Document:

exv10w1

Exhibit 10.1

AMENDMENT NO. 4

          AMENDMENT NO. 4 dated as of April 2, 2009 between LAMAR MEDIA CORP. (the “Company”),
LAMAR ADVERTISING OF PUERTO RICO, INC. and LAMAR TRANSIT ADVERTISING CANADA LTD. (together with
Lamar Advertising of Puerto Rico, Inc., the “Subsidiary Borrowers”), the SUBSIDIARY
GUARANTORS party hereto (the “Subsidiary Guarantors”), LAMAR ADVERTISING COMPANY
(“Holdings”), the LENDERS party hereto and JPMORGAN CHASE BANK, N.A., as administrative
agent for the lenders parties to the Credit Agreement referenced below (in such capacity, together
with its successors in such capacity, the “Administrative Agent”).

          The Company, the Subsidiary Borrowers, the Subsidiary Guarantors, the lenders party thereto
and the Administrative Agent are parties to a Credit Agreement dated as of September 30, 2005 (as
modified and supplemented and in effect immediately prior to the effectiveness of this Amendment
No. 4, the “Credit Agreement”). The Company, the Subsidiary Borrowers, the Subsidiary
Guarantors, Holdings, the Lenders party hereto and the Administrative Agent wish now to amend the
Credit Agreement and the Pledge Agreement in certain respects, and accordingly, the parties hereto
hereby agree as follows:

          Section 1. Definitions. Except as otherwise defined in this Amendment No. 4, terms
defined in the Credit Agreement (as amended hereby) are used herein as defined therein.

          Section 2. Amendments to Credit Agreement. Subject to the satisfaction of the
conditions precedent specified in Section 5 hereof, the Credit Agreement shall be amended as
follows:

          2.01. References Generally. References in the Credit Agreement (including references
to the Credit Agreement as amended hereby) to “this Agreement” (and indirect references such as
“hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be references to the Credit
Agreement as amended hereby.

          2.02. Definitions Generally. Section 1.01 of the Credit Agreement shall be amended
as follows:

          (a) The following definitions shall be amended to read in their entirety as follows (to the
extent already included in said Section 1.01) and added in the appropriate alphabetical location
(to the extent not already included in said Section 1.01):

     “Adjusted Base Rate” means, for any day, a rate per annum equal to the greatest
of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect
on such day plus 1/2 of 1% and (c) 1% plus the LIBO Rate (without giving
effect to any rounding) for a one month Interest Period in effect on such day (or if such
day is not a Business Day, the immediately preceding Business Day). Any change in the
Adjusted Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or
the LIBO Rate shall be effective from and including the effective date of such change in the
Prime Rate, the Federal Funds Effective Rate or the LIBO Rate, as the case may be.

     “Amendment No. 4 Effective Date” means the date upon which the conditions
precedent set forth in Section 5 of Amendment No. 4 hereto shall have been satisfied or
waived.

 

 

     “Applicable Rate” means:

     (a) for any Eurodollar Revolving Credit Loans, Eurodollar Term Loans or
Eurodollar Incremental Loans of any Series established prior to the Amendment No. 4
Effective Date, 3.50%; provided that such rate shall be reduced to 3.25% at
any time that the Senior Debt Ratio was less than 2.5 to 1 as at the last day of the
fiscal quarter most recently ended as to which the Company has delivered financial
statements pursuant to Section 6.01;

     (b) for any Base Rate Revolving Credit Loans, Base Rate Term Loans or Base Rate
Incremental Loans of any Series established prior to the Amendment No. 4 Effective
Date, 2.50%; provided that such rate shall be reduced to 2.25% at any time
that the Senior Debt Ratio was less than 2.5 to 1 as at the last day of the fiscal
quarter most recently ended as to which the Company has delivered financial
statements pursuant to Section 6.01;

     (c) for commitment fees, 0.50%; and

     (d) for any Type of Incremental Loans of any Series established after the
Amendment No. 4 Effective Date, such rates of interest as shall be agreed upon at
the time Incremental Loan Commitments of such Series are established.

     Each change in the “Applicable Rate” based upon any change in the Senior Debt Ratio
shall become effective for purposes of the accrual of interest (including in respect of all
then-outstanding Loans) hereunder on the date three Business Days after the delivery to the
Administrative Agent of the financial statements of the Company for the most recently ended
fiscal quarter pursuant to Section 6.01, and shall remain effective for such purpose until
three Business Days after the next delivery of such financial statements to the
Administrative Agent hereunder.

          Notwithstanding the foregoing, in the event the Company consummates any Acquisition or
Disposition for aggregate consideration of $75,000,000 or more, the Company shall forthwith
deliver to the Administrative Agent a certificate of a Financial Officer, in form and detail
satisfactory to the Administrative Agent, setting forth a redetermination of the Senior Debt
Ratio reflecting such Acquisition or Disposition and, on the date three Business Days after
the delivery of such certificate, the Applicable Rate shall be adjusted to give effect to
such redetermination of the Senior Debt Ratio.

          Anything in this Agreement to the contrary notwithstanding, the Applicable Rate shall
be the highest rates provided for above if the certificate of a Financial Officer shall not
be delivered by the times provided in Section 6.01 or within three Business Days after the
occurrence of any Acquisition or Disposition described above (but only, in the case of this
paragraph, with respect to periods prior to the delivery of such certificate).

     “Capital Expenditures” means, for any period, the sum for the Company or any of
its Restricted Subsidiaries (determined on a consolidated basis without duplication in
accordance with GAAP) of the aggregate amount of expenditures (including the aggregate
amount of Capital Lease Obligations incurred during such period) made to acquire or
construct fixed assets, plant and equipment (including renewals, improvements and
replacements, but excluding repairs)

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during such period computed in accordance with GAAP; provided that such term
shall not include any such expenditures in connection with any Acquisition or any
reinvestment into assets, plant and equipment from the proceeds of any Casualty Event.

     “Defaulting Lender” means any Lender that, as reasonably determined by the
Administrative Agent, has (a) failed to fund any portion of its Loans or participations in
Letters of Credit within three Business Days after the date required to be funded by such
Lender hereunder, (b) notified the Company, the Administrative Agent, any Issuing Lender or
any Lender in writing that such Lender does not intend to comply with any of its funding
obligations under this Agreement or has made a public statement to the effect that such
Lender does not intend to comply with its funding obligations under this Agreement, (c)
failed, within three Business Days after request by the Administrative Agent or the Company,
to confirm promptly in writing that such Lender will comply with the terms of this Agreement
relating to its obligations to fund prospective Loans and participations in then outstanding
Letters of Credit, (d) otherwise failed to pay over to the Administrative Agent or any other
Lender any other amount required to be paid by such Lender hereunder within three Business
Days after the date when due, unless the subject of a good faith dispute, or (e) (i) become
or is insolvent or has a parent company that has become or is insolvent or (ii) become the
subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator,
trustee, administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of such Lender’s business or custodian, appointed for such
Lender, or has a parent company that has become the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the
benefit of creditors or similar Person charged with reorganization or liquidation of such
parent company’s business or custodian appointed for such parent company; provided,
that no Lender shall become a Defaulting Lender solely as a result of the acquisition or
maintenance of an ownership interest in such Lender (or its parent company) or the exercise
of control over such Lender (or its parent company) by a Governmental Authority or an
instrumentality thereof.

     “EBITDA” means, for any period, operating income for Holdings and its
Subsidiaries (other than any Unrestricted Subsidiary) (determined on a consolidated basis
without duplication in accordance with GAAP) for such period (calculated before taxes,
Interest Expense, interest in respect of Mirror Loan Indebtedness, depreciation,
amortization and any other non-cash income or charges accrued for such period, one-time cash
restructuring charges and cash severance charges in the fiscal years ending on December 31,
2008 and 2009 (which charges shall not in the aggregate exceed $2,500,000 for such fiscal
years) for such period and (except to the extent received or paid in cash by Holdings or any
of its Subsidiaries (other than any Unrestricted Subsidiary) income or loss attributable to
equity in Affiliates for such period), excluding any extraordinary and unusual gains or
losses during such period, and excluding the proceeds of any Casualty Events and
Dispositions. For purposes hereof, the effect thereon of any adjustments required under
Statement of Financial Accounting Standards No. 141R shall be excluded.

     Notwithstanding the foregoing, except as otherwise provided in Section 7.04(f), if
during any period for which EBITDA is being determined Holdings shall have consummated any
Acquisition or Disposition then, for all purposes of this Agreement, EBITDA shall be
determined on a pro forma basis as if such Acquisition or Disposition had been made or
consummated on the first day of such period.

     “ECF Percentage” means 100%, provided that for each fiscal year ending
on or after December 31, 2010, if the Total Holdings Debt Ratio as at the last day of such
fiscal year shall be

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less than 5.75 to 1, then such percentage shall be reduced to 50%, provided
that any such reduction in the ECF Percentage shall be not become effective unless the
financial statements required to have been delivered for the applicable fiscal year pursuant
to Section 6.01(a) shall have been delivered.

     “Excess Cash Flow” means, for any period, the excess of (a) EBITDA for such
period over (b) the sum of (i) all Debt Service for such period plus (ii) the aggregate
amount of all Capital Expenditures made during such period (excluding Capital Expenditures
to the extent financed with the proceeds of Indebtedness or constituting Capital Lease
Obligations incurred pursuant to Section 7.01) plus (iii) the aggregate amount paid, or
required to be paid, in cash in respect of income, franchise, real estate and other like
taxes for such period (to the extent not deducted in determining EBITDA for such period)
plus (iv) the aggregate amount of Restricted Payments made during such period by the Company
to Holdings to enable Holdings to make interest payments on its Indebtedness (other than
Restricted Payments deducted in computing EBITDA for such period) plus (v) any net increase
(or minus any net decrease) in Working Capital from the first day through the last day of
such period plus (vi) the amount of payments made by the Company from free cash flow (which,
for the avoidance of doubt, shall exclude any payments made with the proceeds of the New
Senior Notes or the Revolving Credit Loans) to repay Mirror Loan Indebtedness plus (vii) for
each fiscal year of the Company ending (x) on December 31, 2009, the excess of $107,087,500
over the aggregate outstanding principal amount of the Revolving Credit Loans on December
31, 2009 (excluding any reduction to the extent financed with the proceeds of Indebtedness)
and (y) thereafter, the amount of any net reduction in the aggregate outstanding principal
amount of the Revolving Credit Loans from the first day of such period to the last day of
such period (excluding any such reduction to the extent financed with the proceeds of
Indebtedness) plus (viii) the aggregate amount of optional prepayments of principal of the
Term Loans and Incremental Loans made pursuant to Section 2.09 (excluding prepayments to the
extent financed with the proceeds of Indebtedness) plus (ix) the aggregate amount of any
amendment fees paid by the Company during such period in connection with any amendment to
this Agreement.

     “Incremental Loan Commitment” means, with respect to each Lender, the amount of
the offer of such Lender to make Incremental Loans of any Series that is accepted by the
Company in accordance with the provisions of Section 2.01(c), as such amount may be (a)
reduced from time to time pursuant to Sections 2.07 and 2.09 and (b) reduced or increased
from time to time pursuant to assignments by or to such Lender pursuant to Section 10.04.
The aggregate amount of the Incremental Loan Commitments of all Series established after the
Amendment No. 4 Effective Date shall not exceed $300,000,000.

     “Interest Expense” means, for any period, the sum, for the Company and its
Restricted Subsidiaries (determined on a consolidated basis without duplication in
accordance with GAAP), of the following: (a) all interest in respect of Indebtedness (other
than Mirror Loan Indebtedness) accrued or capitalized during such period (whether or not
actually paid during such period) plus (b) the net amounts payable (or minus
the net amounts receivable) under Swap Agreements accrued during such period (whether or not
actually paid or received during such period) including, without limitation, fees, but
excluding reimbursement of legal fees and other similar transaction costs and excluding
payments required by reason of the early termination of Swap Agreements in effect on the
date hereof plus (c) all fees (other than any amendment fees paid by the Company
during such period in connection with any amendment to this Agreement) incurred

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in connection with this Agreement and the Loans hereunder, including letter of credit
fees and expenses related thereto, incurred hereunder after the Effective Date.

     “JPMCB Segregated Accounts” has the meaning assigned to such term in Section
6.12.

     “LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest
Period, the greater of (a) 2.00% per annum and (b) the rate appearing on Reuters Page
LIBOR01 (or on any successor or substitute page or service providing quotations of interest
rates applicable to dollar deposits in the London interbank market comparable to those
currently provided on such page, as determined by the Administrative Agent from time to
time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement
of such Interest Period, as the rate for U.S. dollar deposits with a maturity comparable to
such Interest Period. In the event that the rate in clause (b) above is not available at
such time for any reason, then such rate in clause (b) with respect to such Eurodollar
Borrowing for such Interest Period shall be the rate at which U.S. dollar deposits of
$5,000,000, and for a maturity comparable to such Interest Period, are offered by the
principal London office of the Administrative Agent in immediately available funds in the
London interbank market at approximately 11:00 a.m., London time, two Business Days prior to
the commencement of such Interest Period.

     “New Senior Notes” means the 9-3/4% Senior Notes due 2014 of the Company in the
original principal amount of $350,000,000.

     “Pledge Agreement” means an Amended and Restated Pledge Agreement,
substantially in the form of Exhibit A to Amendment No. 4 hereto, between the Obligors and
the Administrative Agent.

     “Security Documents” means the Pledge Agreement, the Holdings Guaranty and
Pledge Agreement and any other collateral agreement, intercreditor agreement, mortgage, deed
of trust, ship mortgage, license or sub-license agreement or account control agreement
delivered in connection with the Loan Documents, and all Uniform Commercial Code financing
statements and continuation statements required by such documents to be filed with respect
to the security interests created pursuant thereto.

     “Senior Debt Ratio” means, as at any date, the ratio of (a) all Indebtedness
(other than Subordinated Indebtedness or Mirror Loan Indebtedness) of the Company and its
Restricted Subsidiaries (determined on a consolidated basis without duplication in
accordance with GAAP) on such date to (b) EBITDA for the period of four consecutive quarters
ending on or most recently ended prior to such date.

     “Total Holdings Debt Ratio” means, as at any date, the ratio of (a) all
Indebtedness (including Subordinated Indebtedness, the Senior Notes and any other
convertible debt) of Holdings and its Subsidiaries (other than any Unrestricted Subsidiary)
(determined on a consolidated basis without duplication in accordance with GAAP) on such
date minus, at any time during the 2009 and 2010 fiscal years of Holdings, the
amount (which amount shall not exceed the amount of convertible debt due in December, 2010)
of proceeds received from the New Senior Notes held in any JPMCB Segregated Account at such
time to (b) EBITDA for the period of four consecutive fiscal quarters ending on or most
recently ended prior to such date.

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     “Working Capital” means, at any time, the excess or deficiency at such time of
current assets (excluding cash and cash equivalents) over current liabilities (excluding (x)
the current portion of long-term debt and (y) for the fiscal years ending on December 31,
2008 and December 31, 2009, accrued but unpaid interest in respect of Indebtedness) of the
Company and its Restricted Subsidiaries (determined on a consolidated basis without
duplication in accordance with GAAP).

     (b) The definition of “Total Debt Ratio” shall be deleted.

          2.03. Incremental Loans. Section 2.01(c) of the Credit Agreement shall be amended by
replacing the second paragraph thereof in its entirety as follows:

     “Anything herein to the contrary notwithstanding, (i) the minimum aggregate principal
amount of Incremental Loan Commitments entered into pursuant to any such request (and,
accordingly, the minimum aggregate principal amount of any Series of Incremental Loans)
shall be $50,000,000 (except that in the case of Incremental Loan Commitments made available
to a Subsidiary Borrower, such minimum aggregate principal amount shall be $5,000,000), (ii)
the aggregate principal amount of all Incremental Loan Commitments and all outstanding
Series of Incremental Loans established after the Amendment No. 4 Effective Date shall not
exceed $300,000,000, (iii) the aggregate principal amount of all Incremental Loan
Commitments and all outstanding Series of Incremental Loans to all Subsidiary Borrowers
shall not exceed $107,000,000 and (iv) no Incremental Loan shall be made unless the
Administrative Agent shall have received evidence satisfactory to it that after giving
effect to the Borrowing of such Incremental Loans and the other transactions that are to
occur on the date of such Borrowing (under the assumption that such Borrowing and such other
transactions had been consummated on the first day of the respective periods for which
calculations are to be made), the Senior Debt Ratio would be less than 2.5 to 1, and a
Financial Officer shall have delivered a certificate to the foregoing effect to the
Administrative Agent. Except as otherwise expressly provided herein, the Incremental Loans
of any Series shall have the interest rate, amortization schedule and maturity date as shall
be agreed upon by the Lenders in respect thereof and the Company (or, in the case of
Incremental Loans to a Subsidiary Borrower, such Subsidiary Borrower).”

          2.04. Mandatory Termination of Commitment. Section 2.07(a) of the Credit Agreement
shall be amended by replacing the first paragraph thereof in its entirety as follows:

     “Unless previously terminated, (i) the Revolving Credit Commitment shall terminate at
the close of business on the Revolving Credit Termination Date, (ii) the Term Loan
Commitment shall terminate at the close of business on the Effective Date, and (iii) the
Incremental Loan Commitments with respect to each Series of Incremental Loans shall
terminate at the close of business on the commitment termination date specified in the
agreement entered into with respect to such Series. In addition, the aggregate amount of
the Revolving Credit Commitments shall be automatically ratably reduced to $200,000,000 on
the Amendment No. 4 Effective Date.”

          2.05. Prepayments of Loans. Section 2.09 of the Credit Agreement shall be amended as
follows:

          (a) Section 2.09(a) shall be amended by inserting the language “at any time after January 1,
2010,” immediately preceding the language “the relevant Borrower may elect to apply” in clause (i)
of the proviso contained in the second sentence thereof.

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          (b) Section 2.09(b)(i) shall be amended to read in its entirety as follows:

     “(i) Casualty Events. Upon the date 270 days following the receipt by a
Borrower or any of its Subsidiaries of the proceeds of insurance, condemnation award or
other compensation in respect of any Casualty Event affecting any property of such Borrower
or any of its Restricted Subsidiaries (or upon such earlier date as such Borrower or such
Restricted Subsidiary, as the case may be, shall have determined not to reinvest such
proceeds as provided below), such Borrower shall prepay the Loans of such Borrower (and/or,
in the case of the Company, provide cover for LC Exposure of the Company as specified in
Section 2.04(i)) in an aggregate amount, if any, equal to 100% of the Net Available Proceeds
of such Casualty Event not theretofore applied or committed to be applied to a reinvestment
into assets reasonably related to the outdoor advertising, out of home media and logo
signage business of such Borrower and its Restricted Subsidiaries pursuant to one or more
Capital Expenditures (disregarding the proviso of such definition for the purposes of this
Section 2.09(b)(i)) or Acquisitions permitted hereunder (it being understood that if Net
Available Proceeds committed to be applied are not in fact applied within twelve months of
the respective Casualty Event, then such Net Available Proceeds shall be applied to the
prepayment of Loans and cover for LC Exposure as provided in this clause (i) at the
expiration of such twelve-month period), such prepayment and reduction to be effected in
each case in the manner and to the extent specified in clause (iii) of this Section
2.09(b).”

     (c) Section 2.09(e) shall be amended to read in its entirety as follows:

     “(e) Mandatory Prepayments- Excess Cash Flow. Not later than the date 100
days after the end of each fiscal year of the Company ending after the Amendment No. 4
Effective Date, the Company shall prepay the Loans (and/or provide cover for LC Exposure as
specified in Section 2.04(i)), in an aggregate amount equal to the ECF Percentage of Excess
Cash Flow for such fiscal year. The amount of any required prepayment pursuant to this
Section 2.09(e) shall be applied as follows:

          (i) any prepayment with respect to Excess Cash Flow for the fiscal year ending on
December 31, 2009 shall be applied, first, to the prepayment of the Revolving
Credit Loans up to an amount equal to $107,087,500, without reduction of the Revolving
Credit Commitments, and second, to the prepayment of the Term Loans and
Incremental Loans of all Borrowers ratably in accordance with the then-outstanding
aggregate amounts of all such Loans; and

          (ii) any prepayment with respect to Excess Cash Flow for any fiscal year ending
after January 1, 2010 shall be applied, first, to the prepayment of the Term
Loans and Incremental Loans of all Borrowers ratably in accordance with the
then-outstanding aggregate amounts of all such Loans, and second, to the
prepayment of the Revolving Credit Loans, without reduction of the Revolving Credit
Commitments.

     Each such prepayment of the Term Loans and Incremental Loans shall be applied ratably
to the installments thereof in accordance with the respective aggregate principal amounts of
the Term Loans and Incremental Loans outstanding on the date of such prepayment,
provided that, for any prepayment with respect to Excess Cash Flow for any fiscal
year ending after January 1, 2010, at its option exercised by notice to the Administrative
Agent, the Company may elect to apply an amount of such prepayment equal to the installments
of such Loans due on the four

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Quarterly Dates immediately following the date of such prepayment to such installments
in direct order of maturity.”

          (d) A new Section 2.09(f) shall be inserted at the end of Section 2.09 of the Credit
Agreement to read as follows:

     “(f) Prepayments Accompanied by Interest. Prepayments shall be accompanied by
accrued interest to the extent required by Section 2.11

          2.06. Replacement of Lenders. The first sentence of Section 2.17(b) of the Credit
Agreement shall be amended by adding the language “or otherwise becomes a Defaulting Lender”
immediately following the language “defaults in its obligation to fund Loans hereunder”.

          2.07. Defaulting Lender. A new Section 2.18 shall be inserted at the end of Article
II of the Credit Agreement to read as follows:

     “SECTION 2.18. DEFAULTING LENDER. Notwithstanding any provision of this
Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following
provisions shall apply for so long as such Lender is a Defaulting Lender:

     (a) if any LC Exposure exists at the time such Lender becomes a Defaulting Lender then:

     (i) all or any part of such LC Exposure shall be reallocated among the non-Defaulting
Lenders in accordance with their respective Applicable Percentages but only to the extent
(x) the sum of all non-Defaulting Lenders’ Revolving Credit Exposures plus such Defaulting
Lender’s LC Exposure does not exceed the total of all non-Defaulting Lenders’ Revolving
Credit Commitments, (y) the sum of each non-Defaulting Lender’s Revolving Credit Exposure
plus the portion of such Defaulting Lender’s LC Exposure to be reallocated to it does not
exceed its Revolving Credit Commitment and (z) the conditions set forth in Section 5.03 are
satisfied at such time;

     (ii) if the reallocation described in clause (i) above cannot, or can only partially,
be effected, the Company shall within one Business Day following notice by the
Administrative Agent cash collateralize such Defaulting Lender’s LC Exposure (after giving
effect to any partial reallocation pursuant to clause (i) above) in accordance with the
procedures set forth in Section 2.04(i) for so long as such LC Exposure is outstanding;

     (iii) if the Company cash collateralizes any portion of such Defaulting Lender’s LC
Exposure pursuant to this Section 2.18(a), the Company shall not be required to pay any fees
to such Defaulting Lender pursuant to Section 2.10(b) with respect to such Defaulting
Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash
collateralized;

     (iv) if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to this
Section 2.18(a), then the fees payable to the Lenders pursuant to Sections 2.10(a) and
2.10(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable
Percentages; and

     (v) if any Defaulting Lender’s LC Exposure is neither cash collateralized nor
reallocated pursuant to this Section 2.18(a), then, without prejudice to any rights or
remedies of

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any Issuing Lender or any Lender hereunder, all letter of credit fees payable under
Section 2.10(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the
applicable Issuing Lender(s) until such LC Exposure is reallocated; and

     (b) so long as any Lender is a Defaulting Lender, the Issuing Lenders shall not be
required to issue, extend or increase any Letter of Credit, unless the applicable Issuing
Lender is satisfied that the related exposure will be 100% covered by the Revolving Credit
Commitments of the non-Defaulting Lenders, and participating interests in any such newly
issued, extended or increased Letter of Credit shall be allocated among non-Defaulting
Lenders in a manner consistent with Section 2.18(a)(i) (and Defaulting Lenders shall not
participate therein).

     In the event that the Administrative Agent, the Company and the Issuing Lenders agree
that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a
Defaulting Lender, then the LC Exposure of the Lenders shall be readjusted to reflect the
inclusion of such Defaulting Lender’s Revolving Credit Commitment and on such date such
Defaulting Lender shall purchase at par such of the Loans of the other Lenders as the
Administrative Agent shall determine may be necessary in order for such Defaulting Lender to
hold such Loans in accordance with its Applicable Percentage.”

          2.08. Financial Condition; No Material Adverse Change. The last sentence of Section
4.04 of the Credit Agreement shall be amended by replacing the language “Since December 31, 2004”
with the language “Since December 31, 2008”.

          2.09. Use of Proceeds. The first sentence of Section 6.09 of the Credit Agreement
shall be amended by inserting, immediately following the language “general corporate purposes of
the Company and its Restricted Subsidiaries (including to make Restricted Payments)” in clause
(iii) thereof, the following language:

     “; provided that the proceeds of Revolving Credit Loans shall not be used,
directly or indirectly, to declare or make any Restricted Payment or to repay (or purchase,
redeem, retire or otherwise acquire for value) any Restricted Indebtedness unless the
Administrative Agent shall have received evidence satisfactory to it that after giving
effect to the Borrowing of such Revolving Credit Loans and the making of such Restricted
Payment or the repayment (or purchase, redemption, retirement or other acquisition) of such
Restricted Indebtedness, the Senior Debt Ratio would be less than 2.5 to 1, and a Financial
Officer shall have delivered a certificate to the foregoing effect to the Administrative
Agent, except that proceeds of Revolving Credit Loans in an amount up to $107,087,500 may be
used by the Company to repay the Mirror Loan Indebtedness”.

          2.10. Further Assurances. Section 6.10 of the Credit Agreement shall be amended by
inserting a new Section 6.10(d) at the end thereof to read as follows:

     “(d) Further Assurances. The Company will, and will cause each of its
Subsidiaries to, take such action from time to time as shall reasonably be requested by the
Administrative Agent to effectuate the purposes and objectives of this Agreement.

     Without limiting the generality of the foregoing, the Company will, and will cause each
other Obligor to, take such action from time to time (including filing appropriate Uniform
Commercial Code financing statements and continuation statements and executing and
delivering

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such assignments, security agreements, account control agreements and other
instruments) as shall be reasonably necessary (or, if reasonably requested by the
Administrative Agent, desirable) to create, in favor of the Administrative Agent for the
benefit of the Lenders (and their Affiliates party to one or more Swap Agreements),
perfected security interests and Liens in any property owned by it that is of the type
included in the definition of “Collateral” under the Pledge Agreement as collateral security
for its obligations hereunder; provided that any such security interest or Lien
shall be subject to the relevant requirements of the Security Documents.

     If any Obligor shall acquire any fee-owned real property interest, including
improvements, after the Amendment No. 4 Effective Date having a fair market value of more
than $2,500,000 (or shall make improvements upon any existing real property interest
resulting in the fair market value of such interest together with such improvements being
greater than $2,500,000), then, as applicable, the Company will, or will cause such Obligor
to, will execute and deliver in favor of the Administrative Agent a mortgage, deed of trust
or deed to secure debt (as appropriate for the jurisdiction in which such respective real
property is situated) pursuant to which such Obligor will create a Lien upon such real
property interest (and improvements) in favor of the Administrative Agent for the benefit of
the Lenders (and their Affiliates party to one or more Swap Agreements) as collateral
security for it obligations hereunder and will deliver such opinions of counsel, title
insurance policies, surveys and certificates of insurance and endorsements designating the
Administrative Agent as additional insured and loss payee as the Administrative Agent shall
reasonably request in connection therewith.”

          2.11. Affirmative Covenants. New Sections 6.11 and 6.12 shall be inserted at the end
of Article VI of the Credit Agreement to read as follows:

     “SECTION 6.11. POST-CLOSING REQUIREMENTS. Within 75 days after the Amendment
No. 4 Effective Date, the Company shall deliver to the Administrative Agent mortgages, deeds
of trust or deeds to secure debt (as appropriate for the jurisdiction in which such
respective real property is situated) executed by each applicable Obligor that owns each
real property interest identified in Schedule 6.11 to Amendment No. 4 hereto that is denoted
to be so subject to a mortgage, deed of trust or deed to secure debt, pursuant to which such
Obligor will create a Lien upon such real property interest in favor of the Administrative
Agent for the benefit of the Lenders (and their Affiliates party to one or more Swap
Agreements) as collateral security for it obligations hereunder and will deliver such
opinions of counsel, title insurance policies, surveys (to the extent previously obtained by
the Company prior to the Amendment No. 4 Effective Date) and certificates of insurance and
endorsements designating the Administrative Agent as additional insured and loss payee as
the Administrative Agent shall reasonably request in connection therewith.

     SECTION 6.12. PROCEEDS FROM NEW SENIOR NOTES. The net proceeds received by
the Company from the issuance of the New Senior Notes shall be (or have been) used (a)
first, to prepay the Revolving Credit Loans in full, and (b) thereafter, to be deposited
into the segregated account of the Company at JPMCB pursuant to which the Administrative
Agent shall have “control” (within the meaning of Section 9-104 or 9-106 of the New York
Uniform Commercial Code, as applicable) (the “Initial JPMCB Segregated Account”) and
the only permitted withdrawals from which shall be to (i) repay the Mirror Loan
Indebtedness, (ii) prepay the Loans or (iii) make a Restricted Payment permitted under
Section 7.06, provided that the proceeds of such Restricted Payment shall be held in
a segregated account at JPMCB (together

10

 

with the Initial JPMCB Segregated Account, the “JPMCB Segregated Accounts”) and
the only permitted withdrawal from which shall be to repay the Senior Notes.”

          2.12. Indebtedness. Section 7.01(c) of the Credit Agreement shall be amended to read
in its entirety as follows:

     “(c) the New Senior Notes in an aggregate principal amount up to but not exceeding
$350,000,000 at any one time outstanding;”

          2.13. Contingent Liabilities. Section 7.03(a)(ii) of the Credit Agreement shall be
amended by replacing the language “Total Debt Ratio” with the language “Total Holdings Debt Ratio”.

          2.14. Restricted Payments. Section 7.06 of the Credit Agreement shall be amended as
follows:

          (a) Section 7.06(a)(i) of the Credit Agreement shall be amended to read in its entirety as
follows:

     “(i) no Default shall have occurred and be continuing (except Restricted Payments may
be made to Holdings in order to allow Holdings to pay dividends on its Series AA Preferred
Stock in any single fiscal year in an aggregate amount up to $500,000 (and such dividend
payments may be prefunded in an aggregate amount up to $2,000,000), notwithstanding that a
Default under clause (c) or (d) of Article VIII exists, so long as no other Default shall
have occurred and be continuing); and”

          (b) Section 7.06(a)(ii) of the Credit Agreement shall be amended to read in its entirety as
follows:

     “(ii) the Total Holdings Debt Ratio would be less than or equal to 5.50 to 1 at the
time of such Restricted Payment and after giving effect thereto (and to any concurrent
incurrence of Indebtedness), except that, notwithstanding the preceding and subject to the
satisfaction of the condition in clause (i) above, (a) Restricted Payments may be made to
Holdings in order to allow Holdings to pay dividends on its Series AA Preferred Stock in any
single fiscal year in an aggregate amount up to $500,000 (and such dividend payments may be
prefunded in an aggregate amount up to $2,000,000) and (b) repayments of the Mirror Loan
Indebtedness may be made with the proceeds of the New Senior Notes or with free cash flow;
provided that the proceeds of Revolving Credit Loans shall not be used, directly or
indirectly, to make any such Restricted Payment unless after giving effect thereto the
Senior Debt Ratio would be less than 2.5 to 1, except that, notwithstanding the preceding,
proceeds of Revolving Credit Loans in an amount up to $107,087,500 may be used by the
Company to repay the Mirror Loan Indebtedness.”

          2.15. Certain Financial Covenants. Section 7.09 of the Credit Agreement shall be
amended as follows:

          (a) Section 7.09(a) shall be amended to read in its entirety as follows:

     “(a) Total Holdings Debt Ratio. The Company will not permit the Total
Holdings Debt Ratio to exceed the following respective ratios at any time during the
following respective periods:

11

 

	 	 	 
	Period	 	Ratio
	Amendment No. 4 Effective Date through and including March
31, 2009

	 	7.25 to 1.00
	 
	 	 
	Thereafter through and including June 30, 2009

	 	7.50 to 1.00
	 
	 	 
	Thereafter through and including June 30, 2010

	 	7.75 to 1.00
	 
	 	 
	Thereafter through and including December 31, 2010

	 	7.50 to 1.00
	 
	 	 
	Thereafter through and including March 31, 2011

	 	7.00 to 1.00
	 
	 	 
	Thereafter through and including June 30, 2011

	 	6.75 to 1.00
	 
	 	 
	Thereafter through and including September 30, 2011

	 	6.25 to 1.00
	 
	 	 
	Thereafter

	 	6.00 to 1.00

     (b) Section 7.09(b) shall be amended to read in its entirety as follows:

     “(b) Senior Debt Ratio. The Company will not permit the Senior Debt Ratio to
exceed the following respective ratios at any time during the following respective periods:

	 	 	 
	Period	 	Ratio
	Amendment No. 4 Effective Date through and including March
31, 2009

	 	4.00 to 1.00
	 
	 	 
	Thereafter through and including March 31, 2010

	 	4.25 to 1.00
	 
	 	 
	Thereafter through and including September 30, 2010

	 	4.00 to 1.00
	 
	 	 
	Thereafter through and including December 31, 2010

	 	3.75 to 1.00
	 
	 	 
	Thereafter through and including March 31, 2011

	 	3.50 to 1.00
	 
	 	 
	Thereafter through and including September 30, 2011

	 	3.25 to 1.00

12

 

	 	 	 
	Period	 	Ratio
	Thereafter through and including December 31, 2011

	 	3.00 to 1.00
	 
	 	 
	Thereafter

	 	2.00 to 1.00

          2.16. Repayments of Certain Indebtedness. The first paragraph of Section 7.11 of the
Credit Agreement shall be amended to read in its entirety as follows:

     “Except as set forth in Section 7.01(e), the Company will not, nor will it permit any
of its Restricted Subsidiaries to, purchase, redeem, retire or otherwise acquire for value,
or set apart any money for a sinking, defeasance or other analogous fund for the purchase,
redemption, retirement or other acquisition of, or make any voluntary payment or prepayment
of the principal of or interest on, or any other amount owing in respect of, any
Subordinated Indebtedness, any Indebtedness issued under Section 7.01(c) or any Refunding
Indebtedness (herein, “Restricted Indebtedness”), except for (i) regularly scheduled
payments or prepayments of principal and interest in respect thereof required pursuant to
the instruments evidencing such Restricted Indebtedness, (ii) payments or prepayments made
from the proceeds of Refunding Indebtedness so long as (x) notice of redemption, payment or
prepayment of the Indebtedness to be paid shall have been given to the holders thereof or
shall be given substantially contemporaneously with the incurrence of such Refunding
Indebtedness and (y) the proceeds of such Refunding Indebtedness shall have been deposited
into escrow with irrevocable instructions to the escrow agent to apply such proceeds to the
redemption of, or repurchase of, such Indebtedness to be paid and (iii) additional payments
or prepayments applied to the redemption (or repurchase and immediate cancellation) of
Restricted Indebtedness, so long as at the time thereof and after giving effect thereto, (x)
no Default shall have occurred and be continuing, (y) the aggregate amount of such payments
made after the date hereof shall not exceed $100,000,000 and (z) the Total Holdings Debt
Ratio would be less than or equal to 5.50 to 1, provided that the proceeds of
Revolving Credit Loans shall not be used, directly or indirectly, to make such payments or
prepayments unless after giving effect thereto the Senior Debt Ratio would be less than 2.5
to 1.”

          2.17. Event of Default Relating to Security Documents. Clause (n) of Article VIII of
the Credit Agreement shall be amended to read in its entirety as follows:

     “(n) Any of the following shall occur: (i) the Liens created by any Security Document
shall at any time (other than by reason of the Administrative Agent relinquishing possession
of certificates evidencing shares of stock of Subsidiaries pledged thereunder) cease to
constitute valid and perfected Liens on the Collateral (as defined therein) intended to be
covered thereby; (ii) except for expiration in accordance with its terms, any Security
Document shall for whatever reason be terminated or shall cease to be in full force and
effect; or (iii) the enforceability of any Security Document shall be contested by any
Credit Party party thereto; or”

          2.18. Schedule 4.14. Schedule 4.14 to the Credit Agreement shall be amended in its
entirety to read as set forth in Schedule 4.14 to this Amendment No. 4.

          2.19. Exhibit E. Exhibit E to the Credit Agreement shall be amended in its entirety
to read as set forth in Exhibit E to this Amendment No. 4.

13

 

          Section 3. Amendments to Pledge Agreement. Subject to the satisfaction of the
conditions precedent specified in Section 5 hereof, the Pledge Agreement shall be amended and
restated in its entirety in substantially the form of Exhibit A hereto. Each of the Lenders party
hereto hereby empowers and authorizes the Administrative Agent to execute and deliver or file (as
the case may be) on its behalf the Pledge Agreement (as so amended and restated) and all related
financing statements and any financing statements, continuation statements, agreements, documents
or instruments as shall be necessary or appropriate to effect the purposes of the Security
Documents.

          Section 4. Representations and Warranties. Each of the Company, the Subsidiary
Borrowers, Holdings and the Subsidiary Guarantors represents and warrants to the Lenders and the
Administrative Agent, as to itself and each of its Subsidiaries, as of the date hereof and the
Amendment No. 4 Effective Date, that (i) the representations and warranties set forth in Article IV
of the Credit Agreement (as amended by this Amendment No. 4) and the other Loan Documents are true
and complete as if made on and as of each such date (or, if any such representation or warranty is
expressly stated to have been made as of a specific date, such representation or warranty shall be
true and correct as of such specific date), and as if each reference in said Article IV to “this
Agreement” included reference to this Amendment No. 4 and (ii) no Default or Event of Default has
occurred and is continuing. Each of the Company, the Subsidiary Borrowers, Holdings and the
Subsidiary Guarantors further represents and warrants to the Lenders and the Administrative Agent,
as to itself and each of its Subsidiaries, as of the date hereof that (A) set forth in
Schedule 4.14 to this Amendment No. 4 is a complete and correct list of all of the Subsidiaries of
the Credit Parties as of the date hereof together with, for each such Subsidiary, (i) the
jurisdiction of organization of such Subsidiary, (ii) each Person holding ownership interests in
such Subsidiary, (iii) the nature of the ownership interests held by each such Person and the
percentage of ownership of such Subsidiary represented by such ownership interests, (iv) whether
such Subsidiary is a Restricted Subsidiary or Unrestricted Subsidiary and (v) whether such
Subsidiary is a Subsidiary Guarantor and “Securing Party” under the Pledge Agreement and (B) the
information set forth in Schedule 6.11 to this Amendment No. 4 correctly indicates the identity of
the entity owning the parcels of real property located at 5321 and 5551 Corporate Boulevard in
Baton Rouge, LA, 70808, and the county (parish) in which such real property interests are located.

          Section 5. Conditions Precedent. The amendments set forth in Sections 2 and 3 hereof
shall become effective as of the date upon which the following conditions shall have been
satisfied:

     (i) The Administrative Agent shall have received executed counterparts of this
Amendment No. 4 from the Company, each Subsidiary Borrower, each Subsidiary Guarantor,
Holdings, each Issuing Lender and the Required Lenders, and execution hereof by the
Administrative Agent.

     (ii) The Administrative Agent shall have received executed counterparts of the Pledge
Agreement from the Obligors. In addition, (a) each Obligor shall have taken such other
action as the Administrative Agent shall have requested in order to perfect the security
interests created pursuant to the Pledge Agreement and (b) appropriate Uniform Commercial
Code financing statements shall have been filed.

     (iii) The Administrative Agent shall have received bank account control agreements in
form and substance satisfactory to it pursuant to which the Administrative Agent shall have
“control” (within the meaning of Sections 9-104 or 9-106 of the New York Uniform Commercial
Code, as applicable) of each of the bank accounts so denoted in Annex 5 to the Pledge
Agreement.

     (iv) The Administrative Agent shall have received a favorable written opinion
(addressed to the Administrative Agent and the Lenders and dated the Amendment No. 4
Effective Date) of Kean, Miller,

14

 

Hawthorne, D’Armond, McCowan & Jarman, L.L.P., counsel to the Credit Parties, in form
and substance reasonably satisfactory to the Administrative Agent (and each of the Credit
Parties hereby requests such counsel to deliver such opinion);

     (v) The Administrative Agent shall have received for the account of each Lender that on
or prior to 3:00 p.m. New York City time on April 2, 2009 (the “Final Consent Time”)
shall have executed a written consent to this Amendment No. 4 and delivered the same to the
Administrative Agent, an amendment fee in an amount equal to 0.375% of the sum of such
Lender’s (x) Revolving Credit Commitment at the Final Consent Time (determined as if the
Amendment No. 4 Effective Date, and the reduction of the Revolving Credit Commitments
pursuant to Section 2.04 hereof, shall have occurred) and (y) outstanding Term Loans and
Incremental Loans at the Final Consent Time.

     (vi) The Administrative Agent shall have received all other fees and other amounts due
and payable on or prior to the Amendment No. 4 Effective Date, including, to the extent
invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed
or paid by the Company.

     (vii) The Administrative Agent shall have received such documents and certificates as
the Administrative Agent may reasonably request relating to the organization, existence and
good standing of each Credit Party, the authorization of the transactions contemplated
hereunder and any other legal matters relating to the Credit Parties, all in form and
substance reasonably satisfactory to the Administrative Agent.

     (viii) The Administrative Agent shall have received a certificate, dated the Amendment
No. 4 Effective Date and signed by the President, a Vice President or a Financial Officer of
the Company, certifying as to the accuracy of the representations and warranties set forth
in Section 4 hereof.

     (ix) The Administrative Agent shall have received (x) the results of a recent search,
by a Person satisfactory to Administrative Agent, of all effective Uniform Commercial Code
financing statements (or equivalent filings) made with respect to any Property of any
Obligor, together with copies of all such filings disclosed by such search, and (y) Uniform
Commercial Code termination statements (or similar documents) duly executed by all
applicable Persons for filing in all applicable jurisdictions as may be necessary to
terminate any effective Uniform Commercial Code financing statements (or equivalent filings)
disclosed in such search (other than any such financing statements in respect of Liens
permitted by the Loan Documents).

     (x) The Administrative Agent shall have received satisfactory evidence that the Company
shall have received at least $307,000,000 in cash from the issuance of New Senior Notes and
that the proceeds from such issuance shall have been applied in compliance with Section 6.12
of the Credit Agreement (as amended hereby).

          Section 6. Security Documents. Each of the Company, the Subsidiary Borrowers,
Holdings and the Subsidiary Guarantors confirms its obligations under each Security Document to
which it is a party and each of the Company and the Subsidiary Guarantors hereby confirms its
obligations under Article III of the Credit Agreement.

          Section 7. Miscellaneous. Except as herein provided, the Credit Agreement and each
Security Document shall remain unchanged and in full force and effect. This Amendment No. 4 may be
executed in any number of counterparts, all of which taken together shall constitute one and the
same

15

 

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

16

 

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

	 	 	 	 	 
	 	COMPANY

LAMAR MEDIA CORP.

 	 
	 	By:  	/s/ Keith A. Istre
 	 
	 	 	Name:  	Keith A. Istre 	 
	 	 	Title:  	Executive Vice President/

Chief Financial Officer 	 

	 	 	 	 	 
	 	SUBSIDIARY BORROWERS

LAMAR ADVERTISING OF PUERTO RICO, INC.

 	 
	 	By:  	/s/ Keith A. Istre
 	 
	 	 	Name:  	Keith A. Istre 	 
	 	 	Title:  	Executive Vice President/Treasurer 	 

	 	 	 	 	 
	 	LAMAR TRANSIT ADVERTISING CANADA LTD.

 	 
	 	By:  	/s/ Keith A. Istre
 	 
	 	 	Name:  	Keith A. Istre 	 
	 	 	Title:  	Vice President — Chief Financial Officer 	 

	 	 	 	 	 
	 	HOLDINGS

LAMAR ADVERTISING COMPANY

 	 
	 	By:  	/s/ Keith A. Istre
 	 
	 	 	Name:  	Keith A. Istre 	 
	 	 	Title:  	Executive Vice President/

Chief Financial Officer 	 

 

 

	 	 	 	 	 
	 	SUBSIDIARY GUARANTORS

AMERICAN SIGNS, INC.

COLORADO LOGOS, INC.

FLORIDA LOGOS, INC.

KANSAS LOGOS, INC.

LAMAR ADVERTISING OF COLORADO SPRINGS, INC.

LAMAR ADVERTISING OF KENTUCKY, INC.

LAMAR ADVERTISING OF MICHIGAN, INC.

LAMAR ADVERTISING OF OKLAHOMA, INC.

LAMAR ADVERTISING OF SOUTH DAKOTA, INC.

LAMAR ADVERTISING OF YOUNGSTOWN, INC.

LAMAR ADVERTISING SOUTHWEST, INC.

LAMAR BENCHES, INC.

LAMAR DOA TENNESSEE HOLDINGS, INC.

LAMAR DOA TENNESSEE, INC.

LAMAR ELECTRICAL, INC.

LAMAR FLORIDA, INC.

LAMAR I-40 WEST, INC.

LAMAR OBIE CORPORATION

LAMAR OCI NORTH CORPORATION

LAMAR OCI SOUTH CORPORATION

LAMAR OHIO OUTDOOR HOLDING CORP.

LAMAR OKLAHOMA HOLDING COMPANY, INC.

LAMAR PENSACOLA TRANSIT, INC.

MICHIGAN LOGOS, INC.

MINNESOTA LOGOS, INC.

NEBRASKA LOGOS, INC.

NEVADA LOGOS, INC.

NEW MEXICO LOGOS, INC.

O. B. WALLS, INC.

OHIO LOGOS, INC.

OUTDOOR MARKETING SYSTEMS, INC.

PREMERE OUTDOOR INC.

SALE POINT POSTERS, INC.

SEABOARD OUTDOOR ADVERTISING CO., INC.

SOUTH CAROLINA LOGOS, INC.

TENNESSEE LOGOS, INC.

TLC PROPERTIES II, INC.

TLC PROPERTIES, INC.

UTAH LOGOS, INC.

VISTA MEDIA GROUP, INC.

 	 
	 	By:  	/s/ Keith A. Istre
 	 
	 	 	Name:  	Keith A. Istre 	 
	 	 	Title:  	Executive Vice President/

Chief Financial Officer 	 

 

 

	 	 	 	 	 
	 	DELAWARE LOGOS, L.L.C.

GEORGIA LOGOS, L.L.C.

KENTUCKY LOGOS, LLC

LOUISIANA INTERSTATE LOGOS, L.L.C.

MAINE LOGOS, L.L.C.

MISSISSIPPI LOGOS, L.L.C.

MISSOURI LOGOS, LLC

NEW JERSEY LOGOS, L.L.C.

OKLAHOMA LOGOS, L.L.C.

PENNSYLVANIA LOGOS, LLC

VIRGINIA LOGOS, LLC

WASHINGTON LOGOS, L.L.C.

 	 
	 	By:  	Interstate Logos, L.L.C., its Managing Member
 	 
	 	 	 	 	 
	 	By:  	         Lamar Media Corp., its Managing Member
 	 
	 	 	 	 	 
	 	By:  	         /s/ Keith A. Istre
 	 
	 	 	Name:  	Keith A. Istre 	 
	 	 	Title:  	Executive Vice President/

Chief Financial Officer 	 
	 	 	 	 	 
	 	INTERSTATE LOGOS, L.L.C.

THE LAMAR COMPANY, L.L.C.

 	 
	 	By:  	Lamar Media Corp., its Managing Member
 	 
	 	 	 	 	 
	 	By:  	               /s/ Keith A. Istre
 	 
	 	 	Name:  	Keith A. Istre 	 
	 	 	Title:  	Executive Vice President/

Chief Financial Officer 	 

 

 

	 	 	 	 	 
	 	LAMAR ADVERTISING OF LOUISIANA, L.L.C.

LAMAR ADVERTISING OF PENN, LLC

LAMAR TENNESSEE, L.L.C.

LC BILLBOARD, L.L.C.

 	 
	 	By:  	The Lamar Company, L.L.C., its Managing Member
 	 
	 	 	 	 	 
	 	By:  	                                           Lamar Media Corp., its Managing Member
 	 
	 	 	 	 	 
	 	By:  	               /s/ Keith A. Istre
 	 
	 	 	Name:  	Keith A. Istre 	 
	 	 	Title:  	Executive Vice President/

Chief Financial Officer 	 
	 	 	 	 	 
	 	LAMAR TEXAS LIMITED PARTNERSHIP

 	 
	 	By:  	The Lamar Company, L.L.C., its General Partner
 	 
	 	 	 	 	 
	 	By:  	         Lamar Media Corp., its Managing Member
 	 
	 	 	 	 	 
	 	By:  	         /s/ Keith A. Istre
 	 
	 	 	Name:  	Keith A. Istre 	 
	 	 	Title:  	Executive Vice President/

Chief Financial Officer 	 
	 	 	 	 	 
	 	TLC FARMS, L.L.C.

TLC PROPERTIES, L.L.C.

 	 
	 	By:  	TLC Properties, Inc., its Managing Member
 	 
	 	 	 	 	 
	 	By:  	          /s/ Keith A. Istre
 	 
	 	 	Name:  	Keith A. Istre 	 
	 	 	Title:  	Executive Vice President/

Chief Financial Officer 	 

 

 

	 	 	 	 	 
	 	OUTDOOR PROMOTIONS WEST, LLC

TRIUMPH OUTDOOR RHODE ISLAND, LLC

 	 
	 	By:  	Triumph Outdoor Holdings, LLC,
its Managing Member
 	 
	 	 	 	 	 
	 	By:  	                                           Lamar Central Outdoor, LLC,
its Managing Member
 	 
	 	 	 	 	 
	 	By:  	                                           Lamar Media Corp.,
its Managing Member
 	 
	 	 	 	 	 
	 	By:  	               /s/ Keith A. Istre
 	 
	 	 	Name:  	Keith A. Istre 	 
	 	 	Title:  	Executive Vice President/

Chief Financial Officer 	 
	 	 	 	 	 
	 	LAMAR ADVANTAGE GP COMPANY, LLC

LAMAR ADVANTAGE LP COMPANY, LLC

TRIUMPH OUTDOOR HOLDINGS, LLC

 	 
	 	By:  	Lamar Central Outdoor, LLC,
its Managing Member
 	 
	 	 	 	 	 
	 	By:  	                                           Lamar Media Corp.,
its Managing Member
 	 
	 	 	 	 	 
	 	By:  	               /s/ Keith A. Istre
 	 
	 	 	Name:  	Keith A. Istre 	 
	 	 	Title:  	Executive Vice President/

Chief Financial Officer 	 
	 	 	 	 	 
	 	LAMAR CENTRAL OUTDOOR, LLC

 	 
	 	By:  	Lamar Media Corp., its Managing Member
 	 
	 	 	 	 	 
	 	By:  	         /s/ Keith A. Istre
 	 
	 	 	Name:  	Keith A. Istre 	 
	 	 	Title:  	Executive Vice President/

Chief Financial Officer 	 

 

 

	 	 	 	 	 
	 	LAMAR AIR, L.L.C.

 	 
	 	By:  	The Lamar Company, L.L.C., its Managing Member
 	 
	 	 	 	 	 
	 	By:  	         Lamar Media Corp., its Managing Member
 	 
	 	 	 	 	 
	 	By:  	         /s/ Keith A. Istre
 	 
	 	 	Name:  	Keith A. Istre 	 
	 	 	Title:  	Executive Vice President/

Chief Financial Officer 	 
	 	 	 	 	 
	 	LAMAR T.T.R., L.L.C.

 	 
	 	By:  	Lamar Advertising of Youngstown, Inc., its Managing
Member
 	 
	 	 	 	 	 
	 	By:  	               /s/ Keith A. Istre
 	 
	 	 	Name:  	Keith A. Istre 	 
	 	 	Title:  	Executive Vice President/

Chief Financial Officer 	 
	 	 	 	 	 
	 	OUTDOOR MARKETING SYSTEMS, LLC

 	 
	 	By:  	Outdoor Marketing Systems, Inc., its
Managing Member
 	 
	 	 	 	 	 
	 	By:  	               /s/ Keith A. Istre
 	 
	 	 	Name:  	Keith A. Istre 	 
	 	 	Title:  	Executive Vice President/

Chief Financial Officer 	 
	 	 	 	 	 
	 	OBIE BILLBOARD, LLC

 	 
	 	By:  	Lamar Obie Corporation,
its Managing Member
 	 
	 	 	 	 	 
	 	By:  	               /s/ Keith A. Istre
 	 
	 	 	Name:  	Keith A. Istre 	 
	 	 	Title:  	Executive Vice President/
Chief Financial Officer 	 

 

 

	 	 	 	 	 
	 	TEXAS LOGOS, L.P.

 	 
	 	By:  	Oklahoma Logos, L.L.C.,
its General Partner
 	 
	 	 	 	 	 
	 	By:  	                                           Interstate Logos, L.L.C.,
its Managing Member
 	 
	 	 	 	 	 
	 	By:  	                                           Lamar Media Corp.,
its Managing Member
 	 
	 	 	 	 	 
	 	By:  	               /s/ Keith A. Istre
 	 
	 	 	Name:  	Keith A. Istre 	 
	 	 	Title:  	Executive Vice President/

Chief Financial Officer 	 
	 	 	 	 	 
	 	LAMAR ADVANTAGE OUTDOOR COMPANY, L.P.

 	 
	 	By:  	Lamar Advantage GP Company, LLC,
its General Partner
 	 
	 	 	 	 	 
	 	By:  	                                           Lamar Central Outdoor, LLC,
its Managing Member
 	 
	 	 	 	 	 
	 	By:  	                                           Lamar Media Corp.,
its Managing Member
 	 
	 	 	 	 	 
	 	By:  	               /s/ Keith A. Istre
 	 
	 	 	Name:  	Keith A. Istre 	 
	 	 	Title:  	Executive Vice President/

Chief Financial Officer 	 
	 	 	 	 	 
	 	LAMAR ADVANTAGE HOLDING COMPANY

 	 
	 	By:  	/s/ Keith A. Istre
 	 
	 	 	Name:  	Keith A. Istre 	 
	 	 	Title:  	Executive Vice President/

Chief Financial Officer 	 

 

 

	 	 	 	 	 
	 	ADMINISTRATIVE AGENT

JPMORGAN CHASE BANK, N.A., as

Administrative Agent and Issuing Lender

 	 
	 	By:  	/s/ Christophe Vohmann
 	 
	 	 	Name:  	Christophe Vohmann 	 
	 	 	Title:  	Executive Director 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

ABCLO 2007-1 Ltd.

 	 
	 	By:  	AllianceBernstein L.P., as Manager
 	 

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

 

 

	 	 	 	 	 
	 	LENDERS:

ACA CLO 2006-1 LTD.

 	 
	 	By:  	Apidos Capital Management, LLC, Its
Investment Advisor
 	 

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

	 	 	 	 	 
	 	ACA CLO 2006-2 LTD.

 	 
	 	By:  	Apidos Capital Management, LLC, Its
 	 
	 	 	Investment Advisor 	 

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

	 	 	 	 	 
	 	ACA CLO 2007-1 LTD.

 	 
	 	By:  	Apidos Capital Management, LLC, Its
 	 
	 	 	Investment Advisor 	 

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

	 	 	 	 	 
	 	Apidos CDO VI

 	 
	 	By:  	Apidos Capital Management, LLC, Its
 	 
	 	 	Investment Advisor 	 

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

 

 

	 	 	 	 	 
	 	LENDERS:

Apidos Cinco CDO

 	 
	 	By:  	Apidos Capital Management, LLC, Its
 	 
	 	 	Investment Advisor 	 

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

 

 

	 	 	 	 	 
	 	LENDERS:

ALLIED IRISH BANKS, P.L.C.

 	 
	 	By:  	/s/ Gregory Wiske
 	 
	 	 	Name:  	Gregory Wiske 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	                /s/ Keith Hamilton
 	 
	 	 	Name:  	Keith Hamilton 	 
	 	 	Title:  	Assistant Vice President 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

AIB DEBT MANAGEMENT, LIMITED

 	 
	 	By:  	/s/ Gregory Wiske
 	 
	 	 	Name:  	Gregory Wiske 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	                /s/ Keith Hamilton
 	 
	 	 	Name:  	Keith Hamilton 	 
	 	 	Title:  	Assistant Vice President 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

AMERICAN INTERNATIONAL GROUP, INC.

 	 
	 	By:  	AIG Global Investment Corp., Its Investment
 	 
	 	 	Adviser 	 

	 	 	 	 	 
	 	GALAXY X CLO, LTD.

 	 
	 	By:  	AIG Global Investment Corp., Its Collateral
 	 
	 	 	 Manager 	 

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

 

 

	 	 	 	 	 
	 	LENDERS:

ARES XI CLO LTD.

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

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

 

 

	 	 	 	 	 
	 	LENDERS:

ARES XII CLO LTD.

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

 

 

	 	 	 	 	 
	 	LENDERS:

ARES X CLO LTD.

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

 

 

	 	 	 	 	 
	 	LENDERS:

GLOBAL LOAN OPPORTUNITY FUND B.V.

 	 
	 	By:  	Ares Management Limited, Its Portfolio
Manager
 	 
	 	 	 
	 	By:  	                 /s/ Americo Cascella
 	 
	 	 	Name:  	Americo Cascella 	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

ARTUS LOAN FUND 2007-1 LTD.

 	 
	 	By:  	Babson Capital Management LLC, as
 Collateral Manager
 	 
	 	 	 
	 	By:  	                    /s/ Geoffrey Takacs
 	 
	 	 	Name:  	Geoffrey Takacs 	 
	 	 	Title:  	Director 	 
	 
	 	VINACASA CLO, LTD.

 	 
	 	By:  	Babson Capital Management LLC, as 
Collateral Servicer
 	 
	 	 	 
	 	By:  	                    /s/ Geoffrey Takacs
 	 
	 	 	Name:  	Geoffrey Takacs 	 
	 	 	Title:  	Director 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

ATLANTIS FUNDING LTD.

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

 

 

	 	 	 	 	 
	 	LENDERS:

AUGUSTA TRADING LLC

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

 

 

	 	 	 	 	 
	 	LENDERS:

AVENUE CLO FUND, LTD.

AVENUE CLO III, LTD.

AVENUE CLO V, LTD.

AVENUE CLO VI, LTD.

 	 
	 	By:  	/s/ Richard D’Addario
 	 
	 	 	Name:  	Richard D’Addario 	 
	 	 	Title:  	Senior Portfolio Manager 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

BAKER STREET CLO II LTD.

 	 
	 	By:  	Seix Investment Advisors LLC, as Collateral
 	 
	 	 	Manager 	 
	 	 	 
	 	By:  	                   /s/ George Goudelias
 	 
	 	 	Name:  	George Goudelias 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

BANK OF AMERICA, N.A.

 	 
	 	By:  	/s/ Christopher S. Allen
 	 
	 	 	Name:  	Christopher S. Allen 	 
	 	 	Title:  	Senior Vice President 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

BAIKILION CLO 2007-1

 	 
	 	By:  	/s/ Joanna Bensimon
 	 
	 	 	Name:  	Joanna Bensimon 	 
	 	 	Title:  	Associate 	 
	 

 

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	BLUEMOUNTAIN CLO III LTD.
	 
	 	 	 	 
	 

	 	By:
	 	Bluemountain Capital Management, LLC,

Its collateral manager

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

 

 

	 	 	 	 	 
	 	LENDERS:

BNP PARIBAS

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

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

 

 

	 	 	 	 	 
	 	LENDERS:

CALYON NEW YORK BRANCH

 	 
	 	By:  	/s/ David Cagle
 	 
	 	 	Name:  	David Cagle 	 
	 	 	Title:  	Managing Director 	 
	 

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

 

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	CANARAS SUMMIT CLO LTD
	 
	 	 	 	 
	 

	 	By:
	 	Canaras Capital Management LLC, as

Sub-Investment Adviser

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

 

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	CENT CDO 14 LIMITED
	 
	 	 	 	 
	 

	 	By:
	 	RiverSource Investments, LLC, as Collateral

Manager

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

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	CENT CDO 15 LIMITED
	 
	 	 	 	 
	 

	 	By:
	 	RiverSource Investments, LLC, as Collateral

Manager

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

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

CHANG HWA COMMERCIAL BANK, LTD.,
 NEW YORK BRANCH

 	 
	 	By:  	/s/ Jim C.Y. Chen
 	 
	 	 	Name:  	Jim C.Y. Chen 	 
	 	 	Title:  	Vice President & General Manager 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	CHGO LOAN FUNDING LTD.
	 
	 	 	 	 
	 

	 	By:
	 	Chicago Fundamental Investment Partners, LLC, as

Collateral Manager

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

 

 

	 	 	 	 	 
	 	LENDERS:

CITIBANK, N.A.

 	 
	 	By:  	/s/ Julio Ojea-Quintana
 	 
	 	 	Name:  	Julio Ojea-Quintana 	 
	 	 	Title:  	Vice President 	 
	 

 

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	CLYDESDALE CLO 2006, LTD.
	 
	 	 	 	 
	 

	 	By:
	 	Nomura Corporate Research and Asset
 Management
Inc., as Investment Manager

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert Hoffman
 

Name: Robert Hoffman
	 	 
	 

	 	 	 	Title: Executive Director	 	 

 

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	CLYDESDALE CLO 2007, LTD.
	 
	 	 	 	 
	 

	 	By:
	 	Nomura Corporate Research and Asset
 Management
Inc., as Investment Manager

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert Hoffman
 

Name: Robert Hoffman
	 	 
	 

	 	 	 	Title: Executive Director	 	 

 

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	CLYDESDALE STRATEGIC CLO I, LTD.
	 
	 	 	 	 
	 

	 	By:
	 	Nomura Corporate Research and Asset
 Management
Inc., as Investment Manager

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert Hoffman
 

Name: Robert Hoffman
	 	 
	 

	 	 	 	Title: Executive Director	 	 

 

 

	 	 	 	 	 
	 	LENDERS:

COLUMBUSNOVA CLO LTD. 2007-1

 	 
	 	By:  	/s/ Tom Bohrer
 	 
	 	 	Name:  	Tom Bohrer 	 
	 	 	Title:  	Director 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

COMMERZBANK AG, NEW YORK AND GRAND CAYMAN BRANCHES

 	 
	 	By:  	/s/ Edward C. A. Forsberg
 	 
	 	 	Name:  	Edward C. A. Forsberg 	 
	 	 	Title:  	Vice President & Manager 	 
	 

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

 

 

	 	 	 	 	 
	 	LENDERS:

COÖPERATIEVE CENTRALE RAIFFEISEN-

BOERENLEENBANK B.A.,
“RABOBANK 

NEDERLAND”,
NEW YORK BRANCH

as a Lender

 	 
	 	By:  	/s/ Eric Hurshman
 	 
	 	 	Name:  	Eric Hurshman 	 
	 	 	Title:  	Managing Director 	 
	 

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

 

 

	 	 	 	 	 
	 	LENDERS:

CRÉDIT INDUSTRIEL ET COMMERCIAL

 	 
	 	By:  	/s/ Anthony Rock
 	 
	 	 	Name:  	Anthony Rock 	 
	 	 	Title:  	Managing Director 	 
	 

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

 

 

	 	 	 	 	 
	 	LENDERS:

DEUTSCHE BANK TRUST COMPANY AMERICAS

 	 
	 	By:  	/s/ Susan LeFevre
 	 
	 	 	Name:  	Susan LeFevre 	 
	 	 	Title:  	Managing Director 	 
	 

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

 

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	DUANE STREET CLO I, LTD.
	 
	 	 	 	 
	 

	 	By:
	 	DiMaio Ahmad Capital LLC, as Collateral Manager

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kimberly Niehaus
 

Name: Kimberly Niehaus
	 	 
	 

	 	 	 	Title: Director	 	 

 

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	DUANE STREET CLO III, LTD.
	 
	 	 	 	 
	 

	 	By:
	 	DiMaio Ahmad Capital LLC, as Collateral Manager

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kimberly Niehaus
 

Name: Kimberly Niehaus
	 	 
	 

	 	 	 	Title: Director	 	 

 

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	DUANE STREET CLO IV, LTD.
	 
	 	 	 	 
	 

	 	By:
	 	DiMaio Ahmad Capital LLC, as Collateral Manager

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kimberly Niehaus
 

Name: Kimberly Niehaus
	 	 
	 

	 	 	 	Title: Director	 	 

 

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	EATON VANCE INSTITUTIONAL SENIOR LOAN FUND
	 
	 	 	 	 
	 

	 	By:
	 	Eaton Vance Management, as Investment Advisor

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael B. Botthof
 

Name: Michael B. Bottof
	 	 
	 

	 	 	 	Title: Vice President	 	 

 

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	THE NORINCHUKIN BANK, NEW YORK BRANCH, through State
Street Bank and Trust Company N.A. as Fiduciary
Custodian
	 
	 	 	 	 
	 

	 	By:
	 	Eaton Vance Management, Attorney-in-fact

	 	 	 	 	 	 	 
	 

	 	   By:
	 	/s/ Michael B. Botthof
 

Name: Michael B. Bottof
	 	 
	 

	 	 	 	Title: Vice President	 	 

 

 

	 	 	 	 	 
	 	LENDERS:

ERSTE GROUP BANK AG

 	 
	 	By:  	/s/ Justin Figari
 	 
	 	 	Name:  	Justin Figari 	 
	 	 	Title:  	Associate 	 
	 

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

 

 

	 	 	 	 	 
	 	LENDERS:

FIRST TRUST BANK

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

 

 

	 	 	 	 	 
	 	LENDERS:

FORE CLO LTD. 2007-1

 	 
	 	By:  	/s/ Larry Xin
 	 
	 	 	Name:  	Larry Xin 	 
	 	 	Title:  	Vice President 	 
	 

 

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	FUTURE FUND BOARD OF GUARDIANS
	 
	 	 	 	 
	 

	 	By:
	 	Ares Enhanced Loan Investment Strategy
 Advisor
IV, L.P., Its Investment Manager
	 
	 	 	 	 
	 

	 	By:
	 	Ares Enhanced Loan Investment Strategy
 Advisor IV GP, LLC, Its General Partner
	 
	 	 	 	 
	 

	 	By:
	 	Ares Management LLC, Its Managing
 Member

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Americo Cascella
 

Name: Americo Cascella
	 	 
	 

	 	 	 	Title: Authorized Signatory	 	 

 

 

	 	 	 	 	 
	 	LENDERS:

GENERAL ELECTRIC CAPITAL CORPORATION

 	 
	 	By:  	/s/ Jason Soto
 	 
	 	 	Name:  	Jason Soto 	 
	 	 	Title:  	Duly Authorized Signatory 	 
	 

 

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	GOLDMAN SACHS ASSET MANAGEMENT CLO, PUBLIC LIMITED

COMPANY
	 
	 	 	 	 
	 

	 	By:
	 	Goldman Sachs Asset Manager, L.P., as Manager

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Sandra Stulberger
 

Name: Sandra Stulberger
	 	 
	 

	 	 	 	Title: Vice President	 	 

 

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	GULF STREAM-SEXTANT CLO 2007-LTD
	 
	 	 	 	 
	 

	 	By:
	 	Gulf Stream Asset Management LLC, as Collateral

Manager

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Barry K. Love
 

Name: Barry K. Love
	 	 
	 

	 	 	 	Title: Chief Credit Officer	 	 

 

 

	 	 	 	 	 
	 	LENDERS:

HARCH CLO III. LIMITED

 	 
	 	By:  	/s/ Michael E. Lewitt
 	 
	 	 	Name:  	Michael E. Lewitt 	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	HEWITT’S ISLAND CLO II, LTD.
	 
	 	 	 	 
	 

	 	By:
	 	CypressTree Investment Management Company, Inc.,

as Portfolio Manager

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Martha Hadeler
 

Name: Martha Hadeler
	 	 
	 

	 	 	 	Title: Managing Director	 	 

 

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	HEWITT’S ISLAND CLO III, LTD.
	 
	 	 	 	 
	 

	 	By:
	 	CypressTree Investment Management Company, Inc.,

as Portfolio Manager

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Martha Hadeler
 

Name: Martha Hadeler
	 	 
	 

	 	 	 	Title: Managing Director	 	 

 

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	HEWITT’S ISLAND CLO IV, LTD.
	 
	 	 	 	 
	 

	 	By:
	 	CypressTree Investment Management Company, Inc., 

as Portfolio Manager

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert E. Weeden
 

Name: Robert E. Weeden
	 	 
	 

	 	 	 	Title: Managing Director	 	 

 

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	HEWITT’S ISLAND CLO V, LTD.
	 
	 	 	 	 
	 

	 	By:
	 	CypressTree Investment Management Company, Inc., 

as Portfolio Manager
	 
	 

	 	By:
	 	/s/ Robert E. Weeden
	 

	 	 	 	 
	 

	 	 	 	Name: Robert E. Weeden
	 

	 	 	 	Title: Managing Director

 

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	HEWITT’S ISLAND CLO VI, LTD.
	 
	 	 	 	 
	 

	 	By:
	 	CypressTree Investment Management Company, Inc.,

as Portfolio Manager

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert E. Weeden
 

Name: Robert E. Weeden
	 	 
	 

	 	 	 	Title: Managing Director	 	 

 

 

	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	HOUSTON POLICE OFFICERS’ PENSION SYSTEM
	 
	 	 	 	 
	 

	 	By:
	 	MacKay Shields LLC, as Investment Advisor and
not individually

	 	 	 	 	 	 	 
	 

	 	By:
	 	 /s/ Dan Roberts
 

Name: Dan Roberts
	 	 
	 

	 	 	 	Title: Senior Managing Director	 	 

 

 

	 	 	 	 	 
	 	LENDERS:

ING CAPITAL, LLC

 	 
	 	By:  	/s/ Charles O’Neil
 	 
	 	 	Name:  	Charles O’Neil 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

ING INVESTMENT TRUST CO. PLAN FOR
 EMPLOYEE BENEFIT
INVESTMENT FUNDS —
 SENIOR LOAN FUND

 	 
	 	By:  	/s/  Michael Prince, CFA
 	 
	 	 	Name:  	Michael Prince, CFA 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	 	 	 	 
	 	ING INVESTMENT MANAGEMENT CLO I, LTD.

 	 
	 	By:  	ING Investment Management Co., as Its Investment Manager
	 
	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Michael Prince, CFA
 	 
	 	 	Name:  	Michael Prince, CFA 	 
	 	 	Title:  	Senior Vice President 	 
	 	 	 	 	 
	 	ING INVESTMENT MANAGEMENT CLO II, LTD.

BY:   ING Alternative Asset Management LLC, as Its Investment Manager

 	 
	 	By:  	/s/ Michael Prince, CFA
 	 
	 	 	Name:  	Michael Prince, CFA 	 
	 	 	Title:  	Senior Vice President 	 
	 	 	 	 	 
	 	ING INVESTMENT MANAGEMENT CLO III, LTD.

By:   ING Alternative Asset Management LLC, as Its Investment Manager

 	 
	 	By:  	/s/ Michael Prince, CFA
 	 
	 	 	Name:  	Michael Prince, CFA 	 
	 	 	Title:  	Senior Vice President 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

	 
	 	ING INVESTMENT MANAGEMENT CLO IV, LTD.

By:  ING Alternative Asset Management LLC, as Its Investment Manager

 	 
	 	By:  	/s/ Michael Prince, CFA
 	 
	 	 	Name:  	Michael Prince, CFA 	 
	 	 	Title:  	Senior Vice President 	 
	 

	 	 	 	 	 
	 	ING INVESTMENT MANAGEMENT CLO V, LTD.

By:  ING Alternative Asset Management LLC, as Its Investment Manager

 	 
	 	By:  	/s/ Michael Prince, CFA
 	 
	 	 	Name:  	Michael Prince, CFA 	 
	 	 	Title:  	Senior Vice President 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

	 
	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent and Issuing Lender

 	 
	 	By:  	/s/ Christophe Vohmann
 	 
	 	 	Name:  	Christophe Vohmann 	 
	 	 	Title:  	Executive Director 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

	 
	 	JPMORGAN CHASE BANK, N.A.

 	 
	 	By:  	/s/ Christophe Vohmann
 	 
	 	 	Name:  	Christophe Vohmann 	 
	 	 	Title:  	Executive Director 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

	 
	 	KATONAH IX CLO LTD.

By:  Katonah Debt Advisors, L.L.C., as Manager

 	 
	 	By:  	/s/ Daniel Gilligan
 	 
	 	 	Name:  	Daniel Gilligan 	 
	 	 	Title:  	Authorized Officer 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

	 
	 	KATONAH X CLO LTD.

By:   Katonah Debt Advisors, L.L.C., as Manager

 	 
	 	By:  	/s/ Daniel Gilligan
 	 
	 	 	Name:  	Daniel Gilligan 	 
	 	 	Title:  	Authorized Officer 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

	 
	 	KINGSLAND I, LTD.

By:   Kingsland Capital Management LLC, as Manager

 	 
	 	By:  	/s/ Vincent Siino
 	 
	 	 	Name:  	Vincent Siino 	 
	 	 	Title:  	Authorized Officer 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

	 
	 	KINGSLAND II, LTD.

By:   Kingsland Capital Management LLC, as Manager

 	 
	 	By:  	/s/ Vincent Siino
 	 
	 	 	Name:  	Vincent Siino 	 
	 	 	Title:  	Authorized Officer 	 
	 

	 	 	 	 	 

 

 

	 	 	 	 	 
	 	LENDERS:

KINGSLAND III, LTD.

By:   Kingsland Capital Management LLC, as Manager

 	 
	 	By:  	/s/ Vincent Siino
 	 
	 	 	Name:  	Vincent Siino 	 
	 	 	Title:  	Authorized Officer 	 
	 

	 	 	 	 	 

 

 

	 	 	 	 	 
	 	LENDERS:

KINGSLAND IV, LTD.

By:  Kingsland Capital Management LLC, as Manager

 	 
	 	By:  	/s/ Vincent Siino
 	 
	 	 	Name:  	Vincent Siino 	 
	 	 	Title:  	Authorized Officer 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

	 
	 	KINGSLAND V, LTD.

By:   Kingsland Capital Management LLC, as Manager

 	 
	 	By:  	/s/ Vincent Siino
 	 
	 	 	Name:  	Vincent Siino 	 
	 	 	Title:  	Authorized Officer 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

	 
	 	KEY BANK NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Jennifer A. O'Brien
 	 
	 	 	Name:  	Jennifer A. O'Brien 	 
	 	 	Title:  	Vice President 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

	 
	 	LANDMARK V CDO LIMITED

By:  Aladdin Capital Management LLC, as Manager

 	 
	 	By:  	/s/ Alyse Kelly
 	 
	 	 	Name:  	Alyse Kelly 	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

	 
	 	GREYROCK CDO LTD.

By:   Aladdin Capital Management LLC, as Manager

 	 
	 	By:  	/s/ Alyse Kelly
 	 
	 	 	Name:  	Alyse Kelly 	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

	 
	 	LATITUDE CLO I, LTD.

 	 
	 	By:  	/s/ Kirk Wallace
 	 
	 	 	Name:  	Kirk Wallace 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

	 
	 	LATITUDE CLO III, LTD.

 	 
	 	By:  	/s/ Kirk Wallace
 	 
	 	 	Name:  	Kirk Wallace 	 
	 	 	Title:  	Vice President 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

	 
	 	LIGHTPOINT CLO VII, LTD.

 	 
	 	By:  	/s/ Colin Donlan
 	 
	 	 	Name:  	Colin Donlan 	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

	 
	 	MALIBU CBNA LOAN FUNDING LLC

 	 
	 	By:  	/s/ Alicia Marthaler
 	 
	 	 	Name:  	Alicia Marthaler 	 
	 	 	Title:  	Attorney-in-fact 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

	 
	 	MIZUHO CORPORATE BANK, LTD.

 	 
	 	By:  	/s/ Raymond Ventura
 	 
	 	 	Name:  	Raymond Ventura 	 
	 	 	Title:  	Deputy General Manager 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

	 
	 	MORGAN STANLEY INVESTMENT MANAGEMENT CROTON, LTD.

By:   Morgan Stanley Investment Management Inc., as Collateral Manager

 	 
	 	By:  	/s/ J. Matthew Dahlgren
 	 
	 	 	Name:  	J. Matthew Dahlgren 	 
	 	 	Title:  	Vice President 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

	 
	 	MSIM PECONIC BAY, LTD.

By:   Morgan Stanley Investment Management Inc., as
Collateral Manager

 	 
	 	By:  	/s/ J. Matthew Dahlgren
 	 
	 	 	Name:  	J. Matthew Dahlgren 	 
	 	 	Title:  	Vice President 	 
	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	QUALCOMM GLOBAL TRADING, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Morgan Stanley Investment Management Inc., as	 	 
	 

	 	 	 	Investment Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/  J. Matthew Dahlgren
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: J. Matthew Dahlgren	 	 
	 

	 	 	 	Title: Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	CONFLUENT 3 LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Morgan Stanley Investment Management Inc.,	 	 
	 

	 	 	 	as Investment Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ J. Matthew Dahlgren	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: J. Matthew Dahlgren	 	 
	 

	 	 	 	Title: Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	MUIR GROVE CLO, LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Tall Tree Investment Management, LLC, as	 	 
	 

	 	 	 	Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William D. Lenga	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: William D. Lenga	 	 
	 

	 	 	 	Title: Officer	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	NATIONAL CITY BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Christian Kalmbach	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Christian Kalmbach	 	 
	 

	 	 	 	Title: Managing Director	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	NAVIGATOR CDO 2004, LTD	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	GE Asset Management Inc., as Collateral	 	 
	 

	 	 	 	Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ John Campos	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John Campos	 	 
	 

	 	 	 	Title: Authorized Signatory	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	NAVIGATOR CDO 2005, LTD	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	GE Asset Management Inc., as Collateral	 	 
	 

	 	 	 	Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ John Campos	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John Campos	 	 
	 

	 	 	 	Title: Authorized Signatory	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	NEW YORK LIFE INSURANCE COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michelle P. Lim	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Michelle P. Lim	 	 
	 

	 	 	 	Title: Corporate Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	New York Life Investment Management LLC, Its	 	 
	 

	 	 	 	Investment Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/  Michelle P. Lim	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Michelle P. Lim	 	 
	 

	 	 	 	Title: Corporate Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	MAINSTAY VP FLOATING RATE PORTFOLIO,
 A SERIES OF
MAINSTAY VP SERIES FUND, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	New York Life Investment Management LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michelle P. Lim	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Michelle P. Lim	 	 
	 

	 	 	 	Title: Corporate Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	NYLIM FLATIRON CLO 2003-1 LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	New York Life Investment Management LLC,	 	 
	 

	 	 	 	as Collateral Manager and Attorney-in-Fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michelle P. Lim	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Michelle P. Lim	 	 
	 

	 	 	 	Title: Corporate Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	NYLIM FLATIRON CLO 2004-1 LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	New York Life Investment Management LLC,	 	 
	 

	 	 	 	as Collateral Manager and Attorney-in-Fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michelle P. Lim	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Michelle P. Lim	 	 
	 

	 	 	 	Title: Corporate Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	NYLIM FLATIRON CLO 2005-1 LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	New York Life Investment Management LLC,	 	 
	 

	 	 	 	as Collateral Manager and Attorney-in-Fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michelle P. Lim	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Michelle P. Lim	 	 
	 

	 	 	 	Title: Corporate Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	NYLIM FLATIRON CLO 2006-1 LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	New York Life Investment Management LLC,	 	 
	 

	 	 	 	as Collateral Manager and Attorney-in-Fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michelle P. Lim	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Michelle P. Lim	 	 
	 

	 	 	 	Title: Corporate Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	SILVERADO CLO 2006-II LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	New York Life Investment Management LLC,	 	 
	 

	 	 	 	as Portfolio Manager and Attorney-in-Fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michelle P. Lim	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Michelle P. Lim	 	 
	 

	 	 	 	Title: Corporate Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	NEW YORK LIFE INSURANCE COMPANY
 (GUARANTEED PRODUCTS)	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	MacKay Shields LLC, as Investment Adviser and	 	 
	 

	 	 	 	not individually	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Dan Roberts	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Dan Roberts	 	 
	 

	 	 	 	Title: Sr. Managing Director	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	OCTAGON INVESTMENT PARTNERS VI, LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Octagon Credit Investors, LLC, as Collateral

Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/  Margaret B. Harvey	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Margaret B. Harvey	 	 
	 

	 	 	 	Title: Senior Director	 	 
	 
	 	 	 	 	 	 
	 	 	OCTAGON INVESTMENT PARTNERS VIII LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Octagon Credit Investors, LLC, as Collateral	 	 
	 

	 	 	 	Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/  Margaret B. Harvey	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Margaret B. Harvey	 	 
	 

	 	 	 	Title: Senior Director	 	 
	 
	 	 	 	 	 	 
	 	 	OCTAGON INVESTMENT PARTNERS IX LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Octagon Credit Investors, LLC, as Collateral	 	 
	 

	 	 	 	Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/  Margaret B. Harvey	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Margaret B. Harvey	 	 
	 

	 	 	 	Title: Senior Director	 	 
	 
	 	 	 	 	 	 
	 	 	OCTAGON INVESTMENT PARTNERS X LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Octagon Credit Investors, LLC, as Collateral	 	 
	 

	 	 	 	Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/  Margaret B. Harvey	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Margaret B. Harvey	 	 
	 

	 	 	 	Title: Senior Director	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	OCTAGON INVESTMENT PARTNERS XI LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Octagon Credit Investors, LLC, as Collateral

Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/  Margaret B. Harvey	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title: Senior Director	 	 
	 
	 	 	 	 	 	 
	 	 	HAMLET II, LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Octagon Credit Investors, LLC, as Collateral	 	 
	 

	 	 	 	Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/  Margaret B. Harvey	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Margaret B. Harvey	 	 
	 

	 	 	 	Title: Senior Director	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	ONE WALL STREET CLO II LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William Lemberg	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: William Lemberg	 	 
	 

	 	 	 	Title: Senior Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	OWS CLO I LTD	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Margaret B. Harvey	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: William Lemberg	 	 
	 

	 	 	 	Title: Senior Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	PEOPLE’S UNITED BANK (FORMERLY	 	 
	 	 	KNOWN AS PEOPLE’S BANK)	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Francis J. McGinn	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Francis J. McGinn	 	 
	 

	 	 	 	Title: Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	JACKSON NATIONAL LIFE INSURANCE COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	PPM America, Inc., as Attorney-in-fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Chris Kappas	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Chris Kappas

Title: Managing Director	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	PUTNAM FLOATING RATE INCOME FUND	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Beth Mazor	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Beth Mazor

Title: Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	BOSTON HARBOR CLO 2004-1, LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Beth Mazor	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Beth Mazor	 	 
	 

	 	 	 	Title: Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:

REGATTA FUNDING LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Citigroup Alternative Investments LLC,	 	 
	 

	 	 	 	Attorney-in-fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert O’Brien	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Robert O’Brien	 	 
	 

	 	 	 	Title: Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	LMP CORPORATE LOAN FUND, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Citigroup Alternative Investments LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert O’Brien	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Robert O’Brien	 	 
	 

	 	 	 	Title: Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	ROYAL BANK OF CANADA	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mustafa Topiwalla	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Mustafa Topiwalla	 	 
	 

	 	 	 	Title: Authorized Signatory	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	SAN GABRIEL CLO I	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Churchill Pacific Asset Management LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ John M. Casparian	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: John M. Casparian	 	 
	 

	 	 	 	Title: Co-President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	CASTLE HILL II — INGOTS, LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Sankaty Advisors, LLC, as Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Alan K. Halfenger	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Alan K. Halfenger	 	 
	 

	 	 	 	Title: Assistant Secretary	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	CASTLE HILL III CLO, LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Sankaty Advisors, LLC, as Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Alan K. Halfenger	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Alan K. Halfenger	 	 
	 

	 	 	 	Title: Assistant Secretary	 	 

 

 

	 	 	 	 	 
	 	

LENDERS:

RACE POINT IV CLO, LTD.

By: Sankaty Advisors, LLC, as Collateral Manager

 	 
	 	By:  	

/s/ Alan K. Halfenger
 	 
	 	 	Name:  	Alan K. Halfenger 	 
	 	 	Title:  	Assistant Secretary 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

SCOTIABANC INC.

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

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

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

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

STATE BANK OF INDIA

 	 
	 	By:  	/s/ Prabodh Parikh
 	 
	 	 	Name:  	Prabodh Parikh 	 
	 	 	Title:  	Vice President & Head (Credit) 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

STONE TOWER CLO III LTD.

By: Stone Tower Debt Advisors LLC, as Its Collateral
       Manager

 	 
	 	By:  	/s/ Michael W. DelPercio
 	 
	 	 	Name:  	Michael W. DelPercio 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

STONE TOWER CLO IV LTD.

By: Stone Tower Debt Advisors LLC, as Its Collateral
       Manager

 	 
	 	By:  	/s/ Michael W. DelPercio
 	 
	 	 	Name:  	Michael W. DelPercio 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

STONE TOWER CLO V LTD.

By: Stone Tower Debt Advisors LLC, as Its Collateral
       Manager

 	 
	 	By:  	/s/ Michael W. DelPercio
 	 
	 	 	Name:  	Michael W. DelPercio 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

STONE TOWER CLO VI LTD.

By: Stone Tower Debt Advisors LLC, as Its Collateral
       Manager

 	 
	 	By:  	/s/ Michael W. DelPercio
 	 
	 	 	Name:  	Michael W. DelPercio 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

STONE TOWER CLO VII LTD.

By: Stone Tower Debt Advisors LLC, as Its Collateral
       Manager

 	 
	 	By:  	/s/ Michael W. DelPercio
 	 
	 	 	Name:  	Michael W. DelPercio 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

GRANITE VENTURES, LTD.

By: Stone Tower Debt Advisors LLC, as Its Collateral
       Manager

 	 
	 	By:  	/s/ Michael W. DelPercio
 	 
	 	 	Name:  	Michael W. DelPercio 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

CORNERSTONE CLO LTD.

By: Stone Tower Debt Advisors LLC, as Its Collateral
       Manager

 	 
	 	By:  	/s/ Michael W. DelPercio
 	 
	 	 	Name:  	Michael W. DelPercio 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

SUMITOMO MITSUI BANKING CORPORATION

 	 
	 	By:  	/s/  William M. Ginn
 	 
	 	 	Name:  	William M. Ginn 	 
	 	 	Title:  	Executive Officer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

THE SUMITOMO TRUST AND BANKING CO., LTD., NEW YORK
BRANCH

 	 
	 	By:  	/s/  Frances E. Wynne
 	 
	 	 	Name:  	Frances E. Winne 	 
	 	 	Title:  	Senior Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

SUNTRUST BANK

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

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

T. ROWE PRICE INSTITUTIONAL FLOATING RATE FUND

By:  T. Rowe Price Associates, Inc., as Investment
Advisor

 	 
	 	By:  	/s/ Jonathan D. Siegel
 	 
	 	 	Name:  	Jonathan D. Siegel 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

THE BANK OF NEW YORK MELLON

 	 
	 	By:  	/s/ Reena Bhasin
 	 
	 	 	Name:  	Reena Bhasin 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 
	 	LENDERS:

ONE WALL STREET CLO III LTD.

 	 
	 	By:  	/s/ Dean Stephan
 	 
	 	 	Name:  	Dean Stephan 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

THE BANK OF NOVA SCOTIA

 	 
	 	By:  	/s/ Brenda S. Insull
 	 
	 	 	Name:  	Brenda S. Insull 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

 	 
	 	By:  	/s/ Anna Giller
 	 
	 	 	Name:  	Anna Giller 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND

 	 
	 	By:  	/s/ Elaine Crowley
 	 
	 	 	Name:  	Elaine Crowley 	 
	 	 	Title:  	Authorised Signatory 	 
	 

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

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

THE NORINCHUKIN BANK, NEW YORK BRANCH

 	 
	 	By:  	/s/ Kaoru Yamada
 	 
	 	 	Name:  	Kaoru Yamada 	 
	 	 	Title:  	Joint General Manager 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

THE ROYAL BANK OF SCOTLAND PLC

 	 
	 	By:  	/s/ Andrew Wynn
 	 
	 	 	Name:  	Andrew Wynn 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

TRIMARAN CLO IV LTD

By: Trimaran Advisors, L.L.C.

 	 
	 	By:  	/s/ David M. Millison
 	 
	 	 	Name:  	David M. Millison 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

TRIMARAN CLO V LTD

By: Trimaran Advisors, L.L.C.

 	 
	 	By:  	/s/ David M. Millison
 	 
	 	 	Name:  	David M. Millison 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

TRIMARAN CLO VI LTD

By: Trimaran Advisors, L.L.C.

 	 
	 	By:  	/s/ David M. Millison
 	 
	 	 	Name:  	David M. Millison 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

TRIMARAN CLO VII LTD

By: Trimaran Advisors, L.L.C.

 	 
	 	By:  	/s/ David M. Millison
 	 
	 	 	Name:  	David M. Millison 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

UNION BANK OF CALIFORNIA, N.A.

 	 
	 	By:  	/s/ Pierre Bury
 	 
	 	 	Name:  	Pierre Bury 	 
	 	 	Title:  	Vice President 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

UNITED OVERSEAS BANK LIMITED, NEW YORK AGENCY

 	 
	 	By:  	/s/ George Lim
 	 
	 	 	Name:  	George Lim 	 
	 	 	Title:  	SVP & GM 	 
	 
	 	 	 
	 	By:  	                       /s/ Mario Sheng
 	 
	 	 	Name:  	Mario Sheng 	 
	 	 	Title:  	AVP 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

U.S. BANK NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Susan Bader
 	 
	 	 	Name:  	Susan Bader 	 
	 	 	Title:  	Vice President 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

VENTURE IV CDO LIMITED

By: MJX Asset Management LLC, Its Investment Advisor

 	 
	 	By:  	/s/ Michael G. Regan
 	 
	 	 	Name:  	Michael G. Regan 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

VENTURE V CDO LIMITED

By: MJX Asset Management LLC, Its Investment Advisor

 	 
	 	By:  	/s/ Michael G. Regan
 	 
	 	 	Name:  	Michael G. Regan 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

VENTURE VI CDO LIMITED

By: MJX Asset Management LLC, Its Investment Advisor

 	 
	 	By:  	/s/ Michael G. Regan
 	 
	 	 	Name:  	Michael G. Regan 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

VENTURE VII CDO LIMITED

By: MJX Asset Management LLC, Its Investment Advisor

 	 
	 	By:  	/s/ Michael G. Regan
 	 
	 	 	Name:  	Michael G. Regan 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

VENTURE VIII CDO LIMITED

By: MJX Asset Management LLC, Its Investment Advisor

 	 
	 	By:  	/s/ Michael G. Regan
 	 
	 	 	Name:  	Michael G. Regan 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

VENTURE IX CDO LIMITED

By: MJX Asset Management LLC, Its Investment Advisor

 	 
	 	By:  	/s/ Michael G. Regan
 	 
	 	 	Name:  	Michael G. Regan 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

VISTA LEVERAGED INCOME FUND

By: MJX Asset Management LLC, Its Investment Advisor

 	 
	 	By:  	/s/ Michael G. Regan
 	 
	 	 	Name:  	Michael G. Regan 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

VIRTUS MULTI-SECTOR FIXED INCOME FUND

 	 
	 	By:  	/s/ David J. Moskey
 	 
	 	 	Name:  	David J. Moskey 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

VIRTUS MULTI-SECTOR SHORT TERM FUND

 	 
	 	By:  	/s/ David J. Moskey
 	 
	 	 	Name:  	David J. Moskey 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

PHOENIX EDGE SERIES FUND: PHOENIX STRATEGIC ALLOCATION SERIES

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

 

 

	 	 	 	 	 
	 	LENDERS:

PHOENIX EDGE SERIES FUND: PHOENIX MULTI-SECTOR SHORT
TERM BOND SERIES

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

 

 

	 	 	 	 	 
	 	LENDERS:

PHOENIX EDGE SERIES FUND: PHOENIX MULTI-SECTOR FIXED
INCOME SERIES

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

 

 

	 	 	 	 	 
	 	LENDERS:

VIRTUS INCOME AND GROWTH FUND

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

 

 

	 	 	 	 	 
	 	LENDERS:

VIRTUS BALANCED FUND

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

 

 

	 	 	 	 	 
	 	LENDERS:

WACHOVIA BANK, N.A.

 	 
	 	By:  	/s/ Joe Mynatt
 	 
	 	 	Name:  	Joe Mynatt 	 
	 	 	Title:  	Director, Private Portfolio Management 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

WATERFRONT CLO 2007-1, LTD.

By: Grandview Capital Management, LLC, as Investment
       Manager

 	 
	 	By:  	/s/ Kevin S. Buckle
 	 
	 	 	Name:  	Kevin S. Buckle 	 
	 	 	Title:  	Senior Vice President 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

WEBSTER BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Christopher J. Motl
 	 
	 	 	Name:  	Christopher J. Motl 	 
	 	 	Title:  	Senior Vice President 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

WHITE HORSE V, LTD

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

By: WhiteRock Asset Advisors LLC, Its G.P.

 	 
	 	By:  	/s/ Ethan Underwood
 	 
	 	 	Name:  	Ethan Underwood 	 
	 	 	Title:  	Manager 	 
	 

 

 

	 	 	 	 	 
	 	LENDERS:

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

 

 

Exhibit A

[Form of Amended and Restated Pledge Agreement]

AMENDED AND RESTATED PLEDGE AGREEMENT

This AMENDED AND RESTATED PLEDGE AGREEMENT, dated as of [                    ], [                    ] between LAMAR MEDIA
CORP., a corporation duly organized and validly existing under the laws of the State of Delaware
(the “Company”); the “SUBSIDIARY BORROWERS” that may be designated as such hereunder
pursuant to the below-referenced Credit Agreement (effective upon such designation, the
“Subsidiary Borrowers” and, together with the Company, the “Borrowers”); each of
the subsidiaries of the Company listed on the signature pages hereto under the caption “INITIAL
SUBSIDIARY GUARANTORS” (the “Initial Subsidiary Guarantors”); each of the additional
entities, if any, that becomes a “Subsidiary Guarantor” hereunder as contemplated by Section 6.10
(each an “Additional Subsidiary Guarantor” and together with the Initial Subsidiary
Guarantors, the “Subsidiary Guarantors”; the Subsidiary Guarantors together with the
Borrowers, being herein called the “Securing Parties”); and JPMorgan Chase Bank, N.A., as
administrative agent for the Lenders party to the Credit Agreement referred to below (in such
capacity, together with its successors in such capacity, the “Administrative Agent”).

W I T N E S S E T H

          WHEREAS, the Securing Parties are parties to that certain Credit Agreement dated as of
September 30, 2005 (as heretofore modified and supplemented and in effect on the date hereof, the
“Existing Credit Agreement”) providing, subject to the terms and conditions thereof, for
extensions of credit (including by means of the making of loans and the issuance of letters of
credit) to be made by the Lenders named therein (collectively, together with any entity that
becomes a “Lender” party to the Credit Agreement (as defined below) after the date hereof as
provided therein, the “Lenders” and, together with Administrative Agent and any successors
or assigns of any of the foregoing and, in respect of Swap Agreements, any affiliate of any Lender,
the “Secured Parties”) to the Borrowers. In addition, the Borrowers may from time to time
be obligated to one or more of the Lenders (or their affiliates) under the Existing Credit
Agreement in respect of one or more Swap Agreements under and as defined in the Existing Credit
Agreement (collectively, the “Swap Agreements”).

          WHEREAS, pursuant to the Existing Credit Agreement, the Borrowers, the Initial Subsidiary
Guarantors and the Administrative Agent have executed and delivered that certain Pledge Agreement
dated as of September 30, 2005 (as heretofore modified and supplemented and in effect on the date
hereof, the “Existing Pledge Agreement”).

          WHEREAS, concurrently with the execution and delivery of this Agreement, the Borrowers, the
Initial Subsidiary Guarantors, the lenders party thereto and the Administrative Agent are entering
into an Amendment No. 4 to the Existing Credit Agreement, dated as of April 2, 2009 (“Amendment
No. 4” and the Existing Credit Agreement, as amended thereby and as further modified and
supplemented and in effect from time to time, the “Credit Agreement”), providing for
certain amendments to be made to the Existing Credit Agreement and for the amendment and
restatement of the Existing Pledge Agreement.

 

 

          WHEREAS, as a condition precedent to the effectiveness of Amendment No. 4, the parties hereto
have agreed to amend the Existing Pledge Agreement in certain respects and to restate the Existing
Pledge Agreement as so amended in its entirety as provided herein below;

          WHEREAS, to induce the Secured Parties to enter into the Credit Agreement and Amendment No. 4,
and to extend credit under the Credit Agreement and to extend credit to the Borrowers under Swap
Agreements, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Securing Parties have agreed to pledge and grant a security interest in
the Collateral (as so defined) as security for the Secured Obligations (as so defined).

          NOW, THEREFORE, in consideration for the mutual conditions and agreements set forth herein,
and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree that the Existing Pledge Agreement shall be amended and
restated as follows:

ARTICLE I

DEFINITIONS

          SECTION 1. Defined Terms. Terms defined in the Credit Agreement are used herein as
defined therein. In addition, as used herein:

          1.01 Certain Uniform Commercial Code Terms. As used herein, the terms
“Accession”, “Account”, “As-Extracted Collateral”, “Chattel Paper”,
“Commercial Tort Claims”, “Commodity Account”, “Commodity Contract”,
“Deposit Account”, “Document”, “Electronic Chattel Paper”,
“Equipment”, “Fixture”, “General Intangible”, “Goods”,
“Instrument”, “Inventory”, “Investment Property”, “Letter-of-Credit
Right”, “Payment Intangible”, “Proceeds”, “Promissory Note”,
“Software” and “Tangible Chattel Paper” have the respective meanings set forth in
Article 9 of the NYUCC, and the terms “Certificated Security”, “Entitlement
Holder”, “Financial Asset”, “Instruction”, “Securities Account”,
“Security”, “Security Certificate”, “Security Entitlement” and
“Uncertificated Security” have the respective meanings set forth in Article 8 of the NYUCC.

          1.02 Additional Definitions. In addition, as used herein:

          “Ad America Note” has the meaning assigned to such term in Annex 4.

          “Collateral” has the meaning assigned to such term in Article III.

          “Collateral Account” has the meaning assigned to such term in Section 4.01.

          “Controlled Account” means a Deposit Account or a Securities Account of any Obligor,
in each case subject to a control agreement in favor of the Administrative Agent pursuant to which
the Administrative Agent shall have “control” (within the meaning of Sections 9-104 or 9-106, as
applicable, of the UCC) of such Deposit Account or Securities Account, as applicable.

          “Copyright Collateral” means all Copyrights, whether now owned or hereafter acquired
by any Securing Party.

          “Copyrights” means all copyrights, copyright registrations and applications for
copyright registrations, including all renewals and extensions thereof, all rights to recover for
past, present or future infringements thereof and all other rights whatsoever accruing thereunder
or pertaining thereto.

2

 

          “Equity Collateral” has the meaning assigned to such term in clause (l) of
Article III.

          “Intellectual Property” means, collectively, all Copyright Collateral, all Patent
Collateral and all Trademark Collateral, together with (a) all inventions, processes, production
methods, proprietary information, know-how and trade secrets; (b) all licenses or user or other
agreements granted to any Securing Party with respect to any of the foregoing, in each case whether
now or hereafter owned or used; (c) all information, customer lists, identification of suppliers,
data, plans, blueprints, specifications, designs, drawings, recorded knowledge, surveys,
engineering reports, test reports, manuals, materials standards, processing standards, performance
standards, catalogs, computer and automatic machinery software and programs; (d) all field repair
data, sales data and other information relating to sales or service of products now or hereafter
manufactured; (e) all accounting information and all media in which or on which any information or
knowledge or data or records may be recorded or stored and all computer programs used for the
compilation or printout of such information, knowledge, records or data; (f) all licenses,
consents, permits, variances, certifications and approvals of governmental agencies now or
hereafter held by any Securing Party; and (g) all causes of action, claims and warranties now or
hereafter owned or acquired by any Securing Party in respect of any of the items listed above.

          “Issuers” means, collectively, (a) the respective corporations, partnerships or other
entities identified next to the names of the Securing Parties on Annex 1 (Part 2) under the caption
“Issuer” and (b) any other entity that shall at any time be a subsidiary of any of the Securing
Parties.

          “Motor Vehicles” means motor vehicles, tractors, trailers and other like property, if
the title thereto is governed by a certificate of title or ownership.

          “NYUCC” means the Uniform Commercial Code as in effect from time to time in the State
of New York.

          “Patent Collateral” means all Patents, whether now owned or hereafter acquired by any
Securing Party, and all income, royalties, damages and payments now or hereafter due and/or payable
under or with respect thereto.

          “Patents” means all patents and patent applications, including the inventions and
improvements described and claimed therein together with the reissues, divisions, continuations,
renewals, extensions and continuations-in-part thereof, all income, royalties, damages and payments
now or hereafter due and/or payable with respect thereto, all damages and payments for past or
future infringements thereof and rights to sue therefor, and all rights corresponding thereto
throughout the world.

          “Pledged Equity” has the meaning assigned to such term in paragraph (j) of
Article III.

          “Secured Obligations” means, collectively, (a) in the case of the Company, the
principal of and interest on the Loans made by the Lenders to the Borrowers (including without
limitation, the Incremental Loans), all LC Disbursements and all other amounts from time to time
owing to the Secured Parties by the Company under the Credit Agreement (including, without
limitation, in respect of its Guarantee under Article III of the Credit Agreement) or any Swap
Agreement, (b) in the case of a Subsidiary Borrower, the principal of and interest on the Loans
made by the Lenders to such Subsidiary Borrower and all other amounts from time to time owing to
the Secured Parties by such Subsidiary Borrower under the Credit Agreement or any Swap Agreement,
(c) in the case of each Subsidiary Guarantor, all obligations of such Subsidiary Guarantor under
the Credit Agreement (including, without limitation, in respect of its Guarantee under Article III
of the Credit Agreement), (d) in the case of each Securing Party, all other obligations of such
Securing Party to the Secured Parties and the Administrative

3

 

Agent hereunder and under the Loan documents, and (e) in the case of each of the foregoing,
including all interest thereon and expenses related thereto, including any interest or expenses
accruing or arising after the commencement of any case with respect to the Borrower under the
United States Bankruptcy Code or any other bankruptcy or insolvency law (whether or not such
interest or expenses are allowed or allowable as a claim in whole or in part in such case). For
purposes hereof, it is understood any Secured Obligations to a Person arising under a Swap
Agreement entered into at the time such Person (or an affiliate thereof) is a “Lender” party to the
Credit Agreement shall nevertheless continue to constitute Secured Obligations for purposes hereof,
notwithstanding that such Person (or its affiliate) may have assigned all of its Loans and other
interests in the Credit Agreement and, therefor, at the time a claim is to be made in respect of
such Secured Obligations, such Person (or its affiliate) is no longer a “Lender” party to the
Credit Agreement; provided that such Person shall not be entitled to the benefits of this
Section unless, at the time it ceased to be a “Lender” party to the Credit Agreement, it shall have
notified the Administrative Agent of the existence of such Swap Agreement.

          “Trademark Collateral” means all Trademarks, whether now owned or hereafter acquired
by any Securing Party, together, in each case, with the product lines and goodwill of the business
connected with the use of, and symbolized by, each such trade name, trademark and service mark.
Notwithstanding the foregoing, the Trademark Collateral does not and shall not include any
Trademark that would be rendered invalid, abandoned, void or unenforceable by reason of its being
included as part of the Trademark Collateral.

          “Trademarks” means all trade names, trademarks and service marks, logos, trademark and
service mark registrations, and applications for trademark and service mark registrations,
including all renewals of trademark and service mark registrations, all rights to recover for all
past, present and future infringements thereof and all rights to sue therefor, and all rights
corresponding thereto throughout the world.

          “Uniform Commercial Code” means the Uniform Commercial Code as in effect from time to
time in the State of New York.

          SECTION 1.02. Terms Generally. The definitions of terms herein shall apply equally
to the singular and plural forms of the terms defined. Whenever the context may require, any
pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to any Person
shall be construed to include such Person’s successors and assigns, (c) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this
Agreement in its entirety and not to any particular provision hereof, (d) all references herein to
Articles, Sections and Exhibits shall be construed to refer to Articles and Sections of, and
Exhibits to, this Agreement and (e) the words “asset” and “property” shall be construed to have the
same meaning and effect and to refer to any and all tangible and intangible assets and properties,
including cash, securities, accounts and contract rights.

4

 

ARTICLE II

REPRESENTATIONS AND WARRANTIES

          Each Securing Party represents and warrants to each Secured Party that:

          SECTION 2.01. Enforceability, Etc. This Agreement has been duly executed and
delivered by such Securing Party and constitutes, a legal, valid and binding obligation of such
Securing Party, enforceable against such Securing Party in accordance with its terms, subject to
applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’
rights generally and subject to general principles of equity, regardless of whether considered in a
proceeding in equity or at law.

          SECTION 2.02. Title and Priority. Such Securing Party is the sole beneficial owner
of the Collateral in which it purports to grant a security interest pursuant to Article III and no
Lien exists or will exist upon such Collateral at any time (and no right or option to acquire the
same exists in favor of any other Person), except for Liens permitted under Section 7.02 of the
Credit Agreement and except for the pledge and security interest in favor of the Administrative
Agent for the benefit of the Secured Parties created or provided for herein, which pledge and
security interest will, upon perfection under the applicable provisions of the Uniform Commercial
Code (but subject in any event to such Liens permitted under said Section 7.02) constitute a valid,
first priority perfected pledge and security interest in and to all of such Collateral, to the
extent such pledge and security interest can be perfected under the Uniform Commercial Code.

          SECTION 2.03. Names, Etc.

          (i) The full and correct legal name, type of organization, jurisdiction of organization,
organizational ID number (if applicable) and mailing address of each Securing Party as of the date
hereof are correctly set forth in Annex 2.

          (ii) Annex 2 correctly specifies the place of business of each Securing Party or, if such
Securing Party has more than one place of business, the location of the chief executive office of
such Securing Party.

          SECTION 2.04. Changes in Circumstances. Such Securing Party has not (i) within the
period of four months prior to the date hereof, changed its location (as defined in Section 9-307
of the UCC), (ii) except as specified in Annex 2, heretofore changed its name, or (iii) except as
specified in Annex 3, heretofore become a “new debtor” (as defined in Section 9-102(a)(56) of the
UCC) with respect to a currently effective security agreement previously entered into by any other
Person.

          SECTION 2.05. Pledged Equity. The Pledged Equity identified under the name of such
Securing Party in Annex 1 (Part 2) is, and all other Pledged Equity in which such Securing Party
shall hereafter grant a security interest pursuant to Article III will be, duly authorized, validly
existing, fully paid and non-assessable (in the case of any equity interest in a corporation) and
duly issued and outstanding (in the case of any equity interest in any other entity), and none of
such Pledged Equity is or will be subject to any contractual restriction, or any restriction under
the charter, by-laws, partnership agreement or other organizational document of the respective
Issuer of such Pledged Equity, upon the transfer of such Pledged Equity (except for any such
restriction contained herein or identified in Annex 1 (Part 1)).

5

 

          The Pledged Equity identified under the name of such Securing Party in Annex 1 (Part 2)
constitutes all of the issued and outstanding shares of capital stock, partnership or other
ownership interest of any class or character of the Issuers (and, in the case of Foreign
Subsidiaries, 65% of the voting common stock thereof and 100% of any other capital stock thereof)
beneficially owned by such Securing
Party on the date hereof (whether or not registered in the name of such Securing Party) and Annex 1
(Part 2) correctly identifies, as at the date hereof, the respective Issuers of such Pledged Equity
and (in the case of any corporate Issuer) the respective class and par value of the shares
comprising such Pledged Equity and the respective number of shares (and registered owners thereof)
represented by each such certificate.

          SECTION 2.06. Promissory Notes. Annex 4 sets forth a complete and correct list of
all Promissory Notes (other than any held in a Securities Account referred to in Annex 5) held by
any Securing Party on the date hereof having an aggregate principal amount in excess of $500,000.

          SECTION 2.07. Deposit Accounts and Securities Accounts. Annex 5 sets forth a
complete and correct list of all Deposit Accounts, Securities Accounts and Commodity Accounts of
any Securing Party that are required on the date hereof to be Controlled Accounts pursuant to
Section 5.01(d).

          SECTION 2.08. Commercial Tort Claims. Annex 6 sets forth a complete and correct list
of any Commercial Tort Claim of any Securing Party in existence on the date hereof having an
estimated fair market value exceeding $250,000.

          SECTION 2.09. Fair Labor Standards Act. Any goods now or hereafter produced by such
Securing Party or any of its Subsidiaries included in the Collateral have been and will be produced
in material compliance with the requirements of the Fair Labor Standards Act, as amended.

ARTICLE III

COLLATERAL

          As collateral security for the prompt payment in full when due (whether at stated maturity, by
acceleration or otherwise) of the Secured Obligations, whether now existing or hereafter from time
to time arising, each Securing Party hereby pledges and grants to the Administrative Agent, for the
benefit of the Secured Parties as hereinafter provided, a security interest (and hereby confirms
the pledge and grant of the security interest made by it in the Existing Pledge Agreement) in all
of such Securing Party’s right, title and interest, to and under the following property, assets and
revenues, whether now owned by such Securing Party or hereafter acquired and whether now existing
or hereafter coming into existence (all of the property, assets and revenues described in this
Article III being collectively referred to herein as the “Collateral”):

          (a) all Accounts:

          (b) all As-Extracted Collateral;

          (c) all Chattel Paper;

          (d) all Deposit Accounts;

          (e) all Documents;

6

 

          (f) all Equipment;

          (g) all Fixtures;

          (h) all General Intangibles;

          (i) all Goods not covered by the other clauses of this Article III;

     (j) the shares of common and preferred stock of, or partnership and other
ownership interest in, the Issuers identified in Annex 1 (Part 2) next to the name
of such Securing Party (as the same shall be supplemented from time to time under a
Joinder Agreement executed pursuant to Section 6.10) and all other shares of capital
stock, or partnership or other ownership interest, of whatever class or character of
the Issuers, now or hereafter owned by such Securing Party, in each case together
with the certificates evidencing the same (collectively, the “Pledged
Equity”);

     (k) all shares, securities, moneys or property representing a dividend on any
of the Pledged Equity, or representing a distribution or return of capital upon or
in respect of the Pledged Equity, or resulting from a split up, revision,
reclassification or other like change of the Pledged Equity or otherwise received in
exchange therefor, and any subscription warrants, rights or options issued to the
holders of, or otherwise in respect of, the Pledged Equity; and

     (l) without affecting the obligations of such Securing Party under any
provision prohibiting such action hereunder or under the Credit Agreement, in the
event of any consolidation or merger in which an Issuer is not the surviving entity,
all ownership interests of any class or character of the successor entity (unless
such successor entity is such Securing Party itself) formed by or resulting from
such consolidation or merger (the Pledged Equity, together with all other
certificates, shares, securities, properties or moneys as may from time to time be
pledged hereunder pursuant to clause (j) or (k) above and this clause (l) being
herein collectively called the “Equity Collateral”);

          (m) all Instruments, including all Promissory Notes;

          (n) all Intellectual Property;

          (o) all Inventory;

     (p) all Investment Property not covered by other clauses of this Article III,
including all Securities, all Securities Accounts and all Security Entitlements with
respect thereto and Financial Assets carried therein, and all Commodity Accounts and
Commodity Contracts;

     (q) all Letter-of-Credit Rights;

     (r) all Commercial Tort Claims arising out of the events described in Annex 6;

     (s) all other tangible and intangible personal property whatsoever of such Securing
Party; and

7

 

     (t) all Proceeds of any of the Collateral, all Accessions to and substitutions and
replacements for, any of the Collateral, and all offspring, rents, profits and products of
any of the Collateral, and, to the extent related to any Collateral, all books,
correspondence, credit files, records, invoices and other papers (including all tapes,
cards, computer runs and other papers and documents in the possession or under the control
of such Securing Party or any computer bureau or service company from time to time acting
for such Securing Party),

provided that (i) in the case of any of the foregoing that consists of general or limited
partnership interests in a general or limited partnership, the security interest hereunder shall be
deemed to be created only to the maximum extent permitted under the applicable organizational
instrument pursuant to which such partnership is formed, (ii) in no event shall the security
interest granted under this Article III attach to any lease, license, contract, property rights or
agreement to which any Securing Party is a party (or to any of its rights or interests thereunder)
if the grant of such security interest would constitute or result in either
(x) the abandonment, invalidation or unenforceability of any right, title or interest of any
Securing Party therein or (y) in a breach or termination pursuant to the terms of, or a default
under, any such lease, license, contract, property rights or agreement (other than to the extent
that any such term would be rendered ineffective by Section 9-406, 9-407, 9-408 or 9-409 of the
Uniform Commercial Code as in effect in the relevant jurisdiction), and (iii) in the case of any of
the foregoing that consists of capital stock in any Non-Guarantor Restricted Foreign Subsidiary,
the security interest hereunder shall be limited to 65% of the voting common stock of such
Subsidiary and 100% of any other capital stock of such Subsidiary).

ARTICLE IV

COLLATERAL ACCOUNT

          SECTION 4.01. Establishment of Collateral Account. Each of the Securing Parties
hereby establishes with the Administrative Agent a cash collateral account (the “Collateral
Account”), which

     (i) to the extent of all Investment Property or Financial Assets (other than cash)
shall be a “securities account” (as defined in Section 8-501 of the UCC) in respect of which
the Administrative Agent shall be the “entitlement holder” (as defined in
Section 8-102(a)(7) of the UCC) and

     (ii) to the extent of any cash, shall be a Deposit Account,

and which shall be in the name and under the control of the Administrative Agent and into which
there shall be deposited from time to time such amounts as are required to be paid to the
Administrative Agent under Section 2.04(i) of the Credit Agreement. As collateral security for the
prompt payment in full when due of such Securing Parties’ obligations in the first instance in
respect of LC Exposure and, after the payment in full of all LC Exposure and the termination or
expiration of all Letters of Credit, for all other Secured Obligations of such Securing Party, each
of the Securing Parties hereby pledges and grants to the Administrative Agent, for the benefit of
the Secured Parties as provided herein, a security interest in all of its right, title and interest
in and to the Collateral Account and the balance from time to time in the Collateral Account
(including the investments and reinvestments therein provided for below). The balance from time to
time in the Collateral Account shall not constitute payment of any Secured Obligations until
applied by the Administrative Agent as provided herein. Anything in this Agreement to the contrary
notwithstanding, funds held in the Collateral Account shall be subject to withdrawal only as
provided in this Article IV.

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          SECTION 4.02. Investments. Amounts on deposit in the Collateral Account shall be
invested and reinvested by the Administrative Agent in such Permitted Investments as the Securing
Parties shall determine in their sole discretion, provided that (i) failing receipt by the
Administrative Agent of instructions from the Securing Parties, the Administrative Agent may invest
and reinvest such amounts in such Permitted Investments as the Administrative Agent shall determine
in its sole discretion and (ii) the approval of the Administrative Agent shall be required for the
investments and reinvestments to be made during any period while a Default has occurred and is
continuing. All such investments and reinvestments shall be held in the name and be under the
control of the Administrative Agent.

          SECTION 4.03. Application. If an Event of Default shall have occurred and be
continuing, the Administrative Agent may (and, if instructed by the Required Lenders, shall) in its
(or their) discretion at any time and from time to time elect to liquidate any such investments and
reinvestments and credit the proceeds thereof to the Collateral Account and apply or cause to be
applied such proceeds and any other balances in the Collateral Account to the payment of any of the
Secured Obligations due and payable. If (i) no Event of Default has occurred and is continuing and
(ii) all of the Secured Obligations have been paid in full, the Administrative Agent shall, from
time to time, at the request of the Securing Parties, deliver to the Securing Parties, against
receipt but without any recourse, warranty or representation whatsoever, such of the balances in
the Collateral Account as exceed the then-
outstanding LC Exposure, provided that, in any event, when all of the Secured Obligations
shall have been paid in full and all Letters of Credit have expired or been terminated, the
Administrative Agent shall promptly deliver to the Securing Parties, against receipt but without
any recourse, warranty or representation whatsoever, the balance remaining in the Collateral
Account.

          SECTION 4.04. Fees. Each of the Securing Parties shall pay to the Administrative
Agent from time to time such fees as the Administrative Agent normally charges for similar services
in connection with the Administrative Agent’s administration of the Collateral Account and
investments and reinvestments of funds therein.

ARTICLE V

FURTHER ASSURANCES; REMEDIES

          In furtherance of the grant of the pledge and security interest pursuant to Article III, each
Securing Party hereby agrees with each Secured Party as follows:

          SECTION 5.01. Delivery and Other Perfection. Such Securing Party shall promptly from
time to time give, execute, deliver, file, record, authorize or obtain all such financing
statements, continuation statements, notices, instruments, documents, agreements or consents or
other papers as may be necessary or desirable in the judgment of the Administrative Agent to
create, preserve, perfect, maintain the perfection of or validate the security interest granted
pursuant hereto or to enable the Administrative Agent to exercise and enforce its rights hereunder
with respect to such security interest, and without limiting the foregoing, shall:

     (a) if any of the shares, securities, moneys or property required to be pledged by such
Securing Party pursuant to Article III are received by such Securing Party, forthwith either
(x) transfer and deliver to the Administrative Agent such shares or securities or
instruments representing or evidencing the same, so received by such Securing Party
(together with the certificates for any such shares and securities duly endorsed in blank or
accompanied by such instruments of assignment and transfer in such form and substance as the
Administrative Agent may reasonably request), all of which thereafter shall be held by the
Administrative Agent, pursuant to the terms of this Agreement, as part of the Collateral or
(y) take such other action as

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the Administrative Agent reasonably shall deem necessary or
appropriate to duly record the Lien created hereunder in such shares, securities, moneys or
property in said Article III;

     (b) give, execute, deliver, file, record, authorize or obtain any financing statement,
notice, instrument, document, agreement or consent or other papers that may be necessary or
desirable (in the reasonable judgment of the Administrative Agent) to create, preserve,
perfect or validate the security interest granted pursuant hereto or to enable the
Administrative Agent to exercise and enforce its rights hereunder with respect to such
pledge and security interest, including causing any or all of the Collateral to be
transferred of record into the name of the Administrative Agent or its nominee (and the
Administrative Agent agrees that if any Collateral is transferred into its name or the name
of its nominee, the Administrative Agent will thereafter promptly give to such Securing
Party copies of any notices and communications received by it with respect to the
Collateral);

     (c) promptly from time to time deliver to the Administrative Agent any and all
Instruments constituting part of the Collateral, endorsed and/or accompanied by such
instruments of assignment and transfer in such form and substance as the Administrative
Agent may request; provided that (i) with respect to the Ad America Note, the
Securing Parties shall only be required to use their commercially reasonable efforts for 45
days after the date hereof to deliver an original thereof to the Administrative Agent, and
(ii) so long as no Default shall have occurred and be continuing, the Securing Party may
retain for collection in the ordinary course any Instruments received by the Securing Party
in the ordinary course of business and the Administrative Agent shall, promptly upon request
of the Securing Party, make appropriate arrangements for making
any Instrument delivered by the Securing Party available to the Securing Party for purposes
of presentation, collection or renewal (any such arrangement to be effected, to the extent
requested by the Administrative Agent, against trust receipt or like document);

     (d) promptly from time to time enter into such control and other agreements, each in
form and substance reasonably acceptable to the Administrative Agent, as may be required to
establish “control” (within the meaning of Sections 9-104, 9-105, 9-106 and 9-107, as
applicable, of the UCC) of the security interest created hereby in any and all Deposit
Accounts, Investment Property, Electronic Chattel Paper and Letter-of-Credit Rights, and
will promptly furnish to the Administrative Agent true copies thereof, provided that
(X) the Securing Parties shall not be required to establish “control” (within the meaning of
Section 9-104 of the UCC) of (i) petty-cash bank checking accounts used to fund day-to-day
operating expenses in the ordinary course of business of the Company and its Subsidiaries
and with respect to which no customer collections are deposited, (ii) “Logos business”
checking accounts with respect to which substantially all of the amounts deposited therein
are subsequently transferred within 30 days to a Controlled Account, (iii) the deposit
account number 686997867 referred to as the “Lamar Employee Disaster Relief Fund” and
maintained at JPMorgan Chase Bank, N.A., (iv) Deposit Accounts established by any Obligor in
connection with such Obligor’s procurement of new business to the extent that such Deposit
Accounts are required (in the commercially reasonably judgment of such Obligor) in
connection with such procurement, (v) Deposit Accounts held by any Securing Party that is a
Foreign Subsidiary and (vi) Deposit Accounts with respect to which the aggregate outstanding
balance in all such Deposit Accounts at no time exceeds $500,000, and (Y) the Securing
Parties shall have until the date 75 days after the date hereof to deliver a control
agreement in favor of the Administrative Agent pursuant to which the Administrative Agent
shall have “control” (within the meaning of Section 9-104 of the UCC) of the Deposit Account
listed in Annex 5 and maintained at Whitney National Bank;

10

 

     (e) keep full and accurate books and records relating to the Collateral, and stamp or
otherwise mark such books and records in such manner as the Administrative Agent may
reasonably require in order to reflect the security interests granted by this Agreement; and

     (f) permit representatives of the Administrative Agent, upon reasonable notice, at any
time during normal business hours to inspect and make abstracts from its books and records
pertaining to the Collateral, and permit representatives of the Administrative Agent to be
present at such Securing Party’s place of business to receive copies of all communications
and remittances relating to the Collateral, and forward copies of any notices or
communications received by such Securing Party with respect to the Collateral, all in such
manner as the Administrative Agent may reasonably require;

provided that, notwithstanding anything herein to the contrary, (i) no Securing Party shall
be required to “perfect” the security interest granted by it hereunder in any Motor Vehicles and
(ii) no Subsidiary Borrower that is a Foreign Subsidiary shall be required to take any actions
under the laws of its jurisdiction of organization to “perfect” (or the local-jurisdiction
equivalent) the security interest granted by it hereunder.

          SECTION 5.02. Other Financing Statements and Liens. Except as otherwise permitted
under Section 7.02 of the Credit Agreement, without the prior written consent of the Administrative
Agent (granted with the authorization of the Required Lenders), no Securing Party shall (a) file or
suffer to be on file, or authorize or permit to be filed or to be on file, in any jurisdiction, any
financing statement or like instrument with respect to the Collateral in which the Administrative
Agent is not named as the sole secured party for the benefit of the Secured Parties or (b) cause or
permit any Person other than the Administrative Agent to have “control” (as defined in Sections
9-104, 9-105, 9-106 and 9-107, as applicable, of the UCC) of the Collateral Account or any Deposit
Account, Electronic Chattel Paper, Investment Property or Letter-of-Credit Right constituting part
of the Collateral.

          SECTION 5.03. Preservation of Rights. The Administrative Agent shall not be required
to take steps necessary to preserve any rights against prior parties to any of the Collateral.

          SECTION 5.04. Special Provisions Relating to Certain Collateral.

          (a) Equity Collateral

     (i) So long as no Event of Default shall have occurred and be continuing, each Securing
Party shall have the right to exercise all voting, consensual and other powers of ownership
pertaining to the Equity Collateral for all purposes not inconsistent with the terms of this
Agreement, the other Loan Documents or any other instrument or agreement referred to herein
or therein, provided that such Securing Party agrees that it will not vote the
Equity Collateral in any manner that is inconsistent with the terms of this Agreement, the
other Loan Documents or any such other instrument or agreement; and the Administrative Agent
shall execute and deliver to such Securing Party or cause to be executed and delivered to
such Securing Party all such proxies, powers of attorney, dividend and other orders, and all
such instruments, without recourse, as such Securing Party may reasonably request for the
purpose of enabling such Securing Party to exercise the rights and powers that it is
entitled to exercise pursuant to this Section 5.04(a).

     (ii) Unless and until an Event of Default has occurred and is continuing, such Securing
Party shall, subject to Article V, be entitled to receive and retain any dividends,
distributions or proceeds in respect of the Equity Collateral.

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     (iii) If any Event of Default shall have occurred, then so long as such Event of
Default shall continue, and whether or not the Administrative Agent or any Lender exercises
any available right to declare any Secured Obligation due and payable or seeks or pursues
any other relief or remedy available to it under applicable law or under this Agreement, the
Credit Agreement or any other agreement relating to such Secured Obligation, all dividends
and other distributions on the Equity Collateral shall, if requested by the Administrative
Agent in writing, be paid directly to the Administrative Agent and retained by it in the
Collateral Account as part of the Equity Collateral, subject to the terms of this Agreement,
and, if the Administrative Agent shall so request in writing, each Securing Party agrees to
execute and deliver to the Administrative Agent appropriate additional dividend,
distribution and other orders and documents to that end, provided that if such Event of
Default is cured, any such dividend or distribution theretofore paid to the Administrative
Agent shall, upon request of any Securing Party (except to the extent theretofore applied to
the Secured Obligations), be returned by the Administrative Agent to such Securing Party.

     (b) Intellectual Property.

     (i) For the purpose of enabling the Administrative Agent to exercise rights and
remedies under Section 5.05 at such time as the Administrative Agent shall be lawfully
entitled to exercise such rights and remedies, and for no other purpose, each Securing Party
hereby grants to the Administrative Agent, to the extent assignable, an irrevocable,
non-exclusive license (exercisable without payment of royalty or other compensation to such
Securing Party) to use, assign, license or sublicense any of the Intellectual Property now
owned or hereafter acquired by such Securing Party, wherever the same may be located,
including in such license reasonable access to all media in which any of the licensed items
may be recorded or stored and to all computer programs used for the compilation or printout
thereof.

     (ii) Notwithstanding anything contained herein to the contrary, but subject to any
provision of the Loan Documents that limit the rights of the Securing Parties to dispose of
their property, so long as no Event of Default shall have occurred and be continuing, the
Securing Parties will be permitted to exploit, use, enjoy, protect, license, sublicense,
assign, sell, dispose of or take other actions with respect to the Intellectual Property in
the ordinary course of the
business of the Securing Parties. In furtherance of the foregoing, so long as no Event
of Default shall have occurred and be continuing, the Administrative Agent shall from time
to time, upon the request of the respective Securing Party (through the Company), execute
and deliver any instruments, certificates or other documents, in the form so requested, that
such Securing Party (through the Company) shall have certified are appropriate in its
judgment to allow it to take any action permitted above (including relinquishment of the
license provided pursuant to clause (i) immediately above as to any specific Intellectual
Property). Further, upon the payment in full of all of the Secured Obligations and
cancellation or termination of the Commitments and LC Exposure, or earlier expiration of
this Agreement or release of the Collateral, the Administrative Agent shall grant back to
the Securing Parties the license granted pursuant to clause (i) immediately above. The
exercise of rights and remedies under Section 5.05 by the Administrative Agent shall not
terminate the rights of the holders of any licenses or sublicenses theretofore granted by
the Securing Parties in accordance with the first sentence of this clause (ii).

     (c) Chattel Paper. The Securing Parties will (i) deliver to the Administrative
Agent each original of each item of Chattel Paper at any time constituting part of the
Collateral, and (ii) cause each such original and each copy thereof to bear a conspicuous
legend, in form and substance reasonably satisfactory to the Administrative Agent,
indicating that such Chattel Paper

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is subject to the security interest granted hereby and
that purchase of such Chattel Paper by a Person other than the Administrative Agent without
the consent of the Administrative Agent would violate the rights of the Administrative
Agent.

     (d) Deposit Accounts and Securities Accounts. No Securing Party shall at any
time establish or maintain any Deposit Account, Securities Account and Commodity Account
that is not subject to a control agreement in form and substance reasonably acceptable to
the Administrative Agent, other than Deposit Accounts not required to be subject to
“control” pursuant to the proviso in Section 5.01(d).

          SECTION 5.05. Remedies.

     (a) Events of Default, Etc. During the period during which an Event of Default
shall have occurred and be continuing, the Administrative Agent shall have all of the rights
and remedies with respect to the Collateral of a secured party under the Uniform Commercial
Code (whether or not said Code is in effect in the jurisdiction where the rights and
remedies are asserted) and such additional rights and remedies to which a secured party is
entitled under the laws in effect in any jurisdiction where any rights and remedies
hereunder may be asserted, including the right, to the maximum extent permitted by law, to
exercise all voting, consensual and other powers of ownership pertaining to the Collateral
as if the Administrative Agent were the sole and absolute owner thereof (and each Securing
Party agrees to take all such action as may be appropriate to give effect to such right);
and without limiting the foregoing:

     (i) the Administrative Agent in its discretion may, in its name or in the name of the
Securing Parties or otherwise, demand, sue for, collect or receive any money or property at
any time payable or receivable on account of or in exchange for any of the Collateral, but
shall be under no obligation to do so;

     (ii) the Administrative Agent may make any reasonable compromise or settlement deemed
desirable with respect to any of the Collateral and may extend the time of payment, arrange
for payment in installments, or otherwise modify the terms of, any of the Collateral;

     (iii) the Administrative Agent may require the Securing Parties to notify (and each
Securing Party hereby authorizes the Administrative Agent so to notify) each account debtor
in respect of any Account, Chattel Paper or General Intangible, and each obligor on any
Instrument, constituting part of the Collateral that such Collateral has been assigned to
the Administrative Agent hereunder, and to instruct that any payments due or to become due
in respect of such Collateral shall be made directly to the Administrative Agent or as it
may direct (and if any such
payments, or any other Proceeds of Collateral, are received by any Securing Party they
shall be held in trust by such Securing Party for the benefit of the Administrative Agent
and as promptly as possible remitted or delivered to the Administrative Agent for
application as provided herein);

     (iv) each Securing Party shall, at the request of the Administrative Agent, assemble
the Collateral owned by it at such place or places, reasonably convenient to both the
Administrative Agent and such Securing Party, designated in its request;

     (v) the Administrative Agent may apply the Collateral Account and any money or other
property therein to payment of the Secured Obligations;

     (vi) the Administrative Agent may require the Securing Parties to cause the Equity
Collateral to be transferred of record into the name of the Administrative Agent or its
nominee

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(and the Administrative Agent agrees that if any of such Equity Collateral is
transferred into its name or the name of its nominee, the Administrative Agent will
thereafter promptly give to the respective Securing Party (through the Company) copies of
any notices and communications received by it with respect to such Equity Collateral); and

     (vii) the Administrative Agent may, upon ten business days’ prior written notice to
the Securing Parties of the time and place, with respect to the Collateral or any part
thereof that shall then be or shall thereafter come into the possession, custody or control
of the Secured Parties or any of their respective agents, sell, lease, assign or otherwise
dispose of all or any part of such Collateral, at such place or places as the
Administrative Agent deems best, and for cash or for credit or for future delivery (without
thereby assuming any credit risk), at public or private sale, without demand of performance
or notice of intention to effect any such disposition or of the time or place thereof
(except such notice as is required above or by applicable statute and cannot be waived),
and any Secured Party or anyone else may be the purchaser, lessee, assignee or recipient of
any or all of the Collateral so disposed of at any public sale (or, to the extent permitted
by law, at any private sale) and thereafter hold the same absolutely, free from any claim
or right of whatsoever kind, including any right or equity of redemption (statutory or
otherwise), of the Securing Parties, any such demand, notice and right or equity being
hereby expressly waived and released. In the event of any sale, assignment or other
disposition of any of the Trademark Collateral, the goodwill connected with and symbolized
by the Trademark Collateral subject to such disposition shall be included. The
Administrative Agent may, without notice or publication, adjourn any public or private sale
or cause the same to be adjourned from time to time by announcement at the time and place
fixed for the sale, and such sale may be made at any time or place to which the sale may be
so adjourned

provided that, notwithstanding anything herein to the contrary, the Administrative Agent
shall only deliver a “Shifting Control Notice”, “Notice of Exclusive Control” or other like notice
under any control agreement and any other agreements required to establish “control” (within the
meaning of Sections 9-104 and 9-106, as applicable, of the UCC) with respect to any Collateral if
an Event of Default shall have occurred and be continuing.

          The proceeds of each collection, sale or other disposition under this Section 5.05 shall be
applied in accordance with Section 5.09.

     (b) Certain Securities Act Limitations. The Securing Parties recognize that,
by reason of certain prohibitions contained in the Securities Act of 1933, as amended, and
applicable state securities laws, the Administrative Agent may be compelled, with respect
to any sale of all or any part of the Collateral, to limit purchasers to those who will
agree, among other things, to acquire the Collateral for their own account, for investment
and not with a view to the distribution or resale thereof. The Securing Parties
acknowledge that any such private sales may be at prices and on terms less favorable to the
Administrative Agent than those obtainable through a public sale without such restrictions,
and, notwithstanding such circumstances, agrees that any such private sale shall be deemed
to have been made in a commercially reasonable manner and that the Administrative Agent
shall have no obligation to engage in public sales and no obligation to delay the sale of
any Collateral for the period of time necessary to permit the respective Issuer or issuer
thereof to register it for public sale.

     (c) Notice. The Securing Parties agree that to the extent the Administrative
Agent is required by applicable law to give reasonable prior notice of any sale or other
disposition of any Collateral, ten business days’ notice shall be deemed to constitute
reasonable prior notice.

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          SECTION 5.06. Deficiency. If the proceeds of sale, collection or other realization
of or upon the Collateral pursuant to Section 5.05 are insufficient to cover the costs and expenses
of such realization and the payment in full of the Secured Obligations, the Securing Parties shall
remain liable for any deficiency.

          SECTION 5.07. Removals, Etc. Without at least 30 days’ prior written notice to the
Administrative Agent, no Securing Party shall (i) change its location (as defined in Section 9-307
of the UCC), (ii) change its name from the name shown as its current legal name on Annex 2, or
(iii) agree to or authorize any modification of the terms of any item of Collateral that would
result in a change thereof from one Uniform Commercial Code category to another such category (such
as from a General Intangible to Investment Property), if the effect thereof would be to result in a
loss of perfection of, or diminution of priority for, the security interests created hereunder in
such item of Collateral, or the loss of control (within the meaning of Section 9-104, 9-105, 9-106
or 9-107 of the UCC) over such item of Collateral.

          SECTION 5.08. Private Sale. No Secured Party shall incur any liability as a result
of the sale of the Collateral, or any part thereof, at any private sale pursuant to Section 5.05
conducted in a commercially reasonable manner. So long as such sale is conducted in a commercially
reasonable manner, each Securing Party hereby waives any claims against the Secured Parties arising
by reason of the fact that the price at which the Collateral may have been sold at such a private
sale was less than the price that might have been obtained at a public sale or was less than the
aggregate amount of the Secured Obligations, even if the Administrative Agent accepts the first
offer received and does not offer the Collateral to more than one offeree.

          SECTION 5.09. Application of Proceeds. Except as otherwise herein expressly
provided, the proceeds of any collection, sale or other realization of all or any part of the
Collateral pursuant hereto, and any other cash at the time held by the Administrative Agent under
Article IV or this Article V, shall be applied by the Administrative Agent:

     First, to the payment of the costs and expenses of such collection, sale or
other realization, including reasonable out-of-pocket costs and expenses of the
Administrative Agent and the fees and expenses of its agents and counsel, and all expenses
incurred and advances made by the Administrative Agent in connection therewith;

     Next, to the payment in full of the Secured Obligations, in each case equally
and ratably in accordance with the respective amounts thereof then due and owing or as the
Secured Parties holding the same may otherwise agree, provided that such proceeds
(to the extent representing the balance in the Collateral Account) shall be applied
first to the payment of LC Disbursements and second, after the payment in
full of all LC Exposure, and the termination or expiration of all Letters of Credit, to the
other Secured Obligations; and

     Finally, to the payment to the respective Securing Party, or their respective
successors or assigns, or as a court of competent jurisdiction may direct, of any surplus
then remaining.

          As used in this Article V, “proceeds” of Collateral shall mean cash, securities and
other property realized in respect of, and distributions in kind of, Collateral, including any
thereof received under any reorganization, liquidation or adjustment of debt of the Securing
Parties or any issuer of or obligor on any of the Collateral.

          SECTION 5.10. Attorney-in-Fact. Without limiting any rights or powers granted by
this Agreement to the Administrative Agent while no Event of Default has occurred and is
continuing, upon

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the occurrence and during the continuance of any Event of Default the Administrative Agent is
hereby appointed the attorney-in-fact of the Securing Parties for the purpose of carrying out the
provisions of this Article and taking any action and executing any instruments that the
Administrative Agent may deem necessary or advisable to accomplish the purposes hereof, which
appointment as attorney-in-fact is irrevocable and coupled with an interest. Without limiting the
generality of the foregoing, so long as the Administrative Agent shall be entitled under this
Article to make collections in respect of the Collateral, the Administrative Agent shall have the
right and power to receive, endorse and collect all checks made payable to the order of any
Securing Party representing any dividend, payment or other distribution in respect of the
Collateral or any part thereof and to give full discharge for the same.

          SECTION 5.11. Perfection. Prior to or concurrently with the execution and delivery
of this Agreement, each Securing Party shall (i) file such financing statements and other documents
in such offices as the Administrative Agent may request to perfect the security interests granted
by Article III, (ii) deliver to the Administrative Agent all certificates identified in Annex 1
(Part 2) hereto, accompanied by undated stock powers duly executed in blank and (iii) deliver to
the Administrative Agent the originals of all of the Promissory Notes described in Annex 4.
Without limiting the foregoing, each Securing Party authorizes the Administrative Agent to file
Uniform Commercial Code financing statements describing the Collateral as “all assets” or “all
personal property and fixtures” of such Securing Party (provided that no such description shall be
deemed to modify the description of Collateral set forth in Article III)

          SECTION 5.12. Termination. When all Secured Obligations shall have been paid in full
and the Commitments of the Lenders under the Credit Agreement and all LC Exposure shall have
expired or been terminated, this Agreement shall terminate, and the Administrative Agent shall
forthwith cause to be assigned, transferred and delivered, against receipt but without any
recourse, warranty or representation whatsoever, any remaining Collateral and money received in
respect thereof, to or on the order of the respective Securing Party. The Administrative Agent
shall also execute and deliver to each Securing Party upon such termination such Uniform Commercial
Code termination statements and such other documentation as shall be reasonably requested by such
Securing Party to effect the termination and release of the Liens on the Collateral.

          SECTION 5.13. Further Assurances. Each Securing Party agrees that, from time to time
upon the written request of the Administrative Agent, such Securing Party will execute and deliver
such further documents and do such other acts and things as the Administrative Agent may reasonably
request in order fully to effect the purposes of this Agreement.

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ARTICLE VI

MISCELLANEOUS

          SECTION 6.01. Notices. All notices and other communications provided for herein
shall be in writing and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by telecopy, as follows:

     (a) if to the Company, to it at 5551 Corporate Boulevard, Baton Rouge, Louisiana,
70896, Attention of Keith Istre (Telecopy No. (225) 923-0658);

     (b) if to any Securing Party other than the Company, to such Securing Party care of the
Company at the address for notices indicated in clause (a) above; and

     (c) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., 1111 Fannin Street,
10th Floor, Houston, Texas 77002-6925, Attention of Gloria Javier (Telecopy No.
(713) 750-2878), with a copy to JPMorgan Chase Bank, N.A., 270 Park Avenue, 15th
Floor, New York, New York 10017, Attention of Linda Wisnieski (Telecopy No (212) 270-4164).

Any party hereto may change its address or telecopy number for notices and other communications
hereunder by notice to the other parties hereto. All notices and other communications given to any
party hereto in accordance with the provisions of this Agreement shall be deemed to have been given
on the date of receipt.

          SECTION 6.02. Waivers; Amendments.

          (a) No Deemed Waivers. No failure or delay by any Secured Party in exercising any
right or power hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such
a right or power, preclude any other or further exercise thereof or the exercise of any other right
or power. The rights and remedies of the Secured Parties hereunder are cumulative and are not
exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of
this Agreement or consent to any departure by the Securing Parties therefrom shall in any event be
effective unless the same shall be permitted by paragraph (b) of this Section 6.02, and then such
waiver or consent shall be effective only in the specific instance and for the purpose for which
given.

          (b) Amendments. Neither this Agreement nor any provision hereof may be waived,
amended or modified except pursuant to an agreement or agreements in writing entered into by the
Securing Parties party thereto, and by the Administrative Agent with the consent of the appropriate
Secured Parties as more particularly provided in Section 10.02(c) of the Credit Agreement.

          SECTION 6.03. Expenses.

          (a) Reimbursement of Expenses. The Securing Parties jointly and severally agree to
reimburse each of the Secured Parties for all reasonable costs and expenses of the Secured Parties
(including, without limitation, the reasonable fees and expenses of legal counsel to the
Administrative Agent and the Lenders; provided, that the Lenders and the Issuing Lenders
(but not the Administrative Agent) shall be limited to one counsel together for the Lenders and the
Issuing Lenders as a group so long as any Lender or any Issuing Lender, as the case may be, has
not, in good faith (and based on advice of
counsel for such Lender or such Issuing Lender, as the case may be), reasonably determined that its
interests conflict sufficiently with those of the other Lenders to warrant the employment of
separate

17

 

counsel for such Lender or such Issuing Lender, as the case may be, in which case such
Lender or such Issuing Lender shall be paid, or reimbursed for payment of, the fees, charges and
disbursements of such separate counsel) in connection with (i) any Default and any enforcement or
collection proceeding resulting therefrom, including, without limitation, all manner of
participation in or other involvement with (w) performance by the Administrative Agent of any
obligations of the Securing Parties in respect of the Collateral that the Securing Parties have
failed or refused to perform, (x) bankruptcy, insolvency, receivership, foreclosure, winding up or
liquidation proceedings, or any actual or attempted sale, or any exchange, enforcement, collection,
compromise or settlement in respect of any of the Collateral, and for the care of the Collateral
and defending or asserting rights and claims of the Administrative Agent in respect thereof, by
litigation or otherwise, (y) judicial or regulatory proceedings and (z) workout, restructuring or
other negotiations or proceedings (whether or not the workout, restructuring or transaction
contemplated thereby is consummated) and (ii) the enforcement of this Section 6.03, and all such
costs and expenses shall be Secured Obligations entitled to the benefits of the collateral security
provided pursuant to Article III hereof.

          (b) Payment Upon Demand. All amounts due under this Section 6.03 shall be payable
promptly after written demand therefor.

          SECTION 6.04. Successors and Assigns. The provisions of this Agreement shall be
binding upon and inure to the benefit of the respective successors and assigns of the Securing
Parties, the Secured Parties and each holder of the Secured Obligations, except that no Securing
Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior
written consent of the Administrative Agent (and any attempted assignment or transfer by any
Securing Party without such consent shall be null and void). Nothing in this Agreement, expressed
or implied, shall be construed to confer upon any Person (other than the Securing Parties and the
respective successors and assigns of the Securing Parties, the Secured Parties and each holder of
the Secured Obligations) any legal or equitable right, remedy or claim under or by reason of this
Agreement.

          SECTION 6.05. Counterparts. This Agreement may be executed in counterparts (and by
the parties hereto on different counterparts), each of which shall constitute an original, but all
of which when taken together shall constitute a single contract.

          SECTION 6.06. Severability. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without affecting the validity, legality
and enforceability of the remaining provisions hereof; and the invalidity of a particular provision
in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

          SECTION 6.07. Governing Law. This Agreement shall be construed in accordance with
and governed by the law of the State of New York.

          SECTION 6.08. Headings. Article and Section headings used herein are for convenience
of reference only, are not part of this Agreement and shall not affect the construction of, or be
taken into consideration in interpreting, this Agreement.

          SECTION 6.09. Agents and Attorneys-in-Fact. The Administrative Agent may employ
agents and attorneys-in-fact in connection herewith and shall not be responsible for the negligence
or misconduct of any such agents or attorneys-in-fact selected by it in good faith.

          SECTION 6.10. Additional Subsidiary Guarantors. As contemplated by Section 6.10(a)
of the Credit Agreement, in the event that any Securing Party shall form or acquire any new
Subsidiary

18

 

after the date hereof, such Securing Party will cause such new Subsidiary to execute and
deliver to the Administrative Agent a Joinder Agreement in the form of Exhibit E to the Credit
Agreement (and, thereby, to become a party to the Credit Agreement as a “Subsidiary Guarantor”
thereunder, and under this Agreement, and to pledge and grant a security interest in any of its
property of the type included in “Collateral” under this Agreement to the Administrative Agent for
the benefit of the Secured Parties). Accordingly, upon the execution and delivery of any such
Joinder Agreement by any such new Subsidiary, such new Subsidiary shall automatically and
immediately, and without any further action on the part of any Person, become a “Securing Party”
under and for all purposes of this Agreement, and Annex 1 hereto shall be deemed to be supplemented
in the manner specified in said Joinder Agreement.

          SECTION 6.11. Certain Provisions Applicable to Subsidiary Borrower. Anything herein
to the contrary notwithstanding, it is the intention of this Agreement that the Liens upon property
of a Subsidiary Borrower hereunder shall secure only the Secured Obligations of such Subsidiary
Borrower, and no other Secured Obligations. In addition, in the event that a Subsidiary Borrower
shall become a party hereto and shall at such time or at any time thereafter have any Subsidiary,
such Subsidiary Borrower shall, and shall cause each such Subsidiary to, take such actions and
execute and deliver such instruments, as shall be requested by the Administrative Agent in order
that each such Subsidiary shall guarantee the obligations of such Subsidiary Borrower under the
Credit Agreement and grant, pursuant to this Agreement or a separate instrument governed by the law
of Puerto Rico, Canada, Mexico or other applicable law, as the case may be, in form and substance
satisfactory to the Administrative Agent, a Lien in favor of the Administrative Agent for the
benefit of the Lenders as collateral security for the obligations of such Subsidiary under and in
respect of such Guarantee.

          SECTION 6.12. Entire Agreement. This Agreement and the other Loan Documents
constitute the entire contract among the parties relating to the subject matter hereof and
supersede any and all previous agreements and understandings, oral or written, relating to the
subject matter hereof (including the Existing Pledge Agreement).

19

 

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

	 	 	 	 	 
	 	LAMAR MEDIA CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 
	 	SUBSIDIARY GUARANTORS

[                                                            ]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	ADMINISTRATIVE AGENT	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	JPMORGAN CHASE BANK, N.A.,	 	 
	 	 	 	 	as Administrative Agent	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Title:	 	 

 

 

Exhibit E

[Form of Joinder Agreement]

JOINDER AGREEMENT

          JOINDER AGREEMENT dated as of                     , 20___by                     , a            
          corporation
(the “Additional Subsidiary Guarantor”), in favor of JPMorgan Chase Bank, N.A., as
administrative agent for the Lenders party to the Credit Agreement referred to below (in such
capacity, together with its successors in such capacity, the “Administrative Agent”).

          Lamar Media Corp., a Delaware corporation (the “Company”), the Subsidiary Borrower
that may be or may become a party thereto (the “Subsidiary Borrower” and together with the
Company, the “Borrowers”) and certain of its subsidiaries (collectively, the “Existing
Subsidiary Guarantors” and, together with the Borrowers, the “Securing Parties”) are
parties to a Credit Agreement dated as of September 30, 2005 (as modified and supplemented and in
effect from time to time, the “Credit Agreement”, providing, subject to the terms and
conditions thereof, for extensions of credit (by means of loans and letters of credit) to be made
by the Lenders named therein (collectively, together with any entity that becomes a “Lender” party
to the Credit Agreement after the date hereof as provided therein, the “Lenders” and,
together with Administrative Agent and any successors or assigns of any of the foregoing, the
“Secured Parties”) to the Company in an aggregate principal or face amount not exceeding
$1,350,600,000 (which, in the circumstances contemplated by Section 2.01(c) thereof, may be
increased to $1,650,600,000 and made available to the Company and the Subsidiary Borrower). In
addition, the Borrowers may from time to time be obligated to one or more of the Lenders under the
Credit Agreement in respect of Swap Agreements under and as defined in the Credit Agreement
(collectively, the “Swap Agreements”).

          In connection with the Credit Agreement, the Borrowers, the Existing Subsidiary Guarantors and
the Administrative Agent are parties to an Amended and Restated Pledge Agreement dated as of
                    , 2009 (the “Pledge Agreement”) pursuant to which the Securing Parties have,
inter alia, granted a security interest in the Collateral (as defined in the Pledge
Agreement) as collateral security for the Secured Obligations (as so defined). Terms defined in
the Pledge Agreement are used herein as defined therein.

          To induce the Secured Parties to enter into the Credit Agreement, and to extend credit
thereunder and to extend credit to the Borrowers under Swap Agreements, and for other good and
valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Additional
Subsidiary Guarantor has agreed to become a party to the Credit Agreement and the Pledge Agreement
as a “Subsidiary Guarantor” thereunder, and to pledge and grant a security interest in the
Collateral (as defined in the Pledge Agreement).

          Accordingly, the parties hereto agree as follows:

          Section 1. Definitions. Terms defined in the Credit Agreement are used herein as
defined therein.

          Section 2. Joinder to Agreements. Effective upon the execution and delivery hereof,
the Additional Subsidiary Guarantor hereby agrees that it shall become a “Subsidiary Guarantor”
under and for all purposes of the Credit Agreement and the Pledge Agreement with all the rights and
obligations of a Subsidiary Guarantor thereunder. Without limiting the generality of the
foregoing, the Additional Subsidiary Guarantor hereby:

          (i) jointly and severally with the other Subsidiary Guarantors party to the Credit
Agreement guarantees to each Secured Party and their respective successors and assigns

 

 

the prompt payment in full when due (whether at stated maturity, by acceleration or
otherwise) of all Guaranteed Obligations in the same manner and to the same extent as is
provided in Article III of the Credit Agreement;

          (ii) pledges and grants the security interests in all right, title and interest of the
Additional Subsidiary Guarantor in all Collateral (as defined in the Pledge Agreement) now
owned or hereafter acquired by the Additional Subsidiary Guarantor and whether now existing
or hereafter coming into existence provided for by Article III of the Pledge Agreement as
collateral security for the Secured Obligations and agrees that each of the Annexes thereof
shall be supplemented as provided in Appendix A hereto;

          (iii) makes the representations and warranties set forth in Article IV of the Credit
Agreement and in Article II of the Pledge Agreement, with respect to itself and its
obligations under this Agreement, as if each reference in such Sections to the Loan
Documents included reference to this Agreement; and

          (iv) submits to the jurisdiction of the courts, and waives jury trial, as provided in
Sections 10.09 and 10.10 of the Credit Agreement.

          The Additional Subsidiary Guarantor hereby instructs its counsel to deliver the opinions
referred to in Section 6.10(a)(iii) of the Credit Agreement to the Secured Parties.

2

 

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

	 	 	 	 	 
	 	[ADDITIONAL SUBSIDIARY GUARANTOR]

 	 
	 	By:  	 	 
	 	 	Title:  	 	 
	 

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

	 	 	 	 
	 

	 	Title:exv4w6

Exhibit 4.6

AMENDMENT NO. 2 TO RIGHTS AGREEMENT

     THIS AMENDMENT NO. 2 TO RIGHTS AGREEMENT (this “Amendment”), dated as of March 26, 2009,
between Endocare, Inc., a Delaware corporation (the “Company”), and Computershare Trust Company,
N.A. as successor Rights Agent to U.S. Stock Transfer Corporation (the “Rights Agent”), amends that
certain Rights Agreement, dated as of March 31, 1999, between the Company and the Rights Agent, as
first amended on June 24, 2005 (as amended, the “Rights Agreement”). All capitalized terms used
herein but not otherwise defined shall have the meanings given to them in the Rights Agreement.

     WHEREAS, the Company and the Rights Agent have heretofore executed and entered into the Rights
Agreement;

     WHEREAS, the Company and the Rights Agent previously executed and delivered an Amendment No. 2
to Rights Agreement, dated as of February 1, 2008 (the “Prior Amendment No. 2”);

     WHEREAS, the Prior Amendment No. 2 subsequently was nullified in its entirety pursuant to a
Nullification of Amendment No. 2 to Rights Agreement, dated as of February 6, 2008, between the
Company and the Rights Agent;

     WHEREAS, the Company and the Rights Agent now desire to enter into this Amendment;

     WHEREAS, pursuant to Section 27 of the Rights Agreement, the Company may from time to time
supplement or amend the Rights Agreement in accordance with the provisions thereof and the Company
may direct the Rights Agent to execute such supplement or amendment to the Rights Agreement; and

     WHEREAS, all acts necessary to make this Amendment a valid agreement according to its terms
have been done and performed, and the execution and delivery of this Amendment by the Company and
the Rights Agent have been in all respects authorized by the Company and the Rights Agent.

     NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein and for
other good and valuable consideration the receipt and sufficiency of which the parties expressly
acknowledge, the parties hereto agree as follows:

     1. Amendment to Section 1.

     (a) The definition of “Acquiring Person” in Section 1 of the Rights Agreement is
hereby amended and restated in its entirety to read as follows:

	 	 	 	““Acquiring Person” shall mean (i) any Person (as such term is hereinafter
defined) who or which, together with all Affiliates and Associates (as such
terms are hereinafter defined) of such Person, shall be the Beneficial

 

 

	 	 	 	Owner (as such term is hereinafter defined) of 20% or more of the shares of
Common Stock of the Company then outstanding or (ii) any Person who is an
Adverse Person (as such term is hereinafter defined), but shall not include
(1) the Company, any Subsidiary (as such term is hereinafter defined) of the
Company, any employee benefit plan of the Company or any Subsidiary of the
Company, or any entity holding shares of Common Stock for or pursuant to the
terms of any such plan, or (2) any Person who becomes the Beneficial Owner
of 20% or more of the then-outstanding shares of Company Common Stock as a
result of the acquisition of (A) shares of Company Common Stock directly
from the Company or one of its Subsidiaries in one or more transactions
approved in advance by the Board of Directors, or (B) outstanding shares of
Company Common Stock from third parties, in one or more transactions
approved in advance by the Board of Directors. Notwithstanding the
foregoing:

	 	(i)	 	no Person shall become an “Acquiring Person” as the
result of an acquisition of shares of Common Stock by the Company or
one or more Subsidiaries of the Company which, by reducing the number
of shares outstanding, increases the proportionate number of shares
beneficially owned by such Person to 20% or more of the shares of
Common Stock of the Company then outstanding; provided, however, that
if a Person shall become the Beneficial Owner of 20% or more of the
shares of Common Stock of the Company then outstanding by reason of
share purchases by the Company or any of its Subsidiaries and shall,
after such share purchases by the Company or its Subsidiaries, become
the Beneficial Owner of any additional shares of Common Stock of the
Company, then, subject to clause (ii) below, such Person shall be
deemed to be an “Acquiring Person” hereunder; and
	 
	 	(ii)	 	if the Board of Directors of the Company determines in
good faith that a Person who would otherwise be an “Acquiring Person”
as defined pursuant to the foregoing provisions of this paragraph (a),
has become such inadvertently (including, without limitation, because
(A) such Person was unaware that it Beneficially Owned a percentage of
Company Common Stock that would otherwise cause such Person to be an
“Acquiring Person” or (B) such Person was aware of the extent of its
Beneficial Ownership of Company Common Stock but had no actual
knowledge of the consequences of such Beneficial Ownership under the
Rights Agreement), and without any intention of changing or influencing
control of the Company, and such Person divests as promptly as
practicable a sufficient number of shares of Common Stock so that such
Person would no longer be an “Acquiring Person” (as defined pursuant to
the foregoing provisions of this paragraph (a)), then such Person shall
not be deemed to be an “Acquiring Person” for any purpose of this
Agreement.”

2

 

     (b) The definition of “Business Day” in Section 1 of the Rights Agreement is hereby amended
and restated in its entirety to read as follows:

	 	 	 	““Business Day” shall mean any day other than a Saturday, a Sunday or a day
on which banking institutions in the Commonwealth of Massachusetts are
authorized or obligated by law or executive order to close or the national
securities exchanges in the United States are closed.”

     (c) The definition of “Close of Business” in Section 1 of the Rights Agreement is hereby
amended and restated in its entirety to read as follows:

	 	 	 	““Close of Business” on any given date shall mean 5:00 P.M., Massachusetts
time, on such date; provided, however, that if such date is not a Business
Day it shall mean 5:00 P.M., Massachusetts time, on the next succeeding
Business Day.”

     2. Amendment to Section 2. Section 2 of the Rights Agreement is hereby amended and
restated in its entirety to read as follows:

	 	 	 	“Section 2. Appointment of Rights Agent. The Company hereby appoints the
Rights Agent to act as agent for the Company in accordance with the terms
and conditions hereof, and the Rights Agent hereby accepts such appointment.
The Company may from time to time appoint such co-Rights Agents as it may
deem necessary or desirable upon ten (10) days’ prior written notice to the
Rights Agent. The Rights Agent shall have no duty to supervise, and shall
in no event be liable for, the acts or omissions of any such co-Rights
Agent.”

     3. Amendment to Section 3. The reference to “15%” in Section 3(a) of the Rights
Agreement is hereby amended to read “20%.”

     4. Amendment to Section 7. Section 7(a)(i) of the Rights Agreement is hereby amended
and restated in its entirety to read as follows: “(i) the Close of Business on March 31, 2011 (the
“Final Expiration Date”)”.

     5. Amendment to Section 21.

     (a) Section 21 of the Rights Agreement is hereby amended by adding the following sentence
after the existing first sentence:

	 	 	 	“In the event the transfer agency relationship in effect between the Company
and the Rights Agent terminates, the Rights Agent will be deemed to have
resigned automatically and be discharged from its duties under this
Agreement as of the effective date of such termination, and the Company
shall be responsible for sending any required notice of such termination of
the Rights Agent to the holders of the Rights Certificates.”

     (b) Section 21 of the Rights Agreement is hereby further amended by deleting the following
sentence in its entirety:

3

 

	 	 	 	“Any successor Rights Agent, whether appointed by the Company or by such a
court, shall be a corporation organized and doing business under the laws of
the United States or of any state of the United States, in good standing,
authorized under such laws to exercise corporate trust or stock transfer
powers, and subject to supervision or examination by federal or state
authority and which has at the time of its appointment as Rights Agent a
combined capital and surplus of at least $50 million.”

and replacing such deleted sentence in its entirety with the following:

	 	 	 	“Any successor Rights Agent, whether appointed by the Company or by such a
court, shall be an entity organized and doing business under the laws of the
United States or of any state of the United States, in good standing,
authorized under such laws to exercise corporate trust or stock transfer
powers, and subject to supervision or examination by federal or state
authority and which has at the time of its appointment as Rights Agent,
along with its Affiliates, a combined capital and surplus of at least $50
million.”

     6. Amendment to Section 24. The reference to “15%” in Section 24(a) of the Rights
Agreement is hereby amended to read “20%.”

     7. Amendment to Section 32. Section 32 of the Rights Agreement is hereby amended and
restated in its entirety to read as follows:

	 	 	 	“This Agreement and each Rights Certificate issued hereunder shall be deemed
to be a contract made under the laws of the State of Delaware and for all
purposes shall be governed by and construed in accordance with the laws of
such State applicable to contracts to be made and performed entirely within
such State.”

     8. Addition of New Section 35. New Section 35 is hereby added to the Rights
Agreement immediately after Section 34, as follows:

	 	 	 	“Section 35. Force Majeure. Notwithstanding anything to the contrary
contained herein, the Rights Agent shall not be liable for any delays or
failures in performance resulting from acts beyond its reasonable control
including, without limitation, acts of God, terrorist acts, shortage of
supply, breakdowns or malfunctions, interruptions or malfunction of computer
facilities, or loss of data due to power failures or mechanical difficulties
with information storage or retrieval systems, labor difficulties, war, or
civil unrest.

     9 References to Rights Agent. All references in the Rights Agreement to “U.S. Stock
Transfer Corporation” shall for all purposes be deemed to refer to “Computershare Trust Company,
N.A.”

4

 

     10. Amendment to Summary of Rights. The Summary of Rights to Purchase Shares of
Series A Preferred Stock, attached as Exhibit C to the Rights Agreement (the “Summary of Rights”)
is hereby amended by deleting the Summary of Rights in its entirety and replacing it with the
amended Summary of Rights to Purchase Shares of Series A Preferred in the form attached hereto as
Exhibit A.

     11. Entire Agreement. This Amendment and the Rights Agreement (including schedules
and exhibits thereto) set forth the entire understanding of the parties relating to the subject
matter hereof and thereof and supersede all prior agreements and understandings among or between
any of the parties relating to the subject matter hereof.

     12. Benefits of this Amendment. Nothing in this Amendment shall be construed to give
to any Person other than the Company, the Rights Agent and the registered holders of the Rights
Certificates (and, prior to the Distribution Date, the registered holders of the shares of Common
Stock) any legal or equitable right, remedy or claim under this Amendment; but this Amendment shall
be for the sole and exclusive benefit of the Company, the Rights Agent and the registered holders
of the Rights Certificates (and, prior to the Distribution Date, the registered holders of the
shares of Common Stock).

     13. Severability. If any term, provision, covenant or restriction of this Amendment
is held by a court of competent jurisdiction or other authority to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment
shall remain in full force and effect and shall in no way be affected, impaired or invalidated;
provided, however, that notwithstanding anything in this Amendment to the contrary, if any such
term, provision, covenant or restriction is held by such court or authority to be invalid, void or
unenforceable and the Board of Directors of the Company determines in its good faith judgment that
severing the invalid language from this Amendment would adversely affect the purpose or effect of
this Amendment, if terminated, the right of redemption set forth in Section 23 of the Rights
Agreement shall be reinstated and shall not expire until the tenth Business Day following the date
of such determination by the Board of Directors of the Company.

     14. Governing Law. This Amendment shall be governed by and construed in accordance
with the laws of the State of Delaware applicable to contracts to be made and performed entirely
within such State.

     15. Counterparts. This Amendment may be executed in any number of counterparts and
each of such counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument.

     16. Descriptive Headings. Descriptive headings of the several sections of this
Amendment are inserted for convenience only and shall not control or affect the meaning or
construction of any of the provisions hereof.

     17. Continued Full Force and Effect. Except as expressly amended above, the Rights
Agreement shall continue in full force and effect in accordance with its terms.

[Signature Page Follows]

5

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
attested, all as of the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ATTEST	 	 	 	 	 	ENDOCARE, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Clint B. Davis
	 	 	 	By:
	 	/s/ Michael R. Rodriguez
	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	Clint B. Davis
	 	 	 	 	 	Name:
	 	Michael R. Rodriguez	 	 
	 

	 	Title:
	 	Senior Vice President, Legal
Affairs,
 General Counsel and
Secretary
	 	 	 	 	 	Title:
	 	Senior Vice President, Finance
and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ATTEST:	 	 	 	 	 	COMPUTERSHARE TRUST COMPANY, N.A.	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Suzanne L. Schaming
	 	 	 	By:
	 	/s/ Dennis V. Moccia
	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	Suzanne L. Schaming
	 	 	 	 	 	Name:
	 	Dennis V. Moccia	 	 
	 

	 	Title:
	 	Corporate Counsel
	 	 	 	 	 	Title:
	 	Managing Director	 	 

SIGNATURE PAGE TO AMENDMENT NO. 2 TO RIGHTS AGREEMENT

 

 

Exhibit C

AMENDED SUMMARY OF RIGHTS TO PURCHASE

SHARES OF SERIES A PREFERRED STOCK

 

 

ENDOCARE, INC.

SUMMARY OF RIGHTS TO PURCHASE

SHARES OF SERIES A PREFERRED STOCK

     On March 5, 1999 the Board of Directors of ENDOCARE, INC. (the “Company”) declared a dividend
of one preferred share purchase right (a “Right”) for each outstanding share of Common Stock (the
“Common Stock”), par value $0.001 per share, of the Company. The dividend was paid on April 15,
1999 (the “Record Date”) to the stockholders of record on that date. The Board of Directors of the
Company further authorized and directed the issuance of one Right with respect to each share of
Common Stock that shall become outstanding between the Record Date and the Distribution Date (or
earlier redemption or expiration of the Rights). Each Right entitled the registered holder to
purchase from the Company one one-thousandth of a share (a “Unit”) of Series A Junior Participating
Preferred Stock, par value $0.001 per share (the “Series A Preferred Stock”), of the Company at an
initial price of $25.00 per Unit (the “Purchase Price”), subject to adjustment. The Purchase Price
was adjusted to $75.00 per Unit as a result of the one-for-three reverse stock split of the Common
Stock on August 20, 2007. The following is a brief summary of the Rights. The description and
terms of the Rights are set forth in a Rights Agreement dated as of March 31, 1999, as amended on
June 24, 2005 and as further amended on March 26, 2009 (as amended, the “Rights Agreement”)
between the Company and COMPUTERSHARE TRUST COMPANY, N.A. as successor to U.S. STOCK TRANSFER
CORPORATION, as Rights Agent (the “Rights Agent”), which are incorporated herein by this reference.

     Until the earlier to occur of (i) the tenth business day after a public announcement that a
person or group of affiliated or associated persons (an “Acquiring Person”) has acquired beneficial
ownership of 20% or more of the outstanding Common Stock (subject to certain exceptions as provided
in the Rights Agreement) and (ii) ten (10) business days (or such later date as may be determined
by action of the Board of Directors prior to such time as any Person becomes an Acquiring Person)
following the commencement of, or announcement of an intention to make, a tender offer or exchange
offer the consummation of which would result in the beneficial ownership by a person or group of
20% or more of such outstanding Common Stock (the earlier of such dates being called the
“Distribution Date”), the Rights will be evidenced, with respect to any of the Common Stock
certificates outstanding as of the Record Date, by such Common Stock certificate with a copy of
this Summary of Rights attached thereto.

     The Rights Agreement provides that, until the Distribution Date, the Rights will be
transferred with and only with the Common Stock. Until the Distribution Date (or earlier
redemption or expiration of the Rights), new Common Stock certificates issued after the Record
Date, upon transfer or new issuance of Common Stock will contain a notation incorporating the
Rights Agreement by reference. Until the Distribution Date (or earlier redemption or expiration of
the Rights), the surrender for transfer of any certificates for Common Stock, which become
outstanding on or after the Record Date, but prior to the Distribution Date or Expiration Date,
even without such notation or a copy of this Summary of Rights being attached thereto, will also
constitute the transfer of the Rights associated with the Common Stock represented by such

 

 

certificate. As soon as practicable following the Distribution Date, separate certificates
evidencing the Rights (“Rights Certificates”) will be mailed to holders of record of the Common
Stock as of the Close of Business on the Distribution Date and thereafter such separate Rights
Certificates alone will evidence the Rights. The Rights are not exercisable until the Distribution
Date. The Rights will expire at the close of business on March 31, 2011 (the “Final Expiration
Date”), unless the Final Expiration Date is amended or unless the Rights are earlier redeemed or
exchanged by the Company, in each case as described below.

     The Purchase Price payable, and the number of Units of Preferred Stock or other securities or
property issuable, upon exercise of the Rights are subject to adjustment from time to time to
prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or
reclassification of, the Preferred Stock, (ii) upon the grant to holders of the Units of Preferred
Stock of certain rights or warrants to subscribe for or purchase Units of Preferred Stock at a
price, or securities convertible into Units of Preferred Stock with a conversion price, less than
the then current market price of the Units of Preferred Stock or (iii) upon the distribution to
holders of the Units of Preferred Stock of evidences of indebtedness or assets (excluding regular
periodic cash dividends paid out of earnings or retained earnings or dividends payable in Units of
Preferred Stock) or of subscription rights or warrants (other than those referred to above).

     The number of outstanding Rights and the number of Units of Preferred Stock issuable upon
exercise of each Right are also subject to adjustment in the event of a stock split of the Common
Stock or a stock dividend on the Common Stock payable in Common Stock or subdivisions,
consolidations or combinations of the Common Stock occurring, in any such case, prior to the
Distribution Date.

     Units of Preferred Stock purchasable upon exercise of the Rights will not be redeemable. Each
Unit of Preferred Stock will be entitled to a dividend equal to any dividend declared per share of
Common Stock. In the event of liquidation, each Unit of Preferred Stock will be entitled to a
payment equal to any payment made per share of Common Stock. Each Unit of Preferred Stock will
have one vote, voting together with the Common Stock. Finally, in the event of any merger,
consolidation or other transaction in which shares of Common Stock are exchanged, each Unit of
Preferred Stock will be entitled to receive an amount equal to the amount received per share of
Common Stock. These rights are protected by customary antidilution provisions.

     Because of the nature of the dividend, liquidation and voting rights, the value of each Unit
of Preferred Stock purchasable upon exercise of the Rights should approximate the value of one
share of Common Stock.

     In the event that, after the Rights become exercisable, the Company is acquired in a merger or
other business combination transaction with an Acquiring Person or an affiliate thereof, or 50% or
more of its consolidated assets or earning power are sold to an Acquiring Person or an affiliate
thereof, proper provision will be made so that each holder of a Right will thereafter have the
right to receive, upon exercise thereof at the then current exercise price of the Rights, that
number of shares of common stock of the acquiring company which at the time of such transaction
will have a market value of two times the exercise price of the Rights.

2

 

     In the event that any person or group of affiliated or associated persons becomes the
beneficial owner of 20% or more of the outstanding shares of Common Stock (subject to certain
exceptions) proper provision shall be made so that each holder of a Right, other than Rights
beneficially owned by the Acquiring Person (which will thereafter be void), will thereafter have
the right to receive upon exercise that number of shares of Common Stock or Units of Preferred
Stock (or cash, other securities or property) having a market value of two times the exercise price
of the Rights.

     At any time after the acquisition by a person or group of affiliated or associated persons of
beneficial ownership of 20% or more (subject to certain exceptions) of the outstanding shares of
Common Stock and prior to the acquisition by any person or group of affiliated or associated
persons of 50% or more of the outstanding Common Stock, the Board of Directors of the Company may
exchange all or part of the Rights (other than Rights owned by such person or group which have
become void) for Units of Preferred Stock at an exchange ratio (subject to adjustment) which shall
equal, subject to adjustment to reflect stock splits, stock dividends and similar transactions,
that number obtained by dividing the Purchase Price by the then current per share market price per
Unit of Preferred Stock on the earlier of (i) the date on which any Person becomes an Acquiring
Person and (ii) the date on which a tender or exchange offer is announced by any Person, if upon
consummation thereof such Person would be the Beneficial Owner of 20% or more (subject to certain
exceptions) of the shares of Company Common Stock then outstanding.

     With certain exceptions, no adjustment in the Purchase Price will be required until cumulative
adjustments require an adjustment of at least 1% in such Purchase Price. No fractional shares of
Preferred Stock will be issued (other than fractions which are integral multiples of one
one-thousandth of a share of Preferred Stock, which may, at the election of the Company, be
evidenced by depositary receipts) and, in lieu thereof, an adjustment in cash will be made based on
the market price of the Units of Preferred Stock on the last trading day prior to the date of
exercise.

     At any time within ten (10) business days after the date a person or group of affiliated or
associated persons acquires beneficial ownership of 20% or more (subject to certain exceptions) of
the outstanding Common Stock, the Board of Directors of the Company may redeem the Rights in whole,
but not in part, at a price of $.03 per Right (the “Redemption Price”). The redemption of the
rights may be made effective at such time on such basis and with such conditions as the Board of
Directors in its sole discretion may establish. Immediately upon any redemption of the Rights, the
right to exercise the Rights will terminate and the only right of the holders of Rights will be to
receive the Redemption Price. The Rights are also redeemable under other circumstances as
specified in the Agreement.

     The terms of the Rights may be amended by the Board of Directors of the Company without the
consent of the holders of the Rights except that from and after a Distribution Date no such
amendment may adversely affect the interests of the holders of the Rights.

     Until a Right is exercised, the holder thereof, as such, will have no rights as a stockholder
of the Company, including, without limitation, the right to vote or to receive dividends.

3

 

	 	 	 
	Certificate No. R-

	 	                     Rights

NOT EXERCISABLE AFTER MARCH 31, 2011 OR EARLIER IF REDEMPTION OR EXCHANGE OCCURS.
THE RIGHTS ARE SUBJECT TO REDEMPTION AT THE OPTION OF THE COMPANY AT $.03 PER RIGHT
AND TO EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN
CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR AN AFFILIATE OR
ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT)
AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL AND VOID. [THE RIGHTS
REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON
WHO WAS OR BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE OF AN ACQUIRING
PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT). ACCORDINGLY, THIS
RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE
CIRCUMSTANCES SPECIFIED IN SUCH AGREEMENT.]*

Rights Certificate

ENDOCARE, INC.

     This certifies that                                         , or registered assigns, is the registered owner of
the number of Rights set forth above, each of which entitles the owner thereof, subject to the
terms, provisions and conditions of the Rights Agreement, dated as of March 31, 1999 (as amended,
the “Rights Agreement”), between ENDOCARE, INC., a Delaware corporation (the “Company”), and
COMPUTERSHARE TRUST COMPANY, N.A., as successor Rights Agent to U.S. STOCK TRANSFER CORPORATION
(the “Rights Agent”), to purchase from the Company at any time after the Distribution Date (as such
term is defined in the Rights Agreement) and prior to 5:00 P.M., California time, on March 31, 2011
at the office of the Rights Agent designated for such purpose, or at the office of its successor as
Rights Agent, three one-thousandth (a “Unit”) of a fully paid non-assessable share of Series A
Junior Participating Preferred Stock, par value $.001 per share (the “Series A Preferred Stock”) of
the Company, at a purchase price of $25.00 per Unit of Series A Preferred Stock (the “Purchase
Price”), upon presentation and surrender of this Rights Certificate with the Form of Election to
Purchase duly executed. The number of Rights evidenced by this Rights Certificate (and the number
of Units of Series A Preferred Stock which may be purchased upon exercise hereof) set forth above,
and the Purchase Price set forth above, are the number and Purchase Price as of March 26, 2009,
based

 

			
	*	 	The portion of the legend in bracket shall be inserted only if
applicable and shall replace the preceding sentence.

 

 

on the Series A Preferred Stock as constituted at such date. As provided in the Rights
Agreement, the Purchase Price and the number of Units of Series A Preferred Stock which may be
purchased upon the exercise of the Rights evidenced by this Rights Certificate are subject to
modification and adjustment upon the happening of certain events.

     This Rights Certificate is subject to all of the terms, provisions and conditions of the
Rights Agreement, which terms, provisions and conditions are hereby incorporated herein by
reference and made a part hereof and to which Rights Agreement reference is hereby made for a full
description of the rights, limitations of rights, obligations, duties and immunities hereunder of
the Rights Agent, the Company and the holders of the Rights Certificates. Copies of the Rights
Agreement are on file at the principal executive offices of the Company.

     This Rights Certificate, with or without other Rights Certificates, upon surrender at the
office of the Rights Agent designated for such purpose, may be exchanged for another Rights
Certificate or Rights Certificates of like tenor and date evidencing Rights entitling the holder to
purchase a like aggregate number of Series A Preferred Stock as the Rights evidenced by the Rights
Certificate or Rights Certificates surrendered shall have entitled such holder to purchase. If this
Rights Certificate shall be exercised in part, the holder shall be entitled to receive upon
surrender hereof another Rights Certificate or Rights Certificates for the number of whole Rights
not exercised.

     Subject to the provisions of the Rights Agreement, the Rights evidenced by this Certificate
may be redeemed by the Company at a redemption price of $.03 per Right.

     No fractional shares of Series A Preferred Stock will be issued upon the exercise of any
Rights or Rights evidenced hereby (other than fractions which are integral multiples of one
one-thousandth of a share of Series A Preferred Stock, which may, at the election of the Company,
be evidenced by depositary receipts), but in lieu thereof a cash payment will be made, as provided
in the Rights Agreement.

     No holder of this Rights Certificate, as such, shall be entitled to vote or receive dividends
or be deemed for any purpose the holder of Units of Series A Preferred Stock or of any other
securities of the Company which may at any time be issuable on the exercise hereof, nor shall
anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof,
as such, any of the rights of a stockholder of the Company or any right to vote for the election of
directors or upon any matter submitted to stockholders at any meeting thereof, or to give or
withhold consent to any corporate action, or to receive notice of meetings or other actions
affecting stockholders (except as provided in the Rights Agreement), or to receive dividends or
subscription rights, or otherwise, until the Rights or Rights evidenced by this Rights Certificate
shall have been exercised as provided in the Rights Agreement.

     This Rights Certificate shall not be valid or obligatory for any purpose until it shall have
been countersigned by the Rights Agent.

2

 

          WITNESS the signature of the proper officers of the Company and its corporate seal.

     Dated as of                                         .

	 	 	 	 	 	 	 	 	 	 	 
	ATTEST:	 	 	 	ENDOCARE, INC.	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Name:

	 	 
	 	 	 	Name:
	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Title:

	 	 
	 	 	 	Title:
	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 

Countersigned:

COMPUTERSHARE TRUST COMPANY, N.A.

as Rights Agent

	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Name:

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Title:

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

3

 

Form of Reverse Side of Rights Certificate

FORM OF ASSIGNMENT

(To be executed by the registered holder if such holder desires to

transfer the Rights Certificate.)

     FOR VALUE RECEIVED                                          hereby sells, assigns and transfers unto

 

(Please print name and address of transferee)

this Rights Certificate, together with all right, title and interest therein,
and does hereby irrevocably constitute and appoint                                          Attorney, to transfer the within Rights Certificate on the books of the within-named Company, with full power of substitution.

DATED:                                        ,          

	 	 	 	 	 
	 

	 	 

Signature
	 	 

Signature Guaranteed:

     Signatures must be guaranteed by a participant in a Securities Transfer Association Inc.
recognized signature guarantee medallion program.

4

 

CERTIFICATE

     The undersigned hereby certifies that the Rights evidenced by this Rights Certificate are not
beneficially owned by an Acquiring Person or an Affiliate or Associate thereof (as defined in the
Rights Agreement).

	 	 	 	 	 
	 
	 

	 	 

Signature
	 	 

* * * * * * * *

NOTICE

     The signature in the foregoing Form of Assignment must conform to the name as written upon the
face of this Rights Certificate in every particular, without alteration or enlargement or any
change whatsoever.

     In the event the certification set forth above in the Form of Assignment is not completed, the
Company and the Rights Agent will deem the beneficial owner of the Rights evidenced by this Rights
Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the
Rights Agreement) and such Assignment will not be honored.

5

 

FORM OF ELECTION TO PURCHASE

(To be executed if holder desires to exercise the Rights Certificate.)

To ENDOCARE, INC.

     The undersigned hereby irrevocably elects to exercise                      Rights represented by
this Rights Certificate to purchase the Units of Series A Preferred Stock issuable upon the
exercise of such Rights and requests that certificates for such Series A Preferred Stock be issued
in the name of:

	 	 	 
	Please insert social security
	 	 
	or other identifying number:
	 	 
	 

	 	 
	 

	 	      (Please print social security or other identifying number)
	 
	 	 
	 
	 
	 	 
	 
	 

	 	(Please print name and address)

     If such number of Rights shall not be all the Rights evidenced by this Rights Certificate, a
new Rights Certificate for the balance remaining of such Rights shall be registered in the name of
and delivered to:

	 	 	 
	Please insert social security
	 	 
	or other identifying number
	 	 
	 

	 	 
	 

	 	     (Please print social security or other identifying number)
	 
	 	 
	 
	 
	 	 
	 
	 

	 	(Please print name and address)

DATED:                                        ,_____

	 	 	 	 	 
	 

	 	 

Signature
	 	 

Signature Guaranteed:

     Signatures must be guaranteed by a participant in a Securities Transfer Association Inc.
recognized signature guarantee medallion program.

6

 

CERTIFICATE

     The undersigned hereby certifies that the Rights evidenced by this Rights Certificate are not
beneficially owned by an Acquiring Person or an Affiliate or Associate thereof (as defined in the
Rights Agreement).

	 	 	 	 	 
	 
	 

	 	 

Signature
	 	 

* * * * * * * *

NOTICE

     The signature in the foregoing Form of Election to Purchase must conform to the name as
written upon the face of this Rights Certificate in every particular, without alteration or
enlargement or any change whatsoever.

     In the event the certification set forth above in the Form of Election to Purchase, as the
case may be, is not completed, the Company and the Rights Agent will deem the beneficial owner of
the Rights evidenced by this Rights Certificate to be an Acquiring Person or an Affiliate or
Associate thereof (as defined in the Rights Agreement) and such Election to Purchase will not be
honored.

7

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