Exhibit 102

 

FIRST AMENDMENT

TO

CREDIT AGREEMENT

DATED FEBRUARY 27,2004

BY, BETWEEN AND AMONG

BEASLEY MEZZANINE HOLDINGS, LLC,

BANK OF MONTREAL, CHICAGO BRANCH, AS ADMINISTRATIVE AGENT

AND

THE LENDERS PARTY THERETO

 

This FIRST AMENDMENT (the “Amendment”) dated as of June 18, 2004, is entered
into by, between and among BEASLEY MEZZANINE HOLDINGS, LLC, (“Borrower”), BANK
OF MONTREAL, CHICAGO BRANCH (“Bank of Montreal”), as administrative agent for
Lenders (in such capacity the “Administrative Agent”), and THE LENDERS (as
defined in the Credit Agreement).

 

WHEREAS, Borrower, the Lenders and the Administrative Agent are parties to that
certain Credit Agreement dated as of February 27, 2004 (as amended, the “Credit
Agreement”);

 

WHEREAS, Borrower, the Administrative Agent and the Requisite Lenders (as
defined in the Credit Agreement) desire to amend the Credit Agreement as more
particularly set forth below.

 

NOW, THEREFORE, Borrower, the Administrative Agent and the Lenders hereby agree
as follows:

 

1. Defined Terms. Capitalized terms which are used herein without definition and
which are defined in the Credit Agreement shall have the same meanings herein as
in the Credit Agreement.

 

2. Amendment to Credit Agreement. Subject to the satisfaction of the conditions
set forth in Section 4 below, the Credit Agreement is hereby amended as follows:

 

A. The definition of “Consolidated Fixed Charges” shall be deleted in its
entirety and replaced with the following new definition:

 

“Consolidated Fixed Charges” shall mean for Borrower and its Subsidiaries on a
consolidated basis, for the four Fiscal Quarter period ending on the date of
determination, the sum of (a) Consolidated Cash Interest Expense paid during
such period, plus (b) scheduled principal payments of the Term Loans or
Revolving Loan Commitment paid as a result of reduction requirements under
subsection 2.4A hereof during such period (excluding all mandatory prepayments
under subsection 24B(ii)), plus (c) agency fees and

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commitment fees paid during such period, plus (d) Consolidated Capital
Expenditures of Borrower and its Subsidiaries paid or payable in Cash during
such period, plus (e) taxes paid in Cash and Restricted Junior Payments made
with respect to taxes resulting from the business and activities of Borrower and
its Subsidiaries during such period, plus (f), without duplication, Restricted
Junior Payments made pursuant to subsections 7.5(i), 7.5(ii)(b) and 7.5(iv).”

 

B. Section 7.5 of the Credit Agreement is hereby amended by deleting the word
“and” immediately preceding subparagraph (iii) thereof and deleting subparagraph
(iii) contained therein and substituting the following text in lieu thereof:

 

“(iii) as long as no Event of Default or Potential Event of Default has occurred
and is continuing or would result therefrom and the Consolidated Total Debt
Ratio at such time and immediately prior to and after (on a pro forma basis
giving effect to the repurchase) is less than 5.50:1.00 (and Borrower shall have
delivered to Administrative Agent a Compliance Certificate to such effect):
Borrower may make Cash advances to Holdings or NewHoldco in an amount sufficient
to enable Holdings to repurchase and (except for holding the applicable
repurchased public Securities as treasury stock) retire or otherwise terminate
up to an aggregate of Fifty Million Dollars ($50,000,000) of the public
Securities of Holdings during the term of this Agreement; and”.

 

C. Section 7.5 of the Credit Agreement is further amended by adding a new
subparagraph (iv) after subparagraph (iii) contained therein, said new
subparagraph (iv) to read as follows:

 

“(iv) as long as no Event of Default or Potential Event of Default has occurred
and is continuing or would result therefrom and the Consolidated Total Debt
Ratio at such time and immediately prior to and after (on a pro forma basis
giving effect to the dividend payment) is less than 5.50:1.00 (and Borrower
shall have delivered to Administrative Agent a Compliance Certificate to such
effect): Borrower may declare and pay cash dividends to Holdings or NewHoldco
for the sole purpose of paying cash dividends to Holdings’ stockholders,
provided that such cash dividends may not exceed in the aggregate Five Million
Dollars ($5,000,000) in any Fiscal Year.”

 

D. Exhibit VI to the Credit Agreement, the form of Compliance Certificate to be
delivered to Administrative Agent and Lenders by Borrower pursuant to subsection
6.l(iii) of the Credit Agreement, shall be replaced with the new Exhibit VI
attached to this Amendment.

 

3. Representations and Warranties. Borrower represents and warrants to the
Administrative Agent and the Lenders as follows:

 

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A. The representations and warranties of Borrower contained in the Credit
Agreement, as amended hereby, (i) were true and correct in all material respects
when made, and (ii) continue to be true and correct in all material respects on
the date hereof, except to the extent such representations and warranties by
their terms are made solely as of a prior date.

 

B. No Event of Default or Potential Event of Default has occurred and is
continuing.

 

C. The execution and delivery of this Amendment (i) have been duly authorized by
all necessary limited liability company action on the part of Borrower; and (ii)
do not result in a breach of or constitute a default under any Contractual
Obligation of any Obligor or require any approval of stockholders or any
approval or consent of any Person under any Contractual Obligation of any
Obligor or the consent or approval of any Governmental Authority.

 

D. This Amendment has been duly executed and delivered by Borrower and is the
legally valid and binding obligation of Borrower, enforceable against Borrower
in accordance with its terns, except as may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or limiting
creditors’ rights generally or by equitable principles relating to
enforceability.

 

4. Condition to Effectiveness. This Amendment shall be effective as of June 14,
2004 upon receipt by the Administrative Agent of original or facsimile
counterpart signatures to this Amendment, duly executed and delivered by the
Borrower and the Requisite Lenders.

 

5. Miscellaneous Provisions.

 

A. Except as otherwise expressly provided by this Amendment, all of the terms,
conditions and provisions of the Credit Agreement shall remain the same. It is
declared and agreed by each of the parties hereto that the Credit Agreement, as
amended hereby, shall continue in full force and effect, and that this Amendment
and the Credit Agreement shall be read and construed as one instrument. This
Amendment shall be deemed one of the “Loan Documents” under the Credit
Agreement.

 

B. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES.

 

C. Headings or captions used in this Amendment are for convenience of reference
only and shall not define or limit the provisions hereof.

 

D. This 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 of which together shall
constitute but one

 

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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.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date first written above.

 

BORROWER:

 

       

BEASLEY MEZZANINE HOLDINGS, LLC

            By:   /s/    CAROLINE BEASLEY                     Name:   Caroline
Beasley             Title:   VP/CFO/SEC/TREAS

 

 

       

REQUISITE LENDERS:

 

 

        BANK OF MONTREAL, CHICAGO BRANCH,
as a Lender and as Administrative Agent             By:                 Name:  
              Title:    

 

 

        HARRIS NESBITT FINANCING, INC.,
as a Lender and as Administrative Agent

 

 

            By:                 Name:                 Title:    

 

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date first written above.

 

            BORROWER:                                             BEASLEY
MEZZANINE HOLDINGS, LLC                       By:                 Name:        
        Title:                      

 

           

REQUISITE LENDERS:

                                            BANK OF MONTREAL, CHICAGO BRANCH,
as a Lender and as Administrative Agent                       By:  
/S/    JULIET BARNES                     Name:   Juliet Barnes            
Title:   Vice President

 

                 

HARRIS NESBITT FINANCING, INC., as a Lender

                      By:   /S/    JULIET BARNES                     Name:  
Juliet Barnes             Title:   Vice President

 

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THE BANK OF NEW YORK, as a Lender

                      By:   /S/    CYNTHIA L. ROGERS                     Name:  
Cynthia L. Rogers             Title:   Vice President

 

       

BANK OF AMERICA N.A., as a Lender

                      By:                 Name:                 Title:    

 

       

ING CAPITAL, LLC, as a Lender

                      By:                 Name:                 Title:    

 

       

WELLS FARGO BANK, NATIONAL

ASSOCIATION, as a Lender

                      By:                 Name:                 Title:    

 

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THE BANK OF NEW YORK, as a Lender

       

By:

                Name:                 Title:    

 

 

       

BANK OF AMERICA N.A., as a Lender

       

By:

 

/s/    T. SHIPLEY        

            Name:   T Shipley             Title:   MD

 

 

 

 

       

ING CAPITAL, LLC, as a Lender

       

By:

                Name:                 Title:    

 

 

       

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as a Lender

       

By:

                Name:                 Title:    

 

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THE BANK OF NEW YORK, as a Lender

                      By:                 Name:                 Title:          
 

BANK OF AMERICA N.A., as a Lender

                      By:                 Name:                 Title:          
 

ING CAPITAL, LLC, as a Lender

                      By:   /s/    ANNIE MOY                     Name:   Annie
Moy             Title:   Vice President         WELLS FARGO BANK, NATIONAL
ASSOCIATION,
as a Lender                       By:                 Name:                
Title:    

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THE BANK OF NEW YORK, as a Lender

                      By:                 Name:                 Title:          
 

BANK OF AMERICA N.A., as a Lender

                      By:                 Name:                 Title:          
 

ING CAPITAL, LLC, as a Lender

                      By:                 Name:                 Title:          
  WELLS FARGO BANK, NATIONAL ASSOCIATION,
as a Lender                       By:   /s/    VIPA CHIRAPRUT                  
  Name:   Vipa Chiraprut             Title:   Vice President

 

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FLEET NATIONAL BANK, as a Lender

                      By:   /s/    RICHARD M. PECK                     Name:  
Richard M. Peck             Title:   Principal

 

       

US BANK NATIONAL ASSOCIATION, as a Lender

                      By:                 Name:                 Title:    

 

       

COOPERATIEVE CENTRALE

RAIFFEISEN-BOERENLEENBANK B.A.,

“RABOBANK NEDERLAND”, NEW YORK

BRANCH, as a Lender

                      By:                 Name:                 Title:          
                By:                 Name:                 Title:    

 

       

GENERAL ELECTRIC CAPITAL

CORPORATION, as a Lender

                      By:                 Name:                 Title:    

 

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        FLEET NATIONAL BANK, as a Lender                       By:              
  Name:                 Title:             U.S. BANK NATIONAL ASSOCIATION, as a
Lender                       By:   /s/    THOMAS G. GUNDER                    
Name:   Thomas G. Gunder             Title:   V.P.         COOPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH, as a
Lender                       By:                 Name:                 Title:  
                        By:                 Name:                 Title:        
    GENERAL ELECTRIC CAPITAL CORPORATION, as a Lender                          
              Name:                 Title:    

 

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        FLEET NATIONAL BANK, as a Lender                       By:              
  Name:                 Title:             US BANK NATIONAL ASSOCIATION, as a
Lender                       By:                 Name:                 Title:  
          COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK
NEDERLAND”, NEW YORK BRANCH, as a Lender                       By:              
  Name:                 Title:                           By:                
Name:                 Title:            

GENERAL ELECTRIC CAPITAL CORPORATION,

as a Lender

                      By:   /s/    RICHARD W. VARALLA                     Name:
  Richard W. Varalla             Title:   Duly Authorized Signatory

 

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        BNP PARIBAS, as a Lender                       By:                 Name:
                Title:                           By:                 Name:      
          Title:             WACHOVIA BANK, as a Lender                      
By:   /s/    JAMES F. HEATWOLE                     Name:   James F. Heatwole    
        Title:   Director         CREDIT SUISSE FIRST BOSTON, acting through its
Cayman Islands Branch, as a Lender                       By:                
Name:                 Title:                           By:                 Name:
                Title:             FIRST DOMINION FUNDING, as a Lender          
            By:                 Name:                 Title:    

 

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        BNP PARIBAS, as a Lender                       By:                 Name:
                Title:                 By:                 Name:                
Title:             WACHOVIA BANK, as a Lender                       By:        
        Name:                 Title:             CREDIT SUISSE FIRST BOSTON,
acting through its Cayman Islands Branch, as a Lender                       By:
  /s/    THOMAS HALL                     Name:   Thomas Hall             Title:
  Vice President             By:   /s/    DOREEN WELCH                     Name:
  Doreen Welch             Title:   Associate         FIRST DOMINION FUNDING, as
a Lender                       By:                 Name:                 Title:
   

 

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