iHeartMedia 2009 Annual Report Download - page 117

The foregoing prepayments with the net cash proceeds of certain incurrences of debt and annual excess cash flow will be applied
(i) first to the term loans other than the term loan C - asset sale facility loans (on a pro rata basis) and (ii) second to the term loan C -
asset sale facility loans, in each case to the remaining installments thereof in direct order of maturity. The foregoing prepayments with
the net cash proceeds of the sale of assets (including casualty and condemnation events) will be applied (i) first to the term loan C -
asset sale facility loans and (ii) second to the other term loans (on a pro rata basis), in each case to the remaining installments thereof
in direct order of maturity.
The Company may voluntarily repay outstanding loans under its senior secured credit facilities at any time without premium or
penalty, other than customary “breakage” costs with respect to Eurocurrency rate loans.
The Company is required to repay the loans under its term loan facilities, after giving effect to the December 2009 prepayment of
$2.0 billion of term loans with proceeds from the issuance of subsidiary senior notes discussed elsewhere in Note G, as follows:
The Company is required to repay all borrowings under the receivables based facility and the revolving credit facility at their final
maturity in July 2014.
The senior secured credit facilities are guaranteed by each of the Company’s existing and future material wholly-owned domestic
restricted subsidiaries, subject to certain exceptions.
All obligations under the senior secured credit facilities, and the guarantees of those obligations, are secured, subject to permitted
liens and other exceptions, by:
The obligations of any foreign subsidiaries that are borrowers under the revolving credit facility will also be guaranteed by certain of
their material wholly-owned restricted subsidiaries, and secured by substantially all assets of all such borrowers and guarantors,
subject to permitted liens and other exceptions.
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• 100% of the net cash proceeds of any incurrence of certain debt, other than debt permitted under the senior secured
credit facilities.
• the term loan A facility will amortize in quarterly installments commencing on the third interest payment date after
the fourth anniversary of the closing date of the merger in annual amounts equal to 4.7% of the original funded
principal amount of such facility in year four, 10% thereafter, with the balance being payable on the final maturity
date (July 2014) of such term loans; and
• the term loan B facility and delayed draw facilities will be payable in full on the final maturity date (January 2016)
of such term loans; and
• the term loan C facility will amortize in quarterly installments on the first interest payment date after the third
anniversary of the closing date of the merger, in annual amounts equal to 2.5% of the original funded principal
amount of such facilities in years four and five and 1% thereafter, with the balance being payable on the final
maturity date (January 2016) of such term loans.
• a first-priority lien on the capital stock of Clear Channel;
• 100% of the capital stock of any future material wholly-owned domestic license subsidiary that is not a “Restricted
Subsidiary” under the indenture governing the Clear Channel senior notes;
• certain assets that do not constitute “principal property” (as defined in the indenture governing the Clear Channel
senior notes);
• certain assets that constitute “principal property” (as defined in the indenture governing the Clear Channel senior
notes) securing obligations under the senior secured credit facilities up to the maximum amount permitted to be
secured by such assets without requiring equal and ratable security under the indenture governing the Clear Channel
senior notes; and
• a second-priority lien on the accounts receivable and related assets securing our receivables based credit facility.