1 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 2 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 - 2 - 3 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. [Remainder of this page intentionally left blank.] - 3 - 4 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/ KIMBERLY BURLESON ----------------------------------------- Name: ------------------------------------ Its: Vice President COLLATERAL AGENT: TORONTO DOMINION (TEXAS), INC., a Delaware corporation By: /s/ KIMBERLY BURLESON ----------------------------------------- Name: ------------------------------------ Its: Vice President ISSUING BANK: THE TORONTO-DOMINION BANK By: /s/ KIMBERLY BURLESON ----------------------------------------- Name: ------------------------------------ Its: Manager [SIGNATURES CONTINUE ON FOLLOWING PAGE] SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT Signature Page 1 5 MANAGING AGENTS TORONTO DOMINION (TEXAS), INC., a AND LENDERS: Delaware corporation By: /s/ KIMBERLY BURLESON ----------------------------------------- Name: ------------------------------------ Its: Vice President THE BANK OF NEW YORK By: /s/ JAY P. MATTEO ----------------------------------------- Name: J. P. Matteo ------------------------------------ Its: Vice President NATIONSBANK OF TEXAS, N.A. By: /s/ THOMAS E. CARTER ----------------------------------------- Name: THOMAS E. CARTER ------------------------------------ Its: Senior Vice President UNION BANK OF CALIFORNIA By: /s/ BRYAN G. PETERMANN ----------------------------------------- Name: Bryan G. Petermann ------------------------------------ Its: Vice President BANKERS TRUST COMPANY By: /s/ ANTHONY LOGRIPPO ----------------------------------------- Name: ANTHONY LOGRIPPO ------------------------------------ Its: Vice President MERRILL LYNCH SENIOR FLOATING RATE FUND, INC. By: /s/ ANTHONY R. CLEMENTE ----------------------------------------- Name: ANTHONY R. CLEMENTE ------------------------------------ Its: Authorized Signatory [SIGNATURES CONTINUE ON FOLLOWING PAGE] SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT Signature Page 2 6 VAN KAMPEN AMERICAN CAPITAL PRIME RATE INCOME TRUST By: /s/ [ILLEGIBLE] ----------------------------------------- Name: ------------------------------------ Its: Senior Vice President & Director BANK OF AMERICA NT&SA By: /s/ MATTHEW J. KOEING ----------------------------------------- Name: MATTHEW J. KOEING ------------------------------------ Its: Vice President BANKBOSTON, N.A. By: /s/ ROBERT F. MILORDI ----------------------------------------- Name: ROBERT F. MILORDI ------------------------------------ Its: Director BANQUE PARIBAS, LOS ANGELES AGENCY By: /s/ HARRY COLLYNS ----------------------------------------- Name: Harry Collyns ------------------------------------ Its: Vice President By: /s/ TOM BRANDT ----------------------------------------- Name: Tom Brandt ------------------------------------ Its: Group Vice President BARCLAYS BANK PLC By: /s/ JAMES K. DOWNEY ----------------------------------------- Name: James K. Downey ------------------------------------ Its: Associate Director [SIGNATURES CONTINUE ON FOLLOWING PAGE] SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT Signature Page 3 7 COMPAGNIE FINANCIERE DE CIC ET DE L'UNION EUROPEENNE By: /s/ MARCUS EDWARD ----------------------------------------- Name: Marcus Edward ------------------------------------ Its: Vice President By: /s/ BRIAN O'LEARY ----------------------------------------- Name: Brian O'Leary ------------------------------------ Its: Vice President CREDIT LYONNAIS, NEW YORK BRANCH By: ----------------------------------------- Name: ------------------------------------ Its: Vice President CREDIT SUISSE FIRST BOSTON By: /s/ JOSEPH A. CONEENY ----------------------------------------- Name: JOSEPH A. CONEENY ------------------------------------ Its: Managing Director By: /s/ TODD C. MORGAN ----------------------------------------- Name: TODD C. MORGAN ------------------------------------ Its: Vice President THE DAI-ICHI KANGYO BANK, LTD. By: /s/ KAZUKI SHIMIZU ----------------------------------------- Name: KAZUKI SHIMIZU ------------------------------------ Its: Vice President KEY CORPORATE CAPITAL INC. By: /s/ JASON R. WEAVER ----------------------------------------- Name: Jason R. Weaver ------------------------------------ Its: Vice President [SIGNATURES CONTINUE ON FOLLOWING PAGE] SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT Signature Page 4 8 SOCIETE GENERALE By: /s/ MARK VIGIL ----------------------------------------- Name: MARK VIGIL ------------------------------------ Its: Vice President BANK OF MONTREAL By: /s/ W. T. CALDER ----------------------------------------- Name: W. T. Calder ------------------------------------ Its: Director, Head of Financing CORESTATES BANK, N.A. By: /s/ DOUGLAS BLACKMAN ----------------------------------------- Name: Douglas Blackman ------------------------------------ Its: Vice President FLEET NATIONAL BANK By: /s/ CHRISTINE CAMPANELLI ----------------------------------------- Name: Christine Campanelli ------------------------------------ Its: Assistant Vice President THE FUJI BANK, LIMITED, HOUSTON AGENCY By: /s/ PHILIP C. LAUINGER III ----------------------------------------- Name: PHILIP C. LAUINGER III ------------------------------------ Its: Vice President & Manager THE LONG-TERM CREDIT BANK OF JAPAN, LIMITED, NEW YORK BRANCH By: /s/ SADAO MURAOKA ----------------------------------------- Name: SADAO MURAOKA ------------------------------------ Its: HEAD OF SOUTHWEST REGION [SIGNATURES CONTINUE ON FOLLOWING PAGE] SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT Signature Page 5 9 MELLON BANK, N.A. By: /s/ LISA M. PELLOW ----------------------------------------- Name: Lisa M. Pellow ------------------------------------ Its: Vice President PNC BANK, NATIONAL ASSOCIATION By: /s/ JEFFREY E. HAUSER ----------------------------------------- Name: JEFFREY E. HAUSER ------------------------------------ Its: Vice President SANWA BANK LIMITED By: /s/ MATTHEW G. PATRICK ----------------------------------------- Name: MATTHEW G. PATRICK ------------------------------------ Its: Vice President THE BANK OF NOVA SCOTIA By: /s/ VINCENT J. FITZGERALD, JR. ----------------------------------------- Name: Vincent J. Fitzgerald, Jr. ------------------------------------ Its: Authorized Signatory THE SUMITOMO BANK, LTD. By: /s/ KIRK L. STITES ----------------------------------------- Name: Kirk L. Stites ------------------------------------ Its: Vice President and Manager By: /s/ JULIE A. SCHELL ----------------------------------------- Name: Julie A. Schell ------------------------------------ Its: Vice President [SIGNATURES CONTINUE ON FOLLOWING PAGE] SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT Signature Page 6 10 SUNTRUST BANK, CENTRAL FLORIDA, N.A. By: /s/ JANET P. SAMMONS ----------------------------------------- Name: Janet P. Sammons ------------------------------------ Its: Vice President ABN-AMRO BANK, N.V. - HOUSTON AGENCY By: /s/ LILA JORDAN ----------------------------------------- Name: Lila Jordan ------------------------------------ Its: Group Vice President By: /s/ STEPHANIE BALETTE ----------------------------------------- Name: Stephanie Balette ------------------------------------ Its: Sr. Credit Analyst DRESDNER BANK AG, NEW YORK BRANCH By: /s/ BRIAN HAUGHNEY ----------------------------------------- Name: Brian Haughney ------------------------------------ Its: Assistant Treasurer By: /s/ JANE A. MAJESKI ----------------------------------------- Name: Jane A. Majeski ------------------------------------ Its: Vice President SUMMIT BANK By: /s/ HENRY G. KUSH, JR. ----------------------------------------- Name: Henry G. Kush, Jr. ------------------------------------ Its: Vice President THE TOKAI BANK, LIMITED By: /s/ KAORU ODA ----------------------------------------- Name: Kaoru Oda ------------------------------------ Its: Assistant General Manager [SIGNATURES CONTINUE ON FOLLOWING PAGE] SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT Signature Page 7 11 UNION BANK OF SWITZERLAND, NEW YORK BRANCH By: /s/ STEPHEN A. CAYER ----------------------------------------- Name: STEPHEN A. CAYER ------------------------------------ Its: ASSISTANT VICE PRESIDENT ------------------------------------- By: /s/ EDUARDO SALAZAR ----------------------------------------- Name: Eduardo Salazar ------------------------------------ Its: Vice President ------------------------------------- WELLS FARGO BANK (TEXAS), NATIONAL ASSOCIATION By: /s/ KYLE G. HRANICKY ----------------------------------------- Name: Kyle G. Hranicky ------------------------------------ Its: Assistant Vice President BANK OF IRELAND By: /s/ [ILLEGIBLE] ----------------------------------------- Name: [ILLEGIBLE] ------------------------------------ Its: Account Manager CAISSE NATIONALE DE CREDIT AGRICOLE By: /s/ KATHERINE L. ABBOTT ----------------------------------------- Name: KATHERINE L. ABBOTT ------------------------------------ Its: FIRST VICE PRESIDENT CRESTAR BANK By: /s/ J. ERIC MILLHAM ----------------------------------------- Name: J. Eric Millham ------------------------------------ Its: Vice President [SIGNATURES CONTINUE ON FOLLOWING PAGE] SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT Signature Page 8 12 MERITA BANK, LTD., NEW YORK BRANCH By: /s/ CLIFFORD ABRAMSKY ----------------------------------------- Name: Clifford Abramsky ------------------------------------ Its: Vice President By: /s/ ERIC MANN ----------------------------------------- Name: Eric Mann ------------------------------------ Its: Vice President NATIONAL CITY BANK By: /s/ ANDREW J. WALSHAW ----------------------------------------- Name: Andrew J. Walshaw ------------------------------------ Its: Account Officer THE ROYAL BANK OF SCOTLAND PLC By: /s/ KAREN STEFANCIC ----------------------------------------- Name: KAREN STEFANCIC ------------------------------------ Its: Vice President RIGGS BANK, N.A. By: /s/ [ILLEGIBLE] ----------------------------------------- Name: ------------------------------------ Its: Vice President THE SUMITOMO TRUST & BANKING CO., LTD., NEW YORK BRANCH By: /s/ SURAJ P. BHATIA ----------------------------------------- Name: SURAJ P. BHATIA ------------------------------------ Its: Senior Vice President [SIGNATURES CONTINUE ON FOLLOWING PAGE] SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT Signature Page 9 13 THE YASUDA TRUST AND BANKING CO., LTD. By: /s/ NORIO MIYASHITA ----------------------------------------- Name: Norio Miyashita ------------------------------------ Its: Deputy General Manager NATIONAL BANK OF CANADA By: /s/ THERESA CAMASEO ----------------------------------------- Name: Theresa Camaseo ------------------------------------ Its: Vice President By: /s/ THERESA WHITE ----------------------------------------- Name: Theresa White ------------------------------------ Its: Assistant Vice President CITY NATIONAL BANK By: /s/ DAVID BURDGE ----------------------------------------- Name: David Burdge ------------------------------------ Its: Senior Vice President SENIOR DEBT PORTFOLIO BY: Boston Management and Research as Investment Advisor By: /s/ SCOTT H. PAGE ----------------------------------------- Name: Scott H. Page ------------------------------------ Its: Vice President ------------------------------------- BANK OF SCOTLAND By: /s/ ANNIE CHIN TAT ----------------------------------------- Name: ANNIE CHIN TAT ------------------------------------ Its: VICE PRESIDENT ------------------------------------- [SIGNATURES CONTINUE ON FOLLOWING PAGE] SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT Signature Page 10 14 BANQUE FRANCAISE DU COMMERCE EXTERIEUR By: ----------------------------------------- Name: ------------------------------------ Its: ------------------------------------- HELLER FINANCIAL, INC. By: /s/ PATRICK HAYES ----------------------------------------- Name: PATRICK HAYES ------------------------------------ Its: VICE PRESIDENT ------------------------------------- GOLDMAN SACHS CREDIT PARTNERS, L.P. By: /s/ STEPHEN B. KING ----------------------------------------- Name: STEPHEN B. KING ------------------------------------ Its: AUTHORIZED SIGNATORY ------------------------------------- BEAR STEARNS INVESTMENT PRODUCTS, INC. By: /s/ DONALD R. MULLEN ----------------------------------------- Name: Donald R. Mullen ------------------------------------ Its: President ------------------------------------- MORGAN GUARANTY TRUST COMPANY OF NEW YORK By: ----------------------------------------- Name: ------------------------------------ Its: ------------------------------------- GULF INTERNATIONAL BANK B.S.C. By: /s/ THOMAS E. FITZHERBERT ----------------------------------------- Name: THOMAS E. FITZHERBERT ------------------------------------ Its: VICE PRESIDENT ------------------------------------- By: /s/ ISSA N. BACONI ----------------------------------------- Name: ISSA N. BACONI ------------------------------------ Its: SVP & BRANCH MANAGER ------------------------------------- SECOND AMENDMENT TO EVERGREEN LOAN AGREEMENT Signature Page 11