Document:

Supplemental Indenture

 EXHIBIT 4.7 
 SUPPLEMENTAL INDENTURE 
 SUPPLEMENTAL INDENTURE (this
“Supplemental Indenture”), dated as of December 31, 2012 between LBI Media, Inc., a California corporation (the “Company”), the Guarantors (as defined in the Indenture referred to below) and U.S. Bank National
Association, a national banking association, as trustee under the Indenture referred to below (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of March 18, 2011, providing for the issuance of 9 1/4% Senior Secured Notes due 2019 (the “Notes”); 
 WHEREAS,
the Company solicited consents (the “Consents”) from the holders of the Notes to the adoption of certain proposed amendments (the “Proposed Amendments”) to the Indenture; 

WHEREAS, the holders of at least a majority in principal amount of the Notes outstanding delivered valid Consents to the adoption of the
Proposed Amendments; and 
 WHEREAS, pursuant to Section 9.02 of the Indenture, the Trustee is authorized to join with the
Company to execute and deliver this Supplemental Indenture to give effect to the Proposed Amendments. 
 NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Trustee mutually covenant and agree as follows: 

1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to
them in the Indenture. 
 2. AMENDMENTS TO INDENTURE. 

2.1 The second introductory paragraph of the Indenture will be amended by deleting “9 1/4” appearing therein and replacing it with “10”. 
 2.2
Section 1.01 (“Definitions”) of the Indenture is hereby amended by inserting the following defined terms in proper alphabetical order: 
 ““Control Agreement” means, with respect to any bank account of the Company or any of its Restricted Subsidiaries, a Control Agreement in form and substance satisfactory to the
Collateral Trustee or the Trustee, as applicable, in its reasonable discretion, executed and delivered by the Company or such Restricted Subsidiary, the depository institution at which such account is maintained and the Collateral Trustee or the
Trustee, as applicable, as any such agreement may be amended, supplemented or otherwise modified from time to time. 

 “Discount Notes Forbearance Agreement” means a forbearance
agreement, substantially in the form of Exhibit D to the Supplement to the Consent Solicitation Statement dated October 12, 2012, as amended by the Third Supplement to the Consent Solicitation Stated, dated November 2, 2012, between
Holdings and the trustee under the Discount Notes Indenture with respect to the Discount Notes held by Holdings. 

“Discount Notes Indenture” means the indenture, dated as of October 10, 2003, by and between
Holdings and U.S. Bank National Association, a national banking association, as trustee, as amended or supplemented from time to time. 
 “Exchange Offers” means (A) the offer to exchange (i) Second Priority Secured Subordinated Notes and (ii) Warrants for any and all outstanding Senior Subordinated Notes,
and (B) the offer to exchange either (i) Second Priority Secured Subordinated Notes for any and all outstanding Discount Notes or (ii) Holdings Notes for any and all outstanding Discount Notes. 

“First Supplemental Indenture” means that certain First Supplemental Indenture, dated as of
December 31, 2012, to the Indenture by and among the Company, the Guarantors and the Trustee. 

“Holdings Notes” means the 11% Senior Notes due 2017 to be issued by Holdings. 

“Holdings Notes Indenture” means the indenture, dated as of December 31, 2012, by and between
Holdings and U.S. Bank National Association, a national banking association, as trustee. 
 “Parent
Entity Allowable Indebtedness” means Indebtedness of Holdings other than the Discount Notes and the Holdings Notes issued in the Exchange Offers; provided that (i) the principal amount of such Indebtedness (excluding any paid-in-kind
interest on such Indebtedness) does not exceed at any time $5.0 million, (ii) such Indebtedness has a final maturity date no earlier than the final maturity date of the Holdings Notes, (iii) such Indebtedness does not have the benefit of
covenants or events of default that are more restrictive than those contained in the indenture governing the Holdings Notes, (iv) such Indebtedness does not have the benefit of any guarantees by the Company or any of its Subsidiaries on the
date of incurrence, (v) the rate of any interest payable in cash on such Indebtedness does not exceed the rate of interest payable in cash on the Holdings Notes and any interest payable in cash on such Indebtedness is due no earlier than the
first date on which interest is payable in cash on the Holdings Notes, (vi) the percentage of principal amount on such Indebtedness that may be subject to amortization payments prior to final maturity of such Indebtedness does not exceed the
percentage of principal amount of Holdings Notes that may be subject to amortization payments prior to final maturity of Holdings Notes and any amortization payments on such Indebtedness are due no earlier than the first date on which amortization
payments are due on the Holdings Notes, and (vii) such Indebtedness is issued in exchange for, or issued to otherwise repurchase, refinance, retire or otherwise acquire for value the Discount Notes. 

 “Permitted New Second Priority Debt” means Indebtedness of
the Company incurred to redeem, repurchase, retire, defease or otherwise refinance Senior Subordinated Notes or Discount Notes; provided that (i) the principal amount of such Indebtedness does not exceed at any time an amount equal to
$5.0 million, (ii) such Indebtedness has a final maturity date no earlier than the final maturity date of the Second Priority Secured Subordinated Notes, (iii) such Indebtedness does not have the benefit of covenants or events of
default that are more restrictive than those contained in the indenture governing the Second Priority Secured Subordinated Notes, and (iv) the rate of any interest payable in cash on such Indebtedness does not exceed the amount of interest that
is permitted to be paid in cash on the Second Priority Secured Subordinated Notes in accordance with the terms of the Second Priority Secured Subordinated Notes. 

“PIK Second Priority Secured Subordinated Notes” means any additional Second Priority Secured
Subordinated Notes issued evidencing any paid-in-kind interest pursuant to the terms of the Second Priority Secured Subordinated Notes Indenture. 
 “Priority Lien Intercreditor Agreement” means that certain intercreditor agreement, dated December 31, 2012, among the Company, the guarantors from time to time party thereto, the
trustee under the Second Priority Secured Subordinated Notes Indenture, as trustee and collateral agent, the Collateral Trustee, and the other first priority lien debt representatives and subordinated lien debt representatives from time to time
party thereto, as amended, supplemented or otherwise modified from time to time. 
 “Restricted Asset
Sale Proceeds” means Net Proceeds from Asset Sales that are less than or equal to (i) $12.5 million in the aggregate for the first full year after the date of the First Supplemental Indenture and (ii) $10 million in the aggregate
for each year period beginning on an anniversary date of the First Supplemental Indenture; provided that unused amounts for any period may be carried forward to subsequent periods and shall constitute Restricted Asset Sale Proceeds for such
subsequent periods; provided further that all Net Proceeds from the sale of the Sawyer Property and the sale of KTCY-FM shall constitute Restricted Asset Sale Proceeds but the amount of Net Proceeds from such sales shall not count toward the amounts
in clauses (i) and (ii). For example, if Net Proceeds from Asset Sales total $7.5 million during the first full year after the date of the First Supplemental Indenture (“Year 1”), Restricted Asset Sale Proceeds for the annual period
beginning on the first anniversary date of the First Supplemental Indenture (“Year 2”) shall equal $15 million ($10 million + $5 million carried forward from Year 1). If Net Proceeds from Asset Sales total $12 million during Year 2,
Restricted Asset Sale Proceeds for the following annual period (“Year 3”) shall equal $13 million ($10 million + $3 million carried forward from Year 2). If Net Proceeds from Asset Sales total $13 million during Year 3, Restricted Asset
Sale Proceeds for the following annual period shall equal $10 million ($10 million + no carry forward from Year 3). 

 “Second Priority Lien” means a Lien granted upon any
property of the Company or any other Obligor to secure Second Priority Lien Obligations that is subject to the Priority Lien Intercreditor Agreement. 
 “Second Priority Lien Debt” means: 
 (1) the Second Priority
Secured Subordinated Notes and the related subsidiary guarantees issued under the Second Priority Secured Subordinated Notes Indenture, including any PIK Second Priority Secured Subordinated Notes; and 

(2) Indebtedness under any other Credit Facility or other Hedging Agreements or an issuance of debt securities that, in each case, is
secured equally and ratably with the Second Priority Secured Subordinated Notes by a Second Priority Lien that was permitted to be incurred and so secured under the Second Priority Secured Subordinated Notes Indenture; provided, in the case
of each issue or series of Indebtedness referred to in this clause (2), that: 
 (a) on or before the date on which such
Indebtedness is incurred by the Company or any other Obligor, as the case may be, such Indebtedness is designated by the Company or any other Obligor, as the case may be, in an Officer’s Certificate delivered to the Trustee, as “Second
Priority Lien Debt” for the purposes of this Indenture; and 
 (b) all requirements set forth in the Priority Lien
Intercreditor Agreement as to the confirmation, grant or perfection of the Trustee’s Lien to secure such Indebtedness or Obligations in respect thereof are satisfied (and the satisfaction of such requirements and the other provisions of this
clause (b) will be conclusively established if the Company or any other Obligor, as the case may be, delivers to the Trustee an Officer’s Certificate stating that such requirements and other provisions have been satisfied and that such
Indebtedness is “Second Priority Lien Debt”); 
 provided that, the aggregate outstanding principal amount
(excluding any paid-in-kind interest) of the Indebtedness referred to in clause (2) does not exceed the amount of such Indebtedness permitted to be incurred under (and not in violation of) clause (xix) of the second paragraph of
Section 4.09 or under clause (v) of the 

 
second paragraph of Section 4.09 as Permitted Refinancing Indebtedness of the Second Priority Secured Subordinated Notes and the related subsidiary guarantees. 

“Second Priority Lien Obligations” means the Second Priority Lien Debt and all other Obligations in
respect thereof. 
 “Second Priority Secured Subordinated Notes” means the
11 1/2%/13 1/2% PIK Toggle Second Priority Secured Subordinated Notes due 2020 issued by the Company and the related subsidiary
guarantees; provided that (a) such Second Priority Secured Subordinated Notes have a final maturity date no earlier than one year after the Notes mature, (b) such Second Priority Secured Subordinated Notes do not have the benefit of
covenants or events of default that are more restrictive than those contained in this Indenture, (c) such Second Priority Secured Subordinated Notes do not have any guarantors or obligors who are not guarantors or obligors with respect to the
Notes, (d) not less than 2.75% of the interest payable on such Second Priority Secured Subordinated Notes is payable only in kind and not in cash prior to the final maturity date of such Second Priority Secured Subordinated Notes or, if on or
prior to November 15, 2015, the Company elects to pay 13.5% total interest on the Second Priority Secured Subordinated Notes, then not less than 9.25% of the interest payable on such Second Priority Secured Subordinated Notes is payable only in
kind and not in cash and (e) such Second Priority Secured Subordinated Notes are subordinated in right of payment to the Priority Lien Debt. 
 “Second Priority Secured Subordinated Notes Indenture” means the indenture, dated as of December 31, 2012, among the Company, the subsidiary guarantors of the Second Priority Secured
Subordinated Notes, and U.S. Bank National Association, a national banking association, as trustee. 

“Senior Subordinated Notes Indenture” means the indenture, dated as of July 23, 2007, by and among
the Company, the subsidiary guarantors of the Senior Subordinated Notes and U.S. Bank National Association, a national banking association, as trustee, as amended or supplemented from time to time. 

“Warrants” means the warrants to purchase shares of Class A common stock, par value $0.001, of
Parent.”. 
 2.3 Section 1.01 (“Definitions”) of the Indenture is hereby further amended by deleting the
second clause (1) in the definition of “Asset Sale” and replacing such clause in its entirety with the following: 
 “(1) [Reserved];”. 

 2.4 Section 1.01 (“Definitions”) of the Indenture is hereby further amended
by deleting the following defined terms in their entirety and replacing them with the following: 

““Intercreditor Agreement” means the Collateral Trust and Intercreditor Agreement, dated as of
March 18, 2011, by and among the Company, the guarantors from time to time party hereto, the trustee, Credit Suisse AG, Cayman Islands Branch, as administrative agent, the other Priority Debt Representatives from time to time party thereto, and
the Collateral Trustee, as amended, supplemented or otherwise modified from time to time. 
 “LBI Media
Intercompany Note” means, following a Qualifying IPO, to the extent that Parent or Holdings may elect to complete the redemption or repurchase (including without limitation pursuant to a defeasance, satisfaction or discharge, retirement for
value or other acquisition or prepayment and whether pursuant to the optional redemption provisions, in open market transactions or otherwise) of any Parent Entity Allowable Indebtedness, Holdings Notes and any Discount Notes with proceeds from a
Qualifying IPO, that certain promissory note that may be issued on or within 15 months after the Qualifying IPO closing date by the Company, as borrower, to the order of Parent or Holdings in exchange for cash proceeds to be loaned to the Company
pursuant thereto in an aggregate principal amount not to exceed the amount necessary to complete the redemption or repurchase of the Parent Entity Allowable Indebtedness, Holdings Notes and Discount Notes (including all or any portion of the
outstanding principal amount of the Parent Entity Allowable Indebtedness, Holdings Notes and Discount Notes and any premiums (including call premiums, early tender premiums or consent premiums) and interest thereon, which may consist of accrued
interest, plus, if applicable, an amount of interest calculated on the basis of the next succeeding contractual redemption or maturity date, and any other amounts owing with respect thereto) outstanding on the date of such promissory note.

 “Mortgaged Property” means, (1) with respect to the Real Property Assets of the Company
and the Guarantors (other than Empire Burbank) as of the issuance date of the Initial Notes, the Burbank Studio Property, the Dallas Studio Property, the Houston Studio Property, (2) with respect to the Real Property Assets of the Company and
the Guarantors (other than Empire Burbank) as of the date of the First Supplemental Indenture, each First Supplemental Indenture Date Mortgaged Property and (3) with respect to any fee ownership interest in any Real Property Asset acquired by
the Company or any Guarantor (other than Empire Burbank) following the issuance date of the Initial Notes, any other fee ownership interest in any Real Property Asset with a fair market value (as determined by the Company in its reasonable
discretion as of the date of such acquisition or a date such Person becomes a Subsidiary) in excess of $2,500,000.”. 
 2.5
Section 1.01 (“Definitions”) of the Indenture is hereby further amended by inserting the following text at the end of clause (17) of the definition of “Permitted Investments”: 

“Notwithstanding the foregoing, Permitted Investments shall not include, and the Company and its Restricted Subsidiaries may not make
or hold, Investments in Subsidiaries or Affiliates of the Company that are not Guarantors.”. 

 2.6 Section 1.01 (“Definitions”) of the Indenture is hereby further amended
by amending the defined term “Permitted Liens” by: 
 (A) inserting the following text at the end of clause (11)
thereof: 
 “ provided, however, that the new Lien is limited to all or part of the same property and assets that
secured the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof);”; and 

(B) deleting clause (29) thereof and replacing it in its entirety with the following: 

“(29) Second Priority Liens to secure Obligations under Indebtedness permitted by clause (xix) of the second paragraph of
Section 4.09; provided that such Liens are subject to the Priority Lien Intercreditor Agreement.”. 
 2.7
Section 1.01 (“Definitions”) of the Indenture is hereby further amended by amending the defined term “Permitted Refinancing Indebtedness” by: 
 (A) inserting the following text at the end of clause (1) thereof: 

“and, to the extent and in the proportion that the Indebtedness extended, refinanced, renewed, replaced, defeased or refunded is
paid-in-kind, interest on such Permitted Refinancing Indebtedness shall be paid-in-kind;”; 
 (B) deleting clause (3)
thereof and replacing it in its entirety with the following: 
 “(3) if the Indebtedness being extended, refinanced,
renewed, replaced, defeased or refunded is Subordinated Debt, such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and shall constitute Subordinated Debt at least to the same extent as and on terms
at least as favorable to the Holders of Notes as, those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded and such Permitted Refinancing Indebtedness shall not have the
benefit of covenants or events of default that are more restrictive than those contained in this Indenture; and”; and 

(C) deleting clause (4) of the definition of “Priority Lien Debt” in its entirety and replacing it with the following:

 “(4) [Reserved];”. 

 2.8 Section 1.02 (“Other Definitions”) of the Indenture is hereby amended by
deleting the chart thereof in its entirety and replacing it with the following: 
  

					
	 Term
	  	Defined in
Section	 
	 “Affiliate Transaction”
	  	 	4.11	  
	 “Asset Sale Offer”
	  	 	3.09	  
	 “Authentication Order”
	  	 	2.02	  
	 “Change of Control Offer”
	  	 	4.15	  
	 “Change of Control Payment”
	  	 	4.15	  
	 “Change of Control Payment Date”
	  	 	4.15	  
	 “Company”
	  	 	Preamble	  
	 “Covenant Defeasance”
	  	 	8.03	  
	 “DTC”
	  	 	2.03	  
	 “Event of Default”
	  	 	6.01	  
	 “Excess Proceeds”
	  	 	4.10	  
	 “First Supplemental Indenture Date Fee-Owned Mortgaged Properties”
	  	 	10.09	(d) 
	 “incur”
	  	 	4.09	  
	 “Incurrence Notice”
	  	 	4.09	  
	 “Insignificant Subsidiaries”
	  	 	6.01	  
	 “Issue Date Mortgaged Properties”
	  	 	10.09	  
	 “Legal Defeasance”
	  	 	8.02	  
	 “Mortgage Release”
	  	 	10.09	(d) 
	 “Offer Amount”
	  	 	3.09	  
	 “Offer Period”
	  	 	3.09	  
	 “Paying Agent”
	  	 	2.03	  
	 “Payment Default”
	  	 	6.01	  
	 “Permitted Debt”
	  	 	4.09	  
	 “Purchase Date”
	  	 	3.09	  
	 “Registrar”
	  	 	2.03	  
	 “Restricted Payments”
	  	 	4.07	  
	 “Sawyer Property”
	  	 	10.09	(d) 
	 “Sawyer Sale”
	  	 	10.09	(d) 
	 “Senior Debt”
	  	 	4.22	  
	 “Subordinated Debt”
	  	 	4.07	(a)(iii) 
	 “Successor Person”
	  	 	5.01	  
	 “Tax Payments”
	  	 	1.01	  

 2.9 Section 1.04 (“Intercreditor Agreement”) of the Indenture is hereby amended by
inserting the following as a new clause (c) at the end thereof: 
 “(c) Each Holder hereby authorizes and directs the
Trustee (i) to execute and deliver, on behalf of the Trustee and each Holder, an intercreditor agreement substantially in the form of Exhibit H to the Supplement to the Consent Solicitation Statement dated October 12, 2012 and
(ii) to execute and deliver, on behalf of the Trustee and each Holder, and to instruct the Collateral Trustee to execute and deliver, on behalf of the Trustee and each Holder, any amendments to the Intercreditor Agreement or any other Security
Document necessary or appropriate to reflect the lien priority set forth in the intercreditor agreement referred to in clause (i) and the addition of certain property to the Collateral as required by the Indenture as

 
amended by the First Supplemental Indenture and to make certain modifications to the Holders’ purchase right set forth in the Intercreditor Agreement which expand the Holders’ purchase
right.”. 
 2.10 Section 2.01 (“Form and Dating”) of the Indenture is hereby amended by deleting
clause (f) thereof in its entirety and replacing it with the following: 
 “(f) [Reserved.]”. 

2.11 Section 4.07 (“Restricted Payments”) of the Indenture is hereby amended as follows: 

(A) deleting clause (a)(iii) thereof in its entirety and replacing it with the following: 

“(iii) make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value
any Indebtedness that (x) is secured by a Lien junior to the Liens securing the Notes or (y) is contractually subordinated to the Notes or the Subsidiary Guarantees or (z) is unsecured (other than Indebtedness permitted to be incurred
pursuant to clauses (i), (iv), (vi) (to the extent such Indebtedness is owed to the Company or a Guarantor), (ix), (x), (xiii) or (xvi) under the second paragraph of Section 4.09) (collectively, “Subordinated
Debt”), except: 
 (A) a payment of interest or principal at the Stated Maturity thereof; 

(B) a payment into a trust within one year of the Stated Maturity of any such Subordinated Debt which payment effects a
defeasance or discharge of such Indebtedness; 
 (C) intercompany Indebtedness permitted under clause (vi)
of Section 4.09 and 
 (D) the payment of interest or principal in anticipation of satisfying a sinking fund
obligation, mandatory redemption or final maturity, in each case, within one year of the due date thereof; or”; 
 (B)
deleting the “(14),” in clause (c) of Section 4.07(a)(iv); 
 (C)(i) deleting the “and” appearing
after the text “(16)” in clause (c) of Section 4.07(a)(iv) and inserting in lieu thereof the following “, (17), (18) and (19)”; 
 (D) deleting the text “subordinated Indebtedness” appearing in clause (2) of Section 4.07(b) and inserting in lieu thereof the following “Subordinated Debt”; 

 (E) deleting clause (3) of Section 4.07(b) in its entirety and replacing it with
the following: 
 “(3) the defeasance, redemption, repurchase or other acquisition of Subordinated Debt of the Company or
any Guarantor in exchange for, or with the net cash proceeds from, an incurrence of Subordinated Debt of the Company or any Guarantor constituting Permitted Refinancing Indebtedness;”; 

(F) deleting the “(14),” in clause (10) of Section 4.07(b); 

(G)(i) deleting the “ and” appearing after the text “(16)” in clause (10) of Section 4.07(b) and inserting
after the text “, (17)” the following “ and (18)”; 
 (H) deleting clause (14) of Section 4.07(b)
in its entirety and replacing it with the following: 
 “(14) [Reserved];”; 

(I) inserting the following text at the end of clause (16) of Section 4.07(b) thereof: 

“; provided that this clause (16) shall only be available to the Company and its Restricted Subsidiaries through and
including the consummation of the Exchange Offers and thereafter this clause (16) will no longer be available;”; 

(J) deleting clause (17) of Section 4.07(b) in its entirety and replacing it with the following: 

“(17) the declaration and payment of any dividends or distributions or the making of any loans by the Company or any of its
Restricted Subsidiaries to Holdings in order for Holdings to, in each case only to the extent such dividends, distributions or loans are actually used to, (a) make scheduled cash interest payments on the Discount Notes provided that, in the
case of any Discount Notes held by Holdings, the amount of such payments, if any, that exceed an amount equal to the amount of amortization payments due on the Holdings Notes and Parent Entity Allowable Indebtedness (x) within five Business
Days after the Exchange Offers have been consummated (or in the case of Parent Entity Allowable Indebtedness, within five Business Days after such Parent Entity Allowable Indebtedness has been issued) and (y) in April 2013 shall be contributed
to the Company by Holdings within five (5) Business Days after each such amortization payment is made (provided that, Holdings shall be permitted to retain cash of up to 3.49% of $5.0 million, or $174,500, until Parent Entity Allowable
Indebtedness of $5.0 million principal amount has been issued), and (b) redeem, repurchase, satisfy and discharge, defease, retire for value or otherwise acquire (i) any Discount 

 
Notes held by Holdings, but only in an amount equal to the amount of interest payments due on the Holdings Notes or Parent Entity Allowable Indebtedness in April 2016, October 2016 and April
2017 and (ii) no more than 10% of the outstanding principal amount of the Discount Notes outstanding immediately prior to the closing of the Exchange Offers (excluding Discount Notes held by Holdings or its Affiliates or any directors,
officers, stockholders and other Affiliates of the Company or Holdings) and pay any related interest, premium, fees, costs, expenses and other amounts owing thereunder with respect thereto, and in the case of each of (a) and (b)(i) above (other
than the payment made within five Business Days after the Exchange Offers or the $174,500 permitted to be retained by Holdings) such payment to be made to Holdings not more than twelve (12) Business Days prior to the date each such payment is
due;”; 
 (K) inserting the following new clauses at the end of Section 4.07(b): 

“(18) the redemption, repurchase, retirement, defeasance or other acquisition of (x) the Senior Subordinated Notes in exchange
for, or out of the net cash proceeds of the substantially concurrent sale of, Second Priority Secured Subordinated Notes and Warrants in the Exchange Offers and (y) the Discount Notes in exchange for, or out of the net cash proceeds of the
substantially concurrent sale of, Second Priority Secured Subordinated Notes in the Exchange Offers; provided that the amount of any such net cash proceeds that are utilized for any such redemption, repurchase, defeasance or other acquisition shall
be excluded from clauses (c)(ii) and (c)(iii) of Section 4.07(a), as applicable; and 
 (19) the redemption,
repurchase, retirement, defeasance or other acquisition of Senior Subordinated Notes or Discount Notes in exchange for, or out of the net cash proceeds of the substantially concurrent sale of, Permitted New Second Priority Debt plus the payment of
any related interest, premium, fees, costs, expenses and other amounts owing thereunder with respect thereto.”. 
 2.12
Section 4.08 (“Dividend and Other Payment Restrictions Affecting Subsidiaries”) of the Indenture is hereby amended as follows: 
 (A) deleting clause (i) thereof in its entirety and replacing it with the following: 
 “(i) agreements governing Existing Indebtedness, the Notes, the Second Priority Secured Subordinated Notes, the Discount Notes, the Holdings Notes and Credit Facilities, other agreements as in effect
on the date of this Indenture and any future agreements governing Parent Entity Allowable Indebtedness or Permitted New Second Priority Debt and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements
or refinancings of those agreements; provided that the amendments, modifications, restatements, renewals, increases, supplements, 

 
refundings, replacement or refinancings are not more restrictive, taken as a whole, with respect to such encumbrances or restrictions, than those contained in those agreements on the date of this
Indenture or, if entered into subsequent to the date of this Indenture, on the date that such agreement was entered into originally;” and 
 (B) deleting clause (iii) thereof in its entirety and inserting in lieu thereof the following: 
 “(iii) [Reserved];”. 
 2.13 Section 4.09 (“Incurrence of
Indebtedness and Issuance of Preferred Stock”) of the Indenture is hereby amended as follows: 
 (A) deleting the text
“(xi) or (xiv)” appearing after the text “(ix),” in clause (v) thereof and substituting the text “(xi), (xiv), (xviii) or (xix)” in lieu thereof; 

(B) inserting the following clauses after clause (xvii) thereof: 

“(xviii) the incurrence by the Company of the Second Priority Secured Subordinated Notes issued in exchange for the
Senior Subordinated Notes and the Discount Notes pursuant to the Exchange Offers, and any Second Priority Secured Subordinated Notes issued from time to time to pay interest in kind in accordance with the terms of the Second Priority Secured
Subordinated Notes Indenture and, in each case, the related subsidiary guarantees; and 
 (xix) the incurrence
by the Company of any Permitted New Second Priority Debt.” 
 (C) deleting in its entirety the paragraph preceding the
penultimate paragraph of Section 4.09; 
 (D) deleting the first sentence of the penultimate paragraph of Section 4.09
and replacing it with the following: 
 “For purposes of determining compliance with this Section 4.09, in the event
that an item of proposed Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (i) through (xix) above, or is entitled to be incurred pursuant to the first paragraph of this
Section 4.09, the Company will be permitted to classify such item of Indebtedness on the date of its incurrence in any manner that complies with this Section 4.09; provided, that, in no event shall Second Priority Secured
Subordinated Notes or Permitted New Second Priority Debt be classified as Indebtedness entitled to be incurred pursuant to the first paragraph of this Section 4.09.”; and 

(E) deleting the last paragraph of Section 4.09 in its entirety and replacing it with the following: 

“The Company will not incur, and will not permit any Guarantor to incur, any Subordinated Debt (including Permitted Debt) unless
such Subordinated Debt also constitutes Subordinated Debt with respect to the Notes and the applicable Subsidiary Guarantee at least to the same extent.”. 

 2.14 Section 4.10 (“Asset Sales”) of the Indenture is hereby amended by
deleting clause (b) in its entirety and replacing it with the following: 
 “(b) For Asset Sales by the Company or any
of its Restricted Subsidiaries that are consummated after the date of the First Supplemental Indenture, the Company or such Restricted Subsidiary shall apply the Net Proceeds from such Asset Sales as follows: 

(i) Within 365 days after the receipt of any Restricted Asset Sale Proceeds from such Asset Sales, the Company or such
Restricted Subsidiary shall apply those Restricted Asset Sale Proceeds at its option: 
 (A) to repay Priority
Lien Debt and if such Priority Lien Debt is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto; 
 (B) to acquire all or substantially all of the assets of, or a majority of the Voting Stock of, a Permitted Business if, after giving effect to any such acquisition of Voting Stock, the Permitted Business
is or becomes a Restricted Subsidiary of or is merged with or into the Company or a Restricted Subsidiary; 
 (C)
to make capital expenditures that are used or useful in a Permitted Business; or 
 (D) to acquire other assets
that are used or useful in a Permitted Business; 
 provided, that in the case of clauses (B), (C) and
(D) above, a binding commitment shall be treated as a permitted application of the Restricted Asset Sale Proceeds as of the date of such commitment so long as the Company or such Restricted Subsidiary enters into such commitment with the good
faith expectation that such Restricted Asset Sale Proceeds will be applied to satisfy such commitment prior to the later of (a) 180 days after the date of such commitment or (b) 365 days after the date of such Asset Sale and if such
Restricted Asset Sale Proceeds are not so applied within that time frame, such Restricted Asset Sale Proceeds shall constitute “Excess Proceeds” (as defined below) and be applied as provided in clause (ii) below. Pending the final
application of any Restricted Asset Sale Proceeds, the Company may temporarily reduce revolving credit borrowings or otherwise invest the Restricted Asset Sale Proceeds in any manner that is not prohibited by this Indenture. For the avoidance of
doubt, the Company shall not make any Restricted Payment to Holdings, directly or indirectly (including through the temporary repayment of any revolving credit facility), with Restricted Asset Sale Proceeds. 

 (ii) With respect to Net Proceeds from such Asset Sales (other than Net
Proceeds from the sale of the Sawyer Property and the sale of KTCY-FM, which shall not be subject to this clause (ii) but shall be subject to clause (i) above) that are in excess of the Restricted Asset Sale Proceeds (the “Excess
Proceeds”), within 60 days after the receipt of any such Excess Proceeds, the Company or such Restricted Subsidiary shall apply those Excess Proceeds at its option: 

(A) to repay Priority Lien Debt and if such Priority Lien Debt is revolving credit Indebtedness, to correspondingly reduce
commitments with respect thereto; or 
 (B) to commence an Asset Sale Offer as provided in the following
paragraph. 
 The Company will make an Asset Sale Offer to all Holders and all holders of Other Priority Lien Debt containing
provisions similar to those set forth in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets to purchase the maximum principal amount of Notes and such Other Priority Lien Debt that may be purchased out
of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of the principal amount of Notes and such Other Priority Lien Debt plus accrued and unpaid interest, if any, to the date of purchase, and will be payable in cash.
If the date of purchase is on or after an interest record date and on or before the related interest payment date, accrued and unpaid interest, if any, will be paid to the Holder in whose name a Note is registered at the close of business on such
record date, and no additional interest will be payable to Holders who tender pursuant to the Asset Sale Offer. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use those Excess Proceeds for any purpose not
otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and Other Priority Lien Debt tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select such tendered Notes and such Other
Priority Lien Debt to be purchased on a pro rata basis. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.”. 
 2.15 Section 4.17 (“Additional Subsidiary Guarantees”) of the Indenture is hereby amended by inserting the following text at the end thereof: 

“Notwithstanding the foregoing, if any Restricted Subsidiary of the Company guarantees any Indebtedness the primary obligor of which
is the Company or any Guarantor, such Restricted Subsidiary will become a Guarantor, execute a supplemental indenture to this Indenture, the form of which is attached as Exhibit E hereto, and deliver an Opinion of Counsel satisfactory to the Trustee
and, for each such Guarantor (other than Empire Burbank), will execute each applicable Security Document.”. 
 2.16
Section 4.21 (“Restrictions on Empire Burbank”) of the Indenture is hereby amended by inserting the following text at the end thereof: 
 “Notwithstanding anything contained herein to the contrary, Empire Burbank will not incur any new secured Indebtedness, increase the amount of its secured Indebtedness existing as of the date of the
First Supplemental Indenture or incur any unsecured Indebtedness outside of the ordinary course of business, except, in each case, for providing guarantees on the Notes, Priority Bank Debt, the Second Priority Secured Subordinated Notes, the
Permitted New Second Priority Debt and the Senior Subordinated Notes. To the extent that the Company or any of its 

 
Restricted Subsidiaries is the fee owner of the Burbank Office Property after the repayment in full of the Indebtedness owed by Empire Burbank that is secured by the mortgage in effect as of the
date of the First Supplemental Indenture on the Burbank Office Property, (I) within thirty (30) days after the repayment of such Indebtedness, the Company shall cause Empire Burbank to (a) execute each applicable Security Document and
(b) deliver to the Collateral Trustee (i) a Mortgage for the Burbank Office Property, (ii) to the extent within the possession or control of the Company or any Guarantor as of the date of the First Supplemental Indenture,
(A) surveys, (B) phase one environmental reports, (C) appraisals and (D) other material due diligence reasonably requested by the Credit Agreement Agent, in each case related to the Burbank Office Property, and (iii) a
customary opinion of local counsel relating to the enforceability of the Mortgage covering the Burbank Office Property; and (II) within forty-five (45) days after such repayment or such later date as the Credit Agreement Agent may agree in
its reasonable discretion, the Company shall cause Empire Burbank to deliver to the Collateral Trustee a mortgagee’s title insurance policy for the Burbank Office Property reasonably acceptable to the Credit Agreement Agent (it being understood
that such title policy shall not be required to include a survey endorsement) insuring a First Priority (as defined in the Credit Agreement) lien with respect to the Burbank Office Property.”. 

2.17 Section 6.01 (“Events of Default”) of the Indenture is hereby amended as follows: 

(A)(i) deleting the “or” appearing after the text “4.09” in clause (d) of Section 6.01 and inserting
in lieu thereof the following “,” and (ii) inserting “, 10.09(d), 10.09(e), 10.09(f) or 10.10” after the text “4.10” in clause (d) of Section 6.01; 

(B) deleting clause (f) in its entirety and replacing it with the following: 

“a default occurs under any mortgage, indenture or instrument under which there may be issued or by which there may
be secured or evidenced any Indebtedness for money borrowed by the Company or any of the Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of the Restricted Subsidiaries), other than Indebtedness owing to the
Company or its Restricted Subsidiaries, whether such Indebtedness or Guarantee now exists, or is created after the date hereof, if that default: 
 (i) is caused by a failure to pay principal of or interest on such Indebtedness when due (giving effect to any applicable grace periods and any extensions thereof) (a “Payment Default”); or

 (ii) results in the acceleration of such Indebtedness prior to its express maturity; 

and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such
Indebtedness under which there has been and continues to be a Payment Default or the maturity of which has been and continues to be so accelerated, aggregates $10.0 million or more;”; 

 (C) deleting the “.” appearing after the end of clause (k) and inserting in
lieu thereof the following “;”; and 
 (D) inserting the following as a new clause (l) at the end of
Section 6.01: 
 “(l)(i) Holdings shall fail to have executed the Discount Notes Forbearance Agreement not later
than September 15, 2013; (ii) Holdings shall fail to have delivered a copy thereof to the Trustee within five (5) Business Days after the execution thereof; (iii) the Discount Notes Forbearance Agreement shall fail to be in full
force and effect, or Holdings shall fail to be in compliance therewith, at all times from and after September 15, 2013 until the indefeasible payment in full of all Obligations under the Notes; or (iv) the Discount Notes Forbearance
Agreement shall be amended, restated, modified or supplemented without the prior written consent of the holders of at least a majority in principal amount of the Notes.”. 
 2.18 Article 6 (“Defaults and Remedies”) of the Indenture is hereby further amended by inserting the following new Section 6.12 (“Default Interest”) at the end thereof:

 “Section 6.12. Default Interest. 

Upon the occurrence and during the continuation of an Event of Default, additional interest on the principal amount of the
Notes will accrue at a rate equal to 3% per annum from the date of such Event of Default until the date such Event of Default is no longer continuing, which additional interest shall be paid in cash, together with all other interest then due
and payable, on each Interest Payment Date and at maturity.” 
 2.19 Clause (d) of Section 9.01 (“Without
Consent of Holders of Notes”) of the Indenture is hereby amended by inserting the following text at the end thereof: 

“, including, for avoidance of doubt, to make any covenant or event of default more restrictive than the covenants or events of
default contained in the Indenture as of the date of the First Supplemental Indenture;”; 
 2.20 Section 10.09
(“Real Property”) of the Indenture is hereby amended as follows: 
 (A) deleting the “.” appearing after the
end of clause (c) and inserting in lieu thereof the following “;”; and 
 (B) inserting the following new clauses
(d), (e) and (f) at the end thereof: 
 “(d) Within (x) fifteen (15) days of the date of the First
Supplemental Indenture, with respect to the fee owned real property located at 5930 Sawyer Street, Los Angeles, California (the “Sawyer Property”), and (y) thirty (30) days of the date of the First Supplemental Indenture (or, in
the case of clause (ii), such later date as the Credit Agreement Agent may agree in its reasonable discretion) for all other First Supplemental Indenture Date Fee-Owned Mortgaged Properties, the Company shall deliver to the Collateral Trustee
(i) Mortgages for each fee ownership interest listed on Schedule I to the First Supplemental Indenture (collectively, the “First Supplemental Indenture Date Fee-Owned Mortgaged 

 
Properties”), (ii) a mortgagee’s title insurance policy reasonably acceptable to the Credit Agreement Agent (it being understood that such title policy shall not be required to
include a survey endorsement) insuring a First Priority (as defined in the Credit Agreement) lien with respect to each First Supplemental Indenture Date Fee-Owned Mortgaged Property (other than the Sawyer Property for which no such mortgagee’s
title insurance policy shall be required), (iii) to the extent within the possession or control of the Company or any Guarantor as of the date of the First Supplemental Indenture, (A) surveys, (B) phase one environmental reports,
(C) appraisals; and (D) other material due diligence reasonably requested by the Credit Agreement Agent, in each case related to the First Supplemental Indenture Date Fee-Owned Mortgaged Properties, and (iv) a customary opinion of
local counsel relating to the enforceability of the Mortgages covering the First Supplemental Indenture Date Fee-Owned Mortgaged Properties; provided that (I) any Mortgage encumbering the Sawyer Property shall be substantially in the
form attached as Exhibit E to the Supplement to the Consent Solicitation Statement dated October 12, 2012 and (II) no Mortgage encumbering the Sawyer Property shall be required unless the Collateral Trustee and Trustee shall have executed
and delivered a substitution of trustee and full reconveyance of deed of trust substantially in the form attached as Exhibit F to the Supplement to the Consent Solicitation Statement dated October 12, 2012 (the “Mortgage
Release”) and such Mortgage Release shall have been placed into escrow pending the sale of the Sawyer Property (the “Sawyer Sale”). It is hereby understood and agreed that notwithstanding anything in the Indenture or the Security
Documents to the contrary, the Mortgage encumbering the Sawyer Property shall be released in connection with the Sawyer Sale on the terms and conditions set forth in the Mortgage Release. All proceeds received by the Company and its Subsidiaries
from the Sawyer Sale shall be deposited directly into, and held in, a deposit account that is subject to a Control Agreement; provided that such proceeds may thereafter be used by the Company and its Subsidiaries in accordance with the terms of this
Indenture. 
 (e) Within sixty (60) days of the date of the First Supplemental Indenture, the Company shall use
commercially reasonable efforts to deliver to the Collateral Trustee leasehold mortgages with respect to each leased real property listed on Schedule I to the First Supplemental Indenture. 

(f) Notwithstanding anything contained herein to the contrary, to the extent that the Credit Agreement Agent reasonably requests that the
Company enter into any non-disturbance or similar agreement in connection with any of the Mortgaged Property or any of the leased real property subject to a leasehold mortgage, the Company shall only be required to use commercially reasonable
efforts to do so.”. 
 2.21 Section 10.10 (“Control Agreements”) of the Indenture is hereby amended as
follows: 
 (A) inserting “(a)” in front of the first paragraph thereof; and 

(B) inserting the following as a new clause (b) at the end thereof: 

“(b) The Company shall use its commercially reasonable efforts to deliver to the Collateral Trustee within forty-five (45) days
of the date of the First Supplemental Indenture, 

 
a Control Agreement for any accounts not subject to a Control Agreement as of the date of the First Supplemental Indenture, in each case, in form and substance reasonably satisfactory to the
Credit Agreement Agent.”. 
 2.22 Exhibit A-1 to the Indenture is hereby amended by deleting such exhibit in its entirety
and replacing such exhibit with the form attached hereto as Annex I. 
 2.23 Exhibit A-2 to the Indenture is hereby amended by
deleting such exhibit in its entirety and replacing such exhibit with the form attached hereto as Annex II. 
 3.
INDENTURE IN FULL FORCE AND EFFECT. Except to the extent expressly modified or amended by this Supplemental Indenture, the Indenture and all of its covenants,
agreements and other provisions remain in full force and effect, and are unchanged by this Supplemental Indenture. 
 4.
EFFECT OF HEADINGS. The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 
 5. SUCCESSORS AND ASSIGNS. All covenants and agreements in this Supplemental Indenture by the Company shall bind its respective successors and assigns, whether
so expressed or not. 
 6. SEVERABILITY. In case any provision in this Supplemental Indenture shall be invalid,
illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 7. BENEFITS OF SUPPLEMENTAL INDENTURE. Nothing in this Supplemental Indenture, expressed or implied, shall give to any Person, other than the
parties hereto and their successors hereunder, and the Holders, any benefit or any legal or equitable right, remedy or claim under this Supplemental Indenture or the Indenture. 

8. GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS
SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

9. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. 
 10. THE TRUSTEE. The Trustee
shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company and the
Guarantors. 
 [Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written. 
  

			
	LBI MEDIA, INC.
		
	 By:
	 	 /s/ Blima Tuller

	 Name:
	 	Blima Tuller
	 Title:
	 	Chief Financial Officer
	
	GUARANTORS:
	
	 LIBERMAN TELEVISION LLC

LIBERMAN BROADCASTING OF CALIFORNIA LLC

LBI RADIO LICENSE LLC

KRCA LICENSE LLC
 KRCA TELEVISION LLC
 EMPIRE BURBANK STUDIOS LLC

KZJL LICENSE LLC
 LIBERMAN TELEVISION OF HOUSTON LLC
 LIBERMAN BROADCASTING
OF HOUSTON LLC
 LIBERMAN BROADCASTING OF HOUSTON LICENSE LLC

LIBERMAN BROADCASTING OF DALLAS LLC

LIBERMAN BROADCASTING OF DALLAS LICENSE LLC

LIBERMAN TELEVISION OF DALLAS LLC

LIBERMAN TELEVISION OF DALLAS LICENSE LLC

		
	 By:
	 	 /s/ Blima Tuller

	 Name:
	 	Blima Tuller
	 Title:
	 	 Chief Financial Officer
 of
each of the entities listed above

 
			
	 U.S. BANK NATIONAL ASSOCIATION
 as Trustee

		
	 By:
	 	 /s/ Thomas Zrust

		 	Authorized Signatory

 ANNEX I TO SUPPLEMENTAL INDENTURE 

FORM OF EXHIBIT A-1 

  
 A-1-1

 [Face of Amended and Restated Note] 

 
  
 CUSIP/CINS              
 10% Senior Secured Notes due 2019 
  

			
	
No.                       
     
	 	$            

 LBI MEDIA, INC. 
 promise to pay to
                                         
                                         
                                         
                              or registered assigns, the principal sum of
                                         
                                         
                       Dollars on April 15, 2019. 
 Interest Payment Dates: April 15 and October 15 
 Record Dates: April 1 and
October 1 
 Dated:
                     
  

			
	LBI MEDIA, INC.
		
	 By:
	 	  

		 	Name:
		 	Title:

 This Note is a duly authorized issue of 10% Senior Secured Notes due 2019 (as amended, amended
and restated, supplemented or otherwise modified from time to time, the “Notes”), in the initial aggregate principal amount of U.S. $            , which Note amends and
restates in its entirety (but without novation) the 9 1/4% Senior Secured Note No.     of the Company, designated as “9 1/4% Senior Secured Notes due 2019”, in the initial aggregate principal amount of U.S. $            . This Note is issued under and
pursuant to, and subject to the terms and conditions of, the Indenture. 
  

 
  

  
 A-1-2

			
	U.S. BANK NATIONAL ASSOCIATION
	
	as Trustee
		
	 By:
	 	  

		 	Authorized Signatory

  
 A-1-3

 [Back of Amended and Restated Note] 

10% Senior Secured Notes due 2019 

[Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 

[Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture] 

Capitalized terms used herein will have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 1. INTEREST. LBI Media, Inc., a California corporation (the
“Company”), promises to pay interest on the principal amount of this Note (i) at 9 1/4% per annum from March 18, 2011 until the date of the First Supplemental Indenture and (ii) at 10% per
annum from the date of the First Supplemental Indenture until maturity. The Company will pay interest semi-annually in arrears on April 15 and October 15 of each year, or if any such day is not a Business Day, on the next succeeding
Business Day (each an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no
existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date;
provided, further, that the first Interest Payment Date shall be October 15, 2011. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from
time to time on demand at the rate then in effect to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace
periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 2. METHOD OF PAYMENT. The Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the
close of business on the April 1 or October 1 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the
Indenture with respect to defaulted interest. The Notes will be payable as to principal and premium, if any, and interest at the office or agency of the Company maintained for such purpose within or without the City and State of New York, or, at the
option of the Company, payment of interest, if any, may be made by check mailed on the Interest Payment Date to the Holders at their addresses set forth in the register of Holders, provided that payment by wire transfer of immediately
available funds will be required with respect to principal of and interest and premium, if any, on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying Agent. Such
payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
 3. PAYING AGENT AND REGISTRAR. Initially, U.S. Bank National Association, a national banking association, the Trustee
under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

4. INDENTURE. The Company issued the Notes under an Indenture dated as of March 18, 2011 (the
“Indenture”) among the Company, the guarantors party thereto (the “Guarantors”) and the Trustee, as amended or supplemented from time to time in accordance with its terms. The terms of the Notes include

  
 A-1-4

 
those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. To the extent any provision of this Note conflicts
with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder. 

5. OPTIONAL REDEMPTION. 

(a) Except as set forth in subparagraphs (b) or (c) of this Paragraph 5, the Company will not have the option to redeem the
Notes prior to April 15, 2015. Thereafter, the Company will have the option to redeem the Notes, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal
amount) set forth below plus accrued and unpaid interest, if any, on the Notes to be redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on August 1 of the years indicated below: 

 

					
	 Year
	  	Percentage	 
	 2015
	  	 	104.625	% 
	 2016
	  	 	102.313	% 
	 2017 and thereafter
	  	 	100.000	% 

 (b) Notwithstanding the provisions of subparagraph (a) of this Paragraph 5, at any time prior to
April 15, 2014, the Company may on one or more occasions redeem Notes with all or a portion of the net cash proceeds of one or more Equity Offerings at a redemption price equal to 109.250% of the principal amount thereof, plus accrued and
unpaid interest, if any, thereon to the applicable redemption date; provided that at least 65% of the aggregate principal amount of the Notes issued under the Indenture remains outstanding immediately after the occurrence of such redemption
(excluding Notes held by the Company and its Affiliates) and that such redemption occurs within 90 days of the date of the closing of such Equity Offering. 
 (c) At any time or from time to time prior to April 15, 2015, the Company, at its option, may redeem the Notes, in whole or in part, at a price equal to 100% of the principal amount of the Notes
redeemed plus the Applicable Premium, together with accrued and unpaid interest thereon, if any, to the redemption date. The Company may provide that payment of such redemption price may be made by, and performance of the obligations in respect of
such redemption may be performed by, another Person. 
 6. MANDATORY REDEMPTION;
OPEN MARKET PURCHASES. 
 The Company will not be required to
make mandatory redemption or sinking fund payments with respect to the Notes. The Company may at any time and from time to time purchase Notes in the open market or otherwise. 
 7. REPURCHASE AT THE OPTION OF HOLDERS. 

(a) If there is a Change of Control, the Company will be required to make an offer (a “Change of Control Offer”) to repurchase
all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to the date of
purchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date (the “Change of Control Payment”); provided, that the Company will not be obligated to repurchase Notes in
the event that it exercises its right to redeem all of the Notes as described in Section 3.07 of the Indenture, unless and until there is a default in payment of the applicable redemption price. Within 30 days following any Change of Control,
the Company will mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture. 

  
 A-1-5

 (b) Within 60 days after the receipt of Excess Proceeds, the Company or such Restricted
Subsidiary shall apply those Excess Proceeds at its option: (i) to repay Priority Lien Debt and if such Priority Lien Debt is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto; or (ii) commence an
offer to all Holders of Notes and all holders of Other Priority Lien Debt containing provisions similar to those set forth in the Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets pursuant to
Section 3.09 (as “Asset Sale Offer”) of the Indenture to purchase the maximum principal amount of Notes (including any Additional Notes) and such Other Priority Lien Debt that may be purchased out of the Excess Proceeds at an offer
price in cash in an amount equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, to the date fixed for the closing of such offer, in accordance with the procedures set forth in the Indenture or the indenture or
other agreement governing such Other Priority Lien Debt, as applicable. To the extent that the aggregate amount of Notes (including any Additional Notes) and Other Priority Lien Debt tendered pursuant to an Asset Sale Offer is less than the Excess
Proceeds, the Company (or such Restricted Subsidiary) may use such deficiency for any purpose not otherwise prohibited by the Indenture. If the aggregate principal amount of Notes (including any Additional Notes) and Other Priority Lien Debt
surrendered by holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select such tendered Notes and such other tendered Other Priority Lien Debt to be purchased on a pro rata basis. Holders of Notes that are the subject of
an offer to purchase will receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” on the reverse of the
Notes. 
 8. NOTICE OF REDEMPTION. Notice of redemption will
be mailed at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of
$1,000, unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 

9. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form
without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among
other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note
or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be
redeemed or during the period between a record date and the corresponding Interest Payment Date. 
 10.
PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 
 11. AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture, the Subsidiary Guarantees or the Notes
may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then outstanding Notes and Additional Notes, if any, voting as a single class, and any existing default or compliance with any provision
of the Indenture, the Subsidiary Guarantees, or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes and Additional Notes, if any, voting as a single class. Without the consent of
any Holder of a Note, the Indenture, the Subsidiary Guarantees, the Intercreditor Agreement, the Security Documents or the Notes may be amended or supplemented to cure any 

  
 A-1-6

 
ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated Notes, to provide for the assumption of the Company’s obligations to
Holders of the Notes in case of a merger or consolidation or sale of all or substantially all of the Company’s assets, to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not
adversely affect the legal rights under the Indenture, any Subsidiary Guarantee, the Intercreditor Agreement or any Security Document of any such Holder, including, for avoidance of doubt, to make any covenant or event of default more restrictive
than the covenants or events of default contained in the Indenture as of the date of the First Supplemental Indenture, to provide for the Issuance of Additional Notes in accordance with the limitations set forth in the Indenture, to conform the text
of this Indenture, the Security Documents, the Intercreditor Agreement, the Subsidiary Guarantees or Notes to any provision of the Offering Circular under the caption “Description of Notes” to the extent such provisions in the
“Description of Notes” was intended to be a verbatim recitation of a provision of this Indenture, the Subsidiary Guarantees, the Security Documents, the Intercreditor Agreement or the Notes, to enter into additional supplemental Security
Documents, including Security Documents adding additional Priority Lien Secured Parties and Priority Lien Obligations to any Security Document or the Intercreditor Agreement, to release a Guarantor from its obligations under its Subsidiary
Guarantee, the Notes or the Indenture in accordance with the applicable provisions of the Indenture, to release Collateral in accordance with the terms of the Indenture, the Security Documents or the Intercreditor Agreement, to evidence and provide
for the acceptance and appointment under this Indenture of a successor trustee thereunder pursuant to the requirements thereof, to make, complete or confirm any grant of Collateral permitted or required by the Indenture or any of the Security
Documents or any release of Collateral that becomes effective as set forth in the Indenture, any of the Security Documents or the Intercreditor Agreement, to allow any Guarantor to execute a supplemental indenture to the Indenture and/or a
Subsidiary Guarantee with respect to the Notes, or to secure any Priority Lien Debt under the Security Documents and to appropriately include the same in the Intercreditor Agreement. 

12. DEFAULTS AND REMEDIES. Events of Default include: (i) default
for 30 days in the payment when due of interest on the Notes; (ii) default in payment when due of principal of, or premium, if any, on the Notes when the same becomes due and payable at maturity, upon redemption (including in connection with an
offer to purchase) or otherwise, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Section 4.15 or 5.01 of the Indenture; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 days
after notice to the Company by the Trustee or the Holders of at least 25% in principal amount of the Notes then outstanding to comply with Section 4.07, 4.09 or 4.10 of the Indenture; (v) failure by the Company or any of its Restricted
Subsidiaries for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in principal amount of the Notes then outstanding to observe or perform any other covenant, representation, warranty or other agreement in the
Indenture, the Security Documents or the Notes; (vi) default under certain other agreements relating to Indebtedness of the Company which default is caused by a failure to pay principal of or interest on such Indebtedness when due (giving
effect to any applicable grace periods and any extensions thereof) or results in the acceleration of such Indebtedness prior to its express maturity and default under certain other agreements relating to Indebtedness of Holdings which default
results in the acceleration of such Indebtedness prior to its express maturity; (vii) certain final judgments for the payment of money that remain undischarged, unpaid, unrestricted, unbonded or unstayed for a period of 60 days;
(viii) (x) any Security Document is held in any judicial proceeding to be unenforceable or invalid in any material respect or ceases for any reason to be in full force and effect in any material respect, other than in accordance with the
terms of the relevant Security Documents and except solely as a result of any action taken or not taken by the Collateral Trustee that was required to be taken or not taken by the Collateral Trustee pursuant to the Security Documents, (y) any
security interest created by any Security Document ceases to be in full force and effect (except as permitted by the terms of the Indenture or the Security Documents and except solely as a result of any action taken or not taken by the Collateral
Trustee that was required to be taken or not taken by the Collateral Trustee pursuant to the Security Documents) with respect to Collateral having a 

  
 A-1-7

 
fair market value, as determined in good faith by the Company’s Board of Directors, in excess of $10.0 million, and such default continues for a period of 60 days after the Company receives
notice thereof from the Trustee or from the Holders of at least 25% in principal amount of the Notes outstanding specifying such default or (z) the Company or any of its Restricted Subsidiaries, or any Person acting on behalf of any of them,
asserts in writing that any Collateral having a fair market value, as determined in good faith by the Company’s Board of Directors, in excess of $10.0 million is not subject to a valid, perfected security interest (except as permitted by the
terms of the Indenture or Security Documents); (ix) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries; (x) except as permitted by the Indenture, any Subsidiary Guarantee of a
Significant Subsidiary shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor which is a Significant Subsidiary or any Person acting on its behalf shall
deny or disaffirm its obligations under its Subsidiary Guarantee, provided, however, that an Event of Default will also be deemed to occur with respect to Subsidiary Guarantors that are not Significant Subsidiaries if the Subsidiary Guarantees of
such Insignificant Subsidiaries are held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or such Insignificant Subsidiaries deny or disaffirm their obligations under their
Subsidiary Guarantees (other than in accordance with the terms of such Subsidiary Guarantee), if when aggregated and taken as a whole such Insignificant Subsidiaries would meet the definition of a Significant Subsidiary; and
(xi) (I) Holdings shall fail to have executed the Discount Notes Forbearance Agreement not later than September 15, 2013, (II) Holdings shall fail to have delivered a copy thereof to the Trustee within five (5) Business Days
after the execution thereof, (III) the Discount Notes Forbearance Agreement shall fail to be in full force and effect, or Holdings shall fail to be in compliance therewith, at all times from and after September 15, 2013 until the indefeasible
payment in full of all Obligations under the Notes or (IV) the Discount Notes Forbearance Agreement shall be amended, restated, modified or supplemented without the prior written consent of the holders of at least a majority in principal amount of
the Notes. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of
an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture.
Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default
or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then
outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest
on, or the principal of, the Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the
Trustee a statement specifying such Default or Event of Default. 
 13. TRUSTEE DEALINGS
WITH COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the
Company or its Affiliates, as if it were not the Trustee. 
 14. NO RECOURSE
AGAINST OTHERS. A director, officer, employee, incorporator, member, manager, partner or shareholder of the Company or any of the Guarantors, as such, will not have any liability for any obligations
of the Company or such Guarantor under the Notes, the Subsidiary Guarantees, the Security Documents or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note
waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 

  
 A-1-8

 15. AUTHENTICATION. This Note will not be valid until
authenticated by the manual signature of the Trustee or an authenticating agent. 
 16.
ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 17. CUSIP
NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers
in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification
numbers placed thereon. 
 18. GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK
WILL GOVERN AND BE USED TO CONSTRUE THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:

 LBI Media, Inc. 
 1845 West Empire
Avenue 
 Burbank, CA 91504 
 Attention:
Lenard D. Liberman 

  
 A-1-9

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	 (I) or (we) assign and transfer this Note to:
	 	  

		 	(Insert assignee’s legal name)
	
	  

	 (Insert assignee’s soc. sec. or tax I.D. no.)

	
	  

	  

	  

	  

	 (Print or type assignee’s name, address and zip code)

  

			
	 and irrevocably appoint
	 	  

 to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

Date:                      

 

			
	 Your Signature:
	 	  

	
	
(Sign exactly as your name appears on the face of 
this
 Note)

 Signature Guarantee*:
                                         
    
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-1-10

 OPTION OF HOLDER TO
ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Company pursuant to
Section 4.10 or 4.15 of the Indenture, check the appropriate box below: 
  

			
	  ̈ Section 4.10
	 	 ̈ Section 4.15

 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10
or Section 4.15 of the Indenture, state the amount you elect to have purchased: 
  

					
		 	$                            
	 	
			
	Date:                     	 		 	
		 	Your Signature:	 	  

		
		 	(Sign exactly as your name appears on the face of this Note)

					
			
		 	Tax Identification No.:	 	  

 Signature Guarantee*:
                                     

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-1-11

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a
part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	Amount of
decrease in
Principal Amount
of this Global Note	  	Amount of
increase in
Principal Amount
of this Global Note	  	Principal Amount
of this Global 
Note
following such
decrease (or
increase)	  	Signature of
authorized officer
of Trustee or
Custodian
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	

  

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-1-12

 ANNEX II TO SUPPLEMENTAL INDENTURE 

FORM OF EXHIBIT A-2 

  
 A-2-1

 [Face of Amended and Restated Regulation S Temporary Global Note] 

 
  
 CUSIP/CINS              
 10% Senior Secured Notes due 2019 
  

					
	
No.                       
     
	  	$	            	  

 LBI MEDIA, INC. 
 promise to pay to
                                         
                                         
                                         
              or registered assigns, 
 the principal sum of
                                         
                                         
                                         
              Dollars on April 15, 2019. 
 Interest Payment Dates:
April 15 and October 15 
 Record Dates: April 1 and October 1 
 Dated:                      

 

			
	LBI MEDIA, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 This Note is a duly authorized issue of 10% Senior Secured Notes due 2019 (as amended, amended
and restated, supplemented or otherwise modified from time to time, the “Notes”), in the initial aggregate principal amount of U.S. $            , which Note amends and
restates in its entirety (but without novation) the 9 1/4% Senior Secured Note No.             of the Company,
designated as “9 1/4% Senior Secured Notes due 2019”, in the initial aggregate principal amount of U.S. $            . This Note is issued under and
pursuant to, and subject to the terms and conditions of, the Indenture. 
  

 
  

  
 A-2-2

			
	U.S. BANK NATIONAL ASSOCIATION
	
	as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-2-3

 [Back of Amended and Restated Regulation S Temporary Global Note] 

10% Senior Secured Notes due 2019 

THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS
SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON. 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM,
THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN. 
 THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. 
 THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES 

  
 A-2-4

 
ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE
SECURITIES ACT THAT, PRIOR TO SUCH TRANSFER, FURNISHES A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT
OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH
RULE 904 UNDER THE SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH
OF CASES (I) THROUGH (V) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE
RESTRICTIONS REFERRED TO IN (A) ABOVE. 
 Capitalized terms used herein will have the meanings assigned to them in the
Indenture referred to below unless otherwise indicated. 
 1.
INTEREST. LBI Media, Inc., a California corporation (the “Company”), promises to pay interest on the principal amount of this Note (i) at 9 1/4% per annum from March 18, 2011 until the date of the First Supplemental Indenture and (ii) at 10% per annum from the date of the First Supplemental Indenture until maturity. The
Company will pay interest semi-annually in arrears on April 15 and October 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes
will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated
between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be
October 15, 2011. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the rate then in effect to the extent lawful;
it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent
lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 Until this Regulation S
Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all
other respects be entitled to the same benefits as other Notes under the Indenture. 
 2. METHOD
OF PAYMENT. The Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the April 1 or October 1
next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will
be payable as to principal and premium, if any, and interest at the office or agency of the Company maintained for such purpose within or without the City and State of New York, or, at the option of the Company, payment of interest, if any, may be
made by check mailed on the Interest Payment Date to the Holders at their addresses set forth in the register of Holders, provided  

  
 A-2-5

 
that payment by wire transfer of immediately available funds will be required with respect to principal of and interest and premium, if any, on, all Global Notes and all other Notes the Holders
of which will have provided wire transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts. 
 3. PAYING AGENT AND REGISTRAR.
Initially, U.S. Bank National Association, a national banking association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any
of its Subsidiaries may act in any such capacity. 
 4. INDENTURE. The Company issued the
Notes under an Indenture dated as of March 18, 2011 (the “Indenture”) among the Company, the guarantors party thereto (the “Guarantors”) and the Trustee, as amended or supplemented from time to time in accordance with its
terms. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. To the extent any provision of this Note conflicts with the
express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder. 

5. OPTIONAL REDEMPTION. 

(a) Except as set forth in subparagraphs (b) or (c) of this Paragraph 5, the Company will not have the option to redeem the
Notes prior to April 15, 2015. Thereafter, the Company will have the option to redeem the Notes, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal
amount) set forth below plus accrued and unpaid interest, if any, on the Notes to be redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on August 1 of the years indicated below: 

 

					
	 Year
	  	Percentage	 
	 2015
	  	 	104.625	% 
	 2016
	  	 	102.313	% 
	 2017 and thereafter
	  	 	100.000	% 

 (b) Notwithstanding the provisions of subparagraph (a) of this Paragraph 5, at any time prior to
April 15, 2014, the Company may on one or more occasions redeem Notes with all or a portion of the net cash proceeds of one or more Equity Offerings at a redemption price equal to 109.250% of the principal amount thereof, plus accrued and
unpaid interest, if any, thereon to the applicable redemption date; provided that at least 65% of the aggregate principal amount of the Notes issued under the Indenture remains outstanding immediately after the occurrence of such redemption
(excluding Notes held by the Company and its Affiliates) and that such redemption occurs within 90 days of the date of the closing of such Equity Offering. 
 (c) At any time or from time to time prior to April 15, 2015, the Company, at its option, may redeem the Notes, in whole or in part, at a price equal to 100% of the principal amount of the Notes
redeemed plus the Applicable Premium, together with accrued and unpaid interest thereon, if any, to the redemption date. The Company may provide that payment of such redemption price may be made by, and performance of the obligations in respect of
such redemption may be performed by, another Person. 

  
 A-2-6

 6. MANDATORY REDEMPTION; OPEN
MARKET PURCHASES. 
 The Company will not be required to make mandatory
redemption or sinking fund payments with respect to the Notes. The Company may at any time and from time to time purchase Notes in the open market or otherwise. 
 7. REPURCHASE AT THE OPTION OF HOLDERS. 

(a) If there is a Change of Control, the Company will be required to make an offer (a “Change of Control Offer”) to repurchase
all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to the date of
purchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date (the “Change of Control Payment”); provided, that the Company will not be obligated to repurchase Notes in
the event that it exercises its right to redeem all of the Notes as described in Section 3.07 of the Indenture, unless and until there is a default in payment of the applicable redemption price. Within 30 days following any Change of Control,
the Company will mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture. 
 (b) Within 60 days after the receipt of Excess Proceeds, the Company or such Restricted Subsidiary shall apply those Excess Proceeds at its option: (i) to repay Priority Lien Debt and if such
Priority Lien Debt is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto; or (ii) commence an offer to all Holders of Notes and all holders of Other Priority Lien Debt containing provisions similar to
those set forth in the Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets pursuant to Section 3.09 (as “Asset Sale Offer”) of the Indenture to purchase the maximum principal amount of Notes
(including any Additional Notes) and such Other Priority Lien Debt that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, to the
date fixed for the closing of such offer, in accordance with the procedures set forth in the Indenture or the indenture or other agreement governing such Other Priority Lien Debt, as applicable. To the extent that the aggregate amount of Notes
(including any Additional Notes) and Other Priority Lien Debt tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company (or such Restricted Subsidiary) may use such deficiency for any purpose not otherwise prohibited by
the Indenture. If the aggregate principal amount of Notes (including any Additional Notes) and Other Priority Lien Debt surrendered by holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select such tendered Notes and such other
tendered Other Priority Lien Debt to be purchased on a pro rata basis. Holders of Notes that are the subject of an offer to purchase will receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have
such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes. 
 8. NOTICE OF REDEMPTION. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to
each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On and after
the redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 
 9.
DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of
Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder
to pay any taxes and fees required by law or permitted by the Indenture. 

  
 A-2-7

 
The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the
Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 

This Regulation S Temporary Global Note is exchangeable in whole or in part for one or more Global Notes only (i) on or after the
termination of the 40-day restricted period (as defined in Regulation S) and (ii) upon presentation of certificates (accompanied by an Opinion of Counsel, if applicable) required by Article 2 of the Indenture. Upon exchange of this Regulation S
Temporary Global Note for one or more Global Notes, the Trustee shall cancel this Regulation S Temporary Global Note. 
 10.
PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 
 11. AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture, the Subsidiary Guarantees or the Notes
may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then outstanding Notes and Additional Notes, if any, voting as a single class, and any existing default or compliance with any provision
of the Indenture, the Subsidiary Guarantees, or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes and Additional Notes, if any, voting as a single class. Without the consent of
any Holder of a Note, the Indenture, the Subsidiary Guarantees, the Intercreditor Agreement, the Security Documents or the Notes may be amended or supplemented to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in
addition to or in place of certificated Notes, to provide for the assumption of the Company’s obligations to Holders of the Notes in case of a merger or consolidation or sale of all or substantially all of the Company’s assets, to make any
change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under the Indenture, any Subsidiary Guarantee, the Intercreditor Agreement or any Security Document of any
such Holder, including, for avoidance of doubt, to make any covenant or event of default more restrictive than the covenants or events of default contained in the Indenture as of the date of the First Supplemental Indenture, to provide for the
Issuance of Additional Notes in accordance with the limitations set forth in the Indenture, to conform the text of this Indenture, the Security Documents, the Intercreditor Agreement, the Subsidiary Guarantees or Notes to any provision of the
Offering Circular under the caption “Description of Notes” to the extent such provisions in the “Description of Notes” was intended to be a verbatim recitation of a provision of this Indenture, the Subsidiary Guarantees, the
Security Documents, the Intercreditor Agreement or the Notes, to enter into additional supplemental Security Documents, including Security Documents adding additional Priority Lien Secured Parties and Priority Lien Obligations to any Security
Document or the Intercreditor Agreement, to release a Guarantor from its obligations under its Subsidiary Guarantee, the Notes or the Indenture in accordance with the applicable provisions of the Indenture, to release Collateral in accordance with
the terms of the Indenture, the Security Documents or the Intercreditor Agreement, to evidence and provide for the acceptance and appointment under this Indenture of a successor trustee thereunder pursuant to the requirements thereof, to make,
complete or confirm any grant of Collateral permitted or required by the Indenture or any of the Security Documents or any release of Collateral that becomes effective as set forth in the Indenture, any of the Security Documents or the Intercreditor
Agreement, to allow any Guarantor to execute a supplemental indenture to the Indenture and/or a Subsidiary Guarantee with respect to the Notes, or to secure any Priority Lien Debt under the Security Documents and to appropriately include the same in
the Intercreditor Agreement. 
 12. DEFAULTS AND REMEDIES.
Events of Default include: (i) default for 30 days in the payment when due of interest on the Notes; (ii) default in payment when due of principal of, or premium, if any, on the Notes when the same becomes due and payable at maturity, upon
redemption (including in connection 

  
 A-2-8

 
with an offer to purchase) or otherwise, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Section 4.15 or 5.01 of the Indenture; (iv) failure by
the Company or any of its Restricted Subsidiaries for 30 days after notice to the Company by the Trustee or the Holders of at least 25% in principal amount of the Notes then outstanding to comply with Section 4.07, 4.09 or 4.10 of the
Indenture; (v) failure by the Company or any of its Restricted Subsidiaries for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in principal amount of the Notes then outstanding to observe or perform any other
covenant, representation, warranty or other agreement in the Indenture, the Security Documents or the Notes; (vi) default under certain other agreements relating to Indebtedness of the Company which default is caused by a failure to pay
principal of or interest on such Indebtedness when due (giving effect to any applicable grace periods and any extensions thereof) or results in the acceleration of such Indebtedness prior to its express maturity and default under certain other
agreements relating to Indebtedness of Holdings which default results in the acceleration of such Indebtedness prior to its express maturity; (vii) certain final judgments for the payment of money that remain undischarged, unpaid, unrestricted,
unbonded or unstayed for a period of 60 days; (viii) (x) any Security Document is held in any judicial proceeding to be unenforceable or invalid in any material respect or ceases for any reason to be in full force and effect in any
material respect, other than in accordance with the terms of the relevant Security Documents and except solely as a result of any action taken or not taken by the Collateral Trustee that was required to be taken or not taken by the Collateral
Trustee pursuant to the Security Documents, (y) any security interest created by any Security Document ceases to be in full force and effect (except as permitted by the terms of the Indenture or the Security Documents and except solely as a
result of any action taken or not taken by the Collateral Trustee that was required to be taken or not taken by the Collateral Trustee pursuant to the Security Documents) with respect to Collateral having a fair market value, as determined in good
faith by the Company’s Board of Directors, in excess of $10.0 million, and such default continues for a period of 60 days after the Company receives notice thereof from the Trustee or from the Holders of at least 25% in principal amount of the
Notes outstanding specifying such default or (z) the Company or any of its Restricted Subsidiaries, or any Person acting on behalf of any of them, asserts in writing that any Collateral having a fair market value, as determined in good faith by
the Company’s Board of Directors, in excess of $10.0 million is not subject to a valid, perfected security interest (except as permitted by the terms of the Indenture or Security Documents); (ix) certain events of bankruptcy or insolvency
with respect to the Company or any of its Significant Subsidiaries; (x) except as permitted by the Indenture, any Subsidiary Guarantee of a Significant Subsidiary shall be held in any judicial proceeding to be unenforceable or invalid or shall
cease for any reason to be in full force and effect or any Guarantor which is a Significant Subsidiary or any Person acting on its behalf shall deny or disaffirm its obligations under its Subsidiary Guarantee, provided, however, that an Event of
Default will also be deemed to occur with respect to Subsidiary Guarantors that are not Significant Subsidiaries if the Subsidiary Guarantees of such Insignificant Subsidiaries are held in any judicial proceeding to be unenforceable or invalid or
shall cease for any reason to be in full force and effect or such Insignificant Subsidiaries deny or disaffirm their obligations under their Subsidiary Guarantees (other than in accordance with the terms of such Subsidiary Guarantee), if when
aggregated and taken as a whole such Insignificant Subsidiaries would meet the definition of a Significant Subsidiary; and (xi) (I) Holdings shall fail to have executed the Discount Notes Forbearance Agreement not later than
September 15, 2013, (II) Holdings shall fail to have delivered a copy thereof to the Trustee within five (5) Business Days after the execution thereof, (III) the Discount Notes Forbearance Agreement shall fail to be in full force and
effect, or Holdings shall fail to be in compliance therewith, at all times from and after September 15, 2013 until the indefeasible payment in full of all Obligations under the Notes or (IV) the Discount Notes Forbearance Agreement shall be
amended, restated, modified or supplemented without the prior written consent of the holders of at least a majority in principal amount of the Notes. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in
principal amount of the then outstanding Notes may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will
become due and payable without further action or notice. Holders may not enforce the Indenture or 

  
 A-2-9

 
the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of
any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding
notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its
consequences under the Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance with the
Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 

13. TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its
individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 

14. NO RECOURSE AGAINST OTHERS. A director, officer,
employee, incorporator, member, manager, partner or shareholder of the Company or any of the Guarantors, as such, will not have any liability for any obligations of the Company or such Guarantor under the Notes, the Subsidiary Guarantees, the
Security Documents or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for the issuance of the Notes. 
 15. AUTHENTICATION. This Note will not be
valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
 16.
ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 17. CUSIP
NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers
in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification
numbers placed thereon. 
 18. GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK
WILL GOVERN AND BE USED TO CONSTRUE THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:

 LBI Media, Inc. 
 1845 West Empire
Avenue 
 Burbank, CA 91504 
 Attention:
Lenard D. Liberman 

  
 A-2-10

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	 	  

		 	(Insert assignee’s legal name)
	
	  

	 (Insert assignee’s soc. sec. or tax I.D. no.)

	
	  

	  

	  

	  

	 (Print or type assignee’s name, address and zip code)

  

			
	and irrevocably appoint	 	  

	to transfer this Note on the books of the Company. The agent may substitute another to act for him.

 Date:
                     
  

					
		 	Your Signature:	 	  

		
		 	(Sign exactly as your name appears on the face of this Note)

 Signature Guarantee*:
                                 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-2-11

 OPTION OF HOLDER TO
ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Company pursuant to
Section 4.10 or 4.15 of the Indenture, check the appropriate box below: 
  

			
	  ̈  Section 4.10
	 	 ̈  Section 4.15

 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10
or Section 4.15 of the Indenture, state the amount you elect to have purchased: 

$             
 Date:                      

 

					
		 	Your Signature:	 	  

		
		 	(Sign exactly as your name appears on the face of this Note)

 

					
		 	Tax Identification No.:	 	  

 Signature Guarantee*:
                                     

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-2-12

 SCHEDULE OF EXCHANGES OF REGULATION S TEMPORARY GLOBAL NOTE 

The following exchanges of a part of this Regulation S Temporary Global Note for an interest in another Global Note, or of other
Restricted Global Notes for an interest in this Regulation S Temporary Global Note, have been made: 
  

									
	 Date of Exchange
	  	 Amount of
 decrease in

Principal Amount
of this Global Note
	  	 Amount of
 increase in
 Principal Amount

of this Global Note
	  	 Principal Amount 
of this Global Note

following such

decrease (or
 increase)
	  	 Signature of
 authorized officer
 of Trustee or

Custodian

					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	

  
 A-2-13EX-10.1

 Exhibit 10.1 
 Execution Version 
 THIRD AMENDMENT TO DELAYED DRAW TERM LOAN CREDIT
AGREEMENT, 
 JOINDER, WAIVER, CONSENT AND OMNIBUS AMENDMENT AGREEMENT 

THIRD AMENDMENT TO DELAYED DRAW TERM LOAN CREDIT AGREEMENT, JOINDER, WAIVER, CONSENT AND OMNIBUS AMENDMENT AGREEMENT (this
“Amendment”), dated as of December 28, 2012 by and among Par Petroleum Corporation, a Delaware corporation (the “Borrower”), the Guarantors party thereto (the “Guarantors”
and together with the Borrower, each a “Credit Party” and collectively, the “Credit Parties”), the undersigned Lenders party hereto, and Jefferies Finance LLC, as administrative agent (the
“Administrative Agent”). 
 WHEREAS, the Credit Parties, Jefferies Finance LLC, as administrative agent,
and the Lenders party thereto from time to time entered into that certain Delayed Draw Term Loan Credit Agreement dated as of August 31, 2012 (as amended by the First Amendment dated September 28, 2012, as amended by the Second Amendment
dated effective November 29, 2012, and as may be amended, amended and restated, modified, supplemented, extended, renewed, restated or replaced from time to time, the “Credit Agreement”); 

WHEREAS, the Borrower desires to acquire, directly or indirectly, all of the issued and outstanding capital stock of Seacor Energy Inc.,
a Delaware corporation (“Target”), on or before December 31, 2012; 
 WHEREAS, certain Lenders are
willing to provide a term loan for the purpose of financing the Borrower’s acquisition of Target and for the purposes of providing cash collateral for a letter of credit facility with Compass Bank; 

WHEREAS, following the Borrower’s acquisition of Target on or before December 31, 2012, Target shall become a guarantor and a
Credit Party under the Credit Agreement and the other Loan Documents; 
 WHEREAS, the Borrower has requested that the Lenders
agree to amend certain provisions of the Credit Agreement; and 
 WHEREAS, the Borrower, the Guarantors, and the Lenders have
agreed to so amend the Credit Agreement subject to the terms and conditions set forth herein. 
 NOW, THEREFORE, in
consideration of the mutual promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

1. Defined Terms. All capitalized terms used herein (including the recitals hereto) shall have the respective meaning assigned to
such terms in the Credit Agreement as amended by this Amendment, unless otherwise defined herein. 

 2. Amendments to Credit Agreement. 

(a) Appendix 1 of the Credit Agreement is hereby amended by (i) adding the new defined terms which
appear on Appendix 1-A to this Amendment in alphabetical order and (ii) restating in their entirety the existing definitions for the defined terms which appear on Appendix 1-B to this Amendment as they appear on such Appendix 1-B. 

(b) The Credit Agreement is hereby amended to add a new Appendix 2 to the Credit Agreement, which sets forth
the covenants and agreements of the Borrower, the other Credit Parties, the Lenders and the Administrative Agent with respect to Tranche B Loans and such Appendix 2 is hereby incorporated into the Credit Agreement and made a part
thereof (and the terms of Appendix 2 shall be treated for all purposes as if they are terms of the Credit Agreement itself). 
 (c) The Credit Agreement is hereby amended to add a new Appendix 3 to the Credit Agreement, which sets forth the agreements of the Borrower, the other Credit Parties, the Tranche B Lenders
and the Administrative Agent with respect to the conditions precedent to making Tranche B Loans and such Appendix 3 is hereby incorporated into the Credit Agreement and made a part thereof (and the terms of Appendix 3 shall be treated
for all purposes as if they are terms of the Credit Agreement itself). 
 (d) Section 2.6(b)
of the Credit Agreement is hereby deleted and replaced with the following: 
 “(b) Notwithstanding the foregoing, from and
after the date that an Event of Default shall have occurred and be continuing (including, without limitation, at any time during an Interest Period), at the request of the Requisite Lenders (which such request may be made by the Administrative Agent
at the direction of the Requisite Lenders), (i) all outstanding Obligations shall, to the extent permitted by applicable law, bear interest at a rate per annum equal to 11.75%, per annum (or 2% plus the rate otherwise applicable to such
Obligations as provided in Section 2.6(a)(i)) (the “Default Rate”) and (ii) all interest accrued and accruing shall be payable in cash on demand; provided, that, from and after the occurrence of any Event of Default under
Section 7.1(e), all outstanding Obligations shall, to the extent permitted by applicable law, bear interest at the Default Rate automatically and without any notice from Administrative Agent, the Requisite Lenders or any other
Person.” 
 (e) Section 2.8(a)(i), (ii), (iii), (iv) and
(v) (Optional Payments) of the Credit Agreement is amended such that in each case where the term “Obligations” appears, the parenthetical phrase “(exluding Tranche B Obligations)” shall be inserted immediately
thereafter. The parties agree that the Repayment Premium and Applicable Premium do not apply to Tranche B Obligations. 

  
 2 

 (f) Sections 2.8(c), (d), (e),
(f), (g) and (h) of the Credit Agreement are deleted in their entirety and replaced with the following: 
 “(c) Asset Sales. 
 (i) Not later than five (5) Business Days
following the receipt of any Net Cash Proceeds of any Disposition of any Property of any Credit Party (except for Dispositions of the JV Interests or of the type described in Sections 2.8(e), (f) and (g)) now owned or
hereafter acquired, such Credit Party shall apply 100% of such Net Cash Proceeds to make repayments of the Obligations, if any are then outstanding, in accordance with Sections 2.8(h) and (i); provided that no such
repayment shall be required under this Section 2.8(c) with respect to (A) the Disposition of Property that constitutes a Casualty Event, (B) Dispositions for fair market value resulting in no more than $100,000 in Net Cash
Proceeds per Disposition (or series of related Dispositions) and less than $200,000 in aggregate Net Cash Proceeds before the Maturity Date, (C) any Disposition to the extent no Obligations are then outstanding on the date of receipt of such
Net Cash Proceeds, or (D) Dispositions permitted by Section 6.4(b)(i), (ii), (iii) (other than subclause (B) of Section 6.4(b)(iii)), (iv), (v), (vii),
(viii) and (ix); and provided, further that so long as no Default or Event of Default shall have occurred and be continuing or arise therefrom, the Borrower shall have the option upon written notice stating its intention to the
Administrative Agent and each Lender (or by filing materials with the SEC stating Borrower’s intention and contemporaneously delivering such materials to the Administrative Agent and each Lender) within ten (10) Business Days of receipt of
Net Cash Proceeds from any Disposition, directly or through one or more Credit Party, to invest or commit to invest such Net Cash Proceeds in an amount such that the aggregate amount of all Net Cash Proceeds from any Disposition reinvested as
described in clauses (I) and (II) below pursuant to this proviso (and not applied to the Obligations pursuant to this Section 2.8(c)) shall not exceed an amount equal to $25,000,000 in the aggregate (I) within one (1) year
of receipt thereof in long term productive assets of the general type used in the business of the Credit Parties, including through Acquisitions permitted hereunder, provided that if any amount is so committed to be reinvested within such one-year
period, but is not reinvested within the later to occur of (x) six (6) months of the date of such commitment and (y) the end of such one-year period, the Borrower shall repay the Obligations in accordance with this
Section 2.8(c) without giving further effect to such reinvestment right or (II) as a capital contribution or loan to the JV Company within ten (10) Business Days of receipt thereof, provided that if any amount is so committed to be
reinvested but is not reinvested within ten (10) Business Days of receipt of such Net Cash Proceeds, the Borrower shall repay the Obligations in accordance with this Section 2.8(c) without giving further effect to such reinvestment
right; and 

  
 3 

 (ii) Not later than one (1) Business Day following the receipt of any Net Cash
Proceeds from the Disposition of the JV Interests, such Credit Party shall, subject to the Intercreditor Agreement apply 100% of such Net Cash Proceeds to make repayments of the Obligations (excluding Tranche B Obligations), if any are then
outstanding, in accordance with Sections 2.8(h); provided that no such repayment shall be required under this Section 2.8(c) with respect to any Disposition to the extent no Obligations are then outstanding on the date
of receipt of such Net Cash Proceeds. 
 (d) Debt Issuance. Not later than one (1) Business Day following the
receipt of any Net Cash Proceeds of any Debt Issuance (including the issuance of any Permitted Subordinated Debt) by any Credit Party, the Borrower shall make repayments of the Obligations, if any are then outstanding, in accordance with
Sections 2.8(h) in an aggregate principal amount equal to 100% of such Net Cash Proceeds; provided that, so long as no Default or Event of Default shall have occurred and be continuing or arise therefrom, the Borrower shall have the
option upon written notice stating its intention to the Administrative Agent and each Lender (or by filing materials with the SEC stating Borrower’s intention and contemporaneously delivering such materials to the Administrative Agent and each
Lender) within ten (10) Business Days of receipt of Net Cash Proceeds from any Debt Issuance, directly or through one or more Credit Party, to invest or commit to invest such Net Cash Proceeds in investments permitted pursuant to
Section 6.7(g) or (k) within six (6) months of receipt thereof, provided that if any amount is so committed to be reinvested but is not reinvested within six (6) months of the date of receipt of such Net Cash
Proceeds, the Borrower shall repay the Obligations in accordance with this Section 2.8(d) without giving further effect to such reinvestment right. 
 (e) JV Distributions. Not later than one (1) Business Day following the receipt of any cash Dividends or other distributions by any Credit Party in respect of any Credit Party’s ownership
of the JV Interests, the Borrower shall make repayments of the Obligations (excluding Tranche B Obligations), if any are then outstanding in accordance with Sections 2.8(h) in an aggregate principal amount equal to 100% of such cash
Dividends or other distributions, provided, however, that (i) the Borrower shall only be required to make such repayment after a Credit Party has received aggregate cash Dividends or other distributions totaling in excess of $250,000 in respect
of any Credit Party’s ownership of the JV Interests and (ii) no such repayment shall be required under this Section 2.8(e) to the extent that such Dividends or other distributions are intended to be used by Borrower or the
applicable Credit Party to pay Taxes attributable to such JV Interests and Dividends and distributions received thereunder that are owed by the Borrower or the applicable Credit Party and such Dividends and distributions are in fact so used.

  
 4 

 (f) Casualty Events. Not later than five (5) Business Days following the
receipt of any Net Cash Proceeds from a Casualty Event by any Credit Party, the Borrower shall apply an amount equal to 100% of such Net Cash Proceeds to make repayments of the Obligations in accordance with Sections 2.8(h);
provided that no such prepayment shall be required under this Section 2.8(f) with respect to any Disposition of property which constitutes a Casualty Event resulting in no more than $100,000 in Net Cash Proceeds per Casualty Event
and less than $500,000 in Net Cash Proceeds from Casualty Events in any fiscal year; provided, further: 
 (i) so long as
no Default or Event of Default shall then exist or arise therefrom, such proceeds shall not be required to be so applied on such date to the extent that the Borrower shall, following the receipt of such Net Cash Proceeds, have delivered a
certificate to the Administrative Agent and each Lender within ten (10) Business Days stating that such proceeds are expected to be used to purchase replacement assets or repair such assets and, in each case, to be used in connection with the
purposes described in Section 5.9 or otherwise in compliance with the terms of this Agreement no later than 365 days following the date of receipt of the entire amount of such proceeds; provided that if the property subject to such
Casualty Event constituted Collateral under the Security Instruments, then all property purchased with the Net Cash Proceeds thereof pursuant to this subsection shall be made subject to the Lien granted pursuant to the Security Instruments in favor
of the Administrative Agent, for its benefit and for the benefit of the other Secured Parties in accordance with Sections 5.8, 5.11, and 5.12; and 
 (ii) if any portion of such Net Cash Proceeds shall not be so applied within such 365-day period, such unused portion shall be applied on the last day of such period as a mandatory prepayment as provided
in this Section 2.8(f). 
 (g) Equity Issuances. No later than five (5) Business Days following the date
of receipt by the Borrower of any Net Equity Proceeds, the Borrower shall prepay the Obligations in an aggregate amount equal to 75% (the “Equity Percentage”) of such Net Equity Proceeds; provided, however, that so long as no
Default or Event of Default shall have occurred and be continuing, the Borrower shall have the option upon written notice stating its intention to the Administrative Agent and each Lender (or by filing materials with the SEC stating Borrower’s
intention and contemporaneously delivering such materials to the Administrative Agent and each Lender) within ten (10) Business Days of receipt of such Net Equity Proceeds, directly or through one or more Credit Party, to (A) invest or
commit to invest such Net Equity Proceeds (x) in investments permitted pursuant to Section 6.7(g) or (k) within six (6) months from the date of receipt of such Net Equity Proceeds; or (y) in long term
productive assets of the general type used in the business of the Credit Parties, including through Acquisitions permitted hereunder, in each case, within one (1) year of receipt of such Net Equity Proceeds or (B) to fund the Target’s
activities within six (6) months from the date of receipt of such Net Equity Proceeds, provided that, in the case of investments 

  
 5 

 
described in clause (A)(x) above, if any amount is so committed to be reinvested but is not so reinvested within six (6) months from the date of receipt of such Net Equity Proceeds, or in
the case of investments described in clause (A)(y) above, if any amount is so committed to be reinvested within such one-year period, but is not reinvested within such one-year period after the receipt of such Net Equity Proceeds or as described in
clause (B), within six (6) months from the date of receipt of such Net Equity Proceeds, then, in each case, the Borrower shall use 75% of the unused portion of such Net Equity Proceeds to repay the Obligations in accordance with this
Section 2.8(g) without giving further effect to such reinvestment right. 
 (h) Application of Repayments.

 (i) Subject to the provisions of this Section 2.8(h), prior to any optional or mandatory prepayment hereunder,
the Borrower shall specify the amount of such prepayment in the notice of such prepayment pursuant to Section 2.8(h)(iii). 
 (ii) All amounts to be applied to the Obligations pursuant to Section 2.8(c) through (g) shall be applied (a) first, to the repayment of Tranche B Loans and other Tranche B
Obligations until the Tranche B Obligations are paid in full, and (b) second, to the repayment of the Loans and other Obligations then due and payable; provided that, no Dividends or Net Cash Proceeds arising from JV Interests or any other
“Common Collateral” (as defined in the Intercreditor Agreement) shall be used to pay all or any portion of the Tranche B Obligations. Amounts to be applied pursuant to clause (a) of this Section 2.8(h)(ii) to the
repayment of Tranche B Obligations shall be applied (1) first, towards payment of interest (including, but not limited to, any outstanding PIK-B Interest) and fees then due in respect of Tranche B Loans, (2) second, towards payment of
principal of Tranche B Loans then due hereunder, and (3) third, towards payment of the Tranche B Exit Fee, with all such amounts distributed ratably among the Tranche B Lenders in accordance with the amounts of principal, interest and fees then
due to such Tranche B Lenders. Amounts to be applied pursuant to clause (b) of this Section 2.8(h)(ii) to the repayment of Loans shall be applied to the outstanding Loans, (x) first, towards payment of either the
Applicable Premium or Repayment Premium which is due in connection with such repayment, (y) second, towards payment of interest (including, but not limited to, any outstanding PIK Interest) and fees (other than the Applicable Premium or
Repayment Premium) then due hereunder, and (z) third, towards payment of principal of the Loans then due hereunder, with all such amounts distributed ratably among the parties entitled thereto in accordance with the amounts of principal,
interest and fees then due to such parties. 

  
 6 

 (iii) Notice of Repayment. If the Borrower is required to make a repayment pursuant
to Sections 2.8(c), (d), (e), (f) or (g), the Borrower shall notify the Administrative Agent by written notice of any repayment hereunder, not later than 11:00 a.m., New York City time, one
(1) Business Day before the date of repayment. Each such notice shall specify the repayment date, the principal amount of the Loans or Tranche B Loans to be repaid, the amount of accrued interest due in connection therewith and, with respect to
the Loans, any Repayment Premium or Applicable Premium, if applicable. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Such notice to the Lenders may be by electronic
communication. Each repayment of any or all of the Loans or Tranche B Loans shall be applied according to Section 2.8(h). Repayments shall be accompanied by accrued interest to the extent required by Section 2.05 of Appendix
2 and Section 2.6.” 
 (g) Section 2.9(a) of the Credit Agreement is
hereby deleted and replaced with the following: 
 “(a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against
assets of, deposits with or for the account of, or credit extended or participated in by, any Lender; 
 (ii) subject any
recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit,
commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 
 (iii)
impose on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement, the Loans or Tranche B Loans made by such Lender; 

and the result of any of the foregoing shall be to increase the cost to such Lender or such other recipient of making, converting to,
continuing or maintaining any Loan or Tranche B Loans or of maintaining its obligation to make any such Loan or such Tranche B Loans, or to reduce the amount of any sum received or receivable by such Lender, or other recipient hereunder (whether of
principal, interest or any other amount) then, upon request of such Lender, or other recipient, the Borrower will pay to such Lender or other recipient, as the case may be, such additional amount or amounts as will compensate such Lender or other
recipient, as the case may be, for such additional costs incurred or reduction suffered.” 

  
 7 

 (h) Section 2.9(b) of the Credit Agreement is hereby
deleted and replaced with the following: 
 “(b) If any Lender determines (in good faith, but in its sole absolute
discretion) that any Change in Law regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this
Agreement, the Loans or Tranche B Loans made by such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the
policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender, as the case may be, such additional amount or amounts as will compensate such Lender or such Lender’s
holding company for any such reduction suffered.” 
 (i) The first sentence of
Section 2.10 (Breakage Payments) of the Credit Agreement is hereby deleted and replaced with the following sentence: 
 “In the event of the failure to borrow or prepay any Loan or Tranche B Loan on the date specified in any notice delivered pursuant hereto then, in any such event, the Borrower shall compensate each
Lender for the loss, cost and expense (but excluding consequential damages and loss of anticipated profits), if any, attributable to such event.” 
 (a) Section 2.11(b) of the Credit Agreement is hereby deleted and replaced with the following: 
 “(b) If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be
applied (subject to the priorities set forth in Section 7.6 in the case of proceeds received by the Administrative Agent in respect of any sale of, collection from or realization upon all or any part of the Collateral pursuant to the
exercise by the Administrative Agent of its remedies) (i) first, towards payment of either the Applicable Premium or Repayment Premium which is due in connection with any repayment, (ii) second, towards payment of interest (including, but
not limited to, any outstanding PIK Interest and PIK-B Interest) and fees (other than the Applicable Premium or Repayment Premium) then due with respect to the Loans and the Tranche B Loans hereunder, and (iii) third, towards payment of
principal then due hereunder with respect to the Loans and the Tranche B Loans, with all such amounts distributed ratably among the parties entitled thereto in accordance with the amounts of principal, interest and fees then due to such
parties.” 
 (b) Section 2.11(c) of the Credit Agreement is hereby deleted and replaced
with the following: 
 “(c) If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of the Obligations resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans or Tranche B Loans and accrued interest

  
 8 

 
thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans or Tranche B Loans,
as applicable, of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans or Tranche
B Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery,
without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as
consideration for the assignment of or sale of a participation in any of its Loans or Tranche B Loans to any assignee or participant, other than to any Credit Party or its Affiliates (as to which the provisions of this paragraph shall apply). Each
Credit Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Credit Party rights of setoff
and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Credit Party in the amount of such participation. If under applicable Debtor Relief Law any Secured Party receives a secured claim in lieu
of a setoff or counterclaim to which this Section 2.11(c) applies, such Secured Party shall to the extent practicable, exercise its rights in respect of such secured claim in a manner consistent with the rights to which the Secured Party
is entitled under this Section 2.11(c) to share in the benefits of the recovery of such secured claim.” 
 (c) The first sentence of Section 2.13(a) (Mitigation of Obligations) of the Credit Agreement is hereby deleted and replaced with the following sentence: 

“If any Lender requests compensation under Section 2.9, or if the Borrower is required to pay any additional amount to
any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.12, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans and Tranche B Loans
hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant
to Section 2.9 or 2.12, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous in any material respect to such Lender.”

 (d) Clause (ii) of Section 2.13(b) (Replacement of Lenders) of the Credit
Agreement is hereby deleted and replaced with the following clause: 

  
 9 

 “(ii) such Lender shall have received payment of an amount equal to the outstanding
principal of its Loans and Tranche B Loans, accrued interest thereon, accrued fees and and all other amoutns payable to it hereunder (assuming for this purpose that the Loans and Tranche B Loans owing to such Lender were being prepaid) from the
assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts);” 
 (e) Section 4.8(a) of the Credit Agreement is hereby amended to add the following sentence at the end of such section: “The proceeds of Tranche B Loans will be used by Borrower for
the purposes described in Section 5.9.” 
 (f) The first sentence of
Section 4.8(c) of the Credit Agreement is hereby deleted and replaced with the following sentence: 

“No proceeds of any Loan or Tranche B Loan will be used, whether directly or indirectly and whether immediately, incidentally or
ultimately, for any purpose that entails a violation of, or that is inconsistent with Regulation T, U or X or any other provisions of the regulations of the Federal Reserve Board.” 

(g) Clause (a) of Section 18 (Solvency) of the Credit Agreement is hereby deleted and replaced
with the following clause 
 “(a) the Loans and Tranche B Loans,” 

(h) Section 4.24 (Foreign Assets Control Regulations) of the Credit Agreement is hereby amended by
inserting the phrase “or Tranche B Loans” immediately after the word “Loans”. 
 (i)
Section 4.25 (Anti-Terrorism Law) of the Credit Agreement is hereby amended by inserting the phrase “or Tranche B Loans” immediately after the word “Loans” in each instance that the word “Loans”
appears. 
 (j) Section 5.4(c) of the Credit Agreement is hereby amended by inserting the
phrase “or Tranche B Loans” immediately after the word “Loans” in each instance that the word “Loans” appears. 
 (k) Section 5.9 (Use of Proceeds) of the Credit Agreement is hereby amended to add the following sentence at the end of such section: “Borrower shall use the proceeds of Tranche B
Loans to consummate the Target Acquisition on or before December 31, 2012, to repay the Tranche B Loans, to pay transaction costs and expenses incurred in connection with or related to the Target Acquisition, to cash collateralize its
obligations under the Compass LC Facility, and for working capital and general corporate purposes.” 
 (l)
The first sentence of Section 5.11 (Further Assurances; Cure of Title Defects) of the Credit Agreement is hereby deleted and replaced with the following sentence: 

  
 10 

 “Each Credit Party shall, cure promptly any defects in the creation and issuance of
the Loans, Tranche B Loans or any Notes and the execution and delivery of the Security Instruments and this Agreement.” 
 (m) Section 6.1 (Liens, Etc.) of the Credit Agreement is amended to delete the period at the end of clause (l) thereof and to replace it with a semicolon, and to add new clause
(m) after such clause (l) as follows: “and (m) any Liens on cash collateral and the Segregated Account securing Debt under the Compass LC Facility to the extent such Debt is permitted to be incurred under Section 6.2(l) of
this Agreement; provided that at any time an Event of Default exists and the Borrower shall have pledged cash collateral in an amount greater than 105% of the letter of credit exposure then outstanding under the Compass LC Facility at such time (the
“Excess Funds”), upon notice from the Requisite Lenders and Requisite Tranche B Lenders, the Borrower shall, within seven (7) Business Days thereof, cause the transfer of such Excess Funds from the Segregated Account into one of
Borrower’s Deposit Accounts subject to an account control agreement in favor of the Agent.” 
 (n)
Section 6.2 (Debts, Guarantees, and Other Obligations) of the Credit Agreement is amended to delete the period at the end of clause (k) thereof and to replace it with a semicolon, and to add a new clause (l) after such
clause (k) as follows: “and (l) Debt of the Borrower owing under the Compass LC Facility or letters of credit issued from time to time under the Compass LC Facility, so long as the the maximum aggregate amount of obligations owing
with respect to such Debt shall not exceed $40,000,000 at any time and such Debt was cash-collateralized by the applicable Credit Party at the time it was incurrred and such Debt continues to be cash collateralized at all times.” 

(o) Section 6.7(g) (Investments) of the Credit Agreement is hereby amended to delete the semicolon at
the end of clause (iv) thereof, and to add a new clause (v) after such clause (iv) as follows: “, or (v) with the proceeds of Tranche B Loans, in accordance with the Third Amendment;” 

(p) Section 6.13 (Use of Proceeds) of the Credit Agreement is hereby deleted and replaced with the
following sentence: 
 “No Credit Party will permit the proceeds of any Loans or Tranche B Loans to be used for any purpose
other than those permitted by Section 5.9. No Credit Party will engage in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U). No Credit Party nor any Person acting
on behalf of such Credit Party has taken or shall take, nor permit any of the Credit Parties to take any action which might cause any of the Loan Documents to violate Regulation T, U or X or any other regulation of the Board of Governors of the
Federal Reserve System or to violate Section 7 of the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereinafter be in effect, including without limitation, the use of the
proceeds of the Loans or Tranche B Loans to purchase or carry any margin stock in violation of Regulation T, U or X.” 

  
 11 

 (q) Section 6.18 (Anti-Terrorism; Anti Money Laundering)
of the Credit Agreement is hereby amended to add a new clause (c) at the end of such section as follows: “(c) Cause or permit any of the funds of such Credit Party that are used to repay Tranche B Obligations to be derived from any
unlawful activity with the result that the making of Tranche B Loans would be in violation of law.” 
 (r)
Section 6.19 (Embargoed Person) of the Credit Agreement is deleted in its entirety and replaced with the following: 
 “No Credit Party shall cause or permit (a) any of the funds or properties of the Credit Parties that are used to repay the Loans or Tranche B Loans to constitute property of, or be beneficially
owned directly or indirectly by, any person subject to sanctions or trade restrictions under United States law (“Embargoed Person” or “Embargoed Persons”) that is identified on the “List of Specially Designated
Nationals and Blocked Persons” (the “SDN List”) maintained by OFAC and/or on any other similar list (“Other List”) maintained by OFAC pursuant to any authorizing statute including, but not limited to, the
International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any executive order or regulation promulgated thereunder with the result that the investment in
the Credit Parties (whether directly or indirectly) is prohibited by law, or the Loans or Tranche B Loans made by the Lenders would be in violation of law, the executive order, any related enabling legislation or any other similar executive orders
(collectively, “Executive Orders”), or (2) any Embargoed Person to have any direct or indirect interest, of any nature whatsoever in the Credit Parties, with the result that the investment in the Credit Parties (whether
directly or indirectly) is prohibited by law or the Loans or Tranche B Loans are in violation of law.” 

(s) Section 6.20(a) of the Credit agreement is deleted in its entirety and the following is substituted
therefor: “(a) the prepayment of the Loans or Tranche B Loans in accordance with the terms of this Agreement,”. 
 (t) Section 6.25 (JV Holding Sub) of the Credit Agreement is hereby amended by insterting the phrase “(other than any Tranche B Obligations)” in clause (B) thereof
immediately after the phrase “the Obligations”. 
 (u) Section 7.6 (Application of
Proceeds) of the Credit Agreement is hereby deleted and replaced with the following: 
 “Section 7.6 Application of
Proceeds. From and during the continuance of any Event of Default, any monies or Property (excluding the Target Property or monies arising from the Target Property or identifiable proceeds of the Tranche B Loans) actually received by
Administrative Agent pursuant to this Agreement or any other Loan Document, the exercise of any rights or remedies under any Security Instrument or any other agreement with any Credit Party which secures any of the Obligations, shall be applied in
the following order: 

  
 12 

 (a) First, to the payment of all reasonable costs and expenses, fees, commissions
and taxes of such sale, collection or other realization including compensation to the Administrative Agent and its agents and counsel, and all expenses, liabilities and advances made or incurred by the Administrative Agent in connection therewith
and all other amounts for which the Administrative Agent is entitled to indemnification pursuant to the provisions of any Loan Document, together with interest on each such amount at the highest rate then in effect under this Agreement from and
after the date such amount is due, owing or unpaid until paid in full; 
 (b) Second, to the payment of all other
reasonable costs and expenses of such sale, collection or other realization including compensation to the other Secured Parties and their agents and counsel and all costs, liabilities and advances made or incurred by the other Secured Parties in
connection therewith to which the Secured Parties are entitled to reimbursement pursuant to the terms of any Loan Documents, together with interest on each such amount at the highest rate then in effect under this Agreement from and after the date
such amount is due, owing or unpaid until paid in full; 
 (c) Third, without duplication of amounts applied pursuant to
clauses (a) and (b) above, to the payment in full in cash, pro rata, of interest and other amounts constituting Obligations (other than Tranche B Obligations and the principal amount of the Loans) and any fees, premiums and any interest
accrued thereon, in each case equally and ratably in accordance with the respective amounts thereof then due and owing; 
 (d)
Fourth, to the payment in full in cash, pro rata, of principal amount of the Obligations (excluding Tranche B Obligations); and 
 (e) Fifth, unless such monies or Property are attributable to the JV Interests or any other “Common Collateral” (as defined in the Intercreditor Agreement”), the payment in full in
cash, pro rata, of interest and other amounts constituting Tranche B Obligations (other than the principal amount of Tranche B Loans) and any fees, premiums and any interest accrued thereon, in each case, equally and ratably in accordance with the
respective amount thereof then due and owing; 
 (f) Sixth, unless such monies or Property are attributable to the JV
Interests or any other “Common Collateral” (as defined in the Intercreditor Agreement”), to the payment in full in cash, pro rata, of the principal amount of Tranche B Loans; and 

  
 13 

 (g) Seventh, the balance, if any, to the person lawfully entitled thereto (including
the applicable Credit Party or its successors or assigns) or as a court of competent jurisdiction may direct. 
 In the event
that any such proceeds are insufficient to pay in full the items described in foregoing clauses (a) through (f) of this Section 7.6, the Credit Parties shall remain liable, jointly and severally, for any deficiency. 

From and during the continuance of any Event of Default, any identifiable proceeds of the Tranche B Loans, or any Target
Property or monies arising from the Target Property actually received by Administrative Agent pursuant to this Agreement or any other Loan Document, the exercise of any rights or remedies under any Security Instrument or any other agreement with any
Credit Party which secures any of the Obligations, shall be applied in the following order: 
 (a) First, to the payment
of all reasonable costs and expenses, fees, commissions and taxes of such sale, collection or other realization including compensation to the Administrative Agent and its agents and counsel, and all expenses, liabilities and advances made or
incurred by the Administrative Agent in connection therewith and all other amounts for which the Administrative Agent is entitled to indemnification pursuant to the provisions of any Loan Document, together with interest on each such amount at the
highest rate then in effect under this Agreement from and after the date such amount is due, owing or unpaid until paid in full; 
 (b) Second, to the payment of all other reasonable costs and expenses of such sale, collection or other realization including compensation to the other Secured Parties and their agents and counsel
and all costs, liabilities and advances made or incurred by the other Secured Parties in connection therewith to which the Secured Parties are entitled to reimbursement pursuant to the terms of any Loan Documents, together with interest on each such
amount at the highest rate then in effect under this Agreement from and after the date such amount is due, owing or unpaid until paid in full; 
 (c) Third, without duplication of amounts applied pursuant to clauses (a) and (b) above, to the payment in full in cash, pro rata, of interest and other amounts constituting Tranche B
Obligations (other than the principal amount of the Tranche B Loans) and any fees, premiums and any interest accrued on the Tranche B Loans, in each case equally and ratably in accordance with the respective amounts thereof then due and owing;

 (d) Fourth, to the payment in full in cash, pro rata, of principal amount of Tranche B Obligations; and 

(e) Fifth, to the payment in full in cash, pro rata, of interest and other amounts constituting Obligations (other than principal
on the Loans) and any fees, premiums and any interest accrued thereon, in each case, equally and ratably in accordance with the respective amount thereof then due and owing; 

  
 14 

 (f) Sixth, to the payment in full in cash, pro rata, of principal amount of the
Loans and any premium thereon and any interest accrued thereon; and 
 (g) Seventh, the balance, if any, to the person
lawfully entitled thereto (including the applicable Credit Party or its successors or assigns) or as a court of competent jurisdiction may direct. 
 In the event that any such proceeds are insufficient to pay in full the items described in foregoing clauses (a) through (f) of this Section 7.6, the Credit Parties shall remain
liable, jointly and severally, for any deficiency.” 
 (v) Section 8.8 (Indemnification)
of the Credit Agreement is deleted in its entirety and replaced with the following: 
 “Section 8.8 Indemnification.
THE LENDERS SEVERALLY AGREE TO INDEMNIFY THE ADMINISTRATIVE AGENT AND EACH AFFILIATE THEREOF AND THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AND AGENTS (TO THE EXTENT NOT REIMBURSED BY ANY CREDIT PARTY AND WITHOUT LIMITING THE OBLIGATION OF THE
CREDIT PARTIES TO DO SO), ACCORDING TO THEIR RESPECTIVE PRO RATA SHARES IN EFFECT ON THE DATE ON WHICH INDEMNIFICATION IS SOUGHT UNDER THIS SECTION 8.8 (OR, IF INDEMNIFICATION IS SOUGHT AFTER THE DATE UPON WHICH ALL COMMITMENTS SHALL
HAVE TERMINATED AND THE OBLIGATIONS SHALL HAVE BEEN PAID IN FULL, RATABLY IN ACCORDANCE WITH SUCH OUTSTANDING LOANS, TRANCHE B LOANS AND COMMITMENTS AS IN EFFECT IMMEDIATELY BEFORE SUCH DATE), FROM AND AGAINST ANY AND ALL LIABILITIES, OBLIGATIONS,
LOSSES, DAMAGES, FINES, PENALTIES, ACTIONS, CLAIMS, JUDGMENTS, SUITS, LITIGATION, INVESTIGATIONS, INQUIRIES OR PROCEEDINGS, COSTS, EXPENSES, OR DISBURSEMENTS OF ANY KIND OR NATURE WHATSOEVER WHICH AT ANY TIME (WHETHER BEFORE OR AFTER THE PAYMENT OF
THE LOANS OR TRANCHE B LOANS) MAY BE IMPOSED ON, INCURRED BY, OR ASSERTED AGAINST THE ADMINISTRATIVE AGENT IN ANY WAY RELATING TO OR ARISING OUT OF THIS AGREEMENT, THE COMMITMENTS OR ANY OTHER LOAN DOCUMENT OR ANY ACTION TAKEN OR OMITTED BY THE
ADMINISTRATIVE AGENT UNDER THIS AGREEMENT, THE COMMITMENTS OR ANY OTHER LOAN DOCUMENT (INCLUDING IN ALL CASES, WHETHER OR NOT CAUSED OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE CONTRIBUTORY OR SOLE NEGLIGENCE OF THE ADMINISTRATIVE AGENT
OR ANY RELATED 

  
 15 

 
PERSON), AND INCLUDING, WITHOUT LIMITATION, ENVIRONMENTAL CLAIMS AND ANY LIABILITIES ARISING UNDER ENVIRONMENTAL LAW, PROVIDED THAT NO LENDER SHALL BE LIABLE FOR ANY PORTION OF SUCH LIABILITIES,
OBLIGATIONS, LOSSES, DAMAGES, PENALTIES, ACTIONS, JUDGMENTS, CLAIMS, SUITS, LITIGATIONS, INVESTIGATIONS, INQUIRIES OR PROCEEDINGS, COSTS, EXPENSES, OR DISBURSEMENTS RESULTING FROM THE ADMINISTRATIVE AGENT’S GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT AS DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND NONAPPEALABLE JUDGMENT. WITHOUT LIMITATION OF THE FOREGOING, EACH LENDER AGREES TO REIMBURSE THE ADMINISTRATIVE AGENT PROMPTLY UPON DEMAND FOR ITS RATABLE SHARE OF ANY OUT OF
POCKET EXPENSES (INCLUDING COUNSEL FEES) INCURRED BY THE ADMINISTRATIVE AGENT IN CONNECTION WITH THE PREPARATION, EXECUTION, DELIVERY, ADMINISTRATION, MODIFICATION, AMENDMENT, OR ENFORCEMENT (WHETHER THROUGH NEGOTIATIONS, LEGAL PROCEEDINGS, OR
OTHERWISE) OF, OR LEGAL ADVICE IN RESPECT OF RIGHTS OR RESPONSIBILITIES UNDER, THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, TO THE EXTENT THAT ADMINISTRATIVE AGENT IS NOT REIMBURSED FOR SUCH BY ANY CREDIT PARTY. To the extent that the indemnity
obligations provided in this Section 8.8 are for the benefit of the Administrative Agent as the named secured party under the Liens granted under the Security Instruments, each Lender hereby agrees that if such Lender ceases to be a
Lender hereunder but Obligations owing to such Lender or an Affiliate of such Lender continue to be secured by such Liens, then such Lender shall continue to be bound by the provisions of this Section 8.8 until such time as such
Obligations have been satisfied or terminated in full and subject to the terms of the last sentence of Section 10.9. The agreements in this Section 8.8 shall survive the payment of the Loans, Tranche B Loans and all other
amounts payable hereunder.” 
 (w) Section 9.1 (The Guarantee) of the Credit Agreement is
deleted in its entirety and replaced with the following: 
 “The Guarantors (other than JV Holding Sub)
hereby, jointly and severally, guarantee, as primary obligors and not as a surety, to each Secured Party and their respective successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment,
declaration, demand, by acceleration or otherwise) of the principal of and interest (including any interest, fees, costs or charges that would accrue but for the provisions of the Title 11 of the United States Code after any bankruptcy or insolvency
petition under Title 11 of the United States Code) on the Loans made by the Lenders to the Borrower, on Tranche B Loans made by Tranche B Lenders to the Borrower, and any Notes held by each Lender, and all other Obligations from time to time owing
to the Secured Parties by any Credit Party under any Loan Document (such obligations being herein collectively called the “Uncapped Guaranteed  

  
 16 

 
Obligations”), and the JV Holding Sub hereby, jointly and severally with the other Guarantors, guarantees, as primary obligor and not as a surety, to each Secured Party and their
respective successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the principal of and interest (including any interest, fees, costs or
charges that would accrue but for the provisions of the Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code) on the Loans made by the Lenders to the Borrower and any Notes related
to such Loans held by each Lender, and all other Obligations (other than any Tranche B Obligations) from time to time owing to the Secured Parties by any Credit Party under any Loan Document (such obligations being herein collectively called the
“Capped Guaranteed Obligations”; and together with the Uncapped Guaranteed Obligations, the “Guaranteed Obligations”), in each case strictly in accordance with the terms thereof. The Guarantors (other than JV
Holding Sub) hereby, jointly and severally, agree that if the Borrower or other Guarantors shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, such Guarantors will promptly
pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity,
by acceleration or otherwise) in accordance with the terms of such extension or renewal. JV Holding Sub hereby, jointly and severally with the other Guarantors, agrees that if the Borrower or other Guarantors shall fail to pay in full when due
(whether at stated maturity, by acceleration or otherwise) any of the Capped Guaranteed Obligations, it will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal
of any of the Capped Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal.” 

(x) Section 10.1 (Amendments, Etc.) of the Credit Agreement is deleted in its entirety and replaced with the
following: 
 “10.1 Amendments, Etc. Notwithstanding anything to the contrary contained herein, no amendment or
waiver of any provision of this Agreement, any Notes, or any other Loan Document, nor consent to any departure by any Credit Party therefrom, shall in any event be effective unless the same shall be in writing and signed by (i) so long as any
Tranche B Obligations (other than any indemnification obligations not yet due) are outstanding, the Requisite Lenders, Requisite Tranche B Lenders, and each Credit Party, and (ii) at any time when no Tranche B Obligations (other than any
indemnification obligations not yet due) are outstanding, the Requisite Lenders and each Credit Party, and then, in each case, such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given;
provided, however, that no amendment, waiver, or consent shall, unless in writing and signed by each Lender affected thereby, do any of the following: 

  
 17 

 (a) reduce the principal of, or interest on, or any fees or other amounts payable hereunder
or under any other Loan Document, 
 (b) postpone any date fixed for any payment of principal of, or interest on, or any fees or
other amounts payable hereunder or under any other Loan Document or extend the Maturity Date or the Availability Period, 
 (c)
change the percentage of Lenders which shall be required for Lenders or any of them to take any action hereunder or under any other Loan Document, 
 (d) amend Section 2.8(h)(ii), Section 2.9, Section 2.10, Section 2.11(b) or (c), Section 2.12, Section 2.13,
Section 2.14, Article III, Section 7.6, Section 8.8 or this Section 10.1 or the definition of “Pro Rata Share”, 

(e) amend the definition of “Requisite Lenders”, “Defaulting Lender,” or “Requisite Tranche B
Lenders,” 
 (f) release any Guarantor from its obligations under any Guarantee other than as a result of a transaction
permitted hereby, 
 (g) release Liens on the JV Interests in favor of the Administrative Agent except for (i) the sale
thereof sold as permitted by this Agreement or (ii) releases of the Lien on the JV Interests in favor of the Administrative Agent as permitted under Section 8.10(c), or 

(h) amend the definition of “Secured Parties” or the definition of “Obligations” in this Agreement or any such
corresponding terms in any other Loan Document; and provided, further, that no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above to take such action, affect the
rights or duties of the Administrative Agent under this Agreement or any other Loan Document; 
 provided,
further, that no amendment, waiver, or consent shall, unless in writing and signed by Lenders holding 66.66% of the unfunded Commitments and outstanding Loans and, other than with respect to any JV Interests, the Tranche B Lenders, release
any item of Collateral from the Liens of the Loan Documents except for (i) Collateral that is sold, transferred or otherwise disposed of as permitted by this Agreement (ii) releases of Collateral as permitted under
Section 8.10(c) and (iii) releases of Excluded Collateral. 
 (y) Clause (ii) of
Section 10.4(b) of the Credit Agreement is deleted in its entirety and the following is substituted therefor: “(ii) in connection with the Loans made and Tranche B Loans, including all such out of pocket expenses incurred
during any workout, restructuring or negotiations in respect of such Loans and Tranche B Loans.” 

  
 18 

 (z) Section 10.6(b)(i)(B) of the Credit Agreement is
deleted in its entirety and the following substituted therefor: “(B) the amount of the Loans or Tranche B Loans of such Lender being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance with
respect to such assignment) shall be, if to an entity other than a Lender or an Approved Fund, not less than $1,000,000 (or, if less, the entire remaining amount of the assigning Lender’s Loans or Tranche B Loans) and shall be, if not assigned
in full, an integral multiple of $1,000,000 in excess thereof,”. 
 (aa)
Section 10.6(b)(ii) of the Credit Agreement is deleted in its entirety and replaced with the following: 

“(ii) If any Assignor desires to sell any portion of its Pro Rata Share of the Loans or Commitments (and its Pro Rata share of the
Warrants), or Tranche B Loans, to any Person (other than to a Lender or an Approved Fund) while the Obligations or any Commitments are outstanding, then such Lender shall first deliver a written offer letter (the “Offer Letter”) to
the Borrower and the other Lenders and/or Holders (collectively, the “Other Lenders”) notifying them of its desire to sell a portion of its Pro Rata Share of the Loans or Commitments (and its Pro Rata share of the Warrants), or
Tranche B Loans, and indicating the exact amount of Loans and Warrants (or underlying Warrant Shares (as defined in the Warrant Issuance Agreement)), or Tranche B Loans, desired to be sold by the Assignor (collectively, the “Offered
Loans”). Upon receipt of the Offer Letter, the Other Lenders (or any of them) shall have three (3) Business Days to elect to make an offer to collectively purchase all of the Offered Loans for cash by delivering a written notice of an
offer to the Assignor (the “Offer”). The Offer shall set forth the purchase price (the “Loans Offer Price”) for all of the Offered Loans that the Other Lender(s) making the Offer (the “Offering
Lenders”) desire(s) to purchase, which Loans Offer Price shall, in the event the Offering Lenders do not propose the same Loans Offer Price, be determined by holders of a majority of (x) with respect to a sale of any portion of the
Loans, the principal amount of the Loans then outstanding held by the Offering Lenders and (y) with respect to a sale of any Tranche B Loans, the principal amount of Tranche B Loans then outstanding held by the Offering Lenders. The Assignor
will then have ten (10) days from its receipt of the Offer to notify the Other Lenders in writing of its acceptance or rejection of the Offer. If no such acceptance or rejection notice is given by the Assignor, then the Assignor shall be deemed
to have rejected the Offer. In the event that the Assignor accepts the Offer, any Offering Lender and any Other Lender that desires to purchase a portion of the Offered Loans, shall have the right to purchase a portion of the Offered Loans on the
terms and conditions set forth in the Offer that was accepted by the Assignor and shall thereafter be deemed to be an “Offering Lender” for all purposes hereunder, and the accepted Offer shall be deemed made on a pro rata basis among such
Offering Lenders and Other Lenders on the basis of their pro rata ownership (together with their Affiliates) of (x) with respect to a sale of any portion of the Loans, the principal amount of the Commitments (or if no Commitments are
outstanding, the principal amount of the Loans) prior to such Offer, and (y) with respect to a sale of Tranche B Loans, the principal amount of Tranche B Loans prior to such Offer. The 

  
 19 

 
closing of the purchase of the Offered Loans by the Offering Lenders (including any additional Other Lenders that desire to participate in such Offer) shall occur within thirty (30) days
after the Assignor’s acceptance of the Offer at the offices of the Borrower or as otherwise mutually agreed by the Assignor and the Offering Lenders (including any additional Other Lenders that desire to participate in such Offer), with notice
to the Administrative Agent. In the event that more than one Other Lender elects to be an Assignor, then, unless otherwise agreed by such Offering Lenders, such Offer shall be made on a pro rata basis among such Offering Lenders on the basis of
their pro rata ownership (together with their Affiliates) of (x) with respect to a sale of any portion of the Loans, the principal amount of the Loans prior to such Offer, and (y) with respect to a sale of Tranche B Loans, the principal
amount of Tranche B Loans prior to such Offer. Notwithstanding the foregoing, in the event that the Assignor rejects the Offer or the Offering Lenders, taken together, fail to close such purchase within the time period provided above, then such
Offered Loans may be sold by the Assignor to a third party within 120 days after the expiration of the applicable time period set forth above. Any such sale of Offered Loans to a third party shall be for consideration of not less than the Loans
Offer Price and upon other terms and conditions, if any, not materially less favorable to the purchaser than those specified in the Offer. Any Offered Loans not sold within such 120-day period shall continue to be subject to the requirements of a
prior offer and re-sale pursuant to this Section 10.6(b)(ii).” 
 (bb) Section 10.7(a)
(Indemnification) of the Credit Agreement is deleted in its entirety and replaced with the following: 
 “EACH CREDIT PARTY
SHALL, AND DOES HEREBY INDEMNIFY, ADMINISTRATIVE AGENT (AND ANY SUB-AGENT THEREOF) AND EACH LENDER, AND EACH OFFICER, DIRECTOR, EMPLOYEE, AGENT, ATTORNEY-IN-FACT AND AFFILIATE OF ANY OF THE FOREGOING PERSONS (EACH SUCH PERSON BEING CALLED AN
“INDEMNITEE”) AGAINST, AND HOLD EACH INDEMNITEE HARMLESS FROM, ANY AND ALL LOSSES, CLAIMS, DAMAGES, LIABILITIES AND RELATED EXPENSES (INCLUDING THE FEES, CHARGES AND DISBURSEMENTS OF ANY COUNSEL FOR ANY INDEMNITEE), INCURRED BY ANY
INDEMNITEE OR ASSERTED AGAINST ANY INDEMNITEE BY ANY THIRD PARTY OR BY ANY CREDIT PARTY ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF THE EXECUTION OR DELIVERY OF THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR ANY AGREEMENT OR INSTRUMENT
CONTEMPLATED HEREBY OR THEREBY, THE PERFORMANCE BY THE PARTIES HERETO OF THEIR RESPECTIVE OBLIGATIONS HEREUNDER OR THEREUNDER, THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY THE ADMINISTRATION OF THIS AGREEMENT AND THE OTHER
LOAN DOCUMENTS, ANY LOAN, ANY TRANCHE B LOAN, OR THE USE OR PROPOSED USE OF THE PROCEEDS THEREFROM, ANY ACTUAL OR ALLEGED PRESENCE OR RELEASE OF HAZARDOUS MATERIALS ON OR FROM ANY PROPERTY OWNED OR OPERATED BY ANY CREDIT PARTY OR

  
 20 

 
ANY OF ITS SUBSIDIARIES, OR ANY ENVIRONMENTAL LIABILITY RELATED IN ANY WAY TO ANY CREDIT PARTY OR ANY OF ITS SUBSIDIARIES, OR ANY ACTUAL OR PROSPECTIVE CLAIM, LITIGATION, INVESTIGATION OR
PROCEEDING RELATING TO ANY OF THE FOREGOING, WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY, WHETHER BROUGHT BY A THIRD PARTY OR BY ANY CREDIT PARTY OR ANY OF ITS SUBSIDIARIES, AND REGARDLESS OF WHETHER ANY INDEMNITEE IS A PARTY THERETO, IN ALL
CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; PROVIDED THAT SUCH INDEMNITY SHALL NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES,
CLAIMS, DAMAGES, LIABILITIES OR RELATED EXPENSES ARE DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND NONAPPEALABLE JUDGMENT TO HAVE RESULTED FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE.” 

(cc) Section 10.7(b) (Waiver of Damages) of the Credit Agreement is deleted in its entirety and replaced with the
following: 
 “To the fullest extent permitted by applicable law, no Credit Party shall assert, and each Credit Party
hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any
other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan, Tranche B Loan or the use of the proceeds thereof. No Indemnitee referred to in Section 10.7(a) shall be liable
for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other
Loan Documents or the transactions contemplated hereby or thereby. 
 (dd) The Credit Agreement is amended to add a new
Exhibit L (Form of Tranche B Note) in the form of Exhibit L to this Amendment. The Credit Agreement is amended to add a new Schedule 1-B (Tranche B Commitment) in the form of Schedule 1-B to this Amendment. 

3. Joinder by Target. 
 (a) In accordance with Section 5.12 of the Credit Agreement, upon the closing of the Target Acquisition on or before December 31, 2012, Target, by its signature below, hereby
agrees with the Administrative Agent, Lenders, Borrower and the other Credit Parties, that Target (a) automatically and without further action by any party joins the Credit Agreement as a party thereto, agrees to become a “Guarantor”
and a “Credit Party” thereunder, and absolutely and unconditionally assumes, jointly and severally with the Guarantors and the Credit Parties, all of the obligations of a Guarantor and a Credit Party under the Credit Agreement, with the
same force and 

  
 21 

 
effect as if it had been originally named as a Guarantor and a Credit Party therein, (b) pursuant to the Assumption Agreement attached hereto as Exhibit A, joins the Pledge and Security
Agreement as a party thereto, agrees to become a “Grantor” thereunder, and absolutely and unconditionally assumes, jointly and severally with the Grantors, all of the obligations of a Grantor under the Pledge and Security Agreement, with
the same force and effect as if it had been originally named as a Grantor therein, (c) agrees to be bound by the provisions of the Credit Agreement and the other Loan Documents as a “Guarantor”, a “Credit Party” and a
“Grantor”, as applicable as if it had been an original party to the Credit Agreement and the other Loan Documents, (d) hereby unconditionally grants and pledges to the Administrative Agent, for its benefit and for the ratable benefit
of the Lenders, to secure the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) to the Administrative Agent and each Lender of the Obligations, a continuing security interest in and
to and Lien on all of Target’s right, title and interest in the Collateral, whether now owned or existing or hereafter acquired or arising and wheresoever located, in accordance with the Pledge and Security Agreement, and (d) confirms
that, upon its joinder to the Credit Agreement and the Loan Documents as set forth above, the representations and warranties set forth in the Credit Agreement and the Loan Documents with respect to it are true and correct in all material respects as
of the date hereof and that no Default or Event of Default has occurred and is continuing. Target shall cooperate with the Administrative Agent and each Lender and execute such further instruments and documents as the Administrative Agent or any
Lender may reasonably request to effectuate this joinder to the Credit Agreement by Target. 
 (b) The following
Schedules to the Credit Agreement are hereby supplemented to add the information set forth on Annex A to this Amendment effective as of the closing of the Target Acquisition on or before December 31, 2012: Schedules 4.5, 4.7,
4.12(b), 4.13(a), 4.15(d), 4.17, 4.19, 4.20, 4.21, 4.23, and 6.22. 
 4. Waiver. Borrower has failed to pay Lenders
existing on the Closing Date the Closing Fee required to be paid by it on the Closing Date pursuant to the Lenders Fee Letter and Section 2.5 of the Credit Agreement and, as a result, an Event of Default under Section 7.1(a) of the Credit
Agreement (the “Specified Default”) has occurred. Each Credit Party hereby acknowledges and agrees that the “Specified Default” has occurred, and is continuing and cannot be cured by it, and has not previously been waived
by the Lenders. Subject to the satisfaction of the conditions precedent set forth in Section 13 hereof, the Lenders hereby waive the Specified Default and any other Default or Event of Default arising therefrom as of the effectiveness of this
Amendment. Nothing contained herein shall be deemed to constitute a waiver of any Default or Event of Default (whether now existing or hereafter arising) other than the Specified Default, whether or not known to the Administrative Agent or any
Lender. The Lenders’ entry into this Amendment shall not obligate or commit the Lenders to provide any other consents or waivers under the Credit Agreement or the other Loan Documents in the future, whether for purposes similar to those
described herein or otherwise. 
 5. Compass LC Facility. The Requisite Lenders hereby approve and consent to the
Borrower’s execution, delivery and performance of the Compass LC Facility and the use of proceeds from any Advance and the Tranche B Loans to cash collateralize obligations under the Compass LC Facility, so long as the Debt under the Compass LC
Facility is permitted by the terms of the Credit Agreement. 

  
 22 

 6. Amendment to Pledge and Security Agreement. 

(a) The definition of “Excluded Property” in Section 2 of the Pledge and Security Agreement is hereby
amended by deleting the “and” immediately before clause (d) thereof and inserting a new clause (e) immediately after the words “JV Interests” as follows: 

(e) each Deposit Account, securities account or certificate of deposit specifically pledged by the Borrower to Compass Bank in connection
with the Compass LC Facility and any cash, securities or deposits in such account, so long as such cash collateral is specifically segregated from other Collateral pledged by the Credit Parties and so long as the Debt under the Compass LC Facility
is permitted by the terms of the Credit Agreement 
 (b) The definition of “Excluded Account” in
Section 5.1 of the Pledge and Security Agreement is hereby amended by deleting the “and” immediately before clause (iv) thereof and inserting a new clause (v) immediately after the words “shall be so designated” as
follows: 
 (v) each Deposit Account, securities account or certificate of deposit specifically pledged by the Borrower to
Compass Bank in connection with the Compass LC Facility and any cash, securities or deposits in such account, so long as such cash collateral is specifically segregated from other Collateral pledged by the Credit Parties and so long as the Debt
under the Compass LC Facility is permitted by the terms of the Credit Agreement 
 (c) The definition of
“Guarantor Obligations” in the Pledge and Security Agreement is hereby ameded by inserting the following at the end thereof, immediately after the phrase “Company Obligations”: 

provided, for the avoidance of doubt, that the JV Holding Sub’s Guarantor Obligations shall, in no event, include or be
deemed to include any of the Company Obligations other than the Capped Guaranteed Obligations, 
 7. Amendment to Parent
Pledge Agreement. Section 2.2 of the Parent Pledge Agreement is hereby amended by adding the phrase “(other than any Tranche B Obligations)” at the end thereof immediately after the word “Obligations”. 

8. Sale of Oilfield Stock. Notwithstanding anything herein or in any other Loan Document to the contrary, the Lenders hereby
consent to the sale (the “Oilfield Disposition”) by the Borrower of the Equity Interests of Oilfield Tubulars & Supply LLC (“Oilfield”) owned by the Borrower pursuant to the terms and conditions of that certain
Membership Interest Purchase Agreement, dated as of December 26, 2012 by and between by the Borrower and the Industrial Group LLC (the “Membership Purchase Agreement”), and agree that such Equity Interests shall be released
from the Lien granted to the Administrative Agent pursuant to Section 8.10(c) of the 

  
 23 

 
Credit Agreement upon the Disposition of such Equity Interests pursuant to the Membership Purchase Agreement, and upon the Oilfield Disposition the Lenders hereby authorize the Administrative
Agent to execute the Partial Release attached as Exhibit B hereto and all other documents and take all action reasonably requested by the Borrower (at the Borrower’s sole expense) to evidence the release of such Equity Interests from the
Secured Parties’ Liens, including, without limitation, filing or causing to be filed the UCC-3 amendment statement attached as Exhibit C hereto. The Borrower hereby notifies the Administrative Agent and the Lenders pursuant to
Section 2.8(c) of the Credit Agreement (as amended hereby) that it intends to invest all of the Net Cash Proceeds from the Oilfield Disposition in the Target pursuant to the Target Acquisition. Accordingly, such Net Cash Proceeds will not be
applied to the repayment of the Obligations or the Tranche B Obligations to the extent they are actually so invested. 
 9.
Consent to Change of Name. The Lenders hereby waive the 10 days’ prior written notice required under Section 5.17(a) of the Credit Agreement with respect to the Target’s change of name in connection with the Target Acquisition
and agree that the Target may, concurrently with or after the consummation of the Target Acquisition, change its name to “Texadian Energy, Inc.” and Target’s subsidiary may change its name to “Texadian Energy Canadian
Limited”, provided that the Credit Parties shall, prior to or concurrently with such name change, have complied with the other provisions of Section 5.17(a) and shall notify the Administrative Agent of such name change promptly upon
receipt of evidence thereof. 
 10. Direction to execute JPM Consent. The Lenders hereby direct the Administrative Agent
to execute the consent attached as Exhibit D hereto and to deliver such executed consent to the Borrower and the JV Company Credit Facility Agent on the Third Amendment Effective Date. 

11. Representations and Warranties. Each of the Borrower and each of the Guarantors hereby confirms, reaffirms and restates the
representations and warranties made by it in the Credit Agreement, as amended hereby, and confirms that all such representations and warranties are true and correct in all material respects as of the date hereof. The Borrower and each Guarantor
further represent and warrant (which representations and warranties shall survive the execution and delivery of this Amendment) to the Lenders that: 
 (a) The execution, delivery, and performance by each Credit Party of this Amendment and the consummation of the transactions contemplated hereby, (i) are within such Credit Party’s governing
powers, (ii) have been duly authorized by all necessary governing action, (iii) do not contravene (x) such Credit Party’s Organizational Documents or (y) any law or any contractual restriction binding on or affecting such
Credit Party, and (d) will not result in or require the creation or imposition of any Lien prohibited by the Loan Documents; 
 (b) No consent, order, authorization, or approval or other action by, and no notice to or filing with, any Governmental Authority or any other Person is required for the due execution, delivery, and
performance by any Credit Party of this Amendment, or the consummation of the transactions contemplated hereby, except for those consents and approvals that have been obtained or made on or prior to the date hereof and that are in full force and
effect; 

  
 24 

 (c) This Amendment has been duly executed and delivered by such Credit Party and is the
legal, valid, and binding obligation of each Credit Party enforceable against such Credit Party in accordance with its terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance or transfer, or similar law affecting creditors’ rights generally and by general principles of equity; and 
 (d) No Default or Event of Default has occurred and is continuing. 
 12. Effect
of this Amendment. Except as expressly amended hereby, the Credit Agreement and the other Loan Documents are ratified and confirmed in all respects and shall remain in full force and effect in accordance with their respective terms. The terms of
this Amendment shall not be deemed (i) a waiver of any Default or Event of Default, (ii) a consent, waiver or modification with respect to any term, condition, or obligation of the Borrower or any other Credit Party in the Credit Agreement
or any other Loan Document except as expressly set forth above, (iii) a consent, waiver or modification with respect to any other event, condition (whether now existing or hereafter occurring) or provision of the Loan Documents or (iv) to
prejudice any right or remedy which the Administrative Agent or any Lender may now or in the future have under or in connection with the Credit Agreement or any other Loan Document. 

13. Conditions Precedent. This Amendment shall become effective when, and only when, (i) all Lenders shall have executed this
Amendment and received counterparts of this Amendment, duly executed by the Borrower and each Guarantor, and (ii) all conditions precedent set forth in Appendix 3 hereto shall have been satisfied or waived, as provided therein, provided that,
notwithstanding anything herein to the contrary, Section 3 (Joinder) hereof shall not be effective until the consummation of the Target Acquisition on or prior December 31, 2012. 

14. Miscellaneous. 
 (a) Survival of Representations and Warranties. All representations and warranties made in this Amendment or any other document furnished in connection with this Amendment shall survive the
execution and delivery of this Amendment and such other documents, and no investigation by the Administrative Agent or the Lenders or any closing of any transaction shall affect the representations and warranties or the right of the Administrative
Agent or the Lenders to rely upon them. 
 (b) Notices. All notices required to be made under this Amendment shall be made
in the manner and at the address set forth in Section 10.2 of the Credit Agreement. 
 (c) Expenses.
The Borrower agrees to pay or reimburse the Administrative Agent and the Lenders for all reasonable fees and out-of-pocket disbursements incurred by the Administrative Agent or the Lenders in connection with the preparation, execution, delivery,
administration and enforcement of this Amendment, including without limitation the reasonable fees and disbursements of counsel for the Administrative Agent and the Lenders, to the same extent that the Borrower would be required to do so pursuant to
Section 10.4 of the Credit Agreement. 

  
 25 

 (d) Reference to Credit Agreement. From and after the effectiveness of this
Amendment, all references to the Credit Agreement shall mean the Credit Agreement as amended hereby and as hereafter modified, amended, restated or supplemented from time to time, and each reference in any other Loan Document to the Credit Agreement
shall mean the Credit Agreement as amended hereby and as hereafter modified, amended, restated or supplemented from time to time. The Amendment shall constitute a Loan Document under the Credit Agreement for all purposes. 

(e) Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable, such
provision shall be inapplicable to the extent of such invalidity without affecting the validity or enforceability of the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

 (f) Section Headings. Section headings herein are included for convenience of reference only and shall not affect the
meaning or interpretation of this Amendment. 
 (g) Entire Agreement. This Amendment shall be deemed to be a Loan Document
and, together with the other Loan Documents and the agreements, documents and instruments contemplated hereby, constitutes the entire understanding of the parties with respect to the subject matter hereof and thereof, and any other prior or
contemporaneous agreements, whether written or oral, with respect hereto or thereto are expressly superseded hereby and thereby. 

(h) Counterparts. This Amendment may be executed in any number of counterparts and by different parties on separate counterparts,
each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Amendment. Delivery of an executed counterpart of this Amendment by facsimile or .pdf shall
be equally as effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by facsimile or .pdf also shall deliver an original executed counterpart of this Amendment but
the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment. 
 (i) Successors and Assigns. This Agreement shall be binding on and inure to the benefit of the parties hereto and their heirs, beneficiaries, successors and assigns. The Credit Parties may not
assign this Amendment or any of their respective rights or obligations hereunder to any Person without the prior written consent of the Requisite Lenders, which consent may be withheld or given in each such Lender’s sole discretion. 

(j) Governing Law; Venue; Jury Trial. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE CHOICE OF LAW AND VENUE PROVISIONS SET FORTH IN SECTION 10.12 OF THE CREDIT AGREEMENT, AND SHALL BE SUBJECT TO THE JURY TRIAL WAIVER SET FORTH IN SECTION 10.14 OF THE CREDIT AGREEMENT. 

  
 26 

 (k) Guarantors. Each Guarantor, for value received, hereby expressly consents and
agrees to the Borrower’s execution and delivery of this Amendment, and to the performance by the Borrower of its agreements and obligations hereunder. This Amendment and the performance or consummation of any transaction or matter contemplated
under this Amendment, shall not limit, restrict, extinguish or otherwise impair any Guarantor’s liability to the Administrative Agent and Lenders with respect to the payment and other performance obligations of such Guarantor pursuant to the
Guarantees. Each Guarantor hereby ratifies, confirms and approves its Guarantee and acknowledges that it is unconditionally liable to the Administrative Agent and Lenders for the full and timely payment of the Guaranteed Obligations (on a joint and
several basis with the other Guarantors). Each Guarantor hereby acknowledges that it has no defenses, counterclaims or set-offs with respect to the full and timely payment of any or all Guaranteed Obligations. 

[Remainder of Page Intentionally Left Blank; Signature Pages to Follow] 

  
 27 

 IN WITNESS WHEREOF, each of the parties hereto has duly executed this Third Amendment to
Delayed Draw Term Loan Credit Agreement and Joinder Agreement as of the date first written above. 
  

			
	BORROWER:
	
	PAR PETROLEUM CORPORATION, a
	Delaware corporation
		
	By:	 	 /s/ R. Seth Bullock

	Name:	 	R. Seth Bullock
	Title:	 	Chief Financial Officer
	
	GUARANTORS:
	
	PAR PICEANCE ENERGY EQUITY LLC, a
	Delaware limited liability company
	
	By: PAR PETROLEUM CORPORATION, a
	Delaware corporation, its Sole Member
		
	By:	 	 /s/ R. Seth Bullock

	Name:	 	R. Seth Bullock
	Title:	 	Chief Financial Officer
	
	PAR UTAH LLC, a Delaware limited liability
	company
	
	By: PAR PETROLEUM CORPORATION, a
	Delaware corporation, its Sole Member
		
	By:	 	 /s/ R. Seth Bullock

	Name:	 	R. Seth Bullock
	Title:	 	Chief Financial Officer
	
	EWI LLC, a Delaware limited liability company
	
	By: PAR PETROLEUM CORPORATION, a
	Delaware corporation, its Sole Member
		
	By:	 	 /s/ R. Seth Bullock

	Name:	 	R. Seth Bullock
	Title:	 	Chief Financial Officer

  
 Signature Page
to Third Amendment to Delayed Draw Term Loan Credit Agreement 

			
	PAR WASHINGTON LLC, a Delaware limited
	liability company
	
	By: PAR PETROLEUM CORPORATION, a
	Delaware corporation, its Sole Member
		
	By:	 	 /s/ R. Seth Bullock

	Name:	 	R. Seth Bullock
	Title:	 	Chief Financial Officer
	
	PAR NEW MEXICO LLC, a Delaware limited
	liability company
	
	By: PAR PETROLEUM CORPORATION, a
	Delaware corporation, its Sole Member
		
	By:	 	 /s/ R. Seth Bullock

	Name:	 	R. Seth Bullock
	Title:	 	Chief Financial Officer
	
	HEWW EQUIPMENT LLC, a Delaware limited
	liability company
	
	By: PAR PETROLEUM CORPORATION, a
	Delaware corporation, its Sole Member
		
	By:	 	 /s/ R. Seth Bullock

	Name:	 	R. Seth Bullock
	Title:	 	Chief Financial Officer
	
	PAR POINT ARGUELLO LLC, a Delaware
	limited liability company
	
	By: PAR PETROLEUM CORPORATION, a
	Delaware corporation, its Sole Member
		
	By:	 	 /s/ R. Seth Bullock

	Name:	 	R. Seth Bullock
	Title:	 	Chief Financial Officer

  
 Signature Page
to Third Amendment to Delayed Draw Term Loan Credit Agreement 

 Effective as to Seacor Energy Inc. as of the consummation of the Target Acquisition on or before
December 31, 2012. 
  

			
	SEACOR ENERGY INC.
		
	By:	 	 /s/ R. Seth Bullock

	Name:	 	R. Seth Bullock
	Title:	 	Vice President, Treasurer and Secretary

  
 Signature Page
to Third Amendment to Delayed Draw Term Loan Credit Agreement 

			
	ADMINISTRATIVE AGENT:
	
	JEFFERIES FINANCE LLC
		
	By:	 	 /s/ J. Paul McDonnell

	Name:	 	J. Paul McDonnell
	Title:	 	Managing Director

  
 Signature Page
to Third Amendment to Delayed Draw Term Loan Credit Agreement 

			
	 LENDERS:

 
 WB DELTA, LTD.,

as a Lender

		
	 By:
	 	 /s/ Mark Strefling

	 Name:
	 	 Mark Strefling

	 Title:
	 	 Director

  
 [Signature
Page to Third Amendment to Delayed Draw Term Loan Credit Agreement, Joinder, 
 Waiver, Consent and Omnibus Amendment Agreement]

			
	 ZCOF PAR PETROLEUM HOLDINGS, L.L.C., as a

Lender

		
	By:	 	 /s/ Jon Wasserman

	Name:	 	Jon Wasserman
	Title:	 	Vice President

  
 [Signature
Page to Third Amendment to Delayed Draw Term Loan Credit Agreement, Joinder, 
 Waiver, Consent and Omnibus Amendment Agreement]

			
	 WATERSTONE OFFSHORE ER FUND, LTD., as
 a Lender
 By: Waterstone Capital Management, L.P.

		
	By:	 	 /s/ Jeffrey C. Erb

	Name:	 	Jeffrey C. Erb
	Title:	 	General Counsel
	
	PRIME CAPITAL MASTER SPC, GOT WAT
	 MAC SEGREGATED PORTFOLIO,
 as a Lender

	By: Waterstone Capital Management, L.P.
		
	By:	 	 /s/ Jeffrey C. Erb

	Name:	 	Jeffrey C. Erb
	Title:	 	General Counsel
	
	 WATERSTONE MARKET NEUTRAL MAC51,
 LTD., as a Lender

	By: Waterstone Capital Management, L.P.
		
	By:	 	 /s/ Jeffrey C. Erb

	Name:	 	Jeffrey C. Erb
	Title:	 	General Counsel
	
	 WATERSTONE MARKET NEUTRAL MASTER
 FUND, LTD., as a Lender

	By: Waterstone Capital Management, L.P.
		
	By:	 	 /s/ Jeffrey C. Erb

	Name:	 	Jeffrey C. Erb
	Title:	 	General Counsel
	
	WATERSTONE MF FUND, LTD., as a Lender
	By: Waterstone Capital Management, L.P.
		
	By:	 	 /s/ Jeffrey C. Erb

	Name:	 	Jeffrey C. Erb
	Title:	 	General Counsel

  
 [Signature
Page to Third Amendment to Delayed Draw Term Loan Credit Agreement, Joinder, 
 Waiver, Consent and Omnibus Amendment Agreement]

			
	NOMURA WATERSTONE MARKET NEUTRAL FUND, LTD., as a Lender
	By: Waterstone Capital Management, L.P.
		
	By:	 	/s/ Jeffrey C. Erb
	Name: Jeffrey C. Erb
	Title: General Counsel
	
	 WATERSTONE OFFSHORE BLR FUND LTD.,
 as a Lender

	By: Waterstone Capital Management, L.P.
		
	By:	 	/s/ Jeffrey C. Erb
	Name: Jeffrey C. Erb
	Title: General Counsel
	
	WATERSTONE DISTRESSED OPPORTUNITIES BLR FUND LTD., as a Lender
	By: Waterstone Capital Management, L.P.
		
	By:	 	/s/ Jeffrey C. Erb
	Name: Jeffrey C. Erb
	Title: General Counsel
	
	WATERSTONE OFFSHORE AD BLR FUND LTD., as a Lender
	By: Waterstone Capital Management, L.P.
		
	By:	 	/s/ Jeffrey C. Erb
	Name: Jeffrey C. Erb
	Title: General Counsel

  
 [Signature
Page to Third Amendment to Delayed Draw Term Loan Credit Agreement, Joinder, 
 Waiver, Consent and Omnibus Amendment Agreement]

			
	 HIGHBRIDGE INTERNATIONAL, LLC,
 as a Lender

	 By: Highbridge Capital Management, LLC,
 as Trading Manager

		
	By:	 	/s/ Jonathan Segal
	Name: Jonathan Segal
	Title: Managing Director

  
 [Signature
Page to Third Amendment to Delayed Draw Term Loan Credit Agreement, Joinder, 
 Waiver, Consent and Omnibus Amendment Agreement]

 APPENDIX 1-A 

NEW DEFINED TERMS 

“Compass LC Facility” means the letter of credit facility provided by Compass Bank, as letter of credit issuer, to
Borrower pursuant to a certain Letter of Credit Facility Agreement dated as of December 27, 2012, by and between the Borrower and Compass Bank d/b/a BBVA Compass, and any amendments, extensions or replacements thereto, whereby Compass Bank
agrees to issue letters of credit for the account of Borrower and its Subsidiaries. 
 “PIK-B Interest” has the
meaning assigned to such term in Section 2.05(a)(ii) in Appendix 2. 
 “Requisite Tranche B
Lenders” means, (a) at any time when there are more than two Tranche B Lenders, Tranche B Lenders holding unfunded Tranche B Commitments and outstanding Tranche B Loans representing more than 50% of the sum of all unfunded Tranche B
Commitments of the Tranche B Lenders and the all of outstanding Tranche B Loans of the Tranche B Lenders and (b) at any time when there are one or two Tranche B Lenders, all Tranche B Lenders, provided, however, that for purposes of determining
whether there are more than two Tranche B Lenders, a Tranche B Lender and each of its Approved Funds shall be deemed to constitute a single Tranche B Lender and; provided further that, if there are two or more Tranche B Lenders, the Tranche B
Commitment of, and the portion of Tranche B Loans held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Requisite Tranche B Lenders unless all Tranche B Lenders are Defaulting Lenders. 

“Segregated Account” has the meaning given such term in Section 2.13 of Annex 2 to the Credit Agreement.

 “Specified Account” has the meaning given such term in Section 2.13 of Annex 2 to the Credit Agreement.

 “Target” means Seacor Energy Inc., a Delaware corporation. 

“Target Acquisition” means the Acquisition by Borrower, directly or indirectly, of all of the issued and outstanding
common stock of Target pursuant to the Target Purchase Agreement. 
 “Target Property” means any property or
assets (whether real, person, or mixed, tangible or intangible, of Target. 
 “Target Purchase Agreement” means
that certain Purchase and Sale Agreement dated on or about December 31, 2012, between Seacor Holdings, Seacor Energy Inc. and Borrower. 
 “Third Amendment” means that certain Third Amendment to Delayed Draw Term Loan Credit Agreement and Joinder Agreement dated December 28, 2012, among Borrower, the other Credit
Parties thereto, Lenders, and the Administrative Agent. 

  
 Appendix 1-A
– Page 1 

 “Third Amendment Effective Date” means December 28, 2012. 

“Tranche B Commitment” means, with respect to each Tranche B Lender, the commitment of such Tranche B Lender to fund its
Pro Rata Share of Tranche B Loans in accordance with the provisions hereof and as set forth on Schedule I-B. The aggregate amount of the Tranche B Commitment on the Third Amendment Effective Date is $35,000,000. 

“Tranche B Default Rate” has the meaning assigned such term in Appendix 2. 

“Tranche B Exit Fee” has the meaning given such term in Appendix 2. 

“Tranche B Lender” means a party hereto that (a) is a lender specified on Schedule 1-B on the Third Amendment
Effective Date or (b) is an Eligible Assignee that became a Tranche B Lender under this Agreement pursuant to Section 2.13 or Section 10.6. 
 “Tranche B Loan” means each Tranche B loan made by the Tranche B Lenders to the Borrower pursuant to Section 2.01(b) of the Appendix 2. 

“Tranche B Maturity Date” means, in accordance with the terms of this Agreement, the earliest to occur of (i) the
acceleration (whether automatic or by written notice) of any Obligations, (ii) July 1, 2013, and (iii) January 7, 2013, only if the Target Acquisition is not consummated prior to January 1, 2013. 

“Tranche B Obligations” means all Obligations relating to or arising out of or in connection with the Tranche B Loans or
the Tranche B Commitments. 

  
 Appendix 1-A
– Page 2 

 APPENDIX 1-B 

EXISTING DEFINED TERMS 

“Applicable Premium” means, the greater of (i) 1.0% of the outstanding principal balance of the Obligations,
excluding Tranche B Obligations, as of any Make-Whole Prepayment Date and (ii) the excess of the present value at such Make-Whole Prepayment Date, computed using a discount rate equal to the Treasury Rate at such Make-Whole Prepayment Date,
plus 50 basis points, of the sum of (A) all scheduled interest payments due on the Obligations, excluding Tranche B Obligations, from such Make-Whole Prepayment Date through the first anniversary of the Closing Date (exclusive of any accrued
and unpaid interest to the Make-Whole Prepayment Date) plus, (B) the First Anniversary Prepayment Amount (assuming the First Anniversary Prepayment Amount were paid on the first anniversary of the Closing Date) over (C) the outstanding
principal amount of the Obligations excluding Tranche B Obligations, of the Make-Whole Prepayment Date. 

“Borrowing” means any Loan and any Tranche B Loan permitted to be made hereunder. 

“Borrowing Request” means a request by the Borrower in accordance with the terms of Section 2.1 or
Section 2.01 of Appendix 2, as the case may be, and substantially in the form of Exhibit G, or such other form as shall be approved by the Administrative Agent. 
 “Interest Payment Date” means (i) the last Business Day of each fiscal quarter of the Borrower during any period in which any portion of the Loans or Tranche B Loans are outstanding,
(ii) in the case of the Loans, the Maturity Date, and (iii) in the case of the Tranche B Loans, the Tranche B Maturity Date. 
 “Lenders” means a party hereto that (a) is a Lender listed on the signature pages of this Agreement on the date hereof, (b) is an Eligible Assignee that became a Lender under
this Agreement pursuant to Section 2.13 or Section 10.6, or (c) is a Tranche B Lender. 

“Maturity Date” means, in accordance with the terms of this Agreement, the earliest to occur of (i) the
acceleration (whether automatic or by written notice) of any Obligations, and (ii) August 31, 2016. 

“Note” means a promissory note of Borrower payable to any Lender, in substantially the form of (a) the attached
Exhibit E, evidencing the indebtedness of Borrower to such Lender resulting from Advances owing to such Lender, and (b) the attached Exhibit L, evidencing the indebtedness of Borrower to such Lender resulting from Tranche B Loans
owing to such Lender. 
 “Non-Consenting Lender” means, any Lender that does not approve any consent, waiver or
amendment that (i) requires the approval of all affected Lenders in accordance with the terms of Section 10.1 and (ii) has been approved by the Requisite Lenders and the Requisite Tranche B Lenders. 

  
 Appendix 1-B
– Page 1 

 “Obligations” means (a) obligations of the Borrower and the other
Credit Parties from time to time to pay (and otherwise arising under or in respect of the due and punctual payment of) (i) the principal of and premium, if any, and interest (including interest accruing during the pendency of any proceeding
under any Debtor Relief Law, regardless of whether allowed or allowable in such proceeding) on the Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) the principal of and
premium, if any, and interest (including interest accruing during the pendency of any proceeding under any Debtor Relief Law, regardless of whether allowed or allowable in such proceeding) on the Tranche B Loans, when and as due, whether at
maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and (iii) all other monetary obligations, including fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise
(including monetary obligations incurred during the pendency of any proceeding under any Debtor Relief Law, regardless of whether allowed or allowable in such proceeding), of the Borrower and the other Credit Parties under this Agreement and the
other Loan Documents and (b) the due and punctual performance of all covenants, agreements, obligations and liabilities of the Borrower and the other Credit Parties under or pursuant to this Agreement and the other Loan Documents. 

“Other Connection Taxes” means, with respect to any recipient, Taxes imposed as a result of a present or former
connection between such recipient and the jurisdiction imposing such Tax (other than connections arising from such recipient 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 any Loan Document, or sold or assigned an interest in any Loan, Tranche B Loan or Loan Document). 

“Permitted Subordinated Debt” means Debt incurred by the Credit Parties; provided that (i) such Debt shall be
subordinated in right of payment to the payment in full of the Obligations, (ii) such Debt shall be either (x) unsecured or (y) secured by the Collateral on a junior basis (including with respect to the control of remedies) with the
Obligations, (iii) if such Debt is secured, the holders of such Debt (or their senior representative or agent) and the Administrative Agent (and if such Debt is secured by the JV Interests, the JV Company Credit Facility Agent) shall be party
to an intercreditor agreement reasonably satisfactory to the Administrative Agent, (iv) such Debt shall not be at any time guaranteed by any Subsidiaries other than Subsidiaries that are Guarantors and the terms of such guarantee shall be no
more favorable to the secured parties in respect of such Debt than the terms of the Guaranty, (v) such Debt shall have covenants, default and remedy provisions and other terms and conditions (other than interest, fees, premiums, funding
discounts or optional prepayment or redemption provisions) that are substantially identical to, or less favorable to the investors providing such Debt than, those set forth in this Agreement, (vi) the maturity date of such Debt shall be no
earlier than the date that is six (6) months after the Maturity Date, and (vii) there shall be no scheduled amortization of such Debt, and such Debt shall not be subject to mandatory redemption, repurchase, prepayment or sinking fund
obligation (except customary asset sale or change-of-control provisions that provide for the prior repayment in full of the Loans, the Tranche B Loans and all other Obligations), in each case prior to the date that is six months after the Maturity
Date. 

  
 Appendix 1-B
– Page 2 

 “Pro Rata Share” means as to any Lender, at the relevant date of
determination, (a) with respect to the Loans, the fraction (expressed as a percentage), the numerator of which is such Lender’s unfunded Commitment (if any) and outstanding Loans and the denominator of which is the aggregate amount of all
of the Lenders’ unfunded Commitments and all of the outstanding Loans of the Lenders, and (b) with respect to the Tranche B Loans, the fraction (expressed as a percentage), the numerator of which is the portion of Tranche B Loans
outstanding and owed to such Tranche B Lender, and the denominator of which is the aggregate outstanding amount of all the outstanding Tranche B Loans of the Tranche B Lenders. 

“Requisite Lenders” means with respect to the Loans, (a) at any time when there are more than two Lenders holding
Loans, Lenders holding unfunded Commitments and outstanding Loans representing more than 50% of the sum of all unfunded Commitments of the Lenders and all of the outstanding Loans of the Lenders and (b) at any time when there are one or two
Lenders holding Loans, all such Lenders, provided, however, that for purposes of determining whether there are more than two such Lenders, a Lender and each of its Approved Funds shall be deemed to constitute a single Lender and; provided further
that, if there are two or more such Lenders, the Commitment of, and the portion of the Advances held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Requisite Lenders unless all such Lenders are
Defaulting Lenders. 

  
 Appendix 1-B
– Page 3 

 APPENDIX 2 

TRANCHE B 

2.01 Tranche B Commitment. (a) Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth
herein, each Tranche B Lender severally, and not jointly, agrees to make a Tranche B Loan available to the Borrower in Dollars in an aggregate principal amount not to exceed such Tranche B Lender’s Tranche B Commitment on the Third Amendment
Effective Date in accordance with this Appendix 2; provided, however, (i) with regard to each Tranche B Lender individually, the aggregate principal amount of such Tranche B Lender’s outstanding Tranche B Loans shall not at any time
exceed such Lender’s Tranche B Commitment, which is set forth in Schedule I-B attached hereto, and (ii) with regard to the Tranche B Lenders collectively, the sum of the aggregate principal amount of Tranche B Loans made
hereunder shall not at any time exceed the Tranche B Commitment for all Tranche B Lenders. The failure of any Tranche B Lender to make any Tranche B Loan shall not in itself relieve any other Tranche B Lender of its obligation to lend hereunder (it
being understood, however, that no Tranche B Lender shall be responsible for the failure of any other Tranche B Lender to make any Tranche B Loan required to be made by such other Tranche B Lender). Amounts repaid or prepaid on any Tranche B Loans
may not be reborrowed. 
 (b) Each Tranche B Lender shall make its Tranche B Loan on the Third Amendment Effective Date by wire
transfer of immediately available funds to such account in New York City as the Administrative Agent may designate not later than 10:00 a.m., New York City time, and the Administrative Agent shall promptly credit and/or remit the amounts so received
to an account as directed by the Borrower in the applicable Borrowing Request or, if a Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met or waived in accordance herewith, return the
amounts so received to the respective Tranche B Lenders. 
 (c) The Administrative Agent shall only be required to advance funds
to the Borrower with respect to Tranche B Loans to the extent that the Administrative Agent shall have received such funds from the Tranche B Lenders. 
 (d) To request Tranche B Loans, the Borrower shall deliver, by hand delivery or email, a duly completed and executed Borrowing Request to the Administrative Agent and each Tranche B Lender not less than
one Business Day before the Third Amendment Effective Date. Each such Borrowing Request shall be irrevocable and shall specify the following information in compliance with the foregoing provisions of Section 2.01: 

 

	 	(i)	the aggregate amount of the Tranche B Loans; 

  

	 	(ii)	the date on which the Tranche B Loans are to be advanced, which shall be the Third Amendment Effective Date; 

 

	 	(iii)	the location and number of Borrower’s Deposit Accounts at Compass Bank to which funds are to be disbursed (i) to the Segregated Account to cash collateralize
letters of credit under the Compass LC Facility, and (ii) to the Specified Account; and 

  
 Appendix 2
– Page 1 

	 	(iv)	that the conditions set forth in Appendix 3 have been satisfied with respect to the Tranche B Loans (other than consummation of the Target Acquisition on or before
December 31, 2012). 

 (e) Promptly following receipt of the Borrowing Request for Tranche B Loans in
accordance with this Section 2.01, the Administrative Agent shall advise each Tranche B Lender of the details thereof. 
 2.02
Funding Limitations. For the avoidance of doubt, Administrative Agent shall have no Tranche B Commitment (to make Tranche B Loans) in its capacity as Administrative Agent and Administrative Agent’s requirement to make Tranche B
Loans (from the Tranche B Loan proceeds received from the Tranche B Lenders) in accordance with the provisions hereof shall be limited to the funds that it receives from the Tranche B Lenders (to fund such Tranche B Loans). 

2.03 Evidence of Debt; Repayment of Tranche B Loans. 
 (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Tranche B Lender, the unpaid principal amount of the Tranche B Loan of such Tranche B Lender and
all other Tranche B Obligations on the Tranche B Maturity Date (or sooner in accordance with the provisions hereof). All payments or repayments of Tranche B Obligations shall be made in Dollars. 

(b) Each Tranche B Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the
Borrower to such Tranche B Lender resulting from the Tranche B Loan made by such Tranche B Lender, including the amounts of principal and interest payable and paid to such Tranche B Lender from time to time under this Agreement. 

(c) The Administrative Agent shall maintain accounts in which it will record (i) the amount of each Tranche B Loan made hereunder;
(ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Tranche B Lender hereunder; and (iii) the amount of any sum received by the Administrative Agent hereunder for the account
of the Tranche B Lenders and each Tranche B Lender’s share thereof. 
 (d) The entries made in the accounts maintained
pursuant to paragraphs (b) and (c) above shall be prima facie evidence of the existence and amounts of the obligations therein recorded in the absence of manifest error; provided that the failure of any Tranche B Lender or the
Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligations of the Borrower to repay the Tranche B Loans in accordance with their terms. In the event of a conflict between records maintained by
any Tranche B Lender and the records of the Administrative Agent in respect of such matters, the records of the Administrative Agent shall control in the absence of manifest error. 

  
 Appendix 2
– Page 2 

 (e) Any Tranche B Lender by written notice to the Borrower (with a copy to the
Administrative Agent) may request that Tranche B Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Tranche B Lender a promissory note payable to such Lender (or, if requested
by such Lender, to such Lender and its registered assigns) in the form of Exhibit L. Thereafter, Tranche B Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to
Section 10.6) be represented by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note, to such payee and its registered as signs). 

2.04 Tranche B Exit Fee. Borrower shall pay a fee in an amount equal to 5% of the aggregate Tranche B Commitments (the “Tranche B Exit
Fee”), which fee is payable pro rata to each Tranche B Lender who has a Tranche B Commitment on the Third Amendment Effective Date, based on its Pro Rata Share of the Tranche B Commitments on the Third Amendment Effective Date. The
Tranche B Exit Fee shall be fully-earned on the Third Amendment Effective Date, and is due and payable in full in immediately available funds by Borrower on the Tranche B Maturity Date or, if earlier, on the date on which the Tranche B Loans shall
be paid in full, whether voluntarily or as required herein, and is nonrefundable. The Tranche B Exit Fee shall in no way limit Borrower’s obligations to pay any other fee, or reimburse the Administrative Agent or the Lenders for any cost or
expense, under the Loan Documents. 
 2.05 Interest. (a) Tranche B Loans shall bear interest at the Borrower’s election,
subject to the terms and conditions hereof, as follows: 
  

	 	(i)	at a rate per annum equal to nine and three quarters percent (9.75%), payable in cash in accordance with Section 2.05(c) of this Appendix 2; or

  

	 	(ii)	at a rate per annum equal to nine and three quarters percent (9.75%) which shall be paid in kind and capitalized (and thereby added to principal, which shall
thereafter accrue interest) on the last day of each fiscal quarter (“PIK-B Interest”). 

 The
Borrower must elect the form of interest payment with respect to each Interest Period by delivering a written notice to the Administrative Agent and each Tranche B Lender at least thirty (30) days prior to the beginning of each Interest Period
which notice shall be irrevocable. In the absence of such an election for any Interest Period, interest on Tranche B Loans shall be payable according to the election for the previous Interest Period; provided, however, subject to
Section 2.05(b) of Appendix 2, at any time after an Event of Default shall have occurred and is continuing, the Borrower may not elect PIK-B Interest. For the avoidance of doubt, for purposes of this Section, the Borrower may file
materials with the SEC stating its intention regarding the election of the form of interest provided, that such filing shall not constitute notice unless a copy of such filing is delivered to the Administrative Agent and each Tranche B Lender. The
parties hereto hereby acknowledge and agree that the Borrower shall be deemed to have elected PIK-B Interest for the Interest Period beginning on the Third Amendment Effective Date. 

(b) Notwithstanding the foregoing, from and after the date that an Event of Default shall have occurred and be continuing (including,
without limitation, at any time during an Interest Period), at the request of the Requisite Tranche B Lenders (which such request may be made by the Administrative Agent at the direction of the Requisite Tranche B Lenders), (i) all outstanding
Tranche B Obligations shall, to the extent permitted by applicable law, bear interest 

  
 Appendix 2
– Page 3 

 
at a rate per annum equal to 11.75%, (or 2% plus the rate otherwise applicable to such Obligations as provided in Section 2.05(a)(i) of Appendix 2) (the “Tranche B Default
Rate”) and (ii) all interest accrued and accruing shall be payable in cash on demand; provided, that, from and after the occurrence of any Event of Default under Section 7.1(e), all outstanding Tranche B Obligations shall,
to the extent permitted by applicable law, bear interest at the Tranche B Default Rate automatically and without any notice from Administrative Agent, the Requisite Tranche B Lenders or any other Person. 

(c) Accrued interest on Tranche B Loans pursuant to Section 2.05(a) of Appendix 2 shall be payable in arrears on each Interest
Payment Date in accordance with Section 2.05(a) of Appendix 2; provided that (i) interest accrued at the Tranche B Default Rate pursuant to Appendix 2 shall be payable on demand and (ii) in the event of any repayment or
prepayment of Tranche B Loans, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment. 
 (d) All interest hereunder shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

2.06 Optional Prepayments. At any time and from time to time, the Borrower, at its option, may repay Tranche B Loans, in whole or in part. Each
such repayment shall include all accrued and unpaid interest on the portion of Tranche B Loans being repaid (including, but not limited to, outstanding PIK-B Interest) through the date of repayment; provided that each partial repayment shall be in
an amount that is an integral multiple of $100,000 and not less than $100,000 or, if less, the outstanding principal amount of Tranche B Loans. 

2.07 Solvency. Each Credit Party represents and warrants to Administrative Agent and each of the Lenders, that, after giving effect to the Tranche
B Loans, the Target Acquisition, the Loans, the consummation of the transactions contemplated by the Third Amendment and the payment and accrual of all transaction costs in connection with the foregoing, the Credit Parties and their Subsidiaries,
taken as a whole, are Solvent. 
 2.08 Payment of Taxes, Etc. So long as any of the Obligations remain outstanding, each Credit Party
agrees, unless the Requisite Lenders and the Requisite Tranche B Lenders shall otherwise consent in writing, to comply with the following covenants. The Borrower does not intend to treat the Tranche B Loans as being a “reportable
transaction” within the meaning of Treasury Regulation Section 1.6011-4. In the event the Borrower determines that the Tranche B Loans are required to be so treated, it will promptly notify the Administrative Agent thereof. 

2.09 Use of Proceeds. So long as any of the Obligations remain outstanding, each Credit Party agrees, unless the Requisite Lenders and the
Requisite Tranche B Lenders shall otherwise consent in writing, to comply with the following covenants. No Credit Party nor any Person acting on behalf of such Credit Party has taken or shall take, nor permit any of the Credit Parties to take any
action which might cause any of the Loan Documents to violate Regulation T, U or X or any other regulation of the Board of Governors of the Federal Reserve System or to violate Section 7 of the Securities Exchange Act of 1934 or any rule or
regulation thereunder, in each case as now in effect or as the same may hereinafter be in effect, including without limitation, the use of the proceeds of Tranche B Loans to purchase or carry any margin stock in violation of Regulation T, U or X.

  
 Appendix 2
– Page 4 

 2.10 JV Interests. The Lenders and the Credit Parties covenant and agree that none of the Tranche B
Obligations shall at any time be secured by any interest in, Lien on, security interest in or right in or to the JV Holding Sub’s right, title and interest in the JV Interests, any “Common Collateral” (as defined in the Intercreditor
Agreement), or any portion thereof. 
 a) 2.11 Target Acquisition. The Credit Parties shall not consummate any Acquisition
of the Equity Interests of the Target other than the Target Acquisition. The Credit Parties agree that the Target Purchase Agreement will not be materially amended after the Third Amendment Effective Date unless such amendments are reasonably
approved by Requisite Lenders and the Requisite Tranche B Lenders. On the date of the consummation of the Target Acquisition, the Borrower shall deliver an opinion of Credit Parties’ counsel dated as of the date of such date covering the
matters with respect to the Target and the Target Property as Administrative Agent and Lenders may reasonably request. No later than ten (10) Business Days after the consummation of the Target Acquisition, the Target shall deliver to the
Administrative Agent insurance certificates naming Administrative Agent as additional insured, or loss payee, as applicable, and evidencing insurance which meets the requirements of the Credit Agreement, including without limitation,
Section 5.2 thereof, and the Security Instruments, and which is otherwise satisfactory to the Requisite Lenders and the Requisite Tranche B Lenders. 
 2.12 Deposit Accounts. On or before the 120th day after the Third Amendment Effective Date, the Target shall execute and deliver to the Administrative Agent, deposit account control agreements for
each of its Deposit Accounts in accordance with Section 5.1 of the Pledge and Security Agreement. 
 2.13 Application of Proceeds.
On or prior to the Third Amendment Effective Date, Borrower shall establish or designate a segregated Deposit Account with Compass Bank (the “Specified Account”) maintained in accordance with Section 5.1 of the Pledge and
Security Agreement. On the Third Amendment Effective Date, pursuant to the Borrowing Notice delivered by the Borrower with respect to the Tranche B Loans, the Agent shall transfer the proceeds of the Tranche B Loans (1) first, to a segregated
cash collateral Deposit Account to cash collateralize letters of credit under the Compass LC Facility (the “Segregated Account”), and (2) second, to the Specified Account to be set aside to pay the purchase price to consummate
the Target Acquisition on or before December 31, 2012 and for working capital purposes, in each case, in accordance with Section 5.9 of the Credit Agreement. Upon consummation of the Target Acquisition, which shall be on or before
December 31, 2012, the Borrower shall provide to the Administrative Agent a certificate from a Responsible Officer of the Borrower stating that (i) all conditions precedent to the Target Acquisition have been met and that the Target
Acquisition was consummated in accordance with the terms and conditions of the Target Purchase Agreement and this Agreement, (ii) after giving effect to the Target Acquisition, all representations and warranties of each Credit Party set forth
in the Credit Agreement (as amended hereby) are true and correct as of such date (except in the case of representations and warranties that are made solely as of an earlier date or time, which representations and warranties shall be true and correct
as of such earlier date or time); and (iii) after giving effect to the Target Acquisition, no Default has occurred and is continuing, and that, accordingly, the Tranche B 

  
 Appendix 2
– Page 5 

 
Maturity Date has been extended to July 1, 2013; it being understood and agreed that if the Administrative Agent does not receive such notice on or before December 31, 2012, it and the
Lenders shall be entitled to assume that the Target Acquisition did not occur in accordance with the Target Purchase Agreement and this Agreement on or before December 31, 2012 and that the Tranche B Maturity Date is January 7, 2013. If
the Target Acquisition is not consummated on or prior to December 31, 2012, the Borrower shall immediately cause all funds previously deposited as cash collateral into the Segregated Account to be transferred into the Specified Account, shall
not use or apply any of the funds and deposits in the Specified Account, and shall, on or prior to January 7, 2013, apply all funds in the Specified Account and any funds remaining in any Deposit Account where cash collateral for the Compass LC
Facility was deposited to the repayment of the Tranche B Obligations. Notwithstanding anything herein to the contrary, the Borrower shall repay all Tranche B Obligations on the Tranche B Maturity Date. 

  
 Appendix 2
– Page 6 

 APPENDIX 3 

CONDITIONS PRECEDENT TO TRANCHE B LOANS 

The obligation of each Tranche B Lender to fund its Pro Rata Share of the Tranche B Commitment on the Third Amendment Effective Date
shall be subject to the prior or concurrent satisfaction of each of the conditions precedent set forth in this Appendix 3 unless any such condition is waived, in writing by each Tranche B Lender: 

a) Documentation. Administrative Agent shall have received the following duly executed by all the parties thereto, in form and
substance satisfactory to the Administrative Agent, the Requisite Lenders and each Tranche B Lender, and, where applicable, in sufficient copies for the Administrative Agent and each Lender: 

i. the Third Amendment, any Note if requested by a Tranche B Lender payable to such Lender in the amount of its Tranche B
Commitment, amendments to the Pledge and Security Agreement and the Pledge Agreement, , and all attached exhibits and schedules hereto and thereto; 
 ii. certificates of a Responsible Officer of each Credit Party as of the date of this Agreement (A) attesting to the resolutions of the Board of Directors of such Credit Party approving the
execution, delivery and performance of the Loan Documents to which such Credit Party is a party, (B) certifying and attaching the Organizational Documents of such Credit Party, (C) certifying to and attaching all other documents evidencing
other necessary corporate action and governmental approvals, if any, with respect to this Agreement, the Third Amendment, the Tranche B Note, and the other Loan Documents and (D) certifying the names and true signatures of the officers of such
Credit Party authorized to sign this Agreement, any Notes and the other Loan Documents to which such Credit Party is a party; 
 iii. appropriate UCC-1 and UCC-3, as applicable, financing statements covering Target’s right, title and interest in the Collateral for filing with the appropriate authorities and any other
documents, agreements or instruments necessary to create an Acceptable Security Interest in such Collateral (other than the Excluded Collateral); 
 iv. certificates of good standing for the Target and each Credit Party in each state in which the Target and each Credit Party is organized and, with respect to the Target, in each state in which Target
is organized or qualified to do business, which certificate shall be dated as of a date not less than 15 days prior to the Third Amendment Effective Date and acceptable to the Requisite Tranche B Lenders and the Requisite Lenders; 

v. a certificate dated as of the date of this Agreement from the Responsible Officer of the Borrower stating that
(A) all representations and warranties of each Credit Party set forth in this Agreement are true and correct in all material respects (except that any representation and warranty that is qualified as to “materiality” or “Material
Adverse 

  
 Appendix 3
– Page 1 

 
Change” shall be true in all respects) as of such date (except in the case of representations and warranties that are made solely as of an earlier date or time, which representations and
warranties shall be true and correct as of such earlier date or time); and (B) after giving effect to the Waiver in the Third Amendment, no Default has occurred and is continuing as of such date; and (C) the conditions in this Appendix 3
(other than the consummation of the Target Acquisition) have been met; 
 vi. satisfactory review by the
Requisite Lenders and Requisite Tranche B Lenders of the letter of credit reimbursement agreement evidencing the Compass LC Facility, which shall be evidenced by a written notice by the Requisite Lenders and Requisite Tranche B Lenders to the
Administrative Agent and Borrower of such satisfactory review; 
 vii. such other documents, governmental
certificates, agreements and lien searches as the Administrative Agent or the Requisite Tranche B Lenders may reasonably request; and 
 viii. each Lender shall have received an executed copy or, if not available, the then current draft of the Target Purchase Agreement. 

b) Payment of Fees. On the Third Amendment Effective Date, Borrower shall have paid all costs and expenses that have been invoiced
and are payable pursuant to Section 10.4. 
 c) Security Instruments. Administrative Agent shall have received
all appropriate evidence required by Administrative Agent, the Requisite Lenders, and the Tranche B Lenders in their sole discretion necessary to determine that Administrative Agent (for its benefit and the benefit of the Secured Parties) shall have
an Acceptable Security Interest in the Collateral, including, without limitation, as of the date of the consummation of the Target Acquisitions, Collateral comprised of Target Property, other than Excluded Collateral and that all actions or filings
necessary to protect, preserve and validly perfect such Liens have been made, taken or obtained or shall, on the date of the consummation of the Target Acquisitions, be made, taken or obtained, as the case may be, and are (or with respect to the
Target, shall, on the date of the consummation of the Target Acquisition, be) in full force and effect. 
 d) No Default.
No event or conditions exists that would constitute a Default or Event of Default. 
 e) Representations and Warranties.
The representations and warranties contained in Article IV of the Credit Agreement, the Third Amendment, and in each other Loan Document shall be true and correct in all material respects (except that any representation and warranty that is
qualified as to “materiality” or “Material Adverse Change” shall be true and correct in all respects) as of such date (except in the case of representations and warranties that are made solely as of an earlier date or time, which
representations and warranties shall be true and correct as of such earlier date or time). 
 f) Material Adverse Change.
No event or circumstance that could cause a Material Adverse Change shall have occurred since the Closing Date. 

  
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 g) No Proceeding or Litigation, No Injunctive Relief. No action, suit, investigation
or other proceeding (including, without limitation, the enactment or promulgation of a statute or rule) by or before any arbitrator or any Governmental Authority shall be threatened or pending and no preliminary or permanent injunction or order by a
state or federal court shall have been entered (i) in connection with this Agreement, the Third Amendment, or any other document or transaction contemplated hereby or thereby or (ii) which, in any case, in the judgment of Requisite Tranche
B Lenders or the Requisite Lenders, could reasonably be expected to result in a Material Adverse Change (other than the developments under the litigation proceedings set forth on Schedule 4.7 which have been disclosed to Administrative
Agent and the Lenders prior to the Third Amendment Effective Date). 
 h) Consents, Licenses, Approvals, etc.
Administrative Agent shall have received true copies (certified to be such by the applicable Credit Party or other appropriate party) of all consents, licenses and approvals required in accordance with applicable law, or in accordance with any
document, agreement, instrument or arrangement to which any Credit Party is a party, in connection with the execution, delivery, performance, validity and enforceability of this Agreement, and the other Loan Documents. In addition, each Credit Party
shall have all such material consents, licenses and approvals required in connection with the continued operation of such Credit Party, and such approvals shall be in full force and effect, and all applicable waiting periods shall have expired
without any action being taken or threatened by any competent authority which would restrain, prevent or otherwise impose material and adverse conditions on this Agreement and the actions contemplated hereby. 

i) Repayment of Other Debt. Concurrently with, the making of Tranche B Loans hereunder, any Debt required to be paid pursuant to
the terms and conditions of the Target Purchase Agreement shall be paid in full or arrangements, reasonably acceptable to the Requisite Lenders and the Requisite Tranche B Lenders, for the repayment of such Debt on the date of the Target Acquisition
shall have been made. 
 j) USA PATRIOT Act. Each Credit Party shall have delivered to the Administrative Agent and each
Lender that is subject to the PATRIOT Act such information requested by the Administrative Agent and such Lender in order to comply with the PATRIOT Act. 
 k) Intercreditor Agreement. The consent of JPMorgan Chase Bank, N.A. pursuant to Section 6(a) of the Intercreditor Agreement, in form and substance reasonably acceptable to the Requisite
Lenders and the Requisite Tranche B Lenders, shall have been obtained. 
 l) Opinion. The Administrative Agent and Lenders
shall have received an opinion of Credit Parties’ counsel dated as of the date of this Agreement covering the matters as Administrative Agent and Lenders may reasonably request. 

m) Exit Closing Fee. The Borrower shall have paid the Lenders existing on the Closing Date the Closing Fee in immediately available
funds. 

  
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 n) Perfection Certificate. Receipt by the Administrative Agent of a perfection
certificate completed and executed by the Target in form and substance satisfactory to the Administrative Agent, the Requisite Lenders and the Requisite Tranche B Lenders. 

  
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