Exhibit 10.48

 

FIRST AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (“Amendment”) is
entered into as of February     , 2005, by and among Nextmedia Operating, Inc.,
a Delaware corporation (the “Borrower”), the other Credit Parties signatory
hereto, the Lenders signatory hereto, and General Electric Capital Corporation,
a Delaware corporation, as Agent for the Lenders (“Agent”).

 

RECITALS

 

A. The Borrower, the other Credit Parties signatory thereto, the Lenders
signatory thereto from time to time and the Agent are parties to that certain
Amended and Restated Credit Agreement, dated as of April 9, 2004 (the “Credit
Agreement”). Capitalized terms used herein but not defined herein are used as
defined in the Credit Agreement.

 

B. The Borrower has requested that the Lenders amend the Credit Agreement in
certain respects and the Lenders have agreed to amend the Credit Agreement,
subject to the terms and conditions hereof.

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants
hereinafter contained, and intending to be legally bound, the parties hereto
agree as follows:

 

A. AMENDMENT

 

1. Amendment to Section 1.5(a) of the Credit Agreement. Section 1.5(a) of the
Credit Agreement is hereby amended by replacing the grid in Section 1.5(a) with
the following grid:

 

     Total Leverage Ratio

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Applicable

Revolver

Index Margin

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Applicable

Revolver

LIBOR

Margin

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Applicable

L/C Margin

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Level I

   ³ 7.50    2.50%   3.50%   3.50%

Level II

   ³ 7.00, but < 7.50    2.00%   3.00%   3.00%

Level III

   ³ 6.5, but < 7.00    1.75%   2.75%   2.75%

Level IV

   ³ 6.00, but < 6.50    1.50%   2.50%   2.50%

Level V

   ³ 5.50, but < 6.00    1.25%   2.25%   2.25%

Level VI

   < 5.50    1.00%   2.00%   2.00%

 

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2. Amendment to Section 1.9(b) of the Credit Agreement. Section 1.9(b) of the
Credit Agreement is hereby amended by replacing Section 1.9(b) in its entirety
with the following:

 

  (b) As additional compensation for the Revolving Lenders, Borrower shall pay
to Agent, for the ratable benefit of such Lenders, in arrears, on the first
Business Day of each month prior to the Commitment Termination Date and on the
Commitment Termination Date, a Fee for Borrower’s non-use of available funds in
an amount, equal to 0.50% per annum calculated on the basis of a 360 day year
for actual days elapsed, multiplied by the difference between (x) the Maximum
Amount (as it may be increased or reduced from time to time) and (y) the average
for the period of the daily closing balances of the Revolving Loan outstanding
during the period for which the such Fee is due.

 

B. CONDITIONS PRECEDENT

 

Notwithstanding any other provision of this Amendment and without affecting in
any manner the rights of the Lenders hereunder, it is understood and agreed that
this Amendment shall not become effective, and the Credit Agreement shall remain
in full force and effect in its unamended form, Borrower shall have no rights
under this Amendment and the Lenders shall not be obligated to take, fulfill or
perform any action hereunder, until the Agent shall have received (i) the
$750,000 fee payable pursuant to clause (ii) of the Closing Fee section of the
Fee Letter, dated as of April 9, 2004, by and among GE Capital Corporation, as
agent and lender and Borrower (the payment of which shall constitute payment in
full of the Closing Fee); (ii) this Amendment, duly executed by all parties
hereto; and (iii) a certificate of foreign qualification from the Secretary of
State of the State of Kentucky for NextMedia Outdoor, Inc.

 

C. REPRESENTATIONS

 

Each Credit Party hereby represents and warrants to the Lenders and the Agent
that:

 

1. The execution, delivery and performance by such Credit Party of this
Amendment (a) are within such Credit Party’s corporate or limited liability
company power, as the case may be; (b) have been duly authorized by all
necessary corporate or limited liability company action; (c) are not in
contravention of any provision of such Credit Party’s certificate of
incorporation or certificate of formation or bylaws or limited liability company
agreement or other organizational documents; (d) do not violate any law or
regulation, or any order or decree of any Governmental Authority; (e) do not
conflict with or result in the breach or termination of, constitute a default
under or accelerate any performance required by, any indenture, mortgage, deed
of trust, lease, agreement or other instrument to which such Credit Party or any
of its Subsidiaries is a party or by which such Credit Party or any such
Subsidiary or any of their respective property is bound; (f) do not result in
the creation or imposition of any Lien upon any of the property of such Credit
Party or any of its Subsidiaries other than those in favor of Agent, on behalf
of itself and the Lenders, pursuant to the Loan Documents; and (g) do not
require the consent or approval of any Governmental Authority or any other
Person;

 

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2. This Amendment has been duly executed and delivered for the benefit of or on
behalf of each Credit Party and constitutes a legal, valid and binding
obligation of each Credit Party, enforceable against such Credit Party in
accordance with its terms except as the enforceability hereof may be limited by
bankruptcy, insolvency, reorganization, moratorium and other laws affecting
creditors’ rights and remedies in general; and

 

3. After giving effect to this Amendment, no Default or Event of Default has
occurred and is continuing as of the date hereof.

 

D. OTHER AGREEMENTS

 

1. Continuing Effectiveness of Loan Documents. As amended hereby, all terms of
the Credit Agreement and the other Loan Documents shall be and remain in full
force and effect and shall constitute the legal, valid, binding and enforceable
obligations of the Borrower. To the extent any terms and conditions in any of
the other Loan Documents shall contradict or be in conflict with any terms or
conditions of the Credit Agreement, after giving effect to this Amendment, such
terms and conditions are hereby deemed modified and amended accordingly to
reflect the terms and conditions of the Credit Agreement as modified and amended
hereby. Upon the effectiveness of this Amendment such terms and conditions are
hereby deemed modified and amended accordingly to reflect the terms and
conditions of the Credit Agreement as modified and amended hereby.

 

2. Reaffirmation. The Borrower hereby restates, ratifies and reaffirms the
Credit Agreement and the other Loan Documents, effective as of the date hereof
and after giving effect to this Amendment.

 

3. Reaffirmation of Guaranties. Each Credit Party other than the Borrower
confirms that it has received and reviewed a copy of this Amendment and
restates, ratifies and reaffirms the Subsidiary Guaranty and the other Loan
Documents to which it is a party, effective as of the date hereof, after giving
effect to this Amendment.

 

4. Acknowledgment of Perfection of Security Interest. Each Credit Party hereby
acknowledges that, as of the date hereof, the security interests and liens
granted to the Agent and the Lenders under the Credit Agreement and the other
Loan Documents are in full force and effect, are properly perfected and are
enforceable in accordance with the terms of the Credit Agreement and the other
Loan Documents.

 

5. Survival. Except as expressly provided herein, the Credit Agreement and all
other Loan Documents shall continue in full force and effect and the unamended
terms and conditions of the Credit Agreement and the other Loan Documents are
expressly incorporated herein and ratified and confirmed in all respects. This
Amendment is not intended to be or to create, nor shall it be construed as, a
novation or an accord and satisfaction.

 

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6. Expenses. The Borrower agrees to pay on demand all costs and expenses of
Agent in connection with the preparation, execution, delivery and enforcement of
this Amendment, the closing hereof, and any other transactions contemplated
hereby, including the reasonable fees and out-of-pocket expenses of Agent’s
counsel.

 

7. Governing Law. IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION,
VALIDITY AND PERFORMANCE, THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE AND ANY APPLICABLE LAWS
OF THE UNITED STATES OF AMERICA.

 

 

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IN WITNESS WHEREOF, this Amendment has been duly executed as of the date first
written above.

 

Borrower and Holdings:   NEXTMEDIA OPERATING, INC., as Borrower     By:  

/S/ SEAN R. STOVER

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    Name:  

Sean R. Stover

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    Title:  

Senior Vice President and

Chief Financial Officer

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    NEXTMEDIA GROUP, INC., as Holdings     By:  

/S/ SEAN R. STOVER

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    Name:  

Sean R. Stover

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    Title:  

Senior Vice President and

Chief Financial Officer

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Agents and Lenders:  

GENERAL ELECTRIC CAPITAL

CORPORATION, as Agent, Collateral Agent and Lender

    By:  

/S/ STEVEN J. HEISE

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        Its Duly Authorized Signatory

 

 

Other Credit Parties:   NM LICENSING LLC     By:  

/S/ SEAN R. STOVER

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    Name:  

Sean R. Stover

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    Title:  

Vice President

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    NEXTMEDIA OUTDOOR, INC.     By:  

/S/ SEAN R. STOVER

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    Name:  

Sean R. Stover

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    Title:  

Vice President

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[SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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    NEXTMEDIA NORTHERN COLORADO, INC.     By:  

/S/ SEAN R. STOVER

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    Name:  

Sean R. Stover

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    Title:  

Vice President

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    NEXTMEDIA FRANCHISING, INC.     By:  

/S/ SEAN R. STOVER

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    Name:  

Sean R. Stover

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    Title:  

Vice President

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    NEXTMEDIA OUTDOOR, LLC     By:  

/S/ SEAN R. STOVER

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    Name:  

Sean R. Stover

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    Title:  

Vice President

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[SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT]