SERIES B INCREMENTAL LOAN AGREEMENT dated as of October 5, 2006 LAMAR MEDIA CORP. JPMORGAN SECURITIES INC. as Lead Arranger and Sole Bookrunner JPMORGAN CHASE BANK, N.A., as Administrative Agent
Exhibit 10.1
[Execution Copy]
dated as of
October 5, 2006
XXXXX MEDIA CORP.
JPMORGAN SECURITIES INC.
as Lead Arranger and Sole Bookrunner
as Lead Arranger and Sole Bookrunner
JPMORGAN CHASE BANK, N.A.,
as Administrative Agent
as Administrative Agent
SERIES B INCREMENTAL LOAN AGREEMENT dated as of October 5, 2006 between XXXXX MEDIA CORP. (the
“Company”), the GUARANTORS party hereto (the “Guarantors”, and collectively with
the Company, the “Credit Parties”), the SERIES B INCREMENTAL LENDERS party hereto and
JPMORGAN CHASE BANK, N.A., as Administrative Agent for the lenders (in such capacity, together with
its successors in such capacity, the “Administrative Agent”).
The Company, the Guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank,
N.A., as the Administrative Agent, are parties to a Credit Agreement dated as of September 30, 2005
(as heretofore amended, the “Credit Agreement”).
Section 2.01(c) of the Credit Agreement contemplates that at any time and from time to time,
the Company may request that the Lenders (as defined therein) offer to enter into commitments to
make Incremental Loans under and as defined in said Section 2.01(c). The Company has requested
that $150,000,000 in aggregate principal amount of Incremental Loans under said Section 2.01(c) be
made available to it in a single series of term loans to be designated the “Series B Incremental
Loans”. The Series B Incremental Lenders (as defined below) are willing to make such loans on the
terms and conditions set forth below and in accordance with the applicable provisions of the Credit
Agreement, and accordingly, the parties hereto hereby agree as follows:
ARTICLE I
DEFINED TERMS
Except as otherwise provided herein, terms defined in the Credit Agreement are used herein as
defined therein. In addition, the following terms have the meanings specified below:
“Required Series B Incremental Lenders” means Series B Incremental Lenders
having Series B Incremental Loans and unused Series B Incremental Commitments representing
at least a majority of the sum of the total Series B Incremental Loans and unused Series B
Incremental Commitments at such time.
“Series B Incremental Commitment” means, with respect to each Series B
Incremental Lender, the commitment of such Lender to make Series B Incremental Loans
hereunder. The amount of each Series B Incremental Lender’s Series B Incremental
- 2 -
Commitment is set forth on Schedule I hereto. The aggregate original amount of the
Series B Incremental Commitments is $150,000,000.
“Series B Incremental Lender” means (a) on the date hereof, the Persons listed
on Schedule I hereto under the caption “Series B Incremental Lenders” and (b) thereafter,
any other Person from time to time holding Series B Incremental Commitments or Series B
Incremental Loans after giving effect to any assignments thereof pursuant to Section 10.04
of the Credit Agreement.
“Series B Incremental Loan Effective Date” means the date on which the
conditions specified in Article IV are satisfied (or waived by the Required Series B
Incremental Lenders).
“Series B Incremental Loans” means the Loans made to the Company pursuant to
this Agreement which shall constitute a single Series of Incremental Loans under Section
2.01(c) of the Credit Agreement.
ARTICLE II
SERIES B INCREMENTAL LOANS
Section 2.01. Series B Incremental Commitments. Subject to the terms and conditions
set forth herein and in the Credit Agreement, each Series B Incremental Lender agrees to make
Series B Incremental Loans to the Company, in an aggregate principal amount equal to such Series B
Incremental Lender’s Series B Incremental Commitment. Proceeds of Series B Incremental Loans shall
be used for the general corporate purposes of the Company and the Restricted Subsidiaries.
Section 2.02. Termination of Series B Incremental Commitments. Unless previously
terminated, the Series B Incremental Commitments shall terminate after the Borrowing of the Series
B Incremental Loans on the Series B Incremental Loan Effective Date.
Section 2.03. Repayment of Series B Incremental Loans. The Company hereby
unconditionally promises to pay to the Administrative Agent for the account of the Series B
Incremental Lenders the outstanding principal amount of the Series B Incremental Loans on each
Principal Payment Date set forth below in the aggregate principal amount set forth opposite such
Principal Payment Date:
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| Principal Payment Date | Principal Amount | |||
December 31, 2007 |
$ | 1,875,000 | ||
March 31, 2008 |
$ | 1,875,000 | ||
June 30, 2008 |
$ | 1,875,000 | ||
September 30, 2008 |
$ | 1,875,000 | ||
December 31, 2008 |
$ | 1,875,000 | ||
March 31, 2009 |
$ | 1,875,000 | ||
June 30, 2009 |
$ | 1,875,000 | ||
September 30, 2009 |
$ | 1,875,000 | ||
December 31, 2009 |
$ | 5,625,000 | ||
March 31, 2010 |
$ | 5,625,000 | ||
June 30, 2010 |
$ | 5,625,000 | ||
September 30, 2010 |
$ | 5,625,000 | ||
December 31, 2010 |
$ | 5,625,000 | ||
March 31, 2011 |
$ | 5,625,000 | ||
June 30, 2011 |
$ | 5,625,000 | ||
September 30, 2011 |
$ | 5,625,000 | ||
December 31, 2011 |
$ | 22,500,000 | ||
March 31, 2012 |
$ | 22,500,000 | ||
June 30, 2012 |
$ | 22,500,000 | ||
September 30, 2012 |
$ | 22,500,000 | ||
To the extent not previously paid, all Series B Incremental Loans shall be due and payable on the
Term Loan Maturity Date.
Notwithstanding the foregoing, if on any Test Date, the maturity date for any then-outstanding
Senior Subordinated Notes, New Senior Subordinated Notes or New Senior Notes, or of any other
convertible notes or notes offered and sold publicly or under Rule 144A shall fall within six
months after the Test Date then the Series B Incremental Loans shall be paid in full on the date
that is three months after the Test Date, provided that the foregoing shall not apply if
the Required Series B Incremental Lenders shall elect otherwise at any time prior to the Test Date.
Section 2.04. Applicable Rate. The “Applicable Rate” means, in the case of
any Type of Series B Incremental Loans, the respective rates indicated below for Series B
Incremental Loans of such Type based upon the Total Debt Ratio as at the last day of the fiscal
- 4 -
quarter most recently ended as to which the Company has delivered financial statements
pursuant to Section 6.01 of the Credit Agreement:
| Range | ||||||||
| of | Base Rate Series B | Eurodollar Series B | ||||||
| Total Debt Ratio | Incremental Loans | Incremental Loans | ||||||
Greater than or equal
to 5.00 to 1 |
0.250 | % | 1.250 | % | ||||
Less than 5.00 to 1
and greater than or
equal to 3.00 to 1 |
0.000 | % | 1.000 | % | ||||
Less than 3.00 to 1
and greater than or
equal to 2.50 to 1 |
0.000 | % | 0.875 | % | ||||
Less than 2.50 |
0.000 | % | 0.750 | % | ||||
Each change in the “Applicable Rate” based upon any change in the Total Debt Ratio shall
become effective for purposes of the accrual of interest (including in respect of all
then-outstanding Series B Incremental Loans) hereunder on the date three Business Days after the
delivery to the Administrative Agent of the financial statements of the Company for the most
recently ended fiscal quarter pursuant to Section 6.01 of the Credit Agreement (provided,
that any change in the Applicable Rate occurring on the date six months after the Effective Date
shall become effective on such date and shall be based upon the financial statements of the Company
for the most recently ended fiscal quarter pursuant to Section 6.01 of the Credit Agreement), and
shall remain effective for such purpose until three Business Days after the next delivery of such
financial statements to the Administrative Agent hereunder.
Anything in this Agreement to the contrary notwithstanding, the Applicable Rate shall be the
highest rates provided for above if the certificate of a Financial Officer shall not be delivered
by the times provided in Section 6.01 of the Credit Agreement or within three Business Days after
the occurrence of any Acquisition or Disposition described above (but only, in the case of this
paragraph, with respect to periods prior to the delivery of such certificate).
Section 2.05. Status of Agreement. Series B Incremental Commitments of each Series B
Incremental Lender constitute Incremental Loan Commitments and each Series B Incremental Lender
constitutes an Incremental Loan Lender, in each case under and for all purposes of the Credit
Agreement. The Series B Incremental Loans constitute a single “Series” of Incremental Loans under
Section 2.01(c) of the Credit Agreement.
- 5 -
ARTICLE III
REPRESENTATION AND WARRANTIES; NO DEFAULTS
Each Credit Party represents and warrants to the Lenders and the Administrative Agent as to
itself and each of its Subsidiaries that, after giving effect to the provisions hereof, (i) each of
the representations and warranties set forth the Credit Agreement and the other Loan Documents is
true and correct on and as of the date hereof as if made on and as of the date hereof (or, if any
such representation or warranty is expressly stated to have been made as of a specific date, such
representation or warranty is true and correct as of such specific date) and as if each reference
therein to the Credit Agreement or Loan Documents included reference to this Agreement and (ii) no
Default has occurred and is continuing.
ARTICLE IV
CONDITIONS
The obligation of the Series B Incremental Lenders to make the Series B Incremental Loans is
subject to the conditions precedent that each of the following conditions shall have been satisfied
(or waived by the Required Series B Incremental Lenders) on or prior to October 5, 2006:
(a) Counterparts of Agreement. The Administrative Agent (or Special Counsel)
shall have received from each party hereto either (i) a counterpart of this Agreement signed
on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent
(which may include telecopy transmission of a signed signature page of this Agreement) that
such party has signed a counterpart of this Agreement.
(b) Opinion of Counsel to the Credit Parties. The Administrative Agent (or
Special Counsel) shall have received a favorable written opinion (addressed to the
Administrative Agent and the Series B Incremental Lenders and dated the Series B Incremental
Loan Effective Date) of Kean, Miller, Hawthorne, X’Xxxxxx, XxXxxxx & Xxxxxx, L.L.P., counsel
to the Credit Parties, substantially in the form of Annex 1; and the Company and each of the
Credit Parties hereby requests such counsel to deliver such opinions.
(c) Opinion of Special Counsel. The Administrative Agent shall have received a
favorable written legal opinion (addressed to the Administrative Agent and the Series B
Incremental Lenders and dated the Series B Incremental Loan Effective Date) of Special
Counsel, substantially in the form of Annex 2 (and the Administrative Agent hereby requests
Special Counsel to deliver such opinion).
- 6 -
(d) Corporate Matters. The Administrative Agent (or Special Counsel) shall
have received such documents and certificates as the Administrative Agent or Special Counsel
may reasonably request relating to the organization, existence and good standing of the
Company, the authorization of the Borrowings hereunder and any other legal matters relating
to the Company or this Agreement, all in form and substance reasonably satisfactory to the
Administrative Agent.
(e) Notes. The Administrative Agent (or Special Counsel) shall have received
for each Series B Incremental Lender that shall have requested a promissory note at least
one Business Day prior to the Series B Incremental Loan Effective Date, a duly completed and
executed promissory note for such Lender.
(f) Fees and Expenses. JPMorgan Securities Inc. shall have received all fees
and other amounts due and payable on or prior to the Series B Incremental Loan Effective
Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket
expenses required to be reimbursed or paid by the Company hereunder.
(g) Compliance with Financial Covenants. The Administrative Agent (or Special
Counsel) shall have received from the Financial Officer of the Company, evidence
satisfactory to the Administrative Agent that after giving effect to the Series B
Incremental Loans and the other transactions that are to occur on the Series B Incremental
Loan Effective Date, the Company is in compliance with the applicable provisions of Section
7.09 of the Credit Agreement.
(h) Additional Conditions. Each of the conditions precedent set forth in
Sections 5.02(a) and 5.03 of the Credit Agreement to the making of Series B Incremental
Loans on the Series B Incremental Loan Effective Date shall have been satisfied, and the
Administrative Agent (or Special Counsel) shall have received a certificate to such effect,
dated the Series B Incremental Loan Effective Date and signed by the President, Vice
President or a Financial Officer of the Company.
ARTICLE V
MISCELLANEOUS
SECTION 5.01. Expenses. The Credit Parties jointly and severally agree to pay, or
reimburse JPMorgan Securities Inc. for paying, all reasonable out-of-pocket expenses incurred by
JPMorgan Securities Inc. and its Affiliates, including the reasonable fees, charges and
disbursements of Special Counsel, in connection with the syndication of the Series B Incremental
Loans provided for herein and the preparation of this Agreement.
- 7 -
SECTION 5.02. Counterparts; Integration; Effectiveness. This Agreement may be
executed in counterparts (and by different parties hereto on different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single
contract. This Agreement shall become effective when this Agreement shall have been executed by
the Administrative Agent and when the Administrative Agent shall have received counterparts hereof
which, when taken together, bear the signatures of each of the other parties hereto, and thereafter
shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement
by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement.
SECTION 5.03. Governing Law. This Agreement shall be governed by, and construed in
accordance with, the law of the State of New York.
SECTION 5.04. Headings. Article and Section headings used herein are for convenience
of reference only, are not part of this Agreement and shall not affect the construction of, or be
taken into consideration in interpreting, this Agreement.
SECTION 5.05. USA Patriot Act. Each Series B Incremental Lender hereby notifies the
Company that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)), such Series B Incremental Lender may be required to obtain,
verify and record information that identifies the Borrowers, which information includes the name
and address of the Borrowers and other information that will allow such Series B Incremental Lender
to identify the Borrowers in accordance with said Act.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written.
| LAMAR MEDIA CORP. | ||||||||
| By: | /s/ Xxxxx X. Xxxxx | |||||||
| Name: | Xxxxx X. Xxxxx | |||||||
| Title: | Executive Vice President/ | |||||||
| Chief Financial Officer | ||||||||
Series B Incremental Loan Agreement
SUBSIDIARY GUARANTORS
| INTERSTATE LOGOS, L.L.C. | ||||||
| THE XXXXX COMPANY, L.L.C. | ||||||
| LAMAR CENTRAL OUTDOOR, LLC | ||||||
| By: Xxxxx Media Corp., | ||||||
| Their Managing Member | ||||||
| By: | /s/ Xxxxx X. Xxxxx
|
|||||
| Title: | Executive Vice-President/ | |||||
| Chief Financial Officer | ||||||
| XXXXX ADVERTISING SOUTHWEST, INC. | ||||||
| LAMAR OKLAHOMA HOLDING COMPANY, INC. | ||||||
| LAMAR DOA TENNESSEE HOLDINGS, INC. | ||||||
| XXXXX XXXX CORPORATION | ||||||
| By: | /s/ Xxxxx X. Xxxxx
|
|||||
| Title: | Executive Vice-President/ | |||||
| Chief Financial Officer | ||||||
Series B Incremental Loan Agreement
Interstate Logos, L.L.C. Entities:
| MISSOURI LOGOS, LLC | ||||||
| KENTUCKY LOGOS, LLC | ||||||
| OKLAHOMA LOGOS, L.L.C. | ||||||
| MISSISSIPPI LOGOS, X.XX. | ||||||
| DELAWARE LOGOS, L.L.C. | ||||||
| NEW JERSEY LOGOS, L.L.C. | ||||||
| GEORGIA LOGOS, L.L.C. | ||||||
| VIRGINIA LOGOS, LLC | ||||||
| MAINE LOGOS, L.L.C. | ||||||
| WASHINGTON LOGOS, L.L.C. | ||||||
| By: | Interstate Logos, L.L.C. | |||||
| Their Managing Member | ||||||
| By: | Xxxxx Media Corp. | |||||
| Its: | Managing Member | |||||
| By: | /s/ Xxxxx X. Xxxxx
|
|||||
| Title: | Executive Vice-President/ | |||||
| Chief Financial Officer | ||||||
Series B Incremental Loan Agreement
Interstate Logos, L.L.C. Entities continued:
| NEBRASKA LOGOS, INC. | ||||||
| OHIO LOGOS, INC. | ||||||
| UTAH LOGOS, INC. | ||||||
| SOUTH CAROLINA LOGOS, INC. | ||||||
| MINNESOTA LOGOS, INC. | ||||||
| MICHIGAN LOGOS, INC. | ||||||
| FLORIDA LOGOS, INC. | ||||||
| NEVADA LOGOS, INC. | ||||||
| TENNESSEE LOGOS, INC. | ||||||
| KANSAS LOGOS, INC. | ||||||
| COLORADO LOGOS, INC. | ||||||
| NEW MEXICO LOGOS, INC. | ||||||
| By: | /s/ Xxxxx X. Xxxxx
|
|||||
| Title: | Executive Vice-President/ | |||||
| Chief Financial Officer | ||||||
| TEXAS LOGOS, L.P. | ||||||
| By: | Oklahoma Logos, L.L.C. | |||||
| Its: | General Partner | |||||
| By: | Interstate Logos, L.L.C. | |||||
| Its: | Managing Member | |||||
| By: | Xxxxx Media Corp. | |||||
| Its: | Managing Member | |||||
| By: | /s/ Xxxxx X. Xxxxx
|
|||||
| Title: | Executive Vice-President/ | |||||
| Chief Financial Officer | ||||||
Series B Incremental Loan Agreement
The Xxxxx Company, L.L.C. Entities:
| XXXXX ADVERTISING OF COLORADO SPRINGS, INC. | ||||||
| LAMAR TEXAS GENERAL PARTNER, INC. | ||||||
| TLC PROPERTIES, INC. | ||||||
| TLC PROPERTIES II, INC. | ||||||
| LAMAR PENSACOLA TRANSIT, INC. | ||||||
| XXXXX ADVERTISING OF YOUNGSTOWN, INC. | ||||||
| XXXXX ADVERTISING OF MICHIGAN, INC. | ||||||
| LAMAR ELECTRICAL, INC. | ||||||
| AMERICAN SIGNS, INC. | ||||||
| LAMAR OCI NORTH CORPORATION | ||||||
| LAMAR OCI SOUTH CORPORATION | ||||||
| XXXXX ADVERTISING OF KENTUCKY, INC. | ||||||
| LAMAR FLORIDA, INC. | ||||||
| XXXXX ADVERTISING OF SOUTH DAKOTA, INC. | ||||||
| LAMAR OHIO OUTDOOR HOLDING CORP. | ||||||
| OUTDOOR MARKETING SYSTEMS, INC. | ||||||
| By: | /s/ Xxxxx X. Xxxxx
|
|||||
| Title: | Executive Vice-President/ | |||||
| Chief Financial Officer | ||||||
Series B Incremental Loan Agreement
The Xxxxx Company, L.L.C. Entities continued:
| XXXXX ADVERTISING OF PENN, LLC | ||||||
| XXXXX ADVERTISING OF LOUISIANA, L.L.C. | ||||||
| LAMAR TENNESSEE, L.L.C. | ||||||
| LC BILLBOARD, L.L.C. | ||||||
| LAMAR AIR, L.L.C. | ||||||
| By: | The Lamar Company, L.L.C. | |||||
| Their Managing Member | ||||||
| By: | Xxxxx Media Corp. | |||||
| Its: | Managing Member | |||||
| By: | /s/ Xxxxx X. Xxxxx
|
|||||
| Title: | Executive Vice-President/ | |||||
| Chief Financial Officer | ||||||
| LAMAR TEXAS LIMITED PARTNERSHIP | ||||||
| By: | Lamar Texas General Partner, Inc. | |||||
| Its: | General Partner | |||||
| By: | /s/ Xxxxx X. Xxxxx
|
|||||
| Title: | Executive Vice-President/ | |||||
| Chief Financial Officer | ||||||
Series B Incremental Loan Agreement
The Xxxxx Company, L.L.C. Entities continued:
| TLC PROPERTIES, L.L.C. | ||||||
| TLC FARMS, L.L.C. | ||||||
| By: | TLC Properties, Inc. | |||||
| Their Managing Member | ||||||
| By: | /s/ Xxxxx X. Xxxxx
|
|||||
| Title: | Executive Vice-President/ | |||||
| Chief Financial Officer | ||||||
| LAMAR T.T.R., L.L.C. | ||||||
| By: | Xxxxx Advertising of Youngstown, Inc. | |||||
| Its: | Managing Member | |||||
| By: | /s/ Xxxxx X. Xxxxx
|
|||||
| Title: | Executive Vice-President/ | |||||
| Chief Financial Officer | ||||||
| OUTDOOR MARKETING SYSTEMS, L.L.C. | ||||||
| By: | Outdoor Marketing Systems, Inc. | |||||
| Its: | Managing Member | |||||
| By: | /s/ Xxxxx X. Xxxxx
|
|||||
| Title: | Executive Vice-President/ | |||||
| Chief Financial Officer | ||||||
Series B Incremental Loan Agreement
Lamar Central Outdoor, LLC Entities:
| LAMAR ADVANTAGE HOLDING COMPANY | ||||||
| PREMERE OUTDOOR, INC. | ||||||
| XXXX ADVERTISING COMPANY, INC. | ||||||
| By: | /s/ Xxxxx X. Xxxxx
|
|||||
| Title: | Executive Vice-President/ | |||||
| Chief Financial Officer | ||||||
| OUTDOOR PROMOTIONS WEST, LLC | ||||||
| TRIUMPH OUTDOOR RHODE ISLAND, LLC | ||||||
| By: | Triumph Outdoor Holdings, LLC | |||||
| Their Managing Member | ||||||
| By: | Lamar Central Outdoor, LLC | |||||
| Its: | Managing Member | |||||
| By: | Xxxxx Media Corp. | |||||
| Its: | Managing Member | |||||
| By: | /s/ Xxxxx X. Xxxxx
|
|||||
| Title: | Executive Vice-President/ | |||||
| Chief Financial Officer | ||||||
Series B Incremental Loan Agreement
Lamar Central Outdoor, LLC Entities continued:
| TRIUMPH OUTDOOR HOLDINGS, LLC | ||||||
| LAMAR ADVANTAGE GP COMPANY, LLC | ||||||
| LAMAR ADVANTAGE LP COMPANY, LLC | ||||||
| By: | Lamar Central Outdoor, LLC | |||||
| Their Managing Member | ||||||
| By: | Xxxxx Media Corp. | |||||
| Its: | Managing Member | |||||
| By: | /s/ Xxxxx X. Xxxxx
|
|||||
| Title: | Executive Vice-President/ | |||||
| Chief Financial Officer | ||||||
| LAMAR ADVANTAGE OUTDOOR COMPANY, L.P. | ||||||
| By: | Lamar Advantage GP Company, LLC | |||||
| Its: | General Partner | |||||
| By: | Lamar Central Outdoor, LLC | |||||
| Its: | Managing Member | |||||
| By: | Xxxxx Media Corp. | |||||
| Its: | Managing Member | |||||
| By: | /s/ Xxxxx X. Xxxxx
|
|||||
| Title: | Executive Vice-President/ | |||||
| Chief Financial Officer | ||||||
Series B Incremental Loan Agreement
| Lamar Oklahoma Holding Company, Inc. Entities: | ||||||
| LAMAR BENCHES, INC. | ||||||
| LAMAR I-40 WEST, INC. | ||||||
| XXXXX ADVERTISING OF OKLAHOMA, INC. | ||||||
| By: | /s/ Xxxxx X. Xxxxx | |||||
| Title: | Executive Vice-President/ | |||||
| Chief Financial Officer | ||||||
| Lamar DOA Tennessee Holdings, Inc. Entities: | ||||||
| LAMAR DOA TENNESSEE, INC. | ||||||
| By: | /s/ Xxxxx X. Xxxxx | |||||
| Title: | Executive Vice-President/ | |||||
| Chief Financial Officer | ||||||
Series B Incremental Loan Agreement
| Xxxxx Xxxx Corporation Entities: | ||||||
| O.B. WALLS, INC. | ||||||
| By: | /s/ Xxxxx X. Xxxxx | |||||
| Title: | Executive Vice-President/ | |||||
| Chief Financial Officer | ||||||
| XXXX BILLBOARD, LLC | ||||||
| By: Xxxxx Xxxx Corporation | ||||||
| Its: Managing Member | ||||||
| By: | /s/ Xxxxx X. Xxxxx | |||||
| Title: | Executive Vice-President/ | |||||
| Chief Financial Officer | ||||||
Series B Incremental Loan Agreement
| ADMINISTRATIVE AGENT |
||||||
| JPMORGAN CHASE BANK, N.A. | ||||||
| as Administrative Agent and as a | ||||||
| Series B Incremental Lender | ||||||
| By: | /s/ Xxxxxxxxxx Xxxxxxx | |||||
| Name: Xxxxxxxxxx Xxxxxxx | ||||||
| Title: Vice President | ||||||
Series B Incremental Loan Agreement
SERIES B INCREMENTAL LENDERS
| COMMERZBANK AG NEW YORK AND GRAND CAYMAN BRANCHES |
||||
| By: | /s/ Xxxxxx C.A. Xxxxxxxx, Jr. | |||
| Name: | Xxxxxx C.A. Xxxxxxxx, Jr. | |||
| Title: | Senior Vice President & Manager | |||
| By: | /s/ Xxxxxxxx Xxxxxxx | |||
| Name: | Xxxxxxxx Xxxxxxx | |||
| Title: | Vice President | |||
Series B Incremental Loan Agreement
SERIES B INCREMENTAL LENDERS
| COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK NEDERLAND”, NEW YORK BRANCH |
||||
| By: | /s/ Xxxxxx Xxxxxx | |||
| Name: | Xxxxxx Xxxxxx | |||
| Title: | Executive Director | |||
| By: | /s/ Xxxxxx Xxxxxxx | |||
| Name: | Xxxxxx Xxxxxxx | |||
| Title: | Executive Director | |||
Series B Incremental Loan Agreement
SERIES B INCREMENTAL LENDERS
| MIZUHO CORPORATE BANK, LTD. |
||||
| By: | /s/ Xxxxxxx Xxxxxxx . | |||
| Name: | Xxxxxxx Xxxxxxx | |||
| Title: | Deputy General Manager | |||
Series B Incremental Loan Agreement
SERIES B INCREMENTAL LENDERS
| THE ROYAL BANK OF SCOTLAND PLC |
||||
| By: | /s/ Xxxxx Dec | |||
| Name: | Xxxxx Dec | |||
| Title: | Senior Vice President | |||
Series B Incremental Loan Agreement
SERIES B INCREMENTAL LENDERS
| THE BANK OF NOVA SCOTIA |
||||
| By: | /s/ Xxxxxx X. Xxxxxx | |||
| Name: | Xxxxxx X. Xxxxxx | |||
| Title: | Authorized Signatory | |||
Series B Incremental Loan Agreement
SERIES B INCREMENTAL LENDERS
| WACHOVIA BANK N.A. |
||||
| By: | /s/ Xxxxxxxx X. Xxxxxxxxx | |||
| Name: | Xxxxxxxx X. Xxxxxxxxx | |||
| Title: | Managing Director | |||
Series B Incremental Loan Agreement
SERIES B INCREMENTAL LENDERS
| CALYON NEW YORK BRANCH |
||||
| By: | /s/ Xxxxxx X. Xxxx | |||
| Name: | Xxxxxx X. Xxxx | |||
| Title: | Managing Director / Regional Head | |||
| By: | /s/ Xxxxx X. Xxxxx | |||
| Name: | Xxxxx X. Xxxxx | |||
| Title: | Managing Director | |||
Series B Incremental Loan Agreement
SERIES B INCREMENTAL LENDERS
| THE BANK OF NEW YORK |
||||
| By: | /s/ Xxxxx Xxxxxx | |||
| Name: | Xxxxx Xxxxxx | |||
| Title: | Vice President | |||
Series B Incremental Loan Agreement
SERIES B INCREMENTAL LENDERS
| BNP PARIBAS |
||||
| By: | /s/ Xxxx Xxxxxxx | |||
| Name: | Xxxx Xxxxxxx | |||
| Title: | Director | |||
| By: | /s/ Xxx Xxxxxxxxx | |||
| Name: | Xxx Xxxxxxxxx | |||
| Title: | Director | |||
Series B Incremental Loan Agreement
SERIES B INCREMENTAL LENDERS
| SUNTRUST BANK |
||||
| By: | /s/ Xxxxxxx X. Xxxxxx | |||
| Name: | Xxxxxxx X. Xxxxxx | |||
| Title: | Managing Director | |||
Series B Incremental Loan Agreement
SERIES B INCREMENTAL LENDERS
| XXXXX XXX COMMERCIAL BANK, LTD., NEW YORK BRANCH |
||||
| By: | /s/ Xxx X.X. Xxxx | |||
| Name: | Xxx X.X. Xxxx | |||
| Title: | Vice President and General Manager | |||
Series B Incremental Loan Agreement
SERIES B INCREMENTAL LENDERS
| THE NORINCHUKIN BANK, NEW YORK BRANCH |
||||
| By: | /s/ Xxxxx Xxxxxx | |||
| Name: | Xxxxx Xxxxxx | |||
| Title: | Joint General Manager | |||
Series B Incremental Loan Agreement
SERIES B INCREMENTAL LENDERS
| XXXXXXX BANK, NATIONAL ASSOCIATION |
||||
| By: | /s/ Xxxx Xxxxxxxx | |||
| Name: | Xxxx Xxxxxxxx | |||
| Title: | Vice President | |||
Series B Incremental Loan Agreement
By its signature below, the undersigned hereby consents to the foregoing Series B Incremental
Loan Agreement and confirms that the Series B Incremental Loans shall constitute “Guaranteed
Obligations” under and as defined in the Holdings Guaranty and Pledge Agreement and shall be
entitled to the benefits of the Guarantee and security provided under the Holdings Guaranty and
Pledge Agreement.
| XXXXX ADVERTISING COMPANY | ||||||
| By: Name: |
/s/ Xxxxx X.
Xxxxx .
|
|||||
| Title: | Executive Vice-President/ Chief Financial Officer |
|||||
Series B Incremental Loan Agreement
SCHEDULE I
Series B Incremental Commitments
| Name of Series B Incremental Lender | Series B Incremental Commitments | |||
Commerzbank AG New York and Grand Cayman
Branches |
$ | 20,000,000 | ||
Cooperatieve Centrale Raiffeisen –
Boerenleenbank B.A. “Rabobank Nederland”,
New York Branch |
$ | 20,000,000 | ||
Mizuho Corporate Bank Ltd. |
$ | 15,000,000 | ||
The Royal Bank of Scotland plc |
$ | 15,000,000 | ||
The Bank of Nova Scotia |
$ | 15,000,000 | ||
JPMorgan Chase Bank, N.A. |
$ | 11,000,000 | ||
Wachovia Bank N.A. |
$ | 10,000,000 | ||
Calyon New York Branch |
$ | 8,000,000 | ||
The Bank of New York |
$ | 8,000,000 | ||
BNP Paribas |
$ | 8,000,000 | ||
SunTrust Bank |
$ | 8,000,000 | ||
Xxxxx Xxx Commercial Bank, Ltd., New York
Branch |
$ | 5,000,000 | ||
The Norinchukin Bank, New York Branch |
$ | 5,000,000 | ||
Xxxxxxx Bank, National Association |
$ | 2,000,000 | ||
Total: |
$ | 150,000,000 | ||
Schedule I
ANNEX 1
[Form of Opinion of Counsel to the Credit Parties]
[ ], 2006
To the Series B Incremental Lenders
and the Administrative Agent party
to the Series B Incremental Loan
Agreement and Credit Agreement
referred to below
and the Administrative Agent party
to the Series B Incremental Loan
Agreement and Credit Agreement
referred to below
Ladies and Gentlemen:
We have acted as counsel to Xxxxx Advertising Company (“Holdings”), Xxxxx Media Corp.
(herein the “Company”) and the Guarantors referred to therein (the “Guarantors”
and, together with Holdings and the Company, the “Credit Parties”), in connection with the
Series B Incremental Loan Agreement dated as of October 5, 2006 (the “Series B Incremental Loan
Agreement”) between Xxxxx Media Corp. (the “Company”), the Guarantors named therein,
the Series B Incremental Lenders party thereto (the “Series B Incremental Lenders”) and
JPMorgan Chase Bank, N.A. (the “Administrative Agent”), which Series B Incremental Loan
Agreement is being entered into pursuant to Section 2.01(c) of the Credit Agreement dated as of
September 30, 2005 (as amended, the “Credit Agreement”) between the Borrower, the
Subsidiary Guarantors party thereto, the lenders party thereto and the Administrative Agent.
Except as otherwise provided herein, terms defined in the Series B Incremental Loan Agreement and
in the Credit Agreement are used herein as defined therein. This opinion is being delivered
pursuant to Article IV(b) of the Series B Incremental Loan Agreement.
In rendering the opinions expressed below, we have examined the following agreements,
instruments and other documents:
| (a) | the Credit Agreement; | ||
| (b) | the Series B Incremental Loan Agreement (together with the Credit Agreement, the “Credit Documents”); and | ||
| (c) | such records of the Credit Parties and such other documents as we have deemed necessary as a basis for the opinions expressed below, including information listed on Schedule A regarding the merging and/or consolidation of certain subsidiaries. |
Form of Opinion of Counsel to Credit Parties
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In our examination, we have assumed the genuineness of all signatures, the authenticity of all
documents submitted to us as originals and the conformity with authentic original documents of all
documents submitted to us as copies. When relevant facts were not independently established, we
have relied upon statements or certificates of governmental officials and upon representations made
in or pursuant to the Credit Documents and certificates and/or opinions of appropriate
representatives of the Credit Parties.
In rendering the opinions expressed below, we have assumed, with respect to all of the
documents referred to in this opinion letter, that (except, to the extent set forth in the opinions
expressed below, as to the Credit Parties):
| (i) | such documents have been duly authorized by, have been duly executed and delivered by, and constitute legal, valid, binding and enforceable obligations of, all of the parties to such documents; | ||
| (ii) | all signatories to such documents have been duly authorized; and | ||
| (iii) | all of the parties to such documents are duly organized and validly existing and have the power and authority (corporate or other) to execute, deliver and perform such documents. |
References to “our knowledge” or equivalent words means the actual knowledge of the lawyers in
this firm responsible for preparing this opinion after such inquiry as they deemed appropriate,
including inquiry of such other lawyers in the firm and review of such files of the firm as they
have identified as being reasonably likely to have or contain information not otherwise known to
them needed to support the opinions set forth below. References to “after due inquiry” or
equivalent words means after inquiry of the Chief Financial Officer and General Counsel of
Holdings, and of lawyers in the firm reasonably likely to have knowledge of the matter to which
such reference relates.
Based upon and subject to the foregoing and subject also to the comments and qualifications
set forth below, and having considered such questions of law as we have deemed necessary as a basis
for the opinions expressed below, we are of the opinion that:
1. Holdings is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware. The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware. Each
Subsidiary of the Company that is a Credit Party is a corporation, partnership or other
entity duly organized, validly existing and, to our knowledge, in good standing
under the laws of the state indicated opposite its name in Schedule 4.14 to the
Credit Agreement.
Form of Opinion of Counsel to Credit Parties
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2. Each Credit Party has all requisite corporate or other power to execute and deliver,
and to perform its obligations under, the Credit Documents to which it is a party.
3. The execution, delivery and performance by each Credit Party of each Credit Document
to which it is a party have been duly authorized by all necessary corporate or other action
on the part of such Credit Party.
4. Each Credit Document has been duly executed and delivered by each Credit Party party
thereto.
5. Under Louisiana conflict of laws principles, the stated choice of New York law to
govern the Credit Documents will be honored by the courts of the State of Louisiana and the
Credit Documents will be construed in accordance with, and will be treated as being governed
by, the law of the State of New York, except to the extent the result obtained from applying
New York law would be contrary to the public policy of the State of Louisiana, provided,
however, that we have no knowledge of any Louisiana public policy interest which could
reasonably be expected to result in the application of Louisiana law to the Credit
Documents. However, if the Credit Documents were stated to be governed by and construed in
accordance with the law of the State of Louisiana, or if a Louisiana court were to apply the
law of the State of Louisiana to the Credit Documents, each Credit Document would
nevertheless constitute the legal, valid and binding obligation of each Credit Party party
thereto, enforceable against such Credit Party in accordance with its terms, except as may
be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium or
other similar laws relating to or affecting the rights of creditors generally and except as
the enforceability of the Credit Documents is subject to the application of general
principles of equity (regardless of whether considered in a proceeding in equity or at law)
and the corresponding discretion of the court before which the proceedings may be brought,
including, without limitation, (a) the possible unavailability of specific performance,
injunctive relief or any other equitable remedy and (b) concepts of materiality,
reasonableness, good faith and fair dealing.
6. No authorization, approval or consent of, and no filing or registration with, any
governmental or regulatory authority or agency of the United States of America or the State
of Louisiana is required on the part of any Credit Party for the execution,
delivery or performance by any Credit Party of any of the Credit Documents or for the
borrowings by the Company under the Credit Agreement.
7. The execution, delivery and performance by each Credit Party of, and the
consummation by each Credit Party of the transactions contemplated by, the Credit Documents
to which such Credit Party is a party do not and will not (a) violate any
Form of Opinion of Counsel to Credit Parties
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provision of the
charter or by-laws of any Credit Party, (b) violate any applicable Louisiana or federal law,
rule or regulation, (c) violate any order, writ, injunction or decree of any court or
governmental authority or agency or any arbitral award applicable to the Credit Parties or
any of their respective Subsidiaries of which we have knowledge (after due inquiry) or (d)
based on an opinion of the General Counsel of the Company, result in a breach of, constitute
a default under, require any consent under, or result in the acceleration or required
prepayment of any indebtedness pursuant to the terms of, any agreement or instrument of
which we have knowledge (after due inquiry) and to which the Credit Parties or any of their
respective Subsidiaries is a party or by which any of them is bound or to which any of them
is subject, or result in the creation or imposition of any Lien upon any property of any
Credit Party pursuant to, the terms of any such agreement or instrument.
8. Except as set forth in Schedule 4.06 to the Credit Agreement, we have no knowledge
(after due inquiry) of any legal or arbitral proceedings, or any proceedings by or before
any governmental or regulatory authority or agency, pending or threatened against or
affecting the Credit Parties or any of their respective Subsidiaries or any of their
respective properties that, if adversely determined, could have a Material Adverse Effect.
9. The obligations of the Credit Parties under the Credit Documents constitute Senior
Indebtedness (as defined in the Senior Subordinated Notes Indentures) for all purposes of
the Senior Subordinated Notes Indentures.
10. The Credit Agreement and the Series B Incremental Loan Agreement will constitute
the “Senior Credit Facility” under and for all purposes of each of the Senior Subordinated
Notes Indentures.
The foregoing opinions are subject to the following comments and qualifications:
(A) The enforceability of Section 10.03 of the Credit Agreement (and any similar
provisions in any of the other Credit Documents) may be limited by (i) laws
rendering unenforceable indemnification contrary to Federal or state securities laws and the
public policy underlying such laws and (ii) laws limiting the enforceability of provisions
exculpating or exempting a party, or requiring indemnification of a party for, liability for
its own action or inaction, to the extent the action or inaction involves gross negligence,
recklessness, willful misconduct or unlawful conduct.
(B) The enforceability of provisions in the Credit Documents to the effect that terms
may not be waived or modified except in writing may be limited under certain circumstances.
Form of Opinion of Counsel to Credit Parties
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(C) We express no opinion as to (i) the effect of the laws of any jurisdiction in which
any Lender is located (other than the State of Louisiana) that limits the interest, fees or
other charges such Lender may impose for the loan or use of money or other credit, (ii) the
last sentence of Section 2.16(d) of the Credit Agreement, (iii) Section 3.06 or 3.09 of the
Credit Agreement (and any similar provisions in any of the other Credit Documents) and (iv)
the first sentence of Section 10.09(b) of the Credit Agreement (and any similar provisions
in any of the other Credit Documents), insofar as such sentence relates to the subject
matter jurisdiction of the United States District Court for the Southern District of New
York to adjudicate any controversy related to the Credit Documents.
(D) We express no opinion as to the applicability to the obligations of any Subsidiary
Guarantor (or the enforceability of such obligations) of Section 548 of the Bankruptcy Code
or any other provision of law relating to fraudulent conveyances, transfers or obligations
or of the provisions of the law of the jurisdiction of incorporation of any Subsidiary
Guarantor restricting dividends, loans or other distributions by a corporation for the
benefit of its stockholders.
(E) The opinions expressed herein as of the date hereof, and except as may otherwise be
provided herein, we have no obligation to advise you as to any change in the matters,
factual, legal or otherwise, set forth herein after the date of this letter. Without
limitation of the foregoing, our opinions in paragraphs 9 and 10 are limited to the Credit
Documents and Senior Subordinated Notes Indentures as in effect as of the date hereof.
Partners or Associates of this Firm are members of the Bar of the State of Louisiana and we do
not hold ourselves out as being conversant with the laws of any jurisdiction other than those of
the United States of America and the State of Louisiana, and we express no
opinion as to the laws of any jurisdiction other than those of the United States of America, the
State of Louisiana and the General Corporation Law of the State of Delaware.
At the request of our clients, this opinion letter is, pursuant to Section (b) of Article IV
of the Series B Incremental Loan Agreement, provided to you by us in our capacity as counsel to the
Credit Parties and may not be relied upon by any Person for any purpose other than in connection
with the transactions contemplated by the Credit Agreement without, in each instance, our prior
written consent.
Very truly yours,
Form of Opinion of Counsel to Credit Parties
[SCHEDULE A]
Form of Opinion of Counsel to Credit Parties
ANNEX 2
[Form of Opinion of Special Counsel]
[Date]
To the Series B Incremental Lenders
and the Administrative Agent party
to the Series B Incremental Loan
Agreement and Credit Agreement
referred to below
and the Administrative Agent party
to the Series B Incremental Loan
Agreement and Credit Agreement
referred to below
Ladies and Gentlemen:
We have acted as special New York counsel to JPMorgan Chase Bank, N.A., as Administrative
Agent, under the Series B Incremental Loan Agreement dated as of [___], 2006 (the “Series B
Incremental Loan Agreement”) between Xxxxx Media Corp. (the “Company”), Xxxxx
Advertising Company (“Holdings”), the Guarantors referred to herein (the
“Guarantors” and, together with the Company and Holdings, the “Credit Parties”),
the Series B Incremental Lenders party thereto (the “Series B Incremental Lenders”) and
JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), which
Series B Incremental Loan Agreement is being entered into pursuant to Section 2.01(c) of the Credit
Agreement dated as of September 30, 2005 (as amended, the “Credit Agreement”) between the
Borrower, the Subsidiary Guarantors party thereto, the lenders party thereto and the Administrative
Agent. Except as otherwise provided herein, terms defined in the Series B Incremental Loan
Agreement and in the Credit Agreement are used herein as defined therein. This opinion is being
delivered pursuant to clause (c) of Article IV of the Series B Incremental Loan Agreement.
In rendering the opinions expressed below, we have examined the following agreements,
instruments and other documents:
| (a) | the Credit Agreement; | ||
| (b) | the Series B Incremental Loan Agreement (together with the Credit Agreement, the “Credit Documents”). |
In our examination, we have assumed the authenticity of all documents submitted to us as
originals and the conformity with authentic original documents of all documents submitted to us as
copies. When relevant facts were not independently established, we have relied upon
representations made in or pursuant to the Credit Documents.
Form
of Opinion of Special Counsel
- 2 -
In rendering the opinions expressed below, we have assumed, with respect to all of the
documents referred to in this opinion letter, that:
| (i) | such documents have been duly authorized by, have been duly executed and delivered by, and (except to the extent set forth in the opinions below as to the Credit Parties) constitute legal, valid, binding and enforceable obligations of, all of the parties to such documents; | ||
| (ii) | all signatories to such documents have been duly authorized; and | ||
| (iii) | all of the parties to such documents are duly organized and validly existing and have the power and authority (corporate or other) to execute, deliver and perform such documents. |
Based upon and subject to the foregoing and subject also to the comments and qualifications
set forth below, and having considered such questions of law as we have deemed necessary as a basis
for the opinions expressed below, we are of the opinion that each of the Credit Documents
constitutes the legal, valid and binding obligation of each Credit Party party thereto, enforceable
against such Credit Party in accordance with its terms, except as may be limited by bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance or transfer or other similar laws
relating to or affecting the rights of creditors generally and except as the enforceability of the
Credit Documents is subject to the application of general principles of equity (regardless of
whether considered in a proceeding in equity or at law), including, without limitation, (a) the
possible unavailability of specific performance, injunctive relief or any other equitable remedy
and (b) concepts of materiality, reasonableness, good faith and fair dealing.
The foregoing opinions are subject to the following comments and qualifications:
(A) The enforceability of Section 10.03 of the Credit Agreement (and any similar
provisions in any of the other Credit Documents) may be limited by laws limiting the
enforceability of provisions exculpating or exempting a party, or requiring indemnification
of a party for, liability for its own action or inaction, to the extent the action or
inaction involves gross negligence, recklessness, willful misconduct or unlawful conduct.
(B) Clause (iii) of the second sentence of Section 3.02 of the Credit Agreement (and
any similar provisions in any of the other Credit Documents) may not be enforceable to the
extent that the Guaranteed Obligations (as defined in the Credit Agreement) are materially
modified.
(C) The enforceability of provisions in the Credit Documents to the effect that terms
may not be waived or modified except in writing may be limited under certain circumstances.
(D) We express no opinion as to (i) the effect of the laws of any jurisdiction in which
any Lender is located (other than the State of New York) that limit the interest,
Form
of Opinion of Special Counsel
- 3 -
fees or other charges such Lender may impose for the loan or use of money or other credit,
(ii) the last sentence of Section 2.16(d) of the Credit Agreement, (iii) the first sentence
of Section 10.09(b) of the Credit Agreement (and any similar provisions in any of the other
Credit Documents), insofar as such sentence relates to the subject-matter jurisdiction of
the United States District Court for the Southern District of New York to adjudicate any
controversy related to the Credit Documents, (iv) the waiver of inconvenient forum set forth
in the last sentence of Section 10.09(c) of the Credit Agreement, and any similar provision
in any of the other Credit Documents, with respect to proceedings in the United States
District Court for the Southern District of New York and (v) Section 3.06 or 3.09 of the
Credit Agreement (and any similar provisions in any of the other Credit Documents).
(E) We express no opinion as to the applicability to the obligations of any Subsidiary
Guarantor (or the enforceability of such obligations) of Xxxxxxx 000 xx xxx Xxxxxx Xxxxxx
Bankruptcy Code, Article 10 of the New York Debtor and Creditor Law or any other provision
of law relating to fraudulent conveyances, transfers or obligations or of the provisions of
the law of the jurisdiction of incorporation of any Subsidiary Guarantor restricting
dividends, loans or other distributions by a corporation for the benefit of its
stockholders.
The foregoing opinions are limited to matters involving the Federal laws of the United States
of America and the law of the State of New York, and we do not express any opinion as to the laws
of any other jurisdiction.
At the request of our clients, this opinion is rendered solely to you in connection with the
above matter. This opinion may not be relied upon by you for any other purpose or relied upon by
any other Person (other than your successors and assigns as Lenders and Persons that acquire
participations in your extensions of credit under the Credit Agreement) without our prior written
consent.
Very truly yours,
RJW/LVN
Form of Opinion of Special Counsel
