SEC Contract Filing

Filing Date: 2023-11-15

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d350145dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit 10.1 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Execution Version </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>AMENDMENT NO.&nbsp;9 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS AMENDMENT NO. 9, dated as of November 13, 2023 (this &#147;<U>Amendment</U>&#148;) is among Audacy Capital Corp. (formerly known as
ENTERCOM MEDIA CORP.), a Delaware corporation (the &#147;<U>Borrower</U>&#148;), the Guarantors party hereto, and the Lenders (constituting the Required Lenders) party hereto. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>RECITALS </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS,
reference is made to that certain Credit Agreement, dated as of October&nbsp;17, 2016 (as amended by that certain Amendment No.&nbsp;1, dated as of March&nbsp;3, 2017, that certain Amendment No.&nbsp;2, dated as of November&nbsp;17, 2017, that
certain Amendment No.&nbsp;3, dated as of April&nbsp;30, 2019, that certain Amendment No.&nbsp;4, dated as of December&nbsp;13, 2019, that certain Amendment No.&nbsp;5, dated as of July&nbsp;20, 2020, that certain Amendment No.&nbsp;6, dated as of
March&nbsp;5, 2021, that certain Amendment No.&nbsp;7, dated as of June&nbsp;15, 2023, that certain Amendment No.&nbsp;8, dated as of November&nbsp;3, 2023, and as further amended, restated, amended and restated, supplemented and/or otherwise
modified from time to time prior to the date hereof, the &#147;<U>Existing Credit Agreement</U>&#148; and as further amended by this Amendment, the &#147;<U>Credit Agreement</U>&#148;), among the Borrower, the Guarantors from time to time party
thereto, the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent for the Lenders and as collateral agent for the Secured Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, pursuant Section&nbsp;8.01(a) of the Existing Credit Agreement, an Event of Default shall occur if any Loan Party fails to pay within
eleven (11)&nbsp;Business Days after the same becomes due, any interest on any Loan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the failure by the Borrower and the other
Loan Parties to make (i)&nbsp;the scheduled payments of interest due and payable on October&nbsp;31, 2023 as required under Section&nbsp;2.08(b) of the Existing Credit Agreement on or before November&nbsp;15, 2023 and (ii)&nbsp;the scheduled payment
of interest due and payable on November&nbsp;8, 2023 as required under Section&nbsp;2.08(b) of the Existing Credit Agreement on or before November&nbsp;27, 2023 will, in each case, constitute an Event of Default under Section&nbsp;8.01(a) of the
Existing Credit Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, pursuant to Section&nbsp;10.01 of the Existing Credit Agreement, the Loan Parties and the Required
Lenders can amend certain terms of Section&nbsp;8.01(a) of the Existing Credit Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Loan Parties have requested that
the Required Lenders modify certain terms and conditions hereafter set forth, and subject to the terms and conditions hereof, the Required Lenders are willing to do so. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree 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>Definitions</U>. Capitalized terms used in this Amendment but not otherwise defined herein shall have the same meanings given to them in the Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2 <U>Amendments to Credit Agreement</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1 Effective as of the Amendment No.&nbsp;9 Effective Date, Section&nbsp;8.01(a) of the Existing Credit Agreement is hereby amended and
restated in its entirety to read as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;(a) <I><FONT STYLE="white-space:nowrap">Non-Payment</FONT></I>. Any Loan Party fails to
pay (i)&nbsp;when and as required to be paid herein, any amount of principal of any Loan, (ii)&nbsp;within fourteen (14)&nbsp;Business Days after the same becomes due, any interest on any Loan or (iii)&nbsp;within fourteen (14)&nbsp;Business Days
after the same becomes due, any other amount payable hereunder or under any other Loan Document; or &#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2 Effective as of the
Amendment No.&nbsp;9 Effective Date, the Existing Credit Agreement is hereby ame