Document:

Third Supplemental Indenture

 EXHIBIT 4.5 
 THIRD SUPPLEMENTAL INDENTURE 
 THIRD SUPPLEMENTAL INDENTURE
(this “Supplemental Indenture”), dated as of March 23, 2007 among Liberman Broadcasting of Dallas LLC, Liberman Broadcasting of Dallas License LLC, Liberman Television of Houston LLC, KZJL License LLC, Liberman Broadcasting of
Houston LLC, Liberman Broadcasting of Houston License LLC, Liberman Television of Dallas LLC and Liberman Television of Dallas License LLC (each a “Guaranteeing Subsidiary” and collectively, the “Guaranteeing
Subsidiaries”), each a Delaware limited liability company and a subsidiary of LBI Media, Inc. (or its permitted successor), a California corporation (the “Company”), the Company, the other Guarantors (as defined in the
Indenture referred to herein) and U.S. Bank National Association, a national banking association, as trustee under the Indenture referred to below (the “Trustee”). 
 W I T N E S S E T H 
 WHEREAS, the Company has heretofore executed and delivered to the
Trustee an indenture, dated as of July 9, 2002, as supplemented by that certain Supplemental Indenture dated as of July 25, 2003 and as further supplemented by that certain Second Supplemental Indenture dated as of March 29, 2004 (as
supplemented, the “Indenture”), providing for the issuance of an aggregate principal amount of up to $150.0 million of 10 1/8 Senior Subordinated Notes due 2012 (the “Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances each Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental
indenture pursuant to which each Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Subsidiary
Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this
Supplemental Indenture. 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of
which is hereby acknowledged, the Guaranteeing Subsidiaries and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 
 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the
Indenture. 

 2. AGREEMENT TO GUARANTEE. Each Guaranteeing Subsidiary
hereby agrees as follows: 
  

	 	(a)	Along with all Guarantors named in the Indenture, to jointly and severally Guarantee to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, the Notes or the obligations of the Company hereunder or thereunder, that: 

 (i) the
principal of and interest, and premium, if any, on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if
lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
 (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid
in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever
reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. 
  

	 	(b)	The obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the
same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a
legal or equitable discharge or defense of a guarantor. 

  

	 	(c)	The following is hereby waived: diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to
require a proceeding first against the Company, protest, notice and all demands whatsoever. 

  

	 	(d)	This Subsidiary Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and the Indenture, and each Guaranteeing Subsidiary
accepts all obligations of a Guarantor under the Indenture. 

  

	 	(e)	If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors, or any Custodian, Trustee, liquidator or other similar official acting
in relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such Holder, this Subsidiary Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 

  

	 	(f)	 The Guaranteeing Subsidiaries shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations 

  

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guaranteed hereby until payment in full of all obligations guaranteed hereby. 

  

	 	(g)	As between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as
provided in Article 6 of the Indenture for the purposes of this Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event
of any declaration of acceleration of such obligations as provided in Article 6 of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Subsidiary
Guarantee. 

  

	 	(h)	The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the
Guarantee. 

  

	 	(i)	Pursuant to Section 11.03 of the Indenture, after giving effect to any maximum amount and any other contingent and fixed liabilities that are relevant under any applicable
Bankruptcy or fraudulent conveyance laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under
Article 11 of the Indenture, this new Subsidiary Guarantee shall be limited to the maximum amount permissible such that the obligations of such Guarantor under this Subsidiary Guarantee will not constitute a fraudulent transfer or conveyance.

 3. EXECUTION AND DELIVERY. Each Guaranteeing Subsidiary agrees to execute the
Subsidiary Guarantee as provided by Section 11.04 of the Indenture and Exhibit E thereto and to recognize that the Subsidiary Guarantees shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of
such Subsidiary Guarantee. 
 4. GUARANTEEING SUBSIDIARIES MAY CONSOLIDATE,
ETC. ON CERTAIN TERMS. 
  

	 	(a)	Except as otherwise provided in Section 11.06 of the Indenture, the Guaranteeing Subsidiaries may not sell or otherwise dispose of all or substantially all of its assets to, or
consolidate with or merge with or into (whether or not such Guarantor is the surviving Person), another Person, other than the Company or another Guarantor, unless: 

 (i) immediately after giving effect to such transaction, no Default or Event of Default exists; and 
 (ii) either: 
  

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	 	(a)	subject to Section 11.06 hereof, the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or merger assumes
all the obligations of that Guarantor under this Indenture, its Subsidiary Guarantee and the Registration Rights Agreement pursuant to a supplemental indenture satisfactory to the Trustee; or 

  

	 	(b)	the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture. 

  

	 	(b)	In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and
satisfactory in form to the Trustee, of the Subsidiary Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of the Indenture to be performed by the Guarantor, such successor Person shall
succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Subsidiary Guarantees to be endorsed upon all of the Notes
issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All the Subsidiary Guarantees so issued shall in all respects have the same legal rank and benefit under the Indenture as the Subsidiary
Guarantees theretofore and thereafter issued in accordance with the terms of the Indenture as though all of such Subsidiary Guarantees had been issued at the date of the execution hereof. 

  

	 	(c)	Except as set forth in Articles 4 and 5 and Section 11.06 of Article 11 of the Indenture, and notwithstanding clauses (i) and (ii) above, nothing contained in the
Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an
entirety to the Company or another Guarantor. 

 5. RELEASES. 
  

	 	(a)	 In the event (i) of a sale or other disposition of all of the assets of any Guarantor (including by way of merger or consolidation) or a sale or other
disposition of all of the Capital Stock of any Guarantor, in each case to a Person that is not (either before or after giving effect to such transaction) a Subsidiary of the Company; provided that the Net Proceeds of such sale or other
disposition are applied in accordance with the applicable provisions of the Indenture, including, without limitation, Section 4.10 thereof, or (ii)

  

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the Company designates any Restricted Subsidiary that is Guarantor as an Unrestricted Subsidiary in accordance with the applicable provisions of the
Indenture, including, without limitation, Section 4.20 thereof, then such Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the Capital Stock of such Guarantor) or the corporation
acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guarantor) will be released and relieved of any obligations under its Subsidiary Guarantee; provided that the Net Proceeds
of such sale or other disposition are applied in accordance with the applicable provisions of the Indenture, including without limitation Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers’
Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.10 of the Indenture, the Trustee shall
execute any documents reasonably required in order to evidence the release of any Guarantor from its obligations under its Subsidiary Guarantee. 

  

	 	(b)	Any Guarantor not released from its obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other
obligations of any Guarantor under the Indenture as provided in Article 11 of the Indenture. 

 6. NO
RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, incorporator, stockholder or agent of any Guaranteeing Subsidiary, as such, shall have any liability for any obligations of
the Company or any Guaranteeing Subsidiary under the Notes, any Subsidiary Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the
Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the
view of the SEC that such a waiver is against public policy. 
 7. GOVERNING LAW. THE INTERNAL LAW OF THE STATE
OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 9. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. 
 10. EFFECT OF HEADINGS. The
Section headings herein are for convenience only and shall not affect the construction hereof. 
  

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 11. THE TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiaries and the Company. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and
attested, all as of the date first above written. 
 Dated: March 23, 2007 
  

			
	LIBERMAN BROADCASTING OF DALLAS LLC
	LIBERMAN BROADCASTING OF DALLAS LICENSE LLC
	LIBERMAN TELEVISION OF HOUSTON LLC
	KZJL LICENSE LLC
	LIBERMAN BROADCASTING OF HOUSTON LLC
	LIBERMAN BROADCASTING OF HOUSTON LICENSE LLC
	LIBERMAN TELEVISION OF DALLAS LLC
	LIBERMAN TELEVISION OF DALLAS LICENSE LLC
		
	By:	 	    /s/ Lenard D. Liberman

			
	Name:	 	Lenard D. Liberman
	Title:	 	Chief Financial Officer for each of the entities listed above
	
	LBI MEDIA, INC.
		
	By:	 	    /s/ Lenard D. Liberman

			
	Name:	 	Lenard D. Liberman
	Title:	 	Chief Financial Officer

 GUARANTORS: 
  

			
	LIBERMAN TELEVISION OF HOUSTON, INC.
	KZJL LICENSE CORP.
	LIBERMAN TELEVISION, INC.
	KRCA TELEVISION, INC.
	KRCA LICENSE CORP.
	LIBERMAN BROADCASTING, INC.
	LBI RADIO LICENSE CORP.
	LIBERMAN BROADCASTING OF HOUSTON, INC.
	LIBERMAN BROADCASTING OF HOUSTON LICENSE CORP.
	EMPIRE BURBANK STUDIOS, INC.
	LIBERMAN TELEVISION OF DALLAS, INC.
	LIBERMAN TELEVISION OF DALLAS LICENSE CORP.
	LIBERMAN BROADCASTING OF DALLAS, INC.
	LIBERMAN BROADCASTING OF DALLAS LICENSE CORP.
		
	By:	 	      /s/ Lenard D. Liberman

			
	Name:	 	Lenard D. Liberman
	Title:	 	Chief Financial Officer for each of the entities listed above

			
	 U.S. BANK NATIONAL ASSOCIATION
 as
Trustee

		
	By:	 	/s/ Thomas Zrust
		 	Authorized Signatory

  

 S-2First Amendment and Consent to Amended and Restated Term Loan Agreement

 Exhibit 10.1 
 FIRST AMENDMENT AND CONSENT 
 TO AMENDED AND RESTATED TERM LOAN AGREEMENT 
 FIRST AMENDMENT AND CONSENT TO AMENDED AND RESTATED TERM LOAN AGREEMENT dated as of March 16, 2007 (this “Amendment”), among
LBI MEDIA, INC. (the “Borrower”), THE GUARANTORS PARTY HERETO, THE LENDERS PARTY HERETO and CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as Administrative Agent (in such capacity, the “Administrative Agent”), and as
Collateral Agent (in such capacity, the “Collateral Agent”). 
 WHEREAS, the Borrower, the Guarantors, the
Administrative Agent, the Collateral Agent and the lenders from time to time party thereto are party to the Term Loan Agreement referred to below; 
 WHEREAS, the Borrower wishes to convert fourteen of its wholly-owned Subsidiaries into limited liability companies, including eight of such Subsidiaries that will be converted by means of merging such Subsidiaries into newly-formed
Delaware limited liability companies, which are listed on Schedule 1 hereto (the “New Delaware LLCs”), with each such New Delaware LLC surviving such merger (the “Delaware Mergers”); 
 WHEREAS, after the Delaware Mergers, LBI Holdings I, Inc., a California corporation, will merge with and into Liberman Broadcasting, Inc., a
Delaware corporation (“New Holdings”), with New Holdings as the surviving corporation (the “Holdings Merger”); 
 WHEREAS, immediately upon the consummation of the Holdings Merger, New Holdings will amend and restate its Certificate of Incorporation and issue certain shares of Class A Common Stock pursuant to the Investment Agreement, and
will thereupon consummate the Alta Repayment (as defined below); 
 WHEREAS, in connection with the Private Equity Issuance (as
defined below) and the other Private Equity Related Transactions (as defined below), the Borrower has requested the amendment of the Term Loan Agreement and certain of the other Loan Documents (as defined below) and the consents set forth herein;
and 
 WHEREAS, on the terms and subject to the conditions set forth herein, the Lenders and the Administrative Agent and the
Collateral Agent are willing to so amend the Term Loan Agreement and such other Loan Documents and grant the consents set forth herein; 
 NOW, THEREFORE, in consideration of the foregoing and the agreements contained herein, the parties hereto hereby agree as follows: 
 1. REFERENCE TO TERM LOAN AGREEMENT; DEFINITIONS. 
 (a) Reference is made to the Amended and Restated Term Loan Agreement
dated as of May 8, 2006 (the “Term Loan Agreement”), among the Borrower, the Guarantors, the lenders from time to time party thereto, the Administrative Agent and the Collateral Agent. 

 (b) The terms “Alta Repayment”, “Assumption Agreement”, “Entity
Conversion”, “Holdings Merger Agreement”, “Investment Agreement”, “Private Equity Issuance”, “Private Equity Issuance Documents”, “Private Equity Related Transactions” and “Termination
Agreement” have the meanings specified in Exhibit A hereto. 
 (c) Capitalized terms used herein which are defined in the Term Loan
Agreement have the same meanings herein as therein, except to the extent that such meanings are amended hereby. 
 2. AMENDMENTS.
Effective upon (i) the satisfaction of the conditions set forth in Section 5.1 below and the consummation of the Entity Conversion (in the case of Section 2(b)) and (ii) the satisfaction of the conditions set forth in
Section 5 below (in the case of Section 2(a) and Section 2(c)): 
 (a) The Term Loan Agreement (but not the exhibits or
schedules thereto) is hereby amended in its entirety to read as set forth in Exhibit A hereto. 
 (b) The Loan Documents are hereby
amended by inserting the schedules attached as Annex I hereto in the place of the corresponding schedules to such Loan Documents, inserting Exhibit P attached as Annex II hereto in the place of Exhibit P to the Term Loan Agreement and
deleting Exhibit F to the Term Loan Agreement. The Security Agreement is hereby amended by deleting Schedule VII thereto, and by deleting subsections 6(k) and 6(l) thereof. From and after the effectiveness of such amendment, references in the
Loan Documents to Schedule VII to, and to subsections 6(k) and 6(l) of, the Security Agreement shall be of no further effect. 
 (c)
All references to “capital stock” in the Loan Documents shall be deemed to include capital stock of corporations, limited liability company or membership interests in limited liability companies, partnership interests in general or
limited, and similar interests of any other entity, in each case, other than Equity Rights. 
 3. CONSENTS. 
 Effective upon (i) the satisfaction of the conditions set forth in Section 5 below (in the case of Section 3(a)) and (ii) the
satisfaction of the condition set forth in Section 5.1 below (in the case of Section 3(b)), as applicable: 
 (a) Notwithstanding anything in any of the Loan Documents (including the Alta Subordination Agreement and the Investor Subordination Agreement, including Sections 3.1, 3.2, 3.6(b) and (d), 4 and 8(b) of the Alta
Subordination Agreement and Sections 4 and 7 of the Investor Subordination Agreement) to the contrary, the Administrative Agent and the Lenders hereby (1) consent to (and waive any Defaults or Events of Default that would result from) the Alta
Repayment and the Holdings Merger and the execution, delivery and performance by the Holding Companies, of the Termination Agreement, the Assumption Agreement and the Holdings Merger Agreement, and the termination of the Alta Subordination Agreement
and the Investor Subordination Agreement pursuant to the following clauses (2) and (3) respectively, (2) agree that the Alta Subordination Agreement shall terminate on the 91st day after the receipt by the Purchasers (as defined in the Termination Agreement) of the Payoff Amount (as defined 

  

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in the Termination Agreement), so long as no Reorganization (as defined in the Alta Subordination Agreement) proceeding has been initiated prior to such
91st day, without any further action by any Person (it being understood that the Holdings Merger and the Entity
Conversion shall not, in any event, be deemed to be Reorganization proceedings) and (3) agree that upon the receipt by the Purchasers (as defined in the Termination Agreement) of the Payoff Amount (as defined in the Termination Agreement), the
Investor Subordination Agreement shall terminate without any further action by any Person. Each of Alta, Holdings and New Holdings may rely on the provisions of this clause (a) as intended third-party beneficiaries thereof as if it were a party
to this Amendment solely for purposes of this clause (a). 
 (b) Notwithstanding anything in any of the Loan Documents (including Sections
6.9 of the Term Loan Agreement and Section 6(a) of the Security Agreement) to the contrary, the Agents and the Lenders hereby consent to (and waive any Defaults or Events of Default that would result from) the Credit Parties and the New
Delaware LLCs consummating the Entity Conversion and the Delaware Mergers and the Credit Parties’ and the New Delaware LLCs’ not complying with Sections 6.9(a) of the Term Loan Agreement and Section 6(a) of the Security Agreement in
connection therewith, so long as (1) no Credit Party makes any Investment in any New Delaware LLC (other than a nominal Investment to establish such New Delaware LLC) prior to the applicable Delaware Merger and (2) the Borrower satisfies
the conditions described in Sections 5.2, 5.5 and 5.6 below within 5 Business Days of the Entity Conversion and the Delaware Mergers. 
 4.
REPRESENTATIONS AND WARRANTIES. The Credit Parties hereby represent and warrant that, immediately after the effectiveness of all of this Amendment (including Sections 2 and 3) and after giving effect to this Amendment (including Sections 2
and 3) and the other Amendment Transactions (as defined below): 
 4.1. Authorization; Enforceability. This Amendment, the Private
Equity Issuance, the Holdings Merger, the Alta Repayment and the Termination Agreement (collectively, the “Amendment Transactions”) shall be within the organizational power and authority of each Holding Company, each Credit Party
and Empire Burbank, to the extent such Holding Company, such Credit Party or Empire Burbank, as applicable, shall be a party thereto and shall have been duly authorized by all necessary organizational action on the part of such Holding Company, such
Credit Party or Empire Burbank, as applicable, to the extent such Holding Company, such Credit Party or Empire Burbank, as applicable, shall be a party thereto. This Amendment and the documents executed and delivered in connection herewith and in
connection with the Amendment Transactions, in each case, on or prior to the date of the Private Equity Issuance shall have been duly authorized, executed and delivered by each Holding Company, each Credit Party or Empire Burbank that shall be a
party thereto and shall constitute legal, valid and binding obligations of such Holding Company, such Credit Party or Empire Burbank, as applicable, enforceable in accordance with their respective terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 4.2. Absence of Conflicts. The Amendment Transactions (other than the Alta Repayment) (a) do not require any consent or approval of,
registration or filing with, or any other 

  

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action by, any Governmental Authority, except for (i) filings and recordings with respect to the Collateral to be made, or otherwise delivered to
Collateral Agent for filing and/or recordation, (ii) those that have been obtained or made on or before the date of the Private Equity Issuance, (iii) the filing with and receipt of file stamped copies of documents from the California
Secretary of State in connection with the Holdings Merger, and (iv) certain filings to be made with the appropriate Governmental Authorities with respect to intellectual property and real property, in each case in connection with the Entity
Conversion, (b) do not violate any applicable law, policy or regulation or the organizational documents of any Holding Company, any Credit Party or Empire Burbank or any order of any Governmental Authority where any violation would have a
Material Adverse Effect, (c) do not violate or result in a default under any material indenture, agreement or other instrument binding upon any Credit Party or Empire Burbank, or any of their respective assets, or give rise to a right
thereunder to require any payment to be made by any Holding Company, any Credit Party or Empire Burbank, where any such violation or default or right to payment would have a Material Adverse Effect, and (d) except for the Liens created by the
Collateral Documents, do not result in the creation or imposition of any material Lien on any asset of any Holding Company, any Credit Party or Empire Burbank. The Alta Repayment (a) does not require any consent, approval of, registration or
filing with, or any other action by, any Governmental Authority, except for (i) filings and recordings with respect to the Collateral to be made, or otherwise delivered to the Collateral Agent for filing and/or recordation, (ii) those that
have been obtained or made on or before the date of the Private Equity Issuance, (iii) the filing with and receipt of file stamped copies of documents from the California Secretary of State in connection with the Holdings Merger, and
(iv) certain filings to be made with the appropriate Governmental Authorities with respect to intellectual property and real property, in each case in connection with the Entity Conversion, (b) does not violate any applicable law, policy
or regulation or the organizational documents of any Holding Company, any Credit Party or Empire Burbank or any order of any Governmental Authority where any violation would have a Material Adverse Effect, (c) does not (i) violate or
breach in any material respect the Senior Subordinated Note Indenture or the Media Holdings Discount Notes Indenture, or (ii) violate or result in a default under any other material indenture, agreement or other instrument binding upon any
Credit Party or Empire Burbank, or any of their respective assets, or give rise to a right thereunder to require any payment to be made by any Holding Company, any Credit Party or Empire Burbank, where (in the case of clause (ii) only) any such
violation or default or right to payment would have a Material Adverse Effect, and (d) except for the Liens created by the Collateral Documents, does not result in the creation or imposition of any material Lien on any asset of a Holding
Company, any Credit Party or Empire Burbank. 
 4.3. New Delaware LLCs. Prior to the Entity Conversion, no New Delaware LLC has owned
any material property or asset, had any material liability or obligation other than becoming a guarantor under the Senior Subordinated Note Indenture in accordance with the terms thereof, or conducted any business of any kind, other than its own
formation and entering into documents effecting the foregoing. 
  

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 5. CONDITIONS TO THIS AMENDMENT. 
 This Amendment shall become effective upon the satisfaction of the condition set forth in Section 5.1; provided, that the effectiveness of the
amendments set forth in Sections 2(a) and 2(c) and the consents and waivers set forth in Section 3(a) shall be conditioned on the satisfaction of each of the following conditions: 
 5.1. Execution of Amendment. The Administrative Agent shall have received from the Borrower, each Guarantor party hereto, the Administrative Agent,
the Collateral Agent and the Required Lenders either (i) a counterpart of this Amendment signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed
signature page of this Agreement) that such party has signed a counterpart of this Amendment. 
 5.2. Corporate Matters. The
Administrative Agent shall have received from the Borrower, each Holding Company and each Guarantor (after giving effect to the Entity Conversion), a secretary’s certificate as to and attaching the organizational documents and incumbency of
officers of such Person and authorization of such Person to execute and deliver this Amendment and the documents relating to the Private Equity Issuance, the Holdings Merger, the Entity Conversion and the Alta Repayment to which such Person is a
party. 
 5.3. Holdings Merger. The Administrative Agent shall have received: 
 (a) copies of the Holdings Merger Agreement (as modified in a manner reasonably satisfactory to the Administrative Agent), executed by each of the parties
thereto, and 
 (b) evidence reasonably satisfactory to the Administrative Agent of the effectiveness of the Holdings Merger in the State of
Delaware, including a copy of the file stamped certificate of merger with respect to the Holdings Merger as filed with the Secretary of State of the State of Delaware, all in form and substance reasonably satisfactory to the Administrative Agent.

 5.4. Private Equity Issuance; Alta Repayment; Entity Conversion. The Private Equity Issuance shall have occurred in accordance with
the Private Equity Issuance Documents (in the form as delivered to the Administrative Agent prior to the execution of this Amendment by the Administrative Agent) without any material amendment or waiver thereof that is materially adverse to the
Lenders other than as consented to by the Administrative Agent, and the proceeds thereof shall have been applied to the Alta Repayment in an amount sufficient to consummate the Alta Repayment in accordance with the Termination Agreement. Not less
than $40,000,000 of the proceeds of the Private Equity Issuance shall have been contributed to the Borrower. The Administrative Agent shall have received a fully-executed copy of the Termination Agreement. The Entity Conversion shall have been
consummated. 
 5.5. Confirmations. The Administrative Agent shall have received a confirmation, in the form attached hereto as
Exhibit B, by the Guarantors (after giving effect to the Entity Conversion). 
  

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 5.6. UCC Filings, Etc. The Administrative Agent shall have received such UCC-1 and UCC-3 financing
statements and amendments as it shall reasonably require, and the certificates evidencing the membership interests of the Subsidiaries of the Borrower (after giving effect to the Entity Conversion), duly endorsed in blank, pursuant to
Section 6.9 of the Term Loan Agreement. 
 5.7. Outside Date. The Amendment Transactions shall have been consummated not later
than April 15, 2007. 
 5.8. Private Equity Issuance Documents. The Administrative Agent shall have received true, correct and
complete copies of the Private Equity Issuance Documents to be executed on or before the date of the Private Equity Issuance, certified as of the date of the Private Equity Issuance by a Financial Officer of the Borrower (which certification shall
be to the reasonable satisfaction of the Administrative Agent and which shall include a certification that there have been no material amendments or waivers of terms of the Private Equity Issuance Documents from the forms of the Private Equity
Issuance Documents delivered to the Administrative Agent prior to the execution of this Amendment by the Administrative Agent that are materially adverse to the Lenders other than as consented to by the Administrative Agent, which certificate may
assume, absent notice from the Administrative Agent to the contrary on or before the date of such certificate or in the documents delivered with such certificate, that any amendments or waivers reflected in such certificate have been consented to by
the Administrative Agent). 
 5.9. Certificate. A Financial Officer of the Borrower shall have delivered to the Administrative Agent a
certificate stating that, after the effectiveness of all of this Amendment (including Sections 2 and 3) and after giving effect to this Amendment (including Sections 2 and 3) and the other Amendment Transactions, (i) the representations and
warranties of the Credit Parties contained in the Loan Documents are true and correct in all material respects on and as of the date of the Private Equity Issuance as if made on such date (except to the extent that such representations and
warranties expressly relate to an earlier date) and (ii) no Event of Default shall have occurred and shall be continuing. 
 5.10.
Opinions of Counsel. The Administrative Agent shall have received opinions of (i) O’Melveny & Myers LLP, special counsel to the Credit Parties, and (ii) Wiley Rein LLP, special FCC counsel to the Credit Parties, each in form
and substance reasonably satisfactory to the Administrative Agent. 
 6. MISCELLANEOUS. 
 6.1. Except to the extent specifically amended, consented or waived hereby, the Term Loan Agreement, the Loan Documents and all related documents shall
remain in full force and effect. Whenever the terms or sections amended hereby shall be referred to in the Term Loan Agreement, Loan Documents or such other documents (whether directly or by incorporation into other defined terms), such terms or
sections shall be deemed to refer to those terms or sections as amended by this Amendment. The amendments effected hereby shall not effect a restatement of, or cause a novation of any obligations under, any of the Loan 

  

 - 6 - 

 
Documents. References in the Term Loan Agreement and the other Loan Documents to “the date hereof” or similar usages refer to May 8, 2006.

 6.2. This Amendment may be executed in any number of counterparts, each of which, when executed and delivered, shall be an original, but
all counterparts shall together constitute one instrument. 
 6.3. This Amendment shall be governed by the laws of the State of New York and
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
 6.4. The Credit Parties
agree to pay all reasonable expenses, including reasonable legal fees and disbursements incurred by the Administrative Agent in connection with this Amendment and the transactions contemplated hereby. 
 6.5. The Administrative Agent and the Collateral Agent agree to deliver to the Borrower the stock certificates of each of the Subsidiaries of the
Borrower (together with stock powers relating thereto executed in blank) previously pledged by the Borrower, or affidavits of loss relating thereto reasonably satisfactory to the Borrower, at the time of, and in exchange for, delivery by the
Borrower of the membership certificates of such Subsidiaries in accordance with Section 5.6. 
 6.6. Each of the Lenders party hereto
authorizes and directs the Administrative Agent to enter into such documents and agreements as may be reasonably necessary in order to effect this Amendment and the other Amendment Transactions. 
 6.7. The Administrative Agent and the Lenders party hereto (i) irrevocably consent to the assignment to, and assumption by, Liberman Broadcasting,
Inc., a Delaware corporation, of the Alta Subordination Agreement and the rights, liabilities and obligations arising thereunder as set forth in the Assumption Agreement and (ii) waive any breach or event of default arising under the Alta
Subordination Agreement and the Investor Subordination Agreement as a result of the transactions contemplated by the Holdings Merger Agreement or the Assumption Agreement. 
  

 - 7 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment which shall be deemed to be a
sealed instrument as of the date first above written. 
  

			
	BORROWER
	
	 LBI MEDIA, INC., a California corporation

		
	By:	 	 /s/ Lenard D. Liberman

	Name:	 	Lenard D. Liberman
	Title:	 	Chief Financial Officer

 [First Amendment and Consent to Amended and Restated Term Loan Agreement Signature Page]

	
	GUARANTORS
	
	LIBERMAN TELEVISION OF HOUSTON, INC., a California corporation
	
	KZJL LICENSE CORP., a California corporation
	
	LIBERMAN TELEVISION, INC., a California corporation
	
	KRCA TELEVISION, INC., a California corporation
	
	KRCA LICENSE CORP., a California corporation
	
	LIBERMAN BROADCASTING, INC., a California corporation
	
	LBI RADIO LICENSE CORP., a California corporation
	
	LIBERMAN BROADCASTING OF HOUSTON, INC., a California corporation
	
	LIBERMAN BROADCASTING OF HOUSTON LICENSE CORP., a California corporation
	
	LIBERMAN BROADCASTING OF DALLAS, INC., a California corporation
	
	LIBERMAN BROADCASTING OF DALLAS LICENSE CORP., a California corporation
	
	LIBERMAN TELEVISION OF DALLAS, INC., a California corporation
	
	LIBERMAN TELEVISION OF DALLAS LICENSE CORP., a California corporation
	
	EMPIRE BURBANK STUDIOS, INC., a California Corporation

  

			
	By:	 	 /s/ Lenard D. Liberman

	Name:	 	Lenard D. Liberman
	Title:	 	Chief Financial Officer

 [First Amendment and Consent to Amended and Restated Term Loan Agreement Signature Page]

			
	ADMINISTRATIVE AGENT
	
	CREDIT SUISSE,
	CAYMAN ISLANDS BRANCH,
	 as Administrative Agent and Lender

		
	By:	 	 /s/ William O’Daly

	Name:	 	William O’Daly
	Title:	 	Director
		
	By:	 	 /s/ Mikhail Faybusovich

	Name:	 	Mikhail Faybusovich
	Title:	 	Associate
	
	COLLATERAL AGENT
	
	CREDIT SUISSE,
	CAYMAN ISLANDS BRANCH,
	as Collateral Agent
		
	By:	 	 /s/ William O’Daly

	Name:	 	William O’Daly
	Title:	 	Director
		
	By:	 	 /s/ Mikhail Faybusovich

	Name:	 	Mikhail Faybusovich
	Title:	 	Associate

 [First Amendment and Consent to Amended and Restated Term Loan Agreement Signature Page]

			
	LENDER
	
	 CREDIT SUISSE, CAYMAN ISLANDS
 BRANCH

		
	By:	 	 /s/ Micahel T. Wotannowski

	Name:	 	Michael T. Wotannowski
	Title:	 	Vice President
		
	By:	 	 /s/ Robert Healey

	Name:	 	Robert Healey
	Title:	 	Director
	
	LENDER
	
	WG HORIZONS CLO I
		
	By:	 	West Gate Horizons Advisors LLC,
		 	as Manager
		
	By:	 	 /s/ Steve Gorski

	Name:	 	Steve Gorski
	Title:	 	Senior Credit Analyst
	
	LENDER
	
	ARCHIMEDES FUNDING IV (CAYMAN), LTD.
		
	By:	 	West Gate Horizons Advisors LLC,
		 	as Collateral Manager
		
	By:	 	 /s/ Steve Gorski

	Name:	 	Steve Gorski
	Title:	 	Senior Credit Analyst

 [First Amendment and Consent to Amended and Restated Term Loan Agreement Signature Page]

			
	LENDER
	
	 FIRST TRUST/FOUR CORNERS SENIOR
 FLOATING RATE INCOME FUND II

		
	By:	 	Four Corners Capital Management LLC
		 	as Sub-Advisor
		
	By:	 	 /s/ Drew R. Sweeney

	Name:	 	Drew R. Sweeney
	Title:	 	Sr. Vice President
	
	LENDER
	
	 THE HARTFORD MUTUAL FUNDS, INC.,
 on
behalf of the Hartford Floating Rate Fund

		
	By:	 	Hartford Investment Management Company, its sub-advisor as a lender
		
	By:	 	 /s/ Elisabeth V. Piker

	Name:	 	Elisabeth V. Piker
	Title:	 	Vice President
	
	LENDER
	
	 HARTFORD INSTITUTIONAL TRUST,
 on
behalf of its Floating Rate Bank Loan Series

		
	By:	 	Hartford Investment Management Company, its Investment Manager
		
	By:	 	 /s/ Elisabeth V. Piker

	Name:	 	Elisabeth V. Piker
	Title:	 	Vice President

 [First Amendment and Consent to Amended and Restated Term Loan Agreement Signature Page]

			
	LENDER
	
	ATRIUM V
		
	By:	 	 /s/ Linda R. Karn

	Name:	 	 Linda R. Karn

	Title:	 	Authorized Signatory
	
	LENDER
	
	MCDONNELL LOAN OPPORTUNITY LTD.
		
	By:	 	 McDonnell Investment Management LLC
 as Investment
Manager

		
	By:	 	 /s/ Kathleen A. Zarn

	Name:	 	Kathleen A. Zarn
	Title:	 	Vice President
	
	LENDER
	
	GANNETT PEAK CLO I, LTD.
		
	By:	 	 McDonnell Investment Management LLC
 as Investment
Manager

		
	By:	 	 /s/ Kathleen A. Zarn

	Name:	 	Kathleen A. Zarn
	Title:	 	Vice President

 [First Amendment and Consent to Amended and Restated Term Loan Agreement Signature Page]

			
	LENDER
	
	 EATON VANCE VARIABLE LEVERAGE
 FUND LTD.

		
	By:	 	Eaton Vance Management
		 	as Investment Manager
		
	By:	 	 /s/ Michael B. Botthof

	Name:	 	Michael B. Botthof
	Title:	 	Vice President
	
	LENDER
	
	 EATON VANCE VT FLOATING-RATE
 INCOME FUND

		
	By:	 	Eaton Vance Management
		 	as Investment Manager
		
	By:	 	 /s/ Michael B. Botthof

	Name:	 	Michael B. Botthof
	Title:	 	Vice President
	
	LENDER
	
	 THE NORINCHUKIN BANK, NEW YORK
 BRANCH,
 through State Street Bank and Trust Company N.A.
 as Fiduciary Custodian

		
	By:	 	Eaton Vance Management
		 	Attorney-in-fact
		
	By:	 	 /s/ Michael B. Botthof

	Name:	 	Michael B. Botthof
	Title:	 	Vice President

 [First Amendment and Consent to Amended and Restated Term Loan Agreement Signature Page]

			
	LENDER
	
	EATON VANCE INSTITUTIONAL SENIOR
LOAN FUND
		
	By:	 	Eaton Vance Management
		 	as Investment Advisor
		
	By:	 	 /s/ Michael B. Botthof

	Name:	 	Michael B. Botthof
	Title:	 	Vice President
	
	LENDER
	
	SENIOR DEBT PORTFOLIO
		
	By:	 	 Boston Management and Research
 as Investment
Advisor

		
	By:	 	 /s/ Michael B. Botthof

	Name:	 	 Michael B. Botthof

	Title:	 	 Vice President

	
	LENDER
	
	WEBSTER BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ John Gilsenan

	Name:	 	John Gilsenan
	Title:	 	Vice President
	
	LENDER
	
	 FIRST TRUST/HIGHLAND CAPITAL
 FLOATING RATE INCOME FUND

		
	By:	 	 /s/ M. Jason Blackburn

	Name:	 	M. Jason Blackburn
	Title:	 	Treasurer

 [First Amendment and Consent to Amended and Restated Term Loan Agreement Signature Page]

			
	LENDER
	
	EASTLAND CLO LTD.
		
	By:	 	Highland Capitol Management, L.P.
		 	as Collateral Manager
		
	By:	 	Strand Advisors, Inc.
		 	its General Partner
		
	By:	 	 /s/ Brian Lohrding

	Name:	 	Brian Lohrding
	Title:	 	Treasurer
		 	Strand Advisors, Inc.
		 	General Partner of
		 	Highland Capital Management, L.P.
	
	LENDER
	
	GRAYSON CLO LTD.
		
	By:	 	Highland Capitol Management, L.P.
		 	as Collateral Manager
		
	By:	 	Strand Advisors, Inc.
		 	its General Partner
		
	By:	 	 /s/ Brian Lohrding

	Name:	 	Brian Lohrding
	Title:	 	Treasurer
		 	Strand Advisors, Inc.
		 	General Partner of
		 	Highland Capital Management, L.P.

 [First Amendment and Consent to Amended and Restated Term Loan Agreement Signature Page]

			
	LENDER
	
	RED RIVER CLO LTD.
		
	By:	 	Highland Capitol Management, L.P.
		 	as Collateral Manager
		
	By:	 	Strand Advisors, Inc.
		 	its General Partner
		
	By:	 	 /s/ Brian Lohrding

	Name:	 	Brian Lohrding
	Title:	 	Treasurer
		 	Strand Advisors, Inc.
		 	General Partner of
		 	Highland Capital Management, L.P.
	
	LENDER
	
	WELLS FARGO FOOTHILL, INC.
		
	By:	 	 /s/ Christine Helmstetter

	Name:	 	Christine Helmstetter
	Title:	 	Vice President
	
	LENDER
	
	WB LOAN FUNDING 5, LLC
		
	By:	 	 /s/ Diana M Himes

	Name:	 	Diana M. Himes
	Title:	 	Vice President

 [First Amendment and Consent to Amended and Restated Term Loan Agreement Signature Page]

			
	LENDER
	
	 DEUTSCHE BANK TRUST COMPANY
 AMERICAS

		
	By:	 	 /s/ Susan LeFevre

	Name:	 	Susan LeFevre
	Title:	 	Director
		
	By:	 	 /s/ Evelyn Thierry

	Name:	 	Evelyn Thierry
	Title:	 	Vice President
	
	LENDER
	
	DIAMOND LAKE CLO, LTD.
		
	By:	 	 /s/ Jonathan S. David

	Name:	 	Jonathan S. David
	Title:	 	SVP

 [First Amendment and Consent to Amended and Restated Term Loan Agreement Signature Page]

			
	LENDER
	
	CIT LENDING SERVICES CORPORATION
		
	By:	 	 /s/ Scott Ploshay

	Name:	 	Scott Ploshay
	Title:	 	VP

 [First Amendment and Consent to Amended and Restated Term Loan Agreement Signature Page]

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