Document:

EX-10.7

 

Exhibit 10.7

Employment Agreement

     This Employment Agreement is made on December 1, 2006, by and between Cedar Fair, L.P., a
publicly traded Delaware limited partnership, and its affiliate corporations and partnerships
including, without limitation, Cedar Fair Management Inc., and Magnum Management Corporation
(hereinafter collectively referred to as “Cedar Fair”) and Peter J. Crage (the “Executive”).

     1. Recitals.

     (a) Cedar Fair Management Inc., an Ohio corporation, manages the day-to-day activities of, and
establishes the long-term objectives for, Cedar Fair. The Board of Directors of Cedar Fair
Management Inc. (the “Board”) and its Chief Executive Officer wish to enter into an employment
agreement with, or to cause another affiliate to enter into an employment agreement with the
Executive to be effective as of December 1, 2006.

     (b) Executive desires to remain in the employment of Cedar Fair and Executive is committed to
serve and assist Cedar Fair on the terms provided in this Agreement.

     (c) In consideration of the mutual promises contained herein and other good and valuable
consideration, the Executive and Cedar Fair have entered into this Agreement.

     2. Term of Employment.

     Except as otherwise provided in this Agreement, the term of this Agreement shall be for a
period of two (2) years (“Employment Term”) commencing on December 1, 2006 (“Effective Date”).
This Agreement shall renew automatically unless one of the parties provides written notice of
intent to terminate not less than sixty (60) days prior to the expiration of the Employment Term;
provided, however, that Cedar Fair shall have the right to terminate this Agreement at any time,
subject to the obligations to provide the benefits and make the payments provided herein. Upon
Executive’s termination of employment, Executive will resign all officer positions with all
affiliates of Cedar Fair. Should Cedar Fair provide written notice of intent not to renew the
Agreement, Executive shall be entitled to salary continuation and health care coverage for a period
of one (1) year.

     3. Nature of Duties.

     The Executive agrees to devote his entire business time to the affairs of Cedar Fair so as to
achieve the goals and objectives set by the Chief Executive Officer and/or the Board, and to use
his best efforts to promote the interests of Cedar Fair. Executive further agrees to perform
faithfully and efficiently the responsibilities that may be assigned to him from time to time.
Executive further understands that he is governed by a duty of loyalty and fidelity to Cedar Fair
by virtue of his position.

 

 

     4. Compensation.

     (a) Base Salary. As compensation for Executive’s services, Cedar Fair shall pay to the
Executive during the term of this Agreement an annual salary (“Base Salary”). The Executive’s Base
Salary shall be no less than $400,000 per year and may be adjusted each year in an amount
determined by the Board.

     (b) Incentive Compensation. During the Employment Term, Executive will be eligible to
participate in one or more of Cedar Fair’s Incentive Compensation Plans and Equity Incentive Plans
at a level appropriate to Executive’s position as solely determined by Cedar Fair’s Board of
Directors.

5. Benefits.

     Cedar Fair agrees that Executive shall be eligible to participate in such vacation, medical,
dental, life insurance, 401(k) plan and other benefit plans and programs that Cedar Fair may have
or establish from time to time and in which he would be entitled to participate pursuant to the
terms of the applicable plan.

6. Business Expenses and Perquisites.

     Reasonable travel, entertainment and other business expenses incurred by Executive in the
performance of his duties hereunder shall be reimbursed by Cedar Fair in accordance with Cedar
Fair’s policies as in effect from time to time.

7. Termination by Cedar Fair Other Than for Cause.

     (a) If Cedar Fair shall terminate the Executive’s employment other than pursuant to Section 10
hereof, then Cedar Fair shall pay to the Executive, contingent upon Executive signing a full and
complete release and waiver of all claims and disputes, the following amounts:

     (i) The Executive’s Base Salary shall be continued for a period of either one
(1) year or remaining Employment Term of the Agreement, whichever period of time is
longer, payable in accordance with Cedar Fair’s then effective payroll practices; and

     (ii) Executive shall continue to receive medical and dental insurance coverage
during the salary continuation period.

     (b) Notwithstanding the foregoing provisions of this Paragraph 7(a), in the event Executive is
a “specified employee” (as that term is defined under Internal Revenue Code (“Code”) Section 409A
at the time his employment is terminated), no payments hereunder may be made, or benefits
conferred, prior to six months after the date of “separation from service” (as that term is defined
under Code Section 409A, but this provision shall be effective only to the extent that such payment
or provision of benefits would be taxable under Code Section 409A.

 

 

     (c) The payment of any amounts or provision of any benefits under this Paragraph 7 are
conditioned upon the execution and non-revocation of a separation agreement and release in a form
mutually acceptable to Executive and the Company.

     All other benefits provided by Cedar Fair shall end as of the last day of Executive’s active
employment.

8. Termination Upon Executive’s Death.

     In the event of Executive’s death, this Agreement shall terminate and Cedar Fair shall pay to
Executive’s estate any compensation and benefits earned but not so yet paid as of the date of
Executive’s death. Upon Executive’s death, during the Employment Term, Cedar Fair, at its expense,
shall continue the health care coverage for Executive’s spouse and eligible dependents.

9. Termination for Disability.

     Cedar Fair may terminate this Agreement for “Disability” if the Executive is “Disabled.” For
purposes of this Agreement, the Executive shall be considered Disabled only if, as a result of his
incapacity due to physical or mental illness, he shall have been absent from his duties with Cedar
Fair on a full-time basis for a period of six (6) consecutive months. Any termination of
employment pursuant to the provision shall be deemed a termination by Cedar Fair other than for
cause as set forth in Paragraph 7 and Executive shall be entitled to compensation and benefits as
provided therein. Monetary payments received by Executive from any long term or short term
disability plan maintained by Cedar Point shall be used to reduce any salary payments made by Cedar
Fair pursuant to this Agreement.

10. Termination for Cause.

     (a) Cedar Fair may terminate the Executive’s employment for Cause. For the purposes of this
Agreement, “Cause” shall mean (i) Executive’s conviction of, or plea of guilty or nolo contendere
to a felony; (ii) upon continued failure by the Executive to substantially perform his duties with
Cedar Fair which failure results in significant injury or damage, including damage to the
reputation of Cedar Fair; (iii) the failure of Executive to comply with the provisions of
Paragraphs 12 and 13 hereof; (iv) violation of Cedar Fair’s policies or procedures relating to
discrimination and/or harassment in the workplace; (v) the commission of a fraudulent act or
practice by the Executive affecting Cedar Fair; (vi) an act of gross negligence or gross misconduct
that relates to the affairs of Cedar Point; or (vii) an act or acts of dishonesty or significant
impropriety by the Executive resulting or intended to result directly or indirectly in gain or
personal enrichment (monetary or otherwise) to the Executive at the expense of or detriment to
Cedar Fair.

     (b) If the Executive’s employment shall be terminated for Cause, Cedar Fair shall pay the
Executive his Base Compensation through the date of his termination. Cedar Fair shall have no
further obligations to the Executive under this Agreement.

 

 

11. Termination By Resignation.

     In the event Executive resigns his employment, all benefits and compensation shall cease on
the last day of Executive’s active employment with Cedar Fair.

12. Disclosure of Information.

     (a) The Executive acknowledges that it is the policy of Cedar Fair to maintain as secret and
confidential all Confidential Information (as defined herein). The parties hereto recognize that
the services to be performed by the Execute pursuant to this Agreement are special and unique, and
that by reason of his employment by Cedar Fair after the effective date, the Executive will
acquire, or may have acquired, Confidential Information. The Executive recognizes that all such
Confidential Information is and shall remain the sole property of Cedar Fair, free of any rights of
the Executive, and acknowledges that Cedar Fair has a vested interest in assuring that all such
Confidential Information remains secret and confidential. Therefore, in consideration of the
Executive’s employment with Cedar Fair pursuant to this Agreement, the Executive agrees that at all
times from after the effective date, he will not, directly or indirectly, disclose to any person,
firm, company or other entity (other than Cedar Fair) any Confidential Information, except as
specifically required in the performance of his duties hereunder, without the prior written consent
of Cedar Fair, except to the extent that (i) any such Confidential Information becomes generally
available to the public, other than as a result of a breach by the Executive of this Section 12 or
by any other executive officer of Cedar Fair subject to confidentiality obligations, or (ii) any
such Confidential Information becomes available to the Executive on a non-confidential basis from a
source other than Cedar Fair, or its executive officers or advisors; provided, that such source is
not known by the Executive to be bound by a confidentiality agreement with, or other obligation of
secrecy to, Cedar Fair or another party. In addition, it shall not be a breach of the
confidentiality obligations hereof if the Executive is required by law to disclose any Confidential
Information; provided, that in such case, the Executive shall (a) give Cedar Fair the earliest
notice possible that such disclosure is or may be required and (b) cooperate with Cedar Fair, at
Cedar Fair’s expense, in protecting to the maximum extent legally permitted, the confidential or
proprietary nature of the Confidential Information which must be so disclosed. The obligations of
the Executive under this Section 12 shall survive any termination of this Agreement. During the
Employment Term, the Executive shall exercise all due and diligent precautions to protect the
integrity of the business plans, customer lists, statistical data, financial data and compilation,
agreements, contracts, manuals or other documents of Cedar Fair which embody the Confidential
Information, and upon the expiration or the termination of the Employment Term, the Executive
agrees that all Confidential Information in his possession, directly or indirectly, that is in
writing or other tangible form (together with all duplicates thereof) will forthwith be returned to
Cedar Fair and will not be retained by the Executive or furnished to any person, either by sample,
facsimile film, audio or video cassette, electronic data, verbal communication or any other means
of communication. The Executive agrees that the provisions of this Section 12 are reasonably
necessary to protect the proprietary rights of Cedar Fair in the Confidential Information and its
trade secrets, goodwill and reputation.

 

 

     (b) For purposes hereof, the term “Confidential Information” means all information developed
or used by Cedar Fair relating to the Business (as herein defined), operations, employees,
customers, suppliers and distributors of Cedar Fair, including, but not limited to, customer lists,
purchase orders, financial data, pricing information and price lists, business plans and market
strategies and arrangements and any strategic plan, all books, records, manuals, advertising
materials, catalogues, correspondence, mailing lists, production data, sales materials and records,
purchasing materials and records, personnel records, quality control records and procedures
included in or relating to the Business or any of the assets of Cedar Fair and all trademarks,
copyrights and patents, and applications therefore, all trade secrets, inventions, processes,
procedures, research records, market surveys and marketing know-how and other technical papers.
The term “Confidential Information” also includes any other information heretofore or hereafter
acquired by Cedar Fair and deemed by it to be confidential. For purposes of this Agreement, the
term “Business” shall mean (a) the business of leisure/theme parks, amusement and/or water parks,
(b) leisure theme parks, (c) any other business engaged in or being developed (including production
of materials used in Cedar Fair’s businesses) by Cedar Fair, or being considered by Cedar Fair, at
the time of the Executive’s termination, and (d) any joint venture, partnership or agency
arrangements relating to the businesses described in (a) and (c) above.

     (c) Return of Company Property. The Executive agrees that following the termination
of his employment for any reason, he shall return all property of the Company, its subsidiaries,
affiliates and any divisions thereof he may have managed which is then in or thereafter comes into
his possession, including, but not limited to, documents, contracts, agreements, plans,
photographs, books, notes, electronically stored data and all copies of the foregoing as well as
any automobile or other materials or equipment supplied by the Company to the Executive.

     (d) Inventions. Any and all inventions made, developed or created by the Executive
(whether at the request or suggestion of Cedar Fair or otherwise, whether alone or in conjunction
with others, and whether during regular working hours or otherwise) during the period of his
employment with Cedar Fair, which may be directly or indirectly useful in, or relate to, the
Business of Cedar Fair, shall be promptly and fully disclosed by the Executive to the Chief
Executive Officer of Cedar Fair, and shall be Cedar Fair’s exclusive property as opposed to the
Executive. The Executive shall promptly deliver to the Chief Executive Officer of Cedar Fair all
papers, drawings, models, data and other material relating to any invention made, developed or
created by him as aforesaid. The Executive hereby assigns any and all such inventions to Cedar
Fair and hereby agrees to execute and deliver such agreements, certificates, assignments or other
documents as may be necessary to effect the assignment to Cedar Fair of any and all such inventions
as contemplated by this Section 12. The Executive shall, upon Cedar Fair’s request and without any
payment therefore, execute any documents necessary or advisable in the opinion of Cedar Fair’s
counsel to direct issuance of patents or copyrights of Cedar Fair with respect to such inventions
as are to be in Cedar Fair’s exclusive property as against the Executive under this Section 12 or
to vest in Cedar Fair title to such inventions as against the Executive, the expense of securing
any such patent or copyright, to be borne by Cedar Fair.

 

 

13. Non-Competition.

     (a) The Executive agrees that, during the Employment Term and for a period of twelve (12)
months following the termination date of his employment with Cedar Fair for any reason (the
“Noncompetition Period”) the Executive will not directly or indirectly, own, manage, operate,
control or participate in the ownership, management or control of, or be connected as an officer,
employee, partner, director, or otherwise with, or have any financial interest in, or aid, consult,
advise or assist anyone else in the conduct of, any entity or business (i) in which 10% or more of
whose annual revenues are derived from a Business as defined above and (ii) which conducts business
in any locality or region of the United States, Canada, Mexico, Europe or Asia (whether or not such
competing entity or business is physically located in the United States, Canada, Mexico, Europe or
Asia), where Business is being conducted by Cedar Fair on the date the Executive’s employment is
terminated hereunder. Notwithstanding the forgoing, the Executive’s ownership of securities of a
public company engaged in competition with Cedar Fair not in excess of 5% of any class of such
securities shall not be considered a breach of the covenants set forth in this Section 13 (a)
above.

     (b) The Executive agrees that, at all times from after the Effective Date, the Executive will
not, either personally or by his agent or by letters, circulars or advertisements, and whether for
himself or on behalf of any other person, company, firm or other entity, (i) seek to persuade any
employee of Cedar Fair to discontinue his or her status or employment therewith or to become
employed in a business or activities likely to be competitive with the Business; or (ii) solicit or
employ any such person at any time within 12 months following the date of cessation of employment
of such person with Cedar Fair, in any locality or region of the United States or Canada and in
each and every other area where Cedar Fair conducts its Business.

     (c) The Executive expressly agrees and understands that the remedy at law for any breach by
him of paragraphs 12 and 13 will be inadequate and that the damages flowing from such breach are
not readily susceptible to being measured in monetary terms. Accordingly, it is acknowledged that
upon adequate proof of a violation by the Executive of any provision of paragraphs 12 and 13, Cedar
Fair shall be entitled to immediate injunctive relief and may obtain a temporary order restraining
any threatened or further breach. Nothing in this paragraphs 12 and 13 shall be deemed to limit
Cedar Fair’s remedies at law or in equity for any breach by the Executive of any of the provisions
of paragraphs 12 and 13 which may be pursued or availed of by Cedar Fair. In addition, Executive’s
violation of either paragraphs 12 and 13, shall result in Executive’s forfeiture and repayment of
any monetary payments and/or benefits provided to Executive subsequent to the cessation of his
employment.

     (d) The Executive has carefully considered the nature and extent of the restrictions upon the
Executive and the rights and remedies conferred upon Cedar Fair under paragraphs 12 and 13, and
hereby acknowledges and agrees that the same are reasonable in time and territory, are intended to
eliminate competition which otherwise would be unfair to Cedar Fair, do not stifle the inherent
skill and experience of the Executive, would not operate as a bar to the Executive’s sole means of
support, are fully required to protect the business interests of Cedar Fair and do not confer a
benefit upon Cedar Fair disproportionate to the detriment to the Executive.

 

 

14. Assignment.

     This Agreement may not be assigned by Executive or Cedar Fair except that Cedar Fair may
assign this Agreement to any affiliate of Cedar Fair or any successor in interest to Cedar Fair.

15. Successors, Binding Agreement.

     Cedar Fair will require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of Cedar Fair
to expressly assume and agree to perform this Agreement in the same manner and to the same extent
that Cedar Fair would be required to perform it if no such succession had taken place. Failure of
Cedar Fair to obtain such agreement prior to the effectiveness of any such succession shall be a
breach of this Agreement and shall entitle the Executive to compensation and benefits from Cedar
Fair in the same amount and on the same terms as would apply if the Executive was terminated other
than for cause.

16. Amendment or Modification.

     No provisions of this Agreement may be amended modified, waived or discharged unless such
modification, waiver or discharge is agreed to in writing signed by the Executive and such officer
as may be specifically designated by the Board.

17. Right to Amend or Terminate Plans or Programs.

     Nothing in this Agreement shall be construed to prevent or otherwise inhibit the right of the
Company to alter, amend, discontinue, or terminate any plan, program, fringe benefit, or perquisite
hereunder, provided that any such action is of general application to all similarly situated
executives and is not specific to Executive.

18. Arbitration.

     (a) The Executive and Cedar Fair agree that any dispute, claim or controversy arising out of
or relating to this Agreement, including but not limited to claims of employment discrimination
and/or claims over whether the Executive’s employment was terminated for “Cause,” except as set
forth in Subsection 18(f) below, shall be settled by final and binding arbitration, and judgment
upon the award of the Arbitration panel may be entered and enforced in any federal or state court
having jurisdiction over the parties. The Executive expressly acknowledges that this agreement to
arbitrate applies without limitation to any claims of unlawful discrimination, harassment,
retaliation, wrongful discharge, constructive discharge, claims related to the payment of wages or
benefits, contract claims and tort claims under federal, state or local law. By agreeing to submit
any and all claims (except as set forth in Subsection 18(f) below) to arbitration, the Executive
and Cedar Fair expressly waive any right that they may have to resolve such claims through any
other means, including a jury trial or court trial.

 

 

     (b) Arbitration shall be conducted by a panel of three (3) arbitrators in accordance with the
Arbitration rules of the American Arbitration Association (“AAA”). Within twenty (20) days after
notice from one party to the other of the notifying party’s election to arbitrate, each party shall
select one (1) arbitrator. Within twenty (20) days after the selection of the two (2) arbitrators
by the parties, said arbitrators shall in turn select a third arbitrator. If the two arbitrators
cannot agree upon the selection of a third arbitrator, the parties agree that the third arbitrator
shall be appointed by the AAA.

     (c) Both parties shall be entitled to representation by individuals of their choice and to
written information directly relevant to the arbitration of their claims. Each party will be
entitled to take three depositions, not including any depositions necessary to perpetuate the
testimony of unavailable witnesses. The arbitrator panel shall have authority to award any remedy
or relief that an Ohio or federal court in Ohio could grant in conformity with applicable law on
the basis of the claims actually made in the arbitration. The arbitration panel shall not have the
authority either to abridge or change substantive rights available under existing law. Should the
Executive prevail in arbitration, Cedar Fair shall reimburse the Executive for reasonable costs,
expenses and attorney’s fees incurred by Executive. The arbitration panel shall issue a written
award listing the issues submitted by the parties, together with a succinct explanation of the
manner in which the panel resolved or decided the issues. The costs of the arbitration panel shall
be paid by Cedar Fair.

     (d) All arbitration proceedings, including the arbitration panel’s decision and award, shall
be confidential. Neither party shall disclose any information or evidence adduced by the other in
the arbitration proceedings, or the panel’s award except (i) to the extent that the parties agree
otherwise in writing; (ii) as may be appropriate in any subsequent proceedings between the parties
such as to enforce the arbitration award; or (iii) as may otherwise be compelled by law.

     (e) The terms of this arbitration procedure are severable. The invalidity or unenforceability
of any provisions herein shall not affect the application of any other provisions. Where possible,
consistent with the procedure, any otherwise invalid provision of the procedure will be governed by
the Federal Arbitration Act as will any actions to compel, enforce, vacate or confirm proceedings,
awards, orders of the arbitration panel or settlements under the procedure.

     (f) The parties agree and acknowledge that the promises and agreements set forth in Sections
12 (Disclosure of Information) and 13 (Non-Competition) of this Agreement shall not be subject to
the arbitration provisions set forth herein in Section 18, but rather such claims may be brought in
any federal or state court of competent jurisdiction. Any claims made by the Executive, for
workers’ compensation (except retaliation claims), or unemployment benefits are also excepted from
the arbitration provisions set forth herein in Section 18.

19. Survival of Certain Provisions.

     The provisions of Paragraphs 12 and 13 shall survive the termination of this Agreement.

 

 

20. Captions.

     Captions are not controlling for interpretation of this Agreement.

21. Waiver.

     The Waiver of the enforcement of any provision by a party hereto shall not be construed as the
waiver of any other provision of this Agreement.

22. Validity.

     The invalidity or unenforceability of any one or more provisions of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement, which shall remain
in full force and effect. The validity, interpretation, construction and performance of this
Agreement shall be governed by the laws of the State of Ohio.

23. Counterparts.

     This Agreement may be executed in one or more counterparts, each of which shall be deemed to
be an original but all of which together will constitute one and the same instrument.

	 	 	 	 	 	 	 	 	 
	CEDAR FAIR L.P.

	 	 	 	CEDAR FAIR MANAGEMENT, INC.

	By:

	 	 	 	 	 	By:
	 	 
	 

	 	 

Name, Title

	 	 	 	 	 	 

Name, Title

	Date:

	 	 	 	 	 	Date:
	 	 
	 

	 	 

	 	 	 	 	 	 

	MAGNUM MANAGEMENT CORP.

	 	 	 	 	 	 
	By:

	 	 	 	 	 	 	 	 
	 

	 	 

Name, Title

	 	 	 	 	 	 
	Date:

	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Peter J. Crage

	 	 	 	 	 	 
	Date:EX-4(A)

 

[Execution Copy]

EXHIBIT 4(A)

AMENDMENT NO. 1 TO THE CREDIT AGREEMENT

     AMENDMENT
NO. 1, dated as of February 23, 2007 (“this Amendment”), under the Credit
Agreement, dated as of November 21, 2006 (“Credit Agreement”), by and among: (1) Regent
Broadcasting, LLC, a Delaware limited liability company (hereinafter, together with its successors
in title and assigns, called the “Borrower”); (2) Regent Communications, Inc., a Delaware
corporation (hereinafter, together with its successors in title and assigns, called the “Parent
Company”, and, together with the Borrower, called, collectively, the “Principal
Companies”, and, singly, a “Principal Company”); (3) the several financial institutions
from time to time party to the Credit Agreement as lenders thereunder (collectively,
“Lenders”); and (4) Bank of America, N.A., as the administrative agent for the Lenders
(hereinafter, together with its successors in title and assigns, called the “Administrative
Agent”). All of the words and expressions used herein which are not defined herein, but which
are defined in or by reference in the Credit Agreement, shall have the same respective meanings
herein as the meanings specified in the Credit Agreement.

     PRELIMINARY STATEMENTS:

          (1) The Borrower desires to refinance and replace all of the outstanding Term B Loans under
the Credit Agreement with a new class of Term B1 Loans under the Credit Agreement (collectively,
“Term B1 Loans”) in the aggregate original principal amount of $115,000,000, having
identical terms with, and having the same rights and obligations under the Credit Agreement and the
other Loan Documents, as the Term B Loans, except as such terms, rights and obligations are
otherwise expressly amended by this Amendment.

          (2) Each Term B Lender that executes and delivers this Amendment as a Term B Lender at or
prior to 1:00 p.m. (Eastern time) on the Term B1 Facility Effective Date (as herein defined) shall
be deemed, on and as of the Term B1 Facility Effective Date, to have exchanged each of its Term B
Loans (which Term B Loans shall thereafter be deemed terminated and refinanced in full, it being
understood and agreed, however, that the Term B1 Loans are in substitution for, but not in payment
or satisfaction of, the Term B Loans) for Term B1 Loans in the same aggregate initial principal
amount as the Outstanding Amount of such Term B Lender’s Term B Loans immediately prior to the Term
B1 Facility Effective Date, and each such Term B Lender shall thereafter become a Term B1 Lender
(each, in such capacity, a “Term B1 Lender”) under the Credit Agreement.

          (3) Each Person that executes and delivers this Amendment as a Term B1 Lender on or prior to
the Term B1 Facility Effective Date, other than pursuant to an exchange of Term B Loans described
in Section 2.1(a)(i) of the Credit Agreement, as amended hereby (each, in such capacity, an
“Additional Term B1 Lender”), will make Term B1 Loans on the Term B1 Facility Effective
Date (each, an “Additional Term B1
Loan”) to the Borrower in the aggregate
initial principal amount equal to the amount set forth opposite such Additional Term B1
Lender’s name under the caption “Additional Term B1 Commitment” on Schedule 2.1 to
the Credit

Regent-Amendment
No. 1

 

-2-

Agreement, as amended as of the Term B1 Facility Effective Date. The entire proceeds of
each Additional Term B1 Loan shall be used by the Borrower for the exclusive purpose of refinancing
in full the outstanding principal amount of the Term B Loans of the Term B Lenders, if any, that do
not execute and deliver this Amendment as Term B Lenders on or prior to the Term B1 Facility
Effective Date, it being understood that Additional Term B1 Lenders may be Term B Lenders prior to
the Term B1 Facility Effective Date.

          (4) The Term B1 Loans, including the Additional Term B1 Loans, shall be used by the Borrower
for the exclusive purpose of refinancing and replacing all of the Term B Loans outstanding on and
as of the Term B1 Facility Effective Date.

          (5) The Borrower shall, on the Term B1 Facility Effective Date, pay to the Administrative
Agent, for the ratable account of each of the Term B Lenders, all of the unpaid interest accrued on
each of the Term B Loans to the Term B1 Facility Effective Date.

          (6) The Borrower has requested that the Lenders amend the Credit Agreement to effect the
changes described above, and the Lenders that are parties to this Agreement (which Lenders
constitute Required Lenders) have agreed, subject always to the terms and conditions hereinafter
set forth, to amend the Credit Agreement as set forth below in this Amendment.

     NOW, THEREFORE, in consideration of the premises, and for other good and valuable
consideration, the sufficiency and receipt of all of which are hereby acknowledged, the parties
hereto hereby agree as follows:

     SECTION 1. Amendments to Credit Agreement. The Credit Agreement is, effective on and
as of the Term B1 Facility Effective Date, but,
subject, always, in any event, to the satisfaction
of the conditions precedent set forth in Section 3, hereby amended as follows:

     (a) Section 1.1 of the Credit Agreement is hereby amended by adding the following new
definitions in the appropriate alphabetical order:

     “Additional Term B1 Commitment” means the commitment of any Person to make
Additional Term B1 Loans on the Term B1 Facility Effective Date in the aggregate initial
principal amount set forth opposite the name of such Person under the caption
“Additional Term B1 Commitment” on Schedule 2.1 (as amended by the First
Amendment).

     “Additional Term B1 Lender” means any Person with an Additional Term B1
Commitment to make Additional Term B1 Loans to the Borrower on the Term B1 Facility
Effective Date, it being understood that any Additional Term B1 Lender may be a Term B
Lender prior to the Term B1 Facility Effective Date.

     “Additional Term B1 Loan” means any term loan made or to be made to the
Borrower pursuant to Section 2.1(a) of this Agreement on the Term B1 Facility
Effective Date.

     “Aggregate Term B1 Commitment” means the combined Term B1 Commitments of all of
the Term B1 Lenders, in the initial aggregate amount of $115,000,000.

Regent-Amendment
No. 1

 

-3-

     “First Amendment” means Amendment No. 1 to this Agreement, dated as of February
23, 2007, among the Principal Companies, the Administrative Agent and the Lenders that are
parties thereto (which Lenders constitute Required Lenders).

     “First Amendment Documents” means, collectively, the First Amendment, the Term
B1 Notes, the Term B1 Facility Effective Date Compliance Certificate, and all other
Instruments, certificates or other documents executed and/or delivered by the Borrower or
the Parent Company pursuant to or in connection with the First Amendment or the Term B1
Notes.

     “First Amendment Transactions” means, collectively, (a) the execution and/or
delivery of the First Amendment Documents, (b) the exchange of Term B Loans for Term B1
Loans on and as of the Term B1 Facility Effective Date, (c) the Borrowing of Additional Term
B1 Loans on the Term B1 Facility Effective Date, (d) the refinancing and replacement of all
Term B Loans and Term B Notes on and as of the Term B1 Effective Date, (e) the
implementation and completion of all of the other transactions contemplated by the First
Amendment, and (f) the payment of all fees, costs and expenses incurred in connection with
the foregoing arrangements and transactions.

     “First Amendment Effective Date” has the meaning specified in Section
3(a) of the First Amendment.

     “Term B1 Availability Period” means, with respect to the Term B1 Commitments,
including the Additional Term B1 Commitments, the period beginning on the date on which the
conditions precedent set forth in Section 3(a) and Section 3(b)(ii) shall
first be satisfied and ending upon the earliest to occur of: (a) the Term B1 Commitment
Termination Date; (b) the date of termination in full of the Term B1 Commitments pursuant to
Section 2.5; or (c) the date of termination in full of the Term B1 Commitments
pursuant to Section 9.2.

     “Term B1 Commitment” means: (a) as to each Term B Lender that executes and
delivers the First Amendment as a Term B Lender at or prior to 1:00 p.m. (Eastern time) on
the Term B1 Facility Effective Date, the commitment and obligation of such Term B Lender to
exchange, on and as of the Term B1 Facility Effective Date, all of its Term B Loans for Term
B1 Loans in the same aggregate original principal amount as the Outstanding Amount of such
Term B Lender’s Term B Loans immediately prior to the Term B1 Facility Effective Date; and
(b) as to each Additional Term B1 Lender, the commitment and obligation of such Term B1
Lender to make Additional Term B1 Loans to the Borrower pursuant to Section
2.1(a)(ii) in the aggregate initial principal amount not to exceed the amount set forth
opposite such Additional Term B1 Lender’s name under the caption “Additional Term B1
Commitment” on Schedule 2.1 (as amended by the First Amendment).

     “Term B1 Commitment Termination Date” means 5:00 p.m. on April 2, 2007.

     “Term B1 Facility” means, at any time, the Outstanding Amount of Term B1 Loans
at such time.

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     “Term B1 Facility Effective Date” has the meaning specified in Section
3(b) of the First Amendment.

     “Term B1 Facility Effective Date Compliance Certificate” means the Term B1
Facility Effective Date Compliance Certificate, in or substantially in the form of
Exhibit B to the First Amendment, to be dated as of the Term B1 Facility Effective
Date, and to be duly executed by an Authorized Officer of each of the Principal Companies
(solely on its behalf and not in an individual capacity) and delivered pursuant to
Section 3(b)(ix) of the First Amendment.

     “Term B1 Lenders” means, collectively, (a) the Term B Lenders that execute and
deliver the First Amendment as Term B Lenders on or prior to the Term B1 Facility Effective
Date, and (b) the Additional Term B1 Lenders.

     “Term B1 Loans” means, collectively, term loans made to the Borrower pursuant
to Section 2.1(a)(ii) or (as the case may be) deemed to have been made to the
Borrower pursuant to Section 2.1(a)(i).

     “Term B1 Outstanding Amount” means, with respect to the Term B1 Loans on and as
of the Term B1 Facility Effective Date, the aggregate outstanding principal amount thereof
on the Term B1 Facility Effective Date after giving effect to any Borrowings and prepayments
or repayments of such Term B1 Loans occurring on such date.

     “Term B1 Note” has the meaning specified in Section 2.2(b).

     “Term Loan Repricing Transaction” means the prepayment in full of the
Outstanding Amount of all Term B1 Loans with cash proceeds received by the Borrower from a
substantially concurrent borrowing of syndicated secured term loans similar to the Term B
Loans that were made on the Closing Date pursuant to this Agreement; provided,
however, that such a prepayment shall constitute a “Term Loan Repricing
Transaction” only if (a) the annual interest rate applicable to such term loans on the
date of the borrowing thereof shall be less than the sum of (i) the Eurodollar Rate
on the date of such prepayment, plus (ii) the Applicable Margin with respect to Term
B1 Loans that are Eurodollar Loans on the date of such prepayment, (b) the principal purpose
of such prepayment is to refinance Term B1 Loans at a lower interest rate, and (c) such
prepayment is not made in connection with or as a result of: (i) any Change of
Control; (ii) any Acquisition or series of related Acquisitions of Media Assets by the
Parent Company, the Borrower or any of their Subsidiaries for Amounts exceeding in the
aggregate $50,000,000; or (iii) any amendment, amendment and restatement or other
modification of this Agreement, or any refinancing, replacement or restructuring of any
Class of Loans, completed or to be completed for the principal purpose of financing the
Acquisition or series of related Acquisitions described in immediately foregoing
subclause (ii).

     (b) Section 1.1 of the Credit Agreement is hereby further amended as follows:

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     (i)
By amending and restating in its entirety as follows subclause (a) of the definition of the term “Applicable Margin” set forth in Section 1.1 of the
Credit Agreement:

     (a) with respect to any of the Term B1 Loans: (i) for Term B1 Loans that are
Eurodollar Loans, 2.25% (i.e., 225 basis points); and (ii) for Term B1 Loans that
are Base Rate Loans, 0.75% (i.e., 75 basis points); and

     (ii) By amending and restating in its entirety as follows each of the following
definitions set forth in Section 1.1 of the Credit Agreement:

     “Class”, when used in reference to any Loan or Borrowing, refers to whether
such Loan, or the Loans comprising such Borrowing, are Term B1 Loans, Revolving Loans,
Delayed Draw Term Loans or Incremental Loans; and, when used in reference to any Commitment,
refers to whether such Commitment is a Term B1 Commitment, Revolving Commitment, Delayed
Draw Commitment or Incremental Commitment of any class.

     “Commitment” means, for each Lender, any of its Term B1 Commitment, Additional
Term B1 Commitment, Revolving Credit Commitment, Delayed Draw Term Commitment or Incremental
Commitment, as the context may require.

     “Loan” means any extension of credit by any Lender to the Borrower pursuant to
Article II, and shall include any Revolving Loan, Term B1 Loan, Additional Term B1
Loan, Delayed Draw Term Loan or Incremental Loan.

     “Notes” means, collectively, the Revolving Credit Notes, the Term B1 Notes, the
Delayed Draw Term Notes and the Incremental Loan Notes.

     (iii) By amending and restating in their entirety as follows the definitions of the
terms “Term B Commitment” and “Term B Lender” set forth in Section
1.1 of the Credit Agreement:

     “Term B Commitment” means, for each Term B Lender, the commitment of
such Term B Lender to make Term B Loans to the Borrower on the Closing Date.

     “Term B Lender” means any Lender that had outstanding Term B Loans
immediately prior to the Term B1 Facility Effective Date.

     (iv) By amending and restating in its entirety as follows the definition of the term
“Term B Loan” set forth in Section 1.1 of the Credit Agreement:

     “Term B Loan” means any Loan made by a Term B Lender to the Borrower
under Section 2.1(a) of this Agreement prior to the Term B1 Facility
Effective Date.

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     (c) Article II of the Credit Agreement is hereby amended by amending and restating in
its entirety as follows Section 2.1(a) of the Credit Agreement:

     (a) Term B1 Loans.

     (i) Exchange of Term B Loans. Subject to the terms and conditions hereof, each
Term B Lender that has executed and delivered the First Amendment as a Term B Lender at or
prior to 1:00 p.m. (Eastern time) on the Term B1 Facility Effective Date severally agrees to
exchange the Outstanding Amount of all of its Term B Loans on and as of the Term B Facility
Effective Date for a like principal amount of Term B1 Loans on and as of the Term B1
Facility Effective Date, and, from and after the Term B1 Facility Effective Date, all of
such Term B Loans so exchanged shall be deemed to have been refinanced in full, and all of
such Term B1 Loans shall be deemed to have been made to the Borrower pursuant to Section
2.1 of this Agreement.

     (ii) Additional Term B1 Loans. Subject to the terms and conditions hereof,
each Additional Term B1 Lender severally agrees to make Additional Term B1 Loans to the
Borrower on the Term B1 Facility Effective Date in an aggregate original principal amount
not to exceed its Additional Term B1 Commitment in effect on and as of the Term B1 Facility
Effective Date. The Borrower shall, on and as of the Term B1 Facility Effective Date,
refinance with proceeds of the Additional Term B1 Loans all of the Term B Loans of each of
the Term B Lenders that do not execute and deliver the First Amendment as Term B Lenders on
or prior to the Term B1 Facility Effective Date.

     (iii) Interest. On the Term B1 Facility Effective Date, the Borrower shall pay
to the Administrative Agent, for the ratable account of all of the Term B Lenders, all
unpaid interest accrued on all of the Term B Loans to the Term B1 Facility Effective Date;
provided, however, that Interest Periods for Term B Loans that are exchanged
for Term B1 Loans on and as of the Term B1 Facility Effective Date shall continue from and
after the Term B1 Facility Effective Date until the expiration of such Interest Periods in
the ordinary course.

     (iv) Modification of References. From and after the Term B1 Facility Effective
Date, the Term B1 Loans shall have the same terms, rights and obligations as the Term B
Loans had immediately prior to the Term B1 Facility Effective Date, all as set forth in the
Credit Agreement and the other Loan Documents, except, in each case, as modified by the
First Amendment, and all references from and after the Term B1 Facility Effective Date to
“Term B Loans”, “Term B Commitment”, “Term B Note”, and “Term B Lenders” in the Credit
Agreement and the other Loan Documents shall (except as the context shall otherwise require)
be deemed to be references to “Term B1 Loans”, “Term B1 Commitment”, “Term B1 Note”, and
“Term B1 Lenders”, respectively.

     (d) Article II of the Credit Agreement is hereby further amended by amending and
restating in its entirety as follows the second sentence of Section 2.2(b) of the Credit
Agreement:

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     Each such note evidencing Term B1 Loans shall be in or substantially in the
form of Exhibit A (as amended, endorsed, replaced or otherwise modified from
time to time, a “Term B1 Note”).

     (e) Article II of the Credit Agreement is hereby further amended by amending and
restating in its entirety as follows Section 2.5(d) of the Credit Agreement:

     (d) The Aggregate Term B1 Commitment, including each of the Additional Term B1
Commitments, shall terminate in full on the Term B1 Facility Effective Date upon and
simultaneously with the exchange of Term B Loans for Term B1 Loans on such date and
the making of Additional Term B1 Loans on such date. Each of the Term B1
Commitments shall in any event automatically and permanently terminate in full at
5:00 p.m. on the Term B1 Commitment Termination Date in the event that the Term B1
Facility Effective Date shall not have occurred on or prior to the Term B1
Commitment Termination Date.

     (f) Article II of the Credit Agreement is hereby further amended by amending and
restating in its entirety as follows the first sentence of Section 2.6(c) of the Credit
Agreement:

     Each prepayment of principal of the outstanding Term B1 Loans required pursuant
to Section 2.7(b), 2.7(c), 2.7(e), 7.14(d) or
7.14(e) shall be applied to the remaining scheduled installments of the Term
B1 Loans pursuant to Section 2.8(b), in each case pro rata
(based on the principal amount then remaining unpaid of each of the scheduled
installments of the Term B1 Loans).

     (g) Article II of the Credit Agreement is hereby further amended by adding the
following new paragraph (d) to Section 2.6 immediately after paragraph (c)
of Section 2.6:

     (d) If, at any time on or prior to the first anniversary of the Term B1
Facility Effective Date, a Term Loan Repricing Transaction shall be completed and
the Outstanding Amount of the Term B1 Loans shall be paid in full, then the Borrower
shall become and be obligated to pay to the Administrative Agent on the date of such
payment, for the pro rata benefit of all Term B1 Lenders, a
prepayment premium equal to one percent (1%) of the Outstanding Amount of the Term
B1 Loans so prepaid on or prior to such first anniversary.

     (h) Article II of the Credit Agreement is hereby further amended by amending and
restating in its entirety as follows Section 2.8(d) of the Credit Agreement:

     (d) Maturity Date. Anything herein express or implied to the contrary
notwithstanding, there shall become and be absolutely and unconditionally due and
payable on the Maturity Date, and the Borrower hereby promises to pay on the
Maturity Date, the entire principal of each of the Term B1 Loans, Revolving Loans
and Delayed Draw Term Loans then remaining unpaid, all of the unpaid interest
accrued thereon, all of the unpaid Fees accrued thereon and all other unpaid sums
and other Obligations owing under this Agreement or any of the other Loan Documents
with respect to the Term B1 Loans, the Delayed Draw Term Loans, the Revolving
Commitments and the Revolving Loans.

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     (i) Article II of the Credit Agreement is hereby further amended by amending and
restating in its entirety as follows Section 2.7(b) of the Credit Agreement:

     (b) Term B1 Loans. The Borrower shall repay the Term B1 Loans in
twenty-eight (28) installments, payable on the principal payment dates specified in
the table below, in an amount for each such scheduled installment equal to the
amount set forth opposite the scheduled principal payment date for such scheduled
installment in the table below:

	 	 	 	 	 
	Principal Payment Date 	 	Amount
	 
	 	 	 	 
	03/31/07

	 	$	287,500	 
	06/30/07

	 	$	287,500	 
	09/30/07

	 	$	287,500	 
	12/31/07

	 	$	287,500	 
	 
	 	 	 	 
	03/31/08

	 	$	287,500	 
	06/30/08

	 	$	287,500	 
	09/30/08

	 	$	287,500	 
	12/31/08

	 	$	287,500	 
	 
	 	 	 	 
	03/31/09

	 	$	287,500	 
	06/30/09

	 	$	287,500	 
	09/30/09

	 	$	287,500	 
	12/31/09

	 	$	287,500	 
	 
	 	 	 	 
	03/31/10

	 	$	287,500	 
	06/30/10

	 	$	287,500	 
	09/30/10

	 	$	287,500	 
	12/31/10

	 	$	287,500	 
	 
	 	 	 	 
	03/31/11

	 	$	287,500	 
	06/30/11

	 	$	287,500	 
	09/30/11

	 	$	287,500	 
	12/31/11

	 	$	287,500	 
	 
	 	 	 	 
	03/31/12

	 	$	287,500	 
	06/30/12

	 	$	287,500	 
	09/30/12

	 	$	287,500	 
	12/31/12

	 	$	287,500	 
	 
	 	 	 	 
	03/31/13

	 	$	287,500	 
	06/30/13

	 	$	287,500	 
	09/30/13

	 	$	287,500	 
	11/21/13

	 	$	107,237,500	 

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     (j) Article VII of the Credit Agreement is hereby amended by adding the following new
paragraph (d) at the end of Section 7.10 of the Credit Agreement:

     (d) Use the Term B1 Loans (and all proceeds thereof) for the exclusive purpose
of refinancing and replacing the Term B Loans.

     (k) Exhibit A to the Credit Agreement is hereby amended and restated in its entirety
to be in the form of the Exhibit A attached to this Amendment.

     SECTION 2. Amendment to Schedule 2.1. Upon the Term B1 Facility Effective Date, but,
subject, always, in any event, to the satisfaction of the conditions precedent set forth in
Section 3 of this Amendment, Schedule 2.1 to the Credit Agreement shall be amended
by the Administrative Agent to reflect the Term B1 Commitments, including the Additional Term B1
Commitments, on and as of the Term B1 Facility Effective Date.

     SECTION 3. Conditions of Effectiveness. (a) This Amendment shall become effective on
and as of the date first written above (“First Amendment Effective Date”) when the
Administrative Agent shall have received counterparts of this Amendment executed and delivered by
each of the Principal Companies and Lenders constituting Required Lenders.

     (b) Anything herein express or implied to the contrary notwithstanding, the amendments set
forth in Section 1 and Section 2 of this Amendment shall become and be effective
only on and as of the date (“Term B1 Facility Effective Date”) on which each of the
conditions precedent set forth in this Section 3(b) shall have first been satisfied to the
reasonable satisfaction of the Administrative Agent:

     (i) First Amendment Effective Date. The First Amendment Effective Date shall
have occurred prior to 5:00 p.m. on the Term B1 Commitment Termination Date, and the Term B1
Facility Effective Date shall have occurred during the Term B1 Availability Period.

     (ii) Execution of Counterparts. The Administrative Agent shall have received
counterparts of this Amendment, duly executed and delivered on behalf of each of (A) the
Principal Companies, (B) the Administrative Agent, (C) the Required Lenders, and (D) at or
prior to 1:00 p.m. on the Term B1 Facility Effective Date, each Term B Lender, or, in lieu
of any one or more Term B Lenders at or prior to such time, one or more Additional Term B1
Lenders providing Additional Term B1 Commitments in an aggregate initial amount sufficient
to refinance the Outstanding Amount of all of the Term B Loans owed to such non-consenting
Term B Lenders, or, as to any of the foregoing parties, advice reasonably satisfactory to
the Administrative Agent that such party has agreed to the terms of this Amendment hereof
and has agreed to become bound hereby.

     (iii) Borrowing Request. The Borrower shall have provided to the
Administrative Agent, prior to the Term B1 Facility Effective Date, a Borrowing Request in
accordance with the requirements of Section 2.3 of the Credit Agreement with respect
to the Borrowing of the Additional Term B1 Loans on the Term B1 Facility Effective Date.

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     (iv) Payment of Fees and Expenses. The Borrower shall have paid in full, in
accordance with the payment instructions of the Administrative Agent, all of the fees and
actual and reasonable out-of-pocket costs and expenses (including Attorney Costs) payable in
connection with the First Amendment Transactions and otherwise in accordance with
Section 6 of this Amendment for which invoices shall have been submitted at least
one (1) Business Day prior to the Term B1 Facility Effective Date.

     (v) Term B1 Notes. The Administrative Agent shall have received, on behalf of
each of the Term B1 Lenders that shall have requested the same, one or more Term B1 Notes
payable to the order of such Term B1 Lender duly executed by the Borrower in substantially
the form of Exhibit A to the Credit Agreement, as amended by this Amendment.

     (vi) Interest; etc. Simultaneously with the making of the Term B1 Loans, the
Borrower shall have paid to the Administrative Agent, for the ratable account of the Term B
Lenders, all unpaid interest accrued on the Term B Loans to the Term B1 Facility Effective
Date, plus all additional amounts (if any) owing to such Term B Lenders pursuant to
Section 4.5 of the Credit Agreement.

     (vii) Resolutions; etc. The Administrative Agent shall have received:

     (A) from each of the Principal Companies, an officer’s certificate, dated as of
the First Amendment Effective Date, of its secretary or any assistant secretary as
to:

          (1) resolutions of its board of directors or (as the case may be) managers then
in full force and effect authorizing the execution, delivery and performance of this
Amendment, the Term B1 Notes and each of the other First Amendment Documents and
other Instruments or documents contemplated hereby, and authorizing the exchange of
Term B Loans for Term B1 Loans, the Borrowing of Additional Term B1 Loans and the
implementation and completion of the other First Amendment Transactions and all
other transactions contemplated hereby;

          (2) the incumbency and signatures of the Authorized Officers of each of the
Principal Companies authorized to act with respect to this Amendment, the Term B1
Notes, the other First Amendment Documents and all other Instruments or documents
contemplated hereby (upon which certificate each of the Administrative Agent and the
Lenders may conclusively rely until the Administrative Agent shall have received a
further certificate of such Credit Party canceling or amending such prior
certificate, which further certificate shall be reasonably satisfactory to the
Administrative Agent); and

          (3) each Governing Document of each of the Principal Companies; and

     (B) such other similar documents (certified as of a recent date) as the
Administrative Agent may reasonably request with respect to any matter relevant

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to this Amendment, the Term B1 Notes, the other First Amendment Documents or
any other Instruments or other documents contemplated hereby, the exchange of Term B
Loans for Term B1 Loans, the Borrowing of Additional Term B1 Loans, or any of the
other First Amendment Transactions or other transactions contemplated hereby.

Each of such documents shall be in form and substance reasonably satisfactory to the
Administrative Agent.

     (viii) Certificates of Good Standing; etc. The Administrative Agent shall have
received a good standing certificate as of a recent date for each of the Principal Companies
from the Secretary of State of the jurisdiction of incorporation or organization of such
Credit Party.

     (ix) Term B1 Facility Effective Date Compliance Certificate. The
Administrative Agent shall have received a duly completed Term B1 Facility Effective Date
Compliance Certificate, dated as of the Term B1 Facility Effective Date, duly executed by an
Authorized Officer of each of the Principal Companies.

     (x) Legal Opinion. The Administrative Agent shall have received a legal
opinion, dated the First Amendment Effective Date, addressed to the Administrative Agent,
from special counsel to the Principal Companies, in form and substance reasonably
satisfactory to the Administrative Agent and its special counsel.

     (xi) Satisfactory Legal Form; etc. All Instruments and other documents
executed and delivered or submitted pursuant hereto by or on behalf of either of the
Principal Companies shall be reasonably satisfactory in form and substance to the
Administrative Agent and its special counsel; the Administrative Agent and its special
counsel shall have received all such information, and such counterpart originals or such
certified or other copies of all such other materials, as the Administrative Agent or its
special counsel shall have reasonably requested; and all legal matters incident to the
transactions contemplated by this Agreement shall be reasonably satisfactory to the
Administrative Agent and its special counsel.

     (xii) Compliance with Warranties. The representations and warranties of each
of the Parent Company and the Borrower set forth in Section 4 of this Amendment or
in Article VI of the Credit Agreement shall be true and correct in all material
respects on and as of First Amendment Effective Date and on and as of the Term B1 Facility
Effective Date; and, both immediately before and immediately after giving effect to First
Amendment Transactions, such representations and warranties shall be true and correct in all
material respects with the same full force and effect as if made on the First Amendment
Effective Date and on the Term B1 Facility Effective Date (except for any such
representation or warranty that relates solely to a prior date).

     SECTION 4. Representations and Warranties. Each of the Principal Companies, jointly
and severally, represents and warrants to each of the Lenders and the Administrative Agent as
follows:

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     (a) Corporate Existence and Power; etc. Each of the Principal Companies:

     (i) is a duly organized and validly existing corporation or limited liability company,
as the case may be, and is in good standing under the laws of the jurisdiction of its
organization;

     (ii) has the power and authority, and the legal right, to own or hold under lease its
Property, conduct its business and execute, deliver and perform its Obligations under each
of the First Amendment Documents and other Loan Documents to which it is or is to become a
party as contemplated hereby;

     (iii) is duly qualified to do business as a foreign entity, and is licensed and in good
standing, under the Applicable Laws of each jurisdiction where its ownership, lease or
operation of Property or the nature or conduct of its business requires such qualification
or license, except (in each case) where the failure so to be qualified or licensed
has not had and could not reasonably be expected to have a Materially Adverse Effect; and

     (iv) is in all material respects in compliance with all Applicable Laws, except
(in each case) to the extent that the failure to comply therewith has not had and could not
reasonably be expected to have a Materially Adverse Effect.

     (b) Corporate Authorization; etc. The execution, delivery and performance by each of
the Principal Companies of each of the First Amendment Documents to which it is or is to become a
party as contemplated hereby, and, in the case of the Borrower, to exchange Term B Loans for Term
B1 Loans and to make the Borrowings of Additional Term B1 Loans contemplated hereby, have been duly
authorized by all necessary corporate or limited liability company action, as the case may be, and
do not and will not:

     (i) contravene in any material respect any of the terms or other provisions of any of
the Governing Documents of any such Credit Party;

     (ii) conflict in any material respect with or result in any material breach or
contravention of, or the creation of any Liens under, any Instrument or other document
creating, governing or evidencing any material Contractual Obligation to which such Credit
Party is a party or by which such Credit Party or any of its Property is bound or any order,
injunction, writ or decree of any Governmental Authority to which such Credit Party or any
of its Property is subject; or

     (iii) violate any Applicable Law in any material respect.

     (c) Governmental Authorization. No order, consent, approval, license, authorization
or validation of, or filing, recording or registration with, or exemption by, any Governmental
Authority, or any subdivision thereof, is required to authorize, or is required in connection with,
(i) the execution, delivery or performance of this Amendment or any other First Amendment Document,
or (ii) the legality, validity, binding effect or enforceability of this Amendment or any other
First Amendment Document, except where the failure to so obtain or make could not
reasonably be expected to have a Materially Adverse Effect; provided, however,

Regent-Amendment No. 1

 

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that subsequent to the date of execution of the First Amendment Documents, copies of certain
of the First Amendment Documents may be required to be filed with the FCC.

     (d) Binding Effect. Each of the Principal Companies has duly executed and delivered
this Amendment and each of the other First Amendment Documents required to be executed and
delivered by such Principal Company in accordance with the terms hereof. Each of the First
Amendment Documents to which the Parent Company or the Borrower is a party constitutes, and each of
the other First Amendment Documents upon execution and delivery thereof by any Principal Company,
will constitute, the legal, valid and binding Obligations of each Principal Company party thereto,
enforceable against each such Principal Company in accordance with its terms, except (in
each case) as enforceability may be limited by applicable bankruptcy, insolvency or other similar
Applicable Laws affecting the enforcement of creditors’ rights generally or by equitable principles
of general applicability.

     (e) No Default. No Default is continuing on and as of the date hereof, and no Default
will result from the exchange of any Term B Loans for Term B1 Loans or the making of any Term B1
Loans. None of the Principal Companies or any of their Subsidiaries is in default under or with
respect to any Contractual Obligations in any respect which, individually or together with all such
defaults, has had or could reasonably be expected to have a Materially Adverse Effect.

     (f) Materially Adverse Effect. No events or developments have occurred since the
Closing Date which, individually or in the aggregate, have had or could reasonably be expected to
have any Materially Adverse Effect.

     SECTION 5. Reference to and Effect on the Credit Agreement, the Notes and the Other Loan
Documents. (a) On and after the Term B1 Facility Effective Date, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the
Credit Agreement, and each reference in the Notes and each of the other Loan Documents to “the
Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit
Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment.
For all purposes of the Credit Agreement and the other Loan Documents, this Amendment and the other
First Amendment Documents shall constitute “Loan Documents”.

     (b) The Credit Agreement, the Notes and each of the other Loan Documents, as amended by this
Amendment, are and shall continue to be in full force and effect and are hereby in all respects
ratified and confirmed by each of the Principal Companies. Without limiting the generality of the
foregoing, the Collateral Documents and all of the Collateral described therein do and shall
continue to secure the payment of all Obligations of each of the Credit Parties under the Loan
Documents, in each case as amended by this Amendment.

     (c) The execution, delivery and effectiveness of this Amendment shall not, except as otherwise
expressly provided herein, operate as a waiver of any right, power or remedy of any Lender, the
Issuing Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver
of any provision of any of the Loan Documents.

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     (d) In the event that all of the conditions precedent set forth in Section 3(b) of
this Amendment shall not be satisfied to the reasonable satisfaction of the Administrative Agent
during the Term B1 Availability Period and prior to the Term B1 Commitment Termination Date, then
at 5:00 p.m., on the Term B1 Commitment Termination Date, all Term B1 Commitments, including all
Additional Term B1 Commitments shall terminate in full, and Section 1 and Section 2
of this Amendment shall be null and avoid with the same full force and effect as if such Sections
had never been a part of this Amendment.

     SECTION 6. Costs and Expenses. Whether or not any of the First Amendment Transactions
are consummated, the Borrower shall pay, promptly after request by the Administrative Agent, all
reasonable out-of-pocket costs, expenses and fees incurred by the Administrative Agent and its
Affiliates (including the Attorney Costs for the Administrative Agent), in connection with the
preparation, negotiation, execution, delivery and administration of this Amendment and the other
First Amendment Documents or any amendments, modifications or waivers of any of the provisions
hereof or thereof.

     SECTION 7. Indemnification. The Borrower shall indemnify the Administrative Agent
(and any sub-agent thereof), each Lender and the Issuing Lender, and each Related Party of any of
the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold
each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related
expenses (including the Attorney Costs for any Indemnitee) incurred by any Indemnitee or asserted
against any Indemnitee by any third party or by the Borrower or any other Credit Party arising out
of, in connection with, or as a result of the execution or delivery of this Amendment, any of the
other First Amendment Documents or any other agreement or Instrument contemplated hereby or
thereby, the performance by the parties hereto of their respective obligations hereunder or
thereunder or the consummation of any of the First Amendment Transactions or any of the other
transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any
sub-agent thereof) and its Related Parties only, the administration of this Amendment and the other
First Amendment Documents.

     SECTION 8. Counterparts. This Amendment may be executed by one or more of the parties
to this Amendment in any number of separate counterparts, each of which, when so executed, shall be
deemed an original, and all of said counterparts taken together shall be deemed to constitute but
one and the same Instrument. A set of the copies of this Amendment signed by all of the parties
shall be lodged with the Borrower and the Administrative Agent.

     SECTION 9. Severability. The illegality or unenforceability of any provision of this
Amendment or any of the other First Amendment Documents or other Instruments required hereunder
shall not in any way affect or impair the legality or enforceability of any of the remaining
provisions of this Amendment or any of the other First Amendment Documents or other Instruments
required hereunder.

     SECTION 10. WAIVER OF JURY TRIAL. THE PARTIES HERETO EACH WAIVE THEIR RESPECTIVE
RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED
TO THIS AMENDMENT, THE OTHER FIRST AMENDMENT DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY, IN ANY

Regent-Amendment No. 1

 

-15-

ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER
PARTY OR PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. THE PARTIES
HERETO EACH AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A
JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHTS TO A
TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION 10 AS TO ANY ACTION, COUNTERCLAIM OR
OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF
THIS AMENDMENT OR ANY OF THE OTHER FIRST AMENDMENT DOCUMENTS OR ANY PROVISIONS HEREOF OR THEREOF.
THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO
THIS AMENDMENT OR ANY OF THE OTHER FIRST AMENDMENT DOCUMENTS.

     SECTION 11. GOVERNING LAW. THIS AMENDMENT AND EACH OF THE OTHER FIRST AMENDMENT
DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF
MASSACHUSETTS.

     SECTION 12. ENTIRE AGREEMENT. THIS AMENDMENT, THE OTHER FIRST AMENDMENT DOCUMENTS, THE
CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES
HERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

     SECTION 13. Delivery by Facsimile. Delivery of the signature pages to this Amendment
by facsimile shall be as effective as delivery of manually executed counterparts of this Amendment.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

Regent-Amendment
No. 1

 

-16-

***Signature Pages to Amendment No. 1 to the Credit Agreement follow***

Regent-Amendment
No. 1

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this AMENDMENT NO. 1 TO THE CREDIT
AGREEMENT to be duly executed and delivered by their proper and duly authorized officers as of the
day and in the year first above written.

	 	 	 	 	 	 	 
	 	 	The Borrower:
	 
	 	 	 	 	 	 
	 	 	REGENT BROADCASTING, LLC
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Anthony A. Vasconcellos	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:    Anthony A. Vasconcellos	 	 
	 

	 	 	 	Title:      Executive Vice President and	 	 
	 

	 	 	 	               Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	The Parent Company:
	 
	 	 	 	 	 	 
	 	 	REGENT COMMUNICATIONS, INC.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Anthony A. Vasconcellos	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:    Anthony A. Vasconcellos	 	 
	 

	 	 	 	Title:      Executive Vice President and	 	 
	 

	 	 	 	               Chief Financial Officer	 	 

**Signature Page to Amendment No. 1 to the Credit Agreement**

***Signature Pages to Amendment No. 1 to the Credit Agreement follow***

Regent-Amendment
No. 1

 

 

	 	 	 	 	 	 	 
	 	 	The Administrative Agent:
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as
	 	 	   Administrative Agent
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William J. Faidell	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:    William J. Faidell	 	 
	 

	 	 	 	Title:       Assistant Vice President	 	 

**Signature Page to Amendment No. 1 to the Credit Agreement**

***Signature Pages to Amendment No. 1 to the Credit Agreement follow***

 

 

 

	 	 	 	 	 	 	 
	 	 	The Lenders:
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as
	 	 	   a Lender and the Issuing Lender
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Bradley K. Rosseau	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:    Bradley K. Rousseau	 	 
	 

	 	 	 	Title:       Principal	 	 

**Signature Page to Amendment No. 1 to the Credit Agreement**

***Signature Pages to Amendment No. 1 to the Credit Agreement follow***

 

 

	 	 	 	 	 	 	 
	 	 	SUNTRUST BANK, as Syndication Agent, a Joint
	 	 	   Book Manager and a Lender
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Brian Combs	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:    Brian Combs	 	 
	 

	 	 	 	Title:      Director	 	 

**Signature Page to Amendment No. 1 to the Credit Agreement**

***Signature Pages to Amendment No. 1 to the Credit Agreement follow***

 

 

	 	 	 	 	 	 	 
	 	 	GENERAL ELECTRIC CAPITAL
	 	 	CORPORATION, as a Lender
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Karl Kieffer	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:     Karl Kieffer	 	 
	 

	 	 	 	Title:       Duly Authorized Signatory	 	 

**Signature Page to Amendment No. 1 to the Credit Agreement**

***Signature Pages to Amendment No. 1 to the Credit Agreement follow***

 

 

	 	 	 	 	 	 	 
	 	 	BANK OF MONTREAL, as a Lender
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Naghemeh Hashemifard	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:    Naghemeh Hashemifard	 	 
	 

	 	 	 	Title:       Director	 	 

**Signature Page to Amendment No. 1 to the Credit Agreement**

***Signature Pages to Amendment No. 1 to the Credit Agreement follow***

 

 

	 	 	 	 	 	 	 
	 	 	NATIONAL CITY BANK, as a Lender
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Joseph R. Netzel	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:    Joseph R. Netzel	 	 
	 

	 	 	 	Title:      Senior Vice President	 	 

**Signature Page to Amendment No. 1 to the Credit Agreement**

***Signature Pages to Amendment No. 1 to the Credit Agreement follow***

 

 

	 	 	 	 	 	 	 
	 	 	WELLS FARGO FOOTHILL, INC., as a Lender
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jessie Munoz	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:   Jessie Munoz	 	 
	 

	 	 	 	Title:     Vice President	 	 

**Signature Page to Amendment No. 1 to the Credit Agreement**

***Signature Pages to Amendment No. 1 to the Credit Agreement follow***

 

 

Bank of America, N.A.,

   as Administrative Agent

February ___, 2007

Page 1

Regent-Amendment No. 1

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