Clear Channel Outdoor Holdings (CCO)

will be senior unsecured obligations of the Issuer;

will be pari passu in right of payment with all existing and future unsubordinated Indebtedness of the Issuer, including the 2017 A Notes and under any Credit Facilities of the Issuer;

will be effectively subordinated to all existing and future Secured Indebtedness of the Issuer to the extent of the value of such assets securing such Indebtedness;

will be senior in right of payment to all Subordinated Indebtedness of the Issuer; and

will be initially guaranteed by each of the Company, CCO and substantially all of the Company’s other domestic Restricted Subsidiaries other than the Excluded Subsidiaries;

will be structurally subordinated to all existing and future obligations of any existing or future Subsidiaries of the Company that do not guarantee the 2017 B Notes; and

will be subject to registration with the SEC pursuant to the 2017 B Registration Rights Agreement.

will be a senior unsecured obligation of such Guarantor;

will rank pari passu in right of payment with all existing and future unsubordinated Indebtedness of such Guarantor, including such Guarantor’s guarantee of the 2017 A Notes and under any Credit Facilities of such Guarantor and, in the case of (i) CCO, CCO’s obligations under the CCU Intercompany Note and (ii) the Company, the Company’s obligations under the CCOH Mirror Note;

will be effectively subordinated to all existing and future Secured Indebtedness of such Guarantor to the extent of the value of such assets securing such Indebtedness; and

will be subject to registration with the SEC pursuant to the 2017 B Registration Rights Agreement.