2.4 Increase of Revolving Credit Commitments. (a) The Company may from time to time, by notice to the US Administrative Agent, request that the US Revolving Credit Commitments and/or the Canadian Revolving Credit Commitments be increased on or prior...
1
Exhibit 10.71
EXECUTION COPY
AMENDMENT AND CONSENT
AMENDMENT AND CONSENT, dated as of June 18, 1998 (this "Amendment
and Consent"), to the Fifth Amended and Restated Credit Agreement, dated as of
August 15, 1997 (as amended, supplemented or otherwise modified from time to
time, the "Credit Agreement"), among OUTDOOR SYSTEMS, INC. (the "Company"),
MEDIACOM, INC. (the "Canadian Borrower"; together with the Company, the
"Borrowers"), the several banks and other financial institutions from time to
time parties thereto (the "Lenders"), CANADIAN IMPERIAL BANK OF COMMERCE, as
Canadian Administrative Agent, and CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK
AGENCY, as US Administrative Agent (in such capacity, the "US Administrative
Agent"; together with the Canadian Administrative Agent, the "Agents").
W I T N E S S E T H:
WHEREAS, the Borrowers, the Lenders and the Agents are parties to
the Credit Agreement;
WHEREAS, the Borrowers have requested that the Lenders agree to
amend certain provisions of the Credit Agreement, and the Lenders are agreeable
to such request upon the terms and subject to the conditions set forth herein;
NOW, THEREFORE, in consideration of the premises and mutual
agreements contained herein, and for other valuable consideration the receipt of
which is hereby acknowledged, the Borrowers, the Lenders and the Agents hereby
agree as follows:
1 Definitions. All terms defined in the Credit Agreement shall have
such defined meanings when used herein unless otherwise defined herein.
2 Amendment of Subsection 2.4(a). Subsection 2.4(a) of the Credit
Agreement is hereby amended by replacing it with the following new subsection
2.4(a):
"2.4 Increase of Revolving Credit Commitments. (a) The Company
may from time to time, by notice to the US Administrative Agent, request
that the US Revolving Credit Commitments and/or the Canadian Revolving
Credit Commitments be increased on or prior to December 31, 1999 by
2
2
an amount that is not less than US$25,000,000 or C$25,000,000, as the case
may be, and will not result in the aggregate amount of the US Revolving
Credit Commitments and the Canadian Revolving Credit Commitments exceeding
US$700,000,000, provided that the aggregate amount of the Canadian
Revolving Credit Commitments and principal amount of all Canadian Term
Loans outstanding after giving effect thereto may not exceed C$250,000,000
unless the applicable Canadian Security Documents have been amended in a
manner reasonably satisfactory to the Canadian Administrative Agent to
reflect such greater amount. (For purposes of calculations pursuant to this
subsection all amounts denominated in Canadian Dollars shall be converted
to US Dollars at the US$ Equivalent amount thereof.) Upon receipt of such
notice the US Administrative Agent shall seek to obtain the agreement of
one or more of the US Revolving Credit Lenders and/or Canadian Revolving
Credit Lenders to increase its or their US Revolving Credit Commitments
and/or, as the case may be, Canadian Revolving Credit Commitments by an
aggregate amount equal to the increase so requested by the Company."
3 Consent. The Lenders hereby consent and agree that, in any
calculation of the Senior Leverage Ratio or the Total Leverage Ratio made as
of December 31, 1998 or any date prior to December 31, 1998, the Company shall
be entitled to deduct (a) the then dollar equivalent of the aggregate then
unrefunded amount of value-added tax paid by the Company and/or its Restricted
Subsidiaries in connection with the acquisitions of Vendor S.A. de C.B. and the
outdoor advertising assets of Multimedios Estrellas de Oro, S.A. de C.B. and MM
Billboard, S.A. de C.B. from (b) the amount of the then outstanding
Indebtedness.
4 Conditions to Effectiveness. This Amendment and Consent shall
become effective on and as of the date that the US Administrative Agent shall
have received counterparts of this Amendment and Consent, duly executed and
delivered by a duly authorized officer of each of the Borrowers, and the
Majority Lenders and consented to by each Guarantor.
5 Limited Amendment. Except as expressly amended herein, the Credit
Agreement shall continue to be, and shall remain, in full force and effect. This
Amendment and Consent shall not be deemed to be a waiver of, or consent to, or
a modification or amendment of, any other term or condition of the Credit
Agreement (including, without limitation, the financial covenants set forth in
subsection 8.1) or any other Loan Document or to prejudice any other right or
rights which the Lenders may now have or may have in the future under or in
connection with the Credit Agreement or any of the instruments or agreements
referred to therein, as the same may be amended from time to time.
6 Counterparts. This Amendment and Consent may be executed by one
or more of the parties hereto in any number of separate counterparts, and all of
said counterparts taken together shall be deemed to constitute one and the same
instrument.
7 GOVERNING LAW. THIS AMENDMENT AND CONSENT SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK.
3
4
IN WITNESS WHEREOF, the parties hereto have caused this Amendment
and Consent to be executed and delivered by their respective duly authorized
officers as of the date first above written.
OUTDOOR SYSTEMS, INC.
By: /s/
-----------------------------------
Title:
MEDIACOM, INC.
By: /s/
-----------------------------------
Title:
CANADIAN IMPERIAL BANK OF
COMMERCE, as Canadian Administrative Agent
and as a Lender
By: /s/
-----------------------------------
Title:
CIBC INC., as a Lender
By: /s/
-----------------------------------
Title:
CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK
AGENCY, as US Administrative Agent and as a
Lender
By: /s/
-----------------------------------
Title:
4
ALLSTATE INSURANCE COMPANY
By: /s/
-----------------------------------
Title:
By: /s/
-----------------------------------
Title:
ALLSTATE LIFE INSURANCE COMPANY
By: /s/
-----------------------------------
Title:
By: /s/
-----------------------------------
Title:
BANK OF AMERICA NATIONAL TRUST &
SAVINGS ASSOCIATION
By: /s/
-----------------------------------
Title:
BANK OF AMERICA CANADA
By: /s/
-----------------------------------
Title:
BANK OF HAWAII
By: /s/
-----------------------------------
Title:
THE BANK OF MONTREAL, CHICAGO BRANCH
By: /s/
-----------------------------------
Title:
THE BANK OF NEW YORK
By: /s/
-----------------------------------
Title:
0
XXX XXXX XX XXXX XXXXXX
By: /s/
-----------------------------------
Title:
XXX XXXX XX XXXX XXXXXX - XXXXXX
By: /s/
-----------------------------------
Title:
BANKBOSTON, N.A.
By: /s/
-----------------------------------
Title:
BANQUE NATIONALE DE PARIS
By: /s/
-----------------------------------
Title:
BANQUE PARIBAS
By: /s/
-----------------------------------
Title:
By: /s/
-----------------------------------
Title:
BANK ONE, ARIZONA, NA
By: /s/
-----------------------------------
Title:
6
BAYERISCHE VEREINSBANK A.G.
By: /s/
-----------------------------------
Title:
By: /s/
-----------------------------------
Title:
CARILLON HOLDING, LTD.
By: /s/
-----------------------------------
Title:
CITY NATIONAL BANK
By: /s/
-----------------------------------
Title:
COMPAGNIE FINANCIERE DE CIC ET DE
L'UNION EUROPEENNE
By: /s/
-----------------------------------
Title:
By: /s/
-----------------------------------
Title:
CONTINENTAL ASSURANCE COMPANY
SEPARATE ACCOUNT (E)
BY: TCW ASSET MANAGEMENT COMPANY
AS ATTORNEY-IN-FACT
By: /s/
-----------------------------------
Title:
By: /s/
-----------------------------------
Title:
7
CORESTATES BANK, N.A.
By: /s/
-----------------------------------
Title:
CREDIT LYONNAIS, LOS ANGELES BRANCH
By: /s/
-----------------------------------
Title:
CREDIT LYONNAIS CANADA
By: /s/
-----------------------------------
Title:
By: /s/
-----------------------------------
Title:
CREDITANSTALT CORPORATE FINANCE, INC.
By: /s/
-----------------------------------
Title:
By: /s/
-----------------------------------
Title:
CRESCENT/MACH I PARTNERS, L.P.
BY: TCW ASSET MANAGEMENT, ITS
INVESTMENT MANAGER
By: /s/
-----------------------------------
Title:
DEEPROCK & COMPANY
By: /s/
-----------------------------------
Title:
8
DLJ CAPTIAL FUNDING, INC.
By: /s/
-----------------------------------
Title:
DRESDNER BANK AG NEW YORK & GRAND
CAYMAN BRANCHES
By: /s/
-----------------------------------
Title:
By: /s/
-----------------------------------
Title:
DRESDNER BANK CANADA
By: /s/
-----------------------------------
Title:
By: /s/
-----------------------------------
Title:
FIRST HAWAIIAN BANK
By: /s/
-----------------------------------
Title:
9
FIRST NATIONAL BANK OF MARYLAND
By: /s/
-----------------------------------
Title:
FIRST UNION NATIONAL BANK (f/k/a FIRST
UNION BANK OF NORTH CAROLINA
By: /s/
-----------------------------------
Title:
FLEET NATIONAL BANK
By: /s/
-----------------------------------
Title:
THE FUJI BANK LIMITED, LOS ANGELES AGENCY
By: /s/
-----------------------------------
Title:
GENERAL ELECTRIC CAPITAL CORPORATION
By: /s/
-----------------------------------
Title:
IMPERIAL BANK, A CALIFORNIA BANKING
CORPORATION
By: /s/
-----------------------------------
Title:
INDOSUEZ CAPITAL FUNDING II, LIMITED
BY: INDOSUEZ CAPITAL, AS PORTFOLIO ADVISOR
By: /s/
-----------------------------------
Title:
10
INDUSTRIAL BANK OF JAPAN, LTD., LOS ANGELES
AGENCY
By: /s/
-----------------------------------
Title:
INDUSTRIAL BANK OF JAPAN LTD., NEW YORK
AGENCY
By: /s/
-----------------------------------
Title:
KZH-CRESCENT CORPORATION
By: /s/
-----------------------------------
Title:
KZH-SOLEIL CORPORATION
By: /s/
-----------------------------------
Title:
THE LONG TERM CREDIT BANK OF JAPAN, LTD.
By: /s/
-----------------------------------
Title:
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
By: /s/
-----------------------------------
Title:
MELLON BANK, N.A.
By: /s/
-----------------------------------
Title:
MELLON BANK CANADA
11
By: /s/
-----------------------------------
Title:
XXXXXX BANK LTD. - NEW YORK BRANCH
By: /s/
-----------------------------------
Title:
By: /s/
-----------------------------------
Title:
XXXXXXX XXXXX PRIME RATE PORTFOLIO
BY: XXXXXXX XXXXX ASSET MANAGEMENT,
L.P., AS INVESTMENT ADVISOR
By: /s/
-----------------------------------
Title:
XXXXXXX XXXXX SENIOR FLOATING RATE FUND,
INC.
By: /s/
-----------------------------------
Title:
METROPOLITAN LIFE INSURANCE COMPANY
By: /s/
-----------------------------------
Title:
MICHIGAN NATIONAL BANK
By: /s/
-----------------------------------
Title:
THE MITSUBISHI TRUST AND BANKING
CORPORATION, LOS ANGELES AGENCY
By: /s/
-----------------------------------
Title:
12
NATIONAL CITY BANK
By: /s/
-----------------------------------
Title:
NORWEST BANK ARIZONA, N.A.
By: /s/
-----------------------------------
Title:
PARIBAS BANK OF CANADA
By: /s/
-----------------------------------
Title:
PARIBAS CAPITAL FUNDING L.L.C.
By: /s/
-----------------------------------
Title:
ROYALTON COMPANY
By: /s/
-----------------------------------
Title:
SANWA BANK LTD.
By: /s/
-----------------------------------
Title:
SENIOR DEBT PORTFOLIO
By: /s/
-----------------------------------
Title:
SOUTHERN PACIFIC BANK
By: /s/
-----------------------------------
Title:
00
XXX XXXXXXXX XXXX, XXXXXXX, XXX XXXX BRANCH
By: /s/
-----------------------------------
Title:
THE SUMITOMO BANK OF CANADA
By: /s/
-----------------------------------
Title:
SUMITOMO TRUST & BANKING CO., LTD.
By: /s/
-----------------------------------
Title:
TORONTO DOMINION (TEXAS), INC.
By: /s/
-----------------------------------
Title:
THE TRAVELERS INSURANCE COMPANY
By: /s/
-----------------------------------
Title:
UNION BANK OF CALIFORNIA NA
By: /s/
-----------------------------------
Title:
XXX XXXXXX AMERICAN CAPITAL PRIME RATE
INCOME TRUST
By: /s/
-----------------------------------
Title:
XXX XXXXXX CLO1, LIMITED
14
BY: XXX XXXXXX AMERICAN CAPITAL MANAGEMENT,
INC., AS COLLATERAL MANAGER
By: /s/
-----------------------------------
Title:
15
The undersigned hereby consent and agree to the foregoing Amendment and Consent.
OUTDOOR SYSTEMS PAINTING, INC.
By: /s/
-----------------------------------
Title:
OS ADVERTISING OF TEXAS
PAINTING, INC.
By: /s/
-----------------------------------
Title:
OS BASELINE, INC.
By: /s/
-----------------------------------
Title:
DECADE COMMUNICATIONS GROUP, INC.
By: /s/
-----------------------------------
Title:
BENCH ADVERTISING COMPANY OF
COLORADO, INC.
By: /s/
-----------------------------------
Title:
NEW YORK SUBWAYS ADVERTISING CO., INC.
By: /s/
-----------------------------------
Title:
16
OUTDOOR SYSTEMS, INC.
By: /s/
-----------------------------------
Title:
OUTDOOR SYSTEMS (NEW YORK), INC.
By: /s/
-----------------------------------
Title:
OS BUS, INC.
By: /s/
-----------------------------------
Title:
NATIONAL ADVERTISING COMPANY
By: /s/
-----------------------------------
Title:
PACIFIC CONNECTION, INC.
By: /s/
-----------------------------------
Title:
XXXX ENTERPRISES, INC.
By: /s/
-----------------------------------
Title:
ATLANTIC PROSPECT, INC.
By: /s/
-----------------------------------
Title:
OS, FLORIDA, INC.
By: /s/
-----------------------------------
Title:
