Document:

Exhibit 10.1

 Exhibit 10.1 
  
 SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT 
 AGREEMENT 
  
 This SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into as of July 15, 2003, by and among RADIO ONE, INC., a Delaware corporation (the “Borrower”), BANK OF
AMERICA, N.A., a national banking association, individually as a Lender and as Administrative Agent, and the other Lenders party hereto. 
  
 RECITALS 
  
 A.    On June 30, 1998, the Borrower entered into that certain Credit Agreement with a syndicate of Lenders (the “1998 Credit Agreement”) providing for certain extensions of credit
to the Borrower, on the terms and subject to the conditions set forth therein. The 1998 Credit Agreement was subsequently (i) amended by that certain First Amendment to Credit Agreement dated as of December 23, 1998, (ii) amended by that certain
Second Amendment to Credit Agreement dated as of February 9, 1999 and (iii) amended and restated in its entirety by that certain Amended and Restated Credit Agreement dated as of February 26, 1999 (the “1999 Credit Agreement”). The
1999 Credit Agreement was subsequently (i) amended and restated in its entirety by that certain Second Amended and Restated Credit Agreement dated as of July 17, 2000 and (ii) amended by that certain First Amendment to Second Amended and Restated
Credit Agreement dated as of March 18, 2002 (the 1998 Credit Agreement, as so amended and amended and restated, the “Credit Agreement”). Terms used herein, unless otherwise defined herein, shall have the meanings set forth in the
Credit Agreement. 
  
 B.    The Borrower and the Lenders have
agreed, subject to the terms and conditions specified herein, to modify certain provisions of the Credit Agreement. 
  
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Borrower, the Lenders and the Administrative Agent hereby agree as follows: 
  
 Section 1.    AMENDMENTS 
  
 Subject to the covenants, terms and conditions set forth in this Amendment, and in reliance upon the representations and warranties of the Borrower made herein, the undersigned Lenders (which Lenders constitute the
Majority Lenders required under Section 11.1 of the Credit Agreement to effect the following amendments) amend the Credit Agreement as follows: 
  
 (a)    Section 1.1 of the Credit Agreement is amended by adding a definition of “TV One” in alphabetical order as
provided below: 
  
 “TV One”
means the joint venture among the Borrower (or its designated Subsidiary), Comcast Corporation (or its designated nominees) and certain other investors to develop and distribute television programming which is to target the African-American
community, to be entered into on substantially similar terms to those set forth in (x) that certain Memorandum of Terms, dated May 23, 2003, executed by the Borrower, Comcast Corporation and the investors and (y) that 
  

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 certain draft, dated June 6, 2003, of a Limited Liability Company Operating Agreement
relating to such joint venture. 
  
 (b)    Section 4.2 of the Credit Agreement is amended by adding the following new subsection (k) thereto to read as follows: 
  

(k)    Upon (A) the sale by an Unrestricted Subsidiary of its Equity Interests in TV One or (B) the
conveyance, sale, lease, assignment, exchange, transfer or other disposition of all or substantially all of the business or assets of TV One to a Person other than (x) the Borrower, (y) a Restricted Subsidiary or (z) an Unrestricted Subsidiary
provided the Administrative Agent has been granted a perfected first priority security interest in the Equity Interests in such Unrestricted Subsidiary, whether by a single transaction or a series of related transactions (the “TV One
Disposition”), to the extent the Borrower or a Subsidiary of the Borrower receives cash proceeds from such TV One Disposition the Borrower shall repay the Loans in an amount equal to the aggregate amount of Investments actually made in TV One,
provided, however, if the Borrower (i) enters into a binding contract for the reinvestment of the proceeds received from the TV One Disposition in an Investment permitted under Section 8.8(b)(x) or to make a Permitted Acquisition
within 270 days after such TV One Disposition and (ii) actually reinvests such proceeds in an Investment permitted under Section 8.8(b)(x) or makes a Permitted Acquisition within 360 days after the date of such TV One Disposition, no such
repayment of the Loans shall be required. 
  
 (c)    A new Section 5.29 is hereby added to the Credit Agreement in numerical order to read as follows: 
  
 5.29    Tax Shelter Regulations.  The Borrower does not intend to treat the Loans and/or Letters of
Credit and related transactions as being a “reportable transaction” (within the meaning of Treasury Regulation Section 1.6011-4). In the event the Borrower determines to take any action inconsistent with such intention, it will promptly
notify the Administrative Agent thereof. If the Borrower so notifies the Administrative Agent, the Borrower acknowledges that one or more of the Lenders may treat its Loans and/or its interest in Letters of Credit as part of a transaction that is
subject to Treasury Regulation Section 301.6112-1, and such Lender or Lenders, as applicable, will maintain the lists and other records required by such Treasury Regulation. 
  
 (d)     Section 7.2(g) of the Credit Agreement is hereby amended by (i) deleting “and”
at the end of clause (e) thereof; (ii) deleting “.” at the end of clause (f) thereof and inserting “; and” in lieu thereof; and (iii) adding the following new clause (g) thereto to read as follows: 
  
 (g)    promptly after the Borrower has
notified the Administrative Agent of any intention by the Borrower to treat the Loans and/or Letters of Credit and related transactions as being a “reportable transaction” (within the meaning of Treasury Regulation Section 1.6011-4), a
duly completed copy of IRS Form 8886 or any successor form. 
  

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 (e)    Sections 7.9(a), 7.9(b)(iv), 7.9(c) and 7.9(d) of
the Credit Agreement are amended by adding the following proviso to end of each such section: 
  
 (a)    provided, however, unless the Administrative Agent specifically requires fixture filings with respect to
any particular fixtures, fixture filings will not be required to be filed with respect to the Collateral. 
  
 (f)    Section 8.7(vii) of the Credit Agreement is amended by adding the following proviso to the end of such section:

  
 (b)    provided,
however, unless the Administrative Agent specifically requires fixture filings with respect to any particular fixtures, fixture filings will not be required to be filed with respect to the personal property acquired by the Borrower or any of its
Restricted Subsidiaries in such Acquisition; 
  
 (g)    Section 8.8(b) of the Credit Agreement is amended and restated in its entirety as follows: 
  
 (b)    provided no Default or Event of Default shall have occurred and be continuing both before and
immediately after the making of such Investment, Investments in an amount not to exceed (x) $50,000,000 in the aggregate over the term of this Agreement for all Investments except direct or indirect Investments in TV One, plus (y) $75,000,000 in the
aggregate over the term of this Agreement for all Investments made in any entity holding Equity Interests in TV One, in each case only so long as, with respect to each such Investment: (i) the Borrower shall have given notice to the Administrative
Agent of each such investment in excess of $5,000,000 at least three Business Days prior to making such investment, (ii) each such investment shall be structured so that it is non-recourse to the Loan Parties and that no Loan Party shall have any
liability or obligation, contingent or otherwise, in respect of such investment, (iii) the business conducted by each entity in which the Borrower or any of its Restricted Subsidiaries may invest pursuant to this subsection shall be related or
incidental to (A) the Borrower’s and its Restricted Subsidiaries’ business of owning and operating radio stations and the board of directors, executive committee of such board or chief executive officer of the Borrower shall have
determined in good faith that each such investment shall benefit the Borrower’s and its Restricted Subsidiaries’ business of owning and operating radio stations or (B) TV One, (iv) each such investment (other than (A) Equity Interests in
TV One and (B) a minority Equity Interest in a Person that is not a Subsidiary if the Borrower or Restricted Subsidiary acquiring such minority Equity Interest is contractually prohibited from creating a Lien in such minority Equity Interest) shall
be pledged to the Administrative Agent for the benefit of the Lenders pursuant to the applicable Pledge Agreement or other documentation in form and substance satisfactory to the Administrative Agent as security for the Obligations or such
investment shall be held by a wholly owned Restricted Subsidiary of the Borrower that has no operations and no material liabilities, and all of the equity interests of such Restricted Subsidiary shall be 
  

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 pledged to the Administrative Agent for the benefit of the Lenders pursuant to the applicable Pledge
Agreement or other documentation in form and substance satisfactory to the Administrative Agent as security for the Obligations and (v) the proceeds of any sale of Equity Interests in TV One are applied as required by Section 4.2(k); and

  
 (h)    Section 11.16 of the Credit
Agreement is amended and restated in its entirety as follows: 
  
 11.16    Confidentiality.  Each Lender agrees to keep confidential all non-public information provided to it by or on behalf of the Borrower or any of the Subsidiaries pursuant to
this Agreement or any other Loan Document; provided that nothing herein shall prevent any Lender from disclosing any such information (i) to the Administrative Agent or any other Lender, (ii) to any Assignee or Participant or prospective
transferee, if such transferee has agreed in writing to be bound by this Section 11.16, (iii) to its employees, directors, agents, attorneys, accountants and other professional advisors, (iv) as may be required or appropriate in any report,
statement or testimony submitted to the NAIC or any Governmental Authority having or claiming jurisdiction over such Lender (including the Board and the Federal Deposit Insurance Corporation or any similar organization, whether in the United States
or elsewhere, and their respective successors), (v) as may be required or appropriate in response to any summons or subpoena or in connection with any litigation, (vi) in response to any order of any court or other Governmental Authority or as may
otherwise be required pursuant to any Requirement of Law, (vii) which has been publicly disclosed other than in breach of this Agreement, or (viii) in connection with the exercise of any remedy hereunder. 
  
 Notwithstanding anything to the contrary, the Administrative Agent and each
Lender may disclose without limitation of any kind, any information with respect to the “tax treatment” and “tax structure” (in each case, within the meaning of Treasury Regulation Section 1.6011-4) of the transactions
contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to the Administrative Agent or such Lender relating to such tax treatment and tax structure; provided that with respect to any document or
similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the
tax treatment or tax structure of the Loans, Letters of Credit and transactions contemplated hereby. 
  
 Section 2.    REPRESENTATIONS AND WARRANTIES. 
  
 To induce the Administrative Agent and the Lenders to enter into this Amendment, Borrower represents and warrants to the
Administrative Agent and the Lenders as follows: 
  

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 (a)     No Defaults.    No Default or Event of Default
exists under the Credit Agreement, the Notes, any of the Security Documents or any of the other documents executed in connection therewith, and no such Default or Event of Default is imminent. 
  
 (b)    Binding Effect.    This
Amendment, the Credit Agreement, as amended hereby, the Notes, the Security Documents and the other documents executed in connection therewith constitute the legal, valid and binding obligations of the Borrower and its Subsidiaries parties thereto,
enforceable against the Borrower and such parties in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally
or by equitable principles of general applicability. 
  
 (c)    Representations and Warranties.    The representations and warranties set forth in Section 5 of the Credit Agreement are true and correct in all material respects on and as of the
date hereof, both before and after giving effect to the effectiveness of this Amendment, as if such representations and warranties were being made on and as of the date hereof. 
  
 Section 3.    CONDITIONS PRECEDENT 
  
 The parties hereto agree that the waivers and amendments set forth herein shall not be effective until the satisfaction in
full of each of the following conditions precedent, each in a manner satisfactory to the Administrative Agent and the Lenders parties hereto in their sole discretion: 
  
 (a)    Execution and Delivery of this Amendment.    The Administrative Agent
shall have received a copy of this Amendment executed and delivered by the Borrower and by Lenders constituting the Majority Lenders. 
  
 (b)    Pledge of Equity Interests of New Unrestricted Subsidiary.    The Borrower and/or any Restricted
Subsidiary owning the Equity Interests of the newly created Unrestricted Subsidiary holding or that will hold the Equity Interests of TV One shall have delivered to the Administrative Agent (i) such amendments to the Pledge Agreement of the
applicable Loan Party as the Administrative Agent deems necessary or advisable in order to grant the Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest in the Equity Interests of such new Unrestricted
Subsidiary and (ii) certificates representing the Equity Interests of such new Unrestricted Subsidiary, together with undated stock powers in blank, executed and delivered by a duly authorized officer of the applicable Loan Party. 
  
 (c)    Representations and
Warranties.    Each of the representations and warranties made herein shall be true and correct on and as of the date hereof, as if made on and as of such date, both before and after giving effect to the waivers set forth
herein. 
  
 (d)    Other Documents,
Certificates and Instruments.    The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent and its counsel, such other documents, certificates and instruments as the
Administrative Agent shall require. 
  

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 Section 4.    MISCELLANEOUS 
  
 (a)    Ratification and
Confirmation.    The terms, provisions, conditions and covenants of the Credit Agreement, the Notes, the Security Documents and the other documents executed in connection therewith remain in full force and effect and are
hereby ratified and confirmed, and the execution, delivery and performance of this Amendment shall not in any manner operate as a waiver of, consent to or amendment of any other term, provision, condition or covenant thereof. 
  
 (b)    Fees and
Expenses.    The Borrower agrees to pay on demand all costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution, and delivery of this Amendment and the other documents prepared
in connection herewith, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent, which fees and out-of-pocket expenses of counsel shall not exceed $10,000 in the aggregate. 
  
 (c)    Headings.    Section
and subsection headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect. 
  
 (d)    APPLICABLE LAW.    THIS
AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. 
  
 (e)    Liens.    The Borrower agrees hereby that all Liens, security
interests, assignments, superior titles, rights, remedies, powers, equities and priorities securing the Notes including but not limited to those under the Security Documents are hereby ratified and confirmed as valid, subsisting and continuing to
secure the Notes, and this Amendment shall not affect the priority of such Liens. 
  
 (f)    Counterparts.    This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that
all signature pages are physically attached to the same document. 
  
 (g)    FINAL AGREEMENT.    THIS AMENDMENT, TOGETHER WITH THE CREDIT AGREEMENT, THE NOTES, THE SECURITY DOCUMENTS AND THE OTHER DOCUMENTS EXECUTED IN CONNECTION THEREWITH, REPRESENTS THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 
  
 [Remainder of Page Intentionally Left Blank; Signature Page Follows]

  
  

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

	RADIO ONE, INC.
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	 BANK OF AMERICA, N.A.,
 as the
Administrative Agent and as a Lender

		
	 By:
	 	 
	 	 	

	Name:	 	Todd Shipley
	 Title:
	 	Managing Director

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	CREDIT SUISSE FIRST BOSTON
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  

		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	WACHOVIA BANK NATIONAL ASSOCIATION
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	TORONTO DOMINION (TEXAS), INC.
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	DEUTSCHE BANK TRUST CO. AMERICAS
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	ROYAL BANK OF CANADA
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	THE BANK OF NOVA SCOTIA
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	ING (U.S.) CAPITAL LLC
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	 COOPERATIEVE CENTRALE
 RAIFFEISEN-BOERENLEENBANK B.A.,
 “RABOBANK NEDERLAND”,
NEW YORK BRANCH

		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	FLEET NATIONAL BANK
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	SUNTRUST BANK
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	THE BANK OF NEW YORK
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	BIG SKY SENIOR LOAN FUND LTD.
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	NATEXIS BANQUE
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	WEBSTER BANK
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	BANK OF SCOTLAND
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	GENERAL ELECTRIC CAPITAL CORPORATION
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	FRANKLIN CLO I LIMITED
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	FRANKLIN CLO II LIMITED
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	FRANKLIN CLO III LIMITED
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	FRANKLIN FLOATING RATE DAILY ACCESS
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	FRANKLIN FLOATING RATE MASTER
		
	 By:
	 	 
	 	 	

	Name:	 	 
	 	 	

	 Title:
	 	 
	 	 	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	FRANKLIN FLOATING RATE TRUST
		
	 By:
	  	 
	 	  	

	Name:	  	 
	 	  	

	 Title:
	  	 
	 	  	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	EATON VANCE INSTITUTIONAL SENIOR LOAN FUND
		
	 By:
	  	 Eaton Vance Management,
 as Investment
Advisor

		
	 By:
	  	 
	 	  	

	Name:	  	 
	 	  	

	 Title:
	  	 
	 	  	

  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	EATON VANCE VT FLOATING RATE FUND
		
	 By:
	  	 Eaton Vance Management,
 as Investment
Advisor

		
	 By:
	  	 
	 	  	

	Name:	  	 
	 	  	

	 Title:
	  	 
	 	  	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

	GRAYSON & CO
		
	 By:
	  	 Boston Management and Research,
 as
Investment Advisor

		
	 By:
	  	 
	 	  	

	Name:	  	 
	 	  	

	 Title:
	  	 
	 	  	

  
  

 SIGNATURE PAGE TO SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENTLease Agreement

 Exhibit 10.72 
  
 REAL ESTATE LEASE 
  
 This Lease Agreement (this “Lease”) is dated June 14, 2003, by and between Petro-Chem Engineering, Inc., Joe Urbanovsky (“Landlord”), and ENGlobal
Engineering, Inc. (“Tenant”). The parties agree as follows: 
  
 PREMISES. Landlord, in consideration of the lease payments provided in this Lease, leases to Tenant any and all office space, not under lease, of 23,000 square foot building (the “Premises”) together with adjacent vacant
lots located at or near 1201 North Avenue H, Freeport, TX 77541-3967. 
  
 LEGAL
DESCRIPTION. A Floor Plan of the Premises and description of adjacent lots subject to this Lease are attached as an exhibit. 
  
 TERM. The lease term will being on June 30, 2003 and will terminate on June 30, 2007. 
  
 LEASE PAYMENTS. Tenant shall pay to Landlord monthly Cost and Expenses less any collected lease payment payable within 15 calendar
days of Tenant’s receipt of Landlord’s invoice each month. Cost and Expenses Ledger along with reasonable back-up tickets or receipts shall be prepared by landlord and presented at close of each month. Lease payments shall be made to the
Landlord at 1201 North Avenue H, Freeport, TX 77541-3967, which address may be changed from time to time by the Landlord. 
  
 COSTS AND EXPENSES SHALL INCLUDE 
  
 Monthly Property Note, not to exceed the amount of $ 3,541.40 
 Property
Insurance 
 Property Taxes 
 Routine Maintenance: 
     Elevator Service & Cert. 
     Janitor
Service                                         -

     Yard Service 
 Non-routine Maintenance
& Repairs arising out of day to day operation of the building. Excluding any items which would be considered a capital expenditure, such as without limitation, re-roofing, structural repairs to the exterior of the building or foundation,
resurfacing of any parking areas or repairs covered by insurance. 
 All Utilities 
     Power 
     Water 
     Dumpster 
 Janitorial Supplies 
  
 Landlord and Tenant shall cooperate and use their good faith efforts to reduce operating costs. 
  
 Exhibit “D” 
  

 1 

 POSSESSION. Tenant shall be entitled to possession on the first day of the term of this Lease, and shall yield
possession to Landlord on the last day of the term of this Lease, unless otherwise agreed by both parties in writing. At the expiration of the term, Tenant shall remove its goods and effects and peaceably yield up the Premises to Landlord in as good
a condition as when delivered to Tenant, ordinary wear and tear excepted. 
  
 USE OF PREMISES. Tenant may use the Premises only for Engineering, Design or Business Office. The Premises may be used for any other purpose only with the prior Written consent of Landlord, which shall not be unreasonably withheld.

  
 PROPERTY INSURANCE. Landlord shall maintain appropriate insurance for
Premises and property located on the Premises and Tenant shall reimburse Landlord the cost thereof. Landlord shall be named as an additional insured in such policies furnished by Tenant. Tenant shall deliver appropriate evidence to Landlord as proof
that adequate insurance is in force issued by companies reasonably satisfactory to Landlord. Landlord shall receive advance written notice from the insurer prior to any termination of such insurance policies. Tenant shall also maintain any other
insurance which Landlord may reasonably require for the protection of Landlord’s interest in the Premises. Tenant with the Landlord is responsible for maintaining casualty insurance on its own property. Tenant, at its option, may provide such
insurance in satisfaction of its obligations pursuant to this paragraph. 
  
 TAXES. Taxes attributable to the Premises or the use of the Premises shall be allocated as follows: 
  
 REAL ESTATE TAXES. Tenant shall pay all real estate taxes and assessments which are assessed against the Premises during the time of this Lease.

  
 PERSONAL TAXES. Tenant shall pay all personal taxes and any
other charges which may be levied against the Premises and which are attributable to Tenant’s use of the Premises, along with all sales and/or use taxes (if any) that may be due in connection with lease payments. 
  
 TERMINATION UPON SALE OF PREMISES. Notwithstanding any other provision of this Lease,
either party may terminate this lease upon 120 days’ written notice to the other if the Premises are sold. 
  
 TERMINATION BY TENANT. This lease is executed in conjunction with an Asset Purchase Agreement and Employment Agreement of even date herewith between Tenant,
Landlord and Joe Urbanovsky. 
  
 Notwithstanding anything to the contrary
contained herein, Tenant may terminate this lease at anytime if its Freeport staff (office and in-plant) falls below 30 billable employees for a period of 60 days or more. In the event Tenant elects to terminate under this paragraph, Tenant shall
notify landlord in writing of such election and specify an effective termination date. After the effective termination date, Tenant agrees upon request of Landlord to advance an amount equal to the monthly lease payment for a period of up to six
months following the effective 
  
 Exhibit “D” 
  

 2 

 termination date. Any sums so advances shall bear interest at 12% per annum shall be reimbursed to Tenant upon the
earlier of (i) sale of the building or (ii) 1 year after the effective termination date. 
  
 DESTRUCTION OR CONDEMNATION OF PREMISES. If the Premises are partially destroyed by fire or other casualty to an extent that prevents the conducting of Tenant’s use of the Premises in a normal manner, and
if the damage is reasonably repairable within ninety days after the occurrence of the destruction, Landlord shall repair the Premises. However, if the damage is not repairable or if the cost of repair is more than building pre-damage value, or if
Landlord is prevented from repairing the damage by forces beyond Landlord’s control, or if the property is condemned, this Lease shall terminate upon twenty days’ written notice of such event or condition by either party and any unearned
rent paid in advance by Tenant shall be apportioned and refunded to it. 
  
 DEFAULTS. Tenant shall be in default of this Lease if Tenant fails to fulfill any lease obligation or term by which Tenant is bound. Subject to any governing provisions of law to the contrary, if Tenant fails to cure any financial
obligation within 10 days (or any other obligation within 15 days) after written notice of such default is provided by Landlord to Tenant, Landlord may take possession of the Premises without further notice (to the extent permitted by law), and
without prejudicing Landlord’s rights to damages. Landlord shall recover damages available under the law. In the alternative, Landlord may elect to cure any default and the cost of such action shall be added to Tenant’s financial
obligations under this Lease. Tenant shall pay all costs, damages, and expenses (including reasonable attorney fees and expenses) suffered by Landlord by reason of Tenant’s defaults. All sums of money or charges required to be paid by Tenant
under this Lease shall be additional rent, whether or not such sums or charges are designated as “additional rent”. The rights provided by this paragraph are cumulative in nature and are in addition to any other rights afforded by law.

  
 LATE PAYMENTS. Payments not paid by due date shall bear $50.00 per day
late penalty until payment is made. 
  
 HOLDOVER. If Tenant maintains
possession of the Premises for any period after the termination of this Lease (“Holdover Period”), Tenant shall pay to Landlord lease payment(s) during the Holdover Period at a rate equal to the most recent rate preceding the Holdover
Period. Such holdover shall constitute a month-to-month extension of this Lease. 
  
 CUMULATIVE RIGHTS. The rights of the parties under this Lease are cumulative, and shall not be construed as exclusive unless otherwise required by law. 
  
 REMODELING OR STRUCTURAL IMPROVEMENTS. Tenant shall have the obligation to conduct any construction or remodeling (at Tenant’s
expense) that may be required to use the Premises as specified above. Tenant may also construct such fixtures on the Premises (at Tenant’s expense) that appropriately facilitate its use for such purposes. Such construction shall be undertaken
and such fixtures may be erected only with the prior written consent of the Landlord which shall not be unreasonably withheld. Tenant shall not install awnings or advertisements on any part of the Premises without Landlord’s prior written

  
 Exhibit “D” 
  

 3 

 consent. At the end of the lease term, Tenant shall be entitled to remove (or at the request of Landlord shall remove)
such fixtures, and shall restore the Premises to substantially the same condition of the Premises at the commencement of this Lease. 
  
 ACCESS BY LANDLORD TO PREMISES. Subject to Tenant’s consent (which shall not be unreasonably withheld), Landlord shall have the right to enter the Premises to
make inspections, provide necessary services, or show the unit to prospective buyers, mortgagees, tenants or workers. As provided by law, in the case of an emergency, Landlord may enter the Premises without Tenant’s consent. During the last
three months of this Lease, or any extension of this Lease, Landlord shall be allowed to display the usual “To Let” signs and show the Premises to prospective tenants. 
  
 INDEMNITY REGARDING USE OF PREMISES. To the extent permitted by law, Tenant agrees to indemnify, hold harmless, and defend Landlord
from and against any and all losses, claims, liabilities, and expenses, including reasonable attorney fees, if any, which Landlord may suffer or incur in connection with Tenant’s possession, use or misuse of the Premises, except Landlord’s
act of negligence. 
  
 DANGEROUS MATERIALS. Tenant shall not keep or have
on the Premises any article or thing of a dangerous, flammable, or explosive character that might substantially increase the danger of fire on the Premises, or that might be considered hazardous by a responsible insurance company, unless the prior
written consent of Landlord is obtained and proof of adequate insurance protection is provided by Tenant to Landlord. 
  
 COMPLIANCE WITH REGULATIONS. Tenant shall promptly comply with all laws, ordinances, requirements and regulations of the federal, state, county, municipal and
other authorities, and the fire insurance underwriters. However, Tenant shall not by this provision be required to make alterations to the exterior of the building or alterations of a structural nature. 
  
 MECHANICS LIENS. Neither the Tenant nor anyone claiming through the Tenant shall have
the right to file mechanics liens or any other kind of lien on the Premises and the filing of this Lease constitute notice that such liens are invalid. Further, Tenant agrees to (1) give actual advance notice to any contractors, subcontractors or
suppliers of goods, labor, or services that such liens will not be valid, and (2) take whatever additional steps that are necessary in order to keep the premises free of all liens resulting from construction done by or for the Tenant. 
  
 ARBITRATION. Any controversy or claim relating to this contract, including the
construction or application of this contract, will be settled by binding arbitration under the rules of the American Arbitration Association, and any judgment granted by the arbitrator(s) may be enforced in any court of proper jurisdiction.

  
 SUBORDINATION OF LEASE. This Lease is subordinate to any mortgage that
now exists, or may be given later by Landlord, with respect to the Premises. 
  
 Exhibit “D” 
  

 4 

 NOTICE. Notices under this Lease shall not be deemed valid unless given or served in writing and forwarded by
mail, postage prepaid, addressed as follows: 
  
 LANDLORD: 
  
 Petro-Chem Engineering,
Inc., Joe Urbanovsky 
 1201 North Avenue H 
 Freeport, TX 77541-3967 
  
 TENANT: 
  
 ENGlobal Engineering, Inc.
Jimmie Carpenter, PE 
 3155 Executive Blvd., Suite #200 
 Beaumont, Texas 77705 
  
 Such addresses may be
changed from time to time by either party by providing notice as set forth above. Notices mailed in accordance with the above provisions shall be deemed received on the third day after posting. 
  
 GOVERNING LAW AND VENUE. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of Texas without reference to principles governing choice or conflicts of law. Venue shall exclusively lie in the state and federal courts of Harris County, Texas. 
  
 AMENDMENT. This Lease may be modified or amended in writing, if the writing is signed
by the party obligated under the amendment. 
  
 SEVERABILITY. If any
portion of this Lease shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Lease is invalid or unenforceable, but that by
limiting such provision, it would become valid and enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited. 
  
 WAIVER. The failure of either party to enforce any provisions of this Lease shall not be construed as a waiver or limitation of that party’s right to
subsequently enforce and compel strict compliance with every provision of this Lease. 
  
 Exhibit “D” 
  

 5 

 BINDING EFFECT. The provisions of this Lease shall be binding upon and inure to benefit of both parties and their
respective legal representatives, successors and assigns. 
  
 LANDLORD:

 Petro-Chem Engineering, Inc., Joe Urbanovsky 
  

	 By:
	 	 /s/ Joe Urbanovsky

	 	 	 	 Date: June     , 2003

	 	 	 Joe Urbanovsky,
 President
	 	 	 	 	 	 

  
 TENANT: 
 ENGlobal Engineering, Inc. 
  

	 By:
	 	 /s/ William A. Coskey

	 	 	 	 Date: June     , 2003

	 	 	 William A. Coskey
 Chief Executive Officer
	 	 	 	 	 	 

  
 Exhibit “D” 
  

 6

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