THIRD AMENDMENT TO
FOURTH AMENDED AND RESTATED
REVOLVING CREDIT AND TERM LOAN AGREEMENT
This THIRD AMENDMENT TO FOURTH AMENDED AND RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT, dated as
of November 30, 2001 (this "Amendment"), is by and among EMMIS OPERATING COMPANY, an Indiana corporation (as
---------
successor in interest to Emmis Communications Corporation) ("Emmis"), TORONTO DOMINION (TEXAS), INC., as
-----
administrative agent (the "Administrative Agent"), FLEET NATIONAL BANK (f/k/a BankBoston, N.A.), as documentation
-------------- -----
agent (the "Documentation Agent"), FIRST UNION NATIONAL BANK, as syndication agent (the "Syndication Agent"),
------------- ----- ----------- -----
Credit Suisse First Boston, as co-documentation agent (the "Co-Documentation Agent", and together with the
---------------- -----
Administrative Agent, the Documentation Agent, and the Syndication Agent, the "Agents"), and the lending
------
institutions which are or may become parties to the Credit Agreement (as defined below) from time to time
(collectively, the "Lenders"). Capitalized terms used herein without definition shall have the meanings assigned
-------
to such terms in the Credit Agreement referred to below.
WHEREAS, Emmis, the Lenders and the Agents are parties to a Fourth Amended and Restated Revolving Credit
and Term Loan Agreement, dated as of December 29, 2000 (as amended, restated, supplemented or otherwise modified
and in effect from time to time, the "Credit Agreement"), pursuant to which the Lenders have made loans and
------ ---------
otherwise extended credit to Emmis on the terms and subject to the conditions set forth therein;
WHEREAS, Emmis, the Lenders and the Agents have agreed to modify certain terms and conditions of the
Credit Agreement as specifically set forth in this Amendment;
NOW THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, Emmis, the Lenders and the Agents hereby agree as
follows:
§1. Amendment to §1.1 of the Credit Agreement. (a) Section 1.1 of the Credit Agreement is hereby
--------- -- --- -- --- ------ ---------
amended by deleting the definition of "Applicable Margin" set forth in such §1.1 in its entirety and substituting
---------- ------
in lieu thereof the following new definition:
"Applicable Margin. For each period commencing on an Adjustment Date through the date
------------------
immediately preceding the next Adjustment Date (each a "Rate Adjustment Period"), the Applicable Margin
---- ---------- ------
for each Type of Loan of each Tranche shall be the applicable margin set forth below for such Type and
Tranche with respect to the Total Leverage Ratio, as determined for the Reference Period ending on the
fiscal quarter ended immediately prior to the applicable Rate Adjustment Period:
----------- --------------- ------------------------------------ ---------------------------------
Revolving Credit Loans & Tranche A Tranche B Term Loan
Term Loan
----------- --------------- ------------------------------------ ---------------------------------
----------- --------------- -------------- ------------------
Total
Leverage Base Rate Loans Eurodollar Rate Base Rate Eurodollar Rate
Level Ratio Loans Loans Loans
----------- --------------- ---------------- ------------------- -------------- ------------------
----------- --------------- ---------------- ------------------- -------------- ------------------
I Greater than
or equal to
8.25:1.00 2.25% 3.25% 2.50% 3.50%
----------- --------------- ---------------- ------------------- -------------- ------------------
----------- --------------- ---------------- ------------------- -------------- ------------------
II Less than
8.25:1.00 but
greater than 2.00% 3.00% 2.50% 3.50%
or equal to
7.00:1.00
----------- --------------- ---------------- ------------------- -------------- ------------------
----------- --------------- ---------------- ------------------- -------------- ------------------
III Less than
7.00:1.00 but
greater than 1.75% 2.75% 2.50% 3.50%
or equal to
6.50:1.00
----------- --------------- ---------------- ------------------- -------------- ------------------
----------- --------------- ---------------- ------------------- -------------- ------------------
IV Less than
6.50:1.00 but
greater than 1.50% 2.50% 2.50% 3.50%
or equal to
6.00:1.00
----------- --------------- ---------------- ------------------- -------------- ------------------
----------- --------------- ---------------- ------------------- -------------- ------------------
V Less than
6.00:1.00 but
greater than 1.25% 2.25% 2.50% 3.50%
or equal to
5.50:1.00
----------- --------------- ---------------- ------------------- -------------- ------------------
----------- --------------- ---------------- ------------------- -------------- ------------------
VI Less than
5.50:1.00 but
greater than 1.00% 2.00% 2.50% 3.50%
or equal to
5.00:1.00
----------- --------------- ---------------- ------------------- -------------- ------------------
----------- --------------- ---------------- ------------------- -------------- ------------------
VII Less than
5.00:1.00 but
greater than 0.75% 1.75% 2.25% 3.25%
or equal to
4.50:1.00
----------- --------------- ---------------- ------------------- -------------- ------------------
----------- --------------- ---------------- ------------------- -------------- ------------------
VIII Less than
4.50:1.00
0.50% 1.50% 2.25% 3.25%
----------- --------------- ---------------- ------------------- -------------- ------------------
Notwithstanding the foregoing, from and after the Third Amendment Effective Date through the
end of the Rate Adjustment Period during which the Third Amendment Effective Date occurs, the Applicable
Margin for all Loans shall be that percentage corresponding to Level II in the table above; provided
--------
that the Applicable Margin for all Loans shall be increased by 0.25% on each of June 1, 2002, September
1, 2002 and December 1, 2002 (each such date, a "Step-up Date") (each such increase in the Applicable
------- ----
Margin, a "Step-Up"); and provided, further, if the Senior Leverage Ratio is less than 5.00:1.00 for any
------- -------- -------
period of two (2) consecutive fiscal quarters ending after the Third Amendment Effective Date as
demonstrated in the financial statements and the Compliance Certificate delivered pursuant to §10.4 for
each such fiscal quarter, the Applicable Margin shall thenceforth be determined by reference to the
Total Leverage Ratio as set forth in the above table without regard to any Step-Up.
If the Borrower fails to deliver any Compliance Certificate pursuant to §10.4(c), then for the
period commencing on the second Business Day following the date on which the Compliance Certificate was
to be delivered pursuant to §10.4(c) through the earlier to occur of (i) the date immediately following
the date on which such Compliance Certificate is delivered or (ii) the 10th Business Day following such
Adjustment Date, the Applicable Margin shall be the Applicable Margin then in effect, provided that if
-------- ----
upon delivery, such Compliance Certificate shows the Applicable Margin should have increased during such
period, the Applicable Margin will be increased retroactively to such Adjustment Date. If the Borrower
fails to deliver a Compliance Certificate pursuant to §10.4(c) and such Compliance Certificate has not
been delivered on or prior to the 10th Business Day following the day on which such Compliance
Certificate was required to be delivered, then commencing on the 11th Business Day following the day on
which such Compliance Certificate was required to be delivered, and continuing through the date on which
Compliance Certificate is delivered, then the Applicable Margin shall be the highest Applicable Margin
set forth above."
(b) Section 1.1 of the Credit Agreement is hereby further amended by adding the following new
definition to such §1.1 in appropriate alphabetical order:
"Third Amendment Effective Date. The date on which each of the conditions precedent set forth
----- --------- --------- ----
in §8 of the Third Amendment, dated as of November 30, 2001, to this Credit Agreement, have been
satisfied."
§2. Amendment to §12.1 of the Credit Agreement. Section 12.1 of the Credit Agreement is hereby
--------- -- ---- -- --- ------ ---------
amended by deleting the text of such §12.1 in its entirety and substituting in lieu thereof the following text:
12.1. Total Leverage Ratio. The Borrower will not permit the Total Leverage Ratio as of the
----------------------
last day of each fiscal quarter of the Borrower ending during any period described in the table set
forth below to exceed the ratio set forth opposite such period in such table:
--------------------------------------------------- ---------------------------------------------
Period (inclusive of dates) Ratio
------- -----
--------------------------------------------------- ---------------------------------------------
--------------------------------------------------- ---------------------------------------------
date hereof -- 5/31/01 7.25:1.00
--------------------------------------------------- ---------------------------------------------
--------------------------------------------------- ---------------------------------------------
6/1/01 -- 8/31/01 7.00:1.00
--------------------------------------------------- ---------------------------------------------
--------------------------------------------------- ---------------------------------------------
9/1/01 -- 11/30/02 8.50:1.00
--------------------------------------------------- ---------------------------------------------
--------------------------------------------------- ---------------------------------------------
12/1/02 -- 2/28/03 6.00:1.00
--------------------------------------------------- ---------------------------------------------
--------------------------------------------------- ---------------------------------------------
3/1/03 -- 8/31/03 5.50:1.00
--------------------------------------------------- ---------------------------------------------
--------------------------------------------------- ---------------------------------------------
9/1/03 -- 2/29/04 5.00:1.00
--------------------------------------------------- ---------------------------------------------
--------------------------------------------------- ---------------------------------------------
3/1/04 -- 8/31/04 4.50:1.00
--------------------------------------------------- ---------------------------------------------
--------------------------------------------------- ---------------------------------------------
Thereafter 4.00:1.00
--------------------------------------------------- ---------------------------------------------
; provided, however, if after November 20, 2001 but on or before February 28, 2002, the Borrower
-------- -------
receives at least $300,000,000 of gross cash proceeds from the issuance of Additional Subordinated Debt
permitted hereunder and applies one hundred percent (100%) of the net cash proceeds from such issuance
of Additional Subordinated Debt to the prepayment of the Loans in accordance with §§5.4 and 5.5 or, if
§§5.4 and 5.5 are no longer applicable, §§3.4, 4.4 and/or 2.10.3 with a corresponding permanent reduction
in the Total Revolving Credit Commitment, then the Borrower will not permit the Total Leverage Ratio as
of the last day of each fiscal quarter of the Borrower ending during any period described in the table
set forth below to exceed the ratio set forth opposite such period in such table:
--------------------------------------------------- ---------------------------------------------
Period (inclusive of dates) Ratio
------- -----
--------------------------------------------------- ---------------------------------------------
--------------------------------------------------- ---------------------------------------------
9/1/01 -- 11/30/02 8.50:1.00
--------------------------------------------------- ---------------------------------------------
--------------------------------------------------- ---------------------------------------------
12/1/02 -- 5/31/03 8.00:1.00
--------------------------------------------------- ---------------------------------------------
--------------------------------------------------- ---------------------------------------------
6/1/03 -- 8/31/03 7.75:1.00
--------------------------------------------------- ---------------------------------------------
--------------------------------------------------- ---------------------------------------------
9/1/03 -- 2/29/04 5.00:1.00
--------------------------------------------------- ---------------------------------------------
--------------------------------------------------- ---------------------------------------------
3/1/04 -- 8/31/04 4.50:1.00
--------------------------------------------------- ---------------------------------------------
--------------------------------------------------- ---------------------------------------------
Thereafter 4.00:1.00
--------------------------------------------------- ---------------------------------------------
§3. Amendment to §12.2 of the Credit Agreement. Section 12.2 of the Credit Agreement is hereby
--------- -- ---- -- --- ------ ---------
amended by deleting the text of such §12.2 in its entirety and substituting in lieu thereof the following text:
12.2. Senior Leverage Ratio. The Borrower will not permit the Senior Leverage Ratio as of the
-----------------------
last day of each fiscal quarter of the Borrower ending during any period described in the table set
forth below to exceed the ratio set forth opposite such period in such table:
-------------------------------------------------- -----------------------------------------------
Period (inclusive of dates) Ratio
------ -----
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
date hereof -- 5/31/01 5.85:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
6/1/01 -- 8/31/01 5.75:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
9/1/01 -- 11/30/02 6.50:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
12/1/02 -- 2/28/03 4.75:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
3/1/03 -- 8/31/03 4.25:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
9/1/03 -- 2/29/04 3.75:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
3/1/04 -- 8/31/04 3.25:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
Thereafter 3.00:1.00
-------------------------------------------------- -----------------------------------------------
; provided, however, if after November 20, 2001 but on or prior to February 28, 2002, the Borrower
-------- -------
receives at least $300,000,000 of gross cash proceeds from the issuance of Additional Subordinated Debt
permitted hereunder and applies one hundred percent (100%) of the net cash proceeds from such issuance
of Additional Subordinated Debt to the prepayment of the Loans in accordance with §§5.4 and 5.5 or, if
§§5.4 and 5.5 are no longer applicable, §§3.4, 4.4 and/or 2.10.3 with a corresponding permanent reduction
in the Total Revolving Credit Commitment, then (a) for the fiscal quarter ending immediately prior to
the issuance of such Additional Subordinated Debt, the Borrower will not permit the Senior Leverage
Ratio as of the last day of such fiscal quarter to exceed the applicable ratio for such fiscal quarter
in the table set forth above, and (b) commencing with the fiscal quarter in which such Additional
Subordinated Debt is raised, the Borrower will not permit the Senior Leverage Ratio as of the last day
of each fiscal quarter of the Borrower ending during any period described in the table set forth below
to exceed the ratio set forth opposite such period in such table:
-------------------------------------------------- -----------------------------------------------
Period (inclusive of dates) Ratio
------ -----
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
Fiscal quarter in which the Borrower receives at 5.00:1.00
least $300,000,000 of gross cash proceeds from
the issuance of Additional Subordinated Debt
permitted hereunder and applies the net cash
proceeds from such issuance to the prepayment of
the Loans as set forth above -- 11/30/02
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
12/1/02 -- 5/31/03 4.50:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
6/1/03 -- 8/31/03 4.25:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
9/1/03 -- 2/29/04 3.75:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
3/1/04 -- 8/31/04 3.25:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
Thereafter 3.00:1.00
-------------------------------------------------- -----------------------------------------------
§4. Amendment to §12.3 of the Credit Agreement. Section 12.3 of the Credit Agreement is hereby
--------- -- ---- -- --- ------ ---------
amended by deleting the text of such §12.3 in its entirety and substituting in lieu thereof the following table:
12.3. Interest Coverage Ratio. The Borrower will not permit the Interest Coverage Ratio as of
-------------------------
the last day of each fiscal quarter of the Borrower ending during any period described in the table set
forth below to be less than the ratio set forth opposite such period in such table:
-------------------------------------------------- -----------------------------------------------
Period (inclusive of dates) Ratio
------ -----
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
date hereof -- 8/31/01 1.50:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
9/1/01 -- 11/30/02 1.40:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
12/1/02 -- 2/28/03 2.00:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
3/1/03 -- 2/29/04 2.25:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
3/1/04 -- 2/28/05 2.50:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
Thereafter 3.00:1.00
-------------------------------------------------- -----------------------------------------------
; provided, however, if after November 20, 2001 but on or prior to February 28, 2002, the Borrower
-------- -------
receives at least $300,000,000 of gross cash proceeds from the issuance of Additional Subordinated Debt
permitted hereunder and applies one hundred percent (100%) of the net cash proceeds from such issuance
of Additional Subordinated Debt to the prepayment of the Loans in accordance with §§5.4 and 5.5 or, if
§§5.4 and 5.5 are no longer applicable, §§3.4, 4.4 and/or 2.10.3 with a corresponding permanent reduction
in the Total Revolving Credit Commitment, then the Borrower will not permit the Interest Coverage Ratio
as of the last day of each fiscal quarter of the Borrower ending during any period described in the
table set forth below to be less than the ratio set forth opposite such period in such table:
-------------------------------------------------- -----------------------------------------------
Period (inclusive of dates) Ratio
------ -----
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
9/1/01 -- 2/28/03 1.40:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
3/1/03 -- 8/31/03 1.50:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
9/1/03 -- 2/29/04 2.25:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
3/1/04 -- 2/28/05 2.50:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
Thereafter 3.00:1.00
-------------------------------------------------- -----------------------------------------------
§5. Amendment to §12.4 of the Credit Agreement. Section 12.4 of the Credit Agreement is hereby
--------- -- ---- -- --- ------ ---------
amended by deleting the text of such §12.4 in its entirety and substituting in lieu thereof the following table:
12.4. Pro Forma Fixed Charge Coverage Ratio. As at the end of each fiscal quarter of the
-----------------------------------------
Borrower ending during any period described in the table set forth below, the Borrower will not permit
the Pro Forma Fixed Charge Coverage Ratio to be less than the ratio set forth opposite such period in
such table:
-------------------------------------------------- -----------------------------------------------
Period (inclusive of dates) Ratio
------ -----
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
date hereof -- 8/31/01 1.10:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
9/1/01 -- 11/30/02 1.05:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
Thereafter 1.10:1.00
-------------------------------------------------- -----------------------------------------------
; provided, however, if after November 20, 2001 but on or prior to February 28, 2002, the Borrower
-------- -------
receives at least $300,000,000 of gross cash proceeds from the issuance of Additional Subordinated Debt
permitted hereunder and applies one hundred percent (100%) of the net cash proceeds from such issuance
of Additional Subordinated Debt to the prepayment of the Loans in accordance with §§5.4 and 5.5 or, if
§§5.4 and 5.5 are no longer applicable, §§3.4, 4.4 and/or 2.10.3 with a corresponding permanent reduction
in the Total Revolving Credit Commitment, then the Borrower will not permit the Pro Forma Fixed Charge
Coverage Ratio as of the last day of each fiscal quarter of the Borrower ending during any period
described in the table set forth below to be less than the ratio set forth opposite such period in such
table:
-------------------------------------------------- -----------------------------------------------
Period (inclusive of dates) Ratio
------ -----
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
9/1/01 -- 8/31/03 1.05:1.00
-------------------------------------------------- -----------------------------------------------
-------------------------------------------------- -----------------------------------------------
Thereafter 1.10:1.00
-------------------------------------------------- -----------------------------------------------
§6. Amendment to §5.2 of the Credit Agreement. Section 5.2 of the Credit Agreement is hereby
--------- -- --- -- --- ------ ---------
amended by adding the following additional proviso immediately following the proviso set forth in such §5.2:
"; provided, further, for the period commencing on the Third Amendment Effective Date through (A)
-------- -------
November 30, 2002 or (B) August 31, 2003 if on or prior to February 28, 2002, the Borrower receives at
least $300,000,000 of gross cash proceeds from the issuance of Additional Subordinated Debt permitted
hereunder and applies one hundred percent (100%) of the net cash proceeds from such issuance of
Additional Subordinated Debt to the prepayment of the Loans in accordance with §§5.4 and 5.5 or, if
§§5.4 and 5.5 are no longer applicable, §§3.4, 4.4 and/or 2.10.3 with a corresponding permanent reduction
in the Total Revolving Credit Commitment, the Borrower shall not use any portion of such Net Cash Sale
Proceeds to consummate any Permitted Acquisition or investment permitted under §11.3 but shall
immediately apply all such Net Cash Sale Proceeds to prepay the Loans in the manner set forth in §5.5".
§7. Amendment to §5.3 of the Credit Agreement. Section 5.3 of the Credit Agreement is hereby
--------- -- --- -- --- ------ ---------
amended by adding the following additional proviso immediately following the second proviso set forth in such
§5.3:
"; provided, further, for the period commencing on the Third Amendment Effective Date through (A)
-------- -------
November 30, 2002 or (B) August 31, 2003 if on or prior to February 28, 2002, the Borrower receives at
least $300,000,000 of gross cash proceeds from the issuance of Additional Subordinated Debt permitted
hereunder and applies one hundred percent (100%) of the net cash proceeds from such issuance of
Additional Subordinated Debt to the prepayment of the Loans in accordance with §§5.4 and 5.5 or, if
§§5.4 and 5.5 are no longer applicable, §§3.4, 4.4 and/or 2.10.3 with a corresponding permanent reduction
in the Total Revolving Credit Commitment, the Borrower shall not use any portion of such Net Cash Equity
Issuance Proceeds to consummate any Permitted Acquisition but shall apply all such Net Cash Equity
Issuance Proceeds to prepay the Loans in the manner set forth in §5.5".
§8. Conditions to Effectiveness. This Amendment shall become effective upon the satisfaction of
---------- -- -------------
each of the following conditions precedent:
(a) the Administrative Agent shall have received a counterpart signature page to this Amendment
duly executed and delivered by Emmis, the Subsidiaries of Emmis listed on the signature pages hereto and the
Required Lenders;
(b) the Borrower shall have permanently reduced the Total Revolving Credit Commitment by an amount
equal to at least $100,000,000 pursuant to §2.3 of the Credit Agreement, and by its signature hereto shall be
deemed to have given notice to the Administrative Agent of such reduction required by such §2.3 of the Credit
Agreement; and
(c) Emmis shall have paid to the Administrative Agent, for the pro rata account of each of the
--- ----
Lenders which shall have returned to the Administrative Agent an executed signature page to this Amendment on or
prior to November 30, 2001, an amendment fee in an amount equal to twenty-five hundredths of one percent (0.25%)
of such Lender's pro rata share of the Total Commitment (as in effect after giving effect to this Amendment).
--- ----
§9. Affirmation of Emmis. Emmis hereby affirms all of its Obligations under the Credit Agreement
----------- -- -----
and under each of the other Loan Documents to which it is a party and hereby affirms its absolute and
unconditional promise to pay to the Lenders the Loans and all other amounts due under the Credit Agreement (as
amended hereby) and the other Loan Documents.
§10. Representations and Warranties. Emmis hereby represents and warrants to the Lenders and the
--------------- --- ----------
Administrative Agent as follows:
(a) Representations and Warranties. Each of the representations and warranties contained in §9 of
--------------- --- ----------
the Credit Agreement were true and correct in all material respects when made, and, after giving effect to this
Amendment, are true and correct in all material respects on and as of the date hereof, except to the extent that
such representations and warranties relate specifically to a prior date.
(b) Enforceability. The execution and delivery by Emmis of this Amendment, and the performance by
--------------
Emmis of this Amendment and the Credit Agreement, as amended hereby, are within the corporate authority of Emmis
and have been duly authorized by all necessary corporate proceedings. This Amendment and the Credit Agreement,
as amended hereby, constitute valid and legally binding obligations of Emmis, enforceable against it in
accordance with their terms, except as limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws relating to or affecting the enforcement of creditors' rights in general.
(c) No Default. No Default or Event of Default has occurred and is continuing, and after giving
-- -------
effect to this Amendment, no Default or Event of Default will result from the execution, delivery and performance
by Emmis of this Amendment or from the consummation of the transactions contemplated herein.
§11. No Other Amendments, etc. Except as expressly provided in this Amendment, (a) all of the terms
-- ----- ---------- ---
and conditions of the Credit Agreement and the other Loan Documents remain unchanged, and (b) all of the terms
and conditions of the Credit Agreement, as amended hereby, and of the other Loan Documents are hereby ratified
and confirmed and remain in full force and effect. Nothing herein shall be construed to be an amendment, consent
or a waiver of any requirements of Emmis or of any other Person under the Credit Agreement or any of the other
Loan Documents except as expressly set forth herein. Nothing in this Amendment shall be construed to imply any
willingness on the part of the Administrative Agent or the Lenders to grant any similar or future amendment,
consent or waiver of any of the terms and conditions of the Credit Agreement or the other Loan Documents.
§12. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by
--------- -- ------------
each party on a separate counterpart, each of which when so executed and delivered shall be an original, but all
of which together shall constitute one instrument. In proving this Amendment, it shall not be necessary to
produce or account for more than one such counterpart signed by the party against whom enforcement is sought.
§13. Miscellaneous. This Amendment shall for all purposes be construed in accordance with and
-------------
governed by the laws of the State of New York. The captions in this Amendment are for convenience of reference
only and shall not define or limit the provisions hereof. Emmis agrees to pay to the Administrative Agent, on
demand by the Administrative Agent, all reasonable out-of-pocket costs and expenses incurred or sustained by the
Administrative Agent in connection with the preparation of this Amendment, including reasonable legal fees.
[Signature pages for amendment have been ommitted]
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned thereunto duly authorized.
EMMIS COMMUNICATIONS CORPORATION
Date: December 3, 2001 By: /s/ XXXXXX X. XXXXXX
Xxxxxx X. Xxxxxx
Executive Vice President
(Authorized Corporate Officer),
Chief Financial Officer and
Treasurer