Document:

Exhibit 10.30

 

MASTER SERVICES AGREEMENT

 

This Master Services Agreement (the “Agreement”) is made and entered into as of March 2, 2015 and effective as of January 1, 2015 (the “Effective Date”) by and between Core Productions LLC (“Company”), with offices at 902 Broadway, New York, New York 10010, and CrowdRX, Inc. (“Independent Contractor”), with offices at 501 Baily Road, Yeadon, PA 19050.

 

RECITALS

 

A.                                    Company is engaged by SFX Entertainment, Inc. and its North American affiliates and subsidiaries (collectively, the “SFX Companies” and each a “SFX Company”) to hire and supervise third-party companies in the production of music festivals and events (each, an “Event” and collectively, the “Events”).

 

B.                                    Company wishes to retain Independent Contractor’s for the provision of services to the SFX Companies under the terms of this Agreement.

 

For and in consideration of the mutual covenants, rights, and obligations set forth in this Agreement, the parties agree as follows:

 

1.                                      Scope of Services.

 

(a)                                 Independent Contractor acknowledges and agrees that the provision of services by Andrew Bazos, MD, Eric Salk, MD, Carl Monzo, and Edwin Reyes (the “Key Employees”) was a material inducement for Company to enter into this Agreement.

 

(b)                                 In consideration for the Fee, defined herein, the Key Employees shall serve as the primary provider of medical and safety services as well as the medical spokesperson for the SFX Companies (the “Baseline Services”).  The Baseline Services include: (i) communication with employees of the SFX Companies, its contractors, local and state government agency officials and the press regarding medical and safety procedures on an as-needed basis; (ii) the provision of guidance to the SFX Companies regarding the selection of vendors for the Events and the terms under which they should operate; (iii) the drafting of medical and safety procedures; and (iv) any related services not requiring the Independent Contractor to be at the Event site prior to the Event (such work hereafter referred to as “Advance Work”) or during the Event itself.  For the avoidance of doubt, the scope and time commitment of the Baseline Services shall be commensurate with those services provided by Dr. Eric Salk and Sports & Entertainment Physicians, PC to the SFX Companies in the 2014 calendar year.  Unless otherwise agreed to by written agreement, such services exclude the provision of consulting services for compliance with the Americans with Disabilities Act of 1990, as amended, and harm-prevention services.

 

(c)                                  If a SFX Company requests the provision of the services set forth on Exhibit A (the “Additional Services” and collectively with the Baseline Services, the “Services), then such SFX Company shall enter into a separate written agreement (the “Side-Letter Agreement”) to pay Independent Contractor the corresponding fee as described on Exhibit A (the “Additional Fees”).  A Side-Letter Agreement shall set forth:  (i) the Event name; (ii) the Event dates; (iii) the Additional Fee; (iv) a list of persons and entities to be added as additional insured under Independent Contractor’s insurance policy, maintained throughout the Term pursuant to Section 11; (v) the date by which the Independent Contractor shall be paid the Additional Fee; and (vi)

 

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the Additional Services to be provided.  A Side-Letter Agreement must be executed prior to the commencement of the Additional Services.  The terms and conditions of this Agreement are incorporated into and govern all Side-Letter Agreements.

 

(d)                           The Independent Contractor will devote its best efforts and necessary resources (including labor, materials, equipment and tools) in providing the Services in a professional and workmanlike manner in accordance with all applicable laws (including but not limited to the Health Insurance Portability and Accountability Act of 1996, as amended, the Health Information Technology for Economic and Clinical Health Act of 2009, and the Federal Health Care Programs’ Anti-Kickback Statute (42 U.S.C. 1320a-7b)) and generally accepted industry standards and, if applicable, supervise any third parties contracted by Independent Contractor.  Independent Contractor shall ensure that any such third parties comply with the terms of this Agreement.  Independent Contractor will determine the methods, means and manner in which the Services are to be performed and the specific hours to be worked by Independent Contractor.  The applicable SFX Company will rely on Independent Contractor to work as many hours as may be reasonably necessary to fulfill Independent Contractor’s obligations under this Agreement.

 

2.                                      Payment.

 

(a)                                 In consideration for the Baseline Services, the Company will pay Independent Contractor a fee (the “Fee”) of US$16,666.67 each month of the Term, for an aggregate of US$200,000 in the calendar year running from the Effective Date.  The Company shall not reimburse the Independent Contractor for any expenses unless:  (i) the Company’s President and CEO of Live Events, currently Ritty van Straalen, or the Company’s Managing Director of North America, currently Jacob Smid, provides his or her prior written consent to Independent Contractor’s travel and out of pocket costs in connection with the Baseline Services; (ii) such expenses are evidenced by receipt or invoice and provided in a timely manner to the Company; and (iii) such expenses are reasonable.

 

(b)                                 As consideration for the Additional Services, the applicable SFX Company will pay Independent Contractor the Additional Fee.  The SFX Company shall not reimburse the Independent Contractor for any expenses unless:  (i) the SFX Company’s project director provides its prior written consent to Independent Contractor’s travel and out of pocket costs in connection with the Additional Services; (ii) such expenses are evidenced by receipt or invoice and provided in a timely manner to the Company; and (iii) such expenses are reasonable,

 

(c)                                  In no event shall the SFX Companies reimburse Independent Contractor for its overhead expenses, including but not limited to software licenses and medical malpractice insurance.

 

(d)                                 All fees hereunder will be paid by check and sent via regular US Mail, ACH or wire, at the election of the SFX Company.

 

(e)                                  The SFX Company will not pay any Additional Fees to the Independent Contractor until such SFX Company has a signed Side-Letter Agreement and all required paperwork (including a certificate of insurance in compliance with the Side-Letter Agreement and a Form W-9) from the Independent Contractor.

 

(f)                                   Independent Contractor will be solely responsible for any and all sales, use, or other taxes, fees, permits, and surcharges imposed by any federal, state, county, or municipality in connection with the fulfillment of Independent Contractor’s obligations under this and any

 

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other agreements.

 

3.                                      Intentionally Omitted.

 

4.                                      Independent Contractor Liability.  Independent Contractor will be responsible for any and all losses, liabilities, damages, injuries, claims, charges and costs, whether tangible or intangible (collectively, the “Losses”), to persons or property that in any way arise out of or relate to the performance of the Services whether performed by Independent Contractor or any other persons/entities under the Independent Contractor’s control or direction, except for those Losses directly arising out of the willful misconduct of the Company.  The SFX Companies disclaim liability for damage, loss or theft of the Independent Contractor’s materials and property, whether on-site or in transit to the Event.

 

5.                                      Completion of Work.  Independent Contractor accepts and agrees that time is of the essence in its performance of the Services.

 

6.                                      Right to Inspect Work.  Except as expressly provided in this Agreement, the SFX Companies will have no responsibility for supervision or control over the details of Independent Contractor’s provision of the Services.  If any of the Services are not performed to the satisfaction of the Company, in the Company’s sole discretion, the Company will have the right to terminate this Agreement, at Independent Contractor’s expense pursuant to Section 8(b).

 

7.                                      Working Under the Influence.

 

(a)                                 Independent Contractor will not, and will not permit its personnel to use or ingest any alcohol, drugs or other substances while working at or for the Event, including driving to/from the Event.

 

(b)                                 At Independent Contractor’s expense, Company will have the right to immediately terminate this Agreement and all Side-Letter Agreements pursuant to Section 8(b) and the SFX Company may escort such Independent Contractor personnel off the Event site, if the SFX Company believes in its sole and absolute discretion that (a) any Independent Contractor personnel is under the influence of any alcohol, drug, or other inhibiting substance while working at or for the Event, or (b) Independent Contractor may have breached this Agreement, caused any damage to property or injury to third parties, or committed a negligent, illegal or willfully dangerous act.

 

(c)                                  Notwithstanding the foregoing, the SFX Company’s omission of drug/alcohol testing on Independent Contractor personnel or any other person will not amount to negligence or any misconduct, and Independent Contractor fully and forever releases, waives and discharges each of the Indemnified Persons (as defined herein) from, and covenants not to sue the Indemnified Persons in connection with, any and all such claims, demands, actions, or causes of action.

 

8.                                      Term and Termination.

 

(a)                     The term of this Agreement (the “Term”) commences on the Effective Date and shall terminate on the first anniversary of the Effective Date, unless terminated earlier in accordance with this Agreement. Within 90 days of the termination of this Agreement, the

 

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Company and Independent Contractor shall, in good faith, negotiate an extension of the Term as well as amendments to the Fee amount and Exhibit A.  If the parties come to an agreement, the Company and Independent Contractor may, by executing a signed, written amendment to this Agreement, extending the Term of this Agreement by an additional calendar year (an “Extended Year”) for up to an additional two (2) calendar years.

 

(b)                     Company may terminate this Agreement and all Side-Letter Agreements immediately upon a reasonable finding of Cause.  If such termination is made during an Event, Independent Contractor will immediately leave the grounds of the Event and any dispute regarding the existence or lack of existence of reasonable Cause to terminate the Agreement and Side-Letter Agreements will be resolved after the Event.  Upon termination for Cause, the Independent Contractor shall refund all Additional Fees and reimbursements to the SFX Company within three (3) business days.  For purposes of this Agreement, “Cause” shall mean:  a breach this this Agreement; failure to perform this agreement to the reasonable satisfaction of Company; Independent Contractor’s insolvency or filing of a petition in bankruptcy or under any similar insolvency law or any assignment for the benefit of creditors; or any involuntary petition in bankruptcy or under any similar insolvency law filing against the Independent Contractor where such petition is not dismissed within 30 days after the filing thereof

 

(c)                      The SFX Company may terminate a Side-Letter Agreement upon the cancellation of an Event for any reason.  If the Event is cancelled prior to the opening of the Event to the public, (i) the SFX Company shall pay the Independent Contractor all approved reimbursements pursuant to Section 2(b); and (ii) the SFX Company shall not be liable for the Additional Fees and any of the Additional Fees already paid to the Independent Contractor shall be refunded to the SFX Company.

 

(d)                     This Section 8 shall survive the Term.

 

9.                                      Release and Limitation of Liability.

 

(a)                                 The Independent Contractor waives any rights to recovery from the Indemnified Parties for any injuries that the Independent Contractor and the Independent Contractor’s employees and subcontractors may sustain while performing Services under this Agreement unless the injuries are due solely to Company’s gross negligence or intentional misconduct.

 

(b)                                 EXCEPT AS OTHERWISE PROVIDED, THE INDEPENDENT CONTRACTOR HEREBY FULLY AND FOREVER RELEASES, HOLDS HARMLESS, INDEMNIFIES AND DISCHARGES EACH OF THE INDEMNIFIED PERSONS FROM ANY AND ALL LIABILITY, CLAIMS, CHARGES, DAMAGES, DEMANDS, EXPENSES, FEES, FINES, PENALTIES, LOSSES, SUITS, PROCEEDINGS, ACTIONS AND COSTS THEREOF (INCLUDING ATTORNEYS’ FEES AND COURT COSTS FOR ALL ACTIONS AND APPEALS THEREFROM), JUDGMENTS, INJURIES AND SUITS OF EVERY KIND, NATURE OR DESCRIPTION WHATSOEVER ARISING FROM THE INDEPENDENT CONTRACTOR’S TRAVEL TO AND FROM, AND ATTENDANCE AT THE EVENT AND PERFORMANCE OF THE SIDE-LETTER AGREEMENTS AND THIS AGREEMENT INCLUDING, WITHOUT LIMITATION, ANY LIABILITY RESULTING FROM OR RELATING TO ANY OF THE INDEMNIFIED PERSONS’ OWN NEGLIGENCE.  IN NO EVENT SHALL COMPANY’S LIABILITY TO THE INDEPENDENT CONTRACTOR FOR LIABILITIES ARISING OUT OF A PARTICULAR SIDE-LETTER AGREEMENT EXCEED THE FEE SET FORTH IN SUCH SIDE-LETTER AGREEMENT.

 

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10.                               Emergency Medical Care.  In the event of injury to any Independent Contractor personnel, in the absence of such person’s contrary authorization, Independent Contractor authorizes Company and/or its designee(s) to act on such person’s behalf to obtain emergency medical care that may be necessary.  Notwithstanding the foregoing, this section does not create any duty of care owed to Independent Contractor personnel nor will Company and/or its designee(s) be obligated to Independent Contractor personnel for any medical attention or expenses, and, without limitation to Independent Contractor’s indemnification obligations, Independent Contractor will immediately reimburse Company and/or its designee(s) for any such medical expenses incurred.

 

11.                               Insurance.  Without limiting or qualifying the Independent Contractor’s liabilities, obligations, or indemnities otherwise provided herein, the Independent Contractor will maintain throughout the Term, at its sole cost and expense, the insurance coverage as set forth on Exhibit B, naming the SFX Companies and all of their respective directors, officers, employees and agents as additional insured for all Services provided hereunder.  Upon request of the Company, Independent Contractor shall provide Company with a certificate of insurance in the amounts and type set forth in Exhibit B.  Such certificate of insurance shall be amended for each Event to add any other persons reasonably requested by Company as additional insured including but not limited to governmental entities, venue owners and co-promoters.  Independent Contractor’s failure to obtain such insurance shall constitute a material breach of this Agreement.

 

12.                               Indemnity.  The Independent Contractor will indemnify, hold harmless, and defend the SFX Companies and all of their respective directors, officers, employees and agents and the Additional Insureds (collectively, the “Indemnified Persons”) from and against any and all Losses (including reasonable attorney’s fees and expenses) actually and reasonably incurred by an Indemnified Person arising out of or related to:  (i) the performance of this Agreement by Independent Contractor;  (ii) the performance of the persons or entities under the Independent Contractor’s control or direction; and/or (iii) the Independent Contractor’s actions or omissions related to the Event.  The Independent Contractor will provide a defense for Indemnified Persons at the Independent Contractor’s expense, including any and all attorney fees, court costs or other fees or costs associated with administrative actions, claims, litigation, mediation, arbitration or the like.

 

13.                               Intellectual Property.  In this Agreement, “Intellectual Property” means any ideas, discoveries, inventions, applications for patents, patents, designs, and copyrightable works.  All work product, including Intellectual Property, developed by the Independent Contractor while performing the Services or while using any of Company’s property will belong to Company as a work for hire.  To the extent the work product is not considered work for hire, then by this Agreement, the Independent Contractor assigns to Company all work product developed in whole or in part by the Independent Contractor while performing the Services or while using any of Company’s property.

 

14.                               Nondisclosure; Name and Likeness.

 

(a)                                 “Confidential Information”  means all information and material that either: (i) is expressly identified as “confidential” or “proprietary;” or (ii) relates to a SFX Company’s or an

 

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Event’s business, operations, assets, financial condition, and affairs, including any technical information, capacity, material requirements, data, designs, drawings, proposals, trade secrets, business methods, names of customers and vendors, marketing plans, computer software (proprietary or otherwise), or price information.

 

(b)                                 While performing the Services, the Independent Contractor may have access to Confidential Information.  Nothing in this Agreement grants any rights to Company’s property to the Independent Contractor.  The Independent Contractor will protect the Confidential Information and treat it as strictly confidential.  The Independent Contractor will not disclose Confidential Information to any third-party individual, corporation, or other entity without Company’s prior written consent.  The Independent Contractor, for a period of five (5) years from the date of disclosure of the Confidential Information, will maintain the Confidential Information in strict confidence and will not, directly or indirectly, use any Confidential Information except as permitted by this Agreement.  This nondisclosure provision survives any termination or expiration of this Agreement for any reason.

 

(c)                                  The Independent Contractor does not breach this Agreement if the Independent Contractor discloses or uses Confidential Information under the following circumstances: (i) the information is required by law to be disclosed; (ii) the Company gives express written authorization permitting disclosure in each instance; or (iii) the information is or becomes public through no fault of the Independent Contractor.  The Independent Contractor has the burden of proving any of the exceptions listed in this Section 14(c).

 

(d)                                 Independent Contractor acknowledges and agrees and its employees, representatives, independent contractors, agents and assigns agree that Company, its designee(s), and other parties authorized by the SFX Company shall have the right to film or otherwise record the Event at which the Services are provided for use by the SFX Companies during or after such Event in any and all manner and in any and all media now known or hereafter discovered without any additional payment to any party, including but not limited to the Independent Contractor, and any of its staff, employees, independent contractors, representatives, agents or assigns. By participating in such Event, the rights of such recordings shall become the intellectual property of the SFX Companies, and the SFX Companies shall solely own and control all rights contained therein.  Independent Contractor does hereby grant, and shall ensure that its employees, independent contractors, representatives, agents and assigns grant to the SFX Companies a world-wide, non-exclusive, irrevocable, perpetual and royalty-free license to use Independent Contractor and its employees, independent contractors, representatives, agents and assigns’ names, likenesses, images, logos, and trademarks in connection with an Event and any and all marketing and publicizing thereof, without any additional payment whatsoever.  Notwithstanding the foregoing, (x) in no event shall the SFX Companies intentionally film inside the medical treatment areas, the provision of on-site medical care or the transportation of patients from the Event to a medical facility (y) except where (i) recordings are made via security cameras in the ordinary course of business, and (ii) the provision of medical services or transportation of patients are incidentally filmed while recording the Event in the ordinary course of business.  Independent Contractor shall have no right to film, photograph or otherwise record any such event or any part thereof.

 

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15.                         Covenants and Representations.

 

(a) Company covenants to ensure that the SFX Companies will comply with the terms of this Agreement.

 

(b) Independent Contractor covenants and represents that it shall comply with all federal, state and local statutes, licensing requirements and regulations relating to ensuring the proper safety and health precautions are taken to protect the work, the workers, the public and the property of others.

 

16.                               Injunctive Relief.  In addition to any other relief that may be available to it upon violation of this Agreement, Company is entitled to an injunction by any competent court enjoining and restraining the Independent Contractor and each and every other person concerned from violating this Agreement.

 

17.                               Assignments.  This Agreement is binding upon and inures to the benefit of the parties to this Agreement and their respective successors and assigns.  A party may assign this Agreement to a successor by operation of law or with the consent of the other party.  Any attempt to assign this Agreement other than as permitted herein will be null and void and will give the non-assigning party the right to cancel and terminate this Agreement.

 

18.                               Remedies.  The rights and remedies provided in the Agreement are cumulative and are not exclusive of any rights or remedies that any party may otherwise have at law or in equity.

 

19.                               Additional Documents.  Independent Contractor will execute and deliver to Company any and all documents consistent with this Agreement reasonably necessary to effectuate the purposes of this Agreement when and as directed by Company or applicable authority.  In case of Independent Contractor’s refusal or failure to so execute or deliver, or cause to be so executed and delivered, any assignment or other instrument provided in this Agreement within 3 days (unless Company reasonably requires a response in less time due to exigencies), then in such event, Independent Contractor nominates, constitutes and appoints Company and Company will therefore be deemed to be Independent Contractor’s true and lawful attorney-in-fact irrevocably, to execute and deliver all of such documents, instruments and assignments in Independent Contractor’s name and on Independent Contractor’s behalf.

 

20.                               Notices and Submissions.  All notices required or permitted to be given under this Agreement shall be in writing and shall be given by hand delivery, overnight mail with signature confirmation, or by registered or certified mail, return receipt requested, to the Parties at the addresses first set forth in the recitals.  Notices shall be deemed to have been received one (1) business day after being sent, if sent by overnight mail or via hand delivery, and three (3) business days after being sent by registered or certified mail.

 

21.                               Waiver.  If a party at any time fails to demand strict performance by the other of any of the terms, covenants, or conditions set forth in this Agreement, that party does not waive or relinquish the right at any time to demand strict and complete performance by the other of the same or other terms, covenants, and conditions.

 

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22.                               Significance of Headings.  Section headings contained in this Agreement are solely for the purpose of aiding in speedy location of subject matter and are not to be given any weight in construing this Agreement.

 

23.                               Governing Law and Venue.  This Agreement is to be governed and construed according to the laws of the State of New York without regard to conflicts of law.  The proper exclusive venue for resolution of any dispute related to this Agreement is only in New York, New York.  Both parties consent to jurisdiction and venue in New York, New York.

 

24.                               Attorney Fees.  In the event any action or proceeding is brought by either party against the other under this Agreement, the non-prevailing party must pay the prevailing party’s fees of its attorneys in such action or proceeding, including costs of appeal, if any, plus court costs and other expenses of litigation.

 

25.                               Waiver of Right to Jury.  BY ENTERING INTO THIS AGREEMENT, COMPANY AND THE INDEPENDENT CONTRACTOR EACH KNOWINGLY AND VOLUNTARILY WAIVE ANY AND ALL RIGHTS THEY HAVE UNDER LAW TO A TRIAL BEFORE A JURY, AND AGREE TO MANDATORY BINDING ARBITRATION IN ACCORDANCE WITH JAMS STREAMLINED ARBITRATION RULES OF ALL DISPUTES OR CLAIMS ARISING OUT OF OR RELATED TO THIS AGREEMENT.

 

26.                               Relationship of the Parties.  Nothing in this Agreement is to be considered to create an employer-employee relationship between the parties.  At all times, the Independent Contractor is an independent contractor of Company.  Company will not provide fringe benefits, including health insurance benefits, paid vacation, or any other employee benefit, for the Independent Contractor’s benefit.  The Independent Contractor is solely responsible for all state or federal taxes and requirements.  Company will have no responsibility or obligation for workers’ compensation, taxes or withholding, benefits or insurance for Independent Contractor’s employees.

 

27.                               Entire Agreement.

 

(a)                                 This Agreement contains the entire agreement between the parties relative to the Event and supersedes any other prior understandings, written or oral, between the parties with respect to this subject matter.  THE PARTIES ACKNOWLEDGE AND AGREE THAT, IN ENTERING IN TO THIS AGREEMENT, THEY HAVE NOT IN ANY WAY RELIED UPON ANY ORAL OR WRITTEN AGREEMENTS, UNDERSTANDINGS, REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, NOT SPECIFICALLY SET FORTH IN THIS AGREEMENT.

 

(b)                                 No variations, modifications, or changes in the Agreement are binding on any party to the Agreement unless set forth in a written instrument duly executed by or on behalf of such parties. For purposes of this Section 27(b), text messages and emails shall not constitute a “written instrument.”

 

(c)                                  To the extent there is a conflict between this Agreement and another executed document between the parties related to the Event (whether the other document is executed

 

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before or after this Agreement), the terms of this Agreement control except to the extent that the other document specifically identifies a section of this Agreement and states that it is amending that particular section.

 

(d)                                 To the extent there is a conflict between a Side-Letter Agreement and this Agreement, the terms of this Agreement control.

 

28.                               Survival.  Those provisions of this Agreement which by their nature extend beyond termination or expiration of this Agreement will survive such termination or expiration.

 

29.                               Section References.  When this Agreement makes reference to an article, section, paragraph, clause, schedule or exhibit, that reference is to an article, section, paragraph, clause, schedule or exhibit of this Agreement unless the context clearly indicates otherwise.  Whenever the words “include,” “includes,” or “including” are used in this Agreement, they are deemed to be followed by the words “without limitation.” Any reference to gender extends to and includes all genders.

 

30.                               Severability.  If a mediator, arbitrator, or court holds, for any reason, that one or more provisions of this Agreement is invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability will not affect any other provision of this Agreement, but such provision will be deemed deleted, and the deletion will not affect the validity of other provisions of this Agreement.

 

31.                               Counterparts.  The parties may execute this Agreement in any number of counterparts, each of which is deemed an original, but all of which together constitute one and the same instrument.  This Agreement may be executed by facsimile, PDF, or other electronic signature.

 

32.                               Construction.  All parties have been advised to seek their own independent counsel concerning the interpretation and legal effect of this Agreement and have either obtained such counsel or have intentionally refrained from doing so and have knowingly and voluntarily waived such right.  Consequently, the normal rule of construction to the effect that any drafting ambiguities are to be resolved against the drafting party will not be employed in the interpretation of this Agreement or any amendment or exhibits.

 

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By their signatures or their authorized representative’s signatures, the parties agree to and accept this Agreement:

 

	
COMPANY
    	
 
    	
INDEPENDENT   CONTRACTOR
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/   Richard Rosenstein
    	
 
    	
By:
    	
/s/Andrew   Bazos
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    	
Date:
    	
 
    

 

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EXHIBIT A

ADDITIONAL SERVICES

Independent Contractor Rates during the Term

Rates for an Additional Term, if any, to be negotiated

 

	
SFX Company
    	
 
    	
Type of Event
    	
 
    	
Additional Services
    	
 
    	
Additional Fee
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
SFX-LIC   Operating LLC 
    	
 
    	
Event   with over 10,000 attendees expected.
    	
 
    	
Independent   Contractor shall (i) serve as a medical director or, at the election of   the SFX Company, a lesser role; (ii) create a budget for medical and   safety matters; (iii) vet providers; and (iv) contract with,   exclusively manage and supervise the performance of, third parties for the   provision of all medical and safety services.    One or more members of executive level management shall perform   Advance Work and attend the Event.
    	
 
    	
$750   per Event
    
	
SFX-LIC   Operating LLC
    	
 
    	
Event   with less than 10,000 attendees expected.
    	
 
    	
Independent   Contractor shall (i) serve as a medical director or, at the election of   the SFX Company, a lesser role; (ii) create a budget for medical and   safety matters; (iii) vet providers; and (iv) contract with,   exclusively manage and supervise the performance of, third parties for the   provision of all medical and safety services.    One or more members of executive level management shall perform   Advance Work and attend the Event.
    	
 
    	
$500   per Event
    
	
SFX-LIC   Operating LLC
    	
 
    	
Event   with less than 10,000 attendees expected.
    	
 
    	
Independent   Contractor shall (i) provide guidance regarding medical and safety   issues; (ii) create a budget for medical and safety matters; and   (iii) vet providers.  Independent   Contractor shall provide Advance Work but is not required to be present at   the Event site during the Event. 
    	
 
    	
$200   per Event
    

 

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SFX-Disco   Operating LLC
    	
 
    	
All   Events promoted in whole or in part by SFX-Disco Operating LLC.
    	
 
    	
Independent   Contractor shall (i) serve as a medical director or, at the election of   the SFX Company, a lesser role; (ii) create a budget for medical and   safety matters; (iii) vet providers; and (iv) contract with,   exclusively manage and supervise the performance of, third parties for the   provision of all medical and safety services.    One or more members of executive level management shall perform   Advance Work and attend the Event.
    	
 
    	
$1,583.33   paid each calendar month during the Term for all SFX-Disco Operating LLC   Events.
    
	
SFX   Companies other than SFX-LIC Operating LLC and SFX-Disco Operating LLC
    	
 
    	
An   Event with over 10,000 attendees expected, held for the first time in North   America (a “Start-Up Festival”) where the venue does not have a medical   director
    	
 
    	
Independent   Contractor shall (i) serve as a medical director or, at the election of   the SFX Company, a lesser role; (ii) create a budget for medical and   safety matters; (iii) vet providers; and (iv) contract with,   exclusively manage and supervise the performance of, third parties for the   provision of all medical and safety services.    One or more members of executive level management shall perform   Advance Work and attend the Event.
    	
 
    	
$25,000   per Event
    
	
SFX   Companies other than SFX-LIC Operating LLC and SFX-Disco Operating LLC
    	
 
    	
A   Start-Up festival where the venue has a medical director.  
    	
 
    	
Independent   Contractor shall (i) serve as a medical director or, at the election of   the SFX Company, a lesser role; (ii) create a budget for medical and   safety matters; (iii) vet providers; and (iv) contract with,   exclusively manage and supervise the performance of, third parties for the   provision of all medical and safety services.    One or more members of executive level management shall perform Advance   Work and attend the Event.
    	
 
    	
$7,500   per Event
    
	
SFX   Companies other than SFX-LIC Operating LLC and 
    	
 
    	
An   Event with over 10,000 attendees expected, that has been 
    	
 
    	
Independent   Contractor shall (i) serve as a medical director or, at the election of 
    	
 
    	
$10,000   per Event and an additional $500 per day that 
    

 

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SFX-Disco   Operating LLC
    	
 
    	
previously   held in North America a (“Repeat Festival”), that is two (2) days long   and where the venue does not have a medical director. 
    	
 
    	
the   SFX Company, a lesser role; (ii) create a budget for medical and safety   matters; (iii) vet providers; and (iv) contract with, exclusively   manage and supervise the performance of, third parties for the provision of   all medical and safety services.  One   or more members of executive level management shall be designated to the   Event and shall perform Advance Work and attend the Event.
    	
 
    	
executive   level management is at the Event site.
    
	
SFX   Companies other than SFX-LIC Operating LLC and SFX-Disco Operating LLC
    	
 
    	
A   Repeat Festival that is three (3) days long and where the venue does not   have a medical director.
    	
 
    	
Independent   Contractor shall (i) serve as a medical director or, at the election of   the SFX Company, a lesser role; (ii) create a budget for medical and   safety matters; (iii) vet providers; and (iv) contract with,   exclusively manage and supervise the performance of, third parties for the   provision of all medical and safety services.    One or more members of executive level management shall be designated   to the Event and shall perform Advance Work and attend the Event.
    	
 
    	
$13,500   per Event
    
	
SFX   Companies other than SFX-LIC Operating LLC and SFX-Disco Operating LLC
    	
 
    	
A   Repeat Festival that is two (2) days long and where the venue does have   a medical director.
    	
 
    	
Independent   Contractor shall (i) serve as a medical director or, at the election of   the SFX Company, a lesser role; (ii) create a budget for medical and   safety matters; (iii) vet providers; and (iv) contract with,   exclusively manage and supervise the performance of, third parties for the provision   of all medical and safety services.    One or more members of executive level management shall be designated   to the Event and shall perform Advance Work and attend the Event.
    	
 
    	
$3,500   per Event
    

 

13

 

	
SFX   Companies other than SFX-LIC Operating LLC and SFX-Disco Operating LLC
    	
 
    	
A   Repeat Festival that is three (3) days long and where the venue does   have a medical director.
    	
 
    	
Independent   Contractor shall (i) serve as a medical director or, at the election of   the SFX Company, a lesser role; (ii) create a budget for medical and   safety matters; (iii) vet providers; and (iv) contract with,   exclusively manage and supervise the performance of, third parties for the   provision of all medical and safety services.    One or more members of executive level management shall be designated   to the Event and shall perform Advance Work and attend the Event.
    	
 
    	
$5,000   per Event
    

 

14

 

EXHIBIT B

 

General Liability

 

	
Aggregate
    	
 
    	
$
    	
10,000,000
    	
 
    
	
Each Occurrence
    	
 
    	
$
    	
10,000,000
    	
 
    
	
Products Completed   Operations (must be included)
    	
 
    	
$
    	
10,000,000
    	
 
    

 

Automobile Liability (all owned and non-owned automobiles)

 

Limit of $1,000,000 (If not included on certificate, email or fax a copy of policy declarations page or Auto ID Card.)

 

Workers’ Compensation

 

Proof of Coverage:

The vendors will maintain Worker’s Compensation Insurance in compliance with state statutory law during the dates they are on site at the festival.

 

Medical Malpractice

 

Medical Malpractice in the amounts of $1.0 million per patient and $10.0 million in the aggregate, with defense costs outside of the limit.

 

On-Site Equipment

 

The SFX Companies are not responsible for damage or theft of any equipment on site during the Event.

 

Description of Operations / Locations / Vehicles / Special Provisions

 

The following information needs to be listed on the certificate:

Name SFX Entertainment, Inc., its subsidiaries and affiliates, and each of the foregoing parties’ respective officers, directors, members, affiliates, and employees as additional insureds.

***Your certificate must state that your insurance is primary and non-contributory.***

 

	
Certificate Holders
    	
Please send Certificate of Insurance To:
    
	
SFX Entertainment, Inc., its subsidiaries and affiliates 

902 Broadway, 8th Floor 

New York, New York 10010
    	
rjansen@sfxii.com
    

 

15Exhibit 10.81

 

AMENDMENT NO. 2 TO CREDIT AGREEMENT

 

This Amendment No. 2 to Credit Agreement, dated as of March 16, 2015 (this “Amendment”), is among SFX ENTERTAINMENT, INC., a Delaware corporation (the “Borrower”), the Lenders party hereto (collectively, the “Lenders” and individually, a “Lender”) and BARCLAYS BANK PLC, as administrative agent and collateral agent (in such capacities, together with its successors and permitted assigns, the “Administrative Agent”) under the Credit Agreement (as defined below).

 

W I T N E S S E T H:

 

WHEREAS, reference is made to the Credit Agreement, dated as of February 7, 2014 (as amended, restated, extended, supplemented, modified and otherwise in effect to the date hereof, the “Credit Agreement”), among, inter alios, the Borrower, the Lenders party thereto and the Administrative Agent; and

 

WHEREAS, the Borrower has requested that the financial covenants set forth in Section 6.14 of the Credit Agreement be deleted in their entirety and certain other amendments be made as set forth herein in consideration for cash collateral in amount at all times at least equal to the Required Amount (as defined below) on deposit in the brokerage account no. R1B901493 (the “SFX Collateral Account”) at Pershing LLC, as custodian for Barclays Capital Inc., as broker, in the name of Sillerman Investment Company III LLC, which account shall be pledged for the benefit of the Lenders pursuant to the Account Pledge Agreement (as defined below);

 

NOW THEREFORE, in consideration of the foregoing recitals, mutual agreements contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Administrative Agent and the Lenders hereby agree as follows:

 

Section 1.                                          Defined Terms.  All capitalized terms used but not defined in this Amendment shall have the respective meanings specified in the Credit Agreement, as amended by this Amendment.  The rules of interpretation set forth in Section 1.02 of the Credit Agreement shall apply to this Amendment, mutatis mutandis, as if set forth herein.  References in the Credit Agreement (including references to the Credit Agreement as amended hereby) to “this Agreement” and “this Credit Agreement” (and indirect references such as “hereunder,” “hereby,” “herein,” and “hereof”) shall be deemed to be references to the Credit Agreement as amended by this Amendment.

 

Section 2.                                          Amendments to the Credit Agreement.  The Credit Agreement (including all schedules and exhibits thereto) is hereby amended as follows:

 

(a)                                 The definition of “Applicable Rate” appearing in Section 1.01 of the Credit Agreement is hereby amended by deleting the definition of such term in its entirety and inserting the following text in lieu thereof:

 

“Applicable Rate” means, for any day with respect to Revolving Loans that are (i) Base Rate Loans, 3.00% per annum and (ii) Eurodollar Rate Loans, 4.00% per annum.

 

(b)                                 The definition of “Permitted Acquisition” appearing in Section 1.01 of the Credit Agreement is hereby amended by deleting the definition of such term in its entirety and inserting the following text in lieu thereof:

 

““Permitted Acquisition” means any acquisition by the Borrower or any of its Restricted Subsidiaries, whether by purchase, merger or otherwise, of all or substantially all of

 

 

the assets of or any business line, unit, division or any operating stores of any Person, or of all or any portion of the outstanding Equity Interests of any Person; provided, that:

 

(a) on the date of execution of the purchase agreement in respect of such acquisition, no Default or Event of Default shall have occurred and be continuing or would result therefrom;

 

(b) the Borrower shall take or cause to be taken with respect to the acquisition of any new Restricted Subsidiary of the Borrower, each of the actions required to be taken under Section 5.14 within the time periods specified therein, as applicable, and if Collateral is transferred to any acquired Person in connection with such Permitted Acquisition, the Borrower shall cause such Person to become a Subsidiary Guarantor pursuant to the terms of Section 5.14;

 

(c) the target company shall be, or shall be engaged in, Permitted Business Activities; and

 

(d) the Borrower shall have furnished to the Administrative Agent, (i) no later than seven Business Days after the date on which any such purchase or other acquisition is consummated, (A) a certificate of a Responsible Officer of the Borrower demonstrating compliance with the requirements of clauses (a) through (c) above and (B) pro forma financial statements of the Borrower and its Restricted Subsidiaries after giving effect to the consummation of such Permitted Acquisition and any incurrence of Loans on a Pro Forma Basis and (ii) within seven Business Days of request by the Administrative Agent, such other information and documents related to such acquisition that the Administrative Agent may reasonably request, including, without limitation, executed counterparts of the respective agreements, documents or instruments pursuant to which such acquisition is to be consummated (including, without limitation, any related management, non-compete, employment, option or other material agreements), any schedules to such agreements, documents or instruments and all other material ancillary agreements, instruments and documents executed or delivered in connection therewith.”.

 

(c)                                  Section 1.01 of the Credit Agreement is hereby amended by inserting the following new definitions in the appropriate alphabetical order:

 

“Account Pledge Agreement” means that certain account pledge agreement, dated as of March 16, 2015 by and among Sillerman Investment Company III LLC, Barclays Capital Inc. as account bank, and the Collateral Agent.

 

“Required Amount” means, on any date, an amount equal to 105% of the Outstanding Amount under the Credit Agreement, after giving effect to any borrowings and prepayments or repayments, to be made on such date (for this purpose converting any Outstanding Amount denominated in a currency other than Dollars into its Dollar Equivalent).

 

“SFX Collateral Account” means the brokerage account at Pershing LLC, as custodian for Barclays Capital Inc., as broker, with account number R1B901493 (or other account designated as such in writing by the Collateral Agent to the Assignor and the Lenders), in the name of Sillerman Investment Company III LLC, which is pledged in favor of the Collateral Agent pursuant to the Account Pledge Agreement.

 

(d)                                 Section 1.03 of the Credit Agreement is hereby amended by deleting the text “a calculation of the financial covenants set forth in Section 6.14 (or any component definitions used therein)

 

 

or that measures compliance” appearing therein in its entirety and inserting the text “any measurement (and any definitions used in such measurement) of compliance” in lieu thereof.

 

(e)                                  Section 4.02(d) of the Credit Agreement is hereby amended by deleting the text appearing in such Section in its entirety and inserting the following text in lieu thereof:

 

“on or prior to the time any Borrowing Request or L/C Application, as applicable, is delivered pursuant to clause (a) of this Section 4.02, cash and Cash Equivalents in an amount at least equal to the Required Amount shall be on deposit in the SFX Collateral Account.”

 

(f)                                   Section 5.02(a) of the Credit Agreement is hereby amended by deleting the text “(A) shows in reasonable detail, the calculations use in determining the First Lien Net Leverage Ratio and Interest Coverage ratio of the Borrower, as of the end of such period; provided such calculations shall only be required if the financial covenants in Section 6.14 are applicable as at the end of such period and (B)” appearing in such Section in its entirety.

 

(g)                                  Section 6.01(l) of the Credit Agreement is hereby amended by deleting the text appearing in such Section in its entirety and inserting the text “Acquired Indebtedness or Indebtedness incurred to finance a Permitted Acquisition;” in lieu thereof.

 

(h)                                 Section 6.01(v) of the Credit Agreement is hereby amended by deleting the first proviso appearing in such Section in its entirety.

 

(i)                                     Section 6.02(c) of the Credit Agreement is hereby amended by deleting the text appearing in such Section in its entirety and inserting the following text in lieu thereof:

 

“Liens on the Collateral securing Indebtedness incurred pursuant to Section 6.01(v) in an aggregate principal amount not to exceed the greater of (x) $35,000,000 and (y) 4.5% of Consolidated Total Assets as of the most recently ended fiscal quarter for which financial statements have been delivered to the Administrative Agent pursuant to Section 5.01(a) or 5.01(b), as applicable; provided that such Liens shall be subordinated to the Liens securing the Secured Obligations pursuant to the Intercreditor Agreement or another intercreditor agreement in form and substance reasonably satisfactory to the Administrative Agent;”.

 

(j)                                    Section 6.03(a) of the Credit Agreement is hereby amended by deleting the proviso appearing in such Section in its entirety.

 

(k)                                 Section 6.03(t) of the Credit Agreement is hereby amended by deleting the text appearing in such Section in its entirety and inserting the following text in lieu thereof:

 

“so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, the Group Members may make additional Investments in an aggregate amount not to exceed the Available Amount at the time of each such Investment;”.

 

(l)                                     Section 6.04(a) of the Credit Agreement is hereby amended by deleting clause (iii) appearing in such Section in its entirety.

 

(m)                             Section 6.06(a) of the Credit Agreement is hereby amended by deleting the text appearing in such Section in its entirety and inserting the following text in lieu thereof:

 

 

“so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, the Borrower may make Restricted Payments in an aggregate amount not to exceed the sum of (A) $5,000,000 minus the amount of Restricted Payments made pursuant to Section 6.12(d) plus (B) the Available Amount at the time of each such Restricted Payment;”.

 

(n)                                 Section 6.12(d) of the Credit Agreement is hereby amended by deleting the text appearing in such Section in its entirety and inserting the following text in lieu thereof:

 

“so long as no Default or Event of Default shall have occurred and be continuing, or would result therefrom, the Borrower may make Restricted Debt Payments in an aggregate amount not to exceed the sum of (A) $5,000,000 minus the amount of Restricted Payments made pursuant to Section 6.06(a) plus (B) the Available Amount at the time of each such Restricted Payment;”.

 

(o)                                 Section 6.14 of the Credit Agreement is hereby deleted in its entirety.

 

(p)                                 Section 7.01 of the Credit Agreement is hereby amended by (i) deleting the text “or” appearing at the end of clause (j) of such Section, (ii) deleting the text “.” appearing at the end of clause (k) of such Section and inserting the text “; or” in lieu thereof and (iii) inserting the following new clause (l) immediately after clause (k) of such Section:

 

“(l)                               (i) the Account Pledge Agreement shall cease to be in full force and effect or (ii) at any time that the Outstanding Amount under this Agreement is greater than zero, the amount of cash and Cash Equivalents on deposit in the SFX Collateral Account shall at any time be less than the Required Amount.”.

 

(q)                                 The Exhibits to the Credit Agreement are hereby amended by (i) replacing Exhibit B with the form of Exhibit B attached hereto and (ii) replacing Exhibit F with the form of Exhibit F attached hereto.

 

Section 3.                                          Conditions to Effectiveness.  This Amendment shall become effective on the date on which each of the following conditions is satisfied (the “Amendment No. 2 Effective Date”):

 

(a)                                 Executed Amendment No. 2 to Credit Agreement.  The Administrative Agent shall have received one or more counterparts of this Amendment duly executed by the Loan Parties, the Administrative Agent and the Required Lenders.

 

(b)                                 SFX Collateral Account. (i) The SFX Collateral Account shall have been duly opened and all documentation required in connection with the opening and operation of the SFX Collateral Account in form and substance satisfactory to the Administrative Agent shall have been duly executed and delivered by Sillerman Investment Company III LLC and (ii) the Administrative Agent shall have received one or more counterparts of the Account Pledge Agreement, duly executed and delivered by Sillerman Investment Company III LLC, Barclays Capital Inc., as account bank and the Collateral Agent.

 

(c)                                  Fees and Expenses.  The Borrower shall have paid all costs and expenses (including reasonable and documented out-of-pocket legal fees and expenses) agreed in writing to be paid by it to the Agents and/or the Lenders in connection herewith to the extent due (and, in the case of expenses (including reasonable and documented out-of-pocket legal fees and expenses), to the extent that statements for such expenses shall have been delivered to the Borrower at least one Business Day prior to the Amendment No. 2 Effective Date).

 

 

(d)                                 Opinion of Counsel.  The Administrative Agent shall have received an opinion with respect to the Account Pledge Agreement of Fried, Frank, Harris, Shriver & Jacobson LLP, counsel to Sillerman Investment Company III LLC, in each case addressed to the Administrative Agent, the Collateral Agent and the Lenders and dated the Amendment No. 2 Effective Date, in form and substance reasonably satisfactory to the Administrative Agent.

 

(e)                                  Representations and Warranties; No Default.  Each of the representations and warranties in Section 4 hereof shall, in each case, be true and correct in all material respects on and as of this date as if made on and as of this date.

 

Section 4.                                          Representations and Warranties.  To induce the Administrative Agent and the Lenders to enter into this Amendment, each Loan Party hereby represents and warrants to the Administrative Agent and the Lenders that:

 

(i)                              the execution, delivery and performance of this Amendment has been duly authorized by all requisite corporate action on the part of the Loan Parties; this Amendment has been duly executed and delivered by the Loan Parties; and this Amendment constitutes a valid and binding agreement of the Loan Parties, enforceable against the Loan Parties in accordance with its terms, except (i) as such enforceability thereof may be limited by bankruptcy, insolvency, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) that rights of acceleration and the availability of equitable remedies may be limited by equitable principles of general applicability (regardless of whether enforcement is sought by proceedings in equity or at law);

 

(ii)                           no Default exists or would result from giving effect to this Amendment and the consummation of the transactions contemplated hereby; and

 

(iii)                        the representations and warranties of the Group Members as set forth in this Amendment and in any other Loan Document to which a Loan Party is a party are true and correct in all material respects on and as of this date as if made on and as of this date except to the extent that such representations and warranties relate to an earlier date, in which case such representations and warranties are true and correct in all material respects as of such earlier date; provided, that any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language is true and correct in all respects.  No Default has occurred and is continuing as of the Amendment No. 2 Effective Date.

 

Section 5.                                          Miscellaneous.

 

(a)                                 Confirmation of Loan Documents.  Except as expressly provided in this Amendment, each of the Loan Parties hereby ratifies and confirms all of the terms and conditions of the Credit Agreement, the Security Documents and the other Loan Documents to which it is a party and all documents, instruments and agreements related thereto, which remain in full force and effect.  The Borrower hereby reconfirms its obligations pursuant to the Credit Agreement to pay and reimburse the Administrative Agent and the Lenders for all costs and expenses (including without limitation, the fees and expenses of its counsel) incurred in connection with the negotiation, preparation, execution and delivery of this Amendment to the extent required by Section 9.03 of the Credit Agreement.  The Credit Agreement, together with this Amendment, shall be read and construed as a single agreement.  All references in the Loan Documents to the Credit Agreement or any other Loan Document shall hereafter refer to the Credit Agreement or any other Loan Document as amended hereby.  This Amendment shall constitute a Loan Document.

 

 

(b)                                 Limitation of this Amendment.  The amendments set forth herein are effective solely for the purposes set forth herein and shall be limited precisely as written.  Except as expressly provided herein, this Amendment shall not be deemed to (i) be a consent to any amendment, waiver or modification of any other term or condition of the Credit Agreement or any other Loan Document, or (ii) operate as a waiver or otherwise prejudice any right, power or remedy that the Administrative Agent or Lenders may now have or may have in the future under or in connection with the Credit Agreement or any other Loan Document, except as specifically set forth herein.  Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “herein”, “hereof” and words of like import and each reference in the Credit Agreement and the Loan Documents to the Credit Agreement shall mean the Credit Agreement as amended hereby.  This Amendment shall be construed in connection with and as part of the Credit Agreement.

 

(c)                                  Captions.  Section headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.

 

(d)                                 Governing Law.  This Amendment and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Amendment and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the Law of the State of New York.

 

(e)                                  Counterparts.  This Amendment may be executed in any number of counterparts and by the different parties on separate counterparts, and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment.  Receipt by facsimile or electronic transmission of any executed signature page to this Amendment shall constitute effective delivery of such signature page.

 

(f)                                   Successors and Assigns.  This Amendment shall be binding upon and shall inure to the sole benefit of the Loan Parties, Administrative Agent and Lenders and their respective successors and assigns.

 

(g)                                  References.  Any reference to the Credit Agreement contained in any notice, request, certificate, or other document executed concurrently with or after the execution and delivery of this Amendment shall be deemed to include this Amendment unless the context shall otherwise require.

 

(h)                                 Modification; Waiver.  This Amendment may not be modified orally, but only by an agreement in writing in accordance with Section 9.02 of the Credit Agreement.

 

(i)                                     For purposes of determining withholding Taxes imposed under FATCA, from and after the Amendment No. 2 Effective Date, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Credit Agreement as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

(j)                                    The Lenders party hereto hereby waive any and all Defaults or Events of Default which would otherwise occur pursuant to Section 7.01(d) of the Credit Agreement solely to the extent attributable to any breach of Section 6.08 of the Credit Agreement as a result of the establishment of the SFX Collateral Account and related arrangements or the payment of any interest, fees or other amounts in connection therewith.  The waiver described in this clause (j) is a one-time waiver and shall not be construed to be a consent to, or waiver of, any other action or inaction of the Borrower or any of the other Loan Parties which constitutes (or would constitute) a violation of any provision of the Credit Agreement

 

 

or any other Loan Document, or which results (or would result) in a Default or an Event of Default under the Credit Agreement or any other Loan Document.

 

[SIGNATURE PAGES FOLLOW]

 

 

IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and delivered as of the date first above written.

 

	
 
    	
SFX   ENTERTAINMENT, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Richard Rosenstein
    
	
 
    	
 
    	
Name:   Richard Rosenstein
    
	
 
    	
 
    	
Title:   Chief Financial Officer
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO CREDIT AGREEMENT]

 

 

	
 
    	
BARCLAYS   BANK PLC, as Administrative Agent, and as L/C Issuer, the   Swingline Lender and a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Luke Syme
    
	
 
    	
 
    	
Name:   Luke Syme
    
	
 
    	
 
    	
Title:   Assistant Vice President
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO CREDIT AGREEMENT]

 

 

	
 
    	
DEUTSCHE   BANK AG NEW YORK BRANCH,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kirk L. Tashjian
    
	
 
    	
 
    	
Name:   Kirk L. Tashjian
    
	
 
    	
 
    	
Title:   Director
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Peter Cucchiara
    
	
 
    	
 
    	
Name:   Peter Cucchiara
    
	
 
    	
 
    	
Title:   Vice President
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO CREDIT AGREEMENT]

 

 

	
 
    	
JEFFERIES   FINANCE LLC, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   J. Paul McDonnell
    
	
 
    	
 
    	
Name:   J. Paul McDonnell
    
	
 
    	
 
    	
Title:   Managing Director
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO CREDIT AGREEMENT]

 

 

	
 
    	
UBS   AG, STAMFORD BRANCH, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Houssem Daly
    
	
 
    	
 
    	
Name:   Houssem Daly
    
	
 
    	
 
    	
Title:   Associate Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Darlene Arias
    
	
 
    	
 
    	
Name:   Darlene Arias
    
	
 
    	
 
    	
Title:   Director
    

 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO CREDIT AGREEMENT]

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