Document:

Exhibit 10.2

 

GUARANTY

 

THIS GUARANTY
(“Guaranty”) dated as of October 14, 2014, is made by TWIN CITIES POWER HOLDINGS, LLC, a Minnesota limited liability
company, whose principal place of business is at 16233 Kenyon Avenue, Suite 210, Lakeville, Minnesota 55044 (“Guarantor”),
to MAPLE BANK GMBH, acting through its Maple Bank Toronto branch (together with its successors and assigns, the “Lender”).

 

RECITALS

 

WHEREAS, pursuant
to that certain Credit Agreement of even date herewith, by and among RETAIL ENERGY HOLDINGS L.L.C., a Minnesota limited liability
company, TOWN SQUARE ENERGY, LLC, a Delaware limited liability company, and DISCOUNT ENERGY GROUP, LLC, a Delaware limited liability
company (each, a “Borrower” and collectively, the “Borrowers”) and the Lender (as amended
from time to time, the “Credit Agreement”; capitalized terms used but not defined herein shall have the meanings
specified in the Credit Agreement), Lender has agreed to extend to the Borrowers a revolving line of credit in the maximum principal
amount of $5,000,000.00 (the “Revolving Line of Credit”). The Revolving Line of Credit is evidenced by a promissory
note of even date herewith, made payable by Borrowers to the order of Lender in the maximum principal amount of the Revolving Line
of Credit (as amended, restated or replaced from time to time, the “Note”);

 

WHEREAS, Lender
requires as a condition precedent to its obligation to make the Revolving Line of Credit to the Borrowers, that the Guarantor shall
have executed and delivered this Guaranty to Lender; and

 

WHEREAS, Guarantor
is the owner, directly or indirectly, of the Borrowers and will directly benefit from the extension of the Revolving Line of Credit
to the Borrowers.

 

NOW, THEREFORE,
in consideration of the premises, other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the agreement by the Lender to enter into the Credit Agreement and the other Loan Documents, and the benefits and advantages to
be derived therefrom by the Guarantor:

 

1.Guaranty.
The Guarantor irrevocably, unconditionally and absolutely guarantee (as primary obligor and not merely as surety) to Lender the
due and punctual performance by the Borrowers (referred to as the “Obligors”) of all the Obligations, including
without limitation, the Borrowers’ obligation to pay principal of and interest on the amounts from time to time advanced
by Lender as a part of the Revolving Line of Credit or otherwise evidenced by the Note (collectively, the “Guaranteed
Obligations”).

 

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2.Nature of
the Guaranty.

 

(a)This Guaranty
is a guarantee of payment and not of collection only. This Guaranty shall be irrevocable, and in all events shall be continuing,
unconditional and absolute, and if any sums stated in any Loan Document to be payable by any Obligor shall not be paid promptly
when due or any other obligation, covenant, term, condition or undertaking of any Obligor contained in the Loan Documents shall
not be performed, complied with or observed in accordance with said Loan Document, then in each such instance upon demand of payment,
performance, compliance or observance, made, in writing, by the Lender to the Guarantor, the Guarantor receiving such notice shall
pay, perform, comply with or observe the same or cause the same to be paid, performed, complied with or observed strictly in accordance
with the provisions hereof and the Loan Documents, regardless of (i) any Lender defenses or rights of set off or counterclaim (other
than indefeasible payment and performance in full), (ii) whether the Lender shall have taken any steps to enforce its rights against
any Obligor or any other Person to collect such sums, or any part thereof, (iii) any change in the status of any Guarantor as an
affiliate of any Obligor, (iv) any amendment or modification to any of the obligations of any Obligor with respect to the Guaranteed
Obligations or the genuineness, regularity, validity or enforceability of the Guaranteed Obligations or of any term thereof or
lack of power or authority of any party to enter into the Guaranteed Obligations and (v) any other condition or contingency. The
Guarantor also agrees (without duplication of amounts due and owing by the Obligors under the Loan Documents) to pay the costs
and expenses of Lender collecting any sums payable hereunder from the Guarantor, or any part thereof, or of otherwise enforcing
this Guaranty or the obligations of the Obligors under the Loan Documents, including fees and disbursements of counsel to Lender.

 

(b)This Guaranty
shall remain in full force and effect until the Guaranteed Obligations shall have been irrevocably satisfied, paid and performed
in full, whereupon this Guaranty shall terminate. In the event any payment made prior to, or made pursuant to an agreement made
prior to, the expiration of this Guaranty by any Obligor to Lender shall be later rescinded or declared void by reason of any law,
this Guaranty shall be reinstated in full force and effect with respect to and to the extent of such payment and the liability
of the Guarantor hereunder shall be computed as if such moneys had never been paid. The provisions of this clause (b) shall survive
any termination of this Guaranty.

 

(c)All amounts payable
by the Guarantor hereunder shall be paid promptly upon demand by the Lender, free and clear of, and without deduction or withholding
for or on account of, any and all Taxes, monetary transfer fees or other amounts, except (in the case of Taxes) to the extent that
deduction or withholding of any Tax is required by applicable Law. If any Guarantor shall be required by applicable Law to deduct
or withhold any Tax or other amount from or in respect of any sum payable hereunder to or for the benefit of the Lender, such Guarantor
(i) shall pay to the Lender on an after-Tax basis such additional amount as shall be necessary to enable the Lender to receive,
after such withholding (including any withholding with respect to such additional amount), the amount it would have received if
such withholding had not been made, (ii) shall pay or cause to be paid to the relevant Tax authority the full amount required to
be withheld in accordance with applicable Law, (iii) shall prepare and file in a timely and proper manner all reports and other
documents required by applicable Law to filed with respect to any Tax withheld by such Guarantor, and (iv) shall deliver to the
Lender a copy of such document to the Lender together with documentary evidence satisfactory to the Lender of such Guarantor’s
proper and timely payment of such Tax.

 

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3.Waiver.
The Guarantor hereby unconditionally (a) waives any requirement that Lender first make demand upon, or seek to enforce remedies
against, the Obligors (or any one or more of them) or any other Person or property of any Obligor or such other Person before demanding
payment from, or seeking to enforce this Guaranty against the Guarantor, (b) covenants that this Guaranty will not be discharged
except by complete satisfaction of all Guaranteed Obligations, (c) agrees that this Guaranty shall remain in full force and effect
without regard to, and shall not be affected or impaired by, any invalidity, illegality, irregularity or unenforceability in whole
or in part of any Loan Document, or any limitation of the liability of any Obligor or any Guarantor thereunder, or any limitation
on the method or terms of payment thereunder which may now or hereafter be caused or imposed in any manner whatsoever, (d) waives
diligence, presentment and protest with respect to the payment of any amount at any time payable under or in connection with any
Loan Document, and (e) agree that each and every right, power and remedy given under this Guaranty or any other Loan Document shall
be cumulative and not exclusive, and be in addition to all other rights, powers and remedies now or hereafter granted or otherwise
existing but without duplication of recovery.

 

4.Waiver of
Subrogation. Upon making any payment under this Guaranty, the Guarantor shall be subrogated to the rights of the payee against
the Obligors with respect to such payment, provided that the Guarantor’s right of subrogation shall be subordinate to the
rights of the Lender, and the Guarantor covenants and agrees that it shall not enforce any payment by way of subrogation until
all Guaranteed Obligations have been indefeasibly paid and performed in full and all obligations of the Guarantor hereunder have
been performed in full. If any amounts are paid to the Guarantor in violation of the foregoing limitation, then such amounts shall
be held in trust for the benefit of the Lender and shall forthwith be paid to the Lender to reduce the amount of Guaranteed Obligations,
whether matured or unmatured.

 

5.Loan Documents.
The obligations, undertakings and conditions to be performed or observed by the Guarantor under this Guaranty shall not be affected
or impaired by reason of the happening from time to time of any of the following with respect to any Loan Document, all of which
may occur without notice to, or the further consent of, the Guarantor:

 

(a)the waiver by
Lender, any Obligor or any other Person of the observance or performance by any Obligor, of any of the obligations, undertakings
or conditions contained in any Loan Document;

 

(b)the extension,
in whole or in part, of the time for payment of any amount owing or payable under any Loan Document of any other sums or obligations
under or arising out of or on account of any Loan Document;

 

(c)the supplementing,
modification or amendment (whether material or otherwise) of any of the obligations of any Obligor under any Loan Document;

 

(d)any failure, omission,
delay or lack on the part of Lender, any Obligor, or any other Person, to enforce, assert or exercise any right, power or remedy
conferred on Lender, any Obligor or any other Person in any Loan Document or any action on the part of Lender, any Obligor or any
other Person granting an indulgence or extension in any form;

 

(e)the release or
discharge of any Obligor or any other Person from the performance or observance of any obligation, undertaking or condition to
be performed by any Obligor or any other Person under any Loan Document by operation of Law;

 

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(f)any action, inaction
or election of remedies by Lender, any Obligor or any other Person which results in any impairment or destruction of any subrogation
rights of any Guarantor, to proceed against any other Person for reimbursement;

 

(g)the surrender
by Lender, any Obligor or any other Person of any security at any time held for the performance or observance of any of the agreements,
covenants, terms or conditions contained in any Loan Document;

 

(h)any event or circumstance
which might otherwise constitute a legal or equitable discharge or defense of a guarantor, indemnitor or surety under the laws
of the State of New York or any other jurisdiction (other than indefeasible payment and performance in full);

 

(i)any other circumstances
whatsoever (with or without notice to or knowledge of any Guarantor) which constitute, or might be construed to constitute, an
equitable or legal discharge of any Guarantor with respect to its obligations hereunder, in bankruptcy or in any other instance,
except based on payment or performance;

 

(j)any change in
circumstances, whether or not foreseen or foreseeable, whether or not imputable to any Guarantor and whether or not such change
in circumstances shall or might in any manner and to any extent vary the risk of any Guarantor hereunder;

 

(k)any assignment,
mortgaging or grant of security interest by any Obligor or Lender of all or any part of its respective rights, title and interests
in any Loan Document;

 

(l)(l)any consolidation
or merger of any Guarantor, whether permitted under the terms of this Guaranty, any Loan Document, or otherwise, or the sale, transfer
or other disposition by any Guarantor of all or substantially all of its assets and/or liabilities or any change in the ownership
of any Guarantor;

 

(m)the voluntary
or involuntary liquidation, dissolution, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization,
arrangement, composition or readjustment of any Guarantor or any Obligor, or any other similar proceeding affecting the status,
existence, assets or obligations of any Guarantor or any Obligor or the limitation of damages for the breach of, or the disaffirmation
of, this Guaranty or any Loan Document in any such proceeding;

 

(n)any termination,
invalidity or unenforceability, for any reason, of any Loan Document, or of any provision of any thereof, or of any of the obligations
thereunder, or any defect in Lender’s title to, or the mortgage or any other security interest granted in, the Collateral
(as defined in the Security Agreement); or

 

(o)any other cause,
whether similar or dissimilar to the foregoing;

 

it being the intention of each Guarantor
that this Guaranty be irrevocable, absolute and unconditional in any and all circumstances, and that this Guaranty shall be discharged
only by the indefeasible payment in full of all sums and the performance of all obligations with respect to which this Guaranty
relates.

 

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6.Guarantor’s
Representations and Warranties. The Guarantor hereby represents and warrants to Lender that the following statements are true
and correct on and as of the date hereof (or such other date as may be specified):

 

(a)Authority.
The Guarantor has the requisite capacity to enter into this Agreement and to carry out the transactions contemplated hereby;

 

(b)Non-Conflict.
The execution and delivery by the Guarantor of this Guaranty do not require any approval or consent of any Person (except such
consents as shall have been obtained and provided to Lender); and the consummation by the Guarantor of the transactions contemplated
herein do not and will not conflict with, or result in a breach of any term or provision of, or constitute a default under, or
result in the imposition of any Lien upon any indenture, mortgage, or other agreement or instrument to which it is a party or by
which it or any of its properties, is or may be bound, or any existing applicable Law, rule or regulation, or any judgment, order
or decree, of any Government Entity having jurisdiction over it or any of its properties;

 

(c)Legal Validity.
The Guarantor has duly authorized, executed and delivered this Guaranty, and this Guaranty constitutes the Guarantor’s legal,
valid and binding obligations, enforceable against the Guarantor in accordance with its terms;

 

(d)Consents.
The Guarantor has received every consent, approval or authorization of, and has given every notice to, each Governmental Authority
having jurisdiction with respect to the execution, delivery or performance of this Guaranty (including all monetary and other obligations
hereunder and thereunder) that is required for it to execute and deliver this Guaranty and to perform the transactions contemplated
hereby and each such consent, approval or authorization is valid and effective and has not been revoked;

 

(e)Litigation.
There are no suits or proceedings pending or, to the knowledge of the Guarantor, threatened in any court or before any Governmental
Authority, against or affecting the Guarantor which if adversely determined could reasonably be expected to have a Material Adverse
Effect or a material adverse effect on the Guarantor’s ability to perform its obligations under this Guaranty;

 

(f)Information.
The financial and other information furnished by the Guarantor in connection with this Guaranty does not contain any untrue statement
or omit to state facts, the omission of which makes the statements therein, in light of the circumstances under which they were
made, misleading in any material way nor omit to disclose any material matter to Lender, and all forecasts and opinions contained
therein were made on reasonable grounds after due inquiry by the Guarantor;

 

(g)No Default.
The Guarantor is not in default under any agreement to which it is a party or by which it may be bound, which default could reasonably
be expected to cause a Material Adverse Effect, or which would otherwise have a material adverse effect on any Guarantor’s
ability to perform its obligations hereunder; and

 

(h)Taxes.
The Guarantor has duly filed all Tax returns that it is required by applicable Laws or by any taxing authority to file and has
duly paid all Taxes stated to be due and payable in such Tax returns and in any and all notices, assessments, demands for payment
or other communications issued by any taxing authority, and no taxing authority in any jurisdiction has made or proposed to make
any assessment of any Tax liability, or demand for payment of any Taxes, against the Guarantor; and

 

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(i)Economic Benefits.
The Guarantor will enjoy substantial economic and other benefits by virtue of the advances extended to the Borrowers under the
Credit Agreement (and other Loan Documents);

 

7.Guarantor’s
Covenants. So long as any of the Guarantor’s obligations under this Guaranty remain outstanding, the Guarantor covenants
and agrees with Lender that it shall:

 

(a)not sell, assign,
lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets,
whether now owned or hereafter acquired, without adequate provisions for the satisfaction of the Guaranteed Obligations;

 

(b)forthwith upon
the occurrence of any default under this Guaranty, notify Lender thereof;

 

(c)forthwith upon
becoming aware of the occurrence of any default by any Borrower under the terms of any Loan Document, notify Lender thereof; and

 

(d)pay or cause to
be paid (i) all Taxes required by applicable Law or any taxing authority to be paid by Guarantor (whether such Taxes are imposed
upon such Guarantor or upon its income and profits or upon any property belonging to it or otherwise) prior to the date on which
any penalty accrues, except Taxes which are being contested in good faith and for which adequate reserves are being maintained,
and (ii) all other claims against Guarantor which, if not paid, might become a Lien or charge upon its property.

 

8.Obligations
Independent. The obligations of the Guarantor hereunder are independent of the obligations of the Obligors and a separate action
may be brought and prosecuted against the Guarantor, whether or not action is brought against any Obligor and whether or not any
Obligor is joined in any such action or actions and vice versa.

 

9.No Acceptance
Required. Notice of acceptance of this Guaranty and notice of the execution and delivery of any other instrument referred to
in this Guaranty are hereby waived by the Guarantor.

 

10.Illegality.
If any provision of this Guaranty or any application thereof shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions and any other application thereof shall not in any way be affected or impaired thereby.

 

11.Successors
and Assigns; Amendment. This Guaranty shall be binding upon the Guarantor and its successors and assigns and shall inure to
the benefit of, and be enforceable by, Lender and its successors and assigns as to the obligations owed it and guaranteed hereunder.
The Guarantor may not assign or otherwise transfer any of its rights or obligations under this Guaranty without the prior written
consent of the Lender. This Guaranty may not be modified orally, but only by a statement in writing signed by the Lender. This
Guaranty may be enforced as to any one or more defaults either separately or cumulatively.

 

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12.Acknowledgment
of Guarantor. The Guarantor acknowledges that it has received copies of, and reviewed the terms of, the Credit Agreement and
the other Loan Documents.

 

13.Further Assurances.
The Guarantor agrees, at its expense, to promptly and duly execute and deliver to Lender such further documents and assurances
and take such further actions as Lender may from time to time reasonably request in order more effectively to carry out the intent
and purpose of this Guaranty and to establish and protect the rights and remedies created or intended to be created in favor of
Lender.

 

14.GOVERNING
LAW. THIS GUARANTY SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE WITHOUT REGARD FOR CONFLICT OF LAW PRINCIPLES (OTHER
THAN THE PROVISIONS OF SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

 

15.Submission
to Jurisdiction. The Guarantor hereby irrevocably consents that any legal action or proceeding against it or any of its assets
with respect to this Guaranty may be brought in any jurisdiction where Guarantor or any of its assets may be found, or in any court
of the State of New York or any Federal court of the United States of America located in New York, New York, located in the Borough
of Manhattan, United States of America, as Lender may elect, and by execution and delivery of this Guaranty, the Guarantor hereby
irrevocably submits to and accepts with regard to any such action or proceeding, for itself and in respect of its assets, generally
and unconditionally, the jurisdiction of the aforesaid courts. The Guarantor irrevocably consents to the service of process out
of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by registered or certified
airmail, postage prepaid, to Guarantor at its address set forth on the signature page hereto (or otherwise in accordance with Section
16 hereof). The foregoing, however, shall not limit the rights of Lender to serve process in any other manner permitted by
Law or to bring any legal action or proceeding or to obtain execution of judgment in any jurisdiction. The Guarantor further agrees
that final judgment against the Guarantor in any action or proceeding in connection with this Guaranty shall be conclusive and
may be enforced (unless enforcement has been stayed) in any other jurisdiction within or outside the United States of America by
suit on the judgment, a certified or exemplified copy of which shall be conclusive evidence of the fact and the amount of the Guarantor’s
indebtedness. The Guarantor hereby irrevocably waives, to the fullest extent permitted by law, any objection which it may now or
hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Guaranty brought in
the State of New York, and hereby further irrevocably waives any claim that any such suit, action or proceeding brought in the
State of New York has been brought in an inconvenient forum.

 

16.Notices.
All notices provided for herein shall be in writing and shall be deemed to have been given when delivered personally, when sent
by facsimile, or if deposited in the United States mail, when received. Any written notice to Lender shall be directed to Lender
at its address set forth in the Credit Agreement or to such other address or facsimile number as it may designate by notice given
to the Guarantors Any written notice to the Guarantor shall be directed to it at its address set forth on the signature page hereto,
or to such other address or facsimile number as it may designate by written notice given to the Lender.

 

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17.Waiver of
Trial by Jury. IN ANY ACTION OR PROCEEDING UNDER OR RELATED TO THIS GUARANTY, OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT
DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION WITH THE FOREGOING, THE GUARANTOR HEREBY AGREES THAT ANY SUCH ACTION
OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the
Guarantor has caused this Guaranty to be duly executed as of the day and year first above written.

 

	 	GUARANTOR:
	 	 
	 	 
	 	TWIN CITIES POWER HOLDINGS, LLC,

 a Minnesota limited liability company
	 	 
	 	 
	 	By: /s/ Timothy S. Krieger
	 	Name:       Timothy S. Krieger
	 	Title:       President and Chief Executive Officer
	 	 
	 	Address for Notices:
	 	 
	 	TWIN CITIES POWER HOLDINGS, LLC
	 	16233 Kenyon Avenue, Suite 210
	 	Lakeville MN 55044
	 	Attn: Timothy Krieger & Wiley H. Sharp III

 

 

 

[Signature Page
to Guaranty]emms8k11072014ex101

EXHIBIT 10.1

FIRST AMENDMENT
This First Amendment, dated as of November 7, 2014 (this “Amendment”), to the Credit Agreement, dated as of June 10, 2014 (the “Existing Credit Agreement” and, as amended by this Amendment and as further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Emmis Communications Corporation (the “Parent”), Emmis Operating Company (the “Borrower”), the other Credit Parties from time to time party thereto, the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), and the other agents party thereto.  
W I T N E S S E T H:
WHEREAS, the Parent, the Borrower, the Lenders and the Administrative Agent are parties to the Existing Credit Agreement;  
WHEREAS, the Borrower has requested that the Existing Credit Agreement be amended in the manner provided for herein;   
WHEREAS, the Administrative Agent, the Required Lenders and the Borrower are willing to agree to the requested amendments subject to the provisions of this Amendment;   
NOW, THEREFORE, in consideration of the premises contained herein, the parties hereto agree as follows:
Section 1.Defined Terms.  Unless otherwise defined herein, capitalized terms are used herein as defined in the Existing Credit Agreement.
Section 2.    Amendment to the Existing Credit Agreement.  
(a)    Section 1.01 of the Existing Credit Agreement is hereby amended as of the Amendment Effective Date (as defined below) by amending the definition of Applicable Margin by inserting the following new text immediately prior to the “.” at the end thereof: “; provided that each of the rates set forth in clauses (a) and (b) above shall be increased by 0.25%  until the later of (x) the date that is the six month anniversary of the First Amendment Effective Date and (y) the date of delivery of a certificate of a Financial Officer pursuant to Section 5.01(c) certifying that the Total Leverage Ratio as of the last day of the most recently ended Fiscal Quarter (which Fiscal Quarter shall be no earlier than the Fiscal Quarter ending February 28, 2015) is less than 5.00:1.00”.
(b)    Section 1.01 of the Existing Credit Agreement is hereby amended as of the Amendment Effective Date by amending the definition of Consolidated EBITDA by deleting “and” before clause (l) and inserting after clause (l): “(m) other than to the extent added back in a prior period, severance and contract termination (including but not limited to leases) expenses incurred during such period and paid or payable in cash in an aggregate amount not in excess of $5,000,000 for all such periods so long as the Borrower has provided evidence of such expenses in a form reasonably satisfactory to the Administrative Agent and (n) losses actually incurred during such period in connection with any Station that has effected since the Amendment Effective Date substantial changes to its format in an aggregate amount not in excess of $2,500,000 for all such periods so long as the Borrower has provided evidence of such losses in a form reasonably satisfactory to the Administrative Agent”.

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EXHIBIT 10.1

(c)    Section 1.01 of the Existing Credit Agreement is hereby amended as of the Amendment Effective Date by amending the definition of Consolidated Excess Cash Flow by deleting “and” before clause (v) and inserting after clause (v): “, (vi) with respect to the Fiscal Year ending February 28, 2015 only, to the extent paid in cash, fees and expenses incurred in such period in connection with entering into this Agreement and any amendments thereto, so long as the Borrower has provided evidence of such costs in a form reasonably satisfactory to the Administrative Agent and (vii) with respect to the Fiscal Year ending February 28, 2015 only, WBLS-WLIB LMA fees paid in cash during such Fiscal Year and not deducted in the calculation of Consolidated Net Income in an aggregate amount not in excess of $6,000,000 so long as the Borrower has provided evidence of such costs in a form reasonably satisfactory to the Administrative Agent.”
(d)    Section 1.01 of the Existing Credit Agreement is hereby amended as of the Amendment Effective Date by inserting the following new defined terms in appropriate alphabetical order:
“First Amendment” means that certain First Amendment to this Agreement, dated as of November 7, 2014, among the Parent, the Borrower, the Lenders party thereto and the Administrative Agent. 

“First Amendment Effective Date” means the date of effectiveness of the First Amendment, which date is November 7, 2014. 

(e)    Section 2.11 of the Existing Credit Agreement is hereby amended as of the Amendment Effective Date by replacing each use of the term “Effective Date” therein with the term “First Amendment Effective Date”. 
(f)    Section 2.17 of the Existing Credit Agreement is hereby amended as of the Amendment Effective Date by inserting after paragraph (i) of Section 2.17: “(j)    FATCA Grandfathering Status.  For purposes of determining withholding taxes imposed under FATCA, from and after the Amendment Effective Date, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Loans as not qualifying as “grandfathered obligations” within the meaning of United States Treasury Regulation Section 1.1471-2(b)(2)(i).”
(g)    Section 6.17(b) of the Existing Credit Agreement is hereby amended as of the Amendment Effective Date to read as follows:
(b)  The Borrower will not permit the Total Leverage Ratio as of the last day of any Fiscal Quarter set forth below to be more than the applicable ratio set forth below for such Fiscal Quarter:

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EXHIBIT 10.1

	
		
	Fiscal Quarter Ending   
	Ratio

	May 31, 2014 through November 30, 2014
	5.25:1.00

	February 28, 2015 through February 29, 2016
	6.00:1.00

	May 31, 2016 through November 30, 2016
	4.75:1.00

	February 28, 2017 and thereafter
	4.00:1.00

        
Section 3.    Representations and Warranties.  
(a)    The representations and warranties of the Credit Parties and their Subsidiaries set forth in the Credit Documents are true and correct in all material respects (without duplication of any materiality qualifier contained therein) with the same effect as though made on and as of the Amendment Effective Date (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date is true and correct in all material respects only as of such specified date, and that any representation or warranty which is subject to any materiality qualifier shall be required to be true and correct in all respects).  
(b)    At the time of and immediately after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.
Section 4.    Conditions to Effectiveness of Amendment.  This Amendment shall become effective upon the date on which the following conditions precedent have been satisfied or waived (such date, the “Amendment Effective Date”):
(a)    The Administrative Agent shall have received counterparts to this Amendment duly executed by the Parent, the Borrower and the Required Lenders.
(b)    The Administrative Agent shall have received all fees required to be paid, and all expenses for which invoices have been presented at least one Business Day prior to the Amendment Effective Date (including the reasonable fees and expenses of legal counsel) required to be paid pursuant to the Loan Documents.
Section 5.    Fees.  The Borrower agrees to pay or cause to be paid to the Administrative Agent for the account of each Lender that has executed and delivered a counterpart to this Amendment to the Administrative Agent pursuant to the instructions provided by the Administrative Agent prior to 12:00 p.m., New York City time, on November 7, 2014 (the “Consent Deadline”), a consent fee in an amount equal to 0.375% of such Lender’s Term Loan and Revolving Commitment as of the Consent Deadline, payable on, and subject to the occurrence of, the Amendment Effective Date. 
Section 6.    Continuing Effect; No Other Amendments or Consents.  Except as expressly provided herein, all of the terms and provisions of the Existing Credit Agreement are and shall remain in full force and effect.  The amendments provided for herein are limited to the specific subsections of the Existing Credit Agreement specified herein and shall not constitute a consent, waiver or amendment of, or an indication of the Administrative Agent’s or the Lenders’ willingness to consent to 

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EXHIBIT 10.1

any action requiring consent under any other provisions of the Existing Credit Agreement or the same subsection for any other date or time period.
Section 7.    Expenses.  The Borrower agrees to pay and reimburse the Administrative Agent for all its reasonable out-of-pocket costs and expenses incurred in connection with the preparation and delivery of this Amendment, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent, in accordance with Section 9.03 of the Existing Credit Agreement.
Section 8.    Successors and Assigns.  This Amendment shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties hereto.
Section 9.    Counterparts.  This Amendment may be executed in any number of counterparts by the parties hereto (including by facsimile and electronic (e.g. “.pdf”, or “.tif”) transmission), each of which counterparts when so executed shall be an original, but all the counterparts shall together constitute one and the same instrument.
Section 10.    Interpretation.  This Amendment is a Loan Document for the purposes of the Credit Agreement.
Section 11.    GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
[Signature pages follow.]

4

EXHIBIT 10.1

IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written.
	
					
	 
	 
	EMMIS OPERATING COMPANY,

	 
	 
	as the Borrower

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Ryan A. Hornaday

	 
	 
	 
	Name:
	Ryan A. Hornaday

	 
	 
	 
	Title:
	Senior Vice President - Finance,

	 
	 
	 
	 
	Treasurer

	
					
	 
	 
	EMMIS COMMUNICATIONS CORPORATION,

	 
	 
	as the Parent

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Ryan A. Hornaday

	 
	 
	 
	Name:
	Ryan A. Hornaday

	 
	 
	 
	Title:
	Senior Vice President - Finance,

	 
	 
	 
	 
	Treasurer

[Signature Page to First Amendment]
5

EXHIBIT 10.1

	
					
	 
	 
	JPMORGAN CHASE BANK, N.A., as

	 
	 
	Administrative Agent and as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Thomas W. Harrison

	 
	 
	 
	Name:
	Thomas W. Harrison

	 
	 
	 
	Title:
	Senior Vice President / Authorized

	 
	 
	 
	 
	Officer

[Signature Page to First Amendment]
6

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