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Title: |
Credit Agreement |
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Entities: |
Ashland Inc.; Chase Manhattan Bank; J.P. Morgan Securities Inc.; Lamar Advantage Outdoor Co LP; Lamar Media Corp.; Wachovia Bank, NA; Milbank, Tweed, Hadley & McCloy |
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Date: |
2003 |
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Size: |
Preview shows 8KB of 610KB total |
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Price: |
$99 |
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ID: |
#2569027 |
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LAMAR MEDIA CORP.
-----------------------------
CREDIT AGREEMENT
Dated as of March 7, 2003
------------------------------
J.P. MORGAN SECURITIES INC.
as Lead Arranger and Book Manager
JPMORGAN CHASE BANK
as Administrative Agent
WACHOVIA BANK, NATIONAL ASSOCIATION and
SUN TRUST BANK,
as Co-Syndication Agents
================================================================================
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
ARTICLE I
Definitions
SECTION 1.01. Defined Terms......................................................................... 1
SECTION 1.02. Classification of Loans and Borrowings................................................ 26
SECTION 1.03. Terms Generally....................................................................... 26
SECTION 1.04. Accounting Terms; GAAP................................................................ 26
SECTION 1.05. Subsidiaries; Designation of Unrestricted Subsidiaries................................ 27
ARTICLE II
The Credits
SECTION 2.01. Commitments........................................................................... 28
SECTION 2.02. Loans and Borrowings.................................................................. 29
SECTION 2.03. Requests for Borrowings............................................................... 30
SECTION 2.04. Letters of Credit..................................................................... 31
SECTION 2.05. Funding of Borrowings................................................................. 35
SECTION 2.06. Interest Elections.................................................................... 36
SECTION 2.07. Termination and Reduction of Commitments.............................................. 37
SECTION 2.08. Repayment of Loans; Evidence of Debt.................................................. 38
SECTION 2.09. Prepayment of Loans................................................................... 42
SECTION 2.10. Fees.................................................................................. 45
SECTION 2.11. Interest.............................................................................. 47
SECTION 2.12. Alternate Rate of Interest............................................................ 48
SECTION 2.13. Increased Costs....................................................................... 48
SECTION 2.14. Break Funding Payments................................................................ 49
SECTION 2.15. Taxes................................................................................. 50
SECTION 2.16. Payments Generally; Pro Rata Treatment; Sharing Of Set-Offs........................... 52
SECTION 2.17. Mitigation Obligations; Replacement of Lenders........................................ 54
ARTICLE III
Guarantee by Subsidiary Guarantors
SECTION 3.01. The Guarantee......................................................................... 55
SECTION 3.02. Obligations Unconditional............................................................. 55
SECTION 3.03. Reinstatement......................................................................... 56
{/TABLE}
(i)
{PAGE}
{TABLE}
{S} {C}
SECTION 3.04. Subrogation........................................................................... 57
SECTION 3.05. Remedies.............................................................................. 57
SECTION 3.06. Instrument for the Payment of Money................................................... 57
SECTION 3.07. Continuing Guarantee.................................................................. 57
SECTION 3.08. Rights of Contribution................................................................ 57
SECTION 3.09. General Limitation on Guarantee Obligations........................................... 58
ARTICLE IV
Representations and Warranties
SECTION 4.01. Organization; Powers.................................................................. 59
SECTION 4.02. Authorization; Enforceability......................................................... 59
SECTION 4.03. Governmental Approvals; No Conflicts.................................................. 59
SECTION 4.04. Financial Condition; No Material Adverse Change....................................... 59
SECTION 4.05. Properties............................................................................ 60
SECTION 4.06. Litigation and Environmental Matters.................................................. 60
SECTION 4.07. Compliance with Laws and Agreements................................................... 61
SECTION 4.08. Investment and Holding Company Status................................................. 61
SECTION 4.09. Taxes................................................................................. 61
SECTION 4.10. ERISA................................................................................. 61
SECTION 4.11. Disclosure............................................................................ 62
SECTION 4.12. Capitalization........................................................................ 62
SECTION 4.13. Material Agreements and Liens......................................................... 62
SECTION 4.14. Subsidiaries, Etc..................................................................... 63
SECTION 4.15. Holdings Indenture.................................................................... 63
ARTICLE V
Conditions
SECTION 5.01. Effective Date........................................................................ 64
SECTION 5.02. Incremental Loan Borrowings........................................................... 66
SECTION 5.03. Each Extension of Credit.............................................................. 67
ARTICLE VI
Affirmative Covenants
SECTION 6.01. Financial Statements and Other Information............................................ 68
SECTION 6.02. Notices of Material Events............................................................ 71
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