SECOND AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AGREEMENT
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EXHIBIT 4.25
SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED LOAN AGREEMENT
THIS SECOND AMENDMENT TO SECOND AMENDED AND RESTATED LOAN
AGREEMENT (this "Amendment") made as of the 7th day of August, 1997 among
Evergreen Media Corporation of Los Angeles, a Delaware corporation (the
"Borrower"), the financial institutions whose names appear as Lenders on the
signature pages hereto (collectively, the "Lenders"), Toronto Dominion (Texas),
Inc., Bankers Trust Company, The Bank of New York, NationsBank of Texas, N.A.
and Union Bank of California (collectively, the "Managing Agents"), Toronto
Dominion Securities (USA), Inc. (the "Syndication Agent") and Toronto Dominion
(Texas), Inc., as administrative agent for the Lenders (the "Administrative
Agent"),
W I T N E S S E T H:
WHEREAS, the Borrower, the Lenders, the Managing Agents, the
Syndication Agent and the Administrative Agent are parties to that certain
Second Amended and Restated Loan Agreement dated as of April 25, 1997, as
modified and amended by that certain First Amendment to Second Amended and
Restated Loan Agreement dated as of June 26, 1997 (as amended, the "Loan
Agreement"); and
WHEREAS, pursuant to the terms of the Merger Agreement,
Chancellor Broadcasting Company, a Delaware corporation ("CBC"), desires to
merge with and into Evergreen Media Holdings Corporation, a Delaware
corporation ("EMHC"), and Chancellor Radio Broadcasting Company, a Delaware
corporation and a Subsidiary of CBC ("CRBC"), desires to merge with and into
the Borrower, with EMHC and the Borrower being the surviving corporations, and
in connection with the Merger, EMHC and the Borrower shall assume all of the
respective obligations of CBC and CRBC; and
WHEREAS, the Borrower and the Parent Company have asked and
the Lenders have agreed to amend the Loan Agreement as set forth herein in
order to permit certain transactions contemplated in connection with the
Merger, including, without limitation, the assumption by the Borrower of the
obligations of CRBC evidenced by those certain 8- 3/4% Senior Subordinated
Notes due 2007 issued on June 24, 1997, in the aggregate principal amount of
$200,000,000;
NOW, THEREFORE, for and in consideration of the mutual
covenants and agreements contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which is acknowledged, the
parties agree that all capitalized terms used herein shall have the meanings
ascribed thereto in the Loan Agreement except as otherwise defined or limited
herein, and further agree as follows:
1. Amendments to Article 1.
(a) Article 1 of the Loan Agreement, Definitions, is
hereby modified and amended by deleting the definition of "CRBC
Subordinated Indebtedness" and by substituting the following in lieu
thereof:
"CRBC Subordinated Indebtedness" shall mean all
subordinated Indebtedness for Money Borrowed issued by CRBC,
which shall be in an aggregate principal amount not to exceed
$400,000,000 and which shall include
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the following: (i) that certain subordinated Indebtedness for
Money Borrowed in an aggregate principal amount not to exceed
$200,000,000 issued by CRBC and evidenced by those certain
9-3/8% Senior Subordinated Notes due 2004, and (ii) that
certain subordinated Indebtedness for Money Borrowed in an
aggregate principal amount not to exceed $200,000,0000 issued
by CRBC and evidenced by those certain 8- 3/4% Senior
Subordinated Notes due 2007."
(b) Article 1 of the Loan Agreement, Definitions, is
hereby further modified and amended by deleting the word
"Subordinated" from the seventeenth line, and by inserting "for Money
Borrowed" after the word "Indebtedness" in the eighteenth line, of the
definition of "Pro Forma Fixed Charges."
(c) Article 1 of the Loan Agreement, Definitions, is
hereby further modified and amended by inserting "and its
Subsidiaries" after the words "Parent Company" in the eighth line, and
by inserting ", whose Indebtedness for Money Borrowed is without
recourse to the Parent Company" after the words "Unrestricted
Subsidiary" in the parenthetical in the ninth line, of the definition
of "Total Leverage Ratio."
(d) Article 1 of the Loan Agreement, Definitions, is
hereby further modified and amended by deleting the definition of
"Unrestricted Subsidiary" in its entirety and by substituting the
following in lieu thereof:
"'Unrestricted Subsidiary' shall mean any Subsidiary
or Subsidiaries of the Parent Company, other than EMHC, the
Borrower and any Subsidiary or Subsidiaries of EMHC or the
Borrower."
(e) Article 1 of the Loan Agreement, Definitions, is
hereby further modified and amended by adding the following paragraph
at the conclusion of such Article:
"For purposes of this Agreement and all other Loan
Documents, Indebtedness for Borrowed Money of an Unrestricted
Subsidiary supported, as to the Parent Company, solely by a
non-recourse pledge by the Parent Company of its equity
interest in such Unrestricted Subsidiary, shall be deemed to
be 'without recourse to the Parent Company.'"
2. Amendments to Exhibit H-2.
(a) Exhibit H-2 to the Loan Agreement, Form of Parent
Company Pledge Agreement, is hereby modified and amended by adding the
following at the end of paragraph 8 thereof:
"Without limiting the generality of the foregoing, the Pledgor agrees
that until each and every one of the covenants and agreements of this
Agreement is fully performed, the Pledgor's undertakings hereunder
shall not be released, in whole or in part, by any action or thing
which might, but for this paragraph of this Agreement, be deemed a
legal or equitable discharge of a surety or guarantor, or by reason of
any waiver, omission of the Collateral Agent, the Administrative
Agent, the Lenders and the Issuing Bank, or any of them, or their
failure to proceed promptly or otherwise, or by reason of any action
taken or omitted by the Collateral Agent, the Administrative Agent,
the Lenders and the Issuing Bank, or any of them, whether or not such
action
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or failure to act varies or increases the risk of, or affects the
rights or remedies of, the Pledgor or by reason of any further
dealings between the Borrower, the Collateral Agent, the
Administrative Agent, the Lenders and the Issuing Bank, or any of
them, or any other guarantor or surety, and the Pledgor hereby
expressly waives and surrenders any defense to its liability
hereunder, or any right of counterclaim or offset of any nature or
description which it may have or which may exist based upon, and shall
be deemed to have consented to, any of the foregoing acts, omissions,
things, agreements or waivers."
(b) Exhibit H-2 to the Loan Agreement, Form of Parent
Company Pledge Agreement, is hereby further modified and amended by
deleting the words "the Pledgor" from, and by inserting "of EMHC or
the Borrower" after the words "any other Subsidiary" in, the last line
of paragraph 11 thereof.
3. No Other Amendments or Waivers. Except for the amendments set
forth above, the text of the Loan Agreement and the other Loan Documents shall
remain unchanged and in full force and effect, and the Lenders and the
Administrative Agent expressly reserve the right to require strict compliance
with the terms of the Loan Agreement and the other Loan Documents.
4. Effectiveness; Conditions Precedent. Upon execution of this
Amendment by the Required Lenders, the provisions of this Amendment shall be
effective subject only to the prior fulfillment of each of the following
conditions:
(a) The representations and warranties of the Borrower
under the Loan Agreement and of other obligors under the other Loan Documents
shall be true and correct as of the date hereof; and
(b) The Administrative Agent's receipt of all such other
certificates, reports, statements, or other documents as the Administrative
Agent, any Managing Agent, or any Lender may reasonably request.
5. Counterparts. This Amendment may be executed in multiple
counterparts, each of which shall be deemed to be an original and all of which,
taken together, shall constitute one and the same agreement.
6. Governing Law. This Amendment shall be deemed to be made
pursuant to the laws of the State of New York with respect to agreements made
and to be performed wholly in the State of New York and shall be construed,
interpreted, performed and enforced in accordance therewith.
7. Loan Document. This Amendment shall be deemed to be a Loan
Document for all purposes under the Loan Agreement.
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IN WITNESS WHEREOF, the parties hereto have caused their respective
duly authorized officers or representatives to execute and deliver this
Amendment as of the day and year first above written.
BORROWER: EVERGREEN MEDIA CORPORATION OF
LOS ANGELES, a Delaware corporation
By: /s/ [ILLEGIBLE]
-----------------------------------------
Name:
------------------------------------
Its: Chief Financial Officer
Attest: /s/ [ILLEGIBLE]
----------------------------------
Name:
-----------------------------
Its: Vice President
ADMINISTRATIVE AGENT: TORONTO DOMINION (TEXAS), INC., a
Delaware corporation
By: /s/ XXXXXXXX XXXXXXXX
-----------------------------------------
Name:
------------------------------------
Its: Vice President
COLLATERAL AGENT: TORONTO DOMINION (TEXAS), INC., a
Delaware corporation
By: /s/ XXXXXXXX XXXXXXXX
-----------------------------------------
Name:
------------------------------------
Its: Vice President
ISSUING BANK: THE TORONTO-DOMINION BANK
By: /s/ XXXXXXXX XXXXXXXX
-----------------------------------------
Name:
------------------------------------
Its: Manager
[SIGNATURES CONTINUE ON FOLLOWING PAGE]
SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT
Signature Page 1
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MANAGING AGENTS TORONTO DOMINION (TEXAS), INC., a
AND LENDERS: Delaware corporation
By: /s/ XXXXXXXX XXXXXXXX
-----------------------------------------
Name:
------------------------------------
Its: Vice President
THE BANK OF NEW YORK
By: /s/ XXX X. XXXXXX
-----------------------------------------
Name: X. X. Xxxxxx
------------------------------------
Its: Vice President
NATIONSBANK OF TEXAS, N.A.
By: /s/ XXXXXX X. XXXXXX
-----------------------------------------
Name: XXXXXX X. XXXXXX
------------------------------------
Its: Senior Vice President
UNION BANK OF CALIFORNIA
By: /s/ XXXXX X. XXXXXXXXX
-----------------------------------------
Name: Xxxxx X. Xxxxxxxxx
------------------------------------
Its: Vice President
BANKERS TRUST COMPANY
By: /s/ XXXXXXX XXXXXXXX
-----------------------------------------
Name: XXXXXXX XXXXXXXX
------------------------------------
Its: Vice President
XXXXXXX XXXXX SENIOR FLOATING RATE
FUND, INC.
By: /s/ XXXXXXX X. XXXXXXXX
-----------------------------------------
Name: XXXXXXX X. XXXXXXXX
------------------------------------
Its: Authorized Signatory
[SIGNATURES CONTINUE ON FOLLOWING PAGE]
SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT
Signature Page 2
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XXX XXXXXX AMERICAN CAPITAL PRIME
RATE INCOME TRUST
By: /s/ [ILLEGIBLE]
-----------------------------------------
Name:
------------------------------------
Its: Senior Vice President & Director
BANK OF AMERICA NT&SA
By: /s/ XXXXXXX X. XXXXXX
-----------------------------------------
Name: XXXXXXX X. XXXXXX
------------------------------------
Its: Vice President
BANKBOSTON, N.A.
By: /s/ XXXXXX X. XXXXXXX
-----------------------------------------
Name: XXXXXX X. XXXXXXX
------------------------------------
Its: Director
BANQUE PARIBAS, LOS ANGELES AGENCY
By: /s/ XXXXX XXXXXXX
-----------------------------------------
Name: Xxxxx Xxxxxxx
------------------------------------
Its: Vice President
By: /s/ XXX XXXXXX
-----------------------------------------
Name: Xxx Xxxxxx
------------------------------------
Its: Group Vice President
BARCLAYS BANK PLC
By: /s/ XXXXX X. XXXXXX
-----------------------------------------
Name: Xxxxx X. Xxxxxx
------------------------------------
Its: Associate Director
[SIGNATURES CONTINUE ON FOLLOWING PAGE]
SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT
Signature Page 3
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COMPAGNIE FINANCIERE DE CIC ET DE
L'UNION EUROPEENNE
By: /s/ XXXXXX XXXXXX
-----------------------------------------
Name: Xxxxxx Xxxxxx
------------------------------------
Its: Vice President
By: /s/ XXXXX X'XXXXX
-----------------------------------------
Name: Xxxxx X'Xxxxx
------------------------------------
Its: Vice President
CREDIT LYONNAIS, NEW YORK BRANCH
By:
-----------------------------------------
Name:
------------------------------------
Its: Vice President
CREDIT SUISSE FIRST BOSTON
By: /s/ XXXXXX X. XXXXXXX
-----------------------------------------
Name: XXXXXX X. XXXXXXX
------------------------------------
Its: Managing Director
By: /s/ XXXX X. XXXXXX
-----------------------------------------
Name: XXXX X. XXXXXX
------------------------------------
Its: Vice President
THE DAI-ICHI KANGYO BANK, LTD.
By: /s/ XXXXXX XXXXXXX
-----------------------------------------
Name: XXXXXX XXXXXXX
------------------------------------
Its: Vice President
KEY CORPORATE CAPITAL INC.
By: /s/ XXXXX X. XXXXXX
-----------------------------------------
Name: Xxxxx X. Xxxxxx
------------------------------------
Its: Vice President
[SIGNATURES CONTINUE ON FOLLOWING PAGE]
SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT
Signature Page 4
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SOCIETE GENERALE
By: /s/ XXXX XXXXX
-----------------------------------------
Name: XXXX XXXXX
------------------------------------
Its: Vice President
BANK OF MONTREAL
By: /s/ X. X. XXXXXX
-----------------------------------------
Name: X. X. Xxxxxx
------------------------------------
Its: Director, Head of Financing
CORESTATES BANK, N.A.
By: /s/ XXXXXXX XXXXXXXX
-----------------------------------------
Name: Xxxxxxx Xxxxxxxx
------------------------------------
Its: Vice President
FLEET NATIONAL BANK
By: /s/ XXXXXXXXX XXXXXXXXXX
-----------------------------------------
Name: Xxxxxxxxx Xxxxxxxxxx
------------------------------------
Its: Assistant Vice President
THE FUJI BANK, LIMITED, HOUSTON AGENCY
By: /s/ XXXXXX X. XXXXXXXX III
-----------------------------------------
Name: XXXXXX X. XXXXXXXX III
------------------------------------
Its: Vice President & Manager
THE LONG-TERM CREDIT BANK OF JAPAN,
LIMITED, NEW YORK BRANCH
By: /s/ XXXXX XXXXXXX
-----------------------------------------
Name: XXXXX XXXXXXX
------------------------------------
Its: HEAD OF SOUTHWEST REGION
[SIGNATURES CONTINUE ON FOLLOWING PAGE]
SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT
Signature Page 5
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MELLON BANK, N.A.
By: /s/ XXXX X. XXXXXX
-----------------------------------------
Name: Xxxx X. Xxxxxx
------------------------------------
Its: Vice President
PNC BANK, NATIONAL ASSOCIATION
By: /s/ XXXXXXX X. XXXXXX
-----------------------------------------
Name: XXXXXXX X. XXXXXX
------------------------------------
Its: Vice President
SANWA BANK LIMITED
By: /s/ XXXXXXX X. XXXXXXX
-----------------------------------------
Name: XXXXXXX X. XXXXXXX
------------------------------------
Its: Vice President
THE BANK OF NOVA SCOTIA
By: /s/ XXXXXXX X. XXXXXXXXXX, XX.
-----------------------------------------
Name: Xxxxxxx X. Xxxxxxxxxx, Xx.
------------------------------------
Its: Authorized Signatory
THE SUMITOMO BANK, LTD.
By: /s/ XXXX X. XXXXXX
-----------------------------------------
Name: Xxxx X. Xxxxxx
------------------------------------
Its: Vice President and Manager
By: /s/ XXXXX X. XXXXXX
-----------------------------------------
Name: Xxxxx X. Xxxxxx
------------------------------------
Its: Vice President
[SIGNATURES CONTINUE ON FOLLOWING PAGE]
SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT
Signature Page 6
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SUNTRUST BANK, CENTRAL FLORIDA, N.A.
By: /s/ XXXXX X. XXXXXXX
-----------------------------------------
Name: Xxxxx X. Xxxxxxx
------------------------------------
Its: Vice President
ABN-AMRO BANK, N.V. - HOUSTON AGENCY
By: /s/ XXXX XXXXXX
-----------------------------------------
Name: Xxxx Xxxxxx
------------------------------------
Its: Group Vice President
By: /s/ XXXXXXXXX XXXXXXX
-----------------------------------------
Name: Xxxxxxxxx Xxxxxxx
------------------------------------
Its: Sr. Credit Analyst
DRESDNER BANK AG, NEW YORK BRANCH
By: /s/ XXXXX XXXXXXXX
-----------------------------------------
Name: Xxxxx Xxxxxxxx
------------------------------------
Its: Assistant Treasurer
By: /s/ XXXX X. XXXXXXX
-----------------------------------------
Name: Xxxx X. Xxxxxxx
------------------------------------
Its: Vice President
SUMMIT BANK
By: /s/ XXXXX X. XXXX, XX.
-----------------------------------------
Name: Xxxxx X. Xxxx, Xx.
------------------------------------
Its: Vice President
THE TOKAI BANK, LIMITED
By: /s/ XXXXX XXX
-----------------------------------------
Name: Xxxxx Xxx
------------------------------------
Its: Assistant General Manager
[SIGNATURES CONTINUE ON FOLLOWING PAGE]
SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT
Signature Page 7
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XXXXX XXXX XX XXXXXXXXXXX, XXX XXXX
BRANCH
By: /s/ XXXXXXX X. XXXXX
-----------------------------------------
Name: XXXXXXX X. XXXXX
------------------------------------
Its: ASSISTANT VICE PRESIDENT
-------------------------------------
By: /s/ XXXXXXX XXXXXXX
-----------------------------------------
Name: Xxxxxxx Xxxxxxx
------------------------------------
Its: Vice President
-------------------------------------
XXXXX FARGO BANK (TEXAS), NATIONAL
ASSOCIATION
By: /s/ XXXX X. XXXXXXXX
-----------------------------------------
Name: Xxxx X. Xxxxxxxx
------------------------------------
Its: Assistant Vice President
BANK OF IRELAND
By: /s/ [ILLEGIBLE]
-----------------------------------------
Name: [ILLEGIBLE]
------------------------------------
Its: Account Manager
CAISSE NATIONALE DE CREDIT AGRICOLE
By: /s/ XXXXXXXXX X. XXXXXX
-----------------------------------------
Name: XXXXXXXXX X. XXXXXX
------------------------------------
Its: FIRST VICE PRESIDENT
CRESTAR BANK
By: /s/ J. XXXX XXXXXXX
-----------------------------------------
Name: J. Xxxx Xxxxxxx
------------------------------------
Its: Vice President
[SIGNATURES CONTINUE ON FOLLOWING PAGE]
SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT
Signature Page 8
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XXXXXX BANK, LTD., NEW YORK BRANCH
By: /s/ XXXXXXXX XXXXXXXX
-----------------------------------------
Name: Xxxxxxxx Xxxxxxxx
------------------------------------
Its: Vice President
By: /s/ XXXX XXXX
-----------------------------------------
Name: Xxxx Xxxx
------------------------------------
Its: Vice President
NATIONAL CITY BANK
By: /s/ XXXXXX X. XXXXXXX
-----------------------------------------
Name: Xxxxxx X. Xxxxxxx
------------------------------------
Its: Account Officer
THE ROYAL BANK OF SCOTLAND PLC
By: /s/ XXXXX XXXXXXXXX
-----------------------------------------
Name: XXXXX XXXXXXXXX
------------------------------------
Its: Vice President
XXXXX BANK, N.A.
By: /s/ [ILLEGIBLE]
-----------------------------------------
Name:
------------------------------------
Its: Vice President
THE SUMITOMO TRUST & BANKING CO.,
LTD., NEW YORK BRANCH
By: /s/ XXXXX X. XXXXXX
-----------------------------------------
Name: XXXXX X. XXXXXX
------------------------------------
Its: Senior Vice President
[SIGNATURES CONTINUE ON FOLLOWING PAGE]
SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT
Signature Page 9
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THE YASUDA TRUST AND BANKING CO., LTD.
By: /s/ XXXXX XXXXXXXXX
-----------------------------------------
Name: Xxxxx Xxxxxxxxx
------------------------------------
Its: Deputy General Manager
NATIONAL BANK OF CANADA
By: /s/ XXXXXXX XXXXXXX
-----------------------------------------
Name: Xxxxxxx Xxxxxxx
------------------------------------
Its: Vice President
By: /s/ XXXXXXX XXXXX
-----------------------------------------
Name: Xxxxxxx Xxxxx
------------------------------------
Its: Assistant Vice President
CITY NATIONAL BANK
By: /s/ XXXXX XXXXXX
-----------------------------------------
Name: Xxxxx Xxxxxx
------------------------------------
Its: Senior Vice President
SENIOR DEBT PORTFOLIO
BY: Boston Management and Research as
Investment Advisor
By: /s/ XXXXX X. PAGE
-----------------------------------------
Name: Xxxxx X. Page
------------------------------------
Its: Vice President
-------------------------------------
BANK OF SCOTLAND
By: /s/ XXXXX XXXX TAT
-----------------------------------------
Name: XXXXX XXXX TAT
------------------------------------
Its: VICE PRESIDENT
-------------------------------------
[SIGNATURES CONTINUE ON FOLLOWING PAGE]
SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT
Signature Page 10
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BANQUE FRANCAISE DU COMMERCE EXTERIEUR
By:
-----------------------------------------
Name:
------------------------------------
Its:
-------------------------------------
XXXXXX FINANCIAL, INC.
By: /s/ XXXXXXX XXXXX
-----------------------------------------
Name: XXXXXXX XXXXX
------------------------------------
Its: VICE PRESIDENT
-------------------------------------
XXXXXXX SACHS CREDIT PARTNERS, L.P.
By: /s/ XXXXXXX X. XXXX
-----------------------------------------
Name: XXXXXXX X. XXXX
------------------------------------
Its: AUTHORIZED SIGNATORY
-------------------------------------
BEAR XXXXXXX INVESTMENT PRODUCTS, INC.
By: /s/ XXXXXX X. XXXXXX
-----------------------------------------
Name: Xxxxxx X. Xxxxxx
------------------------------------
Its: President
-------------------------------------
XXXXXX GUARANTY TRUST COMPANY OF
NEW YORK
By:
-----------------------------------------
Name:
------------------------------------
Its:
-------------------------------------
GULF INTERNATIONAL BANK B.S.C.
By: /s/ XXXXXX X. XXXXXXXXXXX
-----------------------------------------
Name: XXXXXX X. XXXXXXXXXXX
------------------------------------
Its: VICE PRESIDENT
-------------------------------------
By: /s/ XXXX X. XXXXXX
-----------------------------------------
Name: XXXX X. XXXXXX
------------------------------------
Its: SVP & BRANCH MANAGER
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SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT
Signature Page 11
