Exhibit 10.1
FIRST AMENDMENT TO CREDIT AGREEMENT
     THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”), dated as
of April 26, 2006, is among RADIO ONE, INC., a Delaware corporation (the
“Borrower”), the several Lenders (as such term is defined in the hereinafter
described Credit Agreement) parties to this First Amendment, and WACHOVIA BANK,
NATIONAL ASSOCIATION, as Administrative Agent for the Lenders (in such capacity,
the “Administrative Agent”).
R E C I T A L S:
     A. The Borrower, the Administrative Agent, Bank of America, N.A., as
Syndication Agent, and Credit Suisse, Merrill Lynch, Pierce Fenner & Smith
Incorporated, and SunTrust Bank, as Co-Documentation Agents, and the several
Lenders parties thereto entered into that certain Credit Agreement dated as of
June 13, 2005 (as the same may be amended, restated or modified from time to
time, the “Credit Agreement”). Capitalized terms used and not otherwise defined
herein shall have the meanings ascribed to them in the Credit Agreement.
     B. The Borrower has advised the Administrative Agent that it desires to
amend the Credit Agreement to modify certain financial covenants and reporting
requirements of Reach Media under the Credit Agreement.
     C. The Required Lenders parties to this First Amendment are willing to
agree to the above-described amendments, subject to the performance and
observance in full of each of the covenants, terms and conditions, and in
reliance upon all of the representations and warranties of the Borrower, set
forth herein.
     NOW, THEREFORE, in consideration of the premises and the covenants, terms
and conditions, and in reliance upon the representations and warranties, in each
case contained herein, the parties hereto agree hereby as follows:
ARTICLE I
Amendments
     Section 1.01 Amendment to Section 5.01(c). Section 5.01(c) of the Credit
Agreement is hereby amended to read in its entirety as follows:
     (c) within 45 days after the end of each of the first three fiscal quarters
of each fiscal year of Reach Media, and within 90 days after the end of each
fiscal year of Reach Media, the consolidated balance sheet of Reach Media and
its Subsidiaries and related statements of operations, stockholders’ equity and
cash flows as of the end of and for such fiscal quarter or fiscal year and the
then elapsed portion of the fiscal year, if applicable, setting forth in each
case in comparative form the figures for the corresponding period or periods of
(or, in the case of the balance sheet, as of the end of) the previous fiscal
year, all certified by one of its Financial Officers as presenting fairly in all
material respects the financial condition and results of operations of Reach
Media and its consolidated
FIRST AMENDMENT TO CREDIT AGREEMENT — PAGE 1

 

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Subsidiaries on a consolidated basis in accordance with GAAP consistently
applied, along with a report with financial information sufficient to reflect
the financial condition of Reach Media and its Subsidiaries net of any
intercompany transactions with the Borrower and the other Subsidiaries, in form
and substance satisfactory to the Administrative Agent; provided, that the
Borrower shall not be required to provide any such comparative figures or
financial information in respect of any period or periods prior to the date of
the Borrower’s initial investment in Reach Media;
     Section 1.02 Amendment to Section 6.01(a). Section 6.01(a) of the Credit
Agreement is hereby amended and restated to read in its entirety as follows:
     (a) Interest Coverage Ratio. The Borrower will not permit the Interest
Coverage Ratio at any time during any period set forth below to be less than the
ratio set forth opposite such period:

      Period   Ratio
January 1, 2006 through and including December 31, 2007
  1.90 to 1.00
January 1, 2008 through and including December 31, 2008
  2.25 to 1.00
January 1, 2009 and thereafter
  2.50 to 1.00

     Section 1.03 Amendment to Section 6.01(b). Section 6.01(b) of the Credit
Agreement is hereby amended and restated to read in its entirety as follows:
     (b) Total Leverage Ratio. The Borrower will not permit the Total Leverage
Ratio at any time during any period set forth below to be more than the ratio
set forth opposite such period:

      Period   Ratio
January 1, 2006 through and including March 31, 2006
  6.50 to 1.00
April 1, 2006 through and including December 31, 2007
  7.00 to 1.00
January 1, 2008 and thereafter
  6.00 to 1.00

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ARTICLE II
Conditions Precedent
     Section 2.01 Conditions Precedent. The parties hereto agree that this First
Amendment and the amendment to the Credit Agreement contained herein shall not
be effective until the satisfaction of each of the following conditions
precedent:
     (a) Execution and Delivery of this First Amendment. The Administrative
Agent shall have received a copy of this First Amendment executed and delivered
by each of the applicable Loan Parties and by all the Required Lenders and each
of the conditions set forth in clauses (b) through (e) below shall have been
satisfied.
     (b) Representations and Warranties. Each of the representations and
warranties made in this First Amendment shall be true and correct on and as of
the Effective Date as if made on and as of such date, both before and after
giving effect to this First Amendment.
     (c) Amendment Fee. The Borrower shall pay to the Administrative Agent for
the account of each Lender executing this First Amendment a nonrefundable
amendment fee in the amount of 0.05% of the sum of (i) such Lender’s Revolving
Commitment plus (ii) such Lender’s Term Loan.
     (d) Fees and Expenses. The Borrower shall pay the invoiced fees, costs and
out-of-pocket expenses incurred by counsel to the Administrative Agent in
connection with the preparation, negotiation, execution and delivery of this
First Amendment and all transactions contemplated hereby and thereby.
     (e) Other Documents and Instruments. The Administrative Agent shall have
received, in form and substance satisfactory to the Administrative Agent and its
counsel, such other documents, certificates and instruments as the
Administrative Agent shall require.
ARTICLE III
Representations and Warranties
     Section 3.01 Representations and Warranties. To induce the Administrative
Agent and the several Lenders parties hereto to enter into this First Amendment
and to grant the amendments contained herein, the Borrower represents and
warrants to the Administrative Agent and the Lenders as follows:
     (a) Authorization; No Contravention. The execution, delivery and
performance by the applicable Loan Parties of this First Amendment have been
duly authorized by all necessary partnership, corporate or limited liability
company action, as applicable, and do not and will not (i) contravene the terms
of any Charter Documents of any Loan Party, (ii) conflict with or result in any
breach or contravention of, or the creation of any Lien under, any document
evidencing any Obligation to which any Loan
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Party is a party or any order, injunction, writ or decree of any Governmental
Authority to which any Loan Party is a party or its property is subject, or
(iii) violate any requirement of law.
     (b) Governmental Authorization. No approval, consent, exemption,
authorization or other action by, or notice to, or filing with or approvals
required under state blue sky securities laws or by any Governmental Authority
is necessary or required in connection with the execution, delivery, performance
or enforcement of this First Amendment.
     (c) No Default. After giving effect to this First Amendment, no Default or
Event of Default exists under any of the Loan Documents. No Loan Party is in
default under or with respect to (i) its charter documents or (ii) any Material
Indebtedness of such Person. The execution, delivery and performance of this
First Amendment shall not result in any default under any Material Indebtedness
of any Loan Party in any respect.
     (d) Binding Effect. This First Amendment and the Credit Agreement as
amended hereby constitute the legal, valid and binding obligations of the Loan
Parties that are parties thereto, enforceable against such Loan Parties in
accordance with their respective terms, except as enforceability may be limited
by applicable bankruptcy, insolvency, or similar laws affecting the enforcement
of creditors’ rights generally or by equitable principles of general
applicability.
     (e) Representations and Warranties. The representations and warranties set
forth in the Credit Agreement and the other Loan Documents are true and correct
in all material respects on and as of the date hereof, after giving effect to
the amendments contemplated in this First Amendment, as if such representations
and warranties were being made on and as of the date hereof, in each case except
to the extent any such representation or warranty is stated to relate to an
earlier date, in which case such representation or warranty shall have been true
and correct on and as of such earlier date.
ARTICLE IV
Miscellaneous
     Section 4.01 Ratification of Loan Documents. Except for the specific
amendments expressly set forth in this First Amendment, the terms, provisions,
conditions and covenants of the Credit Agreement and the other Loan Documents
remain in full force and effect and are hereby ratified and confirmed, and the
execution, delivery and performance of this First Amendment shall not in any
manner operate as a waiver of, consent to or amendment of any other term,
provision, condition or covenant of the Credit Agreement or any other Loan
Document.
     Section 4.02 Fees and Expenses. The Borrower agrees to pay promptly
following demand therefor all reasonable costs and expenses of the
Administrative Agent in connection with the preparation, reproduction,
execution, and delivery of this First Amendment, and any
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other documents prepared in connection herewith or therewith, including, without
limitation, the reasonable fees and out-of-pocket expenses of counsel for the
Administrative Agent.
     Section 4.03 Headings. Article, section and subsection headings in this
First Amendment are included herein for convenience of reference only and shall
not constitute a part of this First Amendment for any other purpose or be given
any substantive effect.
     Section 4.04 Applicable Law. THIS FIRST AMENDMENT SHALL BE GOVERNED BY, AND
SHALL BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.
     Section 4.05 Counterparts and Effective Date. This First Amendment may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed an original, but all such counterparts together shall constitute but one
and the same instrument; signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages
are physically attached to the same document. This First Amendment shall become
effective when the Administrative Agent has received counterparts of this First
Amendment executed by the Borrower and the Required Lenders and each of the
conditions precedent set forth in Article II above has been satisfied (the
“Effective Date”).
     Section 4.06 Affirmation of Guarantees. Notwithstanding that such consent
is not required thereunder, each of the Guarantors hereby consent to the
execution and delivery of this First Amendment and reaffirm their respective
obligations under the Guarantee and Collateral Agreement.
     Section 4.07 Confirmation of Loan Documents and Liens. As a material
inducement to the Lenders to agree to amend the Credit Agreement as set forth
herein, the Borrower and Guarantors hereby (i) acknowledge and confirm the
continuing existence, validity and effectiveness of the Loan Documents to which
they are parties, including, without limitation the Guarantee and Collateral
Agreement and the Liens granted under the Guarantee and Collateral Agreement,
(ii) agree that the execution, delivery and performance of this First Amendment
shall not in any way release, diminish, impair, reduce or otherwise adversely
affect such Loan Documents and Liens and (iii) acknowledge and agree that the
Liens granted under the Guarantee and Collateral Agreement secure (A) the
payment of the Obligations under the Loan Documents in the same priority as on
the date such Liens were created and perfected, and (B) the performance and
observance by the Borrower and the other Loan Parties of the covenants,
agreements and conditions to be performed and observed by each under the Credit
Agreement, as amended hereby.
     Section 4.08 References to the Credit Agreement. Upon and during the
effectiveness of this First Amendment, each reference in the Credit Agreement to
“this Agreement”, “hereunder”, or words of like import shall mean and be a
reference to the Credit Agreement, as amended by this First Amendment.
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     Section 4.09 Final Agreement. THIS FIRST AMENDMENT, TOGETHER WITH THE
CREDIT AGREEMENT AND OTHER LOAN DOCUMENTS, REPRESENTS THE FINAL AGREEMENT
BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
[Remainder of Page Intentionally Left Blank]
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     IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to
be duly executed and delivered by their proper and duly authorized officers
effective as of the Effective Date.

            BORROWER:

RADIO ONE, INC.
      By:   /s/ SCOTT R. ROYSTER         Name:   SCOTT R. ROYSTER       
Title:   EXECUTIVE VP & CFO     

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            OTHER GUARANTORS
(for purposes of Article IV hereof):

RADIO ONE, INC.
RADIO ONE LICENSES, LLC
BELL BROADCASTING COMPANY
RADIO ONE OF DETROIT, LLC
RADIO ONE OF ATLANTA, LLC
ROA LICENSES, LLC
RADIO ONE OF CHARLOTTE, LLC
CHARLOTTE BROADCASTING, LLC
RADIO ONE OF NORTH CAROLINA, LLC
RADIO ONE OF AUGUSTA, LLC
RADIO ONE OF BOSTON, INC.
RADIO ONE OF BOSTON LICENSES, LLC
RADIO ONE OF INDIANA, LLC
RADIO ONE OF TEXAS I, LLC
RADIO ONE OF TEXAS II, LLC
BLUE CHIP BROADCASTING, LTD.
BLUE CHIP BROADCASTING LICENSES, LTD.
SATELLITE ONE, L.L.C.
HAWES-SAUNDERS BROADCAST
     PROPERTIES, INC.
RADIO ONE OF DAYTON LICENSES, LLC
NEW MABLETON BROADCASTING
     CORPORATION
RADIO ONE MEDIA HOLDINGS, LLC
      By:   /s/ SCOTT R. ROYSTER         Name:   SCOTT R. ROYSTER        
Title:   EXECUTIVE VP & CFO        RADIO ONE OF INDIANA, L.P.

By:   Radio One, Inc.,
         its general partner
      By:   /s/ SCOTT R. ROYSTER         Name:   SCOTT R. ROYSTER        
Title:   EXECUTIVE VP & CFO     

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            RADIO ONE OF TEXAS, L.P.

By:   Radio One of Texas I, LLC,
         its general partner
      By:   /s/ SCOTT R. ROYSTER         Name:   SCOTT R. ROYSTER       
Title:   EXECUTIVE VP & CFO        SYNDICATION ONE, INC.
      By:   /s/ SCOTT R. ROYSTER         Name:   SCOTT R. ROYSTER       
Title:   EXECUTIVE VP & CFO     

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            ADMINISTRATIVE AGENT, SYNDICATION AGENT, CO-DOCUMENTATION AGENTS,
ISSUING BANK AND LENDERS:

WACHOVIA BANK, NATIONAL ASSOCIATION,
as Administrative Agent, Issuing Bank
and as a Lender
      By:   /s/  RUSS LYONS       Name:    RUSS LYONS       Title:   Director   
 

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            BANK OF AMERICA, N.A.,
as Syndication Agent, Issuing Bank and as a Lender
      By:   /s/ TODD SHIPLEY         Name:   Todd Shipley        Title:   Senior
Vice President     

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            CREDIT SUISSE, CAYMAN ISLANDS BRANCH,
as Co-Documentation Agent and as a Lender
      By:   /s/ DOREEN BARR, DENISE L. ALVAREZ         Name:   DOREEN BARR,
DENISE L. ALVAREZ         Title:   VICE PRESIDENT, ASSOCIATE     

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            MERRILL LYNCH, PIERCE FENNER & SMITH INCORPORATED,
as Co-Documentation Agent
      By:   /s/ NANCY MEADOWS         Name:   Nancy Meadows        Title:   Vice
President     

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            SUNTRUST BANK,
as Co-Documentation Agent and as a Lender
      By:   /s/ BRIAN COMBS         Name:   Brian Combs        Title:  
Director     

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            MERRILL LYNCH CAPITAL CORPORATION,
as a Lender
      By:   /s/ NANCY MEADOWS         Name:   NANCY MEADOWS        Title:   Vice
President     

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            ROYAL BANK OF SCOTLAND PLC,
as a Lender
      By:   /s/ ANDREW WYNN         Name:   Andrew Wynn        Title:   Managing
Director     

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            BANK OF SCOTLAND,
as a Lender
      By:   /s/ KAREN WEICH         Name:   KAREN WEICH        Title:  
ASSISTANT VICE PRESIDENT     

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            THE BANK OF NEW YORK,
as a Lender
      By:   /s/ EDWARD M. VIETOR         Name:   Edward M. Vietor       
Title:   Vice President     

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            CALYON NEW YORK BRANCH,
as a Lender
      By:   /s/ TANYA CROSSLEY         Name:   Tanya Crossley        Title:  
Managing Director              By:   /s/ JOHN MCCLOCKEY         Name:   John
McClockey        Title:   Managing Director     

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            GENERAL ELECTRIC CAPITAL
CORPORATION, as a Lender
      By:   /s/ KARL KIEFFER         Name:   Karl Kieffer        Title:   Duly
Authorized Signatory     

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            JPMORGAN CHASE BANK, N.A.,
as a Lender
      By:   /s/ CHRISTOPHA VOHMANN         Name:   Christopha Vohmann       
Title:   Vice President     

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            COOPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEEN BANK
B.A., “RABOBANK INTERNATIONAL”,
NEW YORK BRANCH,
as a Lender
      By:   /s/ MICHAEL PHELAN         Name:   Michael Phelan        Title:  
Executive Director              By:   /s/ BRETT DELFINO         Name:   Brett
Delfino        Title:   Executive Director     

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            NATIONAL CITY BANK,
as a Lender
      By:   /s/ ELIZABETH A. BROSKY         Name:   ELIZABETH A. BROSKY       
Title:   VICE PRESIDENT     

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            ALLIED IRISH BANK PLC,
as a Lender
      By:   /s/ JOSEPH S. AUGUSTINI         Name:   Joseph S. Augustini       
Title:   Vice President              By:   /s/ ROISIN O'CONNELL        Name:  
Roisin O'Connell        Title:   Vice President     

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            CREDIT INDUSTRIEL et COMMERCIAL,
as a Lender
      By:   /s/ MARCUS EDWARD, BRIAN O'LEARY         Name:   Marcus Edward,
Brian O'Leary        Title:   Vice President, Vice President     

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            COMMERZBANK AG, New York and
Grand Cayman Branches,
as a Lender
      By:   /s/ ISABEL S. ZEISSIG         Name:   Isabel S. Zeissig       
Title:   Vice President              By:   /s/ CHARLES W. POLET         Name:  
Charles W. Polet        Title:   Assisant Treasurer     

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            HARRIS NESBITT FINANCING, INC.,
as a Lender
      By:   /s/ MICHAEL SILVERMAN         Name:   Michael Silverman       
Title:   Managing Director     

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            ING CAPITAL, LLC,
as a Lender
      By:   /s/ WILLIAM C. JAMES         Name:   William C. James       
Title:   Managing Director     

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            MIZUHO CORPORATE BANK, LTD.,
as a Lender
      By:   /s/ RAYMOND VENTURA         Name:   Raymond Ventura        Title:  
Deputy General Manager     

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            SUMITOMO MITSUI BANKING CORPORATION, NEW YORK,
as a Lender
      By:   /s/ SHIGERU TSURU         Name:   Shigeru Tsuru        Title:  
Joint General Manager     

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            UNION BANK OF CALIFORNIA, N.A.,
as a Lender
      By:   /s/ ERIK ALLEN         Name:   ERIK ALLEN        Title:   AVP     

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            U.S. BANK NATIONAL ASSOCIATION,
as a Lender
      By:   /s/ KEITH KUBOTA         Name:   Keith Kubota        Title:   Vice
President     

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            BANK OF TOKYO-MITSUBISHI UFJ TRUST COMPANY,
as a Lender
      By:   /s/ ANNA GILLER         Name:   Anna Giller        Title:   Vice
President     

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            WEBSTER BANK, NATIONAL ASSOCIATION,
as a Lender
      By:   /s/ JOHN GILSENAN         Name:   John Gilsenan        Title:   Vice
President     

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            THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
as a Lender
      By:   /s/ ANNA GILLER         Name:   Anna Giller        Title:   Vice
President     

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            AIB DEBT MANAGEMENT LIMITED,
as a Lender
      By:   /s/ JOSEPH AUGUSTINI         Name:   Joseph Augustini       
Title:   Vice President
         Investment Advisor to
AIB Debt Management, Limited              By:   /s/ ROISIN O'CONNELL        
Name:   Roisin O'Connell        Title:   Vice President          Investment
Advisor to 
AIB Debt Management, Limited     

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