	Vice President

        
[Signature Page to Third Amendment]
        

	
				
	 
	ALM VIII, Ltd.,

	 
	as a Lender

	 
	By:
	Apollo Credit Management (CLO), LLC, as Collateral Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joe Moroney

	 
	 
	Name:
	Joe Moroney

	 
	 
	Title:
	Vice President

        
[Signature Page to Third Amendment]
        

	
				
	 
	ALM X, Ltd.,

	 
	as a Lender

	 
	By:
	Apollo Credit Management (CLO), LLC, as Collateral Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joe Moroney

	 
	 
	Name:
	Joe Moroney

	 
	 
	Title:
	Vice President

        
[Signature Page to Third Amendment]
        

	
				
	 
	ALM XI, Ltd.,

	 
	as a Lender

	 
	By:
	Apollo Credit Management (CLO), LLC, as Collateral Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joe Moroney

	 
	 
	Name:
	Joe Moroney

	 
	 
	Title:
	Vice President

        
[Signature Page to Third Amendment]
        

	
				
	 
	ALM XII, Ltd.,

	 
	as a Lender

	 
	By:
	Apollo Credit Management (CLO), LLC, as Collateral Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joe Moroney

	 
	 
	Name:
	Joe Moroney

	 
	 
	Title:
	Vice President

        
[Signature Page to Third Amendment]
        

	
				
	 
	APOLLO AF LOAN TRUST 2012

	 
	as a Lender

	 
	By:
	Apollo Credit Management (Senior Loans) II, LLC, as Portfolio Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joseph Glatt

	 
	 
	Name:
	Joseph Glatt

	 
	 
	Title:
	Vice President

        
[Signature Page to Third Amendment]
        

	
				
	 
	Apollo Lincoln Fixed Income Fund, L.P.,

	 
	as a Lender

	 
	By:
	Apollo Lincoln Fixed Income Management, LLC, its investment manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joseph Glatt

	 
	 
	Name:
	Joseph Glatt

	 
	 
	Title:
	Vice President

        
[Signature Page to Third Amendment]
        

	
				
	 
	Apollo Senior Floating Rate Fund, Inc.,

	 
	as a Lender

	 
	By:
	631203

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joe Moroney

	 
	 
	Name:
	Joe Moroney

	 
	 
	Title:
	Vice President

        
[Signature Page to Third Amendment]
        

	
				
	 
	Apollo Tactical Income Fund Inc,

	 
	as a Lender

	 
	By:
	Account 361722

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joe Moroney

	 
	 
	Name:
	Joe Moroney

	 
	 
	Title:
	Vice President

        
[Signature Page to Third Amendment]
        

	
				
	 
	Apollo TR US Middle Market Loan, LLC

	 
	as a Lender

	 
	By:
	Apollo Total Return Master Fund LP, its Member

	 
	By:
	Apollo Total Return Advisors LP, its General Counsel

	 
	By:
	Apollo Total Return Advisors GP LLC, its General Partner

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joseph Glatt

	 
	 
	Name:
	Joseph Glatt

	 
	 
	Title:
	Vice President

        
[Signature Page to Third Amendment]
        

	
				
	 
	CSAA Insurance Exchange,

	 
	as a Lender

	 
	By:
	Oaktree Capital Management, L.P.

	 
	Its:
	Investment Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Ronald Kaplan

	 
	 
	Name:
	Ronald Kaplan

	 
	 
	Title:
	Senior Vice President

	 
	 
	 
	 

	 
	By:
	/s/ Armen Panossian

	 
	 
	Name:
	Armen Panossian

	 
	 
	Title:
	Managing Director

        
[Signature Page to Third Amendment]
        

	
				
	 
	Missouri Education Pension Trust,

	 
	as a Lender

	 
	By:
	Oaktree Capital Management, L.P.

	 
	Its:
	Investment Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Ronald Kaplan

	 
	 
	Name:
	Ronald Kaplan

	 
	 
	Title:
	Senior Vice President

	 
	 
	 
	 

	 
	By:
	/s/ Armen Panossian

	 
	 
	Name:
	Armen Panossian

	 
	 
	Title:
	Managing Director

        
[Signature Page to Third Amendment]
        

	
				
	 
	Oaktree CLO 2014-1 Ltd.,

	 
	as a Lender

	 
	By:
	Oaktree Capital Management, L.P.

	 
	Its:
	Collateral Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Ronald Kaplan

	 
	 
	Name:
	Ronald Kaplan

	 
	 
	Title:
	Senior Vice President

	 
	 
	 
	 

	 
	By:
	/s/ Armen Panossian

	 
	 
	Name:
	Armen Panossian

	 
	 
	Title:
	Managing Director

        
[Signature Page to Third Amendment]
        

	
				
	 
	Oaktree Enhanced Income Funding Series IV, Ltd..,

	 
	as a Lender

	 
	By:
	Oaktree Capital Management, L.P.

	 
	Its:
	Collateral Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Ronald Kaplan

	 
	 
	Name:
	Ronald Kaplan

	 
	 
	Title:
	Senior Vice President

	 
	 
	 
	 

	 
	By:
	/s/ Armen Panossian

	 
	 
	Name:
	Armen Panossian

	 
	 
	Title:
	Managing Director

        
[Signature Page to Third Amendment]
        

	
				
	 
	Oaktree Senior Loan Fund, L.P.

	 
	as a Lender

	 
	By:
	Oaktree Senior Loan Fund GP, L.P.

	 
	Its:
	General Partner

	 
	 
	 

	 
	By:
	Oaktree Fund GP II, L.P.

	 
	Its:
	Managing Member

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Ronald Kaplan

	 
	 
	Name:
	Ronald Kaplan

	 
	 
	Title:
	Senior Vice President

	 
	 
	 
	 

	 
	By:
	/s/ Armen Panossian

	 
	 
	Name:
	Armen Panossian

	 
	 
	Title:
	Managing Director

        
[Signature Page to Third Amendment]
        

	
				
	 
	Indiana Public Retirement System, 

	 
	as a Lender

	 
	By:
	Oaktree Capital Management, L.P.

	 
	Its:
	Investment Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Ronald Kaplan

	 
	 
	Name:
	Ronald Kaplan

	 
	 
	Title:
	Senior Vice President

	 
	 
	 
	 

	 
	By:
	/s/ Armen Panossian

	 
	 
	Name:
	Armen Panossian

	 
	 
	Title:
	Managing Director

        
[Signature Page to Third Amendment]
        

	
				
	 
	Oaktree CLO 2014-2 Ltd.,

	 
	as a Lender

	 
	By:
	Oaktree Capital Management, L.P.

	 
	Its:
	Collateral Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Ronald Kaplan

	 
	 
	Name:
	Ronald Kaplan

	 
	 
	Title:
	Senior Vice President

	 
	 
	 
	 

	 
	By:
	/s/ Armen Panossian

	 
	 
	Name:
	Armen Panossian

	 
	 
	Title:
	Managing Director

        
[Signature Page to Third Amendment]
        

	
				
	 
	OAKTREE CLO 2015-1 LTD.,

	 
	as a Lender

	 
	By:
	Oaktree Capital Management, L.P.

	 
	Its:
	Collateral Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Ronald Kaplan

	 
	 
	Name:
	Ronald Kaplan

	 
	 
	Title:
	Senior Vice President

	 
	 
	 
	 

	 
	By:
	/s/ Armen Panossian

	 
	 
	Name:
	Armen Panossian

	 
	 
	Title:
	Managing Director

        
[Signature Page to Third Amendment]
        

	
				
	 
	Oaktree EIF II Series A1, Ltd.,

	 
	as a Lender

	 
	By:
	Oaktree Capital Management, L.P.

	 
	Its:
	Collateral Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Ronald Kaplan

	 
	 
	Name:
	Ronald Kaplan

	 
	 
	Title:
	Senior Vice President

	 
	 
	 
	 

	 
	By:
	/s/ Armen Panossian

	 
	 
	Name:
	Armen Panossian

	 
	 
	Title:
	Managing Director

        
[Signature Page to Third Amendment]
        

	
				
	 
	Rivernorth/Oaktree High Income Fund

	 
	as a Lender

	 
	By:
	Oaktree Capital Management, L.P.

	 
	Its:
	Investment Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Ronald Kaplan

	 
	 
	Name:
	Ronald Kaplan

	 
	 
	Title:
	Senior Vice President

	 
	 
	 
	 

	 
	By:
	/s/ Armen Panossian

	 
	 
	Name:
	Armen Panossian

	 
	 
	Title:
	Managing Director

        
[Signature Page to Third Amendment]
        

	
				
	 
	WM Pool - High Yield Fixed Interest Trust,

	 
	as a Lender

	 
	By:
	Oaktree Capital Management, L.P.

	 
	Its:
	Investment Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Ronald Kaplan

	 
	 
	Name:
	Ronald Kaplan

	 
	 
	Title:
	Senior Vice President

	 
	 
	 
	 

	 
	By:
	/s/ Armen Panossian

	 
	 
	Name:
	Armen Panossian

	 
	 
	Title:
	Managing Director

        
[Signature Page to Third Amendment]
        

	
				
	 
	OZLM FUNDING, LTD., 

	 
	as a Lender

	 
	By:
	Och-Ziff Loan Management LP, its investment manager

	 
	By:
	Och-Ziff Loan Management LLC, its General Partner

	 
	By:
	OZ Management LP, its Member

	 
	By:
	Och-Ziff Loan Holding Corporation, its General Partner

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joel Frank

	 
	 
	Name:
	Joel Frank

	 
	 
	Title:
	Chief Financial Officer

        
[Signature Page to Third Amendment]
        

	
				
	 
	OZLM FUNDING II, LTD., 

	 
	as a Lender

	 
	By:
	Och-Ziff Loan Management LP, its investment manager

	 
	By:
	Och-Ziff Loan Management LLC, its General Partner

	 
	By:
	OZ Management LP, its Member

	 
	By:
	Och-Ziff Loan Holding Corporation, its General Partner

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joel Frank

	 
	 
	Name:
	Joel Frank

	 
	 
	Title:
	Chief Financial Officer

        
[Signature Page to Third Amendment]
        

	
				
	 
	OZLM FUNDING III, LTD., 

	 
	as a Lender

	 
	By:
	Och-Ziff Loan Management LP, its investment manager

	 
	By:
	Och-Ziff Loan Management LLC, its General Partner

	 
	By:
	OZ Management LP, its Member

	 
	By:
	Och-Ziff Loan Holding Corporation, its General Partner

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joel Frank

	 
	 
	Name:
	Joel Frank

	 
	 
	Title:
	Chief Financial Officer

        
[Signature Page to Third Amendment]
        

	
				
	 
	OZLM FUNDING IV, LTD., 

	 
	as a Lender

	 
	By:
	Och-Ziff Loan Management LP, its investment manager

	 
	By:
	Och-Ziff Loan Management LLC, its General Partner

	 
	By:
	OZ Management LP, its Member

	 
	By:
	Och-Ziff Loan Holding Corporation, its General Partner

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joel Frank

	 
	 
	Name:
	Joel Frank

	 
	 
	Title:
	Chief Financial Officer

        
[Signature Page to Third Amendment]
        

	
				
	 
	OZLM FUNDING V, LTD., 

	 
	as a Lender

	 
	By:
	Och-Ziff Loan Management LP, its investment manager

	 
	By:
	Och-Ziff Loan Management LLC, its General Partner

	 
	By:
	OZ Management LP, its Member

	 
	By:
	Och-Ziff Loan Holding Corporation, its General Partner

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joel Frank

	 
	 
	Name:
	Joel Frank

	 
	 
	Title:
	Chief Financial Officer

        
[Signature Page to Third Amendment]
        

	
				
	 
	OZLM VI, LTD., 

	 
	as a Lender

	 
	By:
	Och-Ziff Loan Management LP, its investment manager

	 
	By:
	Och-Ziff Loan Management LLC, its General Partner

	 
	By:
	OZ Management LP, its Member

	 
	By:
	Och-Ziff Loan Holding Corporation, its General Partner

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joel Frank

	 
	 
	Name:
	Joel Frank

	 
	 
	Title:
	Chief Financial Officer

        
[Signature Page to Third Amendment]
        

	
				
	 
	OZLM VII, LTD., 

	 
	as a Lender

	 
	By:
	Och-Ziff Loan Management LP, its investment manager

	 
	By:
	Och-Ziff Loan Management LLC, its General Partner

	 
	By:
	OZ Management LP, its Member

	 
	By:
	Och-Ziff Loan Holding Corporation, its General Partner

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joel Frank

	 
	 
	Name:
	Joel Frank

	 
	 
	Title:
	Chief Financial Officer

        
[Signature Page to Third Amendment]
        

	
				
	 
	OZLM VIII, LTD., 

	 
	as a Lender

	 
	By:
	Och-Ziff Loan Management LP, its investment manager

	 
	By:
	Och-Ziff Loan Management LLC, its General Partner

	 
	By:
	OZ Management LP, its Member

	 
	By:
	Och-Ziff Loan Holding Corporation, its General Partner

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joel Frank

	 
	 
	Name:
	Joel Frank

	 
	 
	Title:
	Chief Financial Officer

        
[Signature Page to Third Amendment]
        

	
				
	 
	OZLM IX, LTD., 

	 
	as a Lender

	 
	By:
	Och-Ziff Loan Management LP, its investment manager

	 
	By:
	Och-Ziff Loan Management LLC, its General Partner

	 
	By:
	OZ Management LP, its Member

	 
	By:
	Och-Ziff Loan Holding Corporation, its General Partner

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joel Frank

	 
	 
	Name:
	Joel Frank

	 
	 
	Title:
	Chief Financial Officer

        
[Signature Page to Third Amendment]
        

	
				
	 
	OZLM XI, LTD., 

	 
	as a Lender

	 
	By:
	Och-Ziff Loan Management LP, its investment manager

	 
	By:
	Och-Ziff Loan Management LLC, its General Partner

	 
	By:
	OZ Management LP, its Member

	 
	By:
	Och-Ziff Loan Holding Corporation, its General Partner

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joel Frank

	 
	 
	Name:
	Joel Frank

	 
	 
	Title:
	Chief Financial Officer

        
[Signature Page to Third Amendment]
        

	
				
	 
	OZLM XII, LTD., 

	 
	as a Lender

	 
	By:
	Och-Ziff Loan Management LP, its investment manager

	 
	By:
	Och-Ziff Loan Management LLC, its General Partner

	 
	By:
	OZ Management LP, its Member

	 
	By:
	Och-Ziff Loan Holding Corporation, its General Partner

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joel Frank

	 
	 
	Name:
	Joel Frank

	 
	 
	Title:
	Chief Financial Officer

        
[Signature Page to Third Amendment]
        

	
				
	 
	OZLM XIII, LTD., 

	 
	as a Lender

	 
	By:
	Och-Ziff Loan Management LP, its investment manager

	 
	By:
	Och-Ziff Loan Management LLC, its General Partner

	 
	By:
	OZ Management LP, its Member

	 
	By:
	Och-Ziff Loan Holding Corporation, its General Partner

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joel Frank

	 
	 
	Name:
	Joel Frank

	 
	 
	Title:
	Chief Financial Officer

        
[Signature Page to Third Amendment]
        

	
				
	 
	OZLM XIV, LTD., 

	 
	as a Lender

	 
	By:
	Och-Ziff Loan Management LP, its investment manager

	 
	By:
	Och-Ziff Loan Management LLC, its General Partner

	 
	By:
	OZ Management LP, its Member

	 
	By:
	Och-Ziff Loan Holding Corporation, its General Partner

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joel Frank

	 
	 
	Name:
	Joel Frank

	 
	 
	Title:
	Chief Financial Officer

        
[Signature Page to Third Amendment]
        

	
				
	 
	ASF1 Loan Funding LLC,

	 
	as a Lender

	 
	By:
	Citibank, N.A.,

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Lauri Pool

	 
	 
	Name:
	Lauri Pool

	 
	 
	Title:
	Associate Director

        
[Signature Page to Third Amendment]
        

	
				
	 
	15th Street Loan Funding LLC,

	 
	as a Lender

	 
	By:
	Citibank, N.A.,

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Lauri Pool

	 
	 
	Name:
	Lauri Pool

	 
	 
	Title:
	Associate Director

        
[Signature Page to Third Amendment]
        

	
				
	 
	US BANK N.A., solely as trustee of the DOLL Trust (for qualified investors only), (and not in its individual capacity)

	 
	By:
	Octagon Credit Investors, LLC as Portfolio Manager

	 
	as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Margaret B. Harvey

	 
	 
	Name:
	Margaret B. Harvey

	 
	 
	Title:
	Managing Director of Portfolio Administration

        
[Signature Page to Third Amendment]
        

	
				
	 
	Octagon Senior Secured Credit Master Fund Ltd.

	 
	By:
	Octagon Credit Investors, LLC as Investment Manager

	 
	as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Margaret B. Harvey

	 
	 
	Name:
	Margaret B. Harvey

	 
	 
	Title:
	Managing Director of Portfolio Administration

        
[Signature Page to Third Amendment]
        

	
				
	 
	Octagon Delaware Trust 2011

	 
	By:
	Octagon Credit Investors, LLC as Portfolio Manager

	 
	as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Margaret B. Harvey

	 
	 
	Name:
	Margaret B. Harvey

	 
	 
	Title:
	Managing Director of Portfolio Administration

        
[Signature Page to Third Amendment]
        

	
				
	 
	Octagon Investment Partners XVIII, Ltd.

	 
	By:
	Octagon Credit Investors, LLC as Collateral Manager

	 
	as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Margaret B. Harvey

	 
	 
	Name:
	Margaret B. Harvey

	 
	 
	Title:
	Managing Director of Portfolio Administration

        
[Signature Page to Third Amendment]
        

	
				
	 
	Octagon Investment Partners XV, Ld.

	 
	By:
	Octagon Credit Investors, LLC as Collateral Manager

	 
	as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Margaret B. Harvey

	 
	 
	Name:
	Margaret B. Harvey

	 
	 
	Title:
	Managing Director of Portfolio Administration

        
[Signature Page to Third Amendment]
        

	
				
	 
	Octagon Investment Partners XX, Ltd

	 
	By:
	Octagon Credit Investors, LLC as Portfolio Manager

	 
	as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Margaret B. Harvey

	 
	 
	Name:
	Margaret B. Harvey

	 
	 
	Title:
	Managing Director of Portfolio Administration

        
[Signature Page to Third Amendment]
        

	
				
	 
	Octagon Investment Partners XXIII, Ltd

	 
	By:
	Octagon Credit Investors, LLC as Collateral Manager

	 
	as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Margaret B. Harvey

	 
	 
	Name:
	Margaret B. Harvey

	 
	 
	Title:
	Managing Director of Portfolio Administration

        
[Signature Page to Third Amendment]
        

	
				
	 
	Octagon Loan Funding Ltd.

	 
	By:
	Octagon Credit Investors, LLC as Collateral Manager

	 
	as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Margaret B. Harvey

	 
	 
	Name:
	Margaret B. Harvey

	 
	 
	Title:
	Managing Director of Portfolio Administration

        
[Signature Page to Third Amendment]
        

	
				
	 
	Octagon Investment Partners XXI, Ltd

	 
	By:
	Octagon Credit Investors, LLC as Collateral Manager

	 
	as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Margaret B. Harvey

	 
	 
	Name:
	Margaret B. Harvey

	 
	 
	Title:
	Managing Director of Portfolio Administration

        
[Signature Page to Third Amendment]
        

	
				
	 
	Everest Funding, LLC

	 
	as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Jonathan M. Barnes

	 
	 
	Name:
	Jonathan M. Barnes

	 
	 
	Title:
	Vice President

        
[Signature Page to Third Amendment]
        

	
				
	 
	Apollo Trading, LLC

	 
	as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Jonathan M. Barnes

	 
	 
	Name:
	Jonathan M. Barnes

	 
	 
	Title:
	Vice President

        
[Signature Page to Third Amendment]
        

	
				
	 
	INDABA CAPITAL FUND, L.P.,

	 
	as a Lender

	 
	By:
	Indaba Partners, LLC, its general partner

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Anthony Hassan

	 
	 
	Name:
	Anthony Hassan

	 
	 
	Title:
	Chief Operating Officer and Chief Financial Officer

        
[Signature Page to Third Amendment]
        

Exhibit A

Second Lien Notes Term Sheet

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}]]