Document:

Document

EXHIBIT 10.3

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                 , 2021 

Dear                 :

We value your contributions and are therefore pleased to grant you the award of performance-based Phantom Units (the “PA”) described below. The PA is granted under the Western Gas Partners, LP 2017 Long-Term Incentive Plan (the “Plan”) and is subject to all terms and conditions of the Plan and the provisions of this agreement (this “Award Agreement”). Unless defined herein, capitalized terms shall have the meaning assigned to them under the Plan. For the avoidance of doubt, references in the Plan to (i) the “Company” mean Western Midstream Holdings, LLC, and (ii) the “Partnership” mean Western Midstream Partners, LP.

Effective                     , 2021 (“Grant Date”), you have been awarded [XX,XXX] PA units as your target (“Target”). The value of this PA, if any, will be dependent upon the Partnership’s return on assets (“ROA”) over the specified three-year performance period that begins [Date] and ends [Date] (the “Performance Period”). At the end of the Performance Period, your Target will vest based on the performance outcome.

The maximum number of PA units that you can earn during the Performance Period will be calculated as follows: { [X,XXX] x 200%}, with actual payout based on the Company’s ROA ranking as described below.

Each PA unit represents the value of one common unit in the Partnership (“Common Unit”). The payout of this PA is contingent upon the Company’s ROA during the Performance Period. The ROA measure provides an internal measure of the Company’s efficient use of capital and will be calculated for each year during the Performance Period as follows:

Adjusted EBITDA divided by average Consolidated Total Assets

The actual number of PA units you will earn for the Performance Period is based upon the Company’s average ROA for the Performance Period as follows:

						
	WES
ROA	Payout as
% of Target
	19%	200%
	18%	175%
	17%	150%
	16%	125%
	15%	100%
	14%	75%
	13%	50%
	12%	25%
	11%	0%

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In the event performance falls between a whole percentage listed in the table above, the payout will be interpolated linearly.

For example, if you were awarded 1,000 target PA units and the Company’s ROA for the Performance Period is 16%, you will receive 1,250 Common Units (1,000 x 125%) at the end of the Performance Period (subject to the other terms and conditions of this Award Agreement).

After the end of the Performance Period, payment for PA units will be made in Common Units, which will be issued to you as promptly as practicable after the Board of Director’s certification of attainment of the ROA (which such payment and certification shall occur no later than 70 days following the end of the Performance Period), and in any event no later than the 15th day of the third month following the end of the first taxable year in which the PA units are no longer subject to a substantial risk of forfeiture.

The number of PA units that vest shall be paid in the form of Common Units, and such Common Units shall be delivered to you into a Merrill Lynch brokerage account; provided, however, that the number of Common Units delivered to you will be reduced by applicable payroll and other tax withholdings unless you have elected to make a cash payment to the Company or the Employer to satisfy such withholdings or have made other arrangements acceptable to the Company and the Employer (defined below) in accordance with Section 8(b) of the Plan; provided, however, if you are subject to Section 16 of the Exchange Act, such other arrangements must be approved by the Committee. As used herein, “Employer” means the Partnership or any of its subsidiaries that employs you at the relevant time, and “Employer Group” means the Partnership and its subsidiaries, collectively.

The PA will have tandem distribution equivalent rights (“DERs”) in respect of any distribution paid to holders of Common Units during the period beginning on the Grant Date and ending on the earlier of (x) the date Common Units are issued to you in settlement of this PA and (y) the forfeiture of this PA, as described below. With respect to any such distribution paid to holders of Common Units, an unvested amount of cash on each Phantom Unit then outstanding equal to the distribution paid to holders of Common Units will accrue, without interest, and will be paid out at the same time that the underlying Common Units are delivered to you in respect of the settlement of this PA. With respect to the DERs, the Company shall pay to you a cash amount equal to (x) the sum of the aggregate amounts of such DERs accrued, multiplied by (y) the payout as percent of Target earned. For example, if you accrue $1,000 in DERs during the Performance Period, and the Company’s ROA for the Performance Period is 16%, you will receive $1,250 ($1,000 x 125%) with respect to your DERs (subject to the other terms and conditions of this Award Agreement). Any accrued DERs attributable to PA units that are canceled or forfeited will not be paid and are immediately forfeited upon cancelation of the related PA units.

The grant of this Award requires your acceptance of the PA and its terms and conditions. By acknowledging receipt of this Award Agreement and signifying acceptance online through your Merrill Lynch account, you accept and agree to abide by the terms and conditions under the Plan and the provisions of this letter. If you fail to accept the PA on or before the 60th day following the Grant Date, then, notwithstanding any other provision of the Award Agreement, you shall forfeit all rights under the PA (including all units and any DERs with respect thereto) and the PA will become null and void.

All of your unvested PA units (and any DERs relating to your unvested PA units) will be immediately forfeited if your employment with the Employer Group terminates for any reason prior to settlement or, if earlier, a Change of Control, except as provided in the paragraph below.

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In the event your employment with the Employer Group terminates due to (i) your death or (ii) the Employer terminates your employment due to your disability (as determined by the applicable long-term disability program in which you participate or were eligible to participate) (“Disability”), the PA units will be paid to you (or, in the case of your death, your beneficiary) pursuant to the terms and conditions above based on the level of achievement of ROA through the end of the Performance Period or the date of a Change of Control, as applicable, as if you had remained employed through the settlement date. If (x) your employment with the Employer Group is terminated by the Employer without Cause or (y) you voluntarily resign from employment with the Employer Group with the consent of the Company under circumstances the Company, in its sole discretion, determines at the time of such resignation to constitute “Retirement” for purposes of this Award (“Retirement”) (each of the foregoing, a “Pro-Rata Vesting Event”), then a pro rata portion of the PA units (equal to the number obtained by multiplying the total number of PA units granted by a fraction, the numerator of which is the number of days between the beginning of the Performance Period and the Pro-Rata Vesting Event and the denominator of which is the total number of days in the Performance Period) shall remain eligible to vest as if you had remained employed through the settlement date, and will be paid to you pursuant to the terms and conditions above based on the level of achievement of ROA through the end of the Performance Period or the date of a Change of Control, as applicable, and all other PA units shall be immediately forfeited.

Notwithstanding the preceding provisions of this Award Agreement, the following provisions shall apply in the event a Change of Control occurs prior to the end of the Performance Period and while your PA units remain outstanding, subject to the Committee’s discretion to take any other action with respect to the PA units in accordance with Section 7(c) of the Plan:

(i)    The Partnership’s ROA shall be determined as if the date upon which the Change of Control occurs (the “Change of Control Date”) is the last day of the Performance Period, and a calculation of the value of the earned PA units for the Performance Period will be made as of such date (the “PA Unit Amount”), which amount will be equal to your Target multiplied by the applicable percentage under the “Payout as % of Target” column of the table above based on the Partnership’s ROA for the shortened Performance Period (for purposes of this calculation, ROA for any partial year will be annualized);

(ii)    Without limiting Section 7(c) of the Plan, prior to the Change of Control Date, the Committee, in its discretion, may determine that the PA Unit Amount shall be converted on the Change of Control Date into restricted equity units in respect of the common equity security of the successor or surviving entity (the “Surviving Company”), the number of which shall be determined equitably and in good faith by the Committee based on the relative equity values of the Partnership and the Surviving Company, and the terms of which shall include the following:

a.    Subject to the provisions of clauses (b), (c) and (d) below, (1) each such restricted equity unit shall vest subject to continued employment through the last day of the Performance Period (determined without regard to the occurrence of the Change of Control) and shall be paid in the form of (x) a cash amount equal to the fair market value of the common equity security of the Surviving Company as of the last day of the Performance Period, (y) unrestricted equity of the Surviving Company or (z) a combination thereof, as determined by the Committee, and (2) such payment amount, less applicable withholding taxes, shall be paid to you within 10 days after the end of the Performance Period (determined without regard to the occurrence of the Change of Control), and (3) an amount of cash equal to all DERs accrued during the 

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Performance Period multiplied by the applicable percentage under the “Payout as % of Target” column of the table above based on the Partnership’s level of achievement of ROA for the Performance Period shall be paid to you, less applicable withholding taxes, within 10 days after the end of the Performance Period;

b.    If following a Change of Control, your employment is terminated by the Employer without Cause, you resign from your employment for Good Reason, you die or your employment terminates due to your Disability, then (i) any restricted equity units into which the PA Unit Amount has been converted shall immediately vest and be paid to you, less applicable withholding taxes, within 10 days following such termination (with each vested restricted equity unit payable in (x) a cash amount equal to the fair market value of the common equity security of the Surviving Company as of the date of termination, (y) unrestricted equity of the Surviving Company or (z) a combination thereof, as determined by the Committee), and (ii) an amount of cash equal to all DERs accrued during the Performance Period multiplied by the applicable percentage under the “Payout as % of Target” column of the table above based on the Partnership’s level of achievement of ROA for the shortened Performance Period determined as if the Change of Control Date is the last day of the Performance Period, shall be paid to you, less applicable withholding taxes, within 10 days following such termination;

c.    In the event of your Retirement after the Change of Control Date, (i) a pro-rated portion of any restricted equity units into which the PA has been converted shall immediately vest and be paid to you, less applicable withholding taxes, within 10 days following the effective date of your Retirement (in cash, unrestricted equity or a combination thereof in the same manner as contemplated in clause (c) above) , and (ii) a pro-rated cash payment in respect of DERs accrued during the Performance Period multiplied by the applicable percentage under the “Payout as % of Target” column of the table above based on the Partnership’s level of achievement of ROA for the shortened Performance Period determined as if the Change of Control Date is the last day of the Performance Period. The pro-rated portion described in the foregoing sentence shall be based on a fraction, the numerator of which is the number of days between the first day of the Performance Period (the “Vesting Start Date”) and the Retirement date and the denominator of which is the number of days between the Vesting Start Date and the end of the Performance Period (determined without regard to the Change of Control); and

d.    Except as set forth in clauses (b) and (c) above, if your employment terminates after a Change of Control but before the end of the Performance Period (determined without regard to the Change of Control), then any restricted equity units into which the PA Unit Amount has been converted will be immediately forfeited.

(iii)    If prior to a Change of Control, your employment terminated due to your death, Disability or Retirement, then (i) any unvested PA units (in the case of your death or Disability) or the pro-rata portion of your unvested PA units (in the case of your Retirement) that remained outstanding and eligible to vest based on actual performance will be paid within 10 days following the Change of Control Date based on the Company’s ROA for the shortened Performance Period determined as if Change of Control Date is the last day of the Performance Period in accordance with clause (i) above; and (ii) an amount of cash equal to all DERs accrued during the Performance Period (in the case of your death or Disability) or the pro-rata portion of your unvested DERs (in the case of your Retirement) multiplied by the applicable percentage under the “Payout as % of Target” column of 

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the table above based on the Partnership’s level of achievement of ROA for the shortened Performance Period determined as if the Change of Control Date is the last day of the Performance Period in accordance with clause (i), above, shall be paid to you, less applicable withholding taxes, within 10 days following such Change of Control Date.

For purposes of this Award Agreement, “Good Reason” means (i) your duties and responsibilities as an employee are materially and adversely diminished in comparison to the duties and responsibilities enjoyed immediately prior to the Change of Control, (ii) your base salary is materially reduced in comparison to the base salary enjoyed immediately prior to the Change of Control, (iii) the aggregate value of your base salary plus target incentive compensation (target annual bonus plus target annual long-term incentive award opportunity) is materially reduced in comparison to the aggregate value of your base salary plus target incentive compensation immediately prior to the Change of Control, (iv) you are required to be based at a location more than 25 miles from the primary location where you were based and performed services immediately prior to the Change of Control, (v) you are required by the Employer to take an assignment or position that requires you to travel on frequent overnight trips resulting in extended stays away from home on a consistent basis and to a substantially greater extent than was required immediately prior to the Change of Control (this provision excludes assignments or positions that might require temporary travel for a specified, short duration of time, regardless of whether such assignment or position is the result of circumstances related to the Change of Control); or (vi) you are required, without your consent, to perform in a job position, or substantial job assignment, for which you are not skilled or trained.

For purposes of this Award Agreement, “Cause” means (a) your conviction of any felony or of a misdemeanor involving moral turpitude, (b) your willful failure to perform your duties or responsibilities, (c) your engaging in conduct which is injurious (monetarily or otherwise) to the Employer, the Company, the Partnership or any of their Affiliates (including, without limitation, misuse of funds or other property), (d) your engaging in business activities which are in conflict with the business interests of the Partnership and its Affiliates, (e) your insubordination, (f) your engaging in conduct which is in violation of any applicable policy or work rule of the Employer or its Affiliates, (g) your engaging in conduct which is in violation of the Employer’s (or its Affiliates’) applicable safety rules or standards or which otherwise causes or may cause injury to another employee or any other person, or (h) your engaging in conduct which is in violation of any applicable Code of Business Conduct and Ethics or which is otherwise inappropriate in the office or work environment. For purposes of clause (b) above, no act or failure to act, on your part, shall be considered “willful” unless it is done, or omitted to be done, by you in bad faith or without reasonable belief that your action or omission was in the best interests of the Partnership and its Affiliates. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or based upon the advice of legal counsel for the Company or its Affiliates shall be conclusively presumed to be done, or omitted to be done, by you in good faith and in the best interests of the Partnership and its Affiliates.

Notwithstanding the foregoing, if at any particular time you are subject to an effective employment agreement or change in control agreement with the Company, the Employer or any of their Affiliates, then, in lieu of the foregoing definition, “Good Reason” and “Cause” shall at that time have such meaning as may be specified in such employment agreement or change in control agreement, as applicable.

For purposes of this Award Agreement, “Change of Control” does not have the meaning set forth in the Plan and instead means, and shall be deemed to have occurred upon any of the following events: (i) any “person” or “group” within the meaning of those terms as used in Sections 13(d) and 14(d)(2) of the Exchange Act, other than an Excluded Person (defined below), shall become the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act), by way of merger, consolidation, recapitalization, reorganization or 

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otherwise, of more than 50% of the combined voting power of the equity interests in the Company, unless as a result of such transaction, more than 50% of the outstanding voting power or the outstanding voting securities of the ultimate parent (the “Ultimate Parent”) of the surviving or resulting entity of the Company immediately after such transaction (the “Surviving Entity”) (or, if no Ultimate Parent exists, then the Surviving Entity) is, or will be, owned, directly or indirectly, by the Persons who were holders of the Company’s voting securities immediately before such transaction (such transaction, an “Excluded Business Combination”), (ii) the equity holders of the Partnership approve, in one or a series of transactions, a plan of complete liquidation of the Partnership, (iii) the sale, transfer or other disposition by the Partnership of all or substantially all of its assets in one or more transactions to any Person other than an Affiliate of the Company or the Partnership, unless such sale, transfer or disposition is an Excluded Business Combination, or (iv) the Company or an Affiliate of the Company ceases to be the general partner of the Partnership and a single “person” or “group” within the meaning of those terms as used in Sections 13(d) and 14(d)(2) of the Exchange Act, other than an Excluded Person, beneficially owns more than 50% of the combined voting power of the equity interests in the entity that is or becomes the general partner of the Partnership. Notwithstanding the foregoing, (A) with respect to a 409A Award where a Change of Control would accelerate the timing of payment thereunder, the term “Change of Control” shall mean a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company as defined in Section 409A of the Code and the 409A Regulations, but only to the extent inconsistent with the above definition, and only to the minimum extent necessary to comply with Section 409A of the Code and the 409A Regulations as determined by the Committee and (B) in no event will any sale, transfer or other disposition by Occidental Petroleum Corporation (“Oxy”) or its Affiliates of Common Units (or other limited partner interests in the Partnership), regardless of amount, constitute a Change of Control hereunder (whether or not such sale, transfer or disposition would otherwise constitute a Change of Control). “Excluded Person” means the Partnership, the Company, Oxy or any respective Affiliate of the Company, the Partnership or Oxy.

If the Partnership is required to prepare an accounting restatement due to the material noncompliance of the Partnership, as a result of misconduct, with any financial reporting requirement under the securities laws, and if you knowingly engaged in the misconduct, were grossly negligent with respect to such misconduct, or knowingly or grossly negligently failed to prevent the misconduct (whether or not you are one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002, Section 954 of the Dodd- Frank Wall Street Reform and Consumer Protection Act or other applicable law or regulation), the Committee may determine that you shall reimburse the Partnership the amount of any payment in settlement of an Award earned or accrued during the twelve-month period following the first public issuance or filing with the United States Securities and Exchange Commission (whichever first occurred) of the financial document embodying such financial reporting requirement.

Common Units issued upon payment of the PA shall be subject to the terms of the Plan and the Second Amended and Restated Agreement of Limited Partnership of Western Midstream Partners, LP, dated as of December 31, 2019, (the “Partnership Agreement”). Upon the issuance of Common Units, you shall, automatically and without further action, (i) be admitted to the Partnership as a Limited Partner (as defined in the Partnership Agreement) with respect to the Common Units, and (ii) become bound, and be deemed to have agreed to be bound, by the terms of the Partnership Agreement. Until Common Units are issued to you upon payment of the PA, you shall have any of the rights or privileges of a holder of Common Units in respect of any Common Units that may become deliverable hereunder.

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Notwithstanding anything herein to the contrary, in lieu of delivering Common Units to you upon payment of the PA, the Company may elect at its discretion to pay or cause to be paid some or all of the PA in cash equal to the Fair Market Value of the Common Units that would otherwise be distributed as of the date of payment or vesting.

Notwithstanding anything herein to the contrary, no amounts payable under this Award Agreement shall be paid to you prior to the expiration of the six (6)-month period following your “separation from service” (within the meaning of Treasury Regulation Section 1.409A- 1(h)) (a “Separation from Service”) to the extent that the Company determines that paying such amounts prior to the expiration of such six (6)-month period would result in a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of the applicable six (6)-month period (or such earlier date upon which such amounts can be paid under Section 409A of the Code without resulting in a prohibited distribution, including as a result of your death), such amounts shall be paid to you. The intent of the parties is that the payments and benefits under this Award Agreement comply with or be exempt from Section 409A of the Code and, accordingly, to the maximum extent permitted, this Award Agreement shall be interpreted to be in compliance therewith. Nevertheless, to the extent that the Committee determines that the PA or DERs may not be exempt from (or compliant with) Section 409A of the Code, the Committee may (but shall not be required to) amend this Award Agreement in a manner intended to comply with the requirements of Section 409A of the Code or an exemption therefrom (including amendments with retroactive effect), or take any other actions as it deems necessary or appropriate to attempt to (a) exempt the PA or DERs from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the PA or DERs, or (b) comply with the requirements of Section 409A of the Code. To the extent applicable, this Award Agreement shall be interpreted in accordance with the provisions of Section 409A of the Code. For purposes of Section 409A, each of the payments that may be made hereunder is designated as a separate payment. Notwithstanding anything in this Award Agreement to the contrary, to the extent that any payment or benefit hereunder constitutes non-exempt “nonqualified deferred compensation” for purposes of Section 409A of the Code, and such payment or benefit would otherwise be payable or distributable hereunder by reason of your termination of employment, all references to your termination of employment shall be construed to mean a Separation from Service, and you shall not be considered to have a termination of employment unless such termination constitutes a Separation from Service.

If you have any questions on this grant, please contact your HR representative. 

Sincerely,

Michael P. UreDocument

Exhibit 10.1

EXECUTION VERSION

SECOND AMENDMENT TO CREDIT AGREEMENT
        SECOND AMENDMENT, dated as of May 5, 2021 (this “Agreement”), to the Credit Agreement, dated as of August 23, 2019, among Clear Channel Outdoor Holdings, Inc. (the “Borrower”), the several lenders from time to time party thereto (collectively, the “Lenders”), Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent and the other parties party thereto (as amended by the First Amendment to Credit Agreement, dated as of June 12, 2020, and as may hereafter be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).  Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.

        WHEREAS, the Borrower has requested that the Required Revolving Credit Lenders consent to the amendments to the Credit Agreement set forth in Section 1 of this Agreement.

        NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and in reliance on the representations, warranties and covenants herein contained, the parties hereto agree as follows:

SECTION 1.  Amendments to Credit Agreement.  Subject to all of the terms and conditions set forth in this Agreement and the Credit Agreement, on and effective as of the Second Amendment Effective Date (as defined below), the Credit Agreement is hereby amended as follows:
1.1The definition of “Liquidity Testing Period” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Liquidity Testing Period” means the period commencing on the first date of the Relief Period and ending on the date of delivery of the Compliance Certificate with respect to the period ended March 31, 2022.
1.2The definition of “Step-Down Date” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Step-Down Date” means September 30, 2022; provided that if a Specified Event shall have occurred, the Step-Down Date shall be the later of (x) June 30, 2021 and (y) the last day of the fiscal quarter ended after the date on which such Specified Event shall have occurred.
1.3Section 7.09(b) of the Credit Agreement is hereby amended and restated in its entirety as follows: 
(b)     Liquidity.  (i) Except with the written consent of the Required Revolving Credit Lenders, the Borrower will not permit Liquidity as of the last day of any calendar month ending during the Liquidity Testing Period to be less than $150,000,000 and (ii) the Borrower shall deliver to the Administrative Agent  (x) within fifteen (15) calendar days of the end of each calendar month ending during the Liquidity Testing Period, a certificate in the form of Exhibit N hereto (the “Minimum Liquidity Certificate”), executed by a Responsible Officer of the Borrower, setting forth reasonably detailed calculations demonstrating Liquidity as of the last day of such calendar month and compliance with the Liquidity Covenant and (y) within twenty-two (22) calendar days of the end of each calendar month ending during the Liquidity Testing Period, a thirteen-week liquidity forecast in a form agreed between the Administrative Agent and the Borrower; provided that, if, after the Borrower delivers any Minimum Liquidity Certificate to the Administrative Agent demonstrating Liquidity of less than $250,000,000, then until the Borrower delivers a Minimum Liquidity Certificate demonstrating Liquidity of at least $250,000,000, the Borrower shall, at the reasonable request of the Administrative Agent, furnish to the Administrative Agent (on not more than a weekly basis) a certificate setting forth Liquidity as determined by the Borrower in its reasonable judgment. 

    

1.4The definition of “Relief Period Termination Date” in Section 7.09 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Relief Period Termination Date” means the earlier of (i) the last day of the fiscal quarter ending on or about March 31, 2022 and (ii) the date of occurrence of any Specified Event.
SECTION 2.Conditions to Effectiveness.  This Agreement shall become effective upon the first date on which each of the following conditions precedent shall have been satisfied (or waived) (such date, the “Second Amendment Effective Date”):
2.1The Administrative Agent (or its counsel) shall have received from (i) the Borrower and (ii) the Revolving Credit Lenders that collectively constitute the Required Revolving Credit Lenders (x) a counterpart of this Agreement signed on behalf of such party or (y) written evidence satisfactory to the Administrative Agent (which may include electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement.  
2.2The Borrower shall have paid to the Administrative Agent all expenses due and payable on or prior to the Second Amendment Effective Date (including in Section 4 hereof) to the extent invoiced at least three (3) Business Days prior to the Second Amendment Effective Date (or such shorter period reasonably agreed by the Borrower).
2.3The Administrative Agent shall have received a certificate from a Responsible Officer of the Borrower certifying that the representations and warranties set forth in (x) Section 3 of this Agreement and (y) Article V of the Credit Agreement and in the other Loan Documents are, in each case, true and correct in all material respects (other than any such representation and warranty that is already qualified by materiality or “Material Adverse Effect” in the text thereof, in which case such representation and warranty shall be true in all respects) on and as of the Second Amendment Effective Date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties are true and correct in all material respects on and as of such earlier date.
2.4At the time of and immediately after giving effect to this Agreement, no Default or Event of Default shall exist or result therefrom.
SECTION 3.Representations and Warranties.  The Borrower hereby represents and warrants to each Consenting Lender and the Administrative Agent that (a) the Borrower has all requisite power and authority to execute, deliver and perform its obligations under this Agreement, (b) the execution, delivery and performance by the Borrower of this Agreement (1) are within the Borrower’s corporate or other powers, (2) have been duly authorized by all necessary corporate or other organizational action and (3) do not contravene the terms of the Borrower’s organizational documents, (c) this Agreement has been duly executed and delivered by the Borrower and (d) this Agreement constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity.
SECTION 4.Costs and Expenses.  The Borrower acknowledges and agrees that its payment obligations set forth in Section 10.04 of the Credit Agreement include the reasonable and documented out-of-pocket costs and expenses incurred by the Administrative Agent in connection with the preparation, execution and delivery of this Agreement and any other documentation contemplated hereby, including, but not limited to, the reasonable fees and disbursements of Davis Polk & Wardwell LLP, counsel to the Administrative Agent.
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SECTION 5.Ratification.  The Credit Agreement, as amended by this Agreement, and the other Loan Documents remain in full force and effect and are hereby ratified and affirmed.  This Agreement shall be limited precisely as written and, except as expressly provided herein, shall not be deemed (i) to be a consent granted pursuant to, or a waiver, modification or forbearance of, any term or condition of the Credit Agreement, any other Loan Document or any of the instruments or agreements referred to in any thereof or a waiver of any Default or Event of Default, whether or not known to the Administrative Agent or any of the Lenders, or (ii) to prejudice any right or remedy which the Administrative Agent or any of the Lenders may now have or have in the future against any Person under or in connection with the Credit Agreement, any of the instruments or agreements referred to therein or any of the transactions contemplated thereby.  
SECTION 6.Reaffirmation of the Loan Parties.  Each Loan Party party hereto hereby consents to the amendment of the Credit Agreement effected hereby and confirms and agrees that, notwithstanding the effectiveness of this Agreement, each Loan Document to which such Loan Party is a party is, and the obligations of such Loan Party contained in the Credit Agreement, this Agreement or in any other Loan Document to which it is a party are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects, in each case as amended by this Agreement. For greater certainty and without limiting the foregoing, each Loan Party party hereto hereby confirms that the existing guarantees and/or security interests granted by such Loan Party in favor of the Administrative Agent for the benefit of the Secured Parties pursuant to the Loan Documents in the Collateral described therein shall continue to secure the obligations of the Loan Parties under the Credit Agreement and the other Loan Documents as and to the extent provided in the Loan Documents.
SECTION 7.Modifications.  Neither this Agreement, nor any provision hereof, may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the parties hereto.
SECTION 8.References.  Each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each reference in each other Loan Document (and the other documents and instruments delivered pursuant to or in connection therewith) to the “Credit Agreement”, “thereunder”, “thereof”, “therein” or words of like import, shall mean and be a reference to the Credit Agreement as modified hereby and as each may in the future be amended, restated, supplemented or modified from time to time.  This Agreement shall constitute a “Loan Document” for purposes of the Credit Agreement and each other Loan Document. 
SECTION 9.Counterparts.  This Agreement may be executed by the parties hereto individually or in combination, in one or more counterparts, each of which shall be an original and all of which shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page by telecopier or electronic mail (in a .pdf format) shall be effective as delivery of a manually executed counterpart.  The words “execution,” “signed,” “signature,” and words of like import in this Agreement shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.
SECTION 10.Successors and Assigns.  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
SECTION 11.Severability.  If any provision of this Agreement shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or enforceability without in any manner affecting the validity or enforceability of such provision in any other jurisdiction or the remaining provisions of this Agreement in any jurisdiction.
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SECTION 12.Governing Law.  THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN OR THEREIN).
SECTION 13.Headings.  Section headings in this Agreement are included for convenience of reference only and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

CLEAR CHANNEL OUTDOOR HOLDINGS, INC.,
as Borrower
By: /s/ Brian D. Coleman     
Name: Brian D. Coleman
    Title:  Chief Financial Officer

For purposes of Section 6, only:
CLEAR CHANNEL ADSHEL, INC.
CLEAR CHANNEL ELECTRICAL SERVICES, LLC
CLEAR CHANNEL IP, LLC
CLEAR CHANNEL OUTDOOR HOLDINGS
COMPANY CANADA
CLEAR CHANNEL OUTDOOR, LLC
CLEAR CHANNEL WORLDWIDE HOLDINGS, INC.
EXCEPTIONAL OUTDOOR, INC.
GET OUTDOORS FLORIDA, LLC
IN - TER - SPACE SERVICES, INC.
OUTDOOR MANAGEMENT SERVICES, INC.
UNIVERSAL OUTDOOR, INC.
1567 MEDIA LLC
CCOI HOLDCO III, LLC
CCOI HOLDCO PARENT I, LLC
CCOI HOLDCO PARENT II, LLC
CLEAR CHANNEL METRA, LLC
CLEAR CHANNEL SPECTACOLOR, LLC
By: /s/ Brian D. Coleman     
Name: Brian D. Coleman
    Title:  Chief Financial Officer
 
5

DEUTSCHE BANK AG NEW YORK BRANCH,
as Administrative Agent and a Revolving Credit Lender
By: /s/ Phil Tancorra    
Name: Philip Tancorra
    Title:  Vice President

By: /s/ Yumi Okabe    
Name: Yumi Okabe
    Title:  Vice President
 

6

   									
			
	Morgan Stanley Senior Funding, Inc.
as a Revolving Credit Lender

	By:	 	/s/ Roberto Ellinghaus
	Name:	 	Roberto Ellinghaus
	Title:	 	Vice President
	
	If a second signature is necessary:
		
	By:	 	 
	Name:	 	
	Title:	 	

									
			
		 	JPMORGAN CHASE BANK, N.A.,
as a Revolving Credit Lender

		
	By:	 	/s/ Sandeep Parihar
	Name:	 	Sandeep Parihar
	Title:	 	Executive Director
	
	
			
		 	BARCLAYS BANK PLC,
as a Revolving Credit Lender

		
	By:	 	/s/ Sean Duggan
	Name:	 	Sean Duggan
	Title:	 	Vice President

									
			
		 	Goldman Sachs Lending Partners LLC,
as a Revolving Credit Lender

		
	By:	 	/s/ Dan Martis
	Name:	 	Dan Martis
	Title:	 	Authorized Signatory

7

									
			
		 	WELLS FARGO BANK, N.A.,
as a Revolving Credit Lender

		
	By:	 	/s/ Teddy Koch
	Name:	 	Teddy Koch
	Title:	 	Managing Director
	

 
8

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