Exhibit 10.1
AMENDMENT NO. 4
          AMENDMENT NO. 4 dated as of April 2, 2009 between LAMAR MEDIA CORP.
(the “Company”), LAMAR ADVERTISING OF PUERTO RICO, INC. and LAMAR TRANSIT
ADVERTISING CANADA LTD. (together with Lamar Advertising of Puerto Rico, Inc.,
the “Subsidiary Borrowers”), the SUBSIDIARY GUARANTORS party hereto (the
“Subsidiary Guarantors”), LAMAR ADVERTISING COMPANY (“Holdings”), the LENDERS
party hereto and JPMORGAN CHASE BANK, N.A., as administrative agent for the
lenders parties to the Credit Agreement referenced below (in such capacity,
together with its successors in such capacity, the “Administrative Agent”).
          The Company, the Subsidiary Borrowers, the Subsidiary Guarantors, the
lenders party thereto and the Administrative Agent are parties to a Credit
Agreement dated as of September 30, 2005 (as modified and supplemented and in
effect immediately prior to the effectiveness of this Amendment No. 4, the
“Credit Agreement”). The Company, the Subsidiary Borrowers, the Subsidiary
Guarantors, Holdings, the Lenders party hereto and the Administrative Agent wish
now to amend the Credit Agreement and the Pledge Agreement in certain respects,
and accordingly, the parties hereto hereby agree as follows:
          Section 1. Definitions. Except as otherwise defined in this Amendment
No. 4, terms defined in the Credit Agreement (as amended hereby) are used herein
as defined therein.
          Section 2. Amendments to Credit Agreement. Subject to the satisfaction
of the conditions precedent specified in Section 5 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 Generally. Section 1.01 of the Credit Agreement
shall be amended as follows:
          (a) The following definitions shall be amended to read in their
entirety as follows (to the extent already included in said Section 1.01) and
added in the appropriate alphabetical location (to the extent not already
included in said Section 1.01):
     “Adjusted Base Rate” means, for any day, a rate per annum equal to the
greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds
Effective Rate in effect on such day plus 1/2 of 1% and (c) 1% plus the LIBO
Rate (without giving effect to any rounding) for a one month Interest Period in
effect on such day (or if such day is not a Business Day, the immediately
preceding Business Day). Any change in the Adjusted Base Rate due to a change in
the Prime Rate, the Federal Funds Effective Rate or the LIBO Rate shall be
effective from and including the effective date of such change in the Prime
Rate, the Federal Funds Effective Rate or the LIBO Rate, as the case may be.
     “Amendment No. 4 Effective Date” means the date upon which the conditions
precedent set forth in Section 5 of Amendment No. 4 hereto shall have been
satisfied or waived.

 

--------------------------------------------------------------------------------

 

     “Applicable Rate” means:
     (a) for any Eurodollar Revolving Credit Loans, Eurodollar Term Loans or
Eurodollar Incremental Loans of any Series established prior to the Amendment
No. 4 Effective Date, 3.50%; provided that such rate shall be reduced to 3.25%
at any time that the Senior Debt Ratio was less than 2.5 to 1 as at the last day
of the fiscal quarter most recently ended as to which the Company has delivered
financial statements pursuant to Section 6.01;
     (b) for any Base Rate Revolving Credit Loans, Base Rate Term Loans or Base
Rate Incremental Loans of any Series established prior to the Amendment No. 4
Effective Date, 2.50%; provided that such rate shall be reduced to 2.25% at any
time that the Senior Debt Ratio was less than 2.5 to 1 as at the last day of the
fiscal quarter most recently ended as to which the Company has delivered
financial statements pursuant to Section 6.01;
     (c) for commitment fees, 0.50%; and
     (d) for any Type of Incremental Loans of any Series established after the
Amendment No. 4 Effective Date, such rates of interest as shall be agreed upon
at the time Incremental Loan Commitments of such Series are established.
     Each change in the “Applicable Rate” based upon any change in the Senior
Debt Ratio shall become effective for purposes of the accrual of interest
(including in respect of all then-outstanding Loans) hereunder on the date three
Business Days after the delivery to the Administrative Agent of the financial
statements of the Company for the most recently ended fiscal quarter pursuant to
Section 6.01, and shall remain effective for such purpose until three Business
Days after the next delivery of such financial statements to the Administrative
Agent hereunder.
          Notwithstanding the foregoing, in the event the Company consummates
any Acquisition or Disposition for aggregate consideration of $75,000,000 or
more, the Company shall forthwith deliver to the Administrative Agent a
certificate of a Financial Officer, in form and detail satisfactory to the
Administrative Agent, setting forth a redetermination of the Senior Debt Ratio
reflecting such Acquisition or Disposition and, on the date three Business Days
after the delivery of such certificate, the Applicable Rate shall be adjusted to
give effect to such redetermination of the Senior Debt Ratio.
          Anything in this Agreement to the contrary notwithstanding, the
Applicable Rate shall be the highest rates provided for above if the certificate
of a Financial Officer shall not be delivered by the times provided in
Section 6.01 or within three Business Days after the occurrence of any
Acquisition or Disposition described above (but only, in the case of this
paragraph, with respect to periods prior to the delivery of such certificate).
     “Capital Expenditures” means, for any period, the sum for the Company or
any of its Restricted Subsidiaries (determined on a consolidated basis without
duplication in accordance with GAAP) of the aggregate amount of expenditures
(including the aggregate amount of Capital Lease Obligations incurred during
such period) made to acquire or construct fixed assets, plant and equipment
(including renewals, improvements and replacements, but excluding repairs)

2

--------------------------------------------------------------------------------

 

during such period computed in accordance with GAAP; provided that such term
shall not include any such expenditures in connection with any Acquisition or
any reinvestment into assets, plant and equipment from the proceeds of any
Casualty Event.
     “Defaulting Lender” means any Lender that, as reasonably determined by the
Administrative Agent, has (a) failed to fund any portion of its Loans or
participations in Letters of Credit within three Business Days after the date
required to be funded by such Lender hereunder, (b) notified the Company, the
Administrative Agent, any Issuing Lender or any Lender in writing that such
Lender does not intend to comply with any of its funding obligations under this
Agreement or has made a public statement to the effect that such Lender does not
intend to comply with its funding obligations under this Agreement, (c) failed,
within three Business Days after request by the Administrative Agent or the
Company, to confirm promptly in writing that such Lender will comply with the
terms of this Agreement relating to its obligations to fund prospective Loans
and participations in then outstanding Letters of Credit, (d) otherwise failed
to pay over to the Administrative Agent or any other Lender any other amount
required to be paid by such Lender hereunder within three Business Days after
the date when due, unless the subject of a good faith dispute, or (e) (i) become
or is insolvent or has a parent company that has become or is insolvent or
(ii) become the subject of a bankruptcy or insolvency proceeding, or has had a
receiver, conservator, trustee, administrator, assignee for the benefit of
creditors or similar Person charged with reorganization or liquidation of such
Lender’s business or custodian, appointed for such Lender, or has a parent
company that has become the subject of a bankruptcy or insolvency proceeding, or
has had a receiver, conservator, trustee, administrator, assignee for the
benefit of creditors or similar Person charged with reorganization or
liquidation of such parent company’s business or custodian appointed for such
parent company; provided, that no Lender shall become a Defaulting Lender solely
as a result of the acquisition or maintenance of an ownership interest in such
Lender (or its parent company) or the exercise of control over such Lender (or
its parent company) by a Governmental Authority or an instrumentality thereof.
     “EBITDA” means, for any period, operating income for Holdings and its
Subsidiaries (other than any Unrestricted Subsidiary) (determined on a
consolidated basis without duplication in accordance with GAAP) for such period
(calculated before taxes, Interest Expense, interest in respect of Mirror Loan
Indebtedness, depreciation, amortization and any other non-cash income or
charges accrued for such period, one-time cash restructuring charges and cash
severance charges in the fiscal years ending on December 31, 2008 and 2009
(which charges shall not in the aggregate exceed $2,500,000 for such fiscal
years) for such period and (except to the extent received or paid in cash by
Holdings or any of its Subsidiaries (other than any Unrestricted Subsidiary)
income or loss attributable to equity in Affiliates for such period), excluding
any extraordinary and unusual gains or losses during such period, and excluding
the proceeds of any Casualty Events and Dispositions. For purposes hereof, the
effect thereon of any adjustments required under Statement of Financial
Accounting Standards No. 141R shall be excluded.
     Notwithstanding the foregoing, except as otherwise provided in
Section 7.04(f), if during any period for which EBITDA is being determined
Holdings shall have consummated any Acquisition or Disposition then, for all
purposes of this Agreement, EBITDA shall be determined on a pro forma basis as
if such Acquisition or Disposition had been made or consummated on the first day
of such period.
     “ECF Percentage” means 100%, provided that for each fiscal year ending on
or after December 31, 2010, if the Total Holdings Debt Ratio as at the last day
of such fiscal year shall be

3

--------------------------------------------------------------------------------

 

less than 5.75 to 1, then such percentage shall be reduced to 50%, provided that
any such reduction in the ECF Percentage shall be not become effective unless
the financial statements required to have been delivered for the applicable
fiscal year pursuant to Section 6.01(a) shall have been delivered.
     “Excess Cash Flow” means, for any period, the excess of (a) EBITDA for such
period over (b) the sum of (i) all Debt Service for such period plus (ii) the
aggregate amount of all Capital Expenditures made during such period (excluding
Capital Expenditures to the extent financed with the proceeds of Indebtedness or
constituting Capital Lease Obligations incurred pursuant to Section 7.01) plus
(iii) the aggregate amount paid, or required to be paid, in cash in respect of
income, franchise, real estate and other like taxes for such period (to the
extent not deducted in determining EBITDA for such period) plus (iv) the
aggregate amount of Restricted Payments made during such period by the Company
to Holdings to enable Holdings to make interest payments on its Indebtedness
(other than Restricted Payments deducted in computing EBITDA for such period)
plus (v) any net increase (or minus any net decrease) in Working Capital from
the first day through the last day of such period plus (vi) the amount of
payments made by the Company from free cash flow (which, for the avoidance of
doubt, shall exclude any payments made with the proceeds of the New Senior Notes
or the Revolving Credit Loans) to repay Mirror Loan Indebtedness plus (vii) for
each fiscal year of the Company ending (x) on December 31, 2009, the excess of
$107,087,500 over the aggregate outstanding principal amount of the Revolving
Credit Loans on December 31, 2009 (excluding any reduction to the extent
financed with the proceeds of Indebtedness) and (y) thereafter, the amount of
any net reduction in the aggregate outstanding principal amount of the Revolving
Credit Loans from the first day of such period to the last day of such period
(excluding any such reduction to the extent financed with the proceeds of
Indebtedness) plus (viii) the aggregate amount of optional prepayments of
principal of the Term Loans and Incremental Loans made pursuant to Section 2.09
(excluding prepayments to the extent financed with the proceeds of Indebtedness)
plus (ix) the aggregate amount of any amendment fees paid by the Company during
such period in connection with any amendment to this Agreement.
     “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 established after the Amendment No. 4
Effective Date shall not exceed $300,000,000.
     “Interest Expense” means, for any period, the sum, for the Company and its
Restricted Subsidiaries (determined on a consolidated basis without duplication
in accordance with GAAP), of the following: (a) all interest in respect of
Indebtedness (other than Mirror Loan Indebtedness) accrued or capitalized during
such period (whether or not actually paid during such period) plus (b) the net
amounts payable (or minus the net amounts receivable) under Swap Agreements
accrued during such period (whether or not actually paid or received during such
period) including, without limitation, fees, but excluding reimbursement of
legal fees and other similar transaction costs and excluding payments required
by reason of the early termination of Swap Agreements in effect on the date
hereof plus (c) all fees (other than any amendment fees paid by the Company
during such period in connection with any amendment to this Agreement) incurred

4

--------------------------------------------------------------------------------

 

in connection with this Agreement and the Loans hereunder, including letter of
credit fees and expenses related thereto, incurred hereunder after the Effective
Date.
     “JPMCB Segregated Accounts” has the meaning assigned to such term in
Section 6.12.
     “LIBO Rate” means, with respect to any Eurodollar Borrowing for any
Interest Period, the greater of (a) 2.00% per annum and (b) the rate appearing
on Reuters Page LIBOR01 (or on any successor or substitute page or service
providing quotations of interest rates applicable to dollar deposits in the
London interbank market comparable to those currently provided on such page, as
determined by the Administrative Agent from time to time) at approximately
11:00 a.m., London time, two Business Days prior to the commencement of such
Interest Period, as the rate for U.S. dollar deposits with a maturity comparable
to such Interest Period. In the event that the rate in clause (b) above is not
available at such time for any reason, then such rate in clause (b) with respect
to such Eurodollar Borrowing for such Interest Period shall be the rate at which
U.S. dollar deposits of $5,000,000, and for a maturity comparable to such
Interest Period, are offered by the principal London office of the
Administrative Agent in immediately available funds in the London interbank
market at approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period.
     “New Senior Notes” means the 9-3/4% Senior Notes due 2014 of the Company in
the original principal amount of $350,000,000.
     “Pledge Agreement” means an Amended and Restated Pledge Agreement,
substantially in the form of Exhibit A to Amendment No. 4 hereto, between the
Obligors and the Administrative Agent.
     “Security Documents” means the Pledge Agreement, the Holdings Guaranty and
Pledge Agreement and any other collateral agreement, intercreditor agreement,
mortgage, deed of trust, ship mortgage, license or sub-license agreement or
account control agreement delivered in connection with the Loan Documents, and
all Uniform Commercial Code financing statements and continuation statements
required by such documents to be filed with respect to the security interests
created pursuant thereto.
     “Senior Debt Ratio” means, as at any date, the ratio of (a) all
Indebtedness (other than Subordinated Indebtedness or Mirror Loan Indebtedness)
of the Company and its Restricted Subsidiaries (determined on a consolidated
basis without duplication in accordance with GAAP) on such date to (b) EBITDA
for the period of four consecutive quarters ending on or most recently ended
prior to such date.
     “Total Holdings Debt Ratio” means, as at any date, the ratio of (a) all
Indebtedness (including Subordinated Indebtedness, the Senior Notes and any
other convertible debt) of Holdings and its Subsidiaries (other than any
Unrestricted Subsidiary) (determined on a consolidated basis without duplication
in accordance with GAAP) on such date minus, at any time during the 2009 and
2010 fiscal years of Holdings, the amount (which amount shall not exceed the
amount of convertible debt due in December, 2010) of proceeds received from the
New Senior Notes held in any JPMCB Segregated Account at such time to (b) EBITDA
for the period of four consecutive fiscal quarters ending on or most recently
ended prior to such date.

5

--------------------------------------------------------------------------------

 

     “Working Capital” means, at any time, the excess or deficiency at such time
of current assets (excluding cash and cash equivalents) over current liabilities
(excluding (x) the current portion of long-term debt and (y) for the fiscal
years ending on December 31, 2008 and December 31, 2009, accrued but unpaid
interest in respect of Indebtedness) of the Company and its Restricted
Subsidiaries (determined on a consolidated basis without duplication in
accordance with GAAP).
     (b) The definition of “Total Debt Ratio” shall be deleted.
          2.03. Incremental Loans. Section 2.01(c) of the Credit Agreement shall
be amended by replacing the second paragraph thereof in its entirety as follows:
     “Anything herein to the contrary notwithstanding, (i) the minimum aggregate
principal amount of Incremental Loan Commitments entered into pursuant to any
such request (and, accordingly, the minimum aggregate principal amount of any
Series of Incremental Loans) shall be $50,000,000 (except that in the case of
Incremental Loan Commitments made available to a Subsidiary Borrower, such
minimum aggregate principal amount shall be $5,000,000), (ii) the aggregate
principal amount of all Incremental Loan Commitments and all outstanding Series
of Incremental Loans established after the Amendment No. 4 Effective Date shall
not exceed $300,000,000, (iii) the aggregate principal amount of all Incremental
Loan Commitments and all outstanding Series of Incremental Loans to all
Subsidiary Borrowers shall not exceed $107,000,000 and (iv) no Incremental Loan
shall be made unless the Administrative Agent shall have received evidence
satisfactory to it that after giving effect to the Borrowing of such Incremental
Loans and the other transactions that are to occur on the date of such Borrowing
(under the assumption that such Borrowing and such other transactions had been
consummated on the first day of the respective periods for which calculations
are to be made), the Senior Debt Ratio would be less than 2.5 to 1, and a
Financial Officer shall have delivered a certificate to the foregoing effect to
the Administrative Agent. Except as otherwise expressly provided herein, the
Incremental Loans of any Series shall have the interest rate, amortization
schedule and maturity date as shall be agreed upon by the Lenders in respect
thereof and the Company (or, in the case of Incremental Loans to a Subsidiary
Borrower, such Subsidiary Borrower).”
          2.04. Mandatory Termination of Commitment. Section 2.07(a) of the
Credit Agreement shall be amended by replacing the first paragraph thereof in
its entirety as follows:
     “Unless previously terminated, (i) the Revolving Credit Commitment shall
terminate at the close of business on the Revolving Credit Termination Date,
(ii) the Term Loan Commitment shall terminate at the close of business on the
Effective Date, and (iii) the Incremental Loan Commitments with respect to each
Series of Incremental Loans shall terminate at the close of business on the
commitment termination date specified in the agreement entered into with respect
to such Series. In addition, the aggregate amount of the Revolving Credit
Commitments shall be automatically ratably reduced to $200,000,000 on the
Amendment No. 4 Effective Date.”
          2.05. Prepayments of Loans. Section 2.09 of the Credit Agreement shall
be amended as follows:
          (a) Section 2.09(a) shall be amended by inserting the language “at any
time after January 1, 2010,” immediately preceding the language “the relevant
Borrower may elect to apply” in clause (i) of the proviso contained in the
second sentence thereof.

6

--------------------------------------------------------------------------------

 

          (b) Section 2.09(b)(i) shall be amended to read in its entirety as
follows:
     “(i) Casualty Events. Upon the date 270 days following the receipt by a
Borrower or any of its Subsidiaries of the proceeds of insurance, condemnation
award or other compensation in respect of any Casualty Event affecting any
property of such Borrower or any of its Restricted Subsidiaries (or upon such
earlier date as such Borrower or such Restricted Subsidiary, as the case may be,
shall have determined not to reinvest such proceeds as provided below), such
Borrower shall prepay the Loans of such Borrower (and/or, in the case of the
Company, provide cover for LC Exposure of the Company as specified in
Section 2.04(i)) in an aggregate amount, if any, equal to 100% of the Net
Available Proceeds of such Casualty Event not theretofore applied or committed
to be applied to a reinvestment into assets reasonably related to the outdoor
advertising, out of home media and logo signage business of such Borrower and
its Restricted Subsidiaries pursuant to one or more Capital Expenditures
(disregarding the proviso of such definition for the purposes of this
Section 2.09(b)(i)) or Acquisitions permitted hereunder (it being understood
that if Net Available Proceeds committed to be applied are not in fact applied
within twelve months of the respective Casualty Event, then such Net Available
Proceeds shall be applied to the prepayment of Loans and cover for LC Exposure
as provided in this clause (i) at the expiration of such twelve-month period),
such prepayment and reduction to be effected in each case in the manner and to
the extent specified in clause (iii) of this Section 2.09(b).”
     (c) Section 2.09(e) shall be amended to read in its entirety as follows:
     “(e) Mandatory Prepayments- Excess Cash Flow. Not later than the date 100
days after the end of each fiscal year of the Company ending after the Amendment
No. 4 Effective Date, the Company shall prepay the Loans (and/or provide cover
for LC Exposure as specified in Section 2.04(i)), in an aggregate amount equal
to the ECF Percentage of Excess Cash Flow for such fiscal year. The amount of
any required prepayment pursuant to this Section 2.09(e) shall be applied as
follows:
          (i) any prepayment with respect to Excess Cash Flow for the fiscal
year ending on December 31, 2009 shall be applied, first, to the prepayment of
the Revolving Credit Loans up to an amount equal to $107,087,500, without
reduction of the Revolving Credit Commitments, and second, to the prepayment of
the Term Loans and Incremental Loans of all Borrowers ratably in accordance with
the then-outstanding aggregate amounts of all such Loans; and
          (ii) any prepayment with respect to Excess Cash Flow for any fiscal
year ending after January 1, 2010 shall be applied, first, to the prepayment of
the Term Loans and Incremental Loans of all Borrowers ratably in accordance with
the then-outstanding aggregate amounts of all such Loans, and second, to the
prepayment of the Revolving Credit Loans, without reduction of the Revolving
Credit Commitments.
     Each such prepayment of the Term Loans and Incremental Loans shall be
applied ratably to the installments thereof in accordance with the respective
aggregate principal amounts of the Term Loans and Incremental Loans outstanding
on the date of such prepayment, provided that, for any prepayment with respect
to Excess Cash Flow for any fiscal year ending after January 1, 2010, at its
option exercised by notice to the Administrative Agent, the Company may elect to
apply an amount of such prepayment equal to the installments of such Loans due
on the four

7

--------------------------------------------------------------------------------

 

Quarterly Dates immediately following the date of such prepayment to such
installments in direct order of maturity.”
          (d) A new Section 2.09(f) shall be inserted at the end of Section 2.09
of the Credit Agreement to read as follows:
     “(f) Prepayments Accompanied by Interest. Prepayments shall be accompanied
by accrued interest to the extent required by Section 2.11
          2.06. Replacement of Lenders. The first sentence of Section 2.17(b) of
the Credit Agreement shall be amended by adding the language “or otherwise
becomes a Defaulting Lender” immediately following the language “defaults in its
obligation to fund Loans hereunder”.
          2.07. Defaulting Lender. A new Section 2.18 shall be inserted at the
end of Article II of the Credit Agreement to read as follows:
     “SECTION 2.18. DEFAULTING LENDER. Notwithstanding any provision of this
Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the
following provisions shall apply for so long as such Lender is a Defaulting
Lender:
     (a) if any LC Exposure exists at the time such Lender becomes a Defaulting
Lender then:
     (i) all or any part of such LC Exposure shall be reallocated among the
non-Defaulting Lenders in accordance with their respective Applicable
Percentages but only to the extent (x) the sum of all non-Defaulting Lenders’
Revolving Credit Exposures plus such Defaulting Lender’s LC Exposure does not
exceed the total of all non-Defaulting Lenders’ Revolving Credit Commitments,
(y) the sum of each non-Defaulting Lender’s Revolving Credit Exposure plus the
portion of such Defaulting Lender’s LC Exposure to be reallocated to it does not
exceed its Revolving Credit Commitment and (z) the conditions set forth in
Section 5.03 are satisfied at such time;
     (ii) if the reallocation described in clause (i) above cannot, or can only
partially, be effected, the Company shall within one Business Day following
notice by the Administrative Agent cash collateralize such Defaulting Lender’s
LC Exposure (after giving effect to any partial reallocation pursuant to clause
(i) above) in accordance with the procedures set forth in Section 2.04(i) for so
long as such LC Exposure is outstanding;
     (iii) if the Company cash collateralizes any portion of such Defaulting
Lender’s LC Exposure pursuant to this Section 2.18(a), the Company shall not be
required to pay any fees to such Defaulting Lender pursuant to Section 2.10(b)
with respect to such Defaulting Lender’s LC Exposure during the period such
Defaulting Lender’s LC Exposure is cash collateralized;
     (iv) if the LC Exposure of the non-Defaulting Lenders is reallocated
pursuant to this Section 2.18(a), then the fees payable to the Lenders pursuant
to Sections 2.10(a) and 2.10(b) shall be adjusted in accordance with such
non-Defaulting Lenders’ Applicable Percentages; and
     (v) if any Defaulting Lender’s LC Exposure is neither cash collateralized
nor reallocated pursuant to this Section 2.18(a), then, without prejudice to any
rights or remedies of

8

--------------------------------------------------------------------------------

 

any Issuing Lender or any Lender hereunder, all letter of credit fees payable
under Section 2.10(b) with respect to such Defaulting Lender’s LC Exposure shall
be payable to the applicable Issuing Lender(s) until such LC Exposure is
reallocated; and
     (b) so long as any Lender is a Defaulting Lender, the Issuing Lenders shall
not be required to issue, extend or increase any Letter of Credit, unless the
applicable Issuing Lender is satisfied that the related exposure will be 100%
covered by the Revolving Credit Commitments of the non-Defaulting Lenders, and
participating interests in any such newly issued, extended or increased Letter
of Credit shall be allocated among non-Defaulting Lenders in a manner consistent
with Section 2.18(a)(i) (and Defaulting Lenders shall not participate therein).
     In the event that the Administrative Agent, the Company and the Issuing
Lenders agree that a Defaulting Lender has adequately remedied all matters that
caused such Lender to be a Defaulting Lender, then the LC Exposure of the
Lenders shall be readjusted to reflect the inclusion of such Defaulting Lender’s
Revolving Credit Commitment and on such date such Defaulting Lender shall
purchase at par such of the Loans of the other Lenders as the Administrative
Agent shall determine may be necessary in order for such Defaulting Lender to
hold such Loans in accordance with its Applicable Percentage.”
          2.08. Financial Condition; No Material Adverse Change. The last
sentence of Section 4.04 of the Credit Agreement shall be amended by replacing
the language “Since December 31, 2004” with the language “Since December 31,
2008”.
          2.09. Use of Proceeds. The first sentence of Section 6.09 of the
Credit Agreement shall be amended by inserting, immediately following the
language “general corporate purposes of the Company and its Restricted
Subsidiaries (including to make Restricted Payments)” in clause (iii) thereof,
the following language:
     “; provided that the proceeds of Revolving Credit Loans shall not be used,
directly or indirectly, to declare or make any Restricted Payment or to repay
(or purchase, redeem, retire or otherwise acquire for value) any Restricted
Indebtedness unless the Administrative Agent shall have received evidence
satisfactory to it that after giving effect to the Borrowing of such Revolving
Credit Loans and the making of such Restricted Payment or the repayment (or
purchase, redemption, retirement or other acquisition) of such Restricted
Indebtedness, the Senior Debt Ratio would be less than 2.5 to 1, and a Financial
Officer shall have delivered a certificate to the foregoing effect to the
Administrative Agent, except that proceeds of Revolving Credit Loans in an
amount up to $107,087,500 may be used by the Company to repay the Mirror Loan
Indebtedness”.
          2.10. Further Assurances. Section 6.10 of the Credit Agreement shall
be amended by inserting a new Section 6.10(d) at the end thereof to read as
follows:
     “(d) Further Assurances. The Company will, and will cause each of its
Subsidiaries to, take such action from time to time as shall reasonably be
requested by the Administrative Agent to effectuate the purposes and objectives
of this Agreement.
     Without limiting the generality of the foregoing, the Company will, and
will cause each other Obligor to, take such action from time to time (including
filing appropriate Uniform Commercial Code financing statements and continuation
statements and executing and delivering

9

--------------------------------------------------------------------------------

 

such assignments, security agreements, account control agreements and other
instruments) as shall be reasonably necessary (or, if reasonably requested by
the Administrative Agent, desirable) to create, in favor of the Administrative
Agent for the benefit of the Lenders (and their Affiliates party to one or more
Swap Agreements), perfected security interests and Liens in any property owned
by it that is of the type included in the definition of “Collateral” under the
Pledge Agreement as collateral security for its obligations hereunder; provided
that any such security interest or Lien shall be subject to the relevant
requirements of the Security Documents.
     If any Obligor shall acquire any fee-owned real property interest,
including improvements, after the Amendment No. 4 Effective Date having a fair
market value of more than $2,500,000 (or shall make improvements upon any
existing real property interest resulting in the fair market value of such
interest together with such improvements being greater than $2,500,000), then,
as applicable, the Company will, or will cause such Obligor to, will execute and
deliver in favor of the Administrative Agent a mortgage, deed of trust or deed
to secure debt (as appropriate for the jurisdiction in which such respective
real property is situated) pursuant to which such Obligor will create a Lien
upon such real property interest (and improvements) in favor of the
Administrative Agent for the benefit of the Lenders (and their Affiliates party
to one or more Swap Agreements) as collateral security for it obligations
hereunder and will deliver such opinions of counsel, title insurance policies,
surveys and certificates of insurance and endorsements designating the
Administrative Agent as additional insured and loss payee as the Administrative
Agent shall reasonably request in connection therewith.”
          2.11. Affirmative Covenants. New Sections 6.11 and 6.12 shall be
inserted at the end of Article VI of the Credit Agreement to read as follows:
     “SECTION 6.11. POST-CLOSING REQUIREMENTS. Within 75 days after the
Amendment No. 4 Effective Date, the Company shall deliver to the Administrative
Agent mortgages, deeds of trust or deeds to secure debt (as appropriate for the
jurisdiction in which such respective real property is situated) executed by
each applicable Obligor that owns each real property interest identified in
Schedule 6.11 to Amendment No. 4 hereto that is denoted to be so subject to a
mortgage, deed of trust or deed to secure debt, pursuant to which such Obligor
will create a Lien upon such real property interest in favor of the
Administrative Agent for the benefit of the Lenders (and their Affiliates party
to one or more Swap Agreements) as collateral security for it obligations
hereunder and will deliver such opinions of counsel, title insurance policies,
surveys (to the extent previously obtained by the Company prior to the Amendment
No. 4 Effective Date) and certificates of insurance and endorsements designating
the Administrative Agent as additional insured and loss payee as the
Administrative Agent shall reasonably request in connection therewith.
     SECTION 6.12. PROCEEDS FROM NEW SENIOR NOTES. The net proceeds received by
the Company from the issuance of the New Senior Notes shall be (or have been)
used (a) first, to prepay the Revolving Credit Loans in full, and
(b) thereafter, to be deposited into the segregated account of the Company at
JPMCB pursuant to which the Administrative Agent shall have “control” (within
the meaning of Section 9-104 or 9-106 of the New York Uniform Commercial Code,
as applicable) (the “Initial JPMCB Segregated Account”) and the only permitted
withdrawals from which shall be to (i) repay the Mirror Loan Indebtedness,
(ii) prepay the Loans or (iii) make a Restricted Payment permitted under
Section 7.06, provided that the proceeds of such Restricted Payment shall be
held in a segregated account at JPMCB (together

10

--------------------------------------------------------------------------------

 

with the Initial JPMCB Segregated Account, the “JPMCB Segregated Accounts”) and
the only permitted withdrawal from which shall be to repay the Senior Notes.”
          2.12. Indebtedness. Section 7.01(c) of the Credit Agreement shall be
amended to read in its entirety as follows:
     “(c) the New Senior Notes in an aggregate principal amount up to but not
exceeding $350,000,000 at any one time outstanding;”
          2.13. Contingent Liabilities. Section 7.03(a)(ii) of the Credit
Agreement shall be amended by replacing the language “Total Debt Ratio” with the
language “Total Holdings Debt Ratio”.
          2.14. Restricted Payments. Section 7.06 of the Credit Agreement shall
be amended as follows:
          (a) Section 7.06(a)(i) of the Credit Agreement shall be amended to
read in its entirety as follows:
     “(i) no Default shall have occurred and be continuing (except Restricted
Payments may be made to Holdings in order to allow Holdings to pay dividends on
its Series AA Preferred Stock in any single fiscal year in an aggregate amount
up to $500,000 (and such dividend payments may be prefunded in an aggregate
amount up to $2,000,000), notwithstanding that a Default under clause (c) or
(d) of Article VIII exists, so long as no other Default shall have occurred and
be continuing); and”
          (b) Section 7.06(a)(ii) of the Credit Agreement shall be amended to
read in its entirety as follows:
     “(ii) the Total Holdings Debt Ratio would be less than or equal to 5.50 to
1 at the time of such Restricted Payment and after giving effect thereto (and to
any concurrent incurrence of Indebtedness), except that, notwithstanding the
preceding and subject to the satisfaction of the condition in clause (i) above,
(a) Restricted Payments may be made to Holdings in order to allow Holdings to
pay dividends on its Series AA Preferred Stock in any single fiscal year in an
aggregate amount up to $500,000 (and such dividend payments may be prefunded in
an aggregate amount up to $2,000,000) and (b) repayments of the Mirror Loan
Indebtedness may be made with the proceeds of the New Senior Notes or with free
cash flow; provided that the proceeds of Revolving Credit Loans shall not be
used, directly or indirectly, to make any such Restricted Payment unless after
giving effect thereto the Senior Debt Ratio would be less than 2.5 to 1, except
that, notwithstanding the preceding, proceeds of Revolving Credit Loans in an
amount up to $107,087,500 may be used by the Company to repay the Mirror Loan
Indebtedness.”
          2.15. Certain Financial Covenants. Section 7.09 of the Credit
Agreement shall be amended as follows:
          (a) Section 7.09(a) shall be amended to read in its entirety as
follows:
     “(a) Total Holdings Debt Ratio. The Company will not permit the Total
Holdings Debt Ratio to exceed the following respective ratios at any time during
the following respective periods:

11

--------------------------------------------------------------------------------

 

      Period   Ratio
Amendment No. 4 Effective Date through and including March 31, 2009
  7.25 to 1.00
 
   
Thereafter through and including June 30, 2009
  7.50 to 1.00
 
   
Thereafter through and including June 30, 2010
  7.75 to 1.00
 
   
Thereafter through and including December 31, 2010
  7.50 to 1.00
 
   
Thereafter through and including March 31, 2011
  7.00 to 1.00
 
   
Thereafter through and including June 30, 2011
  6.75 to 1.00
 
   
Thereafter through and including September 30, 2011
  6.25 to 1.00
 
   
Thereafter
  6.00 to 1.00

     (b) Section 7.09(b) shall be amended to read in its entirety as follows:
     “(b) Senior Debt Ratio. The Company will not permit the Senior Debt Ratio
to exceed the following respective ratios at any time during the following
respective periods:

      Period   Ratio
Amendment No. 4 Effective Date through and including March 31, 2009
  4.00 to 1.00
 
   
Thereafter through and including March 31, 2010
  4.25 to 1.00
 
   
Thereafter through and including September 30, 2010
  4.00 to 1.00
 
   
Thereafter through and including December 31, 2010
  3.75 to 1.00
 
   
Thereafter through and including March 31, 2011
  3.50 to 1.00
 
   
Thereafter through and including September 30, 2011
  3.25 to 1.00

12

--------------------------------------------------------------------------------

 

      Period   Ratio
Thereafter through and including December 31, 2011
  3.00 to 1.00
 
   
Thereafter
  2.00 to 1.00

          2.16. Repayments of Certain Indebtedness. The first paragraph of
Section 7.11 of the Credit Agreement shall be amended to read in its entirety as
follows:
     “Except as set forth in Section 7.01(e), the Company will not, nor will it
permit any of its Restricted Subsidiaries to, purchase, redeem, retire or
otherwise acquire for value, or set apart any money for a sinking, defeasance or
other analogous fund for the purchase, redemption, retirement or other
acquisition of, or make any voluntary payment or prepayment of the principal of
or interest on, or any other amount owing in respect of, any Subordinated
Indebtedness, any Indebtedness issued under Section 7.01(c) or any Refunding
Indebtedness (herein, “Restricted Indebtedness”), except for (i) regularly
scheduled payments or prepayments of principal and interest in respect thereof
required pursuant to the instruments evidencing such Restricted Indebtedness,
(ii) payments or prepayments made from the proceeds of Refunding Indebtedness so
long as (x) notice of redemption, payment or prepayment of the Indebtedness to
be paid shall have been given to the holders thereof or shall be given
substantially contemporaneously with the incurrence of such Refunding
Indebtedness and (y) the proceeds of such Refunding Indebtedness shall have been
deposited into escrow with irrevocable instructions to the escrow agent to apply
such proceeds to the redemption of, or repurchase of, such Indebtedness to be
paid and (iii) additional payments or prepayments applied to the redemption (or
repurchase and immediate cancellation) of Restricted Indebtedness, so long as at
the time thereof and after giving effect thereto, (x) no Default shall have
occurred and be continuing, (y) the aggregate amount of such payments made after
the date hereof shall not exceed $100,000,000 and (z) the Total Holdings Debt
Ratio would be less than or equal to 5.50 to 1, provided that the proceeds of
Revolving Credit Loans shall not be used, directly or indirectly, to make such
payments or prepayments unless after giving effect thereto the Senior Debt Ratio
would be less than 2.5 to 1.”
          2.17. Event of Default Relating to Security Documents. Clause (n) of
Article VIII of the Credit Agreement shall be amended to read in its entirety as
follows:
     “(n) Any of the following shall occur: (i) the Liens created by any
Security Document shall at any time (other than by reason of the Administrative
Agent relinquishing possession of certificates evidencing shares of stock of
Subsidiaries pledged thereunder) cease to constitute valid and perfected Liens
on the Collateral (as defined therein) intended to be covered thereby;
(ii) except for expiration in accordance with its terms, any Security Document
shall for whatever reason be terminated or shall cease to be in full force and
effect; or (iii) the enforceability of any Security Document shall be contested
by any Credit Party party thereto; or”
          2.18. Schedule 4.14. Schedule 4.14 to the Credit Agreement shall be
amended in its entirety to read as set forth in Schedule 4.14 to this Amendment
No. 4.
          2.19. Exhibit E. Exhibit E to the Credit Agreement shall be amended in
its entirety to read as set forth in Exhibit E to this Amendment No. 4.

13

--------------------------------------------------------------------------------

 

          Section 3. Amendments to Pledge Agreement. Subject to the satisfaction
of the conditions precedent specified in Section 5 hereof, the Pledge Agreement
shall be amended and restated in its entirety in substantially the form of
Exhibit A hereto. Each of the Lenders party hereto hereby empowers and
authorizes the Administrative Agent to execute and deliver or file (as the case
may be) on its behalf the Pledge Agreement (as so amended and restated) and all
related financing statements and any financing statements, continuation
statements, agreements, documents or instruments as shall be necessary or
appropriate to effect the purposes of the Security Documents.
          Section 4. Representations and Warranties. Each of the Company, the
Subsidiary Borrowers, Holdings and the Subsidiary Guarantors 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. 4 Effective Date,
that (i) the representations and warranties set forth in Article IV of the
Credit Agreement (as amended by this Amendment No. 4) and the other Loan
Documents are true and complete as if made on and as of each such date (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. 4 and (ii) no Default or
Event of Default has occurred and is continuing. Each of the Company, the
Subsidiary Borrowers, Holdings and the Subsidiary Guarantors further represents
and warrants to the Lenders and the Administrative Agent, as to itself and each
of its Subsidiaries, as of the date hereof that (A) set forth in Schedule 4.14
to this Amendment No. 4 is a complete and correct list of all of the
Subsidiaries of the Credit Parties as of the date hereof together with, for each
such Subsidiary, (i) the jurisdiction of organization of such Subsidiary,
(ii) each Person holding ownership interests in such Subsidiary, (iii) the
nature of the ownership interests held by each such Person and the percentage of
ownership of such Subsidiary represented by such ownership interests,
(iv) whether such Subsidiary is a Restricted Subsidiary or Unrestricted
Subsidiary and (v) whether such Subsidiary is a Subsidiary Guarantor and
“Securing Party” under the Pledge Agreement and (B) the information set forth in
Schedule 6.11 to this Amendment No. 4 correctly indicates the identity of the
entity owning the parcels of real property located at 5321 and 5551 Corporate
Boulevard in Baton Rouge, LA, 70808, and the county (parish) in which such real
property interests are located.
          Section 5. Conditions Precedent. The amendments set forth in
Sections 2 and 3 hereof shall become effective as of the date upon which the
following conditions shall have been satisfied:
     (i) The Administrative Agent shall have received executed counterparts of
this Amendment No. 4 from the Company, each Subsidiary Borrower, each Subsidiary
Guarantor, Holdings, each Issuing Lender and the Required Lenders, and execution
hereof by the Administrative Agent.
     (ii) The Administrative Agent shall have received executed counterparts of
the Pledge Agreement from the Obligors. In addition, (a) each Obligor shall have
taken such other action as the Administrative Agent shall have requested in
order to perfect the security interests created pursuant to the Pledge Agreement
and (b) appropriate Uniform Commercial Code financing statements shall have been
filed.
     (iii) The Administrative Agent shall have received bank account control
agreements in form and substance satisfactory to it pursuant to which the
Administrative Agent shall have “control” (within the meaning of Sections 9-104
or 9-106 of the New York Uniform Commercial Code, as applicable) of each of the
bank accounts so denoted in Annex 5 to the Pledge Agreement.
     (iv) The Administrative Agent shall have received a favorable written
opinion (addressed to the Administrative Agent and the Lenders and dated the
Amendment No. 4 Effective Date) of Kean, Miller,

14

--------------------------------------------------------------------------------

 

Hawthorne, D’Armond, McCowan & Jarman, L.L.P., counsel to the Credit Parties, in
form and substance reasonably satisfactory to the Administrative Agent (and each
of the Credit Parties hereby requests such counsel to deliver such opinion);
     (v) The Administrative Agent shall have received for the account of each
Lender that on or prior to 3:00 p.m. New York City time on April 2, 2009 (the
“Final Consent Time”) shall have executed a written consent to this Amendment
No. 4 and delivered the same to the Administrative Agent, an amendment fee in an
amount equal to 0.375% of the sum of such Lender’s (x) Revolving Credit
Commitment at the Final Consent Time (determined as if the Amendment No. 4
Effective Date, and the reduction of the Revolving Credit Commitments pursuant
to Section 2.04 hereof, shall have occurred) and (y) outstanding Term Loans and
Incremental Loans at the Final Consent Time.
     (vi) The Administrative Agent shall have received all other fees and other
amounts due and payable on or prior to the Amendment No. 4 Effective Date,
including, to the extent invoiced, reimbursement or payment of all out-of-pocket
expenses required to be reimbursed or paid by the Company.
     (vii) The Administrative Agent shall have received such documents and
certificates as the Administrative Agent may reasonably request relating to the
organization, existence and good standing of each Credit Party, the
authorization of the transactions contemplated hereunder and any other legal
matters relating to the Credit Parties, all in form and substance reasonably
satisfactory to the Administrative Agent.
     (viii) The Administrative Agent shall have received a certificate, dated
the Amendment No. 4 Effective Date and signed by the President, a Vice President
or a Financial Officer of the Company, certifying as to the accuracy of the
representations and warranties set forth in Section 4 hereof.
     (ix) The Administrative Agent shall have received (x) the results of a
recent search, by a Person satisfactory to Administrative Agent, of all
effective Uniform Commercial Code financing statements (or equivalent filings)
made with respect to any Property of any Obligor, together with copies of all
such filings disclosed by such search, and (y) Uniform Commercial Code
termination statements (or similar documents) duly executed by all applicable
Persons for filing in all applicable jurisdictions as may be necessary to
terminate any effective Uniform Commercial Code financing statements (or
equivalent filings) disclosed in such search (other than any such financing
statements in respect of Liens permitted by the Loan Documents).
     (x) The Administrative Agent shall have received satisfactory evidence that
the Company shall have received at least $307,000,000 in cash from the issuance
of New Senior Notes and that the proceeds from such issuance shall have been
applied in compliance with Section 6.12 of the Credit Agreement (as amended
hereby).
          Section 6. Security Documents. Each of the Company, the Subsidiary
Borrowers, Holdings and the Subsidiary Guarantors confirms its obligations under
each Security Document to which it is a party and each of the Company and the
Subsidiary Guarantors hereby confirms its obligations under Article III of the
Credit Agreement.
          Section 7. Miscellaneous. Except as herein provided, the Credit
Agreement and each Security Document shall remain unchanged and in full force
and effect. This Amendment No. 4 may be executed in any number of counterparts,
all of which taken together shall constitute one and the same

15

--------------------------------------------------------------------------------

 

amendatory instrument and any of the parties hereto may execute this Amendment
No. 4 by signing any such counterpart. Delivery of an executed counterpart of a
signature page of this Amendment No. 4 by telecopy shall be effective as
delivery of a manually executed counterpart of this Amendment No. 4. This
Amendment No. 4 shall be governed by, and construed in accordance with, the law
of the State of New York.

16

--------------------------------------------------------------------------------

 

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment
No. 4 to be duly executed and delivered as of the day and year first above
written.

            COMPANY

LAMAR MEDIA CORP.
      By:   /s/ Keith A. Istre         Name:   Keith A. Istre        Title:  
Executive Vice President/
Chief Financial Officer   

            SUBSIDIARY BORROWERS

LAMAR ADVERTISING OF PUERTO RICO, INC.
      By:   /s/ Keith A. Istre         Name:   Keith A. Istre        Title:  
Executive Vice President/Treasurer   

            LAMAR TRANSIT ADVERTISING CANADA LTD.
      By:   /s/ Keith A. Istre         Name:   Keith A. Istre        Title:  
Vice President — Chief Financial Officer   

            HOLDINGS

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

 

--------------------------------------------------------------------------------

 

            SUBSIDIARY GUARANTORS

AMERICAN SIGNS, INC.
COLORADO LOGOS, INC.
FLORIDA LOGOS, INC.
KANSAS LOGOS, INC.
LAMAR ADVERTISING OF COLORADO SPRINGS, INC.
LAMAR ADVERTISING OF KENTUCKY, INC.
LAMAR ADVERTISING OF MICHIGAN, INC.
LAMAR ADVERTISING OF OKLAHOMA, INC.
LAMAR ADVERTISING OF SOUTH DAKOTA, INC.
LAMAR ADVERTISING OF YOUNGSTOWN, INC.
LAMAR ADVERTISING SOUTHWEST, INC.
LAMAR BENCHES, INC.
LAMAR DOA TENNESSEE HOLDINGS, INC.
LAMAR DOA TENNESSEE, INC.
LAMAR ELECTRICAL, INC.
LAMAR FLORIDA, INC.
LAMAR I-40 WEST, INC.
LAMAR OBIE CORPORATION
LAMAR OCI NORTH CORPORATION
LAMAR OCI SOUTH CORPORATION
LAMAR OHIO OUTDOOR HOLDING CORP.
LAMAR OKLAHOMA HOLDING COMPANY, INC.
LAMAR PENSACOLA TRANSIT, INC.
MICHIGAN LOGOS, INC.
MINNESOTA LOGOS, INC.
NEBRASKA LOGOS, INC.
NEVADA LOGOS, INC.
NEW MEXICO LOGOS, INC.
O. B. WALLS, INC.
OHIO LOGOS, INC.
OUTDOOR MARKETING SYSTEMS, INC.
PREMERE OUTDOOR INC.
SALE POINT POSTERS, INC.
SEABOARD OUTDOOR ADVERTISING CO., INC.
SOUTH CAROLINA LOGOS, INC.
TENNESSEE LOGOS, INC.
TLC PROPERTIES II, INC.
TLC PROPERTIES, INC.
UTAH LOGOS, INC.
VISTA MEDIA GROUP, INC.
      By:   /s/ Keith A. Istre         Name:   Keith A. Istre        Title:  
Executive Vice President/
Chief Financial Officer   

 

--------------------------------------------------------------------------------

 

            DELAWARE LOGOS, L.L.C.
GEORGIA LOGOS, L.L.C.
KENTUCKY LOGOS, LLC
LOUISIANA INTERSTATE LOGOS, L.L.C.
MAINE LOGOS, L.L.C.
MISSISSIPPI LOGOS, L.L.C.
MISSOURI LOGOS, LLC
NEW JERSEY LOGOS, L.L.C.
OKLAHOMA LOGOS, L.L.C.
PENNSYLVANIA LOGOS, LLC
VIRGINIA LOGOS, LLC
WASHINGTON LOGOS, L.L.C.
      By:   Interstate Logos, L.L.C., its Managing Member                 By:  
Lamar Media Corp., its Managing Member                 By:   /s/ Keith A. Istre
        Name:   Keith A. Istre        Title:   Executive Vice President/
Chief Financial Officer                INTERSTATE LOGOS, L.L.C.
THE LAMAR COMPANY, L.L.C.
      By:   Lamar Media Corp., its Managing Member                 By:   /s/
Keith A. Istre         Name:   Keith A. Istre        Title:   Executive Vice
President/
Chief Financial Officer   

 

--------------------------------------------------------------------------------

 

            LAMAR ADVERTISING OF LOUISIANA, L.L.C.
LAMAR ADVERTISING OF PENN, LLC
LAMAR TENNESSEE, L.L.C.
LC BILLBOARD, L.L.C.
      By:   The Lamar Company, L.L.C., its Managing Member                 By:  
Lamar Media Corp., its Managing Member                 By:   /s/ Keith A. Istre
        Name:   Keith A. Istre        Title:   Executive Vice President/
Chief Financial Officer                LAMAR TEXAS LIMITED PARTNERSHIP
      By:   The Lamar Company, L.L.C., its General Partner                 By:  
Lamar Media Corp., its Managing Member                 By:   /s/ Keith A. Istre
        Name:   Keith A. Istre        Title:   Executive Vice President/
Chief Financial Officer                TLC FARMS, L.L.C.
TLC PROPERTIES, L.L.C.
      By:   TLC Properties, Inc., its Managing Member                 By:   /s/
Keith A. Istre         Name:   Keith A. Istre        Title:   Executive Vice
President/
Chief Financial Officer   

 

--------------------------------------------------------------------------------

 

            OUTDOOR PROMOTIONS WEST, LLC
TRIUMPH OUTDOOR RHODE ISLAND, LLC
      By:   Triumph Outdoor Holdings, LLC,
its Managing Member                 By:   Lamar Central Outdoor, LLC,
its Managing Member                 By:   Lamar Media Corp.,
its Managing Member                 By:   /s/ Keith A. Istre         Name:  
Keith A. Istre        Title:   Executive Vice President/
Chief Financial Officer                LAMAR ADVANTAGE GP COMPANY, LLC
LAMAR ADVANTAGE LP COMPANY, LLC
TRIUMPH OUTDOOR HOLDINGS, LLC
      By:   Lamar Central Outdoor, LLC,
its Managing Member                 By:   Lamar Media Corp.,
its Managing Member                 By:   /s/ Keith A. Istre         Name:  
Keith A. Istre        Title:   Executive Vice President/
Chief Financial Officer                LAMAR CENTRAL OUTDOOR, LLC
      By:   Lamar Media Corp., its Managing Member                 By:   /s/
Keith A. Istre         Name:   Keith A. Istre        Title:   Executive Vice
President/
Chief Financial Officer   

 

--------------------------------------------------------------------------------

 

            LAMAR AIR, L.L.C.
      By:   The Lamar Company, L.L.C., its Managing Member                 By:  
Lamar Media Corp., its Managing Member                 By:   /s/ Keith A. Istre
        Name:   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         Name:   Keith A. Istre 
      Title:   Executive Vice President/
Chief Financial Officer                OUTDOOR MARKETING SYSTEMS, LLC
      By:   Outdoor Marketing Systems, Inc., its
Managing Member                 By:   /s/ Keith A. Istre         Name:   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         Name:  
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         Name:  
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         Name:  
Keith A. Istre        Title:   Executive Vice President/
Chief Financial Officer                LAMAR ADVANTAGE HOLDING COMPANY
      By:   /s/ Keith A. Istre         Name:   Keith A. Istre        Title:  
Executive Vice President/
Chief Financial Officer   

 

--------------------------------------------------------------------------------

 

            ADMINISTRATIVE AGENT

JPMORGAN CHASE BANK, N.A., as
Administrative Agent and Issuing Lender
      By:   /s/ Christophe Vohmann         Name:   Christophe Vohmann       
Title:   Executive Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

ABCLO 2007-1 Ltd.
      By:   AllianceBernstein L.P., as Manager    

                  By:   /s/ Michael E. Sohr         Name:   Michael E. Sohr     
  Title:   Senior Vice President     

 

--------------------------------------------------------------------------------

 

            LENDERS:

ACA CLO 2006-1 LTD.
      By:   Apidos Capital Management, LLC, Its
Investment Advisor    

                  By:   /s/ Vincent Ingato         Name:   Vincent Ingato       
Title:   Managing Director     

            ACA CLO 2006-2 LTD.
      By:   Apidos Capital Management, LLC, Its         Investment Advisor   

                  By:   /s/ Vincent Ingato         Name:   Vincent Ingato       
Title:   Managing Director     

            ACA CLO 2007-1 LTD.
      By:   Apidos Capital Management, LLC, Its         Investment Advisor   

                  By:   /s/ Vincent Ingato         Name:   Vincent Ingato       
Title:   Managing Director     

            Apidos CDO VI
      By:   Apidos Capital Management, LLC, Its         Investment Advisor   

                  By:   /s/ Vincent Ingato         Name:   Vicent Ingato       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

Apidos Cinco CDO
      By:   Apidos Capital Management, LLC, Its         Investment Advisor   

                  By:   /s/ Vincent Ingato         Name:   Vincent Ingato       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

ALLIED IRISH BANKS, P.L.C.
      By:   /s/ Gregory Wiske         Name:   Gregory Wiske        Title:   Vice
President              By:   /s/ Keith Hamilton         Name:   Keith Hamilton 
      Title:   Assistant Vice President     

 

--------------------------------------------------------------------------------

 

            LENDERS:

AIB DEBT MANAGEMENT, LIMITED
      By:   /s/ Gregory Wiske         Name:   Gregory Wiske        Title:   Vice
President              By:   /s/ Keith Hamilton         Name:   Keith Hamilton 
      Title:   Assistant Vice President     

 

--------------------------------------------------------------------------------

 

            LENDERS:

AMERICAN INTERNATIONAL GROUP, INC.
      By:   AIG Global Investment Corp., Its Investment         Adviser   

            GALAXY X CLO, LTD.
      By:   AIG Global Investment Corp., Its Collateral         Manager   

                  By:   /s/ Steven S. Oh         Name:   Steven S. Oh       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

ARES XI CLO LTD.
      By:   Ares CLO Management XI, L.P.             By:   Ares CLO GP XI, LLC,
Its General Partner             By:   Ares Management LLC, Its Manager    

                  By:   /s/ Americo Cascella         Name:   Americo Cascella   
    Title:   Authorized Signatory     

 

--------------------------------------------------------------------------------

 

            LENDERS:

ARES XII CLO LTD.
      By:   Ares CLO Management XII, L.P.             By:   Ares CLO GP XII,
LLC, Its General Partner             By:   Ares Management LLC, Its Manager    
        By:   /s/ Americo Cascella         Name:   Americo Cascella       
Title:   Authorized Signatory     

 

--------------------------------------------------------------------------------

 

            LENDERS:

ARES X CLO LTD.
      By:   Ares CLO Management X, L.P.,
Investment Manager             By:   Ares CLO GP X, LLC, Its General Partner    
        By:   /s/ Americo Cascella         Name:   Americo Cascella       
Title:   Authorized Signatory     

 

--------------------------------------------------------------------------------

 

            LENDERS:

GLOBAL LOAN OPPORTUNITY FUND B.V.
      By:   Ares Management Limited, Its Portfolio
Manager             By:   /s/ Americo Cascella         Name:   Americo Cascella 
      Title:   Authorized Signatory     

 

--------------------------------------------------------------------------------

 

            LENDERS:

ARTUS LOAN FUND 2007-1 LTD.
      By:   Babson Capital Management LLC, as
Collateral Manager             By:   /s/ Geoffrey Takacs         Name:  
Geoffrey Takacs        Title:   Director        VINACASA CLO, LTD.
      By:   Babson Capital Management LLC, as
Collateral Servicer             By:   /s/ Geoffrey Takacs         Name:  
Geoffrey Takacs        Title:   Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

ATLANTIS FUNDING LTD.
      By:   INVESCO Senior Secured Management, Inc.,         As Collateral
Manager            By:   /s/ Thomas Ewald         Name:   Thomas Ewald       
Title:   Authorized Signatory     

 

--------------------------------------------------------------------------------

 

            LENDERS:

AUGUSTA TRADING LLC
      By:   /s/ Tara E. Kenny         Name:   Tara E. Kenny        Title:  
Assistant Vice President     

 

--------------------------------------------------------------------------------

 

            LENDERS:

AVENUE CLO FUND, LTD.
AVENUE CLO III, LTD.
AVENUE CLO V, LTD.
AVENUE CLO VI, LTD.
      By:   /s/ Richard D’Addario         Name:   Richard D’Addario       
Title:   Senior Portfolio Manager     

 

--------------------------------------------------------------------------------

 

            LENDERS:

BAKER STREET CLO II LTD.
      By:   Seix Investment Advisors LLC, as Collateral         Manager         
  By:   /s/ George Goudelias         Name:   George Goudelias        Title:  
Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

BANK OF AMERICA, N.A.
      By:   /s/ Christopher S. Allen         Name:   Christopher S. Allen       
Title:   Senior Vice President     

 

--------------------------------------------------------------------------------

 

            LENDERS:

BAIKILION CLO 2007-1
      By:   /s/ Joanna Bensimon         Name:   Joanna Bensimon        Title:  
Associate     

 

--------------------------------------------------------------------------------

 

              LENDERS:
 
            BLUEMOUNTAIN CLO III LTD.
 
       
 
  By:   Bluemountain Capital Management, LLC,
Its collateral manager

                  By:   /s/ Glenn Mueller         Name:   Glenn Mueller       
Title:   Associate     

 

--------------------------------------------------------------------------------

 

            LENDERS:

BNP PARIBAS
      By:   /s/ Yung Wu         Name:   Yung Wu        Title:   Vice President 
   

                  By:   /s/ Charles Romano         Name:   Charles Romano       
Title:   Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

CALYON NEW YORK BRANCH
      By:   /s/ David Cagle         Name:   David Cagle        Title:   Managing
Director     

                  By:   /s/ Brian Myers         Name:   Brian Myers       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

              LENDERS:
 
            CANARAS SUMMIT CLO LTD
 
       
 
  By:   Canaras Capital Management LLC, as
Sub-Investment Adviser

                  By:   /s/ Benjamin S. Steger, CFA         Name:   Benjamin S.
Steger, CFA        Title:   Authorized Signatory     

 

--------------------------------------------------------------------------------

 

              LENDERS:
 
            CENT CDO 14 LIMITED
 
       
 
  By:   RiverSource Investments, LLC, as Collateral
Manager

                  By:   /s/ Robin C. Stancil         Name:   Robin C. Stancil   
    Title:   Director of Operations   

 

--------------------------------------------------------------------------------

 

         

              LENDERS:
 
            CENT CDO 15 LIMITED
 
       
 
  By:   RiverSource Investments, LLC, as Collateral
Manager

                  By:   /s/ Robin C. Stancil         Name:   Robin C. Stancil   
    Title:   Director of Operations   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

CHANG HWA COMMERCIAL BANK, LTD.,
NEW YORK BRANCH
      By:   /s/ Jim C.Y. Chen         Name:   Jim C.Y. Chen        Title:   Vice
President & General Manager   

 

--------------------------------------------------------------------------------

 

         

              LENDERS:
 
            CHGO LOAN FUNDING LTD.
 
       
 
  By:   Chicago Fundamental Investment Partners, LLC, as
Collateral Manager

                  By:   /s/ John R. Gordon         Name:   John R. Gordon       
Title:   Principal and Chief Financial Officer     

 

--------------------------------------------------------------------------------

 

            LENDERS:

CITIBANK, N.A.
      By:   /s/ Julio Ojea-Quintana         Name:   Julio Ojea-Quintana       
Title:   Vice President     

 

--------------------------------------------------------------------------------

 

              LENDERS:
 
            CLYDESDALE CLO 2006, LTD.
 
       
 
  By:   Nomura Corporate Research and Asset
Management Inc., as Investment Manager

             
 
  By:   /s/ Robert Hoffman
 
Name: Robert Hoffman    
 
      Title: Executive Director    

 

--------------------------------------------------------------------------------

 

              LENDERS:
 
            CLYDESDALE CLO 2007, LTD.
 
       
 
  By:   Nomura Corporate Research and Asset
Management Inc., as Investment Manager

             
 
  By:   /s/ Robert Hoffman
 
Name: Robert Hoffman    
 
      Title: Executive Director    

 

--------------------------------------------------------------------------------

 

              LENDERS:
 
            CLYDESDALE STRATEGIC CLO I, LTD.
 
       
 
  By:   Nomura Corporate Research and Asset
Management Inc., as Investment Manager

             
 
  By:   /s/ Robert Hoffman
 
Name: Robert Hoffman    
 
      Title: Executive Director    

 

--------------------------------------------------------------------------------

 

            LENDERS:

COLUMBUSNOVA CLO LTD. 2007-1
      By:   /s/ Tom Bohrer         Name:   Tom Bohrer        Title:   Director 
   

 

--------------------------------------------------------------------------------

 

            LENDERS:

COMMERZBANK AG, NEW YORK AND GRAND CAYMAN BRANCHES
      By:   /s/ Edward C. A. Forsberg         Name:   Edward C. A. Forsberg     
  Title:   Vice President & Manager     

                  By:   /s/ Peter Wesemeier         Name:   Peter Wesemeier     
  Title:   Assistant Vice President     

 

--------------------------------------------------------------------------------

 

            LENDERS:

COÖPERATIEVE CENTRALE RAIFFEISEN-
BOERENLEENBANK B.A., “RABOBANK
NEDERLAND”, NEW YORK BRANCH
as a Lender
      By:   /s/ Eric Hurshman         Name:   Eric Hurshman        Title:  
Managing Director     

                  By:   /s/ Brett Delfino         Name:   Brett Delfino       
Title:   Executive Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

CRÉDIT INDUSTRIEL ET COMMERCIAL
      By:   /s/ Anthony Rock         Name:   Anthony Rock        Title:  
Managing Director     

                  By:   /s/ Brian O’Leary         Name:   Brian O’Leary       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

DEUTSCHE BANK TRUST COMPANY AMERICAS
      By:   /s/ Susan LeFevre         Name:   Susan LeFevre        Title:  
Managing Director     

                  By:   /s/ Evelyn Thierry         Name:   Evelyn Thierry       
Title:   Vice President     

 

--------------------------------------------------------------------------------

 

              LENDERS:
 
            DUANE STREET CLO I, LTD.
 
       
 
  By:   DiMaio Ahmad Capital LLC, as Collateral Manager

             
 
  By:   /s/ Kimberly Niehaus
 
Name: Kimberly Niehaus    
 
      Title: Director    

 

--------------------------------------------------------------------------------

 

              LENDERS:
 
            DUANE STREET CLO III, LTD.
 
       
 
  By:   DiMaio Ahmad Capital LLC, as Collateral Manager

             
 
  By:   /s/ Kimberly Niehaus
 
Name: Kimberly Niehaus    
 
      Title: Director    

 

--------------------------------------------------------------------------------

 

              LENDERS:
 
            DUANE STREET CLO IV, LTD.
 
       
 
  By:   DiMaio Ahmad Capital LLC, as Collateral Manager

             
 
  By:   /s/ Kimberly Niehaus
 
Name: Kimberly Niehaus    
 
      Title: Director    

 

--------------------------------------------------------------------------------

 

              LENDERS:
 
            EATON VANCE INSTITUTIONAL SENIOR LOAN FUND
 
       
 
  By:   Eaton Vance Management, as Investment Advisor

             
 
  By:   /s/ Michael B. Botthof
 
Name: Michael B. Bottof    
 
      Title: Vice President    

 

--------------------------------------------------------------------------------

 

              LENDERS:
 
            THE NORINCHUKIN BANK, NEW YORK BRANCH, through State Street Bank and
Trust Company N.A. as Fiduciary Custodian
 
       
 
  By:   Eaton Vance Management, Attorney-in-fact

             
 
     By:   /s/ Michael B. Botthof
 
Name: Michael B. Bottof    
 
      Title: Vice President    

 

--------------------------------------------------------------------------------

 

            LENDERS:

ERSTE GROUP BANK AG
      By:   /s/ Justin Figari         Name:   Justin Figari        Title:  
Associate     

                  By:   /s/ Bryan J. Lynch         Name:   Bryan J. Lynch       
Title:   Executive Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

FIRST TRUST BANK
      By:   /s/ Bryan T. Denney         Name:   Bryan T. Denney        Title:  
Senior Vice President     

 

--------------------------------------------------------------------------------

 

            LENDERS:

FORE CLO LTD. 2007-1
      By:   /s/ Larry Xin         Name:   Larry Xin        Title:   Vice
President     

 

--------------------------------------------------------------------------------

 

              LENDERS:
 
            FUTURE FUND BOARD OF GUARDIANS
 
       
 
  By:   Ares Enhanced Loan Investment Strategy
Advisor IV, L.P., Its Investment Manager
 
       
 
  By:   Ares Enhanced Loan Investment Strategy
Advisor IV GP, LLC, Its General Partner
 
       
 
  By:   Ares Management LLC, Its Managing
Member

             
 
  By:   /s/ Americo Cascella
 
Name: Americo Cascella    
 
      Title: Authorized Signatory    

 

--------------------------------------------------------------------------------

 

            LENDERS:

GENERAL ELECTRIC CAPITAL CORPORATION
      By:   /s/ Jason Soto         Name:   Jason Soto        Title:   Duly
Authorized Signatory     

 

--------------------------------------------------------------------------------

 

              LENDERS:
 
            GOLDMAN SACHS ASSET MANAGEMENT CLO, PUBLIC LIMITED
COMPANY
 
       
 
  By:   Goldman Sachs Asset Manager, L.P., as Manager

             
 
  By:   /s/ Sandra Stulberger
 
Name: Sandra Stulberger    
 
      Title: Vice President    

 

--------------------------------------------------------------------------------

 

              LENDERS:
 
            GULF STREAM-SEXTANT CLO 2007-LTD
 
       
 
  By:   Gulf Stream Asset Management LLC, as Collateral
Manager

             
 
  By:   /s/ Barry K. Love
 
Name: Barry K. Love    
 
      Title: Chief Credit Officer    

 

--------------------------------------------------------------------------------

 

            LENDERS:

HARCH CLO III. LIMITED
      By:   /s/ Michael E. Lewitt         Name:   Michael E. Lewitt       
Title:   Authorized Signatory     

 

--------------------------------------------------------------------------------

 

              LENDERS:
 
            HEWITT’S ISLAND CLO II, LTD.
 
       
 
  By:   CypressTree Investment Management Company, Inc.,
as Portfolio Manager

             
 
  By:   /s/ Martha Hadeler
 
Name: Martha Hadeler    
 
      Title: Managing Director    

 

--------------------------------------------------------------------------------

 

              LENDERS:
 
            HEWITT’S ISLAND CLO III, LTD.
 
       
 
  By:   CypressTree Investment Management Company, Inc.,
as Portfolio Manager

             
 
  By:   /s/ Martha Hadeler
 
Name: Martha Hadeler    
 
      Title: Managing Director    

 

--------------------------------------------------------------------------------

 

              LENDERS:
 
            HEWITT’S ISLAND CLO IV, LTD.
 
       
 
  By:   CypressTree Investment Management Company, Inc.,
as Portfolio Manager

             
 
  By:   /s/ Robert E. Weeden
 
Name: Robert E. Weeden    
 
      Title: Managing Director    

 

--------------------------------------------------------------------------------

 

              LENDERS:
 
            HEWITT’S ISLAND CLO V, LTD.
 
       
 
  By:   CypressTree Investment Management Company, Inc.,
as Portfolio Manager  
 
  By:   /s/ Robert E. Weeden
 
       
 
      Name: Robert E. Weeden
 
      Title: Managing Director

 

--------------------------------------------------------------------------------

 

              LENDERS:
 
            HEWITT’S ISLAND CLO VI, LTD.
 
       
 
  By:   CypressTree Investment Management Company, Inc.,
as Portfolio Manager

             
 
  By:   /s/ Robert E. Weeden
 
Name: Robert E. Weeden    
 
      Title: Managing Director    

 

--------------------------------------------------------------------------------

 

              LENDERS:
 
            HOUSTON POLICE OFFICERS’ PENSION SYSTEM
 
       
 
  By:   MacKay Shields LLC, as Investment Advisor and not individually

             
 
  By:   /s/ Dan Roberts
 
Name: Dan Roberts    
 
      Title: Senior Managing Director    

 

--------------------------------------------------------------------------------

 

            LENDERS:

ING CAPITAL, LLC
      By:   /s/ Charles O’Neil         Name:   Charles O’Neil        Title:    
   

 

--------------------------------------------------------------------------------

 

            LENDERS:

ING INVESTMENT TRUST CO. PLAN FOR
EMPLOYEE BENEFIT INVESTMENT FUNDS —
SENIOR LOAN FUND
      By:   /s/ Michael Prince, CFA         Name:   Michael Prince, CFA       
Title:   Senior Vice President                  ING INVESTMENT MANAGEMENT CLO I,
LTD.
      By:   ING Investment Management Co., as Its Investment Manager            
        By:   /s/ Michael Prince, CFA         Name:   Michael Prince, CFA       
Title:   Senior Vice President                ING INVESTMENT MANAGEMENT CLO II,
LTD.

BY:   ING Alternative Asset Management LLC, as Its Investment Manager
      By:   /s/ Michael Prince, CFA         Name:   Michael Prince, CFA       
Title:   Senior Vice President                ING INVESTMENT MANAGEMENT CLO III,
LTD.

By:   ING Alternative Asset Management LLC, as Its Investment Manager
      By:   /s/ Michael Prince, CFA         Name:   Michael Prince, CFA       
Title:   Senior Vice President     

 

--------------------------------------------------------------------------------

 

            LENDERS:

    ING INVESTMENT MANAGEMENT CLO IV, LTD.

By:  ING Alternative Asset Management LLC, as Its Investment Manager
      By:   /s/ Michael Prince, CFA         Name:   Michael Prince, CFA       
Title:   Senior Vice President     

            ING INVESTMENT MANAGEMENT CLO V, LTD.

By:  ING Alternative Asset Management LLC, as Its Investment Manager
      By:   /s/ Michael Prince, CFA         Name:   Michael Prince, CFA       
Title:   Senior Vice President     

 

--------------------------------------------------------------------------------

 

            LENDERS:

    JPMORGAN CHASE BANK, N.A., as Administrative Agent and Issuing Lender
      By:   /s/ Christophe Vohmann         Name:   Christophe Vohmann       
Title:   Executive Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

    JPMORGAN CHASE BANK, N.A.
      By:   /s/ Christophe Vohmann         Name:   Christophe Vohmann       
Title:   Executive Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

    KATONAH IX CLO LTD.

By:  Katonah Debt Advisors, L.L.C., as Manager
      By:   /s/ Daniel Gilligan         Name:   Daniel Gilligan        Title:  
Authorized Officer     

 

--------------------------------------------------------------------------------

 

            LENDERS:

    KATONAH X CLO LTD.

By:   Katonah Debt Advisors, L.L.C., as Manager
      By:   /s/ Daniel Gilligan         Name:   Daniel Gilligan        Title:  
Authorized Officer     

 

--------------------------------------------------------------------------------

 

            LENDERS:

    KINGSLAND I, LTD.

By:   Kingsland Capital Management LLC, as Manager
      By:   /s/ Vincent Siino         Name:   Vincent Siino        Title:  
Authorized Officer     

 

--------------------------------------------------------------------------------

 

            LENDERS:

    KINGSLAND II, LTD.

By:   Kingsland Capital Management LLC, as Manager
      By:   /s/ Vincent Siino         Name:   Vincent Siino        Title:  
Authorized Officer     

         

 

--------------------------------------------------------------------------------

 

            LENDERS:

KINGSLAND III, LTD.

By:   Kingsland Capital Management LLC, as Manager
      By:   /s/ Vincent Siino         Name:   Vincent Siino        Title:  
Authorized Officer     

         

 

--------------------------------------------------------------------------------

 

            LENDERS:

KINGSLAND IV, LTD.

By:  Kingsland Capital Management LLC, as Manager
      By:   /s/ Vincent Siino         Name:   Vincent Siino        Title:  
Authorized Officer     

 

--------------------------------------------------------------------------------

 

            LENDERS:

    KINGSLAND V, LTD.

By:   Kingsland Capital Management LLC, as Manager
      By:   /s/ Vincent Siino         Name:   Vincent Siino        Title:  
Authorized Officer     

 

--------------------------------------------------------------------------------

 

            LENDERS:

    KEY BANK NATIONAL ASSOCIATION
      By:   /s/ Jennifer A. O'Brien         Name:   Jennifer A. O'Brien       
Title:   Vice President     

 

--------------------------------------------------------------------------------

 

            LENDERS:

    LANDMARK V CDO LIMITED

By:  Aladdin Capital Management LLC, as Manager
      By:   /s/ Alyse Kelly         Name:   Alyse Kelly        Title:  
Authorized Signatory     

 

--------------------------------------------------------------------------------

 

            LENDERS:

    GREYROCK CDO LTD.

By:   Aladdin Capital Management LLC, as Manager
      By:   /s/ Alyse Kelly         Name:   Alyse Kelly        Title:  
Authorized Signatory     

 

--------------------------------------------------------------------------------

 

            LENDERS:

    LATITUDE CLO I, LTD.
      By:   /s/ Kirk Wallace         Name:   Kirk Wallace        Title:   Vice
President   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

    LATITUDE CLO III, LTD.
      By:   /s/ Kirk Wallace         Name:   Kirk Wallace        Title:   Vice
President     

 

--------------------------------------------------------------------------------

 

            LENDERS:

    LIGHTPOINT CLO VII, LTD.
      By:   /s/ Colin Donlan         Name:   Colin Donlan        Title:  
Authorized Signatory     

 

--------------------------------------------------------------------------------

 

            LENDERS:

    MALIBU CBNA LOAN FUNDING LLC
      By:   /s/ Alicia Marthaler         Name:   Alicia Marthaler       
Title:   Attorney-in-fact     

 

--------------------------------------------------------------------------------

 

            LENDERS:

    MIZUHO CORPORATE BANK, LTD.
      By:   /s/ Raymond Ventura         Name:   Raymond Ventura        Title:  
Deputy General Manager     

 

--------------------------------------------------------------------------------

 

            LENDERS:

    MORGAN STANLEY INVESTMENT MANAGEMENT CROTON, LTD.

By:   Morgan Stanley Investment Management Inc., as Collateral Manager
      By:   /s/ J. Matthew Dahlgren         Name:   J. Matthew Dahlgren       
Title:   Vice President     

 

--------------------------------------------------------------------------------

 

            LENDERS:

    MSIM PECONIC BAY, LTD.

By:   Morgan Stanley Investment Management Inc., as Collateral Manager
      By:   /s/ J. Matthew Dahlgren         Name:   J. Matthew Dahlgren       
Title:   Vice President     

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                QUALCOMM GLOBAL TRADING, INC.    
 
           
 
  By:   Morgan Stanley Investment Management Inc., as    
 
      Investment Manager    
 
           
 
  By:   /s/ J. Matthew Dahlgren    
 
           
 
      Name: J. Matthew Dahlgren    
 
      Title: Vice President    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                CONFLUENT 3 LIMITED    
 
           
 
  By:   Morgan Stanley Investment Management Inc.,    
 
      as Investment Manager    
 
           
 
  By:   /s/ J. Matthew Dahlgren    
 
           
 
      Name: J. Matthew Dahlgren    
 
      Title: Vice President    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                MUIR GROVE CLO, LTD.    
 
           
 
  By:   Tall Tree Investment Management, LLC, as    
 
      Collateral Manager    
 
           
 
  By:   /s/ William D. Lenga    
 
           
 
      Name: William D. Lenga    
 
      Title: Officer    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                NATIONAL CITY BANK    
 
           
 
  By:   /s/ Christian Kalmbach    
 
           
 
      Name: Christian Kalmbach    
 
      Title: Managing Director    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                NAVIGATOR CDO 2004, LTD    
 
           
 
  By:   GE Asset Management Inc., as Collateral    
 
      Manager    
 
           
 
  By:   /s/ John Campos    
 
           
 
      Name: John Campos    
 
      Title: Authorized Signatory    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                NAVIGATOR CDO 2005, LTD    
 
           
 
  By:   GE Asset Management Inc., as Collateral    
 
      Manager    
 
           
 
  By:   /s/ John Campos    
 
           
 
      Name: John Campos    
 
      Title: Authorized Signatory    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                NEW YORK LIFE INSURANCE COMPANY    
 
           
 
  By:   /s/ Michelle P. Lim    
 
           
 
      Name: Michelle P. Lim    
 
      Title: Corporate Vice President    
 
                NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION    
 
           
 
  By:   New York Life Investment Management LLC, Its    
 
      Investment Manager    
 
           
 
  By:   /s/ Michelle P. Lim    
 
           
 
      Name: Michelle P. Lim    
 
      Title: Corporate Vice President    
 
                MAINSTAY VP FLOATING RATE PORTFOLIO,
A SERIES OF MAINSTAY VP SERIES FUND, INC.    
 
           
 
  By:   New York Life Investment Management LLC    
 
           
 
  By:   /s/ Michelle P. Lim    
 
           
 
      Name: Michelle P. Lim    
 
      Title: Corporate Vice President    
 
                NYLIM FLATIRON CLO 2003-1 LTD.    
 
           
 
  By:   New York Life Investment Management LLC,    
 
      as Collateral Manager and Attorney-in-Fact    
 
           
 
  By:   /s/ Michelle P. Lim    
 
           
 
      Name: Michelle P. Lim    
 
      Title: Corporate Vice President    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                NYLIM FLATIRON CLO 2004-1 LTD.    
 
           
 
  By:   New York Life Investment Management LLC,    
 
      as Collateral Manager and Attorney-in-Fact    
 
           
 
  By:   /s/ Michelle P. Lim    
 
           
 
      Name: Michelle P. Lim    
 
      Title: Corporate Vice President    
 
                NYLIM FLATIRON CLO 2005-1 LTD.    
 
           
 
  By:   New York Life Investment Management LLC,    
 
      as Collateral Manager and Attorney-in-Fact    
 
           
 
  By:   /s/ Michelle P. Lim    
 
           
 
      Name: Michelle P. Lim    
 
      Title: Corporate Vice President    
 
                NYLIM FLATIRON CLO 2006-1 LTD.    
 
           
 
  By:   New York Life Investment Management LLC,    
 
      as Collateral Manager and Attorney-in-Fact    
 
           
 
  By:   /s/ Michelle P. Lim    
 
           
 
      Name: Michelle P. Lim    
 
      Title: Corporate Vice President    
 
                SILVERADO CLO 2006-II LTD.    
 
           
 
  By:   New York Life Investment Management LLC,    
 
      as Portfolio Manager and Attorney-in-Fact    
 
           
 
  By:   /s/ Michelle P. Lim    
 
           
 
      Name: Michelle P. Lim    
 
      Title: Corporate Vice President    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                NEW YORK LIFE INSURANCE COMPANY
(GUARANTEED PRODUCTS)    
 
           
 
  By:   MacKay Shields LLC, as Investment Adviser and    
 
      not individually    
 
           
 
  By:   /s/ Dan Roberts    
 
           
 
      Name: Dan Roberts    
 
      Title: Sr. Managing Director    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                OCTAGON INVESTMENT PARTNERS VI, LTD.    
 
           
 
  By:   Octagon Credit Investors, LLC, as Collateral
Manager    
 
           
 
  By:   /s/ Margaret B. Harvey    
 
           
 
      Name: Margaret B. Harvey    
 
      Title: Senior Director    
 
                OCTAGON INVESTMENT PARTNERS VIII LTD.    
 
           
 
  By:   Octagon Credit Investors, LLC, as Collateral    
 
      Manager    
 
           
 
  By:   /s/ Margaret B. Harvey    
 
           
 
      Name: Margaret B. Harvey    
 
      Title: Senior Director    
 
                OCTAGON INVESTMENT PARTNERS IX LTD.    
 
           
 
  By:   Octagon Credit Investors, LLC, as Collateral    
 
      Manager    
 
           
 
  By:   /s/ Margaret B. Harvey    
 
           
 
      Name: Margaret B. Harvey    
 
      Title: Senior Director    
 
                OCTAGON INVESTMENT PARTNERS X LTD.    
 
           
 
  By:   Octagon Credit Investors, LLC, as Collateral    
 
      Manager    
 
           
 
  By:   /s/ Margaret B. Harvey    
 
           
 
      Name: Margaret B. Harvey    
 
      Title: Senior Director    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                OCTAGON INVESTMENT PARTNERS XI LTD.    
 
           
 
  By:   Octagon Credit Investors, LLC, as Collateral
Manager    
 
           
 
  By:   /s/ Margaret B. Harvey    
 
           
 
      Title: Senior Director    
 
                HAMLET II, LTD.    
 
           
 
  By:   Octagon Credit Investors, LLC, as Collateral    
 
      Manager    
 
           
 
  By:   /s/ Margaret B. Harvey    
 
           
 
      Name: Margaret B. Harvey    
 
      Title: Senior Director    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                ONE WALL STREET CLO II LTD.    
 
           
 
  By:   /s/ William Lemberg    
 
           
 
      Name: William Lemberg    
 
      Title: Senior Vice President    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                OWS CLO I LTD    
 
           
 
  By:   /s/ Margaret B. Harvey    
 
           
 
      Name: William Lemberg    
 
      Title: Senior Vice President    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                PEOPLE’S UNITED BANK (FORMERLY         KNOWN AS PEOPLE’S BANK)  
 
 
           
 
  By:   /s/ Francis J. McGinn    
 
           
 
      Name: Francis J. McGinn    
 
      Title: Vice President    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                JACKSON NATIONAL LIFE INSURANCE COMPANY    
 
           
 
  By:   PPM America, Inc., as Attorney-in-fact    
 
           
 
  By:   /s/ Chris Kappas    
 
           
 
      Name: Chris Kappas
Title: Managing Director    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                PUTNAM FLOATING RATE INCOME FUND    
 
           
 
  By:   /s/ Beth Mazor    
 
           
 
      Name: Beth Mazor
Title: Vice President    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                BOSTON HARBOR CLO 2004-1, LTD.    
 
           
 
  By:   /s/ Beth Mazor    
 
           
 
      Name: Beth Mazor    
 
      Title: Vice President    

 

--------------------------------------------------------------------------------

 

                  LENDERS:

REGATTA FUNDING LTD.    
 
           
 
  By:   Citigroup Alternative Investments LLC,    
 
      Attorney-in-fact    
 
           
 
  By:   /s/ Robert O’Brien    
 
           
 
      Name: Robert O’Brien    
 
      Title: Vice President    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                LMP CORPORATE LOAN FUND, INC.    
 
           
 
  By:   Citigroup Alternative Investments LLC    
 
           
 
  By:   /s/ Robert O’Brien    
 
           
 
      Name: Robert O’Brien    
 
      Title: Vice President    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                ROYAL BANK OF CANADA    
 
           
 
  By:   /s/ Mustafa Topiwalla    
 
           
 
      Name: Mustafa Topiwalla    
 
      Title: Authorized Signatory    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                SAN GABRIEL CLO I    
 
           
 
  By:   Churchill Pacific Asset Management LLC    
 
           
 
  By:   /s/ John M. Casparian    
 
           
 
      Name: John M. Casparian    
 
      Title: Co-President    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                CASTLE HILL II — INGOTS, LTD.    
 
           
 
  By:   Sankaty Advisors, LLC, as Collateral Manager    
 
           
 
  By:   /s/ Alan K. Halfenger    
 
           
 
      Name: Alan K. Halfenger    
 
      Title: Assistant Secretary    

 

--------------------------------------------------------------------------------

 

                  LENDERS:    
 
                CASTLE HILL III CLO, LIMITED    
 
           
 
  By:   Sankaty Advisors, LLC, as Collateral Manager    
 
           
 
  By:   /s/ Alan K. Halfenger    
 
           
 
      Name: Alan K. Halfenger    
 
      Title: Assistant Secretary    

 

--------------------------------------------------------------------------------

 

           
LENDERS:

RACE POINT IV CLO, LTD.

By: Sankaty Advisors, LLC, as Collateral Manager
      By:   /s/ Alan K. Halfenger         Name:   Alan K. Halfenger       
Title:   Assistant Secretary   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

SCOTIABANC INC.
      By:   /s/ J.F. Todd         Name:   J.F. Todd        Title:   Managing
Director   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

SF-3 SEGREGATED PORTFOLIO, A SEGREGATED PORTFOLIO OF SHIPROCK FINANCE, SPC, FOR
WHICH SHIPROCK FINANCE, SPC IS ACTING ON BEHALF OF AND FOR THE ACCOUNT OF SF-3
SEGREGATED PORTFOLIO       By:   /s/ Sean Brosnahan         Name:   Sean
Brosnahan        Title:   Assistant Vice President   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

STATE BANK OF INDIA
      By:   /s/ Prabodh Parikh         Name:   Prabodh Parikh        Title:  
Vice President & Head (Credit)   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

STONE TOWER CLO III LTD.

By: Stone Tower Debt Advisors LLC, as Its Collateral
       Manager
      By:   /s/ Michael W. DelPercio         Name:   Michael W. DelPercio       
Title:   Authorized Signatory   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

STONE TOWER CLO IV LTD.

By: Stone Tower Debt Advisors LLC, as Its Collateral
       Manager
      By:   /s/ Michael W. DelPercio         Name:   Michael W. DelPercio       
Title:   Authorized Signatory   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

STONE TOWER CLO V LTD.

By: Stone Tower Debt Advisors LLC, as Its Collateral
       Manager
      By:   /s/ Michael W. DelPercio         Name:   Michael W. DelPercio       
Title:   Authorized Signatory   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

STONE TOWER CLO VI LTD.

By: Stone Tower Debt Advisors LLC, as Its Collateral
       Manager
      By:   /s/ Michael W. DelPercio         Name:   Michael W. DelPercio       
Title:   Authorized Signatory   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

STONE TOWER CLO VII LTD.

By: Stone Tower Debt Advisors LLC, as Its Collateral
       Manager
      By:   /s/ Michael W. DelPercio         Name:   Michael W. DelPercio       
Title:   Authorized Signatory   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

GRANITE VENTURES, LTD.

By: Stone Tower Debt Advisors LLC, as Its Collateral
       Manager
      By:   /s/ Michael W. DelPercio         Name:   Michael W. DelPercio       
Title:   Authorized Signatory   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

CORNERSTONE CLO LTD.

By: Stone Tower Debt Advisors LLC, as Its Collateral
       Manager
      By:   /s/ Michael W. DelPercio         Name:   Michael W. DelPercio       
Title:   Authorized Signatory   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

SUMITOMO MITSUI BANKING CORPORATION
      By:   /s/ William M. Ginn         Name:   William M. Ginn        Title:  
Executive Officer   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

THE SUMITOMO TRUST AND BANKING CO., LTD., NEW YORK BRANCH
      By:   /s/ Frances E. Wynne         Name:   Frances E. Winne       
Title:   Senior Director   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

SUNTRUST BANK
      By:   /s/ Jill White         Name:   Jill White        Title:   Vice
President   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

T. ROWE PRICE INSTITUTIONAL FLOATING RATE FUND

By: T. Rowe Price Associates, Inc., as Investment Advisor
      By:   /s/ Jonathan D. Siegel         Name:   Jonathan D. Siegel       
Title:   Vice President   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

THE BANK OF NEW YORK MELLON
      By:   /s/ Reena Bhasin         Name:   Reena Bhasin        Title:   Vice
President   

 

--------------------------------------------------------------------------------

 

            LENDERS:

ONE WALL STREET CLO III LTD.
      By:   /s/ Dean Stephan         Name:   Dean Stephan        Title:  
Managing Director   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

THE BANK OF NOVA SCOTIA
      By:   /s/ Brenda S. Insull         Name:   Brenda S. Insull       
Title:   Authorized Signatory   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

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

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND
      By:   /s/ Elaine Crowley         Name:   Elaine Crowley        Title:  
Authorised Signatory     

                  By:   /s/ Caroline Sturley         Name:   Caroline Sturley   
    Title:   Authorized Signatory   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

THE NORINCHUKIN BANK, NEW YORK BRANCH
      By:   /s/ Kaoru Yamada         Name:   Kaoru Yamada        Title:   Joint
General Manager   

 

--------------------------------------------------------------------------------

 

         

            LENDERS:

THE ROYAL BANK OF SCOTLAND PLC
      By:   /s/ Andrew Wynn         Name:   Andrew Wynn        Title:   Managing
Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

TRIMARAN CLO IV LTD

By: Trimaran Advisors, L.L.C.
      By:   /s/ David M. Millison         Name:   David M. Millison       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

TRIMARAN CLO V LTD

By: Trimaran Advisors, L.L.C.
      By:   /s/ David M. Millison         Name:   David M. Millison       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

TRIMARAN CLO VI LTD

By: Trimaran Advisors, L.L.C.
      By:   /s/ David M. Millison         Name:   David M. Millison       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

TRIMARAN CLO VII LTD

By: Trimaran Advisors, L.L.C.
      By:   /s/ David M. Millison         Name:   David M. Millison       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

UNION BANK OF CALIFORNIA, N.A.
      By:   /s/ Pierre Bury         Name:   Pierre Bury        Title:   Vice
President     

 

--------------------------------------------------------------------------------

 

            LENDERS:

UNITED OVERSEAS BANK LIMITED, NEW YORK AGENCY
      By:   /s/ George Lim         Name:   George Lim        Title:   SVP & GM 
            By:   /s/ Mario Sheng         Name:   Mario Sheng        Title:  
AVP     

 

--------------------------------------------------------------------------------

 

            LENDERS:

U.S. BANK NATIONAL ASSOCIATION
      By:   /s/ Susan Bader         Name:   Susan Bader        Title:   Vice
President     

 

--------------------------------------------------------------------------------

 

            LENDERS:

VENTURE IV CDO LIMITED

By: MJX Asset Management LLC, Its Investment Advisor
      By:   /s/ Michael G. Regan         Name:   Michael G. Regan       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

VENTURE V CDO LIMITED

By: MJX Asset Management LLC, Its Investment Advisor
      By:   /s/ Michael G. Regan         Name:   Michael G. Regan       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

VENTURE VI CDO LIMITED

By: MJX Asset Management LLC, Its Investment Advisor
      By:   /s/ Michael G. Regan         Name:   Michael G. Regan       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

VENTURE VII CDO LIMITED

By: MJX Asset Management LLC, Its Investment Advisor
      By:   /s/ Michael G. Regan         Name:   Michael G. Regan       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

VENTURE VIII CDO LIMITED

By: MJX Asset Management LLC, Its Investment Advisor
      By:   /s/ Michael G. Regan         Name:   Michael G. Regan       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

VENTURE IX CDO LIMITED

By: MJX Asset Management LLC, Its Investment Advisor
      By:   /s/ Michael G. Regan         Name:   Michael G. Regan       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

VISTA LEVERAGED INCOME FUND

By: MJX Asset Management LLC, Its Investment Advisor
      By:   /s/ Michael G. Regan         Name:   Michael G. Regan       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

VIRTUS MULTI-SECTOR FIXED INCOME FUND
      By:   /s/ David J. Moskey         Name:   David J. Moskey        Title:  
Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

VIRTUS MULTI-SECTOR SHORT TERM FUND
      By:   /s/ David J. Moskey         Name:   David J. Moskey        Title:  
Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

PHOENIX EDGE SERIES FUND: PHOENIX STRATEGIC ALLOCATION SERIES
      By:   /s/ Daniel J. Moskey         Name:   Daniel J. Moskey       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

PHOENIX EDGE SERIES FUND: PHOENIX MULTI-SECTOR SHORT TERM BOND SERIES
      By:   /s/ Daniel J. Moskey         Name:   Daniel J. Moskey       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

PHOENIX EDGE SERIES FUND: PHOENIX MULTI-SECTOR FIXED INCOME SERIES
      By:   /s/ Daniel J. Moskey         Name:   Daniel J. Moskey       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

VIRTUS INCOME AND GROWTH FUND
      By:   /s/ Daniel J. Moskey         Name:   Daniel J. Moskey       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

VIRTUS BALANCED FUND
      By:   /s/ Daniel J. Moskey         Name:   Daniel J. Moskey       
Title:   Managing Director     

 

--------------------------------------------------------------------------------

 

            LENDERS:

WACHOVIA BANK, N.A.
      By:   /s/ Joe Mynatt         Name:   Joe Mynatt        Title:   Director,
Private Portfolio Management     

 

--------------------------------------------------------------------------------

 

            LENDERS:

WATERFRONT CLO 2007-1, LTD.

By: Grandview Capital Management, LLC, as Investment
       Manager
      By:   /s/ Kevin S. Buckle         Name:   Kevin S. Buckle        Title:  
Senior Vice President     

 

--------------------------------------------------------------------------------

 

            LENDERS:

WEBSTER BANK, NATIONAL ASSOCIATION
      By:   /s/ Christopher J. Motl         Name:   Christopher J. Motl       
Title:   Senior Vice President     

 

--------------------------------------------------------------------------------

 

            LENDERS:

WHITE HORSE V, LTD

By: WhiteHorse Capital Partners, L.P., as Collateral
       Manager

By: WhiteRock Asset Advisors LLC, Its G.P.
      By:   /s/ Ethan Underwood         Name:   Ethan Underwood        Title:  
Manager     

 

--------------------------------------------------------------------------------

 

            LENDERS:

WHITNEY NATIONAL BANK
      By:   /s/ John G. Scott        Name:   John G. Scott        Title:  
Senior Vice President     

 

--------------------------------------------------------------------------------

 

Exhibit A
[Form of Amended and Restated Pledge Agreement]
AMENDED AND RESTATED PLEDGE AGREEMENT
This AMENDED AND RESTATED PLEDGE AGREEMENT, dated as of [                    ],
[                    ] between LAMAR MEDIA CORP., a corporation duly organized
and validly existing under the laws of the State of Delaware (the “Company”);
the “SUBSIDIARY BORROWERS” that may be designated as such hereunder pursuant to
the below-referenced Credit Agreement (effective upon such designation, the
“Subsidiary Borrowers” and, together with the Company, the “Borrowers”); each of
the subsidiaries of the Company listed on the signature pages hereto under the
caption “INITIAL SUBSIDIARY GUARANTORS” (the “Initial Subsidiary Guarantors”);
each of the additional entities, if any, that becomes a “Subsidiary Guarantor”
hereunder as contemplated by Section 6.10 (each an “Additional Subsidiary
Guarantor” and together with the Initial Subsidiary Guarantors, the “Subsidiary
Guarantors”; the Subsidiary Guarantors together with the Borrowers, being herein
called the “Securing Parties”); and JPMorgan Chase Bank, N.A., as administrative
agent for the Lenders party to the Credit Agreement referred to below (in such
capacity, together with its successors in such capacity, the “Administrative
Agent”).
W I T N E S S E T H
          WHEREAS, the Securing Parties are parties to that certain Credit
Agreement dated as of September 30, 2005 (as heretofore modified and
supplemented and in effect on the date hereof, the “Existing Credit Agreement”)
providing, subject to the terms and conditions thereof, for extensions of credit
(including by means of the making of loans and the issuance of letters of
credit) to be made by the Lenders named therein (collectively, together with any
entity that becomes a “Lender” party to the Credit Agreement (as defined below)
after the date hereof as provided therein, the “Lenders” and, together with
Administrative Agent and any successors or assigns of any of the foregoing and,
in respect of Swap Agreements, any affiliate of any Lender, the “Secured
Parties”) to the Borrowers. In addition, the Borrowers may from time to time be
obligated to one or more of the Lenders (or their affiliates) under the Existing
Credit Agreement in respect of one or more Swap Agreements under and as defined
in the Existing Credit Agreement (collectively, the “Swap Agreements”).
          WHEREAS, pursuant to the Existing Credit Agreement, the Borrowers, the
Initial Subsidiary Guarantors and the Administrative Agent have executed and
delivered that certain Pledge Agreement dated as of September 30, 2005 (as
heretofore modified and supplemented and in effect on the date hereof, the
“Existing Pledge Agreement”).
          WHEREAS, concurrently with the execution and delivery of this
Agreement, the Borrowers, the Initial Subsidiary Guarantors, the lenders party
thereto and the Administrative Agent are entering into an Amendment No. 4 to the
Existing Credit Agreement, dated as of April 2, 2009 (“Amendment No. 4” and the
Existing Credit Agreement, as amended thereby and as further modified and
supplemented and in effect from time to time, the “Credit Agreement”), providing
for certain amendments to be made to the Existing Credit Agreement and for the
amendment and restatement of the Existing Pledge Agreement.

 

--------------------------------------------------------------------------------

 

          WHEREAS, as a condition precedent to the effectiveness of Amendment
No. 4, the parties hereto have agreed to amend the Existing Pledge Agreement in
certain respects and to restate the Existing Pledge Agreement as so amended in
its entirety as provided herein below;
          WHEREAS, to induce the Secured Parties to enter into the Credit
Agreement and Amendment No. 4, and to extend credit under the Credit Agreement
and to extend credit to the Borrowers under Swap Agreements, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Securing Parties have agreed to pledge and grant a security
interest in the Collateral (as so defined) as security for the Secured
Obligations (as so defined).
          NOW, THEREFORE, in consideration for the mutual conditions and
agreements set forth herein, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree that the Existing Pledge Agreement shall be amended and restated as
follows:
ARTICLE I
DEFINITIONS
          SECTION 1. Defined Terms. Terms defined in the Credit Agreement are
used herein as defined therein. In addition, as used herein:
          1.01 Certain Uniform Commercial Code Terms. As used herein, the terms
“Accession”, “Account”, “As-Extracted Collateral”, “Chattel Paper”, “Commercial
Tort Claims”, “Commodity Account”, “Commodity Contract”, “Deposit Account”,
“Document”, “Electronic Chattel Paper”, “Equipment”, “Fixture”, “General
Intangible”, “Goods”, “Instrument”, “Inventory”, “Investment Property”,
“Letter-of-Credit Right”, “Payment Intangible”, “Proceeds”, “Promissory Note”,
“Software” and “Tangible Chattel Paper” have the respective meanings set forth
in Article 9 of the NYUCC, and the terms “Certificated Security”, “Entitlement
Holder”, “Financial Asset”, “Instruction”, “Securities Account”, “Security”,
“Security Certificate”, “Security Entitlement” and “Uncertificated Security”
have the respective meanings set forth in Article 8 of the NYUCC.
          1.02 Additional Definitions. In addition, as used herein:
          “Ad America Note” has the meaning assigned to such term in Annex 4.
          “Collateral” has the meaning assigned to such term in Article III.
          “Collateral Account” has the meaning assigned to such term in
Section 4.01.
          “Controlled Account” means a Deposit Account or a Securities Account
of any Obligor, in each case subject to a control agreement in favor of the
Administrative Agent pursuant to which the Administrative Agent shall have
“control” (within the meaning of Sections 9-104 or 9-106, as applicable, of the
UCC) of such Deposit Account or Securities Account, as applicable.
          “Copyright Collateral” means all Copyrights, whether now owned or
hereafter acquired by any Securing Party.
          “Copyrights” means all copyrights, copyright registrations and
applications for copyright registrations, including all renewals and extensions
thereof, all rights to recover for past, present or future infringements thereof
and all other rights whatsoever accruing thereunder or pertaining thereto.

2

--------------------------------------------------------------------------------

 

          “Equity Collateral” has the meaning assigned to such term in clause
(l) of Article III.
          “Intellectual Property” means, collectively, all Copyright Collateral,
all Patent Collateral and all Trademark Collateral, together with (a) all
inventions, processes, production methods, proprietary information, know-how and
trade secrets; (b) all licenses or user or other agreements granted to any
Securing Party with respect to any of the foregoing, in each case whether now or
hereafter owned or used; (c) all information, customer lists, identification of
suppliers, data, plans, blueprints, specifications, designs, drawings, recorded
knowledge, surveys, engineering reports, test reports, manuals, materials
standards, processing standards, performance standards, catalogs, computer and
automatic machinery software and programs; (d) all field repair data, sales data
and other information relating to sales or service of products now or hereafter
manufactured; (e) all accounting information and all media in which or on which
any information or knowledge or data or records may be recorded or stored and
all computer programs used for the compilation or printout of such information,
knowledge, records or data; (f) all licenses, consents, permits, variances,
certifications and approvals of governmental agencies now or hereafter held by
any Securing Party; and (g) all causes of action, claims and warranties now or
hereafter owned or acquired by any Securing Party in respect of any of the items
listed above.
          “Issuers” means, collectively, (a) the respective corporations,
partnerships or other entities identified next to the names of the Securing
Parties on Annex 1 (Part 2) under the caption “Issuer” and (b) any other entity
that shall at any time be a subsidiary of any of the Securing Parties.
          “Motor Vehicles” means motor vehicles, tractors, trailers and other
like property, if the title thereto is governed by a certificate of title or
ownership.
          “NYUCC” means the Uniform Commercial Code as in effect from time to
time in the State of New York.
          “Patent Collateral” means all Patents, whether now owned or hereafter
acquired by any Securing Party, and all income, royalties, damages and payments
now or hereafter due and/or payable under or with respect thereto.
          “Patents” means all patents and patent applications, including the
inventions and improvements described and claimed therein together with the
reissues, divisions, continuations, renewals, extensions and
continuations-in-part thereof, all income, royalties, damages and payments now
or hereafter due and/or payable with respect thereto, all damages and payments
for past or future infringements thereof and rights to sue therefor, and all
rights corresponding thereto throughout the world.
          “Pledged Equity” has the meaning assigned to such term in paragraph
(j) of Article III.
          “Secured Obligations” means, collectively, (a) in the case of the
Company, the principal of and interest on the Loans made by the Lenders to the
Borrowers (including without limitation, the Incremental Loans), all LC
Disbursements and all other amounts from time to time owing to the Secured
Parties by the Company under the Credit Agreement (including, without
limitation, in respect of its Guarantee under Article III of the Credit
Agreement) or any Swap Agreement, (b) in the case of a Subsidiary Borrower, the
principal of and interest on the Loans made by the Lenders to such Subsidiary
Borrower and all other amounts from time to time owing to the Secured Parties by
such Subsidiary Borrower under the Credit Agreement or any Swap Agreement,
(c) in the case of each Subsidiary Guarantor, all obligations of such Subsidiary
Guarantor under the Credit Agreement (including, without limitation, in respect
of its Guarantee under Article III of the Credit Agreement), (d) in the case of
each Securing Party, all other obligations of such Securing Party to the Secured
Parties and the Administrative

3

--------------------------------------------------------------------------------

 

Agent hereunder and under the Loan documents, and (e) in the case of each of the
foregoing, including all interest thereon and expenses related thereto,
including any interest or expenses accruing or arising after the commencement of
any case with respect to the Borrower under the United States Bankruptcy Code or
any other bankruptcy or insolvency law (whether or not such interest or expenses
are allowed or allowable as a claim in whole or in part in such case). For
purposes hereof, it is understood any Secured Obligations to a Person arising
under a Swap Agreement entered into at the time such Person (or an affiliate
thereof) is a “Lender” party to the Credit Agreement shall nevertheless continue
to constitute Secured Obligations for purposes hereof, notwithstanding that such
Person (or its affiliate) may have assigned all of its Loans and other interests
in the Credit Agreement and, therefor, at the time a claim is to be made in
respect of such Secured Obligations, such Person (or its affiliate) is no longer
a “Lender” party to the Credit Agreement; provided that such Person shall not be
entitled to the benefits of this Section unless, at the time it ceased to be a
“Lender” party to the Credit Agreement, it shall have notified the
Administrative Agent of the existence of such Swap Agreement.
          “Trademark Collateral” means all Trademarks, whether now owned or
hereafter acquired by any Securing Party, together, in each case, with the
product lines and goodwill of the business connected with the use of, and
symbolized by, each such trade name, trademark and service mark. Notwithstanding
the foregoing, the Trademark Collateral does not and shall not include any
Trademark that would be rendered invalid, abandoned, void or unenforceable by
reason of its being included as part of the Trademark Collateral.
          “Trademarks” means all trade names, trademarks and service marks,
logos, trademark and service mark registrations, and applications for trademark
and service mark registrations, including all renewals of trademark and service
mark registrations, all rights to recover for all past, present and future
infringements thereof and all rights to sue therefor, and all rights
corresponding thereto throughout the world.
          “Uniform Commercial Code” means the Uniform Commercial Code as in
effect from time to time in the State of New York.
          SECTION 1.02. Terms Generally. The definitions of terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms. The words “include”, “includes” and “including” shall
be deemed to be followed by the phrase “without limitation”. The word “will”
shall be construed to have the same meaning and effect as the word “shall”.
Unless the context requires otherwise (a) any definition of or reference to any
agreement, instrument or other document herein shall be construed as referring
to such agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference
herein to any Person shall be construed to include such Person’s successors and
assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar
import, shall be construed to refer to this Agreement in its entirety and not to
any particular provision hereof, (d) all references herein to Articles, Sections
and Exhibits shall be construed to refer to Articles and Sections of, and
Exhibits to, this Agreement and (e) the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, securities,
accounts and contract rights.

4

--------------------------------------------------------------------------------

 

ARTICLE II
REPRESENTATIONS AND WARRANTIES
          Each Securing Party represents and warrants to each Secured Party
that:
          SECTION 2.01. Enforceability, Etc. This Agreement has been duly
executed and delivered by such Securing Party and constitutes, a legal, valid
and binding obligation of such Securing Party, enforceable against such Securing
Party in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether
considered in a proceeding in equity or at law.
          SECTION 2.02. Title and Priority. Such Securing Party is the sole
beneficial owner of the Collateral in which it purports to grant a security
interest pursuant to Article III and no Lien exists or will exist upon such
Collateral at any time (and no right or option to acquire the same exists in
favor of any other Person), except for Liens permitted under Section 7.02 of the
Credit Agreement and except for the pledge and security interest in favor of the
Administrative Agent for the benefit of the Secured Parties created or provided
for herein, which pledge and security interest will, upon perfection under the
applicable provisions of the Uniform Commercial Code (but subject in any event
to such Liens permitted under said Section 7.02) constitute a valid, first
priority perfected pledge and security interest in and to all of such
Collateral, to the extent such pledge and security interest can be perfected
under the Uniform Commercial Code.
          SECTION 2.03. Names, Etc.
          (i) The full and correct legal name, type of organization,
jurisdiction of organization, organizational ID number (if applicable) and
mailing address of each Securing Party as of the date hereof are correctly set
forth in Annex 2.
          (ii) Annex 2 correctly specifies the place of business of each
Securing Party or, if such Securing Party has more than one place of business,
the location of the chief executive office of such Securing Party.
          SECTION 2.04. Changes in Circumstances. Such Securing Party has not
(i) within the period of four months prior to the date hereof, changed its
location (as defined in Section 9-307 of the UCC), (ii) except as specified in
Annex 2, heretofore changed its name, or (iii) except as specified in Annex 3,
heretofore become a “new debtor” (as defined in Section 9-102(a)(56) of the UCC)
with respect to a currently effective security agreement previously entered into
by any other Person.
          SECTION 2.05. Pledged Equity. The Pledged Equity identified under the
name of such Securing Party in Annex 1 (Part 2) is, and all other Pledged Equity
in which such Securing Party shall hereafter grant a security interest pursuant
to Article III will be, duly authorized, validly existing, fully paid and
non-assessable (in the case of any equity interest in a corporation) and duly
issued and outstanding (in the case of any equity interest in any other entity),
and none of such Pledged Equity is or will be subject to any contractual
restriction, or any restriction under the charter, by-laws, partnership
agreement or other organizational document of the respective Issuer of such
Pledged Equity, upon the transfer of such Pledged Equity (except for any such
restriction contained herein or identified in Annex 1 (Part 1)).

5

--------------------------------------------------------------------------------

 

          The Pledged Equity identified under the name of such Securing Party in
Annex 1 (Part 2) constitutes all of the issued and outstanding shares of capital
stock, partnership or other ownership interest of any class or character of the
Issuers (and, in the case of Foreign Subsidiaries, 65% of the voting common
stock thereof and 100% of any other capital stock thereof) beneficially owned by
such Securing Party on the date hereof (whether or not registered in the name of
such Securing Party) and Annex 1 (Part 2) correctly identifies, as at the date
hereof, the respective Issuers of such Pledged Equity and (in the case of any
corporate Issuer) the respective class and par value of the shares comprising
such Pledged Equity and the respective number of shares (and registered owners
thereof) represented by each such certificate.
          SECTION 2.06. Promissory Notes. Annex 4 sets forth a complete and
correct list of all Promissory Notes (other than any held in a Securities
Account referred to in Annex 5) held by any Securing Party on the date hereof
having an aggregate principal amount in excess of $500,000.
          SECTION 2.07. Deposit Accounts and Securities Accounts. Annex 5 sets
forth a complete and correct list of all Deposit Accounts, Securities Accounts
and Commodity Accounts of any Securing Party that are required on the date
hereof to be Controlled Accounts pursuant to Section 5.01(d).
          SECTION 2.08. Commercial Tort Claims. Annex 6 sets forth a complete
and correct list of any Commercial Tort Claim of any Securing Party in existence
on the date hereof having an estimated fair market value exceeding $250,000.
          SECTION 2.09. Fair Labor Standards Act. Any goods now or hereafter
produced by such Securing Party or any of its Subsidiaries included in the
Collateral have been and will be produced in material compliance with the
requirements of the Fair Labor Standards Act, as amended.
ARTICLE III
COLLATERAL
          As collateral security for the prompt payment in full when due
(whether at stated maturity, by acceleration or otherwise) of the Secured
Obligations, whether now existing or hereafter from time to time arising, each
Securing Party hereby pledges and grants to the Administrative Agent, for the
benefit of the Secured Parties as hereinafter provided, a security interest (and
hereby confirms the pledge and grant of the security interest made by it in the
Existing Pledge Agreement) in all of such Securing Party’s right, title and
interest, to and under the following property, assets and revenues, whether now
owned by such Securing Party or hereafter acquired and whether now existing or
hereafter coming into existence (all of the property, assets and revenues
described in this Article III being collectively referred to herein as the
“Collateral”):
          (a) all Accounts:
          (b) all As-Extracted Collateral;
          (c) all Chattel Paper;
          (d) all Deposit Accounts;
          (e) all Documents;

6

--------------------------------------------------------------------------------

 

          (f) all Equipment;
          (g) all Fixtures;
          (h) all General Intangibles;
          (i) all Goods not covered by the other clauses of this Article III;
     (j) the shares of common and preferred stock of, or partnership and other
ownership interest in, the Issuers identified in Annex 1 (Part 2) next to the
name of such Securing Party (as the same shall be supplemented from time to time
under a Joinder Agreement executed pursuant to Section 6.10) and all other
shares of capital stock, or partnership or other ownership interest, of whatever
class or character of the Issuers, now or hereafter owned by such Securing
Party, in each case together with the certificates evidencing the same
(collectively, the “Pledged Equity”);
     (k) all shares, securities, moneys or property representing a dividend on
any of the Pledged Equity, or representing a distribution or return of capital
upon or in respect of the Pledged Equity, or resulting from a split up,
revision, reclassification or other like change of the Pledged Equity or
otherwise received in exchange therefor, and any subscription warrants, rights
or options issued to the holders of, or otherwise in respect of, the Pledged
Equity; and
     (l) without affecting the obligations of such Securing Party under any
provision prohibiting such action hereunder or under the Credit Agreement, in
the event of any consolidation or merger in which an Issuer is not the surviving
entity, all ownership interests of any class or character of the successor
entity (unless such successor entity is such Securing Party itself) formed by or
resulting from such consolidation or merger (the Pledged Equity, together with
all other certificates, shares, securities, properties or moneys as may from
time to time be pledged hereunder pursuant to clause (j) or (k) above and this
clause (l) being herein collectively called the “Equity Collateral”);
          (m) all Instruments, including all Promissory Notes;
          (n) all Intellectual Property;
          (o) all Inventory;
     (p) all Investment Property not covered by other clauses of this
Article III, including all Securities, all Securities Accounts and all Security
Entitlements with respect thereto and Financial Assets carried therein, and all
Commodity Accounts and Commodity Contracts;
     (q) all Letter-of-Credit Rights;
     (r) all Commercial Tort Claims arising out of the events described in
Annex 6;
     (s) all other tangible and intangible personal property whatsoever of such
Securing Party; and

7

--------------------------------------------------------------------------------

 

     (t) all Proceeds of any of the Collateral, all Accessions to and
substitutions and replacements for, any of the Collateral, and all offspring,
rents, profits and products of any of the Collateral, and, to the extent related
to any Collateral, all books, correspondence, credit files, records, invoices
and other papers (including all tapes, cards, computer runs and other papers and
documents in the possession or under the control of such Securing Party or any
computer bureau or service company from time to time acting for such Securing
Party),
provided that (i) in the case of any of the foregoing that consists of general
or limited partnership interests in a general or limited partnership, the
security interest hereunder shall be deemed to be created only to the maximum
extent permitted under the applicable organizational instrument pursuant to
which such partnership is formed, (ii) in no event shall the security interest
granted under this Article III attach to any lease, license, contract, property
rights or agreement to which any Securing Party is a party (or to any of its
rights or interests thereunder) if the grant of such security interest would
constitute or result in either (x) the abandonment, invalidation or
unenforceability of any right, title or interest of any Securing Party therein
or (y) in a breach or termination pursuant to the terms of, or a default under,
any such lease, license, contract, property rights or agreement (other than to
the extent that any such term would be rendered ineffective by Section 9-406,
9-407, 9-408 or 9-409 of the Uniform Commercial Code as in effect in the
relevant jurisdiction), and (iii) in the case of any of the foregoing that
consists of capital stock in any Non-Guarantor Restricted Foreign Subsidiary,
the security interest hereunder shall be limited to 65% of the voting common
stock of such Subsidiary and 100% of any other capital stock of such
Subsidiary).
ARTICLE IV
COLLATERAL ACCOUNT
          SECTION 4.01. Establishment of Collateral Account. Each of the
Securing Parties hereby establishes with the Administrative Agent a cash
collateral account (the “Collateral Account”), which
     (i) to the extent of all Investment Property or Financial Assets (other
than cash) shall be a “securities account” (as defined in Section 8-501 of the
UCC) in respect of which the Administrative Agent shall be the “entitlement
holder” (as defined in Section 8-102(a)(7) of the UCC) and
     (ii) to the extent of any cash, shall be a Deposit Account,
and which shall be in the name and under the control of the Administrative Agent
and into which there shall be deposited from time to time such amounts as are
required to be paid to the Administrative Agent under Section 2.04(i) of the
Credit Agreement. As collateral security for the prompt payment in full when due
of such Securing Parties’ obligations in the first instance in respect of LC
Exposure and, after the payment in full of all LC Exposure and the termination
or expiration of all Letters of Credit, for all other Secured Obligations of
such Securing Party, each of the Securing Parties hereby pledges and grants to
the Administrative Agent, for the benefit of the Secured Parties as provided
herein, a security interest in all of its right, title and interest in and to
the Collateral Account and the balance from time to time in the Collateral
Account (including the investments and reinvestments therein provided for
below). The balance from time to time in the Collateral Account shall not
constitute payment of any Secured Obligations until applied by the
Administrative Agent as provided herein. Anything in this Agreement to the
contrary notwithstanding, funds held in the Collateral Account shall be subject
to withdrawal only as provided in this Article IV.

8

--------------------------------------------------------------------------------

 

          SECTION 4.02. Investments. Amounts on deposit in the Collateral
Account shall be invested and reinvested by the Administrative Agent in such
Permitted Investments as the Securing Parties shall determine in their sole
discretion, provided that (i) failing receipt by the Administrative Agent of
instructions from the Securing Parties, the Administrative Agent may invest and
reinvest such amounts in such Permitted Investments as the Administrative Agent
shall determine in its sole discretion and (ii) the approval of the
Administrative Agent shall be required for the investments and reinvestments to
be made during any period while a Default has occurred and is continuing. All
such investments and reinvestments shall be held in the name and be under the
control of the Administrative Agent.
          SECTION 4.03. Application. If an Event of Default shall have occurred
and be continuing, the Administrative Agent may (and, if instructed by the
Required Lenders, shall) in its (or their) discretion at any time and from time
to time elect to liquidate any such investments and reinvestments and credit the
proceeds thereof to the Collateral Account and apply or cause to be applied such
proceeds and any other balances in the Collateral Account to the payment of any
of the Secured Obligations due and payable. If (i) no Event of Default has
occurred and is continuing and (ii) all of the Secured Obligations have been
paid in full, the Administrative Agent shall, from time to time, at the request
of the Securing Parties, deliver to the Securing Parties, against receipt but
without any recourse, warranty or representation whatsoever, such of the
balances in the Collateral Account as exceed the then- outstanding LC Exposure,
provided that, in any event, when all of the Secured Obligations shall have been
paid in full and all Letters of Credit have expired or been terminated, the
Administrative Agent shall promptly deliver to the Securing Parties, against
receipt but without any recourse, warranty or representation whatsoever, the
balance remaining in the Collateral Account.
          SECTION 4.04. Fees. Each of the Securing Parties shall pay to the
Administrative Agent from time to time such fees as the Administrative Agent
normally charges for similar services in connection with the Administrative
Agent’s administration of the Collateral Account and investments and
reinvestments of funds therein.
ARTICLE V
FURTHER ASSURANCES; REMEDIES
          In furtherance of the grant of the pledge and security interest
pursuant to Article III, each Securing Party hereby agrees with each Secured
Party as follows:
          SECTION 5.01. Delivery and Other Perfection. Such Securing Party shall
promptly from time to time give, execute, deliver, file, record, authorize or
obtain all such financing statements, continuation statements, notices,
instruments, documents, agreements or consents or other papers as may be
necessary or desirable in the judgment of the Administrative Agent to create,
preserve, perfect, maintain the perfection of or validate the security interest
granted pursuant hereto or to enable the Administrative Agent to exercise and
enforce its rights hereunder with respect to such security interest, and without
limiting the foregoing, shall:
     (a) if any of the shares, securities, moneys or property required to be
pledged by such Securing Party pursuant to Article III are received by such
Securing Party, forthwith either (x) transfer and deliver to the Administrative
Agent such shares or securities or instruments representing or evidencing the
same, so received by such Securing Party (together with the certificates for any
such shares and securities duly endorsed in blank or accompanied by such
instruments of assignment and transfer in such form and substance as the
Administrative Agent may reasonably request), all of which thereafter shall be
held by the Administrative Agent, pursuant to the terms of this Agreement, as
part of the Collateral or (y) take such other action as

9

--------------------------------------------------------------------------------

 

the Administrative Agent reasonably shall deem necessary or appropriate to duly
record the Lien created hereunder in such shares, securities, moneys or property
in said Article III;
     (b) give, execute, deliver, file, record, authorize or obtain any financing
statement, notice, instrument, document, agreement or consent or other papers
that may be necessary or desirable (in the reasonable judgment of the
Administrative Agent) to create, preserve, perfect or validate the security
interest granted pursuant hereto or to enable the Administrative Agent to
exercise and enforce its rights hereunder with respect to such pledge and
security interest, including causing any or all of the Collateral to be
transferred of record into the name of the Administrative Agent or its nominee
(and the Administrative Agent agrees that if any Collateral is transferred into
its name or the name of its nominee, the Administrative Agent will thereafter
promptly give to such Securing Party copies of any notices and communications
received by it with respect to the Collateral);
     (c) promptly from time to time deliver to the Administrative Agent any and
all Instruments constituting part of the Collateral, endorsed and/or accompanied
by such instruments of assignment and transfer in such form and substance as the
Administrative Agent may request; provided that (i) with respect to the Ad
America Note, the Securing Parties shall only be required to use their
commercially reasonable efforts for 45 days after the date hereof to deliver an
original thereof to the Administrative Agent, and (ii) so long as no Default
shall have occurred and be continuing, the Securing Party may retain for
collection in the ordinary course any Instruments received by the Securing Party
in the ordinary course of business and the Administrative Agent shall, promptly
upon request of the Securing Party, make appropriate arrangements for making any
Instrument delivered by the Securing Party available to the Securing Party for
purposes of presentation, collection or renewal (any such arrangement to be
effected, to the extent requested by the Administrative Agent, against trust
receipt or like document);
     (d) promptly from time to time enter into such control and other
agreements, each in form and substance reasonably acceptable to the
Administrative Agent, as may be required to establish “control” (within the
meaning of Sections 9-104, 9-105, 9-106 and 9-107, as applicable, of the UCC) of
the security interest created hereby in any and all Deposit Accounts, Investment
Property, Electronic Chattel Paper and Letter-of-Credit Rights, and will
promptly furnish to the Administrative Agent true copies thereof, provided that
(X) the Securing Parties shall not be required to establish “control” (within
the meaning of Section 9-104 of the UCC) of (i) petty-cash bank checking
accounts used to fund day-to-day operating expenses in the ordinary course of
business of the Company and its Subsidiaries and with respect to which no
customer collections are deposited, (ii) “Logos business” checking accounts with
respect to which substantially all of the amounts deposited therein are
subsequently transferred within 30 days to a Controlled Account, (iii) the
deposit account number 686997867 referred to as the “Lamar Employee Disaster
Relief Fund” and maintained at JPMorgan Chase Bank, N.A., (iv) Deposit Accounts
established by any Obligor in connection with such Obligor’s procurement of new
business to the extent that such Deposit Accounts are required (in the
commercially reasonably judgment of such Obligor) in connection with such
procurement, (v) Deposit Accounts held by any Securing Party that is a Foreign
Subsidiary and (vi) Deposit Accounts with respect to which the aggregate
outstanding balance in all such Deposit Accounts at no time exceeds $500,000,
and (Y) the Securing Parties shall have until the date 75 days after the date
hereof to deliver a control agreement in favor of the Administrative Agent
pursuant to which the Administrative Agent shall have “control” (within the
meaning of Section 9-104 of the UCC) of the Deposit Account listed in Annex 5
and maintained at Whitney National Bank;

10

--------------------------------------------------------------------------------

 

     (e) keep full and accurate books and records relating to the Collateral,
and stamp or otherwise mark such books and records in such manner as the
Administrative Agent may reasonably require in order to reflect the security
interests granted by this Agreement; and
     (f) permit representatives of the Administrative Agent, upon reasonable
notice, at any time during normal business hours to inspect and make abstracts
from its books and records pertaining to the Collateral, and permit
representatives of the Administrative Agent to be present at such Securing
Party’s place of business to receive copies of all communications and
remittances relating to the Collateral, and forward copies of any notices or
communications received by such Securing Party with respect to the Collateral,
all in such manner as the Administrative Agent may reasonably require;
provided that, notwithstanding anything herein to the contrary, (i) no Securing
Party shall be required to “perfect” the security interest granted by it
hereunder in any Motor Vehicles and (ii) no Subsidiary Borrower that is a
Foreign Subsidiary shall be required to take any actions under the laws of its
jurisdiction of organization to “perfect” (or the local-jurisdiction equivalent)
the security interest granted by it hereunder.
          SECTION 5.02. Other Financing Statements and Liens. Except as
otherwise permitted under Section 7.02 of the Credit Agreement, without the
prior written consent of the Administrative Agent (granted with the
authorization of the Required Lenders), no Securing Party shall (a) file or
suffer to be on file, or authorize or permit to be filed or to be on file, in
any jurisdiction, any financing statement or like instrument with respect to the
Collateral in which the Administrative Agent is not named as the sole secured
party for the benefit of the Secured Parties or (b) cause or permit any Person
other than the Administrative Agent to have “control” (as defined in Sections
9-104, 9-105, 9-106 and 9-107, as applicable, of the UCC) of the Collateral
Account or any Deposit Account, Electronic Chattel Paper, Investment Property or
Letter-of-Credit Right constituting part of the Collateral.
          SECTION 5.03. Preservation of Rights. The Administrative Agent shall
not be required to take steps necessary to preserve any rights against prior
parties to any of the Collateral.
          SECTION 5.04. Special Provisions Relating to Certain Collateral.
          (a) Equity Collateral
     (i) So long as no Event of Default shall have occurred and be continuing,
each Securing Party shall have the right to exercise all voting, consensual and
other powers of ownership pertaining to the Equity Collateral for all purposes
not inconsistent with the terms of this Agreement, the other Loan Documents or
any other instrument or agreement referred to herein or therein, provided that
such Securing Party agrees that it will not vote the Equity Collateral in any
manner that is inconsistent with the terms of this Agreement, the other Loan
Documents or any such other instrument or agreement; and the Administrative
Agent shall execute and deliver to such Securing Party or cause to be executed
and delivered to such Securing Party all such proxies, powers of attorney,
dividend and other orders, and all such instruments, without recourse, as such
Securing Party may reasonably request for the purpose of enabling such Securing
Party to exercise the rights and powers that it is entitled to exercise pursuant
to this Section 5.04(a).
     (ii) Unless and until an Event of Default has occurred and is continuing,
such Securing Party shall, subject to Article V, be entitled to receive and
retain any dividends, distributions or proceeds in respect of the Equity
Collateral.

11

--------------------------------------------------------------------------------

 

     (iii) If any Event of Default shall have occurred, then so long as such
Event of Default shall continue, and whether or not the Administrative Agent or
any Lender exercises any available right to declare any Secured Obligation due
and payable or seeks or pursues any other relief or remedy available to it under
applicable law or under this Agreement, the Credit Agreement or any other
agreement relating to such Secured Obligation, all dividends and other
distributions on the Equity Collateral shall, if requested by the Administrative
Agent in writing, be paid directly to the Administrative Agent and retained by
it in the Collateral Account as part of the Equity Collateral, subject to the
terms of this Agreement, and, if the Administrative Agent shall so request in
writing, each Securing Party agrees to execute and deliver to the Administrative
Agent appropriate additional dividend, distribution and other orders and
documents to that end, provided that if such Event of Default is cured, any such
dividend or distribution theretofore paid to the Administrative Agent shall,
upon request of any Securing Party (except to the extent theretofore applied to
the Secured Obligations), be returned by the Administrative Agent to such
Securing Party.
     (b) Intellectual Property.
     (i) For the purpose of enabling the Administrative Agent to exercise rights
and remedies under Section 5.05 at such time as the Administrative Agent shall
be lawfully entitled to exercise such rights and remedies, and for no other
purpose, each Securing Party hereby grants to the Administrative Agent, to the
extent assignable, an irrevocable, non-exclusive license (exercisable without
payment of royalty or other compensation to such Securing Party) to use, assign,
license or sublicense any of the Intellectual Property now owned or hereafter
acquired by such Securing Party, wherever the same may be located, including in
such license reasonable access to all media in which any of the licensed items
may be recorded or stored and to all computer programs used for the compilation
or printout thereof.
     (ii) Notwithstanding anything contained herein to the contrary, but subject
to any provision of the Loan Documents that limit the rights of the Securing
Parties to dispose of their property, so long as no Event of Default shall have
occurred and be continuing, the Securing Parties will be permitted to exploit,
use, enjoy, protect, license, sublicense, assign, sell, dispose of or take other
actions with respect to the Intellectual Property in the ordinary course of the
business of the Securing Parties. In furtherance of the foregoing, so long as no
Event of Default shall have occurred and be continuing, the Administrative Agent
shall from time to time, upon the request of the respective Securing Party
(through the Company), execute and deliver any instruments, certificates or
other documents, in the form so requested, that such Securing Party (through the
Company) shall have certified are appropriate in its judgment to allow it to
take any action permitted above (including relinquishment of the license
provided pursuant to clause (i) immediately above as to any specific
Intellectual Property). Further, upon the payment in full of all of the Secured
Obligations and cancellation or termination of the Commitments and LC Exposure,
or earlier expiration of this Agreement or release of the Collateral, the
Administrative Agent shall grant back to the Securing Parties the license
granted pursuant to clause (i) immediately above. The exercise of rights and
remedies under Section 5.05 by the Administrative Agent shall not terminate the
rights of the holders of any licenses or sublicenses theretofore granted by the
Securing Parties in accordance with the first sentence of this clause (ii).
     (c) Chattel Paper. The Securing Parties will (i) deliver to the
Administrative Agent each original of each item of Chattel Paper at any time
constituting part of the Collateral, and (ii) cause each such original and each
copy thereof to bear a conspicuous legend, in form and substance reasonably
satisfactory to the Administrative Agent, indicating that such Chattel Paper

12

--------------------------------------------------------------------------------

 

is subject to the security interest granted hereby and that purchase of such
Chattel Paper by a Person other than the Administrative Agent without the
consent of the Administrative Agent would violate the rights of the
Administrative Agent.
     (d) Deposit Accounts and Securities Accounts. No Securing Party shall at
any time establish or maintain any Deposit Account, Securities Account and
Commodity Account that is not subject to a control agreement in form and
substance reasonably acceptable to the Administrative Agent, other than Deposit
Accounts not required to be subject to “control” pursuant to the proviso in
Section 5.01(d).
          SECTION 5.05. Remedies.
     (a) Events of Default, Etc. During the period during which an Event of
Default shall have occurred and be continuing, the Administrative Agent shall
have all of the rights and remedies with respect to the Collateral of a secured
party under the Uniform Commercial Code (whether or not said Code is in effect
in the jurisdiction where the rights and remedies are asserted) and such
additional rights and remedies to which a secured party is entitled under the
laws in effect in any jurisdiction where any rights and remedies hereunder may
be asserted, including the right, to the maximum extent permitted by law, to
exercise all voting, consensual and other powers of ownership pertaining to the
Collateral as if the Administrative Agent were the sole and absolute owner
thereof (and each Securing Party agrees to take all such action as may be
appropriate to give effect to such right); and without limiting the foregoing:
     (i) the Administrative Agent in its discretion may, in its name or in the
name of the Securing Parties or otherwise, demand, sue for, collect or receive
any money or property at any time payable or receivable on account of or in
exchange for any of the Collateral, but shall be under no obligation to do so;
     (ii) the Administrative Agent may make any reasonable compromise or
settlement deemed desirable with respect to any of the Collateral and may extend
the time of payment, arrange for payment in installments, or otherwise modify
the terms of, any of the Collateral;
     (iii) the Administrative Agent may require the Securing Parties to notify
(and each Securing Party hereby authorizes the Administrative Agent so to
notify) each account debtor in respect of any Account, Chattel Paper or General
Intangible, and each obligor on any Instrument, constituting part of the
Collateral that such Collateral has been assigned to the Administrative Agent
hereunder, and to instruct that any payments due or to become due in respect of
such Collateral shall be made directly to the Administrative Agent or as it may
direct (and if any such payments, or any other Proceeds of Collateral, are
received by any Securing Party they shall be held in trust by such Securing
Party for the benefit of the Administrative Agent and as promptly as possible
remitted or delivered to the Administrative Agent for application as provided
herein);
     (iv) each Securing Party shall, at the request of the Administrative Agent,
assemble the Collateral owned by it at such place or places, reasonably
convenient to both the Administrative Agent and such Securing Party, designated
in its request;
     (v) the Administrative Agent may apply the Collateral Account and any money
or other property therein to payment of the Secured Obligations;
     (vi) the Administrative Agent may require the Securing Parties to cause the
Equity Collateral to be transferred of record into the name of the
Administrative Agent or its nominee

13

--------------------------------------------------------------------------------

 

(and the Administrative Agent agrees that if any of such Equity Collateral is
transferred into its name or the name of its nominee, the Administrative Agent
will thereafter promptly give to the respective Securing Party (through the
Company) copies of any notices and communications received by it with respect to
such Equity Collateral); and
     (vii) the Administrative Agent may, upon ten business days’ prior written
notice to the Securing Parties of the time and place, with respect to the
Collateral or any part thereof that shall then be or shall thereafter come into
the possession, custody or control of the Secured Parties or any of their
respective agents, sell, lease, assign or otherwise dispose of all or any part
of such Collateral, at such place or places as the Administrative Agent deems
best, and for cash or for credit or for future delivery (without thereby
assuming any credit risk), at public or private sale, without demand of
performance or notice of intention to effect any such disposition or of the time
or place thereof (except such notice as is required above or by applicable
statute and cannot be waived), and any Secured Party or anyone else may be the
purchaser, lessee, assignee or recipient of any or all of the Collateral so
disposed of at any public sale (or, to the extent permitted by law, at any
private sale) and thereafter hold the same absolutely, free from any claim or
right of whatsoever kind, including any right or equity of redemption (statutory
or otherwise), of the Securing Parties, any such demand, notice and right or
equity being hereby expressly waived and released. In the event of any sale,
assignment or other disposition of any of the Trademark Collateral, the goodwill
connected with and symbolized by the Trademark Collateral subject to such
disposition shall be included. The Administrative Agent may, without notice or
publication, adjourn any public or private sale or cause the same to be
adjourned from time to time by announcement at the time and place fixed for the
sale, and such sale may be made at any time or place to which the sale may be so
adjourned
provided that, notwithstanding anything herein to the contrary, the
Administrative Agent shall only deliver a “Shifting Control Notice”, “Notice of
Exclusive Control” or other like notice under any control agreement and any
other agreements required to establish “control” (within the meaning of
Sections 9-104 and 9-106, as applicable, of the UCC) with respect to any
Collateral if an Event of Default shall have occurred and be continuing.
          The proceeds of each collection, sale or other disposition under this
Section 5.05 shall be applied in accordance with Section 5.09.
     (b) Certain Securities Act Limitations. The Securing Parties recognize
that, by reason of certain prohibitions contained in the Securities Act of 1933,
as amended, and applicable state securities laws, the Administrative Agent may
be compelled, with respect to any sale of all or any part of the Collateral, to
limit purchasers to those who will agree, among other things, to acquire the
Collateral for their own account, for investment and not with a view to the
distribution or resale thereof. The Securing Parties acknowledge that any such
private sales may be at prices and on terms less favorable to the Administrative
Agent than those obtainable through a public sale without such restrictions,
and, notwithstanding such circumstances, agrees that any such private sale shall
be deemed to have been made in a commercially reasonable manner and that the
Administrative Agent shall have no obligation to engage in public sales and no
obligation to delay the sale of any Collateral for the period of time necessary
to permit the respective Issuer or issuer thereof to register it for public
sale.
     (c) Notice. The Securing Parties agree that to the extent the
Administrative Agent is required by applicable law to give reasonable prior
notice of any sale or other disposition of any Collateral, ten business days’
notice shall be deemed to constitute reasonable prior notice.

14

--------------------------------------------------------------------------------

 

          SECTION 5.06. Deficiency. If the proceeds of sale, collection or other
realization of or upon the Collateral pursuant to Section 5.05 are insufficient
to cover the costs and expenses of such realization and the payment in full of
the Secured Obligations, the Securing Parties shall remain liable for any
deficiency.
          SECTION 5.07. Removals, Etc. Without at least 30 days’ prior written
notice to the Administrative Agent, no Securing Party shall (i) change its
location (as defined in Section 9-307 of the UCC), (ii) change its name from the
name shown as its current legal name on Annex 2, or (iii) agree to or authorize
any modification of the terms of any item of Collateral that would result in a
change thereof from one Uniform Commercial Code category to another such
category (such as from a General Intangible to Investment Property), if the
effect thereof would be to result in a loss of perfection of, or diminution of
priority for, the security interests created hereunder in such item of
Collateral, or the loss of control (within the meaning of Section 9-104, 9-105,
9-106 or 9-107 of the UCC) over such item of Collateral.
          SECTION 5.08. Private Sale. No Secured Party shall incur any liability
as a result of the sale of the Collateral, or any part thereof, at any private
sale pursuant to Section 5.05 conducted in a commercially reasonable manner. So
long as such sale is conducted in a commercially reasonable manner, each
Securing Party hereby waives any claims against the Secured Parties arising by
reason of the fact that the price at which the Collateral may have been sold at
such a private sale was less than the price that might have been obtained at a
public sale or was less than the aggregate amount of the Secured Obligations,
even if the Administrative Agent accepts the first offer received and does not
offer the Collateral to more than one offeree.
          SECTION 5.09. Application of Proceeds. Except as otherwise herein
expressly provided, the proceeds of any collection, sale or other realization of
all or any part of the Collateral pursuant hereto, and any other cash at the
time held by the Administrative Agent under Article IV or this Article V, shall
be applied by the Administrative Agent:
     First, to the payment of the costs and expenses of such collection, sale or
other realization, including reasonable out-of-pocket costs and expenses of the
Administrative Agent and the fees and expenses of its agents and counsel, and
all expenses incurred and advances made by the Administrative Agent in
connection therewith;
     Next, to the payment in full of the Secured Obligations, in each case
equally and ratably in accordance with the respective amounts thereof then due
and owing or as the Secured Parties holding the same may otherwise agree,
provided that such proceeds (to the extent representing the balance in the
Collateral Account) shall be applied first to the payment of LC Disbursements
and second, after the payment in full of all LC Exposure, and the termination or
expiration of all Letters of Credit, to the other Secured Obligations; and
     Finally, to the payment to the respective Securing Party, or their
respective successors or assigns, or as a court of competent jurisdiction may
direct, of any surplus then remaining.
          As used in this Article V, “proceeds” of Collateral shall mean cash,
securities and other property realized in respect of, and distributions in kind
of, Collateral, including any thereof received under any reorganization,
liquidation or adjustment of debt of the Securing Parties or any issuer of or
obligor on any of the Collateral.
          SECTION 5.10. Attorney-in-Fact. Without limiting any rights or powers
granted by this Agreement to the Administrative Agent while no Event of Default
has occurred and is continuing, upon

15

--------------------------------------------------------------------------------

 

the occurrence and during the continuance of any Event of Default the
Administrative Agent is hereby appointed the attorney-in-fact of the Securing
Parties for the purpose of carrying out the provisions of this Article and
taking any action and executing any instruments that the Administrative Agent
may deem necessary or advisable to accomplish the purposes hereof, which
appointment as attorney-in-fact is irrevocable and coupled with an interest.
Without limiting the generality of the foregoing, so long as the Administrative
Agent shall be entitled under this Article to make collections in respect of the
Collateral, the Administrative Agent shall have the right and power to receive,
endorse and collect all checks made payable to the order of any Securing Party
representing any dividend, payment or other distribution in respect of the
Collateral or any part thereof and to give full discharge for the same.
          SECTION 5.11. Perfection. Prior to or concurrently with the execution
and delivery of this Agreement, each Securing Party shall (i) file such
financing statements and other documents in such offices as the Administrative
Agent may request to perfect the security interests granted by Article III,
(ii) deliver to the Administrative Agent all certificates identified in Annex 1
(Part 2) hereto, accompanied by undated stock powers duly executed in blank and
(iii) deliver to the Administrative Agent the originals of all of the Promissory
Notes described in Annex 4. Without limiting the foregoing, each Securing Party
authorizes the Administrative Agent to file Uniform Commercial Code financing
statements describing the Collateral as “all assets” or “all personal property
and fixtures” of such Securing Party (provided that no such description shall be
deemed to modify the description of Collateral set forth in Article III)
          SECTION 5.12. Termination. When all Secured Obligations shall have
been paid in full and the Commitments of the Lenders under the Credit Agreement
and all LC Exposure shall have expired or been terminated, this Agreement shall
terminate, and the Administrative Agent shall forthwith cause to be assigned,
transferred and delivered, against receipt but without any recourse, warranty or
representation whatsoever, any remaining Collateral and money received in
respect thereof, to or on the order of the respective Securing Party. The
Administrative Agent shall also execute and deliver to each Securing Party upon
such termination such Uniform Commercial Code termination statements and such
other documentation as shall be reasonably requested by such Securing Party to
effect the termination and release of the Liens on the Collateral.
          SECTION 5.13. Further Assurances. Each Securing Party agrees that,
from time to time upon the written request of the Administrative Agent, such
Securing Party will execute and deliver such further documents and do such other
acts and things as the Administrative Agent may reasonably request in order
fully to effect the purposes of this Agreement.

16

--------------------------------------------------------------------------------

 

ARTICLE VI
MISCELLANEOUS
          SECTION 6.01. Notices. All notices and other communications provided
for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopy, as
follows:
     (a) if to the Company, to it at 5551 Corporate Boulevard, Baton Rouge,
Louisiana, 70896, Attention of Keith Istre (Telecopy No. (225) 923-0658);
     (b) if to any Securing Party other than the Company, to such Securing Party
care of the Company at the address for notices indicated in clause (a) above;
and
     (c) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., 1111
Fannin Street, 10th Floor, Houston, Texas 77002-6925, Attention of Gloria Javier
(Telecopy No. (713) 750-2878), with a copy to JPMorgan Chase Bank, N.A.,
270 Park Avenue, 15th Floor, New York, New York 10017, Attention of Linda
Wisnieski (Telecopy No (212) 270-4164).
Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. All notices and
other communications given to any party hereto in accordance with the provisions
of this Agreement shall be deemed to have been given on the date of receipt.
          SECTION 6.02. Waivers; Amendments.
          (a) No Deemed Waivers. No failure or delay by any Secured Party in
exercising any right or power hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other
right or power. The rights and remedies of the Secured Parties hereunder are
cumulative and are not exclusive of any rights or remedies that they would
otherwise have. No waiver of any provision of this Agreement or consent to any
departure by the Securing Parties therefrom shall in any event be effective
unless the same shall be permitted by paragraph (b) of this Section 6.02, and
then such waiver or consent shall be effective only in the specific instance and
for the purpose for which given.
          (b) Amendments. Neither this Agreement nor any provision hereof may be
waived, amended or modified except pursuant to an agreement or agreements in
writing entered into by the Securing Parties party thereto, and by the
Administrative Agent with the consent of the appropriate Secured Parties as more
particularly provided in Section 10.02(c) of the Credit Agreement.
          SECTION 6.03. Expenses.
          (a) Reimbursement of Expenses. The Securing Parties jointly and
severally agree to reimburse each of the Secured Parties for all reasonable
costs and expenses of the Secured Parties (including, without limitation, the
reasonable fees and expenses of legal counsel to the Administrative Agent and
the Lenders; provided, that the Lenders and the Issuing Lenders (but not the
Administrative Agent) shall be limited to one counsel together for the Lenders
and the Issuing Lenders as a group so long as any Lender or any Issuing Lender,
as the case may be, has not, in good faith (and based on advice of counsel for
such Lender or such Issuing Lender, as the case may be), reasonably determined
that its interests conflict sufficiently with those of the other Lenders to
warrant the employment of separate

17

--------------------------------------------------------------------------------

 

counsel for such Lender or such Issuing Lender, as the case may be, in which
case such Lender or such Issuing Lender shall be paid, or reimbursed for payment
of, the fees, charges and disbursements of such separate counsel) in connection
with (i) any Default and any enforcement or collection proceeding resulting
therefrom, including, without limitation, all manner of participation in or
other involvement with (w) performance by the Administrative Agent of any
obligations of the Securing Parties in respect of the Collateral that the
Securing Parties have failed or refused to perform, (x) bankruptcy, insolvency,
receivership, foreclosure, winding up or liquidation proceedings, or any actual
or attempted sale, or any exchange, enforcement, collection, compromise or
settlement in respect of any of the Collateral, and for the care of the
Collateral and defending or asserting rights and claims of the Administrative
Agent in respect thereof, by litigation or otherwise, (y) judicial or regulatory
proceedings and (z) workout, restructuring or other negotiations or proceedings
(whether or not the workout, restructuring or transaction contemplated thereby
is consummated) and (ii) the enforcement of this Section 6.03, and all such
costs and expenses shall be Secured Obligations entitled to the benefits of the
collateral security provided pursuant to Article III hereof.
          (b) Payment Upon Demand. All amounts due under this Section 6.03 shall
be payable promptly after written demand therefor.
          SECTION 6.04. Successors and Assigns. The provisions of this Agreement
shall be binding upon and inure to the benefit of the respective successors and
assigns of the Securing Parties, the Secured Parties and each holder of the
Secured Obligations, except that no Securing Party may assign or otherwise
transfer any of its rights or obligations hereunder without the prior written
consent of the Administrative Agent (and any attempted assignment or transfer by
any Securing Party without such consent shall be null and void). Nothing in this
Agreement, expressed or implied, shall be construed to confer upon any Person
(other than the Securing Parties and the respective successors and assigns of
the Securing Parties, the Secured Parties and each holder of the Secured
Obligations) any legal or equitable right, remedy or claim under or by reason of
this Agreement.
          SECTION 6.05. Counterparts. This Agreement may be executed in
counterparts (and by the parties hereto on different counterparts), each of
which shall constitute an original, but all of which when taken together shall
constitute a single contract.
          SECTION 6.06. Severability. Any provision of this Agreement held to be
invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability without affecting the validity, legality and enforceability of
the remaining provisions hereof; and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other
jurisdiction.
          SECTION 6.07. Governing Law. This Agreement shall be construed in
accordance with and governed by the law of the State of New York.
          SECTION 6.08. Headings. Article and Section headings used herein are
for convenience of reference only, are not part of this Agreement and shall not
affect the construction of, or be taken into consideration in interpreting, this
Agreement.
          SECTION 6.09. Agents and Attorneys-in-Fact. The Administrative Agent
may employ agents and attorneys-in-fact in connection herewith and shall not be
responsible for the negligence or misconduct of any such agents or
attorneys-in-fact selected by it in good faith.
          SECTION 6.10. Additional Subsidiary Guarantors. As contemplated by
Section 6.10(a) of the Credit Agreement, in the event that any Securing Party
shall form or acquire any new Subsidiary

18

--------------------------------------------------------------------------------

 

after the date hereof, such Securing Party will cause such new Subsidiary to
execute and deliver to the Administrative Agent a Joinder Agreement in the form
of Exhibit E to the Credit Agreement (and, thereby, to become a party to the
Credit Agreement as a “Subsidiary Guarantor” thereunder, and under this
Agreement, and to pledge and grant a security interest in any of its property of
the type included in “Collateral” under this Agreement to the Administrative
Agent for the benefit of the Secured Parties). Accordingly, upon the execution
and delivery of any such Joinder Agreement by any such new Subsidiary, such new
Subsidiary shall automatically and immediately, and without any further action
on the part of any Person, become a “Securing Party” under and for all purposes
of this Agreement, and Annex 1 hereto shall be deemed to be supplemented in the
manner specified in said Joinder Agreement.
          SECTION 6.11. Certain Provisions Applicable to Subsidiary Borrower.
Anything herein to the contrary notwithstanding, it is the intention of this
Agreement that the Liens upon property of a Subsidiary Borrower hereunder shall
secure only the Secured Obligations of such Subsidiary Borrower, and no other
Secured Obligations. In addition, in the event that a Subsidiary Borrower shall
become a party hereto and shall at such time or at any time thereafter have any
Subsidiary, such Subsidiary Borrower shall, and shall cause each such Subsidiary
to, take such actions and execute and deliver such instruments, as shall be
requested by the Administrative Agent in order that each such Subsidiary shall
guarantee the obligations of such Subsidiary Borrower under the Credit Agreement
and grant, pursuant to this Agreement or a separate instrument governed by the
law of Puerto Rico, Canada, Mexico or other applicable law, as the case may be,
in form and substance satisfactory to the Administrative Agent, a Lien in favor
of the Administrative Agent for the benefit of the Lenders as collateral
security for the obligations of such Subsidiary under and in respect of such
Guarantee.
          SECTION 6.12. Entire Agreement. This Agreement and the other Loan
Documents constitute the entire contract among the parties relating to the
subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof
(including the Existing Pledge Agreement).

19

--------------------------------------------------------------------------------

 

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed by their respective authorized officers as of the day and year
first above written.

            LAMAR MEDIA CORP.
      By:           Name:           Title:      

 

--------------------------------------------------------------------------------

 

            SUBSIDIARY GUARANTORS

[                                                            ]
      By:           Name:           Title:        

 

--------------------------------------------------------------------------------

 

                      ADMINISTRATIVE AGENT    
 
                        JPMORGAN CHASE BANK, N.A.,             as Administrative
Agent    
 
               
 
      By:        
 
               
 
          Name:    
 
          Title:    

 

--------------------------------------------------------------------------------

 

Exhibit E
[Form of Joinder Agreement]
JOINDER AGREEMENT
          JOINDER AGREEMENT dated as of                     , 20___by
                    , a                       corporation (the “Additional
Subsidiary Guarantor”), in favor of JPMorgan Chase Bank, N.A., as administrative
agent for the Lenders party to the Credit Agreement referred to below (in such
capacity, together with its successors in such capacity, the “Administrative
Agent”).
          Lamar Media Corp., a Delaware corporation (the “Company”), the
Subsidiary Borrower that may be or may become a party thereto (the “Subsidiary
Borrower” and together with the Company, the “Borrowers”) and certain of its
subsidiaries (collectively, the “Existing Subsidiary Guarantors” and, together
with the Borrowers, the “Securing Parties”) are parties to a Credit Agreement
dated as of September 30, 2005 (as modified and supplemented and in effect from
time to time, the “Credit Agreement”, providing, subject to the terms and
conditions thereof, for extensions of credit (by means of loans and letters of
credit) to be made by the Lenders named therein (collectively, together with any
entity that becomes a “Lender” party to the Credit Agreement after the date
hereof as provided therein, the “Lenders” and, together with Administrative
Agent and any successors or assigns of any of the foregoing, the “Secured
Parties”) to the Company in an aggregate principal or face amount not exceeding
$1,350,600,000 (which, in the circumstances contemplated by Section 2.01(c)
thereof, may be increased to $1,650,600,000 and made available to the Company
and the Subsidiary Borrower). In addition, the Borrowers may from time to time
be obligated to one or more of the Lenders under the Credit Agreement in respect
of Swap Agreements under and as defined in the Credit Agreement (collectively,
the “Swap Agreements”).
          In connection with the Credit Agreement, the Borrowers, the Existing
Subsidiary Guarantors and the Administrative Agent are parties to an Amended and
Restated Pledge Agreement dated as of                     , 2009 (the “Pledge
Agreement”) pursuant to which the Securing Parties have, inter alia, granted a
security interest in the Collateral (as defined in the Pledge Agreement) as
collateral security for the Secured Obligations (as so defined). Terms defined
in the Pledge Agreement are used herein as defined therein.
          To induce the Secured Parties to enter into the Credit Agreement, and
to extend credit thereunder and to extend credit to the Borrowers under Swap
Agreements, and for other good and valuable consideration the receipt and
sufficiency of which are hereby acknowledged, the Additional Subsidiary
Guarantor has agreed to become a party to the Credit Agreement and the Pledge
Agreement as a “Subsidiary Guarantor” thereunder, and to pledge and grant a
security interest in the Collateral (as defined in the Pledge Agreement).
          Accordingly, the parties hereto agree as follows:
          Section 1. Definitions. Terms defined in the Credit Agreement are used
herein as defined therein.
          Section 2. Joinder to Agreements. Effective upon the execution and
delivery hereof, the Additional Subsidiary Guarantor hereby agrees that it shall
become a “Subsidiary Guarantor” under and for all purposes of the Credit
Agreement and the Pledge Agreement with all the rights and obligations of a
Subsidiary Guarantor thereunder. Without limiting the generality of the
foregoing, the Additional Subsidiary Guarantor hereby:
          (i) jointly and severally with the other Subsidiary Guarantors party
to the Credit Agreement guarantees to each Secured Party and their respective
successors and assigns

 

--------------------------------------------------------------------------------

 

the prompt payment in full when due (whether at stated maturity, by acceleration
or otherwise) of all Guaranteed Obligations in the same manner and to the same
extent as is provided in Article III of the Credit Agreement;
          (ii) pledges and grants the security interests in all right, title and
interest of the Additional Subsidiary Guarantor in all Collateral (as defined in
the Pledge Agreement) now owned or hereafter acquired by the Additional
Subsidiary Guarantor and whether now existing or hereafter coming into existence
provided for by Article III of the Pledge Agreement as collateral security for
the Secured Obligations and agrees that each of the Annexes thereof shall be
supplemented as provided in Appendix A hereto;
          (iii) makes the representations and warranties set forth in Article IV
of the Credit Agreement and in Article II of the Pledge Agreement, with respect
to itself and its obligations under this Agreement, as if each reference in such
Sections to the Loan Documents included reference to this Agreement; and
          (iv) submits to the jurisdiction of the courts, and waives jury trial,
as provided in Sections 10.09 and 10.10 of the Credit Agreement.
          The Additional Subsidiary Guarantor hereby instructs its counsel to
deliver the opinions referred to in Section 6.10(a)(iii) of the Credit Agreement
to the Secured Parties.

2

--------------------------------------------------------------------------------

 

          IN WITNESS WHEREOF, the Additional Subsidiary Guarantor has caused
this Joinder Agreement to be duly executed and delivered as of the day and year
first above written.

            [ADDITIONAL SUBSIDIARY GUARANTOR]
      By:           Title:        

          Accepted and agreed:    
 
        JPMORGAN CHASE BANK, N.A.,       as Administrative Agent    
 
       
By:
       
 
       
 
  Title: