as Borrower,
as Administrative Agent, Swing Line Lender and an L/C Issuer,
as Syndication Agent,
as Co-Documentation Agents
UBS SECURITIES LLC,
as Co-Lead Arrangers,
UBS SECURITIES LLC,
MERRILL LYNCH & CO., MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED and
GOLDMAN SACHS CREDIT PARTNERS L.P.,
as Joint Bookrunners
Page | ||||
ARTICLE IDefinitions and Accounting Terms | 2 | |||
Section 1.01. Defined Terms | 2 | |||
Section 1.02. Other Interpretive Provisions | 46 | |||
Section 1.03. Accounting Terms | 46 | |||
Section 1.04. Rounding | 47 | |||
Section 1.05. References to Agreements, Laws, Etc. | 47 | |||
Section 1.06. Times of Day | 47 | |||
Section 1.07. Timing of Payment of Performance | 47 | |||
Section 1.08. Currency Equivalents Generally | 47 | |||
Section 1.09. Change of Currency | 48 | |||
ARTICLE IIThe Commitments and Credit Extensions | 48 | |||
Section 2.01. The Loans | 48 | |||
Section 2.02. Borrowings, Conversions and Continuations of Loans | 48 | |||
Section 2.03. Letters of Credit | 50 | |||
Section 2.04. Swing Line Loans | 58 | |||
Section 2.05. Prepayments | 61 | |||
Section 2.06. Termination or Reduction of Commitments | 64 | |||
Section 2.07. Repayment of Loans | 65 | |||
Section 2.08. Interest | 65 | |||
Section 2.09. Fees | 65 | |||
Section 2.10. Computation of Interest and Fees | 66 | |||
Section 2.11. Evidence of Indebtedness | 66 | |||
Section 2.12. Payments Generally | 67 | |||
Section 2.13. Sharing of Payments | 69 | |||
Section 2.14. [Reserved] | 70 | |||
Section 2.15. Incremental Credit Extensions | 70 | |||
ARTICLE IIITaxes, Increased Costs Protection and Illegality | 72 | |||
Section 3.01. Taxes | 72 | |||
Section 3.02. Illegality | 74 | |||
Section 3.03. Inability to Determine Rates | 74 | |||
Section 3.04. Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurocurrency Rate Loans | 75 | |||
Section 3.05. Funding Losses | 76 | |||
Section 3.06. Matters Applicable to All Requests for Compensation | 76 | |||
Section 3.07. Replacement of Lenders under Certain Circumstances | 77 | |||
Section 3.08. Survival | 79 | |||
ARTICLE IVConditions Precedent to Credit Extensions | 79 | |||
Section 4.01. Conditions of Initial Credit Extension | 79 | |||
Section 4.02. Conditions to All Credit Extensions | 81 |
(i)
(continued)
Page | ||||
ARTICLE VRepresentations and Warranties | 82 | |||
Section 5.01. Existence, Qualification and Power; Compliance with Laws | 82 | |||
Section 5.02. Authorization; No Contravention | 82 | |||
Section 5.03. Governmental Authorization; Other Consents | 83 | |||
Section 5.04. Binding Effect | 83 | |||
Section 5.05. Financial Statements; No Material Adverse Effect | 83 | |||
Section 5.06. Litigation | 84 | |||
Section 5.07. No Default | 85 | |||
Section 5.08. Ownership of Property; Liens | 85 | |||
Section 5.09. Environmental Compliance | 85 | |||
Section 5.10. Taxes | 86 | |||
Section 5.11. ERISA Compliance | 86 | |||
Section 5.12. Subsidiaries; Equity Interests | 86 | |||
Section 5.13. Margin Regulations; Investment Company Act; Public Utility Holding Company Act | 87 | |||
Section 5.14. Disclosure | 87 | |||
Section 5.15. Intellectual Property; Licenses, Etc. | 87 | |||
Section 5.16. Solvency | 87 | |||
Section 5.17. Special Representations Relating to FCC Licenses, Etc. | 88 | |||
Section 5.18. Subordination of Junior Financing | 89 | |||
Section 5.19. Labor Matters | 89 | |||
ARTICLE VIAffirmative Covenants | 89 | |||
Section 6.01. Financial Statements | 89 | |||
Section 6.02. Certificates; Other Information | 91 | |||
Section 6.03. Notices | 92 | |||
Section 6.04. Payment of Obligations | 93 | |||
Section 6.05. Preservation of Existence, Etc | 93 | |||
Section 6.06. Maintenance of Properties | 93 | |||
Section 6.07. Maintenance of Insurance | 93 | |||
Section 6.08. Compliance with Laws | 93 | |||
Section 6.09. Books and Records | 94 | |||
Section 6.10. Inspection Rights | 94 | |||
Section 6.11. Covenant to Guarantee Obligations and Give Security | 94 | |||
Section 6.12. Compliance with Environmental Laws | 96 | |||
Section 6.13. Further Assurances and Post-Closing Conditions | 96 | |||
Section 6.14. Designation of Subsidiaries | 98 | |||
Section 6.15. Interest Rate Protection | 98 | |||
Section 6.16. Corporate Separateness | 98 | |||
Section 6.17. Broadcast License Subsidiaries | 99 |
(ii)
(continued)
Page | ||||
ARTICLE VIINegative Covenants | 99 | |||
Section 7.01. Liens | 99 | |||
Section 7.02. Investments | 102 | |||
Section 7.03. Indebtedness | 106 | |||
Section 7.04. Fundamental Changes | 111 | |||
Section 7.05. Dispositions | 112 | |||
Section 7.06. Restricted Payments | 115 | |||
Section 7.07. Change in Nature of Business | 118 | |||
Section 7.08. Transactions with Affiliates | 118 | |||
Section 7.09. Burdensome Agreements | 118 | |||
Section 7.10. Use of Proceeds | 119 | |||
Section 7.11. Financial Covenants | 119 | |||
Section 7.12. Accounting Changes | 120 | |||
Section 7.13. Prepayments, Etc. of Indebtedness | 120 | |||
Section 7.14. Equity Interests of the Borrower and Restricted Subsidiaries | 121 | |||
Section 7.15. Holding Company | 121 | |||
Section 7.16. Capital Expenditures | 121 | |||
Section 7.17. KC Divestiture Trust | 122 | |||
ARTICLE VIIIEvents Of Default and Remedies | 122 | |||
Section 8.01. Events of Default | 122 | |||
Section 8.02. Remedies Upon Event of Default | 125 | |||
Section 8.03. Exclusion of Immaterial Subsidiaries | 125 | |||
Section 8.04. Application of Funds | 126 | |||
Section 8.05. Borrower’s Right to Cure | 127 | |||
ARTICLE IXAdministrative Agent and Other Agents | 127 | |||
Section 9.01. Appointment and Authorization of Agents | 127 | |||
Section 9.02. Delegation of Duties | 128 | |||
Section 9.03. Liability of Agents | 128 | |||
Section 9.04. Reliance by Agents | 129 | |||
Section 9.05. Notice of Default | 129 | |||
Section 9.06. Credit Decision; Disclosure of Information by Agents | 129 | |||
Section 9.07. Indemnification of Agents | 130 | |||
Section 9.08. Agents in their Individual Capacities | 131 | |||
Section 9.09. Successor Agents | 131 | |||
Section 9.10. Administrative Agent May File Proofs of Claim | 132 | |||
Section 9.11. Collateral and Guaranty Matters | 132 | |||
Section 9.12. Other Agents; Arrangers and Managers | 133 | |||
Section 9.13. Appointment of Supplemental Administrative Agents | 133 |
(iii)
(continued)
Page | ||||
ARTICLE XMiscellaneous | 134 | |||
Section 10.01. Amendments, Etc. | 134 | |||
Section 10.02. Notices and Other Communications; Facsimile Copies | 136 | |||
Section 10.03. No Waiver; Cumulative Remedies | 137 | |||
Section 10.04. Attorney Costs, Expenses and Taxes | 138 | |||
Section 10.05. Indemnification by the Borrower | 138 | |||
Section 10.06. Payments Set Aside | 139 | |||
Section 10.07. Successors and Assigns | 139 | |||
Section 10.08. Confidentiality | 143 | |||
Section 10.09. Setoff | 144 | |||
Section 10.10. Interest Rate Limitation | 145 | |||
Section 10.11. Counterparts | 145 | |||
Section 10.12. Integration | 145 | |||
Section 10.13. Survival of Representations and Warranties | 146 | |||
Section 10.14. Severability | 146 | |||
Section 10.15. Tax Forms | 146 | |||
Section 10.16. GOVERNING LAW | 148 | |||
Section 10.17. WAIVER OF RIGHT TO TRIAL BY JURY | 148 | |||
Section 10.18. Binding Effect | 149 | |||
Section 10.19. Lender Action | 149 | |||
Section 10.20. USA PATRIOT Act | 149 | |||
SCHEDULES | ||||
1.01B Certain Security Interests and Guarantees | ||||
1.01C Unrestricted Subsidiaries | ||||
1.01E Existing Letters of Credit | ||||
1.01F Mortgaged Properties | ||||
1.01G Excluded Subsidiary | ||||
1.01H Foreign Subsidiary | ||||
2.01 Commitments | ||||
5.10 Taxes | ||||
5.12 Subsidiaries and Other Equity Investments | ||||
5.17 FCC Licenses | ||||
7.01(b) Existing Liens | ||||
7.02(f) Existing Investments | ||||
7.03(b) Existing Indebtedness | ||||
7.05(l) Dispositions | ||||
7.08 Transactions with Affiliates | ||||
7.09 Existing Restrictions | ||||
10.02 Administrative Agent’s Office, Certain Addresses for Notices |
(iv)
continued
Form of | ||
A | Committed Loan Notice | |
B | Swing Line Loan Notice | |
C-1 | Term Note | |
C-2 | Revolving Credit Note | |
C-3 | Swing Line Note | |
D | Compliance Certificate | |
E | Assignment and Assumption | |
F | Guaranty | |
G | Security Agreement | |
H | [Reserved] | |
I | Opinion Matters — Counsel to Loan Parties | |
J | Intellectual Property Security Agreement | |
K | Intercompany Note |
(v)
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Eurocurrency Rate | ||||||||||
for Revolving | ||||||||||
Credit Loans and | Base Rate for | |||||||||
Pricing | Letter of Credit | Revolving Credit | ||||||||
Level | Total Leverage Ratio | Fees | Loans | |||||||
1 | Less than 6.5:1.0 | 1.75 | % | 0.75 | % | |||||
2 | Greater than or equal to 6.5:1.0 but less than 7.5:1.0 | 2.00 | % | 1.00 | % | |||||
3 | Greater than or equal to 7.5:1.0 | 2.25 | % | 1.25 | % |
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Fiscal Year | March 31 | June 30 | September 30 | December 31 | ||||
2006 | — | — | 11.25:1 | 11.25:1 | ||||
2007 | 11.25:1 | 11.25:1 | 11.25:1 | 11.00:1 | ||||
2008 | 10.75:1 | 10.75:1 | 10.75:1 | 10.50:1 | ||||
2009 | 10.25:1 | 10.25:1 | 10.00:1 | 9.50:1 | ||||
2010 | 9.50:1 | 9.25:1 | 9.00:1 | 8.75:1 |
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Fiscal Year | March 31 | June 30 | September 30 | December 31 | ||||
2011 | 8.50:1 | 8.25:1 | 8.00:1 | 7.75:1 | ||||
2012 | 7.50:1 | 7.50:1 | 7.00:1 | 6.75:1 | ||||
2013 | 6.75:1 | 6.75:1 | 6.75:1 | 6.75:1 |
Fiscal Year | March 31 | June 30 | September 30 | December 31 | ||||
2006 | — | — | 1.10:1 | 1.10:1 | ||||
2007 | 1.10:1 | 1.10:1 | 1.10:1 | 1.10:1 | ||||
2008 | 1.10:1 | 1.10:1 | 1.15:1 | 1.15:1 | ||||
2009 | 1.15:1 | 1.15:1 | 1.15:1 | 1.20:1 | ||||
2010 | 1.20:1 | 1.25:1 | 1.25:1 | 1.30:1 | ||||
2011 | 1.30:1 | 1.30:1 | 1.35:1 | 1.40:1 | ||||
2012 | 1.55:1 | 1.60:1 | 1.65:1 | 1.70:1 | ||||
2013 | 1.70:1 | 1.70:1 | 1.70:1 | 1.70:1 |
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Fiscal Year | Amount | |||
2005 | $ | 9,000,000 | ||
2006 | $ | 9,000,000 | ||
2007 | $ | 9,500,000 | ||
2008 | $ | 10,000,000 | ||
2009 | $ | 10,000,000 | ||
2010 | $ | 10,000,000 | ||
2011 | $ | 10,000,000 | ||
2012 | $ | 10,000,000 | ||
2013 | $ | 10,000,000 |
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CMP SUSQUEHANNA CORP., as the Borrower | ||||
By: | /s/ Richard S. Denning | |||
Name: | Richard S. Denning | |||
Title: | Vice President, Secretary & General Counsel | |||
CMP SUSQUEHANNA RADIO HOLDINGS CORP., as a Guarantor | ||||
By: | /s/ Richard S. Denning | |||
Name: | Richard S. Denning | |||
Title: | Vice President, Secretary & General Counsel | |||
DEUTSCHE BANK TRUST COMPANY AMERICAS, Individually and as Administrative Agent, L/C Issuer and Swing Line Lender | ||||
By: | /s/ Susan Le Fevre | |||
Name: | Susan Le Fevre | |||
Title: | Director | |||
By: | /s/ Carin Keegan | |||
Name: | Carin Keegan | |||
Title: | Vice President | |||
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, as Co-Documentation Agent | ||||
By: | /s/ Cécile Baker | |||
Name: | Cécile Baker | |||
Title: | Director | |||
GOLDMAN SACHS CREDIT PARTNERS L.P., Individually and as Co-Documentation Agent | ||||
By: | /s/ WW Archer | |||
Name: | William W. Archer | |||
Title: | Managing Director | |||
SIGNATURE PAGE TO THE CRADIT AGREEMENT, DATED AS OF MAY 5, 2006, CMP SUSQUEHANNA CORP, CMP SUSQUEHANNA RADIO HOLDINGS CORP. VARIOUS FINANCIAL INSTITUTIONS AND DEUTSCHE BANK TRUST COMPANY AMERICA, AS ADMINISTRATIVE AGENT, UBS SECURITIES LLS, AS SYNDICATION AGENT, AND MERRILL LYNCH, PIRECE, FENNER & SMITH INCORPORATED AND GOLDMAN SACHS CRADIT PARTENERS L.P, AS CO- DOCUMENTATION AGENTS | |||||
UBS LOAN FINANCE LLC: | |||||
By: | /s/ Richard L. Tavrow | ||||
Name: Richard L. Tavrow | |||||
Title: Director | |||||
By: | /s/ Irja R. Otsa | ||||
Name: Irja R. Otsa | |||||
Title: Associate Director | |||||
SIGNATURE PAGE TO THE CRADIT AGREEMENT, DATED AS OF MAY 5, 2006, CMP SUSQUEHANNA CORP, CMP SUSQUEHANNA RADIO HOLDINGS CORP. VARIOUS FINANCIAL INSTITUTIONS AND DEUTSCHE BANK TRUST COMPANY AMERICA, AS ADMINISTRATIVE AGENT, UBS SECURITIES LLS, AS SYNDICATION AGENT, AND MERRILL LYNCH, PIRECE, FENNER & SMITH INCORPORATED AND GOLDMAN SACHS CRADIT PARTENERS L.P, AS CO- DOCUMENTATION AGENTS | |||||
[NAME OF INSTITUTION]: | |||||
GENERAL ELECTRIC CAPITAL CORPORATION | |||||
By: | /s/ Karl Kieffer | ||||
Name: KARL KIEFFER | |||||
Title: DULY AUTHORIZED SIGNATORY | |||||
SIGNATURE PAGE TO THE CRADIT AGREEMENT, DATED AS OF MAY 5, 2006, CMP SUSQUEHANNA CORP, CMP SUSQUEHANNA RADIO HOLDINGS CORP. VARIOUS FINANCIAL INSTITUTIONS AND DEUTSCHE BANK TRUST COMPANY AMERICA, AS ADMINISTRATIVE AGENT, UBS SECURITIES LLS, AS SYNDICATION AGENT, AND MERRILL LYNCH, PIRECE, FENNER & SMITH INCORPORATED AND GOLDMAN SACHS CRADIT PARTENERS L.P, AS CO-DOCUMENTATION AGENTS | ||||
[NAME OF INSTITUTION]: | ||||
BANK OF AMERICA, N.A. | ||||
By: | /s/ [ILLEGIBLE] | |||
Name: | ||||
Title: | ||||