Document:

Exhibit

	
					
	 
	 
	 
	 
	Exhibit 10.28-08

	
				
	
	 
	 
	P.O. Box 982

	 
	 
	El Paso, Texas

	 
	 
	79960-0982

	 
	 
	(915) 543-5711

Emmanuel Villalobos
Senior Forward Marketer, Long-Term Trading
El Paso Electric Company

October 24, 2016

Mr. Don Stoneberger
Freeport-McMoRan Copper & Gold Energy Services
333 North Central Avenue Suite 21.021
Phoenix, AZ 85004

Re:    Power Purchase and Sale Agreeement between Freeport-McMoRan Copper & Gold Energy 
Services, LLC and El Paso Electric Company

Dear Mr. Stoneberger,

Pursuant to Section 3.4 of the Power Purchase and Sale Agreement (“Agreement”) between Freeport-McMoRan Copper & Gold Energy Services, LLC (“FMES”) (formerly, Phelps Dodge Energy Services, LLC) and El Paso Electric Company (“EPE”), as memorialized by letter agreement dated March 23, 2015 among FMES, EPE and Samchully Power & Utilities 1, LLC, FMES and EPE (collectively the “Parties”) hereby agree to maintain the quantity for energy to be purchased and sold under Sections 3.1 and 3.2 of the Agreement at 125 MW per hour through 11:59 p.m. Mountain Standard Time on December 31, 2018.  This is in accordance with our recent phone conversations, and subsequent acceptance of FMES’ offer for an additional 25 MW for the period of two years.  The parties further agree that the quantity of firm energy that may be dispatched by EPE pursuant to Section 3.6 of the Agreement is 125 MW per hour, less the quantity of energy sold and delivered by FMES pursuant to Section 3.1.  The amount of energy to be purchased and sold under the Agreement was set to revert to the original base contract amount of 100 MW per hour, on 11:59 p.m. Mountain Standard Time on December 31, 2016, based on a October 13, 2015 agreement between the Parties.

Please indicate FMES' acknowledgment of the foregoing agreement by signing this letter in the place indicated below and returning the original or a copy thereof to my attention at your earliest convenience. 

Sincerely, 

/s/ Emmanuel Villalobos   

Emmanuel Villalobos

	
					
	 
	 
	 
	 
	Page 1 of 2

                                
                            

[AUTHORIZING SIGNATURES]

El Paso Electric Company

/s/ David C. Hawkins                                      
VP System Operations Resource Planning & Management

Freeport-McMoRan Copper & Gold Energy Services, LLC

/s/ Don Stoneberger                                      
President, Freeport-McMoRan Copper & Gold Energy Services, LLC

Cc:    D.H. Kim
Samchully Power & Utilities 1, LLC

	
					
	 
	 
	 
	 
	Page 2 of 2lamr-ex10f20_934.htm

 

Exhibit 10(f)(20)

 

 

JOINDER AGREEMENT

 

 

JOINDER AGREEMENT dated as of July 28, 2015 by the undersigned, Lamar Alliance Airport Advertising Company, a Nevada corporation (the “Additional Subsidiary Guarantor”), in favor of JPMorgan Chase Bank, N.A., as administrative agent for the Lenders party to the Credit Agreement referred to below (in such capacity, together with its successors in such capacity, the “Administrative Agent”).

 

 Lamar Media Corp., a Delaware corporation (the “Company”), the Subsidiary Borrower that may be or may become a party thereto (the “Subsidiary Borrower” and together with the Company, the “Borrowers”) and certain of its subsidiaries (collectively, the “Existing Subsidiary Guarantors” and, together with the Borrowers, the “Securing Parties”) are parties to the Second Amended and Restated Credit Agreement dated as of February 3, 2014, by and among Lamar Media Corp., the Subsidiary Guarantors party thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, as amended by that certain Amendment No. 1 to Second Amended and Restated Credit Agreement dated as of April 18, 2014, by and among Lamar Media Corp., Lamar Advertising Company, the Subsidiary Guarantors party thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, as further amended prior to the date hereof and as the same may be further amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), providing, subject to the terms and conditions thereof, for extensions of credit (by means of loans and letters of credit) to be made by the Lenders therein (collectively, together with any entity that becomes a “Lender” party to the Credit Agreement after the date hereof as provided therein, the “Lenders” and, together with Administrative Agent and any successors or assigns of any of the foregoing, the “Secured Parties”) to the Company in an aggregate principal or face amount not exceeding $700,000,000 (which, in the circumstances contemplated by Section 2.01(c) thereof, may be increased to $1,200,000,000 and made available to the Company and the Subsidiary Borrower).  In addition, the Borrowers may from time to time be obligated to one or more of the Lenders under the Credit Agreement in respect of Swap Agreements under and as defined in the Credit Agreement (collectively, the “Swap Agreements”).

 

In connection with the Credit Agreement, the Borrowers, the Existing Subsidiary Guarantors and the Administrative Agent are parties to the Amended and Restated Pledge Agreement dated February 3, 2014 (the “Pledge Agreement”) pursuant to which the Securing Parties have, inter alia, granted a security interest in the Collateral (as defined in the Pledge Agreement) as collateral security for the Secured Obligations (as so defined).  Terms defined in the Pledge Agreement are used herein as defined therein.

 

To induce the Secured Parties to enter into the Credit Agreement, and to extend credit thereunder and to extend credit to the Borrower under Swap Agreements, and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Additional Subsidiary Guarantor has agreed to become a party to the Credit Agreement and the Pledge Agreement as a “Subsidiary Guarantor” thereunder, and to pledge and grant a security interest in the Collateral (as defined in the Pledge Agreement).

 

Accordingly, the parties hereto agree as follows:

 

Section 1.  Definitions.  Terms defined in the Credit Agreement are used herein as defined therein.

 

Section 2.  Joinder to Agreements.  Effective upon the execution and delivery hereof, the Additional Subsidiary Guarantor hereby agrees that it shall become a “Subsidiary Guarantor” under and for all purposes of the Credit Agreement and the Pledge Agreement with all the rights and obligations of a Subsidiary Guarantor thereunder.  Without limiting the generality of the foregoing, the Additional Subsidiary Guarantor hereby:

 

(i)jointly and severally with the other Subsidiary Guarantors party to the Credit Agreement guarantees to each Secured Party and their respective successors and assigns the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of all Guaranteed Obligations in the same manner and to the same extent as is provided in Article III of the Credit Agreement;

 

(ii)pledges and grants the security interests in all right, title and interest of the Additional Subsidiary Guarantor in all Collateral (as defined in the Pledge Agreement) that it now owns or hereafter acquires and whether now existing or hereafter coming into existence provided for by Article III of the Pledge 

 

 

Agreement as collateral security for the Secured Obligations and agrees that Annex 1 thereof shall be supplemented as provided in Appendix A hereto;

 

(iii) makes the representations and warranties set forth in Article IV of the Credit Agreement and in Article II of the  Pledge Agreement, to the extent relating to the Additional Subsidiary Guarantor or to the Pledged Equity evidenced by the certificates, if any, identified in Appendix A hereto; and

 

(iv)submits to the jurisdiction of the courts, and waives jury trial, as provided in Sections 10.09 and 10.10 of the Credit Agreement.

 

The Additional Subsidiary Guarantor hereby instructs its counsel to deliver the 

opinions referred to in Section 6.10(c) of the Credit Agreement to the Secured Parties.

 

 

 

IN WITNESS WHEREOF, the Additional Subsidiary Guarantor has caused this Joinder Agreement to be duly executed and delivered as of the day and year first above written.

 

 

	
 
	
LAMAR ALLIANCE AIRPORT ADVERTISING COMPANY, a Nevada corporation

	
 
	
 
	
 

	
 
	
By:
	
/s/ Keith A. Istre

	
 
	
 
	
Keith A. Istre, Executive Vice President and 

	
 
	
 
	
Chief Financial Officer

 

 

 

Attest:

 

 

		
	
By:
	
/s/ James R. McIlwain

	
 
	
James R. McIlwain, Secretary

 

 

Accepted and agreed:

 

JPMORGAN CHASE BANK, N.A.

as Administrative Agent

 

 

By: /s/ Donatus Anusionwu

Title: Vice President 

 

 

 

The undersigned hereby respectively pledges and grants a security interest in the Pledged Equity that it owns evidenced by the certificates listed in Appendix A hereto and agrees that Schedule 1, Part 2 – Pledged Equity of the Pledge Agreement is hereby supplemented by adding thereto the information listed on Appendix A.

 

 

			
	
Lamar Transit, LLC, Issuee

	
 
	
 
	
 

	
 
	
By:
	
Its Managing Member,

	
 
	
 
	
Lamar TRS Holdings, LLC, a Delaware 

	
 
	
 
	
limited liability company

	
 
	
 
	
 

	
 
	
By:
	
Its Managing Member,

	
 
	
 
	
Lamar Media Corp., a Delaware 

	
 
	
 
	
corporation

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
By:
	
/s/ Keith A. Istre

	
 
	
 
	
Keith A. Istre, Executive Vice President and

	
 
	
 
	
Chief Financial Officer

 

 

 

 

 

 

Supplement to Schedule 1, Part 2 – Pledged Equity

 

Appendix A to Joinder Agreement

 

 

 

	
Securing Party
	
Issuer
	
Class and Par Value
	
Outstanding Number of Shares
	
Certificate Number
	
% of 
Ownership
	
% of 
Ownership Pledged

	
Lamar Transit, LLC
	
Lamar Alliance Airport Advertising Company
	
N/A
	
2,500
	
31
	
100
	
100

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