exv10w1w4





Exhibit 10.1.4


 


GUARANTEE AGREEMENT


dated as of


February 26, 2009,


among


BELO CORP.,


THE SUBSIDIARIES OF BELO CORP.
IDENTIFIED HEREIN


and


JPMORGAN CHASE BANK, N.A.,


as Administrative Agent


 









 



 


TABLE OF CONTENTS




	 	 	 	 	 
	ARTICLE I
	 	 	 	 
	 
	 	 	 	 
	Definitions
	 	 	 	 
	 
	 	 	 	 
	SECTION 1.01. Defined Terms
	 	 	1	 
	SECTION 1.02. Other Defined Terms
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	 
	 	 	 	 
	Guarantee
	 	 	 	 
	 
	 	 	 	 
	SECTION 2.01. Guarantee
	 	 	3	 
	SECTION 2.02. Guarantee of Payment; Continuing Guarantee
	 	 	3	 
	SECTION 2.03. No Limitations
	 	 	3	 
	SECTION 2.04. Reinstatement
	 	 	4	 
	SECTION 2.05. Agreement To Pay; Subrogation
	 	 	4	 
	SECTION 2.06. Information
	 	 	4	 
	 
	 	 	 	 
	ARTICLE III
	 	 	 	 
	 
	 	 	 	 
	Indemnity, Subrogation and Subordination
	 	 	 	 
	 
	 	 	 	 
	SECTION 3.01. Indemnity and Subrogation
	 	 	5	 
	SECTION 3.02. Contribution and Subrogation
	 	 	5	 
	SECTION 3.03. Subordination
	 	 	5	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	 
	 	 	 	 
	Miscellaneous
	 	 	 	 
	 
	 	 	 	 
	SECTION 4.01. Notices
	 	 	5	 
	SECTION 4.02. Waivers; Amendment
	 	 	6	 
	SECTION 4.03. Administrative Agent’s Fees and Expenses; Indemnification
	 	 	6	 
	SECTION 4.04. Successors and Assigns
	 	 	7	 
	SECTION 4.05. Survival of Agreement
	 	 	7	 
	SECTION 4.06. Counterparts; Effectiveness; Several Agreement
	 	 	7	 
	SECTION 4.07. Severability
	 	 	8	 
	SECTION 4.08. Right of Set-Off
	 	 	8	 
	SECTION 4.09. Governing Law; Jurisdiction; Consent to Service of Process
	 	 	8	 
	SECTION 4.10. WAIVER OF JURY TRIAL
	 	 	9	 
	SECTION 4.11. Headings
	 	 	9	 
	SECTION 4.12. Guarantee Absolute
	 	 	9	 
	SECTION 4.13. Termination or Release
	 	 	9	 
	SECTION 4.14. Additional Subsidiaries
	 	 	10	 












 



 


	 	 	 
	Schedules
	 	 
	 
	 	 
	Schedule I

	 	Subsidiary Loan Parties
	 
	 	 
	Exhibits
	 	 
	 
	 	 
	Exhibit I

	 	Form of Supplement












 



 



     GUARANTEE AGREEMENT dated as of February [•], 2009 (this
“Agreement”), among BELO CORP., a Delaware corporation (the
“Borrower”), each Subsidiary of the Borrower from time to time
party hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent.



          Reference is made to the Amended and Restated Credit Agreement dated as of February [•], 2009
(as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among the Borrower, the Lenders party thereto and JPMorgan Chase Bank, N.A., as
Administrative Agent. The Lenders have agreed to extend and maintain credit to the Borrower
subject to the terms and conditions set forth in the Credit Agreement. The obligations of the
Lenders to extend such credit are conditioned upon, among other things, the execution and delivery
of this Agreement. The Subsidiaries party hereto are affiliates of the Borrower, will derive
substantial benefits from the extension and maintenance of credit to the Borrower pursuant to the
Credit Agreement and are willing to execute and deliver this Agreement in order to induce the
Lenders to extend such credit. Accordingly, the parties hereto agree as follows:




ARTICLE I




Definitions




          SECTION 1.01. Credit Agreement. (a) Capitalized terms used in this Agreement and
not otherwise defined herein have the meanings specified in the Credit Agreement.




          (b) The rules of construction specified in Section 1.03 of the Credit Agreement also apply to
this Agreement.




          SECTION 1.02. Other Defined Terms. As used in this Agreement, the following terms
have the meanings specified below:




          “Agreement” has the meaning assigned to such term in the heading of this Agreement.




          “Borrower” has the meaning assigned to such term in the heading of this Agreement.




          “Contributing Party” has the meaning assigned to such term in Section 3.02.




          “Credit Agreement” has the meaning assigned to such term in the introductory paragraph
of this Agreement.










 



2


          “Guaranteed Parties” means (a) the Lenders, (b) the Administrative Agent, (c) the
Issuing Bank, (d) each provider of treasury, depository or cash management services the liabilities
in respect of which constitute Obligations, (e) each counterparty to any Hedging Agreement with a
Loan Party the obligations under which constitute Obligations, (f) the beneficiaries of each
indemnification obligation undertaken by any Loan Party under any Loan Document and (g) the
permitted successors and assigns of each of the foregoing.




          “Guarantors” means the Borrower (except in respect of its own Obligations) and each
Subsidiary of the Borrower from time to time party hereto.




          “Loan Document Obligations” means (a) the due and punctual payment by the Borrower of
(i) the principal of and interest (including interest accruing during the pendency of any
bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or
allowable in such proceeding) on the Loans, when and as due, whether at maturity, by acceleration,
upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by
the Borrower under the Credit Agreement in respect of any Letter of Credit, when and as due,
including payments in respect of reimbursement of disbursements, interest thereon and obligations
to provide cash collateral, and (iii) all other monetary obligations of the Borrower to any of the
Guaranteed Parties under the Credit Agreement and each of the other Loan Documents, including
obligations to pay fees, expense reimbursement obligations and indemnification obligations, whether
primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred
during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding,
regardless of whether allowed or allowable in such proceeding), and (b) the due and punctual
payment of all the obligations of each other Loan Party under or pursuant to this Agreement and
each of the other Loan Documents (including monetary obligations incurred during the pendency of
any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed
or allowable in such proceeding).




          “Obligations” means (a) Loan Document Obligations, (b) Any obligations of any Loan
Party in respect of overdrafts and related liabilities owed to a Lender or an Affiliate of a Lender
arising from treasury, depository or cash management services or arising in respect of purchasing
card programs or travel and entertainment card programs and (c) the due and punctual payment of all
obligations of each Loan Party under each Hedging Agreement that (i) is in effect on the date
hereof with a counterparty that is a Lender or an Affiliate of a Lender as of the date hereof or
(ii) is entered into after the date hereof with any counterparty that is a Lender or an Affiliate
of a Lender at the time such Hedging Agreement is entered into.










 



3


ARTICLE II




Guarantee




          SECTION 2.01. Guarantee. Each Guarantor unconditionally guarantees, jointly with the
other Guarantors and severally, as a primary obligor and not merely as a surety, the due and
punctual payment of the Obligations. Each Guarantor further agrees that the Obligations may be
extended or renewed, in whole or in part, without notice to or further assent from it, and that it
will remain bound upon its guarantee hereunder notwithstanding any such extension or renewal of any
Obligation. Each Guarantor waives presentment to, demand of payment from and protest to the
Borrower or any other Loan Party of any of the Obligations, and also waives notice of acceptance of
its guarantee and notice of protest for nonpayment.




          SECTION 2.02. Guarantee of Payment; Continuing Guarantee. Each Guarantor further
agrees that its guarantee hereunder constitutes a guarantee of payment when due (whether or not any
bankruptcy or similar proceeding shall have stayed the accrual or collection of any of the
Obligations or operated as a discharge thereof) and not merely of collection, and waives any right
to require that any resort be had by the Administrative Agent or any other Guaranteed Party to any
security held for the payment of the Obligations or to any balance of any deposit account or credit
on the books of the Administrative Agent or any other Guaranteed Party in favor of the Borrower,
any other party, or any other Person. Each Guarantor agrees that its guarantee hereunder is
continuing in nature and applies to all Obligations, whether currently existing or hereafter
incurred.




          SECTION 2.03. No Limitations. (a) Except for termination of a Guarantor’s
obligations hereunder as expressly provided in Section 4.13, the obligations of each Guarantor
hereunder shall not be subject to any reduction, limitation, impairment or termination for any
reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not
be subject to any defense or set-off, counterclaim, recoupment or termination whatsoever by reason
of the invalidity, illegality or unenforceability of the Obligations, any impossibility in the
performance of the Obligations, or otherwise. Without limiting the generality of the foregoing,
the obligations of each Guarantor hereunder shall not be discharged or impaired or otherwise
affected by (i) the failure of the Administrative Agent or any other Guaranteed Party to assert any
claim or demand or to enforce any right or remedy under the provisions of any Loan Document or
otherwise; (ii) any rescission, waiver, amendment or modification of, or any release from any of
the terms or provisions of, any Loan Document or any other agreement, including with respect to any
other Guarantor under this Agreement; (iii) the release of any security held by the Administrative
Agent or any other Guaranteed Party for the Obligations or any of them; (iv) any default, failure
or delay, wilful or otherwise, in the performance of the Obligations; or (v) any other act or
omission that may or might in any manner or to any extent vary the risk of any Guarantor or
otherwise operate as a discharge of any Guarantor as a matter of law or equity (other than the
indefeasible payment in full in cash of all the Obligations).










 



4




          (b) To the fullest extent permitted by applicable law, each Guarantor waives any defense
based on or arising out of any defense of the Borrower or any other Loan Party or the
unenforceability of the Obligations or any part thereof from any cause, or the cessation from any
cause of the liability of the Borrower or any other Loan Party, other than the indefeasible payment
in full in cash of all the Obligations. The Administrative Agent and the other Guaranteed Parties
may, at their election, foreclose on any security held by one or more of them by one or more
judicial or nonjudicial sales, accept an assignment of any such security in lieu of foreclosure,
compromise or adjust any part of the Obligations, make any other accommodation with the Borrower or
any other Loan Party or exercise any other right or remedy available to them against the Borrower
or any other Loan Party, without affecting or impairing in any way the liability of any Guarantor
hereunder except to the extent the Obligations have been fully and indefeasibly paid in full in
cash. To the fullest extent permitted by applicable law, each Guarantor waives any defense arising
out of any such election even though such election may operate, pursuant to applicable law, to
impair or to extinguish any right of reimbursement or subrogation or other right or remedy of such
Guarantor against the Borrower or any other Loan Party, as the case may be, or any security.




          SECTION 2.04. Reinstatement. Each of the Guarantors agrees that its guarantee
hereunder shall continue to be effective or be reinstated, as the case may be, if at any time
payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by the
Administrative Agent or any other Guaranteed Party upon the bankruptcy or reorganization of the
Borrower, any other Loan Party or otherwise.




          SECTION 2.05. Agreement To Pay; Subrogation. In furtherance of the foregoing and not
in limitation of any other right that the Administrative Agent or any other Guaranteed Party has at
law or in equity against any Guarantor by virtue hereof, upon the failure of the Borrower or any
other Loan Party to pay any Obligation when and as the same shall become due, whether at maturity,
by acceleration, after notice of prepayment or otherwise, each Guarantor hereby promises to and
will forthwith pay, or cause to be paid, to the Administrative Agent for distribution to the
applicable Guaranteed Parties in cash the amount of such unpaid Obligation. Upon payment by any
Guarantor of any sums to the Administrative Agent as provided above, all rights of such Guarantor
against the Borrower or any other Loan Party arising as a result thereof by way of right of
subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subject
to Article III.




          SECTION 2.06. Information. Each Guarantor (a) assumes all responsibility for being
and keeping itself informed of the Borrower’s and each other Loan Party’s financial condition and
assets, and of all other circumstances bearing upon the risk of nonpayment of the Obligations and
the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and
(b) agrees that none of the Administrative Agent or the other Guaranteed Parties will have any duty
to advise such Guarantor of information known to it or any of them regarding such circumstances or
risks.










 



5


ARTICLE III




Indemnity, Subrogation and Subordination




          SECTION 3.01. Indemnity and Subrogation. In addition to all such rights of indemnity
and subrogation as the Guarantors may have under applicable law (but subject to Section 3.03), the
Borrower agrees that in the event a payment in respect of any Obligation shall be made by any
Guarantor under this Agreement, the Borrower shall indemnify such Guarantor for the full amount of
such payment.




          SECTION 3.02. Contribution and Subrogation. Each Guarantor (a “Contributing Party”)
agrees (subject to Section 3.03) that, in the event a payment shall be made by any other Guarantor
hereunder in respect of any Obligation and such other Guarantor (the “Claiming Party”) shall not
have been fully indemnified by the Borrower as provided in Section 3.01, the Contributing Party
shall indemnify the Claiming Party in an amount equal to the amount of such payment multiplied by a
fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof
(or, in the case of any Guarantor becoming a party hereto pursuant to Section 4.14, the date of the
supplement hereto executed and delivered by such Guarantor) and the denominator shall be the
aggregate net worth of all the Guarantors on the date hereof (or, in the case of any Guarantor
becoming a party hereto pursuant to Section 4.14, the date of the supplement hereto executed and
delivered by such Guarantor). Any Contributing Party making any payment to a Claiming Party
pursuant to this Section 3.02 shall (subject to Section 3.03) be subrogated to the rights of such
Claiming Party under Section 3.01 to the extent of such payment.




          SECTION 3.03. Subordination. (a) Notwithstanding any provision of this Agreement to
the contrary, all rights of the Guarantors under Sections 3.01 and 3.02 and all other rights of the
Guarantors of indemnity, contribution or subrogation under applicable law or otherwise shall be
fully subordinated to the indefeasible payment in full in cash of the Obligations. No failure on
the part of the Borrower or any Guarantor to make the payments required by Sections 3.01 and 3.02
(or any other payments required under applicable law or otherwise) shall in any respect limit the
obligations and liabilities of any Guarantor with respect to its obligations hereunder, and each
Guarantor shall remain liable for the full amount of the obligations of such Guarantor hereunder.




          (b) Each Guarantor hereby agrees that all Indebtedness and other monetary obligations owed by
it to, or to it by, any other Guarantor or any other Subsidiary shall be fully subordinated to the
indefeasible payment in full in cash of the Obligations.




ARTICLE IV




Miscellaneous




          SECTION 4.01. Notices. All communications and notices hereunder shall (except as
otherwise expressly permitted herein) be in writing and given as provided










 



6



in Section 9.01 of the Credit Agreement. All communications and notices hereunder to any
Guarantor shall be given to it in care of the Borrower as provided in Section 9.01 of the Credit
Agreement.




          SECTION 4.02. Waivers; Amendment. (a) No failure or delay by any Guaranteed Party
in exercising any right or power hereunder or under any other Loan Document 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 Guaranteed Parties hereunder and under the other Loan Documents 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 any Loan Party therefrom shall in any event be
effective unless the same shall be permitted by paragraph (b) of this Section 4.02, and then such
waiver or consent shall be effective only in the specific instance and for the purpose for which
given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a
Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the
Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such
Default at the time. No notice or demand on any Loan Party in any case shall entitle any Loan
Party to any other or further notice or demand in similar or other circumstances.




          (b) 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 Administrative Agent and the
Loan Party or Loan Parties with respect to which such waiver, amendment or modification is to
apply, subject to any consent required in accordance with Section 9.02 of the Credit Agreement.




          SECTION 4.03. Administrative Agent’s Fees and Expenses; Indemnification. (a) The
parties hereto agree that the Administrative Agent shall be entitled to reimbursement of its
expenses incurred hereunder as provided in Section 9.03 of the Credit Agreement.




          (b) Without limitation of its indemnification obligations under the other Loan Documents,
each Guarantor jointly and severally agrees to indemnify the Administrative Agent and the other
Indemnitees (as defined in Section 9.03 of the Credit Agreement) against, and hold each Indemnitee
harmless from, any and all losses, claims, damages, liabilities and related expenses, including the
fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against
any Indemnitee by any third party or by any Guarantor arising out of, in connection with, or as a
result of, the execution, delivery or performance of this Agreement or any claim, litigation,
investigation or proceeding relating to this Agreement or any instrument contemplated hereby,
whether or not any Indemnitee is a party thereto, provided that such indemnity shall not,
as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or
related expenses are determined by a court of competent jurisdiction by final judgment to have
resulted from the gross negligence or wilful misconduct of such Indemnitee.










 



7




          (c) Any amounts payable as provided under this Section shall be additional Obligations
guaranteed hereby. The provisions of this Section 4.03 shall remain operative and in full force
and effect regardless of the termination of this Agreement or any other Loan Document, the
consummation of the transactions contemplated hereby, the repayment of any of the Obligations, the
invalidity or unenforceability of any term or provision of this Agreement or any other Loan
Document or any investigation made by or on behalf of the Administrative Agent or any other
Guaranteed Party. All amounts due under this Section 4.03 shall be payable on written demand
therefor.




          SECTION 4.04. Successors and Assigns. Whenever in this Agreement any of the parties
hereto is referred to, such reference shall be deemed to include the permitted successors and
assigns of such party; and all covenants, promises and agreements by or on behalf of any Guarantor
or the Administrative Agent that are contained in this Agreement shall bind and inure to the
benefit of their respective successors and assigns.




          SECTION 4.05. Survival of Agreement. All covenants, agreements, representations and
warranties made by the Loan Parties in the Loan Documents and in the certificates or other
instruments prepared or delivered in connection with or pursuant to this Agreement or any other
Loan Document shall be considered to have been relied upon by the Lenders and shall survive the
execution and delivery of the Loan Documents and the making of any Loans and issuance of any
Letters of Credit, regardless of any investigation made by any Lender or on its behalf and
notwithstanding that the Administrative Agent, the Issuing Bank or any Lender may have had notice
or knowledge of any Default or incorrect representation or warranty at the time any credit is
extended under the Credit Agreement, and shall continue in full force and effect as long as the
principal of or any accrued interest on any Loan or any fee or any other amount payable under any
Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and so long as the
Commitments have not expired or terminated.




          SECTION 4.06. Counterparts; Effectiveness; Several Agreement. This Agreement may be
executed in counterparts, each of which shall constitute an original but all of which when taken
together shall constitute a single contract. Delivery of an executed signature page to this
Agreement by facsimile or other electronic transmission shall be as effective as delivery of a
manually signed counterpart of this Agreement. This Agreement shall become effective as to any
Loan Party when a counterpart hereof executed on behalf of such Loan Party shall have been
delivered to the Administrative Agent and a counterpart hereof shall have been executed on behalf
of the Administrative Agent, and thereafter shall be binding upon such Loan Party and the
Administrative Agent and their respective permitted successors and assigns, and shall inure to the
benefit of such Loan Party, the Administrative Agent and the other Guaranteed Parties and their
respective successors and assigns, except that no Loan Party shall have the right to assign or
transfer its rights or obligations hereunder or any interest herein (and any such assignment or
transfer shall be void) except as expressly contemplated by this Agreement or the Credit Agreement.
This Agreement shall be construed as a separate agreement with respect to each Loan Party and may
be amended, modified, supplemented, waived or










 



8

released with respect to any Loan Party without the approval of any other Loan Party and
without affecting the obligations of any other Loan Party hereunder.




          SECTION 4.07. 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. The
parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of
the invalid, illegal or unenforceable provisions.




          SECTION 4.08. Right of Set-Off. If an Event of Default shall have occurred and be
continuing, each Guaranteed Party is hereby authorized at any time and from time to time, to the
fullest extent permitted by law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final) at any time held and other obligations at any time owing by
such Guaranteed Party to or for the credit or the account of any Guarantor against any of and all
the obligations of such Guarantor now or hereafter existing under this Agreement owed to such
Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement
and although such obligations may be unmatured. The rights of each Lender under this Section 4.08
are in addition to other rights and remedies (including other rights of set-off) which such Lender
may have.




          SECTION 4.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This
Agreement shall be construed in accordance with and governed by the law of the State of New York.




          (b) Each of the Loan Parties hereby irrevocably and unconditionally submits, for itself and
its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting
in New York County and of the United States District Court of the Southern District of New York,
and any appellate court from any thereof, in any action or proceeding arising out of or relating to
this Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and
each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect
of any such action or proceeding may be heard and determined in such New York State or, to the
extent permitted by law, in such Federal court. Each of the Loan Parties hereto agrees that a
final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this
Agreement or any other Loan Document shall affect any right that the Administrative Agent, the
Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this
Agreement or any other Loan Document against any Guarantor or its properties in the courts of any
jurisdiction.




          (c) Each of the Loan Parties hereby irrevocably and unconditionally waives, to the fullest
extent it may legally and effectively do so, any objection that it may










 



9

now or hereafter have to the laying of venue of any suit, action or proceeding arising out of
or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b)
of this Section 4.09. Each of the Loan Parties hereto hereby irrevocably waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court.




          (d) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 4.01. Nothing in this Agreement or any other Loan Document will
affect the right of any party to this Agreement to serve process in any other manner permitted by
law.




          SECTION 4.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION 4.10.




          SECTION 4.11. Headings. Article and Section headings and the Table of Contents used
herein are for convenience of reference only, are not part of this Agreement and shall not affect
the construction of, or to be taken into consideration in interpreting, this Agreement.




          SECTION 4.12. Guarantee Absolute. All rights of the Administrative Agent hereunder
and all obligations of each Guarantor hereunder shall be absolute and unconditional irrespective of
(a) any lack of validity or enforceability of the Credit Agreement, any other Loan Document, any
agreement with respect to any of the Obligations or any other agreement or instrument relating to
any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other
term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any
departure from the Credit Agreement, any other Loan Document or any other agreement or instrument
governing or evidencing any Obligations, (c) any release or amendment or waiver of or consent under
or departure from any guarantee, guaranteeing all or any of the Obligations, or (d) any other
circumstance that might otherwise constitute a defense available to, or a discharge of, any
Guarantor in respect of the Obligations or this Agreement.




          SECTION 4.13. Termination or Release. (a) Subject to Section 2.04, this Agreement
and the Guarantees made herein shall terminate when all the Loan Document










 



10

Obligations have been paid in full and the Lenders have no further commitment to lend under
the Credit Agreement, the LC Exposure has been reduced to zero and the Issuing Bank has no further
obligations to issue Letters of Credit under the Credit Agreement.




          (b) A Guarantor shall automatically be released from its obligations hereunder upon the
consummation of any transaction permitted by the Credit Agreement as a result of which such
Guarantor ceases to be a Subsidiary, provided that the Required Lenders shall have consented to
such transaction (to the extent required by the Credit Agreement) and the terms of such consent did
not provide otherwise.




          SECTION 4.14. Additional Subsidiaries. Pursuant to the Credit Agreement, certain
Subsidiaries may in the future be required to enter in this Agreement as Guarantors. Upon
execution and delivery by the Administrative Agent and a Subsidiary of an instrument in the form of
Exhibit I hereto, such Subsidiary shall become a Guarantor hereunder with the same force and effect
as if originally named as a Guarantor herein. The execution and delivery of any such instrument
shall not require the consent of any other Loan Party hereunder. The rights and obligations of
each Loan Party hereunder shall remain in full force and effect notwithstanding the addition of any
new Loan Party as a party to this Agreement.




[Signature Pages Follow]










 




11


          IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written.


	 	 	 	 	 
	                              BELO CORP.
 	 
	 	by  
 	
/s/ Brenda C. Maddox 	 
	 	 	Name:  	Brenda C. Maddox 	 
	 	 	Title:  	vice president/Treasurer and Tax 	 
	 










 




12

	 	 	 	 	 
	
EACH OF THE SUBSIDIARIES LISTED ON 

SCHEDULE I HERETO,
 
	 
	 	By  
 	
/s/ Brenda C. Maddox 	 
	 	 	Name:  	Brenda C. Maddox 	 
	 	 	Title:  	vice president/Treasurer and Tax 	 
	 











 



13

	 	 	 	 	 
	
JPMORGAN CHASE BANK, N.A., as
Administrative Agent,
 
	 
	 	by  
 	
/s/ Brian McDougal 	 
	 	 	Name:  	Brian McDougal 	 
	 	 	Title:  	Vice President 	 
	 











 



14


SCHEDULE I TO THE GUARANTEE AGREEMENT




GUARANTORS




Belo Holdings, Inc.

Belo Kentucky, Inc.

Belo Management Services, Inc.

KASW-TV, Inc.

KENS-TV, Inc.

KHOU-TV, Inc.

King Broadcasting Company

KMOV-TV, Inc.

KMSB-TV, Inc.

KTVK, Inc.

KVUE Television, Inc.

WCNC-TV, Inc.

WFAA-TV, Inc.

WVEC Television, Inc.

WWL-TV, Inc.










 



 


Schedule III

to Supplement No. __ to the

Guarantee and

Collateral Agreement





     SUPPLEMENT
NO. ___ dated as of [  ] (this “Supplement”), to the
Guarantee Agreement dated as of February [ • ], 2009 (as amended,
restated, supplemented or otherwise modified from time to time, the
“Guarantee Agreement”), among BELO Corp., a Delaware corporation] (the
“Borrower”), the Subsidiaries of the Borrower from time to time
party thereto (together with the Borrower, the “Guarantors”) and
JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the
“Administrative Agent”).



          A. Reference is made to the Amended and Restated Credit Agreement dated as of February [•],
2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among the Borrower, the lenders from time to time party thereto and the Administrative
Agent.




          B. Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to such terms in the Credit Agreement and the Guarantee Agreement referred to therein.




          C. The Guarantors have entered into the Guarantee Agreement in order to induce the Lenders to
make Loans and the Issuing Bank to issue Letters of Credit. Section 4.14 of the Guarantee
Agreement provides that additional Subsidiaries of the Borrower may become Guarantors under the
Guarantee Agreement by execution and delivery of an instrument in the form of this Supplement. The
undersigned Subsidiary (the “New Subsidiary”) is executing this Supplement in accordance
with the requirements of the Credit Agreement to become a Guarantor under the Guarantee Agreement
in order to induce the Lenders to make additional Loans and the Issuing Bank to issue additional
Letters of Credit and as consideration for Loans previously made and Letters of Credit previously
issued.




          Accordingly, the Administrative Agent and the New Subsidiary agree as follows:




          SECTION 1. In accordance with Section 4.14 of the Guarantee Agreement, the New Subsidiary by
its signature below becomes a Guarantor under the Guarantee Agreement with the same force and
effect as if originally named therein as a Guarantor and the New Subsidiary hereby (a) agrees to
all the terms and provisions of the Guarantee Agreement applicable to it as a Guarantor thereunder
and (b) represents and warrants that the representations and warranties made by it as a Guarantor
thereunder are true and correct on and as of the date hereof. Each reference to a “Guarantor” in
the Guarantee Agreement shall be deemed to include the New Subsidiary. The Guarantee Agreement is
hereby incorporated herein by reference.




          SECTION 2. The New Subsidiary represents and warrants to the Administrative Agent and the
other Guaranteed Parties that this Supplement has been










 



2

duly authorized, executed and delivered by it and constitutes its legal, valid and binding
obligation, enforceable against it in accordance with its terms.




          SECTION 3. This Supplement may be executed in counterparts (and by different parties hereto
on different counterparts), each of which shall constitute an original, but all of which when taken
together shall constitute a single contract. This Supplement shall become effective when the
Administrative Agent shall have received a counterpart of this Supplement that bears the signature
of the New Subsidiary and the Administrative Agent has executed a counterpart hereof. Delivery of
an executed signature page to this Supplement by facsimile or other electronic transmission shall
be effective as delivery of a manually signed counterpart of this Supplement.




          SECTION 4. Except as expressly supplemented hereby, the Guarantee Agreement shall remain in
full force and effect.




          SECTION 5. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK.




          SECTION 6. In case any one or more of the provisions contained in this Supplement should be
held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of
the remaining provisions contained herein and in the Guarantee Agreement shall not in any way be
affected or impaired thereby (it being understood that the invalidity of a particular provision in
a particular jurisdiction shall not in and of itself affect the validity of such provision in any
other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the
invalid, illegal or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable provisions.




          SECTION 7. All communications and notices hereunder shall be in writing and given as provided
in Section 4.01 of the Guarantee Agreement.




          SECTION 8. The New Subsidiary agrees to reimburse the Administrative Agent for its reasonable
out-of-pocket expenses in connection with this Supplement, including the reasonable fees, other
charges and disbursements of counsel for the Administrative Agent.




          IN WITNESS WHEREOF, the New Subsidiary and the Administrative Agent have duly executed this
Supplement to the Guarantee Agreement as of the day and year first above written.




	 	 	 	 	 
	
[NAME OF NEW SUBSIDIARY],
 
	 
	 	by  	 	 
	 	 	     Name:  	 	 
	 	 	     Title:  	 	 
	 










 




3

	 	 	 	 	 
	
JPMORGAN CHASE BANK, N.A.,
as Administrative Agent
 
	 
	 	by  	 	 
	 	 	Name:  	 	 
	 	 	Title: