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Exhibit 10.3.1  

 
 

FIRST AMENDMENT    
  

        THIS FIRST AMENDMENT, dated as of March 22, 2002 (this "Amendment"), is among ADVANSTAR
COMMUNICATIONS INC., a New York corporation (the "Borrower") and the Lenders (as defined below) signatories hereto. 

W I T N E S S E T H:  

        WHEREAS, the Borrower, various financial institutions from time to time parties thereto (collectively, the "Lenders"), Credit Suisse First Boston (as successor in
interest to DLJ Capital Funding, Inc.), as Lead Arranger and Syndication Agent, Fleet National Bank, as Administrative Agent, and Barclays Bank PLC, as Documentation Agent, are parties to the
Amended and Restated Credit Agreement, dated as of November 7, 2000 (as amended, supplemented, amended and restated or otherwise modified prior to the date hereof, the
"Existing Credit Agreement"); 

        WHEREAS,
the Borrower has requested that the Lenders amend the Existing Credit Agreement in certain respects as more specifically set forth herein; and 

        WHEREAS,
the Lenders have agreed, subject to the terms and conditions set forth herein, to amend the Existing Credit Agreement as set forth below (the Existing Credit Agreement, as
amended by this Amendment, being referred to as the "Credit Agreement"); 

        NOW,
THEREFORE, in consideration of the agreements herein contained, and for other valuable consideration the receipt of which is hereby acknowledged, the parties hereto hereby agree as
follows. 

 
 

PART I
  DEFINITIONS    
  

        SUBPART
1.1.    Certain Definitions.    The following terms (whether or not underscored) when used in this Amendment
shall have the following meanings (such meanings to be equally applicable to the singular and plural form thereof): 

        "Amendment" is defined in the preamble. 

        "Credit Agreement" is defined in the third recital. 

        "Existing Credit Agreement" is defined in the first recital. 

        "First Amendment Effective Date" is defined in Subpart 3.1. 

        SUBPART
1.2.    Other Definitions.    Terms for which meanings are provided in the Existing Credit Agreement are,
unless otherwise defined herein or the context otherwise requires, used in this Amendment with such meanings. 

 
 

PART II
  AMENDMENTS TO THE
  EXISTING CREDIT AGREEMENT    
  

        Subject to the terms of Part III, effective on the First Amendment Effective Date the Existing Credit Agreement is hereby amended in accordance with this
Part. 

        SUBPART
2.1.    Amendments to Article I.    Article I of the Existing Credit Agreement is hereby amended
as set forth in Subparts 2.1.1 and 2.1.2.

 

        SUBPART
2.1.1.        Section 1.1 of the Existing Credit Agreement is hereby amended by inserting the following
definitions in such Section in the appropriate alphabetical order: 

        "First Amendment" means the First Amendment, dated as of March 22, 2002, among the Borrower and the Lenders parties thereto. 

        "First Amendment Effective Date" is defined in Subpart 3.1 of the First Amendment. 

        "Senior Secured Bank Debt" means the Obligations owing under this Agreement. 

        "Senior Secured Bank Debt Rating" means, as of any date, the rating of the Borrower's Senior Secured Bank Debt, as issued by S&P and
Moody's in their rating reports. 

        SUBPART
2.1.2.        The definition of "Applicable Margin" appearing in Section 1.1 of the Existing Credit
Agreement is hereby amended as follows: 

	(i)
	the
first line of the definition of "Applicable Margin" is amended in its entirety to read as follows: 

"Applicable Margin" means (i) prior to the First Amendment Effective Date, as determined pursuant to the terms of this Agreement as in effect
prior to the First Amendment Effective Date, and (ii) from and after the First Amendment Effective Date, as set forth below for the applicable period: 

	(ii)
	clause (a)
of the definition of "Applicable Margin" is amended in its entirety to read as follows:

	(a)
	with
respect to the unpaid principal amount of each Term-B Loan maintained as a (i) Base Rate Loan, 2.50% per annum and (ii) LIBO Rate Loan, 3.75% per annum;
provided, however, that if at any time after the First Amendment Effective Date either (A) both Moody's and S&P do not have in effect a Senior Secured Bank Debt Rating for the Senior Secured
Bank Debt or (B) the Senior Secured Bank Debt Rating is not rated at or above B1 by Moody's and B+ by S&P, then the Applicable Margin for Term-B Loans shall be (x) 2.75% per
annum, in the case of Base Rate Loans, and (y) 4.00% per annum, in the case of LIBO Rate Loans; 

	(iii)
	the
grid in clause (c) of the definition of "Applicable Margin" is amended in its entirety to read as follows: 

	Leverage Ratio
	 	Applicable Margin For Base

Rate Loans
	 	Applicable Margin For LIBO

Rate Loans
	 
	

greater than 5.5:1	
 	

2.00	
%	

3.25	
%
	

greater than 5.0:1 and less than

or equal to 5.5:1	
 	

1.75	
%	

3.00	
%
	

greater than 4.5:1 and less

than or equal to 5.0:1	
 	

1.50	
%	

2.75	
%
	

greater than 4.0:1 and less

than or equal to 4.5:1	
 	

1.25	
%	

2.50	
%
	

greater than 3.5:1 and less

than or equal to 4.0:1	
 	

0.75	
%	

2.00	
%
	

less than or equal to 3.5:1	
 	

0.50	
%	

1.75	
%

2

 

        SUBPART
2.2.    Amendment to Article VII.    The grid in clause (a) of Section 7.2.4 of the
Existing Credit Agreement is hereby amended in its entirety as follows: 

	Period
	 	Leverage Ratio

	

Closing Date to 03/31/01	
 	

6.50:1
	

04/01/01 to 09/30/01	
 	

6.25:1
	

10/01/01 to 12/31/01	
 	

5.90:1
	

01/01/02 to 03/31/02	
 	

6.90:1
	

04/01/02 to 12/31/02	
 	

6.75:1
	

01/01/03 to 03/31/03	
 	

6.50:1
	

04/01/03 to 06/30/03	
 	

6.25:1
	

07/01/03 to 09/30/03	
 	

6.00:1
	

10/01/03 to 12/31/03	
 	

5.75:1
	

01/01/04 to 03/31/04	
 	

4.50:1
	

04/01/04 to 09/30/04	
 	

4.25:1
	

10/01/04 and thereafter	
 	

4.00:1

 
 

PART III
  CONDITIONS TO EFFECTIVENESS    
  

        SUBPART
3.1.    Effective Date and Conditions.    This Amendment shall become effective on the date (the
"First Amendment Effective Date") when each of the conditions set forth in this Part have been satisfied. The Administrative Agent shall provide written
notice to the Borrower of the occurrence of the First Amendment Effective Date promptly following the occurrence thereof. 

        SUBPART
3.1.1.    Execution of Counterparts.    The Administrative Agent shall have received counterparts of this
Amendment duly executed and delivered on behalf of the Borrower and the Required Lenders. 

        SUBPART
3.1.2.    Affirmation and Consent.    The Administrative Agent shall have received, with counterparts for each
Lender, a duly executed copy of an Affirmation and Consent, dated as of the First Amendment Effective Date, in form and substance satisfactory to the Administrative Agent, duly executed and delivered
by each of the Obligors other than the Borrower. 

        SUBPART
3.1.3.    Amendment Fees, Expenses, etc.    The Administrative Agent shall have received for the account of
each Lender, an amendment fee in an amount equal to 0.25% of the sum of (i) such Lender's Revolving Loan Commitment Amount plus (ii) the outstanding principal amount of Term Loans owing
to such Lender, but such fees shall be payable only to each Lender that has unconditionally delivered (including by way of facsimile) its executed signature page to this Amendment to the attention of
Kate Kelly, Esq. at Mayer, Brown, Rowe & Maw, 1675 Broadway, New York, New York 10019 (19th floor), telecopy number 212-262-1910 at or prior to 5:00 p.m. (New
York time) on March 21, 2002. 

        SUBPART
3.1.4.    Legal Details, etc.    All documents executed or submitted pursuant hereto shall be reasonably
satisfactory in form and substance to the Administrative Agent and its counsel. The Administrative Agent and its counsel shall have received all information, and such counterpart originals or such
certified or other copies of such materials, as the Administrative Agent or its counsel may 

3

 

reasonably request. All legal matters incident to the transactions contemplated by this Amendment shall be reasonably satisfactory to the Administrative Agent and its counsel. 

 
 

PART IV
  MISCELLANEOUS PROVISIONS    
  

        SUBPART
4.1.    Cross-References.    References in this Amendment to any Part or Subpart are, unless otherwise
specified, to such Part or Subpart of this Amendment. 

        SUBPART
4.2.    Loan Document Pursuant to Existing Credit Agreement.    This Amendment is a Loan Document executed
pursuant to the Existing Credit Agreement and shall be construed, administered and applied in accordance with all of the terms and provisions of the Existing Credit Agreement. 

        SUBPART
4.3.    Successors and Assigns.    This Amendment shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. 

        SUBPART
4.4.    Full Force and Effect; Limited Amendment.    Except as expressly amended hereby, all of the
representations, warranties, terms, covenants, conditions and other provisions of the Existing Credit Agreement and the Loan Documents shall remain unchanged and shall continue to be, and shall
remain, in full force and effect in accordance with their respective terms. The amendments set forth herein shall be limited precisely as provided for herein to the provisions expressly amended herein
and shall not be deemed to be an amendment to, waiver of, consent to or modification of any other term or provision of the Existing Credit Agreement, any other Loan Document referred to therein or
herein or of any transaction or further or future action on the part of the Borrower or any Obligor which would require the consent of the Lenders under the Existing Credit Agreement or any of the
Loan Documents. 

        SUBPART
4.5.    Governing Law.    THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER
AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSES SECTION 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK).

        SUBPART
4.6.    Execution in Counterparts.    This Amendment may be executed in any number of counterparts by the
parties hereto, each of which counterparts when so executed shall be an original, but all the counterparts shall together constitute one and the same agreement. 

        SUBPART
4.7.    Representations and Warranties.    In order to induce the Lenders to execute and deliver this
Amendment the Borrower hereby represents and warrants to the Lenders that after giving effect to this
Amendment, all of the statements set forth in Section 5.2.1 (except clause (b)) of the Existing Credit Agreement are true and correct. 

4

 

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

	 	 	ADVANSTAR COMMUNICATIONS INC.
	

 	
 	

By:	
 	

 Title:
	

 	
 	

 	
 	

 [INSERT NAME OF LENDER]
	

 	
 	

By:	
 	

 Title:

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FIRST AMENDMENT

PART I DEFINITIONS

PART II AMENDMENTS TO THE EXISTING CREDIT AGREEMENT

PART III CONDITIONS TO EFFECTIVENESS

PART IV MISCELLANEOUS PROVISIONSQuickLinks
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Exhibit 10.5.1  

 
 

EMPLOYMENT AGREEMENT    
  

AMENDMENT NO. 1  

          THIS AMENDMENT NO.1 (this "Amendment") dated February 13, 2002 is made to the EMPLOYMENT AGREEMENT (the "Agreement") dated as of August 14, 2000 by and
between
Advanstar, Inc. (the "Company") and James M. Alic ("Executive").

WHEREAS, the parties to the Agreement seek to modify certain terms of the Agreement to the extent described in this Amendment; 

THEREFORE, in consideration of the mutual promises contained herein, and for other good and valuable consideration, intending to be legally bound, the
Company and Executive hereby agree as follows: 

	1.
	Unless
specifically defined otherwise in this Amendment, capitalized terms used in this Amendment shall have the same respective meanings as ascribed to such terms in the Agreement.
The term "Section" as used in this Amendment shall refer to a Section of the Agreement.

	2.
	Section 1
is hereby amended by deleting the third sentence and replacing it with the following: 

"Executive
shall continue to serve on the Board of Directors until such time as the Board appoints another representative from the Company to replace Executive on the Board." 

	3.
	Section 2
is hereby amended by deleting the first sentence and replacing it with the following: 

"Executive
shall provide services to the Company on a part-time basis during the employment term, as mutually agreed by the Executive and the Chief Executive Officer of the Company. Such
services shall include, without limitation, the Executive's presence at a Company facility and/or event during normal working hours for at least one continuous full week per month as feasible." 

	4.
	Section 3(a)
is hereby amended by replacing "$500,000" with "$150,000" in the first sentence.

	5.
	Section 3(b)
is hereby deleted in its entirety.

	6.
	Section 6
is hereby deleted in its entirety and replaced with the following new Section 6: 

"6.
Term. This Agreement shall have a term (the "Employment Term") equal to the period from the Effective Date through September 30, 2002 (the
"Fixed Term") and shall continue thereafter until the date of termination by either party upon not less than sixty (60) days prior written notice given to the other party;  provided that Sections 9
and 10 shall survive such termination in accordance with their terms." 

	7.
	Section 7(b)
is hereby amended by deleting clauses (i), (iv) and (v) from the third sentence.

	8.
	Section 7(c)
is hereby amended by deleting the first sentence and replacing it with the following: 

"Should
the Executive terminate this Agreement for Good Reason prior to end of the Fixed Term, or should the Company terminate this Agreement without cause prior to the end of the Fixed Term, then the
Executive shall be entitled to receive, for the remaining period of the Fixed Term, the salary and the benefits provided for in Sections 3 and 4 hereof." 

	9.
	Section 7(d)
is hereby amended by deleting the last sentence in its entirety.

	10.
	Section 7(e)
is hereby amended by deleting the language "and, in the case of termination for Death or Disability, any bonus payable pursuant to clause (d) above" from
the parenthetical in the first sentence. 

1

 

This
Amendment is effective, on a prospective basis only, as of March 1, 2002. 

Except
to the extent amended by this Amendment, the Agreement is affirmed and remains in full force and effect. 

IN WITNESS WHEREOF, the parties have duly signed this Amendment as of the day and year first written above. 

	 	 	ADVANSTAR, INC.
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:  Robert L. Krakoff

Title:  Chairman & CEO
	

 	
 	

 	
 	

 
	 	 	 	 	
 James M. Alic

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EMPLOYMENT AGREEMENT

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