Document:

Third Supplemental Indenture, dated March 23, 2007, among LBI Media, Inc.

 EXHIBIT 4.5 
 THIRD SUPPLEMENTAL INDENTURE 
 THIRD SUPPLEMENTAL INDENTURE
(this “Supplemental Indenture”), dated as of March 23, 2007 among Liberman Broadcasting of Dallas LLC, Liberman Broadcasting of Dallas License LLC, Liberman Television of Houston LLC, KZJL License LLC, Liberman Broadcasting of
Houston LLC, Liberman Broadcasting of Houston License LLC, Liberman Television of Dallas LLC and Liberman Television of Dallas License LLC (each a “Guaranteeing Subsidiary” and collectively, the “Guaranteeing
Subsidiaries”), each a Delaware limited liability company and a subsidiary of LBI Media, Inc. (or its permitted successor), a California corporation (the “Company”), the Company, the other Guarantors (as defined in the
Indenture referred to herein) and U.S. Bank National Association, a national banking association, as trustee under the Indenture referred to below (the “Trustee”). 
 W I T N E S S E T H 
 WHEREAS, the Company has heretofore executed and delivered to the
Trustee an indenture, dated as of July 9, 2002, as supplemented by that certain Supplemental Indenture dated as of July 25, 2003 and as further supplemented by that certain Second Supplemental Indenture dated as of March 29, 2004 (as
supplemented, the “Indenture”), providing for the issuance of an aggregate principal amount of up to $150.0 million of 10 1/8 Senior Subordinated Notes due 2012 (the “Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances each Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental
indenture pursuant to which each Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Subsidiary
Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this
Supplemental Indenture. 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of
which is hereby acknowledged, the Guaranteeing Subsidiaries and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 
 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the
Indenture. 

 2. AGREEMENT TO GUARANTEE. Each Guaranteeing Subsidiary
hereby agrees as follows: 
  

	 	(a)	Along with all Guarantors named in the Indenture, to jointly and severally Guarantee to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, the Notes or the obligations of the Company hereunder or thereunder, that: 

 (i) the
principal of and interest, and premium, if any, on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if
lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
 (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid
in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever
reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. 
  

	 	(b)	The obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the
same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a
legal or equitable discharge or defense of a guarantor. 

  

	 	(c)	The following is hereby waived: diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to
require a proceeding first against the Company, protest, notice and all demands whatsoever. 

  

	 	(d)	This Subsidiary Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and the Indenture, and each Guaranteeing Subsidiary
accepts all obligations of a Guarantor under the Indenture. 

  

	 	(e)	If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors, or any Custodian, Trustee, liquidator or other similar official acting
in relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such Holder, this Subsidiary Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 

  

	 	(f)	 The Guaranteeing Subsidiaries shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations 

  

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guaranteed hereby until payment in full of all obligations guaranteed hereby. 

  

	 	(g)	As between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as
provided in Article 6 of the Indenture for the purposes of this Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event
of any declaration of acceleration of such obligations as provided in Article 6 of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Subsidiary
Guarantee. 

  

	 	(h)	The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the
Guarantee. 

  

	 	(i)	Pursuant to Section 11.03 of the Indenture, after giving effect to any maximum amount and any other contingent and fixed liabilities that are relevant under any applicable
Bankruptcy or fraudulent conveyance laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under
Article 11 of the Indenture, this new Subsidiary Guarantee shall be limited to the maximum amount permissible such that the obligations of such Guarantor under this Subsidiary Guarantee will not constitute a fraudulent transfer or conveyance.

 3. EXECUTION AND DELIVERY. Each Guaranteeing Subsidiary agrees to execute the
Subsidiary Guarantee as provided by Section 11.04 of the Indenture and Exhibit E thereto and to recognize that the Subsidiary Guarantees shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of
such Subsidiary Guarantee. 
 4. GUARANTEEING SUBSIDIARIES MAY CONSOLIDATE,
ETC. ON CERTAIN TERMS. 
  

	 	(a)	Except as otherwise provided in Section 11.06 of the Indenture, the Guaranteeing Subsidiaries may not sell or otherwise dispose of all or substantially all of its assets to, or
consolidate with or merge with or into (whether or not such Guarantor is the surviving Person), another Person, other than the Company or another Guarantor, unless: 

 (i) immediately after giving effect to such transaction, no Default or Event of Default exists; and 
 (ii) either: 
  

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	 	(a)	subject to Section 11.06 hereof, the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or merger assumes
all the obligations of that Guarantor under this Indenture, its Subsidiary Guarantee and the Registration Rights Agreement pursuant to a supplemental indenture satisfactory to the Trustee; or 

  

	 	(b)	the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture. 

  

	 	(b)	In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and
satisfactory in form to the Trustee, of the Subsidiary Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of the Indenture to be performed by the Guarantor, such successor Person shall
succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Subsidiary Guarantees to be endorsed upon all of the Notes
issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All the Subsidiary Guarantees so issued shall in all respects have the same legal rank and benefit under the Indenture as the Subsidiary
Guarantees theretofore and thereafter issued in accordance with the terms of the Indenture as though all of such Subsidiary Guarantees had been issued at the date of the execution hereof. 

  

	 	(c)	Except as set forth in Articles 4 and 5 and Section 11.06 of Article 11 of the Indenture, and notwithstanding clauses (i) and (ii) above, nothing contained in the
Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an
entirety to the Company or another Guarantor. 

 5. RELEASES. 
  

	 	(a)	 In the event (i) of a sale or other disposition of all of the assets of any Guarantor (including by way of merger or consolidation) or a sale or other
disposition of all of the Capital Stock of any Guarantor, in each case to a Person that is not (either before or after giving effect to such transaction) a Subsidiary of the Company; provided that the Net Proceeds of such sale or other
disposition are applied in accordance with the applicable provisions of the Indenture, including, without limitation, Section 4.10 thereof, or (ii)

  

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the Company designates any Restricted Subsidiary that is Guarantor as an Unrestricted Subsidiary in accordance with the applicable provisions of the
Indenture, including, without limitation, Section 4.20 thereof, then such Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the Capital Stock of such Guarantor) or the corporation
acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guarantor) will be released and relieved of any obligations under its Subsidiary Guarantee; provided that the Net Proceeds
of such sale or other disposition are applied in accordance with the applicable provisions of the Indenture, including without limitation Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers’
Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.10 of the Indenture, the Trustee shall
execute any documents reasonably required in order to evidence the release of any Guarantor from its obligations under its Subsidiary Guarantee. 

  

	 	(b)	Any Guarantor not released from its obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other
obligations of any Guarantor under the Indenture as provided in Article 11 of the Indenture. 

 6. NO
RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, incorporator, stockholder or agent of any Guaranteeing Subsidiary, as such, shall have any liability for any obligations of
the Company or any Guaranteeing Subsidiary under the Notes, any Subsidiary Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the
Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the
view of the SEC that such a waiver is against public policy. 
 7. GOVERNING LAW. THE INTERNAL LAW OF THE STATE
OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 9. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. 
 10. EFFECT OF HEADINGS. The
Section headings herein are for convenience only and shall not affect the construction hereof. 
  

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 11. THE TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiaries and the Company. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and
attested, all as of the date first above written. 
 Dated: March 23, 2007 
  

			
	LIBERMAN BROADCASTING OF DALLAS LLC
	LIBERMAN BROADCASTING OF DALLAS LICENSE LLC
	LIBERMAN TELEVISION OF HOUSTON LLC
	KZJL LICENSE LLC
	LIBERMAN BROADCASTING OF HOUSTON LLC
	LIBERMAN BROADCASTING OF HOUSTON LICENSE LLC
	LIBERMAN TELEVISION OF DALLAS LLC
	LIBERMAN TELEVISION OF DALLAS LICENSE LLC
		
	By:	 	    /s/ Lenard D. Liberman

			
	Name:	 	Lenard D. Liberman
	Title:	 	Chief Financial Officer for each of the entities listed above
	
	LBI MEDIA, INC.
		
	By:	 	    /s/ Lenard D. Liberman

			
	Name:	 	Lenard D. Liberman
	Title:	 	Chief Financial Officer

 GUARANTORS: 
  

			
	LIBERMAN TELEVISION OF HOUSTON, INC.
	KZJL LICENSE CORP.
	LIBERMAN TELEVISION, INC.
	KRCA TELEVISION, INC.
	KRCA LICENSE CORP.
	LIBERMAN BROADCASTING, INC.
	LBI RADIO LICENSE CORP.
	LIBERMAN BROADCASTING OF HOUSTON, INC.
	LIBERMAN BROADCASTING OF HOUSTON LICENSE CORP.
	EMPIRE BURBANK STUDIOS, INC.
	LIBERMAN TELEVISION OF DALLAS, INC.
	LIBERMAN TELEVISION OF DALLAS LICENSE CORP.
	LIBERMAN BROADCASTING OF DALLAS, INC.
	LIBERMAN BROADCASTING OF DALLAS LICENSE CORP.
		
	By:	 	      /s/ Lenard D. Liberman

			
	Name:	 	Lenard D. Liberman
	Title:	 	Chief Financial Officer for each of the entities listed above

			
	 U.S. BANK NATIONAL ASSOCIATION
 as
Trustee

		
	By:	 	/s/ Thomas Zrust
		 	Authorized Signatory

  

 S-2Third Amendment to Securities Purchase Agreement and Subordination

 Exhibit 10.5 
 LBI HOLDINGS I, INC. 
 THIRD AMENDMENT TO 
 SECURITIES PURCHASE AGREEMENT AND 
 SUBORDINATION AND INTERCREDITOR AGREEMENT 
 THIS THIRD AMENDMENT TO SECURITIES PURCHASE AGREEMENT, AND SUBORDINATION AND
INTERCREDITOR AGREEMENT (this “Amendment”) is dated as of May 8, 2006 and entered into by and among LBI Holdings I, Inc., a California corporation (the “Company”), the several purchasers (individually, a
“Purchaser,” and collectively, the “Purchasers”) listed on the signature pages hereof, and for purposes of Sections 2, 3, 4A and 5 only, Credit Suisse, Cayman Islands Branch, individually and as administrative agent
for the lenders (the “Revolving Credit Agent”) under the Amended and Restated Credit Agreement dated as of May 8, 2006 (as amended, restated, supplemented or otherwise modified from time to time, the “Revolving Credit
Agreement”), and Credit Suisse, Cayman Islands Branch, individually and as administrative agent for the lenders (the “Term Loan Agent”) under the Amended and Restated Term Loan Agreement dated as of May 8, 2006 (as
amended, restated, supplemented or otherwise modified from time to time, the “Term Loan Agreement”, and together with the Revolving Credit Agreement, the “Senior Loan Agreement”), each as a successor administrative
agent to Credit Suisse First Boston. 
 This Amendment is made with reference to that certain Securities Purchase Agreement dated as of
March 20, 2001 and entered by and among the Company and the Purchasers, as amended by the First Amendment to Securities Purchase Agreement, Warrant Agreement and Subordination and Intercreditor Agreements dated July 9, 2002 and the Second
Amendment to Securities Purchase Agreement, Warrant Agreement and Subordination and Intercreditor Agreements dated October 10, 2003 (as so amended, the “Purchase Agreement”; as further amended hereby, the “Amended
Purchase Agreement”), that certain Warrant Agreement dated as of March 20, 2001 and entered by and among the Company and the Purchasers, as amended by the First Amendment to Securities Purchase Agreement, Warrant Agreement and
Subordination and Intercreditor Agreements dated July 9, 2002 and the Second Amendment to Securities Purchase Agreement, Warrant Agreement and Subordination and Intercreditor Agreements dated October 10, 2003 (as so amended, the
“Amended Warrant Agreement”), and that certain Subordination and Intercreditor Agreement dated as of March 20, 2001 and entered by and among the Company, the Purchasers and Fleet National Bank, as predecessor administrative
agent, as amended by the First Amendment to Securities Purchase Agreement, Warrant Agreement and Subordination and Intercreditor Agreements dated July 9, 2002 and the Second Amendment to Securities Purchase Agreement, Warrant Agreement and
Subordination and Intercreditor Agreements dated October 10, 2003 (as so amended, the “Senior Lenders Intercreditor Agreement”; as further amended hereby, the “Amended Intercreditor Agreement” and together with
the Amended Purchase Agreement and the Amended Warrant Agreement, the “Amended Agreements”). 

 Capitalized terms used herein without definition shall have the same meanings herein as set forth in the
Purchase Agreement. 
 RECITALS 
 WHEREAS, the Company and the Purchasers have previously entered into the Purchase Agreement, pursuant to which the Company sold to the Purchasers (i) Notes in an original aggregate principal amount of $30,000,000 and
(ii) Warrants to purchase a certain number of shares of the Company’s Common Stock; 
 WHEREAS, simultaneously herewith,
(i) the Company and certain of its Affiliates, the Revolving Credit Agent and certain other lenders and agents party thereto are entering into an Amended and Restated Credit Agreement and (ii) certain Affiliates of the Company, the Term
Loan Agent and certain other lenders and agents party thereto are entering into a Term Loan Agreement, which collectively amend and restate the Senior Loan Agreement, as in effect on the date hereof; and 
 WHEREAS, the parties hereto desire to amend, to the extent they are a party thereto, the Purchase Agreement and the Senior Lenders Intercreditor
Agreement on the terms and subject to the conditions contained herein. 
 NOW, THEREFORE, in consideration of the premises and the
agreements, provisions and covenants herein contained, the parties hereto agree as follows: 
 Section 1. AMENDMENTS TO THE PURCHASE AGREEMENT

  

	 	1.1	Amendment to Article I: Definitions. 

 Article I of the Purchase Agreement is hereby amended by deleting the definition of “Senior Loan Agreement” therefrom in its entirety and substituting the following therefor: 
 “Senior Loan Agreement” means the Credit Agreement dated as of March 20, 2001, among LBI Holdings II, Inc., as the borrower, the
guarantors party thereto and Fleet National Bank, as administrative agent, Union Bank of California, N.A. as syndication agent, and CIT Lending Services Corporation and General Electric Capital Corporation as co-documentation agents, and the other
lenders party thereto from time to time, as amended from time and as further amended and restated by the Amended and Restated Credit Agreement dated as of July 9, 2002 among LBI Media, as the borrower, the guarantors party thereto and Fleet
National Bank, as administrative agent, General Electric Capital Corporation and U.S. Bank, N.A., as co-syndication agents, CIT Lending Services Corporation and SunTrust Bank, as co-documentation agents, and the other lenders party thereto from time
to time, as amended from time to time and as further amended and restated by the Amended and Restated Credit Agreement dated as of June 11, 2004 among LBI Media, as the borrower, the guarantors party thereto, Credit Suisse First Boston, as
administrative agent and lead arranger, and the other lenders party thereto from time to time, as amended from time to time, and as further amended and restated by both (i) the Amended and Restated Credit Agreement dated as of May 8, 2006
among LBI Media, as the borrower, the guarantors party thereto, Credit Suisse Securities 

  

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(USA) LLC and Wachovia Capital Markets, LLC, as joint lead arrangers, Wachovia Bank, N.A. and Harris Nesbitt, as co-syndication agents, Union Bank of
California, N.A., as documentation agent, Credit Suisse, Cayman Islands Branch, as administrative agent, and Credit Suisse, Cayman Islands Branch, as collateral agent, and the other agents and lenders party thereto from time to time (the
“Revolving Credit Agreement”) and (ii) the Amended and Restated Term Loan Agreement dated as of May 8, 2006 among LBI Media, as the borrower, the guarantors party thereto, Credit Suisse Securities (USA) LLC and Wachovia
Capital Markets, LLC, as joint lead arrangers, Wachovia Bank, N.A. and Harris Nesbitt, as co-syndication agents, Union Bank of California, N.A., as documentation agent, Credit Suisse, Cayman Islands Branch, as administrative agent, and Credit
Suisse, Cayman Islands Branch, as collateral agent, and the other agents and lenders party thereto from time (the “Term Loan Agreement”), and any other replacement or successor agreement governing Indebtedness incurred to refund or
refinance the borrowings and commitments then outstanding or permitted to be outstanding under the Revolving Credit Agreement or the Term Loan Agreement, in whole or in part, in each case together with any related notes, guarantees, and collateral
documents executed from time to time in connection therewith, and in each case as amended, modified, supplemented, extended, restated, renewed, refunded, restructured, replaced or refinanced (in whole or in part), including any of the foregoing
which increases the amount of Indebtedness thereunder, from time to time, whether by the same or any other agent, lender or group of lenders. 
  

	 	1.2	Amendments to Article VII: Affirmative and Negative Covenants 

 A. Section 7.2 of the Purchase Agreement is hereby amended by deleting the reference to “Section 6.5 of the Senior Loan Agreement, as such section exists as of October 10, 2003” contained
therein and substituting “Section 6.5 of each of the Revolving Credit Agreement and the Term Loan Agreement, as such section exists as of May 8, 2006” therefor. 
 B. Section 7.5 of the Purchase Agreement is hereby amended by deleting the phrase “on October 10, 2003” appearing in
Section 7.5(i) thereof, and substituting therefor “on May 8, 2006”. 
  

	 	1.3	Amendment to Article VIII: Delivery of Information 

 Section 8.1 of the Purchase Agreement is hereby amended by deleting the reference to “as permitted by Section 7.15 of the Senior Loan Agreement as such provision is in effect on October 10, 2003” contained therein
and substituting “as permitted by Section 7.15 of the Revolving Credit Agreement as such provision is in effect on May 8, 2006” therefor. 
  

	 	1.4	Amendment to Article IX: Defaults 

 Article
IX of the Purchase Agreement is hereby amended by (i) deleting the reference to “October 10, 2003” contained in subsection (e) and substituting “May 8, 2006”. 
  

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 Section 2. AMENDMENTS TO THE SENIOR LENDERS INTERCREDITOR AGREEMENT 
  

	 	2.1	Amendments to Section 1: Certain Definitions 

 Section 1.1 of the Senior Lenders Intercreditor Agreement is hereby amended by deleting the phrase “as further amended, amended and restated” and substituting therefor the phrase “as amended and restated by the Amended
and Restated Credit Agreement dated as of June 11, 2004 among LBI Media, Inc. (formerly known as LBI Holdings II, Inc.), as the borrower, the guarantors party thereto, Credit Suisse First Boston, as administrative agent and lead arranger, and
the other lenders party thereto from time to time, as amended and restated by the Amended and Restated Credit Agreement dated as of May 8, 2006 among LBI Media, Inc. (formerly known as LBI Holdings II, Inc.), as the borrower, the guarantors
party thereto, Credit Suisse Securities (USA) LLC and Wachovia Capital Markets, LLC, as joint lead arrangers, Wachovia Bank, N.A. and Harris Nesbitt, as co-syndication agents, Union Bank of California, N.A., as documentation agent, Credit Suisse,
Cayman Islands Branch, as administrative agent, and Credit Suisse, Cayman Islands Branch, as collateral agent, and the other lenders party thereto from time to time and the Amended and Restated Term Loan Agreement dated as of May 8, 2006 among
LBI Media, Inc. (formerly known as LBI Holdings II, Inc.), as the borrower, the guarantors party thereto, Credit Suisse Securities (USA) LLC and Wachovia Capital Markets, LLC, as joint lead arrangers, Wachovia Bank, N.A. and Harris Nesbitt, as
co-syndication agents, Union Bank of California, N.A., as documentation agent, Credit Suisse, Cayman Islands Branch, as administrative agent, and Credit Suisse, Cayman Islands Branch, as collateral agent, and the other lenders party thereto from
time, as further amended, amended and restated,”. 
  

	 	2.2	Amendments to Section 3: Terms of Subordination 

 Section 3.6(b) of the Senior Lenders Intercreditor Agreement is hereby amended by deleting each of the two references to “(as in effect on October 10, 2003)” appearing in clause (i) and (ii) thereof and
substituting therefor in each instance the phrase “(as in effect on May 8, 2006)”. 
 Section 3. CONDITIONS TO EFFECTIVENESS

 Sections 1, 2 and 5E of this Amendment shall become effective only upon delivery by each of Company, the Revolving Credit Agent, the
Term Loan Agent and Majority Purchasers to the Company and to Alta Communications VIII, L.P., as agent for each of the Purchasers, executed copies of this Amendment (the date of satisfaction of such condition being referred to herein as the
“Third Amendment Effective Date”). 
 Section 4. REPRESENTATIONS AND WARRANTIES 
 A. By All Parties. In order to induce each of the other parties hereto to enter into this Amendment, each party hereto represents and warrants to
each of the other parties hereto that the following statements are true, correct and complete: 
 (i) Corporate Power and
Authority. Such party has all requisite corporate or partnership power and authority to enter into this Amendment and to carry out the 

  

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transactions contemplated by, and perform its obligations under, this Amendment and the Amended Agreements. 
 (ii) Authorization of Agreements. The execution and delivery of this Amendment and the performance of this Amendment and the
Amended Agreements have been duly authorized by all necessary corporate or partnership action on the part of such party. 
 (iii) No Conflict. The execution and delivery by such party of this Amendment and the performance by such party of this Amendment and the Amended Agreements do not and will not (i) violate any provision of any law or any
governmental rule or regulation applicable to such party, the articles and bylaws or the partnership agreement or any other organizational documents of such party, or any order, judgment or decree of any court or other agency of the government of
the United States binding on such party, (ii) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any material contractual obligation of such party, (iii) result in or require the
creation or imposition of any Lien upon any of the properties or assets of such party, or (iv) require any approval of stockholders or any approval or consent of any Person under any contractual obligation of such party, except where applicable
approvals or consents have been obtained. 
 (iv) Governmental Consents. The execution and delivery by such party of
this Amendment and the performance by such party of this Amendment and the Amended Agreements do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any U.S. federal, state,
provincial or other governmental authority or regulatory body. 
 (v) Binding Obligation. This Amendment has been duly
executed and delivered by such party and this Amendment and the Amended Agreements are the legally valid and binding obligations of such party enforceable against such party in accordance with their respective terms, except as may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability. 
 B. By the Purchasers. In order to induce each of the other parties hereto to enter into this Amendment, each Purchaser party hereto represents and
warrants to each of the other parties hereto that the following statements are true, correct and complete: (i) the execution by the Majority Purchasers of this Amendment constitutes the requisite approval of the Purchasers necessary to amend
the Amended Agreements, as contemplated by this Amendment, including but not limited to approval as “Majority Purchasers” under the Purchase Agreement; (ii) with such approval, each Purchaser is bound by this Amendment (including
amendments to each of the Amended Agreements), whether or not such Purchaser is a party hereto; (iii) collectively, Alta Communications VIII, L.P., Alta-Comm VIII S By S, LLC, Alta Communications VIII-B, L.P., and Alta VIII Associates, LLC
constitute “Majority Purchasers” under the Purchase Agreement; and (iv) each Purchaser is the original Purchaser under the Securities Purchase Agreement and each Purchaser is a lender actively and regularly engaged in the business of
making loans. 
  

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 Section 5. MISCELLANEOUS 
 A. 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. 
 B. Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. 
 C. 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. Signatures sent by fax or PDF file shall constitute originals. 
 D. Expenses. The Company acknowledges that all costs,
fees and expenses as described in Section 12.1 of the Purchase Agreement incurred by the Purchasers and one counsel for the Purchasers with respect to this Amendment and the documents and transactions contemplated hereby shall be for the
account of the Company. The Company shall concurrently with the execution and delivery of this Amendment pay all accrued and unpaid fees of Edwards Angell Palmer & Dodge LLP, counsel to the Purchasers, for which invoices shall have been
received by Company on or prior to the Third Amendment Effective Date. 
 E. Consent to Amended Agreements. Credit Suisse hereby
consents to this Amendment and the amendments and modifications to the Amended Agreements effected by this Amendment. 
 F. Ratification
and Confirmation. Except as specifically amended by this Amendment and the Third Confirmation of Subordination Agreements dated as of May 8, 2006 among the parties hereto and Credit Suisse, Cayman Islands Branch, as Collateral Agent,
(i) the Purchase Agreement, (ii) the Senior Lenders Intercreditor Agreement, (iii) Warrant Agreement, (iv) each Note and (v) each Warrant shall remain in full force and effect and are hereby ratified and confirmed. Each of
the Purchasers hereby acknowledges and confirms, for the benefit of Credit Suisse, the lenders under the Senior Loan Agreement and their respective successors and assigns, that all Indebtedness of the Credit Parties (as defined in the Senior Loan
Agreement) to the administrative agent and such lenders under the Senior Loan Agreement (as defined in this Amendment) or any other Loan Documents, whether relating to principal, interest (including, without limitation, interest that accrues after
the commencement of any bankruptcy proceeding by or against any Credit Party or any of its subsidiaries and affiliates), premium and termination fees, expenses or other amounts due from time to time under the Loan Documents, shall constitute
“Senior Indebtedness” under the Amended Intercreditor Agreement. 
 [Remainder of page intentionally left blank; signature pages
to follow] 
  

 6 

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

			
	COMPANY:
	
	LBI HOLDINGS I, INC.
		
	By:	 	 /s/ Lenard D. Liberman

		 	Lenard D. Liberman
		 	Executive Vice President and Secretary
	
	PURCHASERS:
	
	ALTA COMMUNICATIONS VIII, L.P.
		
	By:	 	Alta Communications VIII Managers, LLC,
		 	its General Partner
		
	By:	 	 /s/ Eileen McCarthy

	Name:	 	Eileen McCarthy, Member
	
	ALTA-COMM VIII S BY S, LLC
		
	By:	 	 /s/ Eileen McCarthy

	Name:	 	Eileen McCarthy, Member
	
	ALTA COMMUNICATIONS VIII-B, L.P.
		
	By:	 	Alta Communications VIII Managers, LLC, its General Partner
		
	By:	 	 /s/ Eileen McCarthy

	Name:	 	Eileen McCarthy, Member
	
	ALTA VIII ASSOCIATES, LLC
		
	By:	 	Alta Communications, Inc.
		
	By:	 	 /s/ Eileen McCarthy

	Name:	 	Eileen McCarthy, VP Finance

 [Signature Page to Third Amendment to Securities Purchase Agreement and 
 Subordination and Intercreditor Agreement] 
  

 S-1 

							
	BANCBOSTON INVESTMENTS INC.
		
	By:	 	 /s/ Mala D. Heymann

	Name:	 	Mala D. Heymann	 		 	
	Title:	 	Managing Director	 		 	
	
	UNIONBANCAL EQUITIES, INC.
				
	By:	 	 /s/ Jean-Pierre Knight
	 		 	 /s/ Kevin Sampson

	Name:	 	Jean-Pierre Knight	 		 	Kevin Sampson
	Title:	 	Vice President	 		 	Senior Vice President
	
	 CALIFORNIA STATE TEACHERS’
 RETIREMENT
SYSTEM

		
	By:	 	 /s/ Richard Rose

	Name:	 	Richard Rose	 		 	
	Title:	 	Portfolio Manager	 		 	

 [Signature Page to Third Amendment to Securities Purchase Agreement and 
 Subordination and Intercreditor Agreement] 
  

 S-2 

							
	For purposes of Sections 2, 3, 4A and 5 only:
	
	 CREDIT SUISSE, CAYMAN ISLANDS
 BRANCH,
individually and as Revolving Credit
 Agent

				
	By:	 	 /s/ Bill O’Daly
	 		 	 /s/ Mikhail Faybusovich

	Name:	 	Bill O’Daly	 		 	Mikhail Faybusovich
	Title:	 	Director	 		 	Associate
	
	 CREDIT SUISSE, CAYMAN ISLANDS
 BRANCH,
individually and as Term Loan Agent

				
	By:	 	 /s/ Bill O’Daly
	 		 	 /s/ Mikhail Faybusovich

	Name:	 	Bill O’Daly	 		 	Mikhail Faybusovich
	Title:	 	Director	 		 	Associate

 [Signature Page to Third Amendment to Securities Purchase Agreement and 
 Subordination and Intercreditor Agreement] 
  

 S-3

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