Exhibit 10.2
AMENDMENT NO. 1
          AMENDMENT NO. 1 dated as of October 5, 2006 to the Credit Agreement
dated as of September 30, 2005 (as modified and supplemented and in effect from
time to time, the “Credit Agreement”) between LAMAR MEDIA CORP. (the “Company”),
QMC MEDIA II, INC. (the “Subsidiary Borrower”), the SUBSIDIARY GUARANTORS party
thereto (the “Subsidiary Guarantors”), the lenders party thereto and JPMORGAN
CHASE BANK, N.A., as administrative agent for the lenders (in such capacity,
together with its successors in such capacity, the “Administrative Agent”).
          The Company, the Subsidiary Borrower and the Administrative Agent
pursuant to authority granted by and having obtained all necessary consents of
the Required Lenders party to the Credit Agreement, wish now to amend the Credit
Agreement in certain respects, and accordingly, the parties hereto hereby agree
as follows:
          Section 1. Definitions. Except as otherwise defined in this Amendment
No. 1, terms defined in the Credit Agreement are used herein as defined therein.
          Section 2. Amendments. Subject to the satisfaction of the conditions
precedent specified in Section 4 below, but effective as of the date hereof, the
Credit Agreement shall be amended as follows:
          2.01. References Generally. References in the Credit Agreement
(including references to the Credit Agreement as amended hereby) to “this
Agreement” (and indirect references such as “hereunder”, “hereby”, “herein” and
“hereof”) shall be deemed to be references to the Credit Agreement as amended
hereby.
          2.02. Definitions. Section 1.01 of the Credit Agreement shall be
amended by amending the following definitions (to the extent already included in
said Section 1.01) and adding the following definitions in the appropriate
alphabetical location (to the extent not already included in said Section 1.01):
     “Amendment No. 1 Effective Date” means the date upon which the conditions
precedent set forth in Section 4 of Amendment No. 1 hereto shall have been
satisfied or waived.
     “Incremental Loan Commitment” means, with respect to each Lender, the
amount of the offer of such Lender to make Incremental Loans of any Series that
is accepted by the Company in accordance with the provisions of Section 2.01(c),
as such amount may be (a) reduced from time to time pursuant to Sections 2.07
and 2.09 and (b) reduced or increased from time to time pursuant to assignments
by or to such Lender pursuant to Section 10.04. The aggregate amount of the
Incremental Loan Commitments of all Series shall not exceed $500,000,000
(excluding Incremental Loan Commitments made
Amendment No.1

 

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under the Series A Incremental Loan Agreement and the Series B Incremental Loan
Agreement in an aggregate amount up to but not exceeding $187,500,000).
          2.03. Incremental Loans. Section 2.01(c) of the Credit Agreement shall
be amended by changing clause (ii) in the second paragraph to read as follows:
     “(ii) the aggregate principal amount of all Incremental Loan Commitments
and all outstanding Series of Incremental Loans shall not exceed $500,000,000
(excluding Incremental Loan Commitments made under the Series A Incremental Loan
Agreement and the Series B Incremental Loan Agreement in an aggregate amount up
to but not exceeding $187,500,000).”
          2.04. Restricted Payments. Section 7.06 of the Credit Agreement shall
be amended by changing clause (ii) to read as follows:
     “(ii) [Intentionally Deleted].”
          Section 3. Representations and Warranties. The Company and each
Subsidiary Guarantor represents and warrants to the Lenders and the
Administrative Agent, as to itself and each of its subsidiaries, as of the date
hereof and the Amendment No. 1 Effective Date, that (i) the representations and
warranties set forth in Article IV of the Credit Agreement are true and complete
on the date hereof as if made on and as of the date hereof (or, if any such
representation or warranty is expressly stated to have been made as of a
specific date, such representation or warranty shall be true and correct as of
such specific date), and as if each reference in said Article IV to “this
Agreement” included reference to this Amendment No. 1 and (ii) no Default or
Event of Default has occurred and is continuing.
          Section 4. Conditions Precedent. The amendments set forth in Section 2
hereof, shall become effective as of the date hereof upon receipt by
Administrative Agent (or Special Counsel) of executed counterparts of this
Amendment No. 1 from the Company, each Subsidiary Guarantor and Holdings, and
execution hereof by the Administrative Agent.
          Section 5. Pledge Agreement. The Company and each Subsidiary Guarantor
confirms its obligations under the Pledge Agreement.
          Section 6. Miscellaneous. Except as herein provided, the Credit
Agreement shall remain unchanged and in full force and effect. This Amendment
No. 1 may be executed in any number of counterparts, all of which taken together
shall constitute one and the same amendatory instrument and any of the parties
hereto may execute this Amendment No. 1 by signing any such counterpart. This
Amendment No. 1 shall be governed by, and construed in accordance with, the law
of the State of New York.
Amendment No.1

 

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          IN WITNESS WHEREOF, the parties hereto have caused this Amendment
No. 1 to Credit Agreement to be duly executed and delivered as of the day and
year first above written.

                  LAMAR MEDIA CORP.    
 
           
 
  By:   /s/ Keith A. Istre      .    
 
           
 
  Name:   Keith A. Istre    
 
  Title:   Executive Vice-President/
Chief Financial Officer    
 
                QMC MEDIA II, INC.    
 
           
 
  By:   /s/ Keith A. Istre       .    
 
           
 
  Name:   Keith A. Istre    
 
  Title:   Executive Vice-President/
Chief Financial Officer    

Amendment No.1

 

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SUBSIDIARY GUARANTORS

                  INTERSTATE LOGOS, L.L.C.         THE LAMAR COMPANY, L.L.C.    
    LAMAR CENTRAL OUTDOOR, LLC    
 
                By: Lamar Media Corp.,
        Their Managing Member    
 
           
 
  By:   /s/ Keith A. Istre      .    
 
           
 
  Title:   Executive Vice-President/    
 
      Chief Financial Officer    
 
                LAMAR ADVERTISING SOUTHWEST, INC.         LAMAR OKLAHOMA HOLDING
COMPANY, INC.         LAMAR DOA TENNESSEE HOLDINGS, INC.         LAMAR OBIE
CORPORATION    
 
           
 
  By:   /s/ Keith A. Istre      .    
 
           
 
  Title:   Executive Vice-President/
Chief Financial Officer    

Amendment No.1

 

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Interstate Logos, L.L.C. Entities:

                  MISSOURI LOGOS, LLC         KENTUCKY LOGOS, LLC        
OKLAHOMA LOGOS, L.L.C.         MISSISSIPPI LOGOS, L.LC.         DELAWARE LOGOS,
L.L.C.         NEW JERSEY LOGOS, L.L.C.         GEORGIA LOGOS, L.L.C.        
VIRGINIA LOGOS, LLC         MAINE LOGOS, L.L.C.         WASHINGTON LOGOS, L.L.C.
   
 
                By: Interstate Logos, L.L.C.         Their Managing Member      
  By: Lamar Media Corp.         Its: Managing Member    
 
           
 
  By:   /s/ Keith A. Istre      .    
 
           
 
  Title:   Executive Vice-President/
Chief Financial Officer    

Amendment No.1

 

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Interstate Logos, L.L.C. Entities continued:

                  NEBRASKA LOGOS, INC.         OHIO LOGOS, INC.         UTAH
LOGOS, INC.         SOUTH CAROLINA LOGOS, INC.         MINNESOTA LOGOS, INC.    
    MICHIGAN LOGOS, INC.         FLORIDA LOGOS, INC.         NEVADA LOGOS, INC.
        TENNESSEE LOGOS, INC.         KANSAS LOGOS, INC.         COLORADO LOGOS,
INC.         NEW MEXICO LOGOS, INC.    
 
           
 
  By:   /s/ Keith A. Istre        .    
 
           
 
  Title:   Executive Vice-President/
Chief Financial Officer    
 
                TEXAS LOGOS, L.P.    
 
                By: Oklahoma Logos, L.L.C.         Its: General Partner        
By: Interstate Logos, L.L.C.         Its: Managing Member         By: Lamar
Media Corp.         Its: Managing Member    
 
           
 
  By:   /s/ Keith A. Istre        .    
 
           
 
  Title:   Executive Vice-President/
Chief Financial Officer    

Amendment No.1

 

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     The Lamar Company, L.L.C. Entities:

                  LAMAR ADVERTISING OF COLORADO SPRINGS, INC.         LAMAR
TEXAS GENERAL PARTNER, INC.         TLC PROPERTIES, INC.         TLC PROPERTIES
II, INC.         LAMAR PENSACOLA TRANSIT, INC.         LAMAR ADVERTISING OF
YOUNGSTOWN, INC.         LAMAR ADVERTISING OF MICHIGAN, INC.         LAMAR
ELECTRICAL, INC.         AMERICAN SIGNS, INC.         LAMAR OCI NORTH
CORPORATION         LAMAR OCI SOUTH CORPORATION         LAMAR ADVERTISING OF
KENTUCKY, INC.         LAMAR FLORIDA, INC.         LAMAR ADVERTISING OF SOUTH
DAKOTA, INC.         LAMAR OHIO OUTDOOR HOLDING CORP.         OUTDOOR MARKETING
SYSTEMS, INC.    
 
           
 
  By:   /s/ Keith A. Istre    
 
           
 
  Title:   Executive Vice-President/
Chief Financial Officer    

Amendment No.1

 

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     The Lamar Company, L.L.C. Entities continued:

                  LAMAR ADVERTISING OF PENN, LLC         LAMAR ADVERTISING OF
LOUISIANA, L.L.C.         LAMAR TENNESSEE, L.L.C.         LC BILLBOARD, L.L.C.  
      LAMAR AIR, L.L.C.    
 
                By: The Lamar Company, L.L.C.         Their Managing Member    
    By: Lamar Media Corp.         Its: Managing Member    
 
           
 
  By:   /s/ Keith A. Istre        .    
 
           
 
  Title:   Executive Vice-President/
Chief Financial Officer    
 
                LAMAR TEXAS LIMITED PARTNERSHIP    
 
                By: Lamar Texas General Partner, Inc.
        Its: General Partner    
 
           
 
  By:   /s/ Keith A. Istre        .    
 
           
 
  Title:   Executive Vice-President/    
 
      Chief Financial Officer    

Amendment No.1

 

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The Lamar Company, L.L.C. Entities continued:

                  TLC PROPERTIES, L.L.C.         TLC FARMS, L.L.C.    
 
                By: TLC Properties, Inc.         Their Managing Member    
 
           
 
  By:   /s/ Keith A. Istre        .    
 
           
 
  Title:   Executive Vice-President/
Chief Financial Officer    
 
                LAMAR T.T.R., L.L.C.
   
 
                By: Lamar Advertising of Youngstown, Inc.         Its: Managing
Member    
 
           
 
  By:   /s/ Keith A. Istre        .    
 
           
 
  Title:   Executive Vice-President/
Chief Financial Officer    
 
                OUTDOOR MARKETING SYSTEMS, L.L.C.
   
 
                By: Outdoor Marketing Systems, Inc.         Its: Managing Member
   
 
           
 
  By:   /s/ Keith A. Istre        .    
 
           
 
  Title:   Executive Vice-President/
Chief Financial Officer    

Amendment No.1

 

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     Lamar Central Outdoor, LLC Entities:

                  LAMAR ADVANTAGE HOLDING COMPANY         PREMERE OUTDOOR, INC.
        DAUM ADVERTISING COMPANY, INC.    
 
           
 
  By:   /s/ Keith A. Istre        .    
 
           
 
  Title:   Executive Vice-President/
Chief Financial Officer    
 
                OUTDOOR PROMOTIONS WEST, LLC         TRIUMPH OUTDOOR RHODE
ISLAND, LLC    
 
                By: Triumph Outdoor Holdings, LLC         Their Managing Member
        By: Lamar Central Outdoor, LLC         Its: Managing Member         By:
Lamar Media Corp.         Its: Managing Member    
 
           
 
  By:   /s/ Keith A. Istre        .    
 
           
 
  Title:   Executive Vice-President/    
 
  Chief Financial Officer    

Amendment No.1

 

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Lamar Central Outdoor, LLC Entities continued:

                  TRIUMPH OUTDOOR HOLDINGS, LLC         LAMAR ADVANTAGE GP
COMPANY, LLC         LAMAR ADVANTAGE LP COMPANY, LLC    
 
                By: Lamar Central Outdoor, LLC         Their Managing Member    
    By: Lamar Media Corp.         Its: Managing Member    
 
           
 
  By:   /s/ Keith A. Istre        .    
 
           
 
  Title:   Executive Vice-President/
Chief Financial Officer    
 
                LAMAR ADVANTAGE OUTDOOR COMPANY, L.P.    
 
                By: Lamar Advantage GP Company, LLC         Its: General Partner
        By: Lamar Central Outdoor, LLC         Its: Managing Member         By:
Lamar Media Corp.         Its: Managing Member    
 
           
 
  By:   /s/ Keith A. Istre        .    
 
           
 
  Title:   Executive Vice-President/
Chief Financial Officer    

Amendment No.1

 

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Lamar Oklahoma Holding Company, Inc. Entities:

                  LAMAR BENCHES, INC.         LAMAR I-40 WEST, INC.        
LAMAR ADVERTISING OF OKLAHOMA, INC.    
 
           
 
  By:   /s/ Keith A. Istre        .    
 
           
 
  Title:   Executive Vice-President/
Chief Financial Officer     Lamar DOA Tennessee Holdings, Inc. Entities:    
 
                LAMAR DOA TENNESSEE, INC.    
 
           
 
  By:   /s/ Keith A. Istre        .    
 
           
 
  Title:   Executive Vice-President/
Chief Financial Officer    

Amendment No.1

 

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Lamar Obie Corporation Entities:

                  O.B. WALLS, INC.    
 
           
 
  By:   /s/ Keith A. Istre        .    
 
           
 
  Title:   Executive Vice-President/
Chief Financial Officer    
 
                OBIE BILLBOARD, LLC    
 
                By: Lamar Obie Corporation
        Its: Managing Member    
 
           
 
  By:   /s/ Keith A. Istre        .    
 
           
 
  Title:   Executive Vice-President/
Chief Financial Officer    

Amendment No.1

 

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ADMINISTRATIVE AGENT

                  JPMORGAN CHASE BANK, N.A.,         as Administrative Agent    
 
           
 
  By:   /s/ Christophe Vohmann        .    
 
           
 
  Name:   Christophe Vohmann    
 
  Title:   Vice President    

Amendment No.1

 

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     By its signature below, the undersigned hereby consents to the foregoing
Amendment No. 1 and confirms its obligations under the Holdings Guaranty and
Pledge Agreement.

                  LAMAR ADVERTISING COMPANY    
 
           
 
  By:   /s/ Keith A. Istre        .    
 
           
 
  Name:   Keith A. Istre    
 
  Title:   Executive Vice-President/
Chief Financial Officer    

Amendment No.1