Document:

<PAGE>   1
                                                                  Exhibit 10.45

                                                                  EXECUTION COPY

                                SECOND AMENDMENT

            SECOND AMENDMENT, dated as of November 12, 1999 (this "Amendment"),
to the Amended and Restated Credit and Guarantee Agreement, dated as of November
15, 1996 (as amended, supplemented or otherwise modified from time to time, the
"Credit Agreement"), among Twinlab Corporation, a Delaware corporation
("Holdings"), Twin Laboratories Inc., a Utah corporation (the "Borrower"), the
several banks and other financial institutions parties to the Credit Agreement
(the "Lenders"), The Bank of New York, as co-agent for the Lenders thereunder
(in such capacity, the "Co Agent"), and The Chase Manhattan Bank, as
administrative agent for the Lenders thereunder (in such capacity, the
"Administrative Agent").

                              W I T N E S S E T H:

            WHEREAS, Holdings, the Borrower, the Lenders, the Co-Agent and the
Administrative Agent are parties to the Credit Agreement;

            WHEREAS, the Borrower has requested that the Administrative Agent,
with the consent of the Required Lenders, amend certain provisions of the Credit
Agreement; and

            WHEREAS, the Administrative Agent and the Lenders are willing to
agree to the requested amendments on the terms and conditions contained herein;

            NOW THEREFORE, in consideration of the premises and the mutual
covenants contained herein, the parties agree as follows:

            1. Definitions. Unless otherwise defined herein, terms defined in
the Credit Agreement shall have their defined meanings when used herein.

            2. Amendment to Subsection 4.23 of the Credit Agreement. Subsection
4.23 of the Credit Agreement is hereby amended by deleting the date "September
30, 1999" therein and substituting, in lieu thereof, "November 30, 1999".

            3. Amendment to Subsection 7.1 of the Credit Agreement. Subsection
7.1 of the Credit Agreement is hereby amended by deleting such subsection in its
entirety and substituting, in lieu thereof, the following:

            "7.1 Financial Condition Covenants.

            (a) Leverage Ratio. Permit the ratio of (i) Consolidated Total Debt
      at the last day of any fiscal quarter ending during any "Test Period" set
      forth below to (ii)

<PAGE>   2
                                                                               2

Consolidated EBITDA for the period of four consecutive fiscal quarters ending on
such date to be greater than the amount set forth opposite such period below:

<TABLE>
<CAPTION>
             Test Period Ending                  Leverage Ratio
             ------------------                  --------------
             <S>                                 <C>
             12/31/96                            4.25 to 1.00
             12/31/97                            4.00 to 1.00
             12/31/98                            3.75 to 1.00
             12/23/99 and thereafter             3.00 to 1.00
</TABLE>

            (b) Interest Coverage Ratio. Permit for any period of four
      consecutive fiscal quarters ending on the last day of any fiscal year the
      ratio of (i) Consolidated EBITDA for such period to (ii) Consolidated Cash
      Interest Expense for such period to be less than the amount set forth
      opposite such period below:

<TABLE>
<CAPTION>
             Test Period Ending                  Interest Coverage Ratio
             ------------------                  -----------------------
             <S>                                 <C>
             12/31/96                            1.75 to 1.00
             12/31/97                            2.20 to 1.00
             12/31/98                            2.60 to 1.00
             12/23/99 - 1/08/00                  2.90 to 1.00
             12/23/00- 1/08/01                   3.00 to 1.00
             12/23/01 and thereafter             3.00 to 1.00"
</TABLE>

            4. Amendments to Subsection 7.2 of the Credit Agreement. (a)
Subsection 7.2(c) of the Credit Agreement is hereby amended by deleting the
amount "$5,000,000" therein and substituting, in lieu thereof, "$10,000,000".

            (b)Subsection 7.2(1) of the Credit Agreement is hereby amended by
deleting such subsection in its entirety and substituting, in lieu thereof, the
following:

            "(1) so long as no Default or Event of Default is continuing at the
      time thereof, or would occur as a result thereof, the incurrence of
      Indebtedness (including without limitation Indebtedness in respect of
      Sale/Leaseback Transactions or Financing Lease Obligations) in an
      aggregate principal amount not to exceed $15,000,000 at any time
      outstanding to finance (or to reimburse the Borrower or its Subsidiaries
      for amounts expended to finance), on terms reasonably satisfactory to the
      Required Lenders, the expansion, renovation or relocation of their
      manufacturing, warehouse or office facilities (including, without
      limitation, any equipment related thereto), provided that, at the time of
      incurrence of such Indebtedness, the Borrower shall have provided
      projections to the Lenders showing that after giving effect thereto it
      will be in compliance with all covenants set forth in subsection 8.1 on a
      pro forma basis for each future year during the remaining term of this
      Agreement;"

<PAGE>   3
                                                                               3

            5. Amendment to Subsection 7.8 of the Credit Agreement. Subsection
      7.8 of the Credit Agreement is hereby amended by deleting such subsection
      in its entirety and substituting, in lieu thereof, the following:

            "7.8 Limitation on Capital Expenditures. Make or commit to make any
      Capital Expenditures other than Capital Expenditures in an aggregate
      amount not to exceed (i) $6,000,000 for the Borrower and its Subsidiaries
      during the fiscal year of the Borrower ending on or about December 31,
      1999; provided, that the Borrower and its Subsidiaries may make, or commit
      to make, additional Capital Expenditures in the amount of up to
      $12,500,000 in the aggregate, to be used to finance the expansion,
      renovation or relocation of their manufacturing, warehouse or office
      facilities (including, without limitation, any equipment related thereto);
      (ii) $20,000,000 for the Borrower and its Subsidiaries during the fiscal
      year of the Borrower ending on or about December 31, 2000; and (iii)
      $12,000,000 per annum for the Borrower and its Subsidiaries during any
      subsequent fiscal year of the Borrower; provided, that, commencing with
      the fiscal year of the Borrower ending on or about December 31, 2000, (a)
      Capital Expenditures not in excess of $2,000,000 permitted to be made
      during any fiscal year (and not carried over from a prior fiscal year) and
      not made during such fiscal year may be carried over and expended during
      the next succeeding fiscal year and (b) Capital Expenditures made during
      any fiscal year shall be first deemed made in respect of amounts carried
      over from the prior fiscal year and then deemed made in respects of
      amounts permitted for such fiscal year."

            6. Amendment to Subsection 7.10 of the Credit Agreement. Subsection
7.10 of the Credit Agreement is hereby amended by deleting such subsection in
its entirety and substituting, in lieu thereof, the following:

            "7.10 Limitation on Optional Payments and Modifications of Debt
      Instruments and other Obligations. (a) Make any optional payment or
      prepayment on or redemption, defeasance or purchase of any Senior
      Subordinated Notes except (i) in accordance with the provisions of
      subsection 3.1 (b)(i)(u), (ii) with the proceeds of Indebtedness permitted
      under subsections 7.2(e) (in connection with the incurrence of Refinancing
      Indebtedness under subsection 7.2(o)) and 7.2(o), (iii) as long as no
      Default or Event of Default has occurred and is continuing, in an
      aggregate cash amount not to exceed $15,000,000 unless the ratio of
      Consolidated Total Debt to Consolidated EBITDA (calculated on the terms
      set forth in subsection 7.1(a)) for the most recent completed four fiscal
      quarters prior to any such optional payment, prepayment, redemption,
      defeasance or purchase is less than or equal to 2.0 to 1.0 and then in an
      aggregate cash amount not to exceed $30,000,000, and (iv) so long as (x)
      no Default or Event of Default has occurred and is continuing, (y) the
      amount available for borrowing by the Borrower under the Revolving Credit
      Commitments is not less than $15,000,000 and (z) the ratio of Consolidated
      Total Debt to Consolidated EBITDA (calculated on the terms set forth in
      subsection 7.1(a)) for the most recent completed four fiscal quarters
      prior to any such optional payment, prepayment, redemption, defeasance or
      purchase is less than or equal to 1.5 to 1.0, in an aggregate cash amount
      not to exceed $40,000,000; (b) amend, modify or change, or

<PAGE>   4
                                                                               4

      consent or agree to any amendment, modification or change to any of the
      terms of the Senior Subordinated Note Indenture (other than any such
      amendment, modification or change which (i) would extend the maturity or
      reduce the amount of any payment of principal thereof or would reduce the
      rate or extend the date for payment of interest thereon or (ii) does not
      in any way adversely affect the interests of the Administrative Agent or
      the Lenders hereunder, thereunder or under the other Loan Documents or
      (iii) is of a technical or clarifying nature); (c) designate any
      Indebtedness having a principal amount in excess of $20,000,000 as "Senior
      Debt" under and as defined in the Senior Subordinated Note Indenture
      without the consent of the Administrative Agent; or (d) amend, modify or
      change, or consent or agree to any amendment, modification or change to
      the articles of incorporation (or such similar charter documents) of the
      Borrower or any Subsidiary in any material respect."

            7. Amendment to Subsection 7.12 of the Credit Agreement. Subsection
7.12 of the Credit Agreement is hereby amended by deleting such subsection in
its entirety and substituting, in lieu thereof, the following:

            "7.12 Limitation on Changes in Fiscal Year. Permit the fiscal year
      of the Borrower to end on a day not falling within the period from and
      including December 23 to and including January 8."

            8. Amendment to Subsection 12.16 of the Credit Agreement. Subsection
12.16(a) of the Credit Agreement is hereby amended by deleting such subsection
in its entirety and substituting, in lieu thereof, the following:

            "(a) The obligations arising under the Guarantee and Collateral
      Agreement shall be unconditional and binding on each of Holdings and the
      Borrower pursuant to the terms therein; provided that if either (i) on the
      last day of any period of four fiscal quarters the ratio of Consolidated
      Total Debt to consolidated EBITDA (as calculated according to the
      provisions of subsection 7.1(a)) is less than 1.5 to 1.0 or (ii) ratings
      of BBB- and Baa3 or above are attained by the Borrower or Holdings from
      Standard & Poor's Ratings Group and Moody's Investors Services,
      respectively, the Collateral pledged (but not the Guarantee contained) in
      such Guarantee and Collateral Agreement shall, upon the prior written
      consent of the Administrative Agent and the Required Lenders (in each
      case, which consent shall not be unreasonably withheld), be released; and
      provided further that if such performance criteria at any time thereafter
      are not maintained, any such Collateral that has been released shall again
      be pledged in favor of the Administrative Agent, for the ratable benefit
      of the Lenders, pursuant to the Guarantee and Collateral Agreement."

            9. Conditions to Effectiveness. This Amendment shall be effective on
the conditions that (a) the Administrative Agent shall have received
counterparts hereof, duly executed and delivered by Holdings and the Borrower
and consented to by the Required Lenders and the Grantors under the Guarantee
and Collateral Agreement dated as of May 7, 1996 (the "Guarantee and Collateral
Agreement") among Holdings, the Borrower, the Subsidiary Guarantors named
therein and the Administrative Agent; (b) the Administrative Agent shall have

<PAGE>   5
                                                                               5

received, for the account of each Lender which executes and delivers this
Amendment, an amendment fee in the amount of $7,500 per Lender; and (c) no
Default or Event of Default shall have occurred and be continuing on the date
hereof after giving effect to this Amendment. The date on which all of the above
conditions are met shall be the date of effectiveness of this Amendment (the
"Amendment Effective Date").

            10. Representations and Warranties. In order to induce the
Administrative Agent and the Lenders to enter into this Amendment, Holdings and
the Borrower hereby represent and warrant to the Administrative Agent and the
Lenders that the representations and warranties of Holdings, the Borrower and
the other Loan Parties contained in the Loan Documents are true and correct in
all material respects on and as of the Amendment Effective Date (after giving
effect hereto) as if made on and as of the Amendment Effective Date (except
where such representations and warranties expressly relate to an earlier date in
which case such representations and warranties were true and correct in all
material respects as of such earlier date); provided that all references to the
"Credit Agreement" in any Loan Document shall be and are deemed to mean the
Credit Agreement as amended hereby.

            11. Notice of Effectiveness. The Administrative Agent shall promptly
advise the Lenders and the Borrower that this Amendment has become effective.

            12. Applicable Law and Jurisdiction. This Amendment has been
executed and delivered in New York, New York, and the rights and obligations of
the parties hereto shall be governed by, and shall be construed and enforced in
accordance with, the laws of the State of New York.

            13. Counterparts. This Amendment may be executed by the parties
hereto in any number of separate counterparts and all of said counterparts taken
together shall be deemed to constitute one and the same instrument.

            14. Successors and Assigns. This Amendment shall be binding upon and
inure to the benefit of Holdings and the Borrower and their respective
successors and assigns, and upon the Administrative Agent and the Lenders and
their respective successors and assigns. The execution and delivery of this
Amendment by any Lender prior to the Amendment Effective Date shall be binding
upon its successors and assigns and shall be effective as to any loans or
commitments assigned to it after such execution and delivery.

            15. Continuing Effect. Except as expressly amended hereby, the
Credit Agreement as amended by this Amendment shall continue to be and shall
remain in full force and effect in accordance with its terms. This Amendment
shall not constitute an amendment or waiver of any provision of the Credit
Agreement not expressly referred to herein and shall not be construed as an
amendment, waiver or consent to any action on the part of Holdings or the
Borrower that would require an amendment, waiver or consent of the
Administrative Agent or the Lenders except as expressly stated herein. Any
reference to the "Credit Agreement" in the Loan Documents or any related
documents shall be deemed to be a reference to the Credit Agreement as amended
by this Amendment.

<PAGE>   6
                                                                               6

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

                                  TWINLAB CORPORATION

                                  By: /s/ Ross Blechman
                                     -------------------------------------------
                                     Name:  ROSS BLECHMAN
                                     Title: PRESIDENT

                                  TWIN LABORATORIES INC.

                                  By: /s/ Ross Blechman
                                     -------------------------------------------
                                     Name:  ROSS BLECHMAN
                                     Title: PRESIDENT

                                  THE CHASE MANHATTAN BANK as
                                  Administrative Agent, Issuing Bank, Swing Line
                                  Lender and as a Lender

                                  By:
                                     -------------------------------------------
                                     Name:
                                     Title:

Consented to:

THE BANK OF NEW YORK, as Co-Agent and as a Lender

By:
   ------------------------------
Name:
Title:

<PAGE>   7
                                                                               6

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

                                  TWINLAB CORPORATION

                                  By:
                                     -------------------------------------------
                                     Name:
                                     Title:

                                  TWIN LABORATORIES INC.

                                  By:
                                     -------------------------------------------
                                     Name:
                                     Title:

                                  THE CHASE MANHATTAN BANK as
                                  Administrative Agent, Issuing Bank, Swing Line
                                  Lender and as a Lender

                                  By: /s/ Dawn Lee Lum
                                     -------------------------------------------
                                     Name:  DAWN LEE LUM
                                     Title: VICE PRESIDENT

Consented to:

THE BANK OF NEW YORK, as Co-Agent and as a Lender

By:
   ------------------------------
Name:
Title:

<PAGE>   8
                                                                               6

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

                                  TWINLAB CORPORATION

                                  By:
                                     -------------------------------------------
                                     Name:
                                     Title:

                                  TWIN LABORATORIES INC.

                                  By:
                                     -------------------------------------------
                                     Name:
                                     Title:

                                  THE CHASE MANHATTAN BANK as
                                  Administrative Agent, Issuing Bank, Swing Line
                                  Lender and as a Lender

                                  By: /s/ Dawn Lee Lum
                                     -------------------------------------------
                                     Name:  DAWN LEE LUM
                                     Title: VICE PRESIDENT

Consented to:

THE BANK OF NEW YORK, as Co-Agent and as a Lender

By: /s/ Mary S. McGovern
   -----------------------------
  Name:
  Title:

<PAGE>   9
                                                                               7

BANKBOSTON, N.A. formerly known as
THE FIRST NATIONAL BANK OF BOSTON, as a Lender

By: /s/ Richard D. Hill, Jr.
   -----------------------------------
  Name:   RICHARD D. HILL, JR.
  Title:  Managing Director

DRESDNER BANK AG, NEW YORK BRANCH
AND GRAND CAYMAN BRANCH, as a Lender

By:
   -----------------------------------
  Name:
  Title:

By:
   -----------------------------------
  Name:
  Title:

U.S. BANK NATIONAL ASSOCIATION, as a Lender

By:
   -----------------------------------
  Name:
  Title:

EUROPEAN AMERICAN BANK, as a Lender

By:
   -----------------------------------
  Name:
  Title:

<PAGE>   10
                                                                               7

THE FIRST NATIONAL BANK OF BOSTON, as a Lender

By:
   -----------------------------------
  Name:
  Title:

DRESDNER BANK AG, NEW YORK BRANCH
AND GRAND CAYMAN BRANCH, as a Lender

By: /s/ Anthony C. Caraballo
   -----------------------------------
  Name:  ANTHONY C. CARABALLO
  Title: VICE PRESIDENT

By: /s/ John R. Morrison
   -----------------------------------
  Name:  JOHN R. MORRISON
  Title: VICE PRESIDENT

U.S. BANK NATIONAL ASSOCIATION, as a Lender

By:
   -----------------------------------
  Name:
  Title:

EUROPEAN AMERICAN BANK, as a Lender

By:
   -----------------------------------
  Name:
  Title:

<PAGE>   11
                                                                               7

THE FIRST NATIONAL BANK OF BOSTON, as a Lender

By:
   -----------------------------------
  Name:
  Title:

DRESDNER BANK AG, NEW YORK BRANCH
AND GRAND CAYMAN BRANCH, as a Lender

By:
   -----------------------------------
  Name:
  Title:

By:
   -----------------------------------
  Name:
  Title:

U.S. BANK NATIONAL ASSOCIATION, as a Lender

By:
   -----------------------------------
  Name:
  Title:

EUROPEAN AMERICAN BANK, as a Lender

By: /s/ Jennifer J. Raman
   -----------------------------------
  Name:  Jennifer J. Raman
  Title: Assistant Vice President

<PAGE>   12
                                                                               8

ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG,
GRAND CAYMAN ISLAND BRANCH, as a Lender

By: /s/ Rima Terradista             /s/ John S. Runnion
   ------------------------
  Name: RIMA TERRADISTA             JOHN S. RUNNION
  Title: Vice President             FIRST VICE PRESIDENT

ZIONS FIRST NATIONAL BANK, as a Lender

By:
   -------------------------------------------
  Name:
  Title:

ADVANCED RESEARCH PRESS, INC., as a Grantor

By:
   -------------------------------------------
  Name:
  Title:

CHANGES INTERNATIONAL OF FORT WALTON BEACH, INC., as a Grantor

By:
   -------------------------------------------
  Name:
  Title:

HEALTH FACTORS INTERNATIONAL, INC., as a Grantor

By:
   -------------------------------------------
  Name:
  Title:

<PAGE>   13
                                                                               8

ERSTE BANK DER OESTER REICHISCHEN SPARKASSEN AG,
GRAND CAYMAN ISLAND BRANCH, as a Lender

By:
   -------------------------------------------
  Name:
  Title:

ZIONS FIRST NATIONAL BANK, as a Lender

By: /s/ P. Boyd Hales
   -------------------------------------------
  Name:  P. Boyd Hales
  Title: Vice President

ADVANCED RESEARCH PRESS, INC., as a Grantor

By:
   -------------------------------------------
  Name:
  Title:

CHANGES INTERNATIONAL OF FORT WALTON BEACH, INC., as a Grantor

By:
   -------------------------------------------
  Name:
  Title:

HEALTH FACTORS INTERNATIONAL, INC., as a Grantor

By:
   -------------------------------------------
  Name:
  Title:

<PAGE>   14
                                                                               8

ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG,
GRAND CAYMAN ISLAND BRANCH, as a Lender

By:
   -------------------------------------------
  Name:
  Title:

ZIONS FIRST NATIONAL BANK, as a Lender

By:
   -------------------------------------------
  Name:
  Title:

ADVANCED RESEARCH PRESS, INC., as a Grantor

By: /s/ Ross Blechman
   -------------------------------------------
  Name:  ROSS BLECHMAN
  Title: PRESIDENT

CHANGES INTERNATIONAL OF FORT WALTON BEACH, INC., as a Grantor

By: /s/ Ross Blechman
   -------------------------------------------
  Name:  ROSS BLECHMAN
  Title: PRESIDENT

HEALTH FACTORS INTERNATIONAL, INC., as a Grantor

By: /s/ Ross Blechman
   -------------------------------------------
  Name:  ROSS BLECHMAN
  Title: PRESIDENT

<PAGE>   15
                                                                               9

BRONSON LABORATORIES INC., as a Grantor

By: /s/ Ross Blechman
   -------------------------------------------
  Name:  Ross Blechman
  Title: President

PR NUTRITION, INC., as a Grantor

By: /s/ Ross Blechman
   -------------------------------------------
  Name:  Ross Blechman
  Title: President

TWINLAB FSC INC., as a Grantor

By: /s/ Ross Blechman
   -------------------------------------------
  Name:  Ross Blechman
  Title: President<PAGE>   1
                                 FIRST AMENDMENT
                                       TO
                              AMENDED AND RESTATED
                                CREDIT AGREEMENT

         This Amendment (this "Amendment") is entered into as of October 15,
1999 by and between Tri-State Outdoor Media Group, Inc., a Kansas corporation
(the "Borrower"), and Bank One, NA (f/k/a The First National Bank of Chicago)
("Bank One"), individually and as agent (in such capacity, the "Agent").

                                    RECITALS

         A. The Borrower, Bank One as the sole Lender (the "Lender") and the
Agent are parties to that certain Amended and Restated Credit Agreement dated as
of August 12, 1999 (the "Credit Agreement"). Unless otherwise specified herein,
capitalized terms used in this Amendment shall have the meanings ascribed to
them in the Credit Agreement.

         B. SGH Holdings, Inc. ("Holdings"), a Delaware corporation and owner of
all of the outstanding shares of capital stock of the Borrower, intends to issue
a Senior Increasing Rate Note in the principal amount of $19,000,000 (the "Bear
Stearns Note") to Bear Stearns Investment Products Inc. and to contribute the
net proceeds thereof as equity to the Borrower.

         C. The Borrower intends to apply the proceeds of such equity
contribution to finance (i) the acquisition of certain assets of PNE Media
Holdings, LLC, PNE Media, LLC and other Persons and related fees and expenses,
and (ii) other Capital Expenditures.

         D. The Borrower, the Lender and the Agent wish to amend the Credit
Agreement to permit the above-described acquisitions and to make certain other
revisions thereto on the terms and conditions set forth below.

         Now, therefore, in consideration of the mutual execution hereof and
other good and valuable consideration, the parties hereto agree as follows:

                  1. Article I of the Credit Agreement is hereby amended by
inserting the following definitions of the terms "Bear Stearns Equity
Contribution", "Bear Stearns Note" and "Bear Stearns Note and Warrants Purchase
Agreement" after the definition of the term "Authorized Officer" and before the
definition of the term "Borrower":

                  "'Bear Stearns Equity Contribution' means the equity
contribution in the amount of approximately $18,051,000 made by Holdings to the
Borrower with the net proceeds of the Bear Stearns Note.

                  'Bear Stearns Note' means that certain Senior Increasing Rate
Note, dated October 15, 1999, in the principal amount of $19,000,000 issued by
Holdings to Bear Stearns Investment Products Inc. due May 15, 2008.
<PAGE>   2

                  'Bear Stearns Note and Warrants Purchase Agreement' means that
certain Note and Warrants Purchase Agreement dated as of October 15, 1999
between Holdings and Bear Stearns Investment Products Inc."

                  2. Article I of the Credit Agreement is hereby amended by
restating in its entirety clause (iv) of the definition of the term "Change in
Control" to read as follows:

                  "(iv) a 'Change of Control', as defined in the Senior Note
Indenture or the Bear Stearns Note and Warrants Purchase Agreement, shall
occur."

                  3. Article I of the Credit Agreement is hereby amended by
restating in its entirety the definition of the term "Permitted Acquisition"
therein to read as follows:

                  "'Permitted Acquisition' means any Acquisition by the Borrower
with respect to which each of the following requirements is satisfied:

                  (a) The assets to be acquired are useful in, or the Person
whose equity interests are to be acquired is engaged in, the business of leasing
outdoor advertising space.

                  (b) Such Acquisition has been approved or consented to by (i)
the board of directors or equivalent governing body of the Person whose assets
or equity interests are to be acquired and (ii) unless such Acquisition
constitutes a Qualified Acquisition or the aggregate consideration for such
Acquisition (or for such Acquisition and related Acquisitions) is less than
$250,000, the Required Lenders.

                  (c) After giving effect to such Acquisition, no Default or
Unmatured Default will exist.

                  (d) The Borrower has delivered to the Agent with sufficient
copies for the Lenders:

                           (i) Copies, certified by the Secretary or Assistant
         Secretary of the Borrower, of the agreements, instruments and documents
         governing such Acquisition, which, in the case of each Acquisition that
         is not a Qualified Acquisition, shall be in form and substance
         satisfactory to the Agent.

                           (ii) Evidence satisfactory to the Agent that the
         respective directors and shareholders (if necessary) of the Borrower
         and the seller or sellers (with respect to such Acquisition) shall have
         approved such Acquisition, that all regulatory and legal approvals for
         such Acquisition have been obtained, and that all conditions to the
         consummation of such Acquisition have been satisfied.

                           (iii) In the case of a Qualified Acquisition, if so
         requested by the Agent, a certificate signed by the Borrower's Chief
         Financial Officer stating that such Acquisition has been financed with
         proceeds of the Bear Stearns Equity Contribution and listing all other
         Qualified Acquisitions and Capital Expenditures so financed, with an
         itemization of the amounts expended.

                                       2
<PAGE>   3
                           (iv) A certificate signed by the Borrower's Chief
         Financial Officer stating that on the date of such Acquisition and
         after giving effect thereto, (i) no Default or Unmatured Default will
         exist, (ii) the representations and warranties contained in Article V
         of the Credit Agreement are true and correct, except to the extent that
         any such representation or warranty is stated to relate solely to an
         earlier date, and (iii) the representations and warranties contained in
         Article III of the Security Agreement are true and correct, after
         giving effect to any revised Exhibits thereto which are attached to
         such certificate.

                           (v) UCC financing statements and any other documents,
         agreements or instruments that the Agent deems necessary to maintain
         the priority and perfection of the Agent's security interest in the
         Collateral after giving effect to the consummation of such Acquisition.

                           (vi) Such other documents related to such Acquisition
         as any Lender or its counsel may have reasonably requested."

                  4. Article I of the Credit Agreement is hereby amended by
inserting the following definition of the term "Qualified Acquisition" after the
definition of the term "Purchasers" and before the definition of the term "Rate
Hedging Agreement":

                  "'Qualified Acquisition' means an Acquisition by the Borrower
of certain assets of PNE Media Holdings, LLC, PNE Media, LLC or any other Person
financed with the proceeds of the Bear Stearns Equity Contribution for an
aggregate consideration (including related fees and expenses) for all such
Acquisitions not to exceed the amount of the Bear Stearns Equity Contribution,
less the aggregate amount of Capital Expenditures financed with the proceeds of
the Bear Stearns Equity Contribution."

                  5. Section 4.2 of the Credit Agreement is hereby amended by
restating it in its entirety to read as follows:

                  "4.2 Certain Advances. Prior to January 1, 2001, the Lenders
shall not be required to make any Advance under Facility B that would cause the
Facility B Principal Obligations Amount to exceed $8,000,000 (other than an
Advance that, after giving effect thereto and to the application of the proceeds
thereof, does not increase the aggregate amount of outstanding Advances under
such Facility) unless, in addition to satisfying the conditions set forth in
Section 4.3, the Borrower shall furnish to the Agent, at the time of the
Borrower's request for such Advance, a certificate of an Authorized Officer
stating that (i) the proceeds of such Advance shall be applied by the Borrower
to the payment of interest on Indebtedness, and (ii) cash and cash equivalents
on hand of the Borrower (excluding (A) prior to April 30, 2000, the amount of
the Bear Stearns Equity Contribution not theretofore expended for Permitted
Acquisitions and related fees and expenses and Capital Expenditures, and (B) on
and after April 30, 2000, any amounts held back by the Borrower during the
applicable hold-back period from the purchase price for Permitted Acquisitions
referred to in clause (A) above) will not exceed $250,000, after giving effect
to the application of such Advance to such payment of interest."

                                       3
<PAGE>   4

                  6. Section 6.1(iv) and 6.1(v) of the Credit Agreement are
hereby restated in their entirety to read as follows:

                  "(iv) (a) Together with the financial statements required
under Sections 6.1(i) and (iii), commencing with the financial statements of the
Borrower for the fiscal year ending December 31, 1999, a Compliance Certificate
showing the calculations necessary to determine compliance with this Agreement,
and (b) together with the financial statements of the Borrower for the fiscal
period ending September 30, 1999, a Compliance Certificate showing the
calculations necessary to determine compliance with Sections 6.19.4 and 6.19.5.

                  (v) (a) Within 35 days after the end of each month, other than
any month on the last day of which a fiscal quarter ends, commencing with the
month ending July 31, 1999 for the Borrower and its Subsidiaries, a consolidated
profit and loss statement and statement of cash flows for the period from the
beginning of the then-current fiscal year to the end of such month, each
certified by the Chief Financial Officer of the Borrower, and (b) within 15 days
after the end of each month, commencing with the month ending July 31, 1999 (x)
a statement of the Total Revenues of the Borrower and its Subsidiaries for such
month and for the period from the beginning of the then-current fiscal year to
the end of such month, in each case broken down by division and certified by the
Chief Financial Officer of the Borrower, and (y) a breakdown of the amount of
the Bear Stearns Equity Contribution expended for Qualified Acquisitions (and
related fees and expenses) and Capital Expenditures, certified by the Chief
Financial Officer of the Borrower."

                  7. Section 6.19.4 of the Credit Agreement is hereby restated
in its entirety to read as follows:

                  "6.19.4 Total Revenues. The Borrower will maintain Total
Revenues of the Borrower and the Subsidiaries for each three-month period ending
on the last day of each month in the calendar year 1999 set forth below equal to
or greater than 93% of the amount set forth opposite such month.

                                    Quarterly
                                 Total Revenues

                            June                      $6,750,000
                            September                 $6,878,000
                            December                 $7,059,000"

                  8. Section 6.19.5 of the Credit Agreement is hereby restated
in its entirety to read as follows:

                  "6.19.5 Net Operating Cash Flow. The Borrower will maintain
Net Operating Cash Flow for each three-month period ending on the last day of
each month in the calendar year 1999 set forth below equal to or greater than
95% of the amount set forth opposite such month.

                                       4
<PAGE>   5

<TABLE>
<CAPTION>
                                                        Quarterly
                                                 Net Operating Cash Flow

<S>                                                    <C>
                              June                      $3,276,000
                              September                 $3,290,000
                              December                  $3,587,000"
</TABLE>

                  9. Section 6.19.6 of the Credit Agreement is hereby amended by
restating in its entirety the last sentence thereof to read as follows:

                  "For purposes of determining compliance with the covenant set
forth in this Section 6.19.6, there shall be excluded from the calculation of
the amount of Capital Expenditures: (a) proceeds of Sale and Leaseback
Transactions permitted by Section 6.15(ii) to the extent that such proceeds are
expended for Capital Expenditures, and (b) proceeds of the Bear Stearns Equity
Contribution expended for Capital Expenditures prior to April 30, 2000."

                  10. Section 7.18 of the Credit Agreement is hereby restated in
its entirety to read as follows:

                  "7.18 Holdings shall: (a) transact any business other than (i)
the ownership of the stock of the Borrower, (ii) the servicing of the Converted
Mesirow Equity (including the payment of permitted dividends thereon) or any
Indebtedness into which the Converted Mesirow Equity may be converted pursuant
to the terms thereof, and (iii) the issuance of the Bear Stearns Note and the
warrants and capital stock contemplated by the Bear Stearns Note and Warrants
Purchase Agreement, (b) have incurred any Indebtedness other than (i) any
Indebtedness into which the converted Mesirow Equity may be converted pursuant
to the terms thereof, or (ii) the Bear Stearns Note, (c) have amended or
modified the Mesirow 94 Documents or the Mesirow 97 Documents, other than to
permit the execution, delivery and performance by Holdings and the Borrower of
the Transaction Documents to which each is a party and by Holdings of the Bear
Stearns Note and Warrants Purchase Agreement, or (d) have voluntarily prepaid,
defeased or in substance defeased, purchased, redeemed, retired or otherwise
acquired, any Converted Mesirow Equity, any Indebtedness into which the
converted Mesirow Equity may be converted pursuant to the terms thereof, all or
any portion of the Bear Stearns Note or any warrant or capital stock issued
pursuant to the Bear Stearns Note and Warrants Purchase Agreement."

                  11. Schedule I to the form of Compliance Certificate attached
as Exhibit C to the Credit Agreement is hereby amended by deleting Sections
6.19.4 (Monthly Total Revenues) and 6.19.5 (Monthly Net Operating Cash Flow) and
restating in their entirety Sections 6.19.4 (Rolling three-month Total
Revenues), 6.19.5 (Rolling three-month Net Operating Cash Flow) and 6.19.6
(Capital Expenditures) to read as follows:

         "6.19.4. Quarterly Total Revenues

                  a.       Total Revenues for three-month period
                             ended ______, 1999

                                       5
<PAGE>   6
                  b.         Amount set forth in the "Quarterly Total Revenues"
                             column opposite the month referred to in a. in the
                             table in Section 6.19.4

                  c.         93% of b.

                  Covenant:  a. may not be less than c.

                  Compliance ("Yes" or "No")

         6.19.5.           Quarterly Net Operating Cash Flow

                  a.       Net Operating Cash Flow for three-month period
                             ended ______, 1999
                  b.         Amount set forth in the "Quarterly Net Operating
                             Cash Flow" column opposite the month referred to in
                             a. in the table in Section 6.19.5
                  c.       95% of b.

                  Covenant:  a. may not be less than c.

                  Compliance ("Yes" or "No")

         6.19.6.           Capital Expenditures

                  a.       Capital Expenditures (7)
                  b.       Proceeds of permitted Sale and Leaseback Transactions
                             expended on Capital Expenditures
                  c.       Proceeds of Bear Stearns Equity Contribution expended
                             on Capital Expenditures prior to April 30, 2000
                  d.       Sum of b. plus c.
                  e.       a. minus d.

                  MAXIMUM PERMITTED:

<TABLE>
<CAPTION>
          Period/Year                      Amount
  Effective Date to 12/31/99
<S>                                     <C>
                                        $1,800,000
             2000                       $2,500,000
             2001                       $2,700,000
             2002                       $2,800,000
             2003                       $2,900,000
             2004                       $3,100,000
             2005                       $3,200,000
</TABLE>

                  Covenant:  e. may not exceed applicable amount set forth above
                    plus unexpended amount from prior year if no Default or
                    Unmatured

                                       6
<PAGE>   7
                    Default exists.

                  Compliance ("Yes" or "No")                   "

                  12. The Borrower represents and warrants to the Lender and the
Agent that:

                           (a) The execution, delivery and performance by the
         Borrower of this Amendment have been duly authorized by all necessary
         corporate action and do not and will not contravene or conflict with
         any provision of law applicable to the Borrower, its articles of
         incorporation or by-laws, or any order, judgment or decree of any court
         or other agency of government or any contractual obligation binding
         upon the Borrower; and the Credit Agreement, as amended by this
         Amendment, is a legal, valid and binding obligation of the Borrower,
         enforceable against the Borrower in accordance with its terms, except
         as enforceability may be limited by bankruptcy, insolvency or similar
         laws affecting creditors' rights generally.

                           (b) The representations and warranties of the
         Borrower contained in Article V of the Credit Agreement, as amended by
         this Amendment, are true and correct on and as the date hereof except
         to the extent any such representation or warranty is stated to relate
         solely to an earlier date, in which case such representation or
         warranty was true on and as of such earlier date.

                           (c) Before and after giving effect to this Amendment,
         there exists no Default or Unmatured Default.

                  13. This Amendment shall become effective as of the date
hereof upon the execution and delivery hereof by the Borrower, the Lender and
the Agent, and the Agent's receipt of the following:

                           (a) A counterpart of this Amendment executed by the
         Borrower;

                           (b) Copies, certified by the Secretary or Assistant
         Secretary of Holdings, of (i) the agreements, instruments and documents
         governing the issuance of the Bear Stearns Note, and (ii) the Amendment
         Agreement among Holdings, Mesirow Capital Partners VI and Mesirow
         Capital Partners VII amending certain provisions of the Mesirow 94
         Documents, the Mesirow 97 Documents and the Exchange Agreement dated
         February 27, 1998 among Holdings, Mesirow Capital Partners VI and
         Mesirow Capital Partners VII, which shall in each case be in form and
         substance satisfactory to the Agent; and

                           (c) Evidence satisfactory to the Agent that the Bear
         Stearns Note has been issued in accordance with the agreements,
         instruments and documents referred to in clause (b) above and the net
         proceeds thereof contributed as equity by Holdings to the Borrower.

                  14. The Borrower, the Lender and the Agent hereby acknowledge
and agree that, upon the issuance of the Bear Stearns Note and the contribution
of the net proceeds thereof

                                       7
<PAGE>   8
as equity by Holdings to the Borrower, the Equity Infusion Date will have
occurred and the Borrower shall not be required to apply such net proceeds to a
prepayment under the Facilities pursuant to Section 2.2.4 of the Credit
Agreement.

                  15. Except as specifically amended by this Amendment, the
Credit Agreement and the other Loan Documents shall remain in full force and
effect and are hereby ratified and confirmed. The execution, delivery and
effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of the Agent or any Lender under the Credit Agreement or any
Loan Document, nor constitute a waiver of any provision of the Credit Agreement
or any Loan Document, except as specifically set forth herein. Upon the
effectiveness of this Amendment, each reference in the Credit Agreement to "this
Agreement", "hereunder", "hereof", "herein" or words of similar import shall
mean and be a reference to the Credit Agreement as amended hereby.

                  16. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF ILLINOIS, BUT
GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

                  17. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed an original, but all such counterparts
shall constitute one and the same instrument.

                            [signature page follows]

                                       8
<PAGE>   9
                  IN WITNESS WHEREOF, the parties have executed this Amendment
as of the date and year first above written.

                                TRI-STATE OUTDOOR MEDIA GROUP, INC.

                                By:
                                                  William G. McLendon
                                                  Chief Financial Officer

                                BANK ONE, NA (F/K/A THE FIRST NATIONAL BANK OF
                                     CHICAGO), INDIVIDUALLY AND AS AGENT

                                By:
                                                     Laurie W. Blazek
                                                    Authorized Agent

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