AMENDMENT NO. 1
Exhibit 10.2
AMENDMENT XX. 0
XXXXXXXXX XX. 0 dated as of October 5, 2006 to the Credit Agreement dated as of September 30,
2005 (as modified and supplemented and in effect from time to time, the “Credit Agreement”)
between XXXXX MEDIA CORP. (the “Company”), QMC MEDIA II, INC. (the “Subsidiary
Borrower”), the SUBSIDIARY GUARANTORS party thereto (the “Subsidiary Guarantors”), the
lenders party thereto 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 Subsidiary Borrower and the Administrative Agent pursuant to authority
granted by and having obtained all necessary consents of the Required Lenders party to the Credit
Agreement, wish now to amend the Credit Agreement in certain respects, and accordingly, the parties
hereto hereby agree as follows:
Section 1. Definitions. Except as otherwise defined in this Amendment No. 1, terms
defined in the Credit Agreement are used herein as defined therein.
Section 2. Amendments. Subject to the satisfaction of the conditions precedent
specified in Section 4 below, but effective as of the date hereof, the Credit Agreement shall be
amended as follows:
2.01. References Generally. References in the Credit Agreement (including references
to the Credit Agreement as amended hereby) to “this Agreement” (and indirect references such as
“hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be references to the Credit
Agreement as amended hereby.
2.02. Definitions. Section 1.01 of the Credit Agreement shall be amended by amending
the following definitions (to the extent already included in said Section 1.01) and adding the
following definitions in the appropriate alphabetical location (to the extent not already included
in said Section 1.01):
“Amendment No. 1 Effective Date” means the date upon which the conditions
precedent set forth in Section 4 of Amendment No. 1 hereto shall have been satisfied or
waived.
“Incremental Loan Commitment” means, with respect to each Lender, the amount of
the offer of such Lender to make Incremental Loans of any Series that is accepted by the
Company in accordance with the provisions of Section 2.01(c), as such amount may be (a)
reduced from time to time pursuant to Sections 2.07 and 2.09 and (b) reduced or increased
from time to time pursuant to assignments by or to such Lender pursuant to Section 10.04.
The aggregate amount of the Incremental Loan Commitments of all Series shall not exceed
$500,000,000 (excluding Incremental Loan Commitments made
Amendment No.1
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under the Series A Incremental Loan Agreement and the Series B Incremental Loan Agreement in
an aggregate amount up to but not exceeding $187,500,000).
2.03. Incremental Loans. Section 2.01(c) of the Credit Agreement shall be amended by
changing clause (ii) in the second paragraph to read as follows:
“(ii) the aggregate principal amount of all Incremental Loan Commitments and all
outstanding Series of Incremental Loans shall not exceed $500,000,000 (excluding Incremental
Loan Commitments made under the Series A Incremental Loan Agreement and the Series B
Incremental Loan Agreement in an aggregate amount up to but not exceeding $187,500,000).”
2.04. Restricted Payments. Section 7.06 of the Credit Agreement shall be amended by
changing clause (ii) to read as follows:
“(ii) [Intentionally Deleted].”
Section 3. Representations and Warranties. The Company and each Subsidiary Guarantor
represents and warrants to the Lenders and the Administrative Agent, as to itself and each of its
subsidiaries, as of the date hereof and the Amendment No. 1 Effective Date, that (i) the
representations and warranties set forth in Article IV of the Credit Agreement are true and
complete on 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 shall be true and correct as of such specific date), and as if each reference in said
Article IV to “this Agreement” included reference to this Amendment No. 1 and (ii) no Default or
Event of Default has occurred and is continuing.
Section 4. Conditions Precedent. The amendments set forth in Section 2 hereof, shall
become effective as of the date hereof upon receipt by Administrative Agent (or Special Counsel) of
executed counterparts of this Amendment No. 1 from the Company, each Subsidiary Guarantor and
Holdings, and execution hereof by the Administrative Agent.
Section 5. Pledge Agreement. The Company and each Subsidiary Guarantor confirms its
obligations under the Pledge Agreement.
Section 6. Miscellaneous. Except as herein provided, the Credit Agreement shall
remain unchanged and in full force and effect. This Amendment No. 1 may be executed in any number
of counterparts, all of which taken together shall constitute one and the same amendatory
instrument and any of the parties hereto may execute this Amendment No. 1 by signing any such
counterpart. This Amendment No. 1 shall be governed by, and construed in accordance with, the law
of the State of New York.
Amendment No.1
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to Credit Agreement to
be duly executed and delivered as of the day and year first above written.
XXXXX MEDIA CORP. | ||||||
By: | /s/ Xxxxx X. Xxxxx . | |||||
Name: | Xxxxx X. Xxxxx | |||||
Title: | Executive Vice-President/ Chief Financial Officer |
|||||
QMC MEDIA II, INC. | ||||||
By: | /s/ Xxxxx X. Xxxxx . | |||||
Name: | Xxxxx X. Xxxxx | |||||
Title: | Executive Vice-President/ Chief Financial Officer |
Amendment Xx.0
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XXXXXXXXXX XXXXXXXXXX
XXXXXXXXXX LOGOS, L.L.C. | ||||||
THE XXXXX COMPANY, L.L.C. | ||||||
LAMAR CENTRAL OUTDOOR, LLC | ||||||
By: Lamar 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 |
Amendment Xx.0
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Xxxxxxxxxx Xxxxx, X.X.X. 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: Lamar Media Corp. | ||||||
Its: Managing Member | ||||||
By: | /s/ Xxxxx X. Xxxxx . | |||||
Title: | Executive Vice-President/ Chief Financial Officer |
Amendment Xx.0
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Xxxxxxxxxx Xxxxx, X.X.X. 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: Lamar Media Corp. | ||||||
Its: Managing Member | ||||||
By: | /s/ Xxxxx X. Xxxxx . | |||||
Title: | Executive Vice-President/ Chief Financial Officer |
Amendment Xx.0
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Xxx Xxxxx Xxxxxxx, X.X.X. 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 |
Amendment Xx.0
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Xxx Xxxxx Xxxxxxx, X.X.X. 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 Xxxxx Company, L.L.C. | ||||||
Their Managing Member | ||||||
By: Lamar 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 |
Amendment Xx.0
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Xxx Xxxxx Xxxxxxx, X.X.X. 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 |
Amendment Xx.0
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Xxxxx Xxxxxxx Xxxxxxx, 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: Lamar Media Corp. | ||||||
Its: Managing Member | ||||||
By: | /s/ Xxxxx X. Xxxxx . | |||||
Title: | Executive Vice-President/ | |||||
Chief Financial Officer |
Amendment Xx.0
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Xxxxx Xxxxxxx Xxxxxxx, 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: Lamar 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: Lamar Media Corp. | ||||||
Its: Managing Member | ||||||
By: | /s/ Xxxxx X. Xxxxx . | |||||
Title: | Executive Vice-President/ Chief Financial Officer |
Amendment No.1
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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 |
Amendment Xx.0
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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 |
Amendment No.1
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ADMINISTRATIVE AGENT
JPMORGAN CHASE BANK, N.A., | ||||||
as Administrative Agent | ||||||
By: | /s/ Xxxxxxxxxx Xxxxxxx . | |||||
Name: | Xxxxxxxxxx Xxxxxxx | |||||
Title: | Vice President |
Amendment No.1
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By its signature below, the undersigned hereby consents to the foregoing Amendment No. 1 and
confirms its obligations under the Holdings Guaranty and Pledge Agreement.
XXXXX ADVERTISING COMPANY | ||||||
By: | /s/ Xxxxx X. Xxxxx . | |||||
Name: | Xxxxx X. Xxxxx | |||||
Title: | Executive Vice-President/ Chief Financial Officer |
Amendment No.1