Document:

Prepared by R.R. Donnelley Financial -- AMENDMENT NO. 1 TO 364-DAY CREDIT AGREEMENT

 EXHIBIT 10(o) 
  
 AMENDMENT NO. 1
TO 364-DAY CREDIT AGREEMENT 
  
 AMENDMENT NO. 1 TO 364-DAY CREDIT AGREEMENT (this “Amendment”) dated as of
June 26, 2001, is by and between AMERICAN WATER CAPITAL CORP., a Delaware corporation (the “Borrower”); AMERICAN WATER WORKS COMPANY, INC., a Delaware corporation (the “Parent”); each of the Lenders that is a
signatory hereto (each individually, a “Lender” and, collectively, the “Lenders”); and FIRST UNION NATIONAL BANK, as Administrative Agent for the Lenders (in such capacity, together with its successors and assigns
in such capacity, the “Administrative Agent”). 
  
 WITNESSETH: 
  
 WHEREAS, the Borrower, the Parent, the Administrative Agent and certain banks and other financial institutions, including certain of the Lenders (collectively, the “Original
Lenders”), are parties to a 364-Day Credit Agreement dated as of June 27, 2000 (as in effect on the date hereof, the “Credit Agreement”); 
  
 WHEREAS, the Borrower and the Parent have requested that the Termination Date under the Credit Agreement be extended by 364 days; 
  

WHEREAS, the Lenders are willing, on the terms and conditions set forth in this Amendment, to extend the Termination Date with respect to the amounts of their respective Commitments
indicated on Schedule 1.01A hereto, in the aggregate Commitment amount of $500,000,000, reduced from the $600,000,000 aggregate Commitment amount, under the Credit Agreement; and 
  
 WHEREAS, it is understood and acknowledged by the parties to this Amendment that the Commitments of the Original Lenders who are not Lenders under this Amendment will lapse in accordance
with the provisions of the Credit Agreement on the Current Termination Date of June 26, 2001. 
  
 NOW THEREFORE, the parties hereto
hereby agree as follows: 
  
 Section 1.    Definitions; Incorporation of
Recitals.    Except as otherwise defined in this Amendment, terms defined in the Credit Agreement are used herein as defined therein. Each of the above recitals is incorporated herein and made a part hereof. 

 
 Section 2.    Amendments.    Subject to the satisfaction of the conditions precedent specified
in Section 4 below, but effective as of the date hereof, the Credit Agreement shall be amended as follows: 
  
 2.01.    General.    References (i) in the Credit Agreement (including references to the Credit Agreement as amended hereby) to “this Agreement” (and indirect references such as
“hereunder,” “hereof” and words of like import referring to the Credit Agreement), and (ii) in the 
  
  
 1 

  
 other Loan Documents to “the Credit Agreement” and the “the Agreement” (and indirect references such
as “thereunder,” “thereof” and words of like import referring to the Credit Agreement) shall be deemed to be references to the Credit Agreement as amended by this Amendment. 
  

2.02.    Definitions.    Section 1.01 of the Credit Agreement shall be amended by replacing in their entirety each of the following
definitions: 
  
 “Lenders” means each of the Lenders identified on the signature pages to
Amendment No. 1 to 364-Day Credit Agreement dated June 26, 2001, between the Borrower, the Parent, the Administrative Agent, and the Lenders thereunder, and the successors and permitted assigns of such Lenders. 
  
 “Termination Date” means June 25, 2002, unless such date is otherwise extended pursuant to Section 2.05.

  
 2.03.    Financial Condition.    Section 4.05 of the Credit Agreement shall be
amended to read in its entirety as follows: 
  
 SECTION 4.05.  Financial Information.

  
 (a) The consolidated balance sheet of the Parent and its Subsidiaries, as of December 31, 2000, and the related
statements of income and cash flows for the Fiscal Year then ended, reported on by independent public accountants of nationally recognized standing, and the unaudited consolidated balance sheet of the Parent and its Subsidiaries, as of March 31,
2001, and the related statements of income and cash flows for the Fiscal Quarter then ended (copies of each which have been delivered to the Lenders), fairly present, in conformity with GAAP, subject to normal year-end adjustments and the absence of
footnotes, the consolidated financial position of the Parent and its Subsidiaries, as of such dates, and of their results of operations and cash flows for such periods stated. 
  
 (b)  Since December 31, 2000, there has occurred no event which has had, or could reasonably be expected to have, a Material Adverse Effect. 
  
 2.04.    Commitments of Lenders.    Schedule 1.01A to the Credit Agreement shall be amended to
read in its entirety as set forth on Schedule 1.01A hereto. 
  
 2.05.    Notice and Lending Offices
of Lenders.    Schedule 1.01B to the Credit Agreement shall be amended to read in its entirety as set forth on Schedule 1.01B hereto. 
  
 2.06    Applicable Percentage. The table set forth in the definition of “Applicable Percentage” in the Credit Agreement is hereby
deleted and replaced in its entirety with the table set forth on Schedule 2.06 hereto. 
  
 Section
3.    Representations and Warranties.    The Borrower and the Parent each represent and warrant to the Lenders and the Administrative Agent that: 
  

 
 2 

  
 (a) the representations and warranties set forth in Article IV of the Credit
Agreement are true and complete on the date hereof as if made on and as of the date hereof and as if each reference in said Article IV to “this Agreement” includes reference to this Amendment; and 
  
 (b) no Default or Event of Default has occurred and is continuing on the date hereof. 
  
 Section 4.    Conditions Precedent.    As provided in Section 2 above, the amendments to the Credit
Agreement set forth in Section 2 shall become effective as of the date hereof, upon the satisfaction of the following conditions precedent: 
  
 4.01.    Execution by All Parties.    This Amendment shall have been executed and delivered by each of the parties hereto. 
  
 4.02.    Documents.    The Administrative Agent shall have received the following documents, each of
which shall be satisfactory to the Administrative Agent in form and substance: 
  
 (a)    Corporate Documents.    All documents which the Administrative Agent and the Lenders may reasonably request relating to the existence of the Borrower and the Parent, the corporate
authority for and the validity of this Amendment, the Loan Documents as amended hereby, and any other matters relevant hereto, all in form and substance satisfactory to the Administrative Agent and the Lenders, including without limitation a
certificate of incumbency of each of the Borrower and the Parent, signed by the respective Secretary or an Assistant Secretary of the Borrower and the Parent, certifying as to the names, true signatures and incumbency of the officer or officers
authorized to execute and deliver this Amendment and each other document to be executed, delivered by the Borrower and/or the Parent, as applicable, from time to time in connection with the Credit Agreement as amended hereby, and certified copies of
the following items: (i) the Borrower’s and the Parent’s Articles of Incorporation (or, in the alternative, a certification that none of such documents have been modified since delivery thereof in connection with the execution and delivery
of the Credit Agreement), (ii) the Borrower’s and the Parent’s By-laws (or, in the alternative, a certification that none of such documents have been modified since delivery thereof in connection with the execution and delivery of the
Credit Agreement), (iii) certificates of the Secretary of State of the Delaware as to the existence of the Borrower and the Parent as Delaware corporations, and (iv) the resolutions adopted by the Board of Directors of the Borrower and the Parent
authorizing the Borrower’s and the Parent’s execution, delivery and performance of this Amendment and each other document to be executed, delivered and performed by the Borrower and/or the Parent, as applicable, from time to time in
connection with the Credit Agreement as amended hereby. 
  
 (b)    Opinion of Counsel to
the Company.    An opinion of Dechert Price and Rhoads, counsel to the Borrower and the Parent, and an opinion of W. Timothy Pohl, Esq., General Counsel to the Borrower and the Parent, each in form and substance satisfactory
to the Administrative Agent and the Lenders. 
  
  
 3 

  
 (c)  Other Documents.    Such other
documents, approvals and opinions as the Administrative Agent and the Lenders may reasonably request. 
  
 4.03.    Fees.    Receipt by the Administrative Agent (for its own account and the account of the Lenders, as applicable) of all fees required to be received in connection with this Amendment.

  
 Section 5.    Lenders not Original Lenders under the Credit Agreement. 
  
 5.01    Bound by Execution.    Subject to the satisfaction of the conditions precedent specified in
Section 4 above, but effective as of the date hereof, each of the Lenders hereunder that was not an Original Lender, by its execution of the Amendment, is a party to the Credit Agreement and has all rights and obligations of a Lender thereunder.

  
 5.02    Confirmation of Receipt.    Each of the Lenders hereunder that was not a
Original Lender, (i) confirms that it has received a copy of the Credit Agreement, together with copies of the financial statement referred to in Section 4.05(a) and (b) and Section 5.01 thereof and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into this Amendment; (ii) agrees that it will, independently and without reliance upon the Administrative Agent or any Lender and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to
exercise such powers and discretion under the Credit Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; (iv) agrees that it will perform in
accordance with their terms all of the obligations that attaches any U.S. Internal Revenue Service or other forms required under Section 2.05 of the Credit Agreement 
  
 6.    Expenses.    The Borrower shall pay (i) all out-of-pocket expenses of the Administrative Agent (including reasonable fees and
disbursements of counsel for the Administrative Agent) in connection with the preparation of this Amendment and any other instruments or documents to be delivered hereunder, any waiver or consent hereunder or thereunder or any amendment hereof or
thereof or any Default hereunder or thereunder, and (ii) if an Event of Default occurs, all out-of-pocket expenses incurred by the Administrative Agent and each of the Lenders, including fees and disbursements of counsel of the Administrative Agent
and each Lender, in connection with such Event of Default and collection and other enforcement proceedings resulting therefrom, including out-of-pocket expenses incurred in enforcing the Credit Agreement as amended by this Amendment, and the other
Loan Documents. 
  
 Section 7.    Miscellaneous.    Except as herein provided, the
Credit Agreement and all other Loan Documents shall remain unchanged and shall continue to be in full force and effect and are hereby ratified and confirmed in all respects. This Amendment may be executed in any number of counterparts, all of which
taken together shall constitute one and the same amendatory instrument, and any of the parties hereto may execute this Amendment by signing any such counterpart. This Amendment shall be governed by, and construed in accordance with, the law of the
State of North Carolina. 
  
  
 4 

  
 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered as of the day and year first above written. 
  
 
	 BORROWER:
 

 
  
 
	 AMERICAN WATER CAPITAL CORP.
 
	 
	 By:
 	 	 /s/    Joseph F. Hartnett, Jr.
 

	  	 	 Name: Joseph F. Hartnett, Jr.
 Title:   Vice President and Treasurer
 

 
  
 
	 Address for Notices:
 1025 Laurel Oak Road
 Voorhees, NJ 08043
 Attention: Treasurer
 Telecopy number: 856.346.8363
 

 
  
 
	 PARENT:
 

 
  
 
	 AMERICAN WATER WORKS COMPANY,
 INC.
 
	 
	 By:
 	 	 /s/    Ellen C. Wolf
 

	  	 	 Name: Ellen C. Wolf
 Title:   Vice President and Chief Financial
  Officer
 

 
  
 
	 Address for Notices:
 1025 Laurel Oak Road
 Voorhees, NJ 08043
 Attention: Treasurer
 Telecopy number: 856.346.8363
 

 
  
 Signature Page 
 to

 Amendment No. 1 
 to 364-Day Credit Agreement 
 (American Water Capital Corp.) 
  
  
 5 

  
 
	 FIRST UNION NATIONAL BANK, as
 
	 Administrative Agent, Swing Line
 Bank and a Lender
 

 
  
 
	 
	 By:
 	 	 /s/    Joe K. Dancy
 

	  	 	 Name: Joe K. Dancy
 Title:
Vice President
 

 
  
 Signature Page 
 to

 Amendment No. 1 
 to 
 364-Day Credit
Agreement 
 (American Water Capital Corp.) 
  
  
 6 

  
 
	 MELLON BANK, N.A., as Documentation
 
	 Agent and Lender
 

 
  
 
	 
	 By:
 	 	 /s/    J. Wade Bell
 

	  	 	 Name: J. Wade Bell
 Title:
Vice President
 

 
  
 Signature Page 
 to

 Amendment No. 1 
 to 
 364-Day Credit
Agreement 
 (American Water Capital Corp.) 
  
  
 7 

  
 
	 FLEET NATIONAL BANK
 
	 
	 By:
 	 	 /s/    Suresh V. Chivukula
 

	  	 	 Name: Suresh V. Chivukula
 Title: Managing Director
 

 
  
 Signature Page 
 to

 Amendment No. 1 
 to 
 364-Day Credit
Agreement 
 (American Water Capital Corp.) 
  
  
 8 

  
 
	 THE NORINCHUKIN BANK, NEW YORK
 BRANCH
 
	 
	 By:
 	 	 /s/    Yoshiro Niiro
 

	  	 	 Name: Yoshiro Niiro
 Title:
General Manager
 

 
  
 Signature Page 
 to

 Amendment No. 1 
 to 
 364-Day Credit
Agreement 
 (American Water Capital Corp.) 
  
  
 9 

  
 
	 PNC BANK, NATIONAL ASSOCIATION
 
	 
	 By:
 	 	 /s/    Robert J. Giannone
 

	  	 	 Name: Robert J. Giannone
 Title: Vice President
 

 
  
 Signature Page 
 to

 Amendment No. 1 
 to 
 364-Day Credit
Agreement 
 (American Water Capital Corp.) 
  
  
 10 

  
 
	 BANK ONE, N.A.
 
	 
	 By:
 	 	 /s/    Kenneth J. Bauer
 

	  	 	 Name: Kenneth J. Bauer
 Title:
Director, Capital Markets
 

 
  
 Signature Page 
 to

 Amendment No. 1 
 to 
 364-Day Credit
Agreement 
 (American Water Capital Corp.) 
  
  
 11 

  
 
	 CREDIT SUISSE FIRST BOSTON
 
	 
	 By:
 	 	 /s/    Andrea E. Shkane
 
	 	 Karl M. Studer
 

	  	 	 Name: Andrea E. Shkane
 Title:Vice President
 	 	 Karl M. Studer
 Director
 

 
  
 Signature Page 
 to

 Amendment No. 1 
 to 
 364-Day Credit
Agreement 
 (American Water Capital Corp.) 
  
  
 12 

  
 
	 NATIONAL CITY BANK OF INDIANA
 
	 
	 By:
 	 	 /s/    Tracey J. Venable
 

	  	 	 Name: Tracey J. Venable
 Title: Vice President
 

 
  
 Signature Page 
 to

 Amendment No. 1 
 To 
 364-Day Credit
Agreement 
 (American Water Capital Corp.) 
  
  
 13 

  
 
	 BRANCH BANKING AND TRUST COMPANY
 
	 
	 By:
 	 	 /s/    J. Mark Bias
 

	  	 	 Name: J. Mark Bias
 Title:
Senior Vice President—Corporate
  Banker
 

 
  
 Signature Page 
 to

 Amendment No. 1 
 to 
 364-Day Credit
Agreement 
 (American Water Capital Corp.) 
  
  
 14 

  
 
	 THE CHASE MANHATTAN BANK
 
	 
	 By:
 	 	 /s/    Wing Lee-Ong
 

	  	 	 Name: Wing Lee-Ong
 Title:
Vice President
 

 
  
 Signature Page 
 to

 Amendment No. 1 
 to 
 364-Day Credit
Agreement 
 (American Water Capital Corp.) 
  
  
 15 

  
 SCHEDULE 1.01A 
 COMMITMENTS OF
LENDERS 
  
 
	 LENDER
 	  	 COMMITMENT
 	    	 INITIAL PRO RATA PERCENTAGE
 	  	 SWING LINE COMMITMENT
 
	 
	 First Union National Bank
 	  	 $71,250,000
 	    	 23.50%
 	  	 $20,000,000
 
	 
	 Mellon Bank, N.A.
 	  	 $71,250,000
 	    	 18.00%
 	  	               N/A
 
	 
	 Fleet National Bank
 	  	 $65,000,000
 	    	  	  	               N/A
 
	 
	 The Norinchukin
 Bank New
York
 Branch
 	  	 $65,000,000
 	    	 13.00%
 	  	               N/A
 
	 
	 PNC Bank, National
 Association
 	  	 $55,000,000
 	    	 11.00%
 	  	               N/A
 
	 
	 Bank One, N.A.
 	  	 $45,000,000
 	    	   9.00%
 	  	               N/A
 
	 
	 Credit Suisse First
 Boston
 	  	 $45,000,000
 	    	   9.00%
 	  	               N/A
 
	 
	 National City Bank
 of
Indiana
 	  	 $37,500,000
 	    	   7.50%
 	  	               N/A
 
	 
	 Branch Banking and
 Trust
Company
 	  	 $22,500,000
 	    	   4.50%
 	  	               N/A
 
	 
	 The Chase Manhattan
 Bank
 	  	 $22,500,000
 	    	   4.50%
 	  	               N/A
 
	 
	 TOTAL
 	  	 $500,000,000
 	    	   100%
 	  	 $20,000,000
 

 
  
  
 16 

  
 SCHEDULE 1.01B 
 NOTICE AND LENDING
OFFICES OF LENDERS 
  
 
	 LENDER
 	  	 NOTICE AND DOMESTIC LENDING OFFICE
 	  	 LIBOR LENDING OFFICE
 
	 
	 First Union National
 Bank
 	  	 One First Union Center
 201 South College Street
 Charlotte, North
Carolina
 28288-0680
 Attn: Agency Services
 Telephone: (704) 383-6591

Facsimile: (704) 383-0835
 	  	 One First Union Center
 201 South College Street
 Charlotte, North
Carolina
 28288-0680
 Attn: Agency Services
 Telephone: (704) 383-6591

Facsimile: (704) 383-0835
 
	 
	  	  	 With a copy of Notices to:
 First Union Securities, Inc.
 	  	  
	 
	  	  	 Structuring & Underwriting – Utilities
 301 South College Street, DC-5
 Charlotte, North Carolina 28288-0251
 Attn: Joe K. Dancy
 Telephone: (704) 383-4748
 Facsimile: (704) 383-6670
 	  	  
	 
	 Mellon Bank, N.A.
 	  	 3 Mellon Bank Center
 12th Floor – 153-1203
 Pittsburgh,
Pennsylvania
 15259
 Attn: Sannford Richards
 Telephone: (412) 234-8285

Facsimile: (412) 209-6118
 	  	 3 Mellon Bank Center
 12th Floor – 153-1203
 Pittsburgh,
Pennsylvania
 15259
 Attn: Sannford Richards
 Telephone: (412) 234-8285

Facsimile: (412) 209-6118
 
	 
	 Fleet National
 Bank

	  	 1 Federal Street
 Boston Massachusetts 02110
 MA OF
DO7K
 Attn: Francia Castillo
 Telephone: (617) 346-0626
 Facsimile: (617)
346-0595
 	  	 1 Federal Street
 Boston, Massachusetts 02110
 MA OF
DO7K
 Attn: Francia Castillo
 Telephone: (617) 346-0626
 Facsimile: (617)
346-0595
 

 
  
  
 17 

  
 
	 LENDER
 	  	 NOTICE AND DOMESTIC LENDING OFFICE
 	  	 LIBOR LENDING OFFICE
 
	 
	 The Norinchukin
 Bank, New York
 Branch
 	  	 245 Park Avenue, 29th Floor
 New York, New York 10167
 Attn: Junya
Morishita
 Vice President
 (Primary)
 Katsuyoshi Yamaguchi
 Vice President & Manager
 (Backup)
 Telephone: (212) 808-4195
 Facsimile: (212) 697-5754
 (Primary)
 (212) 697-6853
 (Backup)
 	  	 245 Park Avenue, 29th Floor
 New York, New York 10167
 Attn: Junya
Morishita
 Vice President
 (Primary)
 Katsuyoshi Yamaguchi
 Vice President & Manager
 (Backup)
 Telephone: (212) 808-4195
 Facsimile: (212) 697-5754
 (Primary)
 (212) 697-6853
 (Backup)
 
	 
	 PNC Bank, National
 Association
 	  	 1600 Market Street
 22nd Floor
 Philadelphia,
Pennsylvania
 19103
 Attn: Colleen M. Ruiz
 Telephone: (215) 585-6086

Facsimile: (215) 585-6987
 	  	 1600 Market Street
 22nd Floor
 Philadelphia,
Pennsylvania
 19103
 Attn: Colleen M. Ruiz
 Telephone: (215) 585-6086

Facsimile: (215) 585-6987
 
	 
	 Bank One, N.A.
 	  	 1 Bank One Plaza
 Suite 0634
 Chicago, Illinois 60670

Attn: Torin Johnson
 Telephone: (312) 732-8573
 Facsimile: (312) 732-4840
 	  	 1 Bank One Plaza
 Suite 0634
 Chicago, Illinois 60670

Attn: Torin Johnson
 Telephone: (312) 732-8573
 Facsimile: (312) 732-4840
 
	 
	 Credit Suisse First
 Boston
 	  	 Attn: Steven Kao
 Telephone: (212) 325-9153
 Facsimile: (212)
325-8309
 	  	  
	 
	 National City Bank
 of Indiana
 	  	 One National City Center
 Suite 200E
 Indianapolis,
Indiana
 46255
 Attn: Tracey Venable
 Telephone: (317) 267-7066

Facsimile: (317) 267-8899
 	  	 One National City Center
 Suite 200E
 Indianapolis,
Indiana
 46255
 Attn: Tracey Venable
 Telephone: (317) 267-7066

Facsimile: (317) 267-8899
 

 
  
  
 18 

 
	 LENDER
 	  	 NOTICE AND DOMESTIC LENDING OFFICE
 	  	 LIBOR LENDING OFFICE
 
	 
	 Branch Banking and
 Trust Company
 	  	 300 Summers Street
 Charleston, West Virginia
 25326

Attn: Mark Bias, Sr. Vice
 President, Corporate
 Banker
 Telephone: (304) 348-7368
 Facsimile: (304) 348-7250
 (Primary)
 110 South Stratford Road
 Winston-Salem North Carolina
 27113
 	  	 300 Summers Street Charleston, West Virginia
 25326
 Attn: Mark
Bias, Sr. Vice
 President, Corporate
 Banker
 Telephone: (304) 348-7368

Facsimile: (304) 348-7250
 (Primary)
 110 South Stratford Road
 Winston-Salem North Carolina
 27113
 
	 
	  	  	 Attn: Thatcher Tonwsend
 Senior Vice President
 Corporate
Accounts
 Telephone: (336) 733-3245
 Facsimile: (336) 733-3254
 (Backup)
 	  	 Attn: Thatcher Tonwsend
 Senior Vice President
 Corporate
Accounts
 Telephone: (336) 733-3245
 Facsimile: (336) 733-3254
 (Backup)
 
	 
	 The Chase Manhattan
 Bank
 	  	 One Riverfront Plaza
 2nd Floor
 Newark, New Jersey
07102
 Attn: Wing Lee-Ong
 (Primary)
 Robert Stanchak
 (Backup)
 Telephone: (973) 353-6165
 (Primary)
 (973) 353-6160
 (Backup)
 Facsimile: (973) 353-6158
 	  	 One Riverfront Plaza
 2nd Floor
 Newark, New Jersey
07102
 Attn: Wing Lee-Ong
 (Primary)
 Robert Stanchak
 (Backup)
 Telephone: (973) 353-6165
 (Primary)
 (973) 353-6160
 (Backup)
 Facsimile: (973) 353-6158
 

 
  
  
 19 

  
  
 SCHEDULE 2.06 
 APPLICABLE PERCENTAGE TABLE 
  
 
	 Senior
 Unsecured LTD
 Ratings
 	  	 Applicable LIBOR Rate Margin
 	  	 Applicable Facility Fee
 	  	 Applicable Swing Line Margin
 	  	 Applicable Utilization Fee
 
	 
	 (S&P/Moody’s)
 	  	  	  	  	  	  	  	  
	 
	 Level 1 at least A+/A1
 	  	 0.275%
 	  	 0.075%
 	  	 0.475%
 	  	 0.125%
 
	 
	 Level 2 less than A+/A1; at least A/A2
 	  	 0.315%
 	  	 0.085%
 	  	 0.515%
 	  	 0.125%
 
	 
	 Level 3 less than A/A2; at least A-/A3
 	  	 0.400%
 	  	 0.100%
 	  	 0.575%
 	  	 0.125%
 
	 
	 Level 4 less than A-/A3; at least BBB+/Baa1
 	  	 0.500%
 	  	 0.125%
 	  	 0.650%
 	  	 0.125%
 
	 
	 Level 5 less than BBB+/Baa1; at least BBB/Baa2
 	  	 0.600%
 	  	 0.150%
 	  	 0.725%
 	  	 0.125%
 
	 
	 Level 6 less than BBB/Baa2
 	  	 0.700%
 	  	 0.175%
 	  	 0.875%
 	  	 0.25%
 

 
  
  
 20<PAGE>

                                                                  Exhibit 10.24

30 Rockefeller Plaza       A Division of
New York, NY  10112        National Broadcasting
212 664-4444               Company, Inc.

NBC TV NETWORK

April 16, 2001

Media General Communications, Inc.
333 East Grace Street
Richmond, VA  23219

                      Re: NBC Affiliation of KALB (Alexandria, LA), WCBD
                          -----------------------------------------------
                          (Charleston, SC), WSLS (Roanoke, VA), WSAV
                          -----------------------------------------------
                          (Savannah, GA), and WFLA (Tampa, FL)

Ladies and Gentlemen:

         This letter sets forth the agreement (the "Letter Agreement") between
                                                    ----------------
the NBC Television Network ("NBC") and Media General Communications, Inc.
                             ---
("Group") with respect to the affiliation with NBC of NBC Affiliation of KALB
  -----
(Alexandria, LA), WCBD (Charleston, SC), WSLS (Roanoke, VA), WSAV (Savannah,
GA), and WFLA (Tampa, FL) (collectively, the "Stations")
                                              --------

         1.  Affiliation of the Stations. The Stations shall be affiliated with
             ---------------------------
NBC on the terms and subject to the conditions set forth in Exhibit A, which is
incorporated herein by reference. The parties intend to negotiate one or more
long-form agreement(s) containing such terms and conditions (the "Definitive
                                                                  ----------
Documentation") not later than July 1, 2001; to the extent that the parties
-------------
fail to execute the Definitive Documentation, this Letter Agreement shall
govern.

         2.  Binding Agreement.  This Letter Agreement shall be binding upon NBC
             -----------------
and Group and each of their respective subsidiaries and affiliates upon
execution hereof by each of NBC and Group.

         3.  Termination. In the event that this Letter Agreement has not been
             -----------
executed and returned to NBC by Group by 5:00 P.M. New York City time on May
15, 2001 the offer set forth in this Letter Agreement shall automatically
terminate at such time as each of the Stations' current affiliation agreements
with NBC (including without limitation all amendments and supplements thereto)
shall terminate.

         4.  Miscellaneous. This Letter Agreement and the exhibits and
             -------------
schedules hereto constitute the entire agreement and understanding of the
parties relating to the affiliation of the Stations with NBC and supersede all
prior and contemporaneous agreements, negotiations, and understandings between
the parties, both oral and written, relating to the affiliation of the Stations
with NBC, other than with respect to the Inventory Management Plan and the NBC
Promotion Swap Program, and the most recent amendments to Stations' prior
affiliation agreements with respect to network non-duplication protection under
Federal Communications Commission Rules Section 76.92, which shall continue in
accordance with their terms. No waiver or modification of any provision of this
Letter Agreement shall be effective unless in writing and signed by both
parties. The terms of this Letter Agreement shall

<PAGE>

apply to the parties hereto and any of their successors or assigns;
provided, however, that this Letter Agreement may not be transferred
--------  -------
or assigned by Group without the prior written consent of NBC. This Letter
Agreement may be executed in counterparts, each of which when executed shall be
deemed to be an original but all of which taken together shall constitute one
and the same agreement.

         5.  Governing Law and Jurisdiction. This Letter Agreement shall be
             ------------------------------
governed by and construed under the laws of the State of New York applicable to
contracts fully performed in New York, without regard to New York conflicts
law. The parties hereto irrevocably consent to and submit to the exclusive
jurisdiction of the federal and state courts located in the County of New York.
The parties hereto irrevocably waive any and all rights to trial by jury in any
proceeding arising out of or relating to this Agreement.

         If you are in agreement with the above terms and conditions, please
indicate your acceptance by signing in the space provided below, and return one
original to us. In accordance with Paragraph 3 above, this Letter Agreement
shall be null and void if not signed and returned to us by 5:00 P.M. New York
City time on May 15, 2001.

                               Very truly yours,

                               NBC TELEVISION NETWORK

                               By:   /s/ John Damiano
                                     -------------------------------------
                                     John Damiano
                                     Executive Vice President
                                     Affiliate Relations

ACCEPTED AND AGREED:

MEDIA GENERAL COMMUNICATIONS, INC.

By:    /s/ James A. Zimmerman
       -----------------------------------------------
       Name:      James A. Zimmerman
       Title:     President
                  Media General Broadcast Division

<PAGE>

                       NBC AFFILIATION AGREEMENT TERMS
                       -------------------------------
                      MEDIA GENERAL COMMUNICATIONS, INC.
                      ----------------------------------
            KALB (ALEXANDRIA, LA), WCBD (CHARLESTON, SC), WSLS (ROANOKE, VA),
            -----------------------------------------------------------------
                  WSAV (SAVANNAH, GA), AND WFLA (TAMPA, FL)
                  ----------------------------------------

Term:                            10 years; 1/1/2002 - 12/31/2011
-----

Programmed Time Periods:         Consistent with current practices,
------------------------         subject to changes from time to time at NBC's
                                 discretion

Program Clearance:               Full, in pattern clearance of all
------------------               Network programming
                                 Full clearance of special programming,
                                 including sports Subject only to preemptions
                                 strictly in accordance with FCC rules and
                                 regulations and Baskets set forth below
                                 Stations to reimburse NBC for lost network
                                 ad revenue (as reasonably determined by
                                 NBC in accordance with each Station's
                                 national DMA percentage) for any
                                 non-clearances with exception of live
                                 breaking news and preemptions within Baskets
                                 (5 hours per Station in Prime 5 hours per
                                 Stations in Sports)

Local Inventory Level:           Consistent with current practices
----------------------

Inventory Management Plan:       Continuation per existing IMP agreement
--------------------------

On-air Network Promotion:        Commitment of such number of GRP's
-------------------------        annually of Network promotion as set forth on
                                 Schedule B, with minimum 40%, maximum 60%
                                 allocated to Prime

Compensation:                    See attached Schedule A; payments twice per
-------------                    year

Program Reimbursement:           None from TV Network - NBC Affiliate
----------------------           Promotion plan continues subject to yearly
                                 evaluation, per current practice

Program Development Costs:       Each Station agrees to negotiate with NBC in
--------------------------       good faith to financially support potential
                                 future NBC efforts to secure for the Network
                                 major sports and entertainment program
                                 opportunities

Station Payments:                Stations' obligations per News Channel
-----------------                Agreement Stations' contributions to NBC
                                 Distribution Costs (incl. Agreement to Genesis
                                 funding plan), subject to adjustment by NBC
                                 upon notice to Stations

<PAGE>

Digital Program Delivery:        Each Station commits, when technically
-------------------------        capable, to deliver all content offered by
                                 NBC (including program-related material) in
                                 high definition digital format, without
                                 alteration and as provided by NBC; Stations
                                 and Group to negotiate with NBC in good faith
                                 regarding carriage of multiplexed programming
                                 and additional ancillary data beyond
                                 program-related material

Confidentiality:                 Group and Stations agree to keep the
----------------                 terms and conditions of this term sheet
                                 strictly confidential except as may be
                                 required by law.  Notwithstanding the
                                 foregoing, neither Group nor any Station
                                 shall disclose this term sheet or any
                                 provision hereof without at least 2 business
                                 days' prior notice to NBC.

<PAGE>

                                  SCHEDULE B
                               GRP COMMITMENT

YEAR                                GROUP GRP's*
----                                ------------

2002                                60,000
2003                                61,000
2004                                61,000
2005                                62,000
2006                                62,000
2007                                63,000
2008                                63,000
2009                                64,000
2010                                64,000
2011                                65,000

*Notwithstanding the Group GRP amount, each of WSLS and WSAV have an annual GRP
commitment of not less than 7,500 and each of WFLA, KALB and WCBD have an annual
GRP commitment of not less than 10,000.

<PAGE>

30 Rockefeller Plaza       A Division of
New York, NY  10112        National Broadcasting
212 664-4444               Company, Inc.

NBC TV NETWORK

April 16, 2001

Media General Communications, Inc.
333 East Grace Street
Richmond, VA  23219

                           Re: Term Sheet for Affiliation Agreement
                               ------------------------------------

Ladies and Gentlemen:

         In connection with that certain Letter Agreement for Affiliation (the
"Agreement") dated as of the date hereof and effective as of January 1, 2002
 ---------
between Media General Communications, Inc. ("Group") and the NBC Television
                                             -----
Network ("NBC") regarding the affiliation with NBC of television broadcasting
          ---
stations NBC Affiliation of KALB (Alexandria, LA), WCBD (Charleston, SC), WSLS
(Roanoke, VA), WSAV (Savannah, GA), and WFLA (Tampa, FL) (each, a "Station" and
                                                                   -------
collectively, "Stations"), Group, the Stations and NBC hereby agree that:
               --------

         1.  Notwithstanding the "Program Clearance" provision of the Agreement,
(a) Stations may preempt:

             (i)   For each of the 2002-2007 calendar years, up to X hours of
NBC Prime Time Programming collectively in the aggregate with not more than X
hours for any one Station, and up to X hours of NBC Sports Programming
collectively in the aggregate with not more than X hours for any one Station;

             (ii)  For each of the 2008 and 2009 calendar years, up to X hours
of NBC Prime Time Programming collectively in the aggregate with not more than
X hours for any one Station, and up to X hours of NBC Sports Programming
collectively in the aggregate with not more than X hours for any one Station;

             (iii) For the 2010 calendar year, up to X hours of NBC Prime Time
Programming collectively in the aggregate with not more than X hours for any
one Station, and up to X hours of NBC Sports Programming collectively in the
aggregate with not more than X hours for any one Station;

             (iv)  For the 2011 calendar year, up to X hours of NBC Prime Time
Programming collectively in the aggregate with not more than X hours for any
one Station, and up to X hours of NBC Sports Programming collectively in the
aggregate with not more than X hours for any one Station.

         (b)  The number of hours of preemptions of NBC Prime Time Programming
permitted pursuant to this Section 1 for any given calendar year is herein
referred to as a "Prime Basket". The

                                      - 1 -

<PAGE>

number of hours of preemptions of NBC Sports Programming permitted pursuant to
this paragraph for any given calendar year is herein referred to as a "Sports
Basket". Preemptions for live breaking news do not count toward the Baskets.
Commercial-free preemptions for debates and charity telethons will count as
one-half or one-third (such amount to be determined by the parties) of a
preemption. Existing sports contracts listed on Schedule A hereto shall not
count as preemptions, but each Station cannot increase its Sports Basket above
the 2001 level.

         (c)  To the extent that any Station does not broadcast 24 hours per
day, such Station shall not be obligated to broadcast the scheduled NBC
programming during such times that the Station is "off the air."

         (d)  Each Station shall not be required to broadcast more than 583
hours of NBC weekend daytime sports in any given calendar year (the "NBC Sports
Limit"). To the extent that NBC exceeds the NBC Sports Limit, any preemption of
such programming by a Station shall not count towards the Sports Basket.

         (e)  For reference purposes only, the national DMA percentages for the
Stations are: WFLA - 1.47%, WSLS - 0.40%, WSAV - 0.26%, WCBD - 0.24%, KALB -
0.08%.

         2.  Notwithstanding the "Local Inventory Level" provision of the
Agreement, NBC agrees that the average number of thirty-second units available
to each Station for local commercial announcements during Prime Time (i.e. 8 pm
to 11 pm Monday through Saturday and 7 pm to 11 pm Sunday, Eastern; 7 pm to 10
pm Monday through Saturday and 6 pm to 10 pm Sunday, Central and Mountain)
shall be not fewer than 106 per week, not including additional inventory that
is part of the IMP or other negotiated plan; provided, that NBC shall be
entitled to reduce the Stations' units for national sports programming,
Olympics programming, special news coverage and other special events which for
reasons beyond NBC's control limits NBC's ability to make time available for
local commercial announcements.

         3.  For the purpose of determining pursuant to the Definitive
Documentation whether the number of hours of local news which a Station
broadcasts has materially decreased, the materiality standard shall be whether,
for a calendar year, such number has decreased by at least 50% from the
1999-2000 calendar year.

         4.  Notwithstanding the "Programmed Time Periods" provision of the
Agreement: (a) for each Year, each Station shall be entitled to out-of-pattern
clearance consistent with current practice for (I) all local news programming
and (II) for all non-news programming which such Station is party to a binding
agreement as of the date hereof, and only for the duration of such agreement
(excluding any renewals or amendments of the term of such agreement), as such
current practice is set forth on Exhibit A hereto;

                                      - 2 -

<PAGE>

         5.  In the event of any conflict between this letter and any other
document, including the Agreement, this letter agreement shall govern.

         6.  Subject to FCC rules and regulations, Group, the Stations and NBC
agree to keep the existence, terms and conditions of this letter agreement
strictly confidential. Except as modified by this letter agreement, the
Agreement shall remain in full force and effect.

             Please indicate your acceptance of the foregoing by signing in the
space indicated below.

                                               Very truly yours,
                                               NBC TELEVISION NETWORK

                                               By:      /s/ John Damiano
                                                        -----------------
                                                        John Damiano
                                                        Executive Vice President
                                                        Affiliate Relations

ACCEPTED AND AGREED:

MEDIA GENERAL COMMUNICATIONS, INC.

By:      /s/ James A. Zimmerman
         ---------------------------
         Name:    James A. Zimmerman
         Title:   President
                  Media General Broadcast Division

                                      - 3 -

<PAGE>

                                  SCHEDULE A

                            CURRENT SPORTS CONTRACTS

[To be provided by Media General]

WSLS/Roanoke                                ACC Football

WSAV/Savannah                               Jaguar Pre-season Football
                                            ACC Football
                                            ACC Basketball

WCBD/Charleston                             ACC Football

KALB/Alexandria                             SEC Football
                                            SEC Basketball

                                      - 4 -

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