SECOND AMENDMENT
EXHIBIT 10.22
SECOND AMENDMENT
SECOND AMENDMENT (this “Amendment”), dated as of January 24, 2007, to the Credit
Agreement dated as of November 4, 2005 (the “Credit Agreement”), among LIN Television
Corporation, a Delaware corporation (the “Borrower”), Televicentro of Puerto Rico, LLC, a
Delaware limited liability company (the “Permitted Borrower”), the several banks and other
institutions from time to time parties thereto (the “Lenders”), JPMorgan Chase Bank, N.A.,
as administrative agent (in such capacity, the “Administrative Agent”), as an issuing
lender (in such capacity, an “Issuing Lender”), and as swingline lender (in such capacity,
the “Swingline Lender”), Deutsche Bank Trust Company Americas, as syndication agent (in
such capacity, the “Syndication Agent”) and as an Issuing Lender, Xxxxxxx Xxxxx Credit
Partners, L.P., Bank of America, N.A. and Wachovia Bank, National Association as documentation
agents (in such capacity, each a “Documentation Agent”), and The Bank of Nova Scotia and
SunTrust Bank, as co-documentation agents (in such capacity, each a “Co-Documentation
Agent”), and X.X. Xxxxxx Securities Inc. and Deutsche Bank Securities Inc., as joint lead
arrangers and joint bookrunners.
W
I T N E S S E
T H:
WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to make, and have made,
certain loans and other extensions of credit to the Borrowers;
WHEREAS, the Borrowers have requested that certain provisions of the Credit Agreement be
amended as set forth herein; and
WHEREAS, the Lenders are willing to agree to such amendment on the terms set forth herein;
NOW THEREFORE, in consideration of the premises and mutual covenants contained herein, the
undersigned hereby agree as follows:
I. | Defined Terms. Terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit | ||
Agreement. | |||
II. | Amendments to Section 1. |
(a) | Section 1 is hereby amended by: |
(i) deleting the following definitions: “Borrower Delayed-Draw
Term Loan Commitment”, “Permitted Borrower” and
“Permitted Borrower Delayed-Draw Term Loan Commitment”;
(ii) deleting the phrase “or Permitted Borrower, as applicable,” in
the definitions of “Applicable Margin” and “Commitment
Fee Rate”;
(iii) deleting the first sentence of the definition of
“Delayed-Draw Term Loan Commitments” and replacing it with
the following sentence: “As to any Lender, the obligation of such
Lender to make a Delayed-Draw Term Loan to the Borrower hereunder in
a principal amount not to exceed the amount set forth under the
heading “Borrower Delayed-Draw Term Loan Commitment” opposite such
Lender’s name on Schedule 1.1A attached hereto.”
(iv) deleting the phrase “, the Permitted Borrower” in the definition
of “Loan Parties”;
(v) deleting the phrases “or the Permitted Borrower”, “and the
Permitted Borrower” and “or Permitted Borrower” in the definition of
“Obligations”;
(vi) deleting the phrase “or the Permitted Borrower, as the case may
be” in the definition of “Responsible Officer”; and
(vii) deleting the phrase “and the Permitted Borrower” in the
definition of “Term Loans”.
(b) | Section 1 is further amended by inserting in appropriate alphabetical order the following definition: |
“Permitted Sale”: the sale by the Borrower of the Permitted
Borrower and certain other Subsidiaries of the Borrower pursuant to,
and the other transactions contemplated by, the Stock Purchase
Agreement dated October 18, 2006, between the Borrower and InterMedia
Partners VII, L.P.
III. | Amendments to Section 2. |
(a) | Section 2.1 is hereby amended by: |
(i) deleting the phrases “and the Permitted Borrower”, “, with such
Delayed Draw-Term Loans to be apportioned between the Borrower and
the Permitted Borrower, as specified in a notice from the Borrower”
and the last two sentences in clause (a);
(ii) deleting the phrases “, the Permitted Borrower”, “and the
Permitted Borrower”, and “or Permitted Borrower, as applicable,” and
the last sentence in clause (b); and
(iii) deleting the phrase “and the Permitted Borrower, as applicable”
in clause (c).
(b) | Section 2.2. is hereby amended by: |
(i) deleting the phrases “or the Permitted Borrower (as the case may
be)” and “and the Permitted Borrower” each time each of them appears
in clause (a); and
(ii) deleting the phrases “or the Permitted Borrower, as the case may
be,” and “or the Permitted Borrower, as applicable,” and “or
Permitted Borrower, as applicable,” each time each of them appears in
clause (b).
(c) | Section 2.3 is hereby amended by: |
(i) deleting the phrases “and the Delayed-Draw Term Loan of each
Lender made to the Permitted Borrower”, “and the Permitted Borrower,
respectively,” and the last two sentences in clause (a) and inserting
the phrase “or apportioned” after the word “made” in clause (a); and
(ii) deleting the last two sentences in clause (b).
(d) | Section 2.7 is hereby amended by deleting the phrases “or the Permitted Borrower” and “or the Permitted Borrower, as applicable” in clause (c). | ||
(e) | Section 2.8 is hereby amended by deleting the phrases “or the Permitted Borrower, in the case of the Term Loans”, “or the Permitted Borrower, as applicable” and “or the Permitted Borrower” each time each of them appears and deleting the last sentence in its entirety. | ||
(f) | Section 2.9 is hereby amended by: |
(i) deleting the penultimate sentence in its entirety in clause (b);
and
(ii) deleting the phrase “or the Permitted Borrower, as the case may
be,” each time it appears in clause (d).
(g) | Section 2.10 is hereby amended by: |
(i) deleting the phrases “and the Permitted Borrower”, “or Permitted
Borrower, as applicable” and “or Permitted Borrower” each time each
of them appears in clause (a); and
(ii) deleting the phrase “or Permitted Borrower” each time it appears
in clause (b).
(h) | Section 2.13 is hereby amended by deleting the phrase “, the Permitted Borrower” each time it appears. | ||
(i) | Section 2.14 is hereby amended by: |
(i) deleting the phrase “and the Permitted Borrower” in clause (a);
and
(ii) deleting the phrases “, the Permitted Borrower” and “or the
Permitted Borrower” in the last paragraph.
(j) | Section 2.15 is hereby amended by: |
(i) deleting the phrase “, or in the case of the Delayed-Draw Term
Loan Facility or an Incremental Term Loan Facility, the Permitted
Borrower” in clause (a);
(ii) deleting the phrase “or, as the case may be, the Permitted
Borrower” in clause (b); and
(iii) deleting the phrase “, and each payment (including each
prepayment) on account of principal of and interest on the
Delayed-Draw
Term Loans or any Incremental Term Loans made to the Permitted
Borrower” and deleting the phrase “or the Permitted Borrower” in
clause (d) and inserting the phrase “or apportioned” after the word
“made” each time it appears in clause (d).
(k) | Section 2.16 is hereby amended by: |
(i) deleting the phrases “or the Permitted Borrower, as the case may
be,” and “or the Permitted Borrower” each time each of them appears
in clause (a);
(ii) deleting the phrase “or the Permitted Borrower” each time it
appears in clause (b); and
(iii) deleting the phrase “and the Permitted Borrower” in clause (c).
(l) | Section 2.17 is hereby amended by: |
(i) deleting the phrase “or Permitted Borrower” and the phrase “or
Permitted Borrower, as the case may be,” each time each of them
appears in clause (a); and
(ii) deleting the phrases “, the Permitted Borrower”, “or the
Permitted Borrower, as the case may be,” and “or the Permitted
Borrower” each time each of them appears in clause (b).
(m) | Section 2.18 is hereby amended by deleting the phrases “or the Permitted Borrower” and “or the Permitted Borrower, as applicable,” each time each of them appears. | ||
(n) | Section 2.19 is hereby amended by deleting the phrases “or on behalf of the Permitted Borrower” and “or the Permitted Borrower”. | ||
(o) | Section 2.20 is hereby amended by deleting the phrase “or the Permitted Borrower, as the case may be,” each time it appears. |
IV. | Amendments to Section 4. |
(a) | Section 4 is hereby amended by deleting the phrase “and the Permitted Borrower” in the lead-in. | ||
(b) | Section 4.1 is hereby amended by deleting the phrases “(i)” and “, in each case” and subclause (ii) in its entirety. | ||
(c) | Section 4.4 is hereby amended by deleting the phrase “and the Permitted Borrower” each time it appears. | ||
(d) | Section 4.8 is hereby amended by deleting the phrase “and the Permitted Borrower”. |
V. | Amendment to Section 5. Section 5.3 is hereby amended by deleting the phrase “or the Permitted Borrower” and “or the Permitted |
Borrower, as applicable,”. |
VI. | Amendment to Section 6. Section 6 is hereby amended by deleting the phrases “Each of”, “and (with respect to subsections 6.2(e), | ||
6.3, 6.4, 6.5, 6.6 and 6.8 only) the Permitted Borrower”, “each of” and “and the Permitted Borrower” in the lead-in. |
VII. | Amendments to Section 7. |
(a) | Section 7.4 is hereby amended by: |
(i) deleting the phrase “; and” at the end of clause (c);
(ii) deleting the “.” at the end of clause (d) and replacing it with
the phrase “; and”; and
(iii) inserting a new clause (e) reading in its entirety as follows:
“(e) the Permitted Sale.”
(b) | Section 7.5 is hereby amended by: |
(i) deleting the phrase “; and” at the end of clause (i);
(ii) deleting the “.” at the end of clause (j) and replacing it with
the phrase “; and”; and
(iii) inserting a new clause (k) reading in its entirety as follows:
“(k) the Permitted Sale.” |
(c) | Section 7.10(b)(ii) is hereby amended by deleting the phrase “and the Permitted Borrower” and inserting the word “and” in lieu |
of the “,” before the phrase “the Borrower”. |
VIII. | Amendments to Section 8. Section 8 is hereby amended by deleting the phrases “or the Permitted Borrower, as applicable,” and “or | ||
the Permitted Borrower”, each time each of them appears. | |||
IX. | Amendments to Section 10. |
(a) | Section 10.2 is hereby amended by deleting the phrases “, the Permitted Borrower” and “and the Permitted Borrower”. | ||
(b) | Section 10.6 is hereby amended by: |
(i) deleting the phrase “neither the Borrower nor the Permitted
Borrower may” and replacing it with the phrase “the Borrower may
not”, deleting the phrase “other than as provided in the last two
sentences of Section 2.1(a) and in the last sentence of Section
2.1(b)” and deleting the phrase “or the Permitted Borrower” in clause
(a);
(ii) deleting the proviso in clause (b)(ii)(B);
(iii) deleting the phrase “, the Permitted Borrower” in clause (c);
(iv) deleting the phrase “Each of the Borrower and the Permitted
Borrower” and replacing it with “The Borrower” in clause (e);
(v) deleting the phrase “and the Permitted Borrower” in clause (f).
(c)
Section 10.7 is hereby amended by deleting the phrases “or the Permitted
Borrower” and “or the Permitted Borrower, as applicable”.
(d) Section 10.8 is hereby amended by deleting the phrase “, the Permitted
Borrower”.
(e) Section 10.10 is hereby amended by deleting the phrase “, the Permitted
Borrower”.
(f)
Section 10.13 is hereby amended by deleting the word “either”, and the
phrases “or the Permitted Borrower” and “and the Permitted Borrower”.
(g) Section 10.14 is hereby amended by deleting the phrase “, THE PERMITTED
BORROWER”.
(h) Section 10.18 is hereby amended by deleting the phrases “and the Permitted
Borrower” and “or the Permitted Borrower, as the case may be,”.
X. Amendment to Section 11. Section 11 is hereby amended by deleting it in its
entirety and replacing it with “[Reserved.]”.
XI. Notice of Apportionment of Delayed-Draw Term Loans. In accordance with Section
2.1(a) of the Credit Agreement, the Borrower hereby notifies the Administrative Agent that, with
effect from immediately prior to the Effective Date, 100% of the Delayed-Draw Term Loans shall be
apportioned to the Borrower.
XII. Effective Date. This Amendment shall become effective as of, and with effect
from, the date on which (i) the Borrower shall have delivered a notice to the Administrative Agent
pursuant to Section 2.8 of the Credit Agreement stating that the Borrower will prepay Delayed-Draw
Term Loans (and interest thereon) in an amount equal to the excess of (x) the Adjusted Net Cash
Proceeds received by the Borrower at the closing of the Permitted Sale over (y) $60,000,000 and
shall have prepaid the Delayed-Draw Term Loans in such amount and (ii) the Borrower, the Permitted
Borrower and the Required Lenders under the Credit Agreement shall have duly executed and delivered
to the Administrative Agent this Amendment (it being understood and agreed that, upon such
execution and such delivery to the Administrative Agent, the requirements of this clause (ii) shall
be deemed to have been satisfied) (the “Effective Date”). Notwithstanding the provisions
of Section 2.8 of the Credit Agreement to the contrary, the Borrower may, at its option, make the
prepayment referred to in clause (i) above on the same date on which it delivers the notice
referred to in clause (i) above.
XIII. Release of Permitted Borrower and Certain Other Loan Parties. Upon the
Effective Date, (i) the Permitted Borrower shall be released from the Credit Agreement and the
other Loan Documents, (ii) each of the Permitted Borrower, LIN Television of San Xxxx, Inc., and
WAPA America, Inc. and each of their respective Subsidiaries (collectively, the “Released
Guarantors”) shall be released from its guarantee and other obligations under the Guarantee and
Collateral Agreement and the other Loan Documents, (iii) the Administrative Agent’s security
interest in any collateral pledged by any of the Released Guarantors pursuant to the Guarantee and
Collateral Agreement and the other Loan
Documents shall be released, (iv) the security interest in the Capital Stock of each of the
Released Guarantors and S&E Network, Inc. pledged under the Guarantee and Collateral Agreement and
the other Loan Documents shall be released and (v) each Released Guarantor shall cease to be a
Grantor, Guarantor, Subsidiary Guarantor or Loan Party under the Credit Agreement and the other
Loan Documents, in each case, automatically and without the need for any further action on the part
of any party to any Loan Document.
XIV. Representations and Warranties. The Borrower hereby represents and warrants that
after giving effect to this Amendment, no Default or Event of Default shall have occurred and be
continuing.
XV. No Other Amendments; Confirmation. Except as expressly amended hereby, the
provisions of the Credit Agreement and the other Loan Documents, as amended and restated, are and
shall remain in full force and effect.
XVI. Governing Law. This Amendment and the rights and obligations of the parties
hereto shall be governed by, and construed and interpreted in accordance with, the laws of the
State of New York.
XVII. Counterparts. This Amendment may be executed by one or more of the parties
hereto on any number of separate counterparts, and all of said counterparts taken together shall be
deemed to constitute one and the same instrument. This Amendment may be delivered by facsimile
transmission of the relevant signature pages hereof.
IN WITNESS WHEREOF, the undersigned have caused this Amendment to be executed and delivered by
their duly authorized officers as of the date first above written.
LIN TELEVISION CORPORATION |
||||
By: | /s/ Xxxxxxx X. Xxxxxxx | |||
Name: | Xxxxxxx X. Xxxxxxx | |||
Title: | President & CEO | |||
TELEVICENTRO OF PUERTO RICO LLC By: LIN TELEVISION OF SAN XXXX, INC., its managing member |
||||
By: | /s/ Xxxxxxx X. Xxxxxxx | |||
Name: | Xxxxxxx X. Xxxxxxx | |||
Title: | President & CEO |
JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent, Swingline Lender and Issuing Lender |
||||
By: | /s/ Xxxxxx Xxxxx Xxxxx | |||
Name: | Xxxxxx Xxxxx Xxxxx | |||
Title: | Vice President |
DEUTSCHE BANK TRUST COMPANY AMERICAS, individually and as Syndication Agent and an Issuing Lender |
||||
By: | /s/ Xxxxx XxXxxxx | |||
Name: | Xxxxx XxXxxxx | |||
Title: | Director | |||
By: | /s/ Xxxxxx Xxxxxxx | |||
Name: | Xxxxxx Xxxxxxx | |||
Title: | Vice President |
XXXXXXX SACHS CREDIT PARTNERS L.P., individually and as Documentation Agent |
||||
By: | /s/ Xxxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxxx Xxxxxxx | |||
Title: | Authorized Signatory |
BANK OF AMERICA, N.A., individually and as Documentation Agent |
||||
By: | /s/ Xxxx Xxxxxxxxxxx | |||
Name: | Xxxx Xxxxxxxxxxx | |||
Title: | Vice President |
THE BANK OF NOVA SCOTIA, individually and as Co-Documentation Agent |
||||
By: | /s/ Xxxxxx X. Xxxxxx | |||
Name: | Xxxxxx X. Xxxxxx | |||
Title: | Authorized Signatory |
SUNTRUST BANK, individually and as Co-Documentation Agent |
||||
By: | /s/ Xxx Xxxx | |||
Name: | Xxx Xxxx | |||
Title: | Director |
SCOTIABANC INC., as Lender |
||||
By: | /s/ Xxxxxxx X. Xxxxxxx | |||
Name: | Xxxxxxx X. Xxxxxxx | |||
Title: | Managing Director |
THE ROYAL BANK OF SCOTLAND plc, as Lender |
||||
By: | /s/ Xxxxxxx Xxxxxxxxxx | |||
Name: | Xxxxxxx Xxxxxxxxxx | |||
Title: | Managing Director |
BNP PARIBAS, as Lender |
||||
By: | /s/ Xxxx Xxxxxxx | |||
Name: | Xxxx Xxxxxxx | |||
Title: | Director | |||
By: | /s/ Xxx Xxxxxxxxx | |||
Name: | /s/ Xxx Xxxxxxxxx | |||
Title: | Director |
CITIBANK, N.A., as Lender |
||||
By: | /s/ Xxx Xxxxx | |||
Name: | Xxx Xxxxx | |||
Title: |
SUMITOMO MITSUI BANKING CORPORATION, as Lender |
||||
By: | /s/ Xxx X. Xxxxxxxxx | |||
Name: | Xxx X. Xxxxxxxxx | |||
Title: | Joint General Manager |
U.S. BANCORP, as Lender |
||||
By: | /s/ Xxxx XxXxxxxxx | |||
Name: | Xxxx XxXxxxxxx | |||
Title: | Vice President |
GENERAL ELECTRIC CAPITAL CORPORATION, as Lender |
||||
By: | /s/ Xxxx Xxxxxxx | |||
Name: Xxxx Xxxxxxx | ||||
Title: Duly Authorized Signatory |
BAYERISCHE LANDESBANK, NEW YORK BRANCH, as Lender |
||||
By: | /s/ Xxxxxxxx Fioroazisi | |||
Name: Xxxxxxxx Fioroazisi | ||||
Title: Vice President | ||||
By: | /s/ Xxxxx X. Xxxxxx | |||
Name: Xxxxx X. Xxxxxx | ||||
Title: Vice President |
CREDIT SUISSE FIRST BOSTON, CAYMAN ISLANDS BRANCH, as Lender |
||||
By: | /s/ Xxxxxx Xxxx | |||
Name: Xxxxxx Xxxx | ||||
Title: Vice President | ||||
By: | /s/ Xxxxx Xxxxx | |||
Name: Xxxxx Xxxxx | ||||
Title: Associate |
BANK OF SCOTLAND, as Lender |
||||
By: | /s/ Xxxxx X. Xxx | |||
Name: | Xxxxx X. Xxx | |||
Title: | Director, Business Services |
ALLIED IRISH BANKS, P.L.C., as Lender |
||||
By: | /s/ Xxxxxx Auquatini | |||
Name: | Xxxxxx Auquatini | |||
Title: | Senior Vice President | |||
By: | /s/ Xxxxxxx X’Xxxxxx | |||
Senior Vice President | ||||
The Guarantors hereby consent and agree to this Amendment as of the date hereof and reaffirm their
obligations under the Guarantee and Collateral Agreement, the Guarantee and the other Loan
Documents to which they are party.
LIN TV CORP. |
||||
By: | /s/ Xxxxxxx X. Xxxxxxx | |||
Name: | Xxxxxxx X. Xxxxxxx | |||
Title: | President & CEO | |||
AIRWAVES, INC. KXAN, INC. KXTX HOLDINGS, INC. LINBENCO, INC. LIN SPORTS, INC. LIN TELEVISION OF SAN XXXX, INC. XXX TELEVISION OF TEXAS, INC. NORTH TEXAS BROADCASTING CORP. PRIMELAND TELEVISION, INC. TVL BROADCASTING, INC. WAPA AMERICA, INC. WOOD TELEVISION, INC. WNJX-TV INC. WTNH BROADCASTING, INC. |
||||
By: | /s/ Xxxxxxx X. Xxxxxxx | |||
Name: | Xxxxxxx X. Xxxxxxx | |||
Title: | President & CEO | |||
INDIANA BROADCASTING, LLC LIN AIRTIME, LLC LIN OF ALABAMA, LLC LIN OF COLORADO, LLC LIN OF NEW MEXICO, LLC LIN OF WISCONSIN, LLC PROVIDENCE BROADCASTING, LLC WAVY BROADCASTING, LLC WIVB BROADCASTING, LLC WOOD LICENSE CO., LLC WWLP BROADCASTING, LLC |
||||
By: | LIN TELEVISION CORPORATION, their managing member | |||
By: | /s/ Xxxxxxx X. Xxxxxxx | |||
Name: | Xxxxxxx X. Xxxxxxx | |||
Title: | President & CEO |
TVL BROADCASTING OF RHODE ISLAND, LLC WDTN BROADCASTING, LLC WUPW BROADCASTING, LLC WWHO BROADCASTING, LLC |
||||
By: | TVL BROADCASTING, INC., their managing member | |||
By: | /s/ Xxxxxxx X. Xxxxxxx | |||
Name: | Xxxxxxx X. Xxxxxxx | |||
Title: | President & CEO | |||
TELEVICENTRO OF PUERTO RICO, LLC |
||||
By: | LIN TELEVISION OF SAN XXXX, its managing member | |||
By: | /s/ Xxxxxxx X. Xxxxxxx | |||
Name: | Xxxxxxx X. Xxxxxxx | |||
Title: | President & CEO | |||
LIN TELEVISION OF TEXAS, L.P. |
||||
By: | LIN TELEVISION OF TEXAS, INC., its general partner | |||
By: | /s/ Xxxxxxx X. Xxxxxxx | |||
Name: | Xxxxxxx X. Xxxxxxx | |||
Title: | President & CEO | |||