Document:

First Amendment to the Amended and Restated Credit Agreement

 Exhibit 10.48 
  
 FIRST AMENDMENT TO  
 AMENDED AND RESTATED CREDIT AGREEMENT 
  
 THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (“Amendment”) is entered into as of February     , 2005, by and among Nextmedia Operating, Inc., a Delaware
corporation (the “Borrower”), the other Credit Parties signatory hereto, the Lenders signatory hereto, and General Electric Capital Corporation, a Delaware corporation, as Agent for the Lenders (“Agent”).

  
 RECITALS 
  
 A. The Borrower, the other Credit Parties signatory thereto, the Lenders
signatory thereto from time to time and the Agent are parties to that certain Amended and Restated Credit Agreement, dated as of April 9, 2004 (the “Credit Agreement”). Capitalized terms used herein but not defined herein are used
as defined in the Credit Agreement. 
  
 B. The Borrower has
requested that the Lenders amend the Credit Agreement in certain respects and the Lenders have agreed to amend the Credit Agreement, subject to the terms and conditions hereof. 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, and intending to be legally
bound, the parties hereto agree as follows: 
  
 A. AMENDMENT

  
 1. Amendment to Section 1.5(a) of the Credit Agreement.
Section 1.5(a) of the Credit Agreement is hereby amended by replacing the grid in Section 1.5(a) with the following grid: 
  

									
	 	  	Total Leverage Ratio

	  	 Applicable
 Revolver
 Index Margin

	 	 Applicable
 Revolver
 LIBOR
 Margin

	 	 Applicable
 L/C Margin

	 Level I
	  	3 7.50	  	2.50%	 	3.50%	 	3.50%
	 Level II
	  	3 7.00, but < 7.50	  	2.00%	 	3.00%	 	3.00%
	 Level III
	  	3 6.5, but < 7.00	  	1.75%	 	2.75%	 	2.75%
	 Level IV
	  	3 6.00, but < 6.50	  	1.50%	 	2.50%	 	2.50%
	 Level V
	  	3 5.50, but < 6.00	  	1.25%	 	2.25%	 	2.25%
	 Level VI
	  	< 5.50	  	1.00%	 	2.00%	 	2.00%

  

 2. Amendment to Section 1.9(b) of the Credit Agreement. Section 1.9(b) of the Credit Agreement is
hereby amended by replacing Section 1.9(b) in its entirety with the following: 
  

	 	(b)	As additional compensation for the Revolving Lenders, Borrower shall pay to Agent, for the ratable benefit of such Lenders, in arrears, on the first Business Day of each month prior
to the Commitment Termination Date and on the Commitment Termination Date, a Fee for Borrower’s non-use of available funds in an amount, equal to 0.50% per annum calculated on the basis of a 360 day year for actual days elapsed, multiplied by
the difference between (x) the Maximum Amount (as it may be increased or reduced from time to time) and (y) the average for the period of the daily closing balances of the Revolving Loan outstanding during the period for which the such Fee is due.

  
 B. CONDITIONS PRECEDENT 
  
 Notwithstanding any other provision of this Amendment and without affecting
in any manner the rights of the Lenders hereunder, it is understood and agreed that this Amendment shall not become effective, and the Credit Agreement shall remain in full force and effect in its unamended form, Borrower shall have no rights under
this Amendment and the Lenders shall not be obligated to take, fulfill or perform any action hereunder, until the Agent shall have received (i) the $750,000 fee payable pursuant to clause (ii) of the Closing Fee section of the Fee Letter, dated as
of April 9, 2004, by and among GE Capital Corporation, as agent and lender and Borrower (the payment of which shall constitute payment in full of the Closing Fee); (ii) this Amendment, duly executed by all parties hereto; and (iii) a certificate of
foreign qualification from the Secretary of State of the State of Kentucky for NextMedia Outdoor, Inc. 
  
 C. REPRESENTATIONS 
  
 Each Credit Party hereby represents and warrants to the Lenders and the Agent that: 
  
 1. The execution, delivery and performance by such Credit Party of this Amendment (a) are within such Credit Party’s corporate or limited liability
company power, as the case may be; (b) have been duly authorized by all necessary corporate or limited liability company action; (c) are not in contravention of any provision of such Credit Party’s certificate of incorporation or certificate of
formation or bylaws or limited liability company agreement or other organizational documents; (d) do not violate any law or regulation, or any order or decree of any Governmental Authority; (e) do not conflict with or result in the breach or
termination of, constitute a default under or accelerate any performance required by, any indenture, mortgage, deed of trust, lease, agreement or other instrument to which such Credit Party or any of its Subsidiaries is a party or by which such
Credit Party or any such Subsidiary or any of their respective property is bound; (f) do not result in the creation or imposition of any Lien upon any of the property of such Credit Party or any of its Subsidiaries other than those in favor of
Agent, on behalf of itself and the Lenders, pursuant to the Loan Documents; and (g) do not require the consent or approval of any Governmental Authority or any other Person; 
  

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 2. This Amendment has been duly executed and delivered for the benefit of or on behalf of each Credit
Party and constitutes a legal, valid and binding obligation of each Credit Party, enforceable against such Credit Party in accordance with its terms except as the enforceability hereof may be limited by bankruptcy, insolvency, reorganization,
moratorium and other laws affecting creditors’ rights and remedies in general; and 
  
 3. After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing as of the date hereof. 
  

D. OTHER AGREEMENTS 
  
 1. Continuing Effectiveness of Loan Documents. As amended hereby, all terms of the Credit Agreement and the other Loan Documents shall be and
remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of the Borrower. To the extent any terms and conditions in any of the other Loan Documents shall contradict or be in conflict with any terms
or conditions of the Credit Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified and amended accordingly to reflect the terms and conditions of the Credit Agreement as modified and amended hereby.
Upon the effectiveness of this Amendment such terms and conditions are hereby deemed modified and amended accordingly to reflect the terms and conditions of the Credit Agreement as modified and amended hereby. 
  
 2. Reaffirmation. The Borrower hereby restates, ratifies and reaffirms
the Credit Agreement and the other Loan Documents, effective as of the date hereof and after giving effect to this Amendment. 
  
 3. Reaffirmation of Guaranties. Each Credit Party other than the Borrower confirms that it has received and reviewed a copy of this Amendment and
restates, ratifies and reaffirms the Subsidiary Guaranty and the other Loan Documents to which it is a party, effective as of the date hereof, after giving effect to this Amendment. 
  
 4. Acknowledgment of Perfection of Security Interest. Each Credit Party hereby acknowledges that, as of the date
hereof, the security interests and liens granted to the Agent and the Lenders under the Credit Agreement and the other Loan Documents are in full force and effect, are properly perfected and are enforceable in accordance with the terms of the Credit
Agreement and the other Loan Documents. 
  
 5. Survival.
Except as expressly provided herein, the Credit Agreement and all other Loan Documents shall continue in full force and effect and the unamended terms and conditions of the Credit Agreement and the other Loan Documents are expressly incorporated
herein and ratified and confirmed in all respects. This Amendment is not intended to be or to create, nor shall it be construed as, a novation or an accord and satisfaction. 
  

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 6. Expenses. The Borrower agrees to pay on demand all costs and expenses of Agent in connection
with the preparation, execution, delivery and enforcement of this Amendment, the closing hereof, and any other transactions contemplated hereby, including the reasonable fees and out-of-pocket expenses of Agent’s counsel. 
  
 7. Governing Law. IN ALL RESPECTS, INCLUDING ALL MATTERS OF
CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE AND ANY APPLICABLE LAWS
OF THE UNITED STATES OF AMERICA. 
  
  
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 IN WITNESS WHEREOF, this Amendment has been duly executed as of the date first written above. 

 

					
	Borrower and Holdings:	 	NEXTMEDIA OPERATING, INC., as Borrower
			
	 	 	By:	 	 /S/ SEAN R. STOVER

	 	 	Name:	 	 Sean R. Stover

	 	 	Title:	 	 Senior Vice President and
 Chief Financial
Officer

  
  

					
	 	 	NEXTMEDIA GROUP, INC., as Holdings
			
	 	 	By:	 	 /S/ SEAN R. STOVER

	 	 	Name:	 	 Sean R. Stover

	 	 	Title:	 	 Senior Vice President and
 Chief Financial
Officer

  
  

					
	Agents and Lenders:	 	 GENERAL ELECTRIC CAPITAL
 CORPORATION, as Agent, Collateral Agent and Lender

			
	 	 	By:	 	 /S/ STEVEN J. HEISE

	 	 	 	 	Its Duly Authorized Signatory

  
  

					
	Other Credit Parties:	 	NM LICENSING LLC
			
	 	 	By:	 	 /S/ SEAN R. STOVER

	 	 	Name:	 	 Sean R. Stover

	 	 	Title:	 	 Vice President

  
  

					
	 	 	NEXTMEDIA OUTDOOR, INC.
			
	 	 	By:	 	 /S/ SEAN R. STOVER

	 	 	Name:	 	 Sean R. Stover

	 	 	Title:	 	 Vice President

  
  
 [SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT] 
  

					
	 	 	NEXTMEDIA NORTHERN COLORADO, INC.
			
	 	 	By:	 	 /S/ SEAN R. STOVER

	 	 	Name:	 	 Sean R. Stover

	 	 	Title:	 	 Vice President

  
  

					
	 	 	NEXTMEDIA FRANCHISING, INC.
			
	 	 	By:	 	 /S/ SEAN R. STOVER

	 	 	Name:	 	 Sean R. Stover

	 	 	Title:	 	 Vice President

  
  

					
	 	 	NEXTMEDIA OUTDOOR, LLC
			
	 	 	By:	 	 /S/ SEAN R. STOVER

	 	 	Name:	 	 Sean R. Stover

	 	 	Title:	 	 Vice President

  
  
 [SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT]Letter Agreement dated March 29, 2005 by and between NCR Corporation & Mark Hurd

 Exhibit 10.1 
  
 March 29, 2005 
  
 PERSONAL & CONFIDENTIAL 
  
 Mr. Mark Hurd 
 1616 Stafford Springs Place 
 Centerville, OH 45458 
  

	Re:	Resignation as President and Chief Executive Officer and member of the NCR Board of Directors 

  
 Dear Mark: 
  
 We appreciate your years of service to the company and the significant contributions you have made to NCR in your role as NCR’s President and Chief Executive Officer
(“CEO”) and as a member of the NCR Board of Directors. This letter agreement serves to memorialize your resignation effective as of March 30, 2005 (the “Resignation Date”), as President and CEO of NCR, as a member of the NCR
Board of Directors, and from all other positions that you then hold as an employee, officer or member of the Board of Directors of NCR or an employee, officer or member of the board of directors of NCR’s subsidiaries or affiliates. 

 

	1.	Equity Awards and Pension Benefits. All of your vested stock options as of the Resignation Date will remain exercisable for ninety (90) days following the Resignation Date.
All of your other equity awards will be governed by their terms, such that unvested restricted stock and stock options will be forfeited as of the Resignation Date. Your resignation will have no impact on vested NCR pension benefits to which you are
otherwise entitled. 

  

	2.	Proprietary Company Information. You affirm your obligation to keep all “Proprietary Company Information” confidential and not to use or disclose it to any third
party in the future, subject to any obligation to comply with legal process. As used in this letter agreement, the term “Proprietary Company Information” includes, but is not necessarily limited to, confidential, technical, marketing,
business, financial or other information not publicly available. 

  

	3.	 Non-Solicitation/Non-Competition. You agree that, for a period of eighteen (18) months after the Resignation Date, you will not, without the prior written
consent of the Compensation Committee of the Board of Directors of NCR (the “Compensation Committee”) (i) directly or through others recruit, hire, solicit or induce, or attempt to induce, any member of NCR’s “Business
Leader’s Council” to terminate their employment with or otherwise cease their relationship with NCR; (ii) personally, or personally direct another on his own behalf to, canvass or solicit business in any of the following product and
service areas: point of sale systems, ATMs, check issuing, and scalable data warehousing with any then-current customer of NCR or (iii) 

  

	 	 
become an employee, proprietor, partner, greater than three (3) percent shareholder, principal or agent of, or a consultant or advisor to any of NCR’s
direct, major competitors, or their subsidiaries or affiliates, as previously identified in writing by you on February 23, 2005 as “Competing Organizations” for purposes of the noncompetition provisions in NCR benefit plans. The parties
hereto recognize that Hewlett Packard (“HP”) is not on the current list of Competing Organizations and as such NCR does not and will not assert any rights under the existing non-compete agreements as they relate to your potential
employment with HP. If you breach any of the provisions of Paragraph 2 or 3, NCR, in addition to its other remedies, will be released from all obligations it may have under Paragraph 1 and shall be entitled to cancel the stock options if
outstanding, and you will return immediately any amounts realized by you from the exercise of the stock options. You acknowledge that this restriction is reasonable in both scope and duration and will not in any manner prevent you from earning a
livelihood following your departure from NCR. Inasmuch as your breach of these terms would cause irreparable harm to NCR, NCR may obtain an injunction and restraining order prohibiting further violations, provided NCR has given you written notice of
the claimed breach. 

  

	4.	Post-Termination Assistance. You agree that, following your resignation, you will provide assistance to NCR consistent with the following: 

  

	 	•	 	Subsequent to public announcement of your resignation you will return to Dayton to conduct a staff meeting with the interim President and Chief Executive Officer and senior managers
of NCR; 

  

	 	•	 	You will review with the interim President and Chief Executive Officer NCR’s 2005 plan, a talent review of senior management, NCR strategy, mergers and acquisition strategy and
activity, and 2006 operational plan. 

  

	 	•	 	You will be available to consult with the interim President and Chief Executive Officer as reasonably necessary for a period of at least sixty (60) days following public
announcement of your resignation; 

  

	 	•	 	As reasonably requested, you will assist with investor relations communications for a period of fourteen (14) days following public announcement of your resignation;

  

	 	•	 	You will provide a mutually agreed upon certification to support the certifications required to be provided by NCR’s interim President and Chief Executive Officer and
NCR’s Chief Financial Officer in connection with NCR’s quarterly report on Form 10-Q for the quarterly period ended March 25, 2005. 

  

	5.	 Waiver of Rights. You acknowledge that there are various state, local and federal laws that prohibit employment discrimination on a number of bases
including, but not limited to, age, sex, race, color, national origin, religion, disability, sexual orientation or veteran status and that these laws are enforced through the Equal Employment Opportunity Commission, Department of Labor and State or
Local Human Rights agencies. Such laws include, without limitation, Title VII of the Civil Rights Act of 1964 as amended, 42 U.S.C. Sec. 2000 et. seq.; the Age Discrimination in Employment Act, 29 U.S.C. Sec. 621 et.
seq.; the Americans with Disabilities Act, 

  

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42 U.S.C. Sec. 12101; the Employee Retirement Income Security Act, as amended, 29 U.S.C. Sec. 1001 et. sec.; and 42 U.S.C. Sec. 1981, and other
state and local human or civil rights laws as well as other statutes which regulate employment; and the common law of contracts and torts. In consideration of this letter agreement, you herby waive and release any rights you may have as of the date
of your execution of this letter agreement under these or any other laws with respect to your employment and termination of employment with NCR and acknowledge that based on your knowledge as of the date of your execution of this letter agreement,
NCR has not (a) discriminated against you, (b) breached any contract with you, (c) committed any civil wrong (tort) against you, or (d) otherwise acted unlawfully towards you. 

  

	6.	Release of Claims. You, on behalf of yourself, your heirs, executors, administrators, successors and assigns, release and discharge NCR and its subsidiaries and
affiliates, and their successors, assigns, directors, officers, representatives, agents and employees (“Releasees”) from any and all claims, (including claims for attorney’s fees and costs), charges, actions and causes of action with
respect to, or arising out of, your employment or termination of employment with NCR, as well as from all claims for personal injury or other causes of action, actual or potential, to the date of your execution of this letter agreement. This
includes, but is not limited to, claims arising under federal, state or local laws prohibiting age, sex, race or any other forms of discrimination or claims growing out of any legal restrictions on NCR’s right to terminate its employees. You
represent that you have not filed any charge or lawsuit against NCR or any Releasee with any governmental agency or court and that you will not institute any actions against NCR or any Releasee for any reason, except that you may file a charge with
the Equal Employment Opportunity Commission concerning claims of discrimination and you may participate in any manner in an investigation, hearing or proceeding. However, you waive your right to recover any damages or other relief in any claim or
suit brought by you or the EEOC or any other federal, state or local agency on your behalf, under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act (ADEA), the Americans with Disabilities Act (ADA), the Equal Pat
Act, or any other federal, state or municipal discrimination law. If you breach this paragraph, you understand that you will be liable for all expenses, including your costs and reasonable attorney’s fees. This paragraph is not intended to
limit you from instituting legal action for the sole purpose of enforcing this letter agreement. Nothing in this paragraph is intended to release claims you may have for defense and/or indemnification by NCR or its insurers with respect to claims
asserted against you in your capacity as an officer or director. 

  

	7.	 Arbitration. Any controversy or claim related in any way to this letter agreement, or to your employment relationship with NCR (including, but not limited
to, any claim of fraud or misrepresentation), shall be resolved by arbitration pursuant to this paragraph and the then current rules of the American Arbitration Association (“AAA”). The arbitration shall be held in Dayton, Ohio, before an
arbitrator through AAA who is an attorney knowledgeable in employment law. The arbitrator’s decision and award shall be final and binding and may be entered in any court having 

  

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jurisdiction thereof. The arbitrator shall not have the power to award punitive or exemplary damages. Issues of arbitrability shall be determined in
accordance with the federal substantive and procedural laws relating to arbitration; all other aspects shall be interpreted in accordance with the laws of the State of Ohio. Each party shall bear its own attorney’s fees associated with the
arbitration and other costs and expenses of the arbitration shall be borne as provided by the rules of the American Arbitration Association. If any portion of this paragraph is held to be unenforceable, it shall be severed and shall not affect
either the duty to arbitrate or any other part of this paragraph. The substantially prevailing party will be entitled to its reasonable attorneys’ fees and costs. 

  

	8.	Revocability. You understand that you have the right to consult with an attorney before signing this letter agreement, you have twenty-one (21) days to consider
NCR’s offer before signing any agreement with respect thereto, and you may revoke your release relating to ADEA within seven (7) calendar days after signing this letter agreement. You acknowledge that you have, in fact, consulted with an
attorney who reviewed this letter agreement and advised you of your rights hereunder. Revocation must be made by delivering a written notice of revocation to Christine Wallace, NCR Corporation, 1700 S. Patterson Blvd., Dayton, Ohio 45479. For this
revocation to be effective, written notice must be postmarked no later than the close of business on the seventh day after you sign this letter agreement. If you revoke such release relating to ADEA, you will not receive any benefits described in
this letter agreement. 

  

	9.	Entire Agreement. This letter agreement sets forth the entire agreement of you and NCR with respect to the subject matter hereof, and supersedes and terminates in
their entirety any prior agreements between you and NCR, including the letter agreement dated as of March 6, 2003, and the Change-in-Control Agreement, between you and NCR, dated as of January 1, 2003, and any severance plan, policy or arrangement
of any of NCR or any of its affiliates. Without limiting the generality of the foregoing, you expressly acknowledge and agree that, except as specifically set forth below or described in this letter agreement, you are not entitled to receive any
severance pay or severance benefits of any kind whatsoever from NCR or any of its affiliates. This agreement does not effect any of your rights to COBRA, your vested stock options, restricted stock or pension benefits.

  

	10.	 Miscellaneous. This letter agreement is personal to you and without the prior written consent of NCR shall not be assignable by you other than by will or the
laws of descent and distribution. This letter agreement shall inure to the benefit of and be enforceable by your legal representatives. This letter agreement shall inure to the benefit of and be binding upon NCR and its successors. This letter
agreement may be amended, modified or changed only by a written instrument executed by you and NCR. The captions of this letter agreement are not part of the provisions hereof and shall have no force or effect. Notwithstanding any other provisions
of this letter agreement, NCR may withhold from any amounts payable under this letter agreement, or any other benefits received pursuant hereto, such minimum Federal, 

  

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state and/or local taxes as shall be required to be withheld under any applicable law or regulation. 

  

	11.	Severability. The invalidity or unenforceability of any provisions of this letter agreement shall not affect the validity or enforceability of any other provisions of this
letter agreement which shall remain in full force and effect. 

  
 Mark, I speak for the entire Board when I say that we will miss you, and we wish you the best. 
  

							
	 Sincerely,
	 	 	 	  	 	  
				
	 /s/ Linda Fayne Levinson
	 	 	 	  	 	  
	 Linda Fayne Levinson
	 	 	 	 	 	 
	 Chair, Compensation Committee
	 	 	 	 	 	 
	 NCR Board of Directors
	 	 	 	 	 	 
				
	 /s/ Mark Hurd
	 	 	 	 3-29-05
	 	  
	 Agreed and Accepted
	 	 	 	 Date
	 	 
	 Mark Hurd
	 	 	 	 	 	 
				
	 Cc:   Christine Wallace
          Jon Hoak
	 	 	 	 	 	 

  

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