AMENDMENT AMENDMENT, dated as of March 17, 1998 (this "Amendment"), to the Fifth Amended and Restated Credit Agreement, dated as of August 15, 1997 (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement"), among...
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Exhibit 99.1
EXECUTION COPY
AMENDMENT
AMENDMENT, dated as of March 17, 1998 (this "Amendment"), to the
Fifth Amended and Restated Credit Agreement, dated as of August 15, 1997 (as
amended, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among OUTDOOR SYSTEMS, INC. (the "Company"), MEDIACOM, INC. (the
"Canadian Borrower"; together with the Company, the "Borrowers"), the several
banks and other financial institutions from time to time parties thereto (the
"Lenders"), CANADIAN IMPERIAL BANK OF COMMERCE, as Canadian Administrative
Agent, and CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK AGENCY, as US
Administrative Agent (in such capacity, the "US Administrative Agent"; together
with the Canadian Administrative Agent, the "Agents").
W I T N E S S E T H:
WHEREAS, the Borrowers, the Lenders and the Agents are parties to
the Credit Agreement;
WHEREAS, the Borrowers have requested that the Lenders agree to
amend certain provisions of the Credit Agreement, and the Lenders are agreeable
to such request upon the terms and subject to the conditions set forth herein;
NOW, THEREFORE, in consideration of the premises and mutual
agreements contained herein, and for other valuable consideration the receipt of
which is hereby acknowledged, the Borrowers, the Lenders and the Agents hereby
agree as follows:
1. Definitions. All terms defined in the Credit Agreement shall have
such defined meanings when used herein unless otherwise defined herein.
2. Amendment of Subsection 9(j). Subsection 9(j) of the Credit
Agreement is hereby amended by replacing it with the following new clause (j):
"(j) (i) Except for the Designated Holders, any Person or "group"
(within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of
1934, as amended) (A) shall have acquired beneficial ownership of 20% or more of
any outstanding class of Capital Stock having ordinary voting power in the
election of directors of the Company or (B) shall obtain the power (whether or
not exercised) to elect a majority of the Company's directors, or (ii) the
aggregate amount of Capital Stock having ordinary voting power in the election
of directors of the Company held by the Designated Holders (on a fully diluted
basis) shall not constitute at least 25% of the issued and outstanding Capital
Stock having such voting power, or (iii) either of the Designated Holders shall
own fewer than 60% of the number of shares of Capital Stock of the Company of
any class held by them on the Closing Date (without giving effect to any stock
split or distribution of additional shares in respect thereof), or (iv) a
"Change of Control" (as
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defined in the Senior Subordinated 1996 Indenture or the Senior Subordinated
1997 Indenture) shall have occurred, or (v) the Board of Directors of the
Company shall not consist of a majority of Continuing Directors; as used in this
paragraph "Continuing Directors" shall mean the directors of the Company on the
Closing Date and each other director, if such other director's nomination for
election to the Board of Directors of the Company is recommended by a majority
of the then Continuing Directors; or"
3. Waiver. The Lenders hereby waive any Event of Default which may
have occurred prior to the date hereof under Section 9(j) of the Credit
Agreement as in effect before giving effect to this Amendment.
4. Conditions to Effectiveness. This Amendment shall become
effective on and as of the date that the US Administrative Agent shall have
received counterparts of this Amendment, duly executed and delivered by a duly
authorized officer of each of the Borrowers, and the Majority Lenders and
consented to by each Guarantor.
5. Limited Amendment. Except as expressly amended herein, the Credit
Agreement shall continue to be, and shall remain, in full force and effect. This
Amendment shall not be deemed to be a waiver of, or consent to, or a
modification or amendment of, any other term or condition of the Credit
Agreement (including, without limitation, the financial covenants set forth in
subsection 8.1) or any other Loan Document or to prejudice any other right or
rights which the Lenders may now have or may have in the future under or in
connection with the Credit Agreement or any of the instruments or agreements
referred to therein, as the same may be amended from time to time.
6. Counterparts. This Amendment may be executed by one or more of
the parties hereto in any number of separate counterparts, and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.
7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed and delivered by their respective duly authorized officers as of the
date first above written.
OUTDOOR SYSTEMS, INC.
By: /s/
-----------------------------------
Title:
MEDIACOM, INC.
By: /s/
-----------------------------------
Title:
CANADIAN IMPERIAL BANK OF COMMERCE, as
Canadian Administrative Agent and as a
Lender
By: /s/
-----------------------------------
Title:
CIBC INC., as a Lender
By: /s/
-----------------------------------
Title:
CANADIAN IMPERIAL BANK OF COMMERCE, NEW
YORK AGENCY, as US Administrative Agent
and as a Lender
By: /s/
-----------------------------------
Title:
4
ALLSTATE INSURANCE COMPANY
By: /s/
-----------------------------------
Title:
ALLSTATE LIFE INSURANCE COMPANY
By: /s/
-----------------------------------
Title:
ARCHIMEDES FUNDING, L.L.C.
By: /s/
-----------------------------------
Title:
BANK OF AMERICA NATIONAL TRUST
& SAVINGS ASSOCIATION
By: /s/
-----------------------------------
Title:
BANK OF AMERICA CANADA
By: /s/
-----------------------------------
Title:
BANK OF HAWAII
By: /s/
-----------------------------------
Title:
THE BANK OF MONTREAL, CHICAGO
BRANCH
By: /s/
-----------------------------------
Title:
0
XXX XXXX XX XXX XXXX
By: /s/
-----------------------------------
Title:
THE BANK OF NOVA SCOTIA
By: /s/
-----------------------------------
Title:
Xxx XXXX XX XXXX XXXXXX - XXXXXX
By: /s/
-----------------------------------
Title:
BANK ONE, ARIZONA, NA
By: /s/
-----------------------------------
Title:
BANKBOSTON, N.A.
By: /s/
-----------------------------------
Title:
BANQUE PARIBAS
By: /s/
-----------------------------------
Title:
By: /s/
-----------------------------------
Title:
BAYERISCHE VEREINSBANK A.G.
By: /s/
-----------------------------------
Title:
6
BEAR XXXXXXX INVESTMENT PRODUCTS, INC.
By: /s/
-----------------------------------
Title:
CAPTIVA FINANCE LTD.
By: /s/
-----------------------------------
Title:
CARILLON HOLDING, LTD.
By: /s/
-----------------------------------
Title:
CITY NATIONAL BANK
By: /s/
-----------------------------------
Title:
COMPAGNIE FINANCIERE DE CIC
ET DE L'UNION EUROPEENNE
By: /s/
-----------------------------------
Title:
By: /s/
-----------------------------------
Title:
CONTINENTAL ASSURANCE COMPANY
By: /s/
-----------------------------------
Title:
7
CORESTATES BANK, N.A.
By: /s/
-----------------------------------
Title:
CREDIT LYONNAIS, LOS ANGELES BRANCH
By: /s/
-----------------------------------
Title:
CREDIT LYONNAIS CANADA
By: /s/
-----------------------------------
Title:
CREDITANSTALT CORPORATE
FINANCE, INC.
By: /s/
-----------------------------------
Title:
DEEPROCK & COMPANY
By: /s/
-----------------------------------
Title:
DRESDNER BANK AG NEW YORK &
GRAND CAYMAN BRANCHES
By: /s/
-----------------------------------
Title:
DRESDNER BANK CANADA
By: /s/
-----------------------------------
Title:
8
FIRST HAWAIIAN BANK
By: /s/
-----------------------------------
Title:
FIRST NATIONAL BANK OF MARYLAND
By: /s/
-----------------------------------
Title:
FIRST UNION NATIONAL BANK
(f/k/a FIRST UNION BANK OF NORTH
CAROLINA
By: /s/
-----------------------------------
Title:
FLEET NATIONAL BANK
By: /s/
-----------------------------------
Title:
FLOATING RATE PORTFOLIO
By: /s/
-----------------------------------
Title:
THE FUJI BANK LIMITED, LOS
ANGELES AGENCY
By: /s/
-----------------------------------
Title:
9
GENERAL ELECTRIC CAPITAL
CORPORATION
By: /s/
-----------------------------------
Title:
IMPERIAL BANK, A CALIFORNIA
BANKING CORPORATION
By: /s/
-----------------------------------
Title:
INDOSUEZ CAPITAL FUNDING II, LIMITED
BY: INDOSUEZ CAPITAL, AS PORTFOLIO
ADVISOR
By: /s/
-----------------------------------
Title:
INDUSTRIAL BANK OF JAPAN, LTD.,
LOS ANGELES AGENCY
By: /s/
-----------------------------------
Title:
KZH-CRESCENT CORPORATION
By: /s/
-----------------------------------
Title:
KZH HOLDING CORPORATION III
By: /s/
-----------------------------------
Title:
10
KZH-ING HOLDING CORPORATION
By: /s/
-----------------------------------
Title:
KZH-SOLEIL CORPORATION
By: /s/
-----------------------------------
Title:
XXXXXX COMMERCIAL PAPER INC.
By: /s/
-----------------------------------
Title:
THE LONG TERM CREDIT BANK OF
JAPAN, LTD.
By: /s/
-----------------------------------
Title:
MASSACHUSETTS MUTUAL LIFE
INSURANCE COMPANY
By: /s/
-----------------------------------
Title:
MELLON BANK, N.A.
By: /s/
-----------------------------------
Title:
00
XXXXXX XXXX XXX. - XXX XXXX BRANCH
By: /s/
-----------------------------------
Title:
XXXXXXX XXXXX PRIME RATE PORTFOLIO
BY: XXXXXXX XXXXX ASSET MANAGEMENT,
L.P., AS INVESTMENT ADVISOR
By: /s/
-----------------------------------
Title:
XXXXXXX XXXXX SENIOR FLOATING
RATE FUND, INC.
By: /s/
-----------------------------------
Title:
METROPOLITAN LIFE INSURANCE
COMPANY
By: /s/
-----------------------------------
Title:
MICHIGAN NATIONAL BANK
By: /s/
-----------------------------------
Title:
THE MITSUBISHI TRUST AND BANKING
CORPORATION, LOS ANGELES AGENCY
By: /s/
-----------------------------------
Title:
12
NATIONAL CITY BANK
By: /s/
-----------------------------------
Title:
NORWEST BANK ARIZONA, N.A.
By: /s/
-----------------------------------
Title:
PARIBAS BANK OF CANADA
By: /s/
-----------------------------------
Title:
PARIBAS CAPITAL FUNDING L.L.C.
By: /s/
-----------------------------------
Title:
ROYALTON COMPANY
By: /s/
-----------------------------------
Title:
SENIOR DEBT PORTFOLIO
By: /s/
-----------------------------------
Title:
SOUTHERN PACIFIC BANK
By: /s/
-----------------------------------
Title:
13
STRATA FUNDING LTD.
By: /s/
-----------------------------------
Title:
THE SUMITOMO BANK, LIMITED, NEW
YORK BRANCH
By: /s/
-----------------------------------
Title:
THE SUMITOMO BANK OF CANADA
By: /s/
-----------------------------------
Title:
TCW LEVERAGED INCOME TRUST, L.P.
By: /s/
-----------------------------------
Title:
THE TRAVELERS INSURANCE COMPANY
By: /s/
-----------------------------------
Title:
UNION BANK OF CALIFORNIA NA
By: /s/
-----------------------------------
Title:
14
XXX XXXXXX AMERICAN CAPITAL
PRIME RATE INCOME TRUST
By: /s/
-----------------------------------
Title:
XXX XXXXXX CLO I, LIMITED
By: /s/
-----------------------------------
Title:
The undersigned hereby consent and agree
to the foregoing amendment.
OUTDOOR SYSTEMS PAINTING, INC.
By: /s/
-----------------------------------
Title:
OS ADVERTISING OF TEXAS
PAINTING, INC.
By: /s/
-----------------------------------
Title:
OS BASELINE, INC.
By: /s/
-----------------------------------
Title:
DECADE COMMUNICATIONS GROUP, INC.
By: /s/
-----------------------------------
Title:
15
BENCH ADVERTISING COMPANY OF
COLORADO, INC.
By: /s/
-----------------------------------
Title:
NEW YORK SUBWAYS ADVERTISING
CO., INC.
By: /s/
-----------------------------------
Title:
OUTDOOR SYSTEMS, INC.
By: /s/
-----------------------------------
Title:
OUTDOOR SYSTEMS (NEW YORK), INC.
By: /s/
-----------------------------------
Title:
OS BUS, INC.
By: /s/
-----------------------------------
Title:
NATIONAL ADVERTISING COMPANY
By: /s/
-----------------------------------
Title:
PACIFIC CONNECTION, INC.
By: /s/
-----------------------------------
Title:
