Exhibit 10.23

Second Amendment to Credit Agreement

 

SECOND AMENDMENT (this “Amendment”), dated as of March 9, 2004, among DIRECTV
HOLDINGS LLC, a Delaware limited liability company (the “Borrower”), the Lenders
from time to time party to the Credit Agreement referred to below (the
“Lenders”), DEUTSCHE BANK TRUST COMPANY AMERICAS, as Administrative Agent (the
“Administrative Agent”) and BANK OF AMERICA, N.A., as Syndication Agent (the
“Syndication Agent”, and together with the Administrative Agent, the “Agents”).
All capitalized terms used herein and not otherwise defined herein shall have
the respective meanings provided such terms in the Credit Agreement.

 

Witnesseth:

 

WHEREAS, the Borrower, the Lenders and the Agents are parties to a Credit
Agreement, dated as of March 6, 2003 (as amended, modified or supplemented from
time to time to, but not including, the date hereof, the “Credit Agreement”);
and

 

WHEREAS, subject to the terms and conditions of this Amendment, the parties
hereto wish to amend or otherwise modify certain provisions of the Credit
Agreement as herein provided;

 

NOW, THEREFORE, IT IS AGREED:

 

I. Amendments to Credit Agreement.

 

1. Section 1.01 of the Credit Agreement is hereby amended by inserting the
following new text at the end of said Section:

 

“(f) (A) On the Second Amendment Effective Date, all outstanding B-1 Term Loans
of each Lender that has theretofore executed and delivered a counterpart of the
Second Amendment to the Administrative Agent in accordance with the terms
thereof (each such Lender, a “B-1 Consenting Lender” and, collectively, the “B-1
Consenting Lenders”) shall be automatically converted (the “B-1 Term Loan
Conversion”) into new term loans hereunder (each such term loan, a “Converted
B-2 Term Loan” and, collectively, the “Converted B-2 Term Loans”). On or after
the Second Amendment Effective Date, each B-1 Consenting Lender which holds a B
Term Note shall be entitled to surrender such B-1 Term Note to the Borrower
against delivery of a B-2 Term Note completed in conformity with Section 1.05;
provided that if any such B-1 Term Note is not so surrendered then from and
after the Second Amendment Effective Date such B-1 Term Note shall be deemed to
evidence the Converted B-2 Term Loans into which the B-1 Term Loans theretofore
evidenced by such B-1 Term Note have been converted. Subject to and upon the
terms and conditions set forth herein, each Lender with a B-2 Term Loan
Commitment severally agrees to make a term loan or term loans (each, an
“Additional B-2 Term Loan” and, collectively, the “Additional B-2 Term Loans”,
and, together with the Converted B-2 Term Loans, the “B-2 Term Loans”) to the
Borrower, which Additional B-2 Term Loans shall be incurred pursuant to a single
drawing on the Second Amendment Effective Date. All B-2 Term Loans (i) shall be
denominated in Dollars, (ii) except as hereinafter provided, shall, at the
option of the Borrower, be

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incurred and maintained as, and/or converted into, Base Rate Loans or Eurodollar
Loans, provided that except as otherwise specifically provided in Section
1.10(b), all B-2 Term Loans comprising the same Borrowing shall at all times be
of the same Type, and (iii) shall be made by each such Lender in that aggregate
principal amount which equals the B-2 Term Loan Commitment of such Lender on the
Second Amendment Effective Date. Once repaid, B-2 Term Loans may not be
reborrowed. Notwithstanding anything to the contrary contained in this Agreement
(including, without limitation, in Section 4.02), the proceeds of the Additional
B-2 Term Loans shall be immediately applied by the Borrower to repay all
outstanding B-1 Term Loans of B-1 Non-Consenting Lenders (if any) on the Second
Amendment Effective Date.

 

(B)(i) Each Borrowing of B-1 Term Loans existing on the Second Amendment
Effective Date immediately prior to the B-1 Term Loan Conversion and maintained
as Eurodollar Loans (each, an “Existing B-1 Term Loan Borrowing”) shall, upon
the occurrence of the B-1 Term Loan Conversion, be deemed to be a new Borrowing
of B-2 Term Loans for all purposes of this Agreement, (ii) each such
newly-deemed Borrowing of B-2 Term Loans shall be subject to the same Interest
Period (and Eurodollar Rate) as the Existing B-1 Term Loan Borrowing to which it
relates, (iii) Additional B-2 Term Loans shall be initially incurred pursuant to
a single Borrowing of Eurodollar Loans which shall be added to (and thereafter
be deemed to constitute a part of) each such newly-deemed Borrowing of B-2 Term
Loans on a pro rata basis (based on the relative sizes of the various such
newly-deemed Borrowings of B-2 Term Loans) and (iv) in connection with the B-1
Term Loan Conversion and the incurrence of Additional B-2 Term Loans pursuant to
Section 1.01(f), the Administrative Agent shall (and is hereby authorized to)
take all appropriate actions to ensure that all Lenders with outstanding B-2
Term Loans (after giving effect to the B-1 Term Loan Conversion and the
incurrence of Additional B-2 Term Loans pursuant to Section 1.01(f)(A))
participate in each newly-deemed Borrowing of B-2 Term Loans on a pro rata
basis.

 

(C) In connection with the B-1 Term Loan Conversion and the incurrence of
Additional B-2 Term Loans pursuant to Section 1.01(f)(A), the Lenders and the
Borrower hereby agree that, notwithstanding anything to the contrary contained
in this Agreement, (i) if requested by any Lender making Additional B-2 Term
Loans which “match funds”, the Borrower shall pay to such Lender such amounts
necessary, as reasonably determined by such Lender, to compensate such Lender
for making such Additional B-2 Term Loans in the middle of an existing Interest
Period (rather than at the beginning of the respective Interest Period, based
upon the rates then applicable thereto) and (ii) the Borrower shall be obligated
to pay to the respective Lenders breakage or other costs of the type referred to
in Section 1.11 (if any) incurred in connection with the B-1 Term Loan
Conversion and/or the actions taken pursuant to preceding clause (B) of this
Section 1.01(f).”.

 

2. Section 1.03 of the Credit Agreement is hereby amended by inserting the text
“, B-2 Term Loans” immediately after the text “B-1 Term Loans” appearing in said
Section.

 

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3. Section 1.05(a) of the Credit Agreement is hereby amended by deleting the
word “and” appearing at the end of clause (iv) of said Section, inserting a
comma in lieu thereof and inserting the following text immediately before the
period appearing at the end of said Section:

 

“and (vi) in the case of B-2 Term Loans, by a promissory note duly executed and
delivered by the Borrower substantially in the form of Exhibit B-6, with blanks
appropriately completed (each a “B-2 Term Note” and, collectively, the “B-2 Term
Notes”)”.

 

4. Section 1.07 of the Credit Agreement is hereby amended by inserting the text
“, B-2 Term Loan Commitments” immediately after the text “B-1 Term Loan
Commitments” appearing in said Section.

 

5. Section 1.09(vii) of the Credit Agreement is hereby amended by inserting the
text “, B-2 Term Loans” immediately after each appearance of the text “B-1 Term
Loans” in said Section.

 

6. Section 3.03 of the Credit Agreement is hereby amended by (i) redesignating
clauses (g) and (h) of said Section as clauses (h) and (i), respectively, (ii)
inserting the following new clause (g) immediately following clause (f) of said
Section:

 

“(g) In addition to any other mandatory commitment reductions pursuant to this
Section 3.03, the Total B-2 Term Loan Commitment (and the B-2 Term Loan
Commitment of each Lender with such a Commitment) shall terminate in its
entirety on the Second Amendment Effective Date (after giving effect to the
incurrence of B-2 Term Loans on such date).”,

 

(iii) inserting the text “, the Total B-2 Term Loan Commitment” immediately
after the text “Total B-1 Term Loan Commitment” appearing in clause (i) of said
Section (as redesignated pursuant to clause (i) above) and (iv) inserting the
text “, the B-2 Term Loan Commitment” immediately after the text “the B-1 Term
Loan Commitment” appearing in clause (i) of said Section (as redesignated
pursuant to clause (i) above).

 

7. Section 4.01(a) of the Credit Agreement is hereby amended by (i) inserting
the text “, B-2 Term Loans” immediately after the text “B-1 Term Loans”
appearing in clause (i) of said Section, and (ii) inserting the text “, the B-2
Term Loans to be allocated the B-2 Term Loan Percentage of the amount of such
payment” immediately after the parenthetical appearing in clause (iv) of said
Section.

 

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8. Section 4.02(c) of the Credit Agreement is hereby amended by inserting the
following new text at the end of said Section:

 

“(iii) In addition to any other mandatory repayments pursuant to this Section
4.02, on each date set forth below, the Borrower shall be required to repay that
principal amount of B-2 Term Loans, to the extent then outstanding, as is set
forth below opposite each such date (each such repayment, as the same may be
reduced as provided in Sections 4.01 or 4.02, a “B-2 Term Loan Scheduled
Repayment”):

 

B-2 Term Loan Scheduled Repayment Date

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   Amount

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March 31, 2004

   $ 12,250,000

March 31, 2005

   $ 12,250,000

March 31, 2006

   $ 12,250,000

March 31, 2007

   $ 12,250,000

March 31, 2008

   $ 12,250,000

September 30, 2008

   $ 290,937,500

March 31, 2009

   $ 290,937,500

September 30, 2009

   $ 290,937,500

B-2 Term Loan Maturity Date

   $ 290,937,500”.

 

9. Section 4.02(i) of the Credit Agreement is hereby amended by (i) deleting the
word “and” appearing before the text “the B-1 Term Loans” appearing in said
Section and inserting a comma in lieu thereof and (ii) inserting the text “and
the B-2 Term Loans (in an amount equal to the B-2 Term Loan Percentage of such
aggregate repayment)” immediately before the period appearing at the end of the
first sentence of said Section.

 

10. Section 4.02(k) of the Credit Agreement is hereby amended by (i)
redesignating clauses (iv) and (v) of said Section as clauses (v) and (vi),
respectively and (ii) inserting the text “, (iv) all then outstanding B-2 Term
Loans shall be repaid in full on the B-2 Term Loan Maturity Date” immediately
after clause (iii) of said Section.

 

11. Section 4.02(l) of the Credit Agreement is hereby deleted in its entirety
and the following text is inserted in lieu thereof:

 

(l) Notwithstanding anything to the contrary contained in this Section 4.02 or
elsewhere in this Agreement (including, without limitation, in Section 13.12),
upon delivery by the Borrower of written notice to the Administrative Agent of
its intention to invoke the terms of this Section 4.02(l) in connection with,
and as to all or any part of, any Waivable Repayment (as defined below) (with
the decision to give any such written notice and the percentage of any such
Waivable Repayment that may be waived by the Lenders (the “Waivable Percentage”)
to be in the sole discretion of the Borrower) the Lenders with outstanding B-2
Term Loans shall have the option to waive voluntary prepayment of such Loans
pursuant to Section 4.01 or a mandatory repayment of such Loans pursuant to
Sections 4.02(d), (e), (f), (g) and/or (h) (each such prepayment or repayment, a
“Waivable Repayment”) upon the terms and provisions set forth in this Section
4.02(l). The Borrower shall give to the Administrative Agent written notice of
its intention to make a Waivable Repayment at least five Business Days prior to
such repayment, which notice the Administrative Agent shall promptly forward to
all such Lenders (indicating in such notice the amount of such repayment to be
applied to each

 

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such Lender’s outstanding B-2 Term Loans). In the event any such Lender desires
to waive such Lender’s right to receive any such Waivable Repayment in whole or
in part, such Lender shall so advise the Administrative Agent no later than the
close of business two Business Days after the date of such notice from the
Administrative Agent, which notice shall also include the amount such Lender
desires to waive in respect of such repayment (which amount will not exceed the
Waivable Percentage of the portion of such Waivable Repayment which would
otherwise be paid to such Lender). If any Lender does not reply to the
Administrative Agent within the two Business Days, it will be deemed not to have
waived any part of such repayment. If any Lender does not specify an amount it
wishes to receive, it will be deemed to have accepted 100% of the total payment.
In the event that any such Lender waives all or part of such right to receive
any such Waivable Repayment, the amount so waived will be retained by the
Borrower.”.

 

12. Section 7.08(a) of the Credit Agreement is hereby amended by inserting the
following new sentence at the end of said Section:

 

“All proceeds of the Additional B-2 Term Loans will be used to repay outstanding
B-1 Term Loans of B-1 Non-Consenting Lenders (if any) on the Second Amendment
Effective Date.”

 

13. Section 8.12(a) of the Credit Agreement is hereby amended by deleting clause
(ii) of the first sentence of said Section and inserting in lieu thereof the
following new clause (ii):

 

“(ii) neither the Borrower nor any of its Subsidiaries shall be required to
grant a security interest in any immaterial intellectual property or in any Real
Property (other than any Real Property consisting of the customer call center
located in Boise, Idaho or any broadcast or uplink center) pursuant to this
Section 8.12.”

 

14. Section 8.15(a) of the Credit Agreement is hereby amended by deleting the
text “$10,000,000” appearing in said Section and inserting the text
“$50,000,000” in lieu thereof.

 

15. Section 8 of the Credit Agreement is hereby further amended by inserting the
following new text at the end of said Section:

 

“Section 8.17 Second Amendment Mortgage Amendments. (a) Within 60 days following
the Second Amendment Effective Date, if and to the extent requested by the
Collateral Agent, the Borrower shall have delivered to the Collateral Agent, or
caused to be delivered to the Collateral Agent, fully executed counterparts of
amendments (the “Second Amendment Mortgage Amendments”), in form and substance
reasonably satisfactory to the Administrative Agent, to each of the Mortgages
covering the Mortgaged Properties, together with evidence that counterparts of
each of the Second Amendment Mortgage Amendments have been delivered to the
title company insuring the Lien on the Mortgages for recording in all places to
the extent necessary or desirable, in the judgment of the Collateral Agent,
effectively to maintain a valid and enforceable perfected mortgage lien superior
to and prior to the rights of all third parties and subject

 

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to no other Liens except as are permitted by Section 9.01 on the Mortgaged
Properties in favor of the Collateral Agent for the benefit of the Secured
Parties securing all of the Obligations (including the B-2 Term Loans).”.

 

16. Section 9.05(x) of the Credit Agreement is hereby amended by deleting the
text “$50,000,000” appearing in said Section and inserting the text
“$100,000,000” in lieu thereof.

 

17. Section 9.06(xv) of the Credit Agreement is hereby amended by deleting said
Section in its entirety and inserting the following text in lieu thereof:

 

“(xv) additional Investments financed with the proceeds of one or more common
equity contributions by the Company to the Borrower (to the extent such proceeds
are not used to consummate a Permitted Acquisition); and”.

 

18. Section 9.06(xvi) of the Credit Agreement is hereby amended by deleting the
text “$100,000,000” appearing in said Section and inserting the text
“$200,000,000” in lieu thereof.

 

19. Section 9.07 of the Credit Agreement is hereby amended by deleting the two
provisos appearing at the end of the first sentence of said Section.

 

20. Section 9.08(a) of the Credit Agreement is hereby amended by deleting the
table appearing in said Section in its entirety and inserting the following new
table in lieu thereof:

 

“Fiscal Year Ending

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   Amount

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December 31, 2003

   $ 450,000,000

December 31, 2004

   $ 700,000,000

December 31, 2005

   $ 750,000,000

December 31, 2006

   $ 525,000,000

December 31, 2007

   $ 275,000,000

December 31, 2008

   $ 250,000,000

December 31, 2009

   $ 250,000,000

December 31, 2010

   $  250,000,000”.

 

21. Section 9.17 of the Credit Agreement is hereby amended by deleting the text
“$10,000,000” appearing in said Section and inserting the text “$50,000,000” in
lieu thereof.

 

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22. The definition of “Applicable Margin” appearing in Section 11 of the Credit
Agreement is hereby deleted in its entirety and the following new definition is
inserted in lieu thereof:

 

“Applicable Margin” in respect of B-2 Term Loans and Revolving Loans for any
Margin Adjustment Period shall mean, from and after any Start Date to and
including the corresponding End Date, the respective percentage per annum set
forth below under the respective Type and Tranche of Loans and opposite the
respective Level (i.e., Level 1, Level 2, Level 3, Level 4 or Level 5, as the
case may be) indicated to have been achieved on the applicable Test Date for
such Start Date (as shown in the respective officer’s certificate delivered
pursuant to Section 8.01(d) or the first proviso below) minus, in the case of
B-2 Term Loans, any Applicable Pricing Adjustment as in effect from time to
time:

 

Level

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Leverage Ratio

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   Revolving Loans
maintained as Base
Rate Loans

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    Revolving Loans
maintained as
Eurodollar Loans

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    B-2 Term Loans
maintained as Base
Rate Loans

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    B-2 Term Loans
maintained as
Eurodollar Loans

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1

  

Less than or equal to 2.50:1.00

   1.75 %   2.75 %   1.25 %   2.25 %

2

   Greater than 2.50:1.00 but less than or equal to 3.00:1.00    2.00 %   3.00 %
  1.25 %   2.25 %

3

   Greater than 3.00:1.00 but less than or equal to 3.50:1.00    2.25 %   3.25 %
  1.25 %   2.25 %

4

   Greater than 3.50:1.00 but less than or equal to 4.00:1.00    2.50 %   3.50 %
  1.25 %   2.25 %

5

  

Greater than 4.00:1.00

   2.75 %   3.75 %   1.50 %   2.50 %

 

; provided, however, that if the Borrower fails to deliver the financial
statements required to be delivered pursuant to Section 8.01(a) or (b)
(accompanied by the officer’s certificate required to be delivered pursuant to
Section 8.01(d) showing the applicable Total Leverage Ratio on the relevant Test
Date) on or prior to the respective date required by such Sections, then Level 5
pricing (as adjusted by any Applicable Pricing Adjustment as provided above)
shall apply until such time, if any, as the financial statements required as set
forth above and the accompanying officer’s certificate have been delivered
showing the pricing for the respective Margin Adjustment Period is at a Level
below Level 5 (as adjusted by any Applicable Pricing Adjustment as provided
above) (it being understood that, in the case of any late delivery of the
financial statements and officer’s certificate as so required, any reduction in
the Applicable Margin shall apply only from and after the date of the delivery
of the complying financial statements and officer’s certificate); provided
further, that Level 5 pricing (as adjusted by any Applicable Pricing Adjustment
as provided above) shall apply at all times when any Default or Event of Default
is in existence.

 

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23. The definition of “Applicable Pricing Adjustment” appearing in Section 11 of
the Credit Agreement is hereby deleted in its entirety and the following new
definition is inserted in lieu thereof:

 

“Applicable Pricing Adjustment” shall mean on any date, (i) if the Bank Debt
Rating assigned by (x) Moody’s is Ba1 or higher or (y) S&P is BB+ or higher,
0.25% and (ii) if the preceding clause (i) is not applicable, 0.00%.

 

24. The definition of “Borrowing” appearing in Section 11 of the Credit
Agreement is hereby amended by (i) inserting the text “(x)” immediately after
the text “provided” appearing in said definition and (ii) inserting the text
“and (y) the term “Borrowing” shall include the consolidated “borrowing” of B-2
Term Loans pursuant to the simultaneous conversion of B-1 Term Loans and the
incurrence of Additional B-2 Term Loans on the terms provided in Section
1.01(f)” immediately prior to the period appearing at the end of said
definition.

 

25. The definition of “Commitment” appearing in Section 11 of the Credit
Agreement is hereby amended by inserting the text “, the B-2 Term Loan
Commitment” immediately after the text “B-1 Term Loan Commitment” appearing in
said definition.

 

26. The definition of “Maturity Date” appearing in Section 11 of the Credit
Agreement is hereby amended by inserting the text “, the B-2 Term Loan Maturity
Date” immediately after the text “B-1 Term Loan Maturity Date” appearing in said
definition.

 

27. The definition of “Scheduled Repayments” appearing in Section 11 of the
Credit Agreement is hereby amended by inserting the text “, each B-2 Term Loan
Scheduled Repayment” immediately after the text “each B-1 Term Loan Scheduled
Repayment” appearing in said definition.

 

28. The definition of “Term Loan” appearing in Section 11 of the Credit
Agreement is hereby amended by inserting the text “, each B-2 Term Loan”
immediately after the text “each B-1 Term Loan” appearing in said definition.

 

29. The definition of “Term Note” appearing in Section 11 of the Credit
Agreement is hereby amended by inserting the text “, each B-2 Term Note”
immediately after the text “each B-1 Term Note” appearing in said definition.

 

30. The definition of “Tranche” appearing in Section 11 of the Credit Agreement
is hereby amended by (i) deleting the word “five” appearing in said definition
and inserting the text “six” in lieu thereof and (ii) inserting the text “, B-2
Term Loans” immediately after the text “B-1 Term Loans” appearing in said
definition.

 

31. Section 11 of the Credit Agreement is hereby further amended by inserting in
the appropriate alphabetical order the following new definitions:

 

“Additional B-2 Term Loans” shall have the meaning provided in Section 1.01(f).

 

“B-1 Consenting Lenders” shall have the meaning provided in Section 1.01(f).

 

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“B-1 Non-Consenting Lender” shall mean each Lender that is not a B-1 Consenting
Lender.

 

“B-2 Term Loan” shall have the meaning provided in Section 1.01(f).

 

“B-2 Term Loan Commitment” shall mean, for each Lender, the amount set forth
opposite such Lender’s name in Schedule I directly below the column entitled
“B-2 Term Loan Commitment,” as the same may be terminated pursuant to Sections
3.03 and/or 10. Notwithstanding the foregoing, if on the Second Amendment
Effective Date (immediately prior to the incurrence of Additional B-2 Term Loans
on such date) the sum of the B-2 Term Loan Commitments plus the aggregate
principal amount of Converted B-2 Term Loans would exceed the aggregate
outstanding principal amount of the B-1 Term Loans immediately prior to the
Second Amendment Effective Date, then the B-2 Term Loan Commitment of DBTCA
shall be reduced by an amount equal to such excess.

 

“B-1 Term Loan Conversion” shall have the meaning provided in Section 1.01(f).

 

“B-2 Term Loan Maturity Date” shall mean the seventh anniversary of the Initial
Borrowing Date.

 

“B-2 Term Loan Percentage” shall mean, at any time, a fraction (expressed as a
percentage) the numerator of which is the aggregate principal amount of B-2 Term
Loans then outstanding and the denominator of which is the aggregate principal
amount of Term Loans then outstanding.

 

“B-2 Term Loan Scheduled Repayment” shall have the meaning provided in Section
4.02(c).

 

“B-2 Term Note” shall have the meaning provided in Section 1.05(a).

 

“Converted B-2 Term Loans” shall have the meaning provided in Section 1.01(f).

 

“Existing B-1 Term Loan Borrowing” shall have the meaning provided in Section
1.01(f).

 

“Second Amendment” shall mean the Second Amendment to this Agreement, dated as
of March 9, 2004.

 

“Second Amendment Effective Date” shall have the meaning provided in the Second
Amendment.

 

“Second Amendment Mortgage Amendments” shall have the meaning provided in
Section 8.17.

 

“Total B-2 Term Loan Commitment” shall mean, at any time, the sum of the B-2
Term Loan Commitments of each of the Lenders at such time.

 

“Waivable Percentage” shall have the meaning provided in Section 4.02(l).

 

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32. Section 13.12(a) of the Credit Agreement is hereby amended by inserting the
text “, Tranche B-2 Scheduled Repayment” immediately after the text “Tranche B-1
Scheduled Repayment” appearing in said Section.

 

33. Schedule I to the Credit Agreement is hereby amended by adding thereto the
information set forth on Schedule I attached hereto.

 

34. Exhibit A-1 to the Credit Agreement is hereby amended by inserting the text
“[B-2 Term Loans]” immediately after each appearance of the text “[B-1 Term
Loans] in said Exhibit.

 

35. The Credit Agreement is hereby further amended by adding Exhibit B-6 thereto
in the form of Exhibit B-6 attached hereto.

 

36. Exhibit M to the Credit Agreement is hereby amended by deleting same in its
entirety and inserting in lieu thereof a new Exhibit M in the form of Exhibit M
attached hereto.

 

II. Miscellaneous Provisions.

 

1. In order to induce the Lenders to enter into this Amendment, the Borrower
hereby represents and warrants that:

 

(a) no Default or Event of Default exists as of the Second Amendment Effective
Date, both before and after giving effect to this Amendment; and

 

(b) all of the representations and warranties contained in the Credit Agreement
or the other Credit Documents are true and correct in all material respects on
the Second Amendment Effective Date both before and after giving effect to this
Amendment, with the same effect as though such representations and warranties
had been made on and as of the Second Amendment Effective Date (it being
understood that any representation or warranty made as of a specific date shall
be true and correct in all material respects as of such specific date).

 

2. This Amendment is limited as specified and shall not constitute a
modification, acceptance or waiver of any other provision of the Credit
Agreement or any other Credit Document.

 

3. This Amendment may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which counterparts
when executed and delivered shall be an original, but all of which shall
together constitute one and the same instrument. A complete set of counterparts
shall be lodged with the Borrower and the Administrative Agent.

 

4. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL
BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW
YORK.

 

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5. This Amendment shall become effective on the date (the “Second Amendment
Effective Date”) when each of the following conditions shall have been
satisfied:

 

(i) the Borrower, each other Credit Party, Lenders constituting the Required
Lenders and each Lender with a B-2 Term Loan Commitment shall have signed a
counterpart hereof (whether the same or different counterparts) and shall have
delivered (including by way of facsimile transmission) the same to White & Case
LLP, 1155 Avenue of the Americas, New York, NY 10036 Attention: Neerav Shah
(facsimile number 212-354-8113);

 

(ii) there shall have been delivered to the Administrative Agent for the account
of each of the Lenders that have requested same an appropriate B-2 Term Note
executed by the Borrower in each case in the amount, maturity and otherwise as
provided in the Credit Agreement; and

 

(iii) (x) all accrued and unpaid interest on all B-1 Term Loans shall have been
paid in full (regardless of whether or not the Credit Agreement otherwise
requires a payment of such interest at such time), (y) all fees, costs and
expenses with respect to the B-1 Term Loans shall have been paid in full and (z)
the principal of all outstanding B-1 Term Loans of B-1 Non-Consenting Lenders
shall have been repaid in full.

 

Unless the Administrative Agent has received actual notice from any Lender that
the conditions contained above have not been met with satisfaction, upon the
satisfaction of the condition described in clause (i) of the immediately
preceding sentence and upon the Administrative Agent’s good faith determination
that the other conditions described above have been met, the Second Amendment
Effective Date shall be deemed to have occurred, regardless of any subsequent
determination that one or more of the conditions thereto had not been met
(although the occurrence of the Second Amendment Effective Date shall not
release the Borrower from any liability for failure to satisfy one or more of
the applicable conditions specified above).

 

6. By executing and delivering a copy hereof, each Credit Party hereby agrees
that all Loans (including, without limitation, the B-2 Term Loans) shall be
fully guaranteed pursuant to the Subsidiaries Guaranty in accordance with the
terms and provisions thereof and shall be fully secured pursuant to the Security
Documents.

 

7. From and after the Second Amendment Effective Date, all references in the
Credit Agreement and each of the other Credit Documents to the Credit Agreement
shall be deemed to be references to the Credit Agreement as modified hereby.

 

*         *         *

 

11

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

IN WITNESS WHEREOF, the parties hereto have caused their duly authorized
officers to execute and deliver this Amendment as of the date first above
written.

 

DIRECTV HOLDINGS LLC

By:

 

/s/ M. W. Palkovic

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

Name: M. W. Palkovic

Title: Senior Vice President & CFO

DEUTSCHE BANK TRUST COMPANY AMERICAS, Individually and as Administrative Agent

By:

 

/s/ Gregory Shefrin

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

Name: Gregory Shefrin

Title: Director

BANK OF AMERICA, N.A., Individually and as Syndication Agent

By:

 

/s/ James T. Gilland

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

Name: James T, Gilland

Title: Managing Director

 

12

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

SIGNATURE PAGE TO THE SECOND AMENDMENT, DATED AS OF MARCH 9, 2004, TO THE CREDIT
AGREEMENT, DATED AS OF MARCH 6, 2003, AMONG DIRECTV HOLDINGS LLC, A DELAWARE
LIMITED LIABILITY COMPANY, THE VARIOUS LENDERS PARTY TO THE CREDIT AGREEMENT
REFERRED TO ABOVE, DEUTSCHE BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT
AND BANK OF AMERICA, N.A., AS SYNDICATION AGENT

 

PINEHURST TRADING, INC.

By:  Kelly W. Warnement

Its:  Vice President

 

HARBOUR TOWN FUNDING LLC

By:  Kelly W. Warnement

Its:  Vice President

 

ELT LTD.

By:  Kelly W. Warnement

Its:  Vice President

 

MONUMENTAL LIFE INSURANCE COMPANY

By:  John Bailey

Its:  Vice President

 

AIB DEBT MANAGEMENT LIMITED

By:  Roisin O’Connell

Its:  Assistant Vice President

By:  John Timoney

Its:  Vice President

 

LANDMARK CDO LIMITED

By:  Gil Marchand

Its:  Authorized Signatory

 

LANDMARK II CDO LIMITED

By:  Gil Marchand

Its:  Authorized Signatory

 

LANDMARK III CDO LIMITED

By:  Gil Marchand

Its:  Authorized Signatory

 

PACIFICA CDO II, LTD.

By:  Sean Walker

Its:  SVP

 

13

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

MONUMENT CAPITAL LTD., AS ASSIGNEE

By:  Alliance Capital Management L.P., as Investment Manager

By:  Alliance Capital Management Corporation, as General Partner

By:  Nantha Suppiah

Its:  Vice President

New Alliance Global CDO, Limited

By:  Alliance Capital Management L.P., as Sub-advisor

By:  Alliance Capital Management Corporation, as General Partner

By:  Nantha Suppiah

Its:  Vice President

 

AIMCO CDO 2000-A

By:  Chris Goergen

Its:  [none]

By:  Jerry D. Zinkula

Its:  [none]

 

AIMCO CLO 2001-A

By:  Chris Goergen

Its:  [none]

By:  Jerry D. Zinkula

Its:  [none]

 

ALLSTATE LIFE INSURANCE COMPANY

By:  Chris Goergen

Its:  [none]

By:  Jerry D. Zinkula

Its:  [none]

 

CENTURION CDO II, LTD. (By: American Express Asset Management Group. Inc. as
Collateral Manager)

By:  Leanne Stavrakis

Its:  Director – Operations

 

CENTURION CDO VI, LTD. (By: American Express Asset Management Group. Inc. as
Collateral Manager)

By:  Leanne Stavrakis

Its:  Director – Operations

 

AMERICAN EXPRESS CERTIFICATE COMPANY (By: American Express Asset Management
Group, Inc. as Collateral Manager)

By:  Yvonne E. Stevens

Its:  Senior Managing Director

 

IDS LIFE INSURANCE COMPANY (By: American Express Asset Management Group, Inc. as
Collateral Manager)

By:  Yvonne E. Stevens

Its:  Senior Managing Director

 

KZH CYPRESSTREE-1 LLC

By:  Hi Hua

Its:  Authorized Agent

 

KZH ING-2 LLC

By:  Hi Hua

Its:  Authorized Agent

 

14

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

KZH STERLING LLC

By:  Hi Hua

Its:  Authorized Agent

 

SEQUILS - CENTURION V, LTD. (By: American Express Asset Management Group. Inc.
as Collateral Manager)

By:  Leanne Stavrakis

Its:  Director – Operations

 

AMMC CDO 1, LIMITED (by: American Money Management Corp., as Collateral Manager)

By:  David P. Meyer

Its:  Vice President

 

AMMC CDO II, LIMITED (by: American Money Management Corp., as Collateral
Manager)

By:  David P. Meyer

Its:  Vice President

 

AG CAPITAL FUNDING PARTNERS, L.P. (by: Angelo, Gordon & Co., L.P., as Investment
Advisor)

By:  John W. Fraser

Its:  Managing Director

 

NORTHWOODS CAPITAL, LIMITED (by: Angelo, Gordon & Co., L.P., as Collateral
Manager)

By:  John W. Fraser

Its:  Managing Director

 

NORTHWOODS CAPITAL II, LIMITED (by: Angelo, Gordon & Co., L.P., as Collateral
Manager)

By:  John W. Fraser

Its:  Managing Director

 

NORTHWOODS CAPITAL III, LIMITED (by: Angelo, Gordon & Co., L.P., as Collateral
Manager)

By:  John W. Fraser

Its:  Managing Director

 

MARINER CDO 2002, LTD

By:  David Mahon

Its:  Director

 

ANTARES CAPITAL CORPORATION

By:  David Mahon

Its:  Director

 

JP Morgan Chase Bank, as Trustee of the Antares Funding Trust, created under the
Trust Agreement dated November 1999)

By:  Leslie Hundley

Its:  AVP

 

Navigator CDO 2003, Ltd. (by Antares Asset Management, as Collateral Manager)

By:  David Mahon

Its:  Vice President

 

ARES Leveraged Investment Fund II, LP) (by: ARES Management II, LP, its General
Partner)

By:  Seth J. Brufsky

Its:  Vice President

 

15

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

ARES III CLO Ltd. (by: ARES CLO Management, LLC)

By:  Seth J. Brufsky

Its:  Vice President

 

ARES IV CLO Ltd. (by: ARES CLO management IV, L.P., Investment Manager and ARES
CLO GP IV, LLC, Its Managing Member)

By:  Seth J. Brufsky

Its:  Vice President

 

ARES V CLO Ltd. (by: ARES CLO Management V, LP, Investment Manager and ARES CLO
GP V, LLC, Its Managing Member)

By:  Seth J. Brufsky

Its:  Vice President

 

ARES VI CLO LTD. (by: Ares CLO Management VI, LP., Investment Manager and Ares
CLO GP VI, LLC, its Managing Member)

By:  Seth Brufsky

Its:  Vice President

 

ARES VII CLO LTD. (by: Ares CLO Management VII, L.P., Investment Partner and
Ares CLO GP VII, LLC, its General Partner)

 

ARES VIII CLO LTD (by: Ares CLO Management VIII, LP., Investment Manager and
Ares CLO GP VIII, LLC, its General Partner:

By:  Seth Brufsky

Its:  Vice President

 

APEX (IDM)CDO I, LTD.

ELC (CAYMAN) LTD.

ELC (CAYMAN) LTD. CDO SERIES 1999-I

ELC (CAYMAN) 1999-II

ELC (CAYMAN) 1999-III

ELC (CAYMAN) 2000-1

TRYON CLO LTD. 2000-I (by: David L. Babson & Company Inc. as Collateral Manager)

By:  Adrienne Musgnug

Its:  Managing Director

 

BABSON CLO LTD. 2003-I (by: David L. Babson & Company Inc. as Collateral
Manager)

By:  Adrienne Musgnug

Its:  Managing Director

 

SEABOARD CLO 2000 LTD (by: David L. Babson & Company Inc. as Collateral Manager)

By:  Adrienne Musgnug

Its:  Managing Director

 

Canadian Imperial Bank of Commerce

By:  Marc Berg

Its:  Authorized Signatory

 

BILL & MELINDA GATES FOUNDATION (by: David L. Babson & Company Inc. as
Investment Adviser)

By:  Adrienne Musgnug

Its:  Managing Director

 

16

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

MAPLEWOOD (CAYMAN) LIMITED (by: David L. Babson & Company Inc. under delegated
authority from Massachusetts Mutual Life Insurance Company as Investment
Manager)

By:  Adrienne Musgnug

Its:  Managing Director

 

SUFFIELD CLO, LIMITED (by: David L. Babson & Company Inc. as Collateral Manager)

By:  Adrienne Musgnug

Its:  Managing Director

 

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY (by: David L. Babson & Company Inc.
as Investment Advisor)

By:  Adrienne Musgnug

Its:  Managing Director

 

TRS 1 LLC

By:  Deborah O’Keeffe

Its:  Vice President

 

BLACK DIAMOND CLO 1998-1 LTD.

By:  Alan Corkish

Its:  Director

 

BLACK DIAMOND INTERNATIONAL FUNDING, LTD.

By:  Alan Corkish

Its:  Director

 

BK AMER

 

THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND

By:  Geraldine Hannon/David McGarry

Its:  Authorized Signatories

 

BANK OF MONTREAL

By:  S. Valia

Its:  MD

 

BANK ONE, NA

By:  Clifon Chang

Its:  Managing Director

 

MAGNETITE IV CLO, LIMITED

By:  Mark J. Williams

Its:  Authorized Signatory

 

MAGNETITE V CLO, LIMITED

By:  Mark J. Williams

Its:  Authorized Signatory

 

SENIOR LOAN FUND

By:  Mark J. Williams

Its:  Authorized Signatory

 

BLACKROCK SENIOR LOAN TRUST

By:  Mark J. Williams

Its:  Authorized Signatory

 

17

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

BLACKROCK LIMITED DURATION INCOME TRUST

By:  Mark J. Williams

Its:  Authorized Signatory

 

TITANIUM CBO I LIMITED

By:  Mark J. Williams

Its:  Authorized Signatory

 

BLACKROCK-MAGNETITE

By:  Mark J. Williams

Its:  Authorized Signatory

 

MAGNETITE ASSET INVESTORS L.L.C.

By:  Mark J. Williams

Its:  Authorized Signatory

 

MAGNETITE CBO II, LTD.

By:  Mark J. Williams

Its:  Authorized Signatory

 

HANOVER SQUARE CLO LTD. (By: Blackstone Debt Advisors L.P. as Collateral
Manager)

By:  Dean Criares

Its:  Managing Director

 

MONUMENT PARK CDO LTD. (By: Blackstone Debt Advisors L.P. as Collateral Manager)

By:  Dean Criares

Its:  Managing Director

 

UNION SQUARE CDO LTD.(By: Blackstone Debt Advisors L.P. as Collateral Manager)

By:  Dean Criares

Its:  Managing Director

 

GALLATIN FUNDING I LTD. By: Bear Stearns Asset Management Inc. as its Collateral
Manager

By:  Nick D. Rosenzweig

Its:  Associate Director

 

BRAYMOOR & CO. By: Bear Stearns Asset Management Inc. as its Collateral Manager

By:  Nick D. Rosenzweig

Its:  Associate Director

 

GRAYSTON CLO 2001-01 LTD. By: Bear Stearns Asset Management Inc. as its
Collateral Manager

By:  Nick D. Rosenzweig

Its:  Associate Director

 

LAGUNA FUNDING LLC

By:  Kelly W. Warnement

Its:  Vice President

 

APEX (TRIMARAN) CDO I, LTD. By Trimaran Advisors, L.L.C.

By:  David M. Millison

Its:  Managing Director

 

SAWGRASS TRADING LLC

By:  Kelly W. Warnement

Its:  Vice President

 

18

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

CARLYLE HIGH YIELD PARTNERS, L.P.

By:  Mark Alter

Its:  Managing Director

 

CARLYLE HIGH YIELD PARTNERS II, LTD.

By:  Mark Alter

Its:  Managing Director

 

CARLYLE HIGH YIELD PARTNERS III, LTD.

By:  Mark Alter

Its:  Managing Director

 

CARLYLE HIGH YIELD PARTNERS IV, LTD.

By:  Mark Alter

Its:  Managing Director

 

CARLYLE LOAN OPPORTUNITY FUND

By:  Mark Alter

Its:  Managing Director

 

LOAN FUNDING I LLC, a wholly owned subsidiary of Citibank, N.A. (By: TCW
Advisors, Inc., as Portfolio Manager of Loan Funding I LLC)

By:  Jonathan R. Insull

Its:  Managing Director

By:  Mark L. Gold

Its:  Managing Director

 

LONG LANE MASTER TRUST II (by: Fleet National Bank as Trust Administrator with
respect to Series Eclipse)

By:  Michael J. Sullivan

Its:  Director

 

TRS ECLIPSE LLC

By:  Deborah O’Keeffe

Its:  Vice President

 

STANWICH LOAN FUNDING LLC

By:  Kelly W. Warnement

Its:  Vice President

 

TRUMBULL TMC, LTD.

By:  Tim Houghton

Its:  Vice President

 

TORONTO DOMININ (NEW YORK), INC.

By:  Michelle Manning

Its:  Attorney-in-Fact

 

CIT LENDING SERVICES

 

CITICORP NORTH AMERICA, INC.

By:  J. Gregory Davis

Its:  Vice President

 

19

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

CITIGROUP FINANCIAL PRODUCTS

By:  Doug Warren

Its:  Managing Director

 

JUPITER LOAN FUNDING LLC

By:  Kelly W. Warnement

Its:  Vice President

 

WINGED FOOT FUNDING TRUST

By:  Kelly W. Warnement

Its:  Vice President

 

ATRIUM CDO

By:  Andrew H. Marshak

Its:  Authorized Signatory

 

CREDIT INDUSTRIEL ET COMMERCIAL

By:  Marcus Edward

Its:  Vice President

By:  Anthony Rock

Its:  Vice President

 

CSAM FUNDING I

By:  Andrew H. Marshak

Its:  Authorized Signatory

 

CSAM FUNDING II

By:  Andrew H. Marshak

Its:  Authorized Signatory

 

CSAM FUNDING III

By:  Andrew H. Marshak

Its:  Authorized Signatory

 

FIRST DOMINION FUNDING I

By:  Andrew H. Marshak

Its:  Authorized Signatory

 

FIRST DOMINION FUNDING II

By:  Andrew H. Marshak

Its:  Authorized Signatory

 

FIRST DOMINION FUNDING III

By:  Andrew H. Marshak

Its:  Authorized Signatory

 

CREDIT SUISSE FIRST BOSTON, ACTING THROUGH ITS CAYMAN ISLANDS BRANCH

By:  Jay Chall

Its:  Director

By:  Doreen Walch

Its:  Associate

 

20

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

DB TRUST AMERICAS

Denali Capital LLC, managing member of the DC Funding Partners, portfolio
manager for DENALI CAPITAL CLO III, LTD., or an affiliate

By:  John P. Thacker

Its:  Chief Credit Officer

 

Denali Capital LLC, managing member of the DC Funding Partners, portfolio
manager for DENALI CAPITAL CLO II, LTD., or an affiliate

By:  John P. Thacker

Its:  Chief Credit Officer

 

BIG SKY SENIOR LOAN FUND, LTD. (by: Eaton Vance Management as Investment
Advisor)

By:  Michael B. Botthof

Its:  Vice President

 

EATON VANCE SENIOR FLOATING-RATE TRUST (by: Eaton Vance Management as Investment
Advisor)

By:  Michael B. Botthof

Its:  Vice President

 

TOLLI & CO. (by: Eaton Vance Management as Investment Advisor)

By:  Michael B. Botthof

Its:  Vice President

 

EATON VANCE CDO III, LTD. (by: Eaton Vance Management as Investment Advisor)

By:  Michael B. Botthof

Its:  Vice President

 

EATON VANCE CDO IV, LTD (by: Eaton Vance Management as Investment Advisor)

By:  Michael B. Botthof

Its:  Vice President

 

EATON VANCE CDO V, LTD (by: Eaton Vance Management as Investment Advisor)

By:  Michael B. Botthof

Its:  Vice President

 

EATON VANCE CDO VI LTD. (by: Eaton Vance Management as Investment Advisor)

By:  Michael B. Botthof

Its:  Vice President

 

GRAYSON & CO (by: Boston Management and Research as Investment Advisor)

By:  Michael B. Botthof

Its:  Vice President

 

EATON VANCE INSTITUTIONAL SENIOR FUND (by: Eaton Vance Management as Investment
Advisor)

By:  Michael B. Botthof

Its:  Vice President

 

EATON VANCE LIMITED DURATION INCOME FUND (by: Eaton Vance Management as
Investment Advisor)

By:  Michael B. Botthof

Its:  Vice President

 

21

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

OXFORD STRATEGIC INCOME FUND (by: Eaton Vance Management as Investment Advisor)

By:  Michael B. Botthof

Its:  Vice President

 

EATON VANCE SENIOR INCOME TRUST (by: Eaton Vance Management as Investment
Advisor)

By:  Michael B. Botthof

Its:  Vice President

 

SENIOR DEBT PORTFOLIO (by: Boston Management and Research as Investment Advisor)

By:  Michael B. Botthof

Its:  Vice President

 

EATON VANCE VT FLOATING RATE INCOME FUND (by: Eaton Vance Management as
Investment Advisor)

By:  Michael B. Botthof

Its:  Vice President

 

BALLYROCK CDO I LIMITED (by: Ballyrock Investment Advisors LLC, as Collateral
Manager)

By:  Lisa Rymut

Its:  Assistant Treasurer

 

BALLYROCK CLO II LIMITED (by: Ballyrock Investment Advisors LLC, as Collateral
Manager)

By:  Lisa Rymut

Its:  Assistant Treasurer

 

FIDELITY ADVISOR SERIES II: FIDELITY ADVISOR FLOATING RATE HIGH INCOME FUND

By:  John H. Costello

Its:  Assistant Treasurer

 

FLAGSHIP CLO II (by Flagship Capital Management, Inc.)

By:  Eric S. Meyer

Its:  Director

 

FLAGSHIP CLO-2001-1 (by Flagship Capital Management, Inc.)

By:  Eric S. Meyer

Its:  Director

 

FLEET NATIONAL BANK FOR THE ACCOUNT OF FLAGSHIP FUND

By:  Peter van der Horst

Its:  Director

 

FOOTHILL INCOME TRUST II LP (by FIT II GP, LLC, its Gen. Partner)

By:  Sean T. Dixon

Its:  Managing Member

 

FRANKLIN CLO I, LIMITED

By:  Richard Hsu

Its:  Vice President

 

FRANKLIN CLO II, LIMITED

By:   Richard Hsu

Its:  Vice President

 

FRANKLIN CLO III, LIMITED

By:  Richard Hsu

Its:  Vice President

 

22

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

FRANKLIN CLO IV, LIMITED

By:  Richard Hsu

Its:  Vice President

 

FRANKLIN FLOATING RATE MASTER SERIES

By:  Richard Hsu

Its:  Vice President

 

FRANKLIN FLOATING RATE TRUST

By:  Richard Hsu

Its:  Vice President

 

FRANKLIN FLOATING RATE DAILY ACCESS FUND

By:  Richard Hsu

Its:  Vice President

 

FRANKLIN TEMPLETON LIM. DURATION INCOME TRUST

By:  Richard Hsu

Its:  Vice President

 

GOLDMAN SACHS CREDIT PARTNERS L.P.

By:  Stephen King

Its:  Authorized Signatory

 

1888 FUND, LTD.

By:  Kaitlin Trinh

Its:  Fund Controller

 

GULF STREAM - COMPASS CLO 2002-1 LTD (by Gulf Stream Asset Management LLC as
Collateral Manager)

By:  [Illegible]

Its:  Trader

 

GULF STREAM - COMPASS CLO 2003-1 LTD (by Gulf Stream Asset Management LLC as
Collateral Manager)

By:  [Illegible]

Its:  Trader

 

HARCH CLO I, LTD.

By:  Michael E. Lewitt

Its:  Authorized Signatory

 

BLUE SQUARE FUNDING LIMITED SERIES 3

By:  Deborah O’Keeffe

Its:  Vice President

 

ELF FUNDING TRUST I (by: Highland Capital Management, L.P. as Collateral
Manager)

By:  Todd Travers

Its:  Senior Portfolio Manager

 

EMERALD ORCHARD LIMITED

By:  Michelle Manning

Its:  Attorney-in-Fact

 

23

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

GLENEAGLES TRADING LLC

By:  Kelly W. Warnement

Its:  Vice President

 

HCM US LOANS MAC 43 LTD (by: Highland Capital Management, L.P. as
Attorney-in-Fact)

By:  Todd Travers

Its:  Senior Portfolio Manager

 

LOAN FUNDING IV LLC (by: Highland Capital Management, L.P. as Portfolio Manager)

By:  Todd Travers

Its:  Senior Portfolio Manager

 

HIGHLAND LOAN FUNDING V Ltd. (by: Highland Capital Management, L.P. as
Collateral Manager)

By:  Todd Travers

Its:  Senior Portfolio Manager

 

RESTORATION FUNDING CLO, LTD (by: Highland Capital Management, L.P. as
Collateral Manager)

By:  Todd Travers

Its:  Senior Portfolio Manager

 

HIGHLAND LEGACY LIMITED (by: Highland Capital Management, L.P. as Collateral
Manager)

By:  Todd Travers

Its:  Senior Portfolio Manager

 

INDOSUEZ CAPITAL FUNDING VI, LIMITED (By: Indosuez Capital as Collateral
Manager)

By:  Charles Kobayashi

Its:  Principal and Portfolio Manager

 

ARCHIMEDES FUNDING IV (CAYMAN), LTD. (by: ING Capital Advisors LLC, as
Collateral Manager)

By:  Peanie C. Wang

Its:  Vice President

 

BALANCED HIGH-YIELD FUND II, LTD. (by ING Capital Advisors LLC, as Asset
Manager)

By:  Peanie C. Wang

Its:  Vice President

 

ENDURANCE CLO I, LTD. (by ING Capital Advisors LLC, as Collateral Manager)

By:  Peanie C. Wang

Its:  Vice President

 

NEMEAN CLO, LTD. (by ING Capital Advisors LLC, as Investment Manager)

By:  Peanie C. Wang

Its:  Vice President

 

ING – ORYX CLO, LTD. (by ING Capital Advisors LLC, as Collateral Manager)

By:  Peanie C. Wang

Its:  Vice President

 

ING - SEQUILS-ING I (HBDGM) LLC (by ING Capital Advisors LLC, as Collateral
Manager)

By:  Peanie C. Wang

Its:  Vice President

 

AIM FLOATING RATE FUND (by: INVESCO Senior Secured Management, Inc. as
Sub-Advisor)

By:  Scott Baskind

Its:  Authorized Signatory

 

24

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

DIVERSIFIED CREDIT PORTFOLIO LTD. (by: INVESCO Senior Secured Management, Inc.
as Investment Advisor)

By:  Scott Baskind

Its:  Authorized Signatory

 

AVALON CAPITAL, LTD. (by: INVESCO Senior Secured Management, Inc. as Portfolio
Advisor)

By:  Scott Baskind

Its:  Authorized Signatory

 

INVESCO-AVALON CAPITAL LTD. 2 (by: INVESCO Senior Secured Management, Inc. as
Portfolio Advisor)

By:  Scott Baskind

Its:  Authorized Signatory

 

INVESCO CBO 2000-1 LTD (by: INVESCO Senior Secured Management, Inc. as Portfolio
Advisor)

By:  Scott Baskind

Its:  Authorized Signatory

 

CHARTER VIEW PORTFOLIO (by: INVESCO Senior Secured Management, Inc. as
Investment Advisor)

By:  Scott Baskind

Its:  Authorized Signatory

 

INVESCO-DCP (by: INVESCO Senior Secured Management, Inc. as Investment Advisor)

By:  Scott Baskind

Its:  Authorized Signatory

 

SAGAMORE CLO LTD. (by: INVESCO Senior Secured Management, Inc. as Collateral
Manager)

By:  Scott Baskind

Its:  Authorized Signatory

 

SARATOGA CLO I, LIMITED (by: INVESCO Senior Secured Management, Inc. as Asset
Manager)

By:  Scott Baskind

Its:  Authorized Signatory

 

SEQUILS-LIBERTY, LTD. (by: INVESCO Senior Secured Management, Inc. as Collateral
Manager)

By:  Scott Baskind

Its:  Authorized Signatory

 

KATONAH – I, LTD

By:  Ralph Della Rocca

Its:  Authorized Officer, Katonah Capital, LLC as Manager)

 

KATONAH II, LTD

By:  Ralph Della Rocca

Its:  Authorized Officer, Katonah Capital, LLC as Manager)

 

KATONAH III, LTD

By:  Ralph Della Rocca

Its:  Authorized Officer, Katonah Capital, LLC as Manager)

 

KATONAH IV, LTD

By:  Ralph Della Rocca

Its:  Authorized Officer, Katonah Capital, LLC as Manager)

 

25

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

KATONAH V, LTD.

By:  Ralph Della Rocca

Its:  Authorized Officer, Katonah Capital, LLC as Manager)

 

LA SALLE BANK, N.A., as Custodian

By:  Theresa Lynch

Its:  Assistant Vice President

 

LIBERTYVIEW FUNDS, L.P.

By:  Steven S. Rogers

Its:  Authorized Signatory

 

CONTINENTAL CASUALTY COMPANY

By:  Marilou R. McGirr

Its:  Vice President and Assistant Treasurer

 

MET LIFE INSURANCE COMPANY

By:  James R. Dingler

Its:  Director

 

MADISON AVENUE CDO IV

By:  James R. Dingler

Its:  Director

 

VENTURE CDO 2002, LIMITED by its investment manager MIX Asset Management, LLC

By:  [Illegible]

Its:  [none]

 

VENTURE II CDO LIMITED by its investment manager MIX Asset Management, LLC

By:  [Illegible]

Its:  [none]

 

VENTURE III CDO by its investment manager MIX Asset Management, LLC

By:  [Illegible]

Its:  [none]

 

LONGHORN CDO (CAYMAN) LTD (by: Merrill Lynch Investment Managers, L.P. as
Investment Advisor)

By:  Andrew C. Liggio

Its:  Authorized Signatory

 

LONGHORN CDO II, LTD. (by: Merrill Lynch Investment Managers, L.P. as Investment
Advisor)

By:  Andrew C. Liggio

Its:  Authorized Signatory

 

LONGHORN CDO III, LTD. (by: Merrill Lynch Investment Managers, L.P. as
Investment Advisor)

By:  Andrew C. Liggio

Its:  Authorized Signatory

 

FLOATING RATE INCOME STRATEGIES FUND, INC.

By:  Andrew C. Liggio

Its:  Authorized Signatory

 

LIGHT POINT CLO 2004-1

By:  Joseph P. Lynch

Its:  Director

 

26

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

MOUNTAIN CAPITAL CLO 1 LTD.

By:  Chris Siddons

Its:  Director

 

MOUNTAIN CAPITAL CLO II, LTD

By:  Chris Siddons

Its:  Director

 

MORGAN STANLEY PRIME INCOME TRUST

By:  [Illegible]

Its:  Vice President

 

NATEXIS BANQUES POPULAIRES

By:  Michael Pellerito

Its:  Vice President

By:  Cynthia Sachs

Its:  Vice President & Group Manager

 

NATIONWIDE MUTUAL INSURANCE COMPANY

By:  Thomas S. Leggett

Its:  Associate Vice President Public Bonds

 

CLYDESDALE CLO 2003 LTD (Nomura Corporate Research and Asset Management Inc. as
Agent)

By:  Elizabeth MacLean

Its:  Director

 

NOMURA BOND & LOAN FUND (By: UFJ Trust Bank Limited as Trustee and By: Nomura
Corporate Research and Asset Management Inc. Attorney in Fact)

By:  Elizabeth MacLean

Its:  Director

 

CLYDESDALE CLO 2001-I, LTD. (Nomura Corporate Research and Asset Management Inc.
as Collateral Manager)

By:  Elizabeth MacLean

Its:  Director

 

ELF Funding Trust III (by: New York Investment Management LLC, as
Attorney-in-Fact)

By:  [Illegible]

Its:  [none]

 

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (by: New York Investment
Management LLC, its Investment Manager

By:  [Illegible]

Its:  [none]

 

NYLIM FLATIRON CLO 2003-1 LTD (by New York Investment Management LLC, as
Collateral Manager and Attorney-in-Fact)

By:  [Illegible]

Its:  [none]

 

OAK HILL CREDIT PARTNERS III, LIMITED (by: Oak Hill CLO Management III, LLC as
Investment Manager)

By:  Scott D. Krase

Its:  Authorized Person

 

27

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

OAK HILL CREDIT PARTNERS I, LIMITED (by: Oak Hill CLO Management I, LLC as
Investment Manager)

By:  Scott D. Krase

Its:  Authorized Person

 

OAK HILL SECURITIES FUND, L.P. (by: Oak Hill Securities Gen Par, L.P. its
General Partner; by: Oak Hill Securities MGP, Inc., its General Partner)

By:  Scott D. Krase

Its:  Vice President

 

OAK HILL SECURITIES FUND II (by: Oak Hill Securities Gen Par II, L.P. its
General Partner; by: Oak Hill Securities MGP II, Inc., its General Partner)

By:  Scott D. Krase

Its:  Vice President

 

OCTAGON INVESTMENT PARTNERS VI, LTD. (by: Octagon Credit Investors, LLC as
collateral manager)

By:  Andrew D. Gordon

Its:  Portfolio Manager

 

OCTAGON INVESTMENT PARTNERS II, LLC (by: Octagon Credit Investors, LLC as
sub-investment manager)

By:  Andrew D. Gordon

Its:  Portfolio Manager

 

OCTAGON INVESTMENT PARTNERS III, LTD. (by: Octagon Credit Investors, LLC as
Portfolio Manager)

By:  Andrew D. Gordon

Its:  Portfolio Manager

 

OCTAGON INVESTMENT PARTNERS IV, LTD. (by: Octagon Credit Investors, LLC as
collateral manager)

By:  Andrew D. Gordon

Its:  Portfolio Manager

 

HARBOURVIEW CLO V, LTD.

By:  Lisa Chaffee

Its:  Manager

 

HARBOURVIEW CLO IV, LTD.

By:  Lisa Chaffee

Its:  Manager

 

OPPENHEIMER SENIOR FLOATING RATE FUND

By:  Lisa Chaffee

Its:  Manager

 

ORIX FUNDING LLC

By:  Kelly W. Warnement

Its:  Vice President

 

RIVIERA FUNDING LLC

By:  Kelly W. Warnement

Its:  Vice President

 

28

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

AERIES FINANCE-II LTD. (by: Patriarch Partners X, LLC, its Managing Agent)

By:  Lynn Tilton

Its:  Manager

 

AMARA 1 FINANCE LTD. (by Patriarch Partners XI, LLC, its Managing Agent)

By:  Lynn Tilton

Its:  Manager

 

AMARA-2 FINANCE LTD. (by Patriarch Partners XII, LLC, its Managing Agent)

By:  Lynn Tilton

Its:  Manager

 

OASIS COLLATERALIZED HIGH INCOME PORTFOLIOS-1, LTD. (by Patriarch Partners XIII,
LLC, its Managing Agent)

By:  Lynn Tilton

Its:  Manager

 

PAYDEN & RYDEL SHORT BOND FUND

By:  James P. Sarni

Its:  Managing Principal

 

TEXAS A&M (by: Payden & Rydel as Investment Adviser)

By:  James P. Sarni

Its:  Managing Principal

 

UNIVERSITY OF MICHIGAN (by: Payden & Rydel as Investment Adviser)

By:  James P. Sarni

Its:  Managing Principal

 

PILGRIM CLO 1999-1 LTD. (by: ING Investments, LLC as its investment manager)

By:  Mohamed Basma

Its:  Vice President

 

ML CLO XX PILGRIM AMERICA (CAYMAN) LTD. (by: ING Investments, LLC as its
investment manager)

By:  Mohamed Basma

Its:  Vice President

 

SEQUILS-PILGRIM I, LTD (by: ING Investments, LLC as its investment manager)

By:  Mohamed Basma

Its:  Vice President

 

ING PRIME RATE TRUST (by:Aeltus Investment Management, Inc. as its investment
manager)

By:  Mohamed Basma

Its:  Vice President

 

ING SENIOR INCOME FUND (by:Aeltus Investment Management, Inc. as its investment
manager)

By:  Mohamed Basma

Its:  Vice President

 

ADDISON CDO, LIMITED (by: Pacific Investment Management Company LLC, as its
Investment Advisor)

By:  Mohan V. Phansalkar

Its:  Managing Director

 

29

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

BALBOA CDO I, LIMITED (by: Pacific Investment Management Company LLC, as its
Investment Advisor)

By:  Mohan V. Phansalkar

Its:  Managing Director

 

CAPTIVA IV Finance Ltd., as advised by Pacific Investment Management Company LLC

By:  David Dyer

Its:  Director

 

PIMCO - FLOAT RATE INCOME FUND

By:  Andrew C. Liggio

Its:  Authorized Signatory

 

PIMCO FLOATING RATE INCOME FUND (by Pacific Investment Management Company LLC,
as its Investment Advisor, acting through Investors Fiduciary Trust Company in
the Nominee Name of IFTCO)

By:  Mohan V. Phansalkar

Its:  Managing Director

 

JISSEKIKUN FUNDING, LTD. (by Pacific Investment Management Company LLC, as its
Investment Advisor)

By:  Mohan V. Phansalkar

Its:  Managing Director

 

LOAN FUNDING III LLC (by Pacific Investment Management Company LLC, as its
Investment Advisor)

By:  Mohan V. Phansalkar

Its:  Managing Director

 

PACIFIC HIGH YIELD CAYMAN UNIT TRUST (by Pacific Investment Management Company
LLC, as its Investment Advisor, acting through The Chase Manhattan Bank, in the
Nominee Name of Polly & Co.)

By:   Mohan V. Phansalkar

Its:  Managing Director

 

PVIT HIGH YIELD BOND PORTFOLIO (by Pacific Investment Management Company LLC, as
its Investment Advisor, acting through Investors Fiduciary Trust Company in the
Nominee Name of IFTCO)

By:  Mohan V. Phansalkar

Its:  Managing Director

 

SAN MIGUEL CDO LIMITED (by Pacific Investment Management Company LLC, as its
Investment Advisor)

By:  Mohan V. Phansalkar

Its:  Managing Director

 

SEQUILS-MAGNUM, LTD. (by Pacific Investment Management Company LLC, as its
Investment Advisor)

By:  Mohan V. Phansalkar

Its:  Managing Director

 

WAVELAND – INGOTS, LTD. (by Pacific Investment Management Company LLC, as its
Investment Advisor)

By:  Mohan V. Phansalkar

Its:  Managing Director

 

WRIGLEY CDO, LTD (by Pacific Investment Management Company LLC, as its
Investment Advisor)

By:  Mohan V. Phansalkar

Its:  Managing Director

 

30

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

PPM America, Inc., as Attorney-in-Fact, on behalf of Jackson National Life
Insurance Company

By:  David C. Wagner

Its:  Managing Director

 

PPM SHADOW CREEK FUNDING LLC

By:  Kelly W. Warnement

Its:  Vice President

 

PPM SPYGLASS FUNDING TRUST

By:  Kelly W. Warnement

Its:  Vice President

 

PRINCIPAL LIFE INSURANCE COMPANY (by: Principal Global Investors, LLC a Delaware
limited liability company, its authorized signatory)

By:  Jon C. [Illegible]

Its:  Counsel

By:  James C. [Illegible]

Its:  Counsel

 

PROMETHEUS INVESTMENT FUNDING NO 2 LTD. (by: HVB Credit Advisors LLC)

By:  Vicky S. Soo

Its:  Associate Director

By:  Elizabeth Tallmadge

Its:   Managing Director, Chief Investment Officer

 

PROMETHEUS INVESTMENT FUNDING NO.1 LTD. (by: HVB Credit Advisors LLC)

By:  Vicky S. Soo

Its:  Associate Director

By:  Elizabeth Tallmadge

Its:  Managing Director, Chief Investment Officer

 

PROTECTIVE LIFE INSURANCE COMPANY

By:  Diane S. Griswold

Its:  AVP

 

Dryden Leveraged Loan CDO 2002-II (by: Prudential Investment Management, Inc. as
Collateral Manager)

By:  B. Ross Smead

Its:  Vice President

 

Dryden III Leveraged Loan CDO 2002 (by: Prudential Investment Management, Inc.
as Collateral Manager)

By:  B. Ross Smead

Its:  Vice President

 

Dryden IV Leveraged Loan CDO 2003 (by: Prudential Investment Management, Inc. as
Collateral Manager)

By:  B. Ross Smead

Its:  Vice President

 

The Prudential Insurance Company of America (by: Prudential Investment
Management, Inc., as Investment Advisor)

By:  B. Ross Smead

Its:  Vice President

 

31

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

PUTNAM DIVERSIFIED INCOME TRUST

By:  Beth Mazor

Its:  VP

 

PUTNAM HIGH YIELD ADVANTAGE FUND

By:  Beth Mazor

Its:  VP

 

PUTNAM HIGH YIELD TRUST

By:  Beth Mazor

Its:  VP

 

PUTNAM MASTER INTERMEDIATE INCOME TRUST

By:  Beth Mazor

Its:  VP

 

PUTNAM MASTER INCOME TRUST

By:  Beth Mazor

Its:  VP

 

PUTNAM PREMIER INCOME TRUST

By:  Beth Mazor

Its:  VP

 

PUTNAM VARIABLE TRUST PVT HIGH YIELD FUND

By:  Beth Mazor

Its:  VP

 

PUTNAM VARIABLE TRUST PVT DIVERSIFIED INCOME UND

By:  Beth Mazor

Its:  VP

 

FOXE BASIN CLO 2003, LTD (by: Royal Bank of Canada as Collateral Manager)

By:  Melissa Marano

Its:  Authorized Signatory

 

SEQUILS-GLACE BAY, LTD. (by: Royal Bank of Canada as Collateral Manager)

By:  Melissa Marano

Its:  Authorized Signatory

 

SANKATY ADVISORS, LLC AS COLLATERAL MANAGER FOR AVERY POINT CLO, LTD., AS TERM
LENDER

By:  Timothy Barns

Its:  Senior Vice President

 

SANKATY ADVISORS, LLC AS COLLATERAL MANAGER FOR BRANT POINT CBO 1999-1 LTD., AS
TERM LENDER

By:  Timothy Barns

Its:  Senior Vice President

 

SANKATY ADVISORS, LLC AS COLLATERAL MANAGER FOR BRANT POINT II CBO 2000-1 LTD.,
AS TERM LENDER

By:  Timothy Barns

Its:  Senior Vice President

 

32

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

SANKATY ADVISORS, LLC AS COLLATERAL MANAGER FOR CASTLE HILL I – INGOTS, LTD., AS
TERM LENDER

By:  Timothy Barns

Its:  Senior Vice President

 

SANKATY ADVISORS, LLC AS COLLATERAL MANAGER FOR CASTLE HILL III – INGOTS, LTD.,
AS TERM LENDER

By:  Timothy Barns

Its:  Senior Vice President

 

SANKATY ADVISORS, LLC AS COLLATERAL MANAGER FOR CASTLE HILL III CLO, LIMITED, AS
TERM LENDER

By:  Timothy Barns

Its:  Senior Vice President

 

SANKATY ADVISORS, LLC AS COLLATERAL MANAGER FOR RACE POINT II CLO, LIMITED, AS
TERM LENDER

By:  Timothy Barns

Its:  Senior Vice President

 

SANKATY ADVISORS, LLC AS COLLATERAL MANAGER FOR RACE POINT CLO, LIMITED, AS TERM
LENDER

By:  Timothy Barns

Its:  Senior Vice President

 

SANKATY ADVISORS, LLC AS COLLATERAL MANAGER FOR GREAT POINT CLO 1999-1 LTD., AS
TERM LENDER

By:  Timothy Barns

Its:  Senior Vice President

 

SANKATY-HARBOUR TOWN FDG LLC

LONG LANE MASTER TRUST IV by Fleet National Bank as Trust Administrator

By:  Michael J. Sullivan

Its:  Director

 

Sumitomo Mitsui Banking Corporation

By:  Edward D. Henderson, Jr.

Its:  General Manager

 

STANFIELD ARBITRAGE CLO, LTD. By: Stanfield Capital Partners LLC as its
Collateral Manager

By:  Christopher E. Jensen

Its:  Managing Partner

 

STANFIELD CLO, LTD. By: Stanfield Capital Partners LLC as its Collateral Manager

By:  Christopher E. Jensen

Its:  Managing Partner

 

STANFIELD/RMF TRANSATLANTIC CDO LTD. By: Stanfield Capital Partners LLC as its
Collateral Manager

By:  Christopher E. Jensen

Its:  Managing Partner

 

33

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

WINDSOR LOAN FUNDING, LIMITED By: Stanfield Capital Partners LLC as its
Investment Manager

By:  Christopher E. Jensen

Its:  Managing Partner

 

STANFIELD QUATTRO CLO, LTD. By: Stanfield Capital Partners LLC as its Collateral
Manager

By:  Christopher E. Jensen

Its:  Managing Partner

 

HAMILTON CDO, LTD. By: Stanfield Capital Partners LLC as its Collateral Manager

By:  Christopher E. Jensen

Its:  Managing Partner

 

SUNAMERICA SENIOR FLOATING RATE FUND INC. By: Stanfield Capital Partners LLC as
sub advisor

By:  Christopher E. Jensen

Its:  Managing Partner

 

TRS CALLISTO LLC

By:  Deborah O’Keeffe

Its:  Vice President

 

STRONG SHORT-TERM HIGH YIELD BOND FUND

By:  [Illegible]

Its:  [none]

 

GALAXY 1999-1, LTD (by: AIG Global Investment Corp., its Investment Advisor)

By:  Julie Bothamley

Its:  Vice President

 

GALAXY CLO 2003-1, LTD (by: AIG Global Investment Corp., its Investment Advisor)

By:  Julie Bothamley

Its:  Vice President

 

KZH SOLEIL LLC

By:  Hi Hua

Its:  Authorized Agent

 

SUNAMERICA LIFE INSURANCE COMPANY (by: AIG Global Investment Corp., its
Investment Advisor)

By:  Julie Bothamley

Its:  Vice President

 

CONTINENTAL ASSURANCE COMPANY ON BEHALF OF ITS SEPARATE ACCOUNT (E)

By:  Marilou R. McGirr

Its:  Vice President and Assistant Treasurer

 

C-SQUARED CDO LTD (By: TCW Advisors, Inc., as its Portfolio Manager)

By:  Jonathan R. Insull

Its:  Managing Director

 

KZH CRESCENT-2 LLC

By:  Hi Hua

Its:  Authorized Agent

 

KZH CRESCENT-3 LLC

By:  Hi Hua

Its:  Authorized Agent

 

34

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

CELERITY CLO LIMITED (By: TCW Advisors, Inc., as agent)

By:  Jonathan R. Insull

Its:  Managing Director

By:  Mark L. Gold

Its:  Managing Director

 

TCW SELECT LOAN FUND, LIMITED (By: TCW Advisors, Inc., as its Collateral
Manager)

By:  Jonathan R. Insull

Its:  Managing Director

By:  Mark L. Gold

Its:  Managing Director

 

SEQUILS IV, LTD. (By: TCW Advisors, Inc., as its Collateral Manager)

By:  Jonathan R. Insull

Its:  Managing Director

By:  Mark L. Gold

Its:  Managing Director

 

SEQUILS I, LTD (By: TCW Advisors, Inc., as its Collateral Manager)

By:  Jonathan R. Insull

Its:  Managing Director

By:  Mark L. Gold

Its:  Managing Director

 

LOAN FUNDING CORP. THC. LTD.

By:  Michelle Manning

Its:  Attorney-in-Fact

 

CITICORP INSURANCE AND INVESTMENT TRUST (by: Travelers Asset Management
International Company LLC)

By:  William M. Gardner

Its:  Investment Officer

 

CITIGROUP INVESTMENTS CORPORATE LOAN FUND (by: Travelers Asset Management
International Company LLC)

By:  Melanie Hanlon

Its:  Vice President

 

COLUMBUS LOAN FUNDING LTD. (by: Travelers Asset Management International Company
LLC)

By:  Melanie Hanlon

Its:  Vice President

 

TRAVELERS INSURANCE COMPANY

By:  William M. Gardner

Its:  Investment Officer

 

VAN KAMPEN SENIOR LOAN FUND (by: Van Kampen Investment Advisory Corp.)

By:  Brad Langs

Its:  Executive Director

 

VAN KAMPEN SENIOR INCOME TRUST (by: Van Kampen Investment Advisory Corp.)

By:  Brad Langs

Its:  Executive Director

 

WESTERN ASSET

By:  [Illegible]

Its:  [none]

 

35

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

Each of the undersigned, each being a Subsidiary Guarantor under, and as defined
in, the Credit Agreement referenced in the foregoing Second Amendment, hereby
consents to the entering into of the Second Amendment and agrees to the
provisions thereof (including, without limitation, Part II, Section 6 thereof).

 

DIRECTV FINANCING CO, INC.

DIRECTV ENTERPRISES, LLC

DIRECTV CUSTOMER SERVICES, INC.

DIRECTV, INC.

DIRECTV MERCHANDISING, INC.

DIRECTV OPERATIONS, LLC

USSB II, INC.

TRIUMPH COMMUNICATIONS, INC.

By:

 

  /s/ M. W. Palkovic

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

Name: M. W. Palkovic

Title: Senior Vice President & CFO

 

36

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

The undersigned, being a Credit Party under, and as defined in, the Credit
Agreement referenced in the foregoing Second Amendment, hereby consents to the
entering into of the Second Amendment and agrees to the provisions thereof
(including, without limitation, Part II, Section 6 thereof).

 

HUGHES ELECTRONICS CORPORATION

By:

 

  /s/ P. T. Doyle

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

Name: P. T. Doyle

Title: Senior Vice President, Treasurer & Controller

 

37

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

Schedule I

 

Lender

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

   B-2 Term
Loan
Commitment

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

Deutsche Bank Trust Company Americas

   $ 0

TOTAL

   $ 0

 

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

Exhibit B-6

 

Form of B-2 Term Note

 

$                

  New York, New York     [Date]

 

FOR VALUE RECEIVED, DIRECTV HOLDINGS LLC, a Delaware limited liability company
(the “Borrower”), hereby promises to pay to                  or its registered
assigns (the “Lender”), in lawful money of the United States of America in
immediately available funds, at the office of Deutsche Bank Trust Company
Americas (the “Administrative Agent”) located at 90 Hudson Street, Jersey City,
New Jersey 07302 on the B-2 Term Loan Maturity Date (as defined in the Credit
Agreement referred to below) the principal sum of                      DOLLARS
($            ) or, if less, the aggregate unpaid principal amount of all B-2
Term Loans (as defined in the Credit Agreement) made by the Lender pursuant to
the Credit Agreement.

 

The Borrower also promises to pay interest on the unpaid principal amount hereof
in like money at said office from the date hereof until paid at the rates and at
the times provided in Section 1.08 of the Credit Agreement.

 

This Note is one of the B-2 Term Notes referred to in the Credit Agreement,
dated as of March 6, 2003, among the Borrower, the lenders from time to time
party thereto (including the Lender), the Administrative Agent and Bank of
America, N.A., as Syndication Agent (as amended, modified or supplemented from
time to time, the “Credit Agreement”) and is entitled to the benefits thereof
and of the other Credit Documents (as defined in the Credit Agreement). This
Note is secured by the Security Documents (as defined in the Credit Agreement)
and is entitled to the benefits of the Subsidiaries Guaranty (as defined in the
Credit Agreement). This Note is subject to voluntary prepayment and mandatory
repayment prior to the B-2 Term Loan Maturity Date, in whole or in part, as
provided in the Credit Agreement.

 

If an Event of Default (as defined in the Credit Agreement) shall occur and be
continuing, the principal of and accrued interest on this Note may become or be
declared to be due and payable in the manner and with the effect provided in the
Credit Agreement.

 

The Borrower hereby waives presentment, demand, protest or notice of any kind in
connection with this Note.

 

THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF
THE STATE OF NEW YORK.

 

DIRECTV HOLDINGS LLC

By:

 

 

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

Name:

Title:

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

Exhibit M

 

Form of Assignment and Assumption Agreement1

 

This Assignment and Assumption Agreement (this “Assignment”), is dated as of the
Effective Date set forth below and is entered into by and between [the][each]
Assignor identified in item [1][2] below ([the] [each, an] “Assignor”) and [the]
[each] Assignee identified in item 2 below ([the] [each, an] “Assignee”). [It is
understood and agreed that the rights and obligations of such [Assignees][and
Assignors] hereunder are several and not joint.] Capitalized terms used herein
but not defined herein shall have the meanings given to them in the Credit
Agreement identified below (as amended, restated, supplemented and/or otherwise
modified from time to time, the “Credit Agreement”). The Standard Terms and
Conditions for Assignment and Assumption Agreement set forth in Annex 1 hereto
(the “Standard Terms and Conditions”) are hereby agreed to and incorporated
herein by reference and made a part of this Assignment as if set forth herein in
full.

 

For an agreed consideration, [the][each] Assignor hereby irrevocably sells and
assigns to [the] [each] Assignee, and [the] [each] Assignee hereby irrevocably
purchases and assumes from [the][each] Assignor, subject to and in accordance
with the Standard Terms and Conditions and the Credit Agreement, as of the
Effective Date inserted by the Administrative Agent as contemplated below, the
interest in and to all of [the][each] Assignor’s rights and obligations under
the Credit Agreement and any other documents or instruments delivered pursuant
thereto that represents the amount and percentage interest identified below of
all of the [respective] Assignor’s outstanding rights and obligations under the
respective Tranches identified below (including, to the extent included in any
such Tranches, Letters of Credit and Swingline Loans) ([the] [each, an]
“Assigned Interest”). [Each] [Such] sale and assignment is without recourse to
[the][any] Assignor and, except as expressly provided in this Assignment,
without representation or warranty by [the][any] Assignor.

 

[1.   Assignor:    _________________

2.

  Assignee:                                             ]2

[1][3].

  Credit Agreement:    Credit Agreement, dated as of March 6, 2003, among
DIRECTV Holdings LLC, the lenders from time to time party thereto, Deutsche Bank
Trust Company Americas, as Administrative Agent and Bank of America, N.A., as
Syndication Agent.

 

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

1 This Form of Assignment and Assumption Agreement should be used by Lendors for
an assignment to a single Assignee or to funds managed by the same or related
investment managers.

2 If the form is used for a single Assignor and Assignee, items 1 and 2 should
list the Assignor and the Assignee, respectively. In the case of an assignment
to funds managed by the same or related investment managers, or an assignment by
multiple Assignors, the Assignors and the Assignee(s) should be listed in the
table under bracketed item 2 below.

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

Exhibit M

Page 2

 

[2. Assigned Interest:3

 

Assignor

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

   Assignee

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

    Tranche Assigned4

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

  

Aggregate Amount
of

Commitment/Loans
under Relevant
Tranche for all
Lenders

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

   Amount of
Commitment/Loans
under Relevant
Tranche Assigned

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

   Percentage of
Assigned
Commitment/
Loans
under Relevant
Tranche5

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

  [Name of Assignor]    [Name of Assignee ]   B-2 Term Loans    _____________   
_____________    __________ % [Name of Assignor]    [Name of Assignee ]  
Revolving Loans    _____________    _____________    __________ %]

 

[4. Assigned Interest:6

 

Tranche Assigned

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

   Aggregate Amount of
Commitment/Loans under
Relevant Tranche for all Lenders

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

   Amount of
Commitment/Loans
under
Relevant
Tranche
Assigned

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

   Percentage
of Assigned
Commitment/Loans
under
Relevant
Tranche7

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

 

B-2 Term Loans

   $ ______________    $ ______________    __________ %

Revolving Loans

   $ ______________    $ ______________    __________ %]

 

Effective Date                     ,     , 200    .

 

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

3 Insert this chart if this Form of Assignment and Assumption Agreement is being
used for assignments to funds managed by the same or related investment managers
or for an assignment by multiple Assignors. Insert additional rows as needed.

4 For complex multi-tranche assignments a separate chart for each tranche should
be used for ease of reference.

5 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of
all Lenders thereunder for the respective Tranche.

6 Insert this chart if this Form of Assignment and Assumption Agreement is being
used by a single Assignor for an assignment to a single Assignee.

7 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of
all Lenders thereunder.

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

Exhibit M

Page 3

 

Assignor[s] Information

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

     

Assignee[s] Information

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

   

Payment Instructions:

  ____________  

Payment Instructions:

  ____________     ____________       ____________     ____________      
____________     ____________       ____________    

Reference:          

     

Reference:          

Notice Instructions:

  ____________  

Notice Instructions:

  ____________     ____________       ____________     ____________      
____________     ____________       ____________    

Reference:          

     

Reference:          

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Exhibit M

Page 4

 

The terms set forth in this Assignment are hereby agreed to:

 

ASSIGNOR

     

ASSIGNEE

[NAME OF ASSIGNOR]

     

[NAME OF ASSIGNEE]8

By:

 

 

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

     

By:

 

 

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

   

Name:

         

Name:

   

Title:

         

Title:

 

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8 Add additional signature blocks, as needed, if this Form of Assignment and
Assumption Agreement is being used by funds managed by the same or related
investment managers.

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Exhibit M

Page 5

 

[Consented to and]9 Accepted:

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Administrative Agent

By:

 

 

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

Name:

Title:

[DIRECTV HOLDINGS LLC

By:

 

 

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

Name:

Title:]10

 

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9 Insert only if assignment is being made to an Eligible Transferee pursuant to
Section 13.04(b)(y) of the Credit Agreement.

 

10 Insert only if (i) no Event of Default or Default under the Credit Agreement
is then in existence and (ii) the assignment is being made to an Eligible
Transferee pursuant to 13.04(b)(y) of the Credit Agreement.

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Annex 1

to

Exhibit M

 

DIRECTV HOLDINGS LLC

 

CREDIT AGREEMENT

 

Standard Terms and Conditions for Assignment

and Assumption Agreement

 

1. Representations and Warranties.

 

1.1. Assignor. [The] [Each] Assignor (a) represents and warrants that (i) it is
the legal and beneficial owner of [the] [its] Assigned Interest, (ii) [the]
[its] Assigned Interest is free and clear of any lien, encumbrance or other
adverse claim and (iii) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and to consummate the
transactions contemplated hereby; and (b) assumes no responsibility with respect
to (i) any statements, warranties or representations made in or in connection
with any Credit Document, (ii) the execution, legality, validity,
enforceability, genuineness, sufficiency or value of the Credit Agreement, any
other Credit Document or any other instrument or document delivered pursuant
thereto (other than this Assignment) or any collateral thereunder, (iii) the
financial condition of the Borrower, any of its respective Subsidiaries or
affiliates or any other Person obligated in respect of any Credit Document or
(iv) the performance or observance by the Borrower, any of its respective
Subsidiaries or Affiliates or any other Person of any of their respective
obligations under any Credit Document.

 

1.2. Assignee. [The] [Each] Assignee (a) represents and warrants that (i) it has
full power and authority, and has taken all action necessary, to execute and
deliver this Assignment and to consummate the transactions contemplated hereby
and to become a Lender under the Credit Agreement, (ii) confirms that it is (A)
a Lender, (B) a parent company and/or an affiliate of the Assignor which is at
least 50% owned by the Assignor or its parent company, (C) in the event the
Assignor is a fund that invests in bank loans, a fund that invests in bank loans
and is managed by the same investment advisor of the Assignor or by an affiliate
of such investment advisor or (D) an Eligible Transferee under Section 13.04(b)
of the Credit Agreement; (iii) from and after the Effective Date, it shall be
bound by the provisions of the Credit Agreement and, to the extent of the
Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it
has received a copy of the Credit Agreement, together with copies of the most
recent financial statements delivered pursuant to Section 8.01(a) or (b)
thereof, as applicable, and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into
this Assignment and to purchase the Assigned Interest on the basis of which it
has made such analysis and decision and (v) if it is organized under the laws of
a jurisdiction outside the United States, attached to this Assignment is any tax
documentation required to be delivered by it pursuant to the terms of the Credit
Agreement, duly completed and executed by [the] [each such] Assignee; (b) agrees
that it will, independently and without reliance upon the Administrative Agent,
[the][each] Assignor, or any other Lender and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
credit decisions in taking or not taking action under the Credit Agreement; (c)
appoints and authorizes each of the Administrative Agent, the Syndication Agent,
the Co-Documentation Agents and the Collateral Agent to take such action as
agent on its behalf and to

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Annex 1

Page 2

 

exercise such powers under the Credit Agreement and the other Credit Documents
as are delegated to or otherwise conferred upon the Administrative Agent, the
Syndication Agent, the Co-Documentation Agents or the Collateral Agent, as the
case may be, by the terms thereof, together with such powers as are reasonably
incidental thereto; and (d) agrees that it will perform in accordance with their
terms all of the obligations which by the terms of the Credit Documents are
required to be performed by it as a Lender.

 

2. Payment. From and after the Effective Date, the Administrative Agent shall
make all payments in respect [the] [each] Assigned Interest (including payments
of principal, interest, fees, commissions and other amounts) to [the][each]
Assignor for amounts which have accrued to but excluding the Effective Date and
to [the] [each] Assignee for amounts which have accrued from and after the
Effective Date.

 

3. Upon the delivery of a fully executed original hereof to the Administrative
Agent, as of the Effective Date, (i) the Assignee shall be a party to the Credit
Agreement and, to the extent provided in this Assignment and Assumption
Agreement, have the rights and obligations of a Lender thereunder and under the
other Credit Documents and (ii) the Assignor shall, to the extent provided in
this Assignment and Assumption Agreement, relinquish its rights and be released
from its obligations under the Credit Agreement and the other Credit Documents.

 

4. General Provisions. This Assignment shall be binding upon, and inure to the
benefit of, the parties hereto and their respective successors and assigns. This
Assignment may be executed in any number of counterparts, which together shall
constitute one instrument. Delivery of an executed counterpart of a signature
page of this Assignment by telecopy shall be effective as delivery of a manually
executed counterpart of the Assignment. THIS ASSIGNMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK
(INCLUDING, WITHOUT LIMITATION, SECTION 5.1401 OF THE GENERAL OBLIGATIONS LAW).

 

*        *        *