SEC Contract Filing

Filing Date: 2020-02-12

Document Content:
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<TYPE>EX-10.6
<SEQUENCE>9
<FILENAME>d889727dex106.htm
<DESCRIPTION>EX-10.6
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<TITLE>EX-10.6</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.6 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXECUTION COPY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FIRST
AMENDMENT TO THE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE AND SALE AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS FIRST AMENDMENT TO THE PURCHASE AND SALE AGREEMENT (this &#147;<U>Amendment</U>&#148;), dated as of February&nbsp;6, 2020, is entered
into among each of the entities listed on the signature pages hereto as an Originator (each, an &#147;<U>Originator</U>&#148; and collectively, the &#147;<U>Originators</U>&#148;), LAMAR MEDIA CORP., a Delaware corporation, as servicer (in such
capacity, the &#147;<U>Servicer</U>&#148;) and LAMAR TRS RECEIVABLES, LLC (the &#147;<U>Buyer</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Capitalized terms used but not
otherwise defined herein (including such terms used above) have the respective meanings assigned thereto in the Purchase and Sale Agreement described below. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BACKGROUND </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. The parties
hereto have entered into a Purchase and Sale Agreement, dated as of December&nbsp;18, 2018 (as amended, restated, supplemented or otherwise modified through the date hereof, the &#147;<U>Purchase and Sale Agreement</U>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. Concurrently herewith, the Buyer and Lamar QRS Receivables, LLC, as borrowers, the Servicer and PNC Bank, National Association, as
administrative agent and as a lender (the &#147;<U>Administrative Agent</U>&#148;) are entering into that certain First Amendment to the Receivables Financing Agreement, dated as of the date hereof (the &#147;<U>RFA Amendment</U>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. The parties hereto desire to amend the Purchase and Sale Agreement as hereinafter set forth. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, with the intention of being legally bound hereby, and in consideration of the mutual undertakings expressed herein, each party
to this Amendment hereby agrees as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 1. <U>Amendments to the Purchase and Sale Agreement</U>. The Purchase and Sale
Agreement is hereby amended to incorporate the changes shown on the marked pages of the Purchase and Sale Agreement attached hereto as <U>Exhibit A</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2. <U>Representations and Warranties of the Originators.</U> Each Originator hereby represents and warrants as of the date hereof as
follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I><U>Representations and Warranties</U></I>. The representations and warranties made by it in the Purchase
and Sale Agreement and each of the other Transaction Documents to which it is a party are true and correct in all material respects as of the date hereof unless such representations and warranties by their terms refer to an earlier date, in which
case they are true and correct in all material respects as of such earlier date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I><U>Enforceability</U></I>. The execution and delivery by it of this
Amendment, and the performance of its obligations under this Amendment, the RFA Amendment, the Purchase and Sale Agreement (as amended hereby) and the other Transaction Documents to which it is a party are within its organizational powers and have
been duly authorized by all necessary action on its part, and this Amendment, the RFA Amendment, the Purchase and Sale Agreement (as amended hereby) and the other Transaction Documents to which it is a party are (assuming due authorization and
execution by the other parties thereto) its valid and legally binding obligations, enforceable in accordance with their terms, except (i)&nbsp;as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting the enforcement of creditors&#146; rights generally and (ii)&nbsp;as such enforceability may be limited by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity
or at law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I><U>No Event of Default</U></I>. No Purchase and Sale Termination Event, Unmatured Purchase and Sale
Termination Event, Event of Default or Unmatured Event of Defau