Document:

Fifth amendment to credit agreement

 EXHIBIT 10.2 
  
 FIFTH AMENDMENT TO CREDIT AGREEMENT 
  
 This FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of May 10, 2004, is entered into
among (1) ENTRAVISION COMMUNICATIONS CORPORATION, a Delaware corporation (the “Borrower”), (2) the Lenders party to the Credit Agreement referred to below, (3) UNION BANK OF CALIFORNIA, N.A., as Arranging Agent for such Lenders (in
such capacity, the “Agent”), (4) UNION BANK OF CALIFORNIA, N.A., as Co-Lead Arranger and Joint Book Manager, (5) CREDIT SUISSE FIRST BOSTON, as Co-Lead Arranger, Administrative Agent and Joint Book Manager, (6) THE BANK OF NOVA
SCOTIA, as Syndication Agent, and (7) FLEET NATIONAL BANK, as Documentation Agent. 
  
 RECITALS 
  
 A. The
Borrower, the Lenders and the Agent previously entered into that certain Credit Agreement dated as of September 26, 2000 as amended by a First Amendment to Credit Agreement dated as of March 23, 2001, a Second Amendment to Credit Agreement dated as
of March 29, 2002, a Third Amendment to Credit Agreement dated as of April 16, 2003 and a Fourth Amendment to Credit Agreement dated as of September 19, 2003 (said Agreement, as so amended, herein called the “Credit Agreement”).
Capitalized terms used herein and not defined shall have the meanings assigned to them in the Credit Agreement. 
  
 B. The Borrower has requested that the Lenders amend certain terms of the Credit Agreement and the Lenders have agreed to such request, subject to the
terms and conditions set forth herein. 
  
 NOW, THEREFORE, in
consideration of the premises and the mutual covenants herein contained, the parties hereto hereby agree as follows: 
  
 SECTION 1. Amendments to Credit Agreement. The Credit Agreement is hereby amended as follows: 
  
 (a) Section 1.1 of the Credit Agreement is amended by adding the following
new definition in appropriate alphabetical order: 
  
 “‘Fifth Amendment Effective Date’: the date upon which that certain Fifth Amendment to Credit Agreement dated as of May 10, 2004, which amends the terms of this Agreement, shall become effective in accordance with the
terms thereof.” 
  
 (b) Section 5.8 of the Credit Agreement
is amended as follows: 
  
 (i) in clause (i),
clause “(D)” is relettered clause “(E)”, and a new clause (D) is added to read as follows: “, (D) subject to Section 6.6, to finance redemption or repurchase of the Borrower’s Series A preferred stock in an amount not
to exceed $55,000,000 (provided that the sum of the Revolving Loans used for such purpose 

  

 
pursuant to this clause plus the sum of Incremental Loans used for such purpose pursuant to clause (iv)(C) below shall not exceed $55,000,000)”; and

  
 (ii) in clause (iv), clause “(C)”
is relettered clause “(D)”, and a new clause (C) is added to read as follows: “, (C) subject to Section 6.6, to finance redemption or repurchase of the Borrower’s Series A preferred stock in an amount not to exceed $55,000,000
(provided that the sum of the Incremental Loans used for such purpose pursuant to this clause plus the sum of Revolving Loans used for such purpose pursuant to clause (i)(D) above shall not exceed $55,000,000).” 
  
 (c) Section 6.1(a) of the Credit Agreement is amended in full to read as
follows: 
  
 “(a) Maximum Total Debt
Ratio. Permit the Maximum Total Debt Ratio of the Borrower and its Subsidiaries on a consolidated basis to exceed the following levels for the periods indicated: 
  

			
	 Period

	  	Ratio

	 Closing Date to and including September 29, 2001
	  	6.25:1
		
	 September 30, 2001 to and including December 30, 2001
	  	6.00:1
		
	 December 31, 2001 to but excluding the Second Amendment Effective Date
	  	5.75:1
		
	 Second Amendment Effective Date to but excluding the Third Amendment Effective Date
	  	7.00:1
		
	 Third Amendment Effective Date to and including September 29, 2003
	  	7.25:1
		
	 September 30, 2003 to and including December 30, 2003
	  	6.75:1
		
	 December 31, 2003 to but excluding the Fifth Amendment Effective Date
	  	6.00:1
		
	 Fifth Amendment Effective Date to and including September 29, 2004
	  	6.50:1
		
	 September 30, 2004 to and including March 30, 2005
	  	6.00:1
		
	 March 31, 2005 to and including September 29, 2005
	  	5.00:1
		
	 September 30, 2005 to and including March 30, 2006
	  	4.50:1
		
	 March 31, 2006 and thereafter
	  	4.00:1

  

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 Notwithstanding anything to the contrary set forth in this Agreement, for the purpose of
calculating the Maximum Total Debt Ratio in this Section 6.1(a), Maximum Total Debt Ratio shall mean, for the Borrower and its Subsidiaries on a consolidated basis, the ratio of Total Debt less Cash on Hand to Operating Cash Flow.”

  
 (d) Section 6.6 of the Credit Agreement is amended by adding
the following paragraphs at the end thereof: 
  
 “Notwithstanding anything to the contrary set forth in this Section 6.6, the Borrower may make a Restricted Payment to redeem or repurchase any or all of its Series A preferred stock so long as (i) no Default has occurred and is
continuing or would result from the making of such Restricted Payment and (ii) such Restricted Payment is permitted by the terms of the Senior Subordinated Notes Indenture and the Agent shall have received evidence in form and substance reasonably
satisfactory to the Agent to such effect including a certificate of a Responsible Officer of the Borrower to such effect, together with calculations used by the Borrower in determining compliance with Section 4.07 of the Senior Subordinated Notes
Indenture. Such Restricted Payment shall not constitute a fixed charge pursuant to clause (iv) of the definition of ‘Fixed Charge Coverage Ratio.’ 
  
 Notwithstanding any provision of this Agreement to the contrary, the Borrower shall be permitted to issue preferred stock (other than
Disqualified Stock), and to declare and pay dividends thereon in preferred stock of the Borrower (other than Disqualified Stock), so long as (i) no Default has occurred and is continuing at the time of such issuance, declaration or payment, as
applicable, or would result therefrom, (ii) the issuance of such preferred stock is permitted by the terms of the Senior Subordinated Notes Indenture and (iii) no Change in Control would be caused thereby.” 
  
 SECTION 2. Conditions Precedent. This Amendment shall become effective
as of the date first set forth above upon receipt by the Agent of the following, in each case in form and substance satisfactory to the Agent: 
  
 (a) this Amendment, duly executed by the Borrower and consented to by the Majority Lenders; 
  
 (b) evidence of the Guarantors’ consent to this Amendment; and 
  
 (c) such other approvals, opinions, evidence and documents as any Lender,
through the Agent, may reasonably request; and the Agent’s reasonable satisfaction as to all legal matters incident to this Amendment. 
  

 - 3 - 

 SECTION 3. Reference to and Effect on the Credit Agreement and the Other Loan Documents.

  
 (a) Upon the effectiveness of this Amendment, each reference
in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit
Agreement,” “thereunder,” “thereof,” “therein” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended hereby. 
  
 (b) Except as specifically amended herein, the Credit Agreement and all other
Loan Documents are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. 
  
 (c) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Agent or the Lenders
under the Credit Agreement or any other Loan Documents, nor constitute a waiver of any provision of the Credit Agreement or any other Loan Documents. 
  
 (d) This Amendment shall constitute a “Loan Document”. 
  

SECTION 4. Representations and Warranties. The Borrower hereby represents and warrants, for the benefit of the Lenders and the Agent, as
follows: (i) the Borrower has all requisite power and authority under applicable law and under its charter documents to execute, deliver and perform this Amendment, and to perform the Credit Agreement as amended hereby; (ii) all actions, waivers and
consents (corporate, regulatory and otherwise) necessary or appropriate for the Borrower to execute, deliver and perform this Amendment, and to perform the Credit Agreement as amended hereby, have been taken and/or received; (iii) this Amendment,
and the Credit Agreement, as amended by this Amendment, constitute the legal, valid and binding obligation of the Borrower enforceable against it in accordance with the terms hereof; (iv) the execution, delivery and performance of this Amendment,
and the performance of the Credit Agreement, as amended hereby, will not (a) violate or contravene any material Requirement of Law, (b) result in any material breach or violation of, or constitute a material default under, any agreement or
instrument by which the Borrower or any of its property may be bound, or (c) result in or require the creation of any Lien upon or with respect to any properties of the Borrower, whether such properties are now owned or hereafter acquired; (v) the
representations and warranties contained in the Credit Agreement and the other Loan Documents are correct in all material respects on and as of the date of this Amendment, before and after giving effect to the same, as though made on and as of such
date; and (vi) no Default has occurred and is continuing. 
  
 SECTION 5. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an
original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of
this Amendment. 
  

 - 4 - 

 SECTION 6. Governing Law. This Amendment shall be governed by, and construed and interpreted in
accordance with, the laws of the State of California (without reference to its choice of law rules). 
  
 * * * * 
  

 - 5 - 

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

			
	ENTRAVISION COMMUNICATIONS CORPORATION
		
	By:	 	 /s/    WALTER F. ULLOA

	 Name:
	 	Walter F. Ulloa
	 Title:
	 	Chairman and CEO
	
	 UNION BANK OF CALIFORNIA, N.A., as
 Arranging
Agent and as a Lender

		
	By:	 	 /s/    MATTHEW H. FLEMING

	 Name:
	 	Matthew H. Fleming
	 Title:
	 	Vice PresidentShare purchase agreement

 EXHIBIT 10.3 
  
 SHARE REPURCHASE AGREEMENT 
  
 This Share Repurchase Agreement (this “Agreement”) is entered into as of June 25, 2004, by and between Entravision
Communications Corporation, a Delaware corporation (the “Company”), and TSG Capital Fund III, L.P., a Delaware limited partnership (“TSG”). 
  

RECITALS 
  
 WHEREAS, TSG is the holder of 5,865,102 shares of the Company’s Series A preferred stock, par value $0.0001 per share, which shares represent one
hundred percent (100%) of the issued and outstanding shares of such Series A preferred stock (the “Series A Preferred”). 
  
 WHEREAS, the Company desires to repurchase the Series A Preferred on the terms and conditions set forth herein. 
  
 NOW THEREFORE, in consideration of the foregoing and of the mutual covenants,
agreements, and conditions hereafter set forth, and for other good, valuable, and binding consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby agree as follows:

  
 AGREEMENT 
  

	I.	Terms of Share Repurchase. 

  
 (a) Repurchase. Subject only to the conditions set forth in Sections I(e) and (f) below, the Company hereby agrees to repurchase the Series A
Preferred from TSG and TSG hereby agrees to sell the Series A Preferred to the Company free and clear of all 

  

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liens, security interests, pledges, claims and encumbrances of any kind, nature or description, and on the terms and conditions set forth herein (the
“Share Repurchase”). 
  
 (b) Initial Share
Repurchase. Within three (3) business days of the date on which the Company receives the approval required by Section I(f) below, the Company will deliver to TSG Fifty-Five Million Dollars ($55,000,000) by wire transfer of immediately available
funds, and TSG will surrender a stock certificate or certificates evidencing Two Million Five Hundred Forty-Two Thousand and Six (2,542,006) shares of the Series A Preferred, together with any letters of instruction, stock powers or any other
documents necessary to effect the repurchase of that portion of the Series A Preferred by the Company (the “Initial Share Repurchase”). 
  
 (c) Subsequent Share Repurchases. Following the Initial Share Repurchase, subject only to the conditions set forth in Sections I(e) and (f) below,
the Company shall, by June 30, 2005 (the “Final Repurchase Date”), repurchase the remaining Three Million Three Hundred Twenty-Three Thousand and Ninety-Six (3,323,096) shares of Series A Preferred held by TSG through one or more
additional share repurchases (each a “Subsequent Share Repurchase”) on the terms set forth herein. At any time prior to the Final Repurchase Date, the Company may deliver a written notice to TSG, indicating its intent to consummate a
Subsequent Share Repurchase (each, a “Repurchase Notice”). The Repurchase Notice shall specify (i) a closing date for the Subsequent Share Repurchase, which must be at least three (3) business days from the date of the Repurchase Notice
(the “Closing Date”) and (ii) the amount to be paid by the Company in connection with the Subsequent Share Repurchase (the “Subsequent Share Repurchase Price”), which amount shall not be less than Twenty Million Dollars
($20,000,000) 

  

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except as provided below. The number of shares of Series A Preferred to be repurchased in any Subsequent Share Repurchase (the “Share Number”)
shall be the Subsequent Share Repurchase Price divided by the per share liquidation value as of the Closing Date, which per share liquidation value (the “Per Share Liquidation Value”) shall be calculated as follows: (i) $24.4668,
discounted to the Closing Date from April 19, 2006 by 7.4% per annum (compounded annually and based on a 365-day year), plus (iii) $.11935. Notwithstanding that any Subsequent Share Repurchase Price shall otherwise not be less than Twenty Million
Dollars ($20,000,000), if the Share Number exceeds the number of shares of Series A Preferred then held by TSG, then the Subsequent Share Repurchase Price shall be reduced to the amount necessary to repurchase all remaining shares of the Series A
Preferred from TSG at the price of the Per Share Liquidation Value per share. 
  
 (d) Closing. On any Closing Date, the Company will deliver the Subsequent Share Repurchase Price to TSG by wire transfer in immediately available funds, and TSG will surrender the stock certificate or
certificates evidencing the Share Number of shares of Series A Preferred, together with any letters of instruction, stock powers or any other documents necessary to effect the repurchase of that portion of the Series A Preferred by the Company.

  
 (e) Bank Refinancing Condition for Subsequent
Repurchases. The Company shall use commercially reasonable efforts to enter into a senior bank refinancing transaction of at least Four Hundred Million Dollars ($400,000,000) on terms acceptable to the Company in its sole discretion (the
“Bank Refinancing”). Notwithstanding the foregoing, if the Bank Refinancing is not consummated on or before September 30, 2004, then neither party shall have the obligation to consummate any Subsequent Share Repurchases. 
  

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 (f) Board Approval. The parties’ obligations hereunder are expressly conditioned upon the
ratification by the Company’s Board of Directors of this Agreement and the Share Repurchase and, with respect to each Subsequent Share Repurchase, also upon the prior approval thereof by the Company’s Board of Directors; provided, however,
that if the Bank Refinancing condition set forth in Section I(e) above has been satisfied, but the Company fails to repurchase all of the remaining shares of Series A Preferred by the Final Repurchase Date (including due to a failure to obtain the
prior approval of the Company’s Board of Directors as required by this Section I(f)), then the Company shall pay to TSG, on the date that all accrued and unpaid dividends on the Series A Preferred become due and payable, an amount calculated in
the manner of interest at an annual rate equal to one and one-half percent (1.5%) and accruing continuously on the liquidation preference from time to time of each such share that is outstanding on July 1, 2005 for the period from July 1, 2005
through and including April 19, 2006, such total amount to then bear interest at a rate of eight and one-half percent (8.5%) per annum, compounded annually, from April 19, 2006 until the date on which payment is actually made. Notwithstanding the
preceding, if any shares of Series A Preferred remain outstanding for any reason after the accrued and unpaid dividends on such shares become due and payable (whether by reason of default in payment, insufficient legally available funds or
otherwise), then an additional payment consistent with the preceding sentence shall be made by the Company at the time payment is actually made. Nothing in this Section I(f) shall excuse the Company’s obligation to repurchase all outstanding
shares of Series A Preferred on or before June 30, 2005 in the event the Company’s Board of Directors has approved such repurchase as contemplated above. 
  

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 (g) Representations and Warranties. Each of the following representations and warranties is made
as of the date of this Agreement. Each party’s obligation to close the Initial Share Repurchase or any Subsequent Share Repurchase shall be contingent on the representations and warranties of the other party being true and correct in all
material respects as of the applicable closing. Each party covenants and agrees not to take any action which would cause its representations and warranties to be untrue as of such closing. 
  
 (i) Each party hereby represents and warrants to the other
that such party has full power and authority to execute and deliver this Agreement, and upon execution and delivery, that this Agreement shall constitute the valid and binding agreement of such party, enforceable in accordance with its terms.

  
 (ii) TSG represents and warrants to the
Company that TSG has good, marketable and unencumbered title to the shares of Series A Preferred, free and clear of all liens, encumbrances, security interests, pledges, claims, options and rights of others. 
  
 (iii) The Company hereby represents and warrants to TSG that
the execution of this Agreement does not, and the Share Repurchase will not, violate, conflict with or result in a breach of, the Company’s certificate of incorporation or bylaws or any note, bond, mortgage or other instrument or agreement to
which the Company is a party or by which it or its assets or properties may be bound or affected, and that the Share Repurchase will not violate any provision of the Delaware General Corporation Law or state or federal securities laws, and that the
Company’s Board of Directors has not declared any or all of the accrued but unpaid dividends with respect to the Series A Preferred. 
  

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 (h) Alternative Transaction. If the Company should receive, prior to the closing of the final
Subsequent Share Repurchase, a proposal from a third party to acquire the Company or all of its outstanding capital stock (an “Alternative Transaction”), it shall promptly notify TSG of such proposal, and TSG may, in its discretion, elect
to participate in the Alternative Transaction with respect to any Series A Preferred still held by TSG at such time, or to proceed with the closing of any remaining Subsequent Share Repurchases. 
  
 (i) Other Agreements. The rights and obligations of the parties under
that certain Investor Rights Agreement dated as of April 19, 2000 by and among the Company and TSG, among others (the “Investor Rights Agreement”), shall continue notwithstanding this Agreement unless and until such time as all Series A
Preferred has been acquired by the Company, at which time the Investor Rights Agreement shall become null and void and of no further force and effect. In addition, the rights and obligations of the Company and TSG under any other agreement to which
the Company and TSG or its affiliates are parties, including, without limitation, any other investor rights agreement, shall continue in effect and shall be unaffected by this Agreement. Notwithstanding the foregoing, this Agreement replaces in its
entirety that previous Share Repurchase Agreement entered into by and between the Company and TSG as of May 5, 2004, which previous agreement is hereby terminated. 
  

	II.	Miscellaneous. 

  
 (a) Additional Actions and Documents. Each of the parties hereto hereby agrees to act in good faith and to use best efforts to take or cause to be
taken such further 

  

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actions to execute, deliver, and file such further documents and instruments, and to obtain such consents as may be necessary in order to fully effectuate
the purposes, terms and conditions of this Agreement. 
  
 (b)
Notices. Any notice, request, demand or consent required or permitted to be given under this Agreement, including without limitation any Subsequent Repurchase Notice, shall be in writing (including facsimile transmissions and similar
writings) and shall be effective when transmitted and confirmation of receipt is obtained for facsimile transmissions and similar writings; when delivered personally; one (1) business day after sent by recognized overnight courier; or five (5) days
after sent by mail, first class, postage prepaid; in each case to the following address or facsimile number, as applicable: 
  

			
	 If to the Company:
	  	Walter F. Ulloa
	 	  	Entravision Communications Corporation
	 	  	2425 Olympic Boulevard, Suite 6000 West
	 	  	Santa Monica, California 90404
		
	 	  	Telephone: (310) 447-3870
	 	  	Facsimile:  (310) 447-3899
		
	 With a required copy to:
	  	Michael G. Rowles
	 	  	Entravision Communications Corporation
	 	  	2425 Olympic Boulevard, Suite 6000 West
	 	  	Santa Monica, California 90404
		
	 	  	Telephone: (310) 447-3870
	 	  	Facsimile:  (310) 449-1306
		
	 If to TSG:
	  	Darryl B. Thompson
	 	  	TSG Associates III, LLC
	 	  	177 Broad Street, 12th Floor
	 	  	Stamford, Connecticut 06901
		
	 	  	Telephone: (203) 541-1535
	 	  	Facsimile:  (203) 541-1590
		
	 With a required copy to:
	  	Brett W. Dixon
	 	  	Finn Dixon & Herling LLP
	 	  	One Landmark Square, 14th Floor
	 	  	Stamford, Connecticut 06901
		
	 	  	Telephone: (203) 325-5016
	 	  	Facsimile:  (203) 348-5777

  

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 (c) Entire Agreement. This Agreement constitutes the entire agreement between the parties and
supersedes all prior oral and written agreements, undertakings, representations, and warranties, and courses of conduct and dealing between the parties on the subject matter hereof. It may be amended or modified only by a writing executed by each of
the parties. 
  
 (d) Assignment. This Agreement shall inure
to the benefit of, and be binding upon, the successors and assigns of the parties. Neither party may assign this Agreement or its rights hereunder without the consent of the other party. 
  
 (e) Breach; Specific Performance. In the event of breach by a party of its obligations under this Agreement, the
other party shall have the right to seek injunctive relief and/or specific performance. Such right is cumulative and not alternative to the right of such party to seek damages at law. Each party agrees to waive any defense as to the adequacy of the
other party’s remedies at law and to interpose no opposition to the propriety of injunctive relief or specific performance as a remedy. 
  
 (f) Governing Law. This Agreement will be governed by and construed under the laws of State of Delaware without regard to conflict of laws
principles. 
  
 (g) No Waiver. No waiver of a breach of, or
default under any provision of this Agreement shall be deemed a waiver of such provision or of any subsequent breach or default of the same or similar nature or of any other provision or condition of this Agreement. 
  

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 (h) Severability. If any provision of this Agreement or the application thereof to any person or
circumstances, is held invalid, such invalidity shall not affect any other provision which can be given effect without the invalid provision or application, and to this end the provisions hereof shall be severable. Any such invalid provision shall
be given effect to the extent possible or shall be reformed so as to make it enforceable and valid while preserving the original intent of the parties. 
  
 (i) Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement
and all of which, when taken together, will be deemed to constitute one and the same agreement. 
  
 (j) Expenses. The Company shall reimburse TSG for its reasonable expenses incurred in connection with this Agreement and the Share Repurchase,
including without limitation reasonable fees and expenses of its attorneys and investment bankers. 
  

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 IN WITNESS WHEREOF, each party has caused this Share Repurchase Agreement to be duly executed and
delivered in his name and on its behalf, all as of the date and year first written above. 
  

									
	     COMPANY:
	 	 	 	 
			
	 	 	 	 	 ENTRAVISION COMMUNICATIONS
 CORPORATION, a Delaware corporation

					
	 	 	 	 	 	 	 	 	 /s/    WALTER F. ULLOA

	 	 	 	 	 	 	 By:
	 	Walter F. Ulloa
	 	 	 	 	 	 	 Its:
	 	Chairman and Chief Executive Officer
			
	     TSG:
	 	 	 	 
			
	 	 	 	 	 TSG CAPITAL FUND III, L.P.

				
	 	 	 	 	 By:
	 	 TSG Associates III, LLC

	 	 	 	 	 Its:
	 	 General Partner

					
	 	 	 	 	 	 	 	 	 /s/    DARRYL B. THOMPSON

	 	 	 	 	 	 	 By:
	 	Darryl B. Thompson
	 	 	 	 	 	 	 Its:
	 	Managing Member

  

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