Document:

Consent Agreement, dated as of August 18, 2006

 Exhibit 10.2 
 CONSENT AGREEMENT 
 Consent Agreement, dated as of August 18, 2006 (this
“Agreement”), by and among American Media Operations, Inc. (the “Company”) and each of the parties listed on the signature page hereto (each a “Bondholder”, and collectively, the
“Bondholders”), relating to certain proposed amendments to the Indenture, dated as of January 23, 2003, as supplemented by the First Supplemental Indenture, dated as of March 17, 2006, and the Second Supplemental
Indenture, dated as of June 26, 2006 (as amended and supplemented, the “Indenture”), among the Company, the guarantors named therein (the “Note Guarantors”) and HSBC Bank USA, National Association (as successor
in interest to J.P. Morgan Trust Company, N.A.), a national banking association, as trustee (the “Trustee”). 
 WHEREAS,
each Bondholder beneficially owns the aggregate principal amount of the Company’s 8 7/8% Senior Subordinated
Notes due 2011 (the “Notes”) set forth opposite its name on Annex A hereto (such Notes being collectively referred to herein as the “Subject Notes”); 
 WHEREAS, the Company has publicly announced that it needs to restate its financial statements (the “Restatement”) and, as a result, may
be unable to timely satisfy its reporting obligations with respect to its quarterly report on Form 10-Q for the quarter ended December 31, 2005, its annual report on Form 10-K for the year ended March 31, 2006, its quarterly report on Form
10-Q for the quarter ended June 30, 2006 and its quarterly report on Form 10-Q for the quarter ended September 30, 2006, in each case pursuant to Section 4.02 of the Indenture; 
 WHEREAS, Section 9.02 of the Indenture provides that the Company, the Note Guarantors and the Trustee may amend the Indenture or the Notes
outstanding thereunder with the written consent of the Holders of at least a majority in principal amount of the Notes then outstanding; 
 WHEREAS, the Bondholders and the Company desire to enter into this Agreement to provide for, among other things, the consent of the Bondholders to the proposed amendments (the “Proposed Amendments”) to the Indenture, as set
forth in the Third Supplemental Indenture attached hereto as Annex B (the “Supplemental Indenture”), among the Company, the Note Guarantors and the Trustee; and 
 WHEREAS, as a condition to the willingness of the Company to enter into the Supplemental Indenture, the Company has required that the Bondholders enter
into this Agreement. 

 NOW, THEREFORE, to induce the Company to enter into, and in consideration of the Company’s entering
into, the Supplemental Indenture and in consideration of the premises and the representations, warranties and agreements contained herein, the parties hereto agree as follows: 
 1. Covenants of the Company. The Company agrees as follows: 
 (a) Supplemental Indenture. On the Effectiveness Date (as defined below), the Company shall execute and deliver the Supplemental
Indenture to the Trustee and shall use its reasonable best efforts to cause the Trustee to execute the Supplemental Indenture. 
 (b) Consent Fee. Within five (5) business days of the Effectiveness Date, the Company shall pay, in cash, to all Holders of the Notes an amount equal to $1.25 per $1,000 principal amount of Notes (the “Fee”)
held by such Holder on August 14, 2006 (the “Record Date”). No accrued interest will be paid on the Fee. 
 (c) Form 8-K. The Company shall execute and file with the Securities and Exchange Commission (the “SEC”) a Form 8-K describing the transactions contemplated hereby, including as exhibits a copy of this Agreement
(excluding all Annexes hereto) and the Supplemental Indenture, within one (1) business day of the Effectiveness Date. 
 2. Covenants of the Bondholders. Each Bondholder, severally and not jointly, agrees as follows: 
 (a)
Consent of Subject Notes. Each Bondholder hereby (i) approves, ratifies, confirms and consents to, in all respects, the Proposed Amendments and (ii) directs the Trustee to execute and deliver the Supplemental Indenture. Such
Bondholder shall not withdraw or revoke (or cause to be withdrawn or revoked) such approval, ratification, confirmation or consent or other approval in connection with the Proposed Amendments unless and until such consent is revoked in accordance
with Section 5 hereof. 
 3. Representations and Warranties of the Company. The Company hereby represents and warrants to
the Bondholders as of the date hereof as follows: 
 (a) Due Organization. The Company is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its organization. 
 (b) Due Authorization; Binding
Agreement. The Company has full right, power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. This Agreement has been duly and validly authorized, executed and delivered by the Company
and (assuming due authorization, execution and delivery by the Bondholders) constitutes the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, subject to the effects of bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, and general equitable principles (whether considered in a proceeding in equity or at law). 
 (c) No Conflicts. None of the execution and delivery of this Agreement by the Company, the consummation of the transactions
contemplated hereby and compliance with the terms hereof by the Company will conflict with, result in any breach or violation of, or default (or an event which, with notice or lapse of time, or both, would constitute a default) under the
Company’s certificate of incorporation, bylaws or other governing instruments, any material contractual obligation to which the Company is a party or any 

  

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provision of any law, order, rule or regulation applicable to the Company, except for any such conflicts, violations, defaults or other occurrences that
would not have a material adverse effect on the condition (financial or otherwise) of the Company or prevent, delay or impede the performance by the Company of its obligations under this Agreement. No filing (other than a Form 8-K) with, and no
permit, authorization, consent or approval of, any United States court or governmental agency or body or any other entity is necessary for the execution of this Agreement by the Company and the consummation by the Company of the transactions
contemplated hereby, except where the failure to make such filing or to obtain such permit, authorization, consent or approval would not prevent, delay or impede the performance by the Company of its obligations under this Agreement. 
 (d) Litigation. There is no action, suit, investigation, complaint or other proceeding pending against the Company or, to the
knowledge of the Company, threatened against the Company or any other person or entity that restricts in any material respect or prohibits (or, if successful, would restrict or prohibit) the exercise by any party or beneficiary of its rights under
this Agreement or the performance by any party of its obligations under this Agreement. 
 4. Representations and Warranties of the
Bondholders. Each Bondholder hereby, severally and not jointly, represents and warrants to the Company as of the date hereof as follows: 
 (a) Due Organization. If other than a natural person, such Bondholder is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has all requisite
corporate, partnership or other power and authority to enter into this Agreement and to consummate the transactions contemplated by, and perform its respective obligations under, this Agreement. 
 (b) Due Authorization; Binding Agreement. Such Bondholder has full right, power and authority to execute and deliver this Agreement
and to consummate the transactions contemplated hereby. This Agreement has been duly and validly authorized, executed and delivered by such Bondholder and (assuming due authorization, execution and delivery by the Company) constitutes the valid and
binding obligation of such Bondholder enforceable against such Bondholder in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or
affecting creditors’ rights generally, and general equitable principles (whether considered in a proceeding in equity or at law). 
 (c) No Conflicts. None of the execution and delivery of this Agreement by such Bondholder, the consummation of the transactions contemplated hereby and compliance with the terms hereof by such Bondholder will
conflict with, result in any breach or violation of, or default (or an event which, with notice or lapse of time, or both, would constitute a default) under such Bondholder’s certificate of incorporation, bylaws or other governing instruments,
any material contractual obligation to which such Bondholder is a party or any provision of any law, order, rule or regulation applicable to such Bondholder, except for any such conflicts, violations, defaults or other occurrences 

  

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that would not have a material adverse effect on the condition (financial or otherwise) of such Bondholder or prevent, delay or impede the performance by
such Bondholder of its obligations under this Agreement. No trust of which such Bondholder is a trustee requires the consent of any beneficiary to the execution and delivery of this Agreement or to the consummation of the transactions contemplated
hereby. No filing with, and no permit, authorization, consent or approval of, any United States court or governmental agency or body or any other entity is necessary for the execution of this Agreement by such Bondholder and the consummation by such
Bondholder of the transactions contemplated hereby, except where the failure to make such filing or to obtain such permit, authorization, consent or approval would not prevent, delay or impede the performance by such Bondholder of its obligations
under this Agreement. 
 (d) Ownership of the Subject Notes. On the Record Date, such Bondholder was and on the date
hereof, the Bondholder is, the beneficial owner of the aggregate principal amount of Notes set forth opposite its name on Annex A hereto (held through the DTC Participant listed on such Annex A). Such Bondholder does not own,
beneficially or of record, any Notes of the Company or securities convertible or exchangeable for Notes of the Company other than as set forth on Annex A hereto. Such Bondholder has the sole right and power to vote and dispose of the Subject
Notes, and none of such Subject Notes is subject to any voting trust or other agreement, arrangement or restriction with respect to the voting or transfer of any of the Subject Notes, except for this Agreement. 
 (e) Litigation. There is no action, suit, investigation, complaint or other proceeding pending against such Bondholder or, to the
knowledge of such Bondholder, threatened against such Bondholder or any other person or entity that restricts in any material respect or prohibits (or, if successful, would restrict or prohibit) the exercise by any party or beneficiary of its rights
under this Agreement or the performance by any party of its obligations under this Agreement. 
 (f) Information. Such
Bondholder has reviewed, or has had the opportunity to review, with the assistance of professional and legal advisors of its choosing, sufficient information (including all documents filed or furnished to the Securities and Exchange Commission by
the Company) and has had sufficient access to the Company necessary for such Bondholder to decide to grant its approval, ratification, confirmation and consent to the Proposed Amendments. Such Bondholder acknowledges that the financial statements of
the Company are subject to the Restatement, and has granted its approval, ratification, confirmation and consent to the Proposed Amendments with full knowledge of the pending Restatement. 
 5. Revocation of Consents. The consent granted pursuant to Section 2 hereof shall become null and void and have no further effect if the
Supplemental Indenture is not executed by the Company and delivered to the Trustee on the Effectiveness Date. Nothing in this Section 5 shall relieve any party of liability for breach of this Agreement. 
  

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 6. General Provisions. 
 (a) Effectiveness of this Agreement. The obligations of the Company pursuant to Section 1 hereof shall become effective on the
date (the “ Effectiveness Date”) the Company receives (i) the consent to the Proposed Amendments of the holders of not less than a majority of the aggregate principal amount of outstanding Notes and (ii) the consent of the
holders of not less than a majority of the aggregate principal amount of the Company’s outstanding 10 1/4%
Series B Senior Subordinated Notes due 2009 (the “2009 Notes”) to amendments to the indenture pursuant to which the 2009 Notes were issued substantially similar to the Proposed Amendments, and, in each case, on such date the holders
of the Notes and the 2009 Notes shall no longer have the right to revoke such consent except in accordance with Section 5 hereof. 
 (b) Amendments, etc. No amendment, modification, termination, or waiver of any provision of this Agreement, and no consent to any departure by any of the Bondholders or the Company from any provision of this
Agreement, shall be effective unless it shall be in writing and signed and delivered by all the Bondholders party hereto and the Company, and then it shall be effective only in the specific instance and for the specific purpose for which it is
given. 
 (c) Disclosure. Each Bondholder hereby consents to public disclosure, including in a press release and a Form
8-K to be filed with the SEC, of the identity of such Bondholder, the aggregate principal amount of Notes that will be bound by this Agreement and the nature of its commitments, arrangements and understandings pursuant to this Agreement. Each
Bondholder agrees that it shall not make any public announcement or public disclosure regarding this Agreement or the transactions contemplated herein (except to the extent required by applicable law or legal process) without the prior written
consent of the Company. 
 (d) Confidentiality. The Company shall, and shall cause its affiliates to, keep the
principal amount of Notes beneficially owned by each Bondholder party hereto strictly confidential; provided, however, that (i) the aggregate principal amount of Notes beneficially owned by the Bondholders party hereto may be disclosed and
(ii) the principal amount of Notes beneficially owned by any Bondholder may only be disclosed (A) with the written consent of such Bondholder; (B) to affiliates, directors, officers, employees and agents of the Company, including
legal counsel, the Trustee and other persons reasonably required in order to enter into the Supplemental Indenture, (C) to the extent required by law, including securities laws, or by subpoena or similar legal process, provided, if appropriate,
that the non-disclosing parties have been given an opportunity to defend, limit or protect such disclosure, (D) in connection with any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder or (E) to
the extent such terms (x) become publicly available other than as a result of a breach of this Section 6(d) or (y) become available to the disclosing party on a non-confidential basis from a source other than the non-disclosing
parties. 
 (e) Notice. All notices and other communications hereunder shall be in writing and shall be deemed given if
delivered personally, telecopied (with confirmation), mailed by registered or certified mail (return receipt requested) or delivered by an express courier (with confirmation) to the Company at 1000 American Media Way, Boca Raton, 

  

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Florida 33464, Attention: Chief Financial Officer, Telephone: (561) 997-7733, Facsimile: (561) 998-7492, with a copy to Ken Wallach at Simpson
Thacher & Bartlett LLP, 425 Lexington Avenue, New York, New York 10017, Telephone (212) 455-2000, Facsimile: (212) 455-2502, and to each Bondholder at the address set forth under such Bondholder’s name in Annex A
hereto (or at such other address for a party as shall be specified by like notice). 
 (f) Severability. Any term or
provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and
provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. 
 (g) Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. 
 (h) Entire Agreement. This Agreement embodies the entire agreement and understanding of the Bondholders and the Company, and
supersedes all prior agreements or understandings, with respect to the subject matter of this Agreement. Notwithstanding the foregoing, capitalized terms used but not defined in this Agreement have the meanings assigned to such terms in the
Indenture. 
 (i) Specific Performance; Enforcement. Each of the parties hereto recognizes and acknowledges that a
breach by it of any covenants or agreements contained in this Agreement will cause the other party to sustain damages for which it would not have an adequate remedy at law for money damages, and therefore, each of the parties hereto agrees that in
the event of any such breach the aggrieved party shall be entitled to the remedy of specific performance of such covenants and agreements and injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law
or in equity. The parties agree that they shall be entitled to enforce specifically the terms and provisions of this Agreement in the courts of the State of New York and any Federal court, sitting in the state of New York, this being in addition to
any other remedy to which they are entitled at law or in equity. In addition, each of the parties hereto (i) consents to submit such party to the personal jurisdiction of any Federal court located in the State of New York or any New York state
court in the event any dispute arises out of this Agreement or any of the transactions contemplated hereby, (ii) agrees that such party will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any
such court, (iii) agrees that such party will not bring any action relating to this Agreement or the transactions contemplated hereby in any court other than a Federal court sitting in the state of New York or a New York state court and
(iv) waives any right to trial by jury with respect to any claim or proceeding related to or arising out of this Agreement or any of the transactions contemplated hereby. 
 (j) Counterparts; Facsimile. This Agreement may be executed in counterparts, all of which shall be considered one and the same
agreement, and shall become effective when counterparts have been signed by each of the parties and 

  

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delivered to the other parties, it being understood that all parties need not sign the same counterpart. This Agreement may be executed by facsimile
signatures of the parties hereto. 
 [Signature page follows] 
  

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 IN WITNESS WHEREOF, the Company and each Bondholder has caused this Agreement to be executed on its
behalf as of the date first written above. 
  

					
	AMERICAN MEDIA OPERATIONS, INC.
		
	By:	 	/s/ Michael Kahane
		 	Name:	 	Michael Kahane
		 	Title:	 	Executive Vice President, General Counsel & Secretary
	
	AllianceBernstein
	
	ACM GLOBAL INVESTMENT – US HIGH YIELD PORTFOLIO
		
	By:	 	/s/ Douglas Peebles
		 	Name:	 	Douglas Peebles
		 	Title:	 	Executive Vice President
	
	ACM GLOBAL INVESTMENTS – GLOBAL HIGH YIELD PORTFOLIO
		
	By:	 	/s/ Douglas Peebles
		 	Name:	 	Douglas Peebles
		 	Title:	 	Executive Vice President
	
	ACM MANAGED INCOME FUND
		
	By:	 	/s/ Douglas Peebles
		 	Name:	 	Douglas Peebles
		 	Title:	 	Executive Vice President
	
	ALLIANCEBERNSTEIN HIGH YIELD OPEN FUND
		
	By:	 	/s/ Douglas Peebles
		 	Name:	 	Douglas Peebles
		 	Title:	 	Executive Vice President

					
	 ALLIANCEBERNSTEIN POOLING
 PORTFOLIOS –
ALLIANCEBERNSTEIN HIGH-YIELD PORTFOLIO

		
	By:	 	/s/ Douglas Peebles
		 	Name:	 	Douglas Peebles
		 	Title:	 	Executive Vice President
	
	ALLIANCEBERNSTEIN VARIABLE PRODUCT SERIES FUND – HIGH YIELD PORTFOLIO
		
	By:	 	/s/ Douglas Peebles
		 	Name:	 	Douglas Peebles
		 	Title:	 	Executive Vice President
	
	OREGON INVESTMENT COUNCIL
		
	By:	 	/s/ Jeffrey Phlegar
		 	Name:	 	Jeffrey Phlegar
		 	Title:	 	Executive Vice President
	
	Babson Capital Management, LLC
	
	NEWTON CDO
		
	By:	 	/s/ Linda Arcouette
		 	Name:	 	Linda Arcouette
		 	Title:	 	Analyst
	
	J Z CBO (DELAWARE) LLC
		
	By:	 	/s/ Linda Arcouette
		 	Name:	 	Linda Arcouette
		 	Title:	 	Analyst

			
	Capital Guardian Trust Company
	
	Capital Guardian Trust Company, for and on behalf of:
	
	 CIF GLOBAL HIGH YIELD FUND
 GLOBAL HIGH YIELD
FIXED INCOME FUND
 QUALCOMM, INC
 ROBERT BOSCH GMBH
 U.S. HIGH YIELD FIXED INCOME MASTER FUND

		
	By:	 	/s/ Christopher D. Chen
		 	Name: Christopher D. Chen
		 	Title: Vice President
	
	Capital International Limited
	
	PFA PENSION
		
	By:	 	/s/ Katie Lunday
		 	Name: Katie Lunday
		 	Title: Senior Vice President
	
	Capital Research and Management Company
	
	Capital Research and Management Company, for and on behalf of:
	
	 AMERICAN FUNDS INSURANCE SERIES – ASSET ALLOCATION FUND
 AMERICAN FUNDS INSURANCE SERIES – HIGH-INCOME BOND FUND
 AMERICAN HIGH INCOME TRUST
 CAPITAL WORLD BOND FUND, INC.
 THE INCOME FUND OF AMERICA, INC.
 THE
BOND FUND OF AMERICA, INC.

		
	By:	 	/s/ Michael J. Downer
		 	Name: Michael J. Downer
		 	Title: Vice President and Secretary

					
	Chatham Asset High Yield Master Fund, Ltd.
	
	CHATHAM ASSET HIGH YIELD MASTER FUND, LTD.
		
	By:	 	/s/ Anthony Melchiorre
		 	Name:	 	Anthony Melchiorre
		 	Title:	 	Managing Member
	
	Muzinich & Company, Inc.
	
	AMERICAYIELD FUND
		
	By:	 	/s/ Michael Ludwig
		 	Name:	 	Michael Ludwig
		 	Title:	 	Chief Financial Officer
	
	BUPA PENSION FUND
		
	By:	 	/s/ Michael Ludwig
		 	Name:	 	Michael Ludwig
		 	Title:	 	Chief Financial Officer
	
	EUROMOBILIARE INTERNATIONAL FUND HIGH YIELD
		
	By:	 	/s/ Michael Ludwig
		 	Name:	 	Michael Ludwig
		 	Title:	 	Chief Financial Officer
	
	GYLLENBERG HIGH YIELD
		
	By:	 	/s/ Michael Ludwig
		 	Name:	 	Michael Ludwig
		 	Title:	 	Chief Financial Officer
	
	MUZINICH CBO II, LIMITED
		
	By:	 	/s/ Michael Ludwig
		 	Name:	 	Michael Ludwig
		 	Title:	 	Chief Financial Officer

					
	 MUZINICH CASHFLOW CBO LTD.

		
	By:	 	/s/ Michael Ludwig
		 	Name:	 	Michael Ludwig
		 	Title:	 	Chief Financial Officer
	
	P.A.R.A.D.I.S.O. II TRUST S.A.
		
	By:	 	/s/ Michael Ludwig
		 	Name:	 	Michael Ludwig
		 	Title:	 	Chief Financial Officer
	
	P&O PENSION FUNDS INVESTMENTS LIMITED
		
	By:	 	/s/ Michael Ludwig
		 	Name:	 	Michael Ludwig
		 	Title:	 	Chief Financial Officer
	
	PENATES A, LTD.
		
	By:	 	/s/ Michael Ludwig
		 	Name:	 	Michael Ludwig
		 	Title:	 	Chief Financial Officer
	
	SEB INVEST INSTITUTIONAL HIGH YIELD
		
	By:	 	/s/ Michael Ludwig
		 	Name:	 	Michael Ludwig
		 	Title:	 	Chief Financial Officer
	
	SEB INSTITUTIONAL HIGH-YIELD BONDS
		
	By:	 	/s/ Michael Ludwig
		 	Name:	 	Michael Ludwig
		 	Title:	 	Chief Financial Officer
	
	SKANDIA HIGH YIELD FUND
		
	By:	 	/s/ Michael Ludwig
		 	Name:	 	Michael Ludwig
		 	Title:	 	Chief Financial Officer

					
	SYNGENTA PENSIONS TRUSTEE LIMITED GLOBAL HIGH YIELD
		
	By:	 	/s/ Michael Ludwig
		 	Name:	 	Michael Ludwig
		 	Title:	 	Chief Financial Officer
	
	TRANSATLANTICYIELD FUND
		
	By:	 	/s/ Michael Ludwig
		 	Name:	 	Michael Ludwig
		 	Title:	 	Chief Financial Officer
	
	Oppenheimer Funds, Inc.
	
	 Oppenheimer Funds, Inc., as Sub-Adviser to:

	
	 ATLAS STRATEGIC INCOME FUND

		
	By:	 	/s/ Dimitrios Kourkoulakos
		 	Name:	 	Dimitrios Kourkoulakos
		 	Title:	 	Senior Vice President
	
	 Oppenheimer Funds, Inc., as Investment Adviser to each of:
  
 OPPENHEIMER CHAMPION INCOME FUND
 OPPENHEIMER STRATEGIC INCOME FUND
 OPPENHEIMER STRATEGIC BOND FUND/VA
 OPPENHEIMER HIGH YIELD FUND
 OPPENHEIMER HIGH INCOME FUND/VA

		
	By:	 	/s/ Dimitrios Kourkoulakos
		 	Name:	 	Dimitrios Kourkoulakos
		 	Title:	 	Senior Vice President

 Annex A 

 Annex B 
 Form of Supplemental IndentureAmendment and Waiver, dated as of August 18, 2006

 Exhibit 10.3 
 EXECUTION COPY 
 AMENDMENT AND WAIVER, dated as of August 18, 2006 (this “Amendment”),
among AMERICAN MEDIA, INC. (“Holdings”), AMERICAN MEDIA OPERATIONS, INC. (the “Borrower”), the lenders party hereto, and JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the
“Administrative Agent”). 
 A. Reference is made to the Credit Agreement dated as of January 30, 2006, as amended
by the Amendment and Waiver dated as of February 13, 2006 and the Amendment and Waiver dated as of June 23, 2006 (as further amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among
Holdings, the Borrower, the lenders party thereto, and the Administrative Agent. Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Credit Agreement. 
 B. Holdings and the Borrower have requested that the Required Lenders amend and waive certain provisions of the Credit Agreement. The Required
Lenders are willing to agree to such amendment and waiver on the terms and subject to the conditions of this Amendment. 
 Accordingly, in
consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1. Amendment to Section 1.01 of the Credit Agreement. Section 1.01 of the Credit Agreement is amended as follows:

 (a) The definitions of the defined terms “Delayed Financial Statements”, “Financial Restatement” and “Financial
Statement Completion Date” are hereby amended by deleting such terms in their entirety and substituting in lieu thereof the following: 
 “Delayed Financial Statements” means the financial statements for the fiscal quarters ended December 31, 2005, June 30, 2006 and September 30, 2006, the Financial Restatement and
the financial statements for the fiscal year ended March 31, 2006. 
 “Financial Restatement” means the
restatement of the consolidated balance sheet of the Borrower and its consolidated Subsidiaries as of the end of the fiscal year ended March 31, 2005, and the statements of operations, stockholders’ equity and cash flows of the Borrower
and its consolidated Subsidiaries for each of the fiscal years ended March 29, 2004 and March 31, 2005 (and may include other fiscal periods included in the Borrower’s Form 10-K for the fiscal year ended March 31, 2005), and as
of the end of and for each of the fiscal quarters ended June 30, 2005 and September 30, 2005 (and may include other fiscal periods included in the Borrower’s Forms 10-Q for each of such fiscal quarters), in each case in order to
(a) make the changes previously disclosed to the Administrative Agent in writing and posted to IntraLinks on or prior to February 9, 2006, including (i) to change the 

 
treatment of rack costs from the previous treatment (involving capitalization and depreciation of such costs) to the recognition of such costs as a deferred
cost asset that will be amortized as contra revenue, (ii) to make adjustments relating to a subscription marketing program that has been terminated, and (iii) to make changes regarding the accrual of paid time off for employees, and
(b) make such other changes that do not result in a failure to satisfy the Financial Restatement Conditions. 
 “Financial Statement Completion Date” means the date on which the financial statements for the fiscal quarters ended December 31, 2005, June 30, 2006 and September 30, 2006, the Financial Restatement and
the financial statements for the fiscal year ended March 31, 2006, together with the certificates and reports required to be delivered pursuant to Section 5.01, have, in each case, been delivered, and any Reporting Violations (as defined
in the Third Amendment) are cured. 
 (b) The definition of the defined term “Financial Restatement Conditions” is hereby amended
by deleting the date “March 31, 2003” in each instance it appears. 
 (c) The following defined terms are hereby inserted in the
appropriate alphabetical order: 
 “Asset Sale Financial Statement Completion Date” means the date on which
the financial statements for the fiscal quarters ended December 31, 2005 and June 30, 2006, the Financial Restatement (other than the portion of the Financial Restatement with respect to the fiscal quarter ended September 30, 2005)
and the financial statements for the fiscal year ended March 31, 2006, together with the certificates and reports required to be delivered pursuant to Section 5.01, have, in each case, been delivered, and any Reporting Violations (as
defined in the Third Amendment), other than any Reporting Violations with respect to financial statements for the fiscal quarter ending September 30, 2006, are cured. 
 “Third Amendment” means the Amendment and Waiver dated as of August 18, 2006, to this Agreement. 
 SECTION 2. Amendment to Section 2.11 of the Credit Agreement. (a) Section 2.11(c) of the Credit Agreement is amended by adding
before the period at the end thereof the following: 
 provided, further that 
 (1) in the case of a sale of the Specified Assets, the Consolidated EBITDA included in the Senior Secured Leverage Ratio shall be based on
the four quarter period ended with the most recent fiscal quarter for which financial statements have been delivered, 
 (2)
in the case of a sale of the Specified Assets at any time prior to November 15, 2006, if the Consolidated EBITDA included in the Senior 

  

 2 

 
Secured Leverage Ratio for purposes of the amount of the prepayment required pursuant to the previous proviso is calculated prior to delivery of the portion
of the Financial Restatement with respect to the fiscal quarter ended September 30, 2005, (p) the Borrower shall provide an additional certificate of a Financial Officer of the Borrower upon delivery of the portion of the Financial
Restatement with respect to the fiscal quarter ended September 30, 2005 and shall prepay Term Borrowings in an amount necessary (if any) to reduce (based on such portion of the Financial Restatement) the Senior Secured Leverage Ratio, after
giving effect to such prepayment (if any), to 3.75 to 1.00 without exercising any rights set forth in the first proviso above, and (q) any excess Net Proceeds remaining after such initial prepayment may not be used to prepay, repurchase, redeem
or otherwise extinguish Existing Subordinated Debt until after any prepayment required by clause (p), and 
 (3) in the case
of a sale of the Specified Assets during the period beginning November 15, 2006 and ending December 31, 2006, if the Consolidated EBITDA included in the Senior Secured Leverage Ratio for purposes of the amount of the prepayment required
pursuant to the previous proviso is calculated based on the financial statements for the period ending June 30, 2006, (r) the Borrower shall provide an additional certificate of a Financial Officer of the Borrower upon delivery of the
financial statements for the period ending September 30, 2006 and shall prepay Term Borrowings in an amount necessary (if any) to reduce (based on such financial statements) the Senior Secured Leverage Ratio, after giving effect to such
prepayment (if any), to 3.75 to 1.00 without exercising any rights set forth in the first proviso above, and (s) any excess Net Proceeds remaining after such initial prepayment may not be used to prepay, repurchase, redeem or otherwise
extinguish Existing Subordinated Debt until after any prepayment required by clause (r) 
 SECTION 3. Amendment to Section 5.01 of
the Credit Agreement. (a) Section 5.01(a) of the Credit Agreement is amended by deleting the date “September 15, 2006” appearing in the proviso at the end thereof and substituting in lieu thereof the date
“October 31, 2006”. 
 (b) The proviso at the end of Section 5.01(b) of the Credit Agreement is hereby amended by
deleting such proviso in its entirety and substituting in lieu thereof the following: 
 ; provided, that, 
 (x) with respect to the fiscal quarter ended December 31, 2005, such financial statements, as of the end of and for the fiscal
quarter ended December 31, 2005, may be delivered later than otherwise required hereunder, but (i) shall be delivered upon completion of the Financial Restatement (other than the portion of the Financial Restatement with 

  

 3 

 
respect to the fiscal quarters ended June 30, 2005 and September 30, 2005), but in any event not later than October 31, 2006, (ii) such
financial statements shall be accompanied by such portion of the Financial Restatement, (iii) such financial statements and such portion of the Financial Restatement shall be delivered together with a certificate of the Borrower’s chief
financial officer, certifying that (A) the financial statements and such portion of the Financial Restatement present fairly, in all material respects, the financial condition and results of operations of the Borrower and its Restricted
Subsidiaries, in each case on a consolidated basis in accordance with GAAP consistently applied, and (B) such portion of the Financial Restatement complies with the Financial Restatement Conditions and (iv) such portion of the Financial
Restatement shall be delivered together with or shall include a report by Deloitte & Touche LLP or other independent public accountants of recognized national standing (without a “going concern” or like qualification or exception
and without any qualification or exception as to the scope of such audit) to the effect that such portion of the Financial Restatement covering fiscal year 2005 presents fairly, in all material respects, the financial condition and results of
operations of the Borrower and its Restricted Subsidiaries, in each case on a consolidated basis in accordance with GAAP consistently applied, 
 (y) with respect to the fiscal quarter ended June 30, 2006, such financial statements, as of the end of and for the fiscal quarter ended June 30, 2006, may be delivered later than otherwise required
hereunder, but (i) shall be delivered not later than December 15, 2006, (ii) such financial statements shall be accompanied by such portion of the Financial Restatement with respect to the fiscal quarter ended June 30, 2005 and
(iii) such financial statements and such portion of the Financial Restatement shall be delivered together with a certificate of the Borrower’s chief financial officer, certifying that (A) the financial statements and such portion of
the Financial Restatement present fairly, in all material respects, the financial condition and results of operations of the Borrower and its Restricted Subsidiaries, in each case on a consolidated basis in accordance with GAAP consistently applied,
and (B) such portion of the Financial Restatement complies with the Financial Restatement Conditions; and 
 (z) with
respect to the fiscal quarter ending September 30, 2006, such financial statements, as of the end of and for the fiscal quarter ending September 30, 2006, may be delivered later than otherwise required hereunder, but (i) shall be
delivered not later than January 31, 2007, (ii) such financial statements shall be accompanied by such portion of the Financial Restatement with respect to the fiscal quarter ended September 30, 2005 and (iii) such financial
statements and such portion of the Financial Restatement shall be delivered together with a certificate of the Borrower’s chief financial officer, certifying that (A) the financial statements and such portion of the Financial Restatement
present fairly, in all material respects, the financial condition and results of operations of the 

  

 4 

 
Borrower and its Restricted Subsidiaries, in each case on a consolidated basis in accordance with GAAP consistently applied, and (B) such portion of the
Financial Restatement complies with the Financial Restatement Conditions; 
 SECTION 4. Amendment to Section 6.05 of the Credit
Agreement. Section 6.05 of the Credit Agreement is hereby amended by deleting clause (f) thereof in its entirety and substituting in lieu thereof the following: 
 (f ) sale of the Specified Assets (i) after the Asset Sale Financial Statement Completion Date and on or prior to December 31,
2006 and (ii) after the Financial Statement Completion Date and on or prior to the first anniversary of the effective date of the Second Amendment; 
 SECTION 5. Waivers and Acknowledgments. (a) The undersigned Lenders hereby waive any Default arising under clause (g) of Article VII of the Credit Agreement in relation to the Existing Subordinated
Debt, to the extent, but only to the extent, any such Default results from a Reporting Violation (as defined below); provided, that such waiver shall terminate and cease to apply if (i) any Existing Subordinated Debt becomes due, or is
declared to become due, or is required to be prepaid, repurchased, redeemed or defeased, prior to its stated maturity, in any such case as a result of a Reporting Violation, or (ii) the holder or holders of any Existing Subordinated Debt (or
the requisite number or percentage in interest entitled to do so under the terms thereof, if applicable), or any trustee or agent on its or their behalf, (A) gives notice to Holdings, the Borrower or any Subsidiary of a Reporting Violation, if
the effect of such notice is to commence a grace or cure period upon the expiration of which any right or remedy may be exercised if the Reporting Violation is continuing, or (B) otherwise commences any proceeding with respect to the exercise
of any material rights or remedies (as determined by the Required Lenders) that may be exercised based upon a Reporting Violation. 
 (b) It is acknowledged and agreed that the mere existence of a Reporting Violation, in and of itself, shall not constitute a breach of any of the representations and warranties in the Credit Agreement or a Material Adverse Effect.

 (c) For purposes hereof, the term “Reporting Violation” means any failure to comply with any provision of any agreement or
instrument evidencing or governing the terms of any Existing Subordinated Debt that requires the delivery of financial statements for the Borrower and its subsidiaries or the filing by the Borrower of reports (or delivery by the Borrower of reports
required to be filed by it) with the Securities and Exchange Commission, to the extent such non-compliance results from the failure by the Borrower to deliver unaudited financial statements for the fiscal quarters ended December 31,
2005, June 30, 2006, or September 30, 2006, to file its report on 10-Q for the fiscal quarters ended December 31, 2005, June 30, 2006, or September 30, 2006, to deliver audited financial statements for the fiscal
year ended March 31, 2006, or to file its report on 10-K for the fiscal year ended March 31, 2006, in each case within the time required. 
  

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 (d) It is acknowledged and agreed that the waivers and acknowledgments set forth in Section 7 of the
First Amendment and Section 12 of the Second Amendment shall remain in effect after the Third Amendment Effective Date. 
 SECTION 6. Certain Covenants. The provisions set forth in Section 13 of the Second Amendment are superceded in their entirety by this Section 6. Unless and until the financial statements for the fiscal quarters ended
December 31, 2005, June 30, 2006 and September 30, 2006, the Financial Restatement, and the financial statements for the fiscal year ended March 31, 2006, together with the certificates and reports required to be delivered
pursuant to Section 5.01, have, in each case, been delivered, and any Reporting Violations are cured, each of Holdings and the Borrower hereby covenants and agrees with each Lender and the Administrative Agent that: 
 (a) neither Holdings nor the Borrower will, nor will they permit any Restricted Subsidiary to, (i) declare or make, or agree to pay or make,
directly or indirectly, any Restricted Payment otherwise permitted by clause (x)(B) of Section 6.08(a) of the Credit Agreement or (except to the extent of Restricted Payments made by the Borrower to Holdings in order to permit Holdings to make
Restricted Payments of the type allowed by clauses (iii) through (v) of Section 6.08(a) of the Credit Agreement) clause (xi) of Section 6.08(a) of the Credit Agreement, or incur any obligation (contingent or otherwise) to do
so or (ii) make any investment in any Unrestricted Subsidiary if any proceeds of such investment are to be used for any purpose otherwise prohibited by this clause (a); and 
 (b) neither Holdings nor the Borrower will, nor will they permit any Subsidiary to, give any consideration to or for the benefit of any holder of
Existing Subordinated Debt for any amendment, modification or waiver of any agreement, instrument or other document evidencing or governing any Existing Subordinated Debt or any waiver or consent of or arrangement with any of such holders of the
Existing Subordinated Debt, in each case with respect to a Reporting Violation; provided that the foregoing shall not prohibit payment of a cash fee (or the equivalent thereof) in connection with any such amendment, modification or waiver if
(i) such fee does not exceed an amount that would be, based upon available information, usual and customary for fees paid to obtain similar consents or waivers under similar circumstances and (ii) at the time of, and after giving effect
to, the payment of such fee, the sum of the Revolving Commitments exceeds the sum of the Revolving Exposures by at least $35,000,000. 
 SECTION 6. Representations and Warranties. Each of Holdings and the Borrower hereby represents and warrants to and agrees with each Lender and the Administrative Agent that, after giving effect to this Amendment: 
 (a) the representations and warranties set forth in Article III of the Credit Agreement are true and correct in all material respects with the same
effect as if made on the Second Amendment Effective Date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties are true and correct as of such earlier date;
and 
  

 6 

 (b) as of the Third Amendment Effective Date, no Default has occurred and is continuing. 
 SECTION 7. Conditions to Effectiveness. This Amendment (including the waivers set forth in Section 3 above) shall become effective as of
the date of the satisfaction in full of the following conditions precedent (the “Third Amendment Effective Date”): 
 (a)
the Administrative Agent shall have received duly executed counterparts hereof that, when taken together, bear the authorized signatures of Holdings, the Borrower and the Required Lenders; 
 (b) the Administrative Agent shall have received all other amounts due and payable under the Credit Agreement on or prior to the Third Amendment
Effective Date, including, to the extent invoiced, all reasonable out-of-pocket costs and expenses of the Administrative Agent (including, without limitation, the reasonable fees, charges and disbursements of Cravath, Swaine & Moore LLP,
counsel for the Administrative Agent); and 
 (c) the Administrative Agent shall have received the Amendment Fee (as defined below).

 SECTION 8. Amendment Fee. In consideration of the agreements of the Lenders contained in this Amendment, Holdings and the Borrower
jointly agree to pay to the Administrative Agent, for the account of each Lender that delivers an executed counterpart of this Amendment prior to 12:00 p.m., noon, New York City time, on August 18, 2006, an amendment fee (the “Amendment
Fee”) in an amount separately disclosed or agreed in writing. 
 SECTION 9. Credit Agreement. Except as specifically
stated herein, the Credit Agreement shall continue in full force and effect in accordance with the provisions thereof. This Amendment shall constitute a Loan Document. 
 SECTION 10. Applicable Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 11. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be an original but all of which,
when taken together, shall constitute but one instrument. Delivery of an executed counterpart of a signature page of this Amendment by telecopy shall be effective as delivery of a manually executed counterpart of this Amendment. 
 [SIGNATURES ON FOLLOWING PAGE] 
  

 7 

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

			
	AMERICAN MEDIA, INC.,
		
	by	 	  
		 	 Name:

		 	 Title:

	
	 AMERICAN MEDIA OPERATIONS, INC.,

		
	by	 	  
		 	 Name:

		 	 Title:

  

 8 

			
	JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent,
		
	by	 	  
		 	 Name:

		 	 Title:

  

 9 

	
	SIGNATURE PAGE TO AMENDMENT AND WAIVER DATED AS OF THE DATE SET FORTH ABOVE, AMONG AMERICAN MEDIA, INC., AMERICAN MEDIA OPERATIONS, INC., THE LENDERS PARTY HERETO, AND JPMORGAN CHASE BANK, N.A.,
AS ADMINISTRATIVE AGENT.

 Lender Name:
                                        
                                     
  

			
		
	by	 	  
		 	 Name:

		 	 Title:

  

 10

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