Document:

exv4wxdy

Exhibit 4(d)

EXECUTION COPY

AMENDMENT NO. 1 AND WAIVER NO. 1

     AMENDMENT NO. 1 (this “Amendment and Waiver”), dated as of May 24, 2005, under the
Credit Agreement, dated as of July 29, 2003, among Saga Communications, Inc. (the
“Borrower”), the Lenders party thereto, Union Bank of California, N.A., as Syndication
Agent, Fleet National Bank, as Documentation Agent, and The Bank of New York, as Administrative
Agent (as amended, supplemented or otherwise modified, the “Credit Agreement”).

RECITALS

     A. Capitalized terms used herein that are defined in the Credit Agreement shall have the
same meanings as therein defined.

     B. On March 8, 2005, Tidewater Communications, LLC, a wholly-owned Subsidiary of the
Borrower and a Subsidiary Guarantor, formed Force 5 Licenses LLC (“Force 5”) as a
Delaware limited
liability company but did not notify the Administrative Agent thereof within the ten day
period required
by Section 6.12 of the Credit Agreement. The Borrower intends to designate Force 5 as
an Unrestricted
Subsidiary and accordingly has requested that the Required Lenders and the Administrative
Agent agree
to waive the failure of the Borrower to comply with such notice requirement. In addition, in
view of the
fact that the Compliance Certificate in respect of the fiscal quarter ending March 31, 2005
will be
delivered on or before May 31, 2005, the Borrower has requested that the Required Lenders and
the
Administrative Agent agree to waive the requirement of Section 7.4(k)(iv) of the
Credit Agreement that
the Borrower deliver a certificate of a Financial Officer attaching a calculation (in
reasonable detail) of
the covenants contained in Sections 7.12 of the Credit Agreement on a pro forma basis
giving effect to the
designation of Force 5 as an Unrestricted Subsidiary.

     C. The Borrower has requested that the Lenders and the Administrative Agent agree to
amend the Credit Agreement upon the terms and conditions contained in this Amendment and
Waiver,
and the Lenders and the Administrative Agent are willing so to agree.

     Accordingly, in consideration of the Recitals and the covenants, conditions and agreements
hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the Borrower and the Administrative Agent hereby agree as follows:

     1. The Lenders signing below hereby waive (i) the failure of the Borrower to notify
the Administrative Agent of the formation of Force 5 within the ten day period required by
Section 6.12 of the Credit Agreement and (ii) the requirement of Section
7.4(k)(iv) of the Credit Agreement that the Borrower deliver a certificate of a
Financial Officer attaching a calculation (in reasonable detail) of the covenants contained
in Section 7.12 of the Credit Agreement on a pro forma basis giving effect to the
designation of Force 5 as an Unrestricted Subsidiary.

     2. The following definition is hereby added to Section 1.1 of the Credit Agreement in
its appropriate alphabetical order:

     “Amendment No. 1 and Waiver No. 1 Effective Date” means
the date on which Amendment No. 1 and Waiver No. 1, dated as of May
24, 2005, to the Credit Agreement is effective in accordance with
its terms.

     3. The pricing grid in the definition of “Applicable Margin” contained in Section
1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as
follows:

 

 

When the Leverage Ratio is:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	greater than or	 	 	 	 	 	 	 	 	 	Eurodollar Margin
	equal to	 	and less than	 	ABR Margin	 	and LC Fee
	4.50:1.00
	 	 	 	 	 	 	0.375	%	 	 	1.625	%
	4.00:1.00
	 	 	4.50:1.00	 	 	 	0.125	%	 	 	1.375	%
	3.50:1.00
	 	 	4.00:1.00	 	 	 	0.000	%	 	 	1.250	%
	3.00:1.00
	 	 	3.50:1.00	 	 	 	0.000	%	 	 	1.125	%
	2.50:1.00
	 	 	3.00:1.00	 	 	 	0.000	%	 	 	1.000	%
	 
	 	 	2.50:1.00	 	 	 	0.000	%	 	 	0.750	%

     4. Section 7.8(c)(i) of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

     (i) the Borrower may declare and pay cash dividends in respect of
its Equity Interests and/or repurchase its Equity Interests in an
aggregate amount not in excess of $40,000,000 during the period from the
Amendment No. 1 and Waiver No. 1 Effective Date through the Maturity
Date; provided that the Administrative Agent shall have received
a certificate of a Financial Officer, attaching a calculation (in
reasonable detail) of the covenants contained in Sections 7.12 on a pro
forma basis giving effect to the payment of such dividend or the
repurchase of such Equity Interests; and

     5. Paragraph 1 hereof shall not be effective until such time as the following
conditions are satisfied:

     (a) the Administrative Agent (or its counsel) shall have received from the Borrower, each
other Loan Party and Required Lenders either (i) a counterpart of this Amendment and Waiver signed
on behalf of such Person or (ii) written evidence satisfactory to the Administrative Agent (which
may include facsimile transmission of a signed signature page of this Amendment and Waiver) that
such Person has signed a counterpart of this Amendment and Waiver;

     (b) the Administrative Agent (or its counsel) shall have received from the Borrower a
certificate of a Financial Officer (i) attaching a copy of a resolution of the Borrower’s board of
directors designating Force 5 as an Unrestricted Subsidiary, (ii) certifying that the conditions
set forth in Section 10.14 of the Credit Agreement have been satisfied (or waived in
accordance with the provisions of this Amendment and Waiver) with respect to such designation,
(iii) certifying that no Default shall have occurred and be continuing (after giving effect to this
Amendment and Waiver), and (iv) the Borrower would be in compliance with Section 7.4(k) of
the Credit Agreement (other than the provisions of Section 7.4(k)(iv) of the Credit
Agreement which have been waived pursuant to this Amendment and Waiver).

     6. Paragraphs 2 through and including 4 hereof shall not be effective until such time
as the following conditions are satisfied:

     (a) the Administrative Agent (or its counsel) shall have received from the Borrower, each
other Loan Party and each Credit Party either (i) a counterpart of this Amendment and Waiver
signed on behalf of such Person or (ii) written evidence satisfactory to the Administrative

 - 2 - 

 

Agent (which may include facsimile transmission of a signed signature page of this Amendment and
Waiver) that such Person has signed a counterpart of this Amendment and Waiver;

     (b)
the Administrative Agent (or its counsel) shall have received, for the account of each
Lender which has executed and delivered this Amendment and Waiver on or before 5:00 p.m. (New York
time) on the date hereof, an amendment fee equal to 0.05% of such Lender’s Revolving Commitment as
in effect on the date hereof;

     (c) all other fees and expenses payable in connection with this Amendment and Waiver,
including, without limitation, the reasonable fees and expenses of counsel to the Administrative
Agent to the extent invoiced, shall have been paid; and

     (d) the Administrative Agent shall have received such other documentation and assurances
as it shall reasonably request in connection with this Amendment and Waiver.

     7. The Borrower hereby (a) reaffirms and admits the validity and enforceability of each Loan
Document to which it is a party and its obligations thereunder, and agrees and admits that it has
no defense to or offset against any such obligation, (b) represents and warrants that after giving
effect to this Amendment and Waiver, no Default has occurred and is continuing, and (c) represents
and warrants that all of the representations and warranties made by it in the Loan Documents are
true and correct in all material respects, both immediately before and after giving effect to this
Amendment and Waiver (except to the extent such representations and warranties specifically relate
to an earlier date, in which case such representations and warranties shall have been true and
correct in all material respects on and as of such earlier date). By signing below, each
Subsidiary Guarantor consents to this Amendment and Waiver.

     8. This Amendment may be executed in any number of counterparts, each of which shall be an
original and all of which shall constitute one agreement. It shall not be necessary in making
proof of this Amendment and Waiver to produce or account for more than one counterpart signed by
the party to be charged. Delivery of an executed counterpart by facsimile transmission shall be
effective as delivery of a manually executed counterpart.

     9. The Credit Agreement and the other Loan Documents shall in all other respects remain in
full force and effect, and no waiver herein in respect of any term or condition of any Loan
Document shall be deemed to be a waiver or other modification in respect of any other term or
condition of any Loan Document.

     10. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK.

 - 3 - 

 

SAGA COMMUNICATIONS, INC.

AMENDMENT NO. 1 AND WAIVER NO. 1

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment and Waiver No. 1 to be duly
executed and delivered by their proper and duly authorized officers as of the day and year first
above written.

	 	 	 	 	 	 	 
	 	 	SAGA COMMUNICATIONS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

CONSENTED TO AND AGREED:

SAGA RADIO NETWORKS, LLC

SAGA BROADCASTING, LLC

SAGA COMMUNICATIONS OF NEW ENGLAND, LLC

SAGA QUAD STATES COMMUNICATIONS, LLC

TIDEWATER COMMUNICATIONS, LLC

FRANKLIN COMMUNICATIONS, INC.

SAGA COMMUNICATIONS OF ILLINOIS, LLC

LAKEFRONT COMMUNICATIONS, LLC

SAGA COMMUNICATIONS OF SOUTH DAKOTA, LLC

SAGA COMMUNICATIONS OF NEW HAMPSHIRE, LLC

SAGA COMMUNICATIONS OF ARKANSAS, LLC

SAGA COMMUNICATIONS OF NORTH CAROLINA, LLC

SAGA COMMUNICATIONS OF TUCKESSEE, LLC

SAGA COMMUNICATIONS OF MILWAUKEE, LLC

SAGA COMMUNICATIONS OF IOWA, LLC

SAGA COMMUNICATIONS OF CHARLOTTESVILLE, LLC

	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 

 

 

SAGA COMMUNICATIONS, INC.

AMENDMENT NO. 1 AND WAIVER NO. 1

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK, individually, as Issuing Bank and as
Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

 

 

SAGA COMMUNICATIONS, INC.

AMENDMENT NO. 1 AND WAIVER NO. 1

	 	 	 	 	 	 	 
	 	 	UNION BANK OF CALIFORNIA, N.A., individually

and as Syndication Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

 

 

SAGA COMMUNICATIONS, INC.

AMENDMENT NO. 1 AND WAIVER NO. 1

	 	 	 	 	 	 	 
	 	 	FLEET NATIONAL BANK, 

individually and as Documentation Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

 

 

SAGA COMMUNICATIONS, INC.

AMENDMENT NO. 1 AND WAIVER NO. 1

	 	 	 	 	 	 	 
	 	 	BANK OF SCOTLAND	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

 

 

SAGA COMMUNICATIONS, INC.

AMENDMENT NO. 1 AND WAIVER NO. 1

	 	 	 	 	 	 	 
	 	 	NATIONAL CITY BANK OF 

THE MIDWEST	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

 

 

SAGA COMMUNICATIONS, INC.

AMENDMENT NO. 1 AND WAIVER NO. 1

	 	 	 	 	 	 	 
	 	 	STANDARD FEDERAL BANK N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

 

 

SAGA COMMUNICATIONS, INC.

AMENDMENT NO. 1 AND WAIVER NO. 1

	 	 	 	 	 	 	 
	 	 	SUNTRUST BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

 

 

SAGA COMMUNICATIONS, INC.

AMENDMENT NO. 1 AND WAIVER NO. 1

	 	 	 	 	 	 	 
	 	 	HARRIS NESBITT FINANCING, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:exv4wxey

Exhibit 4(e)

EXECUTION COPY

AMENDMENT NO. 2

     AMENDMENT NO. 2 (this “Amendment”), dated as of May 16, 2006, under the Credit
Agreement, dated as of July 29, 2003, among Saga Communications, Inc. (the “Borrower”), the Lenders
party thereto, Bank of America, N.A., as Documentation Agent, and The Bank of New York, as
Administrative Agent, as amended by Amendment No. 1, dated as of May 24, 2005 (as so amended and as
hereafter amended, supplemented or otherwise modified, the “Credit Agreement”).

RECITALS

     A. Capitalized terms used herein that are defined in the Credit Agreement shall have the same
meanings as therein defined.

     B. Pursuant to Section 2.5(b) of the Credit Agreement, on March 31, 2006, the
Revolving Commitments were reduced by $6,250,000 to $193,750,000. The Borrower has requested that
the Revolving Commitments be increased by $6,250,000 to $200,000,000 and that such increase not be
deemed a utilization of available increase provided by Section 2.5(f) of the Credit
Agreement.

     C. Pursuant to a Master Assignment and Acceptance Agreement, dated as of May 16, 2006 (the
“Master Assignment”), immediately prior to the effectiveness of this Amendment, Union Bank
of California, N.A. (the “Exiting Lender”) assigned its Commitment and outstanding Loans to
the assignees named therein. In connection therewith, the Exiting Lender resigned as Syndication
Agent.

     D. In addition to the increase to the Revolving Commitments as set forth above, the Borrower
has requested that the Lenders and the Administrative Agent agree to certain other amendments to
the Credit Agreement as hereinafter set forth. The Lenders and the Administrative Agent are willing
so to agree to such increase and other amendments upon the terms and conditions contained in this
Amendment.

     Accordingly, in consideration of the Recitals and the covenants, conditions and agreements
hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the Borrower and the Administrative Agent hereby agree as follows:

     1. The Revolving Commitments are hereby increased by $6,250,000 to $200,000,000 and such
increase shall not be deemed a utilization of available increase provided by Section 2.5(f)
of the Credit Agreement. Schedule 2.1 in the form annexed hereto is hereby substituted for
Schedule 2.1 to the Credit Agreement.

     2. The definition of “Syndication Agent” contained in Section 1.1 of the
Credit Agreement is hereby deleted. All references to the Exiting Lender and the Syndication Agent
in each Loan Document are hereby deleted.

     3. The following definitions are hereby added to Section 1.1 of the Credit Agreement
in their appropriate alphabetical order:

     “Amendment No. 2 Effective Date” means the date on which
Amendment No. 2, dated as of May 16, 2006, to the Credit Agreement is
effective in accordance with its terms.

     “Patriot Act” has the meaning assigned to such term in Section 10.16.

 

 

     4. Clause (ii) of the definition of “Adjusted Net Income” contained in
Section 1.1 of the Credit
Agreement is hereby amended and restated in its entirety to read “(ii) any net gain or loss arising
from any write-up or write-down of assets;”.

     5. The definition of “Applicable Margin” contained in Section 1.1 of the Credit Agreement is
hereby amended and restated in its entirety to read as follows:

     “Applicable Margin” means, at all times from and after the
Amendment No. 2 Effective Date and during the applicable periods set forth
in the following table: (i) with respect to ABR Borrowings, the percentage
set forth below under the heading “ABR Margin”, and (ii) with respect to
Eurodollar Borrowings and fees payable under Section 3.3(b), the percentage
set forth below under the heading “Eurodollar Margin and LC Fee”:

When the Leverage Ratio is:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Eurodollar
	greater than or	 	 	 	 	 	 	 	Margin and
	equal to	 	and less than	 	ABR Margin	 	LC Fee
	4.50:1.00

	 	 	 	 	0.000	%	 	 	1.250	%
	4.00:1.00

	 	4.50:1.00
	 	 	0.000	%	 	 	1.000	%
	3.00:1.00

	 	4.00:1.00
	 	 	0.000	%	 	 	0.875	%
	 

	 	3.00:1.00
	 	 	0.000	%	 	 	0.750	%

     Changes in the Applicable Margin resulting from a change in the
Leverage Ratio shall be based upon the Compliance Certificate most recently
delivered under Section 6.1(e) and shall become effective three
Business Days after the delivery of such Compliance Certificate to the
Administrative Agent. Notwithstanding anything to the contrary in this
definition, (i) if the Borrower shall fail to deliver to the Administrative
Agent a Compliance Certificate on or prior to any date required hereby, the
Leverage Ratio for purposes of this defined term only shall be deemed to be
greater than or equal to 4.50:1.00 from and including such date to the
third Business Day following the date of delivery to the Administrative
Agent of such Compliance Certificate and (ii) during the period commencing
on the Amendment No. 2 Effective Date and ending on the third Business Day
after the date the Compliance Certificate in respect of the fiscal quarter
ending March 31, 2006 is delivered to the Administrative Agent, the
Leverage Ratio for purposes of this defined
term only shall be deemed to be greater than or equal to 3.00:1.00 and
less than 4.00:1.00.

	6.	 	The definition of “Commitment Fee Percentage” contained in Section
1.1 of the Credit
Agreement is hereby amended and restated in its entirety to read as follows:

     “Commitment Fee Percentage” means, at all times from and after
the Amendment No. 2 Effective Date and during the applicable periods set
forth below, the percentage set forth below under the heading “Commitment
Fee Percentage”:

Saga Communications, Inc. Amendment No. 2

- 2 -

 

When the Leverage Ratio is:

	 	 	 	 	 	 	 	 	 
	greater than	 	 	 	 	 	 	 	 
	or equal to	 	and less than	 	 	 	 	 	 
	4.00:1.00
	 	 	 	0.375%	 	 	 	 
	 
	 	4.00:1.00	 	0.250%	 	 	 	 

     Changes in the Commitment Fee Percentage resulting from a change in
the Leverage Ratio shall be based upon the Compliance Certificate most
recently delivered under Section 6.1(e) and shall become effective
three Business Days after the delivery of such Compliance Certificate to
the Administrative Agent. Notwithstanding anything to the contrary in this
definition, (i) if the Borrower shall fail to deliver to the Administrative
Agent a Compliance Certificate on or prior to any date required hereby, the
Leverage Ratio for purposes of this defined term only shall be deemed to be
greater than or equal to 4.00:1.00 from and including such date to the
third Business Day following the date of delivery to the Administrative
Agent of such Compliance Certificate and (ii) during the period commencing
on the Amendment No. 2 Effective Date and ending on the third Business Day
after the date the Compliance Certificate in respect of the fiscal quarter
ending March 31, 2006 is delivered to the Administrative Agent, the
Leverage Ratio for purposes of this defined term only shall be deemed to be
less than 4.00:1.00.

     7. Clause (v) of the definition of “EBITDA” contained in Section 1.1 of the Credit
Agreement is hereby amended and restated in its entirety to read “(v) the aggregate amount of any
non-cash charges of the Borrower during such period relating to the issuance or vesting of stock
options, restricted stock, restricted stock units and performance awards granted by the Borrower to
its employees or directors,”.

     8. Clause (vi) of the definition of “Fixed Charges” contained in Section
1.1 of the Credit Agreement is hereby amended and restated in its entirety to read
“(vi) the aggregate amount of all Restricted Payments made by the Borrower on or after
January 1, 2006 and during such period in respect of its common stock (other than
Restricted Payments paid in additional common stock).”

     9. The definition of “Maturity Date” contained in Section 1.1 of the Credit Agreement
is hereby amended and restated in its entirety to read as follows:

     “Maturity Date” means July 29, 2012.

     10. Section 2.5(b) of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

     (b) Scheduled Reductions. Subject to Section 2.5(e),
commencing on March 31, 2008, on each date below, the Revolving Commitments
shall be automatically and permanently reduced by an amount equal to the
total Revolving Commitments as in effect on March 31, 2008 multiplied by
the percentage set forth in the following table adjacent to such date and
under the heading “Percentage”:

Saga Communications, Inc. Amendment No. 2

- 3 -

 

	 	 	 	 	 	 	 
	Date	 	Percentage	 	Date	 	Percentage
	March 31, 2008
	 	3.125%	 	June 30, 2010	 	5.000%
	June 30, 2008
	 	3.125%	 	September 30, 2010	 	5.000%
	September 30, 2008
	 	3.125%	 	December 31, 2010	 	5.000%
	December 31, 2008
	 	3.125%	 	March 31, 2011	 	6.250%
	March 31, 2009
	 	4.375%	 	June 30, 2011	 	6.250%
	June 30, 2009
	 	4.375%	 	September 30, 2011	 	6.250%
	September 30, 2009
	 	4.375%	 	December 31, 2011	 	6.250%
	December 31, 2009
	 	4.375%	 	March 31, 2012	 	12.500%
	March 31, 2010
	 	5.000%	 	Maturity Date	 	12.500%

     11. Clauses (i) and (ii) of Section 2.5(d) of the Credit Agreement are hereby amended
in their entirety to read as follows:

     (i) Receipt of Net Proceeds. In the event and on each occasion
that any Net Proceeds are received by or on behalf of the Borrower or any
Restricted Subsidiary in respect of any Reduction Event, then, immediately
after such Net Proceeds are received, the Revolving Commitments shall be
automatically reduced in an aggregate amount equal to such Net Proceeds,
provided, however, that in the case of a Reduction Event described in
clause (a) of the definition thereof, no such reduction shall be required
if, at the time of the receipt of the Net Proceeds of such Reduction Event,
the Leverage Ratio is less than or equal to 4.50:1.00.

     (ii) Excess Cash Flow. On the last day of the first fiscal
quarter of each year (commencing on March 31, 2007), the Revolving
Commitments shall be automatically reduced in an aggregate amount equal to
40% of the Excess Cash Flow for the most recently completed fiscal year of
the Borrower, in the event that the Leverage Ratio as at the end of such
fiscal year is greater than or equal to 4.50:1.00.

     12. Section 2.5(f) of the Credit Agreement is hereby amended by substituting “March
31, 2008” for “March 31, 2006” on the second line thereof.

     13. Section 4.19 of the Credit Agreement is hereby deleted.

     14. Section 6.1 of the Credit Agreement is hereby amended by inserting the following
new subsection (j) and by relettering existing subsection (j) as subsection (k):

     (j) furnish to the Administrative Agent or any Lender promptly such
other information with documentation required by bank regulatory
authorities under applicable “know your customer” and Anti-Money Laundering
rules and regulations (including, without limitation, the Patriot Act), as
from time to time may be reasonably requested by the Administrative Agent
or such Lender; and

     15. Section 6.2(d) of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

     (d) Intentionally Omitted;

Saga Communications, Inc. Amendment No. 2

- 4 -

 

     16. Section 7.1(a) of the Credit Agreement is hereby amended by (i) deleting the word
“and” at the end of clause (vi) thereof, (ii) substituting “; and” for the period at the end of
clause (vii) thereof and (iii) adding a new clause (viii) to the end thereof to read as follows:

     (viii) provided that at the time thereof and immediately after
giving effect thereto, no Default shall or would have occurred and be
continuing, unsecured Indebtedness incurred by a Loan Party to Ashville
Radio Partners, LLC and Liberty Productions, a Limited Partnership, in
respect of the acquisition by such Loan Party from such parties, in an
aggregate amount not in excess of $8,000,000 on terms satisfactory to the
Administrative Agent.

     17. Section 7.4(j) of the Credit Agreement is hereby amended by substituting
“$300,000” for “$ 250,000” in clause (ii) thereof.

     18. Section 7.4(k)(ii) of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

     (ii) the sum, without duplication, of the aggregate amount of all such
investments shall not exceed lesser of (x) $25,000,000 at any time
outstanding and (y) 15% of EBITDA for the immediately preceding four fiscal
quarters for all such investments,

     19. Section 7.8(c)(i) of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

     (i) the Borrower may declare and pay cash dividends in respect of its
Equity Interests and/or repurchase its Equity Interests, provided
that the aggregate amount of such dividends paid and/or repurchases of
Equity Interests made from the Amendment No. 2 Effective Date through the
Maturity Date when the Leverage Ratio immediately before or after giving
effect thereto exceeds 2.50:1.00 shall not exceed $50,000,000, and

     20. Section 7.12(a) of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

     (a) Interest Coverage Ratio. The Borrower will not permit the
Interest Coverage Ratio as of the last day of any fiscal quarter to be less
than 3.00:1.00.

     21. Section 7.12(c) of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

     (c) Leverage Ratio. The Borrower will not permit the Leverage
Ratio at any time during any period set forth in the following table to be
greater than the ratio set forth below with respect to such period:

Saga Communications, Inc. Amendment No. 2

- 5 -

 

	 	 	 
	Period	 	Ratio
	Amendment No. 2 Effective Date through June 29, 2007
	 	5.00:1.00
	June 30, 2007 through June 29, 2008
	 	4.75:1.00
	June 30, 2008 through June 29, 2009
	 	4.50:1.00
	June 30, 2009 through June 29, 2010
	 	4.00:1.00
	June 30, 2010 and thereafter
	 	3.50:1.00

     22. The last sentence of Article 9 of the Credit Agreement is hereby amended and
restated it its entirety to read as follows:

Notwithstanding anything in any Loan Document to the contrary, the
Documentation Agent shall not have any duty or obligation under the Loan
Documents other than in its capacity as a Lender hereunder.

     23. Section 10.1(b) of the Credit Agreement is hereby amended and restated it its
entirety to read as follows:

     (b) if to the Administrative Agent, or BNY as Issuing Bank to it at
One Wall Street, New York, New York 10286, Attention of: Ramona Washington
(Telephone No. (212) 635-4699; Facsimile No. (212) 635-6365 or 6366 or
6367), with a copy to The Bank of New York, at One Wall Street, New York,
New York 10286, Attention of: Laura Neenan (Telephone No. (212) 635-1868;
Facsimile No. (212) 635-8595); and

     24. Article 10 of the Credit Agreement is hereby amended by adding the following new
section to the end thereof:

     Section 10.16 USA Patriot Act Notice

          Each Lender that is subject to the Patriot Act (as hereinafter
defined) and the Administrative Agent (for itself and not on behalf of any
Lender) hereby notifies the Borrower that pursuant to the requirements of
the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October
26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record
information that identifies each Loan Party, which information includes the
name and address of each Loan Party and other information that will allow
such Lender or the Administrative Agent, as applicable, to identify each
Loan Party in accordance with the Patriot Act.

     25. Schedule 4.17 to the Credit Agreement is hereby amended by adding the following to
the end thereof:

     On May 4, 2005, the FCC, by delegated authority, granted applications
(File Numbers BAL-20040603AAO, BALH-20040603AAP, BAL-20040603AAK,
BALH-20040603AAL, BALFT-20040603AAM and

Saga Communications, Inc. Amendment No. 2

- 6 -

 

BALFT-20040603AAQ) for consent to assignment of the licenses of WHCU(AM),
WYXL(FM), WNYY(AM), WQNY(FM), W238AA, and W276AO, all licensed to Ithaca,
New York, from Eagle Broadcasting Company, Inc., and Eagle II Broadcasting
Corporation, to Saga Communications of New England, LLC (“Saga-New
England”). An “Application for Review” was filed June 3, 2005, by “Finger
Lakes Alliance for Independent Media” seeking review by the full FCC of the
action taken by the FCC’s staff under delegated authority. The application
for review is currently pending. Notwithstanding the fact that the FCC’s
consent has not become a “final action,” Saga-New England has consummated
the acquisitions.

     On July 7, 2005, the FCC, by delegated authority, granted an
application (File No. BALH-20040116ACT) for consent to assignment of
license of WOXL-FM, Biltmore Forest, North Carolina, from Liberty
Productions, a Limited Partnership, to Saga Communications of North
Carolina, LLC (“Saga NC”). On July 17, 2005, Willsyr Communications,
Limited Partnership (“Willsyr”), filed a petition for reconsideration of
the action; and on August 8, 2005, Sutton Radiocasting Corporation
(“Sutton”) filed a petition for reconsideration of the action. On October
17, 2005, the Sutton petition for reconsideration was dismissed pursuant to
a settlement agreement among the parties. On October 24, 2005, Willsyr
filed a petition for reconsideration of the approval of the settlement
agreement with Sutton. On March 21, 2006, David T. Murray, limited partner
of Liberty Productions, a Limited Partnership, filed a “Section 1.41
Request for Commission Action” seeking rescission of the grant of the
consent to assignment of licensed. Mr. Murray is now deceased, and the
status of his request is unclear. The FCC’s consent has not yet become a
“final action,” and Saga NC has not yet consummated the acquisition.

     26. Paragraphs 1 through 25 hereof shall not be effective until such time as the following
conditions are satisfied:

     (a) the Administrative Agent (or its counsel) shall have received from the Borrower,
each other Loan Party and the Lenders either (i) a counterpart of this Amendment signed on
behalf of such Person or (ii) written evidence satisfactory to the Administrative Agent
(which may include facsimile transmission of a signed signature page of this Amendment)
that such Person has signed a counterpart of this Amendment;

     (b) the Administrative Agent (or its counsel) shall have received a certificate or
certificates, signed by the secretary or assistant secretary of each of the Borrower and
each Subsidiary Guarantor, attaching a true and complete copy of the resolutions or other
authorizations authorizing this Amendment and specifying the incumbency of each officer
executing this Amendment, including therein a signature specimen of each such officer;

     (c) the transactions contemplated by the Master Assignment shall have been
consummated;

     (d) the Administrative Agent shall have received for the account of the Lenders
(including the Exiting Lender), all interest on the Loans, all commitment fees (as provided
in 

Saga Communications, Inc. Amendment No. 2

- 7 -

 

Section 3.3(a) of the Credit Agreement) and all letter of credit fees (as provided in Section
3.3(b) of the Credit Agreement), in each case accrued to, but excluding, the Amendment No.
2 Effective Date;

     (e) the Administrative Agent shall have received, for the account of each Lender which
has executed and delivered this Amendment on or before 5:00 p.m. (New York time) on the
date hereof, an amendment fee equal to 0.10% of such Lender’s Revolving Commitment as in
effect on the date hereof (and after giving effect to the Master Assignment);

     (f) all other fees and expenses payable in connection with this Amendment, including,
without limitation, the reasonable fees and expenses of counsel to the Administrative Agent
to the extent invoiced, shall have been paid; and

     (g) the Administrative Agent shall have received such other documentation and
assurances as it shall reasonably request in connection with this Amendment.

     27. The Borrower acknowledges that if the Adjusted LIBO Rate on the Assignment Date (as
defined in the Master Assignment) is higher than the Adjusted LIBO Rate applicable to the
outstanding Eurodollar Borrowings, notwithstanding anything in the Credit Agreement to the
contrary, with respect to that portion of the Loans that each Assignee (as defined in the Master
Assignment) assumes from the Exiting Lender, the interest rate on such portion will be the Adjusted
LIBO Rate as determined by the Administrative Agent at approximately 11:00 a.m., London time, two
Business Days prior to the Assignment Date plus the Applicable Margin.

     28. The Borrower hereby (a) reaffirms and admits the validity and enforceability of each Loan
Document to which it is a party and its obligations thereunder, and agrees and admits that it has
no defense to or offset against any such obligation, (b) represents and warrants that no Default
has occurred and is continuing, and (c) represents and warrants that all of the representations and
warranties made by it in the Loan Documents are true and correct in all material respects, both
immediately before and after giving effect to this Amendment (except to the extent such
representations and warranties specifically relate to an earlier date, in which case such
representations and warranties shall have been true and correct in all material respects on and as
of such earlier date). By signing below, each Subsidiary Guarantor consents to this Amendment.

     29. This Amendment may be executed in any number of counterparts, each of which shall be an
original and all of which shall constitute one agreement. It shall not be necessary in making proof
of this Amendment to produce or account for more than one counterpart signed by the party to be
charged. Delivery of an executed counterpart by facsimile transmission shall be effective as
delivery of a manually executed counterpart.

     30. The Credit Agreement and the other Loan Documents shall in all other respects remain in
full force and effect, and no waiver herein in respect of any term or condition of any Loan
Document shall be deemed to be a waiver or other modification in respect of any other term or
condition of any Loan Document.

     31. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK.

[Remainder of Page is Intentionally Blank]

Saga Communications, Inc. Amendment No. 2

- 8 -

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to be duly executed
and delivered by their proper and duly authorized officers as of the day and year first above
written.

	 	 	 	 	 	 	 
	 	 	SAGA COMMUNICATIONS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 /s/   Samuel D. Bush	 	 
	 

	 	Name:
	 	 

Samuel D. Bush
	 	 
	 

	 	Title:
	 	Senior Vice President, Treasurer and Chief Financial Officer	 	 

CONSENTED TO AND AGREED:

SAGA RADIO NETWORKS, LLC

SAGA BROADCASTING, LLC

SAGA COMMUNICATIONS OF NEW ENGLAND, LLC

SAGA QUAD STATES COMMUNICATIONS, LLC

TIDEWATER COMMUNICATIONS, LLC

FRANKLIN COMMUNICATIONS, INC.

SAGA COMMUNICATIONS OF ILLINOIS, LLC

LAKEFRONT COMMUNICATIONS, LLC

SAGA COMMUNICATIONS OF SOUTH DAKOTA, LLC

SAGA COMMUNICATIONS OF NEW HAMPSHIRE, LLC

SAGA COMMUNICATIONS OF ARKANSAS, LLC

SAGA COMMUNICATIONS OF NORTH CAROLINA, LLC

SAGA COMMUNICATIONS OF TUCKESSEE, LLC

SAGA COMMUNICATIONS OF MILWAUKEE, LLC

SAGA COMMUNICATIONS OF IOWA, LLC

SAGA COMMUNICATIONS OF CHARLOTTESVILLE, LLC

	 	 	 	 	 
	By:
	 	 /s/ Samuel D. Bush	 	 
	Name:

	 	 

Samuel D. Bush
	 	 
	Title:

	 	Treasurer	 	 

Saga Communications, Inc. Amendment No. 2

 

 

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK, individually, as Issuing Bank
and as Administrative Agent	 	 
	 
	 

	 	By:	 	 /s/   Laura Neenan	 	 
	 

	 	Name:
	 	 

Laura Neenan
	 	 
	 

	 	Title:
	 	Vice President	 	 

Saga Communications, Inc. Amendment No. 2

 

 

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.,
individually and
as Documentation Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 /s/   Signature	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	Vice
President

	 	 
	 

	 	 	 	 

	 	 

Saga Communications, Inc. Amendment No. 2

 

 

	 	 	 	 	 	 	 
	 	 	NATIONAL CITY BANK OF THE MIDWEST	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 /s/   Oliver Glenn  	 	 
	 

	 	Name:
	 	Oliver Glenn  

	 	 
	 

	 	Title:
	 	Vice
President 

	 	 
	 

	 	 	 	 

	 	 

Saga Communications, Inc. Amendment No. 2

 

 

	 	 	 	 	 	 	 
	 	 	SUNTRUST BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	Jill White	 	 
	 

	 	Name:
	 	 

Jill White
	 	 
	 

	 	Title:
	 	Vice President	 	 

Saga Communications, Inc. Amendment No. 2

 

 

	 	 	 	 	 	 	 
	 	 	BANK OF SCOTLAND	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 /s/   Karen Weich	 	 
	 

	 	Name:
	 	Karen Weich  

	 	 
	 

	 	Title:
	 	Vice
President  

	 	 
	 

	 	 	 	 

	 	 

Saga Communications, Inc. Amendment No. 2

 

 

	 	 	 	 	 	 	 
	 	 	LASALLE BANK MIDWEST NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 /s/   Eric Haege	 	 
	 

	 	Name:
	 	Eric Haege  

	 	 
	 

	 	Title:
	 	Vice
President  

	 	 
	 

	 	 	 	 

	 	 

Saga Communications, Inc. Amendment No. 2

 

 

	 	 	 	 	 	 	 
	 	 	HARRIS NESBITT FINANCING, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 /s/   Sarah Kim	 	 
	 

	 	Name:
	 	Sarah Kim 

	 	 
	 

	 	Title:
	 	Managing
Director  

	 	 
	 

	 	 	 	 

	 	 

Saga Communications, Inc. Amendment No. 2

 

 

	 	 	 	 	 	 	 
	 	 	U.S. BANK, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 /s/   Susan Kreutz	 	 
	 

	 	Name:
	 	Susan Kreutz  

	 	 
	 

	 	Title:
	 	Assistant
Vice President  

	 	 
	 

	 	 	 	 

	 	 

Saga Communications, Inc. Amendment No. 2

 

 

SAGA COMMUNICATIONS SCHEDULE 2.1

REVOLVING COMMITMENTS

	 	 	 
	Name of Lender	 	Revolving Commitment
	The Bank of New York
	 	$35,000,000
	Bank of America, N.A.
	 	$35,000,000
	National City Bank of the Midwest
	 	$25,000,000
	SunTrust Bank
	 	$25,000,000
	Bank of Scotland
	 	$20,000,000
	LaSalle Bank Midwest National Association
	 	$20,000,000
	Harris Nesbitt Financing, Inc.
	 	$20,000,000
	U.S. Bank, National Association
	 	$20,000,000
	TOTAL
	 	$200,000,000

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