CONSENT TO CREDIT AGREEMENT
Exhibit 4.1
CONSENT TO CREDIT AGREEMENT
THIS CONSENT TO CREDIT AGREEMENT (this “Consent”), dated as of March 30, 2007 is
entered into among RADIO ONE, INC., a Delaware corporation (the “Borrower”), the lenders
listed on the signature pages hereof as Lenders (the “Lenders”), and WACHOVIA BANK,
NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”).
BACKGROUND
A. The Borrower, the Lenders, Bank of America, N.A., as syndication agent, Credit Suisse,
Xxxxxxx Xxxxx, Xxxxxx Xxxxxx & Xxxxx Incorporated, and SunTrust Bank, as co-documentation agents,
and the Administrative Agent are parties to that certain Credit Agreement, dated as of June 13,
2005 (as the same has been amended, restated or modified from time to time, the “Credit
Agreement”). The terms defined in the Credit Agreement and not otherwise defined herein shall
be used herein as defined in the Credit Agreement.
B. As disclosed by the Borrower in its current report on Form 8-K, filed with the Securities
and Exchange Commission on March 16, 2007 (the “March 16 8-K”), the Borrower is conducting
a review of its historical stock option granting practices from May 5, 1999 and, because the
Borrower has not completed its review, the Borrower was unable to file its annual report on Form
10-K for the year ended December 31, 2006 by March 16, 2007, the date upon which the Form 10-K was
due. The Borrower intends to file its annual report on Form 10-K as soon as practicable after the
completion of its review, and has requested a consent from the Lenders to extend the due date for
delivery of the Borrower’s audited consolidated financial statements for the fiscal year ending
December 31, 2006 as required in accordance with Section 5.01(a) of the Credit Agreement.
NOW, THEREFORE, in consideration of the covenants, conditions and agreements hereafter set
forth, and for other good and valuable consideration, the receipt and adequacy of which are all
hereby acknowledged, the parties hereto covenant and agree as follows:
1. CONSENT. Subject to the satisfaction of the conditions of effectiveness set forth
in Section 3 hereof, the Required Lenders hereby consent to the extension of the due date
to May 15, 2007 for delivery of the Borrower’s audited consolidated financial statements for the
fiscal year ending December 31, 2006 required in accordance with Section 5.01(a) of the Credit
Agreement. This Consent is limited in scope and does not affect any other covenants or provisions
of the Credit Agreement or any other Loan Document.
2. REPRESENTATIONS AND WARRANTIES TRUE; NO EVENT OF DEFAULT. By its execution and
delivery hereof, the Borrower represents and warrants that, as of the Effective Date (as defined
herein) and after giving effect to the consent set forth in the foregoing Section 1:
(a) the representations and warranties contained in the Credit Agreement and the other Loan
Documents are true and correct on and as of the Effective Date as made on and as of such date,
except to the extent that such representations and warranties specifically refer to an earlier
date, in which case they shall be true and correct as of such earlier date and except to the extent
expressly disclosed by the Borrower in the March 16 8-K; and
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(b) no event has occurred and is continuing which constitutes a Default or Event of Default.
3. CONDITIONS OF EFFECTIVENESS. This Consent shall not be effective until the
satisfaction of each of the following conditions precedent:
(a) the representations and warranties set forth in Section 2 of this Consent shall be
true and correct;
(b) the Administrative Agent shall have received counterparts of this Consent executed by the
Required Lenders; and
(c) the Administrative Agent shall have received counterparts of this Consent executed by the
Borrower and Guarantors.
4. REFERENCE TO THE CREDIT AGREEMENT AND OTHER LOAN DOCUMENTS.
(a) Upon and during the effectiveness of this Consent, each reference in the Credit Agreement
and the other Loan Documents to “this Agreement”, “hereunder”, or words of like import shall mean
and be a reference to the Credit Agreement or the other Loan Documents, as the case may be, as
affected by this Consent.
(b) Except as expressly set forth herein, this Consent shall not by implication or otherwise
limit, impair, constitute an amendment of, or otherwise affect the rights or remedies of the
Administrative Agent or the Lenders under the Credit Agreement or any of the other Loan Documents,
and shall not alter, modify, amend, or in any way affect the terms, conditions, obligations,
covenants, or agreements contained in the Credit Agreement or the other Loan Documents, all of
which are hereby ratified and affirmed in all respects and shall continue in full force and effect.
Nothing herein shall be deemed to entitle the Borrower, Guarantors or Lenders to a consent to, or
a waiver, amendment, modification or other change of, any of the terms, conditions, obligations,
covenants or agreements contained in the Credit Agreement or any other Loan Documents in similar or
different circumstances.
(c) Notwithstanding that such consent is not required hereunder, each of the Guarantors hereby
consents to the execution and delivery of this Consent and reaffirm its respective obligations
under the Guarantee and Collateral Agreement.
5. COSTS AND EXPENSES. The Borrower shall be obligated to pay the costs and expenses
of the Administrative Agent in connection with the preparation, reproduction, execution and
delivery of this Consent and the other instruments and documents to be delivered hereunder.
6. EXECUTION IN COUNTERPARTS. This Consent may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original but all such counterparts together shall
constitute but one and the same instrument and signature pages may be detached from multiple
separate counterparts and attached to a single counterpart so that all signature
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pages are physically attached to the same document. For purposes of this Consent, a
counterpart hereof (or signature page thereto) signed and transmitted by any Person party hereto to
the Administrative Agent (or its counsel) by facsimile machine, telecopier or electronic mail is to
be treated as an original. The signature of such Person thereon, for purposes hereof, is to be
considered as an original signature, and the counterpart (or signature page thereto) so transmitted
is to be considered to have the same binding effect as an original signature on an original
document. This Consent shall become effective when the Administrative Agent has received
counterparts of this Consent executed by the Borrower and the Required Lenders and each of the
conditions precedent set forth in Section 3 have been satisfied (the “Effective
Date”).
7. GOVERNING LAW; BINDING EFFECT. This Consent shall be governed by and construed in
accordance with the laws of the State of New York. This Consent shall be binding upon the Borrower
and each Lender and their respective successors and assigns.
8. HEADINGS. Section headings in this Consent are included herein for convenience of
reference only and shall not constitute a part of this Consent for any other purpose.
9. ENTIRE AGREEMENT. THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS AFFECTED
BY THIS CONSENT, REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AS TO THE SUBJECT MATTER THEREIN
AND HEREIN AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS BETWEEN THE PARTIES.
[Remainder of Page Left Intentionally Blank]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written.
BORROWER: RADIO ONE, INC. |
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By: | /s/ Xxxxx X. Xxxxxxx | |||
Name: | Xxxxx X. Xxxxxxx | |||
Title: | Exec Vice Pres & CFO | |||
CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE
OTHER GUARANTORS | ||
(for purposes of Section 4 hereof): | ||
RADIO ONE, INC. | ||
RADIO ONE LICENSES, LLC | ||
XXXX BROADCASTING COMPANY | ||
RADIO ONE OF DETROIT, LLC | ||
RADIO ONE OF ATLANTA, LLC | ||
ROA LICENSES, LLC | ||
RADIO ONE OF CHARLOTTE, LLC | ||
CHARLOTTE BROADCASTING, LLC | ||
RADIO ONE OF NORTH CAROLINA, LLC | ||
RADIO ONE OF AUGUSTA, LLC | ||
RADIO ONE OF BOSTON, INC. | ||
RADIO ONE OF BOSTON LICENSES, LLC | ||
RADIO ONE OF INDIANA, LLC | ||
RADIO ONE OF TEXAS I, LLC | ||
RADIO ONE OF TEXAS II, LLC | ||
BLUE CHIP BROADCASTING, LTD. | ||
BLUE CHIP BROADCASTING LICENSES, LTD. | ||
SATELLITE ONE, L.L.C. | ||
XXXXX-XXXXXXXX BROADCAST PROPERTIES, INC. | ||
RADIO ONE OF DAYTON LICENSES, LLC | ||
NEW MABLETON BROADCASTING CORPORATION | ||
RADIO ONE MEDIA HOLDINGS, LLC | ||
RADIO ONE CABLE HOLDINGS, INC. |
By: | /s/ Xxxxx X. Xxxxxxx | |||
Name: | Xxxxx X. Xxxxxxx | |||
Title: | Exec Vice Pres & CFO | |||
RADIO ONE OF INDIANA, L.P. |
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By: | Radio One, Inc., | |||
its general partner | ||||
By: | /s/ Xxxxx X. Xxxxxxx | |||
Name: | Xxxxx X. Xxxxxxx | |||
Title: | Exec Vice Pres & CFO | |||
CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE
RADIO ONE OF TEXAS, L.P. |
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By: | Radio One of Texas I, LLC, | |||
its general partner | ||||
By: | /s/ Xxxxx X. Xxxxxxx | |||
Name: | Xxxxx X. Xxxxxxx | |||
Title: | Exec Vice Pres & CFO |
SYNDICATION ONE, INC. |
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By: | /s/ Xxxxx X. Xxxxxxx | |||
Name: | Xxxxx X. Xxxxxxx | |||
Title: | Exec Vice Pres & CFO | |||
MAGAZINE ONE, INC. |
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By: | /s/ Xxxxx X. Xxxxxxx | |||
Name: | Xxxxx X. Xxxxxxx | |||
Title: | Exec Vice Pres & CFO | |||
CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE
ADMINISTRATIVE AGENT, ISSUING BANK AND REQUIRED LENDERS: |
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WACHOVIA BANK, NATIONAL ASSOCIATION, | ||
as Administrative Agent, Issuing Bank and as a Lender |
By: | /s/ Xxxx Xxxxx | |||
Name: | Xxxx Xxxxx | |||
Title: | Director | |||
CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE
BANK OF AMERICA, N.A., as Syndication Agent, Issuing Bank and as a Lender |
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By: | /s/ Xxxx Xxxxxxx | |||
Name: | Xxxx Xxxxxxx | |||
Title: | Senior Vice President | |||
CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE
CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as Co-Documentation Agent and as a Lender |
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By: | /s/ Xxxxxx Xxxx | |||
Name: | Xxxxxx Xxxx | |||
Title: | Vice President | |||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Associate | |||
CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE
XXXXXXX XXXXX, XXXXXX XXXXXX & XXXXX INCORPORATED, as Co-Documentation Agent |
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By: | /s/ Xxxxx Xxxxxxx | |||
Name: | Xxxxx Xxxxxxx | |||
Title: | Vice President | |||
CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE
Xxxxxxx Xxxxx Capital Corporation, as a Lender |
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By: | /s/ Xxxxx Xxxxxxx | |||
Name: | Xxxxx Xxxxxxx | |||
Title: | Vice President | |||
CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE
SUNTRUST BANK, as Co-Documentation Agent and as a Lender |
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By: | /s/ Xxx Xxxx | |||
Name: | Xxx Xxxx | |||
Title: | Director | |||
CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE
NATIONAL CITY BANK, as a Lender |
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By: | /s/ Xxxxxxxxx Xxxxxx | |||
Name: | Xxxxxxxxx Xxxxxx | |||
Title: | Vice President | |||
CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE
DIAMOND SPRINGS TRADING LLC, as a Lender |
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By: | /s/ X. Xxxxxxxxx Xxxxxx | |||
Name: | X. Xxxxxxxxx Xxxxxx | |||
Title: | Vice President | |||
CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE
CALYON NEW YORK BRANCH, as a Lender |
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By: | /s/ Xxxxx Xxxxxxxx | |||
Name: | Xxxxx Xxxxxxxx | |||
Title: | Managing Director | |||
By: | /s/ Xxxx XxXxxxxxx | |||
Name: | Xxxx XxXxxxxxx | |||
Title: | Managing Director | |||
CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE
Bank of Scotland, as a Lender |
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By: | /s/ Xxxxx Xxxxx | |||||||
Name: | Xxxxx Xxxxx | |||||||
Title: | Vice President |
CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE
GENERAL ELECTRIC CAPITAL CORPORATION, as a Lender |
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By: | /s/ Xxxx Xxxxxxx | |||
Name: | Xxxx Xxxxxxx | |||
Title: | Duly Authorized Signatory | |||
CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE
COÖPERATIEVE CENTRALE RAIFFEISEN- | ||||||
BOERENLEENBANK B.A., “RABOBANK | ||||||
NEDERLAND”, NEW YORK BRANCH, | ||||||
as a Lender | ||||||
By: | /s/ Xxxxxx Xxxxxx | |||||
Title: Executive Director | ||||||
By: | /s/ Xxxxx Xxxxxxx | |||||
Title: Executive Director |
CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE
BLACK DIAMOND CLO 2006-1(CAYMAN), Ltd. | ||||||
By: Black Diamond CLO 2006-1 Adviser, L.L.C. | ||||||
As Its Collateral Manager, | ||||||
as a Lender | ||||||
By: | /s/ Xxxxxxx X. Xxxxxxx | |||||
Title: Managing Principal |
CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE
The Royal Bank of Scotland plc, | ||||||
as a Lender | ||||||
By: | /s/ Xxxxxx Xxxx | |||||
Title: Managing Director |
CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE
AIB Debt Management Limited, as a Lender |
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By: | /s/ Xxxxxx X’Xxxxxxx | |||
Name: | Xxxxxx X’Xxxxxxx | |||
Title: | Vice President Investment Advisor to AIB Debt Management, Limited |
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By: | /s/ Xxxxxxx X’Xxxxxx | |||
Name: | Xxxxxxx X’Xxxxxx | |||
Title: | Senior Vice President Investment Advisor to AIB Debt Management, Limited |
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CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE
Allied Irish Banks, plc., as a Lender |
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By: | /s/ Xxxxxx X’Xxxxxxx | |||
Name: | Xxxxxx X’Xxxxxxx | |||
Title: | Vice President | |||
By: | /s/ Xxxxxxx X’Xxxxxx | |||
Name: | Xxxxxxx X’Xxxxxx | |||
Title: | Senior Vice President | |||
CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE
JPMORGAN CHASE BANK, N.A., as a Lender |
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By: | /s/ Xxxxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxxxx Xxxxxxx | |||
Title: | Vice President | |||
CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE
Grand Central Asset Trust, BDC Series, as a Lender |
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By: | /s/ Xxxxx Xxxxxx | |||
Name: | Xxxxx Xxxxxx | |||
Title: | Attorney-In-Fact | |||
CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE