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<SEC-DOCUMENT>0000950134-08-010554.txt : 20080602
<SEC-HEADER>0000950134-08-010554.hdr.sgml : 20080602
<ACCEPTANCE-DATETIME>20080602150348
ACCESSION NUMBER:		0000950134-08-010554
CONFORMED SUBMISSION TYPE:	S-4
PUBLIC DOCUMENT COUNT:		11
FILED AS OF DATE:		20080602
DATE AS OF CHANGE:		20080602

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			C C Media Holdings Inc
		CENTRAL INDEX KEY:			0001400891
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-151345
		FILM NUMBER:		08873587

	BUSINESS ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		STREET 2:		C/O THOMAS H. LEE PARTNERS, L.P.
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-227-1050

	MAIL ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		STREET 2:		C/O THOMAS H. LEE PARTNERS, L.P.
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BT Triple Crown Capital Holdings III, Inc.
		DATE OF NAME CHANGE:	20070524
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-4
<SEQUENCE>1
<FILENAME>d57053sv4.htm
<DESCRIPTION>FORM S-4
<TEXT>
<HTML>
<HEAD>
<TITLE>sv4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As
filed with the Securities and Exchange Commission on June&nbsp;2, 2008</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Registration No.&nbsp;333-______</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>



<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>Form&nbsp;S-4</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>



<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>CC MEDIA HOLDINGS, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><I>(Exact name of registrant as specified in its charter)</I></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>4832</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>26-0241222</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>(State or other jurisdiction of</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>(Primary Standard Industrial</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>(I.R.S. Employer</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>incorporation or organization)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>Classification Code Number)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>Identification Number)</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>One International Place<BR>
36th Floor<BR>
Attn.: David C. Chapin<BR>
Boston, MA 02110<BR>
(617)&nbsp;951-7000</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>(Address, including zip code, and telephone number, including area code, of registrant&#146;s principal executive offices)</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>John P. Connaughton</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Scott M. Sperling</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Bain Capital Partners, LLC</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Thomas H. Lee Partners, L.P.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>111 Huntington Avenue</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>100 Federal Street</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Boston, MA 02199</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Boston, MA 02110</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(617)&nbsp;516-2000</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(617)&nbsp;227-1050</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>(Name, address, including zip code, and telephone number, including area code, of agent for service)</I><BR>
<B><I>Copies to:</I></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Andrew W. Levin</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>C.N. Franklin Reddick, Esq.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>David C. Chapin, Esq.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Executive Vice President,</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Akin Gump Strauss Hauer &#038; Feld LLP</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Ropes &#038; Gray LLP</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Chief Legal Officer and Secretary</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>2029 Century Park East, Suite&nbsp;2400</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>One International Place</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Clear Channel Communications, Inc.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Los Angeles, CA 90067</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Boston, MA 02110</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>200 East Basse</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(310)&nbsp;229-1000</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(617)&nbsp;951-7000</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>San Antonio, TX 78209</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(210)&nbsp;822-2828</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Approximate date of commencement of proposed sale of securities to the public: </B>As promptly as
practicable after the effective date of this registration statement
</DIV>

<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the securities being registered on this Form are being offered in connection with the
formation of a holding company and there is compliance with General Instruction G, check the
following box. <FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. <FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities
Act, check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering. <FONT face="Wingdings">&#111;</FONT>
</DIV>




<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated filer
    or a smaller reporting company. See the definitions of
    &#147;large accelerated filer&#148;, &#147;accelerated
    filer&#148; and &#147;smaller reporting company&#148; in
    <FONT style="white-space: nowrap">Rule&#160;12b-2</FONT>
    of the Securities Exchange Act of 1934.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">Large
    Accelerated
    Filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-family: 'Times New Roman', Times"> Accelerated
    Filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-family: 'Times New Roman', Times">
    Non-Accelerated
    Filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times"> Smaller
    Reporting
    Company&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT></TD>
</TR>

</TABLE>










<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount Of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Each Class of</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to Be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price per</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Securities to Be Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;A common stock, par value of $0.001
per share</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="3" align="center" style="border-top: 2px solid #000000">13,395,620 shares<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">N/A</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">681,940,471</TD>
    <TD nowrap style="border-top: 2px solid #000000"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">0</TD>
    <TD nowrap style="border-top: 2px solid #000000"><SUP style="font-size: 85%; vertical-align: text-top">(3)(4)</SUP></TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the maximum number of shares of Class&nbsp;A common stock, par value $0.001 per share, of CC Media Holdings, Inc. (&#147;Holdings&#148;) to be issued upon
the completion of the merger (as described in the accompanying proxy statement/prospectus) in respect of shares of common stock, par value $0.10 per
share, of Clear Channel Communications, Inc. (&#147;Clear Channel&#148;) reduced by the 30,612,245 shares of Class&nbsp;A common stock that Holdings previously
registered on its registration statement on Form S-4 as amended (File No.&nbsp;333-143349) initially filed with the Securities and Exchange Commission on May
30, 2007 (the &#147;Prior Registration Statement&#148;).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to rules 457(f) and 457(c) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;) and solely for the purpose of calculating the
registration fee, the proposed maximum aggregate offering price is equal to (i)&nbsp;the product obtained by multiplying (A) $34.89 (the average of the high
and low prices of Clear Channel common stock on May&nbsp;27, 2008), by (B)&nbsp;504,074,561 shares of Clear Channel common stock (estimated number of shares of
Clear Channel common stock to be cancelled in the merger including 6,057,487 shares of Clear Channel common stock subject to options which would
currently be convertible in the merger), minus $16,905,220,962 (the estimated amount of cash to be paid by the registrant to Clear Channel shareholders
in the merger).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Determined in accordance with Section 6(b) of the Securities Act at a rate equal to $39.30 per $1,000,000 of the proposed maximum aggregate offering
price.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Reflects a total fee of $26,800 payable hereunder offset in accordance with Rule&nbsp;0-11(a)(2) of the Securities and Exchange Act of 1934, as amended by the
fee previously paid in connection with the preliminary proxy statement on Schedule&nbsp;14A filed on December&nbsp;15, 2006 by Clear Channel.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Pursuant to Rule&nbsp;429 under the Securities Act, this registration statement also relates to the
30,612,245 shares of Class&nbsp;A common stock that Holdings previously registered on the Prior
Registration Statement. This registration statement also constitutes a post-effective amendment to
the Prior Registration Statement. Upon effectiveness, this registration statement, together with
the Prior Registration Statement, will relate to an aggregate of 44,007,865 shares of Holdings
Class&nbsp;A common stock.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Registrant hereby amends this Registration Statement on such date or dates as may be
necessary to delay its effective date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become effective in
accordance with </B><B>Section 8(a)</B><B> of the Securities Act, or until this Registration Statement shall
become effective on such date as the Securities and Exchange Commission, acting pursuant to said
Section&nbsp;</B><B>8(a)</B><B>, may determine.</B>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Explanatory Note</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A proxy statement/prospectus previously was distributed to Clear Channel shareholders in
August&nbsp;2007 following the effectiveness of a Registration Statement on Form S-4 of CC Media
Holdings, Inc. (&#147;Holdings&#148;). The proxy statement/prospectus described an agreement and plan of
merger (the &#147;prior merger agreement&#148;) entered into by Clear Channel, BT Triple Crown Merger Co.,
Inc. (&#147;Merger Sub&#148;), B Triple Crown Finco, LLC and T Triple Crown Finco, LLC (together with B
Triple Crown Finco, LLC, the &#147;Fincos&#148;), as amended by Amendment No.&nbsp;1 thereto, dated April&nbsp;18,
2007, by and among Clear Channel, Merger Sub and the Fincos, as further amended by Amendment No.&nbsp;2
thereto, dated May&nbsp;17, 2007, by and among Clear Channel, Merger Sub, the Fincos and Holdings. On
September&nbsp;25, 2007, in accordance with Texas law, shareholders holding at least two-thirds of the
outstanding shares of common stock of Clear Channel adopted the prior merger agreement and approved
the merger of Clear Channel with Merger Sub.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequently, on May&nbsp;13, 2008, the parties to the prior merger agreement entered into
Amendment No.&nbsp;3 to the prior merger agreement (&#147;Amendment No.&nbsp;3&#148;). Under Texas law, a new approval
by Clear Channel shareholders is required to approve the prior merger agreement as amended by
Amendment No.&nbsp;3.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>CLEAR CHANNEL COMMUNICATIONS, INC.</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2008
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the Shareholders of Clear Channel Communications, Inc.:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are cordially invited to attend the special meeting of shareholders of Clear Channel
Communications, Inc., a Texas corporation, at the  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  on
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2008, at  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , local time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the special meeting you will be asked to approve and adopt a merger agreement which
provides for the merger of Clear Channel with a subsidiary of CC Media Holdings, Inc., a
corporation formed by private equity funds sponsored by Bain Capital Partners, LLC and Thomas H.
Lee Partners, L.P.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the merger agreement is approved and adopted by our shareholders, each share of Clear
Channel&#146;s common stock will be converted at the effective time of the merger into the right to
receive either (1) $36.00 in cash, without interest, or (2)&nbsp;one share of Class&nbsp;A common stock of
Holdings, subject to certain limitations. Except as described in the enclosed proxy
statement/prospectus, you will have the right to elect the form of merger consideration you receive
with respect to all or a portion of the stock and options you hold. However, the number of shares
of Class&nbsp;A common stock that you receive may be less than the number of shares you requested in the
event that elections would require Holdings to issue more than 30% of the outstanding capital stock
and voting power of Holdings immediately following the merger as a result of stock elections. In
addition, you will not be allocated more than 11,111,112 shares of Holdings Class&nbsp;A common stock.
<B>In order to elect to receive the stock consideration you must submit a completed form of election
and letter of transmittal, together with the share certificates or book-entry shares representing
such shares, by 5:00 p.m., New York City time, on </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B> , 2008, the fifth business
day immediately preceding the date of the special meeting. </B>In limited circumstances, the merger
agreement provides that shareholders electing to receive cash consideration for some or all of
their shares, on a pro rata basis, will be issued shares of Holdings Class&nbsp;A common stock in
exchange for some of their shares of Clear Channel common stock for which they make a cash
election, up to a cap of 1/36<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> of the total number of shares of Clear Channel common
stock for which such shareholder makes a cash election. Any shares of Clear Channel common stock
and options that are not converted into stock consideration due to failure to validly elect stock
consideration, or the limitations described above, will be converted into the cash consideration
except to the extent described herein. All shareholders and optionholders will also receive an
additional cash payment if the merger is consummated after November&nbsp;1, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings Class&nbsp;A common stock issued in the merger will not be listed on any national
securities exchange. Holdings has agreed, however, to file certain reports with the Securities and
Exchange Commission for a period of two years following the closing of the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After careful consideration, your board of directors by unanimous vote has determined that the
merger is in the best interests of Clear Channel and its unaffiliated shareholders, approved the
merger agreement and recommends that the shareholders of Clear Channel vote &#147;For&#148; the approval and
adoption of the merger agreement. <B>Your board of directors&#146; recommendation is limited to the cash
consideration to be received by shareholders in the merger. Your board of directors makes no
recommendation as to whether any shareholder should elect to receive the stock consideration and
makes no recommendation regarding the Class&nbsp;A common stock of Holdings.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying proxy statement/prospectus provides you with detailed information about the
proposed merger, the special meeting and Holdings. Please give this material your careful
attention. You may also obtain more information about Clear Channel from documents it has filed
with the Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your vote is very important regardless of the number of shares you own. The merger cannot be
completed unless holders of two-thirds of the outstanding shares entitled to vote at the special
meeting vote for the approval and adoption of the merger agreement. <B>Remember, failing to vote has
the same effect as a vote against the approval and adoption of the merger agreement. </B>We would like
you to attend the special meeting; however, whether or not you plan to attend the special meeting,
it is important that your shares be represented.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you intend to vote by proxy, please complete, date, sign and return the enclosed proxy
card. Please note that if you have previously submitted a proxy card in response to Clear Channel&#146;s
prior solicitations, that proxy card will not be valid at this meeting and will not be voted. If
your shares are held in &#147;street name,&#148; you should check the voting instruction card provided by
your broker to see which voting options are available and the procedures to be followed. If you
hold shares through a broker or other nominee, you should follow the procedures provided by your
broker or nominee. <B>Please complete and submit a validly executed proxy card for</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>the special meeting, even if you have previously delivered a proxy. </B>If you have any questions
or need assistance in voting your shares, please call our proxy solicitor, Innisfree M&#038;A
Incorporated, toll free at (877)&nbsp;456-3427.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your continued support and we look forward to seeing you on
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2008.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Sincerely,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 0px solid #000000" align="left">/s/ Mark P. Mays
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>For a discussion of certain risk factors that you should consider in evaluating the
transactions described above and an investment in Holdings Class&nbsp;A common stock, see &#147;Risk Factors&#148;
beginning on page 30 of the accompanying proxy statement/prospectus.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Neither the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of the securities to be issued under the accompanying proxy
statement/prospectus, or determined the accompanying proxy statement/prospectus is accurate or
complete. Any representation to the contrary is a criminal offense.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The proxy statement/prospectus is dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2008, and is first being mailed
to shareholders on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2008.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>CLEAR CHANNEL COMMUNICATIONS, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>200 EAST BASSE ROAD<BR>
SAN ANTONIO, TEXAS 78209</B></DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>NOTICE OF SPECIAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD ON  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2008</B>

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2008
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the Shareholders of Clear Channel Communications, Inc.:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A special meeting of the shareholders of Clear Channel Communications, Inc., a Texas
corporation, will be held at  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2008, at
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , local time, for the following purposes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To consider and vote upon a proposal to approve and adopt the Agreement and Plan of
Merger, dated as of November&nbsp;16, 2006, by and among Clear Channel, BT Triple Crown Merger Co.,
Inc. (&#147;Merger Sub&#148;), B Triple Crown Finco, LLC and T Triple Crown Finco, LLC (together with B
Triple Crown Finco, LLC, the &#147;Fincos&#148;), as amended by Amendment No.&nbsp;1 thereto, dated April&nbsp;18,
2007, by and among Clear Channel, Merger Sub and the Fincos, as further amended by Amendment No.
2 thereto, dated May&nbsp;17, 2007, by and among Clear Channel, Merger Sub, the Fincos and CC Media
Holdings, Inc. (&#147;Holdings&#148;), and as further amended by Amendment No.&nbsp;3 thereto, dated May&nbsp;13,
2008, by and among Clear Channel, Merger Sub, Holdings and the Fincos (as amended, the &#147;merger
agreement&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To consider and vote upon a proposal to adjourn or postpone the special meeting, if
necessary or appropriate, to solicit additional proxies if there are insufficient votes at the
time of the special meeting to approve and adopt the merger agreement, as amended; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To transact such other business that may properly come before the special meeting or any
adjournment or postponement thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Clear Channel&#146;s bylaws, Clear Channel&#146;s board of directors has fixed
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City time on  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2008 as the record date for the purposes of determining shareholders
entitled to notice of and to vote at the special meeting and at any adjournment or postponement
thereof. All shareholders of record are cordially invited to attend the special meeting in person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The approval and adoption of the merger agreement requires the affirmative vote of two-thirds
of the votes entitled to be cast at the special meeting by the holders of the outstanding shares of
Clear Channel&#146;s common stock. <B>Whether or not you plan to attend the special meeting, Clear Channel
urges you to vote your shares by completing, signing, dating and returning the enclosed proxy card
as promptly as possible prior to the special meeting to ensure that your shares will be represented
at the special meeting if you are unable to attend. </B>If you sign, date and mail your proxy card
without indicating how you wish to vote, your proxy will be voted on all matters in accordance with
the recommendation of the board of directors. If you fail to return a valid proxy card and do not
vote in person at the special meeting, your shares will not be counted for purposes of determining
whether a quorum is present at the special meeting. <B>Remember, failing to vote has the same effect
as a vote against the approval and adoption of the merger agreement. </B>Any shareholder attending the
special meeting may vote in person, even if he or she has returned a proxy card; such vote by
ballot will revoke any proxy previously submitted. However, if you hold your shares through a bank
or broker or other custodian or nominee, you must provide a legal proxy issued from such custodian
or nominee in order to vote your shares in person at the special meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that this proxy statement/prospectus amends and restates all proxy statements,
prospectuses, and supplements thereto previously distributed by Clear Channel or Holdings with
respect to the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you intend to vote by proxy, please complete, date, sign and return the enclosed proxy
card. Please note that if you have previously submitted a proxy card in response to Clear Channel&#146;s
prior solicitations, that proxy card will not be valid at this meeting and will not be voted. If
your shares are held in &#147;street name,&#148; you should check the voting instruction card provided by
your broker to see which voting options are available and the procedures to be followed. If you
hold shares through a broker or other nominee, you should follow the procedures provided by your
broker or nominee. <B>Please complete and submit a validly executed proxy card for the special
meeting, even if you have previously delivered a proxy. </B>If you have any questions or need
assistance in voting your shares, please call our proxy solicitor, Innisfree M&#038;A Incorporated, toll
free at (877)&nbsp;456-3427.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>If you plan to attend the special meeting, please note that space limitations make it
necessary to limit attendance to shareholders and one guest. Each shareholder may be asked to
present valid picture identification, such as a driver&#146;s license or passport. Shareholders holding
stock in brokerage accounts (&#147;street name&#148; holders) will need to bring a copy of a brokerage
statement reflecting stock ownership as of the record date. Cameras (including cellular telephones
with photographic capabilities), recording devices and other electronic devices will not be
permitted at the special meeting. The special meeting will begin promptly at &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
local time.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders who do not vote in favor of the approval and adoption of the merger agreement
will have the right to seek appraisal of the fair value of their shares if the merger is completed,
but only if they submit a written objection to the merger to Clear Channel before the vote is taken
on the merger agreement and they comply with all requirements of Texas law, which are summarized in
the accompanying proxy statement/prospectus. Clear Channel urges that you to read the entire proxy
statement/prospectus carefully.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">By Order of the Board of Directors<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 0px solid #000000" align="left">/s/ Andrew W. Levin
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Andrew W. Levin&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Executive Vice President, Chief Legal Officer,
and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">San Antonio, Texas
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">REFERENCES TO ADDITIONAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">QUESTIONS AND ANSWERS ABOUT THE MERGER AND THE SPECIAL MEETING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103">CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104">SUMMARY</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#105">The Parties to the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#106">The Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#107">Effects of the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#108">Determination of the Board of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#109">Determination of the Special Advisory Committee</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#110">Interests of Clear Channel&#146;s Directors and Executive Officers in the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#111">Opinion of Clear Channel&#146;s Financial Advisor</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#112">Financing</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#113">Regulatory Approvals</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#114">Material United States Federal Income Tax Consequences</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#115">Conditions to the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#116">Solicitation of Alternative Proposals</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#117">Termination</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#118">Termination Fees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#119">Limited Guarantee of the Sponsors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#120">Transaction Fees and Certain Affiliate Transactions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#121">Settlement Agreement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#122">Escrow Agreement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#123">Clear Channel&#146;s Stock Price</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#124">Shares Held by Directors and Executive Officers</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#125">Dissenters&#146; Rights of Appraisal</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#126">Stock Exchange Listing</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#127">Resale of Holdings Class&nbsp;A Common Stock</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#370">Holdings Stockholders Agreement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>






<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#128">Description of Holdings&#146; Capital Stock</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#129">Comparison of Shareholder Rights</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#130">Management of Holdings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#131">RISK FACTORS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#132">Risks Relating to the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#133">Risks Relating to Ownership of Holdings Class&nbsp;A Common Stock</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#134">Risks Relating to Clear Channel&#146;s Business</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#135">SELECTED HISTORICAL AND PRO FORMA CONSOLIDATED FINANCIAL DATA</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#136">Clear Channel Summary Historical Consolidated Financial Data</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#137">Unaudited Pro Forma Condensed Consolidated Financial Data</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#138">CONTRACTUAL OBLIGATIONS; INDEBTEDNESS AND DIVIDEND POLICY FOLLOWING THE MERGER</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#139">Contractual Obligations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#140">Indebtedness</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#141">Dividend Policy</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#142">DESCRIPTION OF BUSINESS OF HOLDINGS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#143">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF THE FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF CC MEDIA HOLDINGS, INC.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#144">BOARD OF DIRECTORS AND MANAGEMENT OF HOLDINGS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#145">Current Board of Directors and Executive Officers</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#146">Anticipated Board of Directors and Executive Officers</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#147">Biographies</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#148">Committees of the Board of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#149">Director Compensation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#150">Compensation and Governance Committee Interlocks and Insider Participation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#151">Independence of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#152">Compensation of our Named Executive Officers</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#154">Compensation Discussion and Analysis</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#155">Introduction</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#156">Overview and Objectives of Holdings&#146; Compensation Program</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#157">Compensation Practices</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#158">Elements of Compensation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#159">Base Salary</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#160">Annual Incentive Bonus</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#161">Long-Term Incentive Compensation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#162">Executive Benefits and Perquisites</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#163">Change-in-Control and Severance Arrangements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#164">Tax and Accounting Treatment</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#165">Deductibility of Executive Compensation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#166">Corporate Services Agreement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#167">Employment Agreements with Named Executive Officers</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#168">Potential Post-Employment Payments</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#169">Holdings Equity Incentive Plan</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#170">THE PARTIES TO THE MERGER</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#171">CC Media Holdings, Inc.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#172">Clear Channel Communications, Inc.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#173">B Triple Crown Finco, LLC and T Triple Crown Finco, LLC</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#174">BT Triple Crown Merger Co., Inc.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#175">THE SPECIAL MEETING OF SHAREHOLDERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#176">Time, Place and Purpose of the Special Meeting</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#177">Who Can Vote at the Special Meeting</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#178">Vote Required for Approval and Adoption of the Merger Agreement; Quorum</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#179">Voting By Proxy</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#180">Submitting Proxies Via the Internet or by Telephone</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#181">Adjournments or Postponements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#182">THE MERGER</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#183">Background of the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#184">Reasons for the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#185">Determination of the Board of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#186">Determination of the Special Advisory Committee</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#187">The Amended Merger Agreement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#188">Determination of the Board of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#189">Recommendation of the Clear Channel Board of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#190">Interests of Clear Channel&#146;s Directors and Executive Officers in the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#191">Treatment of Clear Channel Stock Options</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#192">Treatment of Clear Channel Restricted Stock</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#193">Severance</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#194">Equity Rollover</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#195">New Equity Incentive Plan</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#196">New Employment Agreements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#197">Board of Director Representations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#198">Indemnification and Insurance</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#199">Voting Agreements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#200">CERTAIN AFFILIATE TRANSACTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#201">FINANCING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#202">Financing of the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#203">Equity Financing</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#204">Debt Financing</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#205">Senior Secured Credit Facilities</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#206">Overview</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#207">Interest Rate and Fees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#208">Prepayments</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#209">Amortization of Term Loans</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#211">Collateral and Guarantees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#212">Conditions and Termination</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#213">Certain Covenants and Events of Default</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#214">Receivables Based Credit Facility</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#215">Overview</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#216">Interest Rate and Fees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#217">Prepayments</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#218">Collateral and Guarantees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#219">Senior Notes due 2016</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#220">Guarantees and Ranking</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#221">Interest Rate and Payment</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#222">Optional Redemption</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#223">Special Redemption</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#224">Optional Redemption After Certain Equity Offerings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#225">Change of Control</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#226">Asset Sale Proceeds</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#227">Certain Covenants</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#228">Conditions and Termination</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#229">Events of Default</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#230">Registration Rights</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#231">OPINION OF CLEAR CHANNEL&#146;S FINANCIAL ADVISOR</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#232">Present Value of Transaction Price Analysis</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#233">Analysis at Various Prices</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#234">Present Value of Future Stock Price Analysis</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#235">Discounted Cash Flow Analysis</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#236">Sum-of-the-Parts Analysis</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#237">Miscellaneous</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#238">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#239">Material United States Federal Income Tax Consequences to U.S. Holders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#240">ACCOUNTING TREATMENT OF TRANSACTION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#241">REGULATORY APPROVALS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#242">Hart-Scott-Rodino</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#243">FCC Regulations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#244">Other</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#245">STOCK EXCHANGE LISTING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#246">RESALE OF HOLDINGS CLASS A COMMON STOCK</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#247">MERGER RELATED LITIGATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#248">THE MERGER AGREEMENT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#249">Effective Time</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#250">Effects of the Merger; Structure</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#251">Rollover by Shareholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#252">Treatment of Common Stock and Other Securities</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#253">Clear Channel Common Stock</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#254">Clear Channel Stock Options</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#255">Clear Channel Restricted Stock</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#256">Election Procedures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#257">Proration Procedures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#258">Additional Equity Consideration</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#259">Exchange and Payment Procedures; Shareholder Rules</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#260">Representations and Warranties</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#261">Conduct of Clear Channel&#146;s Business Pending the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#262">FCC Matters</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#263">Shareholders&#146; Meeting</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#264">Appropriate Actions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#265">Access to Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#266">Solicitation of Alternative Proposals</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->iii<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#268">Indemnification; Directors&#146; and Officers&#146; Insurance</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#269">Employee Benefit Plans</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#270">Financing</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#271">Independent Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#272">Transaction Fees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#273">Conduct of the Fincos&#146; Business Pending the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#274">Registration</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#275">Conditions to the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#276">Termination</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#277">Termination Fees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#278">Clear Channel Termination Fee</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#279">Merger Sub Termination Fee</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#280">Amendment and Waiver</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#281">Limited Guarantees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#282">SETTLEMENT AND ESCROW AGREEMENTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#283">Settlement Agreement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#284">Agreement to Fund</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#285">Escrow Funding</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#286">Termination of Actions and Release of Claims</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#287">Certain Enforcement Rights</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#288">No Admission</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#289">Escrow Agreement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#290">Escrow Deposits</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#291">Disbursements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#292">Shares Subject to the Stock Election</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#293">At the Closing of the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#294">Termination of Merger Agreement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#295">Termination
when there is a Company Breach or Buyer Breach</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#296">Termination
due to Failure to Obtain Shareholder Approval or when there is not a
Company Breach or Buyer Breach</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#297">MARKET PRICES OF CLEAR CHANNEL COMMON STOCK AND DIVIDEND DATA</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#298">DELISTING AND DEREGISTRATION OF CLEAR CHANNEL COMMON STOCK</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#299">SECURITY OWNERSHIP BY CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#300">HOLDINGS&#146; STOCK OWNERSHIP AFTER THE MERGER</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#301">STOCKHOLDERS AGREEMENT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#302">Parties</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#303">Voting
Agreements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#304">Transfer
Restrictions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#305">Drag-Along Rights</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#306">&#147;Tag-Along&#148;
and Other Sale Rights</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#307">Effect
of Termination of Employment</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#308">Participation
Rights in Future Issuances</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#309">Registration
Rights</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#310">Withdrawal</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#311">DESCRIPTION OF HOLDINGS&#146; CAPITAL STOCK</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#312">Capitalization</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#313">Voting Rights and Powers</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#314">Dividends</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#315">Distribution of Assets Upon Liquidation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#316">Split, Subdivision or Combination</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#317">Conversion</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#318">Certain Voting Rights</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#319">Change in Number of Shares Authorized</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#320">Restrictions on Stock Ownership or Transfer</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#321">Requests for Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#322">Denial of Rights, Refusal to Transfer</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->iv<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#324">COMPARISON OF SHAREHOLDER RIGHTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#325">Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#326">Voting on Sale of Assets</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#327">Antitakeover Provisions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#328">Amendment of Certificate of Incorporation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#329">Amendment of Bylaws</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#330">Appraisal Rights</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#331">Special Meetings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#332">Actions Without a Meeting</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#333">Nomination of Director Candidates by Shareholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#334">Number of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#335">Election of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#336">Vacancies</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#337">Limitation of Liability of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">182</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#338">Indemnification of Officers and Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">182</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#339">Removal of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#340">Dividends and Repurchases of Shares</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#341">Preemptive Rights</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#342">Inspection of Books and Records</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#343">DISSENTERS&#146; RIGHTS OF APPRAISAL</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#344">LEGAL MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">186</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#345">EXPERTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#346">OTHER MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#347">Other Business at the Special Meeting</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#348">Multiple Shareholders Sharing One Address</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#349">WHERE YOU CAN FIND ADDITIONAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#350">INDEX TO ANNEXES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#360">Annex A &#151; Agreement and Plan of Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">A-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#361">Annex B &#151; Amendment No.&nbsp;1</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">B-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#362">Annex C &#151; Amendment No.&nbsp;2</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">C-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#363">Annex D &#151; Amendment No.&nbsp;3</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">D-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#364">Annex E &#151; Highfields Amended and Restated Voting Agreement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">E-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#365">Annex F &#151; Abrams Voting Agreement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#366">Annex G &#151; Opinion of Goldman, Sachs &#038; Co.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">G-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#367">Annex H &#151; Articles 5.11-5.13 of the Texas Business Corporation Act</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">H-1</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d57053exv3w1.htm">Third Amended and Restated Certificate of Incorporation</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d57053exv3w2.htm">Bylaws</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d57053exv10w1.htm">Letter Agreement</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d57053exv10w2.htm">Credit Agreement</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d57053exv10w3.htm">Credit Agreement</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d57053exv10w4.htm">Purchase Agreement</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d57053exv23w1.htm">Consent of Ernst & Young LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d57053exv99w1.htm">Consent of Goldman, Sachs & Co.</A></FONT></TD></TR>
</TABLE>
</DIV>

<DIV align="left">
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</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->v<!-- /Folio -->
</DIV>



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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="101"></A>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REFERENCES TO ADDITIONAL INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement/prospectus incorporates important business and financial information
about Clear Channel Communications, Inc. from other documents that are not included in, or
delivered with, this proxy statement/prospectus. You can obtain documents related to Clear Channel
Communications, Inc. that are incorporated by reference in this proxy statement/prospectus, without
charge, by requesting them in writing or by telephone from either:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Clear Channel Communications, Inc.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Innisfree M&#038;A Incorporated</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">200 East Basse Road
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">501 Madison Avenue</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">San Antonio, TX 78209
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20th Floor</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">(210) 832-3315
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New York, NY 10022</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention: Investor Relations Department
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(877) 456-3427</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For information on where to obtain copies of such documents on the internet, see &#147;Where You
Can Find Additional Information&#148; elsewhere in this proxy statement/prospectus supplement. Please
note that copies of the documents provided to you will not include exhibits to the filings, unless
those exhibits have specifically been incorporated by reference in this proxy statement/prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>In order to ensure timely delivery of requested documents, any request should be made no later
than </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>, 2008, which is five business days prior to the special meeting.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For information on submitting your proxy, please refer to the instructions on the enclosed
proxy card.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>QUESTIONS AND ANSWERS ABOUT THE MERGER AND THE SPECIAL MEETING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The following questions and answers address briefly some questions you may have regarding the
proposed merger and the special meeting. These questions and answers may not address all questions
that may be important to you as a shareholder of Clear Channel Communications, Inc. To fully
understand the proposed merger, please refer to the more detailed information contained elsewhere
in this proxy statement/prospectus, the annexes to this proxy statement/prospectus and the
documents referred to or incorporated by reference in this proxy statement/prospectus.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Unless otherwise stated or the context otherwise requires, all references in this proxy
statement/prospectus to &#147;Holdings,&#148; &#147;we,&#148; &#147;our,&#148; &#147;ours,&#148; and &#147;us&#148; refer to CC Media Holdings, Inc.,
references to &#147;Merger Sub&#148; refer to BT Triple Crown Merger Co., Inc., references to &#147;Clear Channel&#148;
refer to Clear Channel Communications, Inc. and its subsidiaries and references to the &#147;Fincos&#148;
refer to B Triple Crown Finco, LLC and T Triple Crown Finco, LLC. In addition, unless otherwise
stated or unless the context otherwise requires, all references in this proxy statement/prospectus
to the &#147;original merger agreement&#148; refer to the Agreement and Plan of Merger, dated as of November
16, 2006, by and among Clear Channel, Merger Sub and the Fincos, prior to amendment, all references
to the &#147;prior merger agreement&#148; refer to the original merger agreement as amended by Amendment No.
1, dated April&nbsp;18, 2007, among Clear Channel, Merger Sub and the Fincos, and as amended by
Amendment No.&nbsp;2, dated May&nbsp;17, 2007, among Clear Channel, Merger Sub, the Fincos and Holdings,
(which we refer to as &#147;Amendment No.&nbsp;2&#148; or as the &#147;second amendment&#148;), all references in this proxy
statement/prospectus to the &#147;merger agreement&#148; refer to the prior merger agreement as amended by
Amendment No.&nbsp;3, dated May&nbsp;13, 2008, by and among Clear Channel, Merger Sub, the Fincos and
Holdings (which we refer to as &#147;Amendment No.&nbsp;3&#148; or the &#147;third amendment&#148;), and all references to
the &#147;merger&#148; refer to the merger contemplated by the merger agreement. Copies of the original
merger agreement, Amendment No.&nbsp;1, Amendment No.&nbsp;2, and Amendment No.&nbsp;3 are attached to this proxy
statement/prospectus as Annex A, Annex B, Annex C, and Annex D, respectively.</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>QUESTIONS AND ANSWERS ABOUT THE MERGER</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What is the proposed transaction?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The proposed transaction is the merger of Clear Channel with Merger Sub, a company formed by private equity funds
sponsored by Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. In the merger, Merger Sub will merge with
and into Clear Channel and Clear Channel will be the surviving corporation and will become an indirect wholly-owned
subsidiary of Holdings. Depending upon the number of shares of Class&nbsp;A common stock of Holdings which shareholders
and optionholders elect to receive in the merger as part of the Merger Consideration (as defined below) and
assuming that no Additional Equity Consideration (as defined below) is issued, up to 30% of the outstanding capital
stock and voting power of Holdings will be held by former Clear Channel shareholders and optionholders immediately
following the merger as a result of Stock Elections (as defined below).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What will I receive for my shares of Clear Channel common stock in the merger?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may elect one of the following options for each share of Clear Channel common stock you hold on the record date:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Option 1 </B>(which we refer to as a &#147;Cash Election&#148;): $36.00 per share cash consideration, without interest (which we
refer to as the &#147;Cash Consideration&#148;); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Option 2 </B>(which we refer to as a &#147;Stock Election&#148;): one share of Class&nbsp;A common stock of Holdings (which we refer
to as the &#147;Stock Consideration&#148;).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may make a Cash Election or Stock Election (on a share-by-share basis) for each share of Clear Channel common
stock you own as of the record date (including shares issuable on conversion of outstanding options), subject to
the procedures, deadlines, prorations, Individual Cap and Additional Equity Consideration described below.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Stock Election is purely voluntary. You are not required to make a Stock Election. A Stock Election is an
investment decision which involves significant risks. <B>The Clear Channel board of directors makes no recommendation
as to whether you should make a Stock Election and makes no recommendation regarding the Class&nbsp;A common stock of
Holdings. </B>For a discussion of risks associated with the ownership of Holdings Class&nbsp;A common stock see &#147;Risk
Factors&#148; beginning on page 30 of this proxy statement/prospectus.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other than with respect to 580,356 shares of Clear Channel common stock held by L. Lowry Mays and LLM Partners,
Ltd. which will be held in escrow pursuant to the terms of an escrow agreement described in more detail below and
exchanged for Class&nbsp;A common stock of Holdings, shares and options held by directors or employees of Clear Channel
who have separately agreed to convert such shares or options into equity securities of Holdings in the merger will
not affect the number of shares of Holdings Class&nbsp;A common stock available for issuance as stock consideration.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In limited circumstances described in more detail below, shareholders electing to receive cash consideration for
some or all of their shares, on a pro rata basis, will be issued shares of Holdings Class&nbsp;A common stock in
exchange for some of their shares of Clear Channel common stock for which they make a Cash Election, up to a cap of
1/36th of the total number of shares of Clear Channel common stock for which such shareholder makes a Cash Election
(rounded down to the nearest whole share). We refer to this as the &#147;Additional Equity Consideration.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Can I make a Cash Election for a portion of my shares of Clear Channel common stock and a Stock Election for my
remaining shares of Clear Channel common stock?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may make your election on a share-by-share basis. As a result, you can make a Cash Election or Stock Election
for all or any portion of your shares of Clear Channel common stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The Board earlier approved a transaction involving the same parties at a higher price. Why did the board decide to
accept the revised offer from the private equity group and not continue the proceedings in court?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under the terms of the merger agreement, as amended through the second amendment, Clear Channel had no contractual
right to require the Sponsors (as defined below), Banks (as defined below), Merger Sub, Holdings or the Fincos to
perform their respective obligations under the merger agreement or the equity or debt financing agreements. Clear
Channel&#146;s rights under the merger agreement were limited to a right to receive a $500&nbsp;million termination fee in
the event Clear Channel terminated the merger agreement for failure of Holdings and the Fincos to close when they
were obligated to close under the merger agreement and Clear Channel was separately seeking damages against the
Banks pursuant to the Texas Actions (as defined below).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Merger Sub was pursuing a breach of contract claim (including a claim for specific performance) against the Banks
in the New York Action (as defined below) seeking to consummate the original merger transaction as was in place
prior to Amendment No.&nbsp;3, but there was no assurance that Merger Sub would have been able to cause a closing to
occur even if it were successful in that action.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Complex litigation such as the New York Action, the New York Counterclaim Action (as defined below) and the Texas
Actions involve uncertainty and delay. While Clear Channel was confident in the merits of its claims, there was no
assurance a court would have agreed with it or that, even if Clear Channel had been successful in the Texas
Actions, that any judgment would not have been modified or reversed on appeal. Further, litigation is time
consuming and inherently subject to delay and there was no assurance that the Texas Actions would have been
concluded (or that all appeals would have been disposed of) on an accelerated basis, or the ultimate resolution of
the litigation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board of Directors determined that a merger on terms offering a high degree of certainty of closing and
representing a fair price to the shareholders was in the best interests of the shareholders when compared to the
pursuit of litigation in which Clear Channel could not specifically enforce the closing of the prior transaction
and Clear Channel&#146;s damage claims were uncertain and subject to the delays inherent in litigation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Why is closing under the merger agreement as amended through the third amendment more certain than the closing
under the merger agreement as amended through the second amendment?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The merger agreement, as amended through the third amendment, has a number of contractual features that make it
more certain than the prior merger agreement:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the parties have entered into a Settlement Agreement (as defined below) whereby they have each agreed to perform
their respective obligations under the merger agreement, the debt financing agreements, equity commitments and the
Escrow Agreement (as defined below). Pursuant to the Settlement Agreement, the parties stipulated to the entry of
a court order in the New York Action directing the parties to perform their obligations under the Settlement
Agreement,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the required debt financing is provided through fully negotiated and executed financing agreements (as opposed to
debt commitment letters), thus avoiding the potential for a new dispute of the same type that resulted in the
failure of the closing of the prior transaction,</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the merger agreement, financing agreements and equity commitment letters contain fewer closing conditions than
was originally the case,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>none of the merger agreement, financing agreements or equity commitment letters contains a &#147;material adverse
change&#148; or &#147;MAC&#148; condition,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Sponsors and the Banks have agreed to have their equity and debt commitment obligations fully funded into
escrow pursuant to the Escrow Agreement, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each party (including Clear Channel) has the right to specifically enforce the merger agreement, the Settlement
Agreement, the Escrow Agreement and the financing agreements.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Why am I being asked to approve the transaction again?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel shareholders approved the prior merger agreement at a special meeting of shareholders held in
September&nbsp;2007. Since that time, the parties to the transaction have amended the terms of the merger agreement.
As part of that amendment, the Cash Consideration has been reduced from $39.20 per share to $36.00 per share. The
merger agreement, as amended, requires the approval of Clear Channel&#146;s shareholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What will I receive for my options to purchase Clear Channel common stock in the merger?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A holder of options (whether vested or unvested) to purchase Clear Channel common stock as of the record date may
make a Stock Election or a Cash Election with respect to the number of shares of common stock issuable upon
exercise of his or her options, less the number of shares having a value (based on the Cash Consideration) equal to
the exercise price payable on such issuance and any required tax withholding. If a holder of options does not make
a valid Stock Election, then each such outstanding option which remains outstanding and unexercised as of the
effective time of the merger (except as otherwise agreed by the Fincos, Holdings, Clear Channel and the holder of
such Clear Channel stock option), will automatically become fully vested and convert into the right to receive a
cash payment, without interest and less any applicable withholding tax, equal to the product of (x)&nbsp;the excess, if
any, of the Cash Consideration over the exercise price per share of such option and (y)&nbsp;the number of shares of
Clear Channel common stock issuable upon the exercise of such Clear Channel stock option.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How will restricted shares of Clear Channel common stock be treated in the merger?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In general, each restricted share of Clear Channel common stock that is outstanding as of the time of the merger,
whether vested or unvested (except as otherwise agreed by the Fincos and a holder of Clear Channel restricted
stock), will automatically become fully vested and will be treated the same as all other shares of Clear Channel
common stock outstanding at the time of the merger. The Fincos and Merger Sub have informed Clear Channel that
they anticipate converting approximately 636,667 unvested shares of Clear Channel restricted stock held by
management and employees pursuant to a grant of restricted stock made in May&nbsp;2007 into restricted shares of
Holdings Class&nbsp;A common stock on a one for one basis. These shares of Holdings Class&nbsp;A common stock will continue
to vest in accordance with the schedule set forth in the holder&#146;s May&nbsp;2007 award agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What happens to the additional consideration that began accumulating on January&nbsp;1, 2008? Will there be additional
consideration under the terms of the amended merger agreement?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The additional consideration that was contemplated by the prior merger agreement is no longer in effect and
therefore will not be payable to Clear Channel shareholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The merger agreement provides for payment of &#147;Additional Per Share Consideration&#148; if the merger closes after
November&nbsp;1, 2008. If the merger is completed after November&nbsp;1, 2008, but before December&nbsp;1, 2008, you will
receive Additional Per Share Consideration based upon the number of days elapsed since November&nbsp;1, 2008 (including
November&nbsp;1, 2008), equal to $36.00 multiplied by 4.5% per annum, per share. If the merger is completed after
December&nbsp;1, 2008, the Additional Per Share Consideration will increase and you will receive Additional Per Share
Consideration based on the number of days elapsed since December&nbsp;1, 2008, equal to $36.00 multiplied by 6% per
annum, per share (plus the Additional Per Share Consideration accrued during November&nbsp;2008). See &#147;The Merger
Agreement &#151; Treatment of Common Stock and Other Securities&#148; beginning on page 142 of this proxy
statement/prospectus.</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Your election to receive Cash Consideration or Stock Consideration will not affect your right to receive the
Additional Per Share Consideration if the merger does not close before November&nbsp;1, 2008. The total amount of Cash
Consideration, Stock Consideration, Additional Equity Consideration (if any) and Additional Per Share Consideration
paid in the merger is referred to in this proxy statement/prospectus as the &#147;Merger Consideration.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>If I make a Stock Election, will I be issued fractional shares of Class&nbsp;A common stock of Holdings in the merger?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No.&nbsp;If you make a Stock Election, you will not receive any fractional share in the merger. Instead, you will be
paid cash for any fractional share you would have otherwise received as Stock Consideration based upon the Cash
Consideration price of $36.00 per share, taking into account all shares of common stock and all options for which
you elected Stock Consideration.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Is there an individual limit on the number of shares of Clear Channel common stock and options to purchase Clear
Channel stock that may be exchanged for Class&nbsp;A common stock of Holdings by each Clear Channel shareholder or
optionholder?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Yes. No holder of Clear Channel common shares or options who makes a Stock Election, may receive more than
11,111,112 shares of Class&nbsp;A common stock of Holdings immediately following the merger, which we refer to as the
&#147;Individual Cap.&#148; Any shares of common stock or options that are not converted into Stock Consideration due to the
Individual Cap will be reallocated to other shareholders or optionholders who have made an election to receive
Stock Consideration but have not reached the Individual Cap. Any shares that are not converted into Stock
Consideration as a result of the Individual Cap will be converted into Cash Consideration, subject to Additional
Equity Consideration, if applicable. Unless a beneficial holder of Clear Channel shares submits a request in
writing to the Paying Agent prior to 5:00 p.m., New York City time, on  &nbsp;&nbsp;, 2008, the fifth
business day immediately preceding the date of the special meeting, to have the Individual Cap apply with respect
to all Clear Channel shares beneficially owned by such holder and provides information necessary to verify such
beneficial ownership, the Individual Cap will apply, in the case of shares represented by physical stock
certificates, to each holder of record of those Clear Channel shares, and in the case of book-entry shares, to each
account in which those Clear Channel shares are held on the books of the applicable brokerage firm or other similar
institutions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Is there an aggregate limit on the number of shares of Clear Channel common stock and options to purchase Clear
Channel common stock that may be exchanged for Class&nbsp;A common stock of Holdings in the merger?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Yes. The merger agreement provides that no more than 30% of the total shares of capital stock of Holdings are
issuable in exchange for shares of Clear Channel common stock (including shares issuable upon conversion of
outstanding options) pursuant to the Stock Elections. The issuance of any Additional Equity Consideration may
result in the issuance of more than 30% of the total shares of capital stock of Holdings in exchange for shares of
Clear Channel common stock (including shares issuable upon conversion of outstanding options).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What happens if Clear Channel shareholders or optionholders elect to exchange more than the maximum number of
shares of common stock (including shares issuable upon conversion of outstanding options) that may be exchanged for
shares of Class&nbsp;A common stock of Holdings?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If Clear Channel shareholders and optionholders make Stock Elections covering more than the maximum number of
 shares of Clear Channel common stock that may be exchanged for Holdings shares of Class&nbsp;A common stock, then each
shareholder and/or optionholder making a Stock Election (other than certain shareholders who have separately agreed
with Holdings that their respective Stock Elections will be cutback only in the event that the amounts to be
provided under the Equity Financing (as defined below) are reduced) will receive a proportionate allocation of
 shares of Class&nbsp;A common stock of Holdings based on the number of shares of common stock (including shares issuable
upon conversion of outstanding options) for which such holder has made a Stock Election compared to the total
number of shares of common stock (including shares issuable upon conversion of outstanding options) for which all
holders have made Stock Elections. The proration procedures are designed to ensure that no more than 30% of the
total capital stock of Holdings is allocated to shareholders and/or optionholders of Clear Channel pursuant to the
Stock Elections. Any shares that will not be converted into Stock Consideration as a result of cutback or proration
will be converted into Cash Consideration, subject to the issuance of Additional Equity Consideration, if
applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>In what circumstance might I be issued Class&nbsp;A common stock of Holdings despite the fact that I elected to receive
cash in exchange for my shares of Clear Channel stock in the merger?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In certain circumstances, at the election of Holdings, the Cash Consideration may be reduced by the Additional
Equity Consideration. The Additional Equity Consideration will reduce the amount of the Cash Consideration if the
total funds that Holdings determines it needs to fund the merger, merger-related expenses, and Clear Channel&#146;s cash
requirements (such funds</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>referred to as &#147;Uses of Funds&#148;) is greater than the sources of funds available to Merger
Sub from borrowings, equity contributions, Stock Consideration and Clear Channel&#146;s available cash (such funds
referred to as &#147;Sources of Funds&#148;).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How will the amount of the Additional Equity Consideration be determined?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In certain circumstances, at the election of Holdings, the Cash Consideration may be reduced by the Additional
Equity Consideration. The Additional Equity Consideration is an amount equal to the lesser of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>$1.00, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a fraction equal to:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the positive difference between:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Uses of Funds, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Sources of Funds, divided by,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the total number of Public Shares that will receive the Cash Consideration.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consequently, if Holdings&#146; Uses of Funds exceeds its Sources of Funds, Holdings may reduce the Cash Consideration
to be paid to holders of Clear Channel common stock by an amount not to exceed 1/36<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> of the amount of
Cash Consideration that is otherwise converted into the right to receive the Cash Consideration and, in lieu
thereof, issue shares of Holdings Class&nbsp;A common stock up to a cap of $1.00 for every share of Clear Channel common
stock. If the Stock Election is fully subscribed, it is unlikely that any portion of the shares of Clear Channel
stock for which a Cash Election is made will be exchanged for shares of Holdings&#146; Class&nbsp;A common stock, although
Holdings retains the right to do so.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Will the shares of Class&nbsp;A common stock of Holdings be listed on a national securities exchange?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No.&nbsp;Shares of Holdings Class&nbsp;A common stock will not be listed on the New York Stock Exchange, which we refer to as
the &#147;NYSE,&#148; or any other national securities exchange. It is anticipated that, following the merger, the shares of
Holdings Class&nbsp;A common stock will be quoted on the Over-the-Counter Bulletin Board. Holdings has agreed to
register the Class&nbsp;A common stock under the Securities Exchange Act of 1934, as amended, which we refer to as the
&#147;Exchange Act,&#148; and to file periodic reports (including reports on Forms 10-K, 10-Q and 8-K) for at least two years
following the merger.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What if I previously elected to receive the Stock Consideration prior to the special meeting of shareholders held
on September&nbsp;25, 2007?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All of the stock elections made in connection with the special shareholders meeting held on September&nbsp;25, 2007 have
been cancelled and the stock certificates and letters of transmittal evidencing the shares of Clear Channel common
stock submitted for exchange have been returned to the record holders thereof. If you again wish to elect to
receive some or all Stock Consideration in exchange for some or all of your shares of Clear Channel common stock,
you are required to make a new election in connection with all shares of Clear Channel common stock held by you.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How and when do I make a Stock Election or Cash Election?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A form of election and a letter of transmittal will be mailed with this proxy statement/prospectus to all
shareholders as of the record date. Additional copies of the form of election and the letter of transmittal may be
obtained from Clear Channel&#146;s proxy solicitor, Innisfree M&#038;A Incorporated, which we refer to as &#147;Innisfree,&#148; by
calling toll free at (877)&nbsp;456-3427. Clear Channel will also make a copy of the form of election and letter of
transmittal available on its website at www.clearchannel.com/Investors. You should carefully review and follow the
instructions in the letter of transmittal, which will include information regarding how to return of the form of
election, the letter of transmittal, and any shares for which you have made a Stock Election for holders of shares
of common stock held in &#147;street name&#148; through a bank, broker or other custodian or nominee. The form of election
and the letter of transmittal will need to be properly completed, signed and delivered prior to 5:00 p.m., New York
City time, on  &nbsp;&nbsp;, 2008, the fifth business day immediately preceding the date of the special
meeting.</TD>
</TR>



</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Can I revoke my form of election after I have submitted it to the paying agent?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may revoke your form of election and withdraw all or any portion of the shares submitted with your letter of
transmittal and file a new form of election at any time prior to 5:00 p.m., New York City time, on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008,
the fifth business day immediately preceding the date of the special meeting, by submitting a written
notice of revocation to the paying agent or a new form of election, in each case, together with a notice of
withdrawal. Revocations must specify the name in which your shares are registered on the stock transfer books of
Clear Channel and such other information as the paying agent may request. If you wish to submit a new election, you
must do so in accordance with the election procedures described in this proxy statement/prospectus and the form of
election and include a letter of transmittal with any shares which were not previously submitted. If you instructed
a broker to submit an election for your shares, you must follow your broker&#146;s directions for changing those
instructions. Whether you revoke your election by submitting a written notice of revocation or by submitting a new
form of election and notice of withdrawal, the notice or new form of election must be received by the paying agent
by the election deadline of 5:00 p.m., New York City time, on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008, the fifth business day
immediately preceding the date of the special meeting, in order for the revocation to be valid. From and after such
time, the elections will be irrevocable and you may no longer change or revoke your election or withdraw your
 shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What happens if I don&#146;t make an election?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you do not make an election with respect to any of your shares of Clear Channel common stock or options to
purchase Clear Channel common stock, you will be deemed to have made a Cash Election with respect to such shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What happens if I transfer my shares of Clear Channel common stock before the special meeting?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The record date of the special meeting is earlier than the meeting date and earlier than the expected closing of
the merger. If you transfer your shares of common stock after the record date, you will retain your right to vote
the shares at the special meeting, but will have transferred your right to receive the Merger Consideration.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>May I submit a form of election even if I do not vote to approve and adopt the merger agreement?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Yes. You may submit a form of election even if you vote against the approval and adoption of the merger agreement
or abstain or do not register any vote with respect to the approval and adoption of the merger agreement. However,
all forms of election to be valid must be submitted prior to 5:00 p.m., New York City time, on &nbsp;&nbsp;
, 2008, the fifth business day immediately preceding the date of the special meeting, together with a letter of
transmittal and the certificates or book-entry shares representing the shares of Clear Channel common stock for
which you make a Stock Election.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Am I entitled to exercise appraisal rights instead of receiving the Merger Consideration for my shares?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Yes. If you hold Clear Channel common stock, you are entitled to appraisal rights under Texas law in connection
with the merger if you meet certain conditions, which are described under the caption &#147;Dissenters&#146; Rights of
Appraisal&#148; beginning on page 184 of this proxy statement/prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>When do you expect the merger to be completed?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We anticipate that the merger will be completed by September&nbsp;30, 2008, assuming satisfaction or waiver of all of
the conditions to the merger. However, because the merger is subject to certain conditions the exact timing and
likelihood of the completion of the merger cannot be predicted. Except in limited circumstances or unless amended
after the date hereof, the merger agreement is subject to termination by either party after December&nbsp;31, 2008 if
the merger has not been consummated by that date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What happens if the merger is not consummated?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the approved merger is not completed for any reason, shareholders and optionholders will not receive any payment
for their shares and/or options in connection with the merger. Clear Channel will remain an independent public
company, shares of Clear Channel common stock will continue to be listed and traded on the NYSE and options will
remain outstanding (subject to their terms). Any certificates for shares or options and any book-entry shares
delivered together with the form of election and letter of transmittal will be returned at no cost to you. Under
specified circumstances, Clear Channel may be required to pay the Fincos a termination fee of up to $500&nbsp;million or
pay the Fincos certain agreed-upon amounts up to $150&nbsp;million in respect of expenses as described in this proxy
statement/prospectus under the caption &#147;The Merger Agreement &#151; Termination Fees.&#148;</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Will I continue to receive quarterly dividends?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No, you will not continue to receive dividends between now
and the close of the merger. See &#147;The Merger Agreement &#151;
Conduct of Clear Channel's Business Pending the Merger&#148; on page
149 and &#147;Description of
Holdings&#146; Capital Stock &#151; Dividends&#148; beginning on page 174 of this proxy statement/prospectus for a discussion of
the dividend policy following the close of the merger.</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Where and when is the special meeting?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The special meeting will be held at &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008, at &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, local time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What matters will be voted on at the special meeting?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You will be asked to consider and vote on the following proposals:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to approve and adopt the merger agreement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to approve the adjournment or postponement of the special meeting, if necessary or appropriate to solicit
additional proxies if there are insufficient votes at the time of the special meeting to approve and adopt the
merger agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How does Clear Channel&#146;s board of directors recommend that I vote on the approval and adoption of the merger
agreement?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s board of directors by unanimous vote recommends that you vote:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;FOR&#148; the approval and adoption of the merger agreement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;FOR&#148; the adjournment/postponement proposal.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Who is entitled to vote at the special meeting?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All holders of Clear Channel common stock as of the record date are entitled to vote at the special meeting,
or any adjournments or postponements thereof. As of the record date there were &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of
Clear Channel common stock outstanding and entitled to vote, held by approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
holders of record. Each holder of Clear Channel common stock is entitled to one vote for each share the
shareholder held as of the record date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What constitutes a quorum?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The presence, in person or by proxy, of shareholders holding a majority of the outstanding shares of Clear
Channel common stock on the record date is necessary to constitute a quorum at the special meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What vote of Clear Channel&#146;s shareholders is required to approve and adopt the merger agreement?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For us to complete the merger, shareholders holding two-thirds of the outstanding shares of Clear Channel
common stock on the record date must vote &#147;FOR&#148; the approval and adoption of the merger agreement, with each
share having a single vote for these purposes. Only votes cast &#147;FOR&#148; the merger proposal constitute
affirmative votes. Abstentions are counted for quorum purposes, but since they are not votes cast &#147;FOR&#148; the
merger proposal, they will have the same effect as a vote &#147;AGAINST&#148; the merger proposal. Accordingly, failure
to vote or an abstention will have the same effect as a vote &#147;AGAINST&#148; the approval and adoption of the merger
agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What vote of Clear Channel&#146;s shareholders is required to approve the proposal to adjourn or postpone the
special meeting, if necessary or appropriate, to solicit additional proxies?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The proposal to adjourn or postpone the special meeting, if necessary or appropriate, to solicit additional
proxies requires the affirmative vote of shareholders holding a majority of the outstanding shares of Clear
Channel common stock present or represented by proxy at the special meeting and entitled to vote on the
matter. Only votes cast &#147;FOR&#148; the adjournment/postponement proposal constitute affirmative votes. Abstentions
are counted for quorum purposes, but since they are not votes cast &#147;FOR&#148; the adjournment/postponement
proposal, they will have the same effect as a vote &#147;AGAINST&#148; the adjournment/postponement proposal. Broker
non-votes are also counted for quorum purposes, but will not count as shares present and entitled to vote to
adjourn or postpone the meeting. As a result, broker non-votes will have no effect on the vote to adjourn or
postpone the special meeting.</TD>
</TR>


</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How can I vote my shares in person at the special meeting?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares held directly in your name as the shareholder of record may be voted by you in person at the special
meeting. If you choose to do so, please bring the enclosed proxy card and proof of identification. Even if you
plan to attend the special meeting, we recommend that you also submit your proxy as described below so that
your vote will be counted if you later decide not to attend the special meeting. If you vote your shares in
person at the special meeting any previously submitted proxies will be revoked. Shares held in &#147;street name&#148;
may be voted in person by you at the special meeting only if you
obtain a signed proxy from the shareholder of
record giving you the right to vote the shares. Your vote is important. Accordingly, we urge you to sign and
return the accompanying proxy card whether or not you plan to attend the special meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you plan to attend the special meeting, please note that space limitations make it necessary to limit
attendance to shareholders and one guest. Admission to the special meeting will be on a first-come,
first-served basis. Registration and seating will begin at &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. Each shareholder may be asked to
present valid picture identification issued by a government agency, such as a driver&#146;s license or passport.
Shareholders holding stock in street name will need to bring a copy of a brokerage statement reflecting stock
ownership as of the record date. Cameras (including cellular telephones with photographic capabilities),
recording devices and other electronic devices will not be permitted at the special meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How can I vote my shares without attending the special meeting?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whether you hold shares of Clear Channel common stock directly as the shareholder of record or beneficially in
street name, when you return your proxy card or voting instructions accompanying this proxy
statement/prospectus, properly signed, the shares represented will be voted in accordance with your direction
unless you subsequently revoke such proxy or vote in person at the special meeting, as described above.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>If my shares are held in &#147;street name&#148; by my broker, will my broker vote my shares for me?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Your broker will not vote your shares on your behalf unless you provide instructions to your broker on how to
vote. You should follow the directions provided by your broker regarding how to instruct your broker to vote
your shares. Without those instructions, your shares will not be voted, which will have the same effect as
voting &#147;AGAINST&#148; the approval and adoption of the merger agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What do I need to do now?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We urge you to read this proxy statement/prospectus carefully, including its annexes and the information
incorporated by reference, and to consider how the merger affects you. If you are a shareholder as of the
record date, then you can ensure that your shares are voted at the special meeting by completing, signing,
dating and returning each proxy card in the postage-paid envelope provided, or if you hold your shares through
a broker or bank, by submitting your proxy by telephone or the Internet prior to the special meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>If I have previously submitted a proxy, is it still valid?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No.&nbsp;If you have previously submitted a proxy card in response to Clear Channel&#146;s prior solicitations, these
proxy cards will not be valid at this meeting and will not be voted. If your shares are held in &#147;street name,&#148;
you should check the voting instruction card provided by your broker to see which voting options are available
and the procedures to be followed. If you hold shares through a broker or other nominee, you should follow the
procedures provided by your broker or nominee. <B>Please complete and submit a validly executed proxy card for
the special meeting, even if you have previously delivered a proxy. </B>If you have any questions or need
assistance in voting your shares, please call our proxy solicitor, Innisfree M&#038;A Incorporated, toll free at
(877)&nbsp;456-3427.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How do I revoke or change my vote?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You can change your vote at any time before your proxy is voted at the special meeting. You may revoke your
proxy by notifying Clear Channel in writing or by submitting a later-dated new proxy by mail to Clear Channel
c/o Innisfree M&#038;A Incorporated at 501 Madison Avenue, 20th Floor, New York, NY 10022. In addition, your proxy
may be revoked by attending the special meeting and voting in person. However, simply attending the special
meeting will not revoke your proxy. If you hold your shares in &#147;street name&#148; and have instructed a broker to
vote your shares, the above-described options for changing your vote do not apply, and instead you must follow
the instructions received from your broker to change your vote.</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What does it mean if I get more than one proxy card or vote instruction card?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If your shares are registered differently and are in more than one account, you will receive more than one card. Please
sign, date and return all of the proxy cards you receive (or if you hold your shares of Clear Channel common stock through
a broker or bank by telephone or the Internet prior to the special meeting) to ensure that all of your shares are voted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What if I return my proxy card without specifying my voting choices?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If your proxy card is signed and returned without specifying choices, the shares will be voted as recommended by the Board.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Who will bear the cost of this solicitation?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The expenses of preparing, printing and mailing this proxy statement/prospectus and the proxies solicited hereby will be
borne by Clear Channel. Additional solicitation may be made by telephone, facsimile or other contact by certain directors,
officers, employees or agents of Clear Channel, none of whom will receive additional compensation therefor. Clear Channel
will, upon request, reimburse brokerage houses and other custodians, nominees and fiduciaries for their reasonable
expenses for forwarding material to the beneficial owners of shares held of record by others. The Fincos, directly or
through one or more affiliates or representatives, may at their own cost, also, make additional solicitation by mail,
telephone, facsimile or other contact in connection with the merger.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Will a proxy solicitor be used?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Yes. Clear Channel has engaged Innisfree to assist in the solicitation of proxies for the special meeting and Clear
Channel estimates that it will pay Innisfree a fee of approximately $50,000. Clear Channel has also agreed to reimburse
Innisfree for reasonable administrative and out-of-pocket expenses incurred in connection with the proxy solicitation and
indemnify Innisfree against certain losses, costs and expenses. The Sponsors may hire an independent proxy solicitor and
will pay such solicitor the customary fees for the proxy solicitation services rendered.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>QUESTIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have additional questions about the merger or other matters discussed in this proxy
statement/prospectus after reading this proxy statement/prospectus, please contact Clear Channel&#146;s
proxy solicitor, Innisfree, at:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Innisfree M&#038;A Incorporated<BR>
501 Madison Avenue<BR>
20th Floor<BR>
New York, NY 10022<BR>
Shareholders Call Toll-Free: (877)&nbsp;456-3427<BR>
Banks and Brokers Call Collect: (212)&nbsp;750-5833
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>



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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement/prospectus, and the documents to which we refer you to in this proxy
statement/prospectus, contain &#147;forward-looking&#148; statements based on estimates and assumptions.
Forward-looking statements include information concerning possible or assumed future results of
operations of Holdings and Clear Channel, the expected completion and timing of the merger and
other information relating to the merger. There are &#147;forward-looking&#148; statements throughout this
proxy statement/prospectus, including, among others, under the headings &#147;Questions and Answers
About the Merger and the Special Meeting,&#148; &#147;Summary,&#148; &#147;The Merger,&#148; &#147;Opinion of Clear Channel&#146;s
Financial Advisor,&#148; &#147;Regulatory Approvals,&#148; and &#147;Merger Related Litigation,&#148; and in statements
containing the words &#147;believes,&#148; &#147;estimates,&#148; &#147;expects,&#148; &#147;anticipates,&#148; &#147;intends,&#148; &#147;contemplates,&#148;
&#147;may,&#148; &#147;will,&#148; &#147;could,&#148; &#147;should,&#148; or &#147;would&#148; or other similar expressions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should be aware that forward-looking statements involve known and unknown risks and
uncertainties. Although we believe that the expectations reflected in these forward-looking
statements are reasonable, we cannot assure you that the actual results or developments we
anticipate will be realized, or even if realized, that they will have the expected effects on the
business or operations of Holdings and Clear Channel. These forward-looking statements speak only
as of the date on which the statements were made and we expressly disclaim any obligation to
release publicly any updates or revisions to any forward-looking statements included in this proxy
statement/prospectus or elsewhere.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to other factors and matters contained or incorporated in this document, the
following factors could cause actual results to differ materially from those discussed in the
forward-looking statements:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the financial performance of Clear Channel through the completion of the merger;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the satisfaction of the closing conditions set forth in the merger agreement;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the possibility that the parties will be unable to obtain the approval of Clear Channel&#146;s
shareholders;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the possibility that the merger may involve unexpected costs;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the occurrence of any event, change or other circumstance that could give rise to the
termination of the merger agreement, including a termination under circumstances that could
require Clear Channel to pay a termination fee in the amount of $200&nbsp;million or $500
million;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the outcome of any legal proceedings instituted against Holdings, Clear Channel and
others in connection with the proposed merger;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the impact of planned divestitures;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the failure of the merger to close for any reason;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the effect of the announcement of the merger on Clear Channel&#146;s customer relationships,
operating results and business generally;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>business uncertainty and contractual restrictions that may exist during the pendency of
the merger;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in interest rates;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any significant delay in the expected completion of the merger;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amount of the costs, fees, expenses and charges related to the merger;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>diversion of management&#146;s attention from ongoing business concerns;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the need to allocate significant amounts of Clear Channel&#146;s cash flow to make payments on
Clear Channel&#146;s indebtedness, which in turn could reduce Clear Channel&#146;s financial
flexibility and ability to fund other activities;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and other risks set forth in Clear Channel&#146;s current filings with the SEC, including Clear
Channel&#146;s most recent filings on Forms 10-Q and 10-K. See &#147;Where You Can Find Additional
Information&#148; on page&nbsp;187 of this proxy statement/prospectus. All forward-looking statements should
be evaluated with the understanding of their inherent uncertainty.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUMMARY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This summary highlights selected information from the proxy statement/prospectus and may not
contain all of the information that may be important to you. Accordingly, we encourage you to read
carefully this entire proxy statement/prospectus, its annexes and the documents referred to or
incorporated by reference in this proxy statement/prospectus. You may obtain the information
incorporated by reference in this proxy statement/prospectus without charge by following the
instructions under &#147;Where You Can Find Additional
Information&#148; beginning on page&nbsp;187 of this proxy
statement/prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We encourage you to read the merger agreement, including Amendment No.&nbsp;1, Amendment No.&nbsp;2 and
Amendment No.&nbsp;3, carefully and in their entirety, because they are the legal documents that govern
the parties&#146; agreement pursuant to which Clear Channel will be acquired by Holdings through a
merger of Merger Sub with and into Clear Channel. The description in this section and elsewhere in
this proxy statement/prospectus is qualified in its entirety by the merger agreement and does not
purport to contain all of the information about the merger agreement that may be important to you.
Each item in this summary includes a page reference directing you to a more complete description of
that item.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="105"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>The Parties to the Merger</B><BR>
(See &#147;The Parties to the Merger&#148; on page 72)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holdings is a newly formed Delaware corporation and was organized by
private equity funds sponsored by Bain Capital Partners, LLC and Thomas H.
Lee Partners, L.P. solely for the purpose of entering into the merger
agreement and consummating the transactions contemplated by the merger
agreement. Holdings has not engaged in any business except activities
incidental to its organization and in connection with the transactions
contemplated by the merger agreement. As of the date of this proxy
statement/prospectus, Holdings does not have any assets or liabilities
other than as contemplated by the merger agreement, including contractual
commitments it has made in connection therewith.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Clear Channel, incorporated in 1974, is a diversified media company with
three reportable business segments: radio broadcasting, Americas outdoor
advertising (consisting of operations in the United States, Canada and
Latin America) and international outdoor advertising. Clear Channel owns
1,005 radio stations and a leading national radio network operating in the
United States. In addition, Clear Channel has equity interests in various
international radio broadcasting companies. Clear Channel also owns or
operates approximately 209,000 national and approximately 687,000
international outdoor advertising display faces. Additionally, Clear
Channel owns a full-service media representation firm that sells national
spot advertising time for clients in the radio and television industries
throughout the United States. Clear Channel is headquartered in San
Antonio, Texas, with radio stations in major cities throughout the United
States.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Each Finco is a newly formed Delaware limited liability company. B Triple
Crown Finco, LLC was formed by a private equity fund sponsored by Bain
Capital Partners, LLC and T Triple Crown Finco, LLC was formed by a private
equity fund sponsored by Thomas H. Lee Partners, L.P., in each case, solely
for the purpose of entering into the merger agreement and effecting the
merger and the transactions related to the merger.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Merger Sub is a newly formed Delaware corporation and a wholly-owned
subsidiary of Holdings. Merger Sub was organized solely for the purpose of
entering into the merger agreement and consummating the transactions
contemplated by the merger agreement. Merger Sub has not engaged in any
business except activities incidental to its organization and in connection
with the transactions contemplated by the merger agreement. As of the date
of this proxy statement/prospectus, Merger Sub does not have any assets or
liabilities other than as contemplated by the merger agreement, including
contractual commitments it has made in connection therewith.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="106"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>The Merger</B><BR>
(See &#147;The Merger Agreement&#148; on page&nbsp;140)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The merger agreement provides that Merger Sub will be merged with and into
Clear Channel. Each outstanding share of the common stock, par value $0.10
per share, of Clear Channel will be converted into the right to receive
either (1)&nbsp;the Cash Consideration, including, if applicable, any Additional
Equity Consideration, or (2)&nbsp;the Stock Consideration, subject to adjustment
if the election to receive the Stock Consideration is oversubscribed and
cutback if a holder would otherwise receive more than 11,111,112 shares of
Holdings Class&nbsp;A common stock. The shares of common stock of Clear Channel
which may be converted into the right to receive the Stock Consideration or
the Cash Consideration, which we refer to as the &#147;Public Shares,&#148; include
restricted shares, but exclude shares held in the treasury of Clear Channel
or owned by Merger Sub or Holdings immediately prior to the effective time
of the merger, shares held by shareholders who do not vote in favor of the
approval and adoption of the merger agreement and who properly demand and
perfect appraisal rights in accordance with Texas law, if any, and equity
securities which are subject to agreements between certain directors or
employees of Clear Channel and the Fincos pursuant to which such shares and
options are to be converted into equity securities of Holdings in the
merger.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In addition, each holder of options to purchase Clear Channel common stock
as of the record date shall have the right to make an election to convert
all or any portion of such options into such number of shares of Clear
Channel common stock, which we refer to as the &#147;Net Electing Option
Shares,&#148; which would be issuable if such options were exercised net of a
number of option shares having a value (based on the Cash Consideration)
equal to the exercise price for such option shares and any required tax
withholding. Each holder of Net Electing Option Shares will have the right
to make a Stock Election for such Net Electing Option Shares (subject to
the limitations described below).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In addition, if the merger becomes effective after November&nbsp;1, 2008, each
holder of a Public Share and/or a Net Electing Option Share at the
effective time of the merger (whether converted into the right to receive
the Stock Consideration or the Cash Consideration) will also have the right
to receive an amount in cash equal to the Additional Cash Consideration.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="107"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Effects of the Merger</B><BR>
(See &#147;The Merger Agreement &#151; Effects of
the Merger; Structure&#148; on page&nbsp;141)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If the merger agreement is adopted by Clear Channel&#146;s shareholders and the
other conditions to closing are satisfied, Merger Sub will merge with and
into Clear Channel. The separate corporate existence of Merger Sub will
cease, and Clear Channel will continue as the surviving corporation. Upon
completion of the merger, your Public Shares and/or Net Electing Option
Shares will be converted into the right to receive the Cash Consideration
(including, if applicable, any Additional Equity Consideration) or Stock
Consideration, in accordance with your election, and subject to any
applicable pro rata adjustments or cutbacks, unless you have properly
exercised your appraisal rights in accordance with Texas law. The surviving
corporation will become an indirect wholly owned subsidiary of Holdings and
you will cease to have any ownership interest in the surviving corporation,
any rights as its shareholder and you will no longer have any interest in
Clear Channel&#146;s future earnings or growth (other than through your
ownership of shares of Holdings Class&nbsp;A common stock, if any).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Following completion of the merger, Clear Channel&#146;s common stock will be
delisted from the NYSE and will no longer be publicly traded and all Clear
Channel stock options will cease to be outstanding. In addition, following
completion of the merger, the registration of Clear Channel common stock
and Clear Channel&#146;s reporting obligations with respect to Clear Channel
common stock under the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;) will be terminated upon application to the Securities and
Exchange</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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</DIV>

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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Commission (&#147;SEC&#148;). Holdings has agreed to register the Class&nbsp;A
common stock under the Exchange Act and to file periodic reports for at
least two years following the merger.</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="108"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Determination of the Board of Directors</B><BR>
(See &#147;The Merger &#151; Reasons for the
Merger &#151; Determination of the Board
of Directors&#148; on page&nbsp;100)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Board of Directors.</I> Clear Channel&#146;s board of directors by unanimous vote,
recommends that you vote &#147;FOR&#148; the approval and adoption of the merger
agreement. The board of directors (i)&nbsp;determined that the merger is in the
best interests of Clear Channel and its unaffiliated shareholders, (ii)
approved, adopted and declared advisable the merger agreement and the
transactions contemplated by the merger agreement, (iii)&nbsp;recommended that
the shareholders of Clear Channel vote in favor of the merger and directed
that such matter be submitted for consideration of the shareholders of
Clear Channel at the special meeting and (iv)&nbsp;authorized the execution,
delivery and performance of the merger agreement and the transactions
contemplated by the merger agreement. <B>The board of directors&#146;
recommendation is based on the Cash Consideration to be received by the
shareholders in the merger. The board of directors makes no recommendation
as to whether any shareholder should make a Stock Election and makes no
recommendation regarding the Class&nbsp;A common stock of Holdings.</B></TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="109"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Determination of the Special Advisory
Committee</B><BR>
(See &#147;The Merger &#151; Reasons for the
Merger &#151; Determination of the Special
Advisory Committee&#148; on page&nbsp;104)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Special Advisory Committee.</I> The special advisory committee was a committee
formed by the disinterested members of Clear Channel&#146;s board of directors
comprised of three disinterested and independent members of Clear Channel&#146;s
board of directors. The special advisory committee was formed for the
purpose of (i)&nbsp;prior to execution of the original merger agreement,
providing its assessment, after receiving the advice of its legal and
financial advisors, as to the fairness of the terms of the original merger
agreement, and (ii)&nbsp;following execution of the original merger agreement,
in the event Clear Channel received a proposal from a third party seeking
to acquire or purchase Clear Channel, which proposal satisfies certain
conditions described on pages 152 through 154 of this proxy
statement/prospectus, which we refer to as a &#147;Competing Proposal,&#148;
providing its assessment, after receiving advice of its legal and financial
advisors, as to the fairness and/or superiority of the terms of the
Competing Proposal and the continuing fairness of the terms of the original
merger agreement. The process for pursuing, and all negotiations with
respect to, the merger agreement were not directed by the special advisory
committee but rather were directed by the disinterested members of the
board of directors as a group. The special advisory committee engaged its
own legal and financial advisors in connection with its assessment of the
fairness of the terms of the original merger agreement. On November&nbsp;15,
2006, the special advisory committee unanimously determined that the terms
of the original merger agreement were fair to Clear Channel&#146;s unaffiliated
shareholders. The special advisory committee was not requested by the
disinterested members of the board of directors to separately assess
Amendment No.&nbsp;1 or Amendment No.&nbsp;2, as neither constituted a Competing
Proposal. The special advisory committee was dissolved prior to Amendment
No.&nbsp;3. The special advisory committee did not make any determination as to
the fairness of the terms of the merger agreement, the Stock Consideration
or the Cash Consideration, as amended by Amendment No.&nbsp;1, Amendment No.&nbsp;2
or Amendment No.&nbsp;3.</TD>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="110"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Interests of Clear Channel&#146;s Directors and
Executive Officers in the Merger</B><BR><BR>
(See &#147;The Merger &#151; Interests of Clear
Channel&#146;s Directors and Executive Officers
in the Merger&#148; on page&nbsp;107)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In considering the recommendation of the board of directors with respect to
the merger agreement, you should be aware that some of Clear Channel&#146;s
directors and executive officers have interests in the merger that are
different from, or in addition to, the interests of holders of Clear
Channel common stock generally. These interests include the treatment of
shares (including restricted shares) and options held by the directors and
officers, as well as indemnification and</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">insurance arrangements with
officers and directors, change-in-control severance benefits that may
become payable to certain officers, employment agreements and an equity
ownership in Holdings if the merger is consummated. As of May&nbsp;28, 2008,
directors and executive officers held unvested options with an aggregate
value of $3,957,969 and restricted stock with an aggregate value of
$22,681,332, each of which would fully vest in connection with the merger.
In addition, Herbert W. Hill, Jr. and Andrew W. Levin could receive
aggregate estimated potential cash severance benefits of $1,263,877 in the
event that such executive officers are terminated without &#147;cause&#148; or resign
for &#147;good reason&#148; between November&nbsp;16, 2006 and the date which is one year
following the effective time of the merger. These interests also include
the terms of a letter agreement entered into by the Fincos and Messrs.&nbsp;L.
Lowry Mays, Mark P. Mays, Randall T. Mays in connection with the merger
agreement (as supplemented in connection with Amendment No.&nbsp;2 and Amendment
No.&nbsp;3), which provides for, among other things, the conversion of equity
securities of Clear Channel held by each of Messrs.&nbsp;L. Lowry Mays, Mark P.
Mays and Randall T. Mays into equity securities of Holdings, the terms of a
new equity incentive plan for Clear Channel&#146;s employees and new employment
agreements for each of Messrs.&nbsp;L. Lowry Mays, Mark P. Mays and Randall T.
Mays, which will be effective upon consummation of the merger. These
interests, to the extent material, are described below under &#147;The Merger &#151;
Interests of Clear Channel&#146;s Directors and Executive Officers in the
Merger.&#148; The board of directors was aware of these interests and considered
them, among other matters, in approving the merger agreement and the
merger.</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="111"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Opinion of Clear Channel&#146;s Financial Advisor</B><BR>
(See &#147;Opinion of Clear Channel&#146;s Financial
Advisor&#148; on page 127)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Goldman, Sachs &#038; Co., which we refer to as &#147;Goldman Sachs,&#148; delivered its
oral opinion to the Clear Channel board of directors, which was
subsequently confirmed in its written opinion dated May&nbsp;13, 2008, that, as
of such date, and based upon and subject to the factors and assumptions set
forth therein, the cash consideration of $36.00 per Public Share to
be received by the
holders of Public Shares pursuant to the merger agreement, was
fair from a financial point of view to such holders.</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The full text of the written opinion of Goldman Sachs, dated May&nbsp;13, 2008,
which sets forth the assumptions made, procedures followed, matters
considered and limitations on the review undertaken in connection with the
opinion, is attached as Annex G to this proxy statement/prospectus. We
encourage you to read the Goldman Sachs opinion carefully in its entirety.
Goldman Sachs provided its opinion for the information and assistance of
the Clear Channel board of directors in connection with its consideration
of the merger. Goldman Sachs&#146; opinion is not a recommendation as to how any
holder of shares of Clear Channel common stock should vote or make any
election with respect to the merger. Pursuant to an engagement letter
between Clear Channel and Goldman Sachs, Clear Channel has agreed to pay
Goldman Sachs a transaction fee of approximately $31&nbsp;million, of which $15
million was paid upon the signing of the original merger agreement in
November&nbsp;2006 and approximately $16&nbsp;million of which is payable upon consummation of
the merger. See &#147;Opinion of Clear Channel&#146;s Financial Advisor&#148; beginning on
page 127. The board of directors was aware that a significant portion of
the transaction fee was payable upon consummation of the merger and
considered it, among other matters, in approving the merger agreement and
the merger.</TD>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="112"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Financing</B><BR>
(See &#147;Financing&#148; on page 117)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Equity Financing.</I> Pursuant to replacement equity commitment letters signed
in connection with Amendment No.&nbsp;3, Bain Capital Fund IX, L.P. and Thomas
H. Lee Equity Fund VI, L.P., which we refer to as the &#147;Sponsors&#148;, have
severally agreed to purchase (either directly or indirectly through one or
more intermediate</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">entities) up to an aggregate of $2.4&nbsp;billion of equity
securities of Holdings and to cause all or a portion of such cash to be
contributed to Merger Sub as needed for the merger and related transactions
(including payment of cash merger consideration to Clear Channel
shareholders, repayment of certain Clear Channel debt, and payment of
certain transaction fees and expenses), which we refer to as &#147;Equity
Financing.&#148; Each of the equity commitments may be satisfied by compliance
with the provisions of the Escrow Agreement and was reduced by half of
the amount of any or all amounts actually contributed into escrow in
accordance with the Escrow Agreement, by or on behalf of Merger Sub,
Holdings or certain of their affiliates. The equity commitment letters
entered into in connection with Amendment No.&nbsp;3 superseded the equity
commitment letters previously delivered by the Sponsors.</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Debt Financing. </I>In connection with Amendment No.&nbsp;3 and the Settlement
Agreement, on May&nbsp;13, 2008, Merger Sub entered into definitive agreements
providing for $19.1&nbsp;billion in aggregate debt financing (the &#147;Debt
Financing&#148;). The Debt Financing consists of (i)&nbsp;senior secured credit
facilities in an aggregate principal amount of approximately $15.8&nbsp;billion,
subject to increase in certain circumstances (the &#147;Senior Secured Credit
Facilities&#148;), (ii)&nbsp;a receivables based facility of up to $1.0&nbsp;billion
(subject to reduction in certain circumstances) with availability limited
by a &#147;borrowing base&#148; (the &#147;Receivables Based Credit Facility&#148;), and (iii)
a note purchase agreement (together with the Senior Secured Credit
Facilities and the Receivables Based Facility, the &#147;Financing Agreements&#148;)
for the issuance of $980&nbsp;million aggregate principal amount of its 10.75%
senior cash pay notes due 2016 (the &#147;Senior Cash Pay Notes&#148;) and $1.33
billion aggregate principal amount of its 11.00%/11.75% senior toggle notes
due 2016 (the &#147;Senior Toggle Notes&#148;). The proceeds of the Debt Financing
on the closing date will be used to finance, in part, the payment of the
merger consideration, the repayment or refinancing of certain of our debt
outstanding on the closing date of the merger and the payment of fees and
expenses in connection with the transactions contemplated by the merger
agreement.</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="113"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Regulatory Approvals</B><BR>
(See &#147;Regulatory Approvals&#148; on page 138)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the Communications Act of 1934, as amended, which we refer to as the
&#147;Communications Act,&#148; Clear Channel and the Fincos may not complete the
merger unless they have first obtained the approval of the Federal
Communications Commission, which we refer to as the &#147;FCC,&#148; to transfer
control of Clear Channel&#146;s FCC licenses to affiliates of the Fincos. FCC
approval is sought through the filing of applications with the FCC, which
are subject to public comment and objections from third parties. Pursuant
to the merger agreement, the parties filed on December&nbsp;12, 2006 the
applications to transfer control of Clear Channel&#146;s FCC licenses to
affiliates of the Fincos. On June&nbsp;19, 2007, Clear Channel filed
applications to place certain of its FCC licenses into a divestiture trust
to facilitate closing of the merger in compliance with FCC media ownership
rules. On January&nbsp;24, 2008, the FCC granted the applications to transfer
Clear Channel. The FCC consents to the transfer of control of Clear
Channel are subject to certain conditions which the parties intend to
satisfy prior to the closing of the merger and remain in effect as granted or as extended. The FCC grants
extensions of authority to consummate previously approved transfers of
control either by right or for good cause shown. We anticipate that the
FCC will grant any necessary extensions of the effective period of the
previously issued consents for consummation of the transfer.</TD>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended,
which we refer to as the &#147;HSR Act,&#148; and the rules promulgated thereunder,
Clear Channel cannot complete the merger until it notifies and furnishes
information to the Federal Trade Commission and the Antitrust Division of
the U.S. Department of Justice, and the applicable waiting period has
expired or been terminated.</TD>
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Clear Channel notified and furnished the
required information to the Federal Trade Commission and the Antitrust
Division. Clear Channel agreed with the Antitrust Division to enter into a
Final Judgment and Hold Separate Agreement in accordance with and subject
to the Tunney Act. The waiting period under the HSR Act expired on
February&nbsp;13, 2008.</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">There are no remaining regulatory approvals needed to close the transaction.</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="114"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Material United States Federal Income Tax
Consequences</B><BR>
(See &#147;Material United States Federal Income
Tax Consequences&#148; on page 135)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The material U.S. federal income tax consequences of the merger to a
particular U.S. holder of Clear Channel common stock will depend on the
form of consideration received by the U.S. holder in exchange for its Clear
Channel common stock and, in the opinion of Ropes &#038; Gray LLP, will be as
follows.</TD>
</TR>
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</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A U.S. holder who exchanges shares of Clear Channel common stock solely
for cash in the merger will recognize gain or loss in the amount equal to
the difference between the amount of cash received and the U.S. holder&#146;s
tax basis in the shares of Clear Channel common stock exchanged in the
merger.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A U.S. holder who exchanges Clear Channel common stock solely for shares of Holdings Class&nbsp;A common stock will not recognize any gain or loss
on the exchange.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A U.S. holder who exchanges its shares of Clear Channel common stock
for a combination of Holdings Class&nbsp;A common stock and cash will be treated
as having disposed of its shares of Clear Channel common stock in two
separate transactions. In one transaction, Clear Channel will be deemed to
have redeemed a portion of such U.S. holder&#146;s shares of Clear Channel
common stock for cash, and such U.S. holder will recognize gain or loss in
an amount equal to the difference between the amount of cash deemed
received by such U.S. holder in the deemed redemption and the U.S. holder&#146;s
tax basis in the shares of Clear Channel common stock deemed to be so
redeemed. In the other transaction, the U.S. holder will be deemed to have
exchanged the remaining portion of such holder&#146;s shares of Clear Channel
common stock for Holdings Class&nbsp;A common stock and cash. In this deemed
exchange transaction, the U.S. holder will not recognize any loss and will
recognize gain, if any, equal to the lesser of (x)&nbsp;the cash received in the
deemed exchange and (y)&nbsp;the gain realized on the deemed exchange. The gain
realized on the deemed exchange will equal the excess of the fair market
value of the Holdings Class&nbsp;A common stock and the cash received in the
deemed exchange over such U.S. holder&#146;s tax basis in the shares of Clear
Channel common stock surrendered in the deemed exchange. As more fully
discussed in &#147;Material United States Federal Income Tax Consequences,&#148; the
relative number of shares of Clear Channel common stock disposed of by a
U.S. holder in the deemed redemption transaction and the deemed exchange
transaction, respectively, will depend on the number of shares of Holdings
Class&nbsp;A common stock received by such holder in the merger and the extent
to which the cash consideration in the merger is attributable to equity
financing at the Holdings level or other sources.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 47%">Following the closing of the merger, Holdings will provide each U.S. holder
with sufficient information to determine (i)&nbsp;the number of shares of Clear
Channel stock disposed of by such U.S. holder in each of the deemed
redemption transaction and the deemed exchange transaction, (ii)&nbsp;the amount
of cash such U.S. holder received in the deemed redemption transaction and
(iii)&nbsp;the number of shares of Holdings Class&nbsp;A common stock and the amount
of cash such U.S. holder received in the deemed exchange transaction. Such
information will not be ascertainable until after the closing of the
merger.
</DIV>

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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
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    <TD width="48%">&nbsp;</TD>
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    <TD valign="top"><DIV align="left"><A name="115"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Conditions to the Merger</B><BR>
(See &#147;The Merger Agreement &#151; Conditions to
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Before the merger can be completed, a number of conditions must be
satisfied. These conditions include:</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">the Merger&#148; on page 157)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approval and adoption of the merger agreement by Clear Channel&#146;s
shareholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the expiration or termination of any applicable waiting period under the
HSR Act and any applicable foreign antitrust laws (which the parties have
acknowledged have been satisfied); and such expiration or termination
continuing to be in effect on the closing date of the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no governmental authority having enacted any law or order making the
merger illegal or otherwise prohibiting the consummation of the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the receipt of the approval of the FCC to transfer control of Clear
Channel&#146;s FCC licenses to affiliates of the Fincos, which we refer to as
the &#147;FCC Consent&#148; (which the parties have acknowledged have been
satisfied), and the FCC Consent shall not have been revoked and shall
continue to be in effect as of the closing date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the performance, in all material respects, by Clear Channel of certain
specified operating covenants set forth in the merger agreement, and no
&#147;Material Adverse Effect on Clear Channel&#148; (as defined on
page 147 of this
proxy statement/prospectus) having occurred as a result of Clear Channel&#146;s
failure to perform or comply with any other agreement or covenant in the
merger agreement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the performance in all material respects, by the Fincos, Holdings and
Merger Sub of their respective agreements and covenants in the merger
agreement.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 47%">If a failure to satisfy one of these conditions to the obligations of Clear
Channel to complete the merger is not considered by Clear Channel&#146;s board of
directors to be material to its shareholders, the board of directors may waive
compliance with that condition. Clear Channel&#146;s board of directors is not aware
of any condition to the merger that cannot be satisfied. Under Texas law, after
the merger agreement has been approved and adopted by Clear Channel&#146;s
shareholders, the Merger Consideration cannot be changed and the merger
agreement cannot be altered in a manner adverse to Clear Channel&#146;s shareholders
without re-submitting the revisions to Clear Channel&#146;s shareholders for their
approval. To the extent that either party to the merger waives any material
condition to the merger and such change in the terms of the transaction renders
the disclosure previously provided to Clear Channel&#146;s shareholders materially
misleading, Clear Channel will recirculate this proxy statement/prospectus and
resolicit proxies from its shareholders.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="116"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Solicitation of Alternative Proposals</B><BR>
(See &#147;The Merger Agreement &#151;
Solicitation of Alternative
Proposals&#148; on page 152)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Following execution of the merger agreement
and until 11:59&nbsp;p.m., Eastern Standard Time,
on December&nbsp;7, 2006, Clear Channel was
permitted to initiate, solicit and encourage
a Competing Proposal from third parties
(including by way of providing access to
non-public information and participating in
discussions or negotiations regarding, or
taking any other action to facilitate a
Competing Proposal). During this period 22
parties were contacted, including 16
potential strategic buyers and six private
equity firms (two of which had previously
been contacted, but had not entered into
confidentiality agreements). Clear Channel
did not receive any Competing Proposals from
the parties that were contacted or any other
person prior to 11:59&nbsp;p.m. Eastern Standard
Time on December&nbsp;7, 2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From and after 11:59&nbsp;p.m., Eastern Standard
Time, on December&nbsp;7, 2006 Clear Channel has
agreed not to:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>initiate, solicit, or knowingly facilitate
or encourage the submission of any inquiries
proposals or offers with respect to a
Competing Proposal (including by way of
furnishing information);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>participate in any negotiations regarding,
or furnish to any person any information in
connection with, any Competing Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>engage in discussions with any person with
respect to any Competing Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approve or recommend any Competing
Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enter into any letter of intent or similar
document or any agreement or commitment
providing for any Competing Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>otherwise cooperate with, or assist or
participate in, or knowingly facilitate or
encourage any effort or attempt by any
person (other than the Fincos or their
representatives) with respect to, or which
would reasonably be expected to result in, a
Competing Proposal; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exempt any person from the restrictions
contained in any state takeover or similar
law or otherwise cause such restrictions not
to apply to any person or to any Competing
Proposal.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 47%">From and after 11:59&nbsp;p.m. Eastern Standard
Time on December&nbsp;7, 2006 Clear Channel
agreed to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately cease and cause to be
terminated any solicitation, encouragement,
discussion or negotiation with any persons
conducted prior to November&nbsp;16, 2006 with
respect to any actual or potential Competing
Proposal; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to parties with whom
discussions or negotiations have been
terminated on, prior to or subsequent to
November&nbsp;16, 2006, use its reasonable best
efforts to obtain the return or the
destruction of, in accordance with the terms
of the applicable confidentiality agreement,
any confidential information previously
furnished by it.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 47%">Notwithstanding these restrictions, at any time prior to the approval of the
merger agreement by Clear Channel shareholders (which for these purposes does
not include the vote held at the September&nbsp;25, 2007 special meeting of Clear
Channel shareholders), if Clear Channel receives a written Competing Proposal
that Clear Channel&#146;s board of directors determines in good faith, after
consultation with Clear Channel&#146;s outside legal counsel and financial advisors,
constitutes a proposal that satisfies certain criteria described on
page 154 of
this proxy statement/prospectus and is on terms more favorable to the holders
of Clear Channel&#146;s common stock from a financial point of view than the terms
set forth in the merger agreement or any other proposal made by the Fincos,
which we refer to as a &#147;Superior Proposal,&#148; Clear Channel may, subject to
certain conditions:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>furnish information to the third party making the Competing Proposal;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>engage in discussions or negotiations with the third party with respect
to the Competing Proposal.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 47%">In addition, Clear Channel may terminate the merger agreement and enter
into a definitive agreement with respect to a Competing Proposal if it
receives a bona fide written Competing Proposal that Clear Channel&#146;s
board of directors determines in good faith, after consultation with
Clear Channel&#146;s outside counsel and financial advisors, is a Superior
Proposal (after giving effect to any adjustments to the terms of the
merger agreement offered by the Fincos in response to the Competing
Proposal) and if Clear Channel&#146;s board of directors determines in good
faith, after consultation with Clear Channel&#146;s outside counsel, that the
failure to take such action would reasonably be expected to be a breach
of the board of directors&#146; fiduciary duties under applicable law.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="117"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Termination</B><BR>
(See &#147;The Merger
Agreement &#151;
Termination&#148; on<BR>page 158)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Clear Channel and the Fincos may agree to terminate the merger agreement
without completing the merger at any time. The merger agreement may also
be terminated in certain other circumstances, including (in each case
subject to certain limitations and exceptions):</TD>
</TR>
<TR valign="bottom">

    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by either the Fincos or Clear Channel, if:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="51%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the closing of the merger has not occurred on or before December&nbsp;31, 2008,
which may be extended under certain limited circumstances, which we refer to as
the &#147;Termination Date&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="51%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any governmental entity has issued an order, decree or ruling or taken any
other action permanently restraining, enjoining or otherwise prohibiting the
merger and that order or other action is final and non-appealable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="51%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s shareholders do not approve and adopt the merger agreement at
the special meeting or any postponement or adjournment thereof; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="51%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there is a material breach by the non-terminating party of any of its
covenants or agreements in the merger agreement that would result in the
failure of certain closing conditions and that breach has not been cured within
30&nbsp;days following delivery of written notice by the terminating party;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by Clear Channel, if, prior to the approval and adoption of the merger
agreement by the shareholders, the board of directors has concluded in good
faith, after consultation with outside legal and financial advisors, that a
Competing Proposal is a Superior Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Fincos, if the board of directors changes, qualifies, withdraws or
modifies in a manner adverse to the Fincos its recommendation that Clear
Channel&#146;s shareholders approve and adopt the merger agreement, or fails to
reconfirm its recommendation within five business days of receipt of a written
request from the Fincos; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="47%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Fincos, if the board of directors fails to include in the proxy
statement/prospectus distributed to Clear Channel&#146;s shareholders, its
recommendation that Clear Channel&#146;s shareholders approve and adopt the merger
agreement.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="118"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Termination Fees</B><BR>
(See &#147;The Merger Agreement &#151;
Termination Fees&#148; on page 158)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The merger agreement provides that, upon termination of
the merger agreement under specified circumstances,
Clear Channel will be required to pay the Fincos a
termination fee of $500&nbsp;million. These circumstances
include a termination of the merger agreement by:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(i) Clear Channel in order to accept a Superior Proposal;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(ii) the Fincos, if the board of directors, (a)&nbsp;changes
its recommendation to Clear Channel&#146;s shareholders that
they approve and adopt the merger agreement, (b)&nbsp;fails
to reconfirm its recommendation, or (c)&nbsp;fails to include
its recommendation in this proxy statement/prospectus;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(iii) the Fincos or Clear Channel, if Clear Channel&#146;s
shareholders do not approve and adopt the merger
agreement at the special meeting, so long as prior to
the special meeting, a Competing Proposal has been
publicly announced or made to known to Clear Channel and
not withdrawn at least two business days prior to the
special meeting and within 12&nbsp;months of the termination
of the merger agreement Clear Channel enters into a
definitive proposal with respect to, or consummates, any
Competing Proposal; or</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(iv) the Fincos, if the Fincos are not in material
breach of their obligations under the merger agreement
and if Clear Channel has willfully and materially
breached its obligations under the merger agreement,
which breach has not been cured within 30&nbsp;days, and
prior to the date of termination of the merger agreement
Clear Channel enters into a definitive agreement with
respect to any Competing Proposal.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The merger agreement further provides that Clear Channel
will be required to pay the Fincos a termination fee of
$200&nbsp;million, but only if the $500&nbsp;million termination
fee that is payable under the circumstances described
above is not otherwise payable, if the merger agreement
is terminated by:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(i) the Fincos or Clear Channel, if any governmental
entity has issued an order, decree or ruling or taken
any other action permanently restraining, enjoining or
otherwise prohibiting the merger and that order or other
action is final and non-appealable;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(ii) the Fincos or Clear Channel, if Clear Channel&#146;s
shareholders do not approve and adopt the merger
agreement at the special meeting or any postponement or
adjournment thereof; or</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(iii) the Fincos, if the Fincos are not in material
breach of their obligations under the merger agreement
and if Clear Channel has breached its obligations under
the merger agreement, which breach has not been cured
within 30&nbsp;days; and</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">within twelve (12)&nbsp;months after such termination (i)
Clear Channel or any of its subsidiaries consummates a
transaction based on a proposal submitted by certain
agreed third parties (we refer to such third parties as
&#147;Contacted Parties&#148; and such a proposal as a &#147;Contacted
Parties Proposal&#148;), (ii)&nbsp;Clear Channel or any of its
subsidiaries enters into a definitive agreement with
respect to a Contacted Party Proposal, or (iii)&nbsp;one or
more Contacted Parties acting alone or as a group (as
defined in Section&nbsp;13(d) of the Exchange Act, with
certain exceptions), commences a tender offer with
respect to a Contacted Party Proposal, and, in the case
of each of clause (ii)&nbsp;and (iii)&nbsp;above, subsequently
consummates (whether during or after such twelve (12)
month period) such Contacted Party Proposal (all as
described on page 160 of this proxy/prospectus).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The merger agreement and the Escrow Agreement provide
that, upon termination of the merger agreement under
specified circumstances, Clear Channel will be entitled
to receive a termination fee that will be funded
pursuant to the terms of the Escrow Agreement. The
circumstances under which that fee will be payable are
as follows:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(i) if Clear Channel or the Fincos terminate the merger
agreement, because the effective time of the merger has
not occurred on or before the Termination Date, the
terminating party has not breached in any material
respect its obligations under the merger agreement that
proximately caused the failure to consummate the merger
on or before the Termination Date, and all conditions to
the Fincos&#146; and Merger Sub&#146;s obligation to consummate
the merger have been satisfied, then Clear Channel will
be entitled to receive a termination fee of $600&nbsp;million
in cash that will be paid pursuant to the Escrow
Agreement; and</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(ii) if Clear Channel terminates the merger agreement,
due to the Fincos, Holdings and Merger Sub having
breached or failed to perform in any material respect
any of their obligations under the merger agreement such
that certain closing conditions would not be satisfied,
which breach has not been cured within 30&nbsp;days and all
conditions to the Fincos&#146; and Merger Sub&#146;s obligation to
consummate the merger have been satisfied, then Clear
Channel will be entitled to receive a termination fee of
$150&nbsp;million in cash that will be paid pursuant to the
Escrow Agreement. The amount of the termination fee is
increased to $600&nbsp;million in cash if such termination is
due to a willful and material breach by the Fincos,
Holdings and Merger Sub;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In the event that the merger agreement is terminated by
Clear Channel or the Fincos because of the failure to
obtain the approval of Clear Channel&#146;s shareholders at
the special meeting or any adjournment or postponement
thereof, and a termination fee is not otherwise then
payable by Clear Channel under the merger agreement,
Clear Channel has agreed to pay reasonable out-of-pocket
fees and expenses incurred by the Fincos, Merger Sub and
Holdings in connection with the merger agreement and
this proxy statement/prospectus, not to exceed an amount
equal to $45&nbsp;million. If Clear Channel becomes obligated
to pay a termination fee under the merger agreement
after payment of the expenses, the amount previously
paid to the Fincos as expenses will be credited toward
the termination fee amount payable by Clear Channel.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In addition, Clear Channel will promptly pay the Fincos
a set amount in respect of the expenses incurred by
Merger Sub and the Fincos (which amount will be in
addition to any termination fees that may become payable
by Clear Channel) as follows:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(i) $150&nbsp;million if the Fincos terminate the merger
agreement because Clear Channel has breached or failed
to perform in any material respect any of its covenants
or other agreements set forth in the merger agreement
such that the corresponding closing condition would not
be satisfied, which breach has not been cured within 30
days; and</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(ii) $100&nbsp;million if the merger agreement is terminated:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) by Clear Channel, prior to approval and adoption of
the merger agreement by Clear Channel&#146;s shareholders, in
order to enter into a definitive agreement relating to a
Superior Proposal; (b)&nbsp;by the Fincos, if the board of
directors effects a Change of Recommendation, fails to
reconfirm Company Recommendation, or fails to include
the Company Recommendation in this proxy
statement/prospectus; or (c)&nbsp;by either the Fincos or
Clear Channel if the closing of the merger has not
occurred on or before the Termination Date, and the
party seeking termination has not breached in any
material respect its obligations under the merger
agreement that shall have proximately caused the failure
to consummate the merger on or before the Termination
Date.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="119"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Limited Guarantee of the Sponsors</B><BR>
(See &#147;The Merger Agreement &#151;
Limited Guarantees&#148; on page 161)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In connection with Amendment No.&nbsp;3, each of the Sponsors
and Clear Channel entered into an amended and restated
limited guarantee pursuant to which, among other things,
each of the Sponsors is providing Clear Channel a
guarantee of payment of its pro rata portion of the
termination fees payable by Merger Sub. The amended and
restated limited guarantees entered into in connection
with Amendment No.&nbsp;3 superseded the limited guarantees
previously delivered by the Sponsors. The Sponsors&#146;
obligations under the amended and restated limited
guarantees was reduced ratably to the extent that
they paid any amount, or caused any amount to be paid,
into escrow under the Escrow Agreement.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="120"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Transaction Fees and Certain
Affiliate Transactions</B><BR>
(See &#147;The Merger Agreement &#151;
Transaction Fees&#148; on page 156
and &#147;Certain Affiliate
Transactions&#148; on page 116)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As part of the merger agreement, the Fincos have agreed
that the transaction fees paid to or to be paid to the
Fincos or their affiliates in connection with the
closing of the merger will not exceed $87.5&nbsp;million.
Other than those fees, unless otherwise approved by
Clear Channel&#146;s independent directors or holders of a
majority of the outstanding shares of Class&nbsp;A common
stock of Holdings, none of Holdings or any of its
subsidiaries will pay management, transaction,
monitoring or any other fees to the Fincos or their
affiliates except pursuant to an arrangement whereby the
holders of shares of Holdings Class&nbsp;A common stock are
made whole for any portion of such fees paid by Holdings
or any of its subsidiaries.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="121"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Settlement Agreement</B><BR>
(See &#147;Settlement and Escrow
Agreements&#148; on page 162)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">On May&nbsp;13, 2008, Clear Channel, Merger Sub, the Fincos,
Holdings and Clear Channel Capital IV, LLC (&#147;CCC IV&#148;) entered a
settlement agreement with a bank syndicate comprised of
Citigroup Global Markets Inc., Citibank, N.A., Citicorp
USA, Inc., Citicorp North America, Inc., Morgan Stanley
Senior Funding, Inc., Credit Suisse, Cayman Islands
Branch, Credit Suisse Securities (USA)&nbsp;LLC, The Royal
Bank of Scotland PLC, RBS Securities Corporation,
Wachovia Bank, National Association, Wachovia Investment
Holdings, LLC, Wachovia Capital Markets, LLC, Deutsche
Bank AG New York Branch, Deutsche Bank AG Cayman Island
Branch and Deutsche Bank Securities Inc. (collectively,
the &#147;Banks&#148;) pursuant to which they settled certain
ongoing litigation initiated in New York and Texas (the
&#147;Settlement Agreement&#148;).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Clear Channel, Merger Sub, the Fincos, Holdings, CCC IV
and the Sponsors agreed to release their outstanding
claims against the Banks in exchange for the Banks
agreeing:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Upon receipt by the Escrow Agent (as defined below) of
all money, property or letters of credit required to be
delivered under the terms of the Escrow Agreement, each
party to the Settlement Agreement and each of the
Sponsors released each other party to the Settlement
Agreement and each of the Sponsors from all claims that
the releasing party ever had, now has or subsequently
may have against any released party, from the beginning
of time through the date the escrow is fully funded,
with respect to the matters arising out of or relating
to the merger agreement, the equity commitment letters
and guarantees, and the debt commitment letters.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">On the consummation of the merger, each party to the
Settlement Agreement and each of the Sponsors releases
each other party to the Settlement Agreement and each of
the Sponsors from all claims that the releasing party
ever had, now has or subsequently may have against any
released party from the beginning of the world through
the consummation of the merger with respect to the
matters arising out of or related to the merger
agreement, the equity commitment letters and guarantees.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="122"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Escrow Agreement</B><BR>
(See &#147;Settlement and Escrow
Agreements&#148; on page 162)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As contemplated by the Settlement Agreement, each of
Clear Channel, Merger Sub, Holdings, the Fincos, THL
Equity Fund VI Investors (Clear Channel), L.P. and Bain
Capital CC Investors, L.P. as designees of Holdings
(each, a &#147;Buyer Designee&#148;), Mark P. Mays, Randall T.
Mays, L. Lowry Mays, MPM Partners, Ltd., RTM Partners,
Ltd. LLM Partners, Ltd. (each a &#147;Management Investor&#148;),
Highfields Capital Management LP (&#147;Highfields
Management&#148;), Abrams Capital Partners I, LP, Abrams
Capital Partners II, LP, Whitecrest Partners, LP, Abrams
Capital International, Ltd, and Riva Capital Partners
LP, (each an &#147;Abrams Investor&#148;), certain of the Banks
and affiliates of certain of the Banks (each, a &#147;Bank
Escrow Party&#148;) and The Bank of New York, as escrow agent
(the &#147;Escrow Agent&#148;) entered into an escrow agreement
(the &#147;Escrow Agreement&#148;) pursuant to which: (i)&nbsp;the Bank
Escrow Parties agreed to deposit with the Escrow Agent
cash or letters of credit in an aggregate amount equal
to $16,410,638,000; (ii)&nbsp;the Buyer Designees agreed to
deposit with the Escrow Agent cash or letters of credit
in an aggregate amount equal to $2,400,000,000; (iii)
the Management Investors agreed to deposit with the
Escrow Agent a combination of vested shares of Clear
Channel common stock and vested options to purchase
shares of Clear Channel common stock with an aggregate
value of $35,074,625; (iv)&nbsp;Highfields Management agreed
to deposit with the Escrow Agent an aggregate of
11,111,112 shares of Clear Channel common stock
beneficially owned by investment funds managed by
Highfields Management; and (v)&nbsp;the Abrams Investors
agreed to deposit with the Escrow Agent an aggregate of
2,777,778 shares of Clear Channel common stock.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">On May&nbsp;22, 2008, the Escrow Agent confirmed receipt of
the entire amount to be deposited into escrow by the
Bank Escrow Parties and on May&nbsp;28, 2008, the Escrow
Agent confirmed receipt of all other amounts and
property required to be delivered under the Escrow
Agreement, including the entire amount to be deposited
into escrow by the Buyer Designees.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The amounts deposited with the Escrow Agent are to be
released upon consummation of the merger upon
confirmation of satisfaction of the conditions to
consummating the merger set forth in the merger
agreement and the conditions to funding set forth in the
Financing Agreements.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In event that the merger agreement is terminated prior
to consummation of the merger, the escrow amounts shall
be paid to the respective depositors, provided, however
that in certain circumstances the termination fee
otherwise then payable</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">by Merger Sub under the merger
agreement shall be paid to Clear Channel from escrow
amounts deposited by the Bank Escrow Parties or the
Buyer Designees, as applicable.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="123"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Clear Channel&#146;s Stock Price</B><BR>
(See &#147;Market Prices of Clear
Channel Common Stock and
Dividend Data&#148; on page 168)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Clear Channel common stock is listed on the NYSE under
the trading symbol &#147;CCU.&#148; On October&nbsp;24, 2006, which was
the last trading day immediately prior to the date on
which Clear Channel announced that the board of
directors was exploring possible strategic alternatives
for Clear Channel to enhance shareholder value, Clear
Channel common stock closed at $32.20 per share and the
average closing stock price of Clear Channel common
stock during the 60 trading days ended October&nbsp;24, 2006,
was $29.27 per share. On November&nbsp;15, 2006, which was
the last trading day immediately prior to the date on
which Clear Channel announced the approval of the merger
agreement by Clear Channel&#146;s board of directors, Clear
Channel common stock closed at $34.12 per share. On May
9, 2008, which was the last trading day prior to a
public report that Clear Channel was exploring a
settlement, Clear Channel common stock closed at $30.00
per share. On &nbsp;&nbsp;&nbsp;&nbsp;, 2008, which was
the last trading day before the date of this proxy
statement/prospectus, Clear Channel common stock closed
at $&nbsp;&nbsp;&nbsp;&nbsp; per share.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="124"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Shares Held by Directors and
Executive Officers</B><BR>
(See &#147;Security Ownership By
Certain Beneficial Owners and
Management&#148; page 169)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As of May&nbsp;28, 2008, the directors and executive officers
of Clear Channel beneficially owned approximately 8.4%
shares of Clear Channel common stock entitled to vote at
the special meeting, assuming Clear Channel&#146;s
outstanding options are not exercised. Except for the
shares and options held by directors and officers of
Clear Channel who have agreed to convert shares or
options into equity securities of Holdings in the
merger, each director and executive officer (other than
L. Lowry Mays, Mark P. Mays and Randall T. Mays with
respect to the shares of Clear Channel common stock and
options to purchase shares of Clear Channel common stock
delivered into escrow pursuant to the terms of the
Escrow Agreement, and the Rollover Shares) has the
option of electing the Cash Consideration or the Stock
Consideration, or a combination thereof. The shares and
options to purchase shares of Clear Channel common stock
held by directors and officers of Clear Channel who have
agreed to convert those interests into shares of
Holdings Class&nbsp;A common stock (other than 580,356 shares
of Clear Channel common stock delivered into escrow by
L. Lowry Mays) will not affect the number of shares of
Holdings Class&nbsp;A common stock available for issuance as
Stock Consideration.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="125"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Dissenters&#146; Rights of Appraisal</B><BR>
(See &#147;Dissenters&#146; Rights of
Appraisal&#148; on page 184)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Texas Business Corporation Act provides you with
appraisal rights in connection with the merger. This
means that if you are not satisfied with the amount you
are receiving in the merger, you are entitled to have
the fair value of your shares determined by a Texas
court and to receive payment based on that valuation.
The ultimate amount you receive as a dissenting
shareholder in an appraisal proceeding may be more or
less than, or the same as, the amount you would have
received in the merger. To exercise your appraisal
rights, you must deliver a written objection to the
merger before the special meeting at which the vote on
the merger agreement will be held and you must not vote
in favor of the approval and adoption of the merger
agreement. Your failure to follow exactly the procedures
specified under Texas law will result in the loss of
your appraisal rights.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="126"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Stock Exchange Listing</B><BR>
(See &#147;Delisting and
Deregistration of Clear Channel
Common Stock&#148; on page 168)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Following the consummation of the merger, shares of
Holdings Class&nbsp;A common stock will not be listed on a
national securities exchange, but it is anticipated that
the shares will be quoted on the Over-the-Counter
Bulletin Board.</TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="127"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Resale of Holdings Class&nbsp;A Common Stock</B><BR>
(See &#147;Resale of Holdings Class&nbsp;A Common Stock&#148;
on page 139)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The shares of Holdings
Class&nbsp;A common stock
issued in the merger
will not be subject to
any restrictions on
transfer arising under
the Securities Act of
1933, as amended, which
we refer to as the
&#147;Securities Act,&#148; except
for shares issued to any
Clear Channel
shareholder who may be
deemed to be an
&#147;affiliate&#148; of Clear
Channel or Holdings for
purposes of Rule&nbsp;144 or
Rule&nbsp;145 under the
Securities Act.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV align="left"><A name="370"></A></DIV><DIV style="margin-left:0px; text-indent:-0px"><B>Holdings Stockholders Agreement</B><BR>
(See &#147;Stockholders Agreements&#148; on page 171)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holdings expects, prior
to the consummation of
the merger, to enter
into a stockholders
agreement with Merger
Sub, certain of Clear
Channel&#146;s executive
officers and directors
who are expected to
become stockholders of
Holdings (including
Messrs.&nbsp;Mark P. Mays,
Randall T. Mays and L.
Lowry Mays), CCC IV and
Clear Channel Capital V,
L.P., a newly-formed
limited partnership that
is jointly controlled by
affiliates of the
Sponsors and is expected
to hold all of the
shares of Holdings
non-voting Class&nbsp;C
common stock that will
be outstanding as of the
closing of the merger
(&#147;CCC V&#148;). It is
anticipated that the
stockholders agreement,
among other things, (i)
would specify how the
parties would vote in
elections of the board
of directors of
Holdings, (ii)&nbsp;restrict
the transfer of shares
subject to the
agreement, (iii)&nbsp;include
the ability of CCC IV to
compel the parties to
sell their shares in a
change-of-control
transaction or
participate in a
recapitalization of
Holdings, (iv)&nbsp;give the
parties the right to
subscribe for their pro
rata share of proposed
future issuances of
equity securities by
Holdings or its
subsidiaries to the
Sponsors or their
affiliates, (v)&nbsp;require
the parties to agree to
customary lock-up
agreements in connection
with underwritten public
offerings and (vi)
provide the parties with
customary demand and
&#147;piggy-back&#148;
registration rights.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holdings, CCC IV and CCC
V also expect to enter
into a separate
agreement with Messrs.
Mark P. Mays, Randall T.
Mays and L. Lowry Mays
that would set forth
terms and conditions
under which certain of
their shares of Holdings
common stock would be
repurchased by Holdings
following the
termination of their
employment (through the
exercise of a &#147;call
option&#148; by Holdings or a
&#147;put option&#148; by Messrs.
Mark P. Mays, Randall T.
Mays and L. Lowry Mays,
as applicable).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="128"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Description of Holdings&#146; Capital Stock</B><BR>
(See &#147;Description of Holdings&#146; Capital Stock&#148;
on page 174)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pursuant to its third
amended and restated
certificate of
incorporation, Holdings
has the authority to
issue 650,000,000 shares
of common stock, of
which (i)&nbsp;400,000,000
shares will be Class&nbsp;A
common stock, (ii)
150,000,000 shares will
be Class&nbsp;B common stock
and (iii)&nbsp;100,000,000
shares will be Class&nbsp;C
common stock.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Voting.</I> Every holder of
shares of Class&nbsp;A common
stock will be entitled
to one vote for each
share of Class&nbsp;A common
stock. Every holder of
shares of Class&nbsp;B common
stock will be entitled
to a number of votes per
share equal to the
number obtained by
dividing (a)&nbsp;the sum of
total number of shares
of Class&nbsp;B common stock
outstanding as of the
record date for such
vote and the number of
Class&nbsp;C common stock
outstanding as of the
record date for such
vote by (b)&nbsp;the number
of shares of Class&nbsp;B
common stock outstanding
as of the record date
for such vote. Except as
otherwise required by
law, the holders of
outstanding shares of
Class&nbsp;C common stock
will not be entitled to
any votes upon any
questions presented to
stockholders of
Holdings.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Other rights.</I> Except
with respect to voting
as described above, and
as otherwise required by
law, all shares of Class
A common stock, Class&nbsp;B
common stock and Class&nbsp;C
common stock will have
the same powers,
privileges, preferences
and relative
participating, optional
or other special rights,
and the qualifications,</TD>
</TR>
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">limitations or
restrictions thereof,
and will be identical to
each other in all
respects.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="129"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Comparison of Shareholder Rights</B><BR>
(See &#147;Comparison of Shareholder Rights&#148; on page
177)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The rights of Clear
Channel shareholders are
currently governed by
the Texas Business
Corporation Act and the
Texas Miscellaneous
Corporate Laws Act, and
Clear Channel&#146;s restated
articles of
incorporation, as
amended, and seventh
amended and restated
bylaws. The rights of
Holdings shareholders
are governed by the
Delaware General
Corporation Law, which
we refer to as the
&#147;DGCL,&#148; and Holdings&#146;
third amended and
restated certificate of
incorporation and
amended and restated
bylaws. Upon completion
of the merger, Clear
Channel shareholders who
receive Holdings Class&nbsp;A
common stock will be
stockholders of
Holdings, and their
rights will be governed
by the DGCL and
Holdings&#146; third amended
and restated certificate
of incorporation and
amended and restated
bylaws.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="left"><A name="130"></A></DIV>
<DIV style="margin-left:0px; text-indent:-0px"><B>Management of Holdings</B><BR>
(See &#147;Board of Directors and Management of
Holdings&#148; on page 58 and &#147;The Merger &#151; Voting
Agreements&#148; on page 113)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Following the completion
of the merger and the
issuance of the Class&nbsp;A
common stock of
Holdings, Holdings will
increase the size of its
board of directors from
eight members to twelve
members. Holders of
Holdings Class&nbsp;A common
stock, voting as a
separate class, will be
entitled to elect two
(2)&nbsp;members of Holdings&#146;
board of directors.
These directors are
referred to in this
proxy
statement/prospectus as
the &#147;independent
directors.&#148; Because the
Sponsors and their
affiliates will hold a
majority of the
outstanding capital
stock and voting power
of Holdings after the
merger, holders of Holdings Class A common stock, including shareholders and
option holders who elect
to receive Stock
Consideration will not
have the voting power to
elect the remaining 10
members of Holdings&#146;
board of directors.
Pursuant to a voting
agreement (the
&#147;Highfields Voting
Agreement&#148;) entered into
among the Fincos, Merger
Sub, Holdings and
Highfields Capital I LP,
a Delaware limited
partnership, Highfields
Capital II LP, a
Delaware limited
partnership, Highfields
Capital III LP, an
exempted limited
partnership organized
under the laws of the
Cayman Islands, B.W.I.
(together with Highfields Capital I, LP
and Highfields Capital
II, LP the &#147;Highfields
Funds,&#148;) and Highfields
Management, immediately
following the effective
time of the merger one
of the independent
directors of Holdings,
who will also be named
to Holdings&#146; nominating
committee, will be Mr.
Jonathon Jacobson, who
is associated with
Highfields Management,
and the other
independent director of
Holdings will be Mr.
David Abrams, who is
associated with the
Abrams Investors. In
addition, until the
Highfields Funds own
less than 5% of the
outstanding voting
securities of Holdings
issued as Stock
Consideration, in
connection with each
election of independent
directors, Holdings will
nominate two candidates
as independent
directors, of which one
candidate will be
selected by Highfields
Management (who
initially will be Mr.
Jonathon Jacobson) and
one candidate will be
selected by Holdings&#146;
nominating committee
after consultation with
Highfields Management
(who initially will be
Mr.&nbsp;David Abrams).
Holdings&#146; will recommend
and solicit proxies for
the election of such
candidates, and to the
extent authorized by
stockholders granting
proxies, vote the
securities represented by all proxies granted
by stockholders in favor
of such candidates.
Holdings has also agreed
that until the
termination of the
Highfields Voting
Agreement and subject to
the fiduciary duties of
Holdings&#146; board of
directors, Holdings
shall cause at least one
of the independent
directors to be
appointed to each
committee of the board
of directors of
Holdings, and if such
independent director
shall cease to serve as
a director of Holdings
or otherwise is unable
to fulfill his or her
duties on any such
committee, Holdings
shall cause the director
to be succeeded by
another independent
director. Pursuant to
the terms of the Escrow
Agreement, the Highfield
Funds delivered
11,111,112 shares of
Clear Channel common
stock into escrow to be
exchanged for shares of
Holdings Class&nbsp;A common
stock. These shares
represent the maximum
number of shares
issuable to the
Highfield</TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Funds pursuant
to the Individual Cap.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holdings anticipates
that after completion of
the merger, the current
executive officers of
Clear Channel will be
appointed as officers of
Holdings by the board of
directors of Holdings.</TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="131"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RISK FACTORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the other information included in, incorporated by reference in and found in
the Annexes attached to this proxy statement/prospectus, including the matters addressed in the
&#147;Cautionary Statement Concerning Forward-Looking Information&#148; on page 12, you should carefully
consider the following risk factors in deciding whether to vote for approval of the merger
agreement. In addition, you should read and consider the risks associated with the businesses of
Clear Channel. You should also read and consider the other information in this proxy
statement/prospectus and the other documents incorporated by reference in this proxy
statement/prospectus. Please see &#147;Where You Can Find Additional
Information&#148; on page 187.
Additional risks and uncertainties not presently known to Clear Channel and Holdings or that are
not currently believed to be important also may adversely affect the transaction and Holdings
following the consummation of the merger.
</DIV>
<DIV align="left">
<A name="132"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to the Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>You may not receive the form of Merger Consideration that you elect for all of your shares.</I>
If you elect to receive Holdings Class&nbsp;A common stock, you may not receive that stock for all of
your shares of Clear Channel common stock. The merger agreement contains provisions that are
designed to ensure that, in the aggregate, no more than 30% of the total number of shares of
Holdings capital stock will be issued pursuant to Stock Elections in exchange for outstanding
shares of Clear Channel common stock (excluding Rollover Shares) and options to purchase shares of
Clear Channel common stock. In the event that shareholders elect to receive a greater number of
shares of Holdings Class&nbsp;A common stock, the number of shares of Holdings Class&nbsp;A common stock
received by shareholders electing Holdings Class&nbsp;A common stock would be reduced, and you may
receive all or a larger portion of your consideration in the form of cash. Accordingly, it is
possible that a substantial number of holders of Clear Channel common stock who elect to receive
Stock Consideration will not receive a portion of that Stock Consideration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you elect
to receive cash in exchange for some or all of your shares of Clear Channel
common stock, you may nevertheless receive some shares of Holdings Class&nbsp;A common stock in exchange
for your shares of Clear Channel common stock. If the total Sources of Funds are less than the
total Uses of Funds, then shareholders electing to receive the Cash Consideration for some or all
of their shares, on a pro rata basis, will be issued shares of Holdings Class&nbsp;A common stock in
exchange for some of their shares of Clear Channel common stock, for
which they make a Cash Election, up to a cap of 1/36<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> of the total
number for some of their shares of Clear Channel common stock for
which such shareholder makes a Cash Election (rounded down to the
nearest whole share).
If you receive Class&nbsp;A common stock of Holdings, you will be subject to the risks applicable to a
stockholder of Holdings identified in this proxy statement/prospectus and such other risks as may
develop over time. Please see &#147;Risk Factors &#151; Risks Relating to Ownership of Holdings Class&nbsp;A
Common Stock.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>If you elect to receive Class&nbsp;A common stock of Holdings, your election will be irrevocable
after &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008. </I>You are being asked to make a Stock Election
by 5:00 p.m. New York City time on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008, the fifth business day immediately
prior to the date of the special meeting (the &#147;Election Deadline&#148;), following which time, you may
not revoke or change your election. If you are allocated shares of Holdings Class&nbsp;A common stock
pursuant to a Stock Election, you will not be permitted to transfer your Public Shares or any
options underlying your Net Electing Option Shares from and after the Election Deadline. There may
be a substantial amount of time between the Election Deadline and the time the merger is completed.
Accordingly, there can be no assurance that the value of the Stock Consideration at the time of the
merger (or, if the merger agreement is terminated, shares of Clear Channel common stock subject to
such Stock Election) will be the same as it was at the time of the Election Deadline or that the
value of the Stock Consideration will not be lower than the value of the Cash Consideration at the
time of the completion of the merger or termination of the merger agreement. You should carefully
consider such factors in making your Merger Consideration election.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>If you make a Stock Election Prior to the Election Deadline, you will not be able to register
the transfer of your shares of Clear Channel stock without revoking your election and withdrawing
your shares and subsequent to the Election Deadline, you will not be able to register the transfer
of your shares of Clear Channel stock. </I>All Stock Elections will be irrevocable as of the Election
Deadline. You will be required to deliver a letter of transmittal together with stock certificates
or book-entry shares evidencing all of the shares for which you make a Stock Election prior to the
Election Deadline. In order to register a transfer of your Public Shares after you submit a Stock
Election (but prior to the Election Deadline), you must first revoke your Stock Election and
withdraw your Public Shares. There may be a delay in your ability to register the transfer of your
shares because of the revocation requirement and the withdrawal process. If you do not deliver the
letter of transmittal together with the stock certificates or book-entry shares as required, the
paying agent may reject your Stock Election and you will receive the Cash Consideration including,
if applicable, any Additional Equity Consideration. There may be a substantial period of time
between the Election Deadline and the date the merger is completed. During this period, you will
not be able to sell or otherwise transfer any shares of Clear Channel stock so delivered.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The value of your shares of Clear Channel common stock may change after the time you make an
investment decision. </I>We anticipate that the merger will be completed by the end of the third
quarter of 2008, assuming receipt of the Shareholder Approval and satisfaction or waiver of the
other conditions to the merger. However, the exact timing and likelihood of the completion of the
merger cannot be predicted. The parties to the merger agreement agreed to the amount and terms of
the merger consideration on May&nbsp;13, 2008, and you are being asked to vote on the merger proposal
and make an investment decision as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008. Between that date and the
completion of the merger, there may be significant changes in the business, financial condition,
results of operations, prospects or competitive position of Clear Channel or changes in conditions
in the financial markets. Consequently, the value of your shares of Clear Channel common stock may
increase or decrease after the date of the shareholders meeting. If the value of the shares of
Clear Channel common stock increases during this time, you will not be entitled to any portion of
the increase (other than through your ownership of shares of Holdings Class&nbsp;A common stock (if any)
subsequent to the completion of the merger).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Clear Channel&#146;s board of directors has not made any recommendation with respect to whether a
shareholder should make a Stock Election or regarding the Class&nbsp;A common stock of Holdings,
attempted to value the Class&nbsp;A common stock of Holdings or received an opinion from a financial
advisor as to Class&nbsp;A common stock of Holdings. </I>Clear Channel&#146;s board of directors makes no
recommendation as to whether any shareholder should make a Stock Election and makes no
recommendation regarding the Class&nbsp;A common stock of Holdings. Clear Channel&#146;s board of directors
has not received an opinion from Goldman Sachs or any other advisor as to the fairness, from a
financial point of view, of the Stock Consideration to the unaffiliated shareholders. Clear
Channel&#146;s board of directors did not obtain an independent valuation or appraisal of the value of
the Stock Consideration or the consolidated assets and liabilities of Holdings subsequent to the
completion of the merger. A shareholder&#146;s determination to make a Stock Election is a purely
voluntary decision, and in limited circumstances, you may receive Holdings Class&nbsp;A common stock in
exchange for some of your shares of Clear Channel common stock, despite that you did not make a
Stock Election. In making a Stock Election, or if you otherwise receive Holdings Class&nbsp;A common
stock, you will not have the benefit of any recommendation of Clear Channel&#146;s board of directors or
any opinion of the board of directors&#146; financial advisor. You should carefully consider all of the
information included or incorporated in this proxy statement/prospectus, including the risk factors
set forth in this section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Officers and directors of Clear Channel have certain interests in the merger that are
different from, or in addition to, interests of Clear Channel shareholders. These interests may be
perceived to have affected their decision to support or approve the merger. </I>Clear Channel officers
and directors have certain interests in the merger that are different from, or in addition to,
interests of Clear Channel shareholders. These interests include, but are not limited to, the
treatment of Clear Channel stock options held by directors and executive officers of Clear Channel
in the merger, the vesting and accelerated payment of certain retirement benefits and the potential
payment of certain severance benefits to executive officers, the continued employment after the
merger of Mark P. Mays, as Chief Executive Officer, Randall T. Mays as President, and L. Lowry Mays
as Chairman Emeritus of Holdings, and the indemnification of former Clear Channel officers and
directors by Holdings. Clear Channel shareholders should be aware of these interests when
considering Clear Channel&#146;s board of directors&#146; recommendation to approve the merger agreement.
Please see &#147;The Merger &#151; Interests of Clear Channel&#146;s Board of Directors and Executive Officers in
the Merger.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The merger agreement contains provisions that could affect the decisions of a third party
considering making an alternative acquisition proposal to the merger. </I>Under the terms of the
merger agreement, in certain circumstances Clear Channel may be required to pay to the Fincos a
termination fee of $500&nbsp;million, in addition to payment of certain fees of the Sponsors up to a
maximum of $150&nbsp;million, in connection with termination of the merger agreement. In addition, the
merger agreement limits the ability of Clear Channel to initiate, solicit, encourage or facilitate
certain acquisition or merger proposals from a third party. These provisions could affect the
decision by a third party to make a competing acquisition proposal, or the structure, pricing and
terms proposed by a third party seeking to acquire or merge with Clear Channel. Please see &#147;The
Merger Agreement &#151; Termination Fees&#148; and &#147;The Merger Agreement &#151; Solicitation of Alternative
Proposals.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Purported shareholder class action complaints have been filed against Clear Channel and the
members of its board of directors challenging the merger and an unfavorable judgment or ruling in
this lawsuit could prevent or delay the consummation of the merger and result in substantial costs.</I>
Clear Channel and the members of its board of directors were named in a purported shareholder
class action complaints filed in Texas state court. The complaint seeks, among other things, to
enjoin the merger, and alleges, among other things, that the directors have breached their
fiduciary duties owed to Clear Channel&#146;s shareholders. Clear Channel is obliged under certain
circumstances to indemnify and hold harmless each director and officer from and against any and all
claims and liabilities to which such director or officer shall have become subject by reason of
being a director or officer, to the full extent permitted under Texas law. An adverse outcome in
this lawsuit could prevent or delay the consummation of the merger or result in substantial costs
to Clear Channel. It is also possible that other similar lawsuits may be filed in the future. Clear
Channel cannot estimate any possible adverse consequence or loss from current or future litigation
at this time.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Clear Channel&#146;s business may be adversely affected if the merger is not completed. </I>There is
no assurance that the merger will be approved by Clear Channel&#146;s shareholders or that the other
conditions to the completion of the merger will be satisfied. In the event that the merger is not
completed, Clear Channel may be subject to several risks, including the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the current market price of Clear Channel common stock may reflect a market assumption
that the merger will occur and a failure to complete the merger could result in a decline in
the market price of shares of Clear Channel common stock;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>management&#146;s attention from Clear Channel&#146;s day-to-day business may be diverted;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>uncertainties with regard to the merger may adversely affect Clear Channel&#146;s
relationships with its employees, vendors and customers; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel may be required to pay significant transactions costs related to the
merger, including under certain circumstances, a termination fee, as well as legal,
accounting and other fees of the Sponsors, up to a maximum of $150&nbsp;million.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Uncertainties associated with the merger may cause a loss of employees. The ability to
attract and retain experienced and skilled employees is one of the key drivers of our business and
results. </I>The success of Holdings subsequent to the merger will depend in part upon the ability of
Clear Channel to retain key employees. Competition for qualified personnel can be very intense. In
addition, key employees may depart because of issues relating to the uncertainty and difficulty of
the consummation of the merger or a desire not to remain with the business subsequent to the
completion of the merger. Accordingly, Clear Channel may be unable to retain key personnel to the
same extent that Clear Channel was able to do so in the past.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>If you elect to receive Class&nbsp;A common stock of Holdings (or a combination of Class&nbsp;A common
stock of Holdings and cash) and you hold Clear Channel common stock at a loss, you will not be able
to recognize all or a portion of that loss for federal income tax purposes. </I>If you exchange Clear
Channel common stock solely for Holdings Class&nbsp;A common stock, and you hold your Clear Channel
common stock at a loss, you will not be able to recognize any portion of that loss for federal
income tax purposes. If you exchange Clear Channel common stock held at a loss for a combination of
Holdings Class&nbsp;A common stock and cash, you will be treated as having exchanged a portion of your
Clear Channel common stock for Holdings Class&nbsp;A common stock and cash, and you will not be able to
recognize your loss for federal income tax purposes to the extent that you are deemed to have
disposed of your Clear Channel common stock in this manner. See &#147;Material United States Federal
Income Tax Consequences&#148; beginning on page 135 of this proxy statement/prospectus. Notwithstanding
your election to exchange a certain number of your shares of Clear Channel common stock for
Holdings Class&nbsp;A common stock, the number of shares of Class&nbsp;A common stock of Holdings that you
ultimately receive will depend on several factors including the election of other holders of Clear
Channel common stock and, therefore, is currently uncertain. If you receive any Class&nbsp;A common
stock of Holdings in the merger, however, you will be deemed for federal income tax purposes to
have exchanged more shares of Clear Channel common stock for Class&nbsp;A common stock of Holdings and
cash than the actual number of your shares of Clear Channel common stock that are accepted in the
merger in exchange for Class&nbsp;A common stock of Holdings. This is because, in addition to actually
exchanging Clear Channel common stock for Class&nbsp;A common stock of Holdings, you will be deemed to
have exchanged Clear Channel common stock for your pro rata share of the Cash Merger Consideration
attributable to the Equity Financing. See &#147;Financing&#148; beginning on page 117 of this proxy
statement/prospectus. Thus, you will be unable to recognize a loss for federal income tax purposes
not only on your Clear Channel common stock actually exchanged for Class&nbsp;A common stock of
Holdings, but also on your Clear Channel common stock that is deemed exchanged for cash
attributable to the Equity Financing.
</DIV>
<DIV align="left">
<A name="133"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to Ownership of Holdings Class&nbsp;A Common Stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Former
Clear Channel shareholders who become stockholders of Holdings will be governed by the
third amended and restated certificate of incorporation and the amended and restated by-laws of
Holdings. </I>Clear Channel shareholders who receive Holdings Class&nbsp;A common stock in the merger will
become Holdings shareholders, and their rights as shareholders will be governed by the third
amended and restated certificate of incorporation and amended and restated bylaws of Holdings and
Delaware corporate law. As a result, there will be material differences between the current rights
of Clear Channel shareholders and the rights they can expect to have as Holdings shareholders. For
example, under Delaware corporate law, the affirmative vote of the holders of a majority of the
outstanding stock of the corporation is required to approve a merger, sale of all or substantially
all of the assets of the corporation or an amendment to the corporation&#146;s certificate of
incorporation, while under Texas law, the affirmative vote of the holders of two-thirds of the
shares entitled to vote is required to approve the same actions. For a more detailed discussion of
the material differences between the current rights of Clear Channel shareholders and the rights they can expect to
have as Holdings shareholders see &#147;Comparison of Shareholder
Rights&#148; on page 177 of this proxy
statement/prospectus.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Entities affiliated with the Sponsors will control Holdings. </I>The holders of Holdings Class&nbsp;A
common stock will not control Holdings. Upon completion of the merger, entities affiliated with the
Sponsors will control the voting power of Holdings. As a consequence, entities affiliated with the
Sponsors will have the power to elect all but two of its directors, appoint new management and
approve any action requiring the approval of the holders of Holdings&#146; capital stock, including
adopting any amendments to Holdings&#146; third amended and restated certificate of incorporation, and
approving mergers or sales of substantially all of Holdings&#146; capital stock or its assets. The
directors elected by the Sponsors will have significant authority to effect decisions affecting the
capital structure of Holdings, including, the issuance of additional capital stock, incurrence of
additional indebtedness, the implementation of stock repurchase programs and the decision of
whether or not to declare dividends. There can be no assurance that the business, financial and
operational policies of Clear Channel in effect prior to the merger including, for example, Clear
Channel&#146;s business strategy, will continue after the merger. For additional information concerning
the equity investments to be made in Holdings by the Fincos, see &#147;Financing &#151; Equity Financing.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Because there has not been any public market for Holdings Class&nbsp;A common stock, the market
price and trading volume of Holdings Class&nbsp;A common stock may be volatile, and holders of Holdings
may not be able to sell shares of Holdings at or above $36.00 following the merger. </I>As Holdings is
a newly formed corporation neither Clear Channel nor Holdings can predict the extent to which
investor interest will lead to a liquid trading market in Holdings Class&nbsp;A common stock or whether
the market price of Holdings Class&nbsp;A common stock will be volatile following the merger. The market
price of Holdings Class&nbsp;A common stock could fluctuate significantly for many reasons, including,
without limitation:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as a result of the risk factors listed in this proxy statement/prospectus;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>actual or anticipated fluctuations in our operating results;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for reasons unrelated to operating performance, such as reports by industry analysts,
investor perceptions, or negative announcements by our customers or competitors regarding
their own performance;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>regulatory changes that could impact Holdings&#146; or Clear Channel&#146;s business; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>general economic and industry conditions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the consummation of the merger, shares of Holdings capital stock will not be listed
on a national securities exchange. It is anticipated that the shares of Holdings Class&nbsp;A common
stock will be quoted on the Over-the-Counter Bulletin Board. The lack of an active market may
impair the ability of investors in Holdings to sell their shares of Class&nbsp;A common stock at the
time they wish to sell them or at a price that they consider reasonable. The lack of an active
market may also reduce the fair market value of the shares of Holdings Class&nbsp;A common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Holdings has the ability to terminate its Exchange Act reporting, if permitted by applicable
law, two years after the completion of the merger. </I>Holdings is obligated by the merger agreement
to use its reasonable efforts to continue to be a reporting company under the Exchange Act, and to
continue to file periodic reports (including annual and quarterly reports) for at least two years
after the completion of the merger. After such time, if Holdings were to cease to be a reporting
company under the Exchange Act, and to the extent not required in connection with any other debt or
equity securities of Clear Channel registered or required to be registered under the Exchange Act,
the information now available to Clear Channel shareholders in the annual, quarterly and other
reports required to be filed by Clear Channel with the SEC would not be available to them as a
matter of right.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>There is no assurance that you will ever receive cash dividends on the Holdings Class&nbsp;A common
stock. </I>There is no guarantee that Holdings will ever pay cash dividends on the Holdings Class&nbsp;A
common stock. The terms of the Financing Agreements restrict Holdings ability to pay cash dividends
on the Holdings Class&nbsp;A common stock. In addition to those restrictions, under Delaware law,
Holdings is permitted to pay cash dividends on its capital stock only out of its surplus, which in
general terms means the excess of its net assets over the original aggregate par value of its
stock. In the event Holdings has no surplus, it is permitted to pay these cash dividends out of its
net profits for the year in which the dividend is declared or in the immediately preceding year.
Accordingly, there is no guarantee that, if Holdings decides to pay cash dividends, Holdings will
be able to pay you cash dividends on the Holdings Class&nbsp;A common stock. Also, even if Holdings is
not prohibited from paying cash dividends by the terms of its debt or by law, other factors
such as the need to reinvest cash back into Holdings&#146; operations may prompt Holdings&#146; board of
directors to elect not to pay cash dividends.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The incurrence of indebtedness to pay the cash portion of the Merger Consideration will
significantly increase Clear Channel&#146;s interest expense, financial leverage and debt service
requirements. </I>Clear Channel, some of its subsidiaries and Clear Channel Capital I, LLC, which will
be the direct parent company of Clear Channel upon the consummation of the merger, will, at the
closing of the merger, have executed and delivered a joinder and become a party under a senior
secured credit facility and a receivables based credit facility and have executed and delivered a
purchase agreement for the purchase and sale of new senior notes to finance the cash consideration
to be paid to the shareholders of Clear Channel in the merger, to refinance certain existing
indebtedness, to pay related fees, costs and expenses and to provide for working capital
requirements. Upon completion of the merger and related financings (whether as described herein or
otherwise), Holdings will have consolidated indebtedness that will be substantial in relation to
its shareholders&#146; equity and substantially greater than Clear Channel&#146;s pre-merger indebtedness. As
of March&nbsp;31, 2008, on a pro forma basis, upon consummation of the merger and the related
transactions, it is anticipated that Holdings will have consolidated indebtedness of approximately
$19.9&nbsp;billion. Holdings&#146; pro forma ratio of indebtedness to total capital at March&nbsp;31, 2008 was
7.5. The pro forma ratios of earnings to fixed charges of Holdings at March&nbsp;31, 2008 and December
31, 2007 were 0.64 and 0.95. These ratios were computed using actual results for the periods and
include the financing effects on a pro forma basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The increased indebtedness and substantially higher debt-to-cash flow ratio of the combined
business of Holdings and Clear Channel could have negative consequences for Holdings and Clear
Channel, including without limitation:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>making it more difficult to make payments on indebtedness as they become due;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>requiring a substantial portion of Clear Channel&#146;s cash flow to be dedicated to the
payment of principal and interest on indebtedness (with the minimum average annual amount
during the first five years after the consummation of the merger anticipated to be at least
$2.2&nbsp;billion based on assumptions set forth under &#147;Notes to Unaudited Pro Forma Condensed
Consolidated Financial Data&#148; beginning on page 50 of this proxy statement/prospectus and
under &#147;Contractual Obligations: Indebtedness and Dividend Policy Following the Merger&#148;
beginning on page 56 of this proxy statement/prospectus), thereby reducing cash available
for other purposes, including to fund operations and capital expenditures, invest in new
technology and pursue other business opportunities;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>limiting Holdings&#146; and Clear Channel&#146;s liquidity and operational flexibility and limiting
Holdings&#146; and Clear Channel&#146;s ability to obtain additional financing for working capital,
capital expenditures, debt service requirements, acquisitions and general corporate or other
purposes;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>limiting Holdings&#146; and Clear Channel&#146;s ability to adjust to changing economic, business
and competitive conditions;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>requiring Holdings and Clear Channel to consider deferring planned capital expenditures,
reducing discretionary spending, selling assets, restructuring existing indebtedness or
deferring acquisitions or other strategic opportunities;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>limiting Holdings&#146; and Clear Channel&#146;s ability to refinance any of its indebtedness or
increasing the cost of any such financing in any downturn in its operating performance or
decline in general economic condition;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exposing Holdings and Clear Channel to the risk of increased interest rates as a
substantial portion of Holdings&#146; and Clear Channel&#146;s indebtedness will be at variable rates
of interest; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>making Holdings and Clear Channel more vulnerable to a downturn in its operating
performance or a decline in general economic or industry conditions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms of the financing documents allow Clear Channel, under specified conditions, to incur
further indebtedness, which heightens the foregoing risks. If Clear Channel&#146;s compliance with its
debt obligations materially hinders its ability to operate its business and adapt to changing
industry conditions, Clear Channel may lose market share, its revenue may decline and its operating
results may suffer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the substantial leverage will have a negative effect on Holdings&#146; net income. For
the fiscal year ended December&nbsp;31, 2007, Holdings&#146; net loss from continuing operations on a pro
forma basis, as adjusted to give effect to the merger and the debt financings, would have been
$16.5&nbsp;million, compared to Clear Channel&#146;s historical net income from continuing operations of
$792.7 million, and for the three months ended March&nbsp;31, 2008, Holdings&#146; pro forma net loss from
continuing operations would have been $49.8&nbsp;million as compared to Clear Channel&#146;s historical net
income from continuing operations of $161.4&nbsp;million for that period. Pro
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">forma interest expense
would have been $1,633.0&nbsp;million for the year ended December&nbsp;31, 2007 as compared to $451.9&nbsp;million
for the same period on a historical basis and, for the three months ended March&nbsp;31, 2008, pro forma
interest expense would have been $408.3&nbsp;million as compared to $100.0&nbsp;million on a historical
basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the merger is consummated, we expect that Holdings&#146; principal sources of liquidity will
be cash flow from operations and borrowings under the revolving credit portion of its senior
secured credit facilities. We anticipate that Holdings&#146; principal uses of liquidity will be to
provide working capital, meet debt service requirements, finance capital expenditures and finance
Holdings&#146; strategic plans. For a more detailed description of the debt financings Holdings expects
to incur in the merger, see &#147;Financing &#151; Debt
Financing&#148; on page 117.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While Holdings believes that its cash flows will be sufficient to service its debt, there may
be circumstances in which required payments of principal and/or interest on this new debt could
adversely affect Holdings&#146; cash flows and operating results. If Holdings is unable to generate
sufficient cash flow from operations in the future to service its debt, it may have to refinance
all or a portion of its debt or to obtain additional financing. There can be no assurance that any
refinancing of this kind would be possible or that any additional financing could be obtained.
Since Holdings&#146; primary asset will be shares of Clear Channel common stock, any adverse impact on
the cash flows and operating results of Clear Channel may have an adverse affect on the value of
Holdings Class&nbsp;A common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The documents governing Clear Channel&#146;s indebtedness contain restrictions that limit Clear
Channel&#146;s flexibility in operating its business. </I>The definitive documentation governing Clear
Channel&#146;s debt financing arrangements following the consummation of the merger contain various
covenants that limit Clear Channel&#146;s ability to engage in specified types of transactions. These
covenants limit the ability of Clear Channel and its subsidiaries to, among other things, incur or
guarantee additional indebtedness, incur or permit liens, merge or consolidate with or into,
another company, sell assets, pay dividends and other payments in respect its capital stock,
including to redeem or repurchase its capital stock, make certain acquisitions and investments and
enter into transactions with affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Clear Channel&#146;s failure to comply with the covenants in the documents governing the terms of
Clear Channel&#146;s indebtedness could be an event of default and could accelerate the payment
obligations and, in some cases, could affect other obligations with cross-default and
cross-acceleration provisions. </I>In addition to covenants imposing restrictions on Clear Channel&#146;s
business and operations, Clear Channel&#146;s senior secured credit facility includes covenants relating
to financial ratios and tests. Clear Channel&#146;s ability to comply with these covenants may be
affected by events beyond its control, including prevailing economic, financial and industry
conditions. The breach of any covenants set forth in Clear Channel&#146;s definitive financing
documentation would result in a default thereunder. An event of default would permit Clear
Channel&#146;s lenders and holders of its debt to declare all indebtedness owed them to be due and
payable. Moreover, the lenders under the revolving credit portion of Clear Channel&#146;s senior secured
credit facilities would have the option to terminate any obligation to make further extensions of
credit thereunder. If Clear Channel is unable to repay its obligations under any senior secured
credit facilities or the receivables based credit facility, the lenders under such senior secured
credit facilities or receivables based credit facility could proceed against any assets that were
pledged to secure such senior secured credit facilities or receivables based credit facility. In
addition, a default under Clear Channel&#146;s definitive financing documentation could cause a default
under other obligations of Clear Channel that are subject to cross-default and cross-acceleration
provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Holdings&#146; executive compensation program will not be finalized until after the merger. </I>While
certain aspects of our general executive compensation programs and philosophies are set to be
implemented upon consummation of the merger and while we have agreed to the forms of employment
agreements that will be effective upon consummation of the merger for our Chief Executive Officer,
President and Chairman Emeritus, our general executive compensation
program as a whole will not be
finalized until after we consummate the merger and will be subject to the review and approval of
our compensation committee. See &#147;Board of Directors and Management of Holdings &#151; Compensation
Discussion and Analysis.&#148; While we anticipate that these programs and policies will cover our named
executive officers (with certain enumerated exceptions) and we are designing the programs with an
aim to motivate and retain employees, we cannot guarantee that the executive compensation programs
and policies will cover all named executives or that these programs and policies will accomplish
our goals of motivating and retaining our executives. If our executives are not satisfied with our
compensation program or policies, they may not perform at their highest level or they may choose to
leave Holdings. This would be detrimental to our business.
</DIV>

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<DIV align="left">
<A name="134"></A>
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to Clear Channel&#146;s Business</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Clear Channel&#146;s business is dependent upon the performance of on-air talent and program hosts,
as well as Clear Channel&#146;s management team and other key employees. </I>Clear Channel employs or
independently contracts with several on-air personalities and hosts of syndicated radio programs
with significant loyal audiences in their respective markets. Although Clear Channel had entered
into long-term agreements with some of its key on-air talent and program hosts to protect its
interests in those relationships, Clear Channel can give no assurance that all or any of these
persons will remain with Clear Channel or will retain their audiences. Competition for these
individuals is intense and many of these individuals are under no legal obligation to remain with
Clear Channel. Our competitors may choose to extend offers to any of these individuals on terms
which Clear Channel may be unwilling to meet. Furthermore, the popularity and audience loyalty of
our key on-air talent and program hosts is highly sensitive to rapidly changing public tastes. A
loss of such popularity or audience loyalty is beyond our control and could limit our ability to
generate revenue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s business is also dependent upon the performance of its management team and
other key employees. Although Clear Channel has entered into long-term agreements with some of
these individuals, Clear Channel can give no assurance that all or any of its executive officers or
key employees will remain with Clear Channel. Competition for these individuals is intense and many
of Clear Channel&#146;s key employees are at-will employees who are under no legal obligation to remain
with Clear Channel. In addition, any or all of Clear Channel&#146;s executive officers or key employees
may decide to leave for a variety of personal or other reasons beyond Clear Channel&#146;s control. The
loss of members of Clear Channel&#146;s management team or other key employees could have a negative
impact on our business and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Doing business in foreign countries creates certain risks not found in doing business in the
United States. </I>Doing business in foreign countries carries with it certain risks that are not
found in doing business in the United States. The risks of doing business in foreign countries that
could result in losses against which Clear Channel are not insured include:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exposure to local economic conditions;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>potential adverse changes in the diplomatic relations of foreign countries with the
United States;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>hostility from local populations;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the adverse effect of currency exchange controls;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>restrictions on the withdrawal of foreign investment and earnings;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>government policies against businesses owned by foreigners;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>investment restrictions or requirements;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expropriations of property;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the potential instability of foreign governments;</TD>
</TR>

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</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the risk of insurrections;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>risks of renegotiation or modification of existing agreements with governmental
authorities;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>foreign exchange restrictions;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>withholding and other taxes on remittances and other payments by subsidiaries; and</TD>
</TR>

</TABLE>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in taxation structure.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exchange rates may cause future losses in Clear Channel&#146;s international operations. </I>Because
Clear Channel owns assets in foreign countries and derives revenues from Clear Channel&#146;s
international operations, Clear Channel may incur currency translation losses due to changes in the
values of foreign currencies and in the value of the U.S. dollar. Clear Channel cannot predict the
effect of exchange rate fluctuations upon future operating results.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Extensive government regulation may limit Clear Channel&#146;s broadcasting operations. </I>The
federal government extensively regulates the domestic broadcasting industry, and any changes in the
current regulatory scheme could significantly affect Clear Channel. Clear Channel&#146;s broadcasting
businesses depend upon maintaining broadcasting licenses issued by the FCC for maximum terms of
eight years. Renewals of broadcasting licenses can be attained only through the FCC&#146;s grant of
appropriate applications. Although the FCC rarely denies a renewal application, the FCC could deny
future renewal applications resulting in the loss of one or more of Clear Channel&#146;s broadcasting
licenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The federal communications laws limit the number of broadcasting properties Clear Channel may
own in a particular area. While the Telecommunications Act of 1996 relaxed the FCC&#146;s multiple
ownership limits, any subsequent modifications that tighten those limits could make it impossible
for Clear Channel to complete potential acquisitions or require Clear Channel to divest stations
Clear Channel has already acquired. Most significantly, in June&nbsp;2003 the FCC adopted a decision
comprehensively modifying its media ownership rules. The modified rules significantly changed the
FCC&#146;s regulations governing radio ownership, allowed increased ownership of TV stations at the
local and national level, and permitted additional cross-ownership of daily newspapers, television
stations and radio stations. Soon after their adoption, however, a federal court issued a stay
preventing the implementation of the modified media ownership rules while it considered appeals of
the rules by numerous parties (including Clear Channel). In a June&nbsp;2004 decision, the court upheld
the modified rules in certain respects, remanded them to the FCC for further justification in other
respects, and left in place the stay on their implementation. In September&nbsp;2004, the court
partially lifted its stay on the modified radio ownership rules, putting into effect aspects of
those rules that establish a new methodology for defining local radio markets and counting stations
within those markets, limit Clear Channel&#146;s ability to transfer intact combinations of stations
that do not comply with the new rules, and require Clear Channel to terminate within two years
certain of Clear Channel&#146;s agreements whereby Clear Channel provides programming to or sell
advertising on radio stations Clear Channel does not own. In June&nbsp;2006, the FCC commenced its
proceeding on remand of the modified media ownership rules. In December&nbsp;2007, the FCC adopted a
decision in that proceeding which revised the newspaper/broadcast cross-ownership rule to allow a
degree of same market newspaper/broadcast ownership based on certain presumptions, criteria and
limitations, while making no changes to the local radio ownership rules or the radio/television
cross-ownership rules currently in effect. The FCC also adopted rules to promote diversification of
broadcast ownership. The media ownership rules, as modified by the FCC&#146;s 2003 decision and by the
FCC&#146;s December&nbsp;2007 actions are subject to various further FCC and court proceedings and recent and
possible future actions by Congress. Clear Channel cannot predict the ultimate outcome of the media
ownership proceeding or its effect on Clear Channel&#146;s ability to acquire broadcast stations in the
future, to complete acquisitions that Clear Channel has agreed to make, to continue to own and
freely transfer groups of stations that Clear Channel has already acquired, or to continue Clear
Channel&#146;s existing agreements to provide programming to or sell advertising on stations Clear
Channel does not own.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Clear Channel may be adversely affected by new statutes dealing with indecency. </I>Provisions of
federal law regulate the broadcast of obscene, indecent or profane material. The FCC has
substantially increased its monetary penalties for violations of these regulations. Congressional
legislation enacted in 2006 provides the FCC with authority to impose fines of up to $325,000 per
violation for the broadcast of such material. Clear Channel therefore faces increased costs in the
form of fines for indecency violations, and cannot predict whether Congress will consider or adopt
further legislation in this area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Antitrust regulations may limit future acquisitions. </I>Additional acquisitions by Clear Channel
of radio and television stations and outdoor advertising properties may require antitrust review by
federal antitrust agencies and may require review by foreign antitrust agencies under the antitrust
laws of foreign jurisdictions. Clear Channel can give no assurances that the U.S. Department of
Justice (&#147;DOJ&#148;) or the Federal Trade Commission or foreign antitrust agencies will not seek to bar
Clear Channel from acquiring additional radio or television stations or outdoor advertising
properties in any market where Clear Channel already has a significant position. Following passage
of the Telecommunications Act of 1996, the DOJ has become more aggressive in reviewing proposed
acquisitions of radio stations, particularly in instances where the proposed acquiror already owns
one or more radio station properties in a particular market and seeks to acquire another radio
station in the same market. The DOJ has, in some cases, obtained consent decrees requiring radio
station divestitures in a particular market based on allegations that acquisitions would lead to
unacceptable concentration levels. The DOJ also actively reviews proposed acquisitions of outdoor
advertising properties. In addition, the antitrust laws of foreign jurisdictions will apply if
Clear Channel acquires international broadcasting properties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Environmental, health, safety and land use laws and regulations may limit or restrict some of
Clear Channel&#146;s operations. </I>As the owner or operator of various real properties and facilities,
especially in Clear Channel&#146;s outdoor advertising operations, Clear Channel must comply with
various foreign, federal, state and local environmental, health, safety and land use laws and
regulations. Clear Channel and its properties are subject to such laws and regulations relating to
the use, storage, disposal, emission and release of hazardous and non-hazardous substances and
employee health and safety as well as zoning restrictions. Historically, Clear Channel
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">has not incurred significant expenditures to comply with these laws. However, additional laws,
which may be passed in the future, or a finding of a violation of or liability under existing laws,
could require Clear Channel to make significant expenditures and otherwise limit or restrict some
of Clear Channel&#146;s operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Government regulation of outdoor advertising may restrict Clear Channel&#146;s outdoor advertising
operations. </I>U.S. federal, state and local regulations have a significant impact on the outdoor
advertising industry and Clear Channel&#146;s outdoor advertising business. One of the seminal laws was
The Highway Beautification Act of 1965 (&#147;HBA&#148;), which regulates outdoor advertising on the 306,000
miles of Federal-Aid Primary, Interstate and National Highway Systems (&#147;controlled roads&#148;). HBA
regulates the size and location of billboards, mandates a state compliance program, requires the
development of state standards, promotes the expeditious removal of illegal signs and requires just
compensation for takings. Construction, repair, maintenance, lighting, upgrading, height, size,
spacing and the location of billboards and the use of new technologies for changing displays, such
as digital displays, are regulated by federal, state and local governments. From time to time,
states and municipalities have prohibited or significantly limited the construction of new outdoor
advertising structures and also permitted non-conforming structures to be rebuilt by third parties.
Changes in laws and regulations affecting outdoor advertising at any level of government, including
laws of the foreign jurisdictions in which Clear Channel operates, could have a significant
financial impact on Clear Channel by requiring Clear Channel to make significant expenditures or
otherwise limiting or restricting some of Clear Channel&#146;s operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From time to time, certain state and local governments and third parties have attempted to
force the removal of Clear Channel&#146;s displays under various state and local laws, including
condemnation and amortization. Amortization is the attempted forced removal of legal but
non-conforming billboards (billboards which conformed with applicable zoning regulations when
built, but which do not conform to current zoning regulations) or the commercial advertising placed
on such billboards after a period of years. Pursuant to this concept, the governmental body asserts
that just compensation is earned by continued operation of the billboard over time. Amortization is
prohibited along all controlled roads and generally prohibited along non-controlled roads.
Amortization has, however, been upheld along non-controlled roads in limited instances where
provided by state and local law. Other regulations limit Clear Channel&#146;s ability to rebuild,
replace, repair, maintain and upgrade non-conforming displays. In addition, from time to time third
parties or local governments assert that Clear Channel owns or operates displays that either are
not properly permitted or otherwise are not in strict compliance with applicable law. Although
Clear Channel believes that the number of Clear Channel&#146;s billboards that may be subject to removal
based on alleged noncompliance is immaterial, from time to time Clear Channel has been required to
remove billboards for alleged noncompliance. Such regulations and allegations have not had a
material impact on Clear Channel&#146;s results of operations to date, but if Clear Channel is
increasingly unable to resolve such allegations or obtain acceptable arrangements in circumstances
in which Clear Channel&#146;s displays are subject to removal, modification or amortization, or if there
occurs an increase in such regulations or their enforcement, Clear Channel&#146;s operating results
could suffer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A number of state and local governments have implemented or initiated legislative billboard
controls, including taxes, fees and registration requirements in an effort to decrease or restrict
the number of outdoor signs and/or to raise revenues. While these controls have not had a material
impact on Clear Channel&#146;s business and financial results to date, Clear Channel expects state and
local governments to continue these efforts. The increased imposition of these controls and Clear
Channel&#146;s inability to pass on the cost of these items to Clear Channel&#146;s clients could negatively
affect Clear Channel&#146;s operating income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International regulation of the outdoor advertising industry varies by region and country, but
generally limits the size, placement, nature and density of out-of-home displays. Significant
international regulations include the Law of December&nbsp;29, 1979 in France, the Town and Country
Planning (Control of Advertisements) Regulations 1992 in the United Kingdom, and R&#232;glement R&#233;gional
Urbain de l&#146;agglom&#233;ration Bruxelloise in Belgium. These laws define issues such as the extent to
which advertisements can be erected in rural areas, the hours during which illuminated signs may be
lit and whether the consent of local authorities is required to place a sign in certain
communities. Other regulations limit the subject matter and language of out-of-home displays. For
instance, the United States and most European Union countries, among other nations, have banned
outdoor advertisements for tobacco products. Clear Channel&#146;s failure to comply with these or any
future international regulations could have an adverse impact on the effectiveness of Clear
Channel&#146;s displays or their attractiveness to clients as an advertising medium and may require
Clear Channel to make significant expenditures to ensure compliance. As a result, Clear Channel may
experience a significant impact on Clear Channel&#146;s operations, revenues, international client base
and overall financial condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Additional restrictions on outdoor advertising of tobacco, alcohol and other products may
further restrict the categories of clients that can advertise using Clear Channel&#146;s products.</I>
Out-of-court settlements between the major U.S. tobacco companies and all 50 states, the District
of Columbia, the Commonwealth of Puerto Rico and four other U.S. territories include a ban on the
outdoor advertising of tobacco products. Other products and services may be targeted in the future,
including alcohol products. Legislation regulating tobacco and alcohol advertising has also been
introduced in a number of European countries in which Clear Channel
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">conducts business and could have a similar impact. Any significant reduction in
alcohol-related advertising due to content-related restrictions could cause a reduction in Clear
Channel&#146;s direct revenues from such advertisements and an increase in the available space on the
existing inventory of billboards in the outdoor advertising industry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Future acquisitions could pose risks. </I>Clear Channel may acquire media-related assets and
other assets or businesses that Clear Channel believes will assist its customers in marketing their
products and services. Clear Channel&#146;s acquisition strategy involves numerous risks, including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain of Clear Channel&#146;s acquisitions may prove unprofitable and fail to generate
anticipated cash flows;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to successfully manage Clear Channel&#146;s large portfolio of broadcasting, outdoor
advertising and other properties, Clear Channel may need to:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>recruit additional senior management as Clear Channel cannot be assured that senior
management of acquired companies will continue to work for Clear Channel and, in this
highly competitive labor market, Clear Channel cannot be certain that any of its
recruiting efforts will succeed, and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expand corporate infrastructure to facilitate the integration of Clear Channel&#146;s
operations with those of acquired properties, because failure to do so may cause Clear
Channel to lose the benefits of any expansion that it decides to undertake by leading to
disruptions in Clear Channel&#146;s ongoing businesses or by distracting its management;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>entry into markets and geographic areas where Clear Channel has limited or no experience;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel may encounter difficulties in the integration of operations and systems;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s management&#146;s attention may be diverted from other business concerns; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel may lose key employees of acquired companies or stations.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel frequently evaluates strategic opportunities both within and outside Clear
Channel&#146;s existing lines of business. Clear Channel expects from time to time to pursue additional
acquisitions and may decide to dispose of certain businesses. These acquisitions or dispositions
could be material.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Capital requirements necessary to implement strategic initiatives could pose risks. </I>The
purchase price of possible acquisitions and/or other strategic initiatives could require additional
debt or equity financing on Clear Channel&#146;s part. Since the terms and availability of this
financing depend to a large degree upon general economic conditions and third parties over which
Clear Channel has no control, Clear Channel can give no assurance that it will obtain the needed
financing or that it will obtain such financing on attractive terms. In addition, Clear Channel&#146;s
ability to obtain financing depends on a number of other factors, many of which are also beyond
Clear Channel&#146;s control, such as interest rates and national and local business conditions. If the
cost of obtaining needed financing is too high or the terms of such financing are otherwise
unacceptable in relation to the strategic opportunity Clear Channel is presented with, Clear
Channel may decide to forego that opportunity. Additional indebtedness could increase Clear
Channel&#146;s leverage and make it more vulnerable to economic downturns and may limit Clear Channel&#146;s
ability to withstand competitive pressures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Clear Channel faces intense competition in the broadcasting and outdoor advertising
industries. </I>Clear Channel&#146;s business segments are in highly competitive industries, and it may not
be able to maintain or increase Clear Channel&#146;s current audience ratings and advertising and sales
revenues. Clear Channel&#146;s radio stations and outdoor advertising properties compete for audiences
and advertising revenues with other radio stations and outdoor advertising companies, as well as
with other media, such as newspapers, magazines, television, direct mail, satellite radio and
Internet based media, within their respective markets. Audience ratings and market shares are
subject to change, which could have the effect of reducing Clear Channel&#146;s revenues in that market.
Clear Channel&#146;s competitors may develop services or advertising media that are equal or superior to
those Clear Channel provides or that achieves greater market acceptance and brand recognition than
Clear Channel achieves. It is possible that new competitors may emerge and rapidly acquire
significant market share in any of Clear Channel&#146;s business segments. An increased level of
competition for advertising dollars may lead to lower advertising rates as Clear Channel attempts
to retain customers or may cause Clear Channel to lose customers to Clear Channel&#146;s competitors who
offer lower rates that Clear Channel is unable or unwilling to match;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Clear Channel&#146;s financial performance may be adversely affected by certain variables which are
not in Clear Channel&#146;s control. </I>Certain variables that could adversely affect Clear Channel&#146;s
financial performance by, among other things, leading to decreases in overall revenues, the numbers
of advertising customers, advertising fees, or profit margins include:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unfavorable economic conditions, both general and relative to the radio broadcasting,
outdoor advertising and all related media industries, which may cause companies to reduce
their expenditures on advertising;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unfavorable shifts in population and other demographics which may cause Clear Channel to
lose advertising customers as people migrate to markets where Clear Channel has a smaller
presence, or which may cause advertisers to be willing to pay less in advertising fees if
the general population shifts into a less desirable age or geographical demographic from an
advertising perspective;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an increased level of competition for advertising dollars, which may lead to lower
advertising rates as Clear Channel attempts to retain customers or which may cause Clear
Channel to lose customers to Clear Channel&#146;s competitors who offer lower rates that Clear
Channel is unable or unwilling to match;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unfavorable fluctuations in operating costs which Clear Channel may be unwilling or
unable to pass through to Clear Channel customers;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>technological changes and innovations that Clear Channel is unable to adopt or is late in
adopting that offer more attractive advertising or listening alternatives than what Clear
Channel currently offers, which may lead to a loss of advertising customers or to lower
advertising rates;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the impact of potential new royalties charged for terrestrial radio broadcasting which
could materially increase Clear Channel&#146;s expenses;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unfavorable changes in labor conditions which may require Clear Channel to spend more to
retain and attract key employees; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in governmental regulations and policies and actions of federal regulatory bodies
which could restrict the advertising media which Clear Channel employs or restrict some or
all of Clear Channel&#146;s customers that operate in regulated areas from using certain
advertising media, or from advertising at all.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>New technologies may affect Clear Channel&#146;s broadcasting operations. </I>Clear Channel&#146;s
broadcasting businesses face increasing competition from new broadcast technologies, such as
broadband wireless and satellite television and radio, and new consumer products, such as portable
digital audio players and personal digital video recorders. These new technologies and alternative
media platforms compete with Clear Channel radio stations for audience share and advertising
revenue, and in the case of some products, allow listeners and viewers to avoid traditional
commercial advertisements. The FCC has also approved new technologies for use in the radio
broadcasting industry, including the terrestrial delivery of digital audio broadcasting, which
significantly enhances the sound quality of radio broadcasts. Clear Channel has converted
approximately 441 of Clear Channel&#146;s radio stations to digital broadcasting. Clear Channel is
unable to predict the effect such technologies and related services and products will have on Clear
Channel&#146;s broadcasting operations, but the capital expenditures necessary to implement such
technologies could be substantial and other companies employing such technologies could compete
with Clear Channel&#146;s businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Clear Channel may be adversely affected by a general deterioration in economic conditions.</I>
The risks associated with Clear Channel&#146;s businesses become more acute in periods of a slowing
economy or recession, which may be accompanied by a decrease in advertising. A decline in the level
of business activity of Clear Channel&#146;s advertisers could have an adverse effect on Clear Channel&#146;s
revenues and profit margins. During economic slowdowns in the United States, many advertisers have
reduced their advertising expenditures. The impact of slowdowns on Clear Channel&#146;s business is
difficult to predict, but they may result in reductions in purchases of advertising.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Clear Channel may be adversely affected by the occurrence of extraordinary events, such as
terrorist attacks. </I>The occurrence of extraordinary events, such as terrorist attacks, intentional
or unintentional mass casualty incidents or similar events may substantially decrease the use of
and demand for advertising, which may decrease Clear Channel&#146;s revenues or expose it to substantial
liability. The September&nbsp;11, 2001 terrorist attacks, for example, caused a nationwide disruption of
commercial activities. As a result of the expanded news coverage following the attacks and
subsequent military actions, Clear Channel experienced a loss in advertising
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">revenues and increased incremental operating expenses. The occurrence of future terrorist
attacks, military actions by the United States, contagious disease outbreaks or similar events
cannot be predicted, and their occurrence can be expected to further negatively affect the
economies of the United States and other foreign countries where Clear Channel does business
generally, specifically the market for advertising.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /Folio -->
</DIV>




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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="135"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SELECTED HISTORICAL AND PRO FORMA CONSOLIDATED FINANCIAL DATA</B>
</DIV>

<DIV align="left">
<A name="136"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Clear Channel Summary Historical Consolidated Financial Data</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following sets forth summary historical consolidated financial data for Clear Channel as
of and for the five years ended December&nbsp;31, 2007, and as of and for the three month periods ended
March&nbsp;31, 2008 and 2007. The summary historical consolidated financial data as of and for the five
years ended December&nbsp;31, 2007 are derived from audited consolidated financial statements and
related notes of Clear Channel incorporated by reference in this proxy statement/prospectus. The
financial data has been revised to reflect, for all periods presented, the reclassification of the
assets, liabilities, revenues and expenses of Clear Channel&#146;s television business and certain radio
stations as discontinued operations in accordance with Statement of Financial Accounting Standards
No.&nbsp;144, <I>Accounting for the Impairment or Disposal of Long-lived Assets</I>. The summary historical
consolidated financial data as of and for the three month periods ended March&nbsp;31, 2008 and 2007 are
derived from unaudited consolidated financial statements and related notes incorporated by
reference in this proxy statement/prospectus. The unaudited consolidated financial statements
include all adjustments, consisting of normal recurring accruals, which Clear Channel considers
necessary for a fair presentation of its consolidated financial position and its consolidated
results of operations for these periods. Due to seasonality and other factors, operating results
for the three month period ended March&nbsp;31, 2008 are not necessarily indicative of the results that
may be expected for the entire year ending December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions and dispositions significantly impact the comparability of the historical
consolidated financial data reflected in this financial data. This information is only a summary
and you should read the information presented below in conjunction with Clear Channel&#146;s historical
consolidated financial statements and related notes incorporated by reference into this proxy
statement/prospectus, as well as the sections entitled &#147;Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations&#148; in Clear Channel&#146;s annual and quarterly reports
incorporated by reference into this proxy statement/prospectus, which qualify the information
presented below in its entirety. See &#147;Where You Can Find
Additional Information&#148; on page 187.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><B><I>(In thousands)</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007 (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006 (2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Statement of Operations:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Unaudited)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,921,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,567,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,126,553</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,132,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,786,048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,564,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,505,077</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Direct operating expenses (excludes
depreciation and amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,733,004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,532,444</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,351,614</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,216,789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,024,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">705,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">627,879</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Selling, general and administrative
expenses (excludes depreciation and
amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,761,939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,708,957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,651,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,644,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,621,599</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">426,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">416,319</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">566,627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600,294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">593,477</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">591,670</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">575,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,685</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporate expenses (excludes
depreciation and amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196,319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163,263</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,150</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Merger expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,762</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,686</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on disposition of assets &#151; net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,571</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,656</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,947</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,685,479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,593,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,412,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,559,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,422,553</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">278,305</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">451,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">484,063</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">443,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">392,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,077</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain (loss)&nbsp;on marketable securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,742</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(702</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">678,846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in earnings of nonconsolidated
affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,338</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,669</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,045</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,264</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (expense) &#151; net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,593</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30,554</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before income taxes, minority
interest, discontinued operations and
cumulative effect of a change in
accounting principle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,280,853</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,141,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,018,045</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,230,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,750,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">236,361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165,875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">441,148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">470,443</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">403,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">471,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">753,564</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,466</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest expense, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,031</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,847</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">276</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before discontinued operations
and cumulative effect of a change in
accounting principle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">792,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">638,839</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">597,151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">751,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">992,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income from discontinued operations,
net (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">338,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152,801</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">638,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,089</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before cumulative effect of a
change in accounting principle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">938,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">691,517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">935,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">845,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,145,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">799,653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cumulative effect of a change in
accounting principle, net of tax of,
$2,959,003 in 2004 (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,883,968</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">938,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">691,517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">935,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(4,038,169</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,145,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">799,653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">102,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>Year ended December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)&nbsp;per common share:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Unaudited)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Income before discontinued
operations and cumulative
effect of a change in
accounting principle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Income before cumulative
effect of a change in
accounting principle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cumulative effect of a
change in accounting
principle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8.19</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(6.77</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Income before discontinued
operations and cumulative
effect of a change in
accounting principle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Income before cumulative
effect of a change in
accounting principle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cumulative effect of a
change in accounting
principle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8.16</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(6.75</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends declared per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.1875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><B><I>(In thousands)</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance Sheet Data:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Unaudited)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,294,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,205,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,398,294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,269,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,185,682</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,679,319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,065,806</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and
equipment &#151; net,
including
discontinued
operations (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,215,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,236,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,255,649</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,328,165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,476,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,090,228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,188,918</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,805,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,886,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,718,571</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,959,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,352,693</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,053,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,686,330</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,813,277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,663,846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,107,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,184,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,892,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,298,917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,815,182</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt, net
of current
maturities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,214,988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,326,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,155,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,941,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,898,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,072,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,862,109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,797,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,042,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,826,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,488,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,553,939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,661,909</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,128,722</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Effective January&nbsp;1, 2007, Clear Channel adopted FASB Interpretation
No.&nbsp;48, <I>Accounting for Uncertainty in Income Taxes</I>, or FIN 48. In
accordance with the provisions of FIN 48, the effects of adoption were
accounted for as a cumulative-effect adjustment recorded to the
balance of retained earnings on the date of adoption.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Effective January&nbsp;1, 2006, Clear Channel adopted FASB Statement No.
123(R), <I>Share-Based Payment</I>. In accordance with the provisions of
Statement 123(R), Clear Channel elected to adopt the standard using
the modified prospective method.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes the results of operations of Clear Channel&#146;s live
entertainment and sports representation businesses, which Clear
Channel spun-off on December&nbsp;21, 2005, Clear Channel&#146;s television
business which we disposed of on March&nbsp;14, 2008 and certain of our
non-core radio stations.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Clear Channel recorded a non-cash charge of $4.9&nbsp;billion, net of
deferred taxes of $3.0&nbsp;billion, as a cumulative effect of a change in
accounting principle during the fourth quarter of 2004 as a result of
the adoption of EITF Topic D-108, <I>Use of the Residual Method to Value
Acquired Assets other than Goodwill</I>.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Excludes the property, plant and equipment &#151; net of Clear Channel&#146;s
live entertainment and sports representation businesses, which Clear
Channel spun-off on December&nbsp;21, 2005.</TD>
</TR>

</TABLE>


<DIV align="left">
<A name="137"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Unaudited Pro Forma Condensed Consolidated Financial Data</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following unaudited pro forma condensed consolidated financial data has been derived by
the application of pro forma adjustments to Clear Channel&#146;s audited historical consolidated
financial statements for the year ended December&nbsp;31, 2007 and Clear Channel&#146;s unaudited historical
consolidated financial statements for the three months ended March&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following unaudited pro forma condensed consolidated financial data gives effect to the
merger which will be accounted for as a purchase in conformity with Statement of Financial
Accounting Standards No.&nbsp;141, <I>Business Combinations </I>(&#147;Statement 141&#148;), and Emerging Issues Task
Force Issue 88-16, <I>Basis in Leveraged Buyout Transactions </I>(&#147;EITF 88-16&#148;). As a result of the
potential continuing ownership in Holdings by certain members of Clear Channel&#146;s management and
large shareholders, Holdings expects to allocate a portion of the consideration to the assets and
liabilities at their respective fair values with the remaining portion recorded at the continuing
shareholders&#146; historical basis. The pro forma adjustments are based on the preliminary assessments
of allocation of the consideration paid using information available to date and certain assumptions
believed to be reasonable. The allocation will be determined following the close of the merger
based on a formal valuation analysis and will depend on a number of factors, including: (i)&nbsp;the
final valuation of Clear Channel&#146;s assets and liabilities as of the effective time of the merger,
(ii)&nbsp;the number of equity securities which are subject to agreements between certain officers or
employees of Clear Channel and Holdings pursuant to which such shares or options are to be
converted into equity securities of Holdings in the merger, (iii)&nbsp;the identity of the shareholders
who elect to receive Stock Consideration in the merger and the number of shares of Holdings Class&nbsp;A
common stock allocated to them, after giving effect to the 30% aggregate cap and 11,111,112 share
individual cap governing the Stock Election, (iv)&nbsp;the extent to which Holdings determines that
Additional Equity Consideration is needed, and (v)&nbsp;the historical basis of continuing ownership
under EITF 88-16. Differences between the preliminary and final allocation may have a material impact on amounts
recorded for total assets, total
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">liabilities, shareholders&#146; equity and income (loss). For purposes
of the unaudited pro forma condensed consolidated financial data, the management of Holdings has
assumed that the fair value of equity after the merger is $3.4&nbsp;billion. Based on the commitments
of certain affiliated shareholders and discussions with certain other large shareholders that could
materially impact the EITF 88-16 calculation, management assumed that
Clear Channel shareholders will elect to receive Stock Consideration
with a value of approximately $740.1&nbsp;million in connection with
the merger and an additional $308.9&nbsp;million of Stock
Consideration will be distributed as Additional Equity Consideration. Based on these assumptions, it is anticipated that 9.9% of each asset and
liability will be recorded at historic carryover basis and 90.1% at fair value. For purposes of
the pro forma adjustment, the historical book basis of equity was used as a proxy for historical or
predecessor basis of the control group&#146;s ownership. The actual predecessor basis will be used, to
the extent practicable, in the final purchase adjustments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited pro forma condensed consolidated balance sheet was prepared based upon the
historical consolidated balance sheet of Clear Channel, adjusted to reflect the merger as if it had
occurred on March&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited pro forma condensed consolidated statements of operations for the year ended
December&nbsp;31, 2007 and the three months ended March&nbsp;31, 2008 were prepared based upon the historical
consolidated statements of operations of Clear Channel, adjusted to reflect the merger as if it had
occurred on January&nbsp;1, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited pro forma condensed consolidated statements of operations do not reflect
nonrecurring charges that have been or will be incurred in connection with the merger, including
(i)&nbsp;compensation charges of $44.0&nbsp;million for the acceleration of vesting of stock options and
restricted shares, (ii)&nbsp;certain non-recurring advisory and legal costs of $204.0&nbsp;million, and (iii)
costs for the early redemption of certain Clear Channel debt of $51.9&nbsp;million. In addition, Clear
Channel currently anticipates approximately $311.0&nbsp;million will be used to fund certain liabilities
and post closing transactions. These funds will be provided through either additional equity
contributions from the Sponsors or their affiliates or Clear Channel&#146;s available cash balances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited pro forma condensed consolidated financial statements should be read in
conjunction with the historical financial statements and the notes thereto of Clear Channel
included in this proxy statement/prospectus and the other financial information included herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited pro forma condensed consolidated data is not necessarily indicative of the
actual results of operations or financial position had the above described transactions occurred on
the dates indicated, nor are they necessarily indicative of future operating results or financial
position.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET<BR>
AT MARCH 31, 2008<BR>
(In thousands)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Clear Channel</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Transaction</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Pro Forma</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000; font-size: 10pt"><B>ASSETS</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Historical</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Adjustments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">602,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(168,897</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(G)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">433,215</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,681,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,681,514</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,387</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">270,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(A),(B)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313,321</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total Current Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,679,319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(125,882</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,553,437</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant &#038; equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,074,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,701</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(A)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,223,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment from
discontinued operations, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(A)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,969</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Definite-lived intangibles, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">489,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">437,067</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(A)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">926,609</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indefinite-lived intangibles &#151; licenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,213,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,420,063</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(A)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,633,325</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indefinite-lived intangibles &#151; permits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">252,576</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,954,805</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(A)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,207,381</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,268,059</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,246,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(A)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,514,281</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill and intangible assets from
discontinued operations, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,263</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(A)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,152</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Notes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,630</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments in, and advances to,
nonconsolidated affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">296,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">221,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(A)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">518,378</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">361,281</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,826</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(A), (B)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">496,107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">351,216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">351,216</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other assets from discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,728</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,053,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,445,444</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,498,655</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET<BR>
AT MARCH 31, 2008<BR>
(In thousands)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Clear Channel</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Transaction</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Historical</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Adjustments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Pro Forma</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES AND SHAREHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable, accrued expenses and
accrued interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,037,592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,037,592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">869,631</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">869,631</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242,861</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242,861</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total Current Liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,298,917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,298,917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,072,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,919,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(A), (C)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,991,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167,775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167,775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">830,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,576,190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(A), (D)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,407,127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">560,945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(31,761</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(A), (E)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">529,184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">460,728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">460,728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Shareholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(49,817</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(F)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Class&nbsp;A common stock, par $.001 per share,
30.6&nbsp;million shares authorized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Class&nbsp;B and C common stock, par $.001 per
share, 71.4&nbsp;million shares authorized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,871,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24,227,921</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(F)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,643,727</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(G)</B></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Retained deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,689,490</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,689,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(F)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">436,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(436,544</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(F)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cost of shares held in treasury</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,610</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(F)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total Shareholders&#146; Equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,661,909</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,018,080</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(F)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,643,829</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(G)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total Liabilities and Shareholders&#146; Equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,053,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,445,444</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,498,655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS<BR>
YEAR ENDED DECEMBER 31, 2007<BR>
(In thousands)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Clear Channel</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Transaction</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Pro Forma</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Historical</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Adjustments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,921,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,921,202</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Direct operating expenses (excludes depreciation and
amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,733,004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,733,004</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Selling, general and administrative expenses (excludes
depreciation and amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,761,939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,761,939</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">566,627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,324</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(H)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">681,951</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporate expenses (excludes depreciation and amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(K)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">191,233</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Merger expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,762</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,762</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(J)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on disposition of assets &#151; net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,685,479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(118,291</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,567,188</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">451,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,181,169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(I)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,633,039</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain on marketable securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,742</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,742</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in earnings of nonconsolidated affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (expense) &#151; net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,326</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;before income taxes and minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,280,853</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,299,460</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,607</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax (expense)&nbsp;benefit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(441,148</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">490,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(D)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,090</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest expense, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,031</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,031</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">792,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(809,222</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(16,548</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic EPS:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(L)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.17</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted EPS:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(L)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.17</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->48<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS<BR>
THREE MONTHS ENDED MARCH 31, 2008<BR>
(In thousands)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Clear Channel</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Transaction</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Pro Forma</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Historical</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Adjustments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,564,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,564,207</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Direct operating expenses (excludes depreciation
and amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">705,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">705,947</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Selling, general and administrative expenses
(excludes depreciation and amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">426,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">426,381</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(H)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181,109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporate expenses (excludes depreciation and
amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(K)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,735</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Merger expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(389</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(J)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on disposition of assets &#151; net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,097</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30,874</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">204,132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">308,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(I)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">408,316</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain on marketable securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,526</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in earnings of nonconsolidated affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,045</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,045</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (expense) &#151; net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,787</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;before income taxes and minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">236,361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(339,187</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(102,826</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax (expense)&nbsp;benefit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(66,581</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(D)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,421</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest expense, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,389</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">161,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(211,185</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(49,794</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic EPS:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(L)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.52</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted EPS:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>(L)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.52</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->49<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NOTES TO UNAUDITED PRO FORMA<BR>
CONDENSED CONSOLIDATED FINANCIAL DATA</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited pro forma condensed consolidated financial data includes the following pro forma
assumptions and adjustments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(A)&nbsp;</B>The pro forma adjustments include the fair value adjustments to assets and liabilities in
accordance with Statement 141 and the historical basis of the continuing shareholders of the
&#147;control group&#148; in accordance with EITF 88-16. The control group under EITF 88-16 includes members
of management of Clear Channel who exchange pre-merger Clear Channel equity securities for shares
of capital stock of Holdings and greater than 5% shareholders whose ownership has increased as a
result of making a stock election in the merger. Based upon information currently available to
Clear Channel, it is anticipated that the continuing aggregate ownership of the control group will
be approximately 9.9%. However, the actual continuing aggregate ownership of the control group
will not be determinable until after the consummation of the merger and will depend on a number of
factors including the identity of the shareholders who elect to receive Stock Consideration and the
actual fair value of equity after the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows (i)&nbsp;the impact of the currently anticipated continuing aggregate
ownership by the control group and (ii)&nbsp;the impact of each 100 basis point change in the continuing
aggregate ownership by the control group on the pro forma balances of Holdings&#146; definite-lived
intangibles, indefinite-lived intangibles, goodwill, total assets and total shareholders&#146; equity at
March&nbsp;31, 2008 and income (loss)&nbsp;from continuing operations for the year ended December&nbsp;31, 2007
and the three months ended March&nbsp;31, 2008.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><U>Control
Group Continuing Ownership</U></B></DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>9.9%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>100 bps increase</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>100 bps decrease</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><I>(In thousands)</I></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Definite-lived intangibles, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">926,609</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(4,851</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,851</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indefinite-lived intangibles &#151; licenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,633,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26,859</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,859</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indefinite-lived intangibles &#151; permits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,207,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(32,795</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,795</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,514,281</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(33,388</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,388</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,498,655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(102,093</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,093</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,643,829</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(82,664</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,664</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;from continuing
operations for the year ended December
31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,548</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,071</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;from continuing
operations for the three months ended
March&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(49,794</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(518</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the pro forma adjustments, the historical book basis of equity was used as a
proxy for historical or predecessor basis of the control group&#146;s ownership. The actual predecessor
basis will be used, to the extent practicable, in the final purchase adjustments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A summary of the merger is presented below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><I>(In thousands)</I></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Consideration for Equity(i)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,928,262</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rollover of restricted stock awards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,567</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated transaction costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235,359</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Consideration</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,177,188</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: Net assets acquired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,661,909</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: Adjustment for historical carryover basis per EITF 88-16</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">818,369</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Excess Consideration to Be Allocated</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,696,910</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Allocation:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fair Value Adjustments:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other current assets (B)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(4,108</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Property, plant and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,701</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Property, plant and equipment from discontinued operations, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,482</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->50<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><I>(In thousands)</I></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Definite-lived intangibles(ii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">437,067</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Indefinite-lived intangibles &#151; Licenses(iii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,420,063</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Indefinite-lived intangibles &#151; Permits(iii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,954,805</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill and intangible assets from discontinued operations, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,263</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments in, and advances to, nonconsolidated affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">221,897</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other assets (B)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(162,736</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term debt (C)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">931,310</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income taxes recorded for fair value adjustments to assets and liabilities (D)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,576,190</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other long term liabilities (E)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,761</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Termination of interest rate swaps (C)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,373</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Goodwill(iv)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,246,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Adjustments</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,696,910</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(i)</TD>
    <TD>&nbsp;</TD>
    <TD>Consideration for equity:</TD>
</TR>

</TABLE>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total shares outstanding(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">498,007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Multiplied by: Price per share(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,928,262</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total shares outstanding include 836.8 thousand equivalent shares subject to employee
stock options.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Price per share is assumed to be the $36.00 per share.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Identifiable intangible assets acquired subject to amortization includes contracts
amortizable over a weighted average amortization period of approximately 5.1&nbsp;years.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The licenses and permits were deemed to be indefinite-lived assets that can be separated
from any other asset, do not have legal, regulatory, contractual, competitive, economic, or
other factors that limit the useful lives and require no material levels of maintenance to
retain their cash flows. As such, licenses and permits are not currently subject to
amortization. Annually, the licenses and permits will be reviewed for impairment and useful
lives evaluated to determine whether facts and circumstances continue to support an indefinite
life for these assets.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The pro forma adjustment to goodwill consists of:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Removal of historical goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(7,268,059</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill arising from the merger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,514,281</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,246,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(B)&nbsp;</B>These pro forma adjustments record the deferred loan costs of $344.7&nbsp;million arising from
the debt issued in conjunction with the merger, the removal of historical deferred loan costs, and
adjustments for the liquidation of assets for a non-qualified employee benefit plan required upon a
change of control as a result of the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(C)&nbsp;</B>This pro forma adjustment reflects long-term debt to be issued in connection with the
merger and the fair value adjustments to existing Clear Channel long-term debt.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total debt to be redeemed(i)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,519,860</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issuance of debt in merger(ii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,410,638</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value adjustment ($1,047,090 related to Clear Channel senior notes
less $12,119 related to other fair value adjustments and $103,661 related to historical carryover basis per EITF 88-16)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(931,310</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: termination of interest rate swaps in connection with the merger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(40,373</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debt adjustment ($13,919,095 long-term less $0 current portion)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,919,095</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->51<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(i)&nbsp;Total Debt to be Redeemed:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Clear Channel bank credit facilities<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">125,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Clear Channel 7.650% senior notes due 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">750,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">AMFM Operating Inc. 8% senior notes due 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">644,860</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,519,860</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Pro forma balance of $125&nbsp;million on Clear Channel bank credit facilities reflects the
June&nbsp;15, 2008 maturity of the Clear Channel 6.625% senior notes.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(ii)&nbsp;Issuance of Debt in the Merger:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senior secured credit facilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Revolving credit facility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Domestic based borrowing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Foreign subsidiary borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Term loan A facility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,425,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Term loan B facility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,700,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Term loan C &#151; asset sale facility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">705,638</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Delayed draw term loan facility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">750,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Receivables based facility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">440,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senior Cash Pay Notes due 2016</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">980,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senior Toggle Notes due 2016</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,330,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,410,638</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our senior secured credit facilities will provide for a $2.0&nbsp;billion 6-year revolving credit
facility. We will have the ability to designate one or more of our foreign restricted subsidiaries
as borrowers under a foreign currency sublimit of the revolving credit facility<U>.</U> Consistent
with our international cash management practices, at or promptly after the closing of the
transactions contemplated by the merger agreement, we expect one of our foreign subsidiaries to
borrow $80&nbsp;million under the revolving credit facility&#146;s sublimit for foreign based subsidiary
borrowings to refinance our existing foreign subsidiary intercompany borrowings. The foreign based
borrowings allow us to efficiently manage our liquidity needs in local countries mitigating foreign
exchange exposure and cash movement among different tax jurisdictions. Based on estimated cash
levels (including estimated cash levels of our foreign subsidiaries), we do not expect to borrow
any additional amounts under the revolving credit facility at the closing of the transactions
contemplated by the merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate amount of the 6-year term loan A facility will be the sum of $1.115&nbsp;billion plus
the excess of $750&nbsp;million over the borrowing base availability under our receivables based
facility on the closing of the transactions contemplated by the merger agreement. The aggregate
amount of our receivables based facility will correspondingly be reduced by the excess of $750
million over the borrowing base availability on the closing of the transactions contemplated by the
merger agreement. Assuming that the borrowing base availability under the receivables based
facility is $440&nbsp;million, the term loan A facility would be $1.425&nbsp;billion and the aggregate
receivables based facility (without regard to borrowing base limitations) would be $690&nbsp;million.
However, our actual borrowing base availability may be greater or less than this amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our senior secured credit facilities will provide for a $10.7&nbsp;billion 7.5-year term loan B
facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our senior secured credit facilities will provide for a $705.6&nbsp;million 7.5-year term loan C &#151;
asset sale facility. To the extent specified assets are sold prior to the closing of the
transactions contemplated by the merger agreement, actual borrowings under the term loan C &#151; asset
sale facility will be reduced by the net cash proceeds received therefrom. Proceeds from the sale
of specified assets after closing will be applied to prepay the term loan C &#151; asset sale facility
(and thereafter to any remaining term loan facilities) without right of reinvestment under our
senior secured credit facilities. In addition, if the net proceeds of any other asset sales are not
reinvested, but instead applied to prepay the senior secured credit facilities, such proceeds would
first be applied to the term loan C &#151; asset sale facility and thereafter pro rata to the remaining
term loan facilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our senior secured facilities will provide for two 7.5-year delayed draw term loans
aggregating $1.25&nbsp;billion. Proceeds from the delayed draw 1 term loan, available in the aggregate
amount of $750&nbsp;million, can only be used to redeem any of our existing 7.65% senior notes due 2010.
Proceeds from the delayed draw 2 term loan, available in the aggregate amount of $500&nbsp;million, can
only be used to redeem any of our existing 4.25% senior notes due 2009. At close, we expect to
borrow all amounts available to us under the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->52<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">delayed draw 1 term loan in order to redeem substantially all of our outstanding 7.65% senior
notes. We do not expect to borrow any amount available to us under the delayed draw 2 term loan at
close. Any unused commitment to lend will expire on September&nbsp;30, 2010 in the case of the delayed
draw 1 term loan and on the second anniversary of the close date in the case of the delayed draw 2
term loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our $1.0&nbsp;billion receivables based facility will have availability that is limited by a
borrowing base. We estimate that borrowing base availability under the receivables based facility
at the closing of the transactions contemplated by the merger agreement will be $440&nbsp;million,
although our actual availability may be greater or less than our estimation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our senior cash pay notes will be issued at the closing of the transactions contemplated by
the merger agreement, in the aggregate principal amount of $980&nbsp;million and will mature eight years
from the date of issuance. Interest on the senior cash pay notes will accrue at a rate of 10.75%
per annum and will be paid semi-annually.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our senior toggle notes will be issued at the closing of the transactions contemplated by the
merger agreement, in the aggregate principal amount of $1.3&nbsp;billion and will mature eight years
from the date of issuance. Interest will be paid semi-annually and we may elect to pay all or 50%
of such interest on the senior toggle notes in cash or by increasing the principal amount of the
senior toggle notes or by issuing new senior toggle notes, such increase or issuance being paid in
kind (PIK)&nbsp;interest. Interest on the senior toggle notes payable in cash will accrue at a rate of
11.00% per annum and PIK interest will accrue at a rate of 11.75% per annum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(D)&nbsp;</B>Deferred income taxes in the unaudited pro forma condensed consolidated balance sheet are
recorded at the statutory rate in effect for the various tax jurisdictions in which Clear Channel
operates. Deferred income tax liabilities increased $2.6&nbsp;billion on the unaudited pro forma
consolidated balance sheet primarily due to the fair value adjustments for licenses, permits and
other intangibles, partially offset by adjustments for deferred tax assets from net operating
losses generated by transaction costs associated with the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pro forma adjustment for income tax expense was determined using statutory rates for the
year ended December&nbsp;31, 2007, and three months ended March&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(E)&nbsp;</B>This pro forma adjustment is for the fair value adjustment of an existing other long-term
liability and the payment of $38.1&nbsp;million for a non-qualified employee benefit plan required upon
a change of control as a result of the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(F)&nbsp;</B>These pro forma adjustments eliminate the historical shareholders&#146; equity to the extent
that it is not carryover basis for the control group under EITF 88-16 (90.1% eliminated with 9.9%
at carryover basis).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(G)&nbsp;</B>Pro forma shareholders&#146; equity was calculated as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><I>(In thousands)</I></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of shareholders&#146; equity at March&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,928,262</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash proceeds from debt due to merger(i)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"></TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,479,631</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fair value of equity after merger(ii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,448,631</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Pro forma shareholder&#146;s equity under EITF 88-16</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of equity after merger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,448,631</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: 9.9% of fair value of equity after merger ($3,448,631
multiplied by 9.9%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(341,414</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"></TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plus: 9.9% of shareholders&#146; historical carryover basis
(9,661,909 multiplied by 9.9%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">956,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: Deemed dividend (14,479,631 multiplied by 9.9%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,433,484</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"></TD>
    <TD nowrap></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustment for historical carryover basis per EITF 88-16</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"></TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(818,369</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustment for rollover of restricted stock awards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,567</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total pro forma shareholders&#146; equity under EITF 88-16(iii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,643,829</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(i)</TD>
    <TD>&nbsp;</TD>
    <TD>Net increase in debt in merger:</TD>
</TR>

</TABLE>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issuance of debt in merger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,410,638</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total debt redeemed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,519,860</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total decrease in cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168,897</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated transaction and loan costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(580,044</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total increase in debt due to merger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,479,631</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->53<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of the unaudited pro forma condensed consolidated financial data, the management
of Holdings has assumed that the fair value of equity after the merger is $3.4&nbsp;billion. The
Sponsors may elect to decrease the actual fair value of equity contributed in the merger to a
minimum of $3.0&nbsp;billion. The ability to make this election depends on cash on hand at the
closing of the merger.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total pro forma shareholders&#146; equity under EITF 88-16:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;A common stock, par value $.001 per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;B and C common stock, par value $.001 per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,643,727</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,643,829</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(H)&nbsp;</B>This pro forma adjustment is for the additional depreciation and amortization related to
the fair value adjustments on property, plant and equipment and definite-lived intangible assets
based on the estimated remaining useful lives ranging from two to twenty years for such assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(I)&nbsp;</B>This pro forma adjustment is for the incremental interest expense resulting from the new
capital structure resulting from the merger and the fair value adjustments to existing Clear
Channel long-term debt.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Three</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Year Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>(In thousands)</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense on revolving credit facility(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,619</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense on receivables based facility(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,356</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,895</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense on term loan facilities(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">867,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216,807</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense on senior notes(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,913</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of deferred financing fees and fair
value adjustments on Clear Channel senior
notes(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232,887</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reduction in interest expense on debt redeemed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(208,429</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,143</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total pro forma interest adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,181,169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">308,313</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Pro forma interest expense reflects an $80&nbsp;million outstanding balance on the $2.0&nbsp;billion
revolving credit facility at a rate equal to an applicable margin (assumed to be 3.4%) over
LIBOR (assumed to be 2.7%) plus a commitment fee of 0.5% on the assumed undrawn balance of
the revolving credit facility. For each 0.125% per annum change in LIBOR, annual interest
expense on the revolving credit facility would change by $0.1&nbsp;million.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Reflects pro forma interest expense on the receivables based facility at a rate equal to an
applicable margin (assumed to be 2.4%) over LIBOR (assumed to be 2.7%) and assumes a
commitment fee of 0.375% on the unutilized portion of the receivables based facility. For
each 0.125% per annum change in LIBOR, annual interest expense on the receivables based
facility would change by $0.6&nbsp;million.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Reflects pro forma interest expense on the term loan facilities at a rate equal to an
applicable margin over LIBOR. The pro forma adjustment assumes margins of 3.4% to 3.65% and
LIBOR of 2.7%. Assumes a commitment fee of 1.82% on the unutilized portion of the delayed
draw term loan facilities. For each 0.125% per annum change in LIBOR, annual interest expense
on the term loan facilities would change by $17.0&nbsp;million.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Assumes a fixed rate of 10.75% on the senior cash pay notes and a fixed rate of 11.00% on the
senior toggle notes.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->54<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>These pro forma financial statements include the assumptions that interest
expense is calculated at the rates under each tranche of the debt per the Financing
Agreements and that the PIK Election has not been made in all available periods to the
fullest extent possible.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The table below quantifies the effects for all periods presented of two possible
alternate scenarios available to Clear Channel with regard to the payment of required
interest, a) paying 100% PIK for all periods presented and b) electing to pay 50% in cash
and 50% through use of the PIK Election for all periods presented:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>100% PIK</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>50% Cash/50% PIK</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Increase in</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Increase in</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">interest</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Increase in</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">interest</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Increase in</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">expense</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">net loss</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">expense</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">net loss</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Year ended December&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,031</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,515</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Three months ended March&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,238</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The use of the 100% PIK Election will increase cash balances by approximately $146
million, net of tax, in the first year that the debt is outstanding. The use of the 50%
cash pay / 50% PIK pay election will increase cash balances by approximately $73&nbsp;million,
net of tax, in the first year that the debt is outstanding.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Represents debt issuance costs associated with our new bank facilities amortized over 6&nbsp;years
for the receivables based facility and the revolving credit facility, 6.0 to 7.5&nbsp;years for the
term loan facilities and 8&nbsp;years for the senior notes.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(J)&nbsp;</B>This pro forma adjustment reverses merger expenses as they are non-recurring charges
incurred in connection with the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(K)&nbsp;</B>This pro forma adjustment records non-cash compensation expense of $9.7&nbsp;million and $2.4
million for the year ended December&nbsp;31, 2007 and the three months ended March&nbsp;31, 2008,
respectively, associated with common stock options of Holdings that will be granted to certain key
executives upon completion of the merger in accordance with new employment agreements described
elsewhere in this proxy statement/prospectus. The assumptions used to calculate the fair value of
these awards were consistent with the assumptions used by Clear Channel disclosed in its Form 10-K
for the year ended December&nbsp;31, 2007. It is likely that actual results will differ from these
estimates due to changes in the underlying assumptions and the pro forma results of operations
could be materially impacted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(L)&nbsp;</B>There is no dilutive effect related to stock options and other potentially dilutive
securities on weighted average shares outstanding as a pro forma loss from continuing operations is
reported for the year ended December&nbsp;31, 2007 and three months ended March&nbsp;31, 2008. Pro forma
basic and diluted shares are 96&nbsp;million.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->55<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="138"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONTRACTUAL OBLIGATIONS; INDEBTEDNESS AND DIVIDEND POLICY FOLLOWING<BR>
THE MERGER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a pro forma basis, we will be highly leveraged and a substantial portion of our liquidity
needs will arise from debt service on indebtedness incurred in connection with the merger and from
the funding of our costs of operations, working capital and capital expenditures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;31, 2008, we would have had outstanding approximately $19.9&nbsp;billion of total
indebtedness (reduced by the $0.9&nbsp;billion of fair value adjustments reflected in the pro forma
balance sheet), including contractual indebtedness anticipated to be incurred by Merger Sub (with
an assumption by Clear Channel by action of the merger) or Clear Channel in connection with the
merger and existing indebtedness of Clear Channel to survive the merger. Cash paid for interest
during the twelve months ended March&nbsp;31, 2008, would have been $1.4&nbsp;billion on a pro forma basis.
</DIV>
<DIV align="left">
<A name="139"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Contractual Obligations</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18"><B>Payment due by Period</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>(in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Less than</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>More than</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>1 Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>1 to 3 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>3 to 5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>5 Years</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term Debt<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Existing notes and new debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,810,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">125,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,008,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,065,990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,610,828</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,516</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,008</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest payments on debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,880,635</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,115,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,834,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,503,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,427,857</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-Cancelable Operating leases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,748,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">321,657</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">655,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">486,677</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,285,129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-Cancelable Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,269,191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">656,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,105,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">697,861</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">809,807</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employment/Talent Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">569,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">280,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">217,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,662</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital Expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,716</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other obligations<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">248,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,799</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">37,849,317</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,741,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,906,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,940,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,260,806</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Long-term Debt excludes $0.9&nbsp;billion of fair value purchase accounting adjustments made in the pro forma balance sheet.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Other obligations consist of $71.2&nbsp;million related to asset retirement obligations recorded pursuant to Financial
Accounting Standards No.&nbsp;143, <I>Accounting for Asset Retirement Obligations</I>, which assumes the underlying assets will be
removed at some period over the next 50&nbsp;years. Also included is $103.0&nbsp;million related to the maturity value of loans
secured by forward exchange contracts that we accrete to maturity using the effective interest method and can be
settled in cash or the underlying shares. These contracts had an accreted value of $88.2&nbsp;million and the underlying
shares had a fair value of $114.5&nbsp;million recorded on our consolidated balance sheets at March&nbsp;31, 2008. Also
included in the table is $39.8&nbsp;million related to retirement plans and $12.2&nbsp;million related to unrecognized tax
benefits recorded pursuant to Financial Accounting Standard Board Interpretation No.&nbsp;48, <I>Accounting for Uncertainty in
Income Taxes</I>.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Excluded from the table is $464.3&nbsp;million related to various obligations with no specific contractual commitment or
maturity, $232.8&nbsp;million of which relates to unrecognized tax benefits recorded pursuant to Financial Accounting
Standard Board Interpretation No.&nbsp;48, <I>Accounting for Uncertainty in Income Taxes</I>.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that cash generated from operations, together with amounts available under the
senior secured credit facilities, receivables-backed credit facility and other available financing
arrangements will be adequate to permit us to meet our debt service obligations, ongoing costs of
operations, working capital needs and capital expenditure requirements for at least the next 12
months. While we have no reason to believe that we will not have sufficient cash and other
resources to fund and meet our obligations beyond such period, future financial and operating
performance, ability to service or refinance our debt and ability to comply with covenants and
restrictions contained in our debt agreements will be subject to future economic conditions and to
financial, business and other factors, many of which are beyond our control. See &#147;Risk Factors&#148; and &#147;Cautionary Statement
Concerning Forward-Looking Information&#148;.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->56<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="140"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Indebtedness</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;31, 2008, we had outstanding debt in the principal amount of approximately $5,913
million, of which $4,394&nbsp;million will be assumed in connection with the merger and Financing
(assuming the purchase of 100% of the Repurchased Existing Notes pursuant to the tender offers
described below). In arranging the financing for the merger and related transactions, Merger Sub
entered into definitive agreements providing $19,080&nbsp;million in aggregate debt financing consisting
of a senior secured credit facility, a receivables based facility and the issuance of new senior
notes (the &#147;Debt Financing&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Senior Secured Credit Facilities: </I>$13,770&nbsp;million of term loan facilities and $2,000&nbsp;million
revolving credit facility. The revolving credit facility and a portion of the term loan facilities
will have a maturity of 6&nbsp;years and the remainder will have a maturity of 7.5&nbsp;years. Within the
term loan facilities, up to $1,250&nbsp;million will be available during the two-year period following
the closing to repay certain existing Clear Channel senior notes at their maturity. The revolving
credit facility will be available to finance working capital needs and general corporate purposes
of Clear Channel, including to finance the repayment of any Clear Channel senior notes. If
availability under the receivables based credit facility is less than $750&nbsp;million on the closing
of the merger due to borrowing base limitations, the term loan facilities will be increased by the
amount of such shortfall. The term loan facilities provide for quarterly amortization commencing
after the second or third anniversary of the merger. The senior secured credit facilities will bear
interest at a rate per annum equal to, at the borrower&#146;s option, LIBOR or base rate, plus an
applicable margin. Customary unutilized commitment and facility fees will be paid on the undrawn
portions under the senior secured credit facilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Receivables Based Credit Facility: </I>a receivables based revolving credit facility with a
maturity of 6&nbsp;years. Availability under the receivables based credit facility will be limited by a
borrowing base. If availability under the receivables based credit facility is less than $750
million on the closing date, the senior secured credit facilities will be increased by the amount
of such shortfall and the maximum availability under the receivables based credit facility will be
reduced by a corresponding amount. The receivables based credit facilities will bear interest at a
rate per annum equal to, at the borrower&#146;s option, LIBOR or base rate, plus an applicable margin.
Customary unutilized commitment fees will be paid on the undrawn portion under the receivables
based credit facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>New Senior Notes: </I>$980&nbsp;million of 10.75% senior cash pay notes due 2016 and $1,330&nbsp;million of
11.00%/11.75% senior toggle notes due 2016. Cash interest on the senior toggle notes will accrue
at a rate of 11.00% per annum, and payment-in-kind interest will accrue at a rate of 11.75% per
annum. Clear Channel may elect, at its option, to pay interest on the senior toggle notes entirely
in cash or to pay all or one-half of such interest in kind by increasing the principal amount of
the senior toggle notes. The new senior notes will be redeemable on and after the interest payment
date in 2012 that is closest to the fourth anniversary of the issue date, at specified premiums.
Prior to such date, the new senior notes will be redeemable upon payment of a &#147;make-whole premium&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The arrangements governing the Debt Financing contain customary representations and
warranties, affirmative and negative covenants, events of default, mandatory prepayment or
redemption requirements and other provisions customary for the type of Debt Financing. Covenants
include, among others, restrictions on the ability of Clear Channel and its restricted subsidiaries
to incur indebtedness and liens, dispose of assets, enter into mergers, make dividends and other
payments in respect of capital stock of Clear Channel, make acquisitions and investments and make
payments of certain debt. The senior secured credit facilities also contain a senior secured
leverage maintenance test and an event of default upon a change of control. The Debt Financing will
be guaranteed by material wholly owned domestic subsidiaries of Clear Channel (subject to certain
exceptions).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The availability of the Debt Financing is not conditioned on, nor does it require, (i)&nbsp;the
acquisition of the outstanding public shares of Clear Channel Outdoor or (ii)&nbsp;any changes to the
existing cash management and intercompany arrangements between Clear Channel and Clear Channel
Outdoor, the provisions of which are described in Clear Channel Outdoor&#146;s SEC filings. The
consummation of the merger will not give Clear Channel Outdoor the right to terminate these
arrangements and Clear Channel may continue to use the cash flow of Clear Channel Outdoor pursuant
to the terms of these arrangements, which may include making interest and principal payments on the
Debt Financings and other purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Debt Offers. </I>Under the merger agreement, Clear Channel and AMFM Operating Inc. have
commenced tender offers to purchase Clear Channel&#146;s existing 7.65% senior notes due 2010 and AMFM
Operating Inc.&#146;s existing 8% senior notes due 2008 (the &#147;Repurchased Existing Notes&#148;). As part of
the debt tender offers, Clear Channel and AMFM Operating Inc. have solicited the consent of the
holders to amend, eliminate or waive certain sections of the applicable indenture governing the
Repurchased Existing Notes.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The availability of the Debt Financing is subject to certain closing conditions (as set forth
below under &#147;Financing &#151; Debt Financing&#148;).
</DIV>
<DIV align="left">
<A name="141"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Dividend Policy</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently do not intend to pay regular quarterly cash dividends on the shares of Class&nbsp;A
common stock to be outstanding after the merger. We may from time to time decide to pay dividends
to holders of our common stock, which dividends may be substantial. If we pay a dividend to holders
of any class of common stock, we will pay a pro rata dividend to holders of all classes of our
common stock. Any decision to pay dividends to holders of our common stock will depend on a variety
of factors, including such factors as (1)&nbsp;Holdings&#146; and/or Clear Channel&#146;s ability to incur debt,
cash resources, results of operations, financial position, and capital requirements, (2)&nbsp;timing and
proceeds realized from asset sales, (3)&nbsp;regulatory changes and (4)&nbsp;any limitations imposed by
Holdings&#146; or Clear Channel&#146;s creditors. Clear Channel&#146;s debt financing arrangements are expected to
include restrictions on its ability to pay dividends and make other payments to Holdings. If we
were to require cash from Clear Channel to pay dividends, Clear Channel&#146;s debt financing
arrangements could restrict its ability to make such cash available to us to pay such dividends.
</DIV>
<DIV align="left">
<A name="142"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF BUSINESS OF HOLDINGS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings was formed in anticipation of the merger for the sole purpose of owning the equity
securities of Clear Channel. As a result the assets and business of Holdings will consist almost
exclusively of those of Clear Channel.
</DIV>
<DIV align="left">
<A name="143"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF THE FINANCIAL CONDITION AND RESULTS OF<BR>
OPERATIONS OF CC MEDIA HOLDINGS, INC.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings was formed by the Sponsors in May&nbsp;2007 for the purpose of acquiring Clear Channel. It
has not conducted any activities to date other than activities incident to its formation and in
connection with the transactions contemplated by the merger agreement. Holdings does not have any
assets or liabilities other than as contemplated by the merger agreement, including contractual
commitments it has made in connection therewith. Clear Channel will become an indirect wholly
- -owned subsidiary of Holdings upon consummation of the merger, and the business of Holdings after
the merger will be that of Clear Channel and its subsidiaries. Management&#146;s Discussion and Analysis
of the Financial Condition and Results of Operations of Clear Channel is set forth in Clear
Channel&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2007, its Quarterly Report on
Form 10-Q for the quarter ended March&nbsp;31, 2008, and its Current Reports on Form 8-K filed May&nbsp;9,
2008, May&nbsp;14, 2008, May&nbsp;23, 2008, May&nbsp;29, 2008 and May&nbsp;30, 2008 each of which are incorporated by
reference herein.
</DIV>
<DIV align="left">
<A name="144"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BOARD OF DIRECTORS AND MANAGEMENT OF HOLDINGS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following section sets forth information as of May&nbsp;30, 2008, regarding individuals who
currently serve as our directors and executive officers, as well as those individuals who we expect
to serve as our directors and executive officers following consummation of the merger.
</DIV>
<DIV align="left">
<A name="145"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Current Board of Directors and Executive Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors is currently composed of eight directors. Each director is elected to a
term of one year. The following table sets forth information regarding our current executive
officers and directors.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="61%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Position</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Scott M. Sperling</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">President and Director</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steve Barnes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Director</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Richard J. Bressler</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Director</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Charles A. Brizius</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Director</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Connaughton</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Director</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ed Han</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Director</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ian K. Loring</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Director</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kent R. Weldon</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="146"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anticipated Board of Directors and Executive Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the consummation of the merger, we will increase the size of our board of directors
from eight to twelve members. Holders of our Class&nbsp;A common stock, voting as a separate class, will
be entitled to elect two members of the board. However, since
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the
Sponsors and their affiliates will hold a majority of the outstanding capital stock and voting power of Holdings after the
merger, the holders of Holdings Class A common stock will not have the voting power to elect the remaining 10 members of our board.
Pursuant to the Highfields Voting Agreement, immediately following the effective time of the merger
one of the members of the board who is to be elected by holders of our Class&nbsp;A common stock will be
selected by Highfields Management, which member will be named to Holdings&#146; nominating committee and
who the parties to the Highfields Voting Agreement have agreed will be Mr.&nbsp;Jonathon Jacobson, and
the other director will be selected by the nominating committee of Holdings after consultation with
Highfields Management, who the parties to the Highfields Voting Agreement have agreed will be Mr.
David Abrams. These directors will serve until our next shareholders meeting. In addition, until
the Highfields Funds own less than five percent of the outstanding voting securities of Holdings
issued as Stock Consideration, Holdings will nominate two candidates for election by the holders of
Class&nbsp;A common stock, of which one candidate (who initially will
be Mr.&nbsp;Jonathon Jacobson) will be
selected by Highfields Management (which candidate will serve on our nominating committee and
initially will be Mr.&nbsp;Jonathon Jacobson, who is associated with Highfields Management) and one
candidate will be selected by Holdings&#146; nominating committee after consultation with Highfields
Management. (which candidate initially will be Mr.&nbsp;David Abrams, who is associated with the Abrams
Investors). Holdings has also agreed to recommend and solicit proxies for the election of such
candidates, and, to the extent authorized by stockholders granting proxies, to vote the securities
represented by all proxies granted to stockholders in favor of such candidates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information regarding the individuals who are expected to serve
as our directors and executive officers following consummation of the merger.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Position</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark P. Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Director and Chief Executive Officer</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Randall T. Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Director and President</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Scott M. Sperling</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Director</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steve Barnes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Director</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Richard J. Bressler</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Director</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Charles A. Brizius</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Director</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Connaughton</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Director</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ed Han</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Director</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ian K. Loring</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Director</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kent R. Weldon</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Director</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jonathon S. Jacobson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Director</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">David Abrams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Director</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">L. Lowry Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Chairman Emeritus</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paul J. Meyer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Global President and Chief Operating Officer &#151; Clear Channel Outdoor, Inc.</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John E. Hogan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">President/Chief Executive Officer &#151; Clear Channel Radio</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="147"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Biographies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mark P. Mays </I>served as Clear Channel&#146;s President and Chief Operating Officer from February
1997 until his appointment as its President and Chief Executive Officer in October&nbsp;2004. He
relinquished his duties as President in February&nbsp;2006. Mr.&nbsp;Mark P. Mays has been one of Clear
Channel&#146;s directors since May&nbsp;1998. Mr.&nbsp;Mark P. Mays is the son of L. Lowry Mays, Clear
Channel&#146;s Chairman of the Board and the brother of Randall T. Mays, Clear Channel&#146;s President
and Chief Financial Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Randall T. Mays </I>was appointed as Clear Channel&#146;s Executive Vice President and Chief
Financial Officer in February&nbsp;1997. He was appointed Clear Channel&#146;s President in February&nbsp;2006.
Mr.&nbsp;Randall T. Mays is the son of L. Lowry Mays, Clear Channel&#146;s Chairman of the Board and the
brother of Mark P. Mays, Clear Channel&#146;s Chief Executive Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>David Abrams </I>is the managing partner of Abrams Capital, a Boston-based investment firm he
founded in 1998. Abrams Capital manages approximately $3.8&nbsp;billion in assets across a wide
spectrum of investments. Mr.&nbsp;Abrams serves on the board of directors of Crown Castle
International, Inc. (NYSE: CCI) and several private companies and also serves as a Trustee of
Berklee College of Music and Milton Academy. He received a BA from the University of
Pennsylvania.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Steve Barnes </I>has been associated with Bain Capital Partners, LLC since 1988 and has been a
Managing Director since 2000. In addition to working for Bain Capital Partners, LLC, he also
held senior operating roles of several Bain Capital portfolio companies including Chief
Executive Officer of Dade Behring, Inc., President of Executone Business Systems, Inc., and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->59<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">President of Holson Burnes Group, Inc. Prior to 1988, he held several senior management
positions in the Mergers &#038; Acquisitions Support Group of PricewaterhouseCoopers. Mr.&nbsp;Barnes
presently serves on several boards including Ideal Standard, Sigma Kalon, CRC, Accellent and
Unisource. He is also active in numerous community activities including being a member of the
Board of Director&#146;s of Make-A-Wish Foundation of Massachusetts, the United Way of Massachusetts
Bay, the Trust Board of Children&#146;s Hospital in Boston, the Syracuse University School of
Management Corporate Advisory Council and the Executive Committee of the Young President&#146;s
Organization in New England. He received a B.S. from Syracuse University and is a Certified
Public Accountant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Richard J. Bressler </I>is a Managing Director of Thomas H. Lee Partners, L.P. Prior to joining
Thomas H. Lee Partners, L.P., Mr.&nbsp;Bressler was the Senior Executive Vice President and Chief
Financial Officer of Viacom Inc., with responsibility for managing all strategic, financial,
business development and technology functions. Prior to that, Mr.&nbsp;Bressler served in various
capacities with Time Warner Inc., including as Chairman and Chief Executive Officer of Time
Warner Digital Media. He also served as Executive Vice President and Chief Financial Officer of
Time Warner Inc. Before joining Time Inc., Mr.&nbsp;Bressler was a partner with the accounting firm
of Ernst &#038; Young. Mr.&nbsp;Bressler is currently a director of American Media, Inc., Gartner, Inc.,
The Nielsen Company and Warner Music Group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Charles A. Brizius </I>is a Managing Director of Thomas H. Lee Partners, L.P. Prior to joining
Thomas H. Lee Partners, L.P., Mr.&nbsp;Brizius worked in the Corporate Finance Department at Morgan
Stanley &#038; Co. Incorporated. Mr.&nbsp;Brizius has also worked as a securities analyst at The Capital
Group Companies, Inc. and as an accounting intern at Coopers &#038; Lybrand. Mr.&nbsp;Brizius is currently
a director of Ariel Holdings Ltd. His prior directorships include Big
V Supermarkets, Inc., Eye Care Centers of America, Inc., Spectrum
Brands, Inc., Front Line Management Companies, Inc.,
Houghton Mifflin Company, TransWestern Publishing, United Industries Corporation and Warner
Music Group. Mr.&nbsp;Brizius holds a B.B.A., <I>magna cum laude</I>, in Finance and Accounting from
Southern Methodist University and an M.B.A. from the Harvard Graduate School of Business
Administration. Mr.&nbsp;Brizius presently serves as President of the Board of Trustees of The
Institute of Contemporary Art, Boston, Trustee of the Buckingham Browne &#038; Nichols School and
Board Member of The Steppingstone Foundation &#151; a non-profit organization that develops programs
which prepare urban schoolchildren for educational opportunities that lead to college.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>John Connaughton </I>has been a Managing Director of Bain Capital Partners, LLC since 1997 and
a member of the firm since 1989. He has played a leading role in transactions in the media,
technology and medical industries. Prior to joining Bain Capital, Mr.&nbsp;Connaughton was a
consultant at Bain &#038; Company, Inc., where he advised Fortune 500 companies. Mr.&nbsp;Connaughton
currently serves as a director of Warner Music Group Corp., AMC Theatres, Cumulus Media
Partners, LLC, Sungard Data Systems, Hospital Corporation of America (HCA), Quintiles
Transnational Corp., MC Communications (PriMed), Warner Chilcott, CRC Health Group, and The
Boston Celtics. He also volunteers for a variety of charitable organizations, serving as a
member of The Berklee College of Music Board of Trustees and the UVa McIntire Foundation Board
of Trustees. Mr.&nbsp;Connaughton received a B.S. in commerce from the University of Virginia and an
M.B.A. from the Harvard Graduate School of Business Administration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Ed Han </I>first joined Bain Capital Partners, LLC in 1998, and is currently a Principal of the
firm. Prior to joining Bain Capital Partners, LLC, Mr.&nbsp;Han was a consultant at McKinsey &#038;
Company. Mr.&nbsp;Han received a B.A. from Harvard College and an M.B.A. from the Harvard Graduate
School of Business Administration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Jonathon S. Jacobson </I>founded Highfields Capital Management, a Boston-based investment firm
that currently manages over $11&nbsp;billion for endowments, foundations and high net worth
individuals, in July&nbsp;1998. Prior to founding Highfields, he was a senior equity portfolio
manager at Harvard Management Company, Inc. for eight years. At HMC, Mr.&nbsp;Jacobson concurrently
managed both a U.S. and an Emerging Markets equity fund. Prior to that, Mr.&nbsp;Jacobson spent
three years in the Equity Arbitrage Group at Lehman Brothers and two years in investment banking
at Merrill Lynch in New York. Mr.&nbsp;Jacobson received an M.B.A. from the Harvard Business School
in 1987 and graduated <I>magna cum laude </I>with a B.S. in Economics from the Wharton School,
University of Pennsylvania in 1983. In September&nbsp;2007, he was named to the Asset Managers&#146;
Committee of the President&#146;s Working Group on Financial Markets, which was formed to foster a dialogue with
the Federal Reserve Board and Department of the Treasury on issues of significance to the
investment industry. He is Trustee of Brandeis University, where he is a member of both the
Executive and Investment Committees, and Gilman School, where he also serves on the investment
committee. He also serves on the boards of the Birthright Israel Foundation and Facing History
and Ourselves and is a member of the Board of Dean&#146;s Advisors at the Harvard Business School.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Ian K. Loring </I>is a Managing Director at Bain Capital Partners, LLC. Prior to joining Bain
Capital Partners, LLC in 1996, Mr.&nbsp;Loring was a Vice President of Berkshire Partners, with
experience in technology, media and telecommunications industries. Mr.&nbsp;Loring serves
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">on the Boards of Directors of Warner Music Group, NXP and Cumulus Media Partners, LLC, as well as other
private companies. Mr.&nbsp;Loring received a B.A. from Trinity College and an MBA from the Harvard
Graduate School of Business Administration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Scott M. Sperling </I>is Co-President of Thomas H. Lee Partners, L.P. Mr.&nbsp;Sperling&#146;s current
and prior directorships include Hawkeye Holdings, Thermo Fisher Corp., Warner Music Group,
Experian Information Solutions, Fisher Scientific, Front Line Management Companies, Inc.,
Houghton Mifflin Co., The Learning Company, LiveWire, LLC, PriCellular Corp., ProcureNet,
ProSiebenSat.1, Tibbar, LLC, Wyndham Hotels and several other private companies. Prior to
joining Thomas H. Lee Partners, L.P., Mr.&nbsp;Sperling was Managing Partner of The Aeneas Group,
Inc., the private capital affiliate of Harvard Management Company, for more than ten years.
Before that he was a senior consultant with the Boston Consulting Group. Mr.&nbsp;Sperling is also a
director of several charitable organizations including the Brigham &#038; Women&#146;s / Faulkner Hospital
Group, The Citi Center for Performing Arts and Wang Theater and Harvard Business School&#146;s Rock
Center for Entrepreneurship.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Kent R. Weldon </I>is a Managing Director of Thomas H. Lee Partners, L.P. Prior to joining
Thomas H. Lee Partners, L.P., Mr.&nbsp;Weldon worked at Morgan Stanley &#038; Co. Incorporated in the
Financial Institutions Group. Mr.&nbsp;Weldon also worked at Wellington Management Company, an
institutional money management firm. Mr.&nbsp;Weldon is currently a director of Michael Foods, Nortek
Inc. and Progressive Moulded Products. His prior directorships include FairPoint Communications,
Inc. and Fisher Scientific. Mr.&nbsp;Weldon holds a B.A., <I>summa cum laude</I>, in Economics and Arts and
Letters Program for Administrators from the University of Notre Dame and an M.B.A. from the
Harvard Graduate School of Business Administration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>L.&nbsp;Lowry Mays </I>is the founder of Clear Channel and was its Chairman and Chief Executive
Officer from February&nbsp;1997 to October&nbsp;2004. Since that time, Mr.&nbsp;L. Lowry Mays has served as
Clear Channel&#146;s Chairman of the Board. He has been one of its directors since Clear Channel&#146;s
inception. L. Mr.&nbsp;L. Lowry Mays is the father of Mark P. Mays, currently Clear Channel&#146;s Chief
Executive Officer, and Randall T. Mays, currently Clear Channel&#146;s President/Chief Financial
Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Paul J. Meyer </I>has served as the Global President/Chief Operating Officer for Clear Channel
Outdoor Holdings, Inc. (formerly Eller Media) since April&nbsp;2005. Prior thereto, he was the
President/Chief Executive Officer for Clear Channel Outdoor Holdings, Inc. for the remainder of
the relevant five-year period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>John E. Hogan </I>was appointed Chief Executive Officer of Clear Channel Radio in August&nbsp;2002.
Prior thereto he was Chief Operating Officer of Clear Channel Radio for the remainder of the
relevant five-year period.
</DIV>
<DIV align="left">
<A name="148"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Committees of the Board of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We anticipate establishing three committees: a compensation committee, an audit committee, and
a nominating and governance committee. As of the date of this proxy statement/prospectus none of
these committees have been formed nor have the charters that will govern their operations been
adopted. Holdings has agreed that until the termination of the
Highfields Voting Agreement and subject to the fiduciary duties of
Holdings&#146; board of directors, Holdings shall cause at least one of
the independent directors to be appointed to each of the committees
of Holdings board of directors, and if such independent director
shall cease to serve as a director of Holdings or otherwise is unable
to fulfill his or her duties on any such committee, Holdings shall
cause the director to be succeeded by another independent director.
</DIV>
<DIV align="left">
<A name="149"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Director Compensation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors who are not officers or employees of Holdings may receive customary retainers for
their service on the board of directors and/or committees of the board and may receive shares or
options to purchase shares of our Class&nbsp;A common stock as determined by the board of directors.
Other than with respect to Randall T. Mays and Mark P. Mays, we do not anticipate paying retainers
or granting stock or options to directors who are also officers or employees of Holdings.
</DIV>
<DIV align="left">
<A name="150"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Compensation and Governance Committee Interlocks and Insider Participation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this proxy statement/prospectus we have not established either our
compensation committee or nominating and governance committee. None of the individuals who we
anticipate will serve as our executive officers currently serves as a member of the board of
directors or compensation committee of any entity that has an executive officer who will serve on
our board of directors.
</DIV>
<DIV align="left">
<A name="151"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Independence of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except for the individuals that we identify below, none of the individuals we anticipate will
serve as members of Holdings&#146; board of directors following consummation of the merger will be
considered independent under the listing standards of the NYSE though Holdings Class&nbsp;A common stock
will not be listed on the NYSE and will not be subject to the NYSE&#146;s listing
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->61<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">standards).
We expect that Mr.&nbsp;Jonathon Jacobson and Mr.&nbsp;David Abrams will be considered
independent directors under the applicable securities laws, executive compensation requirements,
and stock exchange listing standards.
</DIV>
<DIV align="left">
<A name="152"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Compensation of our Named Executive Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not disclosed the historical compensation information with respect to the individuals
we anticipate will serve as our named executive officers (including our principal executive officer
and our principal financial officer) since we are of the view that, as a new publicly held company,
the disclosure of historical compensation for these individuals would not accurately reflect the
compensation programs and philosophies that we intend to implement following the consummation of
the merger. We are in the process of adopting and will continue to develop our own compensation
programs and anticipate that each of the individuals who we anticipate will be named executive
officers will be covered by these programs following consummation of the merger, except as noted
below. A more detailed description of our anticipated compensation program can be found below under
the heading &#147;Compensation Discussion and Analysis.&#148; In addition, for a description of our
employment agreements with our named executive officers, see &#147;Employment Agreements with Named
Executive Officers.&#148;
</DIV>
<DIV align="left">
<A name="154"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Compensation Discussion and Analysis</B>
</DIV>

<DIV align="left">
<A name="155"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Introduction</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a discussion of the executive compensation program that we expect to put in
place following consummation of the merger. Though certain aspects of the program are set to be
implemented upon consummation of the merger, the program as a whole will not be finalized until
after we consummate the merger and will be subject to the review and approval of our compensation
committee.
</DIV>
<DIV align="left">
<A name="156"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Overview and Objectives of Holdings&#146; Compensation Program</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that compensation of our executive and other officers and senior managers should be
directly and materially linked to operating performance. The fundamental objective of our
compensation program is to attract, retain and motivate top quality executive and other officers
through compensation and incentives which are competitive with the various labor markets and
industries in which we compete for talent and which align the interests of our officers and senior
management with the interests of our shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall, our compensation program will be designed to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>support our business strategy and business plan by clearly communicating what is expected
of executives with respect to goals and results and by rewarding achievement;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>recruit, motivate and retain executive talent; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>create a strong performance alignment with shareholders.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We seek to achieve these objectives through a variety of compensation elements:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>annual base salary;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an annual incentive bonus, the amount of which is dependent on Holdings&#146; operating
performance and, for most executives, individual performance during the prior fiscal year;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>long-term incentive compensation, delivered in the form of stock options grants,
restricted stock awards and cash (or some combination thereof) that is designed to align
executive officers&#146; interests over a multi-year period directly with those of shareholders
by rewarding outstanding performance and providing long-term incentives; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other executive benefits and perquisites.</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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</TABLE>
</DIV>
<DIV align="left">
<A name="157"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Compensation Practices</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We anticipate that the compensation committee will annually determine total compensation, as
well as the individual components of such compensation, for each of our named executive officers,
except for Paul J. Meyer, President and Chief Executive Officer of Clear Channel Outdoor Holdings,
Inc. (&#147;CCOH&#148;), a publicly traded indirect subsidiary of Holdings. Mr.&nbsp;Meyer&#146;s compensation will be
determined by CCOH&#146;s compensation committee. Accordingly, any references contained in this
Compensation Discussion and Analysis regarding the compensation committee and any subcommittee
thereof making compensation decisions with respect to our executive officers, excludes Mr.&nbsp;Meyer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We anticipate that compensation objectives will be developed based on market pay data from
proxy statements and other sources, when available, of leading media companies identified as our
key competitors for business and/or executive talent (&#147;Media Peers&#148;). Individual pay components and
total compensation will be bench marked against the appropriate Media Peers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the merger agreement, the Fincos and L. Lowry Mays, Clear Channel&#146;s current
Chairman of the Board of Directors, Mark P. Mays, Clear Channel&#146;s current Chief Executive Officer,
and Randall T. Mays, Clear Channel&#146;s current President/Chief Financial Officer, entered into a
letter agreement (the &#147;Letter Agreement&#148;), which provides that L. Lowry Mays&#146;, Mark P. Mays&#146; and
Randall T. Mays&#146; existing employment agreements with Clear Channel will be terminated effective at
the effective time of the merger and replaced with new five-year employment agreements with
Holdings pursuant to which L. Lowry Mays will be employed as Chairman Emeritus of the Board of
Directors, Mark P. Mays as Chief Executive Officer and Randall T. Mays as President. We anticipate
that following consummation of the merger the compensation of each of the other named executive
officers will be governed by their existing employment agreements with Clear Channel. The
employment agreements for each of our named executive officers generally set forth information
regarding base salary, annual incentive bonus, long-term incentive compensation and other employee
benefits. All compensation decisions with respect to the named executive officers will be made
within the scope of their respective employment agreements. For a further description of the
employment agreements of our named executive officers, please refer to the &#147;Employment Agreements
with the Named Executive Officers&#148; section of this proxy statement/prospectus. In making decisions
with respect to each element of executive compensation, we expect our compensation committee will
consider the total compensation that may be awarded to the officer, including salary, annual bonus
and long-term incentive compensation. Multiple factors may be considered in determining the amount
of total compensation (the sum of base salary, annual incentive bonus and long-term incentive
compensation delivered through stock option grants and restricted stock awards) to award the
executive officers each year. Among these factors may be:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>how proposed amounts of total compensation to our executives compare to amounts paid to
similar executives by Media Peers both for the prior year and over a multi-year period;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the value of any stock options and shares of restricted stock previously awarded;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>internal pay equity considerations; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>broad trends in executive compensation generally.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, in reviewing and approving employment agreements for named executive officers,
the compensation committee may consider the other benefits to which the officer may be entitled by
his/her employment agreement, including compensation payable upon termination of the agreement
under a variety of circumstances. We expect the compensation committee&#146;s goal will be to award
compensation that is reasonable when all elements of potential compensation are considered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The initial compensation for our named executive officers will be consistent with the level of
compensation each receives under his existing employment agreement with Clear Channel. Compensation
will be reviewed by our compensation committee on an annual basis and at the time of promotion or
other change in responsibilities. Increases in salary will based on subjective evaluation of such
factors as the level of responsibility, individual performance, level of pay both of the
executive in question and other similarly situated executive officers of Media Peers, and
competitive pay levels.
</DIV>
<DIV align="left">
<A name="158"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Elements of Compensation</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The compensation committee will work to establish a combination of various elements of
compensation that best serves the interest of Holdings and its shareholders. Having a variety of
compensation elements will enable us to meet the requirements of the highly competitive environment
in which we will operate following consummation of the merger while ensuring our executive officers will
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">be compensated in a way that advances the interests of all our shareholders. We anticipate
that under this approach executive compensation will involve a significant portion of pay that is
&#147;at risk,&#148; namely, annual incentive bonuses. We anticipate that annual incentive bonuses will be
based largely on our financial performance relative to goals that will be established at the start
of each fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect that our practices with respect to each of the elements of executive compensation
will be as set forth below.
</DIV>
<DIV align="left">
<A name="159"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Base Salary</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purpose.</U> The objective of base salary will be to reflect job responsibilities, value
to Holdings and individual performance with respect to our market competitiveness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Considerations.</U> Minimum base salaries for our named executive officers and the amount
of any increase over these minimum salaries will be determined by our compensation committee based
on a variety of factors, including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the nature and responsibility of the position and, to the extent available, salary norms
for persons in comparable positions at Media Peers;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the expertise of the individual executive;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the competitiveness of the market for the executive&#146;s services; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the recommendations of our chief executive officer (except in the case of his own
compensation).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In setting base salaries, the compensation committee will consider the importance of linking a
significant proportion of the executive officers&#146; compensation to performance in the form of the
annual incentive bonus, which is tied to both our financial performance measures and individual
performance, as well as long-term stock-based compensation.
</DIV>
<DIV align="left">
<A name="160"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Annual Incentive Bonus</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purpose.</U> Our executive compensation program will provide for an annual incentive
bonus that is performance-linked. The objective of the annual incentive bonus compensation element
is to compensate individuals based on the achievement of specific goals that are intended to
correlate closely with growth of long-term shareholder value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Administration.</U> Annual incentive bonus may consist of cash, stock options and
restricted stock awards. We anticipate that the total amount of annual incentive bonus awards will
be determined according to the level of achievement of both the objective performance and
individual performance goals. Below a minimum threshold level of performance, no awards will be
granted pursuant to the objective performance goal, and the compensation committee may, in its
discretion, reduce the awards pursuant to either objective or individual performance goals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Considerations.</U> We anticipate that the annual incentive bonus process for each of the
named executive officers, will involve:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the outset of the fiscal year:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Set performance goals for the year for Holdings and each participant.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Set a target bonus for each individual.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After the end of the fiscal year:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Measure actual performance (individual and company-wide) against the predetermined
Holdings&#146; and individual performance goals to determine the preliminary bonus.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make adjustments to the resulting preliminary bonus calculation to reflect Holdings&#146;
performance relative to the performance of the Media Peers.</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left">
<A name="161"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Long-Term Incentive Compensation</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purpose.</U> The long-term incentive program may include awards of equity or cash to
certain executive officers. The objective of the program is to align compensation for executive
officers over a multi-year period directly with the interests of our shareholders by motivating and
rewarding creation and preservation of long-term shareholder value. The level of long-term
incentive compensation will be determined based on an evaluation of competitive factors in
conjunction with total compensation provided to named executive officers and the overall goals of
the compensation program described above. Long-term incentive compensation may be paid in part in
cash, stock options and restricted stock. Additionally, we may from time to time grant equity
awards to the named executive officers that are not pursuant to pre-determined performance goals.
</DIV>
<DIV align="left">
<A name="162"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Executive Benefits and Perquisites</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We anticipate that we will provide certain personal benefits to our executive officers.
Consistent with Clear Channel&#146;s past practice, based upon the findings and recommendation of an
outside security consultant, we will direct our Chairman, Chairman Emeritus, Chief Executive
Officer, and president to utilize a Holdings airplane for all business and personal air travel.
With the approval of the Chief Executive Officer, other executive officers and members of
management are permitted limited personal use of corporate-owned aircraft. We also expect that,
consistent with Clear Channel&#146;s past practice, our Chairman, Chairman Emeritus, Chief Executive
Officer, and president will be provided security services, including home security systems and
monitoring and, in the case of the Chairman and Chairman Emeritus, personal security services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, we anticipate that we will pay for additional personal benefits for certain
named executive officers in the form of personal club memberships, personnel who provide personal
accounting and tax services, security personnel who provide personal security services and
reimbursement for employee holiday gifts. Also, we anticipate making limited matching contributions
under a 401(k) plan that we further anticipate will be generally available to Clear Channel
employees.
</DIV>
<DIV align="left">
<A name="163"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Change-in-Control and Severance Arrangements</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See the discussion of change-in-control and severance arrangements with respect to L. Lowry
Mays, Mark P. Mays, Randall T. Mays, John Hogan and Paul Meyer under the heading &#147;Potential
Post-Employment Payments&#148; on page 68.
</DIV>


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<DIV align="left">
<A name="164"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Tax and Accounting Treatment</B>
</DIV>

<DIV align="left">
<A name="165"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Deductibility of Executive Compensation</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;162(m) of the Internal Revenue Code (as interpreted by IRS Notice 2007-49) places a
limit of $1,000,000 on the amount of compensation Holdings may deduct for federal income tax
purposes in any one year with respect to its chief executive officer and the next three most highly
compensated officers (other than the chief financial officer), whom we refer to herein as the
&#147;Covered Employees.&#148; However, performance-based compensation that meets certain requirements is
excluded from this $1,000,000 limitation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In reviewing the effectiveness of the executive compensation program, the compensation
committee will consider the anticipated tax treatment to Holdings and to the Covered Employees of
various payments and benefits. However, the deductibility of certain compensation payments depends
upon the timing of a Covered Employee&#146;s vesting or exercise of previously granted equity awards, as
well as interpretations and changes in the tax laws and other factors beyond the compensation
committee&#146;s control. For these and other reasons, including to maintain flexibility in compensating
the named executive officers in a manner designed to promote varying corporate goals, the
compensation committee may not necessarily, or in all circumstances, limit executive compensation
to that which is deductible under Section 162(m) of the Internal Revenue Code.
</DIV>
<DIV align="left">
<A name="166"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Corporate Services Agreement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with CCOH&#146;s initial public offering, Clear Channel and CCOH entered into a
corporate services agreement. Under the terms of the agreement, Clear Channel provides, among other
things, executive officer services to CCOH. These executive officer services are charged to CCOH
based on actual direct costs incurred or allocated by Clear Channel. It is anticipated that this
agreement and the services provided thereunder will be maintained, consistent with past practice,
following consummation of the merger.
</DIV>
<DIV align="left">
<A name="167"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Employment Agreements with Named Executive Officers</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>L. Lowry Mays</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon consummation of the merger, Mr.&nbsp;L. Lowry Mays will be employed by Holdings as its
Chairman Emeritus. Mr.&nbsp;L. Lowry Mays&#146; employment agreement provides for a term of five years and
will be automatically extended for consecutive one-year periods unless terminated by either party.
Mr.&nbsp;L. Lowry Mays will receive an annual salary of $250,000 and benefits and perquisites consistent
with his existing arrangement with Clear Channel. Mr.&nbsp;L. Lowry Mays also will be eligible to
receive an annual bonus in an amount to be determined by the board of directors of Holdings, in its
sole discretion, provided, however, that if in any year Holdings achieves at least eighty percent
(80%) of the budgeted OIBDAN for the given year, Mr.&nbsp;L. Lowry Mays&#146; annual bonus for that year will
be no less than $1,000,000. Mr.&nbsp;L. Lowry Mays also will agree to be bound by customary covenants
not to compete and not to solicit employees during the term of his agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Mark P. Mays</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon consummation of the merger, Mr.&nbsp;Mark P. Mays will be employed by Holdings as its Chief
Executive Officer. Mr.&nbsp;Mark P. Mays&#146; employment agreement provides for a term of five years and
will be automatically extended for consecutive one-year periods unless 12&nbsp;months prior notice of
non-renewal is provided by the terminating party. Mr.&nbsp;Mark P. Mays will receive an annual base
salary of not less than $895,000 and benefits and perquisites consistent with his existing
arrangement with Clear Channel (including &#147;gross-up&#148; payments for excise taxes that may be payable
by Mr.&nbsp;Mark P. Mays). Mr.&nbsp;Mark P. Mays also will be eligible to receive an annual bonus in an
amount to be determined by the board of directors of Holdings, in its sole discretion, provided,
however, that if in any year Holdings achieves at least eighty percent (80%) of the budgeted OIBDAN
for the given year, Mr.&nbsp;Mark P. Mays&#146; annual bonus for that year will be no less than $6,625,000.
Mr.&nbsp;Mark P. Mays also will agree to be bound by customary covenants not to compete and not to
solicit employees during the term of his agreement and for two years following termination.
Additionally, at the closing of the merger, Mr.&nbsp;Mark P. Mays will receive an equity incentive award
pursuant to Holdings&#146; equity incentive plan of options to purchase shares of Holdings stock equal
to 2.5% of the fully diluted equity of Holdings and will be issued restricted shares of Holdings
Class&nbsp;A common stock with a value equal to $20&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Randall T. Mays</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon consummation of the merger, Randall T. Mays will be employed by Holdings as its
President. Mr.&nbsp;Randall T. Mays&#146; employment agreement provides for a term of five years and will be
automatically extended for consecutive one-year periods unless
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->66<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12&nbsp;months prior notice of
non-renewal is provided by the terminating party. Mr.&nbsp;Randall T. Mays will receive an annual base
salary of not less than $868,333 and benefits and perquisites consistent with his existing
arrangement with Clear Channel (including &#147;gross-up&#148; payments for excise taxes that may be payable
by Mr.&nbsp;Randall T. Mays). Mr.&nbsp;Randall T. Mays also will be eligible to receive an annual bonus in an
amount to be determined by the board of directors of Holdings, in its sole discretion, provided,
however, that if in any year Holdings achieves at least eighty percent (80%) of the budgeted OIBDAN
for the given year, Mr.&nbsp;Randall T. Mays&#146; annual bonus for that year will be no less than
$6,625,000. Mr.&nbsp;Randall T. Mays also will agree to be bound by customary covenants not to compete
and not to solicit employees during the term of his agreement and for two years following
termination. Additionally, at the closing of the merger, Mr.&nbsp;Randall T. Mays will receive an equity
incentive award pursuant Holdings&#146; equity incentive plan of options to purchase shares of Holdings
stock equal to 2.5% of the fully diluted equity of Holdings and will be issued restricted shares of
Holdings Class&nbsp;A common stock with a value equal to $20&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will indemnify each of Messrs.&nbsp;L. Lowry Mays, Mark P. Mays and Randall T. Mays from any
losses incurred by them because they were made a party to a proceeding as a result of their being
an officer of Holdings. Furthermore, any expenses incurred by them in connection with any such
action shall be paid by us in advance upon request that we pay such expenses, but only in the event
that they shall have delivered in writing to us (i)&nbsp;an undertaking to reimburse us for such
expenses with respect to which they are not entitled to indemnification, and (ii)&nbsp;an affirmation of
their good faith belief that the standard of conduct necessary for indemnification by us has been
met.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of these employment agreements provides for severance and change-in-control payments as
more fully described under the heading &#147;Potential
Post-Employment Payments&#148; on page 68 of this
proxy statement/prospectus. The employment agreements also restrict the ability of Messrs.&nbsp;L. Lowry
Mays, Mark P. Mays and Randall T. Mays to engage in business activities that compete with the
business of Holdings for a period of two years following certain terminations of their employment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company defines OIBDAN to mean net income adjusted to exclude non-cash compensation
expense and the following: results of discontinued operations, minority interest, net of tax;
income tax benefit (expense); other income (expense) &#151; net; equity in earnings of non-consolidated
affiliates; interest expense; gain on disposition of assets &#151; net; and depreciation and
amortization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a sample calculation of OIBDAN based upon Clear Channel&#146;s results of
operations for the three months ended March&nbsp;31, 2008.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Operating</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Non-cash</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Depreciation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gain on</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>income</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Disposition of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(loss)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>expense</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>amortization</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>assets-net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>OIBDAN</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Radio Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">237,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,809</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">31,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">273,642</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Outdoor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,045</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162,065</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,644</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,911</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain on disposition of assets &#151; net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,097</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporate and Merger costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(50,838</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,851</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(43,841</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">235,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">152,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2,097</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">394,777</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Paul J. Meyer</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paul J. Meyer&#146;s current employment agreement expires on August&nbsp;5, 2008 and will automatically
extend one day at a time thereafter, unless terminated by either party. The agreement provides for
Mr.&nbsp;Meyer to be the President and Chief Operating Officer of CCOH for a base salary in the contract
year beginning August&nbsp;5, 2007, of $650,000, subject to additional annual raises thereafter in
accordance with CCOH&#146;s policies. Mr.&nbsp;Meyer&#146;s current annual
base salary is $675,000. Mr.&nbsp;Meyer is also eligible to receive a performance bonus as
decided at the sole discretion of the board of directors and the compensation committee of CCOH.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Meyer may terminate his employment at any time upon one year&#146;s written notice. CCOH may
terminate Mr.&nbsp;Meyer&#146;s employment without &#147;Cause&#148; upon one year&#146;s written notice. &#147;Cause&#148; is
narrowly defined in the agreement. If Mr.&nbsp;Meyer is terminated without &#147;Cause,&#148; he is entitled to
receive a lump-sum payment of accrued and unpaid base salary and prorated bonus, if any, and any
payments to which he may be entitled under any applicable employee benefit plan. Mr.&nbsp;Meyer is
prohibited by his employment agreement from activities that compete with CCOH for one year after he
leaves CCOH and he is prohibited from soliciting CCOH employees for employment for 12&nbsp;months after
termination regardless of the reason for termination of employment.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->67<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>John E. Hogan</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective February&nbsp;1, 2004, Clear Channel Broadcasting, Inc. (&#147;CCB&#148;), a subsidiary of Clear
Channel, entered into an employment agreement with John E. Hogan as President and Chief Executive
Officer, Clear Channel Radio. The initial term of the agreement ended on January&nbsp;31, 2006; however
the agreement, by its terms, automatically extends one day at a time until terminated by either
party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Hogan&#146;s
current annual base salary is $775,000 and he will be eligible for additional
annual raises commensurate with company policy. No later than March&nbsp;31 of each calendar year during
the term, Mr.&nbsp;Hogan is eligible to receive a performance bonus. Mr.&nbsp;Hogan is also entitled to
participate in all pension, profit sharing, and other retirement plans, all incentive compensation
plans, and all group health, hospitalization and disability or other insurance plans, paid
vacation, sick leave and other employee welfare benefit plans in which other similarly situated
employees may participate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Hogan is prohibited by the agreement from activities that compete with CCB or its
affiliates for one year after he leaves CCB, and he is prohibited from soliciting CCB&#146;s employees
for employment for 12&nbsp;months after termination regardless of the reason for termination of
employment. However, after Mr.&nbsp;Hogan&#146;s employment with CCB has terminated, upon receiving written
permission from the board of directors of CCB, Mr.&nbsp;Hogan shall be permitted to engage in competing
activities that would otherwise be prohibited by his employment agreement if such activities are
determined in the sole discretion of the board of directors of CCB in good faith to be immaterial
to the operations of CCB, or any subsidiary or affiliate thereof, in the location in question. Mr.
Hogan is also prohibited from using CCB&#146;s confidential information at any time following the
termination of his employment in competing, directly or indirectly, with CCB.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Hogan is entitled to reimbursement of reasonable attorney&#146;s fees and expenses and full
indemnification from any losses related to any proceeding to which he may be made a party by reason
of his being or having been an officer CCB or any of its subsidiaries (other than any dispute,
claim or controversy arising under or relating to his employment agreement).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Hogan&#146;s employment agreement provides for severance payments as more fully described under
the heading &#147;Potential Post-Employment Payments&#148; below.
</DIV>
<DIV align="left">
<A name="168"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Potential Post-Employment Payments</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Mark P. Mays and Randall T. Mays</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new employment agreements for each of Mark P. Mays and Randall T. Mays, which will be
effective upon consummation of the merger, provide for the following severance and
change-in-control payments in the event that we terminate their employment without &#147;Cause&#148; or if
the executive terminates for &#147;Good Reason.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under each executive agreement, &#147;Cause&#148; is defined as the executive&#146;s: (i)&nbsp;willful and
continued failure to perform his duties, following 10&nbsp;days notice of the misconduct, (ii)&nbsp;willful
misconduct that causes material and demonstrable injury, monetarily or otherwise, to Holdings, the
Sponsors or any of their respective affiliates, (iii)&nbsp;conviction of, or plea of <I>nolo contendre </I>to,
a felony or any misdemeanor involving moral turpitude that causes material and demonstrable injury,
monetarily or otherwise, to Holdings, the Sponsors or any of their respective affiliates, (iv)
committing any act of fraud, embezzlement or other act of dishonesty against Holdings or its
affiliates, that causes material and demonstrable injury, monetarily or otherwise, to Holdings, the
Sponsors or any of their respective affiliates, and (v)&nbsp;breach of any of the restrictive covenants
in the agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;Good Reason&#148; includes, subject to certain exceptions, (i)&nbsp;a reduction in the
executive&#146;s base pay or annual incentive compensation opportunity, (ii)&nbsp;substantial diminution of
the executive&#146;s title, duties and responsibilities, (iii)&nbsp;failure to provide the executive with the
use of a company provided aircraft for personal travel, and (iv)&nbsp;transfer of the executive&#146;s
primary workplace outside the city limits of San Antonio, Texas. An isolated, insubstantial and
inadvertent action taken in good faith and which is remedied by us within ten days after receipt of
notice thereof given by executive shall not constitute Good Reason.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the executive is terminated by us without Cause or the executive resigns for Good Reason
then the executive will receive (i)&nbsp;a lump-sum cash payment equal to his accrued but unpaid base
salary through the date of termination, a prorated bonus (determined by reference to the
executive&#146;s bonus opportunity for the year in which the termination occurs) and accrued vacation
pay through the date
of termination, and (ii)&nbsp;a lump-sum cash payment equal to three times the sum of the
executive&#146;s base salary and bonus (using the bonus paid to executive for the year prior to the year
in which termination occurs).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->68<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, in the event that the executive&#146;s employment is terminated by us without Cause or
by the executive for Good Reason, we shall maintain in full force and effect, for the continued
benefit of the executive, his spouse and his dependents for a period of three years following the
date of termination, the medical, hospitalization, dental, and life insurance programs in which the
executive, his spouse and his dependents were participating immediately prior to the date of
termination, at the level in effect and upon substantially the same terms and conditions (including
without limitation contributions required by executive for such benefits) as existed immediately
prior to the date of termination. However, if the executive, his spouse or his dependents cannot
continue to participate in our programs providing such benefits, we shall arrange to provide the
executive, his spouse and his dependents with the economic equivalent of such benefits which they
otherwise would have been entitled to receive under such plans and programs. The aggregate value of
these continued benefits are capped at $50,000, even if the cap is reached prior to the end of the
three-year period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the executive&#146;s employment is terminated by us for Cause or by the executive other than for
Good Reason, (i)&nbsp;we will pay executive his base salary, bonus and his accrued vacation pay through
the date of termination, as soon as practicable following the date of termination; (ii)&nbsp;we will
reimburse executive for reasonable expenses incurred, but not paid prior to such termination of
employment; and (iii)&nbsp;executive shall be entitled to any other rights, compensation and/or benefits
as may be due to executive in accordance with the terms and provisions of any of our agreements,
plans or programs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During any period in which the executive fails to perform his duties hereunder as a result of
incapacity due to physical or mental illness, executive shall continue to receive his full base
salary until his employment is terminated. If, as a result of executive&#146;s incapacity due to
physical or mental illness, executive shall have been substantially unable to perform his duties
hereunder for an entire period of six consecutive months, and within 30&nbsp;days after written notice
of termination is given after such six-month period, executive shall not have returned to the
substantial performance of his duties on a full-time basis, Holdings will have the right to
terminate his employment for disability. In the event executive&#146;s employment is terminated for
disability: (i)&nbsp;Holdings will pay to executive his base salary, bonus and accrued vacation pay
through the date of termination. If executive&#146;s employment is terminated by his death Holdings will
pay in a lump-sum to executive&#146;s beneficiary, legal representatives or estate, as the case may be,
executive&#146;s base salary, bonus and accrued vacation pay through the date of his death.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>L. Lowry Mays</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new employment agreement for Mr.&nbsp;L. Lowry Mays, which will be effective upon consummation
of the merger, provides for the following severance and change-in-control payments in the event
that Holdings terminates his employment without &#147;Extraordinary Cause&#148; during the initial five-year
term of the agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Mr.&nbsp;L. Lowry Mays&#146; agreement, &#147;Extraordinary Cause&#148; is defined as the executive&#146;s: (i)
willful misconduct that causes material and demonstrable injury to Holdings, and (ii)&nbsp;conviction of
a felony or other crime involving moral turpitude.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Mr.&nbsp;L. Lowry Mays is terminated by us without &#147;Extraordinary Cause&#148; then he will receive
(i)&nbsp;a lump-sum cash payment equal to his accrued but unpaid base salary through the date of
termination, a prorated bonus (determined by reference to the executive&#146;s bonus opportunity for the
year in which the termination occurs or, if such bonus opportunity has not yet been determined, the
prior year) and accrued vacation pay through the date of termination, and (ii)&nbsp;a lump-sum cash
payment equal to the base salary and bonus to which the executive would otherwise have been
entitled to had he remained employed for the remainder of the then current term.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Paul J. Meyer</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Either party may terminate Paul J. Meyer&#146;s employment with CCOH for any reason upon one year&#146;s
prior written notice. If Mr.&nbsp;Meyer&#146;s employment is terminated by CCOH for Cause, CCOH will, within
90&nbsp;days, pay in a lump-sum amount to Mr.&nbsp;Meyer his accrued and unpaid base salary and any payments
to which he may be entitled under any applicable employee benefit plan (according to the terms of
such plans and policies). A termination for Cause must be for one or more of the following reasons:
(i)&nbsp;conduct by Mr.&nbsp;Meyer constituting a material act of willful misconduct in connection with the
performance of his duties, including violation of CCOH&#146;s policy on sexual harassment,
misappropriation of funds or property of CCOH, or other willful misconduct as determined in the
sole discretion of CCOH; (ii)&nbsp;continued, willful and deliberate non-performance by Mr.&nbsp;Meyer of his
duties under his employment agreement (other than by reason of Mr.&nbsp;Meyer&#146;s physical or mental
illness, incapacity or disability) where such non-performance has continued for more than 10&nbsp;days
following written notice of such non-performance; (iii)&nbsp;Mr.&nbsp;Meyer&#146;s refusal or failure to follow
lawful directives where such refusal or failure has continued for more than 30&nbsp;days following
written notice of such refusal or failure;
(iv)&nbsp;a criminal or civil conviction of Mr.&nbsp;Meyer, a plea of nolo contendere by Mr.&nbsp;Meyer, or
other conduct by Mr.&nbsp;Meyer that, as determined in the sole discretion of the board of directors,
has resulted in, or would result in if he were retained in his position with CCOH, material injury
to the reputation of CCOH, including conviction of fraud, theft, embezzlement, or a crime involving
moral
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">turpitude; (v)&nbsp;a breach by Mr.&nbsp;Meyer of any of the provisions of his employment agreement; or
(vi)&nbsp;a violation by Mr.&nbsp;Meyer of CCOH&#146;s employment policies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Mr.&nbsp;Meyer&#146;s employment with CCOH is terminated by CCOH without Cause, CCOH will, within 90
days after the effective date of the termination, pay in a lump-sum amount to Mr.&nbsp;Meyer (i)&nbsp;his
accrued and unpaid base salary and prorated bonus, if any, and (ii)&nbsp;any payments to which he may be
entitled under any applicable employee benefit plan (according to the terms of such plans and
policies). Additionally, Mr.&nbsp;Meyer will receive a total of $600,000, paid pro rata over a one-year
period in accordance with CCOH&#146;s standard payroll schedule and practices, as consideration for Mr.
Meyer&#146;s post-termination non-compete and non-solicitation obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Mr.&nbsp;Meyer&#146;s employment with CCOH terminates by reason of his death, CCOH will, within 90
days, pay in a lump-sum amount to such person as Mr.&nbsp;Meyer shall designate in a notice filed with
CCOH or, if no such person is designated, to Mr.&nbsp;Meyer&#146;s estate, Mr.&nbsp;Meyer&#146;s accrued and unpaid
base salary and prorated bonus, if any, and any payments to which Mr.&nbsp;Meyer&#146;s spouse,
beneficiaries, or estate may be entitled under any applicable employee benefit plan (according to
the terms of such plans and policies). If Mr.&nbsp;Meyer&#146;s employment with CCOH terminates by reason of
his disability (defined as Mr.&nbsp;Meyer&#146;s incapacity due to physical or mental illness such that Mr.
Meyer is unable to perform his duties under this Agreement on a full-time basis for more than 90
days in any 12-month period, as determined by CCOH), CCOH shall, within 90&nbsp;days, pay in a lump-sum
amount to Mr.&nbsp;Meyer his accrued and unpaid base salary and prorated bonus, if any, and any payments
to which he may be entitled under any applicable employee benefit plan (according to the terms of
such plans and policies).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>John E. Hogan</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Either party may terminate John E. Hogan&#146;s employment with Clear Channel Broadcasting, Inc.,
(&#147;CCB&#148;) for any reason upon one year&#146;s prior written notice. If Mr.&nbsp;Hogan&#146;s employment is
terminated by CCB for Cause, CCB will, within 45&nbsp;days, pay in a lump-sum amount to Mr.&nbsp;Hogan his
accrued and unpaid base salary and any payments to which he may be entitled under any applicable
employee benefit plan (according to the terms of such plans and policies). A termination for Cause
must be for one or more of the following reasons: (i)&nbsp;conduct by Mr.&nbsp;Hogan constituting a material
act of willful misconduct in connection with the performance of his duties, including violation of
CCB&#146;s policy on sexual harassment, misappropriation of funds or property of CCB, or other willful
misconduct as determined in the sole reasonable discretion of CCB; (ii)&nbsp;continued, willful and
deliberate non-performance by Mr.&nbsp;Hogan of his duties under his employment agreement (other than by
reason of Mr.&nbsp;Hogan&#146;s physical or mental illness, incapacity or disability) where such
non-performance has continued for more than 10&nbsp;days following written notice of such
non-performance; (iii)&nbsp;Mr.&nbsp;Hogan&#146;s refusal or failure to follow lawful directives where such
refusal or failure has continued for more than 30&nbsp;days following written notice of such refusal or
failure; (iv)&nbsp;a criminal or civil conviction of Mr.&nbsp;Hogan, a plea of nolo contendere by Mr.&nbsp;Hogan,
or other conduct by Mr.&nbsp;Hogan that, as determined in the sole reasonable discretion of the board of
directors, has resulted in, or would result in if he were retained in his position with CCB,
material injury to the reputation of CCB, including conviction of fraud, theft, embezzlement, or a
crime involving moral turpitude; (v)&nbsp;a material breach by Mr.&nbsp;Hogan of any of the provisions of his
employment agreement; or (vi)&nbsp;a material violation by Mr.&nbsp;Hogan of CCB&#146;s employment policies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Mr.&nbsp;Hogan&#146;s employment with CCB is terminated by CCB without Cause, CCB will pay Mr.&nbsp;Hogan
his base salary and prorated bonus, if any, for the remainder of the one-year notice period and any
payments to which he may be entitled under any applicable employee benefit plan (according to the
terms of such plans and policies). In addition, CCB will pay Mr.&nbsp;Hogan $1,600,000.00 over three
years commencing on the effective date of the termination and in accordance with CCB&#146;s standard
payroll practices as consideration for certain non-compete obligations. If Mr.&nbsp;Hogan&#146;s employment
with CCB is terminated by Mr.&nbsp;Hogan, CCB will (1)&nbsp;pay Mr.&nbsp;Hogan his base salary and prorated bonus,
if any, for the remainder of the one-year notice period and (2)&nbsp;pay Mr.&nbsp;Hogan his then current base
salary for a period of one year in consideration for certain non-compete obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Mr.&nbsp;Hogan&#146;s employment with CCB terminates by reason of his death, CCB will, within 45
days, pay in a lump-sum amount to such person as Mr.&nbsp;Hogan shall designate in a notice filed with
CCB or, if no such person is designated, to Mr.&nbsp;Hogan&#146;s estate, Mr.&nbsp;Hogan&#146;s accrued and unpaid base
salary and prorated bonus, if any, and any payments to which Mr.&nbsp;Hogan&#146;s spouse, beneficiaries, or
estate may be entitled under any applicable employee benefit plan (according to the terms of such
plans and policies). If Mr.&nbsp;Hogan&#146;s employment with CCB terminates by reason of his disability
(defined as Mr.&nbsp;Hogan&#146;s incapacity due to physical or mental illness such that Mr.&nbsp;Hogan is unable
to perform his duties under this Agreement on a full-time basis for more than 90&nbsp;days in any
12-month period, as determined by CCB), CCB shall, within 45&nbsp;days, pay in a lump-sum amount to Mr.
Hogan his accrued and unpaid base
salary and prorated bonus, if any, and any payments to which he may be entitled under any
applicable employee benefit plan (according to the terms of such plans and policies).
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of potential payments due to each of our named executed officers if
their employment was terminated by us without Cause or by them for Good Reason on December&nbsp;31, 2008
(assuming the merger had been consummated on January&nbsp;1, 2008).
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Value of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Base Salary</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Bonus</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Benefits(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">L. Lowry Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">1,000,000</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">4,000,000</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">24,615</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">2,975,385</TD>
    <TD nowrap>(4)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark P. Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">2,685,000</TD>
    <TD nowrap>(5)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">19,875,000</TD>
    <TD nowrap>(6)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">30,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">11,963,462</TD>
    <TD nowrap>(7)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">34,554,012</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Randall T. Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">2,604,999</TD>
    <TD nowrap>(5)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">19,875,000</TD>
    <TD nowrap>(6)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">34,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">11,900,929</TD>
    <TD nowrap>(7)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">34,415,468</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paul J. Meyer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">650,000</TD>
    <TD nowrap>(8)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">600,000</TD>
    <TD nowrap>(10)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,250,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John E. Hogan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">750,000</TD>
    <TD nowrap>(8)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>(9)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">1,600,000</TD>
    <TD nowrap>(10)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,350,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The values associated with the continued provision of health benefits are based on the total 2008 premiums
for medical and life insurance multiplied by the number of years the executive is entitled to those benefits
pursuant to his employment agreement.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the remaining annual base salary due Mr.&nbsp;L. Lowry Mays under the terms of his employment
agreement (i.e., four years of Mr.&nbsp;Mays&#146; annual base salary).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the remaining annual bonus due Mr.&nbsp;L. Lowry Mays under the terms of his employment agreement
(i.e., four years of Mr.&nbsp;Mays&#146; annual bonus).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the income tax gross up payment due Mr.&nbsp;L. Lowry Mays under the terms of his employment agreement.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents three times the annual base salary for the year ended December&nbsp;31, 2007 for each of Mr.&nbsp;Mark P.
Mays and Mr.&nbsp;Randall T. Mays, respectively.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents three times the annual incentive bonus for the year ended December&nbsp;31, 2007 for each of Mr.&nbsp;Mark
P. Mays and Mr.&nbsp;Randall T. Mays, respectively.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the excise tax gross up payment due Mr.&nbsp;Mark P. Mays and Mr.&nbsp;Randall T. Mays under the terms of
their employment agreements. The excise tax gross up payment was calculated using the provisions of
Sections&nbsp;280G and 4999 of the Internal Revenue Code and the Regulations thereunder. The calculation
includes the value associated with the accelerated vesting and lapse of restrictions on certain restricted
stock grants that may occur as a result of the termination of employment without Cause or for Good Reason.
The calculation assumes a $36.00 stock price at termination date and applicable federal rates as of May&nbsp;2008
to determine the value associated with the accelerated vesting and lapse of restrictions on the restricted
stock.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents one year&#146;s annual base salary for each of Mr.&nbsp;Paul J. Meyer and Mr.&nbsp;John E. Hogan, respectively.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Cannot be estimated as Mr.&nbsp;John E. Hogan&#146;s annual incentive bonus is determined and awarded based upon his
performance at the end of each year.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>Not payable if Mr.&nbsp;Paul J. Meyer or Mr.&nbsp;John E. Hogan, respectively, terminates his employment.</TD>
</TR>

</TABLE>



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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="169"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Holdings Equity Incentive Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with, and prior to, the consummation of the merger, Holdings will adopt a new
equity incentive plan, under which participating employees will be eligible to receive options to
acquire stock or other equity interests and/or restricted share interests in Holdings. This new
equity incentive plan will permit the grant of options covering 10.7% of the fully diluted equity
of Holdings immediately after consummation of the merger (with exercise prices set at fair market
value for shares issuable upon exercise of such options, which for initial grants we contemplate
would be tied to the price paid by the Sponsors or their affiliates for such securities). It is
contemplated by the parties to the Letter Agreement that, at the closing of the merger, a
significant majority of the options or other equity securities permitted to be issued under the new
equity incentive plan will be granted. As part of this grant, Mr.&nbsp;Mark P. Mays and Mr.&nbsp;Randall T.
Mays will each receive grants of options equal to 2.5% of the fully diluted equity of Holdings and
other officers and employees of Clear Channel will receive grants of options equal to 4.0% of the
fully diluted equity of Holdings. The option grants contemplated by the Letter Agreement and the
shares that they cover would be subject to one or more stockholders agreements that Holdings expects
to enter into with Mr.&nbsp;Mark P. Mays, Mr.&nbsp;Randall T. Mays, the other officers and employees of Clear
Channel who receive those grants and certain other parties, including Mr.&nbsp;L. Lowry Mays, CCC IV and
CCC V. See &#147;Stockholders Agreement&#148; beginning on page 171. After this initial grant, the
remaining available option grants in the amount of 1.7% of the fully diluted equity subject to the
new equity incentive plan will remain available for future grants to employees. Of the options or
other equity securities to be granted to Mr.&nbsp;Mark P. Mays and Mr.&nbsp;Randall T. Mays under the new
equity incentive plan at the closing of the merger, 50% will vest solely based upon continued
employment (with 25% vesting on the third anniversary of the grant date, 25% vesting on the fourth
anniversary of the grant date and 50% vesting on the fifth anniversary of the grant date) and the
remaining 50% will vest based both upon continued employment and upon the achievement of
predetermined performance targets set by Holdings&#146; board of directors. Of the option grants to
other employees of Clear Channel, including officers of Clear Channel, 33.34% will vest solely upon
continued employment (with 20% vesting annually over five years) and the remaining 66.66% will vest
both upon continued employment and the achievement of predetermined performance targets. All
options granted at closing will have an exercise price equal to the fair market value at the date
of grant, which we contemplate to be the same price per share paid by the Sponsors in connection
with the Equity Financing.
</DIV>
<DIV align="left">
<A name="170"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE PARTIES TO THE MERGER</B>
</DIV>

<DIV align="left">
<A name="171"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CC Media Holdings, Inc.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CC Media Holdings, Inc., a Delaware corporation, which we refer to as &#147;Holdings&#148;, is currently
wholly owned by the Sponsors and was organized solely for the purpose of entering into the merger
agreement and consummating the transactions contemplated by the merger agreement. Holdings&#146;
principal executive offices are located at One International Place, 36th Floor, Boston, MA 02110
and its telephone number is (617)&nbsp;951-7000. It has not conducted any activities to date other than
activities incidental to its formation and in connection with the transactions contemplated by the
merger agreement. Holdings does not have any assets or liabilities other than as contemplated by
the merger agreement, including the contractual commitments it has made in connection therewith.
Under the terms of the merger agreement, Holdings will indirectly own 100% of the outstanding
equity of Clear Channel following the merger.
</DIV>
<DIV align="left">
<A name="172"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Clear Channel Communications, Inc.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Communications, Inc., a Texas corporation incorporated in 1974, which we refer
to as &#147;Clear Channel,&#148; is a diversified media company with three reportable business segments:
radio broadcasting, Americas outdoor advertising (consisting of operations in the United States,
Canada and Latin America) and international outdoor advertising. Clear Channel&#146;s principal
executive offices are located at 200 East Basse Road, San Antonio, Texas, 78209, and its telephone
number is (210)&nbsp;822-2828. Clear Channel owns over 1,005 radio stations and a leading national radio
network operating in the United States. In addition, Clear Channel has equity interests in various
international radio broadcasting companies. Clear Channel also owns or operates approximately
209,000 national and approximately 687,000 international outdoor advertising display faces. Clear
Channel is headquartered in San Antonio, Texas, with radio stations in major cities throughout the
United States.
</DIV>
<DIV align="left">
<A name="173"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>B Triple Crown Finco, LLC and T Triple Crown Finco, LLC</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B Triple Crown Finco, LLC, a Delaware limited liability company, and T Triple Crown Finco,
LLC, a Delaware limited liability company, which we refer to as the &#147;Fincos&#148;, were organized solely
for the purpose of entering into the merger agreement and consummating the transactions
contemplated by the merger agreement. B Triple Crown Finco, LLC is currently wholly owned by Bain
Capital Fund IX, L.P. (&#147;Bain Capital Fund IX&#148;) and its principal executive office is located at 111
Huntington Avenue, Boston,
MA 02199 and its telephone number is (617)&nbsp;516-2000. T Triple Crown Finco, LLC is currently
wholly owned by Thomas H. Lee
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Equity Fund VI, L.P. (&#147;THL Fund VI&#148;) and its principal executive
office is located at 100 Federal Street, Boston, MA 02110 and its telephone number is (617)
227-1050.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to replacement equity commitment letters signed in connection with Amendment No.&nbsp;3,
Bain Capital Fund IX and THL Fund VI, which we refer to as the &#147;Sponsors&#148; have severally agreed to
purchase (either directly or indirectly through one or more intermediate entities) up to an
aggregate of $2.4&nbsp;billion of equity securities of Holdings and to cause all or a portion of such
cash to be contributed to Merger Sub as needed for the merger and related transactions (including
payment of cash merger consideration to Clear Channel shareholders, repayment of certain Clear
Channel debt, and payment of certain transaction fees and expenses). Each Sponsor&#146;s equity
commitment was reduced by half of the total amount actually contributed into escrow by or on
behalf of Merger Sub, Holdings or certain of their affiliates or associated parties as contemplated
by the Escrow Agreement (that is, each Sponsor&#146;s equity
commitment was reduced by the full
amount of their $1.2&nbsp;billion commitment as $2.4&nbsp;billion was contributed into escrow by the Buyer
Designees as designees of Holdings). The replacement equity commitment letters entered into in
connection with Amendment No.&nbsp;3 superseded the equity commitment letters previously delivered by
the Sponsors. Subject to certain conditions, each of the Sponsors may also assign a portion of its
equity commitment obligation to other investors, resulting in a corresponding reduction of such
Sponsor&#146;s commitment to the extent the assignee funds its commitment, provided that any such
transfer will not release the Sponsors of their obligations under the limited guarantees. As a
result, the Sponsors&#146; equity commitment obligations may ultimately be funded by additional equity
investors, although it is anticipated that all or substantially all of such co-investment by third
parties would be through entities controlled by the Sponsors or their affiliates.
</DIV>
<DIV align="left">
<A name="174"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BT Triple Crown Merger Co., Inc.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BT Triple Crown Merger Co., Inc., a Delaware corporation, which we refer to as &#147;Merger Sub&#148;,
is currently directly wholly owned by Holdings and was organized solely for the purpose of
entering into the merger agreement and consummating the transactions contemplated by the merger
agreement. Merger Sub&#146;s principal executive offices are located at 100 Federal Street, Boston, MA
02110 and its telephone number is (617)&nbsp;227-1050. It has not conducted any activities to date other
than activities incidental to its formation and in connection with the transactions contemplated by
the merger agreement. Under the terms of the merger agreement, Merger Sub will merge with and into
Clear Channel. Merger Sub does not have any assets or liabilities other than as contemplated by the
merger agreement, including the contractual commitments it has made in connection therewith. Clear
Channel will survive the merger as an indirect wholly-owned subsidiary of Holdings and Merger Sub
will cease to exist.
</DIV>
<DIV align="left">
<A name="175"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE SPECIAL MEETING OF SHAREHOLDERS</B>
</DIV>

<DIV align="left">
<A name="176"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Time, Place and Purpose of the Special Meeting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement/prospectus is being furnished to you as part of the solicitation of
proxies by Clear Channel&#146;s board of directors for use at a special meeting to be held at
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  on  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2008, at  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , local time, or at any adjournment or
postponement thereof. The purpose of the special meeting is to consider and vote on the proposal to
approve and adopt the merger agreement (and to approve the adjournment or postponement of the
special meeting, if necessary or appropriate to solicit additional proxies). If the shareholders
fail to approve and adopt the merger agreement, the merger will not occur. A copy of the merger
agreement, Amendment No.&nbsp;1, Amendment No.&nbsp;2, and Amendment No.&nbsp;3 are attached to this proxy
statement/prospectus as Annex A, Annex B, Annex C and Annex D, respectively.
</DIV>
<DIV align="left">
<A name="177"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Who Can Vote at the Special Meeting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Clear Channel&#146;s bylaws, Clear Channel&#146;s board of directors has set 5:00
p.m., New York City time, on  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2008 as the record date. The holders of Clear Channel common stock as of
the record date are entitled to receive notice of and to vote at the special meeting. If you own
shares that are registered in someone else&#146;s name (for example, a broker), you need to direct that
person to vote those shares or obtain an authorization from them to vote the shares yourself at the
special meeting. On  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2008, there were  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  shares of Clear Channel common stock
outstanding held by approximately  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; holders of record.
</DIV>
<DIV align="left">
<A name="178"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Vote Required for Approval and Adoption of the Merger Agreement; Quorum</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The approval and adoption of the merger agreement requires the approval of the holders of
two-thirds of the outstanding shares of Clear Channel common stock entitled to vote thereon, with
each share having a single vote for these purposes. The failure to vote has the same effect as a
vote &#147;AGAINST&#148; approval and adoption of the merger agreement.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of a majority of the outstanding shares of Clear Channel common stock entitled to
be cast as of the record date, represented in person or by proxy, will constitute a quorum for
purposes of the special meeting. A quorum is necessary to hold the special meeting. Once a share of
Clear Channel common stock is represented at the special meeting, it will be counted for the
purposes of determining a quorum and for transacting all business, unless the holder is present
solely to object to the special meeting. If a quorum is not present at the special meeting, it is
expected that the meeting will be adjourned to solicit additional proxies. If a new record date is
set for an adjourned meeting, then a new quorum will have to be established.
</DIV>
<DIV align="left">
<A name="179"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Voting By Proxy</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement/prospectus is being sent to you on behalf of the board of directors for
the purpose of requesting that you allow your shares of Clear Channel common stock to be
represented at the special meeting by the persons named in the enclosed proxy card. All shares of
Clear Channel common stock represented at the special meeting by proxies voted by properly executed
proxy cards will be voted in accordance with the instructions indicated on that proxy. If you sign
and return a proxy card without giving voting instructions, your shares will be voted as
recommended by the board of directors. <B>After careful consideration, the Clear Channel board of
directors unanimously recommends a vote &#147;FOR&#148; approval and adoption of the merger agreement. The
Clear Channel board of directors&#146; recommendation is limited to the cash consideration to be
received by shareholders in the merger. The Clear Channel board of directors makes no
recommendation as to whether any shareholder should make a Stock Election and makes no
recommendation regarding the Class&nbsp;A common stock of Holdings. </B>In considering the recommendation of
Clear Channel&#146;s board of directors with respect to the merger agreement, you should be aware that
some of Clear Channel&#146;s directors and executive officers have interests in the merger that are
different from, or in addition to, the interests of our shareholders generally. See &#147;The Merger &#151;
Interests of Clear Channel&#146;s Directors and Executive Officers in
the Merger&#148; beginning on page 107.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The persons named in the proxy card will use their own judgment to determine how to vote your
shares regarding any matters not described in this proxy statement/prospectus that are properly
presented at the special meeting. Clear Channel does not know of any matter to be presented at the
special meeting other than the proposal to approve and adopt the merger agreement (and to approve
the adjournment or postponement of the meeting, if necessary or appropriate to solicit additional
proxies).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may revoke your proxy at any time before the vote is taken at the special meeting. To
revoke your proxy, you must either send a signed written notice to Clear Channel revoking your
proxy, submit a proxy by mail dated after the date of the earlier proxy you wish to change or
attend the special meeting and vote your shares in person. Merely attending the special meeting
without voting will not constitute revocation of your earlier proxy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If your shares of Clear Channel common stock are held in street name, you will receive
instructions from your broker, bank or other nominee that you must follow in order to have your
shares voted. If you do not instruct your broker to vote your shares, it has the same effect as a
vote &#147;AGAINST&#148; approval and adoption of the merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Please note that if you have previously submitted a proxy card in response to Clear Channel&#146;s
prior solicitations, that proxy card will not be valid at this meeting and will not be voted.
Please complete and submit a validly executed proxy card for the special meeting, even if you have
previously delivered a proxy.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Clear Channel will pay the cost of this proxy solicitation. In addition to soliciting proxies by
mail, directors, officers and employees of Clear Channel may solicit proxies personally and by
telephone, facsimile or otherwise. None of these persons will receive additional or special
compensation for soliciting proxies. Clear Channel has retained Innisfree to assist in its
solicitation of proxies in connection with the special meeting. Innisfree may solicit proxies from
individuals, banks, brokers, custodians, nominees, other institutional holders and other
fiduciaries. Clear Channel has agreed to reimburse Innisfree for its reasonable administrative and
out-of-pocket expenses, to indemnify it against certain losses, costs and expenses, and to pay its
customary fees in connection with the proxy solicitation. Clear Channel also, upon request, will
reimburse brokers, banks and other nominees for their expenses in sending proxy materials to their
customers who are beneficial owners and obtaining their voting instructions. The Fincos, directly
or through one or more affiliates or representatives, may, at their own cost, also make additional
solicitation by mail, telephone, facsimile or other
contact in connection with the merger. The Sponsors may hire an independent proxy solicitor and
will pay such solicitor the customary fees for the proxy solicitation services rendered.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="180"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Submitting Proxies Via the Internet or by Telephone</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most of Clear Channel&#146;s shareholders who hold their shares of Clear Channel common stock
through a broker or bank will have the option to submit their proxies or voting instructions via
the Internet or by telephone in accordance with the instructions provided by their brokers or
banks. You should check the voting instruction card provided by your broker to see which options
are available and the procedures to be followed.
</DIV>
<DIV align="left">
<A name="181"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Adjournments or Postponements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although it is not currently expected, the special meeting may be adjourned or postponed for
the purpose of soliciting additional proxies. Any adjournment may be made without notice, other
than by an announcement made at the special meeting, of the time, date and place of the adjourned
meeting. If no quorum exists, the Chairman of the meeting shall have the power to adjourn the
meeting from time to time, without notice other than announcement at the meeting, until a quorum
shall be present or represented. If a quorum exists, holders of a majority of the shares of Clear
Channel common stock present in person or represented by proxy at the special meeting and entitled
to vote thereat may adjourn the special meeting. If your proxy card is signed and no instructions
are indicated on your proxy card, your shares of Clear Channel common stock will be voted &#147;FOR&#148; any
adjournment or postponement of the special meeting, if necessary or appropriate, to solicit
additional proxies. Any adjournment or postponement of the special meeting for the purpose of
soliciting additional proxies will allow Clear Channel&#146;s shareholders who have already sent in
their proxies to revoke them at any time prior to their use at the special meeting as adjourned or
postponed.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="182"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE MERGER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion of the merger in this proxy statement/prospectus is qualified in its entirety
by reference to the merger agreement, Amendment No.&nbsp;1, Amendment No.&nbsp;2 and Amendment No.&nbsp;3 which
are attached to this proxy statement/prospectus as Annex A, Annex B, Annex C and Annex D,
respectively. You should read each of the merger agreement, Amendment No.&nbsp;1, Amendment No.&nbsp;2 and
Amendment No.&nbsp;3 carefully.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the special meeting, you will be asked to consider and vote upon a proposal to adopt the
merger agreement, which provides for the acquisition of Clear Channel by Holdings through a merger
of Merger Sub with and into Clear Channel. If the merger agreement is adopted, each share of Clear
Channel&#146;s common stock will be converted into the right to receive either (1) $36.00 in cash,
without interest (including any Additional Equity Consideration), or (2)&nbsp;one share of Class&nbsp;A
common stock of Holdings, subject to certain adjustments described below (see &#147;The Merger Agreement
&#151; Proration Procedures&#148;), the Company will be an indirect wholly-owned subsidiary of Holdings and
the ownership of Holdings will be as set forth below. The ownership of Holdings set forth below
assumes that Holdings will not issue any Additional Equity Consideration. If Holdings issues
Additional Equity Consideration, the minimum percentage ownership of Holdings attributable to the
new entities owned by Bain Capital Investors, LLC, Thomas H. Lee
Partners, L.P. and their affiliates
reflected below may decrease, and the maximum percentage ownership of Holdings attributable to the
public reflected below may increase.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="d57053d5705301.gif" alt="(FLOW CHART)">
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>One or more new entities ultimately controlled by Bain Capital
Investors, LLC and Thomas H. Lee Partners, L.P. or their affiliates
will acquire between approximately 66% and 96% of the voting power and
economic interests of Holdings (see footnote 3). Bain Capital
Investors, LLC and Thomas H. Lee Partners, L.P. will each have fifty
percent control of each such new entity. The equity interests of the
new entities will be owned by Bain Capital Investors, LLC, Thomas H.
Lee Partners, L.P., their affiliates and/or coinvestors.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Messrs.&nbsp;L. Lowry Mays, Mark P. Mays and Randall T. Mays have committed
to roll over into shares of Holdings Class&nbsp;A common stock shares of
Clear Channel common stock, shares of Clear Channel restricted stock
and/or &#147;in the money&#148; Clear Channel stock options with an aggregate
value equal to $45&nbsp;million (see &#147;Interests of Clear Channel&#146;s
Directors and Executive Officers in the Merger &#151; Equity Rollover&#148;).
The merger agreement contemplates that the Fincos and Holdings may
permit other </TD>
</TR>

</TABLE>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>executive officers to elect to convert some of their
outstanding shares of Clear Channel common stock, Clear Channel
restricted stock and &#147;in the money&#148; Clear Channel stock option into
shares or options to purchase shares of Holdings following
effectiveness of the merger. The Fincos and Merger Sub have informed
Clear Channel that they anticipate (i)&nbsp;converting approximately
636,667 unvested shares of Clear Channel restricted stock held by
management and employees pursuant to a grant of restricted stock made
in May&nbsp;2007 into Holdings Class&nbsp;A restricted shares on a one for one
basis and (ii)&nbsp;offering to certain members of Clear Channel&#146;s
management and certain Clear Channel employees the opportunity to
purchase up to an aggregate of $15&nbsp;million of Holdings Class&nbsp;A common
stock at the same price per share paid by the Sponsors in connection
with the Equity Financing (see &#147;Interests of Clear Channel&#146;s Directors
and Executive Officers in the Merger &#151; Equity Rollover&#148;). Upon their
execution of new or amended employment agreements with the surviving
corporation, Messrs.&nbsp;Mark P. Mays and Randall T. Mays each will be
issued Holdings Class&nbsp;A restricted shares with a value equal to $20
million. Other than 580,356 shares of Clear Channel common stock
included within the roll over commitment of Mr.&nbsp;L. Lowry Mays, shares
of Holdings Class&nbsp;A common stock issued pursuant to the foregoing
arrangements will not reduce the shares of Holdings Class&nbsp;A common
stock available pursuant to Stock Elections.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of a combination of strong voting Class&nbsp;B common stock and
nonvoting Class&nbsp;C common stock (with aggregate votes equal to one vote
per share, e.g., if &#147;strong voting Class&nbsp;B common stock&#148; has 10 votes,
each share of strong voting Class&nbsp;B common stock will be issued with
nine shares of nonvoting Class&nbsp;C common stock. <I>Note: the numbers are
for illustration purposes only</I>). Each share of Holdings Class&nbsp;A common
stock, nonvoting Class&nbsp;C common stock and strong voting Class&nbsp;B common
stock have the same economic rights. The percentage ownership of
Holdings attributable to entities ultimately controlled by Bain
Capital Investors, LLC and Thomas H. Lee Partners, L.P. or their
affiliates will vary within the disclosed range based on, among other
things, (i)&nbsp;the number of shareholders who elect to receive Stock
Consideration, and (ii)&nbsp;the number of shares issued to management and
other employees (see footnote 4).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of shares of Holdings Class&nbsp;A common stock with voting power
equal to one vote per share. Each of Messrs.&nbsp;L. Lowry Mays, Mark P.
Mays and Randall T. Mays has committed to roll over into shares of
Holdings Class&nbsp;A common stock shares of Clear Channel common stock,
shares of Clear Channel restricted stock and/or &#147;in the money&#148; Clear
Channel stock options with an aggregate value equal to $45&nbsp;million
(see &#147;Interests of Clear Channel&#146;s Directors and Executive Officers in
the Merger &#151; Equity Rollover&#148;). The merger agreement contemplates
that the Fincos and Holdings may permit other executive officers to
elect to convert some of their outstanding shares of Clear Channel
common stock, Clear Channel restricted stock and &#147;in the money&#148; Clear
Channel stock option into shares or options to purchase shares of
Holdings following effectiveness of the merger. The Fincos and Merger
Sub have informed Clear Channel that they anticipate (i)&nbsp;converting
approximately 636,667 unvested shares of Clear Channel restricted
stock held by management and employees pursuant to a grant of
restricted stock made in May&nbsp;2007 into Holdings Class&nbsp;A restricted
shares on a one for one basis and (ii)&nbsp;offering to certain members of
Clear Channel&#146;s management and certain Clear Channel employees the
opportunity to purchase up to an aggregate of $15&nbsp;million of Holdings
Class&nbsp;A common stock at the same price per share paid by the Sponsors
in connection with the Equity Financing (see &#147;Interests of Clear
Channel&#146;s Directors and Executive Officers in the Merger &#151; Equity
Rollover&#148;). Upon their execution of new or amended employment
agreements with the surviving corporation, Mr.&nbsp;Mark P. Mays and
Randall T. Mays each will be issued restricted shares of Holdings
Class&nbsp;A common stock with a value equal to $20&nbsp;million. Other than
580,356 shares of Clear Channel common stock included within the roll
over commitment of Mr.&nbsp;L. Lowry Mays, shares of Holdings Class&nbsp;A
common stock issued pursuant to the foregoing arrangements will not
reduce the shares of Holdings Class&nbsp;A common stock available pursuant
to Stock Elections.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of shares of Holdings Class&nbsp;A common stock with voting power
equal to one vote per share. The percentage ownership of Holdings
attributable to the public will vary within the disclosed range based
on the number of shareholders who make a Stock Election. The maximum
number of shares of Class&nbsp;A common stock issued to the public pursuant
to Stock Elections will be equal to 30% of the outstanding capital
stock and voting power of Holdings after the merger.</TD>
</TR>

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<DIV align="left">
<A name="183"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Background of the Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s board of directors periodically reviews and assesses strategic alternatives
available to Clear Channel to enhance shareholder value. As part of this on-going review, on April
29, 2005, Clear Channel announced a strategic realignment of its businesses. The plan included an
initial public offering of approximately 10% of the common stock of Clear Channel Outdoor,
comprised of Clear Channel&#146;s Americas and international outdoor segments, and a 100% spin-off of
Clear Channel&#146;s live entertainment segment and sports representation business, which now operates
under the name Live Nation. Clear Channel completed the initial public offering of Clear Channel
Outdoor on November&nbsp;11, 2005 and the spin-off of Live Nation on December&nbsp;21, 2005. In addition,
since that time Clear Channel has returned $1.6&nbsp;billion to Clear Channel&#146;s shareholders in the form
of stock repurchases and increased by 50% its regular quarterly dividend.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding these initiatives, Clear Channel&#146;s common stock continued to trade during late
2005 and through the summer of 2006 at levels which management and the board of directors believed
discounted the value of Clear Channel. On August&nbsp;18, 2006, Messrs.&nbsp;Mark P. Mays and Randall T.
Mays, Clear Channel&#146;s Chief Executive Officer and President/Chief Financial Officer, respectively,
contacted Goldman Sachs and requested Goldman Sachs to prepare a preliminary assessment of the
strategic alternatives available to Clear Channel, including a possible sale of Clear Channel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;24, 2006, representatives of The Blackstone Group, or Blackstone, contacted Messrs.
Mark P. Mays and Randall T. Mays and stated that Blackstone was interested in exploring the
possible acquisition of Clear Channel. During this discussion, representatives of Blackstone
discussed their views on the merits of a possible acquisition of Clear Channel, but did not make
any proposals regarding the price or structure of a transaction. Messrs.&nbsp;Mark P. Mays and Randall
T. Mays did not make any proposals regarding a transaction or solicit any proposals from
Blackstone.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;28, 2006, representatives of Goldman Sachs met with Messrs.&nbsp;Mark P. Mays and Randall
T. Mays and discussed various strategic alternatives available to Clear Channel, including the
spin-off or taxable sale of Clear Channel Outdoor and the sale of non-core operating assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;30, 2006, Messrs.&nbsp;Mark P. Mays and Randall T. Mays met with representatives of
Blackstone in San Antonio, Texas. On September&nbsp;1, 2006, Messrs.&nbsp;Mark P. Mays and Randall T. Mays
met with representatives of Providence Equity Partners, or Providence, in San Antonio, Texas. At
these meetings, Messrs.&nbsp;Mark P. Mays and Randall T. Mays discussed with representatives of these
two private equity groups their respective views on the feasibility of a leveraged acquisition of
Clear Channel. No proposals regarding a transaction were made by any of the parties at those
meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;5, 2006, at a special meeting of Clear Channel board of directors held by
telephone, Mr.&nbsp;Mark P. Mays stated that, in light of the fact that Clear Channel&#146;s common stock
continued to trade at prices which management considered to discount the value of Clear Channel,
the recent strong operating performance reported by Clear Channel and prevailing conditions in the
financial markets, he considered it appropriate for the board to conduct a thorough consideration
of strategic alternatives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Mark P. Mays further stated he was regularly contacted by private equity groups inquiring
about Clear Channel&#146;s interest in a possible transaction involving either the sale of Clear Channel
as a whole or one or more divisions or a portion of its assets. He reported that no specific
proposal had been made by any group and that the contacts had been limited to general inquiries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s board of directors determined to conduct a thorough review of strategic
alternatives available to Clear Channel at its next regular meeting. Clear Channel&#146;s board of
directors requested that Goldman Sachs be engaged to advise the board of directors in connection
with that review. The board of directors directed management to attempt to determine whether a
leveraged buyout transaction was feasible in the current financial markets so that it could include
this alternative as part of its review. Clear Channel&#146;s board of directors authorized management to
permit Blackstone and Providence to act together to evaluate possible transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel management was directed to first obtain an agreement from Blackstone and
Providence containing customary confidentiality and standstill provisions. Clear Channel&#146;s board
expressly directed that the authority being granted was limited to providing confidential
information to Blackstone and Providence for the purpose of determining whether a leveraged buyout
of Clear Channel represented a feasible strategic alternative in the financial markets at this time
and that management was not authorized to commence a sale process or to negotiate price or terms of
a potential transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the meeting, the directors consulted with one another regarding the engagement of a
financial advisor and legal counsel in connection with the board&#146;s strategic review. It was the
consensus of the board, subject to formal ratification at the next scheduled
meeting, to engage Goldman Sachs as its financial advisor and Akin Gump Strauss Hauer &#038; Feld
LLP, or Akin Gump, as its legal advisor.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;11, 2006, Clear Channel entered into a confidentiality agreement with each of
Blackstone and Providence to enable the parties to share information regarding Clear Channel and
its business in order to determine whether a sale of Clear Channel represented a feasible strategic
alternative at this time. The confidentiality agreements expressly prohibited Blackstone and
Providence from contacting any actual or potential co-investors, financiers or other third parties
who would or might provide equity, debt or other financing for a transaction without Clear
Channel&#146;s consent. The confidentiality agreements also contained customary standstill provisions
which, among other things, prevented Blackstone and Providence and their representatives from
acquiring Clear Channel common stock or participating in a proxy solicitation regarding Clear
Channel&#146;s common stock without Clear Channel&#146;s consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Blackstone and Providence met with Messrs.&nbsp;Mark P. Mays and Randall T. Mays
in New York City on September&nbsp;13, 2006 as part of their due diligence review. Representatives of
Akin Gump and Weil, Gotshal &#038; Manges, or Weil, legal counsel for Blackstone and Providence, were
also in attendance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;22, 2006, a consortium, which we refer to as Consortium 1, led by Blackstone and
Providence, submitted a preliminary nonbinding proposal to acquire Clear Channel in an all cash
transaction for $34.50 per share of common stock. The proposal indicated that Blackstone,
Providence, Bank of America Corporation and certain limited partners of Blackstone and Providence
would fund the equity for the transaction. Accompanying the preliminary, nonbinding proposal was a
letter from Bank of America Securities, LLC, or BAS, in which BAS stated that it was highly
confident of its ability to arrange for the necessary debt facilities in connection with the
possible transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;25, 2006, the board of directors convened a special meeting at Clear Channel&#146;s
headquarters in San Antonio, Texas, to review and discuss Clear Channel&#146;s strategic alternatives.
The meeting was also attended by representatives of Akin Gump and Goldman Sachs. Akin Gump reviewed
the directors&#146; fiduciary duties in the context of considering Clear Channel&#146;s strategic
alternatives. Messrs.&nbsp;Mark P. Mays and Randall T. Mays made a presentation regarding Clear
Channel&#146;s recent business results and financial performance, Clear Channel&#146;s existing financial
condition and Clear Channel&#146;s strategic plans, goals and prospects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Goldman Sachs then made a presentation, which included an assessment of
Clear Channel&#146;s various strategic alternatives and reviewed illustrative financing at assumed
leverage ratios for a leveraged buyout transaction. The directors discussed the presentation and
asked questions of management regarding their confidence in Clear Channel&#146;s plans, forecasts and
prospects. The board of directors discussed the risk and challenge of Clear Channel&#146;s existing
business plans and prospects, as well as the opportunities such plans presented to Clear Channel.
The board of directors discussed each of these alternatives in detail, including the potential
value that each alternative could generate to Clear Channel&#146;s shareholders, the attendant risks and
challenges of each alternative, the potential disruption to Clear Channel&#146;s existing business plans
and prospects occasioned by each alternative and the likelihood of successfully executing on such
alternatives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Goldman Sachs also reviewed with the board of directors the proposal from
Consortium 1. The board of directors discussed the proposal generally and in relation to the other
strategic alternatives that might be available to Clear Channel, particularly the spin-off of Clear
Channel Outdoor combined with a sale of non-core assets by Clear Channel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors of Clear Channel (excluding Messrs.&nbsp;Mark P. Mays, Randall T. Mays, and
L. Lowry Mays and B. J. McCombs who were recused due to their potential interest in the
transaction) continued the meeting. These directors, whom we refer to as the disinterested
directors, consisting of Alan D. Feld, Perry J. Lewis, Phyllis B. Riggins, Theodore H. Strauss, J.
C. Watts, John H. Williams and John B. Zachry, have each been determined by the Clear Channel board
of directors to be independent for the purposes of the transaction. Akin Gump again reviewed the
directors&#146; fiduciary duties in considering strategic alternatives, including the possible sale of
Clear Channel. Following discussion among the disinterested directors and representatives of
Goldman Sachs and Akin Gump, the Clear Channel board of directors, by unanimous action of the
disinterested directors, resolved to begin a process to explore strategic alternatives to enhance
shareholder value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further, the disinterested directors determined to advise Messrs.&nbsp;Mark P. Mays, Randall T.
Mays, and L. Lowry Mays and B. J. McCombs that they should not participate in deliberations by the
board of directors with respect to any proposed leveraged buyout transaction because of their
possible participation in the transaction following any closing. The disinterested directors
determined that all communications between any potential buying groups be directly with Akin Gump
and Goldman Sachs and not through members of management.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further, the disinterested directors advised Messrs.&nbsp;Mark P. Mays, Randall T. Mays and L.
Lowry Mays and B. J. McCombs to not have discussions, either directly or through their
representatives, regarding the terms on which any of them would participate in the management of,
or invest in, a surviving corporation following any sale of Clear Channel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs stated that, if a sales process developed with respect to the sale of Clear
Channel, Goldman Sachs would be willing to offer debt financing to all potential buying groups to
facilitate the sale process, noting that no buying group would be obligated to use Goldman Sachs as
its debt financing source. Akin Gump discussed with the board of directors the nature of the
potential conflict of interest that might arise from Goldman Sachs acting both as the financial
advisor to the board of directors and Clear Channel and a possible financing source in connection
with the sale of Clear Channel and described to the board of directors certain procedures that
Goldman Sachs could undertake to ensure the separation between the financing teams and the team
advising the board of directors and Clear Channel and the safeguards that Clear Channel could
undertake with regard to such conflict, including obtaining a fairness opinion from another
investment bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Goldman Sachs were then excused from the board meeting and the
disinterested directors engaged in a discussion of the risks and benefits relating to Goldman
Sachs&#146; offer, including the potential conflict of interest and the related safeguards, with Akin
Gump. After the discussion, the disinterested directors determined that, although they could
anticipate circumstances in which such an offer may facilitate a sale process, those circumstances
were not currently present and they determined not to authorize Goldman Sachs to make such an
offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The disinterested directors determined that it would be advisable to establish a special
advisory committee to evaluate and report to the directors as to the fairness of the terms of any
leveraged buyout transaction or other proposal determined by the board of directors to be advisable
to Clear Channel and that presented potential conflicts with the interests of any of the directors.
The special advisory committee, consisting of Perry J. Lewis, who was designated as chair of the
committee, John H. Williams and John Zachry, was formed and given the power, among others, to
retain separate legal counsel and separate financial advisors. The process for pursuing, and all
negotiations with respect to, any possible transaction would be directed by the disinterested
directors as a whole.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The disinterested directors engaged in a discussion of the proposal made by Consortium 1. The
disinterested directors determined that the price proposed was not adequate when compared with the
other strategic alternatives considered at the meeting. After an extended discussion and
consideration of all relevant issues, the disinterested directors authorized Goldman Sachs to
communicate to Consortium 1 that the Clear Channel board of directors had no interest in pursuing a
transaction at the valuation proposed by Consortium 1. The disinterested directors further directed
Goldman Sachs to communicate to Consortium 1 that Clear Channel was terminating access to further
due diligence on Clear Channel and its business and that if it desired to continue discussions and
diligence it should materially improve its proposal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In making these determinations, the disinterested directors emphasized that the Clear Channel
board of directors had made no determination to effect a sale of Clear Channel and neither
management nor Goldman Sachs was authorized to engage in a sale process. Nevertheless, in the event
that discussions with Consortium 1 continued or if another buying group or buying groups emerged,
the disinterested directors requested Mr.&nbsp;Alan Feld to act as lead director for purposes of any
discussion with potential buyer groups and to oversee and provide direction to Goldman Sachs
between meetings of the Clear Channel board of directors with respect to any future discussions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Goldman Sachs contacted Consortium 1 on September&nbsp;26, 2006 and relayed the
directions of the board of directors, to the effect that a price of $34.50 was inadequate and that
the Clear Channel board of directors had determined not to pursue discussions and to terminate the
due diligence process and that the board of directors would entertain further diligence and
discussions if the consortium materially improved its offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;27, 2006, Consortium 1 contacted representatives of Goldman Sachs and indicated
that, based upon certain assumptions regarding Clear Channel&#146;s operations, it would be willing to
acquire Clear Channel for $35.50 per share but would require further due diligence, including
access to more members of senior management, in order to improve on this price. Blackstone and
Providence also requested that, due to the size of some of the contractual obligations owing to
management, it desired an opportunity to engage in discussions with Messrs.&nbsp;Mark P. Mays, Randall
T. Mays and L. Lowry Mays regarding the terms on which they would be willing to participate in the
management of, or invest in, the surviving corporation in the event a sale was accomplished. After
discussion with representatives of Goldman Sachs and Akin Gump, Mr.&nbsp;Alan Feld authorized
representatives of Goldman Sachs to allow Consortium 1 to undertake a limited due diligence
investigation of Clear Channel for the sole purpose of improving on its proposal. The request to
have conversations with Messrs.&nbsp;Mark P. Mays, Randall T. Mays and L. Lowry Mays was deferred until
the Clear Channel board of directors could next meet.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;29, 2006, Blackstone and Providence requested permission to admit Kohlberg Kravis
Roberts &#038; Co., or KKR, to Consortium 1, which Mr.&nbsp;Alan Feld approved. KKR executed a
confidentiality agreement containing substantially the same terms as the confidentiality agreements
executed by Blackstone and Providence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At a special meeting of Clear Channel board of directors held by telephone on October&nbsp;3, 2006
(attended by each of the directors other than John Zachry), which representatives of Goldman Sachs
and Akin Gump also attended, representatives of Goldman Sachs reported on the discussions with
Blackstone and Providence since the September&nbsp;25, 2006 meeting of the board of directors. Following
this report, Messrs.&nbsp;Mark P. Mays, Randall T. Mays, and L. Lowry Mays and B. J. McCombs recused
themselves and left the meeting. In response to the request by Blackstone and Providence on
September&nbsp;27, 2006, the disinterested directors determined that legal counsel for Messrs.&nbsp;Mark P.
Mays, Randall T. Mays, and L. Lowry Mays, whom the disinterested directors authorized be engaged at
Clear Channel&#146;s expense to represent the Mayses in connection with any proposed leveraged buyout
transaction, would be permitted to have general discussions with Weil regarding the terms upon
which management might participate in the surviving corporation following a possible transaction on
the condition that no direct discussions would be permitted, no specific negotiations arriving at
any agreement would be had and that Akin Gump would be included in all such discussions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October 5 and 6, 2006, members of management held a two-day diligence session with
representatives of Consortium 1 in New York City to discuss Clear Channel&#146;s business, operations,
financial condition, results of operations and financial forecasts for future periods. Also in
attendance were representatives of Akin Gump and Goldman Sachs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;6, 2006, there was a meeting between counsel for Messrs.&nbsp;Mark P. Mays, Randall T.
Mays, and L. Lowry Mays and Weil in which counsel for the Mayses presented a summary of the terms
on which the Mayses might participate in the management of, and invest in, the surviving
corporation if a leveraged buyout transaction were to occur. Counsel for the Mayses also advised
Weil that discussions with respect to Mr.&nbsp;L. Lowry Mays were only in respect of his employment
arrangements and that he was not at this time interested in discussing the possibility of any
on-going investment in Clear Channel. The meeting was also attended by Akin Gump.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;10, 2006, the special advisory committee met and determined to engage Sidley Austin
LLP as its special counsel. The special advisory committee retained Lazard Fr&#232;res &#038; Co. LLC, or
Lazard, as its financial advisor. Such retention contemplated that Lazard would undertake a study
to enable it to render an opinion as to the fairness from a financial point of view of the
financial consideration to be received by Clear Channel&#146;s shareholders in connection with any sale
of Clear Channel, which engagement was confirmed in an engagement letter dated October&nbsp;25, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;11, 2006, representatives of Consortium 1 contacted Goldman Sachs and indicated
that Consortium 1 would require further due diligence and an opportunity to meet further with
senior management of Clear Channel before revising its proposal. At the direction of Mr.&nbsp;Alan Feld,
Goldman Sachs requested Consortium 1 to identify with specificity what further diligence it
required for this limited purpose and arranged for further meetings to be held on October&nbsp;12 and
October&nbsp;13, 2006 in San Antonio, Texas. Separately, representatives of Clear Channel and Goldman
Sachs were contacted by representatives of Thomas H. Lee Partners,
L.P., or &#147;THL Partners&#148;, who
stated that if Clear Channel was considering a leveraged buyout transaction, it desired to have an
opportunity to discuss such a transaction with Clear Channel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;12 and 13, 2006, Clear Channel management held a due diligence session with
representatives of Consortium 1 in San Antonio, Texas, to discuss Clear Channel&#146;s business,
operations, financial condition, results of operations and financial forecasts for future periods.
Also in attendance were representatives of Goldman Sachs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At a special meeting of Clear Channel board of directors held by telephone on October&nbsp;13, 2006
(attended by each of the directors other than J.C. Watts), which representatives of Goldman Sachs
and Akin Gump also attended, representatives of Goldman Sachs updated the board of directors with
respect to recent discussions with Consortium 1. Goldman Sachs then made a presentation on the
potential strategic alternatives available to enhance shareholder value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the meeting, Goldman Sachs reported the contact with THL Partners and THL Partners&#146;
desire to have exploratory discussions regarding a potential leveraged buyout transaction.
Following Goldman Sachs&#146; report, Messrs.&nbsp;Mark P. Mays, Randall T. Mays, and L. Lowry Mays and B. J.
McCombs recused themselves and left the meeting. The disinterested directors present continued to
discuss THL Partners&#146; request for exploratory discussions. The disinterested directors discussed
the increased possibility of a leak, as well as the distraction to Clear Channel&#146;s management, and
the potential negative impact on Clear Channel and its business and operations, that could arise by
engaging in discussions with multiple parties. In light of these concerns and the potential adverse
impact on Clear Channel, the disinterested directors present directed Goldman Sachs to communicate
to THL Partners that the board
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of directors had not determined to sell Clear Channel. Akin Gump then reported that it had
prepared a draft of a merger agreement to be distributed to Weil to elicit their views on the
non-price terms of their proposal. The disinterested directors present requested that Akin Gump
review the terms of the proposed form of merger agreement with Mr.&nbsp;Alan Feld, who would provide
guidance on the terms reflected in the draft merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following discussions with Mr.&nbsp;Alan Feld, on October&nbsp;14, 2006 Akin Gump distributed a draft
merger agreement to Weil.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;15, 2006, Weil distributed a revised summary of senior executive arrangements and a
management equity term sheet to counsel to Messrs.&nbsp;Mark P. Mays, Randall T. Mays, and L. Lowry
Mays. Akin Gump was provided a copy of each of these submissions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;18, 2006, Blackstone and Providence contacted representatives of Goldman Sachs and
informed Goldman Sachs that KKR had withdrawn from Consortium 1, but that the remainder of the
consortium was making a non-binding preliminary proposal to purchase Clear Channel at the price of
$35.00 per share. Blackstone and Providence indicated that they would need to identify other equity
and debt sources to complete the transaction and that they could complete their remaining due
diligence and other work necessary to enter into definitive agreements for the proposed acquisition
within two weeks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later that same day, Weil provided to Akin Gump Consortium 1&#146;s written position on certain key
terms in the draft merger agreement previously transmitted to it, including the termination date,
the length of the marketing period, a go-shop right, the definition of material adverse effect,
fiduciary termination rights, termination fees payable in certain circumstances by Clear Channel,
on the one hand, and by the buyer, on the other hand, the conditions to closing, interim operating
covenants, equity syndication terms, board recommendation provisions, specific performance rights,
a proposed cap on the liability of the private equity firms for breach by the buyer and in other
circumstances and the allocation of risk with respect to regulatory approvals required with respect
to FCC matters and antitrust approvals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At a special meeting of the Clear Channel board of directors held by telephone on October&nbsp;19,
2006 (attended by each of the directors other than J.C. Watts), which representatives of Goldman
Sachs and Akin Gump also attended, Goldman Sachs updated the Clear Channel board of directors with
respect to recent discussions with Consortium 1. Following Goldman Sachs&#146; report, Messrs.&nbsp;Mark P.
Mays, Randall T. Mays, and L. Lowry Mays and B. J. McCombs recused themselves and left the meeting.
Akin Gump reviewed the directors&#146; fiduciary duties when considering strategic alternatives,
including a possible sale of Clear Channel. The disinterested directors present continued to
discuss the most recent proposal by Consortium 1. It was noted that not only had the price proposed
by the consortium been reduced but that any transaction was less certain to be executed in light of
the fact that Consortium 1 no longer had equity and debt commitments sufficient to complete the
transaction. The disinterested directors present discussed the alternatives available to Clear
Channel, including a discussion of the values for the shareholders that could be achieved from a
possible sale of Clear Channel compared to a spin-off of Clear Channel Outdoor combined with a sale
of non-core assets. Following discussion, the disinterested directors present directed Goldman
Sachs to communicate to Consortium 1 that the Clear Channel board of directors considered its
proposal inadequate; that the board of directors had a meeting scheduled for October&nbsp;25, 2006 to
discuss and review Clear Channel&#146;s strategic alternatives and if Consortium 1 desired that its
proposal be given consideration, it should improve its proposal prior to such time; and that the
board of directors intended in the interim to contact other parties that had expressed an interest
in exploring a sale transaction. The disinterested directors present then authorized Goldman Sachs
to contact THL Partners to ascertain whether it had an interest in leading a consortium to explore
a possible sale transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;20, 2006, Goldman Sachs contacted Blackstone and Providence and relayed the
directives of the board of directors. Goldman Sachs also contacted THL Partners and informed THL
Partners that it would provide THL Partners an opportunity to conduct due diligence to determine
whether it had an interest in forming a consortium to pursue discussions with Clear Channel
regarding a possible sale transaction. Goldman Sachs informed THL Partners that the board of
directors was meeting on October&nbsp;25, 2006 to discuss and review Clear Channel&#146;s strategic
alternatives and if THL Partners desired that a proposal be given consideration, it should provide
an indication of interest prior to such time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;21, 2006, Akin Gump met with Mr.&nbsp;Alan Feld to obtain guidance on the written
positions taken by Consortium 1 with respect to the draft merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;21 and 22, 2006, members of Clear Channel management participated in multiple
telephone conferences with representatives of THL Partners to discuss Clear Channel&#146;s business,
operations, financial condition, results of operations and financial forecasts for future periods.
Prior to that time, THL Partners signed a confidentiality agreement containing substantially the
same terms as the confidentiality agreements executed by each of the other private equity firms.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;24, 2006, there were press reports to the effect that Clear Channel was in
discussions with private equity firms regarding a possible sale transaction. Later that day, THL
Partners submitted a non-binding expression of interest to acquire all of Clear Channel&#146;s
outstanding capital stock in an all cash transaction for $35.00 to $37.00 per share. THL Partners
indicated that it would need to identify other equity and debt sources to complete the transaction
but felt confident that it could secure firm commitments for the remaining equity and debt among
firms that it had worked with in the past. The proposal further indicated that THL Partners
anticipated that it could complete its remaining due diligence and other work necessary to enter
into definitive agreements for the proposed acquisition within 20&nbsp;days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On that same day, Consortium 1 submitted a revised proposal to acquire all of Clear Channel&#146;s
outstanding common stock in an all cash transaction for $35.00 per share. The proposal indicated
that KKR had rejoined the consortium. Accompanying the proposal was a &#147;highly confident letter&#148;
from BAS and Merrill Lynch, representing 100% of the debt financing necessary to complete the
transaction. The proposal further contemplated a 20&nbsp;day exclusivity period and stated that
Consortium 1 anticipated that it could complete its remaining due diligence and other work
necessary to enter into definitive agreements for the proposed acquisition within that 20&nbsp;day
period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the same day, there were also press reports to the effect that Clear Channel was in
discussions with private equity firms regarding a possible sale transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;25, 2006, the Clear Channel board of directors convened a regular meeting at Clear
Channel&#146;s headquarters in San Antonio, Texas, to include a review and discussion of Clear Channel&#146;s
strategic alternatives. The meeting was also attended by representatives of Akin Gump and Goldman
Sachs. Akin Gump reviewed the directors&#146; fiduciary duties in the context of considering Clear
Channel&#146;s strategic alternatives, including a possible sale of Clear Channel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Goldman Sachs updated the Clear Channel board of directors regarding events
that had transpired since the last meeting. Representatives of Goldman Sachs then discussed the
proposals that had been received by the Clear Channel board of directors from Consortium 1 and THL
Partners. Following Goldman Sachs&#146; discussion, the directors discussed the information they had
received and asked questions of management regarding their confidence in Clear Channel&#146;s plans,
forecasts and prospects. Clear Channel&#146;s board of directors discussed the risks and challenges of
Clear Channel&#146;s existing business plans and prospects, as well as the opportunities presented to
Clear Channel by each of the alternative plans. The board of directors discussed each of these
alternatives in detail, including the potential value that each alternative could generate to Clear
Channel&#146;s shareholders, the attendant risks and challenges of each alternative, the potential
disruption to Clear Channel&#146;s existing business plans and prospects occasioned by each alternative
and the likelihood of successfully executing on such alternatives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the discussion, Messrs.&nbsp;Mark P. Mays, Randall T. Mays, and L. Lowry Mays and B. J.
McCombs recused themselves and left the meeting and the disinterested directors continued the
meeting. Akin Gump again reviewed the directors&#146; fiduciary duties in considering strategic
alternatives, including the possible sale of Clear Channel. The disinterested directors discussed
each of the two proposals. It was noted that given the recent press reports about possible
discussions with private equity firms, it was no longer possible to avoid the disruption that would
accompany a more public process. After taking these factors into account and reviewing the other
strategic alternatives presented to it, the disinterested directors determined that Clear Channel
should issue a press release that same day announcing that the board of directors had commenced a
review of Clear Channel&#146;s strategic alternatives and that the board of directors had retained
Goldman Sachs to advise it with respect to that review.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further, Goldman Sachs was directed to inform Consortium 1 and THL Partners that Clear Channel
intended to issue the press release and request that they submit their best and final proposal to
the board of directors by close of business on November&nbsp;10, 2006, accompanied by equity and debt
financing commitments, sponsor guarantees, a summary of the terms (if any) proposed by the
consortium with respect to management&#146;s participation and/or investment in the surviving
corporation and comments to a draft merger agreement to be supplied by Akin Gump.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later that day, representatives of Goldman Sachs communicated the Clear Channel board of
directors requests for final proposals to each of Consortium 1 and THL Partners. They also
explained to each that Goldman Sachs and Akin Gump would make themselves available to discuss and
negotiate key terms and provisions of the draft merger agreement prior to the November&nbsp;10, 2006
deadline and that the Clear Channel board of directors encouraged each of them to avail themselves
of the opportunity to negotiate proposed changes to the draft merger agreement issues prior to the
November&nbsp;10, 2006 deadline.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On that same day, THL Partners requested permission to form a consortium, which we refer to as
Consortium 2, with Bain Capital Partners LLC, or Bain, and Texas Pacific Group, or TPG, which was
approved by Mr.&nbsp;Alan Feld. Bain and TPG each entered into a confidentiality agreement with Clear
Channel with terms substantially similar to the confidentiality agreements entered into by each of
the other private equity firms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;26, 2006, members of Clear Channel management held a due diligence session with
Consortium 2 in San Antonio, Texas, to discuss Clear Channel&#146;s business, operations, financial
condition, results of operations and financial forecasts for future periods. Representatives of
Goldman Sachs were also in attendance. Akin Gump transmitted to legal counsel to Consortium 2,
Ropes &#038; Gray LLP, or Ropes &#038; Gray, a copy of the draft merger agreement previously submitted to
Consortium 1. Further, Akin Gump explained the procedures previously approved by the Clear Channel
board of directors with respect to contacts with Mark P. Mays, Randall T. Mays, and L. Lowry Mays
with respect to the terms on which they might participate in the management or equity of the
surviving corporation. Counsel for Mark P. Mays, Randall T. Mays, and L. Lowry Mays distributed to
Ropes &#038; Gray a summary of senior executive arrangements and a management equity term sheet. The
summary and term sheet contained terms that were substantially identical to those most recently
distributed to Consortium 1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;27, 2006, the Clear Channel board of directors received a written non-binding,
preliminary, indication of interest from a consortium, which we refer to as Consortium 3,
consisting of Apollo Management, L.P., or Apollo, and The Carlyle Group, or Carlyle, to acquire all
of Clear Channel&#146;s outstanding common stock for at least $36.00 per share in cash. The indication
of interest stated that Consortium 3 had been informed by Goldman Sachs that the board of directors
requested the submission of fully financed bids on November&nbsp;10, 2006 and requested the board of
directors to consider a more extended process. At the direction of Mr.&nbsp;Alan Feld, Goldman Sachs
informed Consortium 3 that, upon execution of confidentiality agreements, it would be provided
access to management and due diligence materials and requested Consortium 3 to submit a more
definitive proposal (including plans for financing) by November&nbsp;1, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On that same day, Lazard received, and forwarded to Goldman Sachs, from a consortium, which we
refer to as Consortium 4, consisting of Cerberus Capital Management, or Cerberus, and Oak Hill
Capital Management, or Oak Hill, a non-binding, preliminary indication of interest to engage in
discussions regarding a possible leveraged buyout transaction with Clear Channel. The indication of
interest did not contain a price at which Consortium 4 would be interested in completing a
transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A special meeting of Clear Channel board of directors was held by telephone on October&nbsp;28,
2006 (attended by each of the directors other than Mr.&nbsp;Theodore H. Strauss), which representatives
of Goldman Sachs and Akin Gump also attended. Mr.&nbsp;Alan Feld and representatives of Goldman Sachs
updated the Clear Channel board of directors regarding events that had transpired since the last
meeting. Messrs.&nbsp;Mark P. Mays, Randall T. Mays, and L. Lowry Mays and B. J. McCombs then excused
themselves from the meeting. The disinterested directors present then discussed the indications of
interest received from Consortium 3 and Consortium 4. Following the discussion, the disinterested
directors present directed Goldman Sachs to inform Consortium 3 that if, following preliminary due
diligence on Clear Channel and its business, it submitted a more definitive proposal that was
competitive, the board of directors would look favorably on their request that the time for
submission of bids be extended. In addition, the directors present directed Goldman Sachs to
contact Consortium 4 and inquire as to whether they had intended to submit an indication of
interest and, if that was the case, to provide a preliminary indication of the valuation they were
considering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs also reported that both THL Partners and Apollo had inquired regarding the
availability of financing from Goldman Sachs. Goldman Sachs confirmed that, to facilitate the sale
process, Goldman Sachs would be willing to offer debt financing to all consortia, noting that no
consortium would be obligated to use Goldman Sachs as its debt financing source. Akin Gump reviewed
with the disinterested directors the nature of the potential conflict of interest that might arise
from Goldman Sachs acting both as the financial advisor to the Clear Channel board of directors and
Clear Channel and a possible financing source in connection with the sale of Clear Channel and the
procedures that Goldman Sachs could undertake to ensure the separation between the financing teams
and the team advising the board of directors of Clear Channel and the safeguards that Clear Channel
could undertake with regard to such conflict.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Goldman Sachs were then excused from the board meeting and the
disinterested directors engaged in a discussion of the risks and benefits relating to Goldman
Sachs&#146; offer, including the potential conflict of interest and the related safeguards, with Akin
Gump present. After the discussion, the disinterested directors present determined that, in light
of the short period that remained prior to the time for the submission of the bids and in order to
increase the competitiveness of the bidding process, Goldman Sachs was authorized to offer debt
financing on the condition that appropriate procedural safeguards acceptable to Akin Gump and Mr.
Alan Feld were put in place and that Goldman Sachs offered the same package of debt financing to
each consortium.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;29, 2006, Apollo and Carlyle each executed confidentiality agreements with terms
substantially similar to those contained in the confidentiality agreements with the other private
equity firms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;29 and 30, 2006, management held a due diligence session by telephone with
representatives of Consortium 3 to discuss Clear Channel&#146;s business, operations, financial
condition, results of operations and financial forecasts for future periods.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;29, 2006, the Clear Channel board of directors and representatives of Goldman Sachs
received a written non-binding, preliminary indication of interest from Consortium 4 to acquire all
of Clear Channel&#146;s outstanding common stock for a price ranging from $37.00 to $39.00 per share. At
the direction of Mr.&nbsp;Alan Feld, representatives of Goldman Sachs informed Consortium 4 that, upon
execution of confidentiality agreements, they would be provided access to Clear Channel management
and due diligence materials and were requested to submit a more definitive proposal (including
plans for financing) in the next several days. Goldman Sachs was also directed to inform them that
if, after they completed preliminary due diligence on Clear Channel and its business, they
submitted a more definitive proposal (including plans for financing) that was competitive, the
Clear Channel board of directors would look favorably on any request to extend the time for
submission of bids.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;30, 2006, Mr.&nbsp;Alan Feld, on behalf of the board of directors, and Goldman Sachs
executed a consent letter outlining agreed upon procedures with respect to the planned offer by
Goldman Sachs of debt financing to each consortium.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On that same day, drafts of confidentiality agreements in substantially the same form executed
by each of the other private equity firms were presented to Cerberus and Oak Hill and their
counsel. Clear Channel and Akin Gump engaged in negotiations with Cerberus and Oak Hill from
October&nbsp;30, 2006 through November&nbsp;10, 2006 to attempt to reach agreement on a form of
confidentiality agreement. The parties were unable to reach agreement due to the fact that Cerberus
and Oak Hill were unwilling to agree to provisions comparable to those agreed to by the other
private equity firms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On that same day, Weil presented to Akin Gump comments from Consortium 1 on the draft merger
agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On that same day, Clear Channel management held a due diligence session in San Antonio, Texas,
with representatives of Lazard to discuss Clear Channel&#146;s business, operations, financial
condition, results of operations and financial forecasts for future periods.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, on that same day, Clear Channel management also held a telephonic due diligence
session with representatives of Consortium 3 to discuss Clear Channel&#146;s business, operations,
financial condition, results of operations and financial forecasts for future periods.
Representatives of Goldman Sachs were also in attendance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;31, 2006, Clear Channel management held a due diligence session in San Antonio,
Texas, with representatives of Consortium 3 to discuss Clear Channel&#146;s business, operations,
financial condition, results of operations and financial forecasts for future periods.
Representatives of Goldman Sachs were also in attendance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In or around late October&nbsp;2006, representatives of TPG indicated to THL Partners and Bain that
TPG was having difficulty with its participation in the transaction, and that TPG did not want to
impede the process.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;1, 2006, Apollo verbally submitted to Goldman Sachs a revised non-binding
preliminary indication of interest to acquire all of the common stock of Clear Channel in an all
cash transaction at a price of $35.00 per share and informed Goldman Sachs that Carlyle had removed
itself from Consortium 3. Following this time, Apollo did not request to participate in any further
diligence or indicate any interest to form another consortium or submit a proposal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the first two weeks of November&nbsp;2006, through November&nbsp;15, 2006, Consortium 1 and
Consortium 2, their financing partners, representatives and advisors continued to conduct due
diligence on Clear Channel and its business. In addition, Clear Channel, Akin Gump and FCC and
antitrust counsel for Clear Channel conducted due diligence on the members of each of the
consortia, particularly with respect to their investments in other media companies and the markets
that such companies operated in and the participation of any non-United States persons in such
consortia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;3, 2006, the special advisory committee retained Watson Wyatt &#038; Company (&#147;Watson
Wyatt&#148;) as its executive compensation consultant. The retention was confirmed in an engagement
letter dated November&nbsp;6, 2006. Such retention contemplated that Watson Wyatt would review the
existing change-in-control arrangements for Messrs.&nbsp;Mark P. Mays, Randall T. Mays, and L. Lowry
Mays, any proposed settlement of such existing arrangements in conjunction with a change of control
of Clear Channel and
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">any proposed new incentive and investment arrangements for management. Watson Wyatt&#146;s
engagement also contemplated a comparison of proposed management arrangements with benchmark data.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the first two weeks of November, the special advisory committee met three times in
connection with its review of the possible transactions. At these meetings, the special advisory
committee received the advice and reports of Sidley, Lazard and Watson Wyatt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;4, 2006, Ropes &#038; Gray submitted to Akin Gump written comments to the draft merger
agreement on behalf of Consortium 2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A special meeting of Clear Channel board of directors was held by telephone on November&nbsp;7,
2006 (attended by each of the directors), which representatives of Goldman Sachs, Akin Gump and
Sidley also attended. Representatives of Goldman Sachs updated the board of directors regarding
events that had transpired since the last meeting of the board of directors. Akin Gump reviewed the
Clear Channel directors&#146; fiduciary duties in considering strategic alternatives, including the
possible sale of Clear Channel. Messrs.&nbsp;Mark P. Mays, Randall T. Mays, and L. Lowry Mays and B. J.
McCombs then recused themselves and left the meeting. Akin Gump then summarized the key terms of
the draft merger agreement presented to each of Consortium 1 and Consortium 2. The key terms
covered the scope of the representations, warranties and covenants made by the respective parties
to the agreement, as well as the conditions to closing the transaction and the provisions relating
to the termination of such agreement. Akin Gump then summarized the comments on the draft merger
agreement received from each consortium. The disinterested directors instructed Akin Gump and
Goldman Sachs that they would not approve a definitive agreement that was contingent on receipt of
financing for the transaction; that the board of directors must have the right to change its
recommendation to Clear Channel&#146;s shareholders with respect to the transaction if required by its
fiduciary duties to do so; that the board of directors must be able to terminate the agreement if
it received a superior proposal following execution of a definitive agreement; that the fee payable
by Clear Channel if it terminated the agreement must be reasonable, with a lower fee payable during
a post-signing go-shop period; that the buying group must agree not to syndicate its equity
holdings to other bidders in the process in order to protect the integrity of the bidding process;
that the buying group must covenant to take all necessary actions to obtain FCC and HSR approvals;
that the buying group must be liable to Clear Channel if the buyer breaches its obligations under
the definitive agreement or a closing fails to occur due to the failure of the regulatory
conditions; and that the terms of the transaction should provide additional purchase price in the
event the closing of the transaction is extended beyond an agreed upon date, which we refer to as a
ticking fee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the period from November&nbsp;8, 2006 through November&nbsp;12, 2006, Akin Gump and Goldman Sachs
continued to negotiate the terms of a draft merger agreement with Consortium 1 and Consortium 2
through telephonic meetings and in-person meetings held at Akin Gump&#146;s offices in New York City.
Also participating in some of these meetings were the parties&#146; respective FCC and antitrust
counsel. During the course of these discussions and negotiations, the parties addressed each of the
key terms of the draft merger agreement and the proposed plans of each of the two consortium for
dealing with potential FCC and HSR issues raised by the fact that each of the consortia had
investments in other media companies, some of which operated broadcast stations and print media in
markets overlapping markets served by Clear Channel&#146;s television and radio broadcast stations. Key
terms addressed in these negotiations included the terms of any ticking fee, the board of
directors&#146; request for a go-shop period, the structure and amount of break up fees and reverse
break up fees, change of recommendation provisions, the board of directors request that the equity
holdings of each consortium not be syndicated to other participants in the bidding process, the
definition of superior proposal and material adverse effect, and the remedies of Clear Channel for
breach of the merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;8, 2006, Consortium 2 informed Goldman Sachs it would not be able to submit a
complete bid package on November&nbsp;10, 2006. After consulting with Mr.&nbsp;Alan Feld, Goldman Sachs
informed each of Consortium 1 and Consortium 2 that the deadline for submitting the bid packages
would be moved to November&nbsp;13, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From November&nbsp;8, 2006 through November&nbsp;12, 2006, representatives Goldman Sachs and Akin Gump
periodically consulted with Mr.&nbsp;Alan Feld to provide him an update on developments in the separate
negotiations and to solicit his guidance on potential resolution of differences between the
positions taken by the board of directors and the positions taken by the two consortia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During this period, the parties and their advisors finalized the terms of separate agreements
to be entered into by the equity sponsors that comprised each consortium, which we refer to as
limited guarantees, pursuant to which such equity sponsors would guarantee certain payment
obligations of the buyer under the draft merger agreement, subject to a cap. In addition, during
this time period, counsel for Messrs.&nbsp;Mark P. Mays, Randall T. Mays, and L. Lowry Mays and counsel
for each of the consortia continued to exchange views on the terms on which the Mayses would
participate in management, and invest in, the surviving corporation resulting for any transaction.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;12, 2006, Akin Gump and representatives of Goldman Sachs met separately with each
of Consortium 1 and Consortium 2 and their advisors to review the procedures for submitting bids on
November&nbsp;13, 2006. Each consortium was informed that Akin Gump would deliver to it a final draft of
the merger agreement reflecting the terms which had been agreed to during the course of
negotiations and, where agreement had not been reached, the terms proposed by the board of
directors. Each consortium was told that, as part of the bid package, it would have an opportunity
to make changes to the final draft of the merger agreement, but that any changes submitted would
weigh against its bid when considered by the board of directors. Each consortium was requested to
submit written bid packages on November&nbsp;13, 2006 indicating the price per share to be paid for 100%
of the common stock of Clear Channel in an all cash transaction and consisting of (i)&nbsp;a copy of the
final draft of the merger agreement, marked with any proposed changes, (ii)&nbsp;a detailed description
of financing sources, including commitment letters, (iii)&nbsp;a final form of the limited guarantee and
(iv)&nbsp;a description of the terms proposed by the consortium with respect to the participation of
Messrs.&nbsp;Mark P. Mays, Randall T. Mays, and L. Lowry Mays in the surviving corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;12, 2006, representatives of THL Partners and Bain informed Goldman Sachs that TPG
would not be a participant in Consortium 2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consortium 1 and Consortium 2 submitted complete bid packages on November&nbsp;13, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s board of directors convened a special meeting on November&nbsp;14, 2006, which was
also attended by representatives of Akin Gump, Goldman Sachs, and Sidley. Present at the
commencement of the meeting were each of the disinterested directors. Akin Gump reviewed the
directors&#146; fiduciary duties in considering strategic alternatives, including the sale of Clear
Channel. Representatives of Goldman Sachs then made a presentation to the disinterested directors.
The presentation contained analyses prepared by Goldman Sachs that were substantially similar to
those described under &#147;Opinion of Clear Channel&#146;s Financial Advisor&#148; utilizing then-current data.
During this presentation Goldman Sachs orally reviewed the history of negotiations with Consortium
1 and Consortium 2 and developments since the last meeting of Clear Channel board of directors.
Goldman Sachs also reviewed its contacts with Consortium 3 and Consortium 4 and confirmed to the
disinterested directors that each such consortium had been informed that if, after conducting
preliminary due diligence, it had made a qualified proposal that sufficient time would be provided
to it in order to participate in the bidding process.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs then reviewed the two bid packages received on November&nbsp;13, 2006. Each
consortium proposed an all cash transaction at a price of $36.50 per common share. Goldman Sachs
also described the terms proposed by each of the consortium for the participation of management in
the surviving corporation. Akin Gump described how the key terms discussed at the November&nbsp;7, 2006
board meeting had been resolved and reviewed with the disinterested directors the principal
differences between the two merger agreements submitted as part of the bid packages. The
non-financial terms proposed by Consortium 2 were overall more favorable than those proposed by
Consortium 1 with respect to matters affecting the responsibilities of the consortium to resolve
issues that may arise in obtaining necessary regulatory consents. Conversely, the structure and
amounts of the termination fees payable by the consortium in the event of a breach or failure to
close in certain circumstances proposed by Consortium 1 were more favorable than those proposed by
Consortium 2. Further, Consortium 1 proposed a go-shop period of 30&nbsp;days following signing and
Consortium 2 proposed a go-shop period of 21&nbsp;days following signing. The disinterested directors
then received reports from regulatory counsel with respect to the FCC and HSR approval processes,
issues that may be encountered and any differences presented by the participants of the two
consortia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the presentations by Goldman Sachs, Akin Gump and regulatory counsel, the
disinterested directors directed Goldman Sachs to communicate with each of Consortium 1 and
Consortium 2 that their bids reflected identical per share prices and that they would need to
improve their bids if they were to receive favorable consideration and to review the merger
agreement provisions they could improve to make their bid more favorable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The disinterested directors then discussed the current change in control contracts between
Clear Channel and each of Messrs.&nbsp;Mark P. Mays, Randall T. Mays, and L. Lowry Mays, including
provisions providing for income tax and excise tax gross ups and the potential financial impact
these arrangements might have on a merger proposal when compared to benchmark arrangements with
executives at comparable companies. The disinterested directors determined to request Messrs.&nbsp;Mark
P. Mays, Randall T. Mays, and L. Lowry Mays to accept a reduction in their change in control
payments and benefits, including the elimination of income tax gross ups. Messrs.&nbsp;Alan Feld and
John Zachry, chairman of the compensation committee, were requested to communicate these requests.
The meeting was adjourned to the following morning.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following adjournment, Goldman Sachs and Akin Gump communicated the instructions of Clear
Channel board of directors to each of Consortium 1 and Consortium 2 and requested that each of the
consortiums submit improved bids on November&nbsp;15, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The meeting of the board of directors was reconvened on November&nbsp;15, 2006. Mr.&nbsp;Mark P. Mays
reported to the board that in order to assure the receipt of the best price available in the
circumstances, each of he, Messrs.&nbsp;Randall T. Mays and L. Lowry Mays had agreed to a reduction in
payments and benefits otherwise provided by their change in control agreements in the event that
Clear Channel entered into a merger agreement with either Consortium 1 or Consortium 2 and the
merger (or a superior proposal) was consummated. The agreed upon reductions included the
elimination of Mr.&nbsp;L. Lowry Mays&#146; cash severance payment otherwise due him upon a termination of
employment following the merger, a reduction in the severance payment and benefits otherwise due
Messrs.&nbsp;Mark P. Mays and Randall T. Mays upon a termination of employment following the merger, the
elimination of the income tax gross ups otherwise due Messrs.&nbsp;Mark P. Mays and Randall T. Mays, and
certain other modifications. As a result of these agreed upon changes, it was estimated, by the
disinterested directors based on certain assumptions, including among others the timing of the
closing, that Clear Channel would realize approximately $300&nbsp;million in savings, which the
disinterested directors expected would enable the potential buyer to offer a higher consideration
for Clear Channel. The disinterested directors expressed their appreciation to the Mayses for these
concessions and Goldman Sachs was instructed by the disinterested directors to inform each of
Consortium 1 and Consortium 2 of these changes so that they could be reflected in their revised
proposals. In addition, the deadline for submitting the revised proposals was extended to provide
sufficient time to reflect these changes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s board of directors then received an updated presentation from Goldman Sachs
reflecting its final assessment of the strategic alternatives available to Clear Channel. The
presentation contained analyses prepared by Goldman Sachs that were substantially similar to those
described under &#147;Opinion of Clear Channel&#146;s Financial Advisor&#148; utilizing then-current data. Clear
Channel&#146;s directors discussed the presentation and asked questions of management and conducted a
thorough review of each of these alternatives, including the risks and challenges presented by each
alternative; the potential value that each alternative could generate to Clear Channel&#146;s
shareholders; the potential disruption to Clear Channel&#146;s existing business plans and prospects
occasioned by each alternative; and the likelihood of successfully executing on such alternatives.
Following this presentation the Clear Channel board of directors determined that, depending on
receipt of a final proposal from one of the consortium that was acceptable to the disinterested
directors, a sale of Clear Channel presented the strategic alternative that was in the best
interests of the shareholders. Messrs.&nbsp;Mark P. Mays, Randall T. Mays, and L. Lowry Mays confirmed
that they were prepared to conclude their management arrangements with either consortium if that
were the decision of the disinterested directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messrs.&nbsp;Mark P. Mays, Randall T. Mays, and L. Lowry Mays and B. J. McCombs left the meeting
and the disinterested directors continued the meeting. Following receipt of the revised proposal
from each of Consortium 1 and Consortium 2, the two proposals were read to the disinterested
directors. Consortium 1 submitted a revised proposal at $36.85 per share and Consortium 2 submitted
a revised proposal at $37.60 per share. In addition, each of the two revised proposals reflected
improvements to the terms of the merger agreement. It was determined by the disinterested directors
that the proposal submitted by Consortium 2 represented the most attractive proposal. At the
request of the disinterested directors, Goldman Sachs reviewed with the disinterested directors its
financial analysis of the merger consideration proposed by Consortium 2 and rendered to the board
of directors an opinion, which opinion was subsequently confirmed in writing, to the effect that,
as of that date and based upon and subject to the factors and assumptions set forth in its opinion,
the $37.60 per share in cash to be received by the holders of the outstanding shares of Clear
Channel common stock (other than holders of Rollover Shares) pursuant to the merger agreement was
fair, from a financial point of view, to such holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to approving the execution of definitive agreements, the disinterested directors
requested that the special advisory committee report to the directors its assessment of the
fairness of the terms of the proposed merger with Consortium 2 to Clear Channel&#146;s unaffiliated
shareholders. The meeting of the board was then recessed and the special advisory committee
convened separately with Sidley, Lazard and Watson Wyatt. At the meeting of the special advisory
committee, the special advisory committee requested that Lazard render an opinion as to whether the
financial consideration to be received by Clear Channel shareholders in the proposed merger with
entities sponsored by Consortium 2 was fair from a financial point of view to Clear Channel
shareholders (other than Clear Channel, Merger Sub, any holder of Rollover Shares and any
shareholder who is entitled to demand and properly perfects appraisal rights). Lazard delivered to
the special advisory committee an oral opinion, which was subsequently confirmed by a written
opinion dated November&nbsp;16, 2006, that, as of such date and based upon and subject to the factors
and assumptions set forth in its written opinion, the consideration to be received by the holders
of Clear Channel&#146;s common stock in the proposed merger was fair, from a financial point of view, to
such holders (other than Clear Channel, Merger Sub, any holder of Rollover Shares and any
shareholder who is entitled to demand and properly perfects appraisal rights). Watson Wyatt advised
the special advisory committee that the modified management arrangements conformed more closely in
design and amount to benchmarks (except with respect to Mr.&nbsp;L. Lowry Mays, whose amended
arrangement was more favorable to Clear Channel than a standard arrangement). Watson Wyatt
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">confirmed their report that buyouts for the full amount of existing severance arrangements are
typical in leveraged buyout transactions, the proposed award of restricted stock to Messrs.&nbsp;Mark P.
Mays and Randall T. Mays was in an amount consistent with a buyout of the modified severance
arrangements and the proposed equity pool for management in the modified arrangements was within
benchmark ranges.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After additional discussion and deliberation with its advisors, the special advisory committee
determined that the terms of the proposed merger with entities sponsored by Consortium 2 was fair
to Clear Channel&#146;s unaffiliated shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the meeting of the special advisory committee, the directors (excluding Messrs.&nbsp;Mark
P. Mays, Randall T. Mays, and L. Lowry Mays and B. J. McCombs) reconvened, and the chair of the
special advisory committee reported to the disinterested directors as a whole its assessment as to
fairness. Clear Channel&#146;s board of directors, by the unanimous vote of the disinterested directors,
determined that the merger is advisable and in the best interests of Clear Channel and its
shareholders, approved the merger and the merger agreement and resolved to recommend to the
shareholders of Clear Channel approval of the merger and approval and adoption of the merger
agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the meeting was adjourned, Clear Channel, the Fincos and Merger Sub executed the merger
agreement and issued a press release announcing the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the execution of the merger agreement, Goldman Sachs began the process of contacting
private equity firms and strategic buyers that might be interested in exploring a transaction with
Clear Channel. Of the 22 parties contacted during the 21-day post-signing go-shop period, including
16 potential strategic buyers and 6 private equity firms (2 of which had previously been contacted,
but had not entered into confidentiality agreements), none submitted a proposal to pursue a
transaction with Clear Channel. Accordingly, on December&nbsp;8, 2006, Clear Channel notified the Fincos
that Clear Channel had not received any proposals that would qualify as an &#147;Excluded Competing
Proposal&#148; for purposes of the solicitation provisions of the merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the period between January and March&nbsp;2007, Messrs.&nbsp;Mark and Randall T. Mays together
with Alan Feld, Clear Channel&#146;s lead director, and Perry J. Lewis, the Chairman of the special
advisory committee, met with several of Clear Channel&#146;s institutional shareholders to provide them
more detail regarding the board&#146;s process that led to its determination to recommend the merger.
During these meetings, some of Clear Channel&#146;s institutional shareholders indicated that they
intended to vote against the merger proposal and expressed the view that the merger consideration
of $37.60 per share was not sufficient to obtain their vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At a meeting held on March&nbsp;13, 2007, Clear Channel&#146;s board of directors, with Messrs.&nbsp;Mark P.
Mays, Randall T. Mays, L. Lowry Mays and B. J. McCombs recusing themselves, rescheduled the special
meeting of shareholders to April&nbsp;19, 2007 and set a new record date for shareholders entitled to
vote at the special meeting of March&nbsp;23, 2007. In making that determination, the Clear Channel
board considered the substantial trading volume in Clear Channel&#146;s shares of common stock since the
original record date for the special meeting, and as the original record date no longer reflected
Clear Channel&#146;s then current shareholder base, determined to set a new record date to better align
the economic and voting interests of all shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;12, 2007, Ropes &#038; Gray, on behalf of the Fincos, requested in writing to the Clear
Channel board that pursuant to the terms of the merger agreement, Clear Channel reconfirm to Clear
Channel&#146;s shareholders its recommendation to vote in favor of approval and adoption of the merger
agreement and the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;13, 2007, the Fincos provided to Clear Channel board of directors a letter indicating
their willingness to discuss a proposal to amend the merger agreement. The proposal reflected a
change in the merger consideration to include $38.50 per share, the opportunity for each
shareholder, in that shareholder&#146;s sole discretion, to receive the $38.50 in either, or a
combination of, cash and/or shares of stock in the surviving corporation (up to an aggregate cap on
the number of shares of stock equivalent to 10% of the outstanding shares immediately following the
merger) and a &#147;contingent value right,&#148; or CVR, providing for a right to receive contingent cash
payments in certain circumstances. Specifically, the CVR would provide that the shareholders would
receive in installments (i)&nbsp;following the closing of the merger, within 10 business days following
the availability of certain financial statements covering the period through closing, (ii)&nbsp;in 2009,
50% of the net proceeds (net of expense, reserves, and certain other costs and taxes) received by
Clear Channel from the sale of certain non-core radio and television assets in excess of $2.0
billion, and (iii)&nbsp;in 2010 an additional amount per share if the compounded annual growth rate
(&#147;CAGR&#148;) of Clear Channel&#146;s radio business for the period from January&nbsp;1, 2006 through December&nbsp;31,
2009 is 2% or higher. In the latter case, if the CAGR for Clear Channel&#146;s radio business for this
period was less than 2%, no additional amount would be paid under the CVR; if the CAGR for Clear
Channel&#146;s radio business for his period was equal to or greater than 2% (but less than 3%), an
additional $1.00 per share would be paid to Clear Channel shareholder; and if the CAGR for Clear
Channels radio business for this period was greater than 3%, an additional $2.00 per share
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">would be paid to Clear Channel&#146;s shareholders. The proposal also included proposed additional
termination fees payable by Clear Channel in certain circumstances, as follows: (x)&nbsp;in the event
that Clear Channel&#146;s shareholders did not approve the merger at the special meeting, Clear Channel
would be required to pay to the Fincos $75&nbsp;million in lieu of any expense reimbursement (which
under the original merger agreement and under the merger agreement is capped at $45&nbsp;million) and
(y)&nbsp;in the event that the merger agreement was terminated and a Competing Proposal was consummated
with one of the parties contacted during the auction process or the go-shop period within 12&nbsp;months
thereafter, Clear Channel would be required to pay a termination fee to the Fincos in the amount of
$600&nbsp;million. The proposal made by the Fincos provided that it would terminate automatically in the
event that Clear Channel made any public disclosure of its terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On that same day, Clear Channel&#146;s board of directors convened a special meeting by telephone,
which was attended by representatives of Akin Gump and Goldman Sachs. Present at the meeting were
each of the directors (other than Ms.&nbsp;Phyllis Riggins and Mr.&nbsp;J.C. Watts). Representatives of
Goldman Sachs summarized the financial terms of the proposal received from the Fincos.
Representatives of Akin Gump addressed certain legal matters, including the fiduciary duties of the
board of directors. They further explained that if the Clear Channel board were to accept the
proposal, the timing of the special meeting could be delayed by as much as 90&nbsp;days in order to
allow Clear Channel an opportunity to prepare, file and process a registration statement with the
Securities and Exchange Commission and distribute it to Clear Channel&#146;s shareholders. Management
reported that, after consulting with representatives of Goldman Sachs, the value of the CVR is
highly uncertain given the nature of the minimum thresholds for any future payments. Management
noted that its current estimates indicated that the net proceeds from non-core radio and TV assets
(as these terms were defined in the Fincos&#146; proposal) would not exceed $2.0&nbsp;billion and that
analyst estimates for growth in the radio industry are uncertain. Clear Channel&#146;s board requested
Goldman Sachs to prepare a financial analysis regarding the proposal and adjourned the meeting to
April&nbsp;15, 2007. Each of Messrs.&nbsp;Mark P. Mays, Randall T. Mays, L. Lowry Mays and B. J. McCombs then
excused themselves from the meeting. The disinterested directors continued their deliberations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A special meeting of Clear Channel board of directors was held by telephone on April&nbsp;15, 2007
(attended by each of the directors other than Mr.&nbsp;B. J. McCombs and Ms.&nbsp;Phyllis Riggins), and was
also attended by representatives of Akin Gump and Goldman Sachs. Management reviewed and discussed
its revised forecasts with Clear Channel&#146;s board of directors. Representatives of Goldman Sachs
made a presentation to Clear Channel&#146;s board of directors regarding an analysis of the financial
terms of the proposed amendment to the merger agreement and an updated financial analysis of the
strategic alternatives available to Clear Channel, including a separation of Clear Channel Outdoor,
a recapitalization and special dividend. The presentation contained analyses prepared by Goldman
Sachs that were substantially similar to those described under &#147;Opinion of Clear Channel&#146;s
Financial Advisor&#148; utilizing then-current data. The directors discussed the presentation and asked
questions of management and conducted a thorough review of each of these alternatives, including
the risks and challenges presented by each alternative; the potential value that each alternative
could generate to Clear Channel&#146;s shareholders; the potential disruption to Clear Channel&#146;s
existing business plans and prospects occasioned by each alternative; and the likelihood of
successfully executing on each alternative.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following this presentation, each of Messrs.&nbsp;Mark P. Mays, Randall T. Mays and L. Lowry Mays
then excused themselves from the meeting and the disinterested directors continued their
deliberations. Following discussion, the disinterested directors directed Goldman Sachs to inform
the Fincos that the board was concerned about the delays that would be attendant to their proposal
and that they strongly favored an all cash offer, which should be increased from $38.50 per share
in light of the expressed opposition of certain of Clear Channel&#146;s shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;16, 2007, a special meeting of the board of directors was held by telephone, which
was also attended by representatives of Akin Gump and Goldman Sachs. Representatives of Goldman
Sachs reported to Clear Channel&#146;s board of directors on Goldman Sachs&#146; discussion with the Fincos
following the meeting of the board of directors held on April&nbsp;15, 2007. Goldman Sachs reported that
the Fincos had indicated they would take under consideration the request that the offer be
converted to an all cash offer. Goldman Sachs also reported that the Fincos had requested that the
board of directors respond to the other terms of the proposal, including the changes to the
termination fee provisions. Following a discussion among Clear Channel&#146;s directors, Goldman Sachs
was instructed to inform the Fincos that the Clear Channel board of directors strongly preferred an
increased all-cash offer and that the board was not agreeable to any change in the termination
fees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;17, 2007, the Fincos submitted to Clear Channel&#146;s board of directors a revised
written proposal to amend the merger agreement. The revised proposal reflected an all-cash merger
consideration of $39.00 per share. The revised proposal also included proposed changes in
termination fees payable by Clear Channel in certain circumstances, as follows: (i)&nbsp;in the event
that Clear Channel&#146;s shareholders did not approve the merger at the special meeting, Clear Channel
would be required to pay to the Fincos $60&nbsp;million in lieu of any expense reimbursement (which
under the original merger agreement and under the merger agreement is capped at $45&nbsp;million) and
(ii)&nbsp;in the event that the merger agreement was terminated for any reason other than a willful
breach by the
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fincos and Clear Channel executed a definitive agreement with respect to or consummated a Competing
Proposal with one of the parties contacted during the auction process or the go-shop period within
12&nbsp;months thereafter, Clear Channel would be required to pay a termination fee to the Fincos in the
amount of $500&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;17, 2007, the Clear Channel board of directors convened a special meeting by
telephone, which also was attended by representatives of Akin Gump and Goldman Sachs. Present at
the meeting were each of Clear Channel directors. Goldman Sachs discussed with the board of
directors the terms of the written proposal submitted by the Fincos. Following the discussion, each
of Messrs.&nbsp;Mark P. Mays, Randall T. Mays, L. Lowry Mays and B. J. McCombs then excused themselves
from the meeting and the disinterested directors discussed the revised written proposal. The
disinterested directors directed Goldman Sachs to inform the Fincos that the board was not
agreeable to the $60&nbsp;million fee payable in the event the shareholders failed to approve the merger
but, in consideration of the increase in the merger consideration, would accept an additional fee
of $100&nbsp;million in the event that the merger agreement was terminated and a Competing Proposal was
consummated with one of the parties contacted during the auction process or the go-shop period
within 12&nbsp;months thereafter. The special meeting was adjourned to enable Goldman Sachs to discuss
the board&#146;s proposal with the Fincos.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later on that same date, the Clear Channel board of directors re-convened the special meeting
by telephone. Goldman Sachs reported that the Fincos had revised their proposal further, indicating
that it was their best and final proposal. The revised proposal was presented in the form of an
amendment to the merger agreement, which in its final form is referred to in this proxy
statement/prospectus as Amendment No.&nbsp;1. The revised proposal reflected an all-cash merger
consideration of $39.00 per share. The revised proposal also included a proposed change in
termination fees payable by Clear Channel in the event that the merger agreement was terminated for
any reason other than a willful breach by the Fincos and Clear Channel executed a definitive
agreement with respect to or consummated a Competing Proposal with one of the parties contacted
during the auction process or the go-shop period, or their affiliates, within 12&nbsp;months thereafter.
In this event, Clear Channel would be required to pay a termination fee to the Fincos in the amount
of $200&nbsp;million. Representatives of Akin Gump reviewed with Clear Channel&#146;s board of directors its
fiduciary duties in the context of a review of the proposed amendment to the original merger
agreement. Representatives of Goldman Sachs outlined for Clear Channel&#146;s board of directors an
analysis of the financial terms of the proposed amendment to the original merger agreement. The
directors discussed the analysis and asked questions of management. Clear Channel&#146;s directors
reviewed their deliberations and discussion of the other strategic alternatives available to Clear
Channel at the prior meetings and asked questions of Goldman Sachs and management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following these discussions, each of Messrs.&nbsp;Mark P. Mays, Randall T. Mays, L. Lowry Mays and
B. J. McCombs then excused themselves from the meeting and the disinterested directors continued
their deliberations. Goldman Sachs then delivered to Clear Channel&#146;s board of directors its oral
opinion (subsequently confirmed in writing), that as of the date of its opinion, and based upon and
subject to the factors and assumptions therein, the consideration of $39.00 per share in cash to be
received by the holders of the outstanding shares of Clear Channel&#146;s common stock (other than the
Rollover Shares) pursuant to the merger agreement was fair from a financial point of view to such
holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the execution of the original merger agreement, the disinterested members
of Clear Channel&#146;s board of directors formed a special advisory committee comprised of three
disinterested and independent members of the board, with the purpose of providing its assessment as
to the fairness of the terms of the original merger agreement and to provide its assessment in the
event Clear Channel receives a Competing Proposal. The special advisory committee was not requested
by the independent directors to separately assess the proposed amendment, as the amendment does not
constitute a Competing Proposal. As a consequence, Lazard, financial advisor to the special
advisory committee, was not requested to provide an opinion with respect to the proposed amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s board of directors (excluding Messrs.&nbsp;Mark P. Mays, Randall T. Mays, L. Lowry
Mays and B. J. McCombs who had recused themselves from the deliberations) then considered the
proposed amendment to the merger agreement and the transactions contemplated thereby and approved
and adopted Amendment No.&nbsp;1. Clear Channel&#146;s board of directors then determined that, subject to
the execution of the amendment to the merger agreement, the special meeting be rescheduled and held
on May&nbsp;8, 2007 to allow Clear Channel&#146;s shareholders entitled to vote at the special meeting
additional time to consider the amendment to the merger agreement and the information in this
supplement and in the proxy statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;18, 2007, Clear Channel, Merger Sub and the Fincos executed the amendment to the
merger agreement and issued a press release announcing the amendment to the merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the period from April&nbsp;18, 2007 through May&nbsp;2, 2007, two of the country&#146;s leading
institutional proxy advisor services, Institutional Shareholder Services and Glass Lewis &#038; Co.,
recommended against the merger transaction, stating that the $39.00 per
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">share purchase price was too low. Further, the Clear Channel board continued to receive
proxies in response to its proxy solicitation; which by May&nbsp;2, 2007 reflected a vote against the
merger of more than the required 1/3 of the outstanding shares necessary to defeat the merger
proposal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no substantive discussions regarding the terms of the proposed merger between the
board of directors and the Fincos after April&nbsp;18, 2007 until the board of directors received from
the Fincos on May&nbsp;2, 2007 a term sheet contemplating a change in the terms and structure of the
merger agreement. The term sheet contemplated (i)&nbsp;an increase in the merger consideration to be
paid to unaffiliated shareholders from $39.00 to $39.20 per share and (ii)&nbsp;the opportunity for each
shareholder to elect between cash and stock in the surviving corporation in the merger (up to an
aggregate cap equivalent to 30% of the outstanding capital stock and voting power immediately
following the merger). Under this proposal, each of Messrs.&nbsp;L. Lowry Mays, Mark P. Mays and Randall
T. Mays (and their affiliates) and each director of Clear Channel would be entitled to receive
$37.60 per share in cash for each share of common stock (and options) held by them (or in the case
of a rollover, shares with a value of $37.60 per share), in lieu of the $39.20 per share and the
election set forth above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;3, 2007, the Clear Channel board of directors convened a special meeting by telephone,
which also was attended by representatives of Akin Gump and Goldman Sachs. Present at the meeting
were each of the Clear Channel directors. Representatives of Akin Gump reviewed with Clear
Channel&#146;s board of directors its fiduciary duties in the context of a review of the term sheet.
Goldman Sachs summarized for the board of directors the terms reflected on the term sheet submitted
by the Fincos. Following the discussion, each of Messrs.&nbsp;Mark P. Mays, Randall T. Mays, L. Lowry
Mays and B. J. McCombs then recused themselves from the meeting and the disinterested directors
discussed the proposed term sheet. During the discussion it was noted that acceptance of the
proposal would result in a delay in the special meeting to consider the merger, then scheduled for
May&nbsp;8, 2007, by as much as 90&nbsp;days in order to allow parties an opportunity to prepare, file and
process a registration statement with the Securities and Exchange Commission and distribute it to
Clear Channel&#146;s shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The disinterested directors then determined not to accept the new terms and structure
submitted by the Fincos. In doing so, the disinterested directors noted that the increase in merger
consideration was only 0.5% more than currently provided for and the change in structure would
require a delay in the date of the special meeting of up to 90&nbsp;days with no material increase in
certainty that the transaction would be approved by Clear Channel&#146;s shareholders. Further, it was
noted that, since the announcement on April&nbsp;18, 2007 of the increase in merger consideration from
$37.60 to $39.00 per share, significant shareholders of Clear Channel (including the Highfields
Funds) had privately or publicly made known their opposition to the merger at $39.00 per share and
their lack of interest in shares of capital stock of the surviving corporation following the
merger; two of the country&#146;s leading institutional proxy advisory services, Institutional
Shareholder Services and Glass Lewis &#038; Co., had recommended against the merger transaction, stating
that the $39.00 per share purchase price is too low; and tabulated proxies received by the Clear
Channel board of directors reflected at the time of the meeting a vote against the merger of more
than the required 1/3 of the outstanding shares necessary to defeat the merger proposal. The board
decided to convene the special meeting of shareholders scheduled to take place on May&nbsp;8, 2007 and
allow the shareholders to vote on the existing merger proposal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Between May&nbsp;3, 2007 and May&nbsp;7, 2007, the Fincos engaged in discussions with the board of
directors and its representatives regarding the terms summarized in the term sheet submitted on May
2, 2007. In addition, a number of shareholders of Clear Channel, including some of its largest
shareholders, contacted members of the board of directors and requested the board to delay the date
of the special meeting to provide the shareholders an opportunity to consult with the board on the
proposed change in structure and terms. At a meeting convened on May&nbsp;7, 2007 by telephone, the
board of directors (with Messrs.&nbsp;L. Lowry Mays, Mark P. Mays, Randall T. Mays and B.J. McCombs
recused from the vote), determined to reschedule the special meeting to May&nbsp;22, 2007 at 8:00 a.m.,
Central Daylight Time, to allow the board of directors sufficient time to complete its discussions
with the Fincos, consult with its significant shareholders and further develop the Fincos&#146; proposal
to issue &#147;stub equity&#148; in the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the period from May&nbsp;7, 2007 through May&nbsp;17, 2007, members of the board of directors had
discussions with the most significant shareholders of Clear Channel (in terms of holdings),
including a majority of the ten shareholders with the largest holdings. In these discussions, a
substantial majority of these shareholders requested that the board of directors negotiate a stock
election as part of the merger terms and submit the revised structure to the shareholders for a
vote. This was the first time that the board received communications from a broad group of its
shareholders expressing a willingness to consider a stock election. The Highfields Funds had
previously rejected a suggestion that certain institutional shareholders be given an opportunity to
rollover shares of Clear Channel common stock into Holdings and other large shareholders had
expressed a lack of interest in a public equity stub. The Highfields Funds and some of these other
shareholders were among the shareholders who now requested the board of directors to negotiate a
stock election to be made available to all shareholders. These shareholders did not state
definitively their reasons for a change of opinion with respect to a stock election; however, some
shareholders disclosed to members of the board of directors and management
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">that they viewed certain terms included in the May&nbsp;2, 2007 term sheet as favorable, including
the size of the stock election, the limitations on the fees to be paid to the Fincos in the merger,
the limitations on affiliate transactions and the inclusion of independent directors on the board
of directors of Holdings. During this period Akin Gump and Ropes &#038; Gray negotiated the terms of a
proposed form of Amendment No.&nbsp;2 to the merger agreement. Key terms addressed in these negotiations
included the organizational structure of the buying group, terms of the stock election, the
treatment of shares of common stock and options to purchase common stock held by members of the
board of directors, limitations on the fees payable to the Fincos and their affiliates in
connection with the merger and the inclusion of at least two independent directors on the board of
directors of Holdings following the merger. The board of directors met on May&nbsp;14, 2007 to receive
an update on the status of discussions with shareholders and the Fincos and its counsel on the form
of amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;17, 2007, the Clear Channel board of directors convened a special meeting by telephone,
at which each of the directors was present. Representatives of Akin Gump and Goldman Sachs were
also present. Goldman Sachs and Akin Gump summarized the terms of a proposed amendment to the
merger agreement, which we refer to as Amendment No.&nbsp;2 in this proxy statement/prospectus and the
history of the negotiations on the terms of the amendment. Certain members of the board of
directors summarized various conversations that were had with various shareholders of Clear
Channel, including some of its largest shareholders, in which a substantial majority of such
shareholders requested the board of directors to amend the merger proposal to include a stock
election and submit the revised terms to the shareholders for a vote. The breadth of shareholder
support for such an amendment was sufficient to overcome the prior concerns regarding the delay in
the vote that would result in a determination to include a stock election in the terms of the
merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the proposed Amendment No.&nbsp;2, at the effective time of the merger, each
outstanding share of Clear Channel common stock and net electing option shares, other than shares
owned by Clear Channel, Merger Sub, the Fincos, Holdings, any shareholders who are entitled to and
who properly exercise appraisal rights under Texas law and by the holders of certain securities
that will be &#147;rolled-over&#148; into securities of Holdings, will be cancelled and converted into the
right to receive $39.20 in cash plus the additional consideration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As an alternative to receiving the $39.20 per share cash consideration, Clear Channel&#146;s
unaffiliated shareholders and optionholders would be offered the opportunity to exchange up to
approximately 30,612,245 shares of outstanding Clear Channel common stock and Net Electing Option
Shares in the aggregate for an equal number of shares of Holdings Class&nbsp;A common stock
(representing approximately 30% of the outstanding capital stock and voting power of Holdings
immediately following the merger). In addition, no Clear Channel shareholder would be allocated a
number of shares of Holdings Class&nbsp;A common stock representing more than 9.9% of the outstanding
capital stock of Holdings immediately following the merger. The proposed Amendment No.&nbsp;2, as
presented to the board of directors of Clear Channel, included the other terms and conditions
summarized in this proxy statement/prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Akin Gump reviewed with Clear Channel&#146;s board of directors its fiduciary
duties in the context of a review of the proposed Amendment No.&nbsp;2. In particular, they reported
that, under Texas law, the board of directors may submit a merger proposal to its shareholders
without a recommendation or, if submitted with a recommendation, may qualify that recommendation in
any manner the board determines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Goldman Sachs made a presentation to Clear Channel&#146;s board of directors
regarding an analysis of the financial terms of the proposed cash consideration of $39.20 per share
that holders of Public Shares could elect to receive pursuant to the proposed Amendment No.&nbsp;2. As
part of that presentation, Goldman Sachs stated that it would not be expressing any opinion as to
the value of the Holdings Class&nbsp;A common stock or the prices at which the Holdings Class&nbsp;A common
stock may trade if and when they are issued or whether any market would develop for the Holding
Class&nbsp;A common stock. During the discussion that followed, the board of directors noted the risks
associated with the Holdings Class&nbsp;A common stock and the likely reduced liquidity in the stock
compared to that currently available to shares of Clear Channel common stock. Further, the board of
directors took note of the fact that, under the proposal, each shareholder could elect to receive
the Cash Consideration and any Stock Election would represent a voluntary investment decision by
the shareholder so electing and that the Stock Election is responsive to those shareholders that
have expressed a desire to retain an equity position in the surviving corporation following the
merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following these discussions, each of Messrs.&nbsp;Mark P. Mays, Randall T. Mays, L. Lowry Mays and
B. J. McCombs then recused themselves from the meeting and the disinterested directors continued
their deliberations. Goldman Sachs then delivered to Clear Channel&#146;s board of directors its oral
opinion (subsequently confirmed in writing), that as of the date of its opinion, and based upon and
subject to the factors and assumptions therein, the Cash Consideration of $39.20 per share that
holders of Public Shares can elect to receive pursuant to the merger agreement was fair from a
financial point of view to such holders.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
 </DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the execution of the original merger agreement, the disinterested members
of Clear Channel&#146;s board of directors formed a special advisory committee comprised of three
disinterested and independent members of the board, with the purpose of providing its assessment as
to the fairness of the terms of the original merger agreement and to provide its assessment in the
event Clear Channel receives a Competing Proposal. The special advisory committee was not requested
by the independent directors to separately assess the proposed Amendment No.&nbsp;2, as the amendment
does not constitute a Competing Proposal. As a consequence, Lazard, financial advisor to the
special advisory committee, was not requested to provide an opinion with respect to the proposed
amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s board of directors (excluding Messrs.&nbsp;Mark P. Mays, Randall T. Mays, L. Lowry
Mays and B. J. McCombs who had recused themselves from the deliberations) then considered the
proposed Amendment No.&nbsp;2 and the transactions contemplated thereby and approved and adopted
Amendment No.&nbsp;2. Following a discussion of the Goldman Sachs presentation and the proposed
amendment, Clear Channel&#146;s board of directors:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>determined that the merger agreement and the merger are advisable and in the best
interest of Clear Channel&#146;s shareholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approved and adopted the merger agreement and the merger; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unanimously recommended that Clear Channel&#146;s shareholders approve and adopt the merger
agreement and the merger.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The recommendation of the board of directors was limited to the cash consideration to be
received by shareholders in the merger. The board of directors made no recommendation as to whether
any shareholder should make a Stock Election and made no recommendation regarding the Class&nbsp;A
common stock of Holdings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel held a special meeting of its shareholders on September&nbsp;25, 2007 to consider
and vote upon a proposal to approve and adopt the merger agreement and the merger. The proposal
was approved, with 364,084,022 shares voting in favor of the proposal and 5,814,983 voting against.
There were 3,227,672 abstentions and 124,769,494 shares were not voted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From September&nbsp;25, 2007 through March&nbsp;26, 2008, Clear Channel and the Fincos worked
cooperatively to fulfill the conditions to closing the merger. On December&nbsp;17, 2007, Clear Channel
issued a press release announcing that it was commencing a cash tender offer and consent
solicitation for its outstanding $750,000,000 principal amount of the 7.65% senior notes due 2010
on the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement
dated December&nbsp;17, 2007. Clear Channel also announced on that date that its subsidiary, AMFM
Operating Inc., was commencing a cash tender offer and consent solicitation for the outstanding
$644,860,000 principal amount of the 8% senior notes due 2008 on the terms and conditions set forth
in the Offer to Purchase and Consent Solicitation Statement dated December&nbsp;17, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;24, 2008, the FCC granted Applications for Consent to the Transfer of Control of
Clear Channel as contemplated by the merger agreement. This order by the FCC constituted the FCC
Consent that was a condition to closing of the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;13, 2008, Clear Channel agreed with the DOJ to enter into a Final Judgment and
Hold Separate Agreement in accordance with and subject to the Tunney Act. Pursuant to the
judgment, Clear Channel was ordered to hold separate and ultimately divest certain radio assets
from and after the closing of the merger. The applicable waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 expired at 11:59 PM EST on Wednesday, February
13, 2008. Following such time, there were no remaining regulatory approvals needed to close the
merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From September&nbsp;2007 through March&nbsp;2008, Clear Channel and the Fincos were cooperating with and
providing assistance to the Banks in connection with the syndication and marketing of the credit
commitments, including the provision of Required Financial Information, as that term is defined in
the merger agreement. In addition Clear Channel periodically provided to the Fincos and the
Sponsors operating data and updates to Clear Channel&#146;s models and internal forecasts of future
operating results. During
this period, the Sponsors periodically provided reports to Mr.&nbsp;Mark
P. Mays and Mr.&nbsp;Randall Mays regarding the status of discussions
with the Banks. In particular, it was disclosed that, in light of the
deteriorating credit markets, the Banks had sought concessions from
the Sponsors with respect to the terms of the credit facilities. In
support of their request, the Banks estimated in late January 2008
that they would incur substantial losses of approximately $2.65
billion, if they were required to fund the loans on the terms
summarized in the credit commitments. The Sponsors refused to agree to
the requested concessions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear
Channel completed delivery of the Required Financial Information
resulting in the commencement of the debt-marketing period under the
merger agreement, with a scheduled expiration date of March&nbsp;26,
2008. The Sponsors and the Fincos provided notice to Clear Channel that
the closing of the merger was scheduled for that same day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From February&nbsp;2008 through March&nbsp;26, 2008, the Banks and the Fincos were finalizing the credit
facilities documentation required by the debt commitments delivered in connection with the second
amendment to the merger agreement. During this period, counsel for the respective parties
exchanged drafts of the credit facilities documentation as well as memoranda and other
communications
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">expressing their respective views on the terms and conditions required by the debt commitment
letters. At March&nbsp;26, 2008, the Banks and the Fincos had not reached an agreement with respect to
the terms and conditions of such documentation required by the debt commitment letters. The Banks
had last presented a complete set of credit facilities documentation dated March&nbsp;18, 2008 (the
<B>&#147;<B><I>March&nbsp;18 Documentation</I></B>&#148;</B>), which they represented was consistent with the terms of the debt
commitment letters. The Fincos reported to Mr. Mark P. Mays and Mr. Randall T. Mays that they had rejected the terms contained in the March 18 Documentation.
The March 18 Documentation contained (i) restrictions on Clear Channel&#146;s ability to pay  certain existing indebtedness that matured prior to
the maturity of the proposed credit facilities, (ii) restrictions on
extensions or modifications to the existing intercompany note with Clear Channel
Outdoor, and (iii) financial and operating covenants that placed unexpected restrictions on Clear Channel following the
closing. The Fincos informed Messrs. Mark P. Mays and Randall T. Mays that they had advised the Banks that these terms were
unacceptable and, in their view, inconsistent with the debt commitment letters. The Fincos presented a complete set of credit facilities
documentation dated March&nbsp;26, 2008 (the
&#147;<B><I>March&nbsp;26 Documentation</I></B>&#148;) reflecting terms they would agree to and which they represented was
consistent with the terms of the debt commitment letters. Clear
Channel and the Fincos accordingly believed at that stage that the Banks would not agree
to the terms reflected in the March 26 Documentation and the Sponsors would not agree to the terms reflected in the March 18
Documentation and that neither party was willing to agree to further compromises.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;26, 2008, Merger Sub and the Fincos filed an action against the Banks in the Supreme
Court of the State of New York, County of New York, captioned BT Triple Crown Merger Co., Inc., et
al., v. Citigroup Global Markets Inc., et al., Index No.&nbsp;08/600899 (the &#147;<B>New York Action</B>&#148;),
alleging breach of contract and other state-law causes of action arising from the Banks&#146; alleged
failure to provide committed financing in support of the proposed merger. The New York Action
proceeded through a number of pre-trial hearings, and a trial would
later commence on May&nbsp;13, 2008. The Banks added Clear Channel
and Holdings, the plaintiffs in the Texas Actions (as defined below) as
third party defendants to the Banks&#146; counterclaims in the New York
Action. Such counterclaims were dismissed by the New York courts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March 26, 2008, Holdings and Clear Channel filed an action against the Banks in the
District Court of the State of Texas entitled Clear Channel Communications, Inc. and CC Media
Holding, Inc. v. Citigroup Global Markets, Inc., et. al., (the
<B>&#147;Texas Actions</B>&#148; and collectively with the New York Action, the &#147;<B>Actions</B>&#148;) asserting a claim of
tortious interference against each of the defendants based upon allegations that the defendants
intentionally interfered with the merger agreement, as in effect prior to Amendment No.&nbsp;3, in an
effort to prevent Clear Channel, Merger Sub, the Fincos and Holdings from consummating the merger.
Clear Channel sought an injunction prohibiting the defendants from engaging in the specified acts
of interference and, alternatively, damages. The Banks filed an
Application for Mandamus in the Texas Supreme Court, arising out of
the trial courts&#146; denial of the Banks&#146; Motion to Dismiss. Trial on all other issues was scheduled
for June&nbsp;2, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;27, 2008, the parties convened by telephone conference call for the previously
scheduled closing. Representatives of, and counsel for, the Fincos, Holdings and Merger Sub, on
the one hand, and Clear Channel, on the other hand, were present. Representatives of, and counsel
for, the Banks had been invited but were not in attendance. All of the documentation necessary to
close the merger (other than the credit facilities documentation) was complete and the
representatives of each of the Fincos, Holdings, Merger Sub and Clear Channel confirmed that they
were prepared and willing to close the merger. The closing did not occur due to a lack of
financing from the Banks. Under the terms of the merger agreement, Clear Channel had from that
date forward the option of terminating the merger agreement due to the fact that the merger had not
closed on or prior to the expiration of the debt-marketing period under the merger agreement.
Clear Channel did not exercise its right to terminate the merger agreement. If it had, it would
have been entitled to a $500&nbsp;million reverse termination fee under the terms of the merger
agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During this period, Clear Channel&#146;s management requested, and received, periodic assessments from Clear Channel&#146;s lawyers
regarding developments with respect to attempts to close the merger and with respect to the New York Action and the Texas Actions.
Management provided updates to the board of directors at board meetings held on March 25, 2008, March 28, 2008 and April 28,
2008, as well as in phone calls with individual directors between meetings. The consensus of Clear Channel&#146;s board of directors was
the primary objective of the company should be to seek a closing of the merger on the terms contained in the merger agreement. It
was recognized that, while the outstanding litigation might provide incentives to achieve this result through negotiated settlement, the
ability to achieve this result from the court actions themselves was highly uncertain. While the Texas Action provided an opportunity
for Clear Channel to seek compensation for damages for tortious
interference if the merger did not close, it did not provide an opportunity to seek specific performance of the
merger agreement and debt commitments and damages could be difficult
to prove.
Moreover, the defendants in the Texas Action had moved for an order
seeking to limit any damages payable by them to Clear Channel or
Holdings to no more than $500 million based upon provisions of the
merger agreement. The Fincos were seeking specific performance in the New York Action. However, the
claim for specific performance was not supported by clear legal
precedent and consequently was highly uncertain to succeed. Even if
the claim for specific performance was successful, there was no assurance that the Fincos could actually close on the original terms of the merger agreement. A judgment in favor of the
Fincos would likely be appealed and given the time involved in the appellate process, it would be unlikely that a closing could be
achieved before the expiration of the debt commitment letters on June 12, 2008. In addition, Clear Channel&#146;s board of directors was
aware that Clear Channel's only remedy under the merger agreement
for breach was to terminate the merger agreement and seek payment of
a $500 million termination fee from the Sponsors. In this respect they
considered wide-spread press reports and statements from the Banks
speculating that the Sponsors did not intend to close the
transaction, as well as the statements by  the Sponsors, both
publicly and in private, that such speculation was false.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;2008, Mr.&nbsp;Mark P. Mays placed phone calls to the Chief Executive Officers of each of
the Banks. As a result of those calls, Mr.&nbsp;John Mack, Chief Executive Officer of Morgan Stanley,
and Mr.&nbsp;Mark P. Mays spoke by telephone. During the phone call, Mark P. Mays suggested a meeting
among the Banks, the Sponsors and Clear Channel to discuss the possibility of opening settlement
discussions regarding the Actions. There was no discussion of the terms of any settlement during
that telephone call.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;22, 2008, Cahill Gordon Reindel LLP, counsel for the Banks, sent a letter to the
Fincos, Holdings and Clear Channel proposing binding arbitration to resolve the material open
issues reflected in the March&nbsp;18 Documentation and March&nbsp;26 Documentation. Later that same day,
the Sponsors rejected the Banks&#146; offer of binding arbitration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;26, 2008, a partner at Cahill Gordon, counsel for the Banks, contacted a partner at
Akin Gump. During the call, Cahill Gordon informed Akin Gump that, in response to Mr.&nbsp;Mark P.
Mays&#146; telephone call, the Banks would be willing to meet with the Sponsors and representatives of
Clear Channel. The parties negotiated and then executed and delivered among themselves a letter
agreement pursuant to which they agreed that any such discussions would constitute settlement
discussions and not be admissible in any lawsuit among them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;1, 2008, representatives of the Sponsors, the Banks and Clear Channel met in White
Plains, New York. In attendance were Messrs.&nbsp;Mark P. Mays and Randall T. Mays, of Clear Channel,
and representatives of each of the Sponsors and each of the Banks. The parties discussed various
alternatives to the pending litigation, including binding arbitration of the disputes, but were
unable to reach agreement. Messrs.&nbsp;Mark P. Mays and Randall T. Mays indicated that Clear Channel
would agree to binding arbitration only if the range of outcomes was limited to the funding of the
credit facilities (on terms determined by the arbitrator) and the closing of the merger or a
termination of the merger agreement with a substantial payment of damages on Clear Channel&#146;s Texas
Actions. The Sponsors were willing to agree to an arbitration if one of the outcomes would
require them to close the merger agreement on the March&nbsp;18
Documentation and if the Banks were
willing to agree to the payment of substantial damages in that
circumstance. At the
conclusion of the meeting, the representatives of the Sponsors and the Banks arranged to meet
again on May&nbsp;4, 2008 for further discussions.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;4, 2008, representatives of the Sponsors and the Banks met in White Plains, New York.
At the meeting, various alternatives to the pending litigation were discussed, including a
continuation of the discussion on binding arbitration. At the meeting, the Banks suggested that
the Sponsors and Clear Channel consider a settlement of the New York Action and the Texas Actions
in the context of revised terms for the debt financing. Specifically, the Banks proposed a
complete settlement of all litigation in consideration of the Banks agreeing to fund substantially
on the terms of the March&nbsp;26 Documentation and the Sponsors and Clear Channel agreeing to a
reduction in the aggregate principal amount of the debt by $3&nbsp;billion and an increase in the
interest rate and other fees over all classes of the debt. The Sponsors replied that they were not
willing to consider an increase in the amount of their equity commitments. Consequently, any
reduction in the principal amount of the debt would require a decrease in the purchase price. A $3
billion reduction in purchase price would imply a per-share purchase price of approximately $33.20.
The Sponsors indicated that they would present the Banks&#146; proposal to Clear Channel, which they
did following the conclusion of the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After consulting with Messrs.&nbsp;Alan Feld and L. Lowry Mays, Messrs.&nbsp;Mark P. Mays and Randall T.
Mays responded to the Sponsors that the Banks&#146; proposal would not be supported by the board of
directors of Clear Channel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the week of May&nbsp;5, 2008, discussions were held among the Sponsors and representatives
of Highfields Capital Management, Clear Channel&#146;s largest shareholder and a party to a voting
agreement in support of the merger agreement, and
Messrs.&nbsp;Messrs. Mark P. Mays and Randall T. Mays. During those
discussions representatives of Highfields Management indicated that they might be willing to
support a lesser purchase price at a lower amount than proposed by the Banks if it were to settle
the outstanding litigation and allow the parties to proceed with certainty to a closing of the
transaction. Messrs.&nbsp;Mark and Randall T. Mays indicated that they were not prepared to discuss
price but that any proposal from the Sponsors and the Banks would need to address terms which would
provide enhanced certainty that a closing of the merger would occur if the Requisite Shareholder
Approval were obtained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;6, 2008, Mr.&nbsp;Jonathon Jacobson of Highfields Management
spoke with Mr.&nbsp;Michael Petrick, Head of Trading of
Morgan Stanley in an effort to reach a compromise between the Sponsors, the Banks and Clear
Channel. At such time Mr.&nbsp;Jacobson stated that the Banks&#146; proposed $3&nbsp;billion price reduction was
unacceptable to Highfields Management, but that Highfields Management would support a revised
transaction under certain conditions that assured closing of the merger subject only to an
affirmative shareholder vote. After some discussion, Mr.&nbsp;Petrick indicated his belief that the
Banks would be willing to close the merger under the terms of the March&nbsp;26 Documentation in
exchange for an aggregate debt reduction of $2&nbsp;billion and an interest rate increase of fifty basis
points on all of the debt. Mr.&nbsp;Jacobson indicated that Highfields Management would not support a
price reduction of $2&nbsp;billion but would support a price reduction of $1.5&nbsp;billion, a further debt
reduction of $250&nbsp;million funded by Clear Channel&#146;s cash flow in 2008, and an increase of
twenty-five basis points on the debt. Further, Mr.&nbsp;Jacobson stated that Highfields Management&#146;s
support would be conditioned on both the Banks&#146; lending commitments and the Sponsors&#146; equity being
fully funded into escrow upon execution of a revised merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the morning of May&nbsp;9, 2008, representatives of the Sponsors contacted Mr.&nbsp;Mark P. Mays and
told him to expect a term sheet for a potential settlement that they
believed would reflect input from the Banks and Highfields
Management and would be responsive
to the concerns previously expressed by Messrs.&nbsp;Mark P. Mays and Randall T. Mays. The Sponsors
indicated that if the parties could negotiate and agree upon the terms of a settlement, it was
their intent that an amendment to the merger agreement and the other necessary legal documentation
would be completed prior to the commencement of the trial in the New York Action on Monday morning,
May&nbsp;12, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A special meeting of the Clear Channel board was held by telephone during the afternoon on May
9, 2008 (attended by each of the directors other than J.C. Watts), which representatives of Goldman
Sachs, Akin Gump and Sullivan &#038; Cromwell&nbsp;LLP (counsel to Goldman Sachs) also attended. Mr.&nbsp;Mark P.
Mays updated the board of directors regarding events that had transpired over the course of the
last couple of weeks. Akin Gump reviewed the Clear Channel directors&#146; fiduciary duties in
considering an amendment to the merger agreement. During the course of the meeting, Mr.&nbsp;Mark P.
Mays received a draft term sheet for a proposed settlement from the
Sponsors that reflected input from all parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among other things, the Sponsors&#146; term sheet proposed the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a merger price of $36 per share (with no additional per share consideration and the
cessation of the payment of all dividends);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the rollover by Lowry Mays of up to $200&nbsp;million of Clear Channel common stock;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->96<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a provision that would require up to $500&nbsp;million of Clear Channel shares for which a
cash election was made be exchanged for shares of Holdings Class&nbsp;A common stock if
necessary to provide the required equity at close; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>equity commitments by the Sponsors of up to $2.4&nbsp;billion.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term sheet also contemplated that the March&nbsp;26 draft of the loan documents would be
executed with the following changes:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>total debt would be reduced by $1.75&nbsp;billion;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interest rate margins on the senior secured credit facilities would be increased by 40
basis points;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>funding conditions would be limited to closing of the merger and delivery of final loan
documents; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enhanced enforcement rights on the part of the Sponsors and Clear Channel.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Throughout the period from May&nbsp;6, 2008, through May&nbsp;13, 2008, representatives of Highfields
Management held ongoing discussions with the Banks, the Sponsors and Clear Channel regarding the
terms and conditions of an amended merger agreement,the terms of an
amended voting agreement, the terms of an escrow agreement and
related matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the settlement, it was proposed that the Highfields Funds would agree to
exchange in the stock election shares of Clear Channel common stock having a value of at least $400
million at the $36.00 per share revised merger price. It was also proposed that the Abrams
Investors would agree to exchange in the stock election shares of Clear Channel common stock having
a value of at least $100&nbsp;million at the $36.00 per share merger price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors instructed Akin Gump to respond to Ropes &#038; Gray on the term sheet by
indicating that the board was unwilling to consider any amendment to the merger agreement that did
not provide certainty for the shareholders (assuming a favorable shareholder vote) that a
transaction would close on the terms of the amended merger agreement. Akin Gump was instructed to
propose modifications to the term sheet that reflected this intent and communicate them to Ropes &#038;
Gray. Specifically they were instructed to inform Ropes &#038; Gray that the board had not addressed
the proposal to modify the merger price and did not intend to do so until terms were agreed that
satisfactorily addressed the board&#146;s concern regarding certainty. Further, Akin Gump was
instructed to inquire as to whether the Banks had agreed to the terms reflected in the term sheet
and to inform Ropes &#038; Gray that the board and Akin Gump would not be negotiating the requested
rollover of $200&nbsp;million of shares by Mr.&nbsp;L. Lowry Mays (which would be addressed separately by Mr.
Mays and his representatives). The board determined that, in light of the history of the
negotiations on the amendment, the relatively short time before the trial of the New York Action
was scheduled to commence and the fact that none of the terms proposed by the Sponsors presented
conflicts on the part of Messrs.&nbsp;Mark P. Mays and Randall T. Mays, Messrs.&nbsp;Mark P. Mays and Randall
T. Mays should continue in their role of leading negotiations with the Sponsors and the Banks. The
board of directors requested that, in doing so, they consult with Messrs.&nbsp;Alan Feld and Perry Lewis
pending formal meetings of the board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akin Gump conveyed the board&#146;s instructions to Ropes &#038; Gray by conference call later during
the day on May&nbsp;9, 2008. In this connection, Akin Gump proposed the following modifications to the
principal terms:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None of the Clear Channel shares of common stock for which cash elections are made
should be exchanged for shares of Holdings Class&nbsp;A common stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There should be no condition to closing of the merger agreement or debt or equity
funding other than the Required Shareholder Approval and the absence of an injunction
against closing the merger.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Sponsors should have no right to terminate the merger agreement other than as a
result of a failed shareholder vote.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The reverse termination fee payable by Merger Sub under the circumstances described in
the merger agreement should be increased over the existing $500&nbsp;million.</TD>
</TR>


</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Additional per share consideration should begin to accrue at 8% per annum if the closing
had not occurred on or prior to September&nbsp;30, 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The definitive debt agreements should be executed concurrently with the amended merger
agreement (in lieu of debt commitments).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel should be a named third party beneficiary with full rights to specific
performance with respect all of the transaction documents.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All equity and debt commitments should be funded into escrow at the signing of the
amended merger agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel should be paid the reverse termination fee in the event that the
shareholders of Clear Channel do not approve the transaction.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A revised term sheet was received by Akin Gump from Ropes &#038; Gray during the morning on May&nbsp;10,
2008, with a copy distributed to each of the directors. The revised term sheet reflected
agreement that the debt agreements would be executed concurrently with an amended merger agreement,
that Clear Channel would be a named third party beneficiary and that all equity and debt
commitments would be funded into an escrow account. Although a number of the conditions to closing
had been eliminated (including the &#147;material adverse change&#148; or &#147;MAC&#148; condition), closing was still
conditioned upon material compliance with covenants (in addition to receipt of the Required
Shareholder Approval and no injunction) and Clear Channel was not provided a right of specific
performance. Further, the term sheet included a term requiring the New York Actions and the Texas
Actions to be dismissed with prejudice and releases exchanged upon funding of the escrow accounts.
In addition, upon inquiry by Akin Gump, it was not clear that the Banks had agreed to the terms
proposed in the term sheet. There was no change with respect to the terms relating to the cash
election, payment of dividends, or additional per share consideration that had been previously
proposed by the Sponsors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A special meeting of the Clear Channel board was held by telephone during the afternoon on May
10, 2008 (attended by each of the directors other than Ms.&nbsp;Phyllis Riggins and Mr.&nbsp;John Zachry),
which representatives of Goldman Sachs, Akin Gump and Sullivan &#038; Cromwell also attended. Mr.&nbsp;Mark
P. Mays and Mr.&nbsp;Frank Reddick of Akin Gump updated the board of directors regarding the
negotiations and the board discussed the revised term sheet. The board instructed Goldman Sachs
and Akin Gump to inform the Sponsors and Ropes &#038; Gray, that while substantial progress had been
made, the board remained insistent that none of the shares of Clear Channel common stock for which
a cash election is made should be forced to exchange for shares of Holdings Class&nbsp;A common stock;
there should be no conditions to closing based on compliance with material covenants; the sponsors
should not be able to terminate the merger agreement except following a failed shareholder vote;
the board sought an increase of the reverse termination fee to $1&nbsp;billion; additional per share
consideration should be payable after September&nbsp;1, 2008; Clear Channel should have full rights to
specific performance; and that Clear Channel expected to be paid the reverse termination fee in the
event that shareholder vote was not obtained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board then considered the proposed amendment to the merger price. After evaluating the course of action
available to the board, the board concluded that the only course of action that would result in a high probability of closing a merger
was a negotiated settlement of the litigation. Clear Channel did not have a contractual right to obtain specific performance of the
merger agreement and the debt commitments and consequently could not obtain a court order itself mandating a closing. While the
Fincos were pursuing specific performance in the New York Action, as a practical matter, for the reasons discussed above, it was not
likely that they would be successful in time to allow for a closing. The Texas Actions provided an opportunity to obtain compensation
for damages but did not provide for an opportunity to obtain a court ordered closing and there were significant procedural and
substantive challenges to obtaining a significant damage claim. In addition, the board was of the view that the failure to close the
merger was likely to result in a trading value of the Clear Channel
common stock substantially below the merger price and recent trading
ranges. The board then
reviewed the discussions that management had recently had with some of Clear Channel&#146;s major shareholders, including Highfields, regarding pricing of a revised merger agreement that they would support. The board then determined to
suggest a merger price of $37.60 per share and instructed Akin Gump and Goldman Sachs to inform the Sponsors and Ropes &#038;
Gray that if the board&#146;s requests regarding certainty were met, the board would consider a merger
price of $37.60 per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later that evening a telephone conference was held among Goldman Sachs, Akin Gump,
representatives of the Sponsors and Ropes &#038; Gray. Also attending were Messrs.&nbsp;Alan Feld and Perry
Lewis. Goldman Sachs and Akin Gump communicated the board&#146;s instructions. During the conference
call, the Sponsors stated that they were agreeable to further limiting the conditions to closing
and the Sponsors&#146; termination rights; an increase in the reverse termination fee to $600&nbsp;million
once the escrow was funded; and providing Clear Channel with rights to specific performance. The
Sponsors indicated, however, that they were unwilling to provide any equity over the $2.4&nbsp;billion
provided for in the revised equity term sheet. Consequently based on
the Banks&#146; position a price higher than $36.00 was not possible.
The Sponsors cited the Banks&#146; reference to the decline in Clear Channel&#146;s results of
operations compared to management&#146;s previously delivered financial forecasts; the increased cost of
the debt financing; changes in the mergers &#038; acquisitions and debt markets; and general trends in
the radio and outdoor advertising industry. In addition, they reminded the Clear Channel parties
that the $36.00 price reflected an increase over the $33.20 originally proposed by the Banks. For
the same reasons, the Sponsors rejected the provision for payment of Additional Per Share
Consideration and the elimination of the conversion of up to $500&nbsp;million of Clear Channel shares
of common stock for which a cash election was made into shares of Holdings Class&nbsp;A common stock if
necessary to complete the equity needed for closing.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the morning of May&nbsp;11, 2008, Ropes &#038; Gray distributed to Akin Gump a complete set of
transaction documents, including a form of settlement agreement, amendment to the merger agreement
and escrow agreement. During the period from May&nbsp;11, 2008 to May&nbsp;13, 2008 Akin Gump, Ropes &#038; Gray
and Cahill Gordon continued to negotiate the terms and forms of the transaction documents by
exchange of emails and telephone conference calls. Also participating in some of these calls were
the parties&#146; respective litigation counsel. Key terms addressed in these calls included the
operating covenants included in the amended merger agreement; the timing and release of funds from
the escrow account; termination and dispute resolution provisions; the timing of the dismissal of
the Actions and the terms of the releases; the structure and amount of the reverse break up fees
and the payment of expenses; and the remedies of Clear Channel in the event of a breach. Cahill
Gordon and Ropes &#038; Gray also were working on the definitive loan documentation in a parallel
process.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A special meeting of the Clear Channel board was held by telephone during the morning of May
11, 2008 (attended by each of the directors), which representatives of Goldman Sachs, Akin Gump and
Sullivan &#038; Cromwell also attended. Goldman Sachs, Akin Gump, Messrs.&nbsp;Alan Feld and Perry Lewis
updated the board of directors regarding the negotiations and the board discussed the status of the
negotiations. Akin Gump informed the board that it had opened up direct negotiations with Cahill
Gordon and that Cahill Gordon was asserting that some of the positions that had been previously
agreed to by the Sponsors were not agreeable to the Banks. In particular, Cahill Gordon indicated
that the Banks had certain objections to funding the escrow agreement and objected to providing
Clear Channel with third party beneficiary rights and rights to specific performance of the debt
agreements. The board of directors instructed Goldman Sachs and Akin Gump to continue negotiations
with the Sponsors and the Banks as previously instructed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A special meeting of the Clear Channel board was held by telephone during the evening of May
11, 2008 (attended by each of the directors), which representatives of Goldman Sachs, Akin Gump and
Sullivan &#038; Cromwell also attended. Goldman Sachs and Akin Gump updated the board of directors
regarding the negotiations and the board of directors discussed the status of the negotiations. At
the request of Mr.&nbsp;Mark P. Mays, Akin Gump reviewed the status of the Actions and provided its
assessment of the merits of the cases of the parties in each such action. Akin Gump informed the
board of directors that, while the Sponsors&#146; and Clear Channel&#146;s claims had legal merit, the
actions presented complex litigation issues, some of which had not been litigated previously in
similar circumstances in the relevant courts. Therefore there was no clear precedent and
consequently there was material uncertainty with respect to the outcome of those actions and, even
if the plaintiffs prevailed, the remedies that would be awarded by the courts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs then summarized the financial terms of the proposal received from the Sponsors.
The board of directors then discussed the financial terms of the proposal and asked questions of
management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors then instructed Goldman Sachs and Akin Gump to communicate to the
Sponsors that the price and structure of the merger proposed by the Sponsors would be considered
favorably if the board of directors were comfortable with the terms that impacted the certainty of
consummating the transaction. The board of directors then instructed Akin Gump and Goldman Sachs
to continue negotiations with the Sponsors and the Banks as previously instructed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During negotiations during the evening of May&nbsp;11, 2008 and early morning of May&nbsp;12, 2008, the
Banks agreed to fund the debt financing into an escrow account and to provide for the remedy of
specific performance on the part of Clear Channel in the event of a breach. In addition, the
parties reached agreement on the terms of the monetary penalties that would be payable in the event
of a failure to fund the required amounts into escrow and the timing of the dismissal of the New
York Actions and the Texas Actions and delivery of releases. The price and structure of the merger
were agreed to and the Sponsors agreed to the specific performance of their equity commitments and
the merger agreement. Open issues remained with respect to the property permitted to be deposited
into the escrow to satisfy the funding obligations of the Banks and the Sponsors, the terms of the
operating covenants, and the circumstances in which the Sponsors would be paid their expenses if
the merger did not close.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the morning of May&nbsp;12, 2008, the parties agreed to mutually seek stays of the proceedings
in the New York Action and the Texas Actions scheduled for May&nbsp;12, 2008 for one day in order to
allow the parties an opportunity to reach agreement on the open issues in the negotiations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the day and throughout the evening of May&nbsp;12, Akin Gump, Ropes &#038; Gray and Cahill Gordon
finalized the terms of the separate agreements to be entered into by the parties in connection with
the amendment to the merger agreement. In addition, during this time period, Mr.&nbsp;L. Lowry Mays and
his counsel reached agreement with the Sponsors with respect to the terms of his equity rollover.
During this period, Akin Gump and Messrs.&nbsp;Mark P. Mays and Randall T. Mays consulted frequently
with Messrs.&nbsp;Alan Feld and Perry Lewis regarding the status of the negotiations and negotiating
positions.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the evening of May&nbsp;12, 2008, Akin Gump distributed to each of the directors copies of
the settlement agreement, the amendment to the merger agreement and escrow agreement, in
substantially final form as well as a summary of their terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s board of directors convened a special meeting the morning of May&nbsp;13, 2008,
which was also attended by representatives of Akin Gump, Goldman Sachs, and Sullivan &#038; Cromwell.
Present were each of the directors of Clear Channel. Akin Gump reviewed the directors&#146; fiduciary
duties in considering an amendment to the merger agreement. Akin Gump then reviewed the final
terms of the settlement agreement, the amendment to the merger agreement and the escrow agreement.
Representatives of Goldman Sachs then made a presentation to the directors. During this
presentation Goldman Sachs orally reviewed its financial analyses of
the $36.00 per share in cash that holders of Public Shares can
receive pursuant to the merger agreement. Goldman
Sachs then rendered to the board of directors an opinion, which opinion was subsequently confirmed
in writing, to the effect that, as of that date and based upon and subject to the factors and
assumptions set forth in its opinion, the $36.00 in cash per Public
Share to be received by the holders of Public
Shares pursuant to the merger agreement was fair from a financial point of
view to such holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s board of directors, by unanimous vote, determined that the merger agreement,
as amended by the third amendment, is advisable and in the best interests of Clear Channel and its
shareholders, approved the settlement agreement, the merger agreement as amended by the third
amendment and the escrow agreement and resolved to recommend to the shareholders of Clear Channel
approval of the merger and approval and adoption of the merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The trial in the New York Action commenced during the afternoon of May&nbsp;13, 2008, and a hearing in the Texas Action also began. The Banks,
the Sponsors and Clear Channel completed work on final settlement documents later that evening and the trial in the New York Action was thereafter adjourned. As a result of the settlement, the Texas Action was also stayed. For details
concerning the current status of the New York Action and the Texas
Action, see &#147;Merger Related Litigation&#148; on page 139. For
details concerning the Settlement Agreement, see &#147;Settlement and Escrow Agreements&#148; on page 162.
</DIV>
<DIV align="left">
<A name="184"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reasons for the Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Prior Merger Agreement As Amended Through September&nbsp;25, 2007</I></B>
</DIV>

<DIV align="left">
<A name="185"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Determination of the Board of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After careful consideration, the Clear Channel board of directors, by a unanimous vote of the
disinterested directors (i)&nbsp;determined that the merger contemplated by the prior merger agreement
was advisable and in the best interests of Clear Channel and its unaffiliated shareholders, (ii)
approved, adopted and declared advisable the prior merger agreement and the transactions
contemplated thereby, (iii)&nbsp;recommended that the shareholders of Clear Channel vote in favor of the
merger and directed that such matter be submitted for consideration of the shareholders of Clear
Channel at the September&nbsp;25, 2007 special meeting of shareholders (except that the board of
directors did not, and will not, make any recommendation to the shareholders with respect to the
Stock Consideration) and (iv)&nbsp;authorized the execution, delivery and performance of the prior
merger agreement and the transactions contemplated by the prior merger agreement. <B>The board of
directors&#146; recommendation was based on the Cash Consideration to be received by shareholders in the
merger. The board of directors made no recommendation as to whether any shareholder should make a
Stock Election and made no recommendation regarding the Class&nbsp;A common stock of Holdings. </B>In so
limiting its recommendation, the board of directors noted that, under the terms of the prior merger
agreement, all Clear Channel shareholders had the right to receive the Cash Consideration (which
provides certainty of value) for all of their shares and the Stock Election was negotiated in order
to be responsive to those shareholders that had expressed a desire to retain an equity interest in
Clear Channel. A shareholder&#146;s election to retain an equity interest in Clear Channel by making a
Stock Election, however, would represent a purely voluntary investment decision on the part of the
shareholder and no shareholder would be required to retain an equity interest in Clear Channel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In reaching its decisions Clear Channel&#146;s board of directors consulted with its financial and
legal advisors, and considered a number of factors, including, but not limited to, those set forth
below:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s board of directors&#146; familiarity with the business, financial condition,
results of operations, prospects and competitive position of Clear Channel, including the
challenges faced by Clear Channel and other risks inherent in achieving Clear Channel&#146;s
plans including the risks described in &#147;Risk Factors &#151; Risks Relating to Clear Channel&#146;s
Business&#148; beginning on page 36. Included among the challenges and risks considered by the
Clear Channel board of directors were the following: the intense competition in the
industries in which Clear Channel competes and the fact that Clear Channel may not be able
to maintain or increase its current audience ratings or advertising and sales revenues; and
the potential negative impact on Clear Channel&#146;s overall revenues and profit margins in the
event of unfavorable economic conditions, shifts in population and other demographics,
increased levels of competition for advertising dollars, unfavorable fluctuations in</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>operating costs, technological changes and innovation that are occurring in Clear Channel&#146;s
industries or unfavorable changes in labor conditions or governmental regulations and
policies.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The judgment of the disinterested directors regarding the prospects of Clear Channel
based on its current and historical performance, management&#146;s projections, the
uncertainties regarding industries in which Clear Channel operates and the risks inherent
in achieving management&#146;s projections, varying public growth forecasts for the radio
industry as a whole and the difficulty of accurately predicting growth in the industry in
light of technological changes and the growth of competitive formats. Clear Channel&#146;s board
of directors concluded that, in light of the foregoing and the risks and challenges
described in the immediately preceding paragraph and the inherent nature of projections,
Clear Channel&#146;s ability to achieve management&#146;s projections is inherently uncertain.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The results of the Clear Channel board of directors&#146; review, with the assistance of
Goldman Sachs, of the strategic alternatives available to Clear Channel, including the
board of directors&#146; assessment of the risks and challenges presented by each alternative;
the potential value that each alternative could generate to Clear Channel&#146;s shareholders;
the potential disruption to Clear Channel&#146;s existing business plans and prospects
occasioned by each alternative; and the likelihood of successfully executing each such
alternative. The strategic alternatives reviewed, in addition to a leveraged buy-out
transaction, were the spin-off of Clear Channel Outdoor, a recapitalization combined with a
special dividend, continued pursuit of existing business plans and prospects, the sale of
non-core radio and television assets and combinations of the foregoing. In conducting this
review of the prior merger agreement the board of directors gave consideration to management&#146;s projections, the
financial analyses provided by Goldman Sachs on May&nbsp;17, 2007 (which included indicative values for the
Clear Channel common stock greater than the indicative values resulting from the comparable
financial analyses delivered by Goldman Sachs to the board of directors in connection with
Goldman Sachs&#146; prior opinions dated November&nbsp;16, 2007 and April&nbsp;18, 2007) and other
information considered relevant by the board of directors. After giving consideration to
management&#146;s projections, the financial analyses provided by
Goldman Sachs on May&nbsp;17, 2007 (which included
indicative values for the Clear Channel common stock greater than the indicative values
resulting from the comparable financial analyses delivered by Goldman Sachs to the board of
directors in connection with Goldman Sachs&#146; prior opinions dated November&nbsp;16, 2007 and
April&nbsp;18, 2007) and the other information available to it, Clear Channel&#146;s board of
directors concluded that, while some of the strategic alternatives considered had the
potential of resulting in superior values if management&#146;s projections and theoretical
future trading values were achieved or exceeded, in light of the uncertainties and risks of
achieving both of these results, the merger contemplated by the prior merger agreement represented the best of the alternatives
available at the time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The prior strategic initiatives implemented by Clear Channel, including the initial
public offering of approximately 10% of the common stock of Clear Channel Outdoor, the 100%
spin-off of Live Nation, a $1.6&nbsp;billion return of capital to Clear Channel&#146;s shareholders
in the form of stock repurchases and a 50% increase in Clear Channel&#146;s regular quarterly
dividend, which had failed to increase the market price of Clear Channel common stock to a
level reflective of the value of Clear Channel&#146;s businesses.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fact that Clear Channel, with the assistance of its advisors, had conducted a
wide-ranging process to solicit indications of interest in a transaction, including (i)&nbsp;the
public announcement on October&nbsp;25, 2006 of its intention to evaluate strategic
alternatives, (ii)&nbsp;the execution of nine confidentiality agreements, (iii)&nbsp;the receipt of
preliminary indications of interest from four consortia of private equity firms, (iv)
active due diligence and management interviews by three consortia of private equity firms,
(v)&nbsp;the conduct of discussions and negotiations with consortia of private equity firms and
(vi)&nbsp;the receipt of two definitive proposals to acquire Clear Channel, as described under
&#147;The Merger &#151; Background of the Merger.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fact that during the 21-day period following the execution of the merger agreement,
Goldman Sachs contacted a total of 22 potential buyers that might be interested in
exploring a transaction with Clear Channel none of whom submitted a proposal to pursue a
transaction with Clear Channel.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The opinion dated May&nbsp;17, 2007 of Goldman Sachs to the Clear Channel board of directors,
to the effect that as of that date, and based upon and subject to the factors and
assumptions set forth therein, the cash consideration of $39.20 per Public Share that the
holders of Public Shares can elect to receive pursuant to the prior merger agreement was
fair from a financial point of view, to such holders. Clear Channel&#146;s board of directors
was aware that a portion of Goldman Sachs&#146; fees is contingent upon the closing of the
merger and that Goldman Sachs recently provided or currently provides services to THL
Partners, Bain and their respective affiliates. Clear Channel&#146;s board of directors
concluded that these factors did not materially detract from its reliance upon Goldman
Sachs&#146; opinion.</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The current and historical market prices of Clear Channel&#146;s common stock and the premium
over the recent historical market prices of Clear Channel&#146;s common stock reflected in the
$39.20 price per share, a premium of approximately 21.7% above the closing trading price of
Clear Channel common stock on October&nbsp;24, 2006, the day prior to the announcement of Clear
Channel&#146;s decision to consider strategic alternatives, a premium of approximately 30.7%
above the average closing price of Clear Channel common stock during the 30 trading days
ended October&nbsp;24, 2006, a premium of approximately 33.9% above the average closing price of
Clear Channel common stock during the 60 trading days ended October&nbsp;24, 2006, and a premium
of approximately 17.9% over the average closing trading price of Clear Channel common stock
over the one year period ended May&nbsp;25, 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fact that the $39.20 price per share reflected the highest firm proposal received
from all parties contacted in soliciting indications of interest under the process
discussed above.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Debt Commitment Letter indicated a strong commitment on the part of the lenders with
few conditions that would permit the lenders to terminate their commitments which the Clear
Channel board of directors believed increased the likelihood that Holdings would be able to
obtain the financing necessary to complete the merger.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The terms of the prior merger agreement and the related agreements, including:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A 21-day post-signing go-shop period, during which Clear Channel may solicit
additional interest in transactions involving Clear Channel, and after such 21-day
period, continue discussions with certain persons under certain circumstances for an
additional 29&nbsp;days;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s ability after the go-shop period, under certain other limited
circumstances, to furnish information to and conduct negotiations with third parties
regarding other proposals;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the fact that the prior merger agreement permits Clear Channel to respond to
Competing Proposals, and upon payment of a fee of $500&nbsp;million ($300&nbsp;million during the
go-shop period), to accept a proposal that Clear Channel&#146;s board of directors determines
to be superior to the terms of the prior merger agreement and the transactions
contemplated thereby, under certain circumstances as more fully described under &#147;The
Merger Agreement &#151; Solicitation of Alternative Proposals&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the limited number and nature of the conditions to funding set forth in the Debt
Commitment Letter and the obligation of the buyer to use its reasonable best efforts (1)
to obtain the debt financing and (2)&nbsp;if the buyer fails to effect the closing because of
a failure to obtain the debt financing, to pay Clear Channel a $500&nbsp;million termination
fee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the provisions of the prior merger agreement that allow Clear Channel&#146;s board of
directors, under certain circumstances, to change its recommendation that Clear
Channel&#146;s shareholders vote in favor of the approval and adoption of the prior merger
agreement which would permit Clear Channel, in such circumstances, to pursue strategic
alternatives;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the limited number and nature of the conditions which must be satisfied prior to
the consummation of the merger under the prior merger agreement, including the absence
of a financing condition which the board believed increased the likelihood that the
merger could be completed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the fact that Clear Channel will be entitled to a termination fee of $600
million, in certain circumstances, if the merger agreement is terminated due to the
failure to receive the requisite regulatory approvals prior to a specified date provided
that all other conditions to Merger Sub&#146;s obligations to consummate the merger have been
satisfied which fee would mitigate the costs and time commitment of management and
incentivize the Sponsors to complete the merger process; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the fact that the Sponsors have agreed not to syndicate equity interests in
Merger Sub to other private equity firms that executed confidentiality agreements prior
to the signing of the merger agreement.</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The modifications to the employment agreements of Messrs.&nbsp;Mark P. Mays, Randall T. Mays,
and L. Lowry Mays, including the agreement that the proposed transaction would not be
deemed a change of control under their employment agreements which had the effect of
lowering the expenses triggered by the merger and thus potentially increasing the merger
consideration that could be negotiated with the Sponsors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The several limited guarantees provided by the Sponsors and the respective
representations, warranties and covenants of the parties.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The understanding of the directors, after consulting with their financial and legal
advisers, that the termination fee of $500&nbsp;million ($300&nbsp;million if the termination occurs
during the go-shop period) to be paid by Clear Channel if the prior merger agreement is
terminated under certain circumstances, was reasonable, customary and not preclusive.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fact that Clear Channel shareholders have the option to receive an equity interest
in Holdings following the proposed transaction and therefore could have the opportunity to
participate in a portion potential future growth or earnings of Clear Channel.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The availability of appraisal rights to Clear Channel&#146;s shareholders who comply with all
required procedures under Texas law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The experience of the Sponsors in completing acquisitions which increases the likelihood
that the merger may be completed.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors also considered the following potentially negative factors in reaching
its decision to approve, adopt and declare advisable in all respects the prior merger agreement and
the transactions contemplated by the merger agreement:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The risk that the financing contemplated by the Debt Commitment Letter for the
consummation of the merger might not be obtained.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fact that the holders who receive Stock Consideration in the merger would be subject
to the risks of Holdings&#146; operations subsequent to the merger, including:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the fact that financing the merger would result in significantly increased levels
of debt which would increase interest expense, adversely affect net income, involve more
restrictive covenants imposed by financing sources due to increased leverage, require a
substantial portion of Clear Channel&#146;s cash flow to be dedicated to the payment of
principal, limit liquidity and operational flexibility, limit Holdings&#146; and Clear
Channel&#146;s ability to adjust to changing economic, business and competitive conditions,
and limit the scope and timing of capital expenditures, making Holdings&#146; and Clear
Channel more vulnerable to a downturn in operating performance or a decline in general
economic or industry conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the fact that shares of Holdings Class&nbsp;A common will not be listed on an exchange
and may experience reduced trading volume and liquidity and increased volatility; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the fact that entities affiliated with the Sponsors would control Holdings and
consequently would have the power to elect all but two of its directors, appoint new
management and approve any action requiring the approval of the holders of Holdings&#146;
capital stock, including adopting amendments to Holdings&#146; certificate of incorporation
and approving mergers or sales of substantially all of Holdings or its assets.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fact that the merger would be a taxable transaction to the shareholders of Clear
Channel with respect to the cash portion of the consideration.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fact that the interests of certain directors and officers of Clear Channel are
different in certain respects from the interests of shareholders generally, as described
under &#147;The Merger &#151; Interests of Clear Channel&#146;s Directors and Executive Officers in the
Merger,&#148; including potential payments to be made to members of Clear Channel&#146;s management
in the transaction.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->103<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The restrictions on the conduct of Clear Channel&#146;s business prior to the consummation of
the merger, which, subject to specific limitations, may delay or prevent Clear Channel from
taking certain actions during the time that the prior merger agreement remains in effect
which may adversely affect Clear Channel&#146;s results of operations or implementation of
strategic business plans, and inhibit Clear Channel&#146;s ability to compete in the market.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The requirement that under the terms of the merger agreement, Clear Channel would pay
the Fincos a termination fee if it were to terminate the prior merger agreement to accept a
Superior Proposal for the acquisition of Clear Channel, if the board of directors were to
change its recommendation concerning the merger agreement, and in certain other
circumstances (including, in some instances, if shareholders do not vote to approve and
adopt the merger agreement), and that Clear Channel&#146;s obligation to pay the termination fee
might discourage other parties from proposing a business combination with, or an
acquisition of, Clear Channel.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fact that Clear Channel is entering into the prior merger agreement with a newly
formed entity with essentially no assets and, accordingly, that its remedy in connection
with a breach, even a breach that is deliberate or willful, of the prior merger agreement
by Merger Sub is limited to a termination fee of $500&nbsp;million ($600&nbsp;million in certain
circumstances if the breach results in a failure to obtain necessary regulatory consents).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The risks and costs to Clear Channel if the merger does not close, including the
diversion of management and employee attention, potential employee attrition and the
potential impact on Clear Channel&#146;s businesses.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The risk that while the merger is expected to be completed, there can be no assurance
that all conditions to the parties&#146; obligations to complete the merger will be satisfied,
and as a result, it is possible that the merger may not be completed even if approved by
Clear Channel&#146;s shareholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The approvals required for consummation of the transaction, including the approval of
the FTC or the Antitrust Division of the U.S. Department of Justice under the HSR Act and
the FCC Consent, and the time periods that may be required to obtain those approvals.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s board of directors considered all of the factors as a whole and the board of
directors unanimously considered the factors in their totality to be favorable to and in support of
the decision to approve, adopt and declare advisable in all respects the prior merger agreement and
the transactions contemplated by the prior merger agreement and to recommend that Clear Channel&#146;s
shareholders approve and adopt the merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In view of the variety of factors considered in connection with its evaluation of the merger,
the Clear Channel board of directors did not find it practicable to and did not quantify, rank or
otherwise assign relative or specific weight or values to any of these factors. In addition, each
individual director may have given different weights to different factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing discussion of Clear Channel&#146;s board of directors&#146; considerations concerning the
merger is forward looking in nature. This information should be read in light of the discussions
under the heading &#147;Cautionary Statement Concerning Forward-Looking Information.&#148;
</DIV>
<DIV align="left">
<A name="186"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Determination of the Special Advisory Committee</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;25, 2006, the disinterested members of Clear Channel&#146;s board of directors formed
a special advisory committee comprised of three disinterested and independent members of the board.
The special advisory committee was formed for the purpose of (i)&nbsp;prior to execution of the original
merger agreement, providing its assessment, after receiving the advice of legal and financial
advisors and other experts, as to the fairness of the terms of the prior merger agreement, and (ii)
following execution of the original Merger Agreement on November&nbsp;15, 2006, in the event Clear
Channel receives a Competing Proposal, providing its assessment, after receiving the advice of
legal and financial advisors and other experts, as to the fairness and/or superiority of the terms
of the Competing Proposal and the continuing fairness of the terms of the original merger
agreement. The process for pursuing, and all negotiations with respect to, the original merger
agreement, Amendment No.&nbsp;1, Amendment No.&nbsp;2 and Amendment No.&nbsp;3 (and any other possible
transaction) were not directed by the special advisory committee, but rather were directed by the
disinterested directors as a whole. On November&nbsp;15, 2006, the special advisory committee
unanimously determined that the terms of the original merger agreement were fair to Clear Channel&#146;s
unaffiliated shareholders.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->104<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In reaching its determination, the special advisory committee consulted its legal and
financial advisors and other experts and considered a number of factors, including, but not limited
to, those positive and potentially negative factors set forth in Clear Channel&#146;s proxy statement
dated January&nbsp;29, 2007 under the caption &#147;The Merger &#151; Reasons for the Merger &#151; Determinations of
the Special Advisory Committee and of the Board of Directors.&#148; The special advisory committee
considered all of the factors as a whole in making its assessment. In view of the variety of
factors considered in connection with its assessment as to fairness, the special advisory committee
did not find it practicable to and did not quantify, rank or otherwise assign relative or specific
weight or values to any of these factors. In addition, each individual member of the special
advisory committee may have given different weights to different factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The special advisory committee was not requested by the independent directors to separately
assess Amendment No.&nbsp;1, Amendment No.&nbsp;2 or Amendment No.&nbsp;3, as neither amendment constitutes a
Competing Proposal. As a consequence, Lazard, financial advisor to the special advisory committee,
was not requested to provide an opinion with respect to either Amendment No.&nbsp;1, Amendment No.&nbsp;2 or
Amendment No.&nbsp;3. The special advisory committee did not, and will not, make any determination of
the fairness of the terms of the merger agreement.
</DIV>
<DIV align="left">
<A name="187"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>The Amended Merger Agreement</I></B>
</DIV>
<DIV align="left">
<A name="188"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Determination of the Board of Directors</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After careful consideration, the Clear Channel board of directors, by a unanimous vote of the
disinterested directors (i)&nbsp;determined that the merger contemplated by the prior merger agreement,
as amended through May&nbsp;13, 2008, is advisable and in the best interests of Clear Channel and its
unaffiliated shareholders, (ii)&nbsp;approved, adopted and declared advisable the merger agreement and
the transactions contemplated thereby, (iii)&nbsp;recommended that the shareholders of Clear Channel
vote in favor of the merger and directed that such matter be submitted for consideration of the
shareholders of Clear Channel at the special meeting (except that the board of directors did not,
and will not, make any recommendation to the shareholders with respect to the Stock Consideration)
and (iv)&nbsp;authorized the execution, delivery and performance of the merger agreement and the
transactions contemplated by the merger agreement<B>. The board of directors&#146; recommendation is based
on the Cash Consideration to be received by shareholders in the merger. The board of directors
makes no recommendation as to whether any shareholder should make a Stock Election and makes no
recommendation regarding the Class&nbsp;A common stock of Holdings. </B>In so limiting its recommendation,
the board of directors noted that all Clear Channel shareholders have the right to receive the Cash
Consideration (which provides certainty of value) for substantially all of their shares and the
Stock Election was negotiated in order to be responsive to those shareholders that had expressed a
desire to retain an equity interest in Clear Channel. A shareholder&#146;s election to retain an equity
interest in Clear Channel by making a Stock Election, however, would represent a purely voluntary
investment decision on the part of the shareholder and no shareholder is required to retain an
equity interest in Clear Channel in excess of 1/36th of the number of shares held by it. In
considering the recommendation of the Clear Channel board of directors with respect to the merger
agreement, you should be aware that some of Clear Channel&#146;s directors and executive officers who
participated in meetings of the board of directors have interests in the merger that are different
from, or in addition to, the interests of Clear Channel&#146;s shareholders generally. See &#147;The Merger &#151; Interests of Clear Channel&#146;s Directors and Executive Officers in the Merger&#148; beginning on page
107.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In reaching its decisions Clear Channel&#146;s board of directors consulted with its financial and
legal advisors, and considered, in the context of Amendment No.&nbsp;3 to the merger agreement, (i)&nbsp;all
of the relevant factors previously considered in its evaluation of the prior merger agreement and
(ii)&nbsp;considered a number of additional factors relating to Amendment No.&nbsp;3 to the merger agreement
that it believed supported its decision, including the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The current and historical market prices of Clear Channel&#146;s common stock and the premium
over the recent historical market prices of Clear Channel&#146;s common stock reflected in the
$36.00 price per share, including a premium of approximately 20% above the closing trading
price of Clear Channel common stock on May&nbsp;9, 2008, the day prior to the publication that
the board was considering Amendment No.&nbsp;3, and a premium of approximately 21.6% above the
average closing price of Clear Channel common stock during the 30 trading days ended May&nbsp;13,
2008, and a premium of approximately 15.8% above the average closing price of Clear Channel
common stock during the 60 trading days ended May&nbsp;13, 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the decline in management&#146;s internal estimates of future results of operations since May
17, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the declines in one year forward adjusted EBITDA multiples for Clear Channel and other
major competitors in the radio industry;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->105<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the fact that the Banks had failed to provide debt financing under the Debt Commitments
and that Clear Channel had no contractual right to specifically enforce such funding;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the condition of the current debt markets, making it highly unlikely that alternative
debt financing could be obtained on terms that the Sponsors would consider favorable, if at
all, or on terms that would allow Clear Channel to pursue an alternative strategic
transaction that would permit it to incur additional indebtedness that would allow it to pay
a significant special dividend to its shareholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the risks inherent in any litigation and the uncertainty that Clear Channel would recover
damages commensurate with its losses in the Texas Actions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the board of directors&#146; view that, due to the failure of the Banks to fund the closing
under the prior merger agreement, the merger agreement substantially reduced the uncertainty
as to whether a merger transaction would occur;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the fact that the Company had not received any acquisition proposal from any other party
since the prior merger agreement had been first signed in November&nbsp;2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The opinion dated May&nbsp;13, 2008 of Goldman Sachs to the Clear Channel board of directors,
to the effect that as of that date, and based upon and subject to the factors and
assumptions set forth therein, the cash consideration of $36.00 per
Public Share to be received by the
holders of Public Shares pursuant to the merger agreement was fair from
a financial point of view, to such holders. Clear Channel&#146;s board of directors was aware
that a portion of Goldman Sachs&#146; fees is contingent upon the closing of the merger and that
Goldman Sachs recently provided or currently provides services to THL Partners, Bain and
their respective affiliates. Clear Channel&#146;s board of directors concluded that these factors
did not materially detract from its reliance upon Goldman Sachs&#146; opinion;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The terms and conditions of the merger agreement, including the increased certainty of
closing provided by reducing the number of conditions to closing, including, but not limited
to, the &#147;material adverse change&#148; or &#147;MAC&#148; condition; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the financial and other terms and conditions of the merger agreement, as reviewed by the
board of directors with its legal and financial advisors, were the product of arm&#146;s-length
negotiations between the parties, which resulted in, among other things, the following
changes from the Sponsor&#146;s proposed amended terms: an increase in the amount of termination
fees payable by the Sponsors or the Banks in the event of a termination of the agreement by
Clear Channel in certain circumstances by $100&nbsp;million; fully negotiated and executed
financing agreements at the time of the signing of the merger agreement; the funding of all
equity and debt financing necessary to fund the closing into an escrow account; the Company
being named a third party beneficiary to the equity commitments and financing agreements;
and the Company&#146;s express right to specifically enforce all of the material agreements,
including the merger agreement, the equity commitments and the financing agreements.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors also discussed at length the enhanced risks to Clear Channel&#146;s stock
price were it not to approve the merger agreement. Additionally, the board of directors considered
as negative factors:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the reduction in the consideration payable to Clear Channel shareholders when compared to
the consideration payable on the terms specified in the prior merger agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the fact that the merger agreement provides an increase in the circumstances in which
Clear Channel would be required to reimburse Parent for its expenses and the substantial
increase in the amount of such reimbursement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Sponsors were required to dismiss their claim for specific performance of the debt
commitments in the New York Action as part of the settlement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel and Holdings were required to dismiss its tortious interference claim in
the Texas Actions as part of the Settlement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under certain circumstances, Clear Channel shareholders making a Cash Election would be
required to exchange up to 1/36<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> of their shares of Clear Channel common stock
subject to such election for Holdings Class&nbsp;A common stock; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel did not undertake an affirmative attempt to contact other potential buyers
prior to entering into Amendment No.&nbsp;3.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->106<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left">
<A name="189"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Recommendation of the Clear Channel Board of Directors</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After careful consideration Clear Channel&#146;s board of directors by unanimous vote:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>determined that the merger is advisable and in the best interests of Clear Channel and
its unaffiliated shareholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approved, adopted and declared advisable the merger agreement and the transactions
contemplated by the merger agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>recommended that the shareholders of Clear Channel vote in favor of the merger and
directed that such matter be submitted for consideration of the shareholders of Clear
Channel at the special meeting (except that the board of directors did not, and will not,
make any recommendation to the shareholders with respect to the election of the Stock
Consideration); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>authorized the execution, delivery and performance of the merger agreement and the
transactions contemplated by the merger agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The board of directors&#146; recommendation is limited to the Cash Consideration to be received by
the shareholders in the merger. The board of directors makes no recommendation as to whether any
shareholder should make a Stock Election and makes no recommendation regarding the Class&nbsp;A common
stock of Holdings.</B>
</DIV>
<DIV align="left">
<A name="190"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Interests of Clear Channel&#146;s Directors and Executive Officers in the Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In considering the recommendation of the Clear Channel board of directors with respect to the
merger agreement, you should be aware that some of Clear Channel&#146;s directors and executive officers
have interests in the merger that are different from, or in addition to, the interests of Clear
Channel&#146;s shareholders generally. These interests, to the extent material, are described below. The
Clear Channel board of directors was aware of these interests and considered them, among other
matters, in approving the merger agreement and the merger.
</DIV>
<DIV align="left">
<A name="191"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Treatment of Clear Channel Stock Options</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of May&nbsp;28, 2008, there were 5,868,062 outstanding Clear Channel stock options held by Clear
Channel&#146;s directors and executive officers under Clear Channel&#146;s stock option plans. Of these Clear
Channel stock options, 2,102,519 have an exercise price below $36.00, and are considered &#147;in the
money.&#148; Each outstanding Clear Channel stock option that remains outstanding and unexercised as of
the effective time of the merger, whether vested or unvested (except as described below under
&#147;Equity Rollover&#148; or which is subject to a valid irrevocable stock election), will automatically
become fully vested and convert into the right to receive a cash payment equal to the product of
(i)&nbsp;the excess, if any, of the Cash Consideration plus any Additional Per Share Consideration over
the exercise price per share of the Clear Channel stock option and (ii)&nbsp;the number of shares of
Clear Channel common stock issuable upon exercise of such Clear Channel stock option. As of the
effective time of the merger, Clear Channel stock options will no longer be outstanding and will
automatically cease to exist, and the holders thereof will no longer have any rights with respect
to Clear Channel stock options, except the right to receive the cash payment, if any, described in
the preceding sentence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table identifies, for each of Clear Channel&#146;s directors and executive officers,
the aggregate number of shares of Clear Channel common stock subject to outstanding vested and
unvested &#147;in the money&#148; options as of May&nbsp;28, 2008, the aggregate number of shares of Clear Channel
common stock subject to outstanding unvested &#147;in the money&#148; options that will become fully vested
in connection with the merger, the weighted average exercise price and value of such unvested &#147;in
the money&#148; options, and the weighted average exercise price and value of vested and unvested &#147;in
the money&#148; options. The information in the table assumes that all options remain outstanding on the
closing date of the merger.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of Vested and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Vested and</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Subject to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unvested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of Unvested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unvested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unvested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unvested</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Alan D. Feld</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Perry J. Lewis</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">L. Lowry Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">749,693</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32.43055</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,675,992</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->107<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of Vested and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Vested and</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Subject to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unvested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of Unvested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unvested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unvested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unvested</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark P. Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">499,691</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30.76653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,385,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32.78604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,605,985</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Randall T. Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">499,691</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30.76653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,385,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32.78604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,605,985</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">B. J. McCombs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">31.61523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">72,936</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">31.57640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">134,181</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Phyllis B. Riggins</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Theodore H. Strauss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">J. C. Watts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John H. Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John B. Zachry</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">31.72000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">57,5780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">31.72000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">96,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paul J. Meyer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John E. Hogan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">244,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30.31070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">442,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">31.15280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,184,015</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Herbert W. Hill, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30.31070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">29,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">33.48541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">39,293</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Andrew W. Levin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30.31070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">67,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">33.35672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">107,627</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="192"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Treatment of Clear Channel Restricted Stock</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of May&nbsp;28, 2008, Clear Channel&#146;s directors and executive officers held 630,037 shares of
Clear Channel restricted stock. Each share of Clear Channel restricted stock that remains
outstanding as of the effective time of the merger, whether vested or unvested (except as otherwise
agreed by the Fincos, Holdings, Clear Channel and a holder of Clear Channel restricted stock), will
automatically become fully vested and convert into the right to receive either the Cash
Consideration or the Stock Consideration. As of the effective time of the merger, all shares of
Clear Channel restricted stock (except as otherwise agreed by the Fincos, Holdings, Clear Channel
and a holder of Clear Channel restricted stock and/or as described below under &#147;Equity Rollover&#148;)
will no longer be outstanding and will automatically cease to exist, and such directors and
executive officers will no longer have any rights with respect to their shares of Clear Channel
restricted stock, except the right to elect to receive either the Cash Consideration or the Stock
Consideration in respect of each share of Clear Channel restricted stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table identifies, for each of Clear Channel&#146;s directors and executive officers,
the aggregate number of shares of Clear Channel restricted stock held by such director or executive
officer as of May&nbsp;28, 2008 and the value of these shares of Clear Channel restricted stock that
will become fully vested in connection with the merger (except as otherwise agreed by the Fincos,
Holdings, Clear Channel and a holder of Clear Channel restricted stock). The information in this
table assumes that all such shares of Clear Channel restricted stock remain outstanding on the
closing date of the merger.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Shares of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value of Shares of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Clear Channel</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Clear Channel</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Restricted Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Restricted Stock</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Alan D. Feld</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">210,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Perry J. Lewis</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">210,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">L. Lowry Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,124,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark P. Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7,524,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Randall T. Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7,524,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">B. J. McCombs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">67,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Phyllis B. Riggins</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">221,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Theodore H. Strauss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">210,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">J. C. Watts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">210,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John H. Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">210,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John B. Zachry</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">67,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paul J. Meyer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">324,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John E. Hogan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,700,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Herbert W. Hill, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">342,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Andrew W. Levin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">733,932</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="193"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Severance</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the request of Clear Channel&#146;s disinterested directors, Clear Channel has entered into
second amendments to the current employment agreements with each of Messrs.&nbsp;L. Lowry Mays, Mark P.
Mays and Randall T. Mays, to (i)&nbsp;provide that the consummation of the merger alone will not give
them &#147;Good Reason&#148; (as defined in the employment agreements) to resign and receive the severance
payments and benefits provided in the respective employment agreements, and (ii)&nbsp;modify the
severance
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->108<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provisions applicable following consummation of the merger as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective upon consummation of the merger, or a transaction qualifying as a &#147;Superior
Proposal&#148; as defined in the merger agreement, the employment agreements for each of Messrs.
Mark P. Mays and Randall T. Mays have been modified to provide that if his employment is
terminated by Clear Channel without &#147;Cause&#148; or if they resign for &#147;Good Reason&#148; (as
modified as described above), then they will each receive (i)&nbsp;a lump-sum cash payment equal
to the base salary, bonus and accrued vacation pay through the date of termination, (ii)&nbsp;a
lump-sum cash payment equal to 2.99 times the sum of his base salary and bonus (using the
highest bonus paid to executive in the three years preceding the termination, but not less
than $1,000,000), and (iii)&nbsp;three years continued benefits for himself, his spouse and his
dependents. As part of the amendments, both Messrs.&nbsp;Mark P. Mays and Randall T. Mays have
also relinquished the right to receive a federal and state income-tax &#147;gross-up&#148; payment in
connection with amounts payable upon termination, as well as the right to receive options
to purchase 1,000,000 shares of Clear Channel common stock upon termination. Except as
described above, the employment agreements otherwise remain as previously in effect until
the effective time of the merger, at which time new or amended employment agreements,
described below, will take effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective upon consummation of the merger or a transaction qualifying as a Superior
Proposal as defined in the merger agreement, the employment agreement for Mr.&nbsp;L. Lowry
Mays has been modified to provide that, if his employment is terminated by Clear Channel
without &#147;Cause&#148; or if he resigns for &#147;Good Reason&#148; (as modified as described above), then
he will receive a lump-sum cash payment equal to his base salary, bonus and accrued
vacation pay through the date of termination. As part of the amendment, Mr.&nbsp;L. Lowry Mays
has relinquished (i)&nbsp;his right to any other cash severance payments (other than the right
to receive a federal and state income tax &#147;gross-up&#148; payment in connection with amounts
payable upon termination), as well as (ii)&nbsp;the right to receive options to purchase
1,000,000 shares of Clear Channel common stock upon termination. Except as described
above, the employment agreement otherwise remains as previously in effect until the
effective time of the merger, at which time new or amended employment agreements, described
below, will take effect.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to a severance policy adopted by Clear Channel, any corporate officer of Clear
Channel (including executive officers) actively employed on November&nbsp;16, 2006, except for any
corporate officer who is collectively bargained or party to an employment or other agreement with
Clear Channel or any of its subsidiaries that provides for severance, who is terminated without
&#147;cause&#148; or resigns for &#147;good reason&#148; in the period beginning on November&nbsp;16, 2006 and ending one
year after the effective time of the merger, will be entitled to 18&nbsp;months of his or her &#147;base pay&#148;
plus 18&nbsp;months of his or her &#147;monthly bonus&#148; as severance. Monthly bonus is defined by the
severance policy to be an amount equal to the corporate officer&#146;s 2006 annual bonus earned by the
officer divided by 12.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming that each executive officer is involuntarily terminated without &#147;cause&#148; or such
employee terminates employment for &#147;good reason&#148; between November&nbsp;16, 2006 and the date that is one
year following the effective time of the merger, the amount of cash severance benefits (based upon
the executive officer&#146;s current monthly &#147;base pay&#148; and his or her 2006&nbsp;monthly bonus) that would be
payable is:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Potential Cash</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Severance Benefits</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">L. Lowry Mays(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark P. Mays(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Randall T. Mays(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paul J. Meyer(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John E. Hogan(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Herbert W. Hill, Jr. (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">421,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Andrew W. Levin(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">989,250</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Messrs.&nbsp;L. Lowry Mays, Mark P. Mays, Randall T. Mays, Paul J. Meyer and John Hogan are
all employed pursuant to employment agreements and not covered by this severance policy. In
addition, each of the employment agreements of Messrs.&nbsp;L. Lowry Mays, Mark P. Mays and Randall
T. Mays will be terminated or modified, as applicable, and replaced with new or amended
employment agreements which terms will be as described below under &#147;New Employment Agreements.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Clear
Channel&#146;s severance policy provides that if certain corporate
officers, are involuntarily
terminated without &#147;cause&#148;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">or
resigns for &#147;good reason&#148; at any time between the execution of the merger agreement and one year following the consummation of the merger,
those corporate officers will be
entitled to 18&nbsp;months of his or her &#147;base pay&#148; plus 18&nbsp;months of his or her &#147;monthly bonus&#148; as
severance.
</DIV>
<DIV align="left">
<A name="194"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Equity Rollover</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the merger agreement, the Fincos and Mr.&nbsp;L. Lowry Mays, Clear Channel&#146;s
chairman of the board of directors, Mr.&nbsp;Mark P. Mays, Clear Channel&#146;s Chief Executive Officer and
Mr.&nbsp;Randall T. Mays, Clear Channel&#146;s President/Chief Financial Officer, entered into a letter
agreement, as supplemented in connection with Amendment No.&nbsp;2 (the &#147;2007 Letter Agreement&#148;), and as
further supplemented in connection with Amendment No.&nbsp;3 (the &#147;2008 Letter Agreement,&#148; together with
the 2007 Letter Agreement, the &#147;Letter Agreement&#148;). Pursuant to the 2008 Letter Agreement, each of
Messrs.&nbsp;Mark P. Mays and Randall T. Mays have committed to a rollover exchange pursuant to which
they will surrender a portion of the equity securities of Clear Channel they own with a value of
$10&nbsp;million ($20&nbsp;million in the aggregate) in exchange for $10&nbsp;million worth of the equity
securities of Holdings ($20&nbsp;million in the aggregate) and Mr.&nbsp;L. Lowry Mays has committed to a
rollover exchange pursuant to which he will surrender a portion of the equity securities of Clear
Channel he owns, with an aggregate value of $25&nbsp;million, in exchange for $25&nbsp;million worth of the
equity securities of Holdings. In May&nbsp;2007, Messrs.&nbsp;L. Lowry Mays, Mark P. Mays and Randall T.
Mays (and certain other members of management of Clear Channel, as discussed below) received grants
of restricted equity securities of Clear Channel. The unvested portion of Messrs.&nbsp;Mark P. Mays and
Randall T. Mays&#146; May&nbsp;2007 equity grants, individually valued at approximately $2.9&nbsp;million, will be
used to reduce their respective $10&nbsp;million rollover commitments, while the unvested portion of Mr.
L. Lowry Mays&#146; May&nbsp;2007 equity grant, valued at approximately $1.4&nbsp;million, will be used to reduce
his $25&nbsp;million rollover commitment. The remainder of the rollover commitment for each of Messrs.
L. Lowry Mays, Mark P. Mays and Randall T. Mays will be satisfied through the rollover of a
combination of unrestricted common stock of Clear Channel and stock options exercisable for common
stock of Clear Channel in exchange for equity securities of Holdings. Pursuant to the 2008 Letter
Agreement, each of Messrs.&nbsp;L. Lowry Mays, Mark P. Mays and Randall T. Mays will deposit into escrow
the unrestricted shares of Clear Channel common stock and vested Clear Channel stock options that
will be used to satisfy a portion of the foregoing equity commitments, such shares and stock
options to be held on the terms and conditions of the Escrow Agreement, described above below. The
Letter Agreement also provides that Messrs.&nbsp;Mark P. Mays and Randall T. Mays, upon execution of new
or amended employment agreements with the surviving corporation, will each receive $20&nbsp;million in
restricted common stock of Holdings, which will vest ratably over five years. Generally speaking,
equity securities of Holdings held by Messrs.&nbsp;Mark P. Mays, Randall T. Mays and L. Lowry Mays would
be subject to a stockholders agreement and a related agreement that Holdings expects to enter into
prior to the closing of the merger with them, CCC IV, CCC V and certain other parties, although any
shares of Holdings common stock that they or their estate-planning entities should acquire pursuant
to Stock Elections would not be subject to those agreements. See
&#147;Stockholders Agreement&#148;
beginning on page 171.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger agreement contemplates that the Fincos and Holdings may agree to permit certain
executive officers to elect that some of their outstanding shares of Clear Channel common stock,
shares of Clear Channel restricted stock and &#147;in the money&#148; Clear Channel stock options will not be
cancelled in exchange for the Merger Consideration, but instead will be converted into shares or
options to purchase shares of Holdings following the effectiveness of the merger. We contemplate
that such conversions, if any, would be based on the fair market value on the date of conversion,
which we contemplate to be the per share cash consideration being paid to Clear Channel
shareholders in the merger and the per share price paid by the Sponsors in connection with the
Equity Financing, and would also in the case of Clear Channel stock options, preserve the aggregate
spread value of the rolled options. As of the date of this proxy statement/prospectus, except for
the Letter Agreement and with respect to shares of restricted stock discussed below, no member of
Clear Channel&#146;s management nor any director has entered into any agreement, arrangement or
understanding with the Fincos or Merger Sub or their affiliates regarding any such arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As noted above, in May&nbsp;2007, certain members of Clear Channel&#146;s management and certain Clear
Channel employees received grants of restricted equity securities of Clear Channel. The
restrictions on these shares lapse ratably over four years at the rate of 25% per year beginning on
the first anniversary of the date of grant. The Fincos and Merger Sub have informed Clear Channel
that they anticipate converting approximately 636,667 unvested shares of Clear Channel restricted
stock held by management and employees pursuant to the May&nbsp;2007 grant into restricted stock
Holdings on a one for one basis. Such restricted stock of Holdings will continue to vest on each
of the next three anniversaries of the date of grant in accordance with their terms. The Fincos and
Merger Sub have also informed Clear Channel that they anticipate offering to certain members of
Clear Channel&#146;s management and certain Clear Channel employees the opportunity to purchase up to an
aggregate of $15&nbsp;million of equity interests in Holdings at the same price per share paid by the
Sponsors in connection with the Equity Financing.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="195"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>New Equity Incentive Plan</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with, and prior to, the consummation of the merger, Holdings will adopt a new
equity incentive plan, under which participating employees will be eligible to receive options to
acquire stock or other equity interests and/or restricted share interests in Holdings. This new
equity incentive plan will permit the grant of options covering 10.7% of the fully diluted equity
of Holdings immediately after consummation of the merger (with exercise prices set at fair market
value for shares issuable upon exercise of such options, which for initial grants we contemplate
would be tied to the price paid by the Sponsors or their affiliates for such securities). It is
contemplated by the parties to the Letter Agreement that, at the closing of the merger, a
significant majority of the options or other equity securities permitted to be issued under the new
equity incentive plan will be granted. As part of this grant, each of Messrs.&nbsp;Mark P. Mays and
Randall T. Mays will receive grants of options equal to 2.5% of the fully diluted equity of
Holdings and other officers and employees of Clear Channel will receive grants of options equal to
4.0% of the fully diluted equity of Holdings. The option grants contemplated by the Letter
Agreement and the shares that they cover would be subject to one or more stockholders agreements
that Holdings expects to enter into with Mr.&nbsp;Mark P. Mays, Mr.&nbsp;Randall T. Mays, the other officers
and employees of Clear Channel who receive those grants and certain other parties, including Mr.&nbsp;L.
Lowry Mays, CCC IV and CCC V. See &#147;Stockholders Agreement&#148;
beginning on page 171.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After this initial grant, the remaining 1.7% of the fully diluted equity subject to the new
equity incentive plan will remain available for future grants to employees. Of the options or
other equity securities to be granted to Messrs.&nbsp;Mark P. Mays and Randall T. Mays under the new
equity incentive plan at the closing of the merger, 50% will vest solely based upon continued
employment (with 25% vesting on the third anniversary of the grant date, 25% vesting on the fourth
anniversary of the grant date and 50% vesting on the fifth anniversary of the grant date) and the
remaining 50% will vest based both upon continued employment and upon the achievement of
predetermined performance targets. Of the option grants to other employees of Clear Channel,
including officers of Clear Channel, 33.34% will vest solely upon continued employment (with 20%
vesting on each of the first, second, third, fourth and fifth anniversaries of the grant date) and
the remaining 66.66% will vest both upon continued employment and the achievement of predetermined
performance targets All options granted at closing will have an exercise price equal to the fair
market value at the date of grant, which we contemplate to be the same price per share paid by the
Sponsors in connection with the Equity Financing.
</DIV>
<DIV align="left">
<A name="196"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>New Employment Agreements</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon consummation of the merger, Mr.&nbsp;L. Lowry Mays is expected to be employed by Holdings as
its Chairman Emeritus. Mr.&nbsp;L. Lowry Mays&#146; employment agreement provides for a term of five years
and will be automatically extended for consecutive one-year periods unless terminated by either
party. Mr.&nbsp;L. Lowry Mays will receive an annual salary of $250,000 and benefits and perquisites
consistent with his existing arrangement with Clear Channel. Mr.&nbsp;L. Lowry Mays also will be
eligible to receive an annual bonus in an amount to be determined by the Board of Directors of
Holdings, in its sole discretion, provided, however, that if in any year Holdings achieves certain
performance goals, Mr.&nbsp;L. Lowry Mays&#146; annual bonus for that year will be no less than $1,000,000.
Mr.&nbsp;L. Lowry Mays also will agree to be bound by customary covenants not to compete and not to
solicit employees during the term of his agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon consummation of the merger, Mr.&nbsp;Mark P. Mays is expected to be employed by Holdings as
its Chief Executive Officer. Mr.&nbsp;Mark P. Mays&#146; employment agreement provides for a term of five
years and will be automatically extended for consecutive one-year periods unless 12&nbsp;months prior
notice of non-renewal is provided by the terminating party. Mr.&nbsp;Mark P. Mays will receive an annual
base salary of not less than $895,000 and benefits and perquisites consistent with his existing
arrangement with Clear Channel (including &#147;gross-up&#148; payments for excise taxes that may be payable
by Mr.&nbsp;Mark P. Mays in connection with the merger). Mr.&nbsp;Mark P. Mays also will be eligible to
receive an annual bonus in an amount to be determined by the Board of Directors of Holdings, in its
sole discretion, provided, however, that if in any year Holdings achieves at least eighty percent
(80%) of the budgeted OIBDAN for the given year, Mr.&nbsp;Mark P. Mays&#146; annual bonus for that year will
be no less than $6,625,000. Mr.&nbsp;Mark P. Mays also will agree to be bound by customary covenants not
to compete and not to solicit employees during the term of his agreement and for two years
following termination. Additionally, at the closing of the merger, Mr.&nbsp;Mark P. Mays will receive an
equity incentive award pursuant to Holdings&#146; equity incentive plan of options to purchase shares of
Holdings stock equal to 2.5% of the fully diluted equity of Holdings, as described above, and he
will receive an equity award of $20&nbsp;million of restricted shares of Holdings&#146; Class&nbsp;A common stock.
Mr.&nbsp;Mark P. Mays will also receive severance upon termination by us without cause or by Mr.&nbsp;Mark
P. Mays for good reason in a lump sum amount equal to three times his annual base salary plus the
executive&#146;s prior year&#146;s annual cash bonus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon consummation of the merger, Mr.&nbsp;Randall T. Mays is expected to be employed by Holdings as
its President. Mr.&nbsp;Randall T. Mays&#146; employment agreement provides for a term of five years and will
be automatically extended for consecutive one-year periods unless 12&nbsp;months prior notice of
non-renewal is provided by the terminating party. Mr.&nbsp;Randall T. Mays will receive an annual base
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">salary of not less than $868,333 and benefits and perquisites consistent with his existing
arrangement with Clear Channel (including &#147;gross-up&#148; payments for excise taxes that may be payable
by Mr.&nbsp;Randall T. Mays in connection with the merger). Mr.&nbsp;Randall T. Mays also will be eligible to
receive an annual bonus in an amount to be determined by the Board of Directors of Holdings, in its
sole discretion, provided, however, that if in any year Holdings achieves at least eighty percent
(80%) of the budgeted OIBDAN for the given year, Mr.&nbsp;Randall T. Mays&#146; annual bonus for that year
will be no less than $6,625,000. Mr.&nbsp;Randall T. Mays also will agree to be bound by customary
covenants not to compete and not to solicit employees during the term of his agreement and for two
years following termination. Additionally, at the closing of the merger, Mr.&nbsp;Randall T. Mays will
receive an equity incentive award pursuant to Holdings&#146; equity incentive plan of options to
purchase shares of Holdings stock equal to 2.5% of the fully diluted equity of Holdings, as
described above, and he will receive an equity award of $20&nbsp;million of restricted shares of
Holdings&#146; Class&nbsp;A common stock. Mr.&nbsp;Randall T. Mays. Mr.&nbsp;Randall T. Mays will also receive
severance upon termination by us without cause or by Mr.&nbsp;Randall T. Mays for good reason in a lump
sum amount equal to three times his annual base salary plus the executive&#146;s prior year&#146;s annual
cash bonus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will indemnify each of L. Lowry Mays, Mark P. Mays and Randall T. Mays from any losses
incurred by them because they were made a party to a proceeding as a result of their being an
officer of Holdings. Furthermore, any expenses incurred by them in connection with any such action
shall be paid by us in advance upon request that we pay such expenses, but only in the event that
they shall have delivered in writing to us (i)&nbsp;an undertaking to reimburse us for such expenses
with respect to which they are not entitled to indemnification, and (ii)&nbsp;an affirmation of their
good faith belief that the standard of conduct necessary for indemnification by us has been met.
</DIV>
<DIV align="left">
<A name="197"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Board of Director Representations</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Letter Agreement, as well as their respective employment agreements, provide that Messrs.
Mark P. Mays and Randall T. Mays each will be a member of the board of directors of Holdings and
Clear Channel for so long as they are officers of Holdings. Mr.&nbsp;L. Lowry Mays will serve as
Chairman Emeritus of Holdings and Clear Channel.
</DIV>
<DIV align="left">
<A name="198"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Indemnification and Insurance</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of the merger agreement, Merger Sub has agreed that all current rights of
indemnification provided by Clear Channel for its current and former directors or officers shall
survive the merger and continue in full force and effect. Merger Sub has also agreed to indemnify,
defend and hold harmless, and advance expenses to Clear Channel&#146;s current and former directors or
officers to the fullest extent required by Clear Channel&#146;s articles of incorporation, bylaws or any
indemnification agreement to which Clear Channel is a party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, for the six years following the effective time of the merger, the surviving
corporation will indemnify and hold harmless each current and former officers and directors of
Clear Channel from any costs or expenses paid in connection with any claim, action or proceeding
arising out of or related to (i)&nbsp;any acts or omissions of a current or former officer or director
in their capacity as an officer or director if the service was at the request or for the benefit of
Clear Channel or any of its subsidiaries or (ii)&nbsp;the merger, the merger agreement or any
transactions contemplated thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, at Clear Channel&#146;s election, Clear Channel or the Fincos will obtain insurance
policies with a claims period of at least six years from the effective time of the merger with
respect to directors&#146; and officers&#146; liability insurance that provides coverage for events occurring
on or before the effective time of the merger. The terms of these policies will be no less
favorable than the existing policies of Clear Channel, unless the cost of the policy would exceed
300% of the current policy&#146;s annual premium, in which case the coverage will be the greatest amount
available for an amount not exceeding 300% of the current premium.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings&#146; third amended and restated certificate of incorporation authorizes the
indemnification of directors for breach of fiduciary duty except to the extent such exculpation is
not permitted under the Delaware General Corporation Law (&#147;DGCL&#148;). The DGCL &#167; 145(e) permits
Holdings to pay expenses of a director or officer in advance of a final disposition of a proceeding
if the director or officer provides Holdings with an undertaking to repay such expenses if it is
ultimately determined that he is not entitled to be indemnified. Holdings also is permitted to pay
expenses incurred by other employees and agents upon such terms and conditions, if any, as the
Holdings board of directors deems appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification of liabilities under the Securities Act may be permitted to
directors, officers or persons controlling the registrant pursuant the foregoing provisions, the
registrant has been informed that, in the opinion of the Securities and Exchange Commission, such
indemnification is against public policy as expressed in the Securities Act and is therefore
unenforceable.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="199"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Voting Agreements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the execution of Amendment No.&nbsp;2, the Fincos requested that the Highfields
Funds and Highfields Management enter into a voting agreement with the Fincos, Merger Sub and
Holdings on May&nbsp;26, 2007, which was amended and restated as of May&nbsp;13, 2008 in connection with the
execution of Amendment No.&nbsp;3 (the &#147;Highfields Voting Agreement&#148;). Also in connection with Amendment
No.&nbsp;3 to the merger agreement, the Fincos requested that the Abrams Investors enter into a voting
agreement as of May&nbsp;13, 2008 with the Fincos, Merger Sub and Holdings (the &#147;Abrams Voting
Agreement&#148;). The Highfields Voting Agreement and the Abrams Voting Agreement are sometimes
referred to herein as the &#147;Voting Agreements.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Voting Agreements, the Highfields Funds and Highfields Management (together,
the &#147;Highfields Entities&#148;) have agreed to make valid Stock Elections with respect to not less than
11,111,112 shares of Clear Channel common stock and the
Abrams Investors have agreed to make valid Stock Elections with respect to not less than 2,777,778
shares of Clear Channel common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Highfields Voting Agreement requires, among other things, that the certificate of
incorporation and bylaws of Holdings will each be, as of the effective time of the merger, in its
respective forms attached as Exhibits 3.1 and 3.2 to this registration statement, and that
Holdings, Merger Sub and the Sponsors enter into an agreement restricting Holdings and its
subsidiaries from engaging in certain affiliate transactions with the Sponsors or their affiliates
(see &#147;Certain Affiliate Transactions&#148;). Pursuant to the Voting Agreements, the Highfields Entities
and the Abrams Investors have agreed that during the time their respective Voting Agreement is in
effect, at every meeting of the shareholders of Clear Channel or adjournment or postponement
thereof, or for any written consents of shareholders taken, they will:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cause 24,000,000 (in the case of the Highfields Entities) or 2,777,778 (in the
case of the Abrams Investors) shares of Clear Channel common stock they respectively owned
as of the date of the Voting Agreements (their respective &#147;Covered Shares&#148;) and any other
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Clear Channel common stock they respectively own as of the date of such meeting
(their respective &#147;After Acquired Shares&#148;) to be counted as present for purposes of
calculating a quorum, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>vote (or cause to be voted) in person or by proxy, or deliver a written consent (or cause
a consent to be delivered) covering all of their respective Covered Shares and any of their
respective After Acquired Shares that the Highfields Entities or the Abrams Investors, as
the case may be, are entitled to vote,</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in favor of adoption and approval of the merger agreement and the transactions
contemplated thereby, including the merger;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any extraordinary corporate transaction (other than the merger or pursuant
to the merger) or any Competing Proposal, or any letter of intent, memorandum of
understanding, agreement in principle, acquisition agreement, merger agreement or similar
agreement providing for the consummation of a transaction contemplated by any Competing
Proposal, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in favor of any proposal to adjourn the special meeting of shareholders to vote
upon the merger which Holdings and the Fincos support.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Highfields Entities and the Abrams Investors have agreed that (i)&nbsp;during the time their
respective Voting Agreement is in effect, not to, directly or indirectly, grant any proxies or
enter into any voting trust or other agreement or arrangement with respect to the voting of any of
their respective Covered Shares and any of their respective After Acquired Shares, and (ii)&nbsp;until
after the vote has been taken at the shareholders meeting called to approve the merger or December
31, 2008, if no such vote has yet been taken, not to, directly or indirectly, sell, transfer,
assign, dispose of, or enter into any contract, option, commitment or other arrangement or
understanding with respect to the sale, transfer, assignment or other disposition of, the
beneficial ownership of any of their respective Covered Shares, although the Highfields Entities
and the Abrams Investors may make a transfer to their respective affiliates, subject to the
transferee agreeing in writing to be bound by the terms of, and perform the obligations under the
applicable Voting Agreement, or as otherwise permitted by the Fincos. In addition the Highfields
Entities and the Abrams Investors agreed that while their respective Voting Agreement is in effect,
they and their affiliates will not solicit proxies or become &#147;participants&#148; in any solicitation in
opposition to the solicitation of proxies by Clear Channel and the Fincos for the merger agreement
and they will publicly acknowledge their voting obligations in all public statements and public
filings they make about the merger.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the parties to the Highfields Voting Agreement agreed that unless such actions or
investments of the Highfields Entities would result in Holdings or its affiliates not being
qualified under the Communications Act to control Clear Channel&#146;s FCC Licenses (as in effect on the
date of such action) or such actions or investments would cause any other violations by Holdings or
its affiliates of the Communications Act or the FCC&#146;s rules, the following actions would be taken:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately following the effective time of the merger, the Board of Directors of
Holdings will consist of 12 directors, one of whom will be a United States citizen and be
named by Highfields Management (which member will be named to Holdings&#146; nominating committee
and initially will be Jonathon Jacobson) and one member of which will be a United States
citizen and will be selected by Holdings&#146; nominating committee after consultation with
Highfields Management (which member initially will be David Abrams) (these two directors,
&#147;Public Directors&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>until the Highfields Entities beneficially own (as defined under the Exchange Act) less
than 5% of the outstanding shares of voting securities of Holdings issued as Stock
Consideration (the &#147;Required Percentage&#148;), in connection with each election of Public
Directors (and with respect to any replacements of such directors if they can no longer
serve), Holdings will:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) nominate as Public Directors one candidate selected by Highfields Management (which
candidate initially will be Jonathon Jacobson) and one candidate selected by Holdings&#146;
nominating committee after consultation with Highfields Management (which candidate initially
will be David Abrams),
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recommend the election of such candidates,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) solicit proxies for the election of such candidates, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the extent authorized by shareholders granting proxies, vote the voting
securities represented by all proxies granted by shareholders in connection with the
solicitation of proxies by the Board for such meeting, in favor of
such candidates;
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>until the Highfields Entities no longer own the Required Percentage, the Fincos and their
affiliates will vote all shares of voting securities which they own and which are eligible
to vote for the election of the Public Directors in favor of such candidates&#146; election as
Public Directors; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>until the Highfields Entities no longer own the Required Percentage, subject to the
Holdings Board&#146;s fiduciary duties, at least one Public Director will be appointed (and, if
required, replaced by another Public Director) to each of the committees of the Board of
Directors of Holdings.</TD>
</TR>

</TABLE>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highfields Management and each of the Abrams Investors has represented in their respective
Voting Agreements, among other things, that (i)&nbsp;it is qualified to hold an &#147;attributable interest&#148;
in Holdings, Clear Channel, or their affiliates under the FCC&#146;s media ownership rules, and (ii)
neither it nor any party holding an attributable interest in it holds media interests that conflict
with Clear Channel&#146;s media interests or would impede or delay regulatory consents to consummate the
merger. Also, if any affiliate of Highfields Management or any Abrams Investor should be deemed to
hold an attributable interest in Holdings, Clear Channel, or their affiliates, Highfields
Management or the applicable Abrams Investor, as the case may be, either (i)&nbsp;will demonstrate that
such affiliate is qualified to hold such interest and has no media interests that would conflict
with Clear Channel&#146;s media interests or delay or impede regulatory consents to consummate the
merger or (ii)&nbsp;will take certain curative actions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Voting Agreements, the Fincos have cancelled and have agreed not to
accept or enter into any subscription agreement or understandings to acquire equity securities in
Holdings with any private investment funds (other than the Highfields Funds and the Abrams
Investors) that are shareholders of Clear Channel and are not limited partners or shareholders of
an investment fund managed by one of the Sponsors and certain investment funds who are shareholders
of Clear Channel and who executed such commitments after January&nbsp;31, 2007. No new arrangements with
such investment funds may be entered into prior to the effective time of the merger.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Voting Agreement will terminate upon the earliest to occur of (i)&nbsp;the effective time of
the merger; (ii)&nbsp;upon termination of the merger agreement in accordance with its terms; (iii)
termination of the Settlement Agreement or public disclosure by Clear Channel that the Settlement
Agreement has been materially breached by any party thereto or terminated for any reason, or (iv)
upon mutual written agreement of the parties to that Voting Agreement. Certain limited provisions
including the director nomination and related provision set forth above survive the effective time
of the merger.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sponsors have agreed to use their reasonable best efforts to cause the Fincos, Holdings
and Merger Sub to perform their obligations under the Highfields Voting Agreement for so long as
those obligations are in effect and to use their reasonable best efforts to prevent the Fincos,
Holdings and Merger Sub from taking any actions that would be inconsistent in any material respect
with respect to their performance of such obligations for so long as
such obligations are in effect.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->115<!-- /Folio -->
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="200"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTAIN AFFILIATE TRANSACTIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As contemplated by the Highfields Voting Agreement entered into with the Highfields Funds, the
Sponsors, Merger Sub and Holdings will enter into an agreement, under which Holdings will agree
that neither it nor any of its subsidiaries will enter into or effect any affiliate transaction
between Holdings or of one of its subsidiaries, on the one hand, and any Sponsor or any other
private investment fund under common control with either Sponsor (collectively referred to herein
as the &#147;principal investors&#148;), on the other hand, without the prior approval of either a majority
of the independent directors of Holdings or a majority of the then-outstanding shares of Class&nbsp;A
common stock of Holdings (excluding for purposes of such calculation from both (x)&nbsp;the votes cast
and (y)&nbsp;the outstanding shares, all shares held at that time by any principal investor, any
affiliate of a principal investor or members of management and directors of Holdings whose
beneficial ownership information is then required to be disclosed in filings with the SEC pursuant
to Item&nbsp;403 of Regulation&nbsp;S-K, such shares referred to herein as the &#147;public shares&#148;). Such
agreement will become effective as of the effective time of the merger and expire upon the earlier
of (i)&nbsp;an underwritten public offering and sale of Holdings&#146; common stock which results in
aggregate proceeds in excess of $250&nbsp;million to Holdings and after which Holdings&#146; common stock is
listed on NASDAQ&#146;s National Market System or another national securities exchange (a &#147;qualified
public offering&#148;) and (ii)&nbsp;the consummation of a certain transaction resulting in a
change-of-control (as defined in the agreement and summarized below) of Holdings. The following are
not deemed to be affiliate transactions for purposes of the agreement described in this paragraph:
(i)&nbsp;any commercial transaction between Holdings or any of its subsidiaries, on the one hand, and
any portfolio company in which any principal investor or any affiliate of a principal investor has
a direct or indirect equity interest, on the other, so long as such transaction is entered into on
an arms&#146;- length basis; (ii)&nbsp;any purchase of bank debt or securities by a principal investor or an
affiliate of a principal investor or any transaction between a principal investor or affiliate of a
principal investor on the one hand, and Holdings or one of its subsidiaries on the other hand,
related to the ownership of bank debt or securities, provided such purchase or transaction is on
terms (except with respect to relief from all or part of any underwriting or placement fee
applicable thereto) comparable to those consummated within an offering made to unaffiliated third
parties; (iii)&nbsp;the payment by Holdings or one of its subsidiaries of up to $87.5&nbsp;million in
transaction fees to the principal investors or their affiliates in connection with the transactions
contemplated by the merger agreement; (iv)&nbsp;any payment of management, transaction, monitoring or
any other fees to the principal investors or their affiliates pursuant to an arrangement or
structure whereby the holders of public shares of Holdings are made whole for the portion of such
fees paid by Holdings that would otherwise be proportionate to their share holdings; and (v)&nbsp;any
transaction to which a principal investor or an affiliate thereof is a party in its capacity as a
stockholder of Holdings that is offered generally to other stockholders of Holdings (including the
holders of shares of Class&nbsp;A common stock of Holdings) on comparable or more favorable terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A change-of-control of Holdings will be deemed to have occurred upon the occurrence of any of
the following: (i)&nbsp;any consolidation or merger of Holdings with or into any other corporation or
other entity, or any other corporate reorganization or transaction (including the acquisition of
stock of Holdings), in which the direct and indirect stockholders of Holdings immediately prior to
such consolidation, merger, reorganization or transaction, own stock either representing less than
fifty percent (50%) of the economic interests in and less than fifty percent (50%) of the voting
power of Holdings or other surviving entity immediately after such consolidation, merger,
reorganization or transaction or that does not have, through the ownership of voting securities, by
agreement or otherwise, the power to elect a majority of the entire board of directors of Holdings
or other surviving entity immediately after such consolidation, merger, reorganization or
transaction, excluding any bona fide primary or secondary public offering, (ii)&nbsp;any stock sale or
other transaction or series of related transactions, after giving effect to which in excess of
fifty percent (50%) of the Holdings&#146; voting power is owned by any person or entity and its
&#147;affiliates&#148; or &#147;associates&#148; (as such terms are defined in the rules adopted by the SEC under the
Exchange Act), other than the principal investors and their respective affiliates, excluding any
bona fide primary or secondary public offering; or (iii)&nbsp;a sale, lease or other disposition of all
or substantially all of the assets of Holdings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The agreement described above terminates upon the earliest of the termination of the merger
agreement, a qualified public offering and the consummation of a change-of-control (as defined
therein). Other than as described in the prior sentence, such agreement may not be terminated,
amended, supplemented or otherwise modified without the prior written approval of either (i)&nbsp;a
majority of the independent directors of Holdings elected by the holders of Class&nbsp;A common stock of
Holdings or (ii)&nbsp;a majority of the then-outstanding public shares.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="201"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FINANCING</B>
</DIV>

<DIV align="left">
<A name="202"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Financing of the Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;31, 2008, on a pro forma basis, the total amount of funds necessary to complete
the merger is anticipated to be approximately $20.1&nbsp;billion, consisting of (i)&nbsp;approximately $18.0
billion to pay Clear Channel&#146;s shareholders and optionholders the amounts due to them under the
merger agreement, assuming that no Clear Channel shareholder validly exercises and perfects its
appraisal rights and that none of the shareholders will make a Stock Election covering any of their
Clear Channel shares (including shares issuable upon conversion of outstanding options) in the
merger, (ii)&nbsp;approximately $1.6&nbsp;billion to refinance certain existing indebtedness, including all
of Clear Channel&#146;s existing bank indebtedness and certain issues of Clear Channel&#146;s outstanding
public debt, and (iii)&nbsp;approximately $0.5&nbsp;billion to pay transaction costs in connection with the
merger and related transactions, including professional fees, employee benefit costs,
change-of-control payments, financing costs and other related expenses and charges. These amounts
are anticipated to be funded by Merger Sub in a combination of equity contributions by entities
controlled by the Sponsors and other investors indirectly into Merger Sub, debt financing obtained
by Merger Sub and the Fincos and made available to Merger Sub and Clear Channel and to the extent
available, cash of Clear Channel. Holdings, Merger Sub and the Fincos have obtained equity and debt
financing commitments described below in connection with the transactions contemplated by the
merger agreement. To the extent that shareholders make any Stock Elections covering all or a
portion of their Clear Channel shares (including shares issuable upon conversion of outstanding
options) in the merger, the funds necessary to complete the merger will be correspondingly reduced
by the Stock Consideration and accordingly, the aggregate amount of equity contributions required
to be made by entities controlled by the Sponsors and their co-investors and their percentage
ownership of Holdings will be reduced by the amount of the Stock Elections (up to the maximum
thirty percent (30%) cap for Stock Elections described above).
</DIV>
<DIV align="left">
<A name="203"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Equity Financing</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to replacement equity commitment letters signed in connection with Amendment No.&nbsp;3,
the Sponsors have severally agreed to purchase (either directly or indirectly through one or more
intermediate entities) up to an aggregate of $2.4&nbsp;billion of equity securities of Holdings (the
&#147;Equity Financing&#148;) and to cause all or a portion of such cash to be contributed to Merger Sub as
needed for the merger and related transactions (including payment of cash merger consideration to
Clear Channel shareholders, repayment of Clear Channel debt, and payment of certain transaction
fees and expenses). The equity commitment letters contemplate that the Sponsors will fund their
equity commitment pursuant to the provisions of the Settlement Agreement and provide that the
Sponsors&#146; funding of the Escrow Agreement will ratably reduce their equity commitments, with
reinstatement of such commitments only in circumstances where funds are unavailable under a letter
of credit. Each of the Sponsors may also assign a portion of its equity commitment obligation to
other investors, resulting in a corresponding reduction of such Sponsor&#146;s commitment to the extent
the assignee funds its commitment, provided that any such transfer will not release such investor
of its obligations under the limited guarantees. As a result, the Sponsors&#146; equity commitments may
ultimately be funded by additional equity investors, although it is anticipated that all or
substantially all of such co-investment by third parties would be through entities controlled by
the Sponsors. Prior to the effective time of the merger, the Sponsors have agreed that the funds
for such Equity Financing shall be held in escrow, to be disbursed in accordance with the terms of
the Escrow Agreement pending consummation of the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the effective time of the merger, Clear Channel shareholders who made a Cash Election will
receive the Cash Consideration for each pre-merger share of Clear Channel common stock they own.
Pursuant to the merger agreement, as an alternative to receiving the Cash Consideration, Clear
Channel shareholders were offered the opportunity to exchange some or all of their pre-merger
shares on a one-for-one basis for shares of Class&nbsp;A common stock of Holdings (subject to aggregate
and individual caps). Shares of Class&nbsp;A common stock are entitled to one vote per share. As a result of such stock elections, upon the consummation of the merger, our shareholders will own shares of Class&nbsp;A
common stock of Holdings representing up to 30% of the equity of Holdings (whether measured by
voting power or economic interest). In
limited circumstances, the merger agreement provides that shareholders electing to receive cash
consideration for some or all of their shares, on a pro rata basis, will be issued shares of
Holdings Class&nbsp;A common stock in exchange for some of their shares of Clear Channel common stock
for which they make a cash election, up to a cap of 1/36<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> of the total number of shares
of Clear Channel common stock for which such shareholder makes a cash election. Pursuant to the merger agreement, all of our shareholders may
also be entitled to receive additional per share consideration that is payable if the merger does
not close on or prior to November&nbsp;1, 2008. Shareholders who elected to receive the stock
consideration prior to the special meeting of shareholders held on September&nbsp;25, 2007 will have
their shares of Clear Channel stock returned to them and will be required to make a new election
prior to the new special shareholders&#146; meeting.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="204"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Debt Financing</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with Amendment No.&nbsp;3 and the Settlement Agreement, on May&nbsp;13, 2008, Merger Sub
entered into definitive agreements providing for $19.1&nbsp;billion in aggregate debt financing
consisting of (i)&nbsp;the Senior Secured Credit Facilities, (ii)&nbsp;the Receivables Based Credit Facility
and (iii)&nbsp;a note purchase agreement for the issuance of new senior notes, as further described in
this section.
</DIV>
<DIV align="left">
<A name="205"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Senior Secured Credit Facilities</B>
</DIV>

<DIV align="left">
<A name="206"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Overview</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;13, 2008, Merger Sub entered into senior secured credit facilities with a syndicate of
institutional lenders and financial institutions. Following the consummation of the merger of
Merger Sub with and into Clear Channel, with Clear Channel continuing as the surviving entity,
Clear Channel will succeed to and assume the obligations of Merger Sub under the secured credit
facilities. The following is a summary of the terms of the senior secured credit facilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The senior secured credit facilities will consist of:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a $1,115&nbsp;million term loan A facility, subject to increase as described below, with a
maturity of six years;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a $10,700&nbsp;million term loan B facility with a maturity of seven years and six months;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a $706&nbsp;million term loan C&#151;asset sale facility, subject to reduction as described below,
with a maturity of seven years and six months;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>$1,250&nbsp;million delayed draw term loan facilities with maturities of seven years and six
months, up to $750&nbsp;million of which may be drawn on or after the
closing date to purchase or repay Clear Channel&#146;s outstanding 7.65% senior notes due 2010 and the remainder
of which will be available after the closing date to purchase or
repay Clear Channel&#146;s outstanding 4.25% senior notes due 2009; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a $2,000&nbsp;million revolving credit facility with a maturity of six years, including a
letter of credit sub-facility and a swingline loan sub-facility.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If availability under the receivables based credit facility described below is less than $750
million on the closing date due to borrowing base limitations, the term loan A facility will be
increased by the amount of such shortfall and the maximum availability under the receivables based
credit facility will be reduced by a corresponding amount. The term loan C&#151;asset sale facility
will be reduced by the net proceeds from sales of certain specified assets (including certain
non-core radio stations being marketed for sale) between March&nbsp;27, 2008 and the closing date.
Proceeds from the sale of specified assets after closing will be applied to prepay the term loan
C&#151;asset sale facility (and thereafter to any remaining term loan facilities) without right of
reinvestment under the senior secured credit facilities. In addition, if the net proceeds of asset
sales of Clear Channel&#146;s wholly-owned subsidiaries are not reinvested, but instead applied to
prepay the senior secured credit facilities, such proceeds would first be applied to the term loan
C&#151;asset sale facility and thereafter pro rata to the remaining term loan facilities. The specified
assets that Clear Channel continued to own as of March&nbsp;31, 2008 generated $41.4&nbsp;million of EBITDA
for the last twelve months ended March&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the closing date, Clear Channel may raise incremental term loans or incremental
commitments under the revolving credit facility of up to (a) $1.5&nbsp;billion, plus (b)&nbsp;the excess, if
any, of (x)&nbsp;0.65 times pro forma consolidated adjusted EBITDA (as calculated in the manner provided
in the senior secured credit facilities documentation), over (y) $1.5&nbsp;billion, plus (c)&nbsp;the
aggregate amount of principal payments made in respect of the term loans under the senior secured
credit facilities (other than mandatory prepayments with net cash proceeds of certain asset sales).
Availability of such incremental term loans or revolving credit commitments is subject, among other
things, to the absence of any default, pro forma compliance with the financial covenant and the
receipt of commitments by existing or additional financial institutions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All borrowings under the senior secured credit facilities following the consummation of the
merger are subject to the satisfaction of customary conditions, including the absence of any
default and the accuracy of representations and warranties.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->118<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds of the term loans and borrowings under the revolving credit facility on the closing
date of the merger will be used to finance the transactions contemplated by the merger agreement.
Proceeds of the revolving credit facility, swingline loans and letters of credit will also be
available following the consummation of the merger to provide financing for working capital and
general corporate purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After giving effect to the transactions contemplated by the merger agreement, Clear Channel
will be the primary borrower under the senior secured credit facilities, except that certain of
Clear Channel&#146;s domestic restricted subsidiaries may be co-borrowers under a portion of the term
loan facilities. Clear Channel will also have the ability to designate one or more of its foreign
restricted subsidiaries as borrowers under the revolving credit facility, subject to certain
conditions and sublimits.
</DIV>
<DIV align="left">
<A name="207"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Interest Rate and Fees</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under the senior secured credit facilities will bear interest at a rate equal to an
applicable margin plus, at Clear Channel&#146;s option, either (i)&nbsp;a base rate determined by reference
to the higher of (A)&nbsp;the prime lending rate publicly announced by the administrative agent and (B)
the federal funds effective rate from time to time plus 0.50%, or (ii)&nbsp;a Eurodollar rate determined
by reference to the costs of funds for deposits for the interest period relevant to such borrowing
adjusted for certain additional costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The applicable margin percentages applicable to the term loan facilities and the revolving
credit facility initially will be the following percentages per annum:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to loans under the term loan A facility and the revolving credit facility,
(i)&nbsp;2.40%, in the case of base rate loans and (ii)&nbsp;3.40%, in the case of Eurodollar loans;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to loans under the term loan B facility, term loan C&#151;asset sale facility
and delayed draw term loan facility, (i)&nbsp;2.65%, in the case of base rate loans and (ii)
3.65%, in the case of Eurodollar loans.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The interest rates applicable to loans and letters of credit in alternative currencies will be
based on a corresponding lending rate and margin, as applicable. Beginning with the date of
delivery of financial statements for the first full fiscal quarter completed after the closing of
the transactions contemplated by the merger agreement, the applicable margin percentages will be
subject to adjustments based upon Clear Channel&#146;s leverage ratio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel is required to pay each revolving credit lender a commitment fee in respect of
any unused commitments under the revolving credit facility, which initially will be 0.50% per annum
until the date of delivery of financial statements for the first full fiscal quarter completed
after the closing of the transactions contemplated by the merger agreement and thereafter subject
to adjustment based on Clear Channel&#146;s leverage ratio. Clear Channel is required to pay each
delayed draw term facility lender a commitment fee in respect of any undrawn commitments under the
delayed draw term facility, which initially will be 1.825% per annum until the delayed draw term
facility is fully drawn or commitments thereunder terminated.
</DIV>
<DIV align="left">
<A name="208"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Prepayments</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The senior secured credit facilities require Clear Channel to prepay outstanding term loans,
subject to certain exceptions, with:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>50% (which percentage will be reduced to 25% and to 0% based upon Clear Channel&#146;s
leverage ratio) of annual excess cash flow (as calculated in accordance with the senior
secured credit facilities), less any voluntary prepayments of term loans and revolving
credit loans (to the extent accompanied by a permanent reduction of the commitment) and
subject to customary credits;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>100% of the net cash proceeds of sales or other dispositions (including casualty and
condemnation events) of specified assets being marketed for sale, subject to certain
exceptions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>100% (which percentage will be reduced to 75% and 50% based upon Clear Channel&#146;s leverage
ratio) of the net cash proceeds of sales or other dispositions by Clear Channel or its
wholly-owned restricted subsidiaries (including casualty and condemnation events) of assets
other than specified assets being marketed for sale, subject to reinvestment rights and
certain other exceptions; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>100% of the net cash proceeds of any incurrence of certain debt, other than debt
permitted under the senior secured credit facilities.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->119<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing prepayments with the net cash proceeds of certain incurrences of debt and annual
excess cash flow will be applied (i)&nbsp;first to the term loans other than the term loan C&#151;asset sale
facility loans (on a pro rata basis) and (ii)&nbsp;second to the term loan C&#151;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)&nbsp;first to the term loan C&#151;asset sale facility loans and (ii)&nbsp;second to
the other term loans (on a pro rata basis), in each case to the remaining installments thereof in
direct order of maturity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel may voluntarily repay outstanding loans under the senior secured credit
facilities at any time without premium or penalty, other than customary &#147;breakage&#148; costs with
respect to Eurodollar loans.
</DIV>
<DIV align="left">
<A name="209"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Amortization of Term Loans</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is required to repay the loans under the term loan facilities as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the term loan A facility will amortize in quarterly installments commencing on the first
interest payment date after the second anniversary of the closing date, in annual amounts
equal to 5% of the original funded principal amount of such facility in years three and
four, 10% thereafter, with the balance being payable on the final maturity date of such term
loans; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the term loan B facility, term loan C&#151;asset sale facility and delayed draw term loan
facilities will amortize in quarterly installments on the first interest payment date after
the third anniversary of the closing date, 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 of such term loans.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="211"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Collateral and Guarantees</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The senior secured credit facilities will be guaranteed by Clear Channel&#146;s immediate parent
company and each of Clear Channel&#146;s existing and future material wholly-owned domestic restricted
subsidiaries, subject to certain exceptions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All obligations under the senior secured credit facilities, and the guarantees of those
obligations, will be secured, subject to permitted liens and other exceptions, by:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a first-priority lien on the capital stock of Clear Channel;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>100% of the capital stock of any future material wholly-owned domestic license subsidiary
that is not a &#147;Restricted Subsidiary&#148; under the indenture governing our existing notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain specified assets of Clear Channel and the guarantors that do not constitute
&#147;principal property&#148; (as defined in the indenture governing the existing notes), including
certain specified assets being marketed for sale;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain specified assets of Clear Channel and the guarantors that constitute &#147;principal
property&#148; (as defined in the indenture governing Clear Channel&#146;s existing 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 existing notes; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a second-priority lien on the accounts receivable and related assets securing the
receivables based facility.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of any foreign subsidiaries of Clear Channel 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 such borrowers and guarantors,
subject to permitted liens and other exceptions.
</DIV>
<DIV align="left">
<A name="212"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Conditions and Termination</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The availability of the Debt Financing under the senior secured credit facilities is subject
to the following closing conditions:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the receipt of executed counterparts of the definitive credit agreement by Clear Channel
Capital I, LLC, Clear Channel and each subsidiary co-borrower;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->120<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the consummation of the merger in accordance with the merger agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of amendments or waivers to certain provisions of the merger agreement in a
manner materially adverse to the lenders without their consent;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the receipt of equity contributions (including the value of all equity of Holdings issued
to existing shareholders and management in connection with the merger) in an amount
determined in accordance with the senior secured credit facilities, but in any event not
less than $3&nbsp;billion.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The lenders may terminate their commitments under the senior secured credit facility if the
foregoing conditions are not satisfied by 11:59&nbsp;p.m., New York City time, on the earliest of (i)
the 20th business day following the receipt of the Requisite Shareholder Approval (as defined in
the merger agreement), (ii)&nbsp;the 20th business day following the failure to obtain the Requisite
Shareholder Approval at a duly held Shareholders&#146; Meeting (as defined in the merger agreement)
after giving effect to all adjournments and postponements thereof, (iii)&nbsp;five business days
following the termination of the merger agreement or (iv)&nbsp;December&nbsp;31, 2008 (the &#147;Termination
Date&#148;); provided, that if (A)&nbsp;the Requisite Shareholder Approval is obtained and (B)&nbsp;any regulatory
approval required in connection with the consummation of the merger has not been obtained (or has
lapsed and not been renewed) or any waiting period under applicable antitrust laws has not expired
(or has restarted and such new period has not expired), then the Termination Date will
automatically be extended until the 20th business day following receipt of all such approvals (or
renewals), but in no event later than March&nbsp;31, 2009. If as of the Termination Date there is a
dispute among any of the parties to the escrow agreement with respect to the disposition of any
escrow funds (as defined in the escrow agreement) pursuant to the escrow agreement, Merger Sub may,
by written notice to the lenders, extend the Termination Date until the fifth business day after
the final resolution of such dispute by a court of competent jurisdiction or mutual resolution by
the parties to such dispute; provided, that the Termination Date with respect to any lender will
occur on the date such lender withdraws its portion of the escrow funds pursuant to the escrow
agreement.
</DIV>
<DIV align="left">
<A name="213"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Certain Covenants and Events of Default</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The senior secured credit facilities require Clear Channel to comply on a quarterly basis with
a maximum consolidated senior secured net debt to adjusted EBITDA (as calculated in accordance with
the senior secured credit facilities) ratio. This financial covenant will become more restrictive
over time. In addition, the senior secured credit facilities include negative covenants that,
subject to significant exceptions, limit Clear Channel&#146;s ability and the ability of Clear Channel&#146;s
restricted subsidiaries to, among other things:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>incur additional indebtedness;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>create liens on assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>engage in mergers, consolidations, liquidations and dissolutions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pay dividends and distributions or repurchase Clear Channel&#146;s capital stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make investments, loans, or advances;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prepay certain junior indebtedness;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>engage in certain transactions with affiliates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amend material agreements governing certain junior indebtedness; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>change Clear Channel&#146;s lines of business.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->121<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The senior secured credit facilities include certain customary representations and warranties,
affirmative covenants and events of default, including payment defaults, breach of representations
and warranties, covenant defaults, cross-defaults to certain indebtedness, certain events of
bankruptcy, certain events under ERISA, material judgments, the invalidity of material provisions
of the senior secured credit facilities documentation, the failure of collateral under the security
documents for the senior secured credit facilities, the failure of the senior secured credit
facilities to be senior debt under the subordination provisions of certain of Clear Channel&#146;s
subordinated debt and a change of control. If an event of default occurs, the lenders under the
senior secured credit facilities will be entitled to take various actions, including the
acceleration of all amounts due under the senior secured credit facilities and all actions
permitted to be taken by a secured creditor.
</DIV>
<DIV align="left">
<A name="214"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Receivables Based Credit Facility</B>
</DIV>

<DIV align="left">
<A name="215"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Overview</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;13, 2008, Merger Sub entered into a receivables based facility with a syndicate of
institutional lenders and financial institutions. Following the consummation of the merger of
Merger Sub with and into Clear Channel, with Clear Channel continuing as the surviving entity,
Clear Channel will succeed to and assume the obligations of Merger
Sub under the secured credit facilities. The following is a summary of terms of the receivables
based facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The receivables based facility provides senior secured financing of up to $1,000&nbsp;million,
subject to a borrowing base. The borrowing base at any time will equal 85% of Clear Channel&#146;s and
certain of its subsidiaries&#146; eligible accounts receivable. The receivables based facility will
include a letter of credit sub-facility and a swingline loan sub-facility. The maturity of the
receivables based facility is six years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Up to $750&nbsp;million may be drawn under the receivables based facility on the closing of the
transactions contemplated by the merger agreement. In the event that availability under the
receivables based facility is less than $750&nbsp;million on the closing of the transactions
contemplated by the merger agreement, the aggregate amount of the receivables based facility will
be reduced by the amount of the shortfall.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, if certain additional subsidiaries become borrowers or guarantors under the
receivables based facility, Clear Channel may request increases to the receivables based facility
in an aggregate amount not exceeding $750&nbsp;million. Availability of such increases to the
receivables based facility is subject to, among other things, the absence of any default and the
receipt of commitments by existing or additional financial institutions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All borrowings under the receivables based facility following the closing of the transactions
contemplated by the merger agreement are subject to the absence of any default, the accuracy of
representations and warranties and compliance with the borrowing base. In addition, borrowings
under the receivables based facility following the closing date will be subject to compliance with
a minimum fixed charge coverage ratio of 1.0:1.0 if excess availability under the receivables based
facility is less than $50&nbsp;million, or if aggregate excess availability under the receivables based
facility and the senior secured revolving credit facility is less than 10% of the borrowing base.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds of the borrowings under the receivables based facility on the closing date of the
merger will be used to finance the transactions contemplated by the merger agreement. Proceeds of
the receivables based facility, swingline loans and letters of credit will also be available
following the closing of the transactions contemplated by the merger agreement to provide financing
for working capital and general corporate purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After giving effect to the transactions contemplated by the merger agreement, Clear Channel
and certain subsidiary borrowers will be the borrowers under the receivables based facility.
Clear Channel will have the ability to designate one or more of its restricted subsidiaries as
borrowers under the receivables based facility. The receivables based facility loans and letters of
credit will be available in United States dollars.
</DIV>
<DIV align="left">
<A name="216"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Interest Rate and Fees</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under the receivables based facility will bear interest at a rate equal to an
applicable margin plus, at Clear Channel&#146;s option, either (i)&nbsp;a base rate determined by reference
to the higher of (A)&nbsp;the prime lending rate publicly announced by the administrative agent and (B)
the federal funds effective rate from time to time plus 0.50%, or (ii)&nbsp;a Eurodollar rate determined
by reference to the costs of funds for deposits for the interest period relevant to such borrowing
adjusted for certain additional costs.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->122<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The applicable margin percentage applicable to the receivables based facility initially will
be (i)&nbsp;1.40%, in the case of base rate loans and (ii)&nbsp;2.40%, in the case of Eurodollar loans.
Beginning with the date of delivery of financial statements for the first full fiscal quarter
completed after the closing of the transactions contemplated by the merger agreement, the
applicable margin percentage will be subject to adjustments based upon Clear Channel&#146;s leverage
ratio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel will be required to pay each lender a commitment fee in respect of any unused
commitments under the receivables based facility, which initially will be 0.375% per annum until
the date of delivery of financial statements for the first full fiscal quarter completed after the
closing of the transactions contemplated by the merger agreement and thereafter subject to
adjustment based on Clear Channel&#146;s leverage ratio.
</DIV>
<DIV align="left">
<A name="217"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Prepayments</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time the sum of the outstanding amounts under the receivables based facility
(including the letter of credit outstanding amounts and swingline loans thereunder) exceeds the
lesser of (i)&nbsp;the borrowing base and (ii)&nbsp;the aggregate commitments under the receivables based
facility, Clear Channel will be required to repay outstanding loans and cash collateralize letters
of credit in an aggregate amount equal to such excess.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel may voluntarily repay outstanding loans under the receivables based facility at
any time without premium or penalty, other than customary &#147;breakage&#148; costs with respect to
Eurodollar loans.
</DIV>
<DIV align="left">
<A name="218"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Collateral and Guarantees</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The receivables based facility will be guaranteed by, subject to certain exceptions, the
guarantors of the senior secured credit facilities. All obligations under the receivables based
facility, and the guarantees of those obligations, will be secured by a perfected first-priority
security interest in all of Clear Channel&#146;s and all of the guarantors&#146; accounts receivable and
related assets, subject to permitted liens and certain exceptions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The receivables based facility includes negative covenants, representations, warranties and
events of default, conditions precedent and termination provisions substantially similar to those
governing the senior secured credit facilities.
</DIV>
<DIV align="left">
<A name="219"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Senior Notes due 2016</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;13, 2008, Merger Sub entered into a purchase agreement (the &#147;purchase agreement&#148;), by
and among Merger Sub and Deutsche Bank Securities Inc., Morgan Stanley &#038; Co. Incorporated,
Citigroup Global Markets Inc., Credit Suisse Securities (USA)&nbsp;LLC, Greenwich Capital Markets, Inc.
and Wachovia Capital Markets, LLC (collectively, the &#147;initial purchasers&#148;), pursuant to which
Merger Sub is obligated to issue and sell to the initial purchasers, and the initial purchasers are
obliged to purchase, $980,000,000 aggregate principal amount of its 10.75% senior cash pay notes
due 2016 (the &#147;senior cash pay notes&#148;) and $1,330,000,000 aggregate principal amount of its
11.00%/11.75% senior toggle notes due 2016 (the &#147;senior toggle notes&#148; and, together with the senior
cash pay notes, the &#147;notes&#148;). Following the consummation of the merger of Merger Sub with and into
Clear Channel, with Clear Channel continuing as the surviving entity, Clear Channel will succeed to
and assume the obligations of Merger Sub under the purchase agreement. The notes will be issued
pursuant to an indenture, by and among the Company, Law Debenture Trust Company of New York, as
trustee, and Deutsche Bank Trust Company Americas, as paying agent and registrar.
</DIV>
<DIV align="left">
<A name="220"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Guarantees and Ranking</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s wholly-owned domestic restricted subsidiaries on the issue date that guarantee
the obligations under its senior secured credit facilities and its receivables based facility will
guarantee the notes with unconditional guarantees. Any of Clear Channel&#146;s subsidiaries that is
released as a guarantor of its senior secured credit facilities and its receivables based facility
will automatically be released as a guarantor of the notes. The notes will be senior unsecured
obligations of Clear Channel. The guarantees of the notes by Clear Channel&#146;s wholly-owned domestic
restricted subsidiaries will be subordinated to the guarantees of the senior secured credit
facilities and the receivables based facility, and certain other permitted debt, but will rank
equal to all other senior indebtedness of those subsidiaries.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->123<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="221"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Interest Rate and Payment</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on the senior cash pay notes will be payable in cash and will accrue at a rate of
10.75% per annum. Cash interest on the senior toggle notes will accrue at a rate of 11.00% per
annum, and payment-in-kind interest will accrue at a rate of 11.75% per annum. Clear Channel may
elect, at its option, to pay interest on the senior toggle notes entirely in cash or to pay all or
one-half of such interest in kind by increasing the principal amount of the senior toggle notes.
Interest on the notes will be payable semiannually and will accrue from the issue date of the
notes.
</DIV>
<DIV align="left">
<A name="222"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Optional Redemption</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time prior to the interest payment date in 2012 that is closest to the fourth
anniversary of the issue date, Clear Channel may redeem some or all of the notes at any time at a
price equal to 100% of the principal amount of such notes plus accrued and unpaid interest to the
redemption date and a &#147;make-whole premium.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On and after the interest payment date in 2012 that closest to the fourth anniversary of the
issue date, Clear Channel may redeem the notes, in whole or in part, at any time on or at the
redemption prices set forth below plus accrued and unpaid interest thereon to the applicable
redemption date:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%"><I>Senior Cash Pay Notes</I>
</DIV>
<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">105.375</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">102.688</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014 and thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.000</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%"><I>Senior Toggle Notes</I>
</DIV>
<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">105.500</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">102.750</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014 and thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.000</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, at the end of any &#147;accrual period&#148; (as defined in Section&nbsp;1272(a)(5) of the
Internal Revenue Code of 1986, as amended (the &#147;Code&#148;)) ending after the fifth anniversary of the
issue date (each, a &#147;Mandatory Deferrable Interest Payment Date&#148;), Clear Channel may make cash
payments on the senior toggle notes then outstanding in an aggregate amount of up to the Mandatory
Deferrable Interest Payment Amount (each such redemption, a &#147;Mandatory Deferrable Interest
Payment&#148;). Any such payments will be made in proportion to the then outstanding principal amounts
of the senior toggle notes. The &#147;Mandatory Deferrable Interest Payment Amount&#148; shall mean, as of
each Mandatory Deferrable Interest Payment Date, the excess, if any, of (i)&nbsp;the aggregate amount of
accrued and unpaid interest and all accrued but unpaid &#147;original issue discount&#148; (as defined in
Section&nbsp;1273(a)(1) of the Code) with respect to the senior toggle notes then outstanding, over (ii)
an amount equal to the product of (A)&nbsp;the aggregate &#147;issue price&#148; (as defined in Sections 1273(b)
and 1274(a) of the Code) of the senior toggle notes then outstanding multiplied by (B)&nbsp;the &#147;yield
to maturity&#148; (as defined in Treasury Regulation&nbsp;Section&nbsp;1.1272-1(b)(1)(i)) of the senior toggle
notes.
</DIV>
<DIV align="left">
<A name="223"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Special Redemption</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the final interest payment date in 2015 (the &#147;Special Redemption Date&#148;), Clear Channel will
be required to redeem for cash a portion (the &#147;Special Redemption Amount&#148;) of the senior toggle
notes equal to the product of (x) $30&nbsp;million and (y)&nbsp;a fraction which, for the avoidance of doubt,
cannot exceed one, the numerator of which is the aggregate principal amount outstanding on such
date of the senior toggle notes for United States federal income tax purposes and the denominator
of which is $1,330&nbsp;million, as determined by the issuer in good faith and rounded to the nearest
$2,000 (such redemption, the &#147;Special Redemption&#148;). The redemption price for each portion of a
senior toggle note so redeemed pursuant to the Special Redemption will equal 100% of the principal
amount of such portion plus any accrued and unpaid interest thereon to the Special Redemption Date.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->124<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="224"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Optional Redemption After Certain Equity Offerings</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time (which may be more than once) until the interest payment date in 2011 closest to
the third anniversary of the issue date of the notes, Clear Channel may redeem up to 40% of any
series of the outstanding notes with the net cash proceeds that Clear Channel raises in one or more
public equity offerings, as long as (i)&nbsp;Clear Channel pays 110.75% of the face amount of the senior
cash pay notes being redeemed or 111.00% of the face amount of the senior toggle notes being
redeemed, in each case plus accrued and unpaid interest thereon to the applicable redemption date;
(ii)&nbsp;Clear Channel redeems the notes within 180&nbsp;days of completing the applicable public equity
offering; and (iii)&nbsp;at least 50% of the aggregate principal amount of the senior cash pay notes or
the senior toggle notes, as applicable, issued as of such redemption date remains outstanding
afterwards.
</DIV>
<DIV align="left">
<A name="225"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Change of Control</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Clear Channel experiences a change of control, Clear Channel must give holders of the notes the
opportunity to sell their notes to the issuer at 101% of their face amount, plus accrued and unpaid
interest thereon. Clear Channel might not be able to pay holders of the notes the required price
for notes each such holder presents to Clear Channel at the time of a change of control, because
(i)&nbsp;Clear Channel might not have enough funds at that time; or (ii)&nbsp;the terms of its senior secured
credit facilities and receivables based facility may prevent it from paying.
</DIV>
<DIV align="left">
<A name="226"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Asset Sale Proceeds</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Clear Channel or any of its restricted subsidiaries engages in certain asset sales, Clear
Channel or such restricted subsidiary generally must either invest the net cash proceeds from such
sales in its business within a period of time, repay senior debt (including its senior secured
credit facilities), or make an offer to purchase a principal amount of the notes equal to the
excess net cash proceeds (if applicable, on a pro rata basis with other senior debt). The purchase
price of the notes will be 100% of their principal amount, plus accrued and unpaid interest
thereon.
</DIV>
<DIV align="left">
<A name="227"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Certain Covenants</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture governing the notes will contain covenants limiting Clear Channel&#146;s ability and
the ability of its restricted subsidiaries to (i)&nbsp;incur additional debt or issue preferred stock of
restricted subsidiaries; (ii)&nbsp;pay dividends or distributions on Clear Channel&#146;s capital stock or
repurchase capital stock of Clear Channel; (iii)&nbsp;make certain investments; (iv)&nbsp;create liens on
Clear Channel&#146;s assets to secure debt; (v)&nbsp;enter into transactions with affiliates; and (vi)&nbsp;merge
or consolidate with another company.
</DIV>
<DIV align="left">
<A name="228"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Conditions and Termination</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the initial purchasers to purchase the notes is subject to the following
conditions:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the receipt of conformed counterparts of the indenture governing the notes executed by
Clear Channel, the trustee and the paying agent;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the receipt of conformed counterparts of the joinder agreement to the purchase agreement
executed by Clear Channel;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the consummation of the merger in accordance with the merger agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of amendments or waivers to certain provisions of the merger agreement in a
manner materially adverse to the initial purchasers and which have not been approved by the
initial purchasers in writing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the satisfaction of certain equity contributions set forth in the purchase agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The note purchase agreement contains termination provisions substantially similar to those
governing the senior secured credit facilities.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->125<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="229"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Events of Default</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture governing the notes will also provide for events of default which, if certain of them
occur and continue under such indenture, would permit the trustee or holders of at least 25% in
principal amount of the then total outstanding notes to declare the principal, premium, if any,
interest and other monetary obligations on all the then outstanding notes to be due and payable
immediately.
</DIV>
<DIV align="left">
<A name="230"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Registration Rights</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The issuer has agreed to use commercially reasonable efforts to enter into a registration rights
agreement within five business days following the closing, pursuant to which the issuer will use
its commercially reasonable efforts to register notes (the &#147;exchange notes&#148;) having substantially
identical terms as the notes with the SEC as part of an offer to exchange freely tradable exchange
notes for the notes (the &#147;exchange offer&#148;). Subject to the terms and conditions set forth in the
registration rights agreement, the issuer will use its commercially reasonable efforts to cause the
exchange offer to be completed within 300&nbsp;days after the issue date of the notes or, if required,
to file one or more resale shelf registration statements within 300&nbsp;days after the issue date of
the notes and declared effective within the time frames specified in the registration rights
agreement. If the issuer fails to meet the targets listed above (a &#147;registration default&#148;), the
annual interest rate on the notes will increase by 0.25%. The annual interest rate on the notes
will increase by an additional 0.25% for each subsequent 90-day period during which the
registration default continues, up to a maximum additional interest rate of 0.50% per year over the
original interest rates of the notes. If the issuer corrects the registration default, the
interest rate on the notes will revert to the original level. If the issuer must pay additional
interest, the issuer will pay it to the holders of the notes in the same manner and on the same
dates that the issuer makes other interest payments on the notes, until the issuer corrects the
registration default.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->126<!-- /Folio -->
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="231"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OPINION OF CLEAR CHANNEL&#146;S FINANCIAL ADVISOR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs delivered its oral opinion to Clear Channel&#146;s board of directors, which was
subsequently confirmed in its written opinion dated May&nbsp;13, 2008, that, as of such date, and based
upon and subject to the factors and assumptions set forth therein, the cash consideration of $36.00
per Public Share that the holders of Public Shares can elect to receive pursuant to the merger
agreement was fair from a financial point of view to such holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It was Goldman Sachs&#146; understanding that the holders of Public Shares may elect to receive one
share of Holdings Class&nbsp;A common stock in lieu of the cash consideration of $36.00 per Public
Share, subject to the proration provisions of the merger agreement, as to which Goldman Sachs
expresses no opinion, such that the maximum aggregate number of Public Shares to be converted into
the right to receive Holdings Class&nbsp;A common stock shall not exceed 30% of the total number of
shares of capital stock of Holdings outstanding as of the closing date of the merger after giving
effect to the merger and the conversion of shares contemplated by the merger agreement. It was
also Goldman Sachs&#146; understanding that, if a sufficient number of elections for Holdings Class&nbsp;A
common stock are not made, holders of Public Shares that elect to receive the cash consideration of
$36.00 per Public Share would be required to receive in lieu of up to $1.00 of cash consideration,
a fraction of a share of Holdings Class&nbsp;A common stock. Goldman Sachs further understood that if
the effective time of the merger occurs after November&nbsp;1, 2008, the holders of Public Shares will
also receive the Additional Consideration in cash.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The full text of the written opinion of Goldman Sachs, dated May&nbsp;13, 2008, which sets forth
the assumptions made, procedures followed, matters considered and limitations on the review
undertaken in connection with the opinion, is attached as Annex F to this proxy
statement/prospectus. Goldman Sachs provided its opinion for the information and assistance of
Clear Channel&#146;s board of directors in connection with its consideration of the merger. Goldman
Sachs&#146; opinion is not a recommendation as to how any holder of shares of Clear Channel common stock
should vote or make any election with respect to the merger. Goldman Sachs&#146; opinion was approved
by a fairness committee of Goldman Sachs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with delivering the opinion described above and performing its related financial
analyses, Goldman Sachs reviewed, among other things:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the merger agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>annual reports to shareholders and Annual Reports on Form 10-K of Clear Channel for the
five years ended December&nbsp;31, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>annual reports to shareholders and Annual Reports on Form 10-K of Clear Channel Outdoor
for the three years ended December&nbsp;31, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel Outdoor&#146;s Registration Statement on Form S-1, including the prospectus
contained therein, dated November&nbsp;10, 2005, relating to the Clear Channel Outdoor Class&nbsp;A
common stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain interim reports to shareholders and Quarterly Reports on Form 10-Q of Clear
Channel and Clear Channel Outdoor;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain other communications from Clear Channel and Clear Channel Outdoor to their
respective shareholders; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain internal financial analyses and forecasts for Clear Channel prepared by Clear
Channel&#146;s management, and approved for Goldman Sachs&#146; use by Clear Channel, which included
financial analyses and forecasts for Clear Channel Outdoor (the &#147;Management Forecasts&#148;).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs also held discussions with members of the senior managements of Clear Channel
and Clear Channel Outdoor regarding their assessment of the past and current business operations,
financial condition and future prospects of Clear Channel and Clear Channel Outdoor. In addition,
Goldman Sachs reviewed the reported price and trading activity for Clear Channel common stock and
Clear Channel Outdoor Class&nbsp;A common stock, compared certain financial and stock market information
for Clear Channel and Clear Channel Outdoor with similar information for certain other companies
the securities of which are publicly traded, reviewed the financial terms of certain recent
business combinations in the broadcasting and outdoor advertising industries specifically and in
other industries generally and performed such other studies and analyses, and considered such other
factors, as it considered appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs relied upon and assumed, without assuming any responsibility for independent
verification, the accuracy and completeness of all of the financial, legal, accounting, regulatory,
tax and other information provided to, discussed with or reviewed by it. In that regard, Goldman Sachs assumed with Clear Channel&#146;s consent that the Management
Forecasts have been reasonably
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->127<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">prepared on a basis reflecting the best currently available estimates and judgments of the management of Clear Channel. Goldman Sachs also assumed, with Clear
Channel&#146;s consent, that the transaction contemplated by the merger agreement prior to the execution
of Amendment No.&nbsp;3 or the second amended merger agreement may not be consummated as Clear Channel
may not be able to enforce the terms of the second amended merger agreement through litigation or
otherwise. In addition, Goldman Sachs did not make an independent evaluation or appraisal of the
assets and liabilities (including any contingent, derivative or off-balance-sheet assets and
liabilities) of Clear Channel, Clear Channel Outdoor or any of their respective subsidiaries, nor
was any evaluation or appraisal of the assets or liabilities of Clear Channel, Clear Channel
Outdoor or any of their respective subsidiaries furnished to Goldman Sachs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs&#146; opinion does not address any legal, regulatory, tax or accounting matters, the
underlying business decision of Clear Channel to engage in the merger, the relative merits of the
merger as compared to any alternative transaction that might be available to Clear Channel, the
impact of the merger on the solvency or viability of Holdings or the ability of Holdings to pay its
obligations when they become due, or the value that Clear Channel may recover in the event that it
proceeds with its existing suit against the banks that have agreed to provide financing commitments
in connection with the second amended merger agreement. The opinion addresses only the fairness
from a financial point of view to the holders of the Public Shares, as of the date of the opinion,
of the $36.00 per share in cash that such holders can elect to receive pursuant to the merger
agreement. Goldman Sachs does not express any view on, and its opinion does not address, any other
term or aspect of the merger agreement or the merger, including, without limitation, the parties&#146;
respective rights and obligations under the merger agreement, the decision of Clear Channel to
enter into Amendment No.&nbsp;3, the fairness of the merger to, or any consideration received in
connection therewith by, the holders of any other class of securities, creditors, or other
constituencies of Clear Channel, or the fairness of the amount or nature of any compensation to be
paid or payable to any of the officers, directors or employees of Clear Channel, or class of such
persons, in connection with the merger, whether relative to the $36.00 per Public Share in cash
that the holders of Public Shares can elect to receive pursuant to the merger agreement or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore, Goldman Sachs&#146; opinion does not address the value of the Holdings Class&nbsp;A common
stock or the prices at which the Holdings Class&nbsp;A common stock may trade if and when they are
issued or whether any market would develop for the Holdings Class&nbsp;A common stock. Goldman Sachs&#146;
opinion was necessarily based on economic, monetary, market and other conditions as in effect on,
and the information made available to Goldman Sachs as of, the date of the opinion, and Goldman
Sachs assumed no responsibility for updating, revising or reaffirming its opinion based on
circumstances, developments or events occurring after the date of its opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the material financial analyses delivered by Goldman Sachs to
the board of directors of Clear Channel in connection with rendering the opinion described above.
These analyses were chosen based on Goldman Sachs&#146; professional judgment of customary financial
methodologies widely used in valuations of companies and their businesses. The following summary,
however, does not purport to be a complete description of the financial analyses performed by
Goldman Sachs, nor does the order of analyses described represent relative importance or weight
given to those analyses by Goldman Sachs. Some of the summaries of the financial analyses include
information presented in tabular format. The tables must be read together with the full text of
each summary and are alone not a complete description of Goldman Sachs&#146; financial analyses. Except
as otherwise noted, the following quantitative information, to the extent that it is based on
market data, is based on market data as it existed on or before May&nbsp;9, 2008 and is not necessarily
indicative of current market conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs calculated Clear Channel&#146;s estimated cost of equity of approximately 9.5% for
purposes of its financial analyses assuming (i)&nbsp;a risk free rate of 4.0%, (ii)&nbsp;an unlevered beta of
0.8 and (iii)&nbsp;a market risk premium of 5.07%. Goldman Sachs calculated the unlevered beta based
primarily on the past 12&nbsp;months of unlevered predicted betas of CBS Corporation, Cox Radio, Inc.
and Lamar Advertising Company after taking into consideration the historical unlevered predicted
beta of Clear Channel relative to these companies. Goldman Sachs calculated Clear Channel&#146;s
estimated cost of debt of approximately 12.5% for purposes of its financial analyses based on the
market trading levels of Clear Channel&#146;s outstanding debt. Both of these calculations were
performed utilizing then-current data.
</DIV>

<DIV align="left">
<A name="232"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Present Value of Transaction Price Analysis</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs performed an illustrative analysis of the present value of the cash
consideration of $36.00 per share. For this analysis, Goldman Sachs incorporated the value of the
Additional Consideration that would be paid if the closing of the merger occurred after November&nbsp;1,
2008. Goldman Sachs then discounted the value of the transaction price using potential closing
dates of August&nbsp;31, 2008, September&nbsp;30, 2008 and December&nbsp;31, 2008 and discount rates ranging from
5.5% to 9.5% in order to derive an illustrative range of present values of the cash consideration
and the value of any Additional Consideration as of those dates. The range of discount rates used
by Goldman Sachs in this analysis was derived by Goldman Sachs based on Clear Channel&#146;s estimated
cost of equity, which was used to inform the high end of the range, and the average annualized rate
for the Additional Consideration
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->128<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">for November and December&nbsp;2008, which was used to inform the low end of the range. The
following table presents the results of Goldman Sachs&#146; analysis:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Closing Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Illustrative Present Value</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">August&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD nowrap align="right">35.01-$35.41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September&nbsp;30, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD nowrap align="right">34.75-$35.26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD nowrap align="right">34.26-$35.09</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indicative values in this analysis were lower than the indicative values resulting from
the present value of transaction price analysis delivered by Goldman Sachs to the board of
directors of Clear Channel in connection with Goldman Sachs&#146; prior opinion dated May&nbsp;17, 2007
primarily because this analysis relates to the lower merger consideration of $36.00 per share.
</DIV>

<DIV align="left">
<A name="233"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Analysis at Various Prices</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs performed certain analyses, based on historical financial information, SEC
filings and the Management Forecasts. Using the closing market price of Clear Channel&#146;s common
stock on May&nbsp;9, 2008 of $30.00 per share and the cash consideration of $36.00 per share, Goldman
Sachs calculated (i)&nbsp;adjusted equity value by subtracting unconsolidated assets, the present value
of tax assets and the probability weighted present value of its capital loss from Clear Channel&#146;s
implied equity value, and (ii)&nbsp;pro forma adjusted enterprise value by subtracting unconsolidated
assets, the present value of tax assets and the probability weighted present value of its capital
loss from Clear Channel&#146;s implied enterprise value. Goldman Sachs then calculated (i)&nbsp;the ratio of
pro forma adjusted enterprise value to revenue, (ii)&nbsp;the ratio of pro forma adjusted enterprise
value to earnings before interest, income taxes, depreciation and amortization, or EBITDA, and
(iii)&nbsp;the ratio of adjusted equity value to free cash flow, or FCF, adjusted to remove effects of
acquisition related depreciation and amortization. The purpose of this analysis is to show, based
on the Clear Channel common stock price of $30.00 per share as of May&nbsp;9, 2008 and the cash
consideration of $36.00 per share, implied valuation ratios commonly used by investors in
evaluating companies which exhibit similar business characteristics to Clear Channel.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$30.00 per</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$36.00 per</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pro Forma Adjusted Enterprise Value/Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008E</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.8x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.2x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009E</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.7x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.1x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pro Forma Adjusted Enterprise Value/EBITDA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008E</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.5x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.8x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009E</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.2x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.4x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted Equity Value/Adjusted FCF</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008E</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.5x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.5x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009E</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.9x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.5x</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, Goldman Sachs analyzed the closing market price of $30.00 per share of Clear
Channel&#146;s common stock on May&nbsp;9, 2008 and the cash consideration of $36.00 per share of Clear
Channel common stock in relation to (i)&nbsp;the closing prices of Clear Channel common stock on May&nbsp;9,
2008, on November&nbsp;14, 2006, and on September&nbsp;22, 2006 (the last trading day prior to the September
25, 2006 meeting of Clear Channel&#146;s board of directors during which strategic alternatives were
discussed), and (ii)&nbsp;the average price of Clear Channel common stock for the period between May&nbsp;17,
2007, the date that the execution of Amendment No.&nbsp;2 was announced, and May&nbsp;9, 2008. The following
table presents the results of Goldman Sachs&#146; analysis:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$30.00 per</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$36.00 per</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premium to market price of $30.00 per share (as of May&nbsp;9, 2008)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premium to pre-announcement price of $34.11 per share (as of November&nbsp;14, 2006)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(12.0</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premium to undisturbed price of $29.05 per share (as of September&nbsp;22, 2006)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">23.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premium to average price of $34.89 per share for the period between May&nbsp;17, 2007 and May&nbsp;9, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14.0</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.2</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<A name="234"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Present Value of Future Stock Price Analysis</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs performed an illustrative analysis of the implied present value of the future
stock price of Clear Channel, which is designed to provide an indication of the present value of a
theoretical future value of a company&#146;s equity as a function of such company&#146;s estimated future
capital structure and implied share price based on an assumed enterprise value as a multiple of
estimated future EBITDA. For this analysis, Goldman Sachs used the Management Forecasts and assumed
(i)&nbsp;a $1.2&nbsp;billion minority interest based on Clear Channel Outdoor and Clear Media Ltd. market
data as of May&nbsp;9, 2008 and a $0.2&nbsp;billion other minority interest grown in each case at 5% per year
based on the Management Forecasts, (ii)&nbsp;unconsolidated assets of $0.6&nbsp;billion grown at 5% per year
based on the Management Forecasts, (iii)&nbsp;a $0.7&nbsp;billion present value of tax assets and probability
weighted present value of its capital loss as of May&nbsp;11, 2008, (iv)&nbsp;that leverage is maintained at
a total debt to last twelve months EBITDA ratio of 3.5x, (v)&nbsp;that excess cash flow is used to
repurchase Clear Channel common stock at enterprise value to one-year forward EBITDA multiples of
7.5x to 8.5x
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->129<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and (vi)&nbsp;an annual recurring dividend of $0.75 per share paid quarterly. Goldman Sachs first
calculated implied per share values for Clear Channel common stock at year end for each of the
fiscal years 2008 to 2012 by applying enterprise value to one-year forward EBITDA multiples of 7.5x
to 8.5x to estimates prepared by Clear Channel management of fiscal years 2009 to 2013 EBITDA. The
range of one-year forward EBITDA multiples was derived by Goldman Sachs based on then current
estimated one-year forward EBITDA multiples of CBS Corporation, Citadel Broadcasting Corporation,
Cox Radio, Inc., Cumulus Media Inc., Emmis Communications Corporation, Entercom Communications
Corporation, JC Decaux S.A. and Lamar Advertising Company, which we refer to as the selected
companies. The following table presents the estimated one-year forward EBITDA multiples that
Goldman Sachs calculated for the selected companies:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>One-Year Forward</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>EBITDA Multiple</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>as of May 9, 2008</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CBS Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.7x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Citadel Broadcasting Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.4x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cox Radio, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.9x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cumulus Media Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.2x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Emmis Communications Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.6x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Entercom Communications Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.3x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">J.C. Decaux S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.6x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lamar Advertising Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.0x</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs made customary financial adjustments to calculate the foregoing EBITDA multiples
utilizing publicly available research analysts&#146; estimates of EBITDA including adjustments to
reflect estimated trading values implied primarily by EBITDA-generating assets by removing (i)
non-recurring tax assets and (ii)&nbsp;non-consolidated assets, where applicable. Goldman Sachs also
adjusted the foregoing EBITDA multiples to reflect the impact of publicly announced acquisitions
and divestitures, where applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs then discounted those values and the value of any dividends to be paid up to the
date of the future share price to May&nbsp;11, 2008, using a discount rate of 9.5%. The discount rate
used by Goldman Sachs in this analysis was derived by Goldman Sachs based on Clear Channel&#146;s
estimated cost of equity, because this analysis measures value based on Clear Channel&#146;s
hypothetical future stock price. This analysis resulted in a range of illustrative values per share
of Clear Channel common stock of $27.41 to $38.09.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indicative values in this analysis were lower than the indicative values resulting from
the present value of future stock price analyses delivered by Goldman Sachs to the board of
directors of Clear Channel in connection with Goldman Sachs&#146; prior opinion dated May&nbsp;17, 2007
primarily as a result of lower estimated one-year forward EBITDA multiples used in the analysis.
Estimated EBITDA multiples for Clear Channel were lowered because of decreases in the trading
multiples of the selected companies.
</DIV>

<DIV align="left">
<A name="235"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Discounted Cash Flow Analysis</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs performed an illustrative discounted cash flow analysis using the Management
Forecasts in order to determine a range of implied present values per share of Clear Channel common
stock based on Management&#146;s projection of Clear Channel&#146;s cash flow. All cash flows were discounted
to May&nbsp;11, 2008, and terminal values were based upon perpetuity growth rates for cash flows in the
year 2013 and beyond. In performing the illustrative discounted cash flow analysis, Goldman Sachs
applied discount rates ranging from 8.25% to 9.25% to the projected unlevered free cash flows of
Clear Channel for the remainder of 2008 and calendar years 2009 to 2012. The range of discount
rates used by Goldman Sachs in this analysis was derived by Goldman Sachs based on an assumed
weighted average cost of capital of approximately 8.75% that reflects the mix of debt and equity in
Clear Channel&#146;s capital structure as of May&nbsp;9, 2008 and a deviation of 0.5% above and below the
assumed weighted average cost of capital to adjust for potential variances over time in volatility,
risk free rate, cost of debt and other factors that affect the calculation of assumed weighted
average cost of capital. Goldman Sachs used an assumed weighted average cost of capital to
determine the range of discount rates in this analysis because this analysis measures estimated
cash flows available to both debt and equity. Goldman Sachs also applied perpetuity growth rates
ranging from 1.75% to 2.75%. The range of perpetuity growth rates used by Goldman Sachs in this
analysis was derived by Goldman Sachs utilizing its professional judgment and experience. This
analysis resulted in a range of illustrative values per share of Clear Channel common stock of
$26.01 to $37.59.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indicative values in this analysis were lower than the indicative values resulting from
the discounted cash flow analyses delivered by Goldman Sachs to the board of directors of Clear
Channel in connection with Goldman Sachs&#146; prior opinion dated May
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17, 2007 primarily as a result of lower projected cash flows in the Management Forecasts and a
higher discount rate resulting from a more recent calculation of the weighted average cost of
capital.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="236"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sum-of-the-Parts Analysis</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs performed illustrative sum-of-the-parts analyses on Clear Channel using the
Management Forecasts. The purpose of these analyses is to derive illustrative indications of the
value that may be made available to shareholders from the hypothetical separation of portions of
Clear Channel&#146;s business through a combination of various spin-offs and asset sales as well as
additional leverage upon Clear Channel. In the illustrative sum-of-the-parts analysis, Goldman
Sachs calculated illustrative per share value indications for Clear Channel assuming a spin-off of
Clear Channel Outdoor on December&nbsp;31, 2008 and asset sales by Clear Channel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the illustrative sum-of-the-parts analysis, Goldman Sachs made the following
assumptions: (i)&nbsp;a spin-off of Clear Channel Outdoor closing on December&nbsp;31, 2008, (ii)&nbsp;the use of
proceeds from the sale of television and non-core radio assets and proceeds from inter-company debt
repayments and/or new debt financings to finance a special dividend to shareholders of Clear
Channel in the range of $0.6 to $5.2&nbsp;billion, or $1.20 to $10.53 per share, and (iii)&nbsp;an annual
recurring dividend of $0.75 per share by Clear Channel following the spin-off. The theoretical post
spin-off illustrative values of Clear Channel Outdoor shares were based upon estimated enterprise
value to 2008 estimated EBITDA multiples of 10.0x to 12.0x. The range of EBITDA multiples was
derived by Goldman Sachs based on then current year EBITDA multiples of CBS Corporation, JC Decaux
S.A. and Lamar Advertising Company. The theoretical post spin-off trading values of shares of Clear
Channel common stock were based upon estimated enterprise value to 2008 estimated EBITDA multiples
of 6.0x to 8.0x and the Management Forecasts after giving effect to the spin-off of Clear Channel
Outdoor. The range of EBITDA multiples was derived by Goldman Sachs based on then current year
EBITDA multiples of CBS Corporation, Citadel Broadcasting Corporation, Cox Radio, Inc., Cumulus
Media Inc., Emmis Communications Corporation and Entercom Communications Corporation. Goldman
Sachs then calculated the implied per share future equity values for Clear Channel Outdoor, the
special dividend and Clear Channel following the spin-off of Clear Channel Outdoor and then
discounted those values to May&nbsp;11, 2008, using a discount rate of 9.5%. The discount rate used by
Goldman Sachs in this analysis was derived by Goldman Sachs based on Clear Channel&#146;s estimated cost
of equity. Goldman Sachs used estimated cost of equity to determine the discount rate in this
analysis because this analysis measures value based on Clear Channel&#146;s hypothetical future stock
price. This analysis resulted in a range of illustrative values per share of Clear Channel common
stock of $27.32 to $35.92, inclusive of the values of Clear Channel Outdoor and Clear Channel
following the spin-off of Clear Channel Outdoor and the amount of the special dividend.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indicative values in these analyses were lower than the indicative values resulting from
the sum-of-the parts analyses delivered by Goldman Sachs to the board of directors of Clear Channel
in connection with Goldman Sachs&#146; prior opinion dated May&nbsp;17, 2007 primarily as a result of lower
estimated EBITDA multiples for Clear Channel Outdoor and Clear Channel following the spin-off.
Estimated EBITDA multiples for Clear Channel Outdoor and Clear Channel were lowered because of
decreases in the trading multiples of the selected companies.
</DIV>

<DIV align="left">
<A name="237"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Miscellaneous</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of a fairness opinion is a complex process and is not necessarily susceptible
to partial analysis or summary description. Selecting portions of the analyses or of the summary
set forth above, without considering the analyses as a whole, could create an incomplete view of
the processes underlying Goldman Sachs&#146; opinion. In arriving at its fairness determination, Goldman
Sachs considered the results of all of its analyses and did not attribute any particular weight to
any factor or analysis considered by it. Rather, Goldman Sachs made its determination as to
fairness on the basis of its experience and professional judgment after considering the results of
all of its analyses. No company or transaction used in the above analyses as a comparison is
directly comparable to Clear Channel, Clear Channel Outdoor or the contemplated merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs prepared these analyses for purposes of Goldman Sachs&#146; providing its opinion to
Clear Channel&#146;s board of directors as to the fairness from a financial point of view of the cash
consideration of $36.00 per Public Share that holders of Public Shares can elect to receive
pursuant to the merger agreement. These analyses do not purport to be appraisals nor do they
necessarily reflect the prices at which businesses or securities actually may be sold. Analyses
based upon forecasts of future results are not necessarily indicative of actual future results,
which may be significantly more or less favorable than suggested by these analyses. Because these
analyses are inherently subject to uncertainty, being based upon numerous factors or events beyond
the control of the parties or their respective advisors, future results may be materially different
from those forecasts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cash consideration of $36.00 per Public Share was determined through arms-length
negotiations between Clear Channel, on the one hand, and the Sponsors, on the other hand, and was
unanimously approved by Clear Channel&#146;s board of directors. Goldman Sachs provided advice to Clear
Channel&#146;s board of directors during these negotiations. Goldman Sachs did not, however, recommend
any specific amount of consideration to Clear Channel, its board of directors or the special
advisory committee of its board of directors or that any specific amount of consideration
constituted the only appropriate consideration for the merger.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described above, Goldman Sachs&#146; opinion to Clear Channel&#146;s board of directors was one of
many factors taken into consideration by Clear Channel&#146;s board of directors in making its
determination to approve the merger agreement (See &#147;The Merger &#151; Reasons for the Merger&#148; in this
proxy statement/prospectus). The foregoing summary does not purport to be a complete description of
the analyses performed by Goldman Sachs in connection with the fairness opinion and is qualified in
its entirety by reference to the written opinion of Goldman Sachs attached as Annex F to this proxy
statement/prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs and its affiliates, as part of their investment banking business, are
continually engaged in performing financial analyses with respect to businesses and their
securities in connection with mergers and acquisitions, negotiated underwritings, competitive
biddings, secondary distributions of listed and unlisted securities, private placements and other
transactions as well as for estate, corporate and other purposes. Goldman Sachs acted as financial
advisor to Clear Channel in connection with, and participated in certain of the negotiations
leading to, the transaction contemplated by the merger agreement. In addition, Goldman Sachs has
provided and is currently providing certain investment banking and other financial services to
Clear Channel and its affiliates, including having acted as global coordinator and senior
bookrunning manager in connection with the initial public offering of 35,000,000 shares of class A
common stock of Clear Channel Outdoor in November&nbsp;2005, as financial advisor to Clear Channel in
connection with the spin-off of Live Nation, Inc., a former subsidiary of Clear Channel, in
December&nbsp;2005 and as financial advisor to Clear Channel in connection with the sale of Clear
Channel&#146;s television assets in March&nbsp;2008. In addition, at the request of the board of directors
of Clear Channel, Goldman Sachs Credit Partners L.P., an affiliate of Goldman Sachs, made available
a financing package to the Sponsors in connection with the original merger agreement that was
entered into in November&nbsp;2006. In connection with the above-described investment banking services
for Clear Channel, during the past two years Goldman Sachs has received aggregate fees of
approximately $5.4&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs has provided and is currently providing certain investment banking and other
financial services to THL Partners and its affiliates and portfolio companies, including having
acted as financial advisor to Houghton Mifflin Holding Company, Inc., a former portfolio company of
THL Partners, in connection with its sale in December&nbsp;2006, as joint lead arranger and joint
bookrunner in connection with senior secured credit facilities (aggregate principal amount
$5,000,000,000) in connection with the acquisition of Aramark Corporation by THL Partners acting
together with a consortium of private equity companies and management in January&nbsp;2007 and as joint
lead arranger and joint bookrunner in connection with senior secured credit facilities (aggregate
principal amount $1,600,000,000) of Spectrum Brands, Inc., a portfolio company of THL Partners, in
April&nbsp;2007. In connection with the above-described investment banking services for THL Partners and
its affiliates and portfolio companies, during the past two years Goldman Sachs has received
aggregate fees of approximately $73.0&nbsp;million from THL Partners and its affiliates and portfolio
companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs has provided and is currently providing certain investment banking and other
financial services to Bain and its affiliates and portfolio companies, including having acted as
lead arranger in connection with the leveraged recapitalization of Brenntag AG, a former portfolio
company of Bain (&#147;Brenntag&#148;), in January&nbsp;2006, as co-financial advisor to Brenntag in connection
with its sale in September&nbsp;2006 and as financial advisor to Houghton Mifflin Holding Company, Inc.,
a former portfolio company of Bain, in connection with its sale in December&nbsp;2006; and having
entered into financing commitments to provide financing to an affiliate of Bain in connection with
its acquisition of Bright Horizons Family Solutions, Inc. in January&nbsp;2008. In connection with the
above-described investment banking services for Bain and its affiliates and portfolio companies,
during the past two years Goldman Sachs has received aggregate fees of approximately $58.3&nbsp;million
from Bain and its affiliates and portfolio companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs may also provide investment banking and other financial services to Clear
Channel and its affiliates and each of the Sponsors and their respective affiliates and portfolio
companies in the future. In connection with such services Goldman Sachs may receive compensation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs and its affiliates are engaged in investment banking and financial advisory
services, securities trading, investment management, principal investment, financial planning,
benefits counseling, risk management, hedging, financing, brokerage activities and other financial
and non-financial activities and services for various persons and entities. In the ordinary course
of these activities and services, Goldman Sachs and its affiliates may provide such services to
Clear Channel and its affiliates and each of the Sponsors and their respective affiliates and
portfolio companies, may at any time make or hold long or short positions and investments, as well
as actively trade or effect transactions, in the equity, debt and other securities (or related
derivative securities) and financial instruments (including bank loans and other obligations) of
Clear Channel and the respective affiliates and portfolio companies of each of the Sponsors for
their own account and for the accounts of their customers. Affiliates of Goldman Sachs have
co-invested with each of the Sponsors and their respective affiliates from time to time and such
affiliates of Goldman Sachs have invested and may invest in the future in limited partnership units
of affiliates of each of the Sponsors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors of Clear Channel selected Goldman Sachs as its financial advisor
because it is an internationally recognized investment banking firm that has substantial experience
in transactions similar to the merger. Pursuant to a letter agreement, dated September&nbsp;18, 2006, as
amended, Clear Channel engaged Goldman Sachs to act as its financial advisor in connection with its
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">consideration of a range of strategic alternatives. Pursuant to the terms of this engagement
letter, Clear Channel has agreed to pay Goldman Sachs a transaction fee equal to approximately $31
million, of which $15&nbsp;million was paid upon signing of the definitive agreement and approximately
$16&nbsp;million of which is contingent upon consummation of the merger. Clear Channel has also agreed to reimburse Goldman Sachs for its expenses, including attorneys&#146;
fees and disbursements, and to indemnify Goldman Sachs and related persons against various
liabilities, including certain liabilities under the federal securities laws.
</DIV>


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</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="238"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a discussion of the material United States federal income tax consequences of
the merger to U.S. holders (as defined below). This discussion is based on the Internal Revenue
Code of 1986, as amended (the &#147;Code&#148;), applicable Treasury regulations, administrative
interpretations and court decisions as in effect as of the date of this proxy statement/prospectus,
all of which may change, possibly with retroactive effect. This discussion assumes that the merger
will be completed in accordance with the terms of the merger agreement. No ruling has been or will
be sought from the Internal Revenue Service (&#147;IRS&#148;) as to the United States federal income tax
consequences of the merger, and the following summary is not binding on the IRS or the courts. As a
result, the IRS could adopt a contrary position, and such a contrary position could be sustained by
a court.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this discussion, a &#147;U.S. holder&#148; is a beneficial owner of a share of Clear
Channel common stock that is:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a citizen or individual resident of the United States;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation, or other entity taxable as a corporation, created or organized in or under
the laws of the United States or any political subdivision thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an estate the income of which is subject to United States federal income tax regardless
of its source; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a trust if, in general, the trust is subject to the supervision of a court within the
United States, and one or more U.S. persons have the authority to control all significant
decisions of the trust.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This discussion only addresses U.S. holders who hold shares of Clear Channel common stock as
capital assets within the meaning of Section&nbsp;1221 the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This discussion, which represents the opinion of Ropes &#038; Gray LLP, does not purport to be a
complete analysis of all potential tax effects of the merger, and, in particular, does not address
U.S. federal income tax considerations applicable to shareholders subject to special treatment
under U.S. federal income tax law (including, for example, non-U.S. holders, brokers or dealers in
securities, financial institutions, mutual funds, insurance companies, tax-exempt entities, holders
who hold Clear Channel common stock as part of a hedge, appreciated financial position, straddle,
conversion transaction or other risk reduction strategy, holders who acquired Clear Channel common
stock pursuant to the exercise of an employee stock option or right or otherwise as compensation,
holders exercising dissenters&#146; rights, holders that are partnerships or other pass-through entities
or investors in partnerships or other pass-through entities and U.S. holders liable for the
alternative minimum tax). In addition, this discussion does not address the tax consequences of
transactions effectuated prior to or after the merger (whether or not such transactions occur in
connection with the merger), including, without limitation, any exercise of an option or the
acquisition or disposition of shares of Clear Channel common stock other than pursuant to the
merger. Also, this discussion does not address U.S. federal income tax considerations applicable to
holders of options or warrants to purchase Clear Channel common stock, or holders of debt
instruments convertible into Clear Channel common stock. No information is provided herein with
respect to the tax consequences of the merger under applicable state, local or non-U.S. laws, or
under any proposed Treasury regulations that have not taken effect as of the date of this proxy
statement/prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>HOLDERS OF CLEAR CHANNEL COMMON STOCK ARE URGED TO CONSULT WITH THEIR TAX ADVISORS REGARDING
THE TAX CONSEQUENCES OF THE MERGER TO THEM, INCLUDING THE EFFECTS OF UNITED STATES FEDERAL, STATE
AND LOCAL, FOREIGN AND OTHER TAX LAWS.</B>
</DIV>

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<DIV align="left">
<A name="239"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Material United States Federal Income Tax Consequences to U.S. Holders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that Stock Elections are made for more than 30% of the total shares of common
stock of Holdings, those elections will be cut back. Conversely, in certain circumstances,
Holdings may elect to pay Additional Equity Consideration in lieu of a portion of the Cash
Consideration. At the time, therefore, that a U.S. holder makes an election to receive Holdings
Class&nbsp;A common stock, cash, or a combination of the two, such holder will not know the mix of
consideration to be received. The U.S. federal income tax consequences to a U.S. holder will vary
depending on such mix.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of Ropes &#038; Gray LLP, the material United States federal income tax consequences
to U.S. holders will be as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exchange of Clear Channel Common Stock Solely For Cash. </I>A U.S. holder who exchanges Clear
Channel common stock solely for cash will recognize capital gain or loss equal to the difference
between the amount of cash received and such holder&#146;s tax basis in the shares of Clear Channel
common stock surrendered therefor. Such gain or loss will be long-term capital gain or loss if, as
of the effective time of the merger, the holding period for such Clear Channel common stock is more
than one year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exchange of Clear Channel Common Stock Solely for Holdings Common Stock. </I>A U.S. holder who
exchanges Clear Channel common stock solely for Holdings Class&nbsp;A common stock will not recognize
any gain or loss upon the exchange, except to the extent that cash is received instead of
fractional shares. Such holder will have a tax basis in the Holdings Class&nbsp;A common stock received
equal to the tax basis of Clear Channel common stock surrendered therefor (excluding any tax basis
allocated to fractional shares). The holding period for the Holdings Class&nbsp;A common stock received
in the exchange will include the holder&#146;s holding period for Clear Channel common stock surrendered
therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exchange of Clear Channel Common Stock for a Combination of Holdings Common Stock and Cash</I>. A
U.S. holder who exchanges Clear Channel common stock for a combination of Holdings Class&nbsp;A common
stock and cash will be treated as having disposed of such holder&#146;s shares of Clear Channel common
stock in two separate transactions &#151; a transfer to Clear Channel of a portion of such holder&#146;s
Clear Channel common stock solely in exchange for cash, which we will refer to in this proxy
statement/prospectus as the &#147;Deemed Redemption,&#148; and a transfer to Holdings of the balance of such
holder&#146;s Clear Channel common stock in exchange for cash and Holdings Class&nbsp;A common stock, which
we will refer to in this proxy statement/prospectus as the &#147;Deemed Exchange&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The relative number of shares of Clear Channel common stock disposed of by a U.S. holder in
the Deemed Redemption and the Deemed Exchange, respectively, will depend on the number of shares of
Holdings Class&nbsp;A common stock received by such holder in the merger and the extent to which the
cash consideration in the merger is attributable to equity financing provided to Holdings by the
Sponsors or debt financing that Clear Channel will be obligated to repay. Consistent with the
characterization as a Deemed Redemption and a Deemed Exchange, a U.S. holder will be required to
bifurcate the cash received in the merger with respect to the Clear Channel common stock between
two categories: (a)&nbsp;the amount of such cash that is attributable to debt financing that Clear
Channel will be obligated to repay, which we will refer to in this proxy statement/prospectus as
&#147;Clear Channel Cash&#148; and (b)&nbsp;the amount of such cash that is attributable to equity financing
provided to Holdings by the Sponsors, which we will refer to in this proxy statement/prospectus as
&#147;Sponsor Cash&#148;. The allocation of the total cash consideration received in the merger by a U.S.
holder between Clear Channel Cash and Sponsor Cash is discussed below. The percentage of such total
cash consideration that is Clear Channel Cash and the percentage of such total cash consideration
that is Sponsor Cash will be the same for each U.S. holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Deemed Redemption. </I>The Clear Channel Cash portion of the total cash received by a U.S. holder
in the merger with respect to Clear Channel common stock will be treated as received in the Deemed
Redemption. Such U.S. holder will be treated as recognizing taxable gain or loss equal to the
difference between the amount of the Clear Channel Cash that such holder receives and such holder&#146;s
allocable tax basis in the Clear Channel common stock transferred in the Deemed Redemption. The
Clear Channel Cash received by a U.S. holder will be equal to the total cash received by such
holder in the merger with respect to Clear Channel common stock multiplied by a fraction, the
numerator of which will be the amount of Clear Channel Cash received by all holders in the merger
and the denominator of which will be the total cash received by all holders in the merger with
respect to Clear Channel common stock. This fraction cannot be computed accurately until after the
effective time of the merger. Clear Channel intends to report its computation of such fraction to
the holders as supplemental information to the IRS Form 1099-B, or other appropriate information
reporting. With respect to any U.S. holder, the number of shares of Clear Channel common stock
treated as redeemed by Clear Channel in the Deemed Redemption will equal the Clear Channel Cash
received by such holder divided by the per share Cash Consideration.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any gain recognized on the Deemed Redemption by such U.S. holder will be treated as capital
gain. Any gain that is treated as capital gain will be long-term capital gain if such holder has
the held the Clear Channel common stock deemed surrendered in the Deemed Redemption for more than
one year as of the effective time of the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Deemed Exchange. </I>Any shares of Clear Channel common stock of a U.S. holder that are not
treated as redeemed pursuant to the Deemed Redemption will be treated as exchanged for Holdings
Class&nbsp;A common stock and Sponsor Cash in the Deemed Exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. holder will not recognize any loss on the Deemed Exchange and will recognize gain, if
any, on the Deemed Exchange equal to the lesser of:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amount of Sponsor Cash received and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the gain realized on the Deemed Exchange, which will be equal to the excess of (i)&nbsp;the
sum of the fair market value of the Holdings Class&nbsp;A common stock and the Sponsor Cash
received by such U.S. holder over (ii)&nbsp;such holder&#146;s tax basis in Clear Channel common stock
surrendered in the Deemed Exchange.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sponsor Cash will be equal to the total cash received by such U.S. holder in the merger
with respect to Clear Channel common stock multiplied by a fraction, the numerator of which is the
amount of Sponsor Cash received by all holders in the merger and the denominator of which is the
total cash received by all holders in the merger with respect to Clear Channel common stock. This
fraction cannot be computed accurately until after the effective time of the merger. Clear Channel
intends to report its computation of such fraction to the holders as supplemental information to
the IRS Form 1099-B, or other appropriate information reporting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As indicated above, a U.S. holder that is deemed to exchange Clear Channel common stock held
at a loss for Class&nbsp;A common stock of Holdings and Sponsor Cash will not recognize that loss for
federal income tax purposes. Moreover, such a U.S. holder will be deemed for federal income tax
purposes to have exchanged more shares of Clear Channel common stock for Class&nbsp;A common stock of
Holdings and cash than the actual number of such U.S. holder&#146;s shares of Clear Channel common stock
that are accepted in the merger in exchange for Class&nbsp;A common stock of Holdings. This is because,
in addition to actually exchanging Clear Channel common stock for Class&nbsp;A common stock of Holdings,
such U.S. holder will be deemed to have exchanged Clear Channel common stock for such U.S. holder&#146;s
pro rata share of the cash merger consideration attributable to the equity financing provided by
the Sponsors to Holdings. See &#147;Financing&#148; beginning on page
117 of this proxy statement/prospectus.
Thus, such U.S. holder will be unable to recognize a loss for federal income tax purposes not only
on such U.S. holder&#146;s Clear Channel common stock actually exchanged for Class&nbsp;A common stock of
Holdings, but also on such U.S. holder&#146;s Clear Channel common stock that is deemed exchanged for
cash attributable to the equity financing provided by the Sponsors to Holdings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any gain recognized in Deemed Exchange by such U.S. holder will be treated as capital gain.
Any gain that is treated as capital gain will be long-term capital gain if such holder has held the
Clear Channel common stock deemed surrendered in the Deemed Exchange for more than one year as of
the effective time of the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate tax basis of the Holdings Class&nbsp;A common stock received by a U.S. holder in the
Deemed Exchange will be equal to the U.S. holder&#146;s aggregate tax basis in the Clear Channel common
stock surrendered in the Deemed Exchange, decreased by the amount of Sponsor Cash received by the
U.S. holder and increased by the amount of gain recognized by the U.S. holder in connection with
the Deemed Exchange. The holding period for the Holdings Class&nbsp;A common stock received will include
the holding period for the Clear Channel common stock surrendered therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Possible Collapse of Deemed Redemption into Deemed Exchange by the Internal Revenue Service</I>.
As indicated above, in the opinion of Ropes &#038; Gray LLP, the Deemed Redemption and the Deemed
Exchange will be recognized as separate transactions. There is a slight possibility that the IRS
might take the position that the Deemed Redemption should not be recognized as a separate
transaction from the Deemed Exchange, with the result that U.S. holders should be treated as having
contributed all of their Clear Channel common stock to Holdings in exchange for cash and Holdings
Class&nbsp;A common stock. Such a position, however, would be contrary to the vast bulk of relevant IRS
authority. If this matter were ever fully litigated, in the opinion of Ropes &#038; Gray LLP, a court
would conclude that the Deemed Redemption is taxable as a separate transaction for United States
federal income tax purposes. In the unlikely event that the IRS were to take, and prevail on, the
position that the Deemed Redemption should not be recognized as a separate transaction, a U.S.
holder would not be permitted to recognize any taxable loss as a result of the merger, and would be
required to recognize a taxable gain equal to the lesser of (x)&nbsp;the cash that such holder received
in the merger, and (y)&nbsp;the excess, if any, of the fair market value of the Holdings Class&nbsp;A common
stock and the cash received in the merger over such U.S. holder&#146;s tax
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">basis in the shares of Clear Channel common stock surrendered in the merger. As a result, a
U.S. holder might recognize more taxable gain in connection with the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Information on the Merger to Be Filed with Clear Channel Shareholders&#146; Returns. </I>A U.S. holder
who receives Holdings Class&nbsp;A common stock, and following the effective time of the merger owns
Holdings Class&nbsp;A common stock representing at least 5% of the total combined voting power or value
of the total outstanding Holdings Class&nbsp;A common stock, will be required to attach to such U.S.
holder&#146;s U.S. federal income tax return for the year in which the merger is consummated, and
maintain a permanent record of, a complete statement that contains the information listed in
Treasury Regulation&nbsp;Section&nbsp;1.351 &#151; 3T. Such statement must include such U.S. holder&#146;s aggregate
fair market value and tax basis in such U.S. holder&#146;s Clear Channel common stock surrendered in the
exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Information Reporting and Backup Withholding. </I>Payments of cash pursuant to the merger will be
subject to information reporting and backup withholding unless (i)&nbsp;they are received by a
corporation or other exempt recipient or (ii)&nbsp;the recipient provides correct taxpayer
identification number and certifies that no loss of exemption from backup withholding has occurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. holder who provides an incorrect taxpayer identification number may be subject to
penalties imposed by the IRS. The amount of any backup withholding from a payment to a U.S. holder
will be allowed as a credit against the U.S. holder&#146;s United States federal income tax liability
and may entitle such U.S. holder to a refund, provided that the required information is timely
furnished to the IRS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tax matters are very complicated, and the tax consequences of the merger to you will depend
upon the facts of your particular situation. The discussion set forth above, while based upon the
reasoned judgment of counsel, addresses legal issues with respect to which there is uncertainty.
Accordingly, we strongly urge you to consult with a tax advisor to determine the particular
federal, state, local, or foreign income or other tax consequences to you of the merger.</B>
</DIV>
<DIV align="left">
<A name="240"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ACCOUNTING TREATMENT OF TRANSACTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect that the merger will be accounted for as a purchase in conformity with Statement of
Financial Accounting Standards No.&nbsp;141, <I>Business Combinations </I>and Emerging Issues Task Force Issue
88-16, <I>Basis in Leveraged Buyout Transactions. </I>As a result of the potential continuing ownership of
certain members of management and the potential continuing ownership of large shareholders, Clear
Channel expects to allocate a portion of the purchase price to the assets and liabilities at their
respective fair values with the remaining portion recorded at the continuing shareholders&#146;
historical basis. Any residual amount will be recorded as goodwill.
</DIV>
<DIV align="left">
<A name="241"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REGULATORY APPROVALS</B>
</DIV>

<DIV align="left">
<A name="242"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Hart-Scott-Rodino</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the HSR Act and the rules promulgated thereunder, Clear Channel cannot complete the
merger until it notifies and furnishes information to the Federal Trade Commission (the &#147;FTC&#148;) and
the Antitrust Division of the U.S. Department of Justice, and specified waiting period requirements
are satisfied. Clear Channel notified and furnished the required information to the FTC and the
Antitrust Division of the U.S. Department of Justice. Clear Channel agreed with the Antitrust
Division of the U.S. Department of Justice to enter into a Final Judgment and Hold Separate
Agreement in accordance with and subject to the Tunney Act, which provided for Antitrust Division
of the U.S. Department of Justice approval of the merger on the condition that Clear Channel
divests certain radio stations. The waiting period under the HSR Act expired on February&nbsp;13, 2008.
</DIV>
<DIV align="left">
<A name="243"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>FCC Regulations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Communications Act, Clear Channel and the Fincos may not complete the merger unless
they have first obtained the FCC Consent. FCC approval is sought through the filing of applications
with the FCC, which are subject to public comment and objections from third parties. Pursuant to
the merger agreement, the parties filed on December&nbsp;12, 2006 the applications to transfer control
of Clear Channel&#146;s FCC licenses to affiliates of the Fincos. On January&nbsp;24, 2008, the FCC approved
the applications to transfer Clear Channel. The FCC consent to transfer Clear Channel is subject
to certain conditions which Clear Channel and the Sponsors will satisfy, or will cause to be
satisfied, prior to the consummation of the merger. The FCC consents to the transfer of control of
Clear Channel remain in effect as granted or as extended. The FCC grants extensions of authority
to consummate previously approved transfers of control either by right or for good cause shown. We
anticipate that the FCC will grant any necessary extensions of the effective period of the
previously issued consents for consummation of the transfer.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="244"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Other</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger is also subject to review by governmental authorities of various other
jurisdictions under the antitrust, communication and investment review laws of those jurisdictions,
and all necessary consents have been obtained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are no remaining regulatory approvals needed to close the transaction.
</DIV>
<DIV align="left">
<A name="245"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>STOCK EXCHANGE LISTING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the consummation of the merger, shares of Holdings Class&nbsp;A common stock will not be
listed on a national securities exchange. It is anticipated that, following the merger, the shares
of Class&nbsp;A common stock will be quoted on the Over-the-Counter Bulletin Board.
</DIV>
<DIV align="left">
<A name="246"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RESALE OF HOLDINGS CLASS A COMMON STOCK</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares of Holdings Class&nbsp;A common stock issued in the merger will not be subject to any
restrictions on transfer arising under the Securities Act, except for shares issued to any Clear
Channel shareholder who may be deemed to be an &#147;affiliate&#148; of Clear Channel or Holdings for
purposes of Rule&nbsp;144 or Rule&nbsp;145 under the Securities Act.
</DIV>
<DIV align="left">
<A name="247"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MERGER RELATED LITIGATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;26, 2008, Merger Sub and the Fincos commenced litigation in the Supreme Court of the
State of New York, County of New York, against the Banks, captioned <I>BT Triple Crown Merger Co.,
Inc., et al., v. Citigroup Global Markets Inc., et al.</I>, Index No.&nbsp;08/600899 (the &#147;New York
Action&#148;). The complaint in that action alleged breach of contract and other state-law causes of
action arising from the Banks&#146; alleged failure to provide committed financing in support of the
proposed transaction. The Banks asserted various counterclaims against Merger Sub, the Fincos,
Clear Channel and Holdings seeking declaratory relief, which we refer to as the &#147;New York
Counterclaim Action.&#148; The New York Supreme Court denied motions to dismiss the action and granted
the plaintiffs&#146; motion for an expedited trial. The trial began on May&nbsp;13, 2008 but was adjourned
by order of the Court after one day of testimony after the parties in the action notified the Court
that Clear Channel, Merger Sub, the Fincos, Holdings and CCC IV had entered a settlement agreement
with the Banks pursuant to which they settled this action together with a related action pending
the State of Texas (described more fully below). On May&nbsp;27, 2008, the New York Supreme Court
entered a stipulation of dismissal submitted by the parties and dismissed the New York Action. For details concerning the Settlement Agreement,
see &#147;Settlement and Escrow Agreements.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In <I>Clear Channel Communications, Inc., and CC Media Holdings, Inc. v. Citigroup Global
Markets, Inc.; Citicorp USA, Inc.; Citicorp North America, Inc.; Morgan Stanley Senior Funding,
Inc.; Credit Suisse Securities USA, LLC; RBS Securities Corporation; Wachovia Investment Holdings,
LLC; and Wachovia Capital Markets, LLC; </I>Cause No.&nbsp;2008-CI-04864 (the &#147;Texas Action&#148;) in the 225th
Judicial District Court of Bexar County, Texas (filed March&nbsp;26, 2008), Clear Channel and its
co-plaintiff, Holdings, asserted a claim of tortious interference against each of the defendants
based upon allegations that the defendants intentionally interfered with the merger agreement, as
in effect prior to Amendment No.&nbsp;3, in an effort to prevent Clear Channel, Merger Sub, the Fincos
and Holdings from consummating the merger. Clear Channel sought an injunction prohibiting the
defendants from engaging in the specified acts of interference and, alternatively, damages. A
single issue relating to the forum in which the lawsuit was filed was appealed to the Texas Supreme
Court. Trial on all other issues was scheduled for June&nbsp;2, 2008. However, pursuant to the
Settlement Agreement, all litigation efforts and proceedings, including the appeal, were stayed
pending satisfaction of the conditions set forth in the Settlement Agreement. On May&nbsp;22, 2008,
Clear Channel, Holdings and the Banks filed a notice of nonsuit and on May&nbsp;29, 2008, the District Court
entered a final order of dismissal, dismissing with prejudice all of
their claims in the Texas Action. The parties have agreed to dismiss as moot
the appeal currently before the Texas Supreme Court.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Settlement Agreement provides that each of the parties to the Escrow Agreement will make
their respective funding obligations under the Escrow Agreement on or before May&nbsp;28, 2008 (or, in
the case of a Bank Escrow Party, on or before May&nbsp;22, 2008). The Escrow Agent confirmed receipt of
the entire Bank Escrow Amount on May&nbsp;22, 2008 and all other amounts required to be delivered under
the Escrow Agreement, including the entire Buyer Escrow Amount, on May&nbsp;28, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are aware of eight putative class action complaints that were filed in the District Court
of Bexar County, Texas, in connection with the merger. Of these putative class action complaints,
the following three have been dismissed: <I>Murphy v Clear Channel Communications, Inc., et al</I>., No.
2006CI17647 (filed November&nbsp;16, 2006), <I>Manson v. Clear Channel Communications, Inc., et al.</I>,
No.&nbsp;2006CI17656 (filed November&nbsp;16, 2006), and <I>Metzler Investment GmbH v. Clear Channel
Communications, Inc., et al.</I>, No.&nbsp;2006CI18067 (filed November&nbsp;28, 2006).
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The remaining five actions &#151; <I>Teitelbaum v. Clear Channel Communications, Inc., et al.</I>, No.
2006CI17492 (filed November&nbsp;14, 2006), <I>City of St. Clair Shores Police and Fire Retirement System
v. Clear Channel Communications, Inc., et al</I>., No.&nbsp;2006CI17660 (filed November&nbsp;16, 2006), <I>Levy
Investments, Ltd. v. Clear Channel Communications, Inc., et al</I>., No.&nbsp;2006CI17669 (filed November
16, 2006), <I>DD Equity Partners LLC v. Clear Channel Communications, Inc., et al</I>., No.&nbsp;2006CI7914
(filed November&nbsp;22, 2006), and <I>Pioneer Investments Kapitalanlagegesellschaft MBH v. Clear Channel
Communications, Inc., et al.</I>, No.&nbsp;2006CI18542 (filed December&nbsp;7, 2006) &#151; have been consolidated
for pretrial purposes only into one proceeding (the &#147;Consolidated Class&nbsp;Action&#148;), captioned <I>In re
Clear Channel Communications, Inc. Shareholders Litigation, </I>Cause No.&nbsp;2006-CI-17492. The Second
Amended Complaint currently pending in the Consolidated Class&nbsp;Action alleges that Clear Channel and
its directors breached their fiduciary duties in connection with the proposed merger and in
connection with the disclosures in the merger proxy statement. The complaint also alleges that Bain
Capital Partners, LLC and Thomas H. Lee Partners, L.P. aided and abetted those breaches of
fiduciary duty. The complaint seeks damages and an order enjoining the defendants from completing
the proposed transaction. On October&nbsp;22, 2007, the plaintiffs in the Consolidated Class&nbsp;Action
filed a Motion to Determine Fees and Expenses. The motion asks the Court to award them $7,345,463
in attorneys fees and $229,731.93 for expenses. A hearing on the motion was scheduled for November
21, 2007. The setting was eventually dropped, and no action was taken by the Court on plaintiffs&#146;
request for attorneys&#146; fees and expenses. No hearings are scheduled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the actions described above, we are aware of two shareholder derivative
complaints naming Clear Channel and its directors as defendants. The first action, also filed in
the District Court of Bexar County, Texas, <I>Rauch v. Clear Channel Communications, Inc., et al</I>., No.
2006CI17436 (filed November&nbsp;22, 2006) alleges breach of fiduciary duties, abuse of control, gross
mismanagement, and waste of corporate assets by the defendants. On
May&nbsp;23, 2008, plaintiffs in the <I>Rauch</I> action filed a
fourth amended petition against the same defendants, adding
allegations of breach of fiduciary duties, abuse of control, gross
mismanagement and waste of corporate assets by the defendants in
connection with the board of directors&#146; decision to approve the
revised terms of the transaction arising out of the settlement of the
Actions. The complaint seeks an order
declaring the employment agreements with Messrs.&nbsp;L. Lowry Mays, Mark P. Mays, and Randall T. Mays
unenforceable or rescinding them, declaring the merger agreement unenforceable and rescinding it,
directing the defendants to exercise their fiduciary duties to obtain a transaction that is in the
best interests of Clear Channel and its shareholders, imposing a constructive trust upon any
benefits improperly received by the defendants, and directing the payment of plaintiff&#146;s costs and
fees. The Rauch litigation has been consolidated with the five putative class action complaints
described above for limited pre-trial purposes, but is not set for hearing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The second action, filed in the United States District Court for the Western District of
Texas, <I>Alaska Laborers Employees Retirement Fund v. Clear Channel Communications, Inc., et al</I>., No.
SA07CA0042RF (filed January&nbsp;11, 2007) contains both derivative and class action claims and alleges,
among other things, that Clear Channel&#146;s directors violated federal securities laws, breached their
fiduciary duties, abused their control of Clear Channel, and grossly mismanaged Clear Channel in
connection with the proposed merger. The complaint also alleges that Bain Capital Partners, LLC and
Thomas H. Lee Partners, L.P. are liable as controlling persons under the federal securities laws
and that Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. also aided and abetted Clear
Channel&#146;s directors in breaching their fiduciary duties. <I>The Alaska Laborers </I>complaint seeks a
determination that class action status is proper, a declaration that the merger agreement was
entered into in breach of Clear Channel&#146;s directors&#146; fiduciary duties, an order enjoining the
merger, an order directing that Clear Channel&#146;s directors exercise their fiduciary duties to obtain
a transaction that is in the best interests of Clear Channel and its shareholders, and an order
imposing a constructive trust upon any benefits improperly received by the defendants, as well as
an award of plaintiff&#146;s costs and fees. On or about March&nbsp;28, 2007, the Court heard argument on
defendants&#146; motion to dismiss the class action and derivative complaint and ordered that Merger
Sub, the Fincos and the Sponsors be dismissed from the action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;30, 2007, Pioneer Investments Kapitalanlagegesellschaft mbH (&#147;Pioneer
Investments&#148;), located in Munich, Germany and an affiliate of UniCredito Italiona S.p.A. of Milan,
Italy, filed a second complaint against Clear Channel and its officers and directors for violations
of Section&nbsp;14(a)-9 of the Securities Exchange Act. The action <I>Pioneer Investments
Kapitalanlagegesellschaft mbH v. Clear Channel Communications, Inc., et al., </I>Case No.
SA-007-CA-0997, filed in the United States District Court for the Western District of Texas, San
Antonio Division (the &#147;Pioneer Federal Action&#148;), alleges Clear Channel failed to disclose all
relevant and material information in the proxy statement mailed to shareholders on February&nbsp;1, 2007
in connection with the proposed merger. On March&nbsp;9, 2007, Clear Channel filed a motion to dismiss
the Pioneer Federal Action on a number of grounds including the fact that the claims upon which
Pioneer Investments seeks relief in federal court are already pending in a consolidated state court
class action, of which Pioneer Investments is also a plaintiff. No hearing date has been scheduled
for the motion to dismiss. On the order of Judge Royal Furgeson, who is the presiding judge for the
Alaska Laborers complaint, the Pioneer Federal Action was transferred to his court.
</DIV>

<DIV align="left">
<A name="248"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE MERGER AGREEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This section describes the material terms of the merger agreement. The description in this
section and elsewhere in this proxy statement/prospectus is qualified in its entirety by reference
to the merger agreement, including Amendment No.&nbsp;1, Amendment
No.&nbsp;2</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and Amendment No.&nbsp;3, which are
attached to this proxy statement/prospectus as Annex A, Annex B, Annex C and Annex D, respectively,
and which are incorporated by reference into this proxy statement/prospectus. This summary does not
purport to be complete and may not contain all of the information about the merger agreement that
is important to you. We encourage you to carefully read the merger agreement in its entirety.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The representations, warranties and covenants made by Clear Channel, the Fincos, Holdings and
Merger Sub are qualified and subject to important limitations agreed to by Clear Channel, the
Fincos, Holdings and Merger Sub in connection with negotiating the terms of the merger agreement.
Furthermore, the representations and warranties may be subject to standards of materiality
applicable to Clear Channel, the Fincos, Holdings and Merger Sub that may be different from those
that are applicable to you.
</DIV>
<DIV align="left">
<A name="249"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Effective Time</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The effective time of the merger will occur at the later of the time that Clear Channel and
the Fincos cause the Articles of Merger to be executed and filed with the Secretary of State of the
State of Texas and the Certificate of Merger to be filed with the Secretary of State of the State
of Delaware, or such later time as provided in the Articles of Merger and agreed to by the Fincos,
Holdings, Merger Sub and Clear Channel. The closing of the merger will occur as soon as
practicable, but in no event later than the fifth business day after all of the conditions to the
merger set forth in the merger agreement have been satisfied or waived, or such other date as the
Fincos, Holdings, Merger Sub and Clear Channel may agree.
</DIV>
<DIV align="left">
<A name="250"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Effects of the Merger; Structure</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the effective time of the merger, Merger Sub will merge with and into Clear Channel. The
separate existence of Merger Sub will cease, and Clear Channel will survive the merger and continue
to exist after the merger as an indirect wholly owned subsidiary of Holdings. Upon completion of
the merger, Clear Channel common stock will be converted into the right to receive either the Cash
Consideration or the Stock Consideration (subject, in the case of Cash Elections, to partial
payment in the form of Additional Equity Consideration as described herein). All of Clear Channel&#146;s
and Merger Sub&#146;s properties, rights, privileges, powers and franchises, and all of their claims,
obligations, liabilities, debts, and duties, will become those of the surviving corporation.
Following completion of the merger, Clear Channel common stock will be delisted from the NYSE,
deregistered under the Exchange Act, and no longer publicly traded. The current shareholders of
Clear Channel will not participate in any future earnings or growth of Clear Channel and will not
benefit from any appreciation in value of Clear Channel following the effective time of the merger,
except to the extent that such shareholders receive the Stock Consideration.
</DIV>
<DIV align="left">
<A name="251"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Rollover by Shareholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of the merger agreement, the Fincos may allow certain employees of Clear
Channel (each, a &#147;Rollover Shareholder&#148;) to convert some or all of the shares of Clear Channel
common stock or other equity or convertible securities of Clear Channel held by them (&#147;Rollover
Shares&#148;) into equity securities of Holdings in lieu of receiving the applicable portion of the
Merger Consideration. Other than with respect to 580,356 shares of Clear Channel common stock held
by L. Lowry Mays and LLM Partners, Ltd., the equity securities of Holdings that will be issued in
connection with the rollover will not decrease the shares of Holdings Class&nbsp;A common stock
available for issuance as Stock Consideration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the 2008 Letter Agreement each of Messrs.&nbsp;Mark P. Mays and Randall T. Mays have
committed to a rollover exchange pursuant to which they will surrender a portion of the equity
securities of Clear Channel they own with a value of $10&nbsp;million ($20&nbsp;million in the aggregate) in
exchange for $10&nbsp;million worth of the equity securities of Holdings ($20&nbsp;million in the aggregate)
and Mr.&nbsp;L. Lowry Mays has committed to a rollover exchange pursuant to which he will surrender a
portion of the equity securities of Clear Channel he owns, with an aggregate value of $25&nbsp;million,
in exchange for $25&nbsp;million worth of the equity securities of Holdings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fincos and Merger Sub have informed Clear Channel that they anticipate converting
approximately 636,667 unvested shares of Clear Channel restricted stock held by management and
employees pursuant to the May&nbsp;2007 grant into restricted stock of Holdings on a one for one basis.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="252"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Treatment of Common Stock and Other Securities</B>
</DIV>

<DIV align="left">
<A name="253"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Clear Channel Common Stock</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the effective time of the merger, each Public Share issued and outstanding immediately
prior to the effective time of the merger will automatically be converted into the right to
receive, at the election of the holder of record and subject to proration (as more fully described
under the headings &#147;Election Procedures&#148; and &#147;Proration Procedures&#148; below), either (A)&nbsp;an amount
equal to $36.00 in cash without interest, plus the Additional Cash Consideration, if any (the &#147;Cash
Consideration&#148;) or (B)&nbsp;one validly issued, fully paid and non assessable share of Holdings Class&nbsp;A
common stock (valued at $36.00 per share based on the cash purchase price to be paid by investors
that buy Holdings common stock for cash in connection with the closing of the merger), plus the
Additional Cash Consideration, if any, payable in cash (the &#147;Stock Consideration&#148;). The following
shares, which shares are deemed not to be Public Shares for these purposes, will not be converted
into the right to receive the consideration described in the preceding sentence:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shares of Clear Channel common stock held in Clear Channel&#146;s treasury or owned by Merger
Sub or Holdings immediately prior to the effective time of the merger, which shares will
automatically be canceled, retired and will cease to exist without conversion or
consideration;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shares of Clear Channel common stock held by shareholders who do not vote in favor of
approval and adoption of the merger agreement and who have properly demanded and perfected
their appraisal rights in accordance with Texas law, which shares will be entitled to only
such rights as are granted by Texas law; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rollover Shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings has the right to reduce the $36.00 per share of cash payable to Clear Channel
shareholders who elect to receive Cash Consideration by an amount equal to the Additional Equity
Consideration, which will be paid in the form of a fraction of a share of Holdings common stock, in
the event that Holdings determines that the total Uses of Funds is less than the total Sources of
Funds as of the closing of the merger. For the purposes of the merger agreement, &#147;Additional
Equity Consideration&#148; means an amount equal to the lesser of (1) $1.00 or (2)&nbsp;a fraction equal to
(A)&nbsp;the positive difference between (i)&nbsp;the aggregate amount of funds that Holdings determines are
needed for the merger, merger-related expenses, and Clear Channel&#146;s cash requirements and (ii)&nbsp;the
sources of funds available to Merger Sub from borrowings, equity contributions, Stock Consideration
and Clear Channel&#146;s available cash, divided by (B)&nbsp;the total number of Public Shares that will
receive the Cash Consideration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Public Share, when converted into Stock Consideration or Cash Consideration (including
the Additional Equity Consideration, if applicable), will automatically be canceled, and will cease
to exist. After the effective time of the merger, each outstanding stock certificate or book-entry
share representing shares of Clear Channel common stock converted in the merger will represent only
the right to receive such merger consideration with respect to each such Public Share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;Additional Per Share Consideration&#148; means an additional amount of cash consideration
for each share of Clear Channel common stock, calculated in the following manner:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the merger is completed after November&nbsp;1, 2008, but on or before December&nbsp;1, 2008, the
pro rata portion, based upon the number of days elapsed since November&nbsp;1, 2008, of $36.00
multiplied by 4.5% per annum; plus</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the merger is completed after December&nbsp;1, 2008, the pro rata portion, based on the
number of days elapsed since December&nbsp;1, 2008, of $36.00 multiplied by 6% per annum.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Additional Per Share Consideration will be paid to all Clear Channel shareholders if the
merger is completed after November&nbsp;1, 2008, regardless of whether they elect Stock Consideration or
Cash Consideration.
</DIV>
<DIV align="left">
<A name="254"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Clear Channel Stock Options</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Election Deadline, except as otherwise agreed by the Fincos, Holdings and a
holder of Clear Channel stock options, each holder of an outstanding Clear Channel stock option
that remains outstanding and unexercised prior to the Election Form&nbsp;Record Date (as defined below),
whether vested or unvested may irrevocably elect to convert such option (on a net share basis) into
Net Electing Option Share(s) and further elect to receive the Stock Consideration for such Net
Electing Option Share(s) (subject to proration) as more fully described below under the headings
&#147;Election Procedures&#148; and &#147;Proration Procedures&#148;). If a holder of Clear
Channel stock options does not make a valid election to convert such options into Net Electing
Option Shares and a valid Stock Consideration election (each as described below), then such Clear
Channel stock option, whether vested or unvested, will automatically become fully vested and
convert into the right at the effective time of the merger to receive a cash payment (without
interest and less applicable withholding taxes) calculated as follows: the product of (i)&nbsp;the
excess, if any, of the Cash Consideration
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">plus any Additional Consideration over the exercise price
per share of Clear Channel stock option and (ii)&nbsp;the number of shares of Clear Channel common stock
issuable upon exercise of such Clear Channel stock option (the &#147;Option Payment&#148;). As of the
effective time of the merger, subject to certain exceptions, Clear Channel stock options will no
longer be outstanding and will automatically cease to exist, and the holders thereof will no longer
have any rights with respect to such Clear Channel stock options, except the right to receive the
Merger Consideration or cash payment described above.
</DIV>
<DIV align="left">
<A name="255"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Clear Channel Restricted Stock</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the effective time of the merger, except as otherwise agreed by the Fincos and a holder
of shares of Clear Channel restricted stock, each share of Clear Channel restricted stock that
remains outstanding as of the effective time of the merger, whether vested or unvested, will
automatically become fully vested and become free of restriction and will be cancelled and
converted into the right to receive, at the election of the holder of
record thereof, the Cash Consideration
or the Stock Consideration at the election of the holder of record and subject to proration (as
more fully described under the headings &#147;Election Procedures&#148; and &#147;Proration Procedures&#148; below).
Except as otherwise agreed by the Fincos, Holdings, Clear Channel and a holder of Clear Channel
restricted stock, any holder of restricted shares of Clear Channel common stock who would like to
make a Stock Election with respect to such shares, must do so prior to the Election Deadline using
the procedures described below. The Fincos and Merger Sub have informed Clear Channel that they
anticipate converting approximately 636,667 unvested shares of Clear Channel restricted stock held
by management and employees pursuant to the May&nbsp;2007 grant into restricted stock of Holdings on a
one for one basis. Such unvested shares of restricted stock will be treated as Rollover Shares.
</DIV>
<DIV align="left">
<A name="256"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Election Procedures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each holder of Public Shares who is a holder as of the record date for the Shareholders&#146;
Meeting (the &#147;Election Form&nbsp;Record Date&#148;) is entitled to make an election to receive either the
Cash Consideration (a &#147;Cash Election&#148;) or the Stock Consideration (a &#147;Stock Election&#148;) with respect
to all Public Shares held on the Election Form&nbsp;Record Date. Any Stock Elections made prior to May
13, 2008, have been voided and cancelled and all letters of transmittal delivered prior to May&nbsp;13,
2008, have been cancelled and no longer have any effect. Holdings and Merger Sub have instructed
the paying agent to return all physical stock certificates of Public Shares and letters of
transmittal with respect to book entry shares received by the paying agent prior to May&nbsp;13, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will be required to deliver a letter of transmittal together with stock certificates or
book-entry shares evidencing all of the shares for which you make a Stock Election prior to the
Election Deadline. For purposes of the merger agreement, a holder of Public Shares who does not
make a valid election prior to the Election Deadline, including any failure to return the form of
election prior to the Election Deadline, any revocation of a form of election or any failure to
properly complete the form of election, or any failure to submit a letter of transmittal (including
stock certificates or book-entry shares) will be deemed to have elected to receive the Cash
Consideration for each Public Share. Holdings may, in its sole discretion reject all or any part of
a Stock Election made by a non-U.S. person, if Holdings determines that the rejection would be
reasonable in light of the requirements of Article&nbsp;VIII, Section&nbsp;6 of Clear Channel&#146;s by-laws or
Article&nbsp;X of Holdings&#146; third amended and restated certificate of incorporation or such rejection is
otherwise advisable to facilitate compliance with FCC restrictions on foreign ownership. In the
event that a Stock Election or portion of a Stock Election is rejected then the holder making the
rejected Stock Election will be deemed to have made a Cash Election with respect to the holder&#146;s
shares of Clear Channel common stock subject to the rejected Stock Election.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person who holds Clear Channel stock options on the Election Form&nbsp;Record Date is also
entitled to make a Stock Election with respect to any Net Electing Option Share held by such holder
by submitting a form of election specifying (i)&nbsp;the number of Clear Channel stock options that the
holder irrevocably commits to exercise immediately prior to the effective time of the merger and
(ii)&nbsp;the corresponding number of Net Electing Option Shares that the holder desires to convert into
the Stock Consideration (i.e. paying the exercise price using the value of the shares of Clear
Channel common stock underlying such Clear Channel stock option) and a letter of transmittal
together with a stock option agreement or other evidence of ownership, as applicable. Any holder of
Clear Channel stock options who fails to properly submit a form of election and a letter of
transmittal together with a stock option agreement or other evidence of ownership, as applicable,
on or before the Election Deadline will be deemed to have failed to make an election and such
holder&#146;s Clear Channel stock options will be treated as if no Stock Election for the Net Electing
Option Shares was made, as described in the section titled &#147;Clear Channel Stock Options&#148; above, and
will be converted into the right to receive a cash payment at the effective time of the merger. Any
Stock Election with respect to Clear Channel stock options will be subject to the procedures
(including with regard to acceptance and rejection) described in the preceding paragraph.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Stock Elections with respect to Clear Channel common stock and Net Electing Option Shares
may be revoked at any time prior to the Election Deadline. If you revoke your Stock Election and
withdraw your Public Shares prior to the Election Deadline, the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->143<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">paying agent will return the stock
certificates or book-entry shares representing the withdrawn shares to you. From and after the
Election Deadline, all Stock Elections will be irrevocable.
</DIV>
<DIV align="left">
<A name="257"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Proration Procedures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the merger agreement, the maximum aggregate number of Public Shares and Net
Electing Option Shares that may be converted to shares of Holdings Class&nbsp;A common stock pursuant to
Stock Elections may not exceed 30% of the total number of shares of capital stock of Holdings
outstanding as of the closing date (the &#147;Maximum Stock Election Number&#148;). In the event that the
holders elect to convert an aggregate number of Public Shares and Net Electing Option Shares
exceeding the Maximum Stock Election Number, each holder who elected to convert Public Shares
and/or Net Electing Option Shares into shares of Holdings Class&nbsp;A common stock will receive a
pro-rata number of shares of Holdings Class&nbsp;A common stock determined in the following manner:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a proration factor will be determined by dividing the Maximum Stock Election Number
by the total number of Public Shares and Net Electing Option Shares for which holders
have made valid Stock Elections (&#147;Stock Election Shares&#148;); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to each form of election submitted by a record holder of Public Shares
and/or Clear Channel stock options, the number of Stock Election Shares will be converted
into the right to receive a number of shares of Holdings Class&nbsp;A common stock (plus the
Additional Consideration, if any, which will be paid in cash) equal to the product of (A)
the proration factor times (B)&nbsp;the total number of Stock Election Shares reflected on
such form of election (the result of such calculation, the &#147;Prorated Shares&#148;); plus</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the right to receive the Cash Consideration with respect to the Public Shares and
Net Electing Option Shares elected to be converted into Holdings Class&nbsp;A common stock
which are not converted into shares of Holdings Class&nbsp;A common stock.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the above proration procedures,
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if Highfields Management makes a Stock Election with respect to at least the number
of Highfields&#146; Escrow Shares (as defined below), then the number of Highfields&#146; Prorated
Shares shall be equal to the Sponsor Investment Factor (as defined below) multiplied by
the Highfields Escrow Shares (but in no event will Highfields&#146; Prorated Shares be reduced
below 6,805,855 shares or exceed 11,111,112 shares), and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the Abrams Investors make a Stock Election with respect to at least the number
of Abrams Escrow Shares (as defined below), then the number of Abrams&#146; Prorated Shares
shall be equal to the Sponsor Investment Factor multiplied by the Abrams Escrow Shares
(but in no event will Abrams&#146; Prorated Shares be reduced below 1,666,667 shares or exceed
11,111,112 shares).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the foregoing, the term &#147;Sponsor Investment Factor&#148; is defined to mean the
fraction, (x)&nbsp;the numerator of which is an amount, expressed in dollars, equal to the total equity
investment in Holdings made, directly or indirectly, by all Sponsor Subscribers (as defined in the
merger agreement) on or before the closing date of merger and (y)&nbsp;the denominator of which is
$2,400,000,000. The Highfields and Abrams Investor Stock Elections will be proportionately reduced
to correspond with any reduction of equity investments by the Sponsors and their affiliates and
coinvestors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If pursuant to a single form of election (and after proration, if any), a holder of Public
Shares and/or Net Electing Option Shares will receive more than 11,111,112 shares of Holdings Class
A common stock (the &#147;Individual Cap&#148;), the number of shares of Holdings Class&nbsp;A common stock to be
received by such holder will be reduced to the number of shares equal to the Individual Cap. In
addition, the holder will receive Cash Consideration for the number of shares of Public Shares
and/or Net Electing Option Shares that are cut back. The number of shares of Public Shares and/or
Net Electing Option Shares that are cut back will be reallocated pro rata to holders who have not
received the number of shares of Holdings Class&nbsp;A common stock covered by such holders&#146; valid Stock
Elections; provided that such holders have not exceeded their respective Individual Caps. The
allocation process will continue until the Maximum Stock Election Number is reached or all holders
who have elected Stock Consideration have reached their Individual Cap. Any Public Shares that will
not be converted into Stock Consideration as a result of cutback or proration will be converted
into Cash Consideration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a beneficial holder of Public Shares so elects, that holder may submit a written request to
the paying agent prior to the election deadline to have the Individual Cap apply with respect to
all Public Shares beneficially owned by that holder and held of record
through multiple accounts or record holders, together with other information reasonably
requested by the paying agent. In the absence of such request, the Individual Cap will apply, in
the case of Public Shares represented by a physical stock certificate, to each holder
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->144<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of record of
those Public Shares, and in the case of book entry shares, to each account in which those shares
are held on the books of a brokerage firm or other institution that holds Public Shares on behalf
of beneficial owners.
</DIV>
<DIV align="left">
<A name="258"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional Equity Consideration</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In certain circumstances, at the election of Holdings, the Cash Consideration may be reduced
by the Additional Equity Consideration. The Additional Equity Consideration is an amount equal to
the lesser of:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>$1.00, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a fraction equal to:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the positive difference between:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the total funds that Holdings determines it needs to fund the
Merger, the Merger-related expenses, and Clear Channel&#146;s cash requirements (such
funds referred to as &#147;Uses of Funds&#148;), and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the sources of funds available to Merger Sub from borrowings,
equity contributions, Stock Consideration and Clear Channel&#146;s available cash
(such funds referred to as &#147;Sources of Funds&#148;), divided by,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the total number of Public Shares that will receive the Cash Consideration</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consequently, if Holdings&#146; Uses of Funds exceeds its Sources of Funds, Holdings may reduce the
Cash Consideration to be paid to holders of Clear Channel common stock by an amount not to exceed
1/36<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> of the amount of Cash Consideration that is otherwise converted into the right to
receive the Cash Consideration, and, in lieu thereof, issue shares of Holdings Class&nbsp;A common stock
up to a cap of $1.00 for every share of Clear Channel common stock. If the Stock Election is fully
subscribed, it is unlikely that any portion of the shares of Clear Channel stock for which a Cash
Election is made will be exchanged for shares of Holdings&#146; Class&nbsp;A common stock, although Holdings
retains the right to do so.
</DIV>
<DIV align="left">
<A name="259"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exchange and Payment Procedures; Shareholder Rules</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Clear Channel shareholder will be required to deliver to the paying agent a letter of
transmittal together with stock certificates or book-entry shares evidencing all of the shares for
which such holder has elected to receive Stock Consideration at the time the Stock Election is
made. The deadline for Stock Elections is 5:00 p.m. New York City time on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008 (the
fifth business day prior to the shareholders meeting).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The paying agent may reject any Stock Election that is not accompanied by a letter of
transmittal (including stock certificates and book-entry shares). Each holder of Clear Channel
stock option(s) will be required to deliver to the paying agent a letter of transmittal together
with a stock option agreement or other evidence of ownership, as applicable, representing the stock
options to be converted into the Stock Consideration. If a holder does not timely submit a properly
executed letter of transmittal together with a stock option agreement or other evidence of
ownership, as applicable, the paying agent may reject the applicable Stock Election. Any holder
whose Stock Election is rejected due to such failure shall be deemed to have made a Cash Election
with respect to such Public Shares and Net Electing Option Shares and shall be entitled only to the
Cash Consideration for such shares. Any Public Shares that will not be converted into Stock
Consideration as a result of cutback or proration will be converted into Cash Consideration, and
all stock certificates or book-entry shares underlying such shares will be returned to the holder
of such shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the closing date of the merger, promptly following the effective time of the merger, the
surviving corporation and Holdings will deposit or cause to be deposited with the paying agent (i)
cash in an amount equal to the aggregate amount of the Cash Consideration to be paid, (ii)
certificates or book entry shares representing Holdings Class&nbsp;A common stock in an amount equal to
the aggregate amount of Stock Consideration, (iii)&nbsp;cash in an amount equal to the aggregate amount
of cash payments to be paid in lieu of any fractional shares, and (iv)&nbsp;cash in an amount equal to
the total amount of Option Payments to be paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appropriate transmittal materials will be provided to the holders of Clear Channel common
stock certificates, book-entry shares or Clear Channel stock options not previously submitted to
the paying agent promptly following the effective time of the merger, and in
any event not later than the second business day following the effective time of the merger,
informing the holders of the effectiveness of the merger and the procedure for surrendering Clear
Channel common stock share certificates, option certificates and book-entry
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->145<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shares. After holders
surrender their certificates or book-entry shares and submit properly completed and executed
transmittal materials to the paying agent, the surrendered certificates will be canceled and those
holders will be entitled to receive in exchange therefor the Cash Consideration, for each share of
Clear Channel common stock represented by the surrendered and canceled certificates, and the cash
payment, for any Clear Channel stock options. The paying agent will deliver the Cash Consideration
or cash payment contemplated to be paid per outstanding share or option within 20 business days of
the later to occur of the effective time of the merger or the paying agent&#146;s receipt of the
certificates or book-entry shares representing those securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the terms of the Settlement Agreement, the letter of transmittal to be submitted
by each shareholder of Clear Channel executing and delivering a letter of transmittal, in connection
with the payment of the Merger Consideration, effective as of the Closing, releases each of the
Releasing Parties from all Claims that such shareholder ever had, now has or subsequently may have
against the released party from the beginning of the world through the Closing Date with respect to
the Released Matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the effective time of the merger, there will be no further transfers of Clear
Channel common stock. Any certificate presented to the surviving corporation for transfer (other
than those certificates representing dissenting shares) after the effective time of the merger will
be canceled and exchanged for the Cash Consideration with respect to each share of Clear Channel
common stock represented by the certificate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any portion of the Merger Consideration or any cash payment with respect to Clear Channel
stock options deposited with the paying agent that remains undistributed to holders of
certificates, book-entry shares, Clear Channel stock options, or restricted shares one year after
the effective time of the merger will be delivered, if cash, to the surviving corporation, and, if
shares of Holdings Class&nbsp;A common stock, to Holdings, together with interest and other income
received by the paying agent. Holders of Clear Channel common stock and/or Clear Channel stock
options who at that time have not yet complied with the exchange procedures outlined above will be
required to look to the surviving corporation and Holdings, as general creditors of the surviving
corporation, for payment of their claim for cash, without interest, that may be payable upon
surrender of their share certificates.
</DIV>
<DIV align="left">
<A name="260"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Representations and Warranties</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger agreement contains representations and warranties of the parties to the merger
agreement, which may not be intended as statements of facts, but rather as a way of allocating risk
to one of the parties if those statements prove inaccurate. The assertions embodied in those
representations and warranties are qualified by information in confidential disclosure schedules
that the parties have exchanged in connection with signing of the merger agreement, Amendment No.
1, Amendment No.&nbsp;2 and Amendment No.&nbsp;3 and that modify, qualify and create exceptions to the
representations and warranties contained in the merger agreement. Accordingly, you should not rely
on the representations and warranties as characterizations of the actual state of facts, because
(i)&nbsp;they were made only as of the date of the original merger agreement, Amendment No.&nbsp;1, Amendment
No.&nbsp;2 or Amendment No.&nbsp;3, as applicable, or a prior specified date, (ii)&nbsp;in some cases they are
subject to qualifications with respect to materiality and knowledge, and (iii)&nbsp;they are modified in
important part by the underlying disclosure schedules. Clear Channel&#146;s disclosure schedules contain
information that has been included in Clear Channel&#146;s prior public disclosures, as well as
non-public information. Moreover, information concerning the subject matter of the representations
and warranties may have changed since the date of the merger agreement, Amendment No.&nbsp;1, Amendment
No.&nbsp;2 or Amendment No.&nbsp;3, as applicable, which subsequent information may or may not be fully
reflected in Clear Channel&#146;s public disclosures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel makes various representations and warranties in the merger agreement that are
subject, in some cases, to exceptions and qualifications (including exceptions that do not create a
Material Adverse Effect on Clear Channel (as defined below)). Clear Channel&#146;s representations and
warranties relate to, among other things:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s and its subsidiaries&#146; due organization, valid existence, good standing
and qualification to do business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s and its subsidiaries&#146; articles of incorporation, bylaws and other
organizational documents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s capitalization, including in particular the number of issued and
outstanding shares of Clear Channel common stock, Clear Channel stock options and warrants
and Clear Channel restricted stock outstanding;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s corporate power and authority to enter into the merger agreement,
Amendment No.&nbsp;1, Amendment No.&nbsp;2 and Amendment No.&nbsp;3, and to consummate the transactions
contemplated by the merger agreement and perform its obligations under Amendment No.&nbsp;1,
Amendment No.&nbsp;2 and Amendment No.&nbsp;3;</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->146<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the approval and recommendation of the merger agreement, Amendment No.&nbsp;1, Amendment No.&nbsp;2
and Amendment No.&nbsp;3, and the approval of the merger and the other transactions contemplated
by the merger agreement by the board of directors (except that the board of directors did
not, and will not, make any recommendation to the shareholders with respect to the Stock
Consideration);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the required vote of Clear Channel&#146;s shareholders in connection with the approval and
adoption of the merger agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of certain specified violations of, or conflicts with, Clear Channel&#146;s
governing documents, applicable law or certain agreements as a result of entering into the
merger agreement and consummating the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the required consents and approvals of governmental entities in connection with
consummation of the merger and the other transactions contemplated by the merger agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compliance with applicable laws and permits, including FCC licenses;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our SEC forms, documents, registration statements and reports since December&nbsp;31, 2004,
and to Clear Channel&#146;s knowledge, the SEC forms, documents, registration statements and
reports of Clear Channel Outdoor since November&nbsp;2, 2005, including the financial statements
contained therein;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our disclosure controls and procedures and internal controls over financial reporting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of a Material Adverse Effect on Clear Channel and certain other changes or
events related to Clear Channel or its subsidiaries since December&nbsp;31, 2005;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of certain undisclosed liabilities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of legal proceedings and governmental orders against Clear Channel;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>taxes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of any untrue statement of a material fact or omission of a material fact
required to be stated in this proxy statement/prospectus or any other document filed with
the SEC in connection with the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our material contracts;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>employment and labor matters affecting Clear Channel or Clear Channel&#146;s subsidiaries,
including matters relating to Clear Channel&#146;s or its subsidiaries&#146; employee benefit plans;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the inapplicability to the merger agreement and the merger of restrictions imposed on
business combinations by Article&nbsp;13 of the Texas Business Corporation Act; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of undisclosed brokers&#146; fees.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the merger agreement, &#147;Material Adverse Effect on Clear Channel&#148; means any
event, state of facts, circumstance, development, change, effect or occurrence that has had or
would reasonably be expected to have a material adverse effect on the business condition (financial
or otherwise), operations or results of operations of Clear Channel and its subsidiaries, taken as
a whole. However, any event, state of facts circumstance, development, change, effect or occurrence
resulting from the following matters will not be taken into account in determining whether there
has been a Material Adverse Effect on Clear Channel and will not constitute a Material Adverse
Effect on Clear Channel:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in general economic or political conditions or the securities, credit or
financial markets in general, in each case, generally affecting the general television or
radio broadcasting, music, internet, outdoor advertising or event industries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>general changes or developments in the general television or radio broadcasting, music,
internet or event industries, including general changes in law or regulation across such
industries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the announcement of the merger agreement or the pendency or consummation of the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the identity of Merger Sub, the Sponsors or any of their affiliates as the acquirer of
Clear Channel;</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->147<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compliance with the terms of, or the taking of any action required by, the merger
agreement or consented to by the Fincos;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any acts of terrorism or war (other than any of the foregoing that causes any damage or
destruction to or renders unusable any facility or property of Clear Channel or any of its
subsidiaries);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in generally accepted accounting principles or the interpretation thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any weather related event; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any failure to meet internal or published projections, forecasts or revenue or earning
predictions for any period (provided that the underlying causes of the failure will be
considered in determining whether there is a Material Adverse Effect on Clear Channel).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The events summarized in the first two bullet points above will not be taken into account in
determining whether there has been a Material Adverse Effect on Clear Channel except to the extent
those changes or developments would reasonably be expected to have a materially disproportionate
impact on Clear Channel and its subsidiaries, taken as a whole, relative to other for-profit
participants in the industries and in the geographic markets in which Clear Channel conducts its
businesses after taking into account the size of Clear Channel relative to such other for-profit
participants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger agreement also contains various representations and warranties made jointly and
severally by the Fincos, Holdings and Merger Sub that are subject, in some cases, to exceptions and
qualifications (including exceptions that do not create a Holdings Material Adverse Effect (as
defined below)). The representations and warranties relate to, among other things:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>their due organization, valid existence and good standing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>their certificates of incorporation, bylaws and other organizational documents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>their power and authority to enter into the merger agreement, Amendment No.&nbsp;1, Amendment
No.&nbsp;2 and Amendment No.&nbsp;3, and to consummate the transactions contemplated by the merger
agreement and perform their obligations under Amendment No.&nbsp;1, Amendment No.&nbsp;2 and Amendment
No.&nbsp;3;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of violations of, or conflicts with, their governing documents, applicable
law or certain agreements as a result of entering into the merger agreement and consummating
the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the required consents and approvals of governmental entities in connection with the
transactions contemplated by the merger agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>their qualification under the Communications Act to hold FCC licenses;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of litigation and government orders against the Fincos, Holdings and Merger
Sub;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Fincos&#146; and Merger Sub&#146;s ability to secure financing for the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the delivery of limited guarantees of certain of the obligations of the Fincos and Merger
Sub executed by each of the Sponsors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the capitalization of Holdings, Merger Sub and any other subsidiaries of Holdings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of undisclosed broker&#146;s fees;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of any untrue statement of a material fact or omission of a material fact
required to be stated in any information supplied by the Fincos, Merger Sub or Holdings for
inclusion in this proxy statement/prospectus; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the solvency of the surviving corporation and Holdings following the consummation of the
merger.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->148<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the merger agreement, a &#147;Holdings Material Adverse Effect&#148; means any event,
state of facts, circumstance, development, change, effect or occurrence that is materially adverse
to the business, financial condition or results of operations of Holdings and Holdings&#146;
subsidiaries taken as a whole or may reasonably be expected to prevent or materially delay or
materially impair the ability of Holdings or any of its subsidiaries to consummate the merger and
the other transactions contemplated by the merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties in the merger agreement of each of Clear Channel, the
Fincos, Holdings and Merger Sub will terminate at the earlier of the effective time of the merger
and the termination of the merger agreement pursuant to its terms.
</DIV>
<DIV align="left">
<A name="261"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conduct of Clear Channel&#146;s Business Pending the Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the merger agreement, Clear Channel has agreed that, subject to certain exceptions,
between November&nbsp;16, 2006 and the completion of the merger, unless the Fincos give their prior
written consent:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel and its subsidiaries will conduct business in the ordinary course and
consistent with past practice in all material respects; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel and its subsidiaries will use their reasonable best efforts to preserve
substantially intact Clear Channel&#146;s business organizations and to keep available the
services of certain senior executive officers.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel also has agreed that, during the same time period, subject to certain
exceptions, neither Clear Channel nor any of its subsidiaries will take any of the following
actions, unless the Fincos give their prior written consent:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amend Clear Channel&#146;s articles of incorporation or bylaws or the organizational documents
of its subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue, sell, pledge, dispose, encumber or grant any equity securities or convertible
securities of Clear Channel or its subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acquire any business organization or any division thereof or any material amount of
assets with a purchase price in excess of $150&nbsp;million in the aggregate for the period from
November&nbsp;17, 2006 to May&nbsp;13, 2008 and $100&nbsp;million in the aggregate for the period following
May&nbsp;13, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adjust, recapitalize, reclassify, combine, split, subdivide, redeem, purchase or
otherwise acquire any equity securities or convertible securities of Clear Channel or its
subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>declare, set aside for payment or pay any dividend payable in cash, property or stock on,
or make any other distribution in respect of, any shares of its capital stock (other than
certain regular quarterly dividends that were paid before May&nbsp;11, 2008);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>create, incur, guarantee or assume any indebtedness except for indebtedness: (i)&nbsp;incurred
under Clear Channel&#146;s or a subsidiary&#146;s existing credit facilities, and certain permitted
refinancings, (ii)&nbsp;for borrowed money incurred pursuant to agreements in effect prior to the
execution of the merger agreement, (iii)&nbsp;incurred prior to May&nbsp;13, 2008 as otherwise
required in the ordinary course of Clear Channel&#146;s business consistent with past practice,
or (iv)&nbsp;in an aggregate principal amount not to exceed $250&nbsp;million;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make any material change to its methods of accounting in effect at December&nbsp;31, 2005,
except as required by generally accepted accounting principles, Regulation&nbsp;S-X of the
Exchange Act, as required by a governmental authority, as required by a change in applicable
law, or as disclosed in the documents filed by Clear Channel with the SEC prior to November
16, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adopt or enter into a plan of restructuring, recapitalization or other reorganization
(other than the merger and other than transactions exclusively between Clear Channel and its
subsidiaries or between Clear Channel&#146;s subsidiaries, in which case, the Fincos&#146; consent
will not be unreasonably withheld or delayed);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell, lease, license, transfer, exchange or swap, mortgage or otherwise encumber
(including securitizations), or subject to any lien (other than permitted liens) or
otherwise dispose of any asset or any portion of its properties or assets with a sale price
in excess of $50&nbsp;million (other than certain permitted dispositions);</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->149<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make any material change in any method of tax accounting or any annual tax accounting
period, make, change or rescind any material tax election, participate in any settlement
negotiations concerning United States federal income taxes in respect of the 2003 or
subsequent tax year, settle or compromise any material tax liability, audit claim or
assessment, surrender any right to claim for a material tax refund, file any amended tax
return involving a material amount of additional taxes, enter into any closing agreement
relating to material taxes, or waive or extend the statute of limitations in respect of
material taxes other than pursuant to extensions of time to file tax returns obtained in the
ordinary course of business, provided, that, Clear Channel shall calculate the amount of
estimated taxes that are owed by Clear Channel during the period from July&nbsp;1, 2008 to
September&nbsp;30, 2008 based on the assumption that the closing of the transaction will occur on
or before September&nbsp;30, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>grant any stock options, restricted shares or other rights to acquire any of Clear
Channel&#146;s or its subsidiaries&#146; capital stock or take any action to cause to be exercisable
any otherwise unexercisable options under any of Clear Channel&#146;s option plans, except as may
be required under any option plans or an employment agreement or pursuant to any customary
grants made to employees at fair market value (provided that the number of shares of Clear
Channel common stock thereunder will not exceed 0.25% of the outstanding shares of Clear
Channel common stock as of the close of business on November&nbsp;10, 2006);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increase the compensation or other benefits payable to (i)&nbsp;current or former directors
(including L. Lowry Mays, Mark P. Mays, and Randall T. Mays in their capacities as executive
officers of Clear Channel), (ii)&nbsp;any other senior executive officers of Clear Channel by an
amount exceeding a specified amount agreed upon by Clear Channel and the Fincos, or (iii)
other employees except in the ordinary course of business consistent with past practices;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>grant any severance or termination pay to, or enter into any severance agreement with,
any current or former director, executive officer or employee of Clear Channel or any of its
subsidiaries, except as are required in accordance with any benefit plan of Clear Channel
and in the case of employees other than the senior executive officers, other than in the
ordinary course of business consistent with past practice;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enter into any employment agreement with any director, executive officer or employee of
Clear Channel or any of its subsidiaries, except (i)&nbsp;employment agreements to replace a
departing executive officer or employee upon substantially similar terms, (ii)&nbsp;employment
agreements with on-air talent, (iii)&nbsp;new employment agreements entered into in the ordinary
course of business providing for compensation not in excess of $250,000 annually and with a
term of no more than two years, or (iv)&nbsp;extensions of employment agreements other than
agreements with senior executive officers in the ordinary course of business consistent with
past practice;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adopt, approve, ratify, enter into or amend any collective bargaining agreement, side
letter, memorandum of understanding or similar agreement with any labor union;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adopt, amend or terminate any benefit plan of Clear Channel or any retention,
change-in-control, profit sharing, or severance plan or contract for the benefit of any of
Clear Channel&#146;s current or former directors, officers, or employees or any of their
beneficiaries, except for any amendment to comply with Section&nbsp;409(A) of the Code and
retention bonus arrangements in amounts not exceeding $1.5&nbsp;million.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make any capital expenditure in excess of $70&nbsp;million individually, or $200&nbsp;million in
the aggregate, except for any capital expenditures in aggregate amounts consistent with past
practice or as required pursuant to new contracts entered into in the ordinary course of
business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make any investment in, or loan or advance (other than travel and similar advances to its
employees in the ordinary course of business consistent with past practice) to, any person
in excess of $50&nbsp;million in the aggregate for all such investments, loans or advances, other
than an investment in, or loan or advance to, a subsidiary of Clear Channel, provided that
(other than travel and similar advances in the ordinary course of business) Clear Channel
will not make any loans or advances to any senior executive officer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>settle or compromise any material claim, suit, action, arbitration or other proceeding,
provided that Clear Channel may settle or compromise any claim that is not related to the
merger agreement or the transactions contemplated hereby that do not exceed
$10&nbsp;million individually, or $30&nbsp;million in the aggregate, and do not impose any material
restriction on the business or operations of Clear Channel or its subsidiaries;</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->150<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except with respect to certain permitted divestitures, without the Fincos&#146; consent (which
consent may not be unreasonably withheld, delayed or conditioned), enter into any local
marketing or similar agreement in respect of the programming of any radio or television
broadcast station or contract for the acquisition or sale of any radio broadcast station,
television broadcast station or daily newspaper or of any equity or debt interest in any
person that directly or indirectly has an attributable interest in any radio broadcast
station, television broadcast station or daily newspaper;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make any amendment or modification to, or give any consent or grant any waiver under,
that certain Master Agreement, dated as of November&nbsp;16, 2005, by and between Clear Channel
and Clear Channel Outdoor (the &#147;Master Agreement&#148;) to permit Clear Channel Outdoor to issue
any capital stock, options or other securities, consolidate or merge with another person,
declare or pay any dividend, sell or encumber any of its assets, amend, modify, cancel,
forgive or assign any intercompany notes or amend, terminate or modify the Master Agreement
or the Corporate Services Agreement, dated November&nbsp;16, 2005, between Clear Channel
Management Services, L.P. and Clear Channel Outdoor;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enter into any transaction, agreement, arrangement or understanding between Clear Channel
or any of its subsidiaries, on the one hand, and any affiliate of Clear Channel (other than
its subsidiaries) on the other hand, of the type that would be required to be disclosed
under Item&nbsp;404 of Regulation&nbsp;S-K that involves more than $100,000;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adopt any takeover defenses or take any action to render any state takeover statutes
inapplicable to any transaction other than the transactions contemplated by the merger
agreement; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>authorize or enter into any written agreement or otherwise make any commitment to do any
of the foregoing.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="262"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>FCC Matters</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until the effective time of the merger, Clear Channel has agreed to: (i)&nbsp;use its reasonable
best efforts to comply with all material requirements of the FCC applicable to the operation of
Clear Channel&#146;s radio stations, (ii)&nbsp;promptly deliver to the Fincos copies of any material reports
or applications filed with the FCC, (iii)&nbsp;promptly notify the Fincos of any inquiry, investigation
or proceeding initiated by the FCC relating to Clear Channel&#146;s radio stations, which if determined
adversely, would be reasonably likely to have a Material Adverse Effect on Clear Channel, and (iv)
not make or revoke any election with the FCC that would have, in the aggregate, a Material Adverse
Effect on Clear Channel.
</DIV>
<DIV align="left">
<A name="263"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shareholders&#146; Meeting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the merger agreement is terminated, Clear Channel is required to establish a record
date for, duly call, give notice of, convene and hold a special meeting of shareholders of Clear
Channel for the purpose of voting upon the approval and adoption of the merger agreement and
approval of the merger. Clear Channel is required to recommend that Clear Channel&#146;s shareholders
vote in favor of the approval and adoption of the merger agreement and the approval of the merger,
except that Clear Channel will not be obligated to recommend to its shareholders the adoption of
the merger agreement or the approval of the merger if the board of directors, in accordance with
the merger agreement changes, qualifies, withdraws or modifies in any manner adverse to the Fincos
its recommendation that Clear Channel&#146;s shareholders vote in favor of the approval and adoption of
the merger agreement and the approval of the merger. Clear Channel is also required to use its
commercially reasonable efforts to solicit from its shareholders proxies in favor of the approval
and adoption of the merger agreement and the approval of the merger and to take all other actions
necessary or advisable to secure the vote or consent of its shareholders required by the rules of
the NYSE and applicable law, unless the board of directors, in accordance with the merger agreement
changes, qualifies, withdraws or modifies in any manner adverse to the Fincos its recommendation
that Clear Channel&#146;s shareholders vote in favor of the approval and adoption of the merger
agreement and the approval of the merger.
</DIV>
<DIV align="left">
<A name="264"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Appropriate Actions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties agreed in the merger agreement to use their respective reasonable best efforts to
consummate the merger, including, (i)&nbsp;in the case of the Fincos, the obtaining of all necessary
approvals under any applicable communication laws required in connection with the merger, (ii)
obtaining all necessary actions or non-actions, consents and approvals from governmental
authorities or other persons and taking all reasonable steps as may be necessary to obtain approval
from, or to avoid an action or proceeding, by any
governmental authority or other persons necessary to consummate the merger, (iii)&nbsp;defending
any lawsuits or legal proceedings challenging the merger, including seeking to have any stay or
temporary restraining order vacated or reversed, and (iv)&nbsp;executing and delivering any additional
instruments necessary to consummate the merger.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->151<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;24, 2008, the FCC approved the applications to transfer Clear Channel. The waiting
period under the HSR Act expired on February&nbsp;13, 2008.
</DIV>
<DIV align="left">
<A name="265"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Access to Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until the earlier of the effective time of the merger or the termination of the merger
agreement, except as otherwise prohibited by applicable law or the terms of any contract entered
into prior to November&nbsp;16, 2006 or as would reasonably be expected to violate or result in a loss
or impairment of any attorney-client or work product privilege, Clear Channel will, and will cause
each of its subsidiaries to, (i)&nbsp;provide to the Fincos and their respective officers, directors,
employees, accountants, consultants, legal counsel, permitted financing sources, agents and other
representatives (the &#147;Fincos&#146; Representatives&#148;) reasonable access during normal business hours to
Clear Channel&#146;s and certain material subsidiaries&#146; officers, employees, offices and other
facilities, properties, books, contracts and records and other information as the Fincos may
reasonably request regarding the business, assets, liabilities, employees and other aspects of
Clear Channel and its subsidiaries, (ii)&nbsp;permit the Fincos to make copies and inspections thereof
as the Fincos may reasonably request, and (iii)&nbsp;furnish promptly to the Fincos such information
concerning the business, properties, contracts, assets, liabilities, personnel and other aspects of
Clear Channel and its subsidiaries as the Fincos or the Fincos&#146; Representatives may reasonably
request. In addition, during such time, Clear Channel will provide the Fincos and the Fincos&#146;
Representatives copies of each unaudited monthly consolidated balance sheet of Clear Channel for
the month then ended and related statements of earnings, and cash flows in the form and promptly
following such time as they are provided or made available to Clear Channel&#146;s senior executive
officers.
</DIV>
<DIV align="left">
<A name="266"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Solicitation of Alternative Proposals</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger agreement provides that through 11:59&nbsp;p.m. Eastern Standard Time on December&nbsp;7,
2006 (the &#147;No-Shop Period Start Date&#148;), Clear Channel was permitted to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>initiate, solicit and encourage Competing Proposals from third parties, including by way
of providing access to non-public information to third parties pursuant to a confidentiality
agreement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>participate in discussions or negotiations regarding, and take any other action to
facilitate any Competing Proposal.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the No-Shop Period Start Date, Clear Channel agreed to advise the Fincos of the number and
identities of the parties making a bona fide written Competing Proposal that the board of directors
or any committee thereof believed in good faith after consultation with Clear Channel&#146;s outside
legal and financial advisors, constituted or could reasonably be expected to lead to a Superior
Proposal (as defined below) (any such proposal, an &#147;Excluded Competing Proposal&#148;) and provide to
the Fincos (within two calendar days) written notice specifying the material terms and conditions
of any such Excluded Competing Proposal. Clear Channel did not receive any Competing Proposals
prior to that time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencing on the No-Shop Period Start Date Clear Channel agreed to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately cease and cause to be terminated any solicitation, encouragement, discussion
or negotiation with any persons conducted prior these dates with respect to any actual or
potential Competing Proposal; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to parties with whom discussions or negotiations have been terminated on,
prior to or subsequent to November&nbsp;16, 2006, use its reasonable best efforts to obtain the
return or the destruction of, in accordance with the terms of the applicable confidentiality
agreement, any confidential information previously furnished by it.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From and after the No-Shop Period Start Date until the earlier of the effective time of the
merger or the date, if any, on which the merger agreement is terminated, Clear Channel agreed not
to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>initiate, solicit, or knowingly facilitate or encourage the submission of any inquiries,
proposals or offers with respect to a Competing Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>participate in any negotiations regarding, or furnish to any person any information in
connection with, any Competing Proposal;</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->152<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>engage in discussions with any person with respect to any Competing Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approve or recommend any Competing Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enter into any letter of intent or similar document or any agreement or commitment
providing for any Competing Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>otherwise cooperate with, or assist or participate in, or knowingly facilitate or
encourage any effort or attempt by any person (other than the Fincos or their
representatives) with respect to a Competing Proposal; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exempt any person from the restrictions contained in any state takeover or similar laws
or otherwise cause these restrictions not to apply to any person or to any Competing
Proposal.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the merger agreement, a &#147;Competing Proposal&#148; means any proposal or offer
relating to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any direct or indirect acquisition or purchase, in any single transaction or series of
related transactions, by any person or &#147;group&#148; as defined in Section 13(d) of the Exchange
Act, which does not include any of the Fincos, Merger Sub or their respective affiliates, of
15% or more of the fair market value of the assets, issued and outstanding shares of Clear
Channel common stock or other ownership interests of Clear Channel and its consolidated
subsidiaries, taken as a whole, or to which 15% or more of Clear Channel&#146;s and its
subsidiaries net revenues or earnings on a consolidated basis are attributable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any tender offer or exchange offer that if consummated would result in any person or
group beneficially owning 15% or more of the shares of Clear Channel common stock; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any merger, consolidation, business combination, recapitalization, issuance of or
amendment to the terms of outstanding stock or other securities, liquidation, dissolution or
other similar transaction involving Clear Channel as a result of which any person or group
acting in concert would acquire 15% or more of the fair market value of the assets, issued
and outstanding shares of Clear Channel common stock or other ownership interests (including
capital stock of Clear Channel&#146;s subsidiaries) of Clear Channel and its consolidated
subsidiaries, taken as a whole or to which 15% or more of Clear Channel&#146;s and its
subsidiaries net revenues or earnings on a consolidated basis are attributable.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to approval and adoption of the merger agreement by Clear Channel&#146;s shareholders, if
Clear Channel receives any written Competing Proposal which the board of directors believes in good
faith to be bona fide and which the board of directors determines, after consultation with outside
counsel and financial advisors, constitutes, or could reasonably be expected to result in, a
Superior Proposal, Clear Channel may:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>furnish information to the third party making the Competing Proposal, provided Clear
Channel receives from the third party an executed confidentiality agreement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>engage in discussions or negotiations with the third party with respect to the Competing
Proposal.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, neither the board of directors nor any committee thereof will change, qualify,
withdraw or modify in any manner adverse to the Fincos, Holdings or Merger Sub, or publicly propose
to change, qualify, withdraw or modify in a manner adverse to the Fincos, Holdings or Merger Sub,
its recommendation that Clear Channel shareholders approve and adopt the merger agreement (the
&#147;Company Recommendation&#148;) or its approval of the merger agreement and the transactions contemplated
thereby, or make any recommendation or public statement in connection with a tender offer or
exchange offer other than a recommendation against such offer or otherwise take any action
inconsistent with the Company Recommendation (collectively, a &#147;Change of Recommendation&#148;);
provided, that (1)&nbsp;prior to approval and adoption of the merger agreement by Clear Channel&#146;s
shareholders, the board of directors may effect a Change of Recommendation and/or terminate the
merger agreement if Clear Channel has received a Competing Proposal that the board of directors has
concluded in good faith, after consultation with outside legal and financial advisors, constitutes
a Superior Proposal and that the failure of the board of directors to effect a Change of
Recommendation and/or terminate the merger agreement would be reasonably likely to be inconsistent
with the directors&#146; exercise of their fiduciary duties to Clear Channel&#146;s shareholders under
applicable law and (2)&nbsp;the board of directors cannot effect a Change of Recommendation or terminate
the merger agreement in response to a Superior Proposal unless (i)&nbsp;Clear Channel has provided at
least 5 business days&#146; prior written notice to the Fincos of its
intention to effect a Change of Recommendation and/or terminate the merger agreement to enter
into a definitive agreement with respect to such Superior Proposal, which specifies the material
terms of conditions of such Superior Proposal, (ii)&nbsp;the board of directors has determined in good
faith, after consultation with outside counsel, that the failure to make a Change of Recommendation
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in connection with the Superior Proposal could be reasonably likely to violate the board of
directors&#146; fiduciary duties under applicable law and Clear Channel has promptly notified the Fincos
in writing of such determinations and (iii)&nbsp;following such five business day period, during which
Clear Channel must in good faith negotiate with the Fincos, to the extent the Fincos wish to
negotiate, to enable the Fincos to make such proposed changes to the terms of the merger agreement,
and taking into account any revised proposal made by the Fincos, the board of directors has
determined in good faith, after consultation with outside counsel, that such Superior Proposal
remains a Superior Proposal. A termination of the merger agreement described in the preceding
sentence would be void and of no force and effect unless concurrently with such termination Clear
Channel pays the termination fee as described below &#147;Termination Fees &#151; Clear Channel Termination
Fee.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel agreed to advise the Fincos of any Competing Proposal or any inquiry, proposal
or offer, request for information or request for discussions or negotiations with respect to or
that would reasonably be expected to lead to any Competing Proposal, the identity of the person
making any Competing Proposal, or inquiry, proposal, offer or request, and to provide the Fincos
with a copy (if in writing) and summary of the material terms of any such Competing Proposal or
such inquiry, proposal or request. Clear Channel agreed to keep the Fincos informed of the status
of any Competing Proposal or inquiry, proposal or request and not to enter into any confidentiality
agreement or other agreement with any person subsequent to the date of the merger agreement which
prohibits Clear Channel from providing such information to the Fincos. Clear Channel also agreed
that neither it nor any of its subsidiaries will terminate, waive, amend or modify any provision or
any existing standstill or confidentiality agreement to which it or any of its subsidiaries is a
party and that it and its subsidiaries will enforce the provisions of any such agreement, unless
failure by the board of directors to take such action could reasonably be expected to violate its
fiduciary duties under applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the merger agreement, &#147;Superior Proposal&#148; means any bona fide written offer or
proposal made by a third party (including any shareholder of Clear Channel) to acquire (when
combined with such party&#146;s ownership of securities of Clear Channel held immediately prior to such
offer or proposal) greater than 50% of the issued and outstanding Clear Channel common stock or all
or substantially all of the assets of Clear Channel and its subsidiaries, taken as a whole,
pursuant to a tender or exchange offer, a merger, a consolidation, a liquidation or dissolution, a
recapitalization, an issuance of securities by Clear Channel, a sale of all or substantially all
Clear Channel&#146;s assets or otherwise, on terms which are not subject to a financing contingency and
which the board of directors determines in good faith, after consultation with Clear Channel&#146;s
financial and legal advisors and consideration of all terms and conditions of such offer or
proposal (including the conditionality and the timing and likelihood of consummation of such
proposal), is on terms that are more favorable to the holders of Clear Channel common stock from a
financial point of view than the terms set forth in the merger agreement or the terms of any other
proposal made by the Fincos after the Fincos&#146; receipt of a notification of such Superior Proposal,
taking into account at the time of determination, among any other factors, any changes to the terms
of the merger agreement that as of that time had been proposed by the Fincos in writing and the
conditionality and likelihood of consummation of the Superior Proposal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the foregoing, Clear Channel may:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disclose to the shareholders a position contemplated by Rules&nbsp;14e-2(a) and 14d-9 under
the Exchange Act; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make other disclosures to Clear Channel&#146;s shareholders, if the board of directors
reasonably determines in good faith, after consultation with outside legal counsel, that the
failure to do so would be inconsistent with any applicable state or federal securities law.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="268"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Indemnification; Directors&#146; and Officers&#146; Insurance</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of the merger agreement, Merger Sub has agreed that all current rights of
indemnification provided by Clear Channel for its current and former directors or officers will
survive the merger and continue in full force and effect. Merger Sub has also agreed to indemnify,
defend and hold harmless, and advance expenses to Clear Channel&#146;s current and former directors or
officers to the fullest extent required by Clear Channel&#146;s articles of incorporation, bylaws or any
indemnification agreement to which Clear Channel is a party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, the surviving corporation for the six years following the effective time of the
merger, will indemnify and hold harmless each current and former officer and director of Clear
Channel from any costs or expenses paid in connection with any claim, action or proceeding arising
out of or related to (i)&nbsp;any acts or omissions of a current or former officer or director in their
capacity as
an officer or director if the service was at the request or for the benefit of Clear Channel
or any of its subsidiaries or (ii)&nbsp;the merger, the merger agreement or any transactions
contemplated thereby.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, at Clear Channel&#146;s election, Clear Channel or the Fincos will obtain insurance
policies with a claims period of at least six years from the effective time of the merger with
respect to directors&#146; and officers&#146; liability insurance that provides coverage for events occurring
on or before the effective time of the merger. The terms of the policies will be no less favorable
than the existing policy of Clear Channel, unless the annual premiums of the policies would exceed
300% of the current policy&#146;s premium, in which case the coverage will be the greatest amount
available for an amount not exceeding 300% of the current premium.
</DIV>
<DIV align="left">
<A name="269"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Employee Benefit Plans</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the merger agreement, the Fincos have agreed that they will, and will cause the
surviving corporation to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for one year following the closing of the merger, provide the surviving corporation&#146;s
employees and its subsidiaries&#146; employees (other than those senior executive officers who
have existing employment agreements or other employees that enter into new employment
arrangements with the Fincos or the surviving corporation in connection with the merger)
compensation and employee benefits (other than any equity-based benefits) that, in the
aggregate, are no less favorable than the compensation and employee benefits for these
employees immediately prior to the consummation of the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for one year following the closing of the merger, provide to Clear Channel employees who
experience a termination of employment severance benefits that are no less than the
severance benefits that would have been provided to these employees upon a similar
termination of employment immediately prior to the effective time of the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>credit all service with Clear Channel and its subsidiaries for purposes of eligibility
and vesting and for accrual of vacation, other paid time off and severance benefits under
any employee benefit plan applicable to employees of the surviving corporation or its
subsidiaries after the consummation of the merger to the extent recognized by Clear Channel
under a corresponding benefit plan; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>honor any and all collective bargaining agreements.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="270"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Financing</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fincos and Merger Sub have agreed to use their reasonable best efforts to enforce
their rights under the executed loan agreements, including, but not limited to, bringing an
action for specific performance or an alternative remedy as provided in the Settlement
Agreement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fincos have agreed to give Clear Channel prompt notice of any material breach of or
termination of any executed loan agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the merger agreement, any of the executed loan agreements may be amended, restated or
otherwise modified or superseded to add lenders, arrangers or similar agents, increase the amount
of debt, replace or modify the facilities or otherwise replace or modify the executed loan
agreements in manner not less beneficial in the aggregate to Merger Sub, Holdings and the Fincos,
except that any new loan agreements will not (i)&nbsp;adversely amend the conditions to the debt
financing set forth in the executed loan agreements in any material respect, (ii)&nbsp;reasonably be
expected to delay or prevent the closing of the merger, (iii)&nbsp;reduce the aggregate amount of debt
financing available for closing unless replaced with new equity or debt financing, or (iv)&nbsp;be
executed and be effective unless and until such new lender or supplier of equity fully funds such
amounts with the Escrow Agent under the Escrow Agreement for release concurrent with the other
escrowed funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel has agreed to cooperate in connection with the arrangement of the financing as
may be reasonably requested by Merger Sub and the Fincos, provided that such requested cooperation
does not unreasonably interfere with Clear Channel ongoing operations or otherwise materially
impair the ability of any of Clear Channel&#146;s officers or executives to carry out their duties. Such
cooperation will include, among other things, at the reasonable request of Merger Sub or the
Fincos:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>preparing business, financial and other pertinent information and data of the type
required by Regulation&nbsp;S-X and Regulation&nbsp;S-K under the Securities Act and of the type and
form customarily included in private placements resold under Rule&nbsp;144A of
the Securities Act to consummate the offerings or issuances of debt securities contemplated by
the debt financing commitments;</TD>
</TR>

</TABLE>
</DIV>

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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>participation in meetings, presentations, road shows, drafting sessions, due diligence
sessions and sessions with rating agencies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assistance with the preparation of materials for rating agency presentations, offering
documents and similar documents required in connection with the debt financing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>entering into agreements, executing and delivering officer&#146;s certificates and pledging
assets and facilitating diligence with respect thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>using reasonable best efforts to obtain customary accountants&#146; comfort letters, consents,
legal opinions, survey and title insurance along with assistance and cooperation from
independent accountants and other professional advisors as reasonably requested by Merger
Sub or the Fincos; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>otherwise reasonably cooperating in connection with the consummation of the debt
financing and the syndication and marketing thereof.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<A name="271"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Independent Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately after the closing of the merger, Holdings&#146; board of directors will include at
least two independent directors.
</DIV>
<DIV align="left">
<A name="272"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Transaction Fees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The transaction fees paid or to be paid to the Fincos or their affiliates at or prior to the
closing of the merger with respect to the merger transactions will not exceed $87.5&nbsp;million. Unless
otherwise approved by Clear Channel&#146;s independent directors or the holders of a majority of the
shares of Holdings Class&nbsp;A common stock held by unaffiliated holders, after the closing of the
merger, Clear Channel will not pay management, transaction, monitoring or any other fees to the
Fincos or their affiliates except pursuant to an arrangement whereby the holders of shares of
Holdings Class&nbsp;A common stock are made whole for any portion of such fees paid by Clear Channel
that would otherwise be attributable to their holdings. See &#147;Certain Affiliate Transactions on page
116 for more information.
</DIV>
<DIV align="left">
<A name="273"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conduct of the Fincos&#146; Business Pending the Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the merger agreement, the Fincos have agreed that, subject to certain exceptions,
between November&nbsp;16, 2006 and the effective time of the merger, unless Clear Channel gives its
written consent (which consent will not be unreasonably withheld, delayed or conditioned), they
will not:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amend or otherwise change any of Merger Sub&#146;s or Holdings&#146; organizational documents that
would be likely to prevent or materially delay the consummation of the merger and related
transactions, or change the rights, preferences or privileges of the shares of Holdings
Class&nbsp;A common stock in any material respect which would render the representation and
warranty regarding the capitalization of Holdings to be untrue or inaccurate at the
effective time of the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acquire or make any investment in any corporation, partnership, limited liability
company, other business organization or any division thereof that holds, or has an
attributable interest in, any license, authorization, permit or approval issued by the FCC
if such acquisition or investment would delay, impede or prevent receipt of the FCC Consent;
or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>take any action that would be reasonably likely to cause a material delay in the
satisfaction of certain specified conditions contained in the merger agreement or the
consummation of the merger.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="274"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Registration</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings has agreed to use reasonable efforts to maintain the registration of the Holdings
Class&nbsp;A common stock under Section&nbsp;12 of the Exchange Act for two years following completion of the
merger, subject to certain exceptions.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="275"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conditions to the Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the parties to complete the merger are subject to the satisfaction or
waiver of the following mutual conditions:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Shareholder Approval. </I>The approval and adoption of the merger agreement by Clear
Channel&#146;s shareholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>HSR Act Approvals. </I>Any applicable waiting period under the HSR Act and any applicable
foreign antitrust laws relating to the consummation of the merger will have expired or been
terminated (which the parties acknowledge have been satisfied as of May&nbsp;13, 2008), and such
expiration or termination shall continue to be in effect as of the closing date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>No Law or Orders. </I>No governmental authority will have enacted or issued any law or order
which is then in effect and has the effect of making the merger illegal or otherwise
prohibiting the consummation of the merger.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>FCC Consent. </I>The FCC Consent will have been obtained (which the parties acknowledge have
been satisfied as of May&nbsp;13, 2008), and not revoked and continue to be in effect as of the
closing date.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Fincos, Holdings and Merger Sub to complete the merger are subject to
the satisfaction or waiver of the following additional conditions:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Performance of obligations. </I>Since May&nbsp;13, 2008, Clear Channel shall have performed or
complied in all material respects with certain specified covenants or agreements in the
merger agreement including those relating to implementing the merger transaction and
restrictions on the issuance of equity securities, the acquisition of businesses, payment of
dividends, the incurrence of indebtedness, changes in accounting principles and policies,
and the making of investments or loans.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, the performance of Clear Channel&#146;s other agreements and covenants other than
where the failure to perform would not constitute a Material Adverse Effect.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of Clear Channel to complete the merger are subject to the satisfaction or
waiver of the following additional condition:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Performance of obligations. </I>Since May&nbsp;13, 2008, the Fincos, Holdings and Merger Sub
shall have performed or complied in all material respects with all agreements and covenants
in the merger agreement required to be performed or complied with by them on or prior to the
consummation of the merger.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If a failure to satisfy one of these conditions to the obligations of Clear Channel to complete the
merger is not considered by Clear Channel&#146;s board of directors to be material to Clear Channel&#146;s
shareholders, the board of directors may waive compliance with that condition. Clear Channel&#146;s
board of directors is not aware of any condition to the merger that cannot be satisfied. Under
Texas law, after the merger agreement has been approved and adopted by Clear Channel&#146;s
shareholders, the Merger Consideration cannot be changed and the merger agreement cannot be altered
in a manner adverse to Clear Channel&#146;s shareholders without re-submitting the revisions to Clear
Channel&#146;s shareholders for their approval. To the extent that either party to the merger waives
any material condition to the merger and such change in the terms of the transaction renders the
disclosure previously provided to Clear Channel&#146;s shareholders materially misleading, Clear Channel
will recirculate this proxy statement/prospectus and resolicit proxies from its shareholders.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->157<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="276"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Termination</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel and the Fincos may agree to terminate the merger agreement without completing
the merger at any time. The merger agreement also may be terminated in each of the following
circumstances:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by either the Fincos or Clear Channel, if:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the closing of the merger has not occurred on or before December&nbsp;31, 2008, (such
date, as may be extended in accordance with this paragraph, the &#147;Termination Date&#148;),
except that, following the shareholders&#146; meeting held after May&nbsp;13, 2008, if as of the
Termination Date there is an on-going dispute among any of the parties to the Escrow
Agreement with respect to the disbursement of the Escrowed Amount, the Fincos or Clear
Channel may, by written notice to the other party, extend the Termination Date to any
date that is no later than the fifth business day following the settlement of any dispute
with respect to the disbursement of such funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any governmental entity has issued an order, decree or ruling or taken any other
action permanently restraining, enjoining or otherwise prohibiting the merger and such
order, decree, ruling or other action is final and non-appealable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s shareholders do not approve adopt the merger agreement at the
special meeting or any adjournment or postponement of the special meeting; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the non-terminating party has breached or failed to perform in any material respect
any of its covenants or agreements in the merger agreement such that the closing
conditions would not be satisfied by the Termination Date and such breach has not been
cured within 30&nbsp;days following delivery of written notice by the terminating party.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by Clear Channel, if prior to the approval and adoption of the merger agreement by Clear
Channel shareholders, the board of directors has concluded in good faith, after consultation
with outside legal and financial advisors, that an unsolicited Competing Proposal is a
Superior Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Fincos, if the board of directors effects a Change of Recommendation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Fincos, if the board of directors fails to include in the proxy
statement/prospectus distributed to Clear Channel&#146;s shareholders its recommendation that
Clear Channel&#146;s shareholders approve and adopt the merger agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of the merger agreement, &#147;Escrowed Amount&#148; means, collectively, the following
amounts delivered to the Escrow Agent pursuant to the Escrow Agreement: (i)&nbsp;cash and/or approved
letters of credit aggregating to $16,410,638,000 delivered by the Bank Escrow Parties and (ii)&nbsp;cash
and/or approved letters of credit aggregating to $2,400,000,000 delivered by the Buyer Designees as
designees of Holdings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In some cases, termination of the merger agreement may require Clear Channel to pay a
termination fee to the Fincos, or require the Fincos to pay a termination fee to Clear Channel, as
described below under &#147;The Merger Agreement &#151; Termination Fees.&#148;
</DIV>
<DIV align="left">
<A name="277"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Termination Fees</B>
</DIV>

<DIV align="left">
<A name="278"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Clear Channel Termination Fee</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel must pay to the Fincos a termination fee of $500&nbsp;million in cash if the merger
agreement is terminated:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by Clear Channel, prior to approval and adoption of the merger agreement by Clear
Channel&#146;s shareholders, in order to enter into a definitive agreement relating to a Superior
Proposal, such termination fee to be paid concurrently with the termination of the merger
agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Fincos, if the board of directors effects a Change of Recommendation, fails to
reconfirm the Company Recommendation, or fails to include the Company Recommendation in this
proxy statement/prospectus, such termination fee</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->158<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to be paid promptly following the termination of the merger agreement (and in any event no
later than two business days after delivery to Clear Channel of notice of demand for payment);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Fincos or Clear Channel, if Clear Channel&#146;s shareholders do not approve and adopt
the merger agreement at the special meeting and prior to the special meeting a Competing
Proposal has been publicly announced or been made known to Clear Channel and not withdrawn
at least two business days prior to the special meeting, and within 12&nbsp;months after the
termination of the merger agreement, Clear Channel or any of its subsidiaries enters into a
definitive agreement with respect to, or consummates, any Competing Proposal, such
termination fee to be paid promptly following the execution of a definitive agreement or the
consummation of the transaction contemplated by the Competing Proposal (and in any event no
later than two business days after delivery to Clear Channel of notice of demand of
payment); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Fincos, if the Fincos are not in material breach of their obligations under the
merger agreement and, if Clear Channel has willfully and materially breached or failed to
perform in any material respect any of its covenants or other agreements set forth in the
merger agreement such that the corresponding closing condition would not be satisfied, which
breach has not been cured within 30&nbsp;days, and prior the date of termination a Competing
Proposal has been publicly announced or been made known to Clear Channel and within 12
months after the termination of the merger agreement Clear Channel or any of its
subsidiaries enters into a definitive agreement with respect to, or consummates, any
Competing Proposal, such termination fee to be paid promptly following the execution of a
definitive agreement or the consummation of the transaction contemplated by the Competing
Proposal (and in any event no later than two business days after delivery to Clear Channel
of notice of demand of payment).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the merger agreement is terminated by Clear Channel or the Fincos because of
the failure to obtain the approval of Clear Channel&#146;s shareholders at the special meeting or any
adjournment or postponement thereof, and a termination fee is not otherwise then payable by Clear
Channel under the merger agreement, Clear Channel has agreed to pay reasonable out-of-pocket fees
and expenses incurred by the Fincos, Merger Sub and Holdings in connection with the merger
agreement and this proxy statement/prospectus, not to exceed an amount equal to $45&nbsp;million. If
Clear Channel becomes obligated to pay a termination fee under the merger agreement after payment
of the expenses, the amount previously paid to the Fincos as expenses will be credited toward the
termination fee amount payable by Clear Channel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, Clear Channel will promptly pay the Fincos a set amount in respect of the
expenses incurred by Merger Sub and the Fincos (which amount will be in addition to any termination
fees that may become payable by Clear Channel) as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>$150&nbsp;million if the Fincos terminate the merger agreement, and the Fincos are not in
material breach of their obligations under the merger agreement, and if Clear Channel has
breached or failed to perform in any material respect any of its covenants or other
agreements set forth in the merger agreement such that the corresponding closing condition
would not be satisfied, which breach has not been cured within 30&nbsp;days; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>$100&nbsp;million if the merger agreement is terminated: (i)&nbsp;by Clear Channel, prior to
approval and adoption of the merger agreement by Clear Channel&#146;s shareholders, in order to
enter into a definitive agreement relating to a Superior Proposal; (ii)&nbsp;by the Fincos, if
the board of directors effects a Change of Recommendation, fails to reconfirm Company
Recommendation, or fails to include the Company Recommendation in this proxy
statement/prospectus; or (iii)&nbsp;by either the Fincos or Clear Channel if the closing of the
merger has not occurred on or before the Termination Date, and the party seeking termination
has not breached in any material respect its obligations under the merger agreement that
shall have proximately caused the failure to consummate the merger on or before the
Termination Date (other than in the event such termination is a
result of a breach by Merger Sub, Holdings or the Fincos that was not caused
by the providers of the Debt Financing).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, Clear Channel must pay to the Fincos a termination fee of $200&nbsp;million, but only
if the $500&nbsp;million termination fee that is payable under the circumstances described above is not
otherwise payable, if the merger agreement is terminated (A)&nbsp;by the Fincos or Clear Channel because
a governmental entity has issued an order, decree or ruling or taken any other action permanently
restraining, enjoining or otherwise prohibiting the merger and such order, decree, ruling or other
action is final and non-appealable, (B)&nbsp;by the Fincos or Clear Channel because Clear Channel&#146;s
shareholders do not approve or adopt the merger agreement at the special meeting or any adjournment
or postponement of the special meeting or (C)&nbsp;by the Fincos because Clear Channel breached or
failed to perform in any material respect any of its covenants or agreements in the merger
agreement such that the closing conditions would not be satisfied by the termination date and such
breach has not been cured within 30&nbsp;days following delivery of written notice by the Fincos, and
within twelve (12)&nbsp;months after such termination (i)&nbsp;Clear Channel or any of its subsidiaries
consummates, (ii)&nbsp;Clear Channel or any of its subsidiaries enters into a definitive agreement, or
(iii)&nbsp;one or more Contacted Parties (as defined below) or a Qualified Group (as defined below)
commences a tender offer with respect to a Contacted Party Proposal (as defined below), and, in
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the case of each of clause (ii)&nbsp;and (iii)&nbsp;above, subsequently consummates (whether during or
after such twelve (12)&nbsp;month period) such Contacted Party Proposal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the merger agreement, &#147;Contacted Party&#148; means any person, (i)&nbsp;that is
referenced in this proxy statement/prospectus as having been contacted during the auction process,
or (ii)&nbsp;that was contacted during the &#147;go-shop&#148; period provided for in the merger agreement which
commenced on November&nbsp;17, 2006 and ended on December&nbsp;7, 2007, or in the case of (i)&nbsp;and (ii), their
affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the merger agreement, &#147;Qualified Group&#148; means any Contacted Party, either by
itself or acting as a &#147;group&#148; as defined in Section 13(d) of the Exchange Act, which does not
include any of the Fincos, Merger Sub or their respective affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the merger agreement, &#147;Contacted Parties Proposal&#148; means (i)&nbsp;any transaction
in which a Contacted Party or a Qualified Group, directly or indirectly acquires or purchases, in
any single transaction or series of related transactions, more than 50% of the fair market value of
the assets, issued and outstanding Clear Channel common stock or other ownership interests of Clear
Channel and its consolidated subsidiaries, taken as a whole, or to which 50% or more of Clear
Channel&#146;s and its subsidiaries, net revenues or earnings on a consolidated basis are attributable,
(ii)&nbsp;any tender offer or exchange offer, as defined pursuant to the Exchange Act, that if
consummated would result in one or more of the Contacted Parties or a Qualified Group acting in
concert acquiring assets, securities or businesses in the minimum percentage described in clause
(i)&nbsp;above or (iii)&nbsp;any merger, consolidation, business combination, recapitalization, issuance of
or amendment to the terms of outstanding stock or other securities, liquidation, dissolution or
other similar transaction involving Clear Channel as a result of which any Contacted Party or
Qualified Group acting in concert would acquire assets, securities or businesses in the minimum
percentage described in clause (i)&nbsp;above. For clarification purposes, a spin-off, recapitalization,
stock repurchase program or other transaction effected by Clear Channel or any of its subsidiaries
will not constitute a Contacted Parties Proposal unless, as a result of such transaction, a
Contacted Party or Qualified Group acting in concert acquires the assets, securities or business
representing more than 50% of the fair market value of the assets, issued and outstanding Clear
Channel common stock or other ownership interests of Clear Channel and its consolidated
subsidiaries, taken as a whole, or to which 50% or more of Clear Channel&#146;s and its subsidiaries net
revenues or earnings on a consolidated basis are attributable.
</DIV>
<DIV align="left">
<A name="279"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Merger Sub Termination Fee</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger agreement provides that, upon termination of the merger agreement under specified
circumstances Merger Sub will be required to pay Clear Channel a termination fee within two
business days after termination of the merger agreement as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If Clear Channel or the Fincos terminate the merger agreement because the effective time
of the merger has not occurred on or before the Termination Date, the terminating party has
not breached in any material respect its obligations under the merger agreement that
proximately caused the failure to consummate the merger on or before the Termination Date
and all conditions to Fincos&#146; and Merger Sub&#146;s obligations to consummate the merger have
been satisfied, then Merger Sub will owe Clear Channel a termination fee of $600&nbsp;million
that will be paid pursuant to the Escrow Agreement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If Clear Channel terminates the merger agreement, and Clear Channel is not in material
breach of its obligations under the merger agreement, because the Fincos, Holdings and
Merger Sub have breached or failed to perform in any material respect any of their
obligations set forth in the merger agreement such that certain closing condition would not
be satisfied, which breach has not been cured within 30&nbsp;days, and in each case, all
conditions to the Fincos&#146;, Holdings&#146; and Merger Sub&#146;s
obligations to consummate the merger
have been satisfied, then Merger Sub will owe Clear Channel a termination fee of $150
million that will be paid pursuant to the Escrow Agreement. This fee will increase to $600
million if such termination is due to a willful and material breach by the Fincos, Holdings
and Merger Sub.</TD>
</TR>



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our right to have a termination fee owed by Merger Sub paid to us pursuant to the merger
agreement, the Escrow Agreement or the amended and restated limited guarantees executed by the
Sponsors is Clear Channel&#146;s exclusive remedy for losses suffered by Clear Channel as a result of
the failure of the merger to be consummated.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="280"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Amendment and Waiver</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger agreement may be amended by mutual written agreement of the parties by action taken
by or on behalf of their respective boards of directors at any time prior to the effective time of
the merger. However, after the approval and adoption of the merger agreement by Clear Channel&#146;s
shareholders, the merger agreement can not be amended if such amendment would require further
approval by the shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger agreement also provides that, at any time prior to the effective time of the
merger, any party may, by written agreement:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>extend the time for the performance of any of the obligations or other acts of the other
parties to the merger agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>waive any inaccuracies in the representations and warranties of the other party contained
in the merger agreement or in any document delivered pursuant to the merger agreement; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>waive compliance with any of the agreements or conditions contained in the merger
agreement which may be legally waived.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="281"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Limited Guarantees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with Amendment No.&nbsp;3, each of the Sponsors (each an affiliate of one of the
Fincos) and Clear Channel entered into a limited guarantee pursuant to which, among other things,
each of the Sponsors is providing Clear Channel a guarantee of payment of its pro rata portion of
the Merger Sub termination fees. The limited guarantees entered into in connection with Amendment
No.&nbsp;3 superseded the limited guarantees previously delivered by Sponsors. The Sponsors&#146;
obligations under the limited guarantees were reduced ratably to the
extent that they paid any
amount, or caused any amount to be paid, into escrow under the Escrow Agreement.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->161<!-- /Folio -->
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="282"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SETTLEMENT AND ESCROW AGREEMENTS</B>
</DIV>

<DIV align="left">
<A name="283"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Settlement Agreement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;13, 2008, Clear Channel, Merger Sub, the Fincos, Holdings, CCC IV, the Sponsors and the
Banks entered into the Settlement Agreement, pursuant to which they settled disputes between them
which were the subject of the New York Action, the New York Counterclaim Action and the Texas
Actions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the terms of the Settlement Agreement, the parties agreed to the following:
</DIV>
<DIV align="left">
<A name="284"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Agreement to Fund</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Bank agreed to make the loans, purchase (or cause certain of its affiliates to purchase)
the notes and otherwise make the extensions of credit on the closing date that are contemplated by
the Financing Agreements, subject solely to the conditions set forth in the Financing Agreements.
Please see &#147;Financing &#151;  Debt Financing.&#148;
</DIV>
<DIV align="left">
<A name="285"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Escrow Funding</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Settlement Agreement provides that each of the parties to the Escrow Agreement will make
their respective funding obligations under the Escrow Agreement on or before May&nbsp;28, 2008 (or, in
the case of a Bank Escrow Party, on or before May&nbsp;22, 2008). On May&nbsp;22, 2008, the Escrow Agent
confirmed receipt of the entire Bank Escrow Amount and on May&nbsp;28, 2008, the Escrow Agent confirmed
receipt of all other amounts and property required to be delivered under the Escrow Agreement,
including the entire Buyer Escrow Amount.
</DIV>
<DIV align="left">
<A name="286"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Termination of Actions and Release of Claims</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon delivery by the Bank Escrow Parties to the Escrow Agent of all cash, cash equivalents,
letters of credit and/or other property required to be delivered pursuant to the terms of the
Escrow Agreement, as required by the Settlement Agreement, the plaintiffs in each of the New York
Action, the New York Counterclaim Action and the Texas Actions have filed stipulations to
discontinue those actions with prejudice and not to take any further action to prosecute them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective upon receipt by the Escrow Agent on May&nbsp;28, 2008 (the &#147;Escrow Funding Date&#148;) of all cash,
letters of credit, and/or other property required to be delivered under the terms of the Escrow
Agreement, each party to the Settlement Agreement and each of the Sponsors, on behalf of itself,
and, to the extent it may lawfully do so, its parent companies, subsidiaries, affiliates,
transferees, assigns, officers, directors, employees, partners, members, shareholders and counsel
(each, a &#147;Releasing Party&#148;) released each other Releasing Party from any and all actions, causes of
action, suits, debts, contracts, controversies, agreements, promises, damages, judgments, claims or
demands whatsoever, whether or not asserted (&#147;Claims&#148;) that the Releasing Party ever had, now has
or subsequently may have against the released party, from the beginning of the world through the
Escrow Funding Date, with respect to matters arising out of or relating to the merger agreement,
the equity commitment letters and guarantees delivered by the Sponsors pursuant to the merger
agreement, and the debt commitment letters delivered by the Banks in connection therewith (the
&#147;Released Matters&#148;), including any claims or counterclaims that have been or could have been
asserted in the New York Action, the New York Counterclaim Action or Texas Actions. Claims under
the merger agreement, the equity commitment letters or limited guarantees related to the merger
agreement, the Financing Agreements, the Settlement Agreement or the Escrow Agreement are not
included within the scope of the Released Matters. The releases in favor of and on behalf of the
Banks were effective immediately on May&nbsp;22, 2008, upon the Bank Escrow Parties&#146; delivery to the
Escrow Agent of the aggregate amount of money and/or property required by the terms of the Escrow
Agreement to be delivered by all of the Bank Escrow Parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By operation of the Settlement Agreement, effective on the closing of the merger, each
Releasing Party will be released by each other Releasing Party from all Claims that any Releasing
Party ever had, then has or subsequently may have against the released party from the beginning of
the world through the closing date with respect to the Released Matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the terms of the Settlement Agreement, the transmittal letter contains provisions
pursuant to which each shareholder of Clear Channel executing and delivering a transmittal letter
releases, effective as of the closing, each of the Releasing Parties from all Claims that such
shareholder ever had, then has or subsequently may have against the released party from the
beginning of the world through the closing date with respect to the Released Matters.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->162<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="287"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Certain Enforcement Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Banks acknowledge and agree that Clear Channel is a third-party beneficiary to the
Financing Agreements, and each of the Sponsors acknowledges and agrees that Clear Channel is a
third-party beneficiary of the equity commitment letters. The Settlement Agreement specifically
provides that each party to the Settlement Agreement, including Clear Channel, may enforce
specifically against the other parties their respective obligations under the merger agreement, the
Settlement Agreement, the Escrow Agreement, the Financing Agreements, the equity commitment letters
and the amended and restated limited guarantees, in addition to any other remedy to which a party
may be entitled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Banks also agreed to use their commercially reasonable efforts to vote, and to cause all
of their non-fiduciary affiliates to vote, any shares of Clear Channel common stock, (other than
shares held as a hedge for any equity derivative thereof) that is proprietarily owned (other than
shares that have been loaned) for the Bank&#146;s or the non-fiduciary affiliate&#146;s own account and not
as a fiduciary on the record date for approval of the merger agreement. The Banks will not, and
will use their commercially reasonable efforts to cause their affiliates not to, acquire
proprietary ownership of any shares of Clear Channel common stock before the closing under the
merger agreement or the merger agreement is terminated or abandoned. The Banks will not, and will
not permit their affiliates to, and will use their commercially reasonable efforts to cause their
non-fiduciary affiliates not to, take any action that would reasonably be expected to reduce the
likelihood that Clear Channel&#146;s shareholders will approve the merger agreement, including without
limitation, the solicitation of proxies in opposition to the solicitation of proxies by Clear
Channel and Holdings for the merger agreement.
</DIV>
<DIV align="left">
<A name="288"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>No Admission</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No party to the Settlement Agreement will be deemed to have admitted, conceded or implied
liability for any claims or counterclaims, whether or not asserted in the New York Action, the New
York Counterclaim Action or Texas Actions.
</DIV>
<DIV align="left">
<A name="289"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Escrow Agreement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As contemplated by the Settlement Agreement, on May&nbsp;13, 2008, each of Clear Channel, Holdings,
Merger Sub, the Fincos, the Buyer Designees as designees of Holdings, the Management Investors,
Highfields Management, on behalf of itself and on behalf of investment funds managed by it, the
Abrams Investors, the Bank Escrow Parties (together with the Buyer Designees, the Management
Investors, Highfields Management and the Abrams Investors, the &#147;Funding Parties&#148;) and the Escrow
Agent, entered into the Escrow Agreement pursuant to which the Funding Parties agreed to deliver
money and other property to the Escrow Agent to be held, invested and disbursed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the terms of the Escrow Agreement, the parties to the Escrow Agreement agreed as
follows:
</DIV>
<DIV align="left">
<A name="290"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Escrow Deposits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By no later than 5:00 p.m., New York City time, on May&nbsp;28, 2008 (and in the case of each Bank,
by no later than 5:00 p.m., New York City time, on May&nbsp;22, 2008):
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Bank Escrow Party shall cause to be delivered to the Escrow Agent a pro rata portion
of $16,410,638,000 (the &#147;Bank Escrow Amount&#148;), in cash by wire transfer of immediately
available funds or in the form of approved letters of credit, or a combination of the
foregoing, and each such pro rata portion shall be held by the Escrow Agent in a segregated
account (each a &#147;Bank Escrow Account&#148;),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Buyer Designee shall cause to be delivered to the Escrow Agent a pro rata portion of
$2,400,000,000 (the &#147;Buyer Escrow Amount&#148;) by wire transfer of immediately available funds
or in the form of letters of credit, or a combination of the foregoing, and each such pro
rata portion shall be held by the Escrow Agent in a segregated account (each a &#147;Buyer Escrow
Account&#148;),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Management Investors shall cause to be delivered to the Escrow Agent (i)&nbsp;a
combination of vested shares of Clear Channel common stock and vested
options to purchase shares of Clear Channel common stock with an aggregate value of $35,074,625 (the &#147;Management
Escrow Shares&#148;), all of which shall be held by the Escrow Agent in a segregated account (the
&#147;Management Escrow Account&#148;),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Highfields Management shall cause to be delivered to the Escrow Agent an aggregate of
11,111,112 shares of Clear Channel common stock that are beneficially owned by investment
funds managed by Highfields Management (the &#147;Highfields Escrow Shares&#148;), all of which shall
be held by the Escrow Agent in a segregated account (the &#147;Highfields Escrow Account&#148;), and</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Abrams Investors shall cause to be delivered to the Escrow Agent an aggregate of
2,777,778 shares of Clear Channel common stock (the &#147;Abrams Escrow Shares&#148;), all of which
shall be held by the Escrow Agent in a segregated account (the &#147;Abrams Escrow Account&#148;).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;22, 2008, the Escrow Agent confirmed receipt of the entire Bank Escrow Amount and on
May&nbsp;28, 2008, the Escrow Agent confirmed receipt of all other amounts and property required to be
delivered under the Escrow Agreement, including the entire Buyer Escrow Amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank Escrow Amount, the Buyer Escrow Amount, the Management Escrow Shares, the Highfields
Escrow Shares and the Abrams Escrow Shares, are each referred to as an &#147;Escrow Amount&#148; and each
Bank Escrow Account, each Buyer Escrow Account, the Management Escrow Account, the Highfields
Escrow Account, and the Abrams Escrow Account are each referred to as an &#147;Escrow Account.&#148; The
Bank Escrow Amount and the Buyer Escrow Amount, together with any interest or other earnings
thereon, are referred to as the &#147;Bank Escrow Fund&#148; and the &#147;Buyer Escrow Fund.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Bank Escrow Party and Buyer Designee grants to Clear Channel a lien on and a security
interest in its respective Escrow Account and in its portion of the Bank Escrow Fund or Buyer
Escrow Fund, respectively, deposited in those accounts, as collateral for its respective
obligations (and, in the case of the Buyer Designees, the obligations of Holdings, the Fincos and
Merger Sub) under the Escrow Agreement, the Financing Agreements and the Settlement Agreement until
the termination of the Escrow Agreement and the disbursement in full of the Bank Escrow Fund and
the Buyer Escrow Fund, respectively, in such Escrow Account in accordance with the terms of the
Escrow Agreement.
</DIV>
<DIV align="left">
<A name="291"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Disbursements</B>
</DIV>

<DIV align="left">
<A name="292"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Shares Subject to the Stock Election</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the fifth business day prior to the Election Deadline, the Escrow Agent shall deliver to
the paying agent designated under the merger agreement (the &#147;Paying Agent&#148;),
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Highfields Escrow Shares, together with the election forms and letters of transmittal
pursuant to which Highfields Management made a Stock Election for the Highfields Escrow
Shares,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Abrams Escrow Shares, together with the election forms and letters of transmittal
pursuant to which the Abrams Investors made Stock Elections for the Abrams Escrow Shares,
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>580,356 shares of Clear Channel common stock previously delivered into the Management
Escrow Account by L. Lowry Mays and LLM Partners, Ltd as part of the Management Escrow
Shares (the &#147;Founder Election Shares&#148;), together with the election forms and letters of
transmittal pursuant to which L. Lowry Mays and LLM Partners, Ltd. made Stock Elections for
the Founder Election Shares.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="293"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>At the Closing of the Merger</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Holdings and Clear Channel deliver to the Escrow Agent and the Bank Escrow Parties at least
four business days prior to the date that is anticipated to be the closing date under the merger
agreement (the &#147;Anticipated Closing Date&#148;),
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a written notice from Holdings and Clear Channel stating that each such party expects
that as of the Anticipated Closing Date, the specified conditions to the consummation of the
Merger have been satisfied, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a written notice from Holdings that the conditions to the Bank Escrow Party&#146;s obligations
to fund under the Financing Agreements are expected to be satisfied on the Anticipated
Closing Date,</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the &#147;Closing Notice&#148;) then, the Escrow Agent shall draw the full amount available under all
Approved Letters of Credit and direct the issuers thereof to pay the proceeds therefrom to the
Escrow Agent by wire transfer of same day funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the Bank Escrow Parties deliver to the Escrow Agent, Holdings and Clear Channel a
written notice by no later than 10:00&nbsp;a.m. (New York time) on the business day preceding the
Anticipated Closing Date setting forth the Bank Escrow Parties&#146; specific
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">grounds for believing that the conditions precedent to the funding of the debt financing that
are specified in the Financing Agreements will not be satisfied or waived by the Bank Escrow
Parties as of the Anticipated Closing Date, or Holdings or Clear Channel fail to provide joint
telephonic confirmation on the Anticipated Closing Date that the closing of the merger is occurring
on that date, then upon direction from Holdings and Clear Channel, the Escrow Agent shall:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pay from the Bank Escrow Accounts by wire transfer of same day funds</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an aggregate amount equal to the Bank Escrow Amount from the Bank Escrow Accounts
on a pro rata basis among the Bank Escrow Accounts (net of fees and expenses owed to the
Bank Escrow Parties) to the Paying Agent (the making of such payment, the &#147;Debt
Funding&#148;), and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to each Bank Escrow Party the respective amount of the Bank Escrow Fund, if any,
including the applicable Bank Escrow Party&#146;s pro rata percentage of the fees and expenses
owed to the Bank Escrow Parties, that after payment of the Debt Funding remains in such
Bank Escrow Party&#146;s Escrow Account;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pay from the Buyer Escrow Accounts by wire transfer of same day funds</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an aggregate amount equal to the Buyer Escrow Amount from the Buyer Escrow Accounts
on a pro rata basis to the Paying Agent (the making of such payment, the &#147;Sponsor Equity
Funding&#148;), and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to each Buyer Designee, the respective amount in the Buyer Escrow Fund, if any,
that remains after payment of the Sponsor Equity Funding in such Buyer Designee&#146;s Escrow
Account; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deliver to Holdings all of the certificates evidencing the Management Escrow Shares other
than the Founder Election Shares (together with the stock powers or equivalent transfer
instruments, if any, related thereto that were delivered to the Escrow Agent).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing disbursement provisions, concurrently with the delivery of the
Closing Notice, Holdings may deliver to the Escrow Agent written notice of Holdings&#146; determination
that there is an Equity Surplus and the amount thereof (the &#147;Equity Surplus Notice&#148;). &#147;Equity
Surplus&#148; means, as of the Anticipated Closing Date, an amount that in Holdings&#146; judgment, equals
the positive difference, if any, between
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate amount of funds then available to Merger Sub to consummate the merger from
borrowings, equity contributions, cash available to Clear Channel and shares of common stock
of Holdings and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate amount of funds that are needed to pay the aggregate merger consideration
under the merger agreement and the expenses related to the merger and to meet Clear
Channel&#146;s anticipated post-merger cash requirements.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Holdings delivers an Equity Surplus Notice, and Holdings and Clear Channel have delivered
joint confirmation to the Escrow Agent that the full amount of the Cash Consideration is being
delivered to the Paying Agent as required by the merger agreement, pro rata portions of the
respective Escrow Amounts deposited in the Buyer Escrow Accounts and the Management Escrow Account
that aggregate to the amount of the Equity Surplus will be returned to the respective depositors
thereof, and both the amount of the Sponsor Equity Funding and the number of Management Escrow
Shares will be correspondingly reduced. Clear Channel and Holdings may agree that less than a pro
rata portion of the Management Escrow Shares will be returned to the Management Investors, in which
case the portion of the Equity Surplus that would otherwise have been returned to the Management
Investors will instead be returned to the Buyer Designees. In no event may the amount of Sponsor
Equity Funding and the number of Clear Channel common stock deliverable be reduced to the extent
that, as a result thereof, the conditions precedent to the debt financing that are set forth in any
Financing Agreement would not be satisfied.
</DIV>
<DIV align="left">
<A name="294"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Termination of Merger Agreement</B>
</DIV>


<DIV align="left">
<A name="295"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Termination when there is a Company Breach or Buyer Breach</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Holdings and Clear Channel jointly notify the Escrow Agent and the Bank Escrow Parties in
writing that the Merger Agreement has been terminated (a &#147;Termination Notice&#148;) (other than as a
result of the failure to obtain shareholder approval of the merger) under circumstances when the
Merger Agreement is validly terminable due to a breach by the Company
or a breach by Merger Sub, Holdings and/or the Fincos, then, unless the Bank Escrow Parties shall have delivered to the
Escrow Agent, Holdings and Clear
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->165<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Channel a written notice no later than three business days after
the giving the Termination Notice that the Bank Escrow Parties dispute the grounds for termination
specified in the Termination Notice, on the third business day after the giving of the Termination
Notice, the Escrow Agent shall deliver:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to each Bank Escrow Party the respective portion of the Bank Escrow Fund on deposit in
such Bank Escrow Party&#146;s Escrow Account (with letters of credit to be delivered in kind);
provided that if the Merger Agreement has been terminated, or was validly terminable, by the
Company due to a breach by the Fincos, Holdings or Merger Sub that was the result, in whole
or in material part, of a breach by any of the Bank Escrow Parties of the Escrow Agreement,
the Settlement Agreement or any of the Financing Agreements, then there shall be first
withdrawn from each Bank Escrow Party&#146;s Escrow Account and paid</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to Clear Channel an amount equal to that Bank Escrow Party&#146;s pro rata percentage of
the Merger Sub Termination Fee, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except in the case where the Merger Agreement was terminated by Clear Channel
because the board of directors determined that an unsolicited Competing Proposal is a
Superior Proposal or by the Fincos because the board of directors effects a Change of
Recommendation or fails to reconfirm its recommendation in favor of the merger upon
request, to Holdings or its designees cash in an amount equal to such Bank&#146;s pro rata
percentage of $150,000,000 as reimbursement for fees, costs and expenses of the Fincos,
Merger Sub and Holdings in connection with the Merger.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the entire Buyer Escrow Fund to Holdings or its designees (with letters of credit to be
delivered in kind); provided that if the Merger Agreement has been terminated, or was
validly terminable, due to a breach by the Fincos, Holdings or Merger Sub that was not the
result, in whole or in material part, of a breach by any of the Bank Escrow Parties of the
Escrow Agreement, the Settlement Agreement or any of the Financing Agreements, then there
shall be first withdrawn from each Buyer Designee&#146;s Escrow Account and paid to Clear Channel
an amount equal to such Buyer Designee&#146;s pro rata percentage of the Merger Sub Termination
Fee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all of the Management Escrow Shares (including all of the Founder Election Shares) to the
Management Investors who are the record owners thereof (together with the stock powers, if
any, related thereto that were delivered to the Escrow Agent);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the extent not previously delivered to the Paying Agent, all of the Highfields Escrow
Shares to Highfields Management (together with the stock powers, if any, related thereto
that were delivered to the Escrow Agent); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the extent not previously delivered to the Paying Agent, all of the Abrams Escrow
Shares to the Abrams Investors on whose behalf such Abrams Escrow Shares were deposited in
the Abrams Escrow Account (together with the stock powers, if any, related thereto that were
delivered to the Escrow Agent).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="296"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Termination due to Failure to Obtain Shareholder Approval or when there is not a Company Breach or
Buyer Breach</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Holdings and Clear Channel give the Escrow Agent and the Bank Escrow Parties a Termination
Notice specifying that the Merger Agreement has been terminated due to the failure to obtain the
shareholder approval of the merger or any other reason when the Merger Agreement is not validly
terminable due to a breach by the Company or a breach by the Fincos, Holdings or Merger Sub, then,
unless the Bank Escrow Parties shall have delivered to the Escrow Agent, Holdings and Clear Channel
a written notice no later than three business days after the giving the Termination Notice that the
Bank Escrow Parties dispute the grounds for termination specified in the Termination Notice, on the
third business day after the giving of the Termination Notice, the Escrow Agent shall deliver:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to each Bank Escrow Party the respective portion of the Bank Escrow Fund on deposit in
such Bank Escrow Party&#146;s Escrow Account (with Approved Letters of Credit to be delivered in
kind), after first deducting from each Bank Escrow Party&#146;s Escrow Account and paying</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to Clear Channel cash in an amount equal to such Bank Escrow Party&#146;s pro rata
percentage of the Merger Sub Termination Fee and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except in the case where the Merger Agreement was terminated by Clear Channel
because the board of directors determined that an unsolicited Competing Proposal is a
Superior Proposal or by the Fincos because the board of directors
effects a Change of Recommendation or fails to reconfirm its recommendation in favor of the merger
upon request, to Holdings or its designees cash in an amount equal to such Bank&#146;s pro rata
percentage of $150,000,000 that will be paid pursuant to the</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->166<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Escrow Agreement as
reimbursement for fees, costs and expenses of the Fincos, Merger Sub and Holdings in
connection with the Merger;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the entire Buyer Escrow Fund to Holdings or its designees; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all of the Management Escrow Shares, Founder Election Shares, Highfields Escrow Shares
and Abrams Escrow Shares in the same manner as discussed in the disbursement circumstances
that are described above.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->167<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="297"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MARKET PRICES OF CLEAR CHANNEL COMMON STOCK AND DIVIDEND DATA</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is traded on the NYSE under the symbol &#147;CCU.&#148; The following table sets forth
the intraday high and low sales price per share of Clear Channel&#146;s common stock on the NYSE and
cash dividend declared for the periods indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cash</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dividend</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Declared</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2006</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">.1875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.1875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.1875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.1875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2007</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">37.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">34.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">.1875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.1875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.1875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.1875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">36.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Second Quarter (through May&nbsp;27, 2008)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">35.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;24, 2006, which was the trading day immediately prior to the date on which we
announced that Clear Channel&#146;s board of directors was exploring possible strategic alternatives for
Clear Channel to enhance shareholder value, Clear Channel&#146;s common stock closed at $32.20 per
share, and the average closing stock price of Clear Channel common stock during the 60 trading days
ended October&nbsp;24, 2006 was $29.27 per share. On November&nbsp;15, 2006, which was the last trading day
before we announced that Clear Channel&#146;s board of directors has approved the merger agreement,
Clear Channel common stock closed at $34.12 per share. On May&nbsp;9, 2008, which was the last trading
day before we announced that the parties to the Actions were engaged in settlement discussions,
Clear Channel common stock closed at $30.00 per share. On &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, which was the last
trading day before the date of this proxy statement/prospectus, Clear Channel common stock closed
at $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share. You are encouraged to obtain current market quotations for Clear Channel
common stock in connection with voting your shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, there were &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Clear Channel common stock outstanding
held by approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; holders of record.
</DIV>
<DIV align="left">
<A name="298"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DELISTING AND DEREGISTRATION OF CLEAR CHANNEL COMMON STOCK</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the merger is completed, Clear Channel&#146;s common stock will be delisted from the NYSE and
deregistered under the Exchange Act, and Clear Channel will no longer file periodic reports with
the SEC on account of Clear Channel&#146;s common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings Class&nbsp;A common stock is not currently traded or quoted on a stock exchange is not
expected to be traded on a national securities exchange subsequent to the merger. It is anticipated
that, after the merger, Holdings Class&nbsp;A common stock will be registered under the Exchange Act and
will be quoted on the Over-the-Counter-Bulletin Board. Upon consummation of the merger, Holdings
will file the reports specified in Section 13(a) of the Exchange Act and the rules thereunder for a
period of two years following the merger.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->168<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="299"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SECURITY OWNERSHIP BY CERTAIN BENEFICIAL<BR>
OWNERS AND MANAGEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below sets forth information concerning the beneficial ownership of Clear Channel
common stock as of May&nbsp;28, 2008 for each member of Clear Channel&#146;s board of directors, each of
Clear Channel&#146;s named executive officers, Clear Channel&#146;s directors and executive officers as a
group and each person known to Clear Channel to own beneficially more than 5% of the outstanding
Clear Channel common stock. At the close of business on May&nbsp;28, 2008, there were 498,017,074 shares
of Clear Channel common stock outstanding. Except as otherwise noted, each shareholder has sole
voting and investment power with respect to the shares beneficially owned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see the footnotes below for the disclosure required by the Exchange Act, for each of
the parties listed below. We obtained the information presented below for shareholders other than
executive officers and directors from Form&nbsp;13Fs, Schedule&nbsp;13Gs and amendments thereto, which
reflect beneficial ownership as of the dates indicated in the Form&nbsp;13Fs, Schedule&nbsp;13Gs or
amendments thereto.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Nature of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percent</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficial</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Ownership(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Class</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Alan D. Feld</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">60,619</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Perry J. Lewis</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">128,645</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">L. Lowry Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">31,198,629</TD>
    <TD nowrap>(4)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark P. Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3,047,530</TD>
    <TD nowrap>(5)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Randall T. Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2,588,307</TD>
    <TD nowrap>(6)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">B. J. McCombs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4,818,447</TD>
    <TD nowrap>(7)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Phyllis B. Riggins</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21,308</TD>
    <TD nowrap>(8)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Theodore H. Strauss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">200,565</TD>
    <TD nowrap>(9)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">J. C. Watts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">25,291</TD>
    <TD nowrap>(10)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John H. Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">60,379</TD>
    <TD nowrap>(11)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John B. Zachry</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11,500</TD>
    <TD nowrap>(12)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John E. Hogan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">528,091</TD>
    <TD nowrap>(13)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paul J. Meyer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Herb Hill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">148,039</TD>
    <TD nowrap>(14)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Andrew W. Levin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">105,470</TD>
    <TD nowrap>(15)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">UBS (16)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,864,257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highfields Capital Management LP (17)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,133,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">All Directors and Executive Officers as a Group (15 persons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">42,196,319</TD>
    <TD nowrap>(18)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.4</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Percentage of shares beneficially owned by such person does not exceed one percent of the class so owned.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;13d-3 under the Exchange Act, a person has beneficial ownership of any securities as to
which such person, directly or indirectly, through any contract, arrangement, undertaking, relationship
or otherwise, has or shares voting power and/or investment power or as to which such person has the
right to acquire such voting and/or investment power within 60&nbsp;days. Percentage of beneficial ownership
by a person as of a particular date is calculated by dividing the number of shares beneficially owned by
such person by the sum of the number of shares outstanding as of such date and the number of unissued
shares as to which such person has the right to acquire voting and/or investment power within 60&nbsp;days.
Unless otherwise indicated, the number of shares shown includes outstanding shares of common stock owned
as of April&nbsp;18, 2008 by the person indicated and shares underlying options owned by such person on April
18, 2008 that are exercisable within 60&nbsp;days of that date.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 39,165 shares subject to options held by Mr.&nbsp;Feld. Excludes 9,000 shares owned by Mr.&nbsp;Feld&#146;s
wife, as to which Mr.&nbsp;Feld disclaims beneficial ownership.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 58,488 shares subject to options held by Mr.&nbsp;Lewis, 39,953 of which are held in a margin
account. Excludes 3,000 shares owned by Mr.&nbsp;Lewis&#146; wife, as to which Mr.&nbsp;Lewis disclaims beneficial
ownership.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 2,473,076 shares subject to options held by Mr.&nbsp;L. Mays, 48,456 shares held by trusts of which
Mr.&nbsp;L. Mays is the trustee, but not a beneficiary, 26,905,357 shares held by the LLM Partners Ltd of
which Mr.&nbsp;L. Mays shares control of the sole</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->169<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>general partner, 1,532,120 shares held by the Mays Family
Foundation and 100,184 shares held by the Clear Channel Foundation over which Mr.&nbsp;L. Mays has either
sole or shared investment or voting authority. Mr.&nbsp;L. Mays&#146; address is c/o Clear Channel, 200 East Basse
Road, San Antonio, Texas 78209.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 992,249 shares subject to options held by Mr.&nbsp;Mark P. Mays, 343,573 shares held by trusts of
which Mr.&nbsp;Mark P. Mays is the trustee, but not a beneficiary, and 1,022,293 shares held by the MPM
Partners, Ltd. Mr.&nbsp;Mark P. Mays controls the sole general partner of MPM Partners, Ltd. Also includes
335,734 shares and 12,290 shares, which represent shares in LLM Partners.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 992,249 shares subject to options held by Mr.&nbsp;Randall T. Mays, 359,517 shares held by trusts of
which Mr.&nbsp;Randall T. Mays is the trustee, but not a beneficiary, and 619,761 shares held by RTM
Partners, Ltd. Mr.&nbsp;Randall T. Mays controls the sole general partner of RTM Partners, Ltd. Also includes
268,587 shares and 8,193 shares, which represent shares in LLM Partners.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 52,864 shares subject to options held by Mr.&nbsp;McCombs and 4,763,083 shares held by the McCombs
Family Partners, Ltd. of which Mr.&nbsp;McCombs is the general partner and all of which are held in a margin
account. Excludes 27,500 shares held by Mr.&nbsp;McCombs&#146; wife, as to which Mr.&nbsp;McCombs disclaims beneficial
ownership.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 7,833 shares subject to options held by Ms.&nbsp;Riggins.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 39,165 shares subject to options held by Mr.&nbsp;Strauss, and 72,087 shares held by the THS
Associates L.P. of which Mr.&nbsp;Strauss is the general partner.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 15,666 shares subject to options held by Mr.&nbsp;Watts.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 39,165&nbsp;shares subject to options held by Mr.&nbsp;Williams. Excludes 9,300 shares held by Mr.
Williams&#146; wife, as to which Mr.&nbsp;Williams disclaims beneficial ownership.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 9,000 shares subject to options held by Mr.&nbsp;Zachry.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(13)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 391,084 shares subject to options held by Mr.&nbsp;Hogan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(14)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 33,131 shares subject to options held by Mr.&nbsp;Hill, 1,600 shares held by Mr.&nbsp;Hill&#146;s son, and
4,320 shares held by trusts</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(15)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 70,717 shares subject to options held by Mr.&nbsp;Levin.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(16)</TD>
    <TD>&nbsp;</TD>
    <TD>The address of UBS AG is: Bahnhofstrasse 45, PO Box CH-8021, Zurich, Switzerland. The information
included herein is based solely on a Schedule&nbsp;13G filed by UBS AG on February&nbsp;11, 2008.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(17)</TD>
    <TD>&nbsp;</TD>
    <TD>The address of Highfields Capital Management LP is: John Hancock Tower, 200 Clarendon Street, 51st
Floor, Boston, Massachusetts 02116. Highfields Capital Management is principally engaged in the
business of providing investment management services to the following investment funds: Highfields
Capital I LP, Highfields Capital II, LP, and Highfields Capital III L.P. (collectively, the &#147;Funds&#148;).
Each of Highfields GP LLC, the General Partner of Highfields Capital Management, Highfields Associates
LLC, the General Partner of the Funds, and Jonathon Jacobson and Richard Grubman, the Managing Members
of Highfields GP and the Senior Managing Members of Highfields Associates, by virtue of their voting and
investment control with respect to the shares beneficially held by Highfields Capital Management L.P.,
may also be deemed to beneficially hold the shares beneficially held by Highfields Capital Management
L.P. The information included herein is based solely upon a Schedule&nbsp;13D of Highfields Capital
Management L.P. as amended through May&nbsp;15, 2008.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(18)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 5,213,852 shares subject to options held by such persons, 612,295 shares held by trusts of
which such persons are trustees, but not beneficiaries, 26,905,357 shares held by the LLM Partners Ltd,
1,022,293 shares held by the MPM Partners, Ltd., 619,761 shares held by the RTM Partners, Ltd, 4,763,083
shares held by the McCombs Family Partners, Ltd, 72,087 shares held by the THS Associates L.P.,
1,532,120 shares held by the Mays Family Foundation and 100,184 shares held by the Clear Channel
Foundation.</TD>
</TR>

</TABLE>


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<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left">
<A name="300"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>HOLDINGS&#146; STOCK OWNERSHIP AFTER THE MERGER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the merger, and depending upon the number of Clear Channel shareholders who elect to
receive Merger Consideration in the form of Class&nbsp;A common stock of Holdings, the outstanding
capital stock of Holdings will be owned as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>up to 30% of Holdings&#146; outstanding capital stock and voting power (assuming that there is
no issuance of Additional Equity Consideration and excluding any shares of Class&nbsp;A common
stock held by certain Clear Channel employees as a result of the rollover investments
discussed above in &#147;Interests of Clear Channel&#146;s Directors and Executive Officers in the
Merger &#151; Equity Rollover&#148;), will be held in the form of shares of Class&nbsp;A common stock
issued to former Clear Channel shareholders who have elected to receive shares of Class&nbsp;A
common stock in connection with the merger; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the remaining shares of outstanding capital stock of Holdings (approximately 70% assuming
that there is no issuance of Additional Equity Consideration and that Clear Channel
shareholders elect to receive the maximum permitted amount of Stock Consideration in the
merger and subject to reduction on account of the rollover investments in Holdings Class&nbsp;A
common stock referenced above) will be held in the form of Class&nbsp;B common stock and Class&nbsp;C
common stock issued to affiliates of the Sponsors as part of the Equity Financing.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon consummation of the merger, Mark P. Mays, the Chief Executive Officer of Clear Channel,
and Randall T. Mays, the President and Chief Financial Officer of Clear Channel, will each receive
a grant of approximately 510,000 shares of Class&nbsp;A common stock, subject to certain vesting
requirements, pursuant to their new employment arrangements with Holdings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in &#147;The Merger&#151;New Equity Incentive Plan&#148; above, Holdings intends to adopt an
equity incentive plan, pursuant to which Holdings may grant options to purchase up to 10.7% of the
fully diluted equity of Holdings to be outstanding immediately after consummation of the merger.
</DIV>
<DIV align="left">
<A name="301"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>STOCKHOLDERS AGREEMENT</B>
</DIV>

<DIV align="left">
<A name="302"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Parties</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings expects, prior to the consummation of the merger, to enter into a stockholders
agreement with Merger Sub, certain of Clear Channel&#146;s executive officers and directors who are
expected to become stockholders of Holdings (the &#147;executive stockholders&#148;), including Mark P. Mays,
Randall T. Mays and L. Lowry Mays, CCC IV and CCC V. As summarized below, it is anticipated that
the stockholders agreement would contain various rights and obligations related to the parties&#146;
shareholdings, although any shares of Holdings common stock that Mark P. Mays, Randall T. Mays, L.
Lowry Mays or their estate-planning entities should acquire pursuant to Stock Elections would not
be subject to the agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings, CCC IV and CCC V, which we refer to as the &#147;Lead Investors,&#148; also expect to enter
into a separate agreement with Mark P. Mays, Randall T. Mays and L. Lowry Mays (the &#147;Mays
executives&#148;) that it is anticipated would provide Holdings and each Mays executive with &#147;call&#148; and
&#147;put&#148; rights, respectively, over certain shares of Holding common stock held by a Mays executive
and his related parties upon the termination of his employment with Holdings and its subsidiaries.
</DIV>
<DIV align="left">
<A name="303"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Voting Agreements</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the stockholders agreement, the parties would agree to vote
their shares that would be
subject to the agreement to establish and maintain the size of its board of directors at 12 or any
other number greater than 10 specified by those parties that would qualify under the stockholders
agreement as constituting a &#147;Requisite Capital IV Majority&#148;, which upon the closing of the merger
would be CCC IV and otherwise generally would need to include each Sponsor (or one of its
affiliates) for as long as it (or one of its affiliates) were a stockholder of Holdings. In
elections to the board of directors, the stockholders agreement would require the parties to vote
for (i)&nbsp;Mark P. Mays and Randall T. Mays for as long as they were officers of Holdings and Clear
Channel, (ii)&nbsp;the persons nominated to serve as Holdings&#146; independent directors pursuant to its
certificate of incorporation and by-laws and the Highfields Voting Agreement (who will initially be
Jonathon Jacobson and David Abrams) and (ii)&nbsp;each other person designated by a Requisite Capital IV
Majority. The stockholders agreement would contemplate that the board of directors of Holdings
would have an audit committee, a compensation committee and a nominating committee and that at
least one member of each of those committees would be designated by each Sponsor or its affiliates.
Unless a Requisite Capital IV Majority were to determine otherwise or the provisions
of applicable law or the rules of any national securities exchange that might become
applicable to Holdings were to require earlier
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">termination, these voting and governance-related
provisions of the stockholders agreement would be expected to continue after a change of control of
Holdings and/or the first public offering of its shares of common stock following the closing date
of the merger (the &#147;qualified public offering&#148;).
</DIV>
<DIV align="left">
<A name="304"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Transfer Restrictions</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The stockholders agreement is expected to contain restrictions on the parties&#146; ability to
transfer shares of Holdings common stock, such as a prohibition on transferring shares to
competitors of Holdings and its subsidiaries in certain private and public sales without the
approval of a Requisite Capital IV Majority. Mark P. Mays, Randall T. Mays, L. Lowry Mays and
their related parties would generally be restricted from initiating transfers of their shares of
Holdings common stock that would be subject to the stockholders agreement until the earlier of the
seventh anniversary of the closing of the merger and the third anniversary of the qualified public
offering. The other executive stockholders would generally be restricted from initiating transfers
of their shares until the third anniversary of the qualified public offering. The transfer
restrictions in the stockholders agreement would terminate upon a change of control.
</DIV>
<DIV align="left">
<A name="305"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>&#147;Drag-Along Rights&#148;</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is expected that the stockholders agreement would provide that if the Lead Investors were to propose to sell 50% or more of their shares to a buyer that was
not affiliated with the Sponsors or their affiliates, then a Requisite Capital IV Majority would
have the right under the stockholders agreement to require all parties to the agreement to sell the
same percentage of their shares to that buyer as long as the transaction were to result in a change
of control. A Requisite Capital IV Majority would also have the right to require the parties to
the stockholders agreement to participate in a recapitalization of Holdings by exchanging or
converting a given percentage of each class of stock that they held for different securities issued
by Holdings or its subsidiaries or affiliates. Holdings would pay the reasonable legal fees and
expenses of the Sponsors and their affiliates and the executive stockholders in any such sale or
recapitalization transaction. The foregoing rights would terminate upon a change of control.
</DIV>
<DIV align="left">
<A name="306"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>&#147;Tag-Along&#148; and Other Sale Rights</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The stockholders agreement would also provide that if any of the Lead Investors were to offer
to sell any shares of Holdings common stock to a third-party buyer in a private transaction, the
other parties to the stockholders agreement would have the right to include in that sale a pro rata
portion of their shares that were subject to the agreement. Holdings would pay the reasonable
costs and expenses of the Lead Investors that initiated any such sale, as well as the reasonable
legal fees and expenses of the Sponsors and their affiliates and the executive stockholders. These
rights would terminate upon the earlier to occur of a change of control and the qualified public
offering. In the case of certain other transfers by the Lead Investors that did not permit
participation by the executive stockholders and that occurred before the time when the executive
stockholders would otherwise have the ability to initiate transfers of their shares, the executive
stockholders would have the right to make public sales of a number of their shares that would be
proportional (based on relative shareholdings) to the number of shares sold by the Lead Investors.
This right would terminate upon a change of control.
</DIV>
<DIV align="left">
<A name="307"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Effect of Termination of Employment</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
transfer restrictions expected to be included in the stockholders agreement notwithstanding, if an executive
stockholder&#146;s employment with Holdings or any of its subsidiaries were to terminate because of his
or her death or disability, then the executive stockholder (or his or her estate) would have a
one-year period in which to sell his or her vested shares of Holdings common stock to the public
pursuant to Rule&nbsp;144 under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The separate agreement that Holdings and the Lead Investors expect to enter into with the Mays
executives concurrently with the stockholders agreement would give Holdings a call option over
certain shares of common stock held by a Mays executive and his related parties that would
generally be exercisable for six months after the termination of the applicable Mays executive&#146;s
employment with Holdings and its subsidiaries. The shares subject to the call option would depend
on the circumstances under which the applicable Mays executive&#146;s employment were to end. The
call-option price would generally be the fair market value of the shares as of the date Holdings
notified the Mays executive that it was exercising the call option, though following a termination
by Holdings or its subsidiaries for &#147;Cause&#148; or by the Mays executive for other than &#147;Good Reason&#148;
(as each of those terms would be defined in the employment agreement he is expected to enter into
in connection with the closing of the merger), the agreement would permit
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Holdings to purchase any shares acquired upon the exercise of options awarded to the Mays
executive under Holdings&#146; new equity incentive plan for a price equal to the cost the Mays
executive paid to acquire those shares (i.e., the applicable option exercise price).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, each Mays executive would have the option, under conditions that would be
detailed in that separate agreement, to put back to Holdings certain of his and his related
parties&#146; shares of Holdings common stock following the termination of his employment with Holdings
and its subsidiaries. The shares subject to this put option, which would generally be exercisable
for up to six months after the termination of the applicable Mays executive&#146;s employment with
Holdings or its subsidiaries, would depend on the circumstances under which the applicable Mays
executive&#146;s employment were to end. For example, shares acquired upon the exercise of options
awarded to the Mays executives under Holdings&#146; new equity incentive plan, including the option
grants for 2.5% of Holdings&#146; fully-diluted equity that are expected to be awarded to each of Mark
P. Mays and Randall T. Mays upon the closing of the merger, would be subject to the put option only
if a Mays executive&#146;s employment were to terminate due to his death or &#147;Disability&#148; (as would be
defined in the employment agreement he is expected to enter into in connection with the closing of
the merger). The put-option price would generally be the fair market value of the shares being put
to Holdings as of the date the applicable Mays executive delivered notice he was exercising his put
option, but if a Mays executive&#146;s employment terminated due to his death or Disability or because
he was terminated without &#147;Cause&#148; or he terminated his employment with &#147;Good Reason&#148; (as each of
those terms would be defined in the employment agreement he is expected to enter into in connection
with the closing of the merger), then the put-option price for the $20&nbsp;million in restricted stock
of Holdings that he is expected to be granted upon the closing of the merger would be $36.00 per
share, regardless of its actual fair market value on the date of the put notice. Accordingly, in
those circumstances, the aggregate put-option price for the restricted stock held by a Mays
executive would be $20&nbsp;million if it were all put back to Holdings by the Mays executive or his
related parties. The call and put options described in this summary would terminate upon the
earlier to occur of a change of control and the qualified public offering.
</DIV>
<DIV align="left">
<A name="308"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Participation Rights in Future Issuances</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Holdings or any of its subsidiaries were to propose to issue equity securities to the Lead
Investors or any other affiliates of the Sponsors, then, except in limited circumstances, the
stockholders agreement would require Holdings or the applicable subsidiary to first offer each
party to the stockholder agreement the right to purchase its pro rata share (based on relative
shareholdings, excluding options) of the equity securities being issued. Holdings would pay the
reasonable legal fees and expenses of the Sponsors and their affiliates and the executive
stockholders in any such issuance. These rights would terminate on the earlier to occur of a
change of control and the qualified public offering.
</DIV>
<DIV align="left">
<A name="309"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Registration Rights</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The stockholders agreement would give the Lead Investors the right to require Holdings to
register (including by means of a &#147;shelf&#148; registration statement permitting sales of shares from
time to time over an extended period) shares of Holdings common stock held by the requesting Lead
Investors for sale to the public under the Securities Act, subject to certain limitations, such as
a requirement that only a Requisite Capital IV Majority would have the right to initiate the
qualified public offering in this manner. In connection with each underwritten public offering,
the parties to the stockholders agreement would agree to enter into a customary lock-up agreement
covering a period of no greater than 90&nbsp;days, unless the offering were (or preceded) the qualified
public offering, in which case the lock-up period could be up to 180&nbsp;days. The stockholder
agreement is also expected to provide that if Holdings were to register shares of its common stock
for sale to the public for its own account or that of any other person, then the parties to the
stockholder agreement meeting certain shareholding or other requirements would have the right to
request that the offering and sale of their shares of common stock be included in any such
registration statement, unless the offering constituted a qualified public offering that had not
been initiated by a Requisite Capital IV Majority. In an underwritten registered offering, the
rights of the stockholder parties to the agreement to include their shares in the offering would be
subject to the possibility of a pro rata underwriter&#146;s cutback if the underwriter determined that
marketing factors required a limitation on the number of shares to be included in the offering.
Holdings would pay for the reasonable fees and disbursements of counsel for the stockholders
participating in any such registered offering as well as certain other expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The stockholders agreement would contain customary indemnification provisions in favor of the
parties and any person who might be deemed a controlling person within the meaning of Section&nbsp;15 of
the Securities Act or Section&nbsp;20 of the Exchange Act and related parties against liabilities under
the Securities Act incurred in connection with the registration of any debt or equity securities of
Holdings or its subsidiaries. These provisions would provide indemnification against certain
liabilities arising under the Securities Act and certain liabilities resulting from violations of
other applicable laws in connection with any filing or other disclosure made by Holdings under the
securities laws relating to any such registrations. Holdings would reimburse such persons for any
legal or other expenses incurred in connection with investigating or defending any such liability,
action or proceeding, except that it would not be
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">required to indemnify any such person or reimburse related legal or other expenses if such
loss or expense were to arise out of or be based on any untrue statement or omission made in
reliance upon and in conformity with written information provided by such person for use in such
filing or other disclosure.
</DIV>
<DIV align="left">
<A name="310"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Withdrawal</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Lead Investors, the executive stockholders and their respective permitted transferees
collectively were to hold less than 33% of the shares that they held subject to the stockholders
agreement as of the closing of the merger, then any party to the stockholders agreement that,
together with its affiliates, were to hold less than 1% of the outstanding shares of Holdings
common stock would have the option to withdraw from the stockholders agreement.
</DIV>
<DIV align="left">
<A name="311"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF HOLDINGS&#146; CAPITAL STOCK</B>
</DIV>

<DIV align="left">
<A name="312"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Capitalization</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the merger, the total number of shares of capital stock that Holdings will have
authority to issue will 650,000,000 shares of common stock, par value $0.001 per share, of which
(i)&nbsp;400,000,000 shares will be designated Class&nbsp;A common stock, (ii)&nbsp;150,000,000 shares will be
designated Class&nbsp;B common stock and (iii)&nbsp;100,000,000 shares will be designated Class&nbsp;C common
stock. Except as provided below or as otherwise required by the DGCL, all shares of Class&nbsp;A common
stock, Class&nbsp;B common stock and Class&nbsp;C common stock will have the same powers, privileges,
preferences and relative participating, optional or other special rights, and the qualifications,
limitations or restrictions thereof, and will be identical to each other in all respects.
</DIV>
<DIV align="left">
<A name="313"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Voting Rights and Powers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided below or as otherwise required by law, with respect to all
matters upon which stockholders are entitled to vote, the holders of the outstanding shares of
Class&nbsp;A common stock and Class&nbsp;B common stock will vote together with the holders of any other
outstanding shares of capital stock of Holdings entitled to vote, without regard to class. Every
holder of outstanding shares of Class&nbsp;A common stock will be entitled to cast thereon one vote in
person or by proxy for each share of Class&nbsp;A common stock standing in his name. Every holder of
outstanding shares of Class&nbsp;B common stock will be entitled to cast thereon, in person or by proxy,
for each share of Class&nbsp;B common stock, a number of votes equal to the number obtained by dividing
(a)&nbsp;the sum of total number of shares of Class&nbsp;B common stock outstanding as of the record date for
such vote and the number of Class&nbsp;C common stock outstanding as of the record date for such vote by
(b)&nbsp;the number of shares of Class&nbsp;B common stock outstanding as of the record date for such vote.
The affirmative vote of the holders of a majority of the voting power of the Class&nbsp;A common stock
and Class&nbsp;B common stock, on a combined basis, as of any time is referred to as the &#147;majority
common stock approval.&#148; Except as otherwise required by law, the holders of outstanding shares of
Class&nbsp;C common stock will not be entitled to any votes upon any questions presented to stockholders
of Holdings, including, but not limited to, whether to increase or decrease the number of
authorized shares of Class&nbsp;C common stock.
</DIV>
<DIV align="left">
<A name="314"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Dividends</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise required by the DGCL, the holders of Class&nbsp;A common stock, Class&nbsp;B common
stock and Class&nbsp;C common stock will be entitled to receive ratably such dividends, other than share
distributions (as hereinafter defined), as may from time to time be declared by the board of
directors of Holdings out of funds legally available therefor. The board of directors may, at its
discretion, declare a dividend of any securities of Holdings or of any other corporation, limited
liability company, partnership, joint venture, trust or other legal entity (a &#147;share distribution&#148;)
to the holders of shares of Class&nbsp;A common stock, Class&nbsp;B common stock and Class&nbsp;C common stock (i)
on the basis of a ratable distribution of identical securities to holders of shares of Class&nbsp;A
common stock, Class&nbsp;B common stock and Class&nbsp;C common stock or (ii)&nbsp;on the basis of a distribution
of one class or series of securities to holders of shares of Class&nbsp;A common stock and one or more
different classes or series of securities to holders of Class&nbsp;B common stock and Class&nbsp;C common
stock, as applicable, provided that the securities so distributed (and, if the distribution
consists of convertible or exchangeable securities, the securities into which such convertible or
exchangeable securities are convertible or for which they are exchangeable) do not differ in any
respect other than (a)&nbsp;differences in conversion rights consistent in all material respects with
differences in conversion rights between Class&nbsp;A common stock, Class&nbsp;B common stock and Class&nbsp;C
common stock and (b)&nbsp;differences in their voting rights and powers so long as immediately following
any share distribution, the ratio of the total number of votes exercisable in the aggregate by the
holders of the Class&nbsp;B common stock and the Class&nbsp;C common stock (whether attributable to the
shares of Class&nbsp;B common stock or Class&nbsp;C common stock or the securities so distributed (and, if
the distribution consists of convertible or exchangeable securities, the securities into which such
convertible or exchangeable securities are convertible or for
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which they are exchangeable)) to the total number of votes exercisable by the holders of the
Class&nbsp;A common stock (whether attributable to the shares of Class&nbsp;A common stock or the securities
so distributed (and, if the distribution consists of convertible or exchangeable securities, the
securities into which such convertible or exchangeable securities are convertible or for which they
are exchangeable)), does not exceed the ratio existing immediately prior to such share
distribution.
</DIV>

<DIV align="left">
<A name="315"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Distribution of Assets Upon Liquidation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event Holdings will be liquidated, dissolved or wound up, whether voluntarily or
involuntarily, the net assets of Holdings remaining thereafter will be divided ratably among the
holders of Class&nbsp;A common stock, Class&nbsp;B common stock and Class&nbsp;C common stock.
</DIV>
<DIV align="left">
<A name="316"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Split, Subdivision or Combination</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Holdings will in any manner split, subdivide or combine the outstanding shares of Class&nbsp;A
common stock, Class&nbsp;B common stock or Class&nbsp;C common stock, whether by reclassification, share
distribution or otherwise, the outstanding shares of the other classes of common stock will be
proportionally split, subdivided or combined in the same manner and on the same basis as the
outstanding shares of the other class of common stock have been split, subdivided or combined,
whether by reclassification, share distribution or otherwise.
</DIV>
<DIV align="left">
<A name="317"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conversion</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the limitations set forth below, each record holder of shares of Class&nbsp;B common
stock or Class&nbsp;C common stock may convert any or all of such shares into an equal number of shares
of Class&nbsp;A common stock by delivering written notice to Holdings&#146; transfer agent stating that such
record holder desires to convert such shares into the same number of shares of Class&nbsp;A common stock
and requesting that Holdings issue all of such Class&nbsp;A common stock to the persons named therein,
setting forth the number of shares of Class&nbsp;A common stock to be issued to each such person (and,
in the case of a request for registration in a name other than that of such record holder,
providing proper evidence of succession, assignation or authority to transfer), accompanied by
payment of documentary, stamp or similar issue or transfer taxes, if any.
</DIV>
<DIV align="left">
<A name="318"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Certain Voting Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to any other approval required by law or by the charter, any consolidation of
Holdings with another corporation or entity, any merger of Holdings into another corporation or
entity or any merger of any other corporation or entity into Holdings pursuant to which shares of
common stock are converted into or exchanged for any securities or any other consideration will
require majority common stock approval.
</DIV>
<DIV align="left">
<A name="319"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Change in Number of Shares Authorized</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in the provisions establishing a class of stock, the number of
authorized shares of any class or series of stock may be increased or decreased (but not below the
number of shares thereof then outstanding) by the affirmative vote of the holders of a majority of
the voting power of Holdings entitled to vote irrespective of the provisions of Section&nbsp;242(b)(2)
of the DGCL.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="320"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Restrictions on Stock Ownership or Transfer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings may restrict the ownership, or proposed ownership, of shares of capital stock of
Holdings by any Person if such ownership or proposed ownership (a)&nbsp;is or could be inconsistent
with, or in violation of, any provision of the Federal Communications Laws (as hereinafter
defined), (b)&nbsp;limits or impairs or could limit or impair any business activities or proposed
business activities of Holdings under the Federal Communications Laws or (c)&nbsp;subjects or could
subject Holdings to any regulation under the Federal Communications Laws to which Holdings would
not be subject but for such ownership or proposed ownership (clauses (a), (b)&nbsp;and (c)&nbsp;collectively,
&#147;FCC Regulatory Limitations&#148;). The term &#147;Federal Communications Laws&#148; will mean any law of the
United States now or hereafter in effect (and any regulation thereunder), including, without
limitation, the Communications Act of 1934, as amended, and regulations thereunder, pertaining to
the ownership and/or operation or regulating the business activities of (x)&nbsp;any television or radio
station, cable television system or other medium of mass communications or (y)&nbsp;any provider of
programming content to any such medium.
</DIV>
<DIV align="left">
<A name="321"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Requests for Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Holdings believes that the ownership or proposed ownership of shares of capital stock of
Holdings by any stockholder may result in an FCC Regulatory Limitation, such stockholder will
furnish promptly to Holdings such information (including, without limitation, information with
respect to citizenship, other ownership interests and affiliations) as Holdings will request.
</DIV>
<DIV align="left">
<A name="322"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Denial of Rights, Refusal to Transfer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If (a)&nbsp;any stockholder from whom information is requested pursuant to the above provisions
should not provide all the information requested by Holdings, or (b)&nbsp;Holdings will conclude that a
stockholder&#146;s ownership or proposed ownership of, or that a stockholder&#146;s exercise of any rights of
ownership with respect to, shares of capital stock of Holdings results or could result in an FCC
Regulatory Limitation, then, in the case of either clause (a)&nbsp;or clause (b), Holdings may (i)
refuse to permit the transfer of shares of capital stock of Holdings to such proposed stockholder,
(ii)&nbsp;suspend those rights of stock ownership the exercise of which causes or could cause such FCC
Regulatory Limitation, (iii)&nbsp;require the conversion of any or all shares of Class&nbsp;A common stock or
Class&nbsp;B common stock held by such stockholder into an equal number of shares of Class&nbsp;C common
stock, (iv)&nbsp;refuse to permit the conversion of shares of Class&nbsp;B common stock or Class&nbsp;C common
stock into Class&nbsp;A common stock, (v)&nbsp;redeem such shares of capital stock of Holdings held by such
stockholder in accordance with the provisions set forth below, and/or (vi)&nbsp;exercise any and all
appropriate remedies, at law or in equity, in any court of competent jurisdiction, against any such
stockholder or proposed transferee, with a view towards obtaining such information or preventing or
curing any situation which causes or could cause an FCC Regulatory Limitation. Any such refusal of
transfer. Suspension of rights or refusal to convert pursuant to clauses (i), (ii)&nbsp;and (iv),
respectively, of the immediately preceding sentence will remain in effect until the requested
information has been received and Holdings has determined that such transfer, or the exercise of
such suspended rights, as the case may be, will not result in an FCC Regulatory Limitation. The
terms and conditions of redemption pursuant to foregoing provisions will be as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the redemption price of any shares to be redeemed will be equal to the Fair Market
Value (as hereinafter defined) of such shares;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the redemption price of such shares may be paid in cash, Redemption Securities (as
hereinafter defined) or any combination thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if less than all such shares are to be redeemed, the shares to be redeemed will be
selected in such manner as will be determined by the board of directors of Holdings, which may
include selection first of the most recently purchased shares thereof, selection by lot or
selection in any other manner determined by the board of directors;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) at least 15&nbsp;days&#146; written notice of the Redemption Date (as hereinafter defined) will
be given to the record holders of the shares selected to be redeemed (unless waived in writing
by any such holder); <I>provided </I>that the Redemption Date may be the date on which written notice
will be given to record holders if the cash or Redemption Securities necessary to effect the
redemption will have been deposited in trust for the benefit of such record holders and subject
to immediate withdrawal by them upon surrender of the stock certificates for their shares to be
redeemed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) from and after the Redemption Date, any and all rights of whatever nature in respect of
the shares selected for redemption (including, without limitation, any rights to vote or
participate in dividends declared on stock of the same class or series as such shares), will
cease and terminate and the holders of such shares will thenceforth be entitled only to receive
the cash or Redemption Securities payable upon redemption; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) such other terms and conditions as the board of directors will determine.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used herein, certain capitalized terms will have the definitions set forth below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Fair Market Value&#148; </I>will mean, with respect to a share of Holdings&#146; capital stock of any class
or series, the volume weighted average sales price for such a share on the New York Stock Exchange
or, if such stock is not listed on such exchange, on the principal U.S. registered securities
exchange on which such stock is listed, during the 30 most recent days on which shares of stock of
such class or series will have been traded preceding the day on which notice of redemption will be
given; provided, however, that if shares of stock of such class or series are not listed or traded
on any securities exchange, &#147;Fair Market Value&#148; will be determined by the board of directors in
good faith; and provided, further, that &#147;Fair Market Value&#148; as to any stockholder who purchased his
stock within 120&nbsp;days of a Redemption Date need not (unless otherwise determined by the board of
directors) exceed the purchase price paid by him.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Redemption Date&#148; </I>will mean the date fixed by the board of directors for the redemption of any
shares of stock of Holdings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Redemption Securities&#148; </I>will mean any debt or equity securities of Holdings, any subsidiary of
Holdings or any other corporation or other entity, or any combination thereof, having such terms
and conditions as will be approved by the board of directors and which, together with any cash to
be paid as part of the redemption price, in the opinion of any nationally recognized investment
banking firm selected by the board of directors (which may be a firm which provides other
investment banking, brokerage or other services to Holdings), has a value, at the time notice of
redemption is given, at least equal to the Fair Market Value of the shares to be redeemed
(assuming, in the case of Redemption Securities to be publicly traded, such Redemption Securities
were fully distributed and subject only to normal trading activity).
</DIV>
<DIV align="left">
<A name="324"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMPARISON OF SHAREHOLDER RIGHTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel is incorporated under the laws of the State of Texas and the rights, preferences
and privileges of shares of Clear Channel common stock are governed by Texas law, Clear Channel&#146;s
restated Articles of Incorporation, as amended (&#147;Clear Channel&#146;s Articles of Incorporation&#148;) and
Clear Channel&#146;s Seventh Amended and Restated Bylaws, as amended (&#147;Clear Channel&#146;s Bylaws&#148;). Holders
of shares of Clear Channel common stock who elect to receive the Stock Consideration will receive
shares of Holdings Class&nbsp;A common stock. Holdings is incorporated under the laws of the State of
Delaware and the rights, preferences and privileges of its stockholders are be governed by Delaware
law, Holdings&#146; third amended and restated certificate of incorporation and Holdings&#146; amended and
restated bylaws. The material differences between the rights of holders of shares of Holdings Class
A common stock and the rights of holders of shares of Clear Channel common stock, which result from
differences in Delaware and Texas law and the governing documents of the two companies, are
summarized below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summary does not purport to be a complete statement of the rights of holders of
shares of Holdings common stock under applicable Delaware law, Holdings&#146; third amended and restated
certificate of incorporation and Holdings&#146; amended and restated bylaws or a comprehensive
comparison with the rights of the holders of shares of Clear Channel common stock under Texas law,
Clear Channel&#146;s Articles of Incorporation, and Clear Channel&#146;s Bylaws, or a complete description of
the specific provisions referred to in this proxy statement/prospectus. The identification of
specific differences is not meant to indicate that other equally or more significant differences do
not exist. This summary is qualified in its entirety by reference to the DGCL, the Texas Business
Corporation Act (&#147;TBCA&#148;), the Texas Miscellaneous Corporation Laws Act (&#147;TMCLA&#148;) and the governing
corporate documents of Holdings and Clear Channel, to which holders of shares of Clear Channel
common stock are referred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain differences between the DGCL and the TBCA or TMCLA, as well as a description of the
corresponding provisions contained in Holdings&#146; and Clear Channel&#146;s respective charter and bylaws,
as such differences may affect the rights of shareholders, are set forth below. The following
summary does not purport to be complete and is qualified in its entirety by the TBCA, TMCLA and the
DGCL and applicable charter and bylaw provisions.
</DIV>


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</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="325"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DGCL &#167; 251(b), (c), and (f)&nbsp;require approval of the board of directors and the affirmative
vote of a majority of the outstanding stock entitled to vote on a merger in order to effect that
merger. Unless required by its certificate of incorporation, no shareholder vote is required of a
corporation surviving a merger if (1)&nbsp;such corporation&#146;s certificate of incorporation is not
amended by the merger; (2)&nbsp;each share of stock of such corporation will be an identical share of
the surviving corporation after the merger; and (3)&nbsp;either no shares are to be issued by the
surviving corporation or the number of shares to be issued in the merger does not exceed 20% of
such corporation&#146;s outstanding common stock immediately before the effective date of the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The TBCA &#167; 5.03(E) requires the affirmative vote of the holders of at least two-thirds of the
shares entitled to vote to approve a merger, or if any class of shares is entitled to vote as a
class on the approval of a merger, the affirmative vote of the holders of at least two-thirds of
the shares in each such class entitled to vote as a class and the affirmative vote of the holders
of at least two-thirds of the shares otherwise entitled to vote. Similar voting requirements apply
for share exchanges or conversions. The TBCA does not require a vote by the shareholders on a plan
of merger if: (1)&nbsp;the corporation is the sole surviving corporation in the merger; (2)&nbsp;the articles
of incorporation of the surviving corporation will not differ from its articles of incorporation
before the merger; (3)&nbsp;each shareholder of the surviving corporation whose shares were outstanding
immediately before the effective date of the merger will hold the same number of shares, with
identical designations, preferences, limitations and relative rights immediately after the merger;
(4)&nbsp;the voting power of the number of voting shares outstanding immediately after the merger, plus
the voting power of the number of voting shares issuable as a result of the merger, will not exceed
by more than 20% the voting power of the total number of voting shares of the surviving corporation
outstanding immediately before the merger; (5)&nbsp;the number of participating shares outstanding
immediately after the merger, plus the number of participating shares issuable as a result of the
merger, will not exceed by more than 20% the total number of participating shares of the
corporation outstanding immediately before the merger; and (6)&nbsp;the board of directors of the
corporation adopts a resolution approving the plan of merger.
</DIV>
<DIV align="left">
<A name="326"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Voting on Sale of Assets</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under DGCL &#167; 271(a), a corporation may not sell all or substantially all of its assets unless
the proposed sale is authorized by a majority of the outstanding shares of voting stock of the
corporation. Holdings&#146; third amended and restated certificate of incorporation does not provide for
a different vote than that required by Delaware law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under TBCA &#167; 5.10(A)(4), there is a requirement for the affirmative vote of the holders of at
least two-thirds of the shares entitled to vote to approve the sale, lease, exchange or other
disposition of all or substantially all the corporation&#146;s assets if other than in the usual and
regular course of business, or if any class of shares is entitled to vote as a class on the
approval of the sale, lease, exchange or other disposition of all or substantially all the
corporation&#146;s assets, the vote required for approval of such transaction is the affirmative vote of
the holders of at least two-thirds of the shares in each such class and the affirmative vote of the
holders of at least two-thirds of the shares otherwise entitled to vote. The TBCA &#167; 5.09(A) does
not require shareholder approval of a sale of assets in the usual and regular course of business
unless otherwise specified in the articles of incorporation. Under TBCA &#167; 5.09(B), a sale of assets
is deemed to be in the usual and regular course of business if the corporation will, directly or
indirectly, either continue to engage in one or more businesses or apply a portion of the
consideration received in connection with the transaction to the conduct of a business in which it
engages after the transaction. Clear Channel&#146;s Articles of Incorporation do not provide for a
different vote than required by Texas law.
</DIV>
<DIV align="left">
<A name="327"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Antitakeover Provisions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DGCL &#167; 203 generally prohibits business combinations, including mergers, sales and leases of
assets, issuances of securities and similar transactions by a corporation or a subsidiary with an
interested shareholder (defined as including the beneficial owner of 15&nbsp;percent or more of a
corporation&#146;s voting shares), within three years after the person or entity becomes an interested
shareholder, unless:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the board of directors has approved, before the acquisition date, either the business
combination or the transaction that resulted in the person becoming an interested
shareholder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon completion of the transaction that resulted in the person becoming an interested
shareholder, the person owns at least 85&nbsp;percent of the corporation&#146;s voting shares,
excluding shares owned by directors who are officers and shares owned by employee stock
plans in which participants do not have the right to determine confidentially whether shares
will be tendered in a tender or exchange offer; or</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>after the person or entity becomes an interested shareholder, the business combination is
approved by the board of directors and authorized by the vote of at least 662/3&nbsp;percent of
the outstanding voting shares not owned by the interested shareholder at an annual or
special meeting of shareholders and not by written consent.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings&#146; third amended and restated certificate of incorporation expressly states that
Holdings will not be governed by DGCL &#167; 203.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The TBCA &#167; 13.03 provides that a Texas corporation with 100 or more shareholders may not
engage in certain business combinations, including mergers, consolidations and asset sales, with a
person, or an affiliate or associate of such person, who is an &#147;affiliated shareholder&#148; (generally
defined as the holder of 20% or more of the corporation&#146;s voting shares) for a period of three
years from the date such person became an affiliated shareholder unless:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the business combination or purchase or acquisition of shares made by the affiliated
shareholder was approved by the board of directors of the corporation before the affiliated
shareholder became an affiliated shareholder, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the business combination was approved by the affirmative vote of the holders of at least
two-thirds of the outstanding voting shares of the corporation not beneficially owned by the
affiliated shareholder or an affiliate or associate of the affiliated shareholder, at a
meeting of shareholders called for that purpose (and not by written consent), not less than
six months after the affiliated shareholder became an affiliated shareholder.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Texas corporation may elect to opt out of these provisions. Clear Channel has not made such
an election.
</DIV>
<DIV align="left">
<A name="328"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Amendment of Certificate of Incorporation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under DGCL &#167; 242(b), after a corporation has received payment for its capital stock,
amendments to a corporation&#146;s certificate of incorporation must be approved by a resolution of the
board of directors declaring the advisability of the amendment, and by the affirmative vote of a
majority of the outstanding shares entitled to vote. If an amendment would increase or decrease the
number of authorized shares of such class, increase or decrease the par value of the shares of such
class or alter or change the powers, preferences or other special rights of a class of outstanding
shares so as to affect the class adversely, then a majority of shares of that class also must
approve the amendment. The DGCL also permits a corporation to make provision in its certificate of
incorporation requiring a greater proportion of voting power to approve a specified amendment.
Holdings&#146; third amended and restated certificate of incorporation provides that Holdings will not
amend its third amended and restated certificate of incorporation in a manner that would alter or
change the powers, preferences or special rights of the Class&nbsp;A common stock in a manner that would
not so affect all classes of common stock of Holdings without the consent of holders of a majority
of the then-outstanding shares of Class&nbsp;A common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under TBCA &#167; 4.02(A)(3), the Articles of Incorporation of Clear Channel may be amended only if
the proposed amendment receives the affirmative vote of the holders of at least two-thirds of the
outstanding shares of voting stock of Clear Channel entitled to vote on the amendment or the
affirmative vote of the holders of at least two-thirds of the outstanding shares of each class that
are entitled to vote as a class on the amendment and of the total outstanding shares entitled to
vote on the amendment.
</DIV>
<DIV align="left">
<A name="329"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Amendment of Bylaws</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under DGCL &#167; 109, the power to adopt, amend or repeal a corporation&#146;s bylaws resides with the
shareholders entitled to vote on the bylaws, and with the directors of such corporation if such
power is conferred upon the board of directors by the certificate of incorporation. Holdings&#146; third
amended and restated certificate of incorporation provides that Holdings&#146; amended and restated
bylaws may be amended by the board of directors of Holdings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under TBCA &#167; 2.23(B) and Clear Channel&#146;s Bylaws, the board of directors of Clear Channel may
alter, amend or repeal Clear Channel&#146;s Bylaws without shareholder approval, although bylaws made by
Clear Channel&#146;s board of directors, and the power conferred upon the board of directors to amend
such bylaws, may be altered or repealed by a two-thirds vote by the shareholders.
</DIV>



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<DIV align="left">
<A name="330"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Appraisal Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under DGCL &#167; 262, shareholders have appraisal rights when they hold their shares in the
corporation through the effective date of a merger or consolidation, have not voted in favor of the
merger or consolidation, and the corporation&#146;s shares are not listed on a national securities
exchange or held by more than 2,000 holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under TBCA &#167; 5.11, a shareholder generally has the right to dissent from any merger to which
the corporation is a party, from any sale of all or substantially all assets of the corporation, or
from any plan of exchange and to receive fair value for his or her shares. However, dissenters&#146;
rights are not available with respect to a plan of merger in which there is a single surviving
corporation, or with respect to any plan of exchange, if (i)&nbsp;the shares held by the shareholder are
part of a class or series, shares of which are listed on a national securities exchange or held of
record by not less than 2,000 holders on the record date fixed to determine the shareholders
entitled to vote on the plan of merger or the plan of exchange, (ii)&nbsp;the shareholder is not
required by the terms of the plan of merger or plan of exchange to accept for the shareholder&#146;s
shares any consideration that is different than the consideration (other than cash in lieu of
fractional shares) to be provided to any other holder of shares of the same class or series held by
such shareholder, and (iii)&nbsp;the shareholder is not required by the terms of the plan of merger or
plan of exchange to accept for his or her shares any consideration other than (a)&nbsp;shares of a
corporation that, immediately after the effective time of the merger or exchange, will be part of a
class or series of shares that are (1)&nbsp;listed, or authorized for listing upon official notice of
issuance, on a national securities exchange, (2)&nbsp;approved for quotation on the NASDAQ National
Market System, or (3)&nbsp;held of record by not less than 2,000 holders, and (b)&nbsp;cash in lieu of
fractional shares otherwise entitled to be received. As such, the holders of shares of Clear
Channel common stock are entitled to appraisal rights in connection with the merger.
</DIV>
<DIV align="left">
<A name="331"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Special Meetings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under DGCL &#167; 211(d), shareholders of Delaware corporations do not have a right to call special
meetings unless such right is conferred upon the shareholders in the corporation&#146;s certificate of
incorporation or bylaws. Holdings&#146; Bylaws allow special meetings to be called at any time pursuant
to a resolution of the board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under TBCA &#167; 2.24(C), special meetings of the shareholders may be called by the board of
directors, the president, others permitted by the articles of incorporation or bylaws, or holders
of at least 10% of the shares entitled to vote at the meeting. Clear Channel&#146;s Bylaws provide that
special meetings of the shareholders may be called by the chairman of the board, the chief
executive officer, the president, the board of directors, or the holders of not less than
three-tenths of all the shares entitled to vote at the meetings.
</DIV>
<DIV align="left">
<A name="332"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Actions Without a Meeting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under DGCL &#167; 228, any action by a corporation&#146;s shareholders must be taken at a meeting of
such shareholders, unless a consent in writing setting forth the action so taken is signed by the
shareholders having not less than the minimum number of votes necessary to authorize or take such
action at a meeting at which all shares entitled to vote on the action were present and voted. Both
Holdings&#146; third amended and restated certificate of incorporation and Holdings&#146; amended and
restated bylaws are consistent with the requirements of Delaware law. In addition, Holdings&#146; third
amended and restated certificate of incorporation provides that from and after the effective time
of the merger, for so long as any Class&nbsp;A common stock is outstanding, any action that is taken
without a meeting but by written consent of the shareholders will become effective on the tenth
business day after public announcement by Holdings of the adoption of the consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under TBCA &#167; 9.10(A)(1), any action required to be taken at an annual or special meeting of
shareholders may be taken without a meeting if all shareholders entitled to vote with respect to
the action consent in writing to such action or, if the corporation&#146;s articles of incorporation so
provide, if a consent in writing is signed by holders of shares having not less than the minimum
number of votes necessary to take such action at a meeting at which holders of all shares entitled
to vote on the action were present and voted. Clear Channel&#146;s Articles of Incorporation are
consistent with the TBCA, and Clear Channel&#146;s Bylaws provide for shareholder action by written
consent if signed by all of the shareholders entitled to vote with respect to the subject matter
thereof.
</DIV>
<DIV align="left">
<A name="333"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Nomination of Director Candidates by Shareholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings&#146; Bylaws establish procedures that shareholders must follow to nominate persons for
election to Holdings&#146; board of directors. The nomination for election to the board of directors may
be made pursuant to the notice of meeting, by or at the direction of the board of directors, or by
any shareholder of the corporation who was entitled to vote at such meeting.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s Articles of Incorporation do not contain provisions regarding the nomination
of directors. Clear Channel&#146;s Bylaws provide that shareholders who are shareholders of record at
the time notice of the meeting is given, are entitled to vote at the meeting, and have complied
with the notice procedures in Clear Channel&#146;s Bylaws are able to nominate persons to the board of
directors at an annual meeting.
</DIV>
<DIV align="left">
<A name="334"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Number of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DGCL &#167; 141(b) permits the Articles of Incorporation or the Bylaws of a corporation to
govern the number of directors. However, if the Articles of Incorporation fix the number of
directors, such number may not be changed without amending the Articles of Incorporation. The
Holdings&#146; Bylaws allow for five or more directors to serve.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The TBCA &#167; 2.32(A) permits the Articles of Incorporation or the Bylaws of a corporation to
govern the number of directors. Clear Channel&#146;s Bylaws authorize up to fourteen (14)&nbsp;members of the
board of directors. There are currently 11 directors serving on Clear Channel board of directors.
</DIV>
<DIV align="left">
<A name="335"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Election of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DGCL &#167; 216(3) provides that, unless the certificate of incorporation or the bylaws specify
otherwise, a corporation&#146;s directors are elected by a plurality of the votes of the shares present
in person or represented by proxy at the meeting and entitled to vote on the election of directors.
Under DGCL &#167; 214, a corporation&#146;s certificate of incorporation may provide that shareholders of a
corporation can elect directors by cumulative voting. DGCL &#167; 141(d) permits, but does not require,
a classified board of directors, divided into as many as three classes. Holdings&#146; third amended and
restated certificate of incorporation allows holders of Class&nbsp;A common stock, from and after the
effective time of the merger, to elect at least two independent directors and holders of Class&nbsp;A
and Class&nbsp;B common stock to elect the remaining directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The TBCA &#167; 2.32(B) provides that the holders of any class or series of shares can elect one or
more directors as described in the articles of incorporation. Clear Channel&#146;s Articles of
Incorporation entitle its shareholders to vote at each election of directors, to vote in person or
by proxy the number of shares owned by such shareholder for as many persons as there are directors
to be elected and for whose election such shareholder has the right to vote. In contested
elections, Clear Channel&#146;s Bylaws entitle its shareholders to elect directors by the vote of a
plurality of the votes cast. In uncontested elections, Clear Channel&#146;s Bylaws provide that a
director must be elected by a majority of the votes cast at such meeting. If a nominee for director
who is an incumbent director is not elected and no successor is elected at the meeting, such
incumbent director will tender his or her resignation to the board of directors. The nominating and
governing committee will make a recommendation to the board of directors as to whether to accept or
reject the tendered resignation. Both Clear Channel&#146;s Articles of Incorporation and Bylaws prohibit
cumulative voting.
</DIV>
<DIV align="left">
<A name="336"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Vacancies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under DGCL &#167; 223(a)(1), a majority of the directors then in office (even though less than a
quorum) may fill vacancies and newly-created directorships. However, DGCL &#167; 223(c) provides that if
the directors then in office constitute less than a majority of the whole board, the Court of
Chancery may, upon application of any shareholder or shareholders holding at least 10% of the total
number of shares at the time outstanding and entitled to vote for directors, order an election to
be held to fill any such vacancy or newly created directorship. Holdings&#146; third amended and
restated certificate of incorporation provides that any vacancy created as a result of the removal
of any independent director elected by the holders of Class&nbsp;A common stock may only be filled by
the vote of the holders of Class&nbsp;A common stock at a special meeting of the shareholders and that
Holdings will use reasonable efforts to call such meeting. Otherwise, Holdings&#146; Bylaws allow for a
majority of the directors then in office to elect additional directors to fill the vacancies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under TBCA &#167; 2.34, the shareholders or a majority of the remaining directors may fill any
vacancy occurring in the board of directors. A directorship to be filled by reason of an increase
in the number of directors may be filled by the shareholders or by the board of directors for a
term of office continuing only until the next election of one or more directors by the
shareholders. However, the board of directors may not fill more than two such directorships during
the period between any two successive annual meetings of shareholders. Clear Channel&#146;s Bylaws
provide that a majority of directors then in office may choose a successor.
</DIV>

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<DIV align="left">
<A name="337"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Limitation of Liability of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DGCL &#167; 102(b)(7) provides that a corporation may limit or eliminate a director&#146;s personal
liability for monetary damages to the corporation or its shareholders for breach of fiduciary duty
as a director, except for liability for:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any breach of the director&#146;s duty of loyalty to such corporation or its shareholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acts or omissions not in good faith or which involve intentional misconduct or a knowing
violation of law;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>willful or negligent violation of provisions of the DGCL governing payment of dividends
and stock purchases or redemptions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for any transaction from which the director derived an improper personal benefit; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any act or omission before the adoption of such a provision in the certificate of
incorporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings third amended and restated certificate of incorporation provides that a director
shall not be liable to the corporation or its shareholders for monetary damages for breach of
fiduciary duty as a director.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the TMCLA &#167; 1302-7.06(B), a corporation&#146;s articles of incorporation may eliminate all
monetary liability of each director to the corporation or its shareholders for acts or omissions in
the director&#146;s capacity as a director other than conduct specifically excluded from protection.
Texas law does not permit any limitation of liability of a director for:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>breaching the duty of loyalty to the corporation or its shareholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an act or omission not in good faith that constitutes a breach of duty of the director to
the corporation or an act or omission that involves intentional misconduct or a knowing
violation of law;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a transaction from which the director received an improper benefit, whether or not the
benefit resulted from an action taken within the scope of the director&#146;s office; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an act or omission for which the liability of a director is expressly provided by an
applicable statute.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s Articles of Incorporation provide for the limitation of liability of its
directors, except for acts related to an unlawful stock repurchase or payment of a dividend or as
prohibited by the TMCLA.
</DIV>
<DIV align="left">
<A name="338"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Indemnification of Officers and Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DGCL &#167; 145(b) permits Holdings to indemnify its officers, directors and other agents to
substantially the same extent that the Texas statute permits Clear Channel to indemnify its
directors, except that (1)&nbsp;a director need not have reasonably believed that his conduct was in the
best interests of Holdings so long as he believed his conduct to be not opposed to the best
interests of Holdings and (2)&nbsp;no indemnification may be provided to any person in respect of any
matter as to which he has been adjudged liable to Holdings, except to the extent that the Delaware
Chancery Court or the court in which the matter was brought determines such person is fairly and
reasonably entitled to indemnification and then only for such expenses as the court deems proper.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DGCL &#167; 145(e) permits Holdings to pay expenses of a director or officer in advance of a
final disposition of a proceeding if the director or officer provides Holdings with an undertaking
to repay such expenses if it is ultimately determined that he is not entitled to be indemnified.
Holdings also is permitted to pay expenses incurred by other employees and agents upon such terms
and conditions, if any, as the Holdings board of directors deems appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings&#146; third amended and restated certificate of incorporation authorizes the
indemnification of directors for breach of fiduciary duty except to the extent such exculpation is
not permitted under the DGCL.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both TBCA &#167; 2.02-1 and DGCL &#167; 145 currently provide that a corporation is required to
indemnify any director or officer of the corporation who has been or is threatened to be made a
party to a legal proceeding by reason of his service to the corporation if the director or officer
is successful on the merits or otherwise in the defense of such proceeding. In addition, both Texas
and Delaware law currently permit a corporation to purchase and maintain on behalf of its directors
and officers insurance with respect to any liability asserted against or incurred by such persons,
whether or not the corporation would have the power under applicable law to indemnify such persons.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under current Delaware law, Holdings may be permitted to indemnify its directors against some
liabilities for which indemnification is not permitted under Texas law. To the extent that the
Delaware statute is construed to permit indemnification of directors under circumstances in which
indemnification is not permitted by Texas law, the adoption by Holdings of the Bylaw that obligates
Holdings to indemnify its directors to the fullest extent permitted by Delaware law may represent a
conflict of interest for the directors of Clear Channel and may operate to their benefit at the
expense of Clear Channel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC has expressed its opinion that indemnification of directors, officers and controlling
persons against liabilities arising under the Securities Act of 1933 is against public policy and,
therefore, is unenforceable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The TBCA &#167; 2.02-1(B) currently permits Clear Channel to indemnify any person who has been or
is threatened to be made a party to a legal proceeding because he is or was a director of Clear
Channel, or because he served at the request of Clear Channel as a principal of another business or
employee benefit plan, against any judgments, penalties, fines, settlements and reasonable expenses
actually incurred by him in connection with the proceeding. However, Clear Channel may not
indemnify a director in reliance on this statute unless the director (1)&nbsp;conducted himself in good
faith, (2)&nbsp;reasonably believed that his conduct was in the best interests of Clear Channel or, in
the case of action not taken in his official capacity, was not opposed to the best interests of
Clear Channel, and (3)&nbsp;in the case of a criminal proceeding, had no reasonable cause to believe
that his conduct was unlawful. Clear Channel also may not indemnify a director in reliance on this
statute for judgments or settlements if the director has been found liable to Clear Channel or is
found to have received an improper personal benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The TBCA &#167; 2.02-1 permits Clear Channel to pay reasonable expenses of a director in advance of
the final disposition of a proceeding for which indemnification may be provided on the condition
that Clear Channel first receives (1)&nbsp;a written affirmation by the director of his good faith
belief that he has met the standard of conduct necessary for indemnification and (2)&nbsp;a written
undertaking by or on behalf of the director that he will repay such expenses if it is ultimately
determined that he is not entitled to be indemnified. This statute also permits Clear Channel to
indemnify and advance expenses to its officers, employees and other agents to the same extent that
it allows for directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s Articles of Incorporation and Bylaws authorize indemnification of officers,
directors and others to the fullest extent authorized or permitted by applicable law.
</DIV>
<DIV align="left">
<A name="339"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Removal of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under DGCL &#167; 141(k), a majority of shareholders of a Delaware corporation may remove a
director with or without cause, unless the directors are classified and elected for staggered
terms, in which case, directors may be removed only for cause. Holdings&#146; third amended and restated
certificate of incorporation is consistent with Delaware law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under TBCA &#167; 2.32(C), except as otherwise provided by the articles of incorporation or
bylaws<U>,</U> at any meeting of shareholders called expressly for that purpose, the holders of a
majority of the shares then entitled to vote at an election of directors may vote to remove any
director or the entire board of directors, with or without cause. Clear Channel&#146;s Bylaws provide
that a director may be removed for cause at any special meeting of shareholders by the affirmative
vote of at least two-thirds of the outstanding shares then entitled to vote at such meeting.
</DIV>
<DIV align="left">
<A name="340"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Dividends and Repurchases of Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DGCL &#167; 170(a) permits a corporation to declare and pay dividends out of surplus or if
there is no surplus, out of net profits for the fiscal year as long as the amount of capital of the
corporation after the declaration and payment of the dividend is not less than the aggregate amount
of the capital represented by the issued and outstanding stock of all classes having preference
upon the distribution of assets. In addition, the DGCL &#167; 160(a)(1) generally provides that a
corporation may redeem or repurchase its shares only if the capital of the corporation is not
impaired and such redemption or repurchase would not impair the capital of the corporation. Holders
of Holdings&#146; common stock are entitled to receive dividends ratably when, as declared by the board
of directors out of funds legally available for payment of dividends.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The TBCA &#167; 2.38 provides that the board of directors of a corporation may authorize and the
corporation may make distributions; provided, that a distribution may not be made if (1)&nbsp;after
giving effect to the distribution, the corporation would be insolvent or (2)&nbsp;the distribution
exceeds the surplus of the corporation. However, if the net assets of a corporation are not less
than the amount of the proposed distribution, the corporation may make a distribution involving a
purchase or redemption of any of its own shares if the purchase or redemption is made by the
corporation to (1)&nbsp;eliminate fractional shares, (2)&nbsp;collect or compromise indebtedness owed by
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or to the corporation, (3)&nbsp;pay dissenting shareholders entitled to payment for their shares
under the TBCA or (4)&nbsp;effect the purchase or redemption of redeemable shares in accordance with the
TBCA. Clear Channel&#146;s Articles of Incorporation and Bylaws provide that dividends may be declared
by the board of directors at any annual, regular or special meeting.
</DIV>
<DIV align="left">
<A name="341"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Preemptive Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both Delaware and Texas law do not require shareholders to have preemptive rights. Neither
Holdings&#146; nor Clear Channel&#146;s shareholders possess preemptive rights.
</DIV>
<DIV align="left">
<A name="342"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Inspection of Books and Records</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under DGCL &#167; 220(b), any shareholder of a Delaware corporation making a proper written demand
may inspect the stock ledger, the list of shareholders and any other corporate books and records
for any purpose reasonably related to the shareholder&#146;s interest as a shareholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under TBCA &#167; 2.44(C), any shareholder who holds at least 5% of all of the outstanding shares
of a corporation or that has held its shares for at least six months has the right, upon proper
written demand, to examine at any reasonable time, for any proper purpose, the relevant books and
records of account, minutes and share transfer records of the corporation.
</DIV>
<DIV align="left">
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DISSENTERS&#146; RIGHTS OF APPRAISAL</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the TBCA, you have the right to demand appraisal in connection with the merger and to
receive, in lieu of the Merger Consideration, payment in cash for the fair value of your shares of
Clear Channel common stock as determined in a Texas state court proceeding. Clear Channel&#146;s
shareholders electing to exercise appraisal rights must comply with the provisions of Articles
5.11-5.13 of the TBCA in order to perfect their rights. Clear Channel will require strict
compliance with the statutory procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is intended as a brief summary of the material provisions of the Texas statutory
procedures required to be followed by a shareholder in order to demand and perfect appraisal
rights. This summary, however, is not a complete statement of all applicable requirements and is
qualified in its entirety by reference to Articles 5.11-5.13 of the TBCA, the full text of which
appears in Annex H to this proxy statement/prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement/prospectus constitutes Clear Channel&#146;s notice to its shareholders of the
availability of appraisal rights in connection with the merger in compliance with the requirements
of Articles 5.11-5.13. If you wish to consider exercising your appraisal rights, you should
carefully review the text of Articles 5.11-5.13 contained in Annex H since failure to timely and
properly comply with the requirements of Articles 5.11-5.13 will result in the loss of your
appraisal rights under Texas law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you elect to demand appraisal of your shares, you must satisfy each of the following
conditions:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to the special meeting you must deliver to Clear Channel a written objection to the
merger stating your intention to exercise your right to dissent in the event that the merger
is effected and setting forth the address to which notice shall be delivered or mailed in
that event.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This written objection must be in addition to and separate from any proxy or vote
abstaining from or voting against the approval and adoption of the merger agreement. Voting
against or failing to vote for the approval and adoption of the merger agreement by itself
does not constitute a demand for appraisal within the meaning of Article&nbsp;5.12.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You must not vote in favor of the approval and adoption of the merger agreement. A vote
in favor of the approval and adoption of the merger agreement, by proxy or in person, will
constitute a waiver of your appraisal rights in respect of the shares so voted and will
nullify any previously filed written demands for appraisal. Failing to vote against approval
and adoption of the merger agreement will not constitute a waiver of your appraisal rights.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You must continuously hold your shares through the effective time of the merger. Your
rights as a dissenting shareholder will cease upon any transfer of your shares, and such
rights may be acquired by a transferee in accordance with Article&nbsp;5.13.</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you fail to comply with any of these conditions and the merger is completed, you will be
entitled to receive the cash payment for your shares of Clear Channel common stock as provided for
in the merger agreement if you are the holder of record at the effective time of the merger, but
you will have no appraisal rights with respect to your shares of Clear Channel common stock. A
proxy card which is signed and does not contain voting instructions will, unless revoked, be voted
&#147;FOR&#148; the approval and adoption of the merger agreement and will constitute a waiver of your right
of appraisal and will nullify any previous written demand for appraisal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All written objections should be addressed to Clear Channel&#146;s Secretary at 200 East Basse
Road, San Antonio Texas, 78209, and should be executed by, or on behalf of, the record holder of
the shares in respect of which appraisal is being demanded. The written objection must reasonably
inform Clear Channel of the identity of the shareholder and the intention of the shareholder to
demand appraisal of his, her or its shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To be effective, a written objection by a holder of Clear Channel common stock must be made by
or on behalf of the shareholder of record. The written objection should set forth, fully and
correctly, the shareholder of record&#146;s name as it appears on his or her stock certificate(s) and
should specify the holder&#146;s mailing address and the number of shares registered in the holder&#146;s
name. The written objection must state that the person intends to exercise such person&#146;s right to
dissent if the merger is effected. Beneficial owners who do not also hold the shares of record may
not directly make appraisal demands to Clear Channel. The beneficial holder must, in such cases,
have the record owner submit the required demand in respect of those shares. If shares are owned of
record in a fiduciary capacity, such as by a trustee, guardian or custodian, execution of a written
objection should be made in that capacity; and if the shares are owned of record by more than one
person, as in a joint tenancy or tenancy in common, the written objection should be executed by or
for all joint owners. An authorized agent, including an authorized agent for two or more joint
owners, may execute the written objection for appraisal for a shareholder of record; however, the
agent must identify the record owner or owners and expressly disclose the fact that, in executing
the written objection, he or she is acting as agent for the record owner. A record owner, such as a
broker, who holds shares as a nominee for others, may exercise his or her right of appraisal with
respect to the shares held for one or more beneficial owners, while not exercising this right for
other beneficial owners. In that case, the written objection should state the number of shares as
to which appraisal is sought. Where no number of shares is expressly mentioned, the written
objection will be presumed to cover all shares held in the name of the record owner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold your shares of Clear Channel common stock in a brokerage account or in other
nominee form and you wish to exercise appraisal rights, you should consult with your broker or the
other nominee to determine the appropriate procedures for the making of a demand for appraisal by
the nominee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within ten days after the effective time of the merger, the surviving corporation must give
written notice that the merger has become effective to each Clear Channel shareholder who has
properly filed a written objection and who did not vote in favor of the merger agreement. Each
shareholder who has properly filed a written objection has ten days from the delivery or mailing of
the notice to make written demand for payment of the fair value for the shareholder&#146;s shares. The
written demand must state the number of shares owned by the shareholder and the fair value of the
shares as estimated by the shareholder. Any shareholder who fails to make written demand within ten
days of the delivery or mailing of the notice from the surviving corporation that the merger has
become effective will not be entitled to any appraisal rights. Any shareholder making a written
demand for payment must submit to the surviving corporation for notation any certificated shares
held by that shareholder which are subject to the demand within 20&nbsp;days after making the written
demand. The failure by any shareholder making a written demand to submit its certificates may
result in the termination of the shareholder&#146;s appraisal rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel has 20&nbsp;days after its receipt of a demand for payment to provide notice that the
surviving corporation (i)&nbsp;accepts the amount claimed in the written demand and agrees to pay the
amount claimed within 90&nbsp;days from effective time of the merger, or (ii)&nbsp;offers to pay its
estimated fair value of the shares within 90&nbsp;days after the effective time of the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, within 60&nbsp;days after the effective time of the merger, the surviving corporation and a
shareholder who has delivered written demand in accordance with Article&nbsp;5.12 reach agreement as to
the fair value of the shares, payment therefor will be made within 90&nbsp;days after the date on which
the merger was effected and, in the case of shares represented by certificates, upon surrender of
the certificates duly endorsed. Upon payment of the agreed value, the dissenting shareholder will
cease to have any interest in the shares or in Clear Channel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, within 60&nbsp;days after the effective time of the merger, the surviving corporation and a
shareholder who has delivered written demand in accordance with Article&nbsp;5.12 do not reach agreement
as to the fair value of the shares, either the surviving corporation or the shareholder may, within
60&nbsp;days after the expiration of the 60&nbsp;day period, file a petition in any court of competent
jurisdiction in the county in which the principal office of the surviving corporation is located,
with a copy served on the surviving corporation in the case of a petition filed by a shareholder,
demanding a determination of the fair value of the shareholder&#146;s shares. The surviving
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">corporation has no obligation and has no present intention to file such a petition if there
are objecting shareholders. Accordingly, it is the obligation of Clear Channel&#146;s shareholders to
initiate all necessary action to perfect their appraisal rights in respect of shares of Clear
Channel common stock within the time prescribed in Article&nbsp;5.12. The failure of a shareholder to
file such a petition within the period specified could nullify the shareholder&#146;s previously written
demand for appraisal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a petition for appraisal is duly filed by a shareholder and a copy of the petition is
delivered to the surviving corporation, the surviving corporation will then be obligated, within
ten days after receiving service of a copy of the petition, to provide the office of the clerk of
the court in which the petition was filed with a list containing the names and addresses of all
shareholders who have demanded an appraisal of their shares and with whom agreements as to the
value of their shares have not been reached.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After notice to dissenting shareholders, the court will conduct a hearing upon the petition,
and determine those shareholders who have complied with Article&nbsp;5.12 and who have become entitled
to the valuation of and payment for their shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After determination of the shareholders entitled to valuation of and payment for their shares
of Clear Channel common stock, the court will appoint one or more qualified appraisers to determine
the value. The appraisers will determine the fair value of the shares held by the dissenting
shareholders adjudged by the court to be entitled to payment and will file their report of the
value in the office of the clerk of the court. The court will determine the fair value of the
shares held by the dissenting shareholders entitled to payment therefor and will direct the payment
of that value by the surviving corporation in the merger, together with interest thereon, beginning
91&nbsp;days after the date on which the merger was effected to the date of such judgment, to the
dissenting shareholders entitled thereto. Such judgment shall be payable immediately to the
holders of uncertificated shares and upon surrender by holders of the certificates representing
shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fair value of any dissenting shares will be the value thereof as of the day immediately
preceding the special meeting at which the merger agreement is voted on, excluding any appreciation
or depreciation in anticipation of the merger. You should be aware that the fair value of your
shares as determined under Article&nbsp;5.12 could be more, the same, or less than the value that you
are entitled to receive under the terms of the merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of the appraisal proceeding may be imposed upon the surviving corporation and the
shareholders participating in the appraisal proceeding by the court as the court deems equitable in
the circumstances. Any shareholder who had demanded appraisal rights will not thereafter be
entitled to vote shares subject to that demand for any purpose or to receive payments of dividends
or any other distribution with respect to those shares; however, if no petition for appraisal is
filed within 120&nbsp;days after the effective time of the merger, or if the shareholder delivers a
written withdrawal of such shareholder&#146;s demand for appraisal prior to the filing of a petition for
appraisal, then the right of that shareholder to appraisal will cease and that shareholder will be
entitled to receive the cash payment for shares of his, her or its Clear Channel common stock
pursuant to the merger agreement. Any withdrawal of a demand for appraisal made after the filing of
a petition for appraisal may only be made with the written approval of the surviving corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the absence of fraud in the transaction, the remedy provided by the provisions of the TBCA
relating to dissenters&#146; rights to a shareholder objecting to the merger is the exclusive remedy for
the recovery of the value of such shareholder&#146;s shares or money damages to such shareholder with
respect to the merger. If Clear Channel complies with the requirements of Articles 5.11-5.13, any
dissenting shareholder who fails to comply with the requirements of the provisions of the TBCA
relating to dissenters&#146; rights will not be entitled to bring suit for the recovery of the value of
such shareholder&#146;s shares or money damages to such shareholder with respect to the merger. In view
of the complexity of Articles 5.11-5.13, Clear Channel&#146;s shareholders who may wish to dissent from
the merger and pursue appraisal rights should consult their legal advisors.
</DIV>
<DIV align="left">
<A name="344"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LEGAL MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of Holdings Class&nbsp;A common stock offered hereby will be passed upon by Ropes &#038;
Gray LLP, Boston, Massachusetts. Clear Channel has been represented by Akin Gump Strauss Hauer &#038;
Feld LLP, Los Angeles, California.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ropes &#038; Gray LLP, counsel for Holdings, has delivered an opinion to Holdings stating that the
section entitled &#147;Material United States Federal Income Tax Consequences,&#148; insofar as it relates to
matters of United States federal income tax law, is accurate in all material respects. Ropes &#038; Gray
LLP and some partners of Ropes &#038; Gray LLP are members of RGIP LLC, which is an investor in certain
investment funds associated with Bain Capital, LLC and Thomas H. Lee Partners, LP and often a
co-investor with such funds. Upon consummation of the transaction, RGIP will indirectly own equity
interests of Holdings representing less than 1% of the outstanding equity interests of Holdings.
</DIV>

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<DIV align="left">
<A name="345"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPERTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of Clear Channel appearing in Clear Channel&#146;s Annual
Report (Form 10-K) for the year ended December&nbsp;31, 2007 (including the schedule appearing therein),
have been audited by Ernst &#038; Young LLP, independent registered public accounting firm, as set forth
in their reports thereon, included therein, and incorporated herein by reference. Such consolidated
financial statements are incorporated herein by reference in reliance upon such reports given on
the authority of such firm as experts in accounting and auditing.
</DIV>
<DIV align="left">
<A name="346"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OTHER MATTERS</B>
</DIV>

<DIV align="left">
<A name="347"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Other Business at the Special Meeting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s management is not aware of any matters to be presented for action at the
special meeting other than those set forth in this proxy statement/prospectus. However, should any
other business properly come before the special meeting, or any adjournment or postponement
thereof, the enclosed proxy confers upon the persons entitled to vote the shares represented by
such proxy, discretionary authority to vote the same in respect of any such other business in
accordance with their best judgment in the interest of Clear Channel.
</DIV>
<DIV align="left">
<A name="348"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Multiple Shareholders Sharing One Address</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Rule&nbsp;14a-3(e)(1) under the Exchange Act, one proxy statement/prospectus
will be delivered to two or more shareholders who share an address, unless Clear Channel has
received contrary instructions from one or more of the shareholders. Clear Channel will deliver
promptly upon written or oral request a separate copy of the proxy statement/prospectus to a
shareholder at a shared address to which a single copy of the proxy statement/prospectus was
delivered. Requests for additional copies of the proxy statement/prospectus, and requests that in
the future separate proxy statement/prospectus be sent to shareholders who share an address, should
be directed by writing to Innisfree M&#038;A Incorporated, at 501 Madison Avenue, 20<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor,
New York, NY 10022, or by calling (877)&nbsp;456-3427 toll-free at (212)&nbsp;750-5833. In addition,
shareholders who share a single address but receive multiple copies of the proxy
statement/prospectus may request that in the future they receive a single copy by contacting Clear
Channel at the address and phone number set forth in the prior sentence.
</DIV>
<DIV align="left">
<A name="349"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel files annual, quarterly and current reports, proxy statement/prospectus and
other information with the SEC. You may read and copy any reports, proxy statement/prospectus or
other information that we file with the SEC at the following location of the SEC:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Reference Room&nbsp;100 F Street, N.E. Washington, D.C. 20549
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please call the SEC at 1-800-SEC-0330 for further information on the public reference rooms.
You may also obtain copies of this information by mail from the Public Reference Section of the
SEC, 100 F Street, N.E., Washington, D.C. 20549, at prescribed rates. Clear Channel&#146;s public
filings are also available to the public from document retrieval services and the Internet website
maintained by the SEC at www.sec.gov.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports, proxy statement/prospectus or other information concerning Clear Channel may also be
inspected at the offices of the New York Stock Exchange at:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 Broad Street<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, NY 10005
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any person, including any beneficial owner, to whom this proxy statement/prospectus is
delivered may request copies of reports, proxy statement/prospectus or other information concerning
us, without charge, by writing to Innisfree M&#038;A Incorporated at 501 Madison Avenue, 20<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>
Floor, New York, NY 10022, or by calling toll-free at (877)&nbsp;456-3427. If you would like to request
documents, please do so by &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, in order to receive them before the special meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to &#147;incorporate by reference&#148; into this proxy statement/prospectus documents
Clear Channel files with the SEC. This means that we can disclose important information to you by
referring you to those documents. The information incorporated by reference is considered to be a
part of this proxy statement/prospectus, and later information that we file with the SEC will
update and supersede that information. We incorporate by reference the documents listed below and
any documents filed by Clear Channel pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange
Act after the date of this proxy statement/prospectus and prior to the date of the special meeting:
</DIV>

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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s Quarterly Reports on Form 10-Q for the quarter ended March&nbsp;31, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s Current Reports on Form 8-K filed January&nbsp;4, 2008, February&nbsp;15, 2008,
March&nbsp;20, 2008, March&nbsp;28, 2008, March&nbsp;31, 2008, May&nbsp;9, 2008, May&nbsp;14, 2008, May&nbsp;23, 2008,
May&nbsp;29, 2008 and May&nbsp;30, 2008; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s proxy statement relating to its 2008 annual meeting of shareholders.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may request a copy of these filings, at no cost, by writing or calling Clear Channel at
the following address or telephone number: Investor Relations Department, Clear Channel
Communications, Inc., 210-832-3315. Exhibits to the filings will not be sent, however, unless those
exhibits have specifically been incorporated by reference in this document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No persons have been authorized to give any information or to make any representations other
than those contained in this proxy statement/prospectus and, if given or made, such information or
representations must not be relied upon as having been authorized by Clear Channel or any other
person. This proxy statement/prospectus is dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2008. You should not assume that the
information contained in this proxy statement/prospectus is accurate as of any date other than that
date, and the mailing of this proxy statement/prospectus to shareholders shall not create any
implication to the contrary.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->188<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="350"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO ANNEXES</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ANNEX A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement and Plan of Merger</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ANNEX B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;1 to Agreement and Plan of Merger</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ANNEX C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;2 to Agreement and Plan of Merger</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ANNEX D
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;3 to Agreement and Plan of Merger</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ANNEX E
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Highfields Amended and Restated Voting Agreement</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ANNEX F
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Abrams Voting Agreement</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ANNEX G
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Goldman, Sachs &#038; Co.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ANNEX H
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles 5.11-5.13 of the Texas Business Corporation Act</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->189<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='360'><B>ANNEX&#160;A</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Merger Agreement</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Execution Copy</B>
</DIV>
</A>
<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AGREEMENT
    AND PLAN OF MERGER<BR>
    By and Among<BR>
    BT TRIPLE CROWN MERGER CO., INC.<BR>
    B TRIPLE CROWN FINCO, LLC<BR>
    T TRIPLE CROWN FINCO, LLC<BR>
    and<BR>
    CLEAR CHANNEL COMMUNICATIONS, INC.<BR>
    Dated as of November&#160;16, 2006</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="19%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="75%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=quadright -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="font-variant: SMALL-CAPS">ARTICLE&#160;I.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    DEFINITIONS
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;1.01
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Definitions
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 19pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="font-variant: SMALL-CAPS">ARTICLE&#160;II.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    THE MERGER
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.01
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    The Merger
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.02
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Closing
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.03
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Effective Time
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.04
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Articles of Incorporation and Bylaws
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.05
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Board of Directors
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.06
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Officers
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 19pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="font-variant: SMALL-CAPS">ARTICLE&#160;III.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    EFFECT OF THE MERGER ON CAPITAL STOCK; EXCHANGE OF CERTIFICATES
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;3.01
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Effect on Securities
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;3.02
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Exchange of Certificates
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;3.03
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Stock Options and Other Awards
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;3.04
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Lost Certificates
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;3.05
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Dissenting Shares
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;3.06
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Transfers; No Further Ownership Rights
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;3.07
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Withholding
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;3.08
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Rollover by Shareholders
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;3.09
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Additional Per Share Consideration
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 19pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="font-variant: SMALL-CAPS">ARTICLE&#160;IV.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    REPRESENTATIONS AND WARRANTIES OF THE COMPANY
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;4.01
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Organization and Qualification; Subsidiaries
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-8
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;4.02
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Articles of Incorporation and Bylaws
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-8
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;4.03
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Capitalization
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-8
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;4.04
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Authority Relative to Agreement
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;4.05
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    No Conflict; Required Filings and Consents
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;4.06
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Permits and Licenses; Compliance with Laws
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="white-space: nowrap">A-10</FONT>
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;4.07
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Company SEC Documents
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="white-space: nowrap">A-10</FONT>
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;4.08
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Absence of Certain Changes or Events
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;4.09
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    No Undisclosed Liabilities
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;4.10
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Absence of Litigation
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-12
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;4.11
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Taxes
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-12
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;4.12
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Information Supplied
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-12
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;4.13
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Material Contracts
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;4.14
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Employee Benefits and Labor Matters
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;4.15
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    State Takeover Statutes
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;4.16
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Opinion of Financial Advisors
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;4.17
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Brokers
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;4.18
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    No Other Representations or Warranties
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-i
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="19%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="75%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=quadright -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="font-variant: SMALL-CAPS">ARTICLE&#160;V.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    REPRESENTATIONS AND WARRANTIES OF THE PARENTS AND MERGERCO
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-15
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;5.01
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Organization and Qualification; Subsidiaries
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-15
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;5.02
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Certificate of Incorporation, Bylaws, and Other Organizational
    Documents
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-15
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;5.03
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Authority Relative to Agreement
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-15
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;5.04
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    No Conflict; Required Filings and Consents
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-15
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;5.05
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    FCC Matters
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-16
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;5.06
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Absence of Litigation
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-16
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;5.07
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Available Funds
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-16
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;5.08
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Limited Guarantee
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-17
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;5.09
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Capitalization of Mergerco
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-17
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;5.10
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Brokers
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-17
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;5.11
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Information Supplied
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-18
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;5.12
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Solvency
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-18
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;5.13
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    No Other Representations or Warranties
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-18
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 19pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="font-variant: SMALL-CAPS">ARTICLE&#160;VI.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    COVENANTS AND AGREEMENTS
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-18
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;6.01
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Conduct of Business by the Company Pending the Merger
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-18
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;6.02
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    FCC Matters
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-21
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;6.03
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Proxy Statement
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-22
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;6.04
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Shareholders&#146; Meeting
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-23
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;6.05
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Appropriate Action; Consents; Filings
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-23
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;6.06
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Access to Information; Confidentiality
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;6.07
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    No Solicitation of Competing Proposal
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;6.08
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Directors&#146; and Officers&#146; Indemnification and Insurance
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-28
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;6.09
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Notification of Certain Matters
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-29
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;6.10
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Public Announcements
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-30
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;6.11
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Employee Matters
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-30
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;6.12
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Conduct of Business by the Parents Pending the Merger
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-31
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;6.13
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Financing
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-31
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;6.14
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Actions with Respect to Existing Debt
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-33
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;6.15
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Section&#160;16(b)
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-34
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;6.16
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Resignations
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-35
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;6.17
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Certain Actions and Proceedings
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-35
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 19pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="font-variant: SMALL-CAPS">ARTICLE&#160;VII.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    CONDITIONS TO THE MERGER
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-35
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;7.01
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Conditions to the Obligations of Each Party
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-35
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;7.02
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Conditions to the Obligations of the Parents and Mergerco
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-35
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;7.03
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Conditions to the Obligations of the Company
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-36
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 19pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="font-variant: SMALL-CAPS">ARTICLE&#160;VIII.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    TERMINATION, AMENDMENT AND WAIVER
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-36
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;8.01
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Termination
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-36
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;8.02
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Termination Fees
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-38
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;8.03
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Amendment
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-39
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;8.04
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Waiver
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-39
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;8.05
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Expenses; Transfer Taxes
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-40
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-ii
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="19%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="75%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=quadright -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="font-variant: SMALL-CAPS">ARTICLE&#160;IX.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    GENERAL PROVISIONS
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-40
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;9.01
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Non-Survival of Representations, Warranties and Agreements
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-40
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;9.02
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Notices
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-40
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;9.03
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Interpretation; Certain Definitions
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-41
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;9.04
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Severability
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-41
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;9.05
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Assignment
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-41
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;9.06
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Entire Agreement; No Third-Party Beneficiaries
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-41
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;9.07
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Governing Law
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-42
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;9.08
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Consent to Jurisdiction; Enforcement
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-42
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;9.09
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Counterparts
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-42
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;9.10
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Waiver of Jury Trial
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-42
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-iii
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left"><A name="360"></A></DIV>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AGREEMENT
    AND PLAN OF MERGER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Agreement and Plan of Merger, dated as of November&#160;16,
    2006 (this <B><I>&#147;Agreement&#148;</I></B>), by and among BT
    Triple Crown Merger Co., Inc., a Delaware corporation
    <B><I>(&#147;Mergerco&#148;)</I></B>, B Triple Crown Finco, LLC,
    a Delaware limited liability company, T Triple Crown Finco, LLC,
    a Delaware limited liability company (together with B Triple
    Crown Finco, LLC, the <B><I>&#147;Parents&#148;</I></B>), and
    Clear Channel Communications, Inc., a Texas corporation (the
    <B><I>&#147;Company&#148;</I></B>).
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RECITALS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, in furtherance of the recapitalization of the
    Company by Mergerco, the respective Boards of Directors of the
    Company, the Parents and Mergerco each have approved and deemed
    advisable and in the best interests of their respective
    shareholders (other than affiliated shareholders of the Company
    as to which no determination has been made) this Agreement and
    the merger of Mergerco with and into Company (the
    <B><I>&#147;Merger&#148;</I></B>), upon the terms and subject to
    the conditions and limitations set forth herein and in
    accordance with the Business Corporation Act of the State of
    Texas (the <B><I>&#147;TBCA&#148;</I></B>) and the Business
    Organizations Code of the State of Texas (the
    <B><I>&#147;TBOC&#148;</I></B>, together with the TBCA, the
    <B><I>&#147;Texas Acts&#148;</I></B>) and the General
    Corporation Law of the State of Delaware (the
    <B><I>&#147;DGCL&#148;</I></B>) and recommended approval and
    adoption by their respective shareholders of this Agreement, the
    Merger and the transactions contemplated hereby;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, a special advisory committee of the Board of
    Directors of the Company has reviewed the terms of the Merger
    and determined that such terms are fair;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, concurrently with the execution of this
    Agreement, and as a condition to the willingness of the Company
    to enter into this Agreement, the Parents and Mergerco have
    delivered to the Company the Limited Guarantee (the
    <B><I>&#147;Limited Guarantee&#148;</I></B>) of each of the
    Investors, in a form satisfactory to the Company, dated as of
    the date hereof.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">STATEMENT
    OF AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NOW, THEREFORE</B>, in consideration of the foregoing and the
    mutual representations, warranties and covenants and subject to
    the conditions herein contained and intending to be legally
    bound hereby, the parties hereto hereby agree as follows:
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;I.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">DEFINITIONS
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;1.01&#160;&#160;<I>Definitions.</I>&#160;&#160;Defined
    terms used in this Agreement have the meanings ascribed to them
    by definition in this Agreement or in <U>Appendix&#160;A.</U>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;II.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">THE MERGER
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.01&#160;&#160;<I>The
    Merger.</I>&#160;&#160;Upon the terms and subject to the
    conditions of this Agreement, and in accordance with the Texas
    Acts and the DGCL, at the Effective Time, Mergerco shall be
    merged with and into the Company, whereupon the separate
    existence of Mergerco shall cease, and the Company shall
    continue under the name Clear Channel Communications, Inc. as
    the surviving corporation (the <B><I>&#147;Surviving
    Corporation&#148;</I></B>) and shall continue to be governed by
    the laws of the State of Texas.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>2.02&#160;&#160;<I>Closing.</I>&#160;&#160;Subject
    to the satisfaction or, if permissible, waiver of the conditions
    set forth in <U>Article&#160;VII</U> hereof, the closing of the
    Merger (the <B><I>&#147;Closing&#148;</I></B>) will take place
    at 9:00&#160;a.m., Eastern Time, on a date to be specified by
    the parties hereto, but no later than the second business day
    after the satisfaction or waiver of the conditions set forth in
    <U>Section&#160;7.01</U>, <U>Section&#160;7.02</U> and
    <U>Section&#160;7.03</U> hereof (other than conditions that, by
    their own terms, cannot be satisfied until the Closing, but
    subject to the satisfaction of such conditions at Closing) at
    the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    offices of Akin Gump Strauss Hauer&#160;&#038; Feld LLP, 590
    Madison Avenue, New York, New York 10022; <U>provided</U>,
    <U>however</U>, that notwithstanding the satisfaction or waiver
    of the conditions set forth in <U>Article&#160;VII</U> hereof,
    neither the Parents nor Mergerco shall be required to effect the
    Closing until the earlier of (a)&#160;a date during the
    Marketing Period specified by the Parents on no less than three
    (3)&#160;business days&#146; written notice to the Company and
    (b)&#160;the final day of the Marketing Period, or at such other
    time, date or place as is agreed to in writing by the parties
    hereto (such date being the <B><I>&#147;Closing
    Date&#148;</I></B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>2.03&#160;&#160;<I>Effective
    Time.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Concurrently with the Closing, the Company and the
    Parents shall cause articles of merger (the <B><I>&#147;Articles
    of Merger&#148;</I></B>) with respect to the Merger to be
    executed and filed with the Secretary of State of the State of
    Texas (the <B><I>&#147;Secretary of State&#148;</I></B>) as
    provided under the Texas Acts and a Certificate of Merger to be
    filed with the Secretary of State of the State of Delaware as
    provided for in the DGCL (the <B><I>&#147;Certificate of
    Merger&#148;</I></B>). The Merger shall become effective on the
    later of the date and time at which the Articles of Merger has
    been duly filed with the Secretary of State or the Certificate
    of Merger has been filed with the Secretary of State of the
    State of Delaware or at such other date and time as is agreed
    between the parties and specified in the Articles of Merger, and
    such date and time is hereinafter referred to as the
    <B><I>&#147;Effective Time.&#148;</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;From and after the Effective Time, the Surviving
    Corporation shall possess all properties, rights, privileges,
    powers and franchises of the Company and Mergerco, and all of
    the claims, obligations, liabilities, debts and duties of the
    Company and Mergerco shall become the claims, obligations,
    liabilities, debts and duties of the Surviving Corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>2.04&#160;&#160;<I>Articles
    of Incorporation and Bylaws.</I>&#160;&#160;Subject to
    <U>Section&#160;6.08</U> of this Agreement, the Articles of
    Incorporation and Bylaws of the Company, as in effect
    immediately prior to the Effective Time, shall be amended at the
    Effective Time to be (except with respect to the name and state
    of incorporation of the Company and such changes as are
    necessary to comply with Texas Law, if any) the same as the
    Articles of Incorporation and Bylaws of Mergerco as in effect
    immediately prior to the Effective Time, until thereafter
    amended in accordance with applicable law, the provisions of the
    Articles of Incorporation and the Bylaws of the Surviving
    Corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>2.05&#160;&#160;<I>Board
    of Directors.</I>&#160;&#160;Subject to applicable Law, each of
    the parties hereto shall take all necessary action to ensure
    that the Board of Directors of the Surviving Corporation
    effective as of, and immediately following, the Effective Time
    shall consist of the members of the Board of Directors of
    Mergerco immediately prior to the Effective Time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>2.06&#160;&#160;<I>Officers.</I>&#160;&#160;From
    and after the Effective Time, the officers of the Company at the
    Effective Time shall be the officers of the Surviving
    Corporation, until their respective successors are duly elected
    or appointed and qualified in accordance with applicable Law.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;III.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">EFFECT OF
    THE MERGER ON CAPITAL STOCK; EXCHANGE OF CERTIFICATES
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>3.01&#160;&#160;<I>Effect
    on Securities.</I>&#160;&#160;At the Effective Time, by virtue
    of the Merger and without any action on the part of the Company,
    Mergerco or the holders of any securities of the Company:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I><U>Cancellation of Company
    Securities</U>.</I>&#160;&#160;Each share of the Company&#146;s
    common stock, par value $0.10&#160;per share (the
    <B><I>&#147;Company Common Stock&#148;</I></B>), held by the
    Company as treasury stock or held by Mergerco immediately prior
    to the Effective Time shall automatically be cancelled, retired
    and shall cease to exist, and no consideration or payment shall
    be delivered in exchange therefor or in respect thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;<I><U>Conversion of Company
    Securities</U>.</I>&#160;&#160;Except as otherwise provided in
    this Agreement, each share of Company Common Stock issued and
    outstanding immediately prior to the Effective Time (other than
    shares cancelled pursuant to <U>Section&#160;3.01(a)</U> hereof,
    Dissenting Shares and Rollover Shares) shall be converted into
    the right to receive $37.60 plus the Additional Per Share
    Consideration, if any, in cash, without interest (the
    <B><I>&#147;Merger Consideration&#148;</I></B>). Each share of
    Company Common Stock to be converted into the right to receive
    the Merger Consideration as provided in this
    <U>Section&#160;3.01(b)</U> shall be automatically cancelled and
    shall cease to
</DIV>

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    <BR>
    A-2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    exist and the holders of certificates (the
    <B><I>&#147;Certificates&#148;</I></B>) or book-entry shares
    <B><I>(&#147;Book-Entry Shares&#148;)</I></B> which immediately
    prior to the Effective Time represented such Company Common
    Stock shall cease to have any rights with respect to such
    Company Common Stock other than the right to receive, upon
    surrender of such Certificates or Book-Entry Shares in
    accordance with <U>Section&#160;3.02</U> of this Agreement, the
    Merger Consideration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;<I><U>Conversion of Mergerco Capital
    Stock</U>.</I>&#160;&#160;At the Effective Time, by virtue of
    the Merger and without any action on the part of the holder
    thereof, each share of common stock, par value $0.001&#160;per
    share, of Mergerco (the <B><I>&#147;Mergerco Common
    Stock&#148;</I></B>) issued and outstanding immediately prior to
    the Effective Time shall be converted into and become validly
    issued, fully paid and nonassessable shares of the Surviving
    Corporation (with the relative rights and preferences described
    in an amendment to the Articles of Incorporation adopted as of
    the Effective Time as provided in <U>Section&#160;2.04</U>, the
    <B><I>&#147;Surviving Corporation Common Stock&#148;</I></B>).
    As of the Effective Time, all such shares of Mergerco Common
    Stock cancelled in accordance with this
    <U>Section&#160;3.01(c)</U>, when so cancelled, shall no longer
    be issued and outstanding and shall automatically cease to
    exist, and each holder of a certificate representing any such
    shares of Mergerco Common Stock shall cease to have any rights
    with respect thereto, except the right to receive the shares of
    Surviving Corporation Common Stock as set forth in this
    <U>Section&#160;3.01(c).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;<I><U>Adjustments</U>.</I>&#160;&#160;Without limiting
    the other provisions of this Agreement, if at any time during
    the period between the date of this Agreement and the Effective
    Time, any change in the number of outstanding shares of Company
    Common Stock shall occur as a result of a reclassification,
    recapitalization, stock split (including a reverse stock split),
    or combination, exchange or readjustment of shares, or any stock
    dividend or stock distribution with a record date during such
    period, the Merger Consideration as provided in
    <U>Section&#160;3.01(b)</U> shall be equitably adjusted to
    reflect such change (including, without limitation, to provide
    holders of shares of Company Common Stock the same economic
    effect as contemplated by this Agreement prior to such
    transaction).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>3.02&#160;&#160;<I>Exchange
    of Certificates.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I><U>Designation of Paying Agent; Deposit of Exchange
    Fund</U>.</I>&#160;&#160;Prior to the Effective Time, the
    Parents shall designate a paying agent (the <B><I>&#147;Paying
    Agent&#148;</I></B>) reasonably acceptable to the Company for
    the payment of the Merger Consideration as provided in
    <U>Section&#160;3.01(b).</U> On the Closing Date, promptly
    following the Effective Time, the Surviving Corporation shall
    deposit, or cause to be deposited with the Paying Agent for the
    benefit of holders of shares of Company Common Stock, cash
    amounts in immediately available funds constituting an amount
    equal to the aggregate amount of the Merger Consideration plus
    the Total Option Cash Payments (the <B><I>&#147;Aggregate Merger
    Consideration&#148;</I></B>) (exclusive of any amounts in
    respect of Dissenting Shares, the Rollover Shares and Company
    Common Stock to be cancelled pursuant to
    <U>Section&#160;3.01(a)</U>) (such amount as deposited with the
    Paying Agent, the <B><I>&#147;Exchange Fund&#148;</I></B>). In
    the event the Exchange Fund shall be insufficient to make the
    payments contemplated by <U>Section&#160;3.01(b)</U> and
    <U>Section&#160;3.03</U>, the Surviving Corporation shall
    promptly deposit, or cause to be deposited, additional funds
    with the Paying Agent in an amount which is equal to the
    deficiency in the amount required to make such payment. The
    Paying Agent shall cause the Exchange Fund to be (A)&#160;held
    for the benefit of the holders of Company Common Stock and
    Company Options, and (B)&#160;applied promptly to making the
    payments pursuant to <U>Section&#160;3.02(b)</U> hereof. The
    Exchange Fund shall not be used for any purpose that is not
    expressly provided for in this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;<I><U>Delivery of Shares</U>.</I>&#160;&#160;As
    promptly as practicable following the Effective Time and in any
    event not later than the second business day after the Effective
    Time, the Surviving Corporation shall cause the Paying Agent to
    mail (and to make available for collection by hand) (i)&#160;to
    each holder of record of a Certificate or Book-Entry Share,
    which immediately prior to the Effective Time represented
    outstanding shares of Company Common Stock (x)&#160;a letter of
    transmittal, which shall specify that delivery shall be
    effected, and risk of loss and title to the Certificates or
    Book-Entry Shares, as applicable, shall pass, only upon proper
    delivery of the Certificates (or affidavits of loss in lieu
    thereof pursuant to <U>Section&#160;3.04</U> hereof) or
    Book-Entry Shares to the Paying Agent and which shall be in the
    form and have such other provisions as Mergerco and the Company
    may reasonably specify and (y)&#160;instructions for use in
    effecting the surrender of the Certificates or Book-Entry Shares
    in exchange for the Merger Consideration into which the number
    of shares of Company Common Stock previously represented by such
    Certificate or Book-Entry Shares shall have been converted
    pursuant to this Agreement (which instructions shall provide
    that at the
</DIV>

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    <BR>
    A-3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    election of the surrendering holder, Certificates or Book-Entry
    Shares may be surrendered, and the Merger Consideration in
    exchange therefor collected, by hand delivery); and (ii)&#160;to
    each holder of a Company Option, a check in an amount due and
    payable to such holder pursuant to <U>Section&#160;3.03</U>
    hereof in respect of such Company Option. If payment of the
    applicable portion of the Aggregate Merger Consideration is made
    to a person other than the person in whose name the surrendered
    Certificate is registered, it shall be a condition of payment
    that (A)&#160;the Certificate so surrendered shall be properly
    endorsed or shall otherwise be in proper form for transfer and
    (B)&#160;the person requesting such payment shall have paid any
    transfer and other Taxes required by reason of the payment of
    the applicable portion of the Aggregate Merger Consideration to
    a person other than the registered holder of such Certificate
    surrendered or shall have established to the reasonable
    satisfaction of the Surviving Corporation that such Tax either
    has been paid or is not applicable. Until surrendered as
    contemplated by this <U>Section&#160;3.02</U>, each Certificate,
    Book-Entry Share or option certificate, as applicable, shall be
    deemed at any time after the Effective Time to represent only
    the right to receive the applicable portion of the Aggregate
    Merger Consideration or Option Cash Payments, as applicable, in
    cash as contemplated by this <U>Section&#160;3.02</U> or
    <U>Section&#160;3.03</U> without interest thereon.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;<I><U>Surrender of Shares</U>.</I>&#160;&#160;Upon
    surrender of a Certificate (or affidavit of loss in lieu
    thereof) or Book-Entry Share for cancellation to the Paying
    Agent, together with a letter of transmittal duly completed and
    validly executed in accordance with the instructions thereto,
    and such other documents as may be required pursuant to such
    instructions, the holder of such Certificate or Book-Entry Share
    shall be entitled to receive in exchange therefor the Merger
    Consideration for each share of Company Common Stock formerly
    represented by such Certificate or Book-Entry Share, to be
    mailed (or made available for collection by hand if so elected
    by the surrendering holder) within five (5)&#160;business days
    following the later to occur of (i)&#160;the Effective Time; or
    (ii)&#160;the Paying Agent&#146;s receipt of such Certificate
    (or affidavit of loss in lieu thereof) or Book-Entry Share, and
    the Certificate (or affidavit of loss in lieu thereof) or
    Book-Entry Share so surrendered shall be forthwith cancelled.
    The Paying Agent shall accept such Certificates (or affidavits
    of loss in lieu thereof) or Book-Entry Shares upon compliance
    with such reasonable terms and conditions as the Paying Agent
    may impose to effect an orderly exchange thereof in accordance
    with normal exchange practices. No interest shall be paid or
    accrued for the benefit of holders of the Certificates or
    Book-Entry Shares on the Merger Consideration (or the cash
    pursuant to <U>Section&#160;3.02(b)</U>) payable upon the
    surrender of the Certificates or Book-Entry Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;<I><U>Termination of Exchange
    Fund</U>.</I>&#160;&#160;Any portion of the Exchange Fund which
    remains undistributed to the holders of the Certificates,
    Book-Entry Shares or Company Options for twelve (12)&#160;months
    after the Effective Time shall be delivered to the Surviving
    Corporation, upon demand, and any such holders prior to the
    Merger who have not theretofore complied with this
    <U>Article&#160;III</U> shall thereafter look only to the
    Surviving Corporation, as general creditors thereof for payment
    of their claim for cash, without interest, to which such holders
    may be entitled. If any Certificates or Book-Entry Shares shall
    not have been surrendered prior to one (1)&#160;year after the
    Effective Time (or immediately prior to such earlier date on
    which any cash in respect of such Certificate or Book-Entry
    Share would otherwise escheat to or become the property of any
    Governmental Authority), any such cash in respect of such
    Certificate or Book-Entry Share shall, to the extent permitted
    by applicable Law, become the property of the Surviving
    Corporation, subject to any and all claims or interest of any
    person previously entitled thereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;<I><U>No Liability</U>.</I>&#160;&#160;None of the
    Parents, Mergerco, the Company, the Surviving Corporation or the
    Paying Agent shall be liable to any person in respect of any
    cash held in the Exchange Fund delivered to a public official
    pursuant to any applicable abandoned property, escheat or
    similar Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;<I><U>Investment of Exchange
    Fund</U>.</I>&#160;&#160;The Paying Agent shall invest any cash
    included in the Exchange Fund as directed by the Parents or,
    after the Effective Time, the Surviving Corporation; provided
    that (i)&#160;no such investment shall relieve the Surviving
    Corporation or the Paying Agent from making the payments
    required by this <U>Article&#160;III</U>, and following any
    losses the Surviving Corporation shall promptly provide
    additional funds to the Paying Agent for the benefit of the
    holders of Company Common Stock and Company Options in the
    amount of such losses; and (ii)&#160;such investments shall be
    in short-term obligations of the United States of America with
    maturities of no more than thirty (30)&#160;days or guaranteed
    by the United States of America and backed by the full faith and
    credit of the United States of America or in commercial paper
    obligations rated
    <FONT style="white-space: nowrap">A-1</FONT> or
    <FONT style="white-space: nowrap">P-1</FONT> or
    better by Moody&#146;s Investors Service, Inc. or
    Standard&#160;&#038; Poor&#146;s Corporation, respectively. Any
    interest or income produced by such investments will be payable
    to the Surviving Corporation or Mergerco, as directed by
    Mergerco.
</DIV>

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    A-4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>3.03&#160;&#160;<I>Stock
    Options and Other Awards</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I><U>Company Options</U>.</I>&#160;&#160;As of the
    Effective Time, except as otherwise agreed by the Parents and a
    holder of Company Options with respect to such holder&#146;s
    Company Options, each Company Option, whether vested or
    unvested, shall, by virtue of the Merger and without any action
    on the part of any holder of any Company Option, become fully
    vested and converted into the right at the Effective Time to
    receive, as promptly as practicable following the Effective
    Time, a cash payment (less applicable withholding taxes and
    without interest) with respect thereto equal to the product of
    (a)&#160;the excess, if any, of the Merger Consideration over
    the exercise price per share of such Company Option multiplied
    by (b)&#160;the number of shares of Company Common Stock
    issuable upon exercise of such Company Option (the
    <B><I>&#147;Option Cash Payment&#148; </I></B>and the sum of all
    such payments, the <B><I>&#147;Total Option Cash
    Payments&#148;</I></B>). In the event that the exercise price of
    any Company Option is equal to or greater than the Merger
    Consideration, such Company Option shall be cancelled without
    payment therefor and have no further force or effect. Except for
    the Company Options set forth in Section&#160;3.03(a) of the
    Company Disclosure Schedule, as of the Effective Time, all
    Company Options shall no longer be outstanding and shall
    automatically cease to exist, and each holder of a Company
    Option shall cease to have any rights with respect thereto,
    except the right to receive the Option Cash Payment. Prior to
    the Effective Time, the Company shall take any and all actions
    reasonably necessary to effectuate this
    <U>Section&#160;3.03(a)</U>, including, without limitation,
    providing holders of Company Options with notice of their rights
    with respect to any such Company Options as provided herein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;<I><U>Other Awards</U>.</I>&#160;&#160;As of the
    Effective Time, except as otherwise agreed by the Parents and a
    holder of Restricted Shares with respect to such holder&#146;s
    Restricted Shares, each share outstanding immediately prior to
    the Effective Time subject to vesting or other lapse
    restrictions pursuant to any Company Option Plan or an
    applicable restricted stock agreement (each, a
    <B><I>&#147;Restricted Share&#148;</I></B>) which is outstanding
    immediately prior to the Effective Time shall vest and become
    free of restriction as of the Effective Time and shall, as of
    the Effective Time, be cancelled and converted into the right to
    receive the Merger Consideration in accordance with
    <U>Section&#160;3.01(b).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;<I><U>Amendments to and Termination of
    Plans</U>.</I>&#160;&#160;Prior to the Effective Time, the
    Company shall use its reasonable best efforts to make any
    amendments to the terms of the Company Option Plans and to
    obtain any consents from holders of Company Options and
    Restricted Shares that, in each case, are necessary to give
    effect to the transactions contemplated by
    <U>Section&#160;3.03(a)</U> and <U>Section&#160;3.03(b).</U>
    Without limiting the foregoing the Company shall use its
    reasonable best efforts to ensure that the Company will not at
    the Effective Time be bound by any options, stock appreciation
    rights, warrants or other rights or agreements which would
    entitle any person, other than the holders of the capital stock
    (or equivalents thereof) of the Parents, Mergerco and their
    respective subsidiaries, to own any capital stock of the
    Surviving Corporation or to receive any payment in respect
    thereof. In furtherance of the foregoing, and subject to
    applicable Law and agreements existing between the Company and
    the applicable person, the Company shall explicitly condition
    any new awards or grants to any person under its Company Option
    Plans, annual bonus plans and other incentive plans upon such
    person&#146;s consent to the amendments described in this
    <U>Section&#160;3.03(c)</U> and, to the fullest extent permitted
    by applicable Law, shall withhold payment of the Merger
    Consideration to or require payment of the exercise price for
    all Company Options by any holder of a Company Option as to
    which the Merger Consideration exceeds the amount of the
    exercise price per share under such option unless such holder
    consents to all of the amendments described in this
    <U>Section&#160;3.03(c).</U> Prior to the Effective Time, the
    Company shall take all actions necessary to terminate all
    Company Stock Plans, such termination to be effective at or
    before the Effective Time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;<I><U>Employee Stock Purchase
    Plan</U>.</I>&#160;&#160;The Board of Directors of the Company
    shall terminate all purchases of stock under the Company&#146;s
    2000 Employee Stock Purchase Plan (the <B><I>&#147;Company
    ESPP&#148;</I></B>) effective as of the day immediately after
    the end of the month next following the date hereof, and no
    additional offering periods shall commence under the Company
    ESPP after the date hereof. The Company shall terminate the
    Company ESPP in its entirety immediately prior to the Closing
    Date, and all shares held under such plan, other than Rollover
    Shares, shall be delivered to the participants and shall, as of
    the Effective Time, be cancelled and converted into the right to
    receive the Merger Consideration in accordance with
    <U>Section&#160;3.01(b).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>3.04&#160;&#160;<I>Lost
    Certificates.</I>&#160;&#160;If any Certificate shall have been
    lost, stolen or destroyed, upon the making of an affidavit of
    that fact by the person claiming such Certificate to be lost,
    stolen or destroyed and, if required by the Surviving
    Corporation, the posting by such person of a bond, in such
    reasonable amount as the Surviving
</DIV>

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    <BR>
    A-5
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Corporation may direct, as indemnity against any claim that may
    be made against it with respect to such Certificate, the Paying
    Agent will issue in exchange for such lost, stolen or destroyed
    Certificate the Merger Consideration to which the holder thereof
    is entitled pursuant to this <U>Article&#160;III.</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>3.05&#160;&#160;<I>Dissenting
    Shares.</I>&#160;&#160;Notwithstanding
    <U>Section&#160;3.01(b)</U> hereof, to the extent that holders
    thereof are entitled to appraisal rights under Article&#160;5.12
    of the TBCA, shares of Company Common Stock issued and
    outstanding immediately prior to the Effective Time and held by
    a holder who has properly exercised and perfected his or her
    demand for appraisal rights under Article&#160;5.12 of the TBCA
    (the <B><I>&#147;Dissenting Shares&#148;</I></B>), shall not be
    converted into the right to receive the Merger Consideration,
    but the holders of such Dissenting Shares shall be entitled to
    receive such consideration as shall be determined pursuant to
    Article&#160;5.12 of the TBCA (and at the Effective Time, such
    Dissenting Shares shall no longer be outstanding and shall cease
    to have any rights with respect thereto, except the right to
    receive such consideration as shall be determined pursuant to
    Article&#160;5.12 of the TBCA); <U>provided</U>, <U>however</U>,
    that if any such holder shall have failed to perfect or shall
    have effectively withdrawn or lost his or her right to appraisal
    and payment under the TBCA, such holder&#146;s shares of Company
    Common Stock shall thereupon be deemed to have been converted as
    of the Effective Time into the right to receive the Merger
    Consideration, without any interest thereon, and such shares
    shall not be deemed to be Dissenting Shares. Any payments
    required to be made with respect to the Dissenting Shares shall
    be made by the Surviving Corporation (and not the Company,
    Mergerco or either Parent) and the Aggregate Merger
    Consideration shall be reduced, on a dollar for dollar basis, as
    if the holder of such Dissenting Shares had not been a
    shareholder on the Closing Date. The Company shall give the
    Parents notice of all demands for appraisal and the Parents
    shall have the right to participate in all negotiations and
    proceedings with respect to all holders of Dissenting Shares.
    The Company shall not, except with the prior written consent of
    the Parents, voluntarily make any payment with respect to, or
    settle or offer to settle, any demand for payment from any
    holder of Dissenting Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>3.06&#160;&#160;<I>Transfers;
    No Further Ownership Rights.</I>&#160;&#160;After the Effective
    Time, there shall be no registration of transfers on the stock
    transfer books of the Company of shares of Company Common Stock
    that were outstanding immediately prior to the Effective Time.
    If Certificates are presented to the Surviving Corporation for
    transfer following the Effective Time, they shall be cancelled
    against delivery of the Merger Consideration, as provided for in
    <U>Section&#160;3.01(b)</U> hereof, for each share of Company
    Common Stock formerly represented by such Certificates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>3.07&#160;&#160;<I>Withholding.</I>&#160;&#160;Each
    of the Paying Agent, the Company, Mergerco and the Surviving
    Corporation shall be entitled to deduct and withhold from
    payments otherwise payable pursuant to this Agreement any
    amounts as they are respectively required to deduct and withhold
    with respect to the making of such payment under the Code and
    the rules and regulations promulgated thereunder, or any
    provision of state, local or foreign Tax Law. To the extent that
    amounts are so withheld, such withheld amounts shall be treated
    for all purposes of this Agreement as having been paid to the
    person in respect of which such deduction and withholding was
    made.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>3.08&#160;&#160;<I>Rollover
    by Shareholders.</I>&#160;&#160;At the Effective Time, each
    Rollover Share issued and outstanding immediately before the
    Effective Time shall be cancelled and be converted into and
    become the number of validly issued shares of equity securities
    of the Surviving Corporation calculated in accordance with
    Section&#160;3.08 of the Mergerco Disclosure Schedule. As of the
    Effective Time, all such Rollover Shares when so cancelled,
    shall no longer be issued and outstanding and shall
    automatically cease to exist, and each holder of a certificate
    representing any such Rollover Shares shall cease to have any
    rights with respect thereto, except the right to receive the
    shares of equity securities of the Surviving Corporation as set
    forth in this <U>Section&#160;3.08.</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>3.09&#160;&#160;<I>Additional
    Per Share Consideration.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;No later than ten (10)&#160;business days before the
    Closing Date, if the Closing Date shall occur after the
    Additional Consideration Date, the Company shall prepare and
    deliver to the Parents a good faith estimate of Additional Per
    Share Consideration, together with reasonably detailed
    supporting information (the <B><I>&#147;Estimated Additional Per
    Share Consideration&#148;</I></B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Before and after the delivery of the Estimated
    Additional Per Share Consideration statement, the Company shall
    provide the Parents reasonable access to the records and
    employees of the Company and its subsidiaries, and the Company
    shall, and shall cause the employees of the Company and its
    subsidiaries to, (i)&#160;cooperate in all
</DIV>

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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    reasonable respects with the Parents in connection with the
    Parents&#146; review of the Estimated Additional Per Share
    Consideration statement and (ii)&#160;provide the Parents with
    access to accounting records, supporting schedules and relevant
    information relating to the Company&#146;s preparation of the
    Estimated Additional Per Share Consideration statement and
    calculation of Estimated Additional Per Share Consideration as
    the Parents shall reasonably request and that are available to
    the Company or its affiliates. Within five (5)&#160;business
    days after delivery of the Estimated Additional Per Share
    Consideration statement to the Parents, the Parents may notify
    the Company that they disagree with the Estimated Additional Per
    Share Consideration statement. Such notice shall set forth, to
    the extent practicable, in reasonable detail the particulars of
    such disagreement. If the Parents do not provide a notice of
    disagreement within such five (5)&#160;business day period, then
    the Parents shall be deemed to have accepted the calculations
    and the amounts set forth in the Estimated Additional Per Share
    Consideration statement delivered by the Company, which shall
    then be final, binding and conclusive for all purposes
    hereunder. If any notice of disagreement is timely provided in
    accordance with this <U>Section&#160;3.09(b)</U>, then the
    Company and the Parents shall each use commercially reasonable
    efforts for a period of one (1)&#160;business day thereafter
    (the <B><I>&#147;Estimated Additional Per Share Consideration
    Resolution Period&#148;</I></B>) to resolve any disagreements
    with respect to the calculations in the Estimated Additional Per
    Share Consideration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;If, at the end of the Estimated Additional Per Share
    Consideration Resolution Period, the Company and the Parents are
    unable to resolve any disagreements as to items in the Estimated
    Additional Per Share Consideration statement, then KPMG, LLP
    (New York Office) (or such other independent accounting firm of
    recognized national standing in the United States as may be
    mutually selected by the Company and the Parents) shall resolve
    any remaining disagreements. If neither KPMG, LLP (New York
    Office) nor any such mutually selected accounting firm is
    willing and able to serve in such capacity, then the Parents
    shall deliver to the Company a list of three other accounting
    firms of recognized national or international standing and the
    Company shall select one of such three accounting firms (such
    firm as is ultimately selected pursuant to the aforementioned
    procedures being the <B><I>&#147;Accountant&#148;</I></B>). The
    Accountant shall be charged with determining as promptly as
    practicable, whether the Estimated Additional Per Share
    Consideration as set forth in the Estimated Additional Per Share
    Consideration statement was prepared in accordance with this
    Agreement and (only with respect to the disagreements as to the
    items set forth in the notice of disagreement and submitted to
    the Accountant) whether and to what extent, if any, the
    Estimated Additional Per Share Consideration requires adjustment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;The Accountant shall allocate its costs and expenses
    between the Parents (on behalf of Mergerco) and the Company
    based upon the percentage of the contested amount submitted to
    the Accountant that is ultimately awarded to the Company, on the
    one hand, or the Parents, on the other hand, such that the
    Company bears a percentage of such costs and expenses equal to
    the percentage of the contested amount awarded to the Parents
    (such portion of such costs and expenses, the
    <B><I>&#147;Company Accountant Expense&#148;</I></B>) and the
    Parents (on behalf of Mergerco) bear a percentage of such costs
    and expenses equal to the percentage of the contested amount
    awarded to the Company. The determination of the Accountant
    shall be final, binding and conclusive for all purposes
    hereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;In order to permit the parties to prepare for an
    orderly Closing, the Company will deliver monthly reports
    calculating the previous month&#146;s Operating Cash Flow on or
    before the 20th&#160;day of each month starting January&#160;15,
    2007 (with respect to performance during December 2006)&#160;and
    will provide the Parents with access to accounting records,
    supporting schedules and relevant information relating to the
    Company&#146;s preparation thereof as the Parents shall
    reasonably request and that are available to the Company or its
    affiliates.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;IV.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">REPRESENTATIONS
    AND WARRANTIES OF THE COMPANY
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as disclosed in the documents filed by the Company with
    the SEC between December&#160;31, 2004 and the date hereof
    (together with all forms, documents, schedules, certifications,
    prospectuses, reports, and registration, proxy and other
    statements, required to be filed or furnished by it with or to
    the SEC between December&#160;31, 2004 and the date hereof,
    including such documents filed during such periods on a
    voluntary basis on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    and in each case including exhibits and schedules thereto and
    documents incorporated by reference therein, the
    <B><I>&#147;Company SEC Documents&#148;</I></B>) or in the
    Outdoor SEC Documents or as disclosed in the separate disclosure
    schedule which has been delivered by the Company to the Parents
    prior to the execution of this Agreement (the
    <B><I>&#147;Company Disclosure </I></B>
</DIV>

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    <B><I>Schedule&#148;</I></B>) (provided that, any information
    set forth in one Section of the Company Disclosure Schedule will
    be deemed to apply to each other Section or subsection of this
    Agreement to the extent such disclosure is made in a way as to
    make its relevance to such other Section or subsection readily
    apparent) the Company hereby represents and warrants to Mergerco
    and the Parents as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>4.01&#160;&#160;<I>Organization
    and Qualification; Subsidiaries.</I>&#160;&#160;Each of the
    Company and the subsidiaries set forth in Section&#160;4.01 of
    the Company Disclosure Schedule (the <B><I>&#147;Material
    Subsidiaries&#148;</I></B>) is a corporation or legal entity
    duly organized, validly existing and, if applicable, in good
    standing under the laws of its jurisdiction of organization and
    has the requisite corporate, partnership or limited liability
    company power and authority to own, lease and operate its
    properties and to carry on its business as it is currently
    conducted. Each of the Company and its Material Subsidiaries is
    duly qualified or licensed as a foreign corporation to do
    business, and, if applicable, is in good standing, in each
    jurisdiction in which the character of the properties owned,
    leased or operated by it or the nature of its business makes
    such qualification or licensing necessary, except for such
    failures to be so qualified or licensed and in good standing as
    would not have, individually or in the aggregate, a Material
    Adverse Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>4.02&#160;&#160;<I>Articles
    of Incorporation and Bylaws.</I>&#160;&#160;The Company has made
    available to the Parents a complete and correct copy of the
    Articles of Incorporation and the Bylaws (or equivalent
    organizational documents), each as amended to date, of the
    Company and each of its Material Subsidiaries. The Articles of
    Incorporation and the Bylaws (or equivalent organizational
    documents) of the Company and each of its Material Subsidiaries
    are in full force and effect. None of the Company or any of its
    Material Subsidiaries is in material violation of any provision
    of their respective Articles of Incorporation or the Bylaws (or
    equivalent organizational documents).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>4.03&#160;&#160;<I>Capitalization.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The authorized capital stock of the Company consists of
    1,500,000,000&#160;shares of Company Common Stock, par value
    $.10&#160;per share, 2,000,000&#160;shares of the Company&#146;s
    class&#160;A preferred stock, par value $1.00&#160;per share
    (the <B><I>&#147;Class&#160;A Preferred Stock&#148;</I></B>) and
    8,000,000&#160;shares of the Company&#146;s class&#160;B
    preferred stock, par value $1.00&#160;per share (the
    <B><I>&#147;Class&#160;B Preferred Stock&#148;</I></B>). As of
    the close of business on November&#160;10, 2006,
    (i)&#160;493,794,750&#160;shares of Company Common Stock,
    including Restricted Shares, were issued and outstanding;
    (ii)&#160;no shares of the Class&#160;A Preferred Stock were
    issued and outstanding; (iii)&#160;no shares of the Class&#160;B
    Preferred Stock were issued and outstanding; and
    (iv)&#160;100,000&#160;shares of Company Common Stock were held
    in treasury. As of the close of business on November&#160;10,
    2006 there were 36,605,199&#160;shares of Company Common Stock
    authorized and reserved for future issuance under Company Option
    Plans, 356,962&#160;shares of Company Common Stock authorized
    and reserved for issuance upon exercise of warrants and
    outstanding Company Options to purchase 36,633,054&#160;shares
    of Company Common Stock (of which
    (i)&#160;12,044,341&#160;shares of Company Common Stock were
    subject to outstanding options with an exercise price less than
    $37.60 and such &#147;in the money&#148; options have a weighted
    average exercise price equal to $29.78&#160;per share and
    (ii)&#160;206,465&#160;shares of Company Common Stock were
    subject to outstanding warrants with an exercise price less than
    $37.60 and such &#147;in the money&#148; warrants have a
    weighted average exercise price equal to $34.61&#160;per share).
    As of November&#160;10, 2006, there were 2,304,843 Restricted
    Shares issued and outstanding. Since November&#160;10, 2006, no
    Equity Securities or Convertible Securities of the Company have
    been issued, reserved for issuance or are outstanding, other
    than or pursuant to the Company Options and warrants referred to
    above that are outstanding as of the date of this Agreement or
    Equity Securities
    <FONT style="white-space: nowrap">and/or</FONT>
    Convertible Securities hereafter issued in accordance with
    <U>Section&#160;6.01(k)</U> hereof. As of the Effective Time,
    the warrants referred to above thereafter shall not be
    exercisable for securities of the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Except as set forth above and except as set forth in
    Section&#160;4.03(b) of the Company Disclosure Schedule and
    except as not specifically prohibited under
    <U>Section&#160;6.01</U> hereof, there are no shares of Company
    Common Stock, Class&#160;A Preferred Stock or Class&#160;B
    Preferred Stock issued or outstanding or otherwise reserved for
    issuance. Additionally, there are no outstanding subscriptions,
    options, conversion or exchange rights, warrants, rights
    (including without limitation, pursuant to a so-called
    &#147;poison pill&#148;), calls, repurchase or redemption
    agreements, convertible securities or other similar rights,
    agreements, commitments or contracts of any kind to which the
    Company or any of the Material Subsidiaries is a party or by
    which the Company or any of the Material Subsidiaries is bound
    obligating the Company or any of the Material Subsidiaries to
    issue, transfer, deliver or sell, or cause to be
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    issued, transferred, delivered or sold, additional shares of
    capital stock of, or other equity or voting interests in, or
    securities convertible into, or exchangeable or exercisable for,
    shares of capital stock of, or other equity or voting interests
    in, the Company or any of the Material Subsidiaries or
    obligating the Company or any of the Material Subsidiaries to
    issue, grant, extend or enter into any such security, option,
    warrant, call, right or contract.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;There are no securities except as set forth above that
    can vote on any matters on which the holders of Company Common
    Stock may vote, either on the date hereof or upon conversion or
    exchange of such securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;All outstanding shares of capital stock of the Company
    are, and all shares that may be issued pursuant to the Company
    Option Plans will be, when issued in accordance with the terms
    thereof, duly authorized, validly issued, fully paid and
    non-assessable and not subject to preemptive rights.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>4.04&#160;&#160;<I>Authority
    Relative to Agreement.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The Company has all necessary corporate power and
    authority to execute and deliver this Agreement, to perform its
    obligations hereunder and, subject to receipt of the Requisite
    Shareholder Approval, to consummate the Merger and the other
    transactions contemplated hereby. The execution and delivery of
    this Agreement by the Company and the consummation by the
    Company of the Merger and the other transactions contemplated
    hereby have been duly and validly authorized by all necessary
    corporate action, and no other corporate proceedings on the part
    of the Company are necessary to authorize the execution and
    delivery of this Agreement or to consummate the Merger and the
    other transactions contemplated hereby (other than, with respect
    to the Merger, the receipt of the Requisite Shareholder
    Approval, as well as the filing of the Articles of Merger with
    the Secretary of State). This Agreement has been duly and
    validly executed and delivered by the Company and, assuming the
    due authorization, execution and delivery by Mergerco and the
    Parents, this Agreement constitutes a legal, valid and binding
    obligation of the Company, enforceable against the Company in
    accordance with its terms (except as such enforceability may be
    limited by bankruptcy, insolvency, fraudulent transfer,
    reorganization, moratorium and other similar Laws of general
    applicability relating to or affecting creditors&#146; rights,
    and to general equitable principles).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The Board of Directors of the Company, at a meeting
    duly called and held, has (i)&#160;approved and adopted this
    Agreement and approved the Merger and the other transactions
    contemplated hereby; (ii)&#160;determined that the Merger is
    advisable and fair to and in the best interests of, the
    shareholders of the Company (other than affiliate shareholders
    as to which no determination was made); and (iii)&#160;resolved
    to submit this Agreement to the shareholders of the Company for
    approval, file the Proxy Statement with the SEC and, subject to
    <U>Section&#160;6.07</U> hereof, recommend that the shareholders
    of the Company approve this Agreement and the Merger.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;The Requisite Shareholder Approval at the
    Shareholders&#146; Meeting or any adjournment or postponement
    thereof in favor of the adoption of this Agreement and the
    Merger is the only vote or approval of the holders of any class
    or series of capital stock of the Company or any of its
    subsidiaries which is necessary to adopt this Agreement, approve
    the Merger and the transactions contemplated hereby.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>4.05&#160;&#160;<I>No
    Conflict; Required Filings and Consents.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Except as set forth in Section&#160;4.05 of the Company
    Disclosure Schedule, the execution and delivery of this
    Agreement by the Company does not, the performance of this
    Agreement by the Company will not and the consummation of the
    transactions contemplated hereby will not (i)&#160;conflict with
    or violate the Articles of Incorporation or Bylaws (or
    equivalent organizational documents) of (A)&#160;the Company or
    (B)&#160;any of the Material Subsidiaries; (ii)&#160;assuming
    the consents, approvals and authorizations specified in
    <U>Section&#160;4.05(b)</U> have been received and the waiting
    periods referred to therein have expired, and any condition to
    the effectiveness of such consent, approval, authorization, or
    waiver has been satisfied, conflict with or violate any Law
    applicable to the Company or any of its subsidiaries; or
    (iii)&#160;result in any breach of, or constitute a default
    (with or without notice or lapse of time or both) under, or give
    to others any right of termination, amendment, acceleration or
    cancellation of, or result in the creation of a Lien, other than
    any Permitted Lien, upon any of the properties or assets of the
    Company or any of its subsidiaries, pursuant to any note, bond,
    mortgage, indenture or credit agreement, or any other contract,
    agreement, lease, license, permit, franchise or other instrument
    or obligation to which the Company or any of its subsidiaries is
    a party or by which the Company or any of its subsidiaries or
    any property or asset of the Company or its subsidiaries is
    bound or affected, other than, in the case of clauses&#160;(ii)
    and (iii), any such violation, conflict,
</DIV>

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    default, termination, cancellation, acceleration or Lien that
    would not have, individually or in the aggregate, a Material
    Adverse Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The execution and delivery of this Agreement by the
    Company does not, and the consummation by the Company of the
    transactions contemplated by this Agreement will not, require
    any consent, approval, authorization, waiver or permit of, or
    filing with or notification to, any Governmental Authority,
    except for applicable requirements of the Exchange Act, the
    Securities Act, Blue Sky Laws, the HSR Act, any applicable
    Foreign Antitrust Laws, any filings, waivers or approvals as may
    be required under the Communications Act and foreign
    communications Laws, any filings, waivers or approvals as may be
    required under foreign investment review laws, filing and
    recordation of appropriate merger documents as required by the
    Texas Acts, the DGCL and the rules of the NYSE, and except where
    failure to obtain such other consents, approvals, authorizations
    or permits, or to make such filings or notifications, would not
    have, individually or in the aggregate, a Material Adverse
    Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>4.06&#160;&#160;<I>Permits
    and Licenses; Compliance with Laws.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Each of the Company and its Material Subsidiaries is in
    possession of all franchises, grants, authorizations, licenses
    (other than Company FCC Licenses), permits, easements,
    variances, exceptions, consents, certificates, approvals and
    orders necessary for the Company or any of its Material
    Subsidiaries to own, lease and operate the properties of the
    Company and its Material Subsidiaries or to carry on its
    business as it is now being conducted and contemplated to be
    conducted by the Company and its Material Subsidiaries (the
    <B><I>&#147;Company Permits&#148;</I></B>), and no suspension or
    cancellation of any of the Company Permits is pending or, to the
    knowledge of the Company, threatened, except where the failure
    to have, or the suspension or cancellation of, any of the
    Company Permits would not have, individually or in the
    aggregate, a Material Adverse Effect on the Company. None of the
    Company or any of its Material Subsidiaries is in conflict with,
    or in default or violation of, (i)&#160;any Laws applicable to
    the Company or any of its Material Subsidiaries or by which any
    property or asset of the Company or any of its Material
    Subsidiaries is bound or affected; (ii)&#160;any of the Company
    Permits; or (iii)&#160;any note, bond, mortgage, indenture,
    contract, agreement, lease, license, permit, franchise or other
    instrument or obligation to which the Company or any of its
    Material Subsidiaries is a party or by which the Company or any
    of its Material Subsidiaries or any property or asset of the
    Company or any of its Material Subsidiaries is bound or
    affected, except for any such conflicts, defaults or violations
    that would not have, individually or in the aggregate, a
    Material Adverse Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Section&#160;4.06(b) of the Company Disclosure Schedule
    sets forth (i)&#160;all main radio and television stations and
    (ii)&#160;all radio or television stations for which the Company
    or any subsidiary of the Company provides programming,
    advertising or other services pursuant to a LMA. The Company FCC
    Licenses are in full force and effect and have not been revoked,
    suspended, canceled, rescinded or terminated and have not
    expired (other than FCC Licenses that are the subject of pending
    renewal applications), and are not subject to any material
    conditions except for conditions applicable to broadcast
    licenses generally or as otherwise disclosed on the face of the
    Company FCC Licenses. The Company and its subsidiaries are
    operating, and have operated the Company Stations, in compliance
    in all material respects with the terms of the Company FCC
    Licenses and the Communications Act, and the Company and its
    subsidiaries have timely filed or made all material
    applications, reports and other disclosures required by the FCC
    to be filed or made with respect to the Company Stations and
    have timely paid all FCC regulatory fees with respect thereto,
    except as would not have, individually or in the aggregate, a
    Material Adverse Effect on the Company. Except for
    administrative rulemakings, legislation or other proceedings
    affecting the broadcast industry generally, there is not,
    pending or, to the Company&#146;s knowledge, threatened by or
    before the FCC any proceeding, notice of violation, order of
    forfeiture or complaint or investigation against or relating to
    the Company or any of its subsidiaries, or any of the Company
    Stations, except for any such proceedings, notices, orders,
    complaints, or investigations that would not have, individually
    or in the aggregate, a Material Adverse Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>4.07&#160;&#160;<I>Company
    SEC Documents.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The Company and to its knowledge Outdoor Holdings have
    filed all Company SEC Documents and Outdoor SEC Documents, as
    the case may be, since December&#160;31, 2004 (and in the case
    of Outdoor Holdings since November&#160;2, 2005). None of the
    Company&#146;s subsidiaries (other than Outdoor Holdings) is
    required to file periodic reports with the SEC pursuant to the
    Exchange Act. As of their respective effective dates (in the
    case of Company SEC Documents and Outdoor SEC Documents, as the
    case may be, that are registration statements filed pursuant to
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the requirements of the Securities Act), and as of their
    respective SEC filing dates (in the case of all other Company
    SEC Documents or the Outdoor SEC Documents, as the case may be),
    or in each case, if amended prior to the date hereof, as of the
    date of the last such amendment, the Company SEC Documents and,
    to the Company&#146;s knowledge, the Outdoor SEC Documents
    complied in all material respects, and all documents filed by
    the Company or Outdoor Holdings between the date of this
    Agreement and the date of Closing shall comply in all material
    respects, with the requirements of the Securities Act, the
    Exchange Act or the Sarbanes-Oxley Act, as the case may be, and
    the applicable rules and regulations promulgated thereunder, and
    none of the Company SEC Documents at the time they were filed
    or, if amended, as of the date of such amendment contained, or
    if filed after the date hereof will contain, any untrue
    statement of a material fact or omitted to state any material
    fact required to be stated therein or necessary to make the
    statements therein, in light of the circumstances under which
    they were made, or are to be made, not misleading. The Company
    has made available to the Parents a complete and correct copy of
    any material amendments or modifications which, to the
    Company&#146;s knowledge, are required to be filed with the SEC,
    but have not yet been filed with the SEC, with respect to
    (i)&#160;agreements which previously have been filed by the
    Company or any of its subsidiaries with the SEC pursuant to the
    Securities Act or the Exchange Act and (ii)&#160;the Company SEC
    Documents filed prior to the date hereof. As of the date of this
    Agreement, there are no outstanding or unresolved comments
    received from the SEC staff with respect to the Company SEC
    Documents and, to the Company&#146;s knowledge, the Outdoor SEC
    Documents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The consolidated financial statements (as restated
    prior to the date hereof, if applicable, and including all
    related notes and schedules) of the Company included in the
    Company SEC Documents fairly present in all material respects
    the consolidated financial position of the Company and its
    consolidated subsidiaries as at the respective dates thereof and
    their consolidated results of operations and consolidated cash
    flows for the respective periods then ended (subject, in the
    case of the unaudited statements, to normal year-end audit
    adjustments and to any other adjustments described therein
    including the notes thereto) in conformity with GAAP (except, in
    the case of the unaudited statements, as permitted by the rules
    related to Quarterly Reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    promulgated under the Exchange Act) applied on a consistent
    basis during the periods involved (except as may be indicated
    therein or in the notes thereto).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Except as has not had or would not reasonably be
    expected to have, individually or in the aggregate, a Material
    Adverse Effect on the Company, the Company (i)&#160;has
    established and maintained disclosure controls and procedures
    and internal control over financial reporting (as such terms are
    defined in paragraphs&#160;(e)&#160;and (f), respectively, of
    <FONT style="white-space: nowrap">Rule&#160;13a-15</FONT>
    under the Exchange Act) as required by
    <FONT style="white-space: nowrap">Rule&#160;13a-15</FONT>
    under the Exchange Act, and (ii)&#160;has disclosed, based on
    its most recent evaluations, to its outside auditors and the
    audit committee of the Board of Directors of the Company,
    (A)&#160;all significant deficiencies and material weaknesses in
    the design or operation of internal controls over financial
    reporting (as defined in
    <FONT style="white-space: nowrap">Rule&#160;13a-15(f)</FONT>
    of the Exchange Act) which are reasonably likely to adversely
    affect the Company&#146;s ability to record, process, summarize
    and report financial data and (B)&#160;any fraud, whether or not
    material, that involves management or other employees who have a
    significant role in the Company&#146;s internal controls over
    financial reporting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>4.08&#160;&#160;<I>Absence
    of Certain Changes or Events.</I>&#160;&#160;Since
    December&#160;31, 2005, except as otherwise contemplated or
    permitted by this Agreement, the businesses of the Company and
    its subsidiaries taken as a whole have been conducted in all
    material respects in the ordinary course of business consistent
    with past practice and through the date of this Agreement. Since
    December&#160;31, 2005 and through the date of this Agreement,
    there has not been a Material Adverse Effect on the Company or
    any event, circumstance or occurrence that has had or would
    reasonably be expected to have a Material Adverse Effect on the
    Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>4.09&#160;&#160;<I>No
    Undisclosed Liabilities.</I>&#160;&#160;Except (a)&#160;as
    reflected or reserved against in the Company&#146;s consolidated
    balance sheets (as restated prior to the date hereof, or the
    notes thereto) included in the Company SEC Documents,
    (b)&#160;for liabilities or obligations incurred in the ordinary
    course of business since the date of such balance sheets, and
    (c)&#160;for liabilities or obligations arising under this
    Agreement, neither the Company nor any of its subsidiaries has
    any liabilities or obligations of any nature, whether or not
    accrued, contingent or otherwise, that would be required by GAAP
    to be reflected on a consolidated balance sheet (or the notes
    thereto) of the Company and its subsidiaries, other than those
    which would not have, individually or in the aggregate, a
    Material Adverse Effect on the Company.
</DIV>

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    <BR>
    A-11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>4.10&#160;&#160;<I>Absence
    of Litigation.</I>&#160;&#160;There is no claim, action,
    proceeding or investigation pending or, to the knowledge of the
    Company, threatened against the Company or any of its
    subsidiaries, or any of their respective properties or assets at
    law or in equity, and there are no Orders, before any arbitrator
    or Governmental Authority, in each case as would have,
    individually or in the aggregate, a Material Adverse Effect on
    the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>4.11&#160;&#160;<I>Taxes.</I>&#160;&#160;Except
    as has not been or would not be, individually or in the
    aggregate, material to the Company, or except as set forth in
    Section&#160;4.11 of the Company Disclosure Schedule,
    (i)&#160;the Company and each of its Material Subsidiaries have
    prepared (or caused to be prepared) and timely filed (taking
    into account any extension of time within which to file) all
    material Tax Returns required to be filed by any of them and all
    such filed Tax Returns (taking into account all amendments
    thereto) are complete and accurate in all material respects;
    (ii)&#160;the Company and each of its Material Subsidiaries have
    timely paid all material Taxes owed by it (whether or not shown
    on any Tax Returns), except for Taxes which are being diligently
    contested in good faith by appropriate proceedings and for which
    adequate reserves have been established in accordance with GAAP;
    (iii)&#160;as of the date of this Agreement, in respect of
    United States federal, state and local Taxes and in respect of
    federal income Taxes payable in France, the United Kingdom,
    Italy, Spain, Sweden, Belgium, the Netherlands, and Switzerland,
    there are not pending or, to the knowledge of the Company,
    threatened any material audits, examinations, investigations or
    other proceedings in respect of any Taxes of the Company or any
    of its subsidiaries; (iv)&#160;to the knowledge of the Company
    there are no material Liens for Taxes on any of the assets of
    the Company or any of its Material Subsidiaries other than
    Permitted Liens; (v)&#160;none of the Company or any of its
    Material Subsidiaries has been a &#147;controlled
    corporation&#148; or a &#147;distributing corporation&#148; in
    any distribution occurring during the two (2)&#160;year period
    ending on the date hereof that was purported or intended to be
    governed by Section&#160;355 of the Code (or any similar
    provision of state, local or foreign Law); (vi)&#160;to the
    actual knowledge of the Company all material amounts of United
    States federal, state and local Taxes and all material amounts
    of federal income Taxes payable in France, the United Kingdom,
    Italy, Spain, Sweden, Belgium, the Netherlands, and Switzerland,
    required to be withheld by the Company and each of its
    subsidiaries have been timely withheld and paid over to the
    appropriate Governmental Authority; (vii)&#160;no material
    deficiency for any Tax has been asserted or assessed by any
    Governmental Authority in respect of United States federal,
    state and local Taxes and in respect of federal income Taxes
    payable in France, the United Kingdom, Italy, Spain, Sweden,
    Belgium, the Netherlands, and Switzerland, in writing against
    the Company or any of its subsidiaries (or, to the knowledge of
    the Company, has been threatened or proposed), except for
    deficiencies which have been satisfied by payment, settled or
    been withdrawn or which are being diligently contested in good
    faith by appropriate proceedings and for which adequate reserves
    have been established in accordance with GAAP;
    (viii)&#160;neither the Company nor any of its subsidiaries has
    waived any statute of limitations in respect of Material Taxes
    payable to the United States or any state or locality thereof,
    or in respect of federal income Taxes payable in France, the
    United Kingdom, Italy, Spain, Sweden, Belgium, and Switzerland,
    or agreed to any extension of time with respect to an assessment
    or deficiency for Taxes in respect of such jurisdictions (other
    than pursuant to extensions of time to file Tax Returns obtained
    in the ordinary course); (ix)&#160;neither the Company nor any
    of its Material Subsidiaries (A)&#160;in the past three
    (3)&#160;years has been a member of an affiliated group filing a
    consolidated federal income Tax Return (other than a group the
    common parent of which was the Company) or (B)&#160;has any
    liability for the Taxes of any person (other than the Company or
    any of its subsidiaries) under Treasury
    <FONT style="white-space: nowrap">Regulation&#160;Section&#160;1.1502-6</FONT>
    (or any similar provision of state, local or foreign Law), as a
    transferee or successor, or pursuant to any indemnification,
    allocation or sharing agreement with respect to Taxes that could
    give rise to a payment or indemnification obligation (other than
    agreements among the Company and its subsidiaries and other than
    customary Tax indemnifications contained in credit or other
    commercial agreements the primary purpose of which does not
    relate to Taxes); (x)&#160;neither the Company nor any of its
    Material Subsidiaries has engaged in any &#147;listed
    transaction&#148; within the meaning of Treasury
    <FONT style="white-space: nowrap">Regulation&#160;Section&#160;1.6011-4(b)(2);</FONT>
    and (xi)&#160;the Company is not, and has not been at any time
    within the last five (5)&#160;years, a &#147;United States real
    property holding corporation&#148; within the meaning of
    Section&#160;897 of the Code.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>4.12&#160;&#160;<I>Information
    Supplied.</I>&#160;&#160;The Proxy Statement and any other
    document filed with the SEC by the Company in connection with
    the Merger (or any amendment thereof or supplement thereto)
    (collectively, the <B><I>&#147;SEC Filings&#148;</I></B>), at
    the date first mailed to the shareholders of the Company, at the
    time of the Company Shareholders&#146; Meeting and at the time
    filed with the SEC, as the case may be, will not contain any
    untrue statement of a material fact or omit to state any
    material fact required to be stated therein or necessary in
    order to make the statements therein, in light of the
    circumstances under which they are made, not misleading;
    <U>provided</U>, <U>however</U>, that no representation is made
    by the Company with respect to statements made therein based on
    information
</DIV>

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    <BR>
    A-12
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    supplied in writing by the Parents specifically for inclusion in
    such documents. The SEC Filings made by the Company will comply
    in all material respects with the provisions of the Exchange Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>4.13&#160;&#160;<I>Material
    Contracts.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;As of the date hereof, neither the Company nor any of
    its subsidiaries is a party to or bound by any &#147;material
    contract&#148; (as such term is defined in item&#160;601(b)(10)
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-K</FONT>
    of the SEC) (all contracts of the type described in this
    <U>Section&#160;4.13(a)</U>, being referred to herein as a
    <B><I>&#147;Company Material Contract&#148;</I></B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Neither the Company nor any subsidiary of the Company
    is in breach of or default under the terms of any Company
    Material Contract. To the knowledge of the Company, no other
    party to any Company Material Contract is in breach of or
    default under the terms of any Company Material Contract. Each
    Company Material Contract is a valid and binding obligation of
    the Company or its subsidiary which is a party thereto and, to
    the knowledge of the Company, is in full force and effect;
    <U>provided</U>, <U>however</U>, that (a)&#160;such enforcement
    may be subject to applicable bankruptcy, insolvency,
    reorganization, moratorium or other similar Laws, now or
    hereafter in effect, relating to creditors&#146; rights
    generally and (b)&#160;equitable remedies of specific
    performance and injunctive and other forms of equitable relief
    may be subject to equitable defenses and to the discretion of
    the court before which any proceeding therefor may be brought
    and (ii)&#160;the Company and its subsidiaries have performed
    and complied in all material respects with all obligations
    required to be performed or complied with by them under each
    Company Material Contract.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>4.14&#160;&#160;<I>Employee
    Benefits and Labor Matters.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Correct and complete copies of the following documents
    with respect to each Company Benefit Plan (other than such
    Company Benefit Plan that is maintained outside of the
    jurisdiction of the United States and covers fewer than 400
    employees) have been made available to the Parents by the
    Company to the extent applicable: (i)&#160;any plan documents
    and related trust documents, insurance contracts or other
    funding arrangements, and all amendments thereto; (ii)&#160;the
    most recent Forms&#160;5500 and all schedules thereto;
    (iii)&#160;the most recent actuarial report, if any;
    (iv)&#160;the most recent IRS determination letter; (v)&#160;the
    most recent summary plan descriptions; and (vi)&#160;written
    summaries of all non-written Company Benefit Plans.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The Company Benefit Plans have been maintained, in all
    material respects, in accordance with their terms and with all
    applicable provisions of ERISA, the Code and other Laws, except
    for non-compliance which has not had or could not reasonably be
    expected to have a Material Adverse Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Except as set forth on Section&#160;4.14(c) of the
    Company Disclosure Schedule, none of the Company Benefit Plans
    is subject to Title&#160;IV of ERISA or Sections&#160;4063 or
    4064 of ERISA. The Company Benefit Plans intended to qualify
    under Section&#160;401 of the Code or other tax-favored
    treatment under applicable laws do so qualify, and nothing has
    occurred with respect to the operation of the Company Benefit
    Plans that could cause the loss of such qualification or
    tax-favored treatment, or the imposition of any liability,
    penalty or tax under ERISA or the Code, except for
    non-compliance which has not had or could not reasonably be
    expected to have a Material Adverse Effect on the Company. No
    Company Benefit Plan provides post-termination health, medical
    or life insurance benefits for current, former or retirement
    employees of the Company or any of its subsidiaries, except as
    required to avoid an excise Tax under Section&#160;4980B of the
    Code or as otherwise required by any other applicable Law, or
    except as would not have or could not reasonably expect to have
    a Material Adverse Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;There are no pending or, to the knowledge of the
    Company, threatened actions, claims or lawsuits with respect to
    any Company Benefit Plan (other than routine benefit claims),
    nor does the Company have any knowledge of facts that could form
    the basis for any such claim or lawsuit, except for such
    actions, claims or lawsuits which, if adversely determined,
    could not reasonably be expected to have a Material Adverse
    Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;Neither the execution and delivery of this Agreement
    nor the consummation of the transactions contemplated hereunder,
    either by themselves or in connection with any other event, will
    entitle any employee, officer or director of the Company or any
    of its subsidiaries to (i)&#160;accelerate the time of any
    payment, vesting of any payment or funding of compensation or
    benefits, except for the acceleration of vesting of outstanding
    stock options and restricted stock awards pursuant to the
    Company Option Plans and the distribution of all account
    balances under
</DIV>

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    <BR>
    A-13
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the Company&#146;s Non-Qualified Deferred Compensation Plan,
    (ii)&#160;any increase in the amount payable under any Company
    Benefit Plan or any employment, severance, bonus or similar
    agreement, or (iii)&#160;any payment of any material amount that
    could individually or in combination with any other such payment
    constitute an &#147;excess parachute payment&#148; as defined in
    Section&#160;280G(b)(1) of the Code except as disclosed on
    Section&#160;4.14(e) of the Company Disclosure Schedule.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;There is no union organization activity involving any
    of the employees of the Company or its subsidiaries pending or,
    to the knowledge of the Company, threatened. There is no
    picketing pending or, to the knowledge of the Company,
    threatened, and there are no strikes, slowdowns, work stoppages,
    other material job actions, lockouts, arbitrations, material
    grievances or other material labor disputes involving any of the
    employees of the Company or its subsidiaries pending or, to the
    knowledge of the Company, threatened. With respect to all
    employees, the Company and each subsidiary is in material
    compliance with all laws, regulations and orders relating to the
    employment of labor, including all such Laws, regulations and
    orders relating to wages, hours, the WARN Act, collective
    bargaining, discrimination, civil rights, safety and health,
    workers&#146; compensation, and the collection and payment of
    withholding
    <FONT style="white-space: nowrap">and/or</FONT>
    social security taxes and any similar tax, except such
    non-compliance as would not have or reasonably be expected to
    have a Material Adverse Effect. All independent contractors
    presently retained by the Company or its subsidiaries to provide
    any and all services are appropriately classified as such in
    accordance with applicable law, except such failures as would
    not have, or would not reasonably be expected to have, a
    Material Adverse Effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>4.15&#160;&#160;<I>State
    Takeover Statutes.</I>&#160;&#160;The Company has taken all
    action necessary to exempt the Merger, this Agreement, and
    transaction contemplated hereby from the provisions of
    Article&#160;13 of the TBCA and such action is effective. No
    other state takeover, &#147;moratorium&#148;, &#147;fair
    price&#148;, &#147;affiliate transaction&#148; or similar
    statute or regulation under any applicable Law is applicable to
    the Merger or any of the transactions contemplated by this
    Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>4.16&#160;&#160;<I>Opinion
    of Financial Advisors.</I>&#160;&#160;The Board of Directors of
    the Company has received an oral opinion of Goldman
    Sachs&#160;&#038; Co. and the special advisory committee of the
    Board of Directors of the Company has received the oral opinion
    of Lazard, to the effect that, as of the date of each such
    opinion and based upon and subject to the limitations,
    qualifications and assumptions set forth therein, the Merger
    Consideration as provided in <U>Section&#160;3.01(b)</U> payable
    to each holder of outstanding shares of Company Common Stock
    (other than shares cancelled pursuant to
    <U>Section&#160;3.01(b)</U> hereof, shares held by affiliates of
    the Company, Dissenting Shares and the Rollover Shares), in the
    aggregate, is fair to the holders of the Company Common Stock
    from a financial point of view. The Company shall deliver
    executed copies of the written opinions received from Goldman
    Sachs&#160;&#038; Co. and Lazard to the Parents promptly upon
    receipt thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>4.17&#160;&#160;<I>Brokers.</I>&#160;&#160;No
    broker, finder or investment banker is entitled to any
    brokerage, finder&#146;s or other fee or commission in
    connection with the Merger based upon arrangements made by or on
    behalf of the Company other than as provided in the letter of
    engagement by and between the Board of Directors of the Company
    and Goldman Sachs&#160;&#038; Co. and the special advisory
    committee of the Board of Directors of the Company and Lazard
    provided to the Parents prior to the date hereof, which such
    letters have not been amended or supplemented.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>4.18&#160;&#160;<I>No
    Other Representations or Warranties.</I>&#160;&#160;Except for
    the representations and warranties contained in this
    <U>Article&#160;IV</U>, neither the Company nor any other person
    on behalf of the Company makes any express or implied
    representation or warranty with respect to the Company or with
    respect to any other information provided to the Parents in
    connection with the transactions contemplated hereby. Neither
    the Company nor any other person will have or be subject to any
    liability or indemnification obligation to Mergerco, either
    Parent or any other person resulting from the distribution to
    the Parents, or the Parents&#146; use of, any such information,
    including any information, documents, projections, forecasts of
    other material made available to the Parents in certain
    &#147;data rooms&#148; or management presentations in
    expectation of the transactions contemplated by this Agreement,
    unless any such information is expressly included in a
    representation or warranty contained in this
    <U>Article&#160;IV.</U>
</DIV>

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    <BR>
    A-14
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;V.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">REPRESENTATIONS
    AND WARRANTIES OF THE PARENTS AND MERGERCO
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as disclosed in the separate disclosure schedule which
    has been delivered by the Parents to the Company prior to the
    execution of this Agreement (the <B><I>&#147;Mergerco Disclosure
    Schedule&#148;</I></B>) (provided that any information set forth
    in one Section of the Mergerco Disclosure Schedule will be
    deemed to apply to each other Section or subsection of this
    Agreement to the extent such disclosure is made in a way as to
    make its relevance to such other Section or subsection readily
    apparent), the Parents and Mergerco hereby jointly and severally
    represent and warrant to the Company as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>5.01&#160;&#160;<I>Organization
    and Qualification; Subsidiaries.</I>&#160;&#160;Each Parent is a
    limited liability company duly organized, validly existing in
    good standing under the laws of its jurisdiction of organization
    and has the requisite limited liability company power and
    authority and all necessary governmental approvals to own, lease
    and operate its properties and to carry on its business as it is
    now being conducted. Each Parent is duly qualified or licensed
    as a foreign limited liability company to do business, and, if
    applicable, is in good standing, in each jurisdiction where the
    character of the properties owned, leased or operated by it or
    the nature of its business makes such qualification or licensing
    necessary. Mergerco is a corporation duly organized, validly
    existing in good standing under the laws of its jurisdiction of
    organization and has the requisite corporate power and authority
    and all necessary governmental approvals to own, lease and
    operate its properties and to carry on its business as it is now
    being conducted, except where the failure to have such
    governmental approvals would not have, individually or in the
    aggregate, a Mergerco Material Adverse Effect. Mergerco is duly
    qualified or licensed as a foreign corporation to do business,
    and, if applicable, is in good standing, in each jurisdiction
    where the character of the properties owned, leased or operated
    by it or the nature of its business makes such qualification or
    licensing necessary, except for such failures to be so qualified
    or licensed and in good standing that would not have,
    individually or in the aggregate, a Mergerco Material Adverse
    Effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>5.02&#160;&#160;<I>Certificate
    of Incorporation, Bylaws, and Other Organizational
    Documents.</I>&#160;&#160;The Parents have made available to the
    Company a complete and correct copy of the certificate of
    incorporation, the bylaws (or equivalent organizational
    documents), and other operational documents, agreements or
    arrangements, each as amended to date, of Mergerco
    (collectively, the <B><I>&#147;Mergerco Organizational
    Documents&#148;</I></B>). The Mergerco Organizational Documents
    are in full force and effect. Neither Mergerco, nor to the
    knowledge of the Parents the other parties thereto, are in
    violation of any provision of the Mergerco Organizational
    Documents, as applicable, except as would not have, individually
    or in the aggregate, a Mergerco Material Adverse Effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>5.03&#160;&#160;<I>Authority
    Relative to Agreement.</I>&#160;&#160;The Parents and Mergerco
    have all necessary power and authority to execute and deliver
    this Agreement, to perform their respective obligations
    hereunder and to consummate the Merger and the other
    transactions contemplated hereby, including the Financing by the
    Parents. The execution and delivery of this Agreement by the
    Parents and Mergerco and the consummation of the Merger by them
    and the other transactions contemplated hereby, including the
    Financing by the Parents, have been duly and validly authorized
    by all necessary limited liability company action on the part of
    the Parents and all corporate action of Mergerco, and no other
    corporate proceedings on the part of the Parents or Mergerco are
    necessary to authorize the execution and delivery of this
    Agreement or to consummate the Merger and the other transactions
    contemplated hereby, including the Financing by the Parents
    (other than, with respect to the Merger, the filing of the
    Articles of Merger with the Secretary of State). This Agreement
    has been duly and validly executed and delivered by the Parents
    and Mergerco and, assuming the due authorization, execution and
    delivery by the Company, this Agreement constitutes a legal,
    valid and binding obligation of the Parents and Mergerco,
    enforceable against the Parents and Mergerco in accordance with
    its terms (except as such enforceability may be limited by
    bankruptcy, insolvency, fraudulent transfer, reorganization,
    moratorium and other similar laws of general applicability
    relating to or affecting creditor&#146;s rights, and to general
    equitable principles).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>5.04&#160;&#160;<I>No
    Conflict; Required Filings and Consents.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The execution and delivery of this Agreement by the
    Parents and Mergerco do not, and the performance of this
    Agreement by the Parents and Mergerco will not and the
    consummation of the transactions contemplated hereby will not,
    (i)&#160;conflict with or violate the certificates of formation
    or limited liability company agreements (or
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    equivalent organizational documents) of the Parents or the
    certificate of incorporation or bylaws (or equivalent
    organizational documents) of Mergerco; (ii)&#160;assuming the
    consents, approvals and authorizations specified in
    <U>Section&#160;5.04(b)</U> have been received and the waiting
    periods referred to therein have expired, and any condition to
    the effectiveness of such consent, approval, authorization, or
    waiver has been satisfied, conflict with or violate any Law
    applicable to the Parents or Mergerco; or (iii)&#160;result in
    any breach of or constitute a default (with notice or lapse of
    time or both) under, or give to others any right of termination,
    amendment, acceleration or cancellation of, or result in the
    creation of a Lien on any property or asset of the Parents or
    Mergerco pursuant to, any note, bond, mortgage, indenture or
    credit agreement, or any other contract, agreement, lease,
    license, permit, franchise or other instrument or obligation to
    which a Parent or Mergerco is a party or by which a Parent or
    Mergerco or any property or asset of a Parent or Mergerco is
    bound or affected, other than, in the case of clauses&#160;(ii)
    and (iii), for any such conflicts, violations, breaches,
    defaults or other occurrences of the type referred to above
    which would not have, individually or in the aggregate, a
    Mergerco Material Adverse Effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The execution and delivery of this Agreement by the
    Parents and Mergerco does not, and the consummation by the
    Parents and Mergerco of the transactions contemplated by this
    Agreement, including the Financing, will not, require any
    consent, approval, authorization, waiver or permit of, or filing
    with or notification to, any Governmental Authority, except for
    applicable requirements of the Exchange Act, the Securities Act,
    Blue Sky Laws, the HSR Act, any applicable
    <FONT style="white-space: nowrap">non-U.S.&#160;competition,</FONT>
    antitrust or investment Laws, any filings, approvals or waivers
    of the FCC as may be required under the Communications Act and
    foreign communications, filing and recordation of appropriate
    merger documents as required by the Texas Acts, the DGCL and the
    rules of the NYSE, and except where failure to obtain such
    consents, approvals, authorizations or permits, or to make such
    filings or notifications, would not have, individually or in the
    aggregate, a Mergerco Material Adverse Effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>5.05&#160;&#160;<I>FCC
    Matters.</I>&#160;&#160;Section&#160;5.05 of the Mergerco
    Disclosure Schedule sets forth each Attributable Interest.
    Subject to compliance with the Parents&#146; obligations under
    Section&#160;6.05, (i)&#160;Mergerco is legally and financially
    qualified under the Communications Act to control the Company
    FCC Licenses; (ii)&#160;Mergerco is in compliance with
    Section&#160;3.10(b) of the Communications Act and the
    FCC&#146;s rules governing alien ownership; (iii)&#160;there are
    no facts or circumstances pertaining to Mergerco or any of its
    subsidiaries which, under the Communications Act would
    reasonably be expected to (x)&#160;result in the FCC&#146;s
    refusal to grant the FCC Consent or otherwise disqualify
    Mergerco, or (y)&#160;materially delay obtaining the FCC
    Consent, or cause the FCC to impose a condition or conditions
    that, individually or in the aggregate, would reasonably be
    expected to have a Material Adverse Effect on the Company; and
    (iv)&#160;no waiver of, or exemption from, any provision of the
    Communications Act or the rules, regulations and policies of the
    FCC is necessary to obtain the FCC Consent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>5.06&#160;&#160;<I>Absence
    of Litigation.</I>&#160;&#160;There is no claim, action,
    proceeding, or investigation pending or, to the knowledge of the
    Parents, threatened against any of the Parents or Mergerco or
    any of their respective properties or assets at law or in
    equity, and there are no Orders before any arbitrator or
    Governmental Authority, in each case, as would have,
    individually or in the aggregate, a Mergerco Material Adverse
    Effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>5.07&#160;&#160;<I>Available
    Funds.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Section&#160;5.07(a) of Mergerco Disclosure Schedule
    sets forth true, accurate and complete copies, as of the date
    hereof, of executed commitment letters from the parties listed
    in Section&#160;5.07(a) of the Mergerco Disclosure Schedule
    dated as of the date hereof (as the same may be amended,
    modified, supplemented, restated, superseded and replaced in
    accordance with <U>Section&#160;6.13(a)</U>, collectively, the
    <B><I>&#147;Debt Commitment Letters&#148;</I></B>), pursuant to
    which, and subject to the terms and conditions thereof, the
    lender parties thereto have committed to lend the amounts set
    forth therein for the purpose of funding the transactions
    contemplated by this Agreement (the <B><I>&#147;Debt
    Financing&#148;</I></B>). Section&#160;5.07(a) of Mergerco
    Disclosure Schedule sets forth true, accurate and complete
    copies, as of the date hereof, of executed commitment letters
    (collectively, the <B><I>&#147;Equity Commitment Letters&#148;
    </I></B>and together with the Debt Commitment Letters, the
    <B><I>&#147;Financing Commitments&#148;</I></B>) pursuant to
    which the investors listed in Section&#160;5.07(a) of the
    Mergerco Disclosure Schedule (the
    <B><I>&#147;Investors&#148;</I></B>) have committed to invest
    the cash amounts set forth therein subject to the terms therein
    (the <B><I>&#147;Equity Financing&#148; </I></B>and together
    with the Debt Financing, the
    <B><I>&#147;Financing&#148;</I></B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;As of the date hereof, the Financing Commitments are in
    full force and effect and have not been withdrawn or terminated
    or otherwise amended or modified in any respect. As of the date
    hereof, each of the Financing Commitments, in the form so
    delivered, is in full force and effect and is a legal, valid and
    binding obligation of the
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Parents and to Parents&#146; knowledge, the other parties
    thereto. Except as set forth in the Financing Commitments, there
    are no (i)&#160;conditions precedent to the respective
    obligations of the Investors to fund the full amount of the
    Equity Financing; (ii)&#160;conditions precedent to the
    respective obligations of the lenders specified in the Debt
    Commitment Letter to fund the full amount of the Debt Financing;
    or (iii)&#160;contractual contingencies under any agreements,
    side letters or arrangements relating to the Financing
    Commitments to which either Parent or any of their respective
    affiliates is a party that would permit the lenders specified in
    the Debt Commitment Letters or the Investors providing the
    Equity Commitment Letters to reduce the total amount of the
    Financing (other than retranching or reallocating the Debt
    Financing in a manner that does not reduce the aggregate amount
    of the debt financing), or that would materially affect the
    availability of the Debt Financing or the Equity Financing. As
    of the date hereof, (A)&#160;no event has occurred which, with
    or without notice, lapse of time or both, would constitute a
    default or breach on the part of the Parents under any term or
    condition of the Financing Commitments, and (B)&#160;subject to
    the accuracy of the representations and warranties of the
    Company set forth in Article&#160;II hereof, and the
    satisfaction of the conditions set forth in
    <U>Section&#160;7.01</U> and <U>Section&#160;7.02</U> hereof,
    the Parents have no reason to believe that it will be unable to
    satisfy on a timely basis any term or condition of closing to be
    satisfied by it contained in the Financing Commitments. The
    Parents have fully paid any and all commitment fees or other
    fees required by the Financing Commitments to be paid on or
    before the date of this Agreement. Subject to the terms and
    conditions of this Agreement and as of the date hereof, assuming
    the funding of the Financing in accordance with the terms and
    conditions of the Financing Commitments, the aggregate proceeds
    from the Financing constitute all of the financing required to
    be provided by the Parents or Mergerco for the consummation of
    the transactions contemplated hereby, and are sufficient for the
    satisfaction of all of the Parents&#146; and Mergerco&#146;s
    obligations under this Agreement, including the payment of the
    Aggregate Merger Consideration and the payment of all associated
    costs and expenses (including any refinancing of indebtedness of
    Mergerco or the Company required in connection therewith).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;From and after the date hereof, Mergerco, the Parents,
    any Investor and their respective affiliates shall not enter
    into any discussions, negotiations, arrangements, understanding
    or agreements with respect to the Equity Financing with those
    persons identified on <U>Section&#160;5.07(c)</U> of the Company
    Disclosure Schedule.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>5.08&#160;&#160;<I>Limited
    Guarantee.</I>&#160;&#160;Concurrently with the execution of
    this Agreement, the Parents have delivered to the Company the
    Limited Guarantee of each of the Investors, dated as of the date
    hereof, with respect to certain matters on the terms specified
    therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>5.09&#160;&#160;<I>Capitalization
    of Mergerco.</I>&#160;&#160;As of the date of this Agreement,
    the authorized capital stock of Mergerco (the
    <B><I>&#147;Mergerco Shares&#148;</I></B>) will be held by the
    persons listed on Section&#160;5.09 of Mergerco Disclosure
    Schedule. On the Closing Date, the Mergerco Shares will be held
    by the persons listed on Section&#160;5.09 of the Mergerco
    Disclosure Schedule and any other Investor who has committed to
    invest in the Equity Financing pursuant to the provisions of
    <U>Section&#160;6.13</U> (each such Investor, a <B><I>&#147;New
    Equity Investor&#148;</I></B> and each such New Equity
    Investor&#146;s equity commitment letter, a <B><I>&#147;New
    Equity Commitment Letter&#148;</I></B>). Other than as set forth
    on Section&#160;5.09 of the Mergerco Disclosure Schedule, no
    person who holds shares of record or beneficially has an
    Attributable Interest in Mergerco. Except as provided in the
    Equity Commitment Letters or the New Equity Commitment Letters,
    if any, there are no outstanding options, warrants, rights,
    calls, subscriptions, claims of any character, agreements,
    obligations, convertible or exchangeable securities, or other
    commitments, contingent or otherwise, relating to the Mergerco
    Shares or any capital stock equivalent or other nominal interest
    in Mergerco (the <B><I>&#147;Mergerco Equity
    Interests&#148;</I></B>), pursuant to which Mergerco is or may
    become obligated to issue shares of its capital stock or other
    equity interests or any securities convertible into or
    exchangeable for, or evidencing the right to subscribe for any
    Mergerco Equity Interests. Except as provided in the Equity
    Commitment Letters or New Equity Commitment Letters, if any,
    there are no contracts or commitments to which Mergerco is a
    party relating to the issuance, sale or transfer of any equity
    securities or other securities of Mergerco. Mergerco was formed
    solely for the purpose of engaging in the transactions
    contemplated hereby, and it has not conducted any business prior
    to the date hereof and has no, and prior to the Effective Time
    will have no, assets, liabilities or obligations of any nature
    other than those incident to its formation and pursuant to this
    Agreement and the Merger and the other transactions contemplated
    by this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>5.10&#160;&#160;<I>Brokers.</I>&#160;&#160;No
    broker, finder or investment banker is entitled to any
    brokerage, finder&#146;s or other fee or commission in
    connection with the Merger based upon arrangements made by or on
    behalf of Mergerco with
</DIV>

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    A-17
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    respect to which the Company or any subsidiary is or could
    become liable for payment in full or in part, except in the
    event that the Company becomes obligated with respect to the
    payment of Mergerco&#146;s Expenses pursuant to the terms of
    <U>Section&#160;8.02(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>5.11&#160;&#160;<I>Information
    Supplied.</I>&#160;&#160;None of the information supplied or to
    be supplied by the Parents for inclusion or incorporation by
    reference in the Proxy Statement will, at the date it is first
    mailed to the shareholders of the Company and at the time of the
    Shareholders&#146; Meeting, contain any untrue statement of a
    material fact or omit to state any material fact required to be
    stated therein or necessary in order to make the statements
    therein, in light of the circumstances under which they are
    made, not misleading.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>5.12&#160;&#160;<I>Solvency.</I>&#160;&#160;As
    of the Effective Time, assuming (a)&#160;satisfaction of the
    conditions to the Parents&#146; and Mergerco&#146;s obligation
    to consummate the Merger, (b)&#160;the accuracy of the
    representation and warranties of the Company set forth in
    <U>Article&#160;IV</U> hereof (for such purposes, such
    representations and warranties shall be true and correct in all
    material respects without giving effect to any knowledge,
    materiality or &#147;Material Adverse Effect&#148; qualification
    or exception), (c)&#160;any estimates, projections or forecasts
    have been prepared on good faith based upon reasonable
    assumptions, and (d)&#160;the Required Financial Information
    fairly presents the consolidated financial condition of the
    Company and its subsidiaries as at the end of the periods
    covered thereby and the consolidated results of operations of
    the Company and its subsidiaries for the periods covered
    thereby, then immediately after giving effect to all of the
    transactions contemplated by this Agreement, the Surviving
    Corporation will be solvent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>5.13&#160;&#160;<I>No
    Other Representations or Warranties.</I>&#160;&#160;Except for
    the representations and warranties contained in this
    <U>Article&#160;V</U>, none of Mergerco, the Parents, or any
    other person on behalf of Mergerco or the Parents makes any
    express or implied representation or warranty with respect to
    Mergerco or with respect to any other information provided to
    the Company in connection with the transactions contemplated
    hereby. None of Mergerco, the Parents and any other person will
    have or be subject to any liability or indemnification
    obligation to the Company or any other person resulting from the
    distribution to the Company, or the Company&#146;s use of, any
    such information unless any such information is expressly
    included in a representation or warranty contained in this
    <U>ARTICLE&#160;V.</U>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;VI.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">COVENANTS
    AND AGREEMENTS
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>6.01&#160;&#160;<I>Conduct
    of Business by the Company Pending the
    Merger.</I>&#160;&#160;The Company covenants and agrees that,
    between the date of this Agreement and the Effective Time or the
    date, if any, on which this Agreement is terminated pursuant to
    <U>Section&#160;8.01</U>, except (i)&#160;as may be required by
    Law; (ii)&#160;as may be agreed in writing by the Parents;
    (iii)&#160;as may be expressly permitted pursuant to, or
    required under, this Agreement; or (iv)&#160;as set forth in
    Section&#160;6.01 of the Company Disclosure Schedule, the
    business of the Company and its subsidiaries shall be conducted
    in the ordinary course of business and in a manner consistent
    with past practice in all material respects; and the Company and
    its subsidiaries shall use commercially reasonable efforts to
    preserve substantially intact the Company&#146;s business
    organization (except as otherwise contemplated by this
    <U>Section&#160;6.01</U>) and retain the employment of the
    Senior Executives; <U>provided</U>, <U>however</U>, that no
    action by the Company or its subsidiaries with respect to
    matters specifically addressed by any provision of this
    <U>Section&#160;6.01</U> shall be deemed a breach of this
    sentence unless such action would constitute a breach of such
    specific provision. Furthermore, the Company agrees with the
    Parents and Mergerco that, except as set forth in
    Section&#160;6.01 of the Company Disclosure Schedule or as may
    be consented to in writing by the Parents, the Company shall
    not, and shall not permit any subsidiary to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;amend or otherwise change the Articles of Incorporation
    or Bylaws of the Company or such equivalent organizational
    documents of any of the subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;except for transactions between the Company and its
    subsidiaries, or among the Company&#146;s subsidiaries, or as
    otherwise permitted in <U>Section&#160;6.01</U> of this
    Agreement, issue, sell, pledge, dispose, encumber or grant any
    Equity Securities or Convertible Securities of the Company or
    its subsidiaries; <U>provided</U>, <U>however</U>, that
    (i)&#160;the Company may issue shares upon exercise of any
    Company Option or other Convertible Security outstanding as of
    the date hereof, other agreement existing as of the date hereof,
    or as may be granted after the date hereof in accordance with
    this <U>Section&#160;6.01</U>, (ii)&#160;the Company may issue
    shares of
</DIV>

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    <BR>
    A-18
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Company Common Stock pursuant to the Company ESPP in accordance
    with this <U>Section&#160;6.01</U> and (iii)&#160;any other
    agreement existing as of the date hereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;acquire, except in respect of any mergers,
    consolidations, business combinations among the Company and its
    subsidiaries or among the Company&#146;s subsidiaries (including
    by merger, consolidation, or acquisition of stock or assets),
    any corporation, partnership, limited liability company, other
    business organization or any division thereof, or any material
    amount of assets in connection with acquisitions or investments
    with a purchase price in excess of $150,000,000 in the
    aggregate; <U>provided</U>, that without the Parents&#146;
    consent, which such consent shall not be unreasonably withheld,
    the Company and its subsidiaries shall not acquire or make any
    investment (or agree to acquire or to make any investment) in
    any entity that holds, or has an attributable interest in, any
    license, authorization, permit or approval issued by the FCC;
    provided that it shall be deemed reasonable by the Parents to
    withhold consent for an acquisition or investment that would be
    reasonably likely to delay, impede or prevent receipt of the FCC
    Consent;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;adjust, recapitalize, reclassify, combine, split,
    subdivide, redeem, purchase or otherwise acquire any Equity
    Securities or Convertible Securities (other than the acquisition
    of Equity Securities or Convertible Securities originally issued
    pursuant to the terms of the Company Benefit Plan in connection
    with a cashless exercise or as contemplated by
    <U>Section&#160;6.01</U> hereof) tendered by employees or former
    employees;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;other than with respect to the payment by the Company
    of a regular quarterly dividend, as and when normally paid, not
    to exceed $0.1875&#160;per share, declare, set aside for payment
    or pay any dividend payable in cash, property or stock on, or
    make any other distribution in respect of, any shares of its
    capital stock or otherwise make any payments to its shareholders
    in their capacity as such (other than dividends by a direct or
    indirect majority-owned subsidiary of the Company to its parent);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;create, incur or assume any indebtedness for borrowed
    money, issue any note, bond or other security or guarantee any
    indebtedness for any person (other than a subsidiary) except for
    indebtedness: (i)&#160;incurred under the Company&#146;s or a
    subsidiary&#146;s existing credit facilities or incurred to
    replace, renew, extend, refinance or refund any existing
    indebtedness in the ordinary course of business consistent with
    past practice, not in excess of the existing credit limits,
    provided that no syndication, placement or other marketing
    efforts in connection with the replacement, renewal, extension
    or refinancing of any existing indebtedness shall be conducted
    or be announced during the Marketing Period and during the
    period commencing twenty (20)&#160;business days immediately
    prior to the Marketing Period; (ii)&#160;for borrowed money
    incurred pursuant to agreements in effect prior to the execution
    of this Agreement; (iii)&#160;as otherwise required in the
    ordinary course of business consistent with past practice; or
    (iv)&#160;other than as permitted pursuant to this
    <U>Section&#160;6.01</U>, in an aggregate principal amount not
    to exceed $250,000,000; provided that, notwithstanding the
    foregoing, in no event shall: (x)&#160;the Company redeem,
    repurchase, prepay, defease, cancel or otherwise acquire any
    notes maturing on or after January&#160;1, 2009; (y)&#160;the
    Company or any subsidiary create, incur or assume any
    indebtedness that can not be prepaid at any time without penalty
    or premium (other than customary LIBOR &#147;breakage&#148;
    costs); or (z)&#160;create, incur or assume any indebtedness
    that would interfere with, hinder or prevent the Parents from
    being able to consummate the Financing Commitments in effect as
    of the date hereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;make any material change to its methods of accounting
    in effect at December&#160;31, 2005, except (i)&#160;as required
    by GAAP,
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    of the Exchange Act or as required by a Governmental Authority
    or quasi-Governmental Authority (including the Financial
    Accounting Standards Board or any similar organization);
    (ii)&#160;as required by a change in applicable Law; or
    (iii)&#160;as disclosed in the Company SEC Documents filed prior
    to the date hereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;without the consent of the Parents, adopt or enter into
    a plan of restructuring, recapitalization or other
    reorganization (other than the Merger and other than
    transactions exclusively between the Company and its
    subsidiaries or between the Company&#146;s subsidiaries, in
    which case, the Parents&#146; consent will not be unreasonably
    withheld or delayed);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;except for (i)&#160;transactions among the Company and
    its subsidiaries, (ii)&#160;as provided for in
    Section&#160;6.01(i) of the Company Disclosure Schedule, and
    (iii)&#160;pursuant to contracts in force on the date of this
    Agreement and listed in Section&#160;6.01(i) of the Company
    Disclosure Schedule, sell, lease, license, transfer,
</DIV>

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    <BR>
    A-19
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    exchange or swap, mortgage or otherwise encumber (including
    securitizations), or subject to any Lien (other than Permitted
    Liens) or otherwise dispose of any asset or any portion of its
    properties or assets with a sale price in excess of $50,000,000;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (j)&#160;except (a)&#160;as required by Law or the Treasury
    Regulations promulgated under the Code, or (b)&#160;as would not
    result in the incurrence of a material amount of additional
    taxes, or (c)&#160;as otherwise is in the ordinary course of
    business and in a manner consistent with past practice,
    (i)&#160;make any material change (or file any such change) in
    any method of Tax accounting or any annual Tax accounting
    period; (ii)&#160;make, change or rescind any material Tax
    election; (iii)&#160;participate in any settlement negotiations
    concerning United States federal income Taxes in respect of the
    2003 or subsequent tax year without giving one representative
    designated by the Parents the opportunity to monitor such audit
    and providing monthly updates to the Parents in respect of any
    significant developments regarding such 2003 or subsequent tax
    years; (iv)&#160;settle or compromise any material Tax
    liability, audit claim or assessment; (v)&#160;surrender any
    right to claim for a material Tax refund; (vi)&#160;file any
    amended Tax Return involving a material amount of additional
    Taxes; (vii)&#160;enter into any closing agreement relating to
    material Taxes; or (viii)&#160;waive or extend the statute of
    limitations in respect of material Taxes other than pursuant to
    extensions of time to file Tax Returns obtained in the ordinary
    course of business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (k)&#160;grant, confer or award Convertible Securities or other
    rights to acquire any of its or its subsidiaries&#146; capital
    stock or take any action to cause to be exercisable any
    otherwise unexercisable option under any Company Option Plan
    (except as otherwise provided by the terms of any unexercisable
    options outstanding on the date hereof), except (i)&#160;as may
    be required under any bonus or incentive plans existing prior to
    the date hereof or entered into after the date hereof in
    accordance with this <U>Section&#160;6.01</U> and employment
    agreements executed prior to the date hereof or entered into
    after the date hereof in accordance with this
    <U>Section&#160;6.01</U>; and (ii)&#160;for customary grants of
    Equity Securities and Convertible Securities made to employees
    at fair market value, as determined by the Board of Directors of
    the Company; provided that with respect to subsections
    (i)&#160;and (ii)&#160;hereof, the number of shares of Company
    Common Stock subject to such Equity Securities or Convertible
    Securities shall not exceed 0.25% of the outstanding shares of
    Company Common Stock as of the close of business on
    November&#160;10, 2006;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (l)&#160;except as required pursuant to existing written
    agreements or existing Company Benefit Plans in effect as of the
    date hereof, or as permitted by this <U>Section&#160;6.01</U> or
    as disclosed in Section&#160;6.01(l) of the Company Disclosure
    Schedule, or as otherwise required by Law, (i)&#160;increase the
    compensation or other benefits payable or to become payable to
    (x)&#160;current or former directors (including Lowry Mays, Mark
    Mays, and Randall Mays in their capacities as executive officers
    of the Company); (y)&#160;any other Senior Executives of the
    Company by an amount exceeding the amount set forth on
    Section&#160;6.01(l) of the Company Disclosure Schedule, or
    (z)&#160;other employees except in the ordinary course of
    business consistent with past practices (ii)&#160;grant any
    severance or termination pay to, or enter into any severance
    agreement with any current or former director, executive officer
    or employee of the Company or any of its subsidiaries, except as
    are required in accordance with any Company Benefit Plan and in
    the case of employees other than the Senior Executives, other
    than in the ordinary course of business consistent with past
    practice, (iii)&#160;enter into any employment agreement with
    any director, executive officer or employee of the Company or
    any of its subsidiaries, except (A)&#160;employment agreements
    to the extent necessary to replace a departing executive officer
    or employee upon substantially similar terms,
    (B)&#160;employment agreements with on-air talent, (C)&#160;new
    employment agreements entered into in the ordinary course of
    business providing for compensation not in excess of $250,000
    annually and with a term of no more than two (2)&#160;years, or
    (D)&#160;extension of employment agreements other than
    agreements with the Senior Executives in the ordinary course of
    business consistent with past practice (iv)&#160;adopt, approve,
    ratify, enter into or amend any collective bargaining agreement,
    side letter, memorandum of understanding or similar agreement
    with any labor union, except, in each case, as would not result
    in a material increase to the Company in the cost of maintaining
    such collective bargaining agreement, plan, trust, fund, policy
    or arrangement or (v)&#160;adopt, amend or terminate any Company
    Benefit Plan (except as otherwise specifically provided in this
    <U>Section&#160;6.01(l)</U> or as required by applicable law),
    retention, change in control, profit sharing, or severance plan
    or contract for the benefit of any of their current or former
    directors, officers, or employees or any of their beneficiaries,
    except for any amendment to comply with Section&#160;409(A) of
    the Code;
</DIV>

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    <BR>
    A-20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (m)&#160;make any capital expenditure or expenditures which is
    in excess of $50,000,000 individually or $100,000,000 in the
    aggregate, except for any such capital expenditures in aggregate
    amounts consistent with past practice or as required pursuant to
    new contracts entered into in the ordinary course of business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (n)&#160;make any investment (by contribution to capital,
    property transfers, purchase of securities or otherwise) in, or
    loan or advance (other than travel and similar advances to its
    employees in the ordinary course of business consistent with
    past practice) to, any person in excess of $25,000,000 in the
    aggregate for all such investments, loans or advances, other
    than an investment in, or loan or advance to a subsidiary;
    <U>provided</U>, <U>however</U>, that (other than travel and
    similar advances in the ordinary course of business) the Company
    shall not make any loans or advances to any Senior Executives;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (o)&#160;settle or compromise any material claim, suit, action,
    arbitration or other proceeding whether administrative, civil or
    criminal, in law or in equity, provided that the Company may
    settle or compromise any such claim that is not related to this
    Agreement or the transactions contemplated hereby that do not
    exceed $10,000,000 individually or $30,000,000, in the aggregate
    and do not impose any material restriction on the business or
    operations of the Company or its subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (p)&#160;except with respect to any Permitted Divestitures,
    without the Parents&#146; consent, which consent may not be
    unreasonably withheld, delayed or conditioned, enter into any
    LMA in respect of the programming of any radio or television
    broadcast station or contract for the acquisition or sale of any
    radio broadcast station, television broadcast station or daily
    newspaper (by merger, purchase or sale of stock or assets or
    otherwise) or of any equity or debt interest in any person that
    directly or indirectly has an attributable interest in any radio
    broadcast station, television broadcast station or daily
    newspaper; <U>provided</U>, that it shall be deemed reasonable
    for the Parents to withhold consent for any such LMA or
    acquisition that would be reasonably likely to delay, impede or
    prevent receipt of the FCC Consent;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (q)&#160;make any amendment or modification to, or give any
    consent or grant any waiver under, that certain Master
    Agreement, dated as of November&#160;16, 2005, by and between
    the Company and Outdoor Holdings (the <B><I>&#147;Master
    Agreement&#148;</I></B>), to permit Outdoor Holdings to issue
    capital stock, option or other security, consolidate or merge
    with another person, declare or pay any dividend, sell or
    encumber any of its assets, amend, modify, cancel, forgive or
    assign any intercompany notes or amend, terminate or modify the
    Master Agreement or the Corporate Services Agreement between
    Clear Channel Management Services, L.P. and Outdoor Holdings,
    dated November&#160;16, 2005;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (r)&#160;enter into any transaction, agreement, arrangement or
    understanding between (i)&#160;the Company or any of its
    subsidiaries, on the one hand, and (ii)&#160;any affiliate of
    the Company (other than its subsidiaries) on the other hand, of
    the type that would be required to be disclosed under
    Item&#160;404 of
    <FONT style="white-space: nowrap">Regulation&#160;S-K</FONT>
    that involves more than $100,000, except for (a)&#160;in the
    ordinary course of business consistent with the practices
    disclosed in the SEC Documents; and (b)&#160;the grant of Equity
    Securities or Convertible Securities permitted by this Agreement
    under Company Option Plans and (c)&#160;compensatory payments as
    provided for in the Company&#146;s bonus or incentive plans
    adopted by the Compensation Committee of the Board of Directors
    of the Company or the Board of Directors of the Company prior to
    the date hereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (s)&#160;adopt any takeover defenses or take any action to
    render any state takeover statutes inapplicable to any
    transaction other than the transactions contemplated by this
    Agreement;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (t)&#160;authorize or enter into any written agreement or
    otherwise make any commitment to do any of the foregoing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>6.02&#160;&#160;<I>FCC
    Matters.</I>&#160;&#160;During the period from the date of this
    Agreement to the Effective Time or the date, if any, on which
    this Agreement is terminated pursuant to
    <U>Section&#160;8.01</U>, the Company shall, and shall cause
    each of its Material Subsidiaries to: (i)&#160;use reasonable
    best efforts to comply with all material requirements of the FCC
    applicable to the operation of the Company Stations;
    (ii)&#160;promptly deliver to the Parents copies of any material
    reports or applications filed with the FCC; (iii)&#160;promptly
    notify the Parents of any inquiry, investigation or proceeding
    initiated by the FCC relating to the Company Stations which, if
    determined adversely to the Company, would be reasonably likely
    to have, in the aggregate, a Material Adverse Effect on the
    Company; and (iv)&#160;not make
</DIV>

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    <BR>
    A-21
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    or revoke any election with the FCC if such election or
    revocation would have, in the aggregate, a Material Adverse
    Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>6.03&#160;&#160;<I>Proxy
    Statement.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I><U>Covenants of the Company with Respect to the
    Proxy Statement.</U></I>&#160;&#160; Within thirty
    (30)&#160;days following the date of this Agreement, subject to
    <U>Section&#160;6.07</U> hereof, the Company shall prepare and
    shall cause to be filed with the SEC a proxy statement (together
    with any amendments thereof or supplements thereto, the
    <B><I>&#147;Proxy Statement&#148;</I></B>) relating to the
    meeting of the Company&#146;s shareholders to be held to
    consider the adoption and approval of this Agreement and the
    Merger. The Company shall include, except to the extent provided
    in <U>Section&#160;6.07</U>, the text of this Agreement and the
    recommendation of the Board of Directors of the Company that the
    Company&#146;s shareholders approve and adopt this Agreement.
    The Company shall use reasonable best efforts to respond as
    promptly as reasonably practicable to any comments of the SEC
    with respect to the Proxy Statement. The Company shall promptly
    notify the Parents upon the receipt of any comments from the SEC
    or its staff or any request from the SEC or its staff for
    amendments or supplements to the Proxy Statement, shall consult
    with the Parents prior to responding to any such comments or
    request or filing any amendment or supplement to the Proxy
    Statement and shall provide the Parents with copies of all
    correspondence between the Company and its Representatives on
    the one hand and the SEC and its staff on the other hand. None
    of the information with respect to the Company or its
    subsidiaries to be included in the Proxy Statement will, at the
    time of the mailing of the Proxy Statement or any amendments or
    supplements thereto, and at the time of the Shareholders&#146;
    Meeting, contain any untrue statement of a material fact or omit
    to state any material fact required to be stated therein or
    necessary in order to make the statements therein, in light of
    the circumstances under which they were made, not misleading.
    The Proxy Statement will comply in all material respects with
    the provisions of the Exchange Act and the rules and regulations
    promulgated thereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;<I><U>Covenants of the Parents with Respect to the
    Proxy Statement.</U></I>&#160;&#160;None of the information with
    respect to the Parents, Mergerco or their respective
    subsidiaries specifically provided in writing by the Parents or
    any person authorized to act on their behalf for inclusion in
    the Proxy Statement will, at the time of the mailing of the
    Proxy Statement or any amendments or supplements thereto, and at
    the time of the Shareholders&#146; Meeting, contain any untrue
    statement of a material fact or omit to state any material fact
    required to be stated therein or necessary in order to make the
    statements therein, in light of the circumstances under which
    they were made, not misleading.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;<I><U>Cooperation</U>.</I>&#160;&#160;The Company and
    the Parents shall cooperate and consult with each other in
    preparation of the Proxy Statement. Without limiting the
    generality of the foregoing, the Parents will furnish to the
    Company the information relating to it required by the Exchange
    Act and the rules and regulations promulgated thereunder to be
    set forth in the Proxy Statement. Notwithstanding anything to
    the contrary stated above, prior to filing and mailing the Proxy
    Statement (or any amendment or supplement thereto) or responding
    to any comments of the SEC with respect thereto, the party
    responsible for filing or mailing such document shall provide
    the other party an opportunity to review and comment on such
    document or response and shall discuss with the other party and
    include in such document or response, comments reasonably and
    promptly proposed by the other party.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;<I><U>Mailing of Proxy Statement;
    Amendments</U>.</I>&#160;&#160;Within five (5)&#160;days after
    the Proxy Statement has been cleared by the SEC, the Company
    shall mail the Proxy Statement to the holders of Company Common
    Stock as of the record date established for the
    Shareholders&#146; Meeting. If at any time prior to the
    Effective Time any event or circumstance relating to the
    Company, the Parents or Mergerco or any of the Company&#146;s
    subsidiaries or the Parents&#146; or Mergerco&#146;s
    subsidiaries, or their respective officers or directors, should
    be discovered by the Company or the Parents, respectively,
    which, pursuant to the Securities Act or Exchange Act, should be
    set forth in an amendment or a supplement to the Proxy Statement
    so that the Proxy Statement shall not contain any untrue
    statement of a material fact or omit to state any material fact
    required to be stated therein or necessary in order to make the
    statements therein, in light of the circumstances under which
    they are made, not misleading, such party shall promptly inform
    the other. Each of the Parents and the Company agree to correct
    any information provided by it for use in the Proxy Statement
    which shall have become false or misleading (determined in
    accordance with
    <FONT style="white-space: nowrap">Rule&#160;14a-9(a)</FONT>
    of the Exchange Act). All documents that each of the Company and
    the Parents is responsible for filing with the SEC in connection
    with the Merger will comply as to form and substance in all
    material respects with the applicable requirements of the
    Securities Act and the Exchange Act and the rules and
    regulations of the NYSE.
</DIV>

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    <BR>
    A-22
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>6.04&#160;&#160;<I>Shareholders&#146;
    Meeting.</I>&#160;&#160;Unless this Agreement has been
    terminated pursuant to <U>Section&#160;8.01</U>, the Company
    shall, promptly after the SEC indicates that it has no further
    comments on the Proxy Statement, establish a record date for,
    duly call, give notice of, convene and hold a meeting of its
    shareholders within forty-five (45)&#160;days of the mailing of
    such Proxy Statement, for the purpose of voting upon the
    adoption of this Agreement and approval of the Merger (the
    <B><I>&#147;Shareholders&#146; Meeting&#148;</I></B>), and the
    Company shall hold the Shareholders&#146; Meeting. The Company
    shall recommend to its shareholders the adoption of this
    Agreement and approval of the Merger in the Proxy Statement and
    at the Shareholders&#146; Meeting (the <B><I>&#147;Company
    Recommendation&#148;</I></B>); <U>provided</U>, <U>however</U>,
    that the Company shall not be obligated to recommend to its
    shareholders the adoption of this Agreement or approval of the
    Merger at its Shareholders&#146; Meeting to the extent that the
    Board of Directors of the Company makes a Change of
    Recommendation pursuant to the provisions of
    <U>Section&#160;6.07.</U> Unless the Company makes a Change of
    Recommendation, the Company will use commercially reasonable
    efforts to solicit from its shareholders proxies in favor of the
    adoption and approval of this Agreement and the Merger and will
    take all other action necessary or advisable to secure the vote
    or consent of its shareholders required by the rules of the NYSE
    or the applicable Law to obtain such approvals. The Company
    shall keep the Parents updated with respect to proxy
    solicitation results as reasonably requested by the Parents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>6.05&#160;&#160;<I>Appropriate
    Action; Consents; Filings.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Subject to the terms of this Agreement, the parties
    hereto will use their respective reasonable best efforts to
    consummate and make effective the transactions contemplated
    hereby and to cause the conditions to the Merger set forth in
    <U>Article&#160;VII</U> to be satisfied, including (i)&#160;in
    the case of the Parents, the obtaining of all necessary
    approvals under any applicable communication Laws required in
    connection with this Agreement, the Merger and the other
    transactions contemplated by this Agreement, including any
    obligations of the Parents in accordance with
    <U>Section&#160;6.05(b)</U>; (ii)&#160;the obtaining of all
    necessary actions or non-actions, consents and approvals from
    Governmental Authorities or other persons necessary in
    connection with the consummation of the transactions
    contemplated by this Agreement and the making of all necessary
    registrations and filings (including filings with Governmental
    Authorities if any) and the taking of all reasonable steps as
    may be necessary to obtain an approval from, or to avoid an
    action or proceeding by, any Governmental Authority or other
    persons necessary in connection with the consummation of the
    transactions contemplated by this Agreement; (iii)&#160;the
    defending of any lawsuits or other legal proceedings, whether
    judicial or administrative, challenging this Agreement or the
    consummation of the transactions performed or consummated by
    such party in accordance with the terms of this Agreement,
    including seeking to have any stay or temporary restraining
    order entered by any court or other Governmental Authority
    vacated or reversed; and (iv)&#160;the execution and delivery of
    any additional instruments necessary to consummate the Merger
    and other transactions to be performed or consummated by such
    party in accordance with the terms of this Agreement and to
    fully carry out the purposes of this Agreement. Each of the
    parties hereto shall promptly (in no event later than fifteen
    (15)&#160;business days following the date that this Agreement
    is executed) make its respective filings, and thereafter make
    any other required submissions under the HSR Act and any
    applicable
    <FONT style="white-space: nowrap">non-U.S.&#160;competition</FONT>
    or antitrust Laws with respect to the transactions contemplated
    hereby. The Parents and the Company shall cooperate to prepare
    such applications as may be necessary for submission to the FCC
    in order to obtain the FCC Consent (the <B><I>&#147;FCC
    Applications&#148;</I></B>) and shall promptly (in no event
    later than thirty (30)&#160;business days following the date
    that this Agreement is executed) file such FCC Applications with
    the FCC. Said FCC Applications shall specify that Mergerco, or
    any person having an attributable ownership interest in Mergerco
    as defined for purposes of applying the FCC Media Ownership
    Rules <B><I>(&#147;Attributable Investor&#148;</I></B>), shall
    render non-attributable all interests in any assets or
    businesses which would conflict with the FCC Media Ownership
    Rules (including, without limitation, the equity debt plus
    rules) if such interests were held by Mergerco or any
    Attributable Investor following the Effective Time, including,
    without limitation, any such interest that Mergerco or any
    Attributable Investor is or may become obligated to acquire (the
    <B><I>&#147;Attributable Interest&#148;</I></B>). The Parents
    shall, and the Parents shall cause each Attributable Investor
    to, (i)&#160;render non-attributable under the FCC Media
    Ownership Rules each Attributable Interest, and (ii)&#160;not
    acquire or enter into any agreement to acquire any Attributable
    Interest, and not permit to exist any interest that conflicts
    with the FCC&#146;s alien ownership rules. The action required
    by clause&#160;(i) above shall be completed not later than the
    Effective Time. The parties shall diligently take, or cooperate
    in the taking of, all necessary, desirable and proper actions,
    and provide any additional information, reasonably required or
    requested by the FCC. Each of the Parents and the Company will
    keep the other informed of any material communications
    (including any meeting, conference or telephonic call) and will
    provide the other copies of all correspondence between it (or
    its advisors) and the FCC and each of the Parents and the
    Company will permit the other to review any material
    communication relating to the FCC Applications to be given by it
    to the FCC.
</DIV>

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    <BR>
    A-23
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each of the Parents and the Company shall notify the other in
    the event it becomes aware of any other facts, actions,
    communications or occurrences that might directly or indirectly
    affect the Parents&#146; or the Company&#146;s intent or ability
    to effect prompt FCC approval of the FCC Applications. The
    Parents and the Company shall oppose any petitions to deny or
    other objections filed with respect to the FCC Applications and
    any requests for reconsideration or judicial review of the FCC
    Consent. Each of the Parents and the Company agrees not to, and
    shall not permit any of their respective subsidiaries to, take
    any action that would reasonably be expected to materially
    delay, materially impede or prevent receipt of the FCC Consent.
    The fees required by the FCC for the filing of the FCC
    Applications shall be borne one-half by the Parents (on behalf
    of Mergerco) and one-half by the Company
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The Parents agree to take promptly any and all steps
    necessary to avoid or eliminate each and every impediment and
    obtain all consents under any antitrust, competition or
    communications or broadcast Law (including the FCC Media
    Ownership Rules) that may be required by any U.S.&#160;federal,
    state or local or any applicable
    <FONT style="white-space: nowrap">non-U.S.&#160;antitrust</FONT>
    or competition Governmental Authority, or by the FCC or similar
    Governmental Authority, in each case with competent
    jurisdiction, so as to enable the parties to close the
    transactions contemplated by this Agreement as promptly as
    practicable, including committing to or effecting, by consent
    decree, hold separate orders, trust, or otherwise, the
    Divestiture of such assets or businesses as are required to be
    divested in order to obtain the FCC Consent, or to avoid the
    entry of, or to effect the dissolution of or vacate or lift, any
    Order, that would otherwise have the effect of preventing or
    materially delaying the consummation of the Merger and the other
    transactions contemplated by this Agreement. Notwithstanding
    anything to the contrary in this <U>Section&#160;6.05</U>, if
    the FTC or the Antitrust Division of the United States
    Department of Justice has not granted the necessary approvals
    under the HSR Act of the date that is nine (9)&#160;months
    following the date hereof, then, if the respective antitrust
    counsel to the Company and the Parents, in consultation with
    each other and in the exercise of their professional judgment,
    jointly determine that a Divestiture (as defined below) is
    required to obtain the necessary approvals under the HSR Act,
    they shall provide written notice of such determination to the
    Parents and the Company (the <B><I>&#147;Divestiture
    Notice&#148;</I></B>). Upon receipt of the Divestiture Notice,
    the Parents shall promptly, and in any event within twelve
    (12)&#160;months, implement or cause to be implemented a
    Divestiture. For purposes of this Agreement, a
    <B><I>&#147;Divestiture&#148; </I></B>of any asset or business
    shall mean (i)&#160;any sale, transfer, separate holding,
    divestiture or other disposition, or any prohibition of, or any
    limitation on, the acquisition, ownership, operation, effective
    control or exercise of full rights of ownership, of such asset;
    or (ii)&#160;the termination or amendment of any existing or
    contemplated Mergerco&#146;s or Company&#146;s governance
    structure or contemplated Mergerco&#146;s or Company&#146;s
    contractual or governance rights. Further, and for the avoidance
    of doubt, the Parents will take any and all actions necessary in
    order to ensure that (x)&#160;no requirement for any non-action,
    consent or approval of the FTC, the Antitrust Division of the
    United States Department of Justice, any authority enforcing
    applicable antitrust, competition, communications Laws, any
    State Attorney General or other governmental authority,
    (y)&#160;no decree, judgment, injunction, temporary restraining
    order or any other order in any suit or proceeding, and
    (z)&#160;no other matter relating to any antitrust or
    competition Law or any communications Law, would preclude
    consummation of the Merger by the Termination Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Each of the Parents and the Company shall give (or
    shall cause its respective subsidiaries to give) any notices to
    third parties, and the Parents and the Company shall use, and
    cause each of its subsidiaries to use, its reasonable best
    efforts to obtain any third party consents not covered by
    paragraphs&#160;(a)&#160;and (b)&#160;above, necessary, proper
    or advisable to consummate the Merger. Each of the parties
    hereto will furnish to the other such necessary information and
    reasonable assistance as the other may request in connection
    with the preparation of any required governmental filings or
    submissions and will cooperate in responding to any inquiry from
    a Governmental Authority, including immediately informing the
    other party of such inquiry, consulting in advance before making
    any presentations or submissions to a Governmental Authority,
    and supplying each other with copies of all material
    correspondence, filings or communications between either party
    and any Governmental Authority with respect to this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;In order to avoid disruption or delay in the processing
    of the FCC Applications, the Parents and the Company agree, as
    part of the FCC Applications, to request that the FCC apply its
    policy permitting license assignments and transfers in
    transactions involving multiple markets to proceed,
    notwithstanding the pendency of one or more license renewal
    applications. The Parents and the Company agree to make such
    representations and undertakings as necessary or appropriate to
    invoke such policy, including undertakings to assume the
    position of
</DIV>

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    <BR>
    A-24
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    applicant with respect to any pending license renewal
    applications, and to assume the risks relating to such
    applications. The Parents and the Company acknowledge that
    license renewal applications (each, a <B><I>&#147;Renewal
    Application&#148;</I></B>) may be pending before the FCC with
    respect to the Company Stations (each, a <B><I>&#147;Renewal
    Station&#148;</I></B>). To the extent reasonably necessary to
    expedite grant of a Renewal Application, and thereby facilitate
    grant of the FCC Applications, the Parents and the Company shall
    enter into tolling agreements with the FCC with respect to the
    relevant Renewal Application as necessary or appropriate to
    extend the statute of limitations for the FCC to determine or
    impose a forfeiture penalty against such Renewal Station in
    connection with any pending complaints, investigations, letters
    of inquiry, or other proceedings, including, but not limited to,
    complaints that such Renewal Station aired programming that
    contained obscene, indecent or profane material (a
    <B><I>&#147;Tolling Agreement&#148;</I></B>). The Parents and
    the Company shall consult in good faith with each other prior to
    entering into any such Tolling Agreement. Section&#160;6.05(d)
    of the Company Disclosure Schedule sets forth all main radio and
    television stations owned by the Company with Renewal
    Applications pending as of the date of this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>6.06&#160;&#160;<I>Access
    to Information; Confidentiality.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;From the date hereof to the Effective Time or the date,
    if any, on which this Agreement is terminated pursuant to
    <U>Section&#160;8.01</U>, except as otherwise prohibited by
    applicable Law or the terms of any contract entered into prior
    to the date hereof or as would reasonably be expected to violate
    or result in a loss or impairment of any attorney-client or work
    product privilege (it being understood that the parties shall
    use their reasonable best efforts to cause such information to
    be provided in a manner that does not result in such violation,
    loss or impairment), the Company shall and shall cause each of
    its subsidiaries to (i)&#160;provide to the Parents (and their
    respective officers, directors, employees, accountants,
    consultants, legal counsel, permitted financing sources, agents
    and other representatives (collectively, the
    <B><I>&#147;Representatives&#148;</I></B>)) reasonable access
    during normal business hours to the Company&#146;s and Material
    Subsidiaries&#146; officers, employees, offices and other
    facilities, properties, books, contracts and records and other
    information as the Parents may reasonably request regarding the
    business, assets, liabilities, employees and other aspects of
    the Company and its subsidiaries; (ii)&#160;permit the Parents
    to make copies and inspections thereof as the Parents may
    reasonably request; and (iii)&#160;furnish promptly to the
    Parents such information concerning the business, properties,
    contracts, assets, liabilities, personnel and other aspects of
    the Company and its subsidiaries as the Parents or their
    respective Representatives may reasonably request. In addition,
    during such period, the Company shall provide the Parents and
    their respective Representatives copies of the unaudited monthly
    consolidated balance sheet of the Company for the month then
    ended and related statements of earnings, and cash flows in the
    form and promptly following such time as they are provided or
    made available to the Senior Executives.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The parties shall comply with, and shall cause their
    respective Representatives to comply with, all of their
    respective obligations under the Confidentiality Agreements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>6.07&#160;&#160;<I>No
    Solicitation of Competing Proposal.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Notwithstanding any other provision of this Agreement
    to the contrary, commencing on the date of this Agreement and
    continuing until 11:59&#160;p.m., Eastern Standard Time, on
    December&#160;7, 2006 (the <B><I>&#147;No-Shop Period Start
    Date&#148;</I></B>), the Company and its subsidiaries and their
    respective Representatives shall have the right to directly or
    indirectly (i)&#160;initiate, solicit and encourage Competing
    Proposals from third parties, including by way of providing
    access to non-public information to such third parties in
    connection therewith; <U>provided</U>, that the Company shall
    enter into confidentiality agreements with any such third
    parties and shall promptly provide to the Parents any material
    non-public information concerning the Company or its
    subsidiaries that is provided to any such third party which has
    not been previously provided to the Parents; and
    (ii)&#160;participate in discussions or negotiations regarding,
    and take any other action to facilitate any inquiries or the
    making of any proposal that constitutes, or may reasonably be
    expected to lead to, a Competing Proposal. On the No-Shop Period
    Start Date, the Company shall advise the Parents orally and in
    writing of the number and identities of the parties making a
    bona fide written Competing Proposal that the Board of Directors
    of the Company or any committee thereof believes in good faith
    after consultation with the Company&#146;s outside legal and
    financial advisor of nationally recognized reputation, that such
    Competing Proposal constitutes or could reasonably be expected
    to lead to a Superior Proposal (any such proposal, an
    <B><I>&#147;Excluded Competing Proposal&#148;</I></B>) and
    provide to the Parents (within two (2)&#160;calendar days)
    written notice which notice shall specify the material terms and
    conditions of any such Excluded Competing Proposal (including
    the identity of the party making such Excluded Competing
    Proposal).
</DIV>

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    <BR>
    A-25
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Except as may relate to any person from whom the
    Company has received, after the date hereof and prior to the
    No-Shop Period Start Date, an Excluded Competing Proposal,
    commencing on the No-Shop-Period Start Date (and with respect to
    any persons from whom the Company has received, after the date
    hereof and prior to the No-Shop Period Start Date, an Excluded
    Competing Proposal commencing on January&#160;5, 2007)&#160;the
    Company shall, and the Company shall cause its subsidiaries and
    Representatives (including financial advisors) to,
    (i)&#160;immediately cease and cause to be terminated any
    solicitation, encouragement, discussion or negotiation with any
    persons conducted heretofore by the Company, its subsidiaries or
    any Representatives with respect to any actual or potential
    Competing Proposal, and (ii)&#160;with respect to parties with
    whom discussions or negotiations have been terminated on, prior
    to or subsequent to the date hereof, the Company shall use its
    reasonable best efforts to obtain the return or the destruction
    of, in accordance with the terms of the applicable
    confidentiality agreement, and confidential information
    previously furnished by the Company, its subsidiaries or its
    Representatives. From and after the No-Shop Period Start Date
    until and with respect to any Excluded Competing Proposal from
    and after January&#160;5, 2007)&#160;the earlier of the
    Effective Time or the date, if any, on which this Agreement is
    terminated pursuant to <U>Section&#160;8.01</U>, and except as
    otherwise specifically provided for in this
    <U>Section&#160;6.07</U>, the Company agrees that neither it nor
    any subsidiary shall, and that it shall use its reasonable best
    efforts to cause its and their respective Representatives not
    to, directly or indirectly: (i)&#160;initiate, solicit, or
    knowingly facilitate or encourage the submission of any
    inquiries proposals or offers with respect to a Competing
    Proposal (including by way of furnishing information);
    (ii)&#160;participate in any negotiations regarding, or furnish
    to any person any information in connection with, any Competing
    Proposal; (iii)&#160;engage in discussions with any person with
    respect to any Competing Proposal; (iv)&#160;approve or
    recommend any Competing Proposal; (v)&#160;enter into any letter
    of intent or similar document or any agreement or commitment
    providing for any Competing Proposal; or (vi)&#160;otherwise
    cooperate with, or assist or participate in, or knowingly
    facilitate or encourage any effort or attempt by any person
    (other than the Parents or their representatives) with respect
    to, or which would reasonably be expected to result in, a
    Competing Proposal; or (vii)&#160;exempt any person from the
    restrictions contained in any state takeover or similar laws or
    otherwise cause such restrictions not to apply to any person or
    to any Competing Proposal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Notwithstanding the limitations set forth in
    <U>Section&#160;6.07(b)</U>, from the date hereof and prior to
    the receipt of Requisite Shareholder Approval, if the Company
    receives any written Competing Proposal which the Board of
    Directors of the Company believes in good faith to be bona fide
    and did not result from a breach of <U>Section&#160;6.07(b)</U>,
    (i)&#160;which the Board of Directors of the Company determines,
    after consultation with outside counsel and financial advisors,
    constitutes a Superior Proposal; or (ii)&#160;which the Board of
    Directors of the Company determines in good faith after
    consultation with the Company&#146;s outside legal and financial
    advisors could reasonably be expected to result, after the
    taking of any of the actions referred to in either of
    clause&#160;(x)&#160;or (y)&#160;below, in a Superior Proposal,
    the Company may, subject to compliance with
    <U>Section&#160;6.07(h),</U> take the following actions:
    (x)&#160;furnish information to the third party making such
    Competing Proposal, provided the Company receives from the third
    party an executed confidentiality agreement (the terms of which
    are substantially similar to, and no less favorable to the
    Company, in the aggregate, than those contained in the
    Confidentiality Agreements) and (y)&#160;engage in discussions
    or negotiations with the third party with respect to the
    Competing Proposal; <U>provided</U>, <U>however</U>, that the
    Company shall promptly provide the Parents any non-public
    information concerning the Company or any of its subsidiaries
    that is provided to the third party making such Competing
    Proposal or its Representatives which was not previously
    provided to the Parents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;Neither the Board of Directors of the Company nor any
    committee thereof shall (i)&#160;change, qualify, withdraw or
    modify in any manner adverse to the Parents or Mergerco, or
    publicly propose to change, qualify, withdraw or modify in a
    manner adverse to the Parents or Mergerco, the Company
    Recommendation or the approval or declaration of advisability by
    such Board of Directors of the Company, or any Committee
    thereof, of this Agreement and the transactions contemplated
    hereby, including the Merger or (ii)&#160;take any other action
    or make any recommendation or public statement in connection
    with a tender offer or exchange offer other than a
    recommendation against such offer or otherwise take any action
    inconsistent with the Company Recommendation (a
    <B><I>&#147;Change of Recommendation&#148;</I></B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;Notwithstanding anything in this Agreement to the
    contrary, if, at any time prior to obtaining the Requisite
    Shareholder Approval, the Company receives a Competing Proposal
    which the Board of Directors of the Company concludes in good
    faith, after consulting with outside counsel and financial
    advisors, constitutes a Superior Proposal, the
</DIV>

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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Board of Directors of the Company may (x)&#160;effect a Change
    of Recommendation
    <FONT style="white-space: nowrap">and/or</FONT>
    (y)&#160;terminate this Agreement to enter into a definitive
    agreement with respect to such Superior Proposal if the Board of
    Directors of the Company determines in good faith, after
    consultation with outside counsel and its financial advisor,
    that failure to take such action could reasonably be expected to
    violate its fiduciary duties under applicable Law; provided,
    however that the Company shall not terminate this Agreement
    pursuant to the foregoing clause&#160;(y), and any purported
    termination pursuant to the foregoing clause&#160;(y)&#160;shall
    be void and of no force or effect, unless concurrently with such
    termination the Company pays the Company Termination Fee payable
    pursuant to <U>Section&#160;8.02(a)</U>; and <U>provided</U>,
    <U>further</U>, that the Board of Directors of the Company may
    not effect a Change of Recommendation pursuant to the foregoing
    clause&#160;(x)&#160;or terminate this Agreement pursuant to the
    foregoing clause&#160;(y)&#160;in response to a Superior
    Proposal unless (i)&#160;the Company shall have provided prior
    written notice to the Parents, at least five (5)&#160;business
    days in advance (the <B><I>&#147;Notice Period&#148;</I></B>),
    of its intention to effect a Change of Recommendation in
    response to such Superior Proposal or terminate this Agreement
    to enter into a definitive agreement with respect to such
    Superior Proposal, which notice shall specify the material terms
    and conditions of any such Superior Proposal (including the
    identity of the party making such Superior Proposal) and shall
    have contemporaneously provided a copy of the relevant proposed
    transaction agreements with the party making such Superior
    Proposal and other material documents and (ii)&#160;the Board of
    Directors of the Company shall have determined in good faith,
    after consultation with outside counsel, that the failure to
    make a Change of Recommendation in connection with the Superior
    Proposal could be reasonably likely to violate the
    Company&#146;s Board of Directors&#146; fiduciary duties under
    applicable Law, and (iii)&#160;the Company shall have promptly
    notified the Parents in writing of the determinations described
    in clause&#160;(ii) above, and (iv)&#160;following the
    expiration of the Notice Period, and taking into account any
    revised proposal made by the Parents since commencement of the
    Notice Period, the Board of Directors of the Company has
    determined in good faith, after consultation with outside legal
    counsel, that such Superior Proposal remains a Superior
    Proposal; <U>provided</U>, <U>however</U>, that during such
    Notice Period the Company shall in good faith negotiate with the
    Parents, to the extent the Parents wish to negotiate, to enable
    the Parents to make such proposed changes to the terms of this
    Agreement, provided, further, that in the event of any material
    change to the material terms of such Superior Proposal, the
    Board of Directors of the Company shall, in each case deliver to
    the Parents an additional notice, and the Notice Period shall
    recommence; (v)&#160;the Company is in compliance, in all
    material respects, with <U>Section&#160;6.07</U>, and
    (vi)&#160;with respect to a termination of this Agreement
    pursuant to the foregoing clause&#160;(y), the Company
    concurrently pays the Company Termination Fee pursuant to
    <U>Section&#160;8.02(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;The Company promptly (and in any event within two
    (2)&#160;calendar days) shall advise the Parents orally and in
    writing of any Competing Proposal or any inquiry, proposal or
    offer, request for information or request for discussions or
    negotiations with respect to or that would reasonably be
    expected to lead to any Competing Proposal, the identity of the
    person making any such Competing Proposal, or inquiry, proposal,
    offer or request and shall provide the Parents with a copy (if
    in writing) and summary of the material terms of any such
    Competing Proposal or such inquiry, proposal or request. The
    Company shall keep the Parents informed of the status (including
    any change to the terms thereof) of any such Competing Proposal
    or inquiry, proposal or request. The Company agrees that it
    shall not and shall cause the Company&#146;s subsidiaries not to
    enter into any confidentiality agreement or other agreement with
    any person subsequent to the date of this Agreement which
    prohibits the Company from providing such information to the
    Parents. The Company agrees that neither it nor any of its
    subsidiaries shall terminate, waive, amend or modify any
    provision or any existing standstill or confidentiality
    agreement to which it or any of its subsidiaries is a party and
    that it and its subsidiaries shall enforce the provisions of any
    such agreement, unless failure by the Board of Directors of the
    Company to take such action could reasonably be expected to
    violate its fiduciary duties under applicable Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;Nothing contained in this Agreement shall prohibit the
    Company or the Board of Directors of the Company from
    (i)&#160;disclosing to the Company&#146;s shareholders a
    position contemplated by
    <FONT style="white-space: nowrap">Rules&#160;14d-9</FONT>
    and <FONT style="white-space: nowrap">14e-2(a)</FONT>
    promulgated under the Exchange Act; or (ii)&#160;making any
    disclosure to its shareholders if the Board of Directors of the
    Company has reasonably determined in good faith, after
    consultation with outside legal counsel, that the failure to do
    so would be inconsistent with any applicable state or federal
    securities Law; provided any such disclosure (other than a
    &#147;stop, look and listen&#148; letter or similar
    communication of the type contemplated by
    <FONT style="white-space: nowrap">Rule&#160;14d-9(f)</FONT>
    under the Exchange Act) shall be deemed to be a Change of
    Recommendation unless the Board of Directors of the Company
    publicly reaffirms at least two (2)&#160;business days after a
    request by the Parents to do so its recommendation in favor of
    the adoption of this Agreement.
</DIV>

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    A-27
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;As used in this Agreement, <B><I>&#147;Competing
    Proposal&#148; </I></B>shall mean any proposal or offer
    (including any proposal from or to the Company&#146;s
    shareholders from any person or &#147;group&#148; (as defined in
    Section&#160;13(d) of the Exchange Act) other than the Parents,
    Mergerco and their respective subsidiaries relating to:
    (i)&#160;any direct or indirect acquisition or purchase, in any
    single transaction or series of related transactions, by any
    such person or group acting in concert, of 15% or more of the
    fair market value of the assets, issued and outstanding Company
    Common Stock or other ownership interests of the Company and its
    consolidated subsidiaries, taken as a whole, or to which 15% or
    more of the Company&#146;s and its subsidiaries net revenues or
    earnings on a consolidated basis are attributable; (ii)&#160;any
    tender offer or exchange offer (including through the filing
    with the SEC of a Schedule&#160;TO), as defined pursuant to the
    Exchange Act, that if consummated, would result in any person or
    &#147;group&#148; (as defined in Section&#160;13(d) of the
    Exchange Act) beneficially owning 15% or more of the Company
    Common Stock; or (iii)&#160;any merger, consolidation, business
    combination, recapitalization, issuance of or amendment to the
    terms of outstanding stock or other securities, liquidation,
    dissolution or other similar transaction involving the Company
    as a result of which any person or group acting in concert would
    acquire assets, securities or businesses described in
    clause&#160;(i) above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;As used in this agreement, <B><I>&#147;Superior
    Proposal&#148; </I></B>shall mean any bona fide written offer or
    proposal made by a third party (including any shareholder of the
    Company) to acquire (when combined with such party&#146;s
    ownership of securities of the Company held immediately prior to
    such offer or proposal) greater than 50% of the issued and
    outstanding Company Common Stock or all or substantially all of
    the assets of the Company and its subsidiaries, taken as a
    whole, pursuant to a tender or exchange offer, a merger, a
    consolidation, a liquidation or dissolution, a recapitalization,
    an issuance of securities by the Company, a sale of all or
    substantially all the Company&#146;s assets or otherwise, on
    terms which are not subject to a financing contingency and which
    the Board of Directors of the Company determines in good faith,
    after consultation with the Company&#146;s financial and legal
    advisors and consideration of all terms and conditions of such
    offer or proposal (including the conditionality and the timing
    and likelihood of consummation of such proposal), is on terms
    that are more favorable to the holders of the Company Common
    Stock from a financial point of view than the terms set forth in
    this Agreement or the terms of any other proposal made by the
    Parents after the Parents&#146; receipt of a notification of
    such Superior Proposal, taking into account at the time of
    determination, among any other factors, any changes to the terms
    of this Agreement that as of that time had been proposed by the
    Parents in writing and the conditionality and likelihood of
    consummation of the Superior Proposal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.08&#160;&#160;<I>Directors&#146;
    and Officers&#146; Indemnification and Insurance.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Mergerco agrees that all rights to exculpation and
    indemnification for acts or omissions occurring at or prior to
    the Effective Time, whether asserted or claimed prior to, at or
    after the Effective Time (including any matters arising in
    connection with the transactions contemplated by this
    Agreement), now existing in favor of the current or former
    directors or officers, as the case may be, of the Company or its
    subsidiaries as provided in their respective Articles of
    Incorporation or Bylaws (or comparable organization documents)
    or in any agreement shall survive the Merger and shall continue
    in full force and effect. From and after the Effective Time,
    Mergerco and the Surviving Corporation shall (and Mergerco shall
    cause the Surviving Corporation to) indemnify, defend and hold
    harmless, and advance expenses to Indemnitees with respect to
    all acts or omissions by them in their capacities as such at any
    time prior to the Effective Time, to the fullest extent required
    by: (i)&#160;the Articles of Incorporation or Bylaws (or
    equivalent organizational documents) of the Company or any of
    its subsidiaries or affiliates as in effect on the date of this
    Agreement; and (ii)&#160;any indemnification agreements of the
    Company or its subsidiaries or other applicable contract as in
    effect on the date of this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Without limiting the provisions of
    <U>Section&#160;6.08(a)</U>, during the period ending on the
    sixth (6th) anniversary of the Effective Time, the Surviving
    Corporation will: (i)&#160;indemnify and hold harmless each
    Indemnitee against and from any costs or expenses (including
    attorneys&#146; fees), judgments, fines, losses, claims,
    damages, liabilities and amounts paid in settlement in
    connection with any claim, action, suit, proceeding or
    investigation, whether civil, criminal, administrative or
    investigative, to the extent such claim, action, suit,
    proceeding or investigation arises out of or pertains to:
    (A)&#160;any action or omission or alleged action or omission in
    such Indemnitee&#146;s capacity as a director or officer of the
    Company or of any other entity if such service was at the
    request or for the benefit of the Company or any of its
    subsidiaries; or (B)&#160;the Merger, the Merger Agreement and
    any transactions contemplated hereby; and (ii)&#160;pay in
    advance of the final disposition of any such claim, action,
    suit, proceeding or investigation the expenses
</DIV>

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    <BR>
    A-28
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (including attorneys&#146; fees) of any Indemnitee upon receipt
    of an undertaking by or on behalf of such Indemnitee to repay
    such amount if it shall ultimately be determined that such
    Indemnitee is not entitled to be indemnified. Notwithstanding
    anything to the contrary contained in this
    <U>Section&#160;6.08(b)</U> or elsewhere in this Agreement,
    neither Mergerco nor the Surviving Corporation shall (and
    Mergerco shall cause the Surviving Corporation not to) settle or
    compromise or consent to the entry of any judgment or otherwise
    seek termination with respect to any claim, action, suit,
    proceeding or investigation for which indemnification may be
    sought under this <U>Section&#160;6.08(b)</U> unless such
    settlement, compromise, consent or termination includes an
    unconditional release of all Indemnitees from all liability
    arising out of such claim, action, suit, proceeding or
    investigation. The Surviving Corporation shall be entitled, but
    not obligated to, participate in the defense and settlement of
    any such matter; <U>provided</U>, <U>however</U>, that the
    Surviving Corporation shall not be liable for any settlement
    agreed to or effected without the Surviving Corporation&#146;s
    written consent (which consent shall not be unreasonably
    withheld or delayed) upon reasonable prior notice and an
    opportunity to participate in the discussions concerning such
    settlement; and <U>provided</U>, <U>further</U>, that the
    Surviving Corporation shall not be obligated pursuant to this
    <U>Section&#160;6.08(b)</U> to pay the fees and expenses of more
    than one counsel (selected by a plurality of the applicable
    Indemnitees of the Surviving Corporation) for all Indemnitees of
    the Surviving Corporation in any jurisdiction with respect to
    any single action except to the extent that two or more of such
    Indemnitees of the Surviving Corporation shall have an actual
    material conflict of interest in such action.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;At the Company&#146;s election in consultation with the
    Parents, (i)&#160;the Company shall obtain prior to the
    Effective Time &#147;tail&#148; insurance policies with a claims
    period of at least six (6)&#160;years from the Effective Time
    with respect to directors&#146; and officers&#146; liability
    insurance in amount and scope no less favorable than the
    existing policy of the Company for claims arising from facts or
    events that occurred on or prior to the Effective Time at a cost
    that does not exceed 300% of the annual premium currently paid
    by the Company for D&#038;O Insurance (as defined below); or
    (ii)&#160;if the Company shall not have obtained such tail
    policy, the Parents will provide, or cause the Surviving
    Corporation to provide, for a period of not less than six
    (6)&#160;years after the Effective Time, the Indemnitees who are
    insured under the Company&#146;s directors&#146; and
    officers&#146; insurance and indemnification policy with an
    insurance and indemnification policy that provides coverage for
    events occurring at or prior to the Effective Time (the
    <B><I>&#147;D&#038;O Insurance&#148;</I></B>) that is no less
    favorable, taken as a whole, than the existing policy of the
    Company or, if substantially equivalent insurance coverage is
    unavailable, the best available coverage, <U>provided</U>,
    <U>however</U>, that the Parents and the Surviving Corporation
    shall not be required to pay an annual premium for the D&#038;O
    Insurance in excess of 300% of the annual premium currently paid
    by the Company for such insurance; <U>provided</U>,
    <U>further</U>, that if the annual premiums of such insurance
    coverage exceed such amount, the Parents or the Surviving
    Corporation shall be obligated to obtain a policy with the
    greatest coverage available for a cost not exceeding such amount.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;The Indemnitees to whom this <U>Section&#160;6.08</U>
    applies shall be third party beneficiaries of this
    <U>Section&#160;6.08.</U> The provisions of this
    <U>Section&#160;6.08</U> are intended to be for the benefit of
    each Indemnitee, his or her successors, heirs or representatives.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;Notwithstanding anything contained in
    <U>Section&#160;9.01</U> or <U>Section&#160;9.06</U> hereof to
    the contrary, this <U>Section&#160;6.08</U> shall survive the
    consummation of the Merger indefinitely and shall be binding,
    jointly and severally, on all successors and assigns of
    Mergerco, the Surviving Corporation and its subsidiaries, and
    shall be enforceable by the Indemnitees and their successors,
    heirs or representatives. In the event that the Surviving
    Corporation or any of its successors or assigns consolidates
    with or merges into any other person and shall not be the
    continuing or surviving corporation or entity of such
    consolidation or merger or transfers or conveys all or a
    majority of its properties and assets to any person, then, and
    in each such case, proper provision shall be made so that the
    successors and assigns of the Surviving Corporation shall
    succeed to the obligations set forth in this
    <U>Section&#160;6.08.</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.09&#160;&#160;<I>Notification
    of Certain Matters.</I>&#160;&#160;The Company shall give prompt
    notice to the Parents, and the Parents shall give prompt notice
    to the Company, of (i)&#160;any notice or other communication
    received by such party from any Governmental Authority in
    connection with the this Agreement, the Merger or the
    transactions contemplated hereby, or from any person alleging
    that the consent of such person is or may be required in
    connection with the Merger or the transactions contemplated
    hereby, if the subject matter of such communication or the
    failure of such party to obtain such consent could be material
    to the Company, the Surviving Corporation or Mergerco; and
    (ii)&#160;any actions, suits, claims, investigations or
    proceedings commenced or, to such party&#146;s
</DIV>

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    <BR>
    A-29
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    knowledge, threatened against, relating to or involving or
    otherwise affecting such party or any of its subsidiaries which
    relate to this Agreement, the Merger or the transactions
    contemplated hereby.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.10&#160;&#160;<I>Public
    Announcements.</I>&#160;&#160;Except with respect to any action
    taken pursuant to, and in accordance with,
    <U>Section&#160;6.07</U> or <U>Article&#160;VIII</U>, so long as
    this Agreement is in effect, the Parents and the Company shall
    consult with each other before issuing any press release or
    otherwise making any public statements with respect to this
    Agreement or the transaction contemplated hereby, and shall not
    issue any such press release or make any such public statement
    without the prior consent of the other (which consent shall not
    be unreasonably withheld or delayed), except as may be required
    by Law or any listing agreement with the NYSE to which the
    Company is a party.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.11&#160;&#160;<I>Employee
    Matters.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;During the one (1)&#160;year period commencing at the
    Effective Time, the Parents shall provide or shall cause the
    Surviving Corporation to provide to employees of the Company and
    any of its subsidiaries other than those Senior Executives who
    have existing employment agreements or other employees that
    enter into new employment arrangements with the Parents or the
    Surviving Corporation in connection with the consummation of the
    Merger <B><I>(&#147;Company Employees&#148;)</I></B> the same
    base salary or wages, as applicable, and bonus and employee
    benefits that are in the aggregate, no less favorable than the
    base salary or wages, as applicable, any bonus opportunities and
    employee benefits (excluding stock purchase plans and other
    equity based plans) being provided to Company Employees
    immediately prior to the Effective Time under the Company
    Benefit Plans.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Without limiting <U>Section&#160;6.11(a)</U> hereof,
    during the one (1)&#160;year period commencing at the Effective
    Time, the Parents shall provide or shall cause the Surviving
    Corporation to provide to each Company Employee who experiences
    a termination of employment, severance benefits that are no less
    than the severance benefits, if any, to which such Company
    Employee would be entitled under the severance policy set forth
    on Section&#160;6.11(b) of the Company Disclosure Schedule.
    During the period specified above, severance benefits to Company
    Employees shall be determined without taking into account any
    reduction after the Effective Time in the base salary or hourly
    wage rate paid to Company Employees and used to determine
    severance benefits.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;For purposes of eligibility and vesting under the
    Employee Benefit Plans of the Parents, the Company, the Company
    subsidiaries and their respective affiliates providing benefits
    to any Company Employees after the Closing (the <B><I>&#147;New
    Plans&#148;</I></B>), and for purposes of accrual of vacation
    and other paid time off and severance benefits under New Plans,
    each Company Employee shall be credited with his or her years of
    service with the Company, the Company subsidiaries and their
    respective affiliates (and any additional service with any
    predecessor employer) before the Closing, to the same extent as
    such Company Employee was entitled, before the Closing, to
    credit for such service under any similar Company Benefit Plan,
    <U>provided</U>, <U>however</U>, that no such crediting shall
    result in the duplication of benefits under any Company Benefit
    Plan. In addition, and without limiting the generality of the
    foregoing: (i)&#160;each Company Employee shall be immediately
    eligible to participate, without any waiting time, in any and
    all New Plans to the extent coverage under such New Plan
    replaces coverage under a comparable Company Benefit Plan in
    which such Company Employee participated immediately before the
    replacement; and (ii)&#160;for purposes of each New Plan
    providing medical, dental, pharmaceutical
    <FONT style="white-space: nowrap">and/or</FONT>
    vision benefits to any Company Employee, the Parents shall use
    commercially reasonable efforts to cause all pre-existing
    condition exclusions and
    <FONT style="white-space: nowrap">actively-at-work</FONT>
    requirements of such New Plan to be waived for such employee and
    his or her covered dependents to the same extent as under the
    applicable Company Benefit Plan, and the Parents shall use
    commercially reasonable efforts to cause any eligible expenses
    incurred by such employee and his or her covered dependents
    under an Company Benefit Plan during the portion of the plan
    year of the New Plan ending on the date such employee&#146;s
    participation in the corresponding New Plan begins to be taken
    into account under such New Plan for purposes of satisfying all
    deductible, coinsurance and maximum
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    requirements applicable to such employee and his or her covered
    dependents for the applicable plan year as if such amounts had
    been paid in accordance with such New Plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;Following the Effective Time, the Parents shall cause
    the Surviving Corporation and its subsidiaries to honor all
    collective bargaining agreements by which the Company or any of
    its subsidiaries is bound in accordance with their terms.
</DIV>

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    <BR>
    A-30
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;Nothing herein expressed or implied shall
    (i)&#160;confer upon any of the Company Employees any rights or
    remedies (including, without limitation, any right to employment
    or continued employment for any specified period) of any nature
    or kind whatsoever under or by reason of the Agreement or
    (ii)&#160;subject to the provisions of
    <U>Section&#160;6.11(a)</U> above, obligate the Parents, the
    Surviving Corporation or any of their respective subsidiaries to
    maintain any particular Company Benefit Plan or grant or issue
    any equity-based awards or limit the ability of the Parents to
    amend or terminate any of such Company Benefit Plans to the
    extent permitted thereunder in accordance with their terms. None
    of the provisions of this Agreement are intended to constitute
    an amendment to any Company Benefit Plan and no Company Employee
    shall have the right to enforce or compel the enforcement of any
    provisions of this <U>Section&#160;6.11</U> or this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.12&#160;&#160;<I>Conduct
    of Business by the Parents Pending the
    Merger.</I>&#160;&#160;The Parents covenant and agree with the
    Company that between the date hereof and the Effective Time or
    the date, if any, on which this Agreement is terminated pursuant
    to <U>Section&#160;8.01</U>, the Parents, except as may be
    consented to in writing by the Company (which consent shall not
    be unreasonably withheld, delayed or conditioned):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;shall not amend or otherwise change any of the Mergerco
    Organizational Documents that would be likely to prevent or
    materially delay the consummation of the transactions
    contemplated hereby;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;shall not acquire or make any investment in any
    corporation, partnership, limited liability company, other
    business organization or any division thereof that holds, or has
    an attributable interest in, any license, authorization, permit
    or approval issued by the FCC if such acquisition or investment
    would delay, impede or prevent receipt of the FCC
    Consent;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;take any action that would be reasonably likely to
    cause a material delay in the satisfaction of the conditions
    contained in <U>Section&#160;7.01</U> or
    <U>Section&#160;7.03</U> or the consummation of the Merger.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.13&#160;&#160;<I>Financing.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The Parents shall use their reasonable best efforts to
    (i)&#160;arrange and obtain the Financing on the terms and
    conditions described in the Financing Commitments, which
    agreements shall be in effect as promptly as practicable after
    the date hereof, but in no event later than the Closing,
    (ii)&#160;negotiate and finalize definitive agreements with
    respect thereto on the terms and conditions contained in the
    Financing Commitments, (iii)&#160;satisfy on a timely basis all
    conditions applicable to the Parents or Mergerco in such
    definitive agreements that are within their control,
    (iv)&#160;consummate the Financing no later than the Closing,
    and (v)&#160;enforce their rights under the Financing
    Commitments. In the event that any portion of the Financing
    becomes unavailable in the manner or from the sources
    contemplated in the Financing Commitments, (A)&#160;the Parents
    shall promptly notify the Company, and (B)&#160;the Parents
    shall use their reasonable best efforts to obtain alternative
    financing from alternative sources, on terms, taken as whole,
    that are no more adverse to the Company, as promptly as
    practicable following the occurrence of such event but in no
    event later than the last day of the Marketing Period, including
    entering into definitive agreements with respect thereto (such
    definitive agreements entered into pursuant to this
    <U>Section&#160;6.13(a)</U> being referred to as the
    <B><I>&#147;Financing Agreements&#148;</I></B>). For the
    avoidance of doubt, in the event that (x)&#160;all or any
    portion of the Debt Financing, structured as a high yield
    financing, has not been consummated; and (y)&#160;all conditions
    set forth in <U>Article&#160;VII</U> hereof have been satisfied
    or waived (other than conditions set forth in
    <U>Section&#160;7.02(c)</U> and <U>Section&#160;7.03(d)</U>) and
    (z)&#160;the bridge facilities contemplated by the Financing
    Commitments are available on terms and conditions described in
    the Financing Commitments, then the Parents shall agree to use
    the bridge facility contemplated by the Debt Commitment Letters,
    if necessary, to replace such high yield financing no later than
    the last date of the Marketing Period. In furtherance of the
    provisions of this <U>Section&#160;6.13(a)</U>, one or more Debt
    Commitment Letters may be amended, restated, supplemented or
    otherwise modified or superseded to add one or more lenders,
    lead arrangers, bookrunners, syndication agents or similar
    entities which had not executed the Debt Commitment Letters as
    of the date hereof, to increase the amount of indebtedness or
    otherwise replace one or more facilities with one or more new
    facilities or modify one or more facilities to replace or
    otherwise modify the Debt Commitment Letters, or otherwise in
    manner not less beneficial in the aggregate to Mergerco and the
    Parents (as determined in the reasonable judgment of the
    Parents) (the <B><I>&#147;New Debt Financing
    Commitments&#148;</I></B>), provided that the New Debt Financing
    Commitments shall not (i)&#160;adversely amend the conditions to
    the Debt Financing set forth in the Debt Commitment Letters, in
    any material respect, (ii)&#160;reasonably be expected to delay
    or prevent the Closing; or (iii)&#160;reduce the aggregate
    amount of available Debt Financing (unless, in the case of this
    clause&#160;(iii), replaced with an amount of new equity
    financing on terms no less favorable in any material
</DIV>

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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    respect to Mergerco than the terms set forth in the Equity
    Commitment Letters or one or more new debt facilities pursuant
    to the new debt facilities pursuant to the New Debt Financing
    Commitments.) Upon and from and after each such event, the term
    <B><I>&#147;Debt Financing&#148; </I></B>as used herein shall be
    deemed to mean the Debt Financing contemplated by the Debt
    Commitment Letters that are not so superseded at the time in
    question and the New Debt Financing Commitments to the extent
    then in effect. For purposes of this Agreement,
    <B><I>&#147;Marketing Period&#148;</I></B> shall mean the first
    period of twenty-five (25)&#160;consecutive business days
    throughout which (A)&#160;the Parents shall have the Required
    Financial Information that the Company is required to provide
    the Parents pursuant to <U>Section&#160;6.13(b)</U>, and
    (B)&#160;the conditions set forth in <U>Section&#160;7.01</U> or
    <U>Section&#160;7.02</U> (other than
    <U>Section&#160;7.02(c)</U>) shall be satisfied and nothing has
    occurred and no condition exists that would cause any of the
    conditions set forth in <U>Section&#160;7.02</U> (other than
    <U>Section&#160;7.02(c)</U>) to fail to be satisfied assuming
    the Closing were to be scheduled for any time during such
    twenty-five (25)&#160;consecutive business day period;
    <U>provided</U>, <U>however</U>, that if the Marketing Period
    has not ended on or prior to August&#160;17, 2007, the Marketing
    Period shall commence no earlier than September&#160;4, 2007 or
    if the Marketing Period has not ended on or prior to
    December&#160;14, 2007, the Marketing Period shall commence no
    earlier than January&#160;7, 2008. The Parents shall
    (x)&#160;furnish complete and correct and executed copies of the
    Financing Agreements promptly upon their execution,
    (y)&#160;give the Company prompt notice of any material breach
    by any party of any of the Financing Commitments, any New Debt
    Financing Commitment or the Financing Arrangements of which the
    Parents become aware or any termination thereof, and
    (z)&#160;otherwise keep the Company reasonably informed of the
    status of the Parents&#146; efforts to arrange the Financing (or
    any replacement thereof).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The Company shall, and shall cause its subsidiaries,
    and their respective officers, employees, consultants and
    advisors, including legal and accounting of the Company and its
    subsidiaries at the Parents&#146; sole expense, to cooperate in
    connection with the arrangement of the Financing as may be
    reasonably requested in advance written notice to the Company
    provided by the Parents (provided that such requested
    cooperation does not unreasonably interfere with the ongoing
    operations of the Company and its subsidiaries or otherwise
    impair, in any material respect, the ability of any officer or
    executive of the Company or Outdoor Holdings to carry out their
    duties to the Company and to Outdoor Holdings, respectively).
    Such cooperation by the Company shall include, at the reasonable
    request of the Parents, (i)&#160;agreeing to enter into such
    agreements, and to execute and deliver such officer&#146;s
    certificates (which in the good faith determination of the
    person executing the same shall be accurate), including
    certificates of the chief financial officer of the Company or
    any subsidiary with respect to solvency matters and as are
    customary in financings of such type, and agreeing to pledge,
    grant security interests in, and otherwise grant liens on, the
    Company&#146;s assets pursuant to such agreements, provided that
    no obligation of the Company under any such agreement, pledge or
    grant shall be effective until the Effective Time;
    (ii)&#160;(x)&#160;preparing business projections, financial
    statements, pro forma statements and other financial data and
    pertinent information of the type required by
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    and
    <FONT style="white-space: nowrap">Regulation&#160;S-K</FONT>
    under the Securities Act and of the type and form customarily
    included in private placements resold under Rule&#160;144A of
    the Securities Act to consummate the offerings of debt
    securities contemplated by the Financing Commitments, all as may
    be reasonably requested by the Parents and (y)&#160;delivery of
    audited consolidated financial statements of the Company and its
    consolidated subsidiaries for the fiscal year ended
    December&#160;31, 2006 and December&#160;31, 2007, as
    appropriate (together with the materials in clause (x), the
    <B><I>&#147;Required Financial Information&#148;</I></B>), which
    Required Financial Information shall be Compliant;
    (iii)&#160;making the Company&#146;s Representatives available
    to assist in the Financing, including participation in a
    reasonable number of meetings, presentations (including
    management presentations), road shows, drafting sessions, due
    diligence sessions and sessions with rating agencies, including
    one or more meetings with prospective lenders, and assistance
    with the preparation of materials for rating agency
    presentations, offering documents and similar documents required
    in connection with the Financing; (iv)&#160;reasonably
    cooperating with the marketing efforts of the Debt Financing;
    (v)&#160;ensuring that any syndication efforts benefit from the
    existing lending and investment banking relationships of the
    Company and its subsidiaries (vi)&#160;using reasonable best
    efforts to obtain customary accountants&#146; comfort letters,
    consents, legal opinions, survey and title insurance as
    requested by the Parents along with such assistance and
    cooperation from such independent accountants and other
    professional advisors as reasonably requested by the Parents;
    (vii)&#160;taking all actions reasonably necessary to permit the
    prospective lenders involved in the Debt Financing to
    (A)&#160;evaluate the Company&#146;s current assets ,cash
    management and accounting systems, policies and procedures
    relating thereto for the purpose of establishing collateral
    arrangements and (B)&#160;establish bank and other accounts and
    blocked account agreements and lock box arrangements in
    connection with the foregoing; provided that no right of any
    lender, nor obligation of the Company or any
</DIV>

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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of its subsidiaries, thereunder shall be effective until the
    Effective Time; and (viii)&#160;otherwise reasonably cooperating
    in connection with the consummation of the Financing and the
    syndication and marketing thereof, including obtaining any
    rating agencies&#146; confirmations or approvals for the
    Financing. The Company hereby consents to the use of its and its
    subsidiaries&#146; logos in connection with the Financing.
    Notwithstanding anything in this Agreement to the contrary,
    neither the Company nor any of its subsidiaries shall be
    required to pay any commitment or other similar fee or incur any
    other liability or obligation in connection with the Financing
    (or any replacements thereof) prior to the Effective Time. The
    Parents shall, promptly upon request by the Company following
    the valid termination of this Agreement (other than in
    accordance with <U>Section&#160;8.01(i</U>), reimburse the
    Company for all reasonable and documented
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    costs incurred by the Company or any of its subsidiaries in
    connection with such cooperation. The Parents shall indemnify
    and hold harmless the Company and its subsidiaries for and
    against any and all losses suffered or incurred by them in
    connection with the arrangement of the Financing and any
    information utilized in connection therewith (other than
    information provided by the Company or its subsidiaries). As
    used in this <U>Section&#160;6.13(b)</U>,
    <B><I>&#147;Compliant&#148; </I></B>means, with respect to any
    Required Financial Information, that such Required Financial
    Information does not contain any untrue statement of a material
    fact or omit to state any material fact regarding the Company
    and it subsidiaries necessary in order to make such Required
    Financial Information not misleading and is, and remains
    throughout the Marketing Period, compliant in all material
    respects with all applicable requirements of
    <FONT style="white-space: nowrap">Regulation&#160;S-K</FONT>
    and
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    and a registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    (or any applicable successor form) under the Securities Act, in
    each case assuming such Required Financial Information is
    intended to be the information to be used in connection with the
    Debt Financing contemplated by the Debt Commitment Letters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.14&#160;&#160;<I>Actions
    with Respect to Existing Debt.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;As soon as reasonably practicable after the receipt of
    any written request by the Parents to do so, the Company shall
    commence, and shall cause the issuer under the Subsidiary
    Indenture (the <B><I>&#147;Subsidiary Issuer&#148;</I></B>) to
    commence, offers to purchase with respect to all of the
    outstanding aggregate principal amount of those series of the
    debt securities issued under the applicable indenture listed on
    Section&#160;6.14 of the Mergerco Disclosure Schedule (the
    <B><I>&#147;Short-Dated Notes&#148; </I></B>), on such terms and
    conditions, including pricing terms, that are proposed, from
    time to time, by the Parents (each a <B><I>&#147;Debt Tender
    Offer&#148; </I></B>and collectively, the <B><I>&#147;Debt
    Tender Offers&#148; </I></B>) and the Parents shall assist the
    Company in connection therewith. As part of any Debt Tender
    Offer, the Company shall, and shall cause the Subsidiary Issuer
    to, solicit the consent of the holders of each series of the
    Short-Dated Notes to amend, eliminate or waive certain sections
    (as specified by the Parents) of the applicable Indenture. The
    Debt Tender Offer shall be made pursuant to an Offer to Purchase
    and Consent Solicitation Statement prepared by the Company in
    connection with the Debt Tender Offer in form and substance
    reasonably satisfactory to the Parents and the Company.
    Notwithstanding the foregoing, the closing of the Debt Tender
    Offers (and to make any payments for the Note&#160;Consents)
    shall be conditioned on the occurrence of the Closing, and the
    parties shall use their reasonable best efforts to cause the
    Debt Tender Offers to close on the Closing Date. The Company
    shall provide, and shall cause its subsidiaries to, and shall
    cause the Subsidiary Issuer and its subsidiaries to provide, and
    shall use its reasonable best efforts to cause their respective
    Representatives to, provide all cooperation requested by the
    Parents in connection with the Debt Tender Offers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Upon the request of the Parents pursuant to this
    <U>Section&#160;6.14</U>, the Company shall prepare, as promptly
    as practicable, the offer to purchase, together with any
    required related letters of transmittal and similar ancillary
    agreements (such documents, together with all supplements and
    amendments thereto, being referred to herein collectively as the
    <B><I>&#147;Debt Tender Offer Documents&#148;</I></B>), relating
    to the Debt Tender Offer and shall use its reasonable best
    efforts to cause to be disseminated to the record holders of the
    Short-Dated Notes, and to the extent known by the Company, the
    beneficial owners of the Short-Dated Notes, the Debt Tender
    Offer Documents; provided, however, that prior to the
    dissemination thereof, the Company shall provide copies thereof
    to the Parents not less than ten (10)&#160;business days in
    advance of any such dissemination (or such shorter period of
    time as is reasonably practicable in light of when the Parents
    request that the Company commence the Debt Tender Offer) and
    shall consult with the Parents with respect to the Debt Tender
    Offer Documents and shall include in such Debt Tender Offer
    Documents all comments reasonably proposed by the Parents and
    reasonably acceptable to the Company. If at any time prior to
    the acceptance of Short-Dated Notes pursuant to the Debt Tender
    Offer any event should occur that is required by applicable Law
    to be set forth in an amendment of, or a supplement to, the Debt
    Tender Offer
</DIV>

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    <BR>
    A-33
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Documents, the Company shall use reasonable best efforts to
    prepare and disseminate such amendment or supplement; provided,
    however, that prior to such dissemination, the Company shall
    provide copies thereof to the Parents not less than two
    (2)&#160;business days (or such shorter period of time as is
    reasonably necessary in light of the circumstances) in advance
    of any such dissemination and shall consult with the Parents
    with respect to such amendment or supplement and shall include
    in such amendment or supplement all comments reasonably proposed
    by the Parents. The Company shall comply with the requirements
    of
    <FONT style="white-space: nowrap">Rule&#160;14e-1</FONT>
    promulgated under the Exchange Act, the Trust&#160;Indenture Act
    of 1939, as amended (the <B><I>&#147;TIA&#148;</I></B>), and any
    other applicable Law in connection with the Debt Tender Offer.
    Promptly following the expiration of the consent solicitation,
    assuming the requisite consent from the holders of the
    Short-Dated Notes (including from persons holding proxies from
    such holders) have been received, the Company shall and shall
    cause the Subsidiary Issuer to, cause appropriate supplemental
    indentures (the <B><I>&#147;Supplemental
    Indentures&#148;</I></B>) to become effective providing for the
    amendments of the applicable Indenture contemplated in the Debt
    Tender Offer Documents; provided, however, that notwithstanding
    the fact that the Supplemental Indenture may become effective
    earlier, the proposed amendments set forth therein shall not
    become operative unless and until all conditions to the Debt
    Tender Offer have been satisfied or (subject to approval by the
    Parents) waived by the Company in accordance with the terms
    hereof. The form and substance of the Supplemental Indentures
    shall be reasonably satisfactory to the Parents and the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;The Company shall waive any of the conditions to the
    Debt Tender Offer as may be reasonably requested by the Parents
    (other than the conditions that the Debt Tender Offer is
    conditioned on the Merger as provided in clause&#160;(i) above),
    so long as such waivers would not cause the Notes&#160;Tender
    Offer to violate the Exchange Act, the TIA, or any other
    applicable Law, and shall not, without the prior written consent
    of the Parents, waive any condition to the Debt Tender Offer or
    make any change, amendment or modification to the terms and
    conditions of the Debt Tender Offer (including any extension
    thereof) other than as agreed between the Parents and the
    Company or as required in the reasonable judgment of the Company
    to comply with applicable Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;With respect to any series of Short-Dated Notes, if
    requested by the Parents in writing, in lieu of commencing a
    Debt Tender Offer for such series (or in addition thereto), the
    Company shall, to the extent permitted by the Indenture and the
    Debt Securities (as defined in the Indenture) for such
    Short-Dated Notes, (A)&#160;issue not less than thirty
    (30)&#160;days and not more than sixty (60)&#160;days prior to
    the Effective Time a notice of optional redemption for all of
    the outstanding aggregate principal amount of Short-Dated Notes
    of such series, as applicable, pursuant to Article&#160;Eleven
    of the Company Indenture and Article&#160;3 of the Subsidiary
    Indenture and the other provisions of such Indentures applicable
    thereto or (B)&#160;take any actions reasonably requested by the
    Parents to facilitate the satisfaction
    <FONT style="white-space: nowrap">and/or</FONT>
    discharge of such series pursuant to Article&#160;Four of the
    Company Indenture and Article&#160;8 of the Subsidiary Indenture
    and the other provisions of such Indentures applicable thereto
    and shall redeem or satisfy
    <FONT style="white-space: nowrap">and/or</FONT>
    discharge, as applicable, such series in accordance with the
    terms of the Indenture at the Effective Time; provided that
    prior to the Company being required to take any of the actions
    described in clause&#160;(A)&#160;or (B)&#160;above that cannot
    be conditioned upon the occurrence of the Closing, the Parents
    shall have, or shall have caused to be, deposited with the
    trustee under the Indenture sufficient funds to effect such
    redemption or satisfaction and discharge, which funds shall be
    returned to the Parents if the Agreement is terminated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;If this Agreement is terminated pursuant to
    <U>Section&#160;8.01(e)</U>prior to the consummation of the
    Merger, the Parents shall reimburse the Company for its
    reasonable
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    fees and expenses incurred pursuant to, and in accordance with,
    this <U>Section&#160;6.14.</U> If the Effective Time does not
    occur, the Parents shall indemnify and hold harmless the
    Company, its subsidiaries and their respective officers and
    directors and each person, if any, who controls the Company
    within the meaning of Section&#160;20 of the Exchange Act from
    and against any and all damages suffered or incurred by them in
    connection with any actions taken pursuant to this
    <U>Section&#160;6.14</U>; <U>provided</U>, <U>however</U>, that
    the Parents shall not have any obligation to indemnify and hold
    harmless any such party or person to the extent any such damages
    suffered or incurred arose from disclosure regarding the Company
    that is determined to have contained a material misstatement or
    omission or due to the gross or negligent misconduct of the
    Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.15&#160;&#160;<I>Section&#160;16(b).</I>&#160;&#160;The
    Company shall take all steps reasonably necessary to cause the
    transactions contemplated by this Agreement and any other
    dispositions of equity securities of the Company (including
    derivative securities) in connection with the transactions
    contemplated by this Agreement by each individual who is a
    director or executive officer of the Company to be exempt under
    <FONT style="white-space: nowrap">Rule&#160;16b-3</FONT>
    of the Exchange Act.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-34
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.16&#160;&#160;<I>Resignations.</I>&#160;&#160;The
    Company shall prepare and deliver to the Parents at or prior to
    the Closing (i)&#160;evidence reasonably satisfactory to the
    Parents, as specified by the Parents reasonably in advance of
    the Closing, the resignation of any directors of the
    Company&#146;s wholly owned subsidiaries effective at the
    Effective Time and (ii)&#160;all documents and filings,
    completed and executed by the appropriate directors of the
    Company and its wholly owned subsidiaries, that are necessary to
    record the resignations contemplated by the preceding
    clause&#160;(i).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.17&#160;&#160;<I>Certain
    Actions and Proceedings.</I>&#160;&#160;Except as otherwise
    provided in <U>Section&#160;6.05</U>, until this Agreement is
    terminated in accordance with <U>Section&#160;8.01</U> or
    otherwise, the Company shall consult with the Parents with
    respect to and the Parents shall be entitled to participate in,
    the defense of any action, suit or proceeding instituted against
    the Company (or any of its directors or officers) before any
    court of a Governmental Authority or threatened by any
    Governmental Authority or any third party, including a Company
    stockholder, to restrain, modify or prevent the consummation of
    the transactions contemplated by this Agreement, or to seek
    damages or a discovery order in connection with such
    transactions. The Company shall not enter into any agreement
    arrangement or understanding that limits, modifies or in any way
    contradicts the provisions of this <U>Section&#160;6.17.</U>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;VII.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">CONDITIONS
    TO THE MERGER
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;7.01&#160;&#160;<I>Conditions
    to the Obligations of Each Party.</I>&#160;&#160;The respective
    obligations of the parties hereto to consummate the Merger are
    subject to the satisfaction or (waiver in writing if permissible
    under applicable Law) on or prior to the Closing Date of the
    following conditions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;the Requisite Shareholder Approval shall have been
    obtained in accordance with the Texas Acts, the rules and
    regulations of the NYSE;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;any applicable waiting period under the HSR Act and any
    applicable Foreign Antitrust Laws relating to the consummation
    of the Merger shall have expired or been terminated;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;no Governmental Authority shall have enacted, issued,
    promulgated, enforced or entered any Law or Order which is then
    in effect and has the effect of making the Merger illegal or
    otherwise prohibiting the consummation of the Merger;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;the FCC Consent shall have been obtained.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;7.02&#160;&#160;<I>Conditions
    to the Obligations of the Parents and
    Mergerco.</I>&#160;&#160;The obligations of the Parents and
    Mergerco to consummate the Merger are subject to the
    satisfaction (or waiver in writing if permissible under
    applicable Law) on or prior to the Closing Date by the Parents
    of the following further conditions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;the representations and warranties of the Company
    contained in this Agreement shall be true and correct in all
    respects (without giving effect to any limitation on any
    representation and warranty indicated by a materiality
    qualification, including the words &#147;Material Adverse Effect
    on the Company,&#148; &#147;material,&#148; &#147;in all
    material respects&#148; or like words, except in the case of
    <U>Section&#160;4.08</U>) as of the date of this Agreement and
    as of the Effective Time with the same effect as though made on
    and as of the Effective Time (except for representations and
    warranties made as of an earlier date, in which case as of such
    earlier date), except where the failure of such representations
    and warranties to be so true and correct (without giving effect
    to any limitation on any representation and warranty indicated
    by a materiality qualification, including the words
    &#147;Material Adverse Effect on the Company,&#148;
    &#147;material,&#148; &#147;in all material respects&#148; or
    like words, except in the case of <U>Section&#160;4.08</U>)
    would not, individually or in the aggregate, have a Material
    Adverse Effect on the Company. In addition, the representations
    and warranties set forth in <U>Section&#160;4.03(a)</U> and
    <U>Section&#160;4.03(b)</U> shall be true and correct in all
    respects (except for such inaccuracies as are de minimis in the
    aggregate) and the representations and warranties set forth in
    <U>Section&#160;4.04(a)</U> and <U>Section&#160;4.04(b)</U>
    shall be true and correct in all material respects as of the
    Effective Time with the same effect as though made as of the
    Effective Time (except to the extent expressly made as of an
    earlier date in which case such representations and warranties
    will be true and correct as of such earlier date);
</DIV>

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    <BR>
    A-35
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;the Company shall have performed or complied in all
    material respects with all agreements and covenants required by
    this Agreement to be performed or complied with by it on or
    prior to the Effective Time;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;the Company shall have delivered to the Parents a
    certificate, dated the Effective Time and signed by its chief
    executive officer or another senior officer on behalf of the
    Company, certifying to the effect that the conditions set forth
    in <U>Section&#160;7.02(a)</U> and <U>Section&#160;7.02(b)</U>
    have been satisfied;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;since the date of this Agreement, there shall not have
    been any Material Adverse Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;7.03&#160;&#160;<I>Conditions
    to the Obligations of the Company.</I>&#160;&#160;The
    obligations of the Company to consummate the Merger are subject
    to the satisfaction or waiver (or waiver in writing if
    permissible under applicable Law) by the Company of the
    following further conditions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;each of the representations and warranties of the
    Parents and Mergerco contained in this Agreement shall be true
    and correct in all respects (without giving effect to any
    limitation on any representation and warranty indicated by a
    materiality qualification, including the words &#147;Mergerco
    Material Adverse Effect,&#148; &#147;material,&#148; &#147;in
    all material respects&#148; or like words) as of the date of
    this Agreement and as of the Effective Time with the same effect
    as though made on and as of the Effective Time (except for
    representations and warranties made as of an earlier date, in
    which case as of such earlier date), except where the failure of
    such representations and warranties to be so true and correct
    (without giving effect to any limitation on any representation
    and warranty indicated by a materiality qualification, including
    the words &#147;Mergerco Material Adverse Effect,&#148;
    &#147;material,&#148; &#147;in all material respects&#148; or
    like words) would not, individually or in the aggregate, have a
    Mergerco Material Adverse Effect;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The Parents and Mergerco shall have performed or
    complied in all material respects with all agreements and
    covenants required by this Agreement to be performed or complied
    with by them on or prior to the Effective Time;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;The Parents shall have delivered to the Company a
    solvency certificate substantially similar in form and substance
    as the solvency certificate to be delivered to the lenders
    pursuant to the Debt Commitment Letters or any agreements
    entered into in connection with the Debt Financing;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;The Parents shall have delivered to the Company a
    certificate, dated the Effective Time and signed by their
    respective chief executive officers or another senior officer on
    their behalf, certifying to the effect that the conditions set
    forth in <U>Section&#160;7.03(a)</U> and
    <U>Section&#160;7.03(b)</U> have been satisfied.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;VIII.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">TERMINATION,
    AMENDMENT AND WAIVER
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;8.01&#160;&#160;<I>Termination.</I>&#160;&#160;Notwithstanding
    anything contained in this Agreement to the contrary, this
    Agreement may be terminated and abandoned at any time prior to
    the Effective Time, whether before or after any approval of the
    matters presented in connection with the Merger by the
    shareholders of the Company, as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;by mutual written consent of each of the Parents and
    the Company;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;by either the Parents or the Company, if (i)&#160;the
    Effective Time shall not have occurred on or before
    5:00&#160;p.m., New York City Time, on the date that is twelve
    (12)&#160;months from the FCC Filing Date (such date, as may be
    extended in accordance with this <U>Section&#160;8.01(b)</U>,
    being the <B><I>&#147;Termination Date&#148;</I></B>); and
    (ii)&#160;the party seeking to terminate this Agreement pursuant
    to this <U>Section&#160;8.01(b)</U> shall not have breached in
    any material respect its obligations under this Agreement in any
    manner that shall have proximately caused the failure to
    consummate the Merger on or before such date; <U>provided</U>,
    that, if, as of the Termination Date, all conditions to this
    Agreement shall have been satisfied or waived (other than those
    that are satisfied by action taken at the Closing) other than
    the condition set forth in <U>Section&#160;7.01(b)</U> or
    <U>Section&#160;7.01(d)</U>, the Parents or the Company may, by
    written notice to the other party, extend the Termination Date
    to 5:00 pm, New York City Time, on the date that is eighteen
    (18)&#160;months from the FCC Filing Date.
</DIV>

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    <BR>
    A-36
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;by either the Parents or the Company, if any
    Governmental Authority of competent jurisdiction shall have
    issued an Order or taken any other action permanently
    restraining, enjoining or otherwise prohibiting the Merger and
    the other transactions contemplated hereby, and such Order or
    other action shall have become final and non-appealable,
    provided that the party seeking to terminate this Agreement
    pursuant to this <U>Section&#160;8.01(c)</U> shall have used its
    reasonable best efforts to contest, appeal and remove such Order
    or other action; and <U>provided</U>, <U>further</U>, that the
    right to terminate this Agreement under this
    <U>Section&#160;8.01(c)</U> shall not be available to a party if
    the issuance of such final, non-appealable Order was primarily
    due to the failure of such party to perform any of its
    obligations under this Agreement, including the obligations of
    the Parents under <U>Section&#160;6.05(b)</U> of this Agreement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;by the Parents or the Company if the Requisite
    Shareholder Approval shall not have been obtained by reason of
    the failure to obtain such Requisite Shareholder Approval at a
    duly held Shareholders&#146; Meeting or at any adjournment or
    postponement thereof; <U>provided</U>, <U>however</U>, that the
    Company shall not have the right to terminate this Agreement
    under this <U>Section&#160;8.01(d)</U> if the Company or any of
    its Representatives has failed to comply in any material respect
    with its obligations under <U>Section&#160;6.03</U>,
    <U>Section&#160;6.04</U> or <U>Section&#160;6.07</U>;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;by the Company if it is not in material breach of its
    obligations under this Agreement and if Mergerco
    <FONT style="white-space: nowrap">and/or</FONT> the
    Parents shall have breached or failed to perform in any material
    respect any of their representations, warranties, covenants or
    other agreements set forth in this Agreement, which breach or
    failure to perform by Mergerco
    <FONT style="white-space: nowrap">and/or</FONT> the
    Parents (1)&#160;would result in a failure of a condition set
    forth in <U>Section&#160;7.01</U>, <U>Section&#160;7.03(a)</U>
    or <U>Section&#160;7.03(b)</U>, and (2)&#160;cannot be cured on
    or before the Termination Date, provided that the Company shall
    have given the Parents written notice, delivered at least thirty
    (30)&#160;days prior to such termination, stating the
    Company&#146;s intention to terminate this Agreement pursuant to
    this <U>Section&#160;8.01(e)</U> and the basis for such
    termination and Mergerco
    <FONT style="white-space: nowrap">and/or</FONT> the
    Parents shall have failed to cure such breach or failure within
    such thirty (30)&#160;day period;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;by the Company if (i)&#160;all of the conditions set
    forth in <U>Section&#160;7.01</U> and <U>Section&#160;7.02</U>
    have been satisfied (other than those conditions that by their
    terms are to be satisfied at the Closing) and (ii)&#160;on or
    prior to the last day of the Marketing Period, none of Mergerco
    nor the Surviving Corporation shall have received the proceeds
    of the Financings sufficient to consummate the Merger and the
    transactions contemplated hereby;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;by the Parents if they and Mergerco are not in material
    breach of their obligations under this Agreement and if the
    Company shall have breached or failed to perform in any material
    respect any of its representations, warranties, covenants or
    other agreements set forth in this Agreement, which breach or
    failure to perform by the Company (1)&#160;would result in a
    failure of a condition set forth in <U>Section&#160;7.01</U>,
    <U>Section&#160;7.02(a)</U> or <U>Section&#160;7.02(b)</U>, and
    (2)&#160;cannot be cured on or before the Termination Date,
    provided that the Parents shall have given the Company written
    notice, delivered at least thirty (30)&#160;days prior to such
    termination, stating Parents&#146; intention to terminate this
    Agreement pursuant to this <U>Section&#160;8.01(g)</U> and the
    basis for such termination and the Company shall have failed to
    cure such breach or failure within such thirty (30)&#160;day
    period;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;by the Company, prior to receipt of the Requisite
    Shareholder Approval with respect to a Superior Proposal and in
    accordance with, and subject to the terms and conditions of,
    <U>Section&#160;6.07(d)</U>; provided, however, that the Company
    shall not be entitled to terminate this Agreement pursuant to
    this <U>Section&#160;8.01(h)</U> unless concurrent with such
    termination, the Company pays the Company Termination Fee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;by the Parents if the Board of Directors of the Company
    or any committee thereof shall have (i)&#160;effected a Change
    of Recommendation; (ii)&#160;unless the Board of Directors of
    the Company has previously effected a Change of Recommendation,
    prior to the receipt of the Requisite Shareholder Approval,
    failed to reconfirm the Company Recommendation within five
    (5)&#160;business days of receipt of a written request from the
    Parents; <U>provided</U>, that the Parents shall only be
    entitled to one (1)&#160;such request; or (iii)&#160;unless the
    Board of Directors of the Company has previously effected a
    Change of Recommendation, failed to include in the Proxy
    Statement distributed to the Company&#146;s shareholders its
    recommendation that the Company&#146;s shareholders approve and
    adopt this Agreement and the Merger.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-37
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event of termination of this Agreement pursuant to this
    <U>Section&#160;8.01</U>, this Agreement shall terminate and
    there shall be no other liability on the part of any party (or
    Investor as the case may be) hereto (except for the
    Confidentiality Agreements referred to in
    <U>Section&#160;6.06(b)</U>, the Limited Guarantee and the
    provisions of <U>Section&#160;8.02</U>,
    <U>Section&#160;8.05(a)</U>, <U>Section&#160;9.07</U>,
    <U>Section&#160;9.08</U> and <U>Section&#160;9.10</U>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;8.02&#160;&#160;<I>Termination
    Fees.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;If
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;this Agreement is terminated by the Company pursuant to
    <U>Section&#160;8.01(h)</U> or by the Parents pursuant to
    <U>Section&#160;8.01(i)</U>;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;this Agreement is terminated by the Parents or the
    Company pursuant to <U>Section&#160;8.01(d)</U> or by the
    Parents pursuant to <U>Section&#160;8.01(g)</U>(due to a willful
    and material breach by the Company); <U>provided</U>,
    <U>however</U>, that (x)&#160;prior to, in the case of
    <U>Section&#160;8.01(d)</U>, the Shareholders&#146; Meeting and,
    in the case of <U>Section&#160;8.01(g)</U>, the date of
    termination of this Agreement, a Competing Proposal has been
    publicly announced or made known to the Company and, in the case
    of termination pursuant to <U>Section&#160;8.01(d)</U>, not
    withdrawn at least two (2)&#160;business days prior to the
    Shareholders Meeting, and (y)&#160;if within twelve
    (12)&#160;months after such termination of this Agreement the
    Company or any of its subsidiaries enters into a definitive
    agreement with respect to, or consummates, any Competing
    Proposal;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    then in any such event the Company shall pay to the Parents a
    Company Termination Fee and the Company shall have no further
    liability with respect to this Agreement or the transactions
    contemplated hereby to Mergerco
    <FONT style="white-space: nowrap">and/or</FONT> the
    Parents; <U>provided</U>, <U>however</U>, that if this Agreement
    is terminated by the Company or the Parents pursuant to
    <U>Section&#160;8.01(d)</U> or by the Parents pursuant to
    <U>Section&#160;8.01(g)</U> (due to a willful and material
    breach by the Company) and, in each case, no Company Termination
    Fee is then payable in respect thereof, then in each such case,
    the Company shall pay to the Parents the Expenses of Mergerco
    and the Parents, which amount shall not be greater than
    $45,000,000, and thereafter the Company shall be obligated to
    pay to the Parents the Company Termination Fee (less the amount
    of Expenses previously actually paid to the Parents pursuant to
    this sentence) in the event such Company Termination Fee becomes
    payable pursuant to this <U>Section&#160;8.02(a)</U>, such
    payment to be made, by wire transfer of immediately available
    funds to an account designated by the Parents; (A)&#160;in the
    case of termination pursuant to <U>Section&#160;8.02(a)(i),</U>
    prior to the termination of this Agreement by the Company
    pursuant to <U>Section&#160;8.01(h)</U> or promptly following
    the termination of this Agreement by the Parents pursuant to
    <U>Section&#160;8.01(i)</U> (and in any event no later than two
    (2)&#160;business days after the delivery to the Company of
    notice of demand for payment), and (B)&#160;in the case of
    termination pursuant to <U>Section&#160;8.02(a)(ii)</U>,
    promptly following the earlier of the execution of a definitive
    agreement or consummation of the transaction contemplated by any
    Competing Proposal (and in any event no later than two
    (2)&#160;business days after the delivery to the Company of
    notice of demand for payment); and in circumstances in which
    Expenses are payable, such payment shall be made to the Parents
    not later than two business days after delivery to the Company
    of an itemization setting forth in reasonable detail all
    Expenses of Mergerco and the Parents (which itemization may be
    supplemented and updated from time to time by such party until
    the 60th&#160;day after such party delivers such itemization);
    it being understood that in no event shall the Company be
    required to pay the fee referred to in this
    <U>Section&#160;8.02(a)</U> on more than one occasion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;If this Agreement is terminated pursuant to
    <U>Section&#160;8.01(b)</U>, <U>Section&#160;8.01(e)</U>, or
    <U>Section&#160;8.01(f)</U>, then
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;in the case of a termination pursuant to
    <U>Section&#160;8.01(b)</U> or <U>Section&#160;8.01(e)</U> (due
    to a willful and material breach by Mergerco
    <FONT style="white-space: nowrap">and/or</FONT> the
    Parents), if at such time, the Company is not in material breach
    of its obligations hereunder and all conditions to
    Mergerco&#146;s and the Parents&#146; obligations to consummate
    the Merger shall have been satisfied, other than any of the
    conditions set forth in <U>Section&#160;7.01(b)</U> or
    Section&#160;7.01(d), then Mergerco shall pay to the Company a
    fee of $600,000,000 in cash; <U>provided</U>, <U>however</U>,
    that if at the time of such termination, (A)&#160;all conditions
    to Mergerco&#146;s and the Parents&#146; obligations to
    consummate the Merger shall have been satisfied other than the
    condition set forth in <U>Section&#160;7.01(d)</U>, and
    (B)&#160;Mergerco, the Parents and each Attributable Investor
    has complied in all material respects with their obligations
    under <U>Section&#160;6.05(a)</U> hereof, then Mergerco shall
    instead pay to the Company a fee of $300,000,000;&#160;or
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-38
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;in the case of a termination pursuant to
    <U>Section&#160;8.01(e)</U> due to a willful and material breach
    by Mergerco
    <FONT style="white-space: nowrap">and/or</FONT> the
    Parents or <U>Section&#160;8.01(f)</U> where clause&#160;(i)
    above is not applicable, then Mergerco shall pay to the Company
    a fee of $500,000,000 in cash,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (such payment, as applicable, the <B><I>&#147;Mergerco
    Termination Fee&#148;</I></B>), such payment to be made within
    two (2)&#160;business days after the termination of this
    Agreement, and in either such case, neither Mergerco nor the
    Parents shall have no further liability with respect to this
    Agreement or the transactions contemplated hereby to the
    Company; it being understood that in no event shall Mergerco or
    the Parents be required to pay fees or damages payable pursuant
    to this <U>Section&#160;8.02(b)</U> on more than one occasion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Each of the Company, Mergerco and the Parents
    acknowledges that the agreements contained in this
    <U>Section&#160;8.02</U> are an integral part of the
    transactions contemplated by this Agreement, that without these
    agreements the Company, Mergerco and the Parents would not have
    entered into this Agreement, and that any amounts payable
    pursuant to this <U>Section&#160;8.02</U> do not constitute a
    penalty. If the Company fails to pay as directed in writing by
    the Parents any amounts due to the Parents pursuant to this
    <U>Section&#160;8.02</U> within the time periods specified in
    this <U>Section&#160;8.02</U> or Mergerco fails to pay the
    Company any amounts due to the Company pursuant to this
    <U>Section&#160;8.02</U> within the time periods specified in
    this <U>Section&#160;8.02</U>, the Company or Mergerco, as
    applicable, shall pay the costs and expenses (including
    reasonable legal fees and expenses) incurred by Mergerco and the
    Parents, on one hand, or the Company, on the other hand, as
    applicable, in connection with any action, including the
    lawsuit, taken to collect payment of such amounts, together with
    interest on such unpaid amounts at the prime lending rate
    prevailing during such period as published in The Wall Street
    Journal, calculated on a daily basis from the date such amounts
    were required to be paid until the date of actual payment.
    Notwithstanding anything to the contrary in this Agreement, the
    Company&#146;s right to receive payment of the Mergerco
    Termination Fee pursuant to this <U>Section&#160;8.02</U> or the
    guarantee thereof pursuant to the Limited Guarantees shall be
    the sole and exclusive remedy of the Company and its
    subsidiaries against Mergerco, the Parents, the Investors and
    any of their respective former, current, or future general or
    limited partners, stockholders, managers, members, directors,
    officers, affiliates or agents for the loss suffered as a result
    of this Agreement or the transaction contemplated hereby, and
    upon payment of such amount, none of Mergerco, the Parents, the
    Investors or any of their respective former, current, or future
    general or limited partners, stockholders, managers, members,
    directors, officers, affiliates or agents shall have any further
    liability or obligation relating to or arising out of this
    Agreement or the transactions contemplated hereby, including the
    Merger.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;8.03&#160;&#160;<I>Amendment.</I>&#160;&#160;This
    Agreement may be amended by mutual agreement of the parties
    hereto by action taken by or on behalf of their respective
    Boards of Directors at any time prior to the Effective Time;
    <U>provided</U>, <U>however</U>, that, after the adoption and
    approval of this Agreement and the Merger by shareholders of the
    Company, there shall not be any amendment that by Law or in
    accordance with the rules of any stock exchange requires further
    approval by the shareholders of the Company without such further
    approval of such shareholders nor any amendment or change not
    permitted under applicable Law. This Agreement may not be
    amended except by an instrument in writing signed by the parties
    hereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;8.04&#160;&#160;<I>Waiver.</I>&#160;&#160;At
    any time prior to the Effective Time, subject to applicable Law,
    any party hereto may (a)&#160;extend the time for the
    performance of any obligation or other act of any other party
    hereto, (b)&#160;waive any inaccuracy in the representations and
    warranties of the other party contained herein or in any
    document delivered pursuant hereto, and (c)&#160;subject to the
    proviso of <U>Section&#160;8.03</U>, waive compliance with any
    agreement or condition contained herein. Any such extension or
    waiver shall only be valid if set forth in an instrument in
    writing signed by the party or parties to be bound thereby.
    Notwithstanding the foregoing, no failure or delay by the
    Company, Mergerco and the Parents in exercising any right
    hereunder shall operate as a waiver thereof nor shall any single
    or partial exercise thereof preclude any other or further
    exercise of any other right hereunder. Any agreement on the part
    of a party hereto to any such extension or waiver shall be valid
    only if set forth in an instrument in writing signed on behalf
    of such party.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-39
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;8.05&#160;&#160;<I>Expenses;
    Transfer Taxes.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Except as otherwise provided in
    <U>Section&#160;6.05(a)</U>, all Expenses incurred in connection
    with this Agreement and the transactions contemplated by this
    Agreement shall be paid by the party incurring such expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Notwithstanding anything to the contrary contained
    herein, the Surviving Corporation shall pay all documentary,
    sales, use, real property transfer, real property gains,
    registration, value added, transfer, stamp, recording and
    similar Taxes, fees, and costs together with any interest
    thereon, penalties, fines, costs, fees, additions to tax or
    additional amounts with respect thereto incurred in connection
    with this Agreement and the transactions contemplated hereby
    regardless of who may be liable therefor under applicable Law,
    other than transfer taxes of any shareholder in connection with
    a transfer of his, her or its shares.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;IX.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">GENERAL
    PROVISIONS
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;9.01&#160;&#160;<I>Non-Survival
    of Representations, Warranties and
    Agreements.</I>&#160;&#160;The representations, warranties and
    agreements in this Agreement and any certificate delivered
    pursuant hereto by any person shall terminate at the Effective
    Time or upon the termination of this Agreement pursuant to
    <U>Section&#160;8.01</U>, as the case may be, except that this
    <U>Section&#160;9.01</U> shall not limit any covenant or
    agreement of the parties which by its terms contemplates
    performance after the Effective Time or after termination of
    this Agreement, including, without limitation, those contained
    in <U>Section&#160;6.08,</U> <U>Section&#160;6.11</U>,
    <U>Section&#160;8.02</U>, <U>Section&#160;8.05</U> and this
    <U>Article&#160;IX.</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;9.02&#160;&#160;<I>Notices.</I>&#160;&#160;Any
    notice required to be given hereunder shall be sufficient if in
    writing, and sent by facsimile transmission (provided that any
    notice received by facsimile transmission or otherwise at the
    addressee&#146;s location on any business day after
    5:00&#160;p.m. (addressee&#146;s local time) shall be deemed to
    have been received at 9:00&#160;a.m. (addressee&#146;s local
    time) on the next business day), by reliable overnight delivery
    service (with proof of service), hand delivery or certified or
    registered mail (return receipt requested and first-class
    postage prepaid), addressed as follows (or at such other address
    for a party as shall be specified in a notice given in
    accordance with this <U>Section&#160;9.02</U>):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    if to the Parents or Mergerco:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Bain Capital Partners, LLC<BR>
    111 Huntington Avenue<BR>
    Boston, MA 02199<BR>
    Phone:
    <FONT style="white-space: nowrap">617-516-2000</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">617-516-2010</FONT><BR>
    Attn: John Connaughton
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Thomas H. Lee Partners, L.P.<BR>
    100 Federal Street<BR>
    Boston, MA 02110<BR>
    Phone:
    <FONT style="white-space: nowrap">617-227-1050</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">617-227-3514</FONT><BR>
    Attn: Scott Sperling
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    with copies (which shall not constitute notice) to:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ropes&#160;&#038; Gray LLP<BR>
    One International Place<BR>
    Boston, MA 02110<BR>
    Phone:
    <FONT style="white-space: nowrap">617-951-7000</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">617-951-7050</FONT><BR>
    Attn: David C. Chapin,&#160;Esq.<BR>
    Attn: Alfred O. Rose,&#160;Esq.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-40
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    if to the Company:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Clear Channel Communications, Inc.<BR>
    200 East Basse<BR>
    San&#160;Antonio, TX 78209<BR>
    Phone:
    <FONT style="white-space: nowrap">210-822-2828</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">210-832-3433</FONT><BR>
    Attn:&#160;Andy Levin, Executive Vice President and<BR>
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Chief
    Legal Officer
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    with copies (which shall not constitute notice) to:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Akin Gump Strauss Hauer&#160;&#038; Feld LLP<BR>
    2029 Century Park East, Suite&#160;2400<BR>
    Los Angeles, CA 90067<BR>
    Phone:
    <FONT style="white-space: nowrap">310-229-1000</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">310-229-1001</FONT><BR>
    Attn: C.N. Franklin Reddick&#160;III
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;9.03&#160;&#160;<I>Interpretation;
    Certain Definitions.</I>&#160;&#160;When a reference is made in
    this Agreement to an Article, Section or Exhibit, such reference
    shall be to an Article or Section of, or an Exhibit to, this
    Agreement, unless otherwise indicated. The table of contents and
    headings for this Agreement are for reference purposes only and
    shall not affect in any way the meaning or interpretation of
    this Agreement. Whenever the words &#147;include&#148;,
    &#147;includes&#148; or &#147;including&#148; are used in this
    Agreement, they shall be deemed to be followed by the words
    &#147;without limitation.&#148; The words &#147;hereof,&#148;
    &#147;herein&#148; and &#147;hereunder&#148; and words of
    similar import when used in this Agreement shall refer to this
    Agreement as a whole and not to any particular provision of this
    Agreement. All terms defined in this Agreement shall have the
    defined meanings when used in any certificate or other document
    made or delivered pursuant hereto unless otherwise defined
    therein. The definitions contained in this Agreement are
    applicable to the singular as well as the plural forms of such
    terms and to the masculine as well as to the feminine and neuter
    genders of such term. Any statute defined or referred to herein
    or in any agreement or instrument that is referred to herein
    means such statute as from time to time amended, modified or
    supplemented, including (in the case of statutes) by succession
    of comparable successor statutes. References to a person are
    also to its permitted successors and assigns.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;9.04&#160;&#160;<I>Severability.</I>&#160;&#160;If
    any term or other provision of this Agreement is invalid,
    illegal or incapable of being enforced by any rule of Law, or
    public policy, all other conditions and provisions of this
    Agreement shall nevertheless remain in full force and effect so
    long as the economic or legal substance of the Merger is not
    affected in any manner materially adverse to any party. Upon
    such determination that any term or other provision is invalid,
    illegal or incapable of being enforced, the parties hereto shall
    negotiate in good faith to modify this Agreement so as to effect
    the original intent of the parties as closely as possible in a
    mutually acceptable manner in order that the Merger be
    consummated as originally contemplated to the fullest extent
    possible.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;9.05&#160;&#160;<I>Assignment.</I>&#160;&#160;Neither
    this Agreement nor any rights, interests or obligations
    hereunder shall be assigned by any of the parties hereto
    (whether by operation of Law or otherwise) without the prior
    written consent of the other parties hereto; provided, that
    Mergerco may assign any of its rights and obligations to any
    direct or indirect wholly owned subsidiary of Mergerco, but no
    such assignment shall relieve Mergerco of its obligations
    hereunder. Further, the Company acknowledges and agrees that
    Mergerco may (i)&#160;elect to transfer its equity interests to
    any affiliate or direct or indirect wholly owned subsidiary of
    Mergerco, (ii)&#160;reincorporate in Texas or (iii)&#160;merge
    with or convert into a Texas corporation created solely for the
    purpose of the Merger, and any such transfer, reincorporation,
    merger or conversion shall not result in a breach of any
    representation, warranty or covenant of Mergerco
    <FONT style="white-space: nowrap">and/or</FONT> the
    Parents herein. Subject to the preceding sentence, this
    Agreement shall be binding upon, inure to the benefit of, and be
    enforceable by, the parties hereto and their respective
    successors and permitted assigns. Any purported assignment not
    permitted under this Section shall be null and void.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;9.06&#160;&#160;<I>Entire
    Agreement; No Third-Party Beneficiaries.</I> This Agreement
    (including the exhibits and schedules hereto), the
    Confidentiality Agreements and the Limited Guarantees constitute
    the entire agreement, and supersede all other prior agreements
    and understandings, both written and oral, between the parties,
    or any of them,
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-41
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    with respect to the subject matter hereof and thereof and except
    for (a)&#160;the rights of the Company&#146;s shareholders to
    receive the Merger Consideration at the Effective Time in
    accordance with, and subject to, the terms and conditions of
    this Agreement, (b)&#160;the right of the holders of Company
    Options to receive the Option Cash Payment at the Effective
    Time, in accordance with, and subject to, the terms and
    conditions of this Agreement, (c)&#160;the provisions of
    <U>Section&#160;6.08</U> hereof, and (d)&#160;the last sentence
    of <U>Sections&#160;8.02(c)</U> and (e)&#160;and
    <U>Section&#160;9.08(a)</U> is not intended to and shall not
    confer upon any person other than the parties hereto any rights
    or remedies hereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;9.07&#160;&#160;<I>Governing
    Law.</I>&#160;&#160;This Agreement, and all claims or causes of
    action (whether in contract or tort) that may be based upon,
    arise out or relate to this Agreement or the negotiation,
    execution or performance of this Agreement (including any claim
    or cause of action based upon, arising out of or related to any
    representation or warranty made in or in connection with this
    Agreement or as an inducement to enter into this Agreement),
    shall be governed by the internal laws of the State of New York
    (other than with respect to matters governed by the Texas Acts
    with respect to which the Texas Acts shall apply and the DGCL
    with respect to matters with respect to which the DGCL shall
    apply), without giving effect to any choice or conflict of laws
    provision or rule.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;9.08&#160;&#160;<I>Consent
    to Jurisdiction; Enforcement.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;(i)&#160;The Company agrees that to the extent it has
    incurred losses or damages in connection with this Agreement,
    (i)&#160;the maximum aggregate liability of Mergerco for such
    losses or damages shall be limited to those amounts specified in
    <U>Section&#160;8.02(b)</U>, (ii)&#160;the maximum aggregate
    liability of each Parent for such losses or damages shall be
    zero, (iii)&#160;the maximum liability of each Guarantor,
    directly or indirectly, shall be limited to the express
    obligations of such Guarantor under its Limited Guarantee, and
    (iv)&#160;in no event shall the Company seek to recover any
    money damages in excess of such amount from Mergerco, the
    Parents, or the Guarantors or their respective Representatives
    and affiliates in connection therewith.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The Company agrees that irreparable damage to Mergerco
    and the Parents would occur in the event that any of the
    provisions of this Agreement were not performed in accordance
    with their specific terms or were otherwise breached. It is
    accordingly agreed that Mergerco and the Parents shall be
    entitled to an injunction or injunctions to prevent breaches of
    this Agreement and to enforce specifically the terms and
    provisions of this Agreement exclusively in a state or federal
    court located in the United States or any state having
    jurisdiction, such remedy being in addition to any other remedy
    to which Mergerco or either Parent is entitled at law or in
    equity. The parties acknowledge that the Company shall not be
    entitled to an injunction or injunctions to prevent breaches of
    this Agreement by Mergerco or either Parent or to enforce
    specifically the terms and provisions of this Agreement and that
    the Company&#146;s sole and exclusive remedy with respect to any
    such breach shall be the remedy set forth in
    <U>Section&#160;8.02(b)</U>, as applicable, and under the
    Limited Guarantees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;In addition, each of Mergerco, each Parent and the
    Company hereby irrevocably submits to the exclusive jurisdiction
    of the United States District Court for the Western District of
    Texas and, if the United States District Court for the Western
    District of Texas does not accept such jurisdiction, the courts
    of the State of Texas, for the purpose of any action or
    proceeding arising out of or relating to this Agreement and each
    of the parties hereto hereby irrevocably agrees that all claims
    in respect to such action or proceeding may be heard and
    determined exclusively in any Texas state or federal court. Each
    of Mergerco, each Parent and the Company agrees that a final
    judgment in any action or proceeding shall be conclusive and may
    be enforced in other jurisdictions by suit on the judgment or in
    any other manner provided by Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;Each of Mergerco, each Parent and the Company
    irrevocably consents to the service of the summons and complaint
    and any other process in any other action or proceeding relating
    to the transactions contemplated by this Agreement, on behalf of
    itself or its property, by personal delivery of copies of such
    process to such party. Nothing in this <U>Section&#160;9.08</U>
    shall affect the right of any party to serve legal process in
    any other manner permitted by Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;9.09&#160;&#160;<I>Counterparts.</I>&#160;&#160;This
    Agreement may be executed and delivered (including by facsimile
    transmission) in two (2)&#160;or more counterparts, and by the
    different parties hereto in separate counterparts, each of which
    when executed and delivered shall be deemed to be an original
    but all of which taken together shall constitute one and the
    same agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;9.10&#160;&#160;<I>Waiver
    of Jury Trial.</I>&#160;&#160;EACH PARTY HERETO ACKNOWLEDGES AND
    AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT
    IS LIKELY TO INVOLVE
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-42
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY
    HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH
    PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION,
    PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR
    OTHERWISE) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
    THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS
    AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT
    (I)&#160;NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
    HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
    WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
    FOREGOING WAIVER, (II)&#160;EACH PARTY UNDERSTANDS AND HAS
    CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III)&#160;EACH
    PARTY MAKES THIS WAIVER VOLUNTARILY AND (IV)&#160;EACH PARTY HAS
    BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
    THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
    <U>SECTION&#160;9.10.</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">[Remainder
    of This Page&#160;Intentionally Left Blank]</FONT></I>
</DIV>

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    <BR>
    A-43
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>IN WITNESS WHEREOF</B>, Mergerco, the Parents and the Company
    have caused this Agreement to be executed as of the date first
    written above by their respective officers thereunto duly
    authorized.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>MERGERCO:</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BT TRIPLE CROWN MERGER CO., INC.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    Sperling</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;Scott Sperling
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;Co-President
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PARENTS:</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>B TRIPLE CROWN FINCO, LLC</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%"><FONT style="font-variant: SMALL-CAPS">John
    Connaughton</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;John Connaughton
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;Managing Director
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>T TRIPLE CROWN FINCO, LLC</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    Sperling</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;Scott Sperling
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Co-President
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>COMPANY:</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CLEAR CHANNEL COMMUNICATIONS, INC.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Mark
    P. Mays</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;Mark P. Mays
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Chief Executive Officer
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Signature
    Page to<BR>
    Agreement and Plan of Merger</FONT></I>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-44
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">APPENDIX&#160;A</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DEFINITIONS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As used in the Agreement, the following terms shall have the
    following meanings:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Accountant&#148; </I>shall have the meaning set forth
    in <U>Section&#160;3.09(c).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Additional Consideration Date&#148; </I>shall mean
    January&#160;1, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Additional Per Share Consideration&#148; </I>shall
    mean, if the Effective Time shall occur after the Additional
    Consideration Date, an amount, rounded to the nearest penny,
    equal to the lesser of (A)&#160;the pro rata portion, based upon
    the number of days elapsed since the Additional Consideration
    Date, of $37.60 multiplied by 8%&#160;per annum, per share or
    (B)&#160;an amount equal to (i)&#160;Operating Cash Flow for the
    period from and including the Additional Consideration Date
    through and including the last day of the last month preceding
    the Closing Date for which financial statements are available at
    least ten (10)&#160;calendar days prior to the Closing Date (the
    <I>&#147;Adjustment Period&#148;</I>) minus dividends paid or
    declared with respect to the period from and after the end of
    the Adjustment Period through and including the Closing Date and
    amounts committed or paid to purchase equity interests in the
    Company or derivatives thereof with respect to such period (but
    only to the extent that such dividends or amounts are not
    deducted from Operating Cash Flow for any prior period) divided
    by (ii)&#160;the sum of the number of outstanding shares of
    Company Common Stock (including outstanding Restricted Shares)
    plus the number of shares of Company Common Stock issuable
    pursuant to Convertible Securities outstanding at the Closing
    Date with exercise prices less than the Merger Consideration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Adjustment Period&#148; </I>shall have the meaning set
    forth in the definition of Additional Per Share Consideration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;affiliate&#148; </I>of a specified person, shall mean a
    person who, directly or indirectly, through one or more
    intermediaries controls, is controlled by, or is under common
    control with, such specified person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Aggregate Merger Consideration&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.02(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Agreement&#148; </I>shall have the meaning set forth in
    the Preamble.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Articles of Merger&#148; </I>shall have the meaning set
    forth in <U>Section&#160;2.03(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Attributable Interest&#148; </I>shall have the meaning
    set forth in <U>Section&#160;6.05(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Attributable Investor&#148; </I>shall have the meaning
    set forth in <U>Section&#160;6.05(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Blue Sky Laws&#148; </I>shall mean state securities or
    &#147;blue sky&#148; laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Book-Entry Shares&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.01(b).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;business day&#148; </I>shall mean any day on which the
    principal offices of the SEC in Washington,&#160;D.C. or the
    Secretary of State are open to accept filings, or, in the case
    of determining a date when any payment is due, any day on which
    banks are not required or authorized to close in the City of New
    York.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Certificate of Merger&#148; </I>shall have the meaning
    set forth in <U>Section&#160;2.03(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Certificates&#148; </I>shall have the meaning set forth
    in <U>Section&#160;3.01(b).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Change of Recommendation&#148; </I>shall have the
    meaning set forth in <U>Section&#160;6.07(d).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Class&#160;A Preferred Stock&#148; </I>shall have the
    meaning set forth in <U>Section&#160;4.03(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Class&#160;B Preferred Stock&#148; </I>shall have the
    meaning set forth in <U>Section&#160;4.03(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Closing&#148; </I>shall have the meaning set forth in
    <U>Section&#160;2.02.</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Closing Date&#148; </I>shall have the meaning set forth
    in <U>Section&#160;2.02.</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Code&#148; </I>shall mean the Internal Revenue Code of
    1986, as amended.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-45
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Communications Act&#148; </I>shall mean the
    Communications Act of 1934, as amended, and the rules,
    regulations and published policies and orders of the FCC
    thereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company&#148; </I>shall have the meaning set forth in
    the Preamble.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Accountant Expense&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.09(d).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Benefit Plan&#148; </I>shall mean (i)&#160;each
    &#147;employee pension benefit plan&#148; (as defined in
    Section&#160;3(2) of ERISA), whether or not subject to ERISA,
    each &#147;employee welfare benefit plan&#148; (as defined in
    Section&#160;3(1) of ERISA), whether or not subject to ERISA,
    (ii)&#160;each other plan, arrangement or policy (written or
    oral) relating to equity and equity-based awards, stock
    purchases, deferred compensation, bonus or other incentive
    compensation, severance, retention, salary continuation,
    educational assistance, material fringe benefits, leave of
    absence, vacation, change in control benefit, disability
    pension, welfare benefit, life insurance, or other material
    employee benefits, and (iii)&#160;each severance, consulting,
    change in control, employment, individual compensation or
    similar arrangement, in each case as to which the Company or its
    subsidiaries has any obligation or liability, contingent or
    otherwise, other than any (A)&#160;Multiemployer Plan;
    (B)&#160;governmental plan or any plan, arrangement or policy
    mandated by applicable Law and not otherwise insured, covered or
    set forth in any insurance contract, trust, escrow or other
    funding agreement; or (C)&#160;any employment contract
    applicable to employees performing services in jurisdictions
    outside of the United States that provides for severance only in
    accordance with applicable Laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Common Stock&#148; </I>shall have the meaning
    set forth in <U>Section&#160;3.01(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Disclosure Schedule&#148; </I>shall have the
    meaning set forth in <U>Article&#160;IV.</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Employees&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.11(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company ESPP&#148; </I>shall have the meaning set forth
    in <U>Section&#160;3.03(d).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company FCC Licenses&#148; </I>shall mean all main
    radio and television stations licenses, permits, authorizations,
    and approvals issued by the FCC to the Company and its
    subsidiaries for the operation of the Company Stations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Indenture&#148; </I>shall mean the Senior
    Indenture, dated as of October&#160;1, 1997, as amended,
    modified and supplemented by supplemental indentures from time
    to time through and including the Twenty-First Supplemental
    Indenture dated as of October&#160;1, 1997, between Clear
    Channel Communications, Inc. and The Bank of New York Trust
    Company, N.A., as trustee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Material Contract&#148; </I>shall have the
    meaning set forth in <U>Section&#160;4.13(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Option&#148; </I>shall mean each outstanding
    option to purchase shares of Company Common Stock under any of
    the Company Option Plans.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Option Plans&#148; </I>shall mean (i)&#160;the
    Company&#146;s 1994 Incentive Stock Option Plan, 1994
    Nonqualified Stock Option Plan, 1998 Stock Incentive Plan and
    2001 Stock Incentive Plan and Sharesave Scheme and (ii)&#160;The
    Ackerley Group, Inc. Fifth Amended and Restated Employees Stock
    Option Plan, The 1998&#160;AMFM Inc. Stock Option Plan, The
    1999&#160;AMFM Inc. Stock Option Plan, Capstar Broadcasting
    Corporation 1998 Stock Option Plan, Jacor Communication, Inc.
    1997 Long-Term Incentive Stock Plan, The Marquee Group, Inc.
    1996 Stock Option Plan, SFX Entertainment, Inc. 1998 Stock
    Option and Restricted Stock Plan, and SFX Entertainment, Inc.
    1999 Stock Option and Restricted Stock Plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Permits&#148; </I>shall have the meaning set
    forth in <U>Section&#160;4.06(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Recommendation&#148; </I>shall have the meaning
    set forth in <U>Section&#160;6.04.</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company SEC Documents&#148; </I>shall have the meaning
    set forth in <U>Article&#160;IV.</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Stations&#148; </I>shall mean all of the radio
    broadcast and television stations currently owned and operated
    by the Company and its subsidiaries, including full power
    television and radio broadcast stations and low power television
    stations, television translator stations, FM broadcast
    translator stations and FM broadcast booster stations.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-46
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Termination Fee&#148; </I>means $500,000,000,
    except (i)&#160;in the event that this Agreement is terminated
    by the Company prior to January&#160;5, 2007 pursuant to
    <U>Section&#160;8.01(h)</U> or (ii)&#160;in the event that this
    Agreement is terminated by the Parents prior to January&#160;5,
    2007 pursuant to <U>Section&#160;8.01(i)</U>, and, in each case,
    such right of termination is based on the submission of an
    Excluded Competing Proposal, the Company Termination Fee shall
    be $300,000,000
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Competing Proposal&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.07(h).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Compliant&#148; </I>shall have the meaning set forth in
    <U>Section&#160;6.13(b).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Confidentiality Agreements&#148; </I>shall mean
    (i)&#160;the confidentiality agreement, dated as of
    October&#160;20, 2006, by and between Thomas H. Lee Partners,
    L.P. and the Company, as amended, and (ii)&#160;the
    confidentiality agreement, dated as of October&#160;25, 2006, by
    and between Bain Capital Partners, LLC and the Company, as
    amended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;control&#148; </I>(including the terms &#147;controlled
    by&#148; and &#147;under common control with&#148;) means the
    possession, directly or indirectly, or as trustee or executor,
    of the power to direct or cause the direction of the management
    and policies of a person, whether through the ownership of
    voting securities, as trustee or executor, by contract or credit
    arrangement or otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Convertible Securities&#148; </I>shall mean any
    subscriptions, options, warrants, debt securities or other
    securities convertible into or exchangeable or exercisable for
    any shares of Equity Securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;D&#038;O Insurance&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.08(c).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Debt Commitment Letters&#148; </I>shall have the
    meaning set forth in <U>Section&#160;5.07(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Debt Financing&#148; </I>shall have the meaning set
    forth in <U>Section&#160;5.07(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Debt Securities&#148; </I>shall mean the
    &#147;Securities&#148; as defined in each of the Indentures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Debt Tender Offer&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.14(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Debt Tender Offer Documents&#148; </I>shall have the
    meaning set forth in <U>Section&#160;6.14(b).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;DGCL&#148; </I>shall have the meaning set forth in the
    Recitals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Dissenting Shares&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.05.</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Divestiture&#148; </I>shall have the meaning set forth
    in <U>Section&#160;6.05(b).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Divestiture Notice&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.05(b).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Effect&#148; </I>shall have the meaning set forth in
    the definition of Material Adverse Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Effective Time&#148; </I>shall have the meaning set
    forth in <U>Section&#160;2.03(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Employee Benefit Plan&#148; </I>shall mean
    &#147;employee benefit plans&#148; as defined in
    Section&#160;3(3) of ERISA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Equity Commitment Letters&#148; </I>shall have the
    meaning set forth in <U>Section&#160;5.07(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Equity Financing&#148; </I>shall have the meaning set
    forth in <U>Section&#160;5.07(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Equity Securities&#148; </I>shall mean any shares of
    capital stock of, or other equity interests or voting securities
    in, the Company or any of its subsidiaries, as applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;ERISA&#148; </I>shall mean the Employee Retirement
    Income Security Act of 1974, as amended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Estimated Additional Per Share Consideration&#148;
    </I>shall have the meaning set forth in
    <U>Section&#160;3.09(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Estimated Additional Per Share Consideration Resolution
    Period&#148; </I>shall have the meaning set forth in
    <U>Section&#160;3.09(b).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Exchange Act&#148; </I>shall mean the Securities
    Exchange Act of 1934, as amended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Exchange Fund&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.02(a).</U>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-47
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Excluded Competing Proposal&#148; </I>shall have the
    meaning set forth in <U>Section&#160;6.07(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Expenses&#148; </I>shall mean all reasonable
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses (including all fees and expenses of counsel,
    accountants, investment bankers, financing sources, experts and
    consultants to a party hereto and its affiliates and equity
    holders) incurred by a party or on its behalf in connection with
    or related to the authorization, preparation, negotiation,
    execution and performance of this Agreement, the preparation,
    printing, filing and mailing of the Proxy Statement, the
    solicitation of shareholder and shareholder approvals, the
    filing of any required notices under the HSR Act or other
    similar regulations, any filings with the SEC or the FCC and all
    other matters related to the closing of the Merger and the other
    transactions contemplated by this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;FCC&#148; </I>shall mean the Federal Communications
    Commission or any successor entity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;FCC Applications&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.05(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;FCC Consent&#148; </I>shall mean any action by the FCC
    (including action duly taken by the FCC&#146;s staff pursuant to
    delegated authority) granting its consent to the transfer of
    control or assignment to Mergerco or the Parents (or an
    affiliate of Mergerco or the Parents) of those authorizations,
    licenses, permits, and other approvals, issued by the FCC, and
    used in the operation of the Company Stations, pursuant to
    appropriate applications filed by the parties with the FCC, as
    contemplated by this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;FCC Filing Date&#148; </I>shall mean the last date upon
    which all FCC Applications are filed with the FCC, but in no
    event later than the 30th&#160;business day from the date hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;FCC Media Ownership Rules&#148; </I>shall mean the
    FCC&#146;s media ownership rules set forth at 47&#160;C.F.R.
    Section&#160;73.3555, and the notes thereto, as in effect on the
    date of this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Financing&#148; </I>shall have the meaning set forth in
    <U>Section&#160;5.07(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Financing Agreements&#148; </I>shall have the meaning
    set forth in <U>Section&#160;6.13(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Financing Commitments&#148; </I>shall have the meaning
    set forth in <U>Section&#160;5.07(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Foreign Antitrust Laws&#148; </I>shall mean any
    <FONT style="white-space: nowrap">non-U.S.&#160;Laws</FONT>
    intended to prohibit, restrict or regulate actions or
    transactions having the purpose or effect of monopolization,
    restraint of trade, harm to competition or effectuating foreign
    investment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;FTC&#148; </I>shall mean the Federal Trade Commission.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;GAAP&#148; </I>shall mean the United States generally
    accepted accounting principles.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Governmental Authority&#148; </I>shall mean any United
    States (federal, state or local) or foreign government, or
    governmental, regulatory, judicial or administrative authority,
    agency, commission or court.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;HSR Act&#148; </I>shall mean the
    <FONT style="white-space: nowrap">Hart-Scott-Rodino</FONT>
    Antitrust&#160;Improvements Act of 1976, as amended, and the
    rules and regulations thereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Indemnitee&#148; </I>shall mean any individual who, on
    or prior to the Effective Time, was an officer or director of
    the Company or served on behalf of the Company as an officer or
    director of any of the Company&#146;s subsidiaries or any of
    their predecessors in all of their capacities (including as
    shareholder, controlling or otherwise) and the heirs, executors,
    trustees, fiduciaries and administrators of such officer or
    director.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Indenture&#148; </I>shall mean each of, as the context
    may require, the Company Indenture and the Subsidiary Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Investors&#148; </I>shall have the meaning set forth in
    <U>Section&#160;5.07(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;IRS&#148; </I>shall mean the Internal Revenue Service.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;knowledge&#148; </I>shall mean the actual knowledge of
    the officers and employees of the Company and the Parents set
    forth on Section&#160;A of the Company Disclosure Schedule and
    Section&#160;A of the Mergerco Disclosure Schedule,
    respectively, without benefit of an independent investigation of
    any matter.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-48
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Law&#148; </I>shall mean any and all domestic (federal,
    state or local) or foreign laws, rules, regulations, orders,
    judgments or decrees promulgated by any Governmental Authority.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Lien&#148; </I>shall mean liens, claims, mortgages,
    encumbrances, pledges, security interests, equities or charges
    of any kind.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Limited Guarantee&#148; </I>shall have the meaning set
    forth in the Recitals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;LMA&#148; </I>shall mean any local marketing agreement,
    time brokerage agreement, joint sales agreement, shared services
    agreement or other similar contract in which the Company or any
    subsidiary has an Attributable Interest in respect of providing
    programming, advertising or other services to any radio or
    television broadcast station.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Marketing Period&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.13(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Master Agreement&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.01(q).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Material Adverse Effect on the Company&#148; </I>shall
    mean any event, state of facts, circumstance, development,
    change, effect or occurrence (an
    <B><I>&#147;Effect&#148;</I></B>) that has had or would
    reasonably be expected to have a material adverse effect on the
    business condition (financial or otherwise, operations or
    results of operations of the Company and its subsidiaries, taken
    as a whole, other than (i)&#160;any Effect resulting from
    (A)&#160;changes in general economic or political conditions or
    the securities, credit or financial markets in general, in each
    case, generally affecting the general television or radio
    broadcasting, music, internet, outdoor advertising or event
    industries, (B)&#160;general changes or developments in the
    general television or radio broadcasting, music, internet or
    event industries, including general changes in law or regulation
    across such industries, (C)&#160;the announcement of the merger
    agreement or the pendency or consummation of the merger,
    (D)&#160;the identity of Mergerco, the Investors or any of their
    affiliates as the acquiror of the Company, (E)&#160;compliance
    with the terms of, or the taking of any action required by, the
    merger agreement or consented to by the Parents, (F)&#160;any
    acts of terrorism or war (other than any of the foregoing that
    causes any damage or destruction to or renders unusable any
    facility or property of the Company or any of its subsidiaries),
    (G)&#160;changes in GAAP or the interpretation thereof, or
    (H)&#160;any weather related event, except, in the case of the
    foregoing clauses&#160;(A)&#160;and (B), to the extent such
    changes or developments referred to therein would reasonably be
    expected to have a materially disproportionate impact on the
    Company and its subsidiaries, taken as a whole, relative to
    other for profit participants in the industries and in the
    geographic markets in which the Company conducts its businesses
    after taking into account the size of the Company relative to
    such other for profit participants; or (ii)&#160;any failure to
    meet internal or published projections, forecasts or revenue or
    earning predictions for any period (provided that the underlying
    causes of such failure shall be considered in determining
    whether there is a Material Adverse Effect on the Company).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Material Subsidiaries&#148; </I>shall have the meaning
    set forth in <U>Section&#160;4.01.</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Merger&#148; </I>shall have the meaning set forth in
    the Recitals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Merger Consideration&#148; </I>shall have the meaning
    set forth in <U>Section&#160;3.01(b).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Mergerco&#148; </I>shall have the meaning set forth in
    the Preamble.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Mergerco Common Stock&#148; </I>shall have the meaning
    set forth in <U>Section&#160;3.01(c).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Mergerco Disclosure Schedule&#148; </I>shall have the
    meaning set forth in <U>Article&#160;V.</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Mergerco Equity Interests&#148; </I>shall have the
    meaning set forth in <U>Section&#160;5.09.</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Mergerco Material Adverse Effect&#148; </I>shall mean
    any event, state of facts, circumstance, development, change,
    effect or occurrence that is materially adverse to the business,
    financial condition or results of operations of Mergerco and
    Mergerco&#146;s subsidiaries taken as a whole or may reasonably
    be expected to prevent or materially delay or materially impair
    the ability of Mergerco or any of its subsidiaries to consummate
    the Merger and the other transactions contemplated by this
    Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Mergerco Organizational Documents&#148; </I>shall have
    the meaning set forth in <U>Section&#160;5.02.</U>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-49
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Mergerco Shares&#148; </I>shall have the meaning set
    forth in <U>Section&#160;5.09.</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Mergerco Termination Fee&#148; </I>shall have the
    meaning set forth in <U>Section&#160;8.02(b).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Multiemployer Plan&#148; </I>shall mean any
    &#147;multiemployer plans&#148; within the meaning of
    Section&#160;3(37) of ERISA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;New Debt Financing Commitments&#148; </I>shall have the
    meaning set forth in <U>Section&#160;6.13(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;New Plans&#148; </I>shall have the meaning set forth in
    <U>Section&#160;6.11(c).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;No-Shop Period Start Date&#148; </I>shall have the
    meaning set forth in <U>Section&#160;6.07(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Notice Period&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.07(e).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;NYSE&#148; </I>shall mean the New York Stock Exchange.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Operating Cash Flow&#148; </I>shall mean, for any
    period, an amount determined on a consolidated basis for the
    Company and its subsidiaries as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (A)&#160;an amount determined in accordance with GAAP (as in
    effect on the date hereof), consistently applied, equal to the
    sum of net income, excluding therefrom any amount described in
    one or more of the following clauses&#160;(but only to the
    extent included in net income):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the aggregate after-tax amount, if positive, of any net
    extraordinary, nonrecurring or unusual gains,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;any items of gain or loss from Permitted Divestitures,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;any items of gain or loss from the change in value or
    disposition of investments, including with respect to marketable
    securities and forward exchange contracts,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;any non-cash income, gain or credits included in the
    calculation of net income,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;any net income or loss attributable to non-wholly owned
    subsidiaries or investments, except to the extent the Company
    has received a cash dividend or distribution or an intercompany
    cash payment with respect thereto during such period,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;any net income attributable to foreign subsidiaries,
    except to the extent the Company has received a cash dividend or
    distribution or an intercompany cash payment with respect
    thereto during such period,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;the cumulative effect of a change in accounting
    principle, plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (B)&#160;to the extent net income has been reduced thereby and
    without duplication, amortization of deferred financing fees
    included in interest expense, depreciation and amortization
    (including amortization of film contracts) and other non-cash
    charges that in the case of items described in this
    clause&#160;(B)&#160;are (i)&#160;not attributable to
    subsidiaries whose net income is subject to clause&#160;(A)(v)
    or (A)(vi) above and (ii)&#160;not in the nature of provisions
    for future cash payments, minus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (C)&#160;the amount of cash taxes paid or accrued with respect
    to such period (including provision for taxes payable in future
    periods) to the extent exceeding the amount of tax expense
    deducted in determining net income, minus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (D)&#160;dividends paid or declared with respect to such period
    and amounts committed or paid to purchase equity interests in
    the Company or derivatives thereof with respect to such period,
    minus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (E)&#160;capital expenditures made in cash or accrued with
    respect to such period, minus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (F)&#160;with respect to any income realized outside of the
    United States, any amount of taxes that would be required to be
    paid in order to repatriate such income to the United States,
    minus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (G)&#160;cash payments made or scheduled to be made with respect
    to film contracts.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-50
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Option Cash Payment&#148; </I>shall have the meaning
    set forth in <U>Section&#160;3.03(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Order&#148; </I>shall mean any decree, order, judgment,
    injunction, temporary restraining order or other order in any
    suit or proceeding by or with any Governmental Authority.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Outdoor Holdings&#148; </I>shall mean Clear Channel
    Outdoor Holdings, Inc., a Delaware corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Outdoor SEC Documents&#148; </I>shall mean all
    documents filed with the SEC by Outdoor Holdings between
    November&#160;2, 2005 and the date hereof (together with all
    forms, documents, schedules, certifications, prospectuses,
    reports, and registration, proxy and other statements, required
    to be filed or furnished by it with or to the SEC between
    November&#160;2, 2005 and the date hereof including any such
    documents filed during such periods on a voluntary basis on
    <FONT style="white-space: nowrap">Form&#160;8-K)</FONT>
    in each case including all exhibits and schedules thereto and
    documents incorporated by reference therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Parents&#148; </I>shall have the meaning set forth in
    the Preamble.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Paying Agent&#148; </I>shall have the meaning set forth
    in <U>Section&#160;3.02(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Permitted Lien&#148; </I>shall mean (i)&#160;any Lien
    for Taxes not yet due or being contested in good faith by
    appropriate proceedings and for which adequate accruals or
    reserves have been established on the financial statements in
    accordance with GAAP; (ii)&#160;Liens securing indebtedness or
    liabilities that are reflected in the Company SEC Documents;
    (iii)&#160;such non-monetary Liens or other imperfections of
    title, if any, that, do not have, individually or in the
    aggregate, a Material Adverse Effect on the Company, including,
    without limitation, (A)&#160;easements or claims of easements
    whether shown or not shown by the public records, boundary line
    disputes, overlaps, encroachments and any matters not of record
    which would be disclosed by an accurate survey or a personal
    inspection of the property, (B)&#160;rights of parties in
    possession, (C)&#160;any supplemental Taxes or assessments not
    shown by the public records and (D)&#160;title to any portion of
    the premises lying within the right of way or boundary of any
    public road or private road; (iv)&#160;Liens imposed or
    promulgated by Laws with respect to real property and
    improvements, including zoning regulations, (v)&#160;Liens
    disclosed on existing title reports or existing surveys (in
    either case copies of which title reports and surveys have been
    delivered or made available to the Parents); and
    (vi)&#160;mechanics&#146;, carriers&#146;, workmen&#146;s,
    repairmen&#146;s and similar Liens, incurred in the ordinary
    course of business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Permitted Divestitures&#148; </I>shall have the meaning
    set forth on Section&#160;6.01(i) of the Company Disclosure
    Schedule.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;person&#148; </I>shall mean an individual, a
    corporation, limited liability company, a partnership, an
    association, a trust or any other entity or organization,
    including, without limitation, a Governmental Authority.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Proxy Statement&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.03(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Renewal Application&#148; </I>shall have the meaning
    set forth in <U>Section&#160;6.05(d).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Renewal Station&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.05(d).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Representatives&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.06(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Required Financial Information&#148; </I>shall have the
    meaning set forth in <U>Section&#160;6.13(b).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Requisite Shareholder Approval&#148; </I>shall mean the
    affirmative vote of the holders of two-thirds of the outstanding
    Shares of Company Common Stock to approve this Agreement and the
    transactions contemplated thereby.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Restricted Share&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.03(b).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Rollover Share&#148; </I>shall mean each Equity
    Security or Convertible Security owned by an employee of the
    Company that is expressly designated as a Rollover Share in an
    agreement of such employee and the Parents to be entered into
    between the date hereof and the Closing Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;SEC&#148; </I>shall mean the Securities and Exchange
    Commission.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;SEC Filings&#148; </I>shall have the meaning set forth
    in <U>Section&#160;4.12.</U>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-51
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Secretary of State&#148; </I>shall have the meaning set
    forth in <U>Section&#160;2.03(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Securities Act&#148; </I>shall mean the Securities Act
    of 1933, as amended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Senior Executives&#148; </I>shall mean the &#147;named
    executive officers&#148; identified in the Company&#146;s Proxy
    Statement filed with the SEC on March&#160;14, 2006
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Shareholders&#146; Meeting&#148; </I>shall have the
    meaning set forth in <U>Section&#160;6.04.</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Short-Dated Notes&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.14(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;subsidiary&#148; </I>of any person, shall mean any
    corporation, limited liability company, partnership,
    association, trust, joint venture or other legal entity (other
    than any dormant or inactive corporation, limited liability
    company, partnership, association, trust, joint venture or other
    legal entity) the accounts of which would be consolidated with
    those of such party in such party&#146;s consolidated financial
    statements if such financial statements were prepared in
    accordance with GAAP, as well as any other corporation, limited
    liability company, partnership, association, trust, joint
    venture or other legal entity of which securities or other
    ownership interests representing more than 50% of the equity or
    more than 50% of the ordinary voting power (or, in the case of a
    partnership, more than 50% of the general partnership interests)
    are, as of such date, owned by such party or one or more
    subsidiaries of such party or by such party and one or more
    subsidiaries of such party; <U>provided</U>, <U>however</U>,
    that the following rules of interpretation shall be applied with
    respect to the use of the term &#147;subsidiary&#148; or
    &#147;subsidiaries,&#148; as they are applied to Outdoor
    Holdings and any other subsidiary of the Company which is not
    wholly owned: (i)&#160;when used in the representations and
    warranties of the Company contained in this Agreement, with
    respect to Outdoor Holdings and any other subsidiary of the
    Company that is not wholly owned, the representation or warranty
    shall be made solely to the Company&#146;s knowledge and
    (ii)&#160;whenever this Agreement obligates any subsidiary to
    take or not to take, or requires that the Company cause any
    subsidiary to take, or not to take, any action, such covenant
    shall be satisfied with respect to Outdoor Holdings and any
    other subsidiary of the Company that is not wholly owned, upon
    the Company&#146;s request of such subsidiary to (i)&#160;take,
    or not to take, as the case may be, such action, and
    (ii)&#160;with respect to Outdoor Holdings, if such action is
    contemplated by the Master Agreement, upon the Company&#146;s
    exercise of its rights under the Master Agreement with respect
    to such action.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Subsidiary Indenture&#148; </I>shall mean the
    Indenture, dated as of November&#160;17, 1998, as amended,
    modified and supplemented by that certain First Supplemental
    Indenture dated as of August&#160;23, 1999, that certain Second
    Supplemental Indenture dated as of November&#160;19, 1999 and
    that certain Third Supplemental Indenture dated as of
    January&#160;18, 2000, among AMFM Operating Inc., each
    subsidiary guarantor party thereto and The Bank of New York, as
    trustee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Subsidiary Issuer&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.14(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Surviving Corporation&#148; </I>shall have the meaning
    set forth in <U>Section&#160;2.01.</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Surviving Corporation Common Stock&#148; </I>shall have
    the meaning set forth in <U>Section&#160;3.01(c).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Superior Proposal&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.07(i).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Supplemental Indentures&#148; </I>shall have the
    meaning set forth in <U>Section&#160;6.14(b).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Tax&#148; </I>or <I>&#147;Taxes&#148; </I>shall mean
    any and all taxes, fees, levies, duties, tariffs, imposts, and
    other similar charges (together with any and all interest,
    penalties and additions to tax) imposed by any governmental or
    taxing authority including, without limitation: taxes or other
    charges on or with respect to income, franchises, windfall or
    other profits, gross receipts, property, sales, use, capital
    stock, payroll, employment, social security, workers&#146;
    compensation, unemployment compensation, or net worth; taxes or
    other charges in the nature of excise, withholding, ad valorem,
    stamp, transfer, value added, or gains taxes; license,
    registration and documentation fees; and customs&#146; duties,
    tariffs, and similar charges; and liability for the payment of
    any of the foregoing as a result of (w)&#160;being a transferee
    or successor, (x)&#160;being a member of an affiliated,
    consolidated, combined or unitary group, (y)&#160;being party to
    any tax sharing agreement and (z)&#160;any express or implied
    obligation to indemnify any other person with respect to the
    payment of any of the foregoing.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-52
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Tax Returns&#148; </I>shall mean returns, reports,
    claims for refund, declarations of estimated Taxes and
    information statements, including any schedule or attachment
    thereto or any amendment thereof, with respect to Taxes required
    to be filed with the IRS or any other governmental or taxing
    authority, domestic or foreign, including consolidated, combined
    and unitary tax returns.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;TBCA&#148; </I>shall have the meaning set forth in the
    Recitals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;TBOC&#148; </I>shall have the meaning set forth in the
    Recitals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;TIA&#148; </I>shall have the meaning set forth in
    <U>Section&#160;6.14(b).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Termination Date&#148; </I>shall have the meaning set
    forth in <U>Section&#160;8.01(b).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Texas Acts&#148; </I>shall have the meaning set forth
    in the Recitals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Tolling Agreement&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.05(d).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Total Option Cash Payments&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.03(a).</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;WARN Act&#148; </I>shall mean the Worker Adjustment and
    Restraining Notification (WARN) Act of 1988.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-53
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    OF CONTENTS OF</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>COMPANY DISCLOSURE SCHEDULE</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>to</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>AGREEMENT AND PLAN OF MERGER</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>dated as of</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>November&#160;16, 2006</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>By and among</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BT TRIPLE CROWN MERGER CO., INC.,</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>B TRIPLE CROWN FINCO, LLC,</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>T TRIPLE CROWN FINCO, LLC,</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>and</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CLEAR CHANNEL COMMUNICATIONS, INC.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-54
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a summary of the disclosure schedules delivered
    by the Company in connection with the Agreement and Plan of
    Merger dated as of November&#160;16, 2006 by and among
    BT&#160;Triple Crown Merger Co., Inc., B&#160;Triple Crown
    Finco,&#160;LLC, T&#160;Triple Crown Finco,&#160;LLC, and Clear
    Channel Communications, Inc. (the &#147;Agreement&#148;). To the
    extent not defined below, capitalized terms used herein are as
    defined in the Agreement.*
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;3.03(a).
    Stock Options and Other Awards.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    List of outstanding options to purchase shares of common stock
    of the Company, for which consent may be required for
    consummation of the transactions contemplated by
    Section&#160;3.03 of the Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;4.01(a).
    Material Subsidiaries.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    List of material subsidiaries.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;4.02.
    Articles of Incorporation and Bylaws.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    List of material subsidiaries for which articles of
    incorporation and bylaws were not made available to Mergerco or
    the Parents.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;4.03(b).
    Capitalization.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    List of certain outstanding warrants and disclosure of
    information relating to outstanding shares of common stock
    reserved for issuance under certain equity incentive plans.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;4.05(a).
    No Conflicts; Required Filings and Consents.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    List of agreements that the transactions contemplated by the
    Agreement may conflict with or require the making of a filing or
    the obtaining of a consent.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;4.06(b).
    Permits and Licenses; Compliance with Laws.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    List of television and radio stations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;4.11.
    Taxes.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Disclosure of information regarding disputes over taxes, audits,
    examinations and other tax matters.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;4.14.
    Employee Benefits and Labor Matters.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Disclosure of information relating to the Company&#146;s
    employee benefits plans, including potential liabilities under
    outstanding plans upon the consummation of the transactions
    contemplated by the Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;5.07(c).
    Available Funds.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    List of entities with which the Parents may not enter into
    discussions, negotiations, arrangements, understandings or
    agreements with respect to Equity Financing.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;6.01(i).
    Permitted Divestitures.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Disclosure of information regarding divestitures of assets of
    the Company permitted under the Agreement. Listing of pending
    sales agreements.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left" style="text-align:justify; margin-left: 1%; margin-right: 0%; text-indent: -1%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    *&#160;Pursuant to Item&#160;601(b)(2) of
    <FONT style="white-space: nowrap">Regulation&#160;S-K,</FONT>
    the Registrant hereby agrees to furnish supplementally a copy of
    the Company Disclosure Schedule to the Agreement and Plan of
    Merger to the Securities and Exchange Commission upon request.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-55
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;6.01(j).
    Tax Settlements.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Disclosure of tax settlements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;6.01(l).
    Compensation.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Disclosure of potential increases in compensation to directors
    or senior executives in excess of the limitations set forth in
    the Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;6.01(m).
    Capital Expenditures.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Disclosure of capital expenditures in excess of the limitations
    set forth in the Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;6.01(n).
    Investments.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Disclosure of investments in excess of the limitations set forth
    in the Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;6.05(d).
    Pending Renewal Applications.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    List of renewal applications pending with the Federal
    Communications Commission.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;6.11(b).
    Severance Benefits.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Disclosure of the Company&#146;s severance policy.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Schedule&#160;A.
    Knowledge Persons.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    List of persons whose knowledge constitutes the Company&#146;s
    knowledge for purposes of the Agreement.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-56
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    OF CONTENTS OF</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>MERGERCO DISCLOSURE SCHEDULE</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>to</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>AGREEMENT AND PLAN OF MERGER</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>dated as of</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>November&#160;16, 2006</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>By and among</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BT&#160;TRIPLE CROWN MERGER CO., INC.,</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>B&#160;TRIPLE CROWN FINCO, LLC,</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>T&#160;TRIPLE CROWN FINCO, LLC,</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>and</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CLEAR CHANNEL COMMUNICATIONS, INC.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-57
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a summary of the disclosure schedules delivered
    by Mergerco in connection with the Agreement and Plan of Merger
    dated as of November&#160;16, 2006 by and among BT Triple Crown
    Merger Co., Inc., B Triple Crown Finco, LLC, T Triple Crown
    Finco, LLC, and Clear Channel Communications, Inc. (the
    &#147;Agreement&#148;). To the extent not defined below,
    capitalized terms used herein are as defined in the Agreement.*
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;3.08.
    Rollover Shares.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Stating that between the date of the Agreement and the date of
    Closing, the Parents and Mergerco will agree with each
    shareholder entitled to rollover shares of common stock of the
    Company the number of shares, if any, to be rolled over and the
    conversion ratio.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;5.05.
    FCC Matters.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Disclosing that certain investment funds have an Attributable
    Interest that may conflict with the Federal Communications
    Commission media ownership guidelines.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;5.07(a).
    Available Funds.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    List of executed debt and equity commitment letters.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;5.09.
    Capitalization of Mergerco.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Disclosure of the entities who hold the authorized capital stock
    of Mergerco on the date of the Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;6.14.
    Actions With Respect to Existing Debt.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    List of certain agreements that potentially conflict with the
    transaction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Appendix&#160;A.
    Definitions.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    List of persons whose knowledge constitutes the Parents&#146;
    and Mergerco&#146;s knowledge for the purposes of the Agreement.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Pursuant to Item&#160;601(b)(2) of
    <FONT style="white-space: nowrap">Regulation&#160;S-K,</FONT>
    the Registrant hereby agrees to furnish supplementally a copy of
    the Mergerco Disclosure Schedule to the Agreement and Plan of
    Merger to the Securities and Exchange Commission upon request.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-58
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left"><A name="361">
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ANNEX&#160;B</FONT></B>
</DIV>
</A>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMENDMENT
    NO.&#160;1<BR>
    TO<BR>
    AGREEMENT AND PLAN OF MERGER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Amendment No.&#160;1 (the
    <B><I>&#160;&#147;Amendment&#148;</I></B>), dated as of
    April&#160;18, 2007, to the Agreement and Plan of Merger, dated
    as of November&#160;16, 2006, by and among BT Triple Crown
    Merger Co., Inc., a Delaware corporation
    (<B><I>&#147;Mergerco&#148;</I></B>), B Triple Crown Finco, LLC,
    a Delaware limited liability company, T Triple Crown Finco, LLC,
    a Delaware limited liability company (together with B Triple
    Crown Finco, LLC, the <B><I>&#147;Parents&#148;</I></B>), and
    Clear Channel Communications, Inc., a Texas corporation (the
    &#147;<B><I>Company</I></B>&#148;).
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RECITALS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, Section&#160;8.03 of the Agreement permits the
    parties, by action by or on behalf of their respective board of
    directors, to amend the Agreement by an instrument in writing
    signed on behalf of each of parties;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, the parties hereto desire to amend the Agreement
    as provided herein.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">STATEMENT
    OF AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NOW, THEREFORE</B>, in consideration of the foregoing and the
    mutual representations, warranties and covenants and subject to
    the conditions herein contained and intending to be legally
    bound hereby, the parties hereto hereby agree as follows:
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;1<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">DEFINITIONS
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;1.01.&#160;&#160;<I>Definitions;
    References.</I>&#160;&#160;Unless otherwise specifically defined
    herein, each capitalized term used but not defined herein shall
    have the meaning assigned to such term in the Agreement. Each
    reference to &#147;hereof,&#148; &#147;hereunder,&#148;
    &#147;hereby,&#148; and &#147;this Agreement&#148; shall, from
    and after the date of this Amendment, refer to the Agreement, as
    amended by this Amendment. Each reference herein to &#147;the
    date of this Amendment&#148; shall refer to the date set forth
    above and each reference to the &#147;date of this
    Agreement&#148; or similar references shall refer to
    November&#160;16, 2006.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;2<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">AMENDMENT TO
    AGREEMENT
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.01.&#160;&#160;<I>Amendment
    to Section&#160;3.01(b) of the
    Agreement.</I>&#160;&#160;Section&#160;3.01(b) of the Agreement
    is amended by deleting &#147;$37.60&#148; and replacing such
    amount with &#147;$39.00.&#148; All references in the Agreement
    to the &#147;Merger Consideration&#148; shall refer to
    &#147;$39.00 plus the Additional Per Share Consideration, if
    any, in cash, without interest.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.02.&#160;&#160;<I>Additional
    Representations and Warranties of the
    Company.</I>&#160;&#160;The Company hereby represents and
    warrants to Mergerco and the Parents as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I>Authority Relative to Amendment.</I>&#160;&#160;The
    Company has all necessary corporate power and authority to
    execute and deliver this Amendment, to perform its obligations
    hereunder. The execution and delivery of this Amendment by the
    Company have been duly and validly authorized by all necessary
    corporate action, and no other corporate proceedings on the part
    of the Company are necessary to authorize the execution and
    delivery of this Amendment. This Amendment has been duly and
    validly executed and delivered by the Company and, assuming the
    due authorization, execution and delivery by Mergerco and the
    Parents, this Amendment constitutes a legal, valid and binding
    obligation of the Company, enforceable against the Company in
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    B-1
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    accordance with its terms (except as such enforceability may be
    limited by bankruptcy, insolvency, fraudulent transfer,
    reorganization, moratorium and other similar Laws of general
    applicability relating to or affecting creditors&#146; rights,
    and to general equitable principles).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;<I>Additional Representations.</I>&#160;&#160;Each of
    the representations and warranties contained in
    Sections&#160;4.04(b)(ii) and (iii)&#160;is true and accurate as
    if made anew as of the date of this Amendment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;<I>Opinion of Financial Advisors.</I>&#160;&#160;The
    Board of Directors of the Company has received an oral opinion
    of Goldman Sachs&#160;&#038; Co. to the effect that, after
    giving effect to this Amendment, as of the date of such opinion
    and based upon and subject to the limitations, qualifications
    and assumptions set forth therein, the Merger Consideration as
    provided in <U>Section&#160;3.01(b)</U> of the Agreement payable
    to each holder of outstanding shares of Company Common Stock
    (other than shares cancelled pursuant to<U>
    Section&#160;3.01(b)</U> of the Agreement, shares held by
    affiliates of the Company, Dissenting Shares and the Rollover
    Shares), in the aggregate, is fair to the holders of the Company
    Common Stock from a financial point of view. The Company shall
    deliver an executed copy of the written opinion received from
    Goldman Sachs&#160;&#038; Co. to the Parents promptly upon
    receipt thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.03.&#160;&#160;<I>Additional
    Representations and Warranties of Parents and
    Mergerco.</I>&#160;&#160;The Parents and Mergerco hereby jointly
    and severally represent and warrant to the Company as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I>Authority Relative to Amendment.</I>&#160;&#160;The
    Parents and Mergerco have all necessary power and authority to
    execute and deliver this Amendment, to perform their respective
    obligations hereunder. The execution and delivery of this
    Amendment by the Parents and Mergerco have been duly and validly
    authorized by all necessary limited liability company action on
    the part of the Parents and all corporate action of Mergerco,
    and no other corporate proceedings on the part of the Parents or
    Mergerco are necessary to authorize the execution and delivery
    of this Amendment. This Amendment has been duly and validly
    executed and delivered by the Parents and Mergerco and, assuming
    the due authorization, execution and delivery by the Company,
    this Amendment constitutes a legal, valid and binding obligation
    of the Parents and Mergerco, enforceable against the Parents and
    Mergerco in accordance with its terms (except as such
    enforceability may be limited by bankruptcy, insolvency,
    fraudulent transfer, reorganization, moratorium and other
    similar laws of general applicability relating to or affecting
    creditor&#146;s rights, and to general equitable principles).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.04.&#160;&#160;<I>Amendment
    to Section&#160;5.07 of the
    Agreement.</I>&#160;&#160;Section&#160;5.07 (a)&#160;is amended
    and restated in its entirety to read as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;(a) Parents have provided to the Company true, complete
    and correct copies, as of the date of this Amendment, of the
    executed commitment letters from the parties identified in a
    separate letter (the <B><I>&#147;Amendment Disclosure
    Letter&#148;</I></B>) delivered to the Company, which commitment
    letters are dated as of the date of this Amendment (as the same
    may be amended, modified, supplemented, restated, superseded and
    replaced in accordance with Section&#160;6.13(a), collectively,
    the <B><I>&#147;Debt Commitment Letters&#148;</I></B>), pursuant
    to which, and subject to the terms and conditions thereof, the
    lender parties thereto have committed to lend the amounts set
    forth therein for the purpose of funding the transactions
    contemplated by this Agreement (the <B><I>&#147;Debt
    Financing&#148;</I></B><I>).</I> Parents have provided to the
    Company true, complete and correct copies, as of the date of
    this Amendment, of executed commitment letters (collectively,
    the <B><I>&#147;Equity Commitment Letters&#148;</I></B> and
    together with the Debt Commitment Letters, the
    <B><I>&#147;Financing Commitments&#148;</I></B>) pursuant to
    which the investors listed in the Amendment Disclosure Letter
    (the <B><I>&#147;Investors&#148;</I></B>) have committed to
    invest the cash amounts set forth therein subject to the terms
    therein (the <B><I>&#147;Equity Financing&#148;</I></B> and
    together with the Debt Financing, the
    <B><I>&#147;Financing&#148;</I></B>).&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each of the representations and warranties contained in
    Section&#160;5.07(b) is true and accurate as if made anew as of
    the date of this Amendment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.05.&#160;&#160;<I>Amendment
    to Section&#160;6.01 of the
    Agreement.</I>&#160;&#160;Section&#160;6.01(f) (iv) (z)&#160;is
    amended by deleting the words, &#147;date hereof&#148; and
    replacing them with the words, &#147;date of the Amendment.&#148;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    B-2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.06.&#160;&#160;<I>Amendment
    to Section&#160;6.03 of the Agreement.</I>&#160;&#160;The
    following paragraph shall be added to the Agreement as
    Section&#160;6.03(e):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;(e) Within five (5)&#160;business days following the date
    of this Amendment the Company shall prepare and shall cause to
    be filed with the SEC a proxy supplement in accordance with the
    provisions of <U>Section&#160;6.03(a)</U> relating to the
    meeting of the Company&#146;s shareholders to be held to
    consider the adoption and approval of this Agreement and the
    Merger. The Company shall include the text of this Agreement and
    the recommendation of the Board of Directors of the Company that
    the Company&#146;s shareholders approve and adopt this
    Agreement. If required, the Company shall use its reasonable
    best efforts to have the Proxy Statement cleared by the SEC, if
    required after the date of this Amendment, as soon as reasonably
    practicable after it is filed with the SEC. If the SEC requires
    the Company to re-mail the Proxy Statement to the holders of
    Company Common Stock as of the record date established for the
    Shareholders&#146; Meeting, then within five (5)&#160;days after
    the Proxy supplement prepared in accordance with
    <U>Section&#160;6.03(b)</U> has been cleared by the SEC, the
    Company shall mail the Proxy Statement to the holders of Company
    Common Stock as of the record date established for the
    Shareholders&#146; Meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.07.&#160;&#160;<I>Amendments
    to Section&#160;6.04 of the Agreement.</I>&#160;&#160;Subject to
    any actions taken by the SEC, as contemplated by
    Section&#160;2.05 above, the Shareholders Meeting referred to in
    Section&#160;6.04 of the Agreement shall be postponed, convened
    and held on May&#160;8, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.08.&#160;&#160;<I>Amendment
    to Section&#160;8.02 of the
    Agreement.</I>&#160;&#160;Section&#160;8.02(c) of the Agreement
    shall be renumbered as Section&#160;8.02(d) and all cross
    references to such Section shall be renumbered accordingly. The
    following paragraph shall be added to the Agreement as
    Section&#160;8.02(c):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;(c) If this Agreement is terminated pursuant to
    <U>Section&#160;8.01(c)</U>, <U>Section&#160;8.01(d)</U> or
    <U>Section&#160;8.01(g)</U> and within twelve (12)&#160;months
    after such termination of this Agreement (i)&#160;the Company or
    any of its subsidiaries consummates, (ii)&#160;the Company or
    any of its subsidiaries enters into a definitive agreement with
    respect to, or (iii)&#160;one or more Contacted Parties or a
    Qualified Group commences a tender offer with respect to, and,
    in the case of each of clause&#160;(ii) and (iii)&#160;above,
    subsequently consummates (whether during or after such twelve
    (12)&#160;month period), any Contacted Party Proposal then the
    Company shall pay to the Parents a fee of $200,000,000 in cash;
    <U>provided</U>, <U>however</U>, if this Agreement is terminated
    pursuant to <U>Section&#160;8.01(d)</U> or
    <U>Section&#160;8.01(g)</U>, no such fee shall be payable under
    this Section&#160;8.02(c) if a Company Termination Fee is
    payable pursuant to <U>Section&#160;8.02(a)</U> hereof. In the
    event the fee provided for in this <U>Section&#160;8.02(c)</U>
    is required to be paid, such payment will be made by wire
    transfer of immediately available funds to an account designated
    by Parents promptly following the closing of the transactions
    contemplated by such Contacted Party Proposal. For purposes of
    clarification, the fee payable pursuant to this
    <U>Section&#160;8.02(c)</U> is in addition to any reimbursement
    of expenses provided for in <U>Section&#160;8.02(a)</U>
    above.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.09.&#160;&#160;<I>Amendment
    to Appendix&#160;A.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The definition of <B><I>&#147;Additional Per Share
    Merger Consideration&#148;</I></B> is amended by deleting
    &#147;$37.60&#148; and replacing such amount with
    &#147;$39.00.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The following definition of <B><I>&#147;Contacted
    Parties&#148;</I></B> is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Confidentiality
    Agreement&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Contacted Parties&#148;</I> shall mean and include
    (i)&#160;each Person that is referred to in the Proxy Statement
    as having been contacted during the auction process or that were
    contacted in accordance with Section&#160;6.07(a) of the
    Agreement during the period commencing on November&#160;16, 2006
    and ending on December&#160;7, 2006 and (ii)&#160;any Affiliate
    of the parties referred to in clause (i). Within two business
    days of the date of this Amendment, the Company will provide to
    Parents a true and accurate list of the Contacted Parties
    referred to in clause&#160;(i).&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;The following definition of <B><I>&#147;Contacted
    Parties Proposal&#148;</I></B> is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Contacted
    Parties&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Contacted Parties Proposal&#148;</I> shall mean:
    (i)&#160;any transaction in which one or more of the Contacted
    Parties, either acting alone or as a &#147;group&#148; (as
    defined in Section&#160;13(d) of the Exchange Act) acting in
    concert, which &#147;group&#148; does not include any of the
    Parents, Mergerco or their respective Affiliates (a
    &#147;Qualified
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    B-3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Group&#148;), directly or indirectly acquires or purchases, in
    any single transaction or series of related transactions, more
    than 50% of the fair market value of the assets, issued and
    outstanding Company Common Stock or other ownership interests of
    the Company and its consolidated subsidiaries, taken as a whole,
    or to which 50% or more of the Company&#146;s and its
    subsidiaries net revenues or earnings on a consolidated basis
    are attributable (ii)&#160;any tender offer or exchange offer
    (including through the filing with the SEC of a
    Schedule&#160;TO), as defined pursuant to the Exchange Act, that
    if consummated would result in one or more of the Contacted
    Parties or a Qualified Group acting in concert acquiring assets,
    securities or businesses in the minimum percentage described in
    clause&#160;(i) above or (iii)&#160;any merger, consolidation,
    business combination, recapitalization, issuance of or amendment
    to the terms of outstanding stock or other securities,
    liquidation, dissolution or other similar transaction involving
    the Company as a result of which any Contacted Party or
    Qualified Group acting in concert would acquire assets,
    securities or businesses in the minimum percentage described in
    clause&#160;(i) above. For clarification purposes, a spin-off,
    recapitalization, stock repurchase program or other transaction
    effected by the Company or any of its subsidiaries will not
    constitute a Contacted Parties Proposal unless, as a result of
    such transaction, a Contacted Party or Qualified Group acting in
    concert acquires the assets, securities or business described in
    clause&#160;(i) above.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;3<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">MISCELLANEOUS
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.01.&#160;&#160;<I>No
    Further Amendment.</I>&#160;&#160;Except as expressly amended
    hereby, the Agreement is in all respects ratified and confirmed
    and all of the terms and conditions and provisions thereof shall
    remain in full force and effect. This Amendment is limited
    precisely as written and shall not be deemed to be an amendment
    to any other term or condition of the Agreement or any of the
    documents referred to therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.02.&#160;&#160;<I>Effect
    of Amendment.</I>&#160;&#160;This Amendment shall form a part of
    the Agreement for all purposes, and each party thereto and
    hereto shall be bound hereby. From and after the execution of
    this Amendment by the parties hereto, any reference to
    &#147;this Agreement&#148;, &#147;hereof&#148;,
    &#147;herein&#148;, &#147;hereunder&#148; and words or
    expressions of similar import shall be deemed a reference to the
    Agreement as amended hereby.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.03.&#160;&#160;<I>Governing
    Law.</I>&#160;&#160;This Amendment, and all claims or cause of
    action (whether in contract or tort) that may be based upon,
    arise out of or relate to this Amendment shall be governed by
    the internal laws of the State of New York, without giving
    effect to any choice or conflict of laws provision or rule.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.04.&#160;&#160;<I>Counterparts.</I>&#160;&#160;This
    Amendment may be executed and delivered (including by facsimile
    transmission) in two (2)&#160;or more counterparts, and by the
    different parties hereto in separate counterparts, each of which
    when executed and delivered shall be deemed to be an original
    but all of which taken together shall constitute one and same
    agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">[Remainder
    of This Page&#160;Intentionally Left Blank]
    </FONT>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    B-4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>IN WITNESS WHEREOF</B>, Mergerco, the Parents, and the
    Company have caused this Amendment to be executed as of the date
    first written above by their respective officers thereunto duly
    authorized.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>MERGERCO:</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BT TRIPLE CROWN MERGER CO., INC.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    Sperling</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;Scott Sperling
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;Co-President
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PARENTS:</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>B TRIPLE CROWN FINCO, LLC</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;John
    Connaughton</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;John Connaughton
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;Managing Director
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>T TRIPLE CROWN FINCO, LLC</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    Sperling</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;Scott Sperling
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;Co-President
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>COMPANY:</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CLEAR CHANNEL COMMUNICATIONS, INC.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Mark
    P. Mays</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;Mark P. Mays
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;Chief Executive Officer
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    B-5
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    OF CONTENTS OF</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMENDMENT
    DISCLOSURE LETTER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">to</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMENDMENT
    NO.&#160;1</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">dated as
    of</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">April&#160;18,
    2007</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">to
    the</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AGREEMENT
    AND PLAN OF MERGER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">dated as
    of</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">November&#160;16,
    2006</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">By and
    among</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">BT TRIPLE
    CROWN MERGER CO., INC.,<BR>
    B TRIPLE CROWN FINCO, LLC,<BR>
    T TRIPLE CROWN FINCO, LLC,</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">and</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CLEAR
    CHANNEL COMMUNICATIONS, INC.</FONT></B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    B-6
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a summary of the disclosure schedules delivered
    by Mergerco in connection with Amendment No.&#160;1 dated as of
    April&#160;18, 2007 to the Agreement and Plan of Merger dated as
    of November&#160;16, 2006 by and among BT Triple Crown Merger
    Co., Inc., B Triple Crown Finco, LLC, T Triple Crown Finco, LLC,
    and Clear Channel Communications, Inc. (the
    &#147;Agreement&#148;). To the extent not defined below,
    capitalized terms used herein are as defined in the Agreement. *
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;5.07(a).
    Available Funds.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    List of executed debt and equity commitment letters.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    *&#160;</TD>
    <TD align="left">
    Pursuant to Item&#160;601(b)(2) of
    <FONT style="white-space: nowrap">Regulation&#160;S-K,</FONT>
    the Registrant hereby agrees to furnish supplementally a copy of
    the Amendment Disclosure Letter to Amendment No.&#160;1 to the
    Agreement and Plan of Merger to the Securities and Exchange
    Commission upon request.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    B-7
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV align="left"><A name="362">
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ANNEX&#160;C</FONT></B>
</DIV>
</A>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMENDMENT
    NO.&#160;2<BR>
    TO<BR>
    AGREEMENT AND PLAN OF MERGER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Amendment No.&#160;2 (the <B><I>&#147;Second
    Amendment&#148;</I></B>), dated as of May&#160;17, 2007, to the
    Agreement and Plan of Merger, dated as of November&#160;16,
    2006, as amended on April&#160;18, 2007 (as amended, the
    <B><I>&#147;Agreement&#148;</I></B>), by and among BT Triple
    Crown Merger Co., Inc., a Delaware corporation
    <B>(<I>&#147;Mergerco&#148;</I></B>), B Triple Crown Finco, LLC,
    a Delaware limited liability company, T Triple Crown Finco, LLC,
    a Delaware limited liability company (together with B Triple
    Crown Finco, LLC, the <B><I>&#147;Parents&#148;</I></B>), BT
    Triple Crown Capital Holdings&#160;III, Inc. a Delaware
    corporation <B>(<I>&#147;New Holdco&#148;</I>)</B> and Clear
    Channel Communications, Inc., a Texas corporation (the
    <B><I>&#147;Company&#148;</I></B>).
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RECITALS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, <U>Section&#160;8.03</U> of the Agreement
    permits the parties, by action by or on behalf of their
    respective board of directors, to amend the Agreement by an
    instrument in writing signed on behalf of each of
    parties;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, in furtherance of the recapitalization of the
    Company by Mergerco, the parties have agreed to certain revised
    terms and conditions, including a provision which allows each
    holder of a Public Share (as defined below) to elect to receive
    cash or stock (subject to certain restrictions set forth below)
    as consideration for the Merger;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS, </B>the Affiliated Holders (as defined below) have
    entered into agreements with the Parents pursuant to which they
    have agreed to elect the Cash Consideration (as defined below),
    except in the case of Rollover Shares;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, the parties hereto desire to amend the Agreement
    as provided herein.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">STATEMENT
    OF AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NOW, THEREFORE</B>, in consideration of the foregoing and the
    mutual representations, warranties and covenants and subject to
    the conditions herein contained and intending to be legally
    bound hereby, the parties hereto hereby agree as follows:
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;I.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">DEFINITIONS
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;1.01.&#160;&#160;<I>Definitions;
    References.</I>&#160;&#160;Unless otherwise specifically defined
    herein, each capitalized term used but not defined herein shall
    have the meaning assigned to such term in the Agreement. Each
    reference to &#147;hereof,&#148; &#147;hereunder,&#148;
    &#147;hereby,&#148; and &#147;this Agreement&#148; shall, from
    and after the date of this Second Amendment, refer to the
    Agreement, as amended by this Second Amendment. Each reference
    herein to &#147;the date of this Second Amendment&#148; shall
    refer to the date set forth above, each reference to the
    &#147;the date of the First Amendment&#148; shall mean
    April&#160;18, 2007, and each reference to the &#147;date of
    this Agreement&#148; or similar references shall refer to
    November&#160;16, 2006.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;II.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">AMENDMENT TO
    AGREEMENT
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.01.&#160;&#160;<I>Addition
    of a New Party.</I>&#160;&#160;New Holdco shall be added as a
    party to the Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.02.&#160;&#160;<I>Amendment
    to Third Whereas Clause.</I>&#160;&#160;The third whereas clause
    shall be amended by adding a reference to &#147;, New
    Holdco&#148; after the reference to &#147;Parents&#148;.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.03.&#160;&#160;<I>Amendment
    to Section&#160;2.02.</I>&#160;&#160;<U>Section&#160;2.02</U>
    shall be amended by replacing the phrase &#147;neither the
    Parents nor Mergerco&#148; with &#147;none of the Parents, New
    Holdco or Mergerco&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.04.&#160;&#160;<I>Amendment
    to Article&#160;III of the
    Agreement.</I>&#160;&#160;Article&#160;III of the Agreement
    shall be deleted and replaced in its entirety with the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">&#147;Section&#160;3.01&#160;&#160;</FONT><I>Effect
    on Securities.</I>&#160;&#160;At the Effective Time, by virtue
    of the Merger and without any action on the part of the Company,
    Mergerco or the holders of any securities of the Company:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I><U>Cancellation of Company
    Securities</U>.</I>&#160;&#160;Each share of the Company&#146;s
    common stock, par value $0.10&#160;per share (the
    <B><I>&#147;Company Common Stock&#148;</I></B>), held by the
    Company as treasury stock or held by Mergerco or New Holdco
    immediately prior to the Effective Time shall automatically be
    cancelled, retired and shall cease to exist, and no
    consideration or payment shall be delivered in exchange therefor
    or in respect thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;<I><U>Conversion of Company Securities</U>.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Except as otherwise provided in this Agreement, each
    Public Share issued and outstanding immediately prior to the
    Effective Time shall, subject to <U>Section&#160;3.01(c)</U> and
    <U>Section&#160;3.01(g)</U>, be cancelled and converted into the
    right to receive either (A)&#160;an amount equal to $39.20 in
    cash without interest, plus the Additional Per Share
    Consideration, if any (the <B><I>&#147;Cash
    Consideration&#148;</I></B>) or (B)&#160;one validly issued,
    fully paid and non assessable share of the New Holdco Common
    Stock valued at $39.20&#160;per share based on the cash purchase
    price to be paid by investors that buy New Holdco Common Stock
    for cash in connection with the Closing, plus the Additional Per
    Share Consideration, if any, payable in cash (the
    <B><I>&#147;Stock Consideration&#148;</I></B>). The Cash
    Consideration or Stock Consideration, as applicable shall be
    referred to herein as the <B><I>&#147;Merger
    Consideration&#148;</I></B>, which when used herein shall be
    deemed to include cash in lieu of the fractional shares of New
    Holdco Common Stock pursuant to
    <U>Section&#160;3.01(j)</U>;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Pursuant to separate agreements entered into between
    the Parents and each Affiliated Holder as of the date hereof,
    each of the Affiliated Holders has agreed, as part of the
    Merger, to convert each Public Share held by it, or issuable
    upon exercise of Company Options and each Restricted Share held
    by it, immediately prior to the Effective Time (other than
    Rollover Shares) into the Cash Consideration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;<I><U>Election
    Procedures</U>.</I>&#160;&#160;(i)&#160;Each Person who is a
    record holder of Public Share(s) on the Election
    Form&#160;Record Date (as defined below) (including each Person
    other than an Affiliated Holder who is a record owner of
    Restricted Shares) and each Person who has made an Irrevocable
    Option Election&#160;(as defined below) shall be entitled to
    make an election&#160;(the <B><I>&#147;Elections&#148;</I></B>),
    with respect to each Public Share held by it as of such time, to
    receive the Cash Consideration (a <B><I>&#147;Cash
    Election&#148;</I></B>) or with respect to each Public Share or
    Net Electing Option Share held by it as of such time, to receive
    the Stock Consideration (a <B><I>&#147;Stock
    Election&#148;</I></B>) (each Public Share or Net Electing
    Option Share for which a valid Stock Election has been made is
    hereinafter referred to as a <B><I>&#147;Stock Election
    Share&#148;</I></B>). All such Elections shall be made on a form
    (a <B><I>&#147;Form of Election&#148;</I></B>) in compliance
    with the terms of this <U>Section&#160;3.01(c)</U> and
    <U>Section&#160;3.01(d)</U>. Each holder of record and, if not
    otherwise a holder of record, each holder of Net Electing Option
    Shares, shall submit only one Form of Election except that
    holders of record of Public Share(s) who hold such Public
    Share(s) as nominees, trustees or in other representative
    capacities (each, a
    <B><I>&#147;Shares&#160;Representative&#148;</I></B>) may submit
    a separate Form of Election on or before the Election Deadline
    with respect to each beneficial owner for whom such
    Shares&#160;Representative holds Public Share(s);
    <U>provided</U> <U>that</U> such Shares&#160;Representative
    certifies that such Form of Election covers all of the Public
    Share(s) held by such Shares&#160;Representative for such
    beneficial owner whose Public Share(s) are covered by such Form
    of Election. For purposes hereof, a holder of Public Shares or
    Net Electing Option Shares who does not make a valid Election
    prior to the Election Deadline, including but not limited to any
    failure to return the Form of Election to the Paying Agent prior
    to the Election Deadline, any revocation of a Form of Election,
    or any failure to properly complete the Form of Election, each
    in accordance with the procedures set forth in this
    <U>Section&#160;3.01</U> shall be deemed (i)&#160;to have
    elected to receive the Cash Consideration for each such
</DIV>

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<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Public Share and (ii)&#160;not to have made a Stock Election
    with respect to each such Net Electing Option Share (such that
    the Company Option(s) related to each such Net Electing Option
    Share will be treated in accordance with
    <U>Section&#160;3.03(a)(i)</U>). New Holdco may, in its sole
    discretion reject all or any part of a Stock Election made by
    (i)&#160;a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Person</FONT>
    if New Holdco determines that such rejection would be reasonable
    in light of the requirements of Article&#160;VIII,
    Section&#160;6 of the Company&#146;s by-laws or Article&#160;X
    of New Holdco&#146;s certificate of incorporation, or that such
    rejection is otherwise advisable to facilitate compliance with
    FCC restrictions on foreign ownership, or (ii)&#160;made in
    contravention of an agreement entered into pursuant to
    <U>Section&#160;3.01(b)(ii)</U>. In the event that a Stock
    Election or portion of a Stock Election is rejected pursuant to
    the preceding sentence, then such a Stock Election or portion of
    a Stock Election shall be deemed of no force and effect and the
    record holder making such Stock Election shall for purposes
    hereof be (i)&#160;deemed to have made a Cash Election for each
    Public Share that is subject to such a rejected Stock Election
    or portion of a Stock Election and (ii)&#160;shall be deemed not
    to have made a Stock Election for each Net Electing Option Share
    that is subject to such a rejected Stock Election&#160;(such
    that the Company Option(s) related to each such share will be
    treated in accordance with <U>Section&#160;3.03(a)(i)</U>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Each Person (other than an Affiliated Holder) who is a
    holder of a Company Option on the Election Form&#160;Record Date
    shall be entitled to submit a Form of Election specifying the
    number of Company Options held by such holder, if any, that such
    Person irrevocably commits to exercise (subject to any
    requirements with respect to method of exercise imposed by the
    Company in order to facilitate the implementation of this
    <U>Section&#160;3.01</U> and <U>Section&#160;3.03</U>)
    immediately prior to the Effective Time (an
    <B><I>&#147;Irrevocable Option Election&#148;</I></B>). All such
    Irrevocable Option Elections shall be made on a Form of
    Election. Any such holder who fails properly to submit a Form of
    Election with respect to Company Options on or before the
    Election Deadline in accordance with the procedures set forth in
    this <U>Section&#160;3.01(c)</U> shall be deemed to have failed
    to make an Irrevocable Option Election and all of such
    holder&#146;s Company Stock Options that are not covered by a
    valid Irrevocable Option Election shall be treated in accordance
    with <U>Section&#160;3.03(a)(i)</U>. The aggregate number of
    shares of Company Common Stock subject to an Irrevocable Option
    Election made pursuant to this <U>Section&#160;3.01(c)(ii)</U>
    is referred to as the <B><I>&#147;Gross Electing Option
    Shares&#148;</I></B>, and the <B><I>&#147;Net Electing Option
    Shares&#148;</I></B> shall mean the aggregate number of shares
    of Company Common Stock that would be issued in the event the
    Company Options covering the Gross Electing Option Shares were
    exercised on a net share basis (<I>i.e</I>., paying the exercise
    price of the Company Options using the value of the shares of
    Company Common Stock underlying such Company Options) at a price
    equal to the Cash Consideration taking into account the exercise
    price and any required tax withholding. For the avoidance of
    doubt, all holders of Net Electing Option Shares must make a
    Stock Election pursuant to <U>Section&#160;3.01(c)</U> in order
    to be eligible to receive the Stock Consideration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;<I><U>Mailing of Form of Election; Election Deadline,
    Shareholder Notification</U>.</I>&#160;&#160;Mergerco and
    New&#160;Holdco shall prepare and direct the Paying Agent to
    mail a Form of Election, which form shall (i)&#160;include a
    Letter of Transmittal and (ii)&#160;be subject to the reasonable
    approval of the Company, with the Proxy Statement/Prospectus to
    the record holders of Public Share(s) and Company Options as of
    the record date for the Shareholders&#146; Meeting (the
    <B><I>&#147;Election Form&#160;Record Date&#148;</I></B>) (by
    posting the Form of Election and related materials on the
    Company&#146;s website or otherwise). To be effective, a Form of
    Election must be properly completed and signed by a record owner
    of Public Shares or Company Options, as the case may be and
    received by the Paying Agent at its designated office, by
    5:00&#160;p.m. New York City time on the business day
    immediately preceding the Shareholders&#146; Meeting (the
    <B><I>&#147;Election Deadline&#148;</I></B>). If the
    shareholders approve the Merger, the Paying Agent will
    coordinate with Mergerco, New Holdco and the Company to perform
    the proration and cutback calculations set forth in
    <U>Section&#160;3.01(g)</U> and related acceptance and rejection
    of Elections as provided in <U>Section&#160;3.01(c)</U> promptly
    after the Shareholders&#146; Meeting and notify each Public
    Holder and holder of a Net Electing Option Share whose Form of
    Election included a Stock Election of the number of Final Stock
    Election Shares (as defined below) covered by such Form of
    Election that have been accepted (the <B><I>&#147;Final Stock
    Election Notice&#148;</I></B>). Within 30&#160;days of receipt
    of the Final Stock Election Notice accompanied by a Letter of
    Transmittal, such holder shall deliver a Letter of Transmittal
    with respect to the Final Stock Election Shares and the Company
    Options together with the Final Stock Election Shares
    <FONT style="white-space: nowrap">and/or</FONT>
    Company Options to which such Final Stock
</DIV>

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<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Election Notice relates in accordance with the instructions and
    subject to the terms and conditions of the Letter of Transmittal
    accompanying such notice, including but not limited to
    (i)&#160;for Public Shares held as physical certificates and for
    Company Options, the certificates for such Public Shares or
    Company Options, as applicable, a Letter of Transmittal properly
    completed and duly executed, any required signature guarantees
    and any other required documents; and (ii)&#160;for Book Entry
    Shares either a Letter of Transmittal, properly completed and
    duly executed, and any required signature guarantees, or a
    message, transmitted by the official book-entry transfer
    facility to, and received by, the depositary, which states that
    the book-entry transfer facility has received an express
    acknowledgment from the holder tendering the Public Share that
    such participant has received and agrees to be bound by the
    terms of the Letter of Transmittal and that the Parents may
    enforce such agreement against the holder; or (iii)&#160;for
    Certificates or Book Entry Shares, such form of &#147;guaranteed
    delivery&#148; that is acceptable to the Paying Agent as
    described in the instructions to the Letter of Transmittal. The
    Company will hold the Final Stock Election Shares (as defined
    below), the Company Options delivered in accordance with this
    <U>Section&#160;3.01(d)</U> and the Letters of Transmittals
    relating thereto until the earlier of termination of this
    Agreement or the Effective Time. Any Public Holder or holder of
    Company Options that does not deliver a Letter of Transmittal
    and Final Stock Election Shares or Company Options within
    30&#160;days of receipt of the Final Stock Election Notice shall
    be deemed to have elected to (i)&#160;receive the Cash
    Consideration for each Final Stock Election Share that is not so
    delivered
    <FONT style="white-space: nowrap">and/or</FONT>
    (ii)&#160;have each Company Option that is not so delivered
    treated in accordance with <U>Section&#160;3.03(a)(i)</U> and
    (iii)&#160;the Stock Election or portion of the Stock Election
    relating to such Final Stock Election Shares shall be rejected.
    In the event that a Stock Election or portion of a Stock
    Election is rejected pursuant to the preceding sentence, then
    such a Stock Election or portion of a Stock Election shall be
    deemed of no force and effect and the record holder making such
    Stock Election shall for purposes hereof be (i)&#160;deemed to
    have made a Cash Election for each Public Share that is subject
    to such a rejected Stock Election or such rejected portion of a
    rejected Stock Election and (ii)&#160;shall be deemed not to
    have made a Stock Election for such Net Electing Option Share
    that is subject to such a rejected Stock Election or such
    rejected portion of a rejected Stock Election (such that the
    Company Option(s) related to each such share will be treated in
    accordance with <U>Section&#160;3.03(a)(i)</U>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;<I><U>Ability to Revoke Stock
    Elections</U>.</I>&#160;&#160;All Stock Elections and
    Irrevocable Option Elections may be revoked by the holder at any
    time prior to the Election Deadline. From and after the Election
    Deadline, all Stock Elections and Irrevocable Option Elections
    shall be irrevocable. All Stock Elections and Irrevocable Option
    Elections shall automatically be revoked if the Paying Agent is
    notified in writing by Parents and the Company that the Merger
    has been abandoned and this Agreement has been terminated. If an
    Election or Irrevocable Option Election is revoked due to
    termination of this Agreement, the certificate or certificates
    (or guarantees of delivery, as appropriate), if any, for the
    Final Stock Election Shares or Company Options, as applicable,
    to which such Form of Election relates shall be promptly
    returned without charge to the stockholders and option holders
    submitting the same to the Paying Agent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;<I><U>Determination of Paying Agent
    Binding</U>.</I>&#160;&#160;The determination of the Paying
    Agent shall be binding as to whether Forms of Election have been
    properly made pursuant to <U>Section&#160;3.01(c)</U> and
    <U>Section&#160;3.01(d)</U> with respect to Public Share(s) of
    Company Common Stock and Company Options and when Elections and
    Irrevocable Option Elections were received by it. If the Paying
    Agent determines that any Form of Election was not properly made
    with respect to any Public Share(s) or Company Options, such
    shares shall be treated by the Paying Agent as shares of Company
    Common Stock or Company Options, as the case may be, for which a
    Cash Election was made and such shares of Company Common Stock
    shall be exchanged in the Merger for the Cash Consideration
    pursuant to <U>Section&#160;3.01(b)</U> and such Company Options
    for which an Irrevocable Option Election was made will be
    treated in accordance with <U>Section3.03(a)(i)</U>. None of the
    Company, Parents nor the Paying Agent shall be under any
    obligation to notify any person of any defect in a Form of
    Election submitted to the Paying Agent. The Paying Agent shall
    also make all computations as to the allocation and the
    proration contemplated by <U>Section&#160;3.01(g)</U>, and any
    such computation shall be conclusive and binding on the holders
    of Public Share(s) and Company Options absent manifest error.
    The Paying Agent may, with the mutual agreement of Parents and
    the Company, make such rules as are consistent with this
    <U>Section&#160;3.01</U> for the implementation of the
</DIV>

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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Elections and Irrevocable Option Elections provided for herein
    as shall be necessary or desirable fully to effect such
    elections.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)<I>&#160;<U>Proration and Individual
    Cutbacks</U>.</I>&#160;&#160;Notwithstanding anything in this
    Agreement to the contrary, (x)&#160;the maximum aggregate number
    of Public Shares and Net Electing Option Shares to be converted
    into the right to receive New Holdco Common Stock at the
    Effective Time pursuant to Stock Elections shall not exceed
    30,612,245 (the <B><I>&#147;Maximum Stock Election
    Number&#148;</I></B>) and (y)&#160;the parties will use
    reasonable efforts to ensure that, upon consummation of the
    Merger, no holder of Public Shares
    <FONT style="white-space: nowrap">and/or</FONT> Net
    Electing Option Shares will receive shares of New Holdco Common
    Stock pursuant to a single Form of Election which represent more
    than 9.9% of the New Holdco Common Stock outstanding as of the
    Effective Time (the <B><I>&#147;Individual Cap&#148;</I></B>).
    The Stock Election Shares shall be converted into the right to
    receive New Holdco Common Stock or to receive Cash
    Consideration, each in accordance with the terms of
    <U>Section&#160;3.01(b)</U>, in the following manner:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;<I><U>No Proration</U>.</I>&#160;&#160;If the total
    number of Stock Election Shares is equal to or less than the
    Maximum Stock Election Number then, subject to
    <U>Section&#160;3.01(g)(iii)</U>, all such Stock Election
    Shares, shall be converted into the right to receive the Stock
    Consideration from New Holdco in accordance with the terms of
    <U>Section&#160;3.01(b)</U> and <U>Section&#160;3.01(c)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;<I><U>Proration</U>.</I>&#160;&#160;If the total
    number of Stock Election Shares exceeds the Maximum Stock
    Election Number then, the Stock Election Shares shall be
    converted into the right to receive the Stock Consideration from
    New Holdco or the Cash Consideration from the Surviving
    Corporation, each in accordance with the terms of
    <U>Section&#160;3.01(b)</U>, in the following manner:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 17%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (A)&#160;A proration factor (the <B><I>&#147;Proration
    Factor&#148;</I></B>) shall be determined by dividing the
    Maximum Stock Election Number by the total number of Stock
    Election Shares;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 17%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (B)&#160;Subject to <U>Section&#160;3.01(g)(iii)</U>, with
    respect to each Form of Election validly submitted and signed by
    a record holder of Public Shares
    <FONT style="white-space: nowrap">and/or</FONT>
    holder of Company Options, the number of Stock Election Shares
    reflected on such Form of Election shall be converted into the
    right to receive a number of shares of New Holdco Common Stock
    (plus the Additional Per Share Consideration, if any, which
    shall be paid in cash) as is equal to the product of
    (w)&#160;the Proration Factor times (y)&#160;the total number of
    Stock Election Shares reflected on such Form of
    Election&#160;(the result of such calculation the
    <B><I>&#147;First Allocation Distributable
    Shares&#148;</I></B>). The difference between the Stock Election
    Shares and the First Allocation Distributable Shares relating to
    each Form of Election submitted shall be the <B><I>&#147;First
    Prorated Returned Shares&#148;</I></B>;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 17%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (C)&#160;All First Allocation Distributable Shares shall be
    subject to cutback pursuant to <U>Section&#160;3.01(g)(iii)</U>.
    Subject to <U>Section&#160;3.01(g)(iv)</U> and
    <U>Section&#160;3.01(g)(vi),</U> all First Prorated Returned
    Shares shall be converted into the right to receive the Cash
    Consideration in accordance with the terms of
    <U>Section&#160;3.01(b)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;<I><U>Individual Cutback</U>.</I>&#160;&#160;In the
    event that the number of First Allocation Distributable Shares
    (or Stock Election Shares if no proration is required pursuant
    to <U>Section&#160;3.01(g)(ii)</U>) reflected on any individual
    Form of Election represent more than the Individual Cap (the
    holder relating to such individual Form of Election, a
    <B><I>&#147;Capped Holder&#148;</I></B>), the number of First
    Allocation Distributable Shares or Stock Election Shares, as
    applicable, will be cutback to the number of shares representing
    the Individual Cap (for each Capped Holder, the shares required
    for such cutback, the <B><I>&#147;First Individual Cutback
    Shares&#148;</I></B>). If there has been a cutback in accordance
    with this <U>Section&#160;3.01(g)(iii)</U>, a number of shares
    of New Holdco Common Stock equal to the aggregate number of
    First Individual Cutback Shares (the <B><I>&#147;Second
    Allocation Shares&#148;</I></B>) shall be reallocated pro rata
    to holders of First Prorated Returned Shares reflected on Forms
    of Election which do not constitute Capped Holders (a
    <B><I>&#147;Second Allocation Participant&#148;</I></B>) in a
    second allocation in accordance with
    <U>Section&#160;3.01(g)(iv)</U> (the <B><I>&#147;Second
    Allocation&#148;</I></B>). The number of <B><I>&#147;First
    Allocation Stock Election Shares&#148;</I></B> relating to a
    holder&#146;s Form of Election shall equal (1)&#160;the Stock
    Election Shares reflected on such Form of Election, minus
    (2)&#160;the First Prorated Return Shares (if any)
</DIV>

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    determined pursuant to <U>Section&#160;3.01(g)(ii)(B)</U>, minus
    (3)&#160;the First Individual Cutback Shares (if any) determined
    pursuant to <U>Section&#160;3.01(g)(iii)</U>.
</DIV>

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<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;<I><U>Second Allocation</U>.</I>&#160;&#160;A Second
    Allocation proration factor (the <B><I>&#147;Second Allocation
    Proration Factor&#148;</I></B>) shall be determined by dividing
    the total number of Second Allocation Shares by the total number
    of First Prorated Return Shares. For the avoidance of doubt, if
    the total number of Second Allocation Shares is equal to or
    greater than the number of First Prorated Return Shares then,
    subject to <U>Section&#160;3.01(g)(v)</U>, a number of shares of
    New Holdco Common Stock equal to the number of First Prorated
    Return Shares shall be converted into the right to receive the
    Stock Consideration from New Holdco in accordance with the terms
    of <U>Section&#160;3.01(b)</U> and <U>Section&#160;3.01(c)</U>.
</DIV>

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<DIV align="left" style="margin-left: 17%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (A)&#160;Subject to <U>Section&#160;3.01(g)(v)</U>, the number
    of Second Allocation Shares covered by each Second Allocation
    Participant&#146;s Form of Election to be converted into Stock
    Consideration, shall be equal to the product of (w)&#160;the
    Second Allocation Proration Factor times (x)&#160;the total
    number of Second Allocation Shares covered by such
    participant&#146;s Form of Election, <U>provided</U> <U>that</U>
    if such calculation results in a number higher than the First
    Prorated Return Shares for any Second Allocation Participant,
    the excess shares shall be reallocated to the remaining
    participant(s) pursuant to the above calculation as if they were
    &#147;Second Allocation Shares&#148; (the result of such
    calculation the <B><I>&#147;Second Allocation Distributable
    Shares&#148;</I></B>). The total of the First Allocation Stock
    Election Shares and the Second Allocation Distributable Shares
    for each Second Allocation Participant shall be the
    <B><I>&#147;Second Prorated Stock Election Shares</I>&#148;.</B>
</DIV>

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<DIV align="left" style="margin-left: 17%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (B)&#160;All Second Allocation Distributable Shares shall be
    subject to cutback pursuant to <U>Section&#160;3.01(g)(v)</U>.
</DIV>

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<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;<I><U>Second Cutback</U>.</I>&#160;&#160;In the event
    that the number of Second Prorated Stock Election Shares
    reflected on an individual Form of Election submitted by any
    Second Allocation Participant represents more than the
    Individual Cap, the number of Second Prorated Stock Election
    Shares for such participant&#146;s Form of Election will be
    cutback to the number of Shares representing the Individual Cap
    (for each such Form of Election, the shares required for such
    cutback, the <B><I>&#147;Second Individual Cutback
    Shares&#148;</I></B>). The <B><I>&#147;Second Allocation Stock
    Election Shares&#148; </I></B>for any Second Allocation
    Participant shall be: (1)&#160;the difference between the Second
    Prorated Stock Election Shares and the Second Individual Cutback
    Shares if such participant&#146;s Second Allocation is subject
    to proration and cutback and (2)&#160;the number of Second
    Prorated Stock Election Shares if such participant&#146;s Second
    Allocation is subject to proration, but not cutback.
</DIV>

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<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;If, after the Second Allocation, there are still
    holder(s) who have not been allocated Stock Consideration for
    all of their Stock Election Shares reflected on an individual
    Form of Election which is not yet subject to the Individual Cap,
    a number of shares of New Holdco Common Stock equal to the
    aggregate number of the Second Individual Cutback Shares shall
    be reallocated pro rata to such holder(s) in a third allocation
    pursuant to the procedures set out in
    <U>Section&#160;3.01(g)(iv)</U> and
    <U>Section&#160;3.01(g)(v)</U> (subject to this
    <U>Section&#160;3.01(g)(vi))</U> (with references to
    &#147;First&#148; replaced with &#147;second&#148; and
    references to &#147;second&#148; replaced with
    &#147;third&#148;) and the allocation process will continue in
    this manner until (x)&#160;the Maximum Stock Election Number is
    reached or (y)&#160;the Stock Election Shares reflected on each
    Form of Election submitted has reached its Individual Cap.
</DIV>

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<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The number of <B><I>&#147;Final Stock Election Shares&#148;
    </I></B>for each holder shall be: (x)&#160;if there is no Second
    Allocation, the First Allocation Stock Election Shares;
    (y)&#160;if there is a Second Allocation, but no additional
    allocations pursuant to <U>Section&#160;3.01(g)(vi</U>), the
    Second Allocation Stock Election Shares, and (z)&#160;if there
    is a Second Allocation and additional allocations pursuant to
    <U>Section&#160;3.01(g)(vi)</U>, the sum of (1)&#160;the Second
    Allocation Stock Election Shares and (2)&#160;any additional
    shares allocated pursuant to <U>Section&#160;3.01(g)(vi)</U>.
</DIV>

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    <BR>
    C-6
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The number of <B><I>&#147;Final Return Shares&#148; </I></B>for
    each holder shall be the difference between (1)&#160;such
    holder&#146;s Stock Election Shares and (2)&#160;such
    Holder&#146;s Final Stock Election Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;All Final Stock Election Shares shall be converted
    into the right to receive the Stock Consideration in accordance
    with the terms of <U>Section&#160;3.01(b)</U>. All Final Return
    Shares shall be converted into the right to receive the Cash
    Consideration in accordance with the terms of
    <U>Section&#160;3.01(b)</U>.
</DIV>

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<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;Any Stock Election subject to proration or cutback
    pursuant to <U>Section&#160;3.01(g)</U> shall automatically be
    deemed to be revised such that the number of Stock Election
    Shares in such Stock Election reflects the Final Stock Election
    Shares (a <B><I>&#147;Final Stock Election&#148;</I></B>).
</DIV>

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<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;Each share of Company Common Stock (including each Net
    Electing Option Share) to be converted into the right to receive
    the Merger Consideration as provided in this
    <U>Section&#160;3.01</U> shall be automatically cancelled at the
    Effective Time and shall cease to exist and the holders of
    Certificates or Book-Entry Shares which immediately prior to the
    Effective Time represented such Company Common Stock shall cease
    to have any rights with respect to such Company Common Stock
    other than the right to receive, upon surrender of each such
    Certificate or Book-Entry Share in accordance with
    <U>Section&#160;3.01(b)</U> of this Agreement, the Merger
    Consideration.
</DIV>

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<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;<I><U>Conversion of Mergerco Capital
    Stock</U>.</I>&#160;&#160;At the Effective Time, by virtue of
    the Merger and without any action on the part of the holder
    thereof, each share of common stock, par value $0.001&#160;per
    share, of Mergerco (the <B><I>&#147;Mergerco Common
    Stock&#148;</I></B>) issued and outstanding immediately prior to
    the Effective Time shall be converted into and become validly
    issued, fully paid and nonassessable shares of the Surviving
    Corporation (with the relative rights and preferences described
    in an amendment to the Articles of Incorporation adopted as of
    the Effective Time as provided in <U>Section&#160;2.4</U>, the
    <B><I>&#147;Surviving Corporation Common Stock&#148;</I></B>).
    As of the Effective Time, all such shares of Mergerco Common
    Stock cancelled in accordance with this
    <U>Section&#160;3.01(i)</U>, when so cancelled, shall no longer
    be issued and outstanding and shall automatically cease to
    exist, and each holder of a certificate representing any such
    shares of Mergerco Common Stock shall cease to have any rights
    with respect thereto, except the right to receive the shares of
    Surviving Corporation Common Stock as set forth in this
    <U>Section&#160;3.01</U>.
</DIV>

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<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (j)&#160;<I><U>No Fractional
    Shares</U>.</I>&#160;&#160;Notwithstanding any other provision
    in this Agreement, no fractional shares of New Holdco Common
    Stock shall be issued in the Merger to any holder of Public
    Shares, Company Options or Rollover Shares as Stock
    Consideration or to any holder of Public Shares, Company Options
    or Rollover Shares pursuant to any exchange involving Rollover
    Shares. Each holder of Public Shares, Company Options or
    Rollover Shares, as applicable, who otherwise would have been
    entitled to a fraction of a share of New Holdco Common Stock
    shall receive in lieu thereof cash (without interest) in an
    amount determined by multiplying the fractional share interest
    to which such holder would otherwise be entitled by the Cash
    Consideration. No such holder shall be entitled to dividends,
    voting rights or any other rights in respect of any fractional
    share of New Holdco Common Stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (k)<I>&#160;<U>Adjustments</U>.</I>&#160;&#160;Without limiting
    the other provisions of this Agreement, if at any time during
    the period between the Original Agreement Date and the Effective
    Time, any change in the number of outstanding shares of Company
    Common Stock shall occur as a result of a reclassification,
    recapitalization, stock split (including a reverse stock split),
    or combination, exchange or readjustment of shares, or any stock
    dividend or stock distribution with a record date during such
    period, the Merger Consideration as provided in
    <U>Section&#160;3.01(b)</U> shall be equitably adjusted to
    reflect such change (including, without limitation, to provide
    holders of shares of Company Common Stock the same economic
    effect as contemplated by this Agreement prior to such
    transaction); provided that in no event shall the Stock
    Consideration be adjusted in a manner that increases the Maximum
    Stock Election Number.
</DIV>

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    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.02&#160;&#160;<I>Exchange
    of Certificates.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I><U>Designation of Paying Agent; Deposit of Exchange
    Fund</U>.</I>&#160;&#160;Prior to the Effective Time, New Holdco
    and Mergerco shall designate a paying agent and exchange agent
    (the <B><I>&#147;Paying Agent&#148;</I></B>) reasonably
    acceptable to the Company for the payment of the Merger
    Consideration as provided in <U>Section&#160;3.01(b)</U> and
</DIV>

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    <BR>
    C-7
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <U>Section&#160;3.01(g)</U>. On the Closing Date, promptly
    following the Effective Time, the Surviving Corporation and New
    Holdco shall (i)&#160;deposit, or cause to be deposited with the
    Paying Agent for the benefit of holders of Cash Consideration
    Shares, cash amounts in immediately available funds constituting
    an amount equal to the aggregate amount of the Cash
    Consideration, (ii)&#160;deposit or cause to be deposited with
    the Paying Agent for the benefit of holders of Stock
    Consideration Shares certificates representing New Holdco Common
    Stock in an amount equal to the aggregate amount of Stock
    Consideration (including the cash portion of the Stock
    Consideration, if any), (iii)&#160;deposit or cause to be
    deposited with the Paying Agent for the benefit of those
    entitled thereto cash in an amount sufficient to fund cash
    payments in lieu of any fractional shares pursuant to
    <U>Section&#160;3.01(j)</U>, and (iv)&#160;deposit, or cause to
    be deposited with the Paying Agent the Total Option Cash
    Payments (together, the <B><I>&#147;Aggregate Merger
    Consideration&#148;</I></B>) (exclusive of any amounts in
    respect of Dissenting Shares, the Rollover Shares and Company
    Common Stock to be cancelled pursuant to
    <U>Section&#160;3.01(a)</U> (such amount as deposited with the
    Paying Agent, the <B><I>&#147;Exchange Fund&#148;</I></B>). In
    the event the Exchange Fund shall be insufficient to make the
    payments contemplated by <U>Section&#160;3.01(b)</U>,
    <U>Section&#160;3.01(g)</U>, <U>Section&#160;3.01(j)</U>, and
    <U>Section&#160;3.03</U>, the Surviving Corporation and New
    Holdco shall promptly deposit, or cause to be deposited,
    additional funds with the Paying Agent in an amount which is
    equal to the deficiency in the amount required to make such
    payment; provided that in no event shall the Surviving
    Corporation or New Holdco be required to contribute shares of
    New Holdco Common Stock to the Exchange Fund in an amount in
    excess of the Maximum Stock Election Number. The Paying Agent
    shall cause the Exchange Fund to be (A)&#160;held for the
    benefit of the holders of Company Common Stock and Company
    Options, and (B)&#160;applied promptly to making the payments
    pursuant to <U>Section&#160;3.02(b)</U>,
    <U>Section&#160;3.01(g)</U>, <U>Section&#160;3.01(j)</U>, and
    <U>Section&#160;3.03</U> hereof. The Exchange Fund shall not be
    used for any purpose that is not expressly provided for in this
    Agreement.
</DIV>

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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;<I><U>Letter of Transmittal</U>.</I>&#160;&#160;As
    promptly as practicable following the Effective Time and in any
    event not later than the second business day after the Effective
    Time, the Surviving Corporation and New Holdco shall cause the
    Paying Agent to mail (and to make available for collection by
    hand) (i)&#160;to each holder of record of a Certificate or
    Book-Entry Share not previously submitted to the Paying Agent
    accompanied by a valid Letter of Transmittal, a Letter of
    Transmittal and accompanying instructions for use in effecting
    the surrender of the Certificates or Book-Entry Shares and
    (ii)&#160;to each holder of a Company Option, other than Net
    Electing Option Shares, a check in an amount due and payable to
    such holder pursuant to <U>Section&#160;3.03</U> hereof in
    respect of such Company Option. If any Letter of Transmittal
    submitted to the Paying Agent provides that payment of the
    Merger Consideration is made to a person other than the person
    in whose name the surrendered Certificate is registered or
    Company Option is held of record, it shall be a condition of
    payment that (i)&#160;the Certificate so surrendered shall be
    properly endorsed or shall otherwise be in proper form for
    transfer and (ii)&#160;the person requesting such payment shall
    have paid any transfer and other Taxes required by reason of the
    payment of the applicable portion of the Merger Consideration to
    a person other than the registered holder of such Certificate
    surrendered or shall have established to the reasonable
    satisfaction of the Surviving Corporation that such Tax either
    has been paid or is not applicable. Until surrendered as
    contemplated by <U>Section&#160;3.01(d)</U> or this
    <U>Section&#160;3.02</U>, each Certificate, Book-Entry Share or
    option certificate, as applicable, shall be deemed at any time
    after the Effective Time to represent only the right to receive
    the applicable portion of the Aggregate Merger Consideration or
    Option Cash Payment, as applicable, in cash as contemplated by
    this <U>Section&#160;3.02</U> or <U>Section&#160;3.03</U>
    without interest thereon.
</DIV>

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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;<I><U>Surrender of Shares</U>.</I>&#160;&#160;Upon
    surrender of a Certificate (or affidavit of loss in lieu
    thereof) or Book-Entry Share for cancellation to the Paying
    Agent, together with a Letter of Transmittal duly completed and
    validly executed in accordance with the instructions thereto,
    and such other documents as may be required pursuant to such
    instructions, the holder of such Certificate or Book-Entry Share
    shall be entitled to receive in exchange therefor the Merger
    Consideration for each share of Company Common Stock formerly
    represented by such Certificate or Book-Entry Share, to be
    mailed (or made available for collection by hand if so elected
    by the surrendering holder) within twenty (20)&#160;business
    days following the later to occur of (i)&#160;the Effective
    Time; or (ii)&#160;the Paying Agent&#146;s receipt of such
    Certificate (or affidavit of loss in lieu thereof) or Book-Entry
    Share, and the Certificate (or affidavit of loss in lieu
    thereof) or Book-Entry Share so surrendered shall be forthwith
    cancelled. The Paying Agent shall accept such Certificates (or
    affidavits of loss in lieu thereof) or Book-Entry Shares upon
    compliance with such reasonable terms and conditions as the
    Paying Agent may impose to effect
</DIV>

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    <BR>
    C-8
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    an orderly exchange thereof in accordance with normal exchange
    practices. No interest shall be paid or accrued for the benefit
    of holders of the Certificates or Book-Entry Shares on the
    Merger Consideration (or the cash pursuant to
    <U>Section&#160;3.02(b)</U>) payable upon the surrender of the
    Certificates or Book-Entry Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;<I><U>Termination of Exchange
    Fund</U>.</I>&#160;&#160;Any portion of the Exchange Fund which
    remains undistributed to the holders of the Certificates,
    Book-Entry Shares or Company Options for twelve (12)&#160;months
    after the Effective Time shall be delivered to (i)&#160;if cash,
    the Surviving Corporation or (ii)&#160;if shares of New Holdco
    Common Stock, New&#160;Holdco, in each case, upon demand, and
    any such holders prior to the Merger who have not theretofore
    complied with this <U>Section&#160;3.02(d)</U> shall thereafter
    look only to the Surviving Corporation, as general creditors
    thereof for payment of their claim for cash, without interest,
    to which such holders may be entitled. If any Certificates or
    Book-Entry Shares shall not have been surrendered prior to one
    (1)&#160;year after the Effective Time (or immediately prior to
    such earlier date on which any cash in respect of such
    Certificate or Book-Entry Share would otherwise escheat to or
    become the property of any Governmental Authority), any such
    cash in respect of such Certificate or Book-Entry Share shall,
    to the extent permitted by applicable Law, become the property
    of the Surviving Corporation, subject to any and all claims or
    interest of any person previously entitled thereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;<I><U>No Liability</U>.</I>&#160;&#160;None of the
    Parents, Mergerco, New Holdco, the Company, the Surviving
    Corporation or the Paying Agent shall be liable to any person in
    respect of any cash held in the Exchange Fund delivered to a
    public official pursuant to any applicable abandoned property,
    escheat or similar Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;<I><U>Investment of Exchange
    Fund</U>.</I>&#160;&#160;The Paying Agent shall invest any cash
    included in the Exchange Fund as directed by the Parents or,
    after the Effective Time, the Surviving Corporation; provided
    that (i)&#160;no such investment shall relieve the Surviving
    Corporation or the Paying Agent from making the payments
    required by this <U>Section&#160;3.02(f)</U>, and following any
    losses the Surviving Corporation shall promptly provide
    additional funds to the Paying Agent for the benefit of the
    holders of Company Common Stock and Company Options in the
    amount of such losses; and (ii)&#160;such investments shall be
    in short-term obligations of the United States of America with
    maturities of no more than thirty (30)&#160;days or guaranteed
    by the United States of America and backed by the full faith and
    credit of the United States of America or in commercial paper
    obligations rated
    <FONT style="white-space: nowrap">A-1</FONT> or
    <FONT style="white-space: nowrap">P-1</FONT> or
    better by Moody&#146;s Investors Service, Inc. or
    Standard&#160;&#038; Poor&#146;s Corporation, respectively. Any
    interest or income produced by such investments will be payable
    to the Surviving Corporation or Mergerco, as directed by
    Mergerco.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.03&#160;&#160;<I>Stock
    Options and Other Awards</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I><U>Company Options</U>.</I>&#160;&#160;As of the
    Effective Time, except as otherwise agreed by the Parents, New
    Holdco and a holder of Company Options with respect to such
    holder&#146;s Company Options:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;each Company Option (other than Company Options subject
    to a valid Irrevocable Option Election), whether vested or
    unvested, shall, by virtue of the Merger and without any action
    on the part of any holder of any such Company Option, become
    fully vested and converted into the right at the Effective Time
    to receive, as promptly as practicable following the Effective
    Time, a cash payment (less applicable withholding taxes and
    without interest) with respect thereto calculated as follows:
    the product of (a)&#160;the excess, if any, of the Cash
    Consideration over the exercise price per share of such Company
    Option multiplied by (b)&#160;the number of shares of Company
    Common Stock issuable upon exercise of such Option (the
    <B><I>&#147;Option Cash Payment&#148; </I></B>and the sum of all
    such payments, the <B><I>&#147;Total Option Cash
    Payment&#148;</I></B>). ;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;each Company Option which is subject to a valid
    Irrevocable Option Election, subject to
    <U>Section&#160;3.01(c)</U> and <U>Section&#160;3.01(g)</U>,
    shall be converted into Merger Consideration in accordance with
    <U>Section&#160;3.01(b)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that the exercise price of any Company Option is
    equal to or greater than the Cash Consideration such Company
    Option shall be cancelled without payment therefor and have no
    further force or effect. Except for the Company Options set
    forth in <U>Section&#160;3.03(a)</U> of the Company Disclosure
    Schedule, as of the Effective Time, all Company Options shall no
    longer be outstanding and shall automatically cease to exist,
    and each holder of a Company Option shall cease to have any
    rights with respect thereto, except the right to receive the
    Option Cash Payment. Prior to the Effective Time, the Company
    shall take any and all actions
</DIV>

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    <BR>
    C-9
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    reasonably necessary to effectuate this
    <U>Section&#160;3.03(a)</U>, including, without limitation,
    providing holders of Company Options with notice of their rights
    with respect to any such Company Options as provided herein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;<I><U>Other Awards</U>.</I>&#160;&#160;As of the
    Effective Time, except as otherwise agreed by the Parents and a
    holder of Restricted Shares with respect to such holder&#146;s
    Restricted Shares, each share outstanding immediately prior to
    the Effective Time subject to vesting or other lapse
    restrictions pursuant to any Company Option Plan or an
    applicable restricted stock agreement (each, a
    <B><I>&#147;Restricted Share&#148;</I></B>) which is outstanding
    immediately prior to the Effective Time shall vest and become
    free of restriction as of the Effective Time and shall, as of
    the Effective Time, be cancelled and converted into the right to
    receive the Cash Consideration or the Stock Consideration, in
    accordance with <U>Section&#160;3.01(b)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;<I><U>Amendments to and Termination of
    Plans</U>.</I>&#160;&#160;Prior to the Effective Time, the
    Company shall use its reasonable best efforts to make any
    amendments to the terms of the Company Option Plans and to
    obtain any consents from holders of Company Options and
    Restricted Shares that, in each case, are necessary to give
    effect to the transactions contemplated by
    <U>Section&#160;3.03(a)</U> and <U>Section&#160;3.03(b)</U>.
    Without limiting the foregoing the Company shall use its
    reasonable best efforts to ensure that the Company will not at
    the Effective Time be bound by any options, stock appreciation
    rights, warrants or other rights or agreements which would
    entitle any person, other than the holders of the capital stock
    (or equivalents thereof) of the Parents, Mergerco, New Holdco
    and their respective subsidiaries, to own any capital stock of
    the Surviving Corporation or New Holdco or to receive any
    payment in respect thereof. In furtherance of the foregoing, and
    subject to applicable Law and agreements existing between the
    Company and the applicable person, the Company shall explicitly
    condition any new awards or grants to any person under its
    Company Option Plans, annual bonus plans and other incentive
    plans upon such person&#146;s consent to the amendments
    described in this <U>Section&#160;3.03(c) </U>and, to the
    fullest extent permitted by applicable Law, shall withhold
    payment of the Cash Consideration to or require payment of the
    exercise price for all Company Options by any holder of a
    Company Option as to which the Cash Consideration exceeds the
    amount of the exercise price per share under such option unless
    such holder consents to all of the amendments described in this
    <U>Section&#160;3.03(c)</U>. Prior to the Effective Time, the
    Company shall take all actions necessary to terminate all
    Company Stock Plans, such termination to be effective at or
    before the Effective Time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;<I><U>Employee Stock Purchase
    Plan</U>.</I>&#160;&#160;The Board of Directors of the Company
    shall terminate all purchases of stock under the Company&#146;s
    2000 Employee Stock Purchase Plan (the <B><I>&#147;Company
    ESPP&#148;</I></B>) effective as of the day immediately after
    the end of the month next following the Original Agreement Date,
    and no additional offering periods shall commence under the
    Company ESPP after the Original Agreement Date. The Company
    shall terminate the Company ESPP in its entirety immediately
    prior to the Closing Date, and all shares held under such plan,
    other than Rollover Shares, shall be delivered to the
    participants and shall, as of the Effective Time, be cancelled
    and converted into the right to receive the Cash Consideration
    or the Stock Consideration, in accordance with
    <U>Section&#160;3.01(b)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.04&#160;&#160;<I>Lost
    Certificates.</I>&#160;&#160;If any Certificate shall have been
    lost, stolen or destroyed, upon the making of an affidavit of
    that fact by the person claiming such Certificate to be lost,
    stolen or destroyed and, if required by the Surviving
    Corporation, the posting by such person of a bond, in such
    reasonable amount as the Surviving Corporation may direct, as
    indemnity against any claim that may be made against it with
    respect to such Certificate, the Paying Agent will issue in
    exchange for such lost, stolen or destroyed Certificate the
    Merger Consideration to which the holder thereof is entitled
    pursuant to this <U>Article&#160;III</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.05&#160;&#160;<I>Dissenting
    Shares.</I>&#160;&#160;Notwithstanding
    <U>Section&#160;3.01(b)</U> hereof, to the extent that holders
    thereof are entitled to appraisal rights under Article&#160;5.12
    of the TBCA, shares of Company Common Stock issued and
    outstanding immediately prior to the Effective Time and held by
    a holder who has properly exercised and perfected his or her
    demand for appraisal rights under Article&#160;5.12 of the TBCA
    (the <B><I>&#147;Dissenting Shares&#148;</I></B>), shall not be
    converted into the right to receive the Merger Consideration,
    but the holders of such Dissenting Shares shall be entitled to
    receive such consideration as shall be determined pursuant to
    Article&#160;5.12 of the TBCA (and at the Effective Time, such
    Dissenting Shares shall no longer be outstanding and shall cease
    to have any rights with respect thereto, except the right to
    receive such consideration as shall be determined pursuant to
    Article&#160;5.12 of the TBCA); <U>provided</U>, <U>however</U>,
    that if any such holder shall have failed to perfect
</DIV>

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    <BR>
    C-10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    or shall have effectively withdrawn or lost his or her right to
    appraisal and payment under the TBCA, such holder&#146;s shares
    of Company Common Stock shall thereupon be deemed to have been
    converted as of the Effective Time into the right to receive the
    Cash Consideration without any interest thereon and such shares
    shall not be deemed to be Stock Election Shares or Dissenting
    Shares. Any payments required to be made with respect to the
    Dissenting Shares shall be made by the Surviving Corporation
    (and not the Company, Mergerco, New Holdco or either Parent) and
    the Aggregate Merger Consideration shall be reduced, on a dollar
    for dollar basis, as if the holder of such Dissenting Shares had
    not been a shareholder on the Closing Date. The Company shall
    give the Parents notice of all demands for appraisal and the
    Parents shall have the right to participate in all negotiations
    and proceedings with respect to all holders of Dissenting
    Shares. The Company shall not, except with the prior written
    consent of the Parents, voluntarily make any payment with
    respect to, or settle or offer to settle, any demand for payment
    from any holder of Dissenting Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.06&#160;&#160;<I>Transfers;
    No Further Ownership Rights.</I>&#160;&#160;After the Effective
    Time, there shall be no registration of transfers on the stock
    transfer books of the Company of shares of Company Common Stock
    that were outstanding immediately prior to the Effective Time.
    If Certificates are presented to the Surviving Corporation for
    transfer following the Effective Time, they shall be cancelled
    against delivery of the Merger Consideration, as provided for in
    <U>Section&#160;3.01(b)</U> hereof, for each share of Company
    Common Stock formerly represented by such Certificates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.07&#160;&#160;<I>Withholding.</I>&#160;&#160;Each
    of the Paying Agent, the Company, Mergerco, New Holdco and the
    Surviving Corporation shall be entitled to deduct and withhold
    from payments otherwise payable pursuant to this Agreement any
    amounts as they are respectively required to deduct and withhold
    with respect to the making of such payment under the Code and
    the rules and regulations promulgated thereunder, or any
    provision of state, local or foreign Tax Law. To the extent that
    amounts are so withheld, such withheld amounts shall be treated
    for all purposes of this Agreement as having been paid to the
    person in respect of which such deduction and withholding was
    made.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.08&#160;&#160;<I>Rollover
    by Shareholders.</I>&#160;&#160;At the Effective Time, each
    Rollover Share issued and outstanding immediately before the
    Effective Time shall be cancelled and be converted into and
    become the number of validly issued shares of equity securities
    of New Holdco calculated in accordance with Section&#160;3.08 of
    the Second Amended Disclosure Letter (which shall be identical
    to Section&#160;3.08 of the Mergerco Disclosure Schedule except
    that the Rollover Shares shall be converted into shares of New
    Holdco). As of the Effective Time, all such Rollover Shares when
    so cancelled, shall no longer be issued and outstanding and
    shall automatically cease to exist, and each holder of a
    certificate representing any such Rollover Shares shall cease to
    have any rights with respect thereto, except the right to
    receive the shares of equity securities of New Holdco as set
    forth in this <U>Section&#160;3.08</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.09&#160;&#160;<I>Additional
    Per Share Consideration.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;No later than ten (10)&#160;business days before the
    Closing Date, if the Closing Date shall occur after the
    Additional Consideration Date, the Company shall prepare and
    deliver to the Parents a good faith estimate of Additional Per
    Share Consideration, together with reasonably detailed
    supporting information (the <B><I>&#147;Estimated Additional Per
    Share Consideration&#148;</I></B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Before and after the delivery of the Estimated
    Additional Per Share Consideration statement, the Company shall
    provide the Parents reasonable access to the records and
    employees of the Company and its subsidiaries, and the Company
    shall, and shall cause the employees of the Company and its
    subsidiaries to, (i)&#160;cooperate in all reasonable respects
    with the Parents in connection with the Parents&#146; review of
    the Estimated Additional Per Share Consideration statement and
    (ii)&#160;provide the Parents with access to accounting records,
    supporting schedules and relevant information relating to the
    Company&#146;s preparation of the Estimated Additional Per Share
    Consideration statement and calculation of Estimated Additional
    Per Share Consideration as the Parents shall reasonably request
    and that are available to the Company or its affiliates. Within
    five (5)&#160;business days after delivery of the Estimated
    Additional Per Share Consideration statement to the Parents, the
    Parents may notify the Company that they disagree with the
    Estimated Additional Per Share Consideration statement. Such
    notice shall set forth, to the extent practicable, in reasonable
    detail the particulars of such disagreement. If the Parents do
    not provide a notice of disagreement within such five
    (5)&#160;business day period,
</DIV>

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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    then the Parents shall be deemed to have accepted the
    calculations and the amounts set forth in the Estimated
    Additional Per Share Consideration statement delivered by the
    Company, which shall then be final, binding and conclusive for
    all purposes hereunder. If any notice of disagreement is timely
    provided in accordance with this <U>Section&#160;3.09(b)</U>,
    then the Company and the Parents shall each use commercially
    reasonable efforts for a period of one (1)&#160;business day
    thereafter (the <B><I>&#147;Estimated Additional Per Share
    Consideration Resolution Period&#148;</I></B>) to resolve any
    disagreements with respect to the calculations in the Estimated
    Additional Per Share Consideration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;If, at the end of the Estimated Additional Per Share
    Consideration Resolution Period, the Company and the Parents are
    unable to resolve any disagreements as to items in the Estimated
    Additional Per Share Consideration statement, then KPMG, LLP
    (New York Office) (or such other independent accounting firm of
    recognized national standing in the United States as may be
    mutually selected by the Company and the Parents) shall resolve
    any remaining disagreements. If neither KPMG, LLP (New York
    Office) nor any such mutually selected accounting firm is
    willing and able to serve in such capacity, then the Parents
    shall deliver to the Company a list of three other accounting
    firms of recognized national or international standing and the
    Company shall select one of such three accounting firms (such
    firm as is ultimately selected pursuant to the aforementioned
    procedures being the <B><I>&#147;Accountant&#148;</I></B>). The
    Accountant shall be charged with determining as promptly as
    practicable, whether the Estimated Additional Per Share
    Consideration as set forth in the Estimated Additional Per Share
    Consideration statement was prepared in accordance with this
    Agreement and (only with respect to the disagreements as to the
    items set forth in the notice of disagreement and submitted to
    the Accountant) whether and to what extent, if any, the
    Estimated Additional Per Share Consideration requires adjustment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;The Accountant shall allocate its costs and expenses
    between the Parents (on behalf of Mergerco) and the Company
    based upon the percentage of the contested amount submitted to
    the Accountant that is ultimately awarded to the Company, on the
    one hand, or the Parents, on the other hand, such that the
    Company bears a percentage of such costs and expenses equal to
    the percentage of the contested amount awarded to the Parents
    (such portion of such costs and expenses, the
    <B><I>&#147;Company Accountant Expense&#148;</I></B>) and the
    Parents (on behalf of Mergerco) bear a percentage of such costs
    and expenses equal to the percentage of the contested amount
    awarded to the Company. The determination of the Accountant
    shall be final, binding and conclusive for all purposes
    hereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;In order to permit the parties to prepare for an
    orderly Closing, the Company will deliver monthly reports
    calculating the previous month&#146;s Operating Cash Flow on or
    before the 20th&#160;day of each month starting January&#160;20,
    2007 (with respect to performance during December 2006)&#160;and
    will provide the Parents with access to accounting records,
    supporting schedules and relevant information relating to the
    Company&#146;s preparation thereof as the Parents shall
    reasonably request and that are available to the Company or its
    affiliates.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.05.&#160;&#160;<I>Amendment
    to Introductory Paragraph of Article&#160;IV.</I>&#160;&#160;The
    introductory paragraph of Article&#160;IV shall be amended by
    adding a reference to , &#147;New Holdco&#148; after the
    reference to &#147;Mergerco&#148; in the final line.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.06.&#160;&#160;<I>Amendment
    to
    Section&#160;4.04(a).</I>&#160;&#160;<U>Section&#160;4.04(a)</U>
    shall be amended by adding a reference to &#147;, New
    Holdco&#148; after the reference to &#147;Mergerco&#148; in the
    third sentence.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.07.&#160;&#160;<I>Amendment
    to
    Section&#160;4.04(b).</I>&#160;&#160;<U>Section&#160;4.04(b)</U>
    shall be amended by adding a reference to &#147;and
    <FONT style="white-space: nowrap">Form&#160;S-4&#148;</FONT>
    after the reference to &#147;Proxy Statement&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.08.&#160;&#160;<I>Amendment
    to Section&#160;4.12.</I>&#160;&#160;Section&#160;4.12 shall be
    deleted and replaced in its entirety with the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<FONT style="font-variant: SMALL-CAPS">Section&#160;4.12&#160;&#160;</FONT><I>Information
    Supplied.</I>&#160;&#160;None of the information supplied by the
    Company for inclusion in or incorporation by reference in
    (i)&#160;the registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    to be filed with the SEC by New Holdco in connection with the
    issuance of the New Holdco Common Stock as part of the Merger
    Consideration (such registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-4,</FONT>
    as amended or supplemented, the
    <B><I><FONT style="white-space: nowrap">&#147;Form&#160;S-4&#148;</FONT></I></B>)
    will, at the time the
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    is filed with the SEC and at any time it is amended or
    supplemented or at the time it becomes
</DIV>

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    <BR>
    C-12
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    effective under the Securities Act contain any untrue statement
    of a material fact or omit to state any material fact required
    to be stated therein or necessary in order to make the
    statements therein in light of the circumstances under which
    they were made, not misleading and (ii)&#160;the Proxy Statement
    and any other document filed with the SEC by the Company in
    connection with the Merger (and any amendment thereof or
    supplement thereto) (collectively, the
    <FONT style="white-space: nowrap">Form&#160;S-4,</FONT>
    the Proxy Statement and such filings, the <B><I>&#147;SEC
    Filings&#148;</I></B>), at the date first mailed to the
    shareholders of the Company, at the time of the
    Shareholders&#146; Meeting, at the time filed with the SEC (or
    at the time amended or supplemented), as the case may be, will
    not contain any untrue statement of a material fact or omit to
    state any material fact required to be stated therein or
    necessary in order to make the statements therein, in light of
    the circumstances under which they are made, not misleading;
    <U>provided</U>, <U>however</U>, that no representation is made
    by the Company with respect to statements made therein based on
    information supplied in writing by the Parents specifically for
    inclusion in such documents. The SEC Filings made by the Company
    will comply in all material respects with the provisions of the
    Exchange Act.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.09.&#160;&#160;<I>Amendment
    to Section&#160;4.18.</I>&#160;&#160;Section&#160;4.18 shall be
    amended by adding a reference to, &#147;New&#160;Holdco&#148;
    after the reference to &#147;Mergerco&#148; in the second
    sentence.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.10.&#160;&#160;<I>Additional
    Representations and Warranties of the
    Company.</I>&#160;&#160;The Company hereby represents and
    warrants to Mergerco, New Holdco and the Parents as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I><U>Authority Relative to Second
    Amendment</U>.</I>&#160;&#160;The Company has all necessary
    corporate power and authority to execute and deliver this Second
    Amendment, to perform its obligations hereunder. The execution
    and delivery of this Second Amendment by the Company have been
    duly and validly authorized by all necessary corporate action,
    and no other corporate proceedings on the part of the Company
    are necessary to authorize the execution and delivery of this
    Second Amendment. This Second Amendment has been duly and
    validly executed and delivered by the Company and, assuming the
    due authorization, execution and delivery by Mergerco, New
    Holdco and the Parents, this Second Amendment constitutes a
    legal, valid and binding obligation of the Company, enforceable
    against the Company in accordance with its terms (except as such
    enforceability may be limited by bankruptcy, insolvency,
    fraudulent transfer, reorganization, moratorium and other
    similar Laws of general applicability relating to or affecting
    creditors&#146; rights, and to general equitable principles).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;<I><U>Additional
    Representations</U>.</I>&#160;&#160;Each of the representations
    and warranties contained in <U>Section&#160;4.04(b)(ii)</U> and
    <U>Section&#160;4.04(b)(iii)</U> is true and accurate as if made
    anew as of the date of this Second Amendment (except that it is
    acknowledged and agreed that the Board of Directors does not,
    and will not, make any recommendation to the Company&#146;s
    stockholders with respect to the Stock Election or the Stock
    Consideration).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;<I><U>Opinion of Financial
    Advisors</U>.</I>&#160;&#160;The Board of Directors of the
    Company has received an opinion of Goldman, Sachs&#160;&#038;
    Co. to the effect that, as of the date of such opinion and based
    upon and subject to the limitations, qualifications and
    assumptions set forth therein, the Cash Consideration as
    provided in <U>Section&#160;3.01(b)</U> of the Agreement, after
    giving effect to this Second Amendment, payable to holders of
    Public Shares (other than Public Shares held by affiliates of
    the Company), is fair from a financial point of view to such
    holders. The Company shall deliver an executed copy of the
    written opinion received from Goldman, Sachs&#160;&#038; Co. to
    the Parents promptly upon receipt thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.11.&#160;&#160;<I>Amendments
    to introductory paragraph of Article&#160;V.</I>&#160;&#160;The
    introductory paragraph of Article&#160;V shall be deleted and
    replaced in its entirety with the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Except as disclosed in the separate disclosure schedule
    which has been delivered by the Parents to the Company prior to
    the execution of this Agreement (the <B><I>&#147;Mergerco
    Disclosure Schedule&#148; </I></B>or, with respect to
    New&#160;Holdco the <B><I>&#147;Second Amendment Disclosure
    Letter&#148;</I></B>) (provided that any information set forth
    in one Section of the Mergerco Disclosure Schedule or Second
    Amendment Disclosure Letter will be deemed to apply to each
    other Section or subsection of this Agreement to the extent such
    disclosure is made in a way as to make its relevance to such
    other Section or subsection readily apparent), the Parents, New
    Holdco and Mergerco hereby jointly and severally represent and
    warrant to the Company as follows:&#148;
</DIV>

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    <BR>
    C-13
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.12.&#160;&#160;<I>Amendment
    to Section&#160;5.01.</I>&#160;&#160;The following provisions
    shall be added to the end of Section&#160;5.01.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;New Holdco is a corporation duly organized, validly
    existing and in good standing under the laws of its jurisdiction
    of organization and it has the requisite corporate power and
    authority and all necessary governmental approvals to own, lease
    and operate its business as it is now being conducted, except
    where the failure to have such governmental approvals would not
    have, individually or in the aggregate, a New Holdco Material
    Adverse Effect. New Holdco is qualified or licensed as a foreign
    corporation to do business, and, if applicable, is in good
    standing, in each jurisdiction where the character of the
    properties owned, leased or operated by it or the nature of its
    business makes such qualification or licensing necessary, except
    for such failures to be so qualified or licensed and in good
    standing that would not have, individually or in the aggregate,
    a New Holdco Material Adverse Effect.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.13.&#160;&#160;<I>Amendment
    to Section&#160;5.02.</I>&#160;&#160;The current
    Section&#160;5.02 shall be numbered subsection&#160;(a)&#160;and
    the following provisions shall be added as a new
    subsection&#160;(b):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Included as Section&#160;5.02 of the Second Amendment
    Disclosure Letter is a complete and correct copy of the
    certificate of incorporation and the bylaws (or equivalent
    organizational documents) each as amended to date, of New Holdco
    (collectively, the <B><I>&#147;New Holdco Organizational
    Documents&#148;</I></B>). The New Holdco Organizational
    Documents shall be in full force and effect at or prior to the
    Effective Time. Neither New Holdco, nor to the knowledge of the
    Parents the other parties thereto, shall be in violation of any
    provision of the New Holdco Organizational Documents, as
    applicable, at any time after the New Holdco Organizational
    Documents become effective, and prior to the Effective Time,
    except as would not have, individually or in the aggregate, a
    New Holdco Material Adverse Effect.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.14.&#160;&#160;<I>Amendment
    of Section&#160;5.04.</I>&#160;&#160;Section&#160;5.04 shall be
    amended by adding a reference to &#147;, New Holdco&#148; after
    each reference to &#147;Parents&#148; other than the third
    reference, a reference to &#147;or New Holdco&#148; shall be
    added after the third reference to &#147;Mergerco&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.15.&#160;&#160;<I>Amendment
    of Section&#160;5.06.</I>&#160;&#160;Section&#160;5.06 shall be
    amended by adding a reference to &#147;, New Holdco&#148; after
    the second reference to &#147;Parents&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.16.&#160;&#160;<I>Amendment
    of Section&#160;5.07.</I>&#160;&#160;Section&#160;5.07 of the
    Agreement is amended and restated in its entirety to read as
    follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<FONT style="font-variant: SMALL-CAPS">Section&#160;5.07&#160;&#160;</FONT><I>Available
    Funds.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<U>Section&#160;5.07(a)</U> of Second Amendment
    Disclosure Letter sets forth true, accurate and complete copies,
    as of the date of this Second Amendment, of executed commitment
    letters from the parties listed in <U>Section&#160;5.07(a)</U>
    of the Second Amendment Disclosure Letter dated as of the date
    this Second Amendment (as the same may be amended, modified,
    supplemented, restated, superseded and replaced in accordance
    with <U>Section&#160;6.13(a)</U>, collectively, the
    <B><I>&#147;Debt Commitment Letters&#148;</I></B>), pursuant to
    which, and subject to the terms and conditions thereof, the
    lender parties thereto have committed to lend the amounts set
    forth therein for the purpose of funding the transactions
    contemplated by this Agreement (the <B><I>&#147;Debt
    Financing&#148;</I></B>). <U>Section&#160;5.07(a)</U> of the
    Second Amendment Disclosure Letter sets forth true, accurate and
    complete copies, as of the date of this Second Amendment, of
    executed commitment letters (collectively, the
    <B><I>&#147;Equity Commitment Letters&#148; </I></B>and together
    with the Debt Commitment Letters, the <B><I>&#147;Financing
    Commitments&#148;</I></B>) pursuant to which the investors
    listed in <U>Section&#160;5.07(a)</U> of the Second Amendment
    Disclosure Letter (the <B><I>&#147;Investors&#148;</I></B>) have
    committed to invest the cash amounts set forth therein subject
    to the terms therein (the <B><I>&#147;Equity Financing&#148;
    </I></B>and together with the Debt Financing, the
    <B><I>&#147;Financing&#148;</I></B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;As of the date of this Second Amendment, the Financing
    Commitments are in full force and effect and have not been
    withdrawn or terminated or otherwise amended or modified in any
    respect. As of the date of this Second Amendment, each of the
    Financing Commitments, in the form so delivered, is in full
    force and effect and is a legal, valid and binding obligation of
    the Parents, Mergerco and New Holdco, as applicable, and to the
    Parents&#146; and Mergerco&#146;s knowledge, the other parties
    thereto. Except as set forth in the Financing Commitments, there
    are no (i)&#160;conditions precedent to the respective
    obligations of the Investors to fund the full
</DIV>

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    <BR>
    C-14
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    amount of the Equity Financing; (ii)&#160;conditions precedent
    to the respective obligations of the lenders specified in the
    Debt Commitment Letter to fund the full amount of the Debt
    Financing; or (iii)&#160;contractual contingencies under any
    agreements, side letters or arrangements relating to the
    Financing Commitments to which either Parent, New Holdco,
    Mergerco or any of their respective affiliates is a party that
    would permit the lenders specified in the Debt Commitment
    Letters or the Investors providing the Equity Commitment Letters
    to reduce the total amount of the Financing (other than
    retranching, reallocating or replacing the Debt Financing in a
    manner that does not reduce the aggregate amount of the Debt
    Financing), or that would materially affect the availability of
    the Debt Financing or the Equity Financing. As of the date of
    this Second Amendment, (A)&#160;no event has occurred which,
    with or without notice, lapse of time or both, would constitute
    a default or breach on the part of the Parents, New Holdco or
    Mergerco under any term or condition of the Financing
    Commitments, and (B)&#160;subject to the accuracy of the
    representations and warranties of the Company set forth in
    Article&#160;II hereof, and the satisfaction of the conditions
    set forth in <U>Section&#160;7.01</U> and
    <U>Section&#160;7.02</U> hereof, the Parents, New Holdco and
    Mergerco have no reason to believe that Mergerco or New Holdco
    will be unable to satisfy on a timely basis any term or
    condition of closing to be satisfied by it contained in the
    Financing Commitments. Each of the Parents, New Holdco and
    Mergerco have fully paid any and all commitment fees or other
    fees required by the Financing Commitments to be paid by it on
    or before the date of this Second Amendment. Subject to the
    terms and conditions of this Agreement and as of the date of
    this Second Amendment, assuming the funding of the Financing in
    accordance with the terms and conditions of the Financing
    Commitments, the aggregate proceeds from the Financing
    constitute all of the financing required to be provided by
    Mergerco and New Holdco for the consummation of the transactions
    contemplated hereby, and are sufficient for the satisfaction of
    all of the Parents&#146;, New Holdco&#146;s and Mergerco&#146;s
    obligations under this Agreement, including the payment of the
    Aggregate Merger Consideration and the payment of all associated
    costs and expenses (including any refinancing of indebtedness of
    Mergerco or the Company required in connection therewith).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;From and after the date hereof, Mergerco, New Holdco,
    the Parents, any Investor and their respective affiliates shall
    not enter into any discussions, negotiations, arrangements,
    understanding or agreements with respect to the Equity Financing
    with those persons identified on <U>Section&#160;5.07(c)</U> of
    the Company Disclosure Schedule.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.17.&#160;&#160;<I>Amendment
    to Section&#160;5.09.</I>&#160;&#160;Section&#160;5.09 shall be
    deleted and replaced in its entirety with the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<FONT style="font-variant: SMALL-CAPS">Section&#160;5.09&#160;&#160;</FONT><I>Capitalization
    of Mergerco and New Holdco.</I>&#160;&#160;As of the Closing
    Date and immediately prior to Effective Time and the exchange of
    Rollover Shares contemplated by <U>Section&#160;3.08</U>,
    (i)&#160;the capital stock of Mergerco (the <B><I>&#147;Mergerco
    Shares&#148;</I></B>) then outstanding will be wholly owned,
    directly or indirectly, by New Holdco, (ii)&#160;the capital
    stock of each New Holdco subsidiary, other than Mergerco (the
    <B><I>&#147;New Holdco Subsidiaries&#148;</I></B> and the
    <B><I>&#147;New Holdco Subsidiaries Shares&#148;</I></B>) then
    outstanding will be wholly owned, directly or indirectly, by New
    Holdco and (iii)&#160;the capital stock of New Holdco (the
    <B><I>&#147;New Holdco Shares&#148;</I></B>) then outstanding
    (which would exclude shares to be issued as Stock Consideration
    and Rollover Shares) will be held by the persons listed on
    <U>Section&#160;5.09</U> of the Second Amendment Disclosure
    Letter (or persons to whom such persons have assigned some or
    all of their right to purchase New Holdco Shares in compliance
    with the provisions of this Agreement) (each such Investor, a
    <B><I>&#147;New Equity Investor&#148; </I></B>and each such New
    Equity Investor&#146;s equity commitment letter, a
    <B><I>&#147;New Equity Commitment Letter&#148;</I></B>). All New
    Holdco Shares issued at or in connection with the Closing will
    have rights, preferences and privileges identical to, and
    <I>pari passu </I>with, the New Holdco Common Stock issued as
    Stock Consideration except that shares issued as Stock
    Consideration will be entitled to one vote per share and shares
    not issued as Stock Consideration may differ with respect to
    voting rights per share so long as the aggregate voting rights
    of all such shares do not exceed the aggregate number of such
    shares. Each share of New Holdco Common Stock to be issued as
    part of the Stock Consideration will be duly authorized, validly
    issued, fully paid and non assessable and not subject to
    preemptive rights. Other than as set forth on Section&#160;5.09
    of the Second Amendment Disclosure Letter, as of the date
    hereof, no person who holds shares of record or beneficially has
    an Attributable Interest in Mergerco, New Holdco Subsidiaries or
    New Holdco. Except for this Agreement and as provided in this
    Agreement, the Equity Commitment Letters or the New Equity
    Commitment Letters, if any: (i)&#160;there are no outstanding
</DIV>

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    <BR>
    C-15
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    options, warrants, rights, calls, subscriptions, claims of any
    character, agreements, obligations, convertible or exchangeable
    securities, or other commitments, contingent or otherwise,
    relating to the Mergerco Shares or any capital stock equivalent
    or other nominal interest in Mergerco (the <B><I>&#147;Mergerco
    Equity Interests&#148;</I></B>), or the New Holdco Subsidiaries
    Shares or any capital stock equivalent or other nominal interest
    in New Holdco Subsidiaries (the <B><I>&#147;New Holdco
    Subsidiaries Equity Interests&#148;</I></B>) or the New Holdco
    Shares or any capital stock equivalent or other nominal interest
    in New Holdco (the <B><I>&#147;New Holdco Equity
    Interests&#148;</I></B>), pursuant to which Mergerco, any New
    Holdco Subsidiary or New Holdco, as applicable, is or may become
    obligated to issue shares of its capital stock or other equity
    interests or any securities convertible into or exchangeable
    for, or evidencing the right to subscribe for any Mergerco
    Equity Interests, New Holdco Subsidiaries Equity Interests or
    New Holdco Equity Interests, as applicable; and (ii)&#160;there
    are no contracts or commitments to which Mergerco, any New
    Holdco Subsidiary or New Holdco is a party relating to the sale
    or transfer of any equity securities or other securities of
    Mergerco, New Holdco Subsidiaries or New Holdco. Mergerco, New
    Holdco Subsidiaries and New Holdco were formed solely for the
    purpose of engaging in the transactions contemplated hereby, and
    Mergerco, New Holdco Subsidiaries and New Holdco have not
    conducted any business prior to the date hereof and have no, and
    prior to the Effective Time will have no, assets, liabilities or
    obligations of any nature other than those incident to its
    formation and pursuant to this Agreement and the Merger and the
    other transactions contemplated by this Agreement. Assuming for
    purposes of this representation that a number of shares equal to
    the Maximum Stock Election Number is issued as Stock
    Consideration pursuant to Section&#160;3.01(b), immediately
    after the Effective Time the Maximum Stock Election Number will
    represent approximately 30% of the issued and outstanding common
    stock of New Holdco. Immediately after the Effective Time, zero
    shares of New Holdco preferred stock will be outstanding.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.18.&#160;&#160;<I>Amendment
    to Section&#160;5.10.</I>&#160;&#160;The current
    Section&#160;5.10 shall be amended by adding &#147;or New
    Holdco&#146;s Expenses&#148; after the reference to
    &#147;Mergerco&#146;s Expenses&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.19.&#160;&#160;<I>Amendment
    to Section&#160;5.11.</I>&#160;&#160;Section&#160;5.11 shall be
    deleted and replaced in its entirety with the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<FONT style="font-variant: SMALL-CAPS">Section&#160;5.11&#160;&#160;</FONT><I>
    Information Supplied.</I>&#160;&#160;None of the information
    supplied or to be supplied by the Parents, Mergerco or New
    Holdco for inclusion or incorporation by reference in the Proxy
    Statement will, at the date it is first mailed to the
    shareholders of the Company and at the time of the
    Shareholders&#146; Meeting, contain any untrue statement of a
    material fact or omit to state any material fact required to be
    stated therein or necessary in order to make the statements
    therein, in light of the circumstances under which they are
    made, not misleading. None of the information supplied or to be
    supplied by Parents, Mergerco or New Holdco for inclusion or
    incorporation by reference in the
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    will, at the time it is filed with the SEC, and at any time it
    is amended or supplemented, or at the date it becomes effective
    under the Securities Act contain any untrue statement of a
    material fact or omit to state any material fact required to be
    stated therein or necessary in order to make the statements
    therein, in light of the circumstances under which they are
    made, not misleading; <U>provided</U>, <U>however</U>, that no
    representation is made by Parents with respect to statements
    made therein based on information supplied in writing by the
    Company specifically for inclusion in such documents. The SEC
    Filings made by Parents will comply in all material respects
    with the provisions of the Exchange Act.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.20.&#160;&#160;<I>Amendment
    to Section&#160;5.12.</I>&#160;&#160;Section&#160;5.12 shall be
    amended by adding a reference to &#147;, New Holdco&#146;s&#148;
    after the first reference to &#147;Parents&#148;&#146; and a
    reference to &#147;and New Holdco&#148; after the reference to
    &#147;the Surviving Corporation&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.21.&#160;&#160;<I>Amendment
    to Section&#160;5.13.</I>&#160;&#160;Section&#160;5.13 shall be
    amended by adding a reference to &#147;, New Holdco&#148; after
    the first, third and fourth references to &#147;Mergerco&#148;
    and &#147;or New Holdco&#148; after the second reference to
    Mergerco.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.22.&#160;&#160;<I>Additional
    Representations and Warranties of Parents, Mergerco and New
    Holdco.</I>&#160;&#160;The Parents, Mergerco and New Holdco
    hereby jointly and severally represent and warrant to the
    Company as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I><U>Authority Relative to Second
    Amendment</U>.</I>&#160;&#160;The Parents, Mergerco and New
    Holdco have all necessary power and authority to execute and
    deliver this Second Amendment, to perform their respective
    obligations hereunder. The execution and delivery of this Second
    Amendment by the Parents, Mergerco and
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-16
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    New Holdco have been duly and validly authorized by all
    necessary limited liability company action on the part of the
    Parents and all corporate action of Mergerco and New Holdco, and
    no other corporate proceedings on the part of the Parents,
    Mergerco or New Holdco are necessary to authorize the execution
    and delivery of this Second Amendment. This Second Amendment has
    been duly and validly executed and delivered by the Parents,
    Mergerco and New Holdco and, assuming the due authorization,
    execution and delivery by the Company, this Second Amendment
    constitutes a legal, valid and binding obligation of the
    Parents, Mergerco and New Holdco, enforceable against the
    Parents, Mergerco and New Holdco in accordance with its terms
    (except as such enforceability may be limited by bankruptcy,
    insolvency, fraudulent transfer, reorganization, moratorium and
    other similar laws of general applicability relating to or
    affecting creditor&#146;s rights, and to general equitable
    principles).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.23.&#160;&#160;<I>Amendment
    to Section&#160;6.01 of the Agreement.</I>&#160;&#160;The
    introductory paragraph of <U>Section&#160;6.01</U> is amended by
    adding a reference to &#147;, New Holdco&#148; after the first
    reference to &#147;Parents&#148; in the final clause.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.24.&#160;&#160;<I>Amendment
    to Section&#160;6.01(f) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;6.01(f)(iv)(z)</U> is
    amended by deleting the words, &#147;date hereof&#148; and
    replacing them with the words, &#147;date of the Amendment&#148;
    and adding a reference to &#147;, Mergerco or New Holdco&#148;
    after the reference to Parents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.25.&#160;&#160;<I>Amendment
    to Section&#160;6.03(a).</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The following sentence shall be added as the second
    sentence to <U>Section&#160;6.03(a)</U>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;As soon as reasonably practicable following the date of
    this Second Amendment, the Parents and the Company shall prepare
    and shall cause to be filed with the SEC the
    <FONT style="white-space: nowrap">Form&#160;S-4,</FONT>
    including the Proxy Statement.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The following sentence shall be added as the
    penultimate sentence of <U>Section&#160;6.03(a)</U>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;None of the information with respect to the Company or its
    subsidiaries to be included in the
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    or any amendments or supplements thereto, will at the time of
    the mailing of the Proxy Statement or any amendments or
    supplements thereto, at the time the
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    or Proxy Statement or any amendment or supplement thereto is
    filed with the SEC, at the time of the Shareholders&#146;
    Meeting, at the time the
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    (and any amendments or supplements thereto) is filed, or at the
    time the
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    becomes effective under the Securities Act contain any untrue
    statement of a material fact or omit to state any material fact
    required to be stated therein or necessary in order to make the
    statements therein, in light of the circumstances under which
    they were made, not misleading.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.26.&#160;&#160;<I>Amendment
    to Section&#160;6.03(b).</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<U>Section&#160;6.03(b)</U> is amended by adding a
    reference to &#147;New Holdco,&#148; after the reference to
    &#147;Parents&#148; in the first sentence.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The following clause shall be added as the final
    sentence of Section&#160;6.03(b):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;None of the information with respect to the Parents,
    Mergerco, New Holdco or their respective subsidiaries
    specifically provided in writing by the Parents or any person
    authorized to act on their behalf for inclusion in the
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    will, at the time of the mailing of the Proxy Statement or any
    amendments or supplements thereto, at the time of the
    Shareholders&#146; Meeting, at the time the
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    (and any amendments or supplements thereto) is filed, and at the
    time such
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    becomes effective under the Securities Act contain any untrue
    statement of a material fact or omit to state any material fact
    required to be stated therein or necessary in order to make the
    statements therein, in light of the circumstances under which
    they were made, not misleading.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.27.&#160;&#160;<I>Amendment
    to Section&#160;6.03(c).</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The clause &#147;and the
    <FONT style="white-space: nowrap">Form&#160;S-4&#148;</FONT>
    shall be added after the first and second references to
    &#147;Proxy Statement&#148; and the clause &#147;,
    <FONT style="white-space: nowrap">Form&#160;S-4&#148;</FONT>
    shall be added after the third reference to &#147;Proxy
    Statement&#148; Section&#160;6.03(c).
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-17
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The following sentence shall be added as the final
    sentence to such Section:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;The Company and Parents shall use reasonable best efforts
    to have the
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    declared effective by the SEC under the Securities Act as
    promptly as reasonably practicable after the date of the Second
    Amendment.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.28.&#160;&#160;<I>Amendment
    to Section&#160;6.03(d).</I>&#160;&#160;Section&#160;6.03(d) is
    hereby amended by adding a reference to &#147;or New
    Holdco&#148; after the first reference to &#147;Mergerco&#148;,
    a reference to &#147;or New Holdco&#146;s&#148; after the second
    reference to &#147;Mergerco&#146;s&#148;, a reference to
    &#147;and the
    <FONT style="white-space: nowrap">Form&#160;S-4&#148;</FONT>
    after the third reference to &#147;Proxy Statement&#148; and a
    reference to &#147;or the
    <FONT style="white-space: nowrap">Form&#160;S-4&#148;</FONT>
    after the fourth and fifth references to &#147;Proxy
    Statement&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.29.&#160;&#160;<I>Amendment
    to Section&#160;6.03(e).</I>&#160;&#160;Section&#160;6.03(e) is
    hereby deleted and replaced in its entirety with the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;(e) As soon as reasonably practicable after the date of
    this Second Amendment, the Company and New Holdco shall prepare
    and shall cause to be filed with the SEC a
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    and proxy supplement in accordance with the provisions of
    <U>Section&#160;6.03(a)</U> relating to the meeting of the
    Company&#146;s shareholders to be held to consider the adoption
    and approval of this Agreement and the Merger. The Company and
    New Holdco shall include the text of this Agreement and the
    Company shall include the recommendation of the Board of
    Directors of the Company that the Company&#146;s shareholders
    approve and adopt this Agreement (it being expressly
    acknowledged and agreed that the Board of Directors has not, and
    will not, make any recommendation with respect to the Stock
    Consideration or the New Holdco Common Stock). The Company and
    New Holdco shall use their reasonable best efforts to have the
    Proxy Statement cleared and the
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    declared effective by the SEC as soon as reasonably practicable
    after it is filed with the SEC. In connection with the Proxy
    Statement and
    <FONT style="white-space: nowrap">Form&#160;S-4,</FONT>
    contemplated by this <U>Section&#160;6.03(e)</U>, the Company,
    Parents and New Holdco shall (i)&#160;respond as promptly as
    reasonably practicable to any comments of the SEC;
    (ii)&#160;promptly notify the other parties upon receipt of any
    comments of the SEC or its staff or any request for amendments
    or supplements to the Proxy Statement of
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    or of the issuance of any stop order, of the suspension of the
    qualification of the New Holdco Common Stock issuable in
    connection with the Merger for offering or sale in any
    jurisdiction; (iii)&#160;consult with one another prior to
    responding to any such comments or filing any such amendment or
    supplement; (iv)&#160;provide each other with copies of all
    correspondence between any of such parties or their
    Representatives and the SEC; and (v)&#160;within five
    (5)&#160;days after the Proxy Statement and
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    prepared in accordance with <U>Section&#160;6.03(b)</U> and this
    <U>Section&#160;6.03(e)</U> has been cleared by the SEC and the
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    declared effective, the Company shall mail the Proxy Statement
    to the holders of Company Common Stock as of the record date
    established for the Shareholders&#146; Meeting. Prior to the
    effective date of the
    <FONT style="white-space: nowrap">Form&#160;S-4,</FONT>
    New Holdco and the Company shall use commercially reasonable
    efforts to comply with all applicable requirements of Law in
    connection with the registration and qualification of the Stock
    Consideration to be issued in connection with the Merger.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.30.</FONT>&#160;&#160;<I>Amendments
    to Section&#160;6.04 of the Agreement.</I>&#160;&#160;Subject to
    any actions taken by the SEC, as contemplated by
    <U>Section&#160;2.05 </U>above, the Shareholders&#146; Meeting
    referred to in <U>Section&#160;6.04</U> of the Agreement shall
    be postponed, convened and held as set forth in
    <U>Section&#160;6.03(e)</U> above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.31.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;6.05(b) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;6.05(b) </U>of the
    Agreement is amended by adding a reference to &#147;New
    Holdco&#146;s,&#148; before each reference to
    &#147;Mergerco&#146;s&#148; in clause&#160;(ii).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.32.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;6.07(d) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;6.07(d)</U> of the
    Agreement is amended by adding a reference to &#147;, New
    Holdco&#148; after each reference to &#147;Parents&#148; in
    clause&#160;(i).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.33.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;6.07(h) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;6.07(h)</U> of the
    Agreement is amended by adding a reference to &#147;, New
    Holdco&#148; after the reference to &#147;Parents&#148; in the
    first sentence.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.34.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;6.09 of the
    Agreement.</I>&#160;&#160;<U>Section&#160;6.09</U> of the
    Agreement is amended by adding a reference to &#147;, New
    Holdco&#148; after the reference to &#147;Surviving
    Corporation&#148; in clause&#160;(i) of the first sentence.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-18
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.35.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;6.12(a) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;6.12(a)</U> of the
    Agreement is deleted and hereby replaced in its entirety with
    the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;(a) shall not amend or otherwise change any of the
    Mergerco Organizational Documents or the New Holdco
    Organizational Documents if such amendment or change
    (i)&#160;would be likely to prevent or materially delay the
    consummation of the transactions contemplated hereby or
    (ii)&#160;would change the rights, preferences or privileges of
    any share of New Holdco Common Stock in any material respect
    that would render the representations and warranties contained
    in Section&#160;5.09 of this Agreement to be untrue or
    inaccurate at the Effective Time&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.36.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;6.13 of the
    Agreement.</I>&#160;&#160;<U>Section&#160;6.13</U> of the
    Agreement is deleted and hereby replaced in its entirety with
    the following:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;1
    &#147;SECTION&#160;6.13 FINANCING.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Mergerco and the Parents shall use their reasonable
    best efforts to (i)&#160;arrange and obtain the Financing on the
    terms and conditions described in the Financing Commitments,
    which agreements shall be in effect as promptly as practicable
    after the date hereof, but in no event later than the Closing,
    (ii)&#160;negotiate and finalize definitive agreements with
    respect thereto on the terms and conditions contained in the
    Financing Commitments, (iii)&#160;satisfy on a timely basis all
    conditions applicable to the Parents or Mergerco in such
    definitive agreements that are within their control,
    (iv)&#160;consummate the Financing no later than the Closing,
    and (v)&#160;enforce their rights under the Financing
    Commitments. In the event that any portion of the Financing
    becomes unavailable in the manner or from the sources
    contemplated in the Financing Commitments, (A)&#160;the Parents
    shall promptly notify the Company, and (B)&#160;Mergerco and the
    Parents shall use their reasonable best efforts to obtain
    alternative financing from alternative sources, on terms, taken
    as whole, that are no more adverse to the Company, as promptly
    as practicable following the occurrence of such event but in no
    event later than the last day of the Marketing Period, including
    entering into definitive agreements with respect thereto (such
    definitive agreements entered into pursuant to this
    <U>Section&#160;6.13(a)</U> being referred to as the
    <B><I>&#147;Financing Agreements&#148;</I></B>). For the
    avoidance of doubt, in the event that (x)&#160;all or any
    portion of any offering or issuance of any high yield debt
    securities contemplated by the Financing Commitments or any
    alternative debt securities therefor (collectively, the
    <B><I>&#147;High Yield Financing&#148;</I></B>), has not been
    consummated; and (y)&#160;all conditions set forth in
    <U>Article&#160;VII</U> hereof have been satisfied or waived
    (other than conditions set forth in <U>Section&#160;7.02(c)</U>
    and <U>Section&#160;7.03(d)</U>) and (z)&#160;the bridge
    facilities contemplated by the Financing Commitments are
    available on terms and conditions described in the Financing
    Commitments, then Mergerco shall agree to use the bridge
    facility contemplated by the Debt Commitment Letters, if
    necessary, to replace such High Yield Financing no later than
    the last date of the Marketing Period. In furtherance of the
    provisions of this <U>Section&#160;6.13(a)</U>, one or more Debt
    Commitment Letters may be amended, restated, supplemented or
    otherwise modified, superseded or replaced to add one or more
    lenders, lead arrangers, bookrunners, syndication agents or
    similar entities which had not executed the Debt Commitment
    Letters as of the date hereof, to increase the amount of
    indebtedness or otherwise replace one or more facilities with
    one or more new facilities or financings or modify one or more
    facilities to replace or otherwise modify the Debt Commitment
    Letters, or otherwise in a manner not less beneficial in the
    aggregate to Mergerco, New Holdco and the Parents (as determined
    in the reasonable judgment of the Parents) (the <B><I>&#147;New
    Debt Financing Commitments&#148;</I></B>), provided that the New
    Debt Financing Commitments shall not (i)&#160;adversely amend
    the conditions to the Debt Financing set forth in the Debt
    Commitment Letters, in any material respect,
    (ii)&#160;reasonably be expected to delay or prevent the
    Closing; or (iii)&#160;reduce the aggregate amount of available
    Debt Financing (unless, in the case of this clause&#160;(iii),
    replaced with an amount of new equity financing on terms no less
    favorable in any material respect to Mergerco and New Holdco
    than the terms set forth in the Equity Commitment Letters or one
    or more new debt facilities pursuant to the new debt facilities
    pursuant to the New Debt Financing Commitments.) Upon and from
    and after each such event, the term <B><I>&#147;Debt
    Financing&#148;</I></B> as used herein shall be deemed to mean
    the Debt Financing contemplated by the Debt Commitment Letters
    that are not so superseded or replaced at the time in question
    and the New Debt Financing Commitments to the extent then in
    effect. For purposes of this Agreement, <B><I>&#147;Marketing
    Period&#148;</I></B> shall mean the first period of twenty-five
    (25)&#160;consecutive business days throughout which
    (A)&#160;Mergerco and the Parents shall have the Required
    Financial Information that the Company is required to provide
    Mergerco and the Parents pursuant to
    <U>Section&#160;6.13(b)</U>, and (B)&#160;the conditions set
    forth in <U>Section&#160;7.01</U> or <U>Section&#160;7.02</U>
    (other than <U>Section&#160;7.02(c)</U>) shall be satisfied and
</DIV>

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    C-19
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    nothing has occurred and no condition exists that would cause
    any of the conditions set forth in <U>Section&#160;7.02</U>
    (other than <U>Section&#160;7.02(c)</U>) to fail to be satisfied
    assuming the Closing were to be scheduled for any time during
    such twenty-five (25)&#160;consecutive business day period;
    <U>provided</U>, <U>however</U>, that if the Marketing Period
    has not ended on or prior to August&#160;17, 2007, the Marketing
    Period shall commence no earlier than September&#160;4, 2007 or
    if the Marketing Period has not ended on or prior to
    December&#160;14, 2007, the Marketing Period shall commence no
    earlier than January&#160;7, 2008. The Parents shall
    (x)&#160;furnish complete and correct and executed copies of the
    Financing Agreements promptly upon their execution,
    (y)&#160;give the Company prompt notice of any material breach
    by any party of any of the Financing Commitments, any New Debt
    Financing Commitment or the Financing Arrangements of which the
    Parents become aware or any termination thereof, and
    (z)&#160;otherwise keep the Company reasonably informed of the
    status of the Parents&#146; efforts to arrange the Financing (or
    any replacement thereof).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The Company shall, and shall cause its subsidiaries,
    and their respective officers, employees, consultants and
    advisors, including legal and accounting of the Company and its
    subsidiaries at the Parents&#146; sole expense, to cooperate in
    connection with the arrangement of the Debt Financing (which
    shall include for the avoidance of doubt and purposes hereof,
    the High Yield Financings) as may be reasonably requested in
    advance written notice to the Company provided by Mergerco or
    the Parents (provided that such requested cooperation does not
    unreasonably interfere with the ongoing operations of the
    Company and its subsidiaries or otherwise impair, in any
    material respect, the ability of any officer or executive of the
    Company or Outdoor Holdings to carry out their duties to the
    Company and to Outdoor Holdings, respectively). Such cooperation
    by the Company shall include, at the reasonable request of
    Mergerco or the Parents, (i)&#160;agreeing to enter into such
    agreements, and to execute and deliver such officer&#146;s
    certificates (which in the good faith determination of the
    person executing the same shall be accurate), including
    certificates of the chief financial officer of the Company or
    any subsidiary with respect to solvency matters and as are
    customary in financings of such type, and agreeing to pledge,
    grant security interests in, and otherwise grant liens on, the
    Company&#146;s assets pursuant to such agreements, provided that
    no obligation of the Company under any such agreement, pledge or
    grant shall be effective until the Effective Time;
    (ii)&#160;(x)&#160;preparing business projections, financial
    statements, pro forma statements and other financial data and
    pertinent information of the type required by
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    and
    <FONT style="white-space: nowrap">Regulation&#160;S-K</FONT>
    under the Securities Act and of the type and form customarily
    included in private placements resold under Rule&#160;144A of
    the Securities Act to consummate any High Yield Financing, all
    as may be reasonably requested by Mergerco or the Parents and
    (y)&#160;delivery of audited consolidated financial statements
    of the Company and its consolidated subsidiaries for the fiscal
    year ended December&#160;31, 2007 (together with the materials
    in clause&#160;(x), the <B><I>&#147;Required Financial
    Information&#148;</I></B>), which Required Financial Information
    shall be Compliant; (iii)&#160;making the Company&#146;s
    Representatives available to assist in the Financing, including
    participation in a reasonable number of meetings, presentations
    (including management presentations), road shows, drafting
    sessions, due diligence sessions and sessions with rating
    agencies, including one or more meetings with prospective
    lenders, and assistance with the preparation of materials for
    rating agency presentations, offering documents and similar
    documents required in connection with the Financing;
    (iv)&#160;reasonably cooperating with the marketing efforts of
    the Financing; (v)&#160;ensuring that any syndication efforts
    benefit from the existing lending and investment banking
    relationships of the Company and its subsidiaries
    (vi)&#160;using reasonable best efforts to obtain customary
    accountants&#146; comfort letters, consents, legal opinions,
    survey and title insurance as requested by Mergerco or the
    Parents along with such assistance and cooperation from such
    independent accountants and other professional advisors as
    reasonably requested by Mergerco or the Parents;
    (vii)&#160;taking all actions reasonably necessary to permit the
    prospective lenders involved in the Financing to
    (A)&#160;evaluate the Company&#146;s current assets, cash
    management and accounting systems, policies and procedures
    relating thereto for the purpose of establishing collateral
    arrangements and (B)&#160;establish bank and other accounts and
    blocked account agreements and lock box arrangements in
    connection with the foregoing; provided that no right of any
    lender, nor obligation of the Company or any of its
    subsidiaries, thereunder shall be effective until the Effective
    Time; and (viii)&#160;otherwise reasonably cooperating in
    connection with the consummation of the Financing and the
    syndication and marketing thereof, including obtaining any
    rating agencies&#146; confirmations or approvals for the
    Financing. The Company hereby consents to the use of its and its
    subsidiaries&#146; logos in connection with the Financing.
    Notwithstanding anything in this Agreement to the contrary,
    neither the Company nor any of its subsidiaries shall be
    required to pay any commitment or other similar fee or incur any
    other liability or obligation in connection with the Financing
    (or any replacements thereof) prior to the Effective Time. The
    Parents shall, promptly upon request by the Company following
    the valid termination of this Agreement (other than in
    accordance with
</DIV>

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    <BR>
    C-20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <U>Section&#160;8.01(i</U>), reimburse the Company for all
    reasonable and documented
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    costs incurred by the Company or any of its subsidiaries in
    connection with such cooperation. The Parents shall indemnify
    and hold harmless the Company and its subsidiaries for and
    against any and all losses suffered or incurred by them in
    connection with the arrangement of the Financing and any
    information utilized in connection therewith (other than
    information provided by the Company or its subsidiaries). As
    used in this <U>Section&#160;6.13(b)</U>,
    <B><I>&#147;Compliant&#148;</I></B> means, with respect to any
    Required Financial Information, that such Required Financial
    Information does not contain any untrue statement of a material
    fact or omit to state any material fact regarding the Company
    and it subsidiaries necessary in order to make such Required
    Financial Information not misleading and is, and remains
    throughout the Marketing Period, compliant in all material
    respects with all applicable requirements of
    <FONT style="white-space: nowrap">Regulation&#160;S-K</FONT>
    and
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    and a registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    (or any applicable successor form) under the Securities Act, in
    each case assuming such Required Financial Information is
    intended to be the information to be used in connection with the
    Debt Financing (including the High Yield Financing) contemplated
    by the Debt Commitment Letters.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.37.</FONT>&#160;&#160;<I>Addition
    of Section&#160;6.18.</I>&#160;&#160;The following shall be
    added as Section&#160;6.18 of the Agreement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<FONT style="font-variant: SMALL-CAPS">Section&#160;6.18&#160;&#160;</FONT><I><U>Tax
    Free Qualification for Stock
    Election</U>.</I>&#160;&#160;Parents and Company shall not, and
    shall not permit any of their Subsidiaries to, take or cause to
    be taken any action, other than any actions expressly
    contemplated by this Agreement or the Equity Commitment Letters,
    or knowingly fail to take any action, which action or failure to
    act would reasonably be expected to prevent the exchange of
    shares of Company Common Stock for New Holdco Common Stock
    pursuant to the Merger and a Stock Election&#160;(other than Net
    Electing Option Shares), taken together with the exchange of the
    Rollover Shares and the Equity Financing, from qualifying as an
    exchange described in Section&#160;351 of the Code.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.38.</FONT>&#160;&#160;<I>Addition
    of Section&#160;6.19.</I>&#160;&#160;The following shall be
    added as Section&#160;6.19 of the Agreement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<FONT style="font-variant: SMALL-CAPS">Section&#160;6.19&#160;&#160;</FONT><I><U>Fees</U>.</I>&#160;&#160;The
    transaction fees payable to Parents or their Affiliates at or
    prior to the Closing will not exceed $87.5&#160;million.
    Following the Closing, unless otherwise unanimously approved by
    the Independent Directors, the Company will not pay management,
    transaction, monitoring or any other fees to the Parents or
    their Affiliates except pursuant to an arrangement or structure
    whereby public shareholders of New Holdco are made whole for the
    portion of such fees paid by the Company that would otherwise be
    proportionate to their share holdings.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.39.</FONT>&#160;&#160;<I>Addition
    of Section&#160;6.20.</I>&#160;&#160;The following shall be
    added as Section&#160;6.20 of the Agreement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<FONT style="font-variant: SMALL-CAPS">Section&#160;6.20&#160;&#160;</FONT><I><U>Board
    of Directors</U>.</I>&#160;&#160;Immediately following the
    Closing, the board of directors of the Company will include at
    least two (2)&#160;Independent Directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.40.&#160;&#160;</FONT><I>Addition
    of Section&#160;6.21.</I>&#160;&#160;The following shall be
    added as Section&#160;6.21 of the Agreement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<FONT style="font-variant: SMALL-CAPS">Section&#160;6.21&#160;&#160;</FONT><I><U>Registration</U>.</I>&#160;&#160;New
    Holdco agrees that it will use reasonable efforts to maintain
    the registration of the New Holdco Common Stock under
    Section&#160;12 of the Exchange Act for two years after the
    Effective Time except for any deregistration in connection with
    any sale, recapitalization or similar extraordinary corporate
    transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.41.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;7.02 of the Agreement.</I>&#160;&#160;The
    introductory sentence of <U>Section&#160;7.02</U> of the
    Agreement is amended by adding a reference to &#147;, New
    Holdco&#148; after the reference to &#147;Parents&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.42.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;7.03(a) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;7.03(a)</U> of the
    Agreement is amended by adding a reference to &#147;, New
    Holdco&#148; after the reference to &#147;Parents&#148; in the
    first sentence.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.43.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;7.03(b) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;7.03(b)</U> of the
    Agreement is amended by adding a reference to &#147;, New
    Holdco&#148; after the reference to &#147;Parents&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.44.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;8.01(e) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;8.01(e) </U>of the
    Agreement is amended by adding a reference to &#147;, New
    Holdco&#148; after each reference to &#147;Mergerco&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.45.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;8.01(f) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;8.01(f) </U>of the
    Agreement is amended by adding a reference to &#147;, New
    Holdco&#148; after the reference to &#147;Mergerco&#148; in
    clause&#160;(ii).
</DIV>

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    <BR>
    C-21
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.46.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;8.01(g) of the Agreement.</I>&#160;&#160;The
    clause &#147;by the Parents if they and Mergerco&#148; in
    <U>Section&#160;8.01(g)</U> of the Agreement is hereby deleted
    and replaced with the following: &#147;by the Parents if they,
    New Holdco and Mergerco&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.47.</FONT>&#160;&#160;<I>Amendment
    to
    Section&#160;8.01(i).</I>&#160;&#160;<U>Section&#160;8.01(i)</U>
    shall be amended by adding a reference to &#147;and
    <FONT style="white-space: nowrap">Form&#160;S-4&#148;</FONT>
    after the reference to &#147;Proxy Statement&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.48.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;8.02(a) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;8.02(a)</U> is hereby
    amended by adding a reference to &#147;, New Holdco&#148; after
    each reference to &#147;Mergerco&#148; in the final paragraph of
    <U>Section&#160;8.02(a)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.49.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;8.02(b)(i) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;8.02(b)(i)</U> is
    hereby amended by adding a reference to &#147;, New Holdco&#148;
    after the first and fifth reference to &#147;Mergerco&#148; and
    a reference to &#147;,&#160;New&#160;Holdco&#146;s&#148; after
    the second and fourth reference to &#147;Mergerco&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.50.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;8.02(b)(ii) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;8.02(b)(ii)</U> is
    hereby amended by adding a reference to &#147;, New Holdco&#148;
    after the first reference to &#147;Mergerco&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.51.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;8.02(b) of the Agreement.</I>&#160;&#160;The
    final paragraph of <U>Section&#160;8.02(b)</U> is hereby amended
    by adding a reference to , &#147;New Holdco&#148; after each
    reference to &#147;Mergerco&#148; other than references to
    &#147;Mergerco&#148; in the defined term &#147;Mergerco
    Termination Fee&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.52.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;8.02(d) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;8.02(d)</U> is hereby
    amended by adding a reference to &#147;, New Holdco&#148; after
    the first, second, fifth, seventh and eighth reference to
    &#147;Mergerco&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.53.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;8.04 of the
    Agreement.</I>&#160;&#160;<U>Section&#160;8.04</U> is hereby
    amended by adding a reference to &#147;, New Holdco&#148; after
    the reference to &#147;Mergerco&#148; in the third sentence.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.54.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;9.02 of the
    Agreement.</I>&#160;&#160;<U>Section&#160;9.02</U> is hereby
    amended by replacing &#147;if to the Parents or Mergerco:&#148;
    with the following: &#147;if to the Parents, Mergerco or New
    Holdco&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.55.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;9.05 of the
    Agreement.</I>&#160;&#160;<U>Section&#160;9.05</U> is hereby
    deleted and replaced in its entirety with the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<FONT style="font-variant: SMALL-CAPS">Section&#160;9.05&#160;&#160;</FONT><I>
    Assignment.</I>&#160;&#160;Neither this Agreement nor any
    rights, interests or obligations hereunder shall be assigned by
    any of the parties hereto (whether by operation of Law or
    otherwise) without the prior written consent of the other
    parties hereto; <U>provided</U>, <U>that</U> (i)&#160;Mergerco
    may assign any of its rights and obligations to any direct or
    indirect wholly owned subsidiary of New Holdco, but no such
    assignment shall relieve Mergerco of its obligations hereunder
    and (ii)&#160;New Holdco may assign any of its rights and
    obligations to any direct or indirect wholly owned subsidiary of
    New Holdco, but no such assignment shall relieve New Holdco of
    its obligations hereunder. Further, the Company acknowledges and
    agrees that Mergerco may (i)&#160;elect to transfer its equity
    interests to any of its respective affiliates or direct or
    indirect wholly owned subsidiaries; <U>provided</U> <U>that</U>
    each of such direct or indirect subsidiaries will be wholly
    owned by New Holdco or subsidiaries of New Holdco,
    (ii)&#160;reincorporate in Texas or (iii)&#160;merge with or
    convert into a Texas corporation created solely for the purpose
    of the Merger, and any such transfer, reincorporation, merger or
    conversion shall not result in a breach of any representation,
    warranty or covenant of Mergerco, New Holdco
    <FONT style="white-space: nowrap">and/or</FONT> the
    Parents herein. Subject to the preceding sentence, this
    Agreement shall be binding upon, inure to the benefit of, and be
    enforceable by, the parties hereto and their respective
    successors and permitted assigns. Any purported assignment not
    permitted under this Section shall be null and void.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.56.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;9.08(a)(i) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;9.08(a)(i)</U> is
    hereby amended by replacing the clause &#147;the maximum
    aggregate liability of Mergerco&#148; with the following:
    &#147;the maximum aggregate liability of Mergerco and New
    Holdco&#148;. Amendment to <U>Section&#160;9.08(a)(iv)</U> of
    the Agreement. <U>Section&#160;9.08(a)(iv)</U> is hereby amended
    by adding a reference to &#147;, New Holdco&#148; after
    &#147;Mergerco&#148; in clause&#160;(iv).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.57.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;9.08(b), (c)&#160;and (d)&#160;of the
    Agreement.</I>&#160;&#160;<U>Section&#160;9.08(b)</U>,
    <U>Section&#160;9.08(c)</U> and <U>Section&#160;9.08(d)</U> are
    hereby amended by adding a reference to &#147;, New Holdco&#148;
    after each reference to &#147;Mergerco&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.58.</FONT>&#160;&#160;<I>Amendment
    to Appendix&#160;A.</I>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The definition of <B><I>&#147;Additional Per Share
    Consideration&#148;</I></B> is amended by deleting
    &#147;$39.00&#148; and replacing such amount with
    &#147;$39.20.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The following definition of <B><I>&#147;Affiliated
    Holder&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;affiliate&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Affiliated Holder&#148; </I>shall mean each Person
    listed on Schedule&#160;1 hereto, each of such Person&#146;s
    heirs and successors, and any person to whom such Person assigns
    shares where such transferee agrees to bound by the letter
    agreement entered into by such holder pursuant to
    <U>Section&#160;3.01(b)(ii)</U> hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;The following definition of <B><I>&#147;Alien
    Entity&#148; </I></B>shall be added to Appendix&#160;A
    immediately following the definition of
    <B><I>&#147;Agreement&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Alien Entity&#148; </I>shall have the meaning set forth
    in the definition of
    <FONT style="white-space: nowrap">Non-U.S.&#160;Person.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;The following definition of <B><I>&#147;Book Entry
    Share&#148; </I></B>shall replace the definition of Book Entry
    Share in Appendix&#160;A:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Book Entry Share&#148; </I>means a book-entry share
    which immediately prior to the Effective Time represented a
    share of Company Common Stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;The following definition of <B><I>&#147;Capped
    Holder&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;business
    day&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Capped Holder&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.01(g)(iii)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;The following definition of <B><I>&#147;Cash
    Consideration&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Capped
    Holder&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Cash Consideration&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.01(b)(i)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;The following definition of <B><I>&#147;Cash
    Consideration Share&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Cash
    Consideration&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Cash Consideration Share&#148; </I>shall mean each
    share of Company Common Stock for which Parents pay Cash
    Consideration pursuant to <U>Section&#160;3.01(b)</U> and
    <U>Section&#160;3.01(g)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;The following definition of <B><I>&#147;Cash
    Election&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Cash Consideration
    Share&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Cash Election&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.01(c)(i)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;The following definition of
    <B><I>&#147;Certificate&#148; </I></B>shall replace the
    definition of Certificate in Appendix&#160;A:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Certificate&#148; </I>means a certificate which
    immediately prior to the Effective Time represented a share of
    Company Common Stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (j)&#160;The definition of <B><I>&#147;Competing
    Proposal&#148;</I></B> is amended by adding a reference to
    &#147;, New Holdco&#148; after the reference to Parents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (k)&#160;The definition of <B><I>&#147;Contacted Parties
    Proposal&#148;</I></B> is amended by adding a reference to
    &#147;, New Holdco&#148; after the reference to Parents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (l)&#160;The following definition of <B><I>&#147;Election
    Deadline&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Effective
    Time&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Election Deadline&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.01(d)</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (m)&#160;The following definition of <B><I>&#147;Election
    Form&#160;Record Date&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Election
    Deadline&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Election Form&#160;Record Date&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.01(d)</U>.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-23
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (n)&#160;The following definition of <B><I>&#147;Elections&#148;
    </I></B>is added to Appendix&#160;A immediately following the
    definition of <B><I>&#147;Election Form&#160;Record
    Date&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Elections&#148; </I>shall have the meaning set forth in
    <U>Section&#160;3.01(c)(i)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (o)&#160;The definition of <B><I>&#147;Expenses&#148; </I></B>in
    Appendix&#160;A shall be amended by adding a reference to
    &#147;and
    <FONT style="white-space: nowrap">Form&#160;S-4&#148;</FONT>
    after the reference to &#147;Proxy Statement&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (p)&#160;The following definition of <B><I>&#147;Final Return
    Shares&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Financing
    Commitments&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Final Return Shares&#148; </I>shall have the meaning
    set forth in <U>Section&#160;3.01(g)(vi)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (q)&#160;The following definition of <B><I>&#147;Final Stock
    Election&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Final Return
    Shares&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Final Stock Election&#148; </I>shall have the meaning
    set forth in <U>Section&#160;3.01(g)(viii)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (r)&#160;The following definition of <B><I>&#147;Final Stock
    Election Notice&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Final Stock
    Election&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Final Stock Election Notice&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.01(d)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (s)&#160;The following definition of <B><I>&#147;Final Stock
    Election Shares&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Final Stock
    Election Notice&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Final Stock Election Shares&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.01(g)(vi)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (t)&#160;The following definition of <B><I>&#147;First
    Allocation Distributable Shares&#148; </I></B>is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;Final Stock Election Shares&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;First Allocation Distributable Shares&#148; </I>shall
    have the meaning set forth in <U>Section&#160;3.01(g)(ii)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (u)&#160;The following definition of <B><I>&#147;First
    Allocation Stock Election Shares</I>&#148;</B> is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;First Allocation Distributable Shares&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;First Allocation Stock Election Shares&#148; </I>shall
    have the meaning set forth in <U>Section&#160;3.01(g)(iii)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;The following definition of <B><I>&#147;First
    Individual Cutback Shares&#148; </I></B>is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;First Allocation Stock Election Shares&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;First Individual Cutback Shares&#148; </I>shall have
    the meaning set forth in <U>Section&#160;3.01(g)(iii)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (w)&#160;The following definition of <B><I>&#147;First Prorated
    Returned Shares&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;First
    Individual Cutback Shares&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;First Allocation Returned Shares&#148; </I>shall have
    the meaning set forth in <U>Section&#160;3.01(g)(ii)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (x)&#160;The following definition of <B><I>&#147;Form of
    Election&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Foreign Antitrust
    Laws&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Form of Election&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.01(c)(i)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (y)&#160;The following definition of
    <B><I><FONT style="white-space: nowrap">&#147;Form&#160;S-4&#148;</FONT>
    </I></B>is added to Appendix&#160;A immediately following the
    definition of <B><I>&#147;Form of Election&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="white-space: nowrap">&#147;Form&#160;S-4&#148;</FONT>
    </I>shall have the meaning set forth in <U>Section&#160;4.12</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (z)&#160;The following definition of <B><I>&#147;Gross Electing
    Option Shares&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Governmental
    Authority&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Gross Electing Option Shares&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.01(c)(ii)</U>.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-24
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (aa)&#160;The following definition of <B><I>&#147;Independent
    Directors&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Indenture&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Independent Directors&#148; </I>shall mean members of
    the board of directors of the Company who are not
    representatives of the Parents or their Affiliates or employees
    (including former employees) of the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (bb)&#160;The following definition of <B><I>&#147;Individual
    Cap&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Independent
    Director&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Individual Cap&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.01(g)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (cc)&#160;The following definition of <B><I>&#147;Irrevocable
    Option Election&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Individual
    Cap&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Irrevocable Option Election&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.01(c)(ii)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (dd)&#160;The following definition of <B><I>&#147;Letter of
    Transmittal&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of
    <B><I>&#147;Law&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Letter of Transmittal&#148; </I>means a letter prepared
    by the Paying Agent, with reasonable approval of New Holdco and
    the Company, which shall, among other things, (x)&#160;specify
    that delivery of Certificates and Book Entry Shares be effected,
    and risk of loss and title to the Certificates or Book-Entry
    Shares, as applicable, shall pass, only upon proper delivery of
    the Certificates (or affidavits of loss in lieu thereof pursuant
    to <U>Section&#160;3.04</U> hereof) or Book-Entry Shares to the
    Paying Agent and which shall be in the form and have such other
    provisions as New Holdco and the Company may reasonably specify
    and (y)&#160;include instructions for use in effecting the
    surrender of the Certificates or Book-Entry Shares in exchange
    for the Merger Consideration into which the number of shares of
    Company Common Stock previously represented by such Certificate
    or Book-Entry Shares shall be converted pursuant to this
    Agreement (which instructions shall provide that at the election
    of the surrendering holder, Certificates or Book-Entry Shares
    may be surrendered, and the Merger Consideration in exchange
    therefor collected, by hand delivery).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ee)&#160;The following definition of <B><I>&#147;Maximum Stock
    Election Number&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of
    <B><I>&#147;LMA&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Maximum Stock Election Number&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.01(g)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ff)&#160;The following definition of <B><I>&#147;Merger
    Consideration&#148; </I></B>shall replace the definition of
    <B><I>&#147;Merger Consideration&#148; </I></B>in
    Appendix&#160;A:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Merger Consideration&#148; </I>shall have the meaning
    set forth in <U>Section&#160;3.01(b)(i)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (gg)&#160;The following definition of <B><I>&#147;Net Electing
    Option Shares&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of
    <B><I>&#147;Multiemployer Plan&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Net Electing Option Shares&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.01(c)(ii)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (hh)&#160;The following definition of <B><I>&#147;New Holdco
    Common Stock&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;New Debt
    Financing Commitments&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;New Holdco Common Stock&#148; </I>shall mean the
    Class&#160;A Common Stock, par value $0.001 per share, of New
    Holdco.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;The following definition of <B><I>&#147;New Holdco
    Equity Interests&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;New Debt
    Financing Commitments&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;New Holdco Equity Interests&#148; </I>shall have the
    meaning set forth in <U>Section&#160;5.09</U>.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-25
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (jj)&#160;The following definition of <B><I>&#147;New Holdco
    Material Adverse Effect</I>&#148;</B> shall replace the
    definition of <B><I>&#147;Mergerco Material Adverse Effect&#148;
    </I></B>in Appendix&#160;A and all references to
    <B><I>&#147;Mergerco Material Adverse Effect&#148;</I></B> shall
    be replaced with reference to <B><I>&#147;New Holdco Material
    Adverse Effect&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;New Holdco Material Adverse Effect&#148; </I>shall mean
    any event, state of facts, circumstance, development, change,
    effect or occurrence that is materially adverse to the business,
    financial condition or results of operations of New Holdco and
    New Holdco&#146;s subsidiaries taken as a whole or may
    reasonably be expected to prevent or materially delay or
    materially impair the ability of New Holdco or any of its
    subsidiaries to consummate the Merger and the other transactions
    contemplated by this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (kk)&#160;The following definition of <B><I>&#147;New Holdco
    Organizational Documents&#148; </I></B>is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;New Holdco Common Stock&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;New Holdco Organizational Documents&#148; </I>shall
    have the meaning set forth in <U>Section&#160;5.02(b)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ll)&#160;The following definition of <B><I>&#147;New Holdco
    Shares&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;New Holdco
    Organizational Documents&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;New Holdco Shares&#148; </I>shall have the meaning set
    forth in <U>Section&#160;5.09</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (mm)&#160;The following definition of <B><I>&#147;New Holdco
    Subsidiaries&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;New Holdco
    Shares&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;New Holdco Subsidiaries&#148; </I>shall have the
    meaning set forth in <U>Section&#160;5.09</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (nn)&#160;The following definition of <B><I>&#147;New Holdco
    Subsidiaries Equity Interests&#148; </I></B>is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;New Holdco Shares&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;New Holdco Subsidiaries Equity Interests&#148;
    </I>shall have the meaning set forth in <U>Section&#160;5.09</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (oo)&#160;The following definition of <B><I>&#147;New Holdco
    Subsidiaries Shares&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;New Holdco
    Subsidiaries Equity Interests&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;New Holdco Subsidiaries Shares&#148; </I>shall have the
    meaning set forth in <U>Section&#160;5.09</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (pp)&#160;The following definition of
    <B><I><FONT style="white-space: nowrap">&#147;Non-U.S.&#160;Person&#148;</FONT></I></B>
    is added to Appendix&#160;A immediately following the definition
    of <B><I>&#147;No-Shop Period Start Date&#148;</I></B> in
    Appendix&#160;A:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="white-space: nowrap">&#147;Non-U.S.&#160;Person&#148;</FONT>
    </I>means any Person who:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;is a natural person who either is not a citizen of the
    United States or is acting at the direction and behest of a
    foreign government, foreign entity or foreign individual as its
    agent for purposes of this transaction;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;is not a natural person and is:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;a partnership, limited liability company, corporation,
    joint-stock company or association controlled by persons not
    citizens of the United States or entities organized under the
    laws of a foreign country;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;a foreign government;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;a partnership, limited liability company, corporation,
    joint-stock company or association controlled directly or
    indirectly by one or more of the above,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Any person or entity described in paragraphs&#160;1 or 2
    (a)-(c) above is referred to hereafter as an &#147;Alien
    Entity.&#148;)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;has direct or indirect ownership by Alien Entities
    that, in the aggregate, exceeds 25%, <U>or</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;has voting or other control rights exercised directly
    or indirectly by Alien Entities that, in the aggregate, exceed
    25%.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-26
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (qq)&#160;The following definition of <B><I>&#147;Option Cash
    Payment&#148; </I></B>shall replace the definition of
    <B><I>&#147;Option Cash Payment&#148; </I></B>in Appendix&#160;A:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Option Cash Payment&#148; </I>shall have the meaning
    set forth in <U>Section&#160;3.03(a)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (rr)&#160;The following definition of <B><I>&#147;Proration
    Factor&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;person&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Proration Factor&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.01(g)(ii)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ss)&#160;The following definition of <B><I>&#147;Public
    Share&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Proxy
    Statement&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Public Share&#148; </I>shall mean each share of Company
    Common Stock outstanding immediately prior to the Effective Time
    other than a Dissenting Share, Rollover Share or share that is
    cancelled pursuant to <U>Section&#160;3.01(a)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (tt)&#160;The following definition of <B><I>&#147;Second
    Allocation&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;SEC
    Filings&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Second Allocation&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.01(g)(iii)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (uu)&#160;The following definition of <B><I>&#147;Second
    Allocation Distributable Shares&#148;</I></B> is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;Second Allocation&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Second Allocation Distributable Shares&#148; </I>shall
    have the meaning set forth in <U>Section&#160;3.01(g)(iv)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vv)&#160;The following definition of <B><I>&#147;Second
    Allocation Participant&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Second
    Allocation Distributable Shares&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Second Allocation Participant&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.01(g)(iii)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ww)&#160;The following definition of <B><I>&#147;Second
    Allocation Shares&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Second
    Allocation Participant&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Second Allocation Shares&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.01(g)(iii)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xx)&#160;The following definition of <B><I>&#147;Second
    Allocation Stock Election Shares&#148;</I></B> is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;Second Allocation Shares&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Second Allocation Stock Election Shares&#148; </I>shall
    have the meaning set forth in <U>Section&#160;3.01(g)(v)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (yy)&#160;The following definition of <B><I>&#147;Second
    Amendment Disclosure Letter&#148; </I></B>is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;Second Allocation Stock Election
    Shares&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Second Amendment Disclosure Letter&#148; </I>shall have
    the meaning set forth in the introductory paragraph of
    Article&#160;V.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (zz)&#160;The following definition of <B><I>&#147;Second
    Individual Cutback Shares&#148; </I></B>is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;Second Amendment Disclosure Letter&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Second Individual Cutback Shares&#148; </I>shall have
    the meaning set forth in <U>Section&#160;3.01(g)(v)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (aaa) The following definition of <B><I>&#147;Second Prorated
    Stock Election Shares&#148;</I></B> is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Second
    Individual Cutback Shares&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Second Prorated Stock Election Shares&#148; </I>shall
    have the meaning set forth in <U>Section&#160;3.01(g)(iv)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (bbb) The following definition of <B><I>&#147;Shares&#148;
    </I></B>is added to Appendix&#160;A immediately following the
    definition of <B><I>&#147;Senior Executive&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ccc)&#160;The following definition of
    <B><I>&#147;Shares&#160;Representative&#148; </I></B>is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;Shares&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Shares&#160;Representative&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.01(c)(i)</U>.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-27
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ddd)&#160;The following definition of <B><I>&#147;Stock
    Consideration&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Short-Dated
    Notes&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Stock Consideration&#148; </I>shall have the meaning
    set forth in <U>Section&#160;3.01(b)(i)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (eee) The following definition of <B><I>&#147;Stock
    Election&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Stock
    Consideration&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Stock Election&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.01(c)(i)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (fff) The following definition of <B><I>&#147;Stock Election
    Share&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Stock
    Election&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Stock Election Share&#148; </I>shall have the meaning
    set forth in <U>Section&#160;3.01(c)(i)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ggg) The following definition of <B><I>&#147;Total Option Cash
    Payment&#148; </I></B>shall replace the definition of
    <B><I>&#147;Total Option Cash Payment&#148; </I></B>in
    Appendix&#160;A:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Total Option Cash Payment&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.03(a)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (hhh) The following definition of
    <B><I>&#147;U.S.&#160;Person&#148; </I></B>is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;Total Option Cash Payment&#148;</I></B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;U.S.&#160;Person&#148; </I>means any Person that is not
    an
    <FONT style="white-space: nowrap">Non-U.S.&#160;Person.</FONT>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;III.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">MISCELLANEOUS
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.01.&#160;&#160;<I>No
    Further Amendment.</I>&#160;&#160;Except as expressly amended
    hereby, the Agreement is in all respects ratified and confirmed
    and all of the terms and conditions and provisions thereof shall
    remain in full force and effect. This Second Amendment is
    limited precisely as written and shall not be deemed to be an
    amendment to any other term or condition of the Agreement or any
    of the documents referred to therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.02.&#160;&#160;<I>Effect
    of Amendment.</I>&#160;&#160;This Second Amendment shall form a
    part of the Agreement for all purposes, and each party thereto
    and hereto shall be bound hereby. From and after the execution
    of this Second Amendment by the parties hereto, any reference to
    &#147;this Agreement&#148;, &#147;hereof&#148;,
    &#147;herein&#148;, &#147;hereunder&#148; and words or
    expressions of similar import shall be deemed a reference to the
    Agreement as amended hereby.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.03.&#160;&#160;<I>Governing
    Law.</I>&#160;&#160;This Second Amendment, and all claims or
    cause of action (whether in contract or tort) that may be based
    upon, arise out of or relate to this Second Amendment shall be
    governed by the internal laws of the State of New York, without
    giving effect to any choice or conflict of laws provision or
    rule.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.04.&#160;&#160;<I>Counterparts.</I>&#160;&#160;This
    Second Amendment may be executed and delivered (including by
    facsimile transmission) in two (2)&#160;or more counterparts,
    and by the different parties hereto in separate counterparts,
    each of which when executed and delivered shall be deemed to be
    an original but all of which taken together shall constitute one
    and same agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">[Remainder
    of This Page&#160;Intentionally Left Blank]
    </FONT>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-28
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>IN WITNESS WHEREOF</B>, Mergerco, New Holdco the Parents, and
    the Company have caused this Second Amendment to be executed as
    of the date first written above by their respective officers
    thereunto duly authorized.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>MERGERCO:</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BT TRIPLE CROWN MERGER CO., INC.</B>
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    M. Sperling</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;Scott M. Sperling
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;Co-President
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NEW HOLDCO:</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BT TRIPLE CROWN CAPITAL HOLDINGS,&#160;III, INC.</B>
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    M. Sperling</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;Scott M. Sperling
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;Co-President
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PARENTS:</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>B TRIPLE CROWN FINCO, LLC</B>
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;John
    Connaughton</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;John Connaughton
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;Managing Director
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>T TRIPLE CROWN FINCO, LLC</B>
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    M. Sperling</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;Scott M. Sperling
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;Co-President
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>COMPANY:</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CLEAR CHANNEL COMMUNICATIONS, INC.</B>
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Mark
    P. Mays</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;Mark P. Mays
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;Chief Executive Officer
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-29
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    OF CONTENTS OF</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SECOND
    AMENDMENT DISCLOSURE LETTER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">to</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMENDMENT
    NO.&#160;2</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">dated as
    of</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">May&#160;17,
    2007</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">to
    the</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AGREEMENT
    AND PLAN OF MERGER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">dated as
    of</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">November&#160;16,
    2006</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">By and
    among</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">BT TRIPLE
    CROWN MERGER CO., INC.,<BR>
    B TRIPLE CROWN FINCO, LLC,<BR>
    T TRIPLE CROWN FINCO, LLC,</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">and</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CLEAR
    CHANNEL COMMUNICATIONS, INC.</FONT></B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-30
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a summary of the disclosure schedules delivered
    by Mergerco in connection with Amendment No.&#160;2 dated as of
    May&#160;17, 2007 to the Agreement and Plan of Merger dated as
    of November&#160;16, 2006 by and among BT&#160;Triple Crown
    Merger Co., Inc., B&#160;Triple Crown Finco, LLC, T&#160;Triple
    Crown Finco,&#160;LLC, and Clear Channel Communications, Inc.
    (the &#147;Agreement&#148;). To the extent not defined below,
    capitalized terms used herein are as defined in the Agreement. *
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;3.08.
    Rollover by Shareholders.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Stating that between the date of the Agreement and the date of
    Closing, the Parents and Mergerco will agree with each
    shareholder entitled to rollover shares of common stock of the
    Company the number of shares, if any, to be rolled over and the
    conversion ratio.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;5.02.
    New Holdco Organizational Documents.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attaching the certificate of incorporation and bylaws of New
    Holdco.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;5.07(a).
    Available Funds.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    List of executed debt and equity commitment letters.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;5.09.
    Capitalization of Mergerco.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Disclosure of the entities who hold the authorized capital stock
    of Mergerco on the date of the Agreement.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Pursuant to Item&#160;601(b)(2) of
    <FONT style="white-space: nowrap">Regulation&#160;S-K,</FONT>
    the Registrant hereby agrees to furnish supplementally a copy of
    the Second Amendment Disclosure Letter to Amendment No.&#160;2
    to the Agreement and Plan of Merger to the Securities and
    Exchange Commission upon request.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-31
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV align="left"><A name="363">
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ANNEX&#160;D</FONT></B>
</DIV>
</A>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMENDMENT
    NO.&#160;3<BR>
    TO<BR>
    AGREEMENT AND PLAN OF MERGER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Amendment No.&#160;3 (the <B><I>&#147;Third
    Amendment&#148;</I></B>), dated as of May&#160;13, 2008, to the
    Agreement and Plan of Merger, dated as of November&#160;16,
    2006, as amended on April&#160;18, 2007 and on May&#160;17, 2007
    (as amended through May&#160;17, 2007, the <B><I>&#147;May 2007
    Agreement&#148;</I></B>, and as amended further by this Third
    Amendment, the <B>&#147;Agreement&#148;</B>), by and among BT
    Triple Crown Merger Co., Inc., a Delaware corporation
    <B>(<I>&#147;Mergerco&#148;), </I></B>B Triple Crown Finco, LLC,
    a Delaware limited liability company, T Triple Crown Finco, LLC,
    a Delaware limited liability company (together with B Triple
    Crown Finco, LLC, the &#147;Parents&#148;), CC Media Holdings,
    Inc., formerly known as BT Triple Crown Capital Holdings III,
    Inc. a Delaware corporation <B>(<I>&#147;New Holdco&#148;)
    </I></B>and Clear Channel Communications, Inc., a
    Texas&#160;corporation (the <B><I>&#147;Company&#148;).</I></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RECITALS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, <U>Section&#160;8.03</U> of the Agreement
    permits the parties, by action by or on behalf of their
    respective board of directors, to amend the Agreement by an
    instrument in writing signed on behalf of each of
    parties;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, the parties hereto and certain other parties
    have entered into that certain Settlement Agreement pursuant to
    which the parties hereto have agreed to revise certain terms and
    conditions of the May 2007 Agreement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, the parties hereto desire to amend the Agreement
    as provided herein.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">STATEMENT
    OF AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NOW, THEREFORE</B>, in consideration of the foregoing and the
    mutual representations, warranties and covenants and subject to
    the conditions herein contained and intending to be legally
    bound hereby, the parties hereto hereby agree as follows:
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;I.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">DEFINITIONS
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;1.01.&#160;&#160;</FONT><I>Definitions;
    References.</I>&#160;&#160;Unless otherwise specifically defined
    herein, each capitalized term used but not defined herein shall
    have the meaning assigned to such term in the Agreement. Each
    reference to &#147;hereof,&#148; &#147;hereunder,&#148;
    &#147;hereby,&#148; and &#147;this Agreement&#148; shall, from
    and after the date of this Third Amendment, refer to the
    Agreement, as amended by this Third Amendment. Each reference
    herein to &#147;the date of this Third Amendment&#148; shall
    refer to the date set forth above, and each reference to the
    &#147;date of this Agreement&#148; or similar references in the
    Agreement shall refer to November&#160;16, 2006.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;II.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">AMENDMENT TO
    AGREEMENT
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.01.&#160;&#160;</FONT><I>Amendment
    to Second Whereas Clause.</I>&#160;&#160;The second whereas
    clause shall be deleted in its entirety.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.02.&#160;&#160;</FONT><I>Amendment
    to Section&#160;2.02 of the
    Agreement.</I>&#160;&#160;Section&#160;2.02 of the Agreement
    shall be deleted and replaced in its entirety with the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<FONT style="font-variant: SMALL-CAPS">Section&#160;2.02.&#160;&#160;</FONT><I>Closing.</I>&#160;&#160;Subject
    to the satisfaction or, if permissible, waiver of the conditions
    set forth in <U>Article&#160;VII</U> hereof, the closing of the
    Merger (the <B><I>&#147;Closing</I></B>&#148;) will take place
    at 10:00&#160;a.m., Eastern Time, on a date to be specified by
    the parties hereto, but no later than the fifth business day
    after the satisfaction or waiver of the conditions set forth in
    <U>Section 7.01</U>, <U>Section&#160;7.02</U> and <U>Section
    7.03</U> hereof (other than conditions
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-1
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    that, by their own terms, cannot be satisfied until the Closing,
    but subject to the satisfaction of such conditions at Closing)
    at the offices of Ropes&#160;&#038; Gray LLP, 1211 Avenue of the
    Americas, New York, New York 10036 or at such other time, date
    or place as is agreed to by the parties hereto after the date of
    the Third Amendment (such date being the <B><I>&#147;Closing
    Date&#148;</I></B>).&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.03.&#160;&#160;</FONT><I>Amendment
    to Section&#160;3.01(b) of the
    Agreement.</I>&#160;&#160;Section&#160;3.01(b) of the Agreement
    shall be amended by deleting paragraph (i)&#160;thereof in its
    entirety and replacing it with the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;(i) Except as otherwise provided in this Agreement, each
    Public Share issued and outstanding immediately prior to the
    Effective Time shall, subject to <U>Section&#160;3.01(c)</U> and
    <U>Section 3.01(g)</U>, be cancelled and converted into the
    right to receive either (A)&#160;one validly issued, fully paid
    and non assessable share of the New Holdco Common Stock valued
    at $36.00 per share based on the cash purchase price to be paid
    by investors that buy New Holdco Common Stock for cash in
    connection with the Closing plus the Additional Per&#160;Share
    Consideration (if any) payable in cash (the consideration
    described in this clause (A), the <B><I>&#147;Stock
    Consideration&#148;) </I></B>or (B)&#160;$36.00 payable in cash
    without interest, plus the Additional Per Share Consideration
    (if any) payable in cash; <I>provided, however</I>, that at the
    election of New Holdco, the amount payable in cash may be
    reduced by an amount equal to the Additional Equity
    Consideration which will be paid in the form of a fraction of a
    share of New Holdco Common Stock valued at $36.00 per share of
    New Holdco Common Stock, and the balance of the amount described
    in this clause&#160;(B) shall be paid in cash without interest
    (the Additional Equity Consideration and the cash consideration
    described in this clause (B), collectively, the <B><I>&#147;Cash
    Consideration&#148;)</I></B>. The Stock Consideration or Cash
    Consideration, as applicable shall be referred to herein as the
    <B><I>&#147;Merger Consideration&#148;</I></B>, which when used
    herein shall be deemed to include cash in lieu of the fractional
    shares of New Holdco Common Stock pursuant to <U>Section
    3.01(j).</U> For purposes of this Section&#160;3.01(b), the
    following terms shall have the following meanings:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Additional Equity Consideration&#148;</I> shall mean an
    amount equal to the lesser of (1)&#160;$1.00 or (2)&#160;a
    fraction equal to (A)&#160;the positive difference between
    (i)&#160;the aggregate amount of funds that New Holdco
    determines are needed for the Merger, Merger-related expenses,
    and the Company&#146;s cash requirements and (ii)&#160;the
    sources of funds available to Mergerco from borrowings, equity
    contributions, Stock Consideration and the Company&#146;s
    available cash, <U>divided</U> by (B)&#160;the total number of
    Public Shares that will receive the Cash Consideration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.04.&#160;&#160;</FONT><I>Amendment
    to Section&#160;3.01(c)(i) of the
    Agreement.</I>&#160;&#160;Section&#160;3.01(c)(i) of the
    Agreement shall be amended by deleting from the second
    parenthetical &#147;(other than an Affiliated Holder.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.05.&#160;&#160;</FONT><I>Amendment
    to Section&#160;3.01(c)(ii) of the
    Agreement.</I>&#160;&#160;Section&#160;3.01(c)(ii) of the
    Agreement shall be amended by deleting the parenthetical
    &#147;(other than an Affiliated Holder).&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.06.&#160;&#160;</FONT><I>Amendment
    to Section&#160;3.01(d) of the
    Agreement.</I>&#160;&#160;Section&#160;3.01(d) of the Agreement
    is amended and restated as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<I><U>Mailing of Form of Election; Election Deadline,
    Shareholder Notification.</U></I>&#160;&#160;Mergerco and New
    Holdco shall prepare and direct the Paying Agent to mail a Form
    of Election, which form shall (i)&#160;include a Letter of
    Transmittal and (ii)&#160;be subject to the reasonable approval
    of the Company, with the Proxy Statement/Prospectus to the
    record holders of Public Share(s) and Company Options as of the
    record date for the Shareholders&#146; Meeting (the
    <B><I>&#147;Election Form&#160;Record Date&#148;</I></B>) (by
    posting the Form of Election and related materials on the
    Company&#146;s website or otherwise). To be effective, a Form of
    Election must be properly completed and signed by a record owner
    of Public Shares or Company Options, as the case may be and
    received by the Paying Agent at its designated office, by
    5:00&#160;p.m.&#160;New York City time on the fifth business day
    immediately preceding the Shareholders&#146; Meeting (the
    <B><I>&#147;Election Deadline&#148;</I></B>). Any Form of
    Election pursuant to which a record owner of Public Shares or
    Company Options elects for the Stock Consideration, such Form of
    Election must be accompanied by (i)&#160;for Public Shares held
    as physical certificates and for Company Options, the
    certificates for such Public Shares or Company Options, as
    applicable, a Letter of Transmittal properly completed and duly
    exercised, any required signature guarantees and any other
    required documents, and (ii)&#160;for Book Entry Shares either a
    Letter of Transmittal, properly completed and duly executed and
    any required signature guarantees, or a message, transmitted by
    the official book-entry transfer facility to,
</DIV>

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    <BR>
    D-2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and received by, by the depositary, which states that the
    book-entry transfer facility has received an express
    acknowledgement from the holder tendering the Public Share that
    such participant has received and agrees to be bound by the
    terms of the Letter of Transmittal and that the Parents may
    enforce such agreement against the holder, or (iii)&#160;for
    Certificates or Book Entry Shares, such form of &#147;guaranteed
    delivery&#148; that is acceptable to the Paying Agent as
    described in the instructions to the Letter of Transmittal. The
    Paying Agent (or, in the case of Company Options, the Company)
    will hold the Final Stock Election Shares (as defined below),
    the Company Options delivered in accordance with this
    <U>Section&#160;3.01(d)</U> and the Letters of Transmittal
    relating thereto until the earlier of the termination of this
    Agreement or the Effective Time. Any Public Holder or holder of
    Company Options that does not deliver a properly completed Form
    of Election and Letter of Transmittal, if applicable, prior to
    the Election Deadline shall be deemed to have elected to
    (i)&#160;receive the Cash Consideration for each Final Stock
    Election Shares that is not so delivered
    <FONT style="white-space: nowrap">and/or</FONT>
    (ii)&#160;have each Company Option that is not so delivered
    treated in accordance with <U>Section 3.03(a)(i)</U> and
    (iii)&#160;the Stock Election or portion of a Stock Election
    relating to such Final Stock Election shall be rejected. In the
    event that a Stock Election or portion of a Stock Election is
    rejected pursuant to the preceding sentence, then such Stock
    Election or portion of a Stock Election shall be deemed of no
    force and effect and the record holder making such Stock
    Election shall for purposes hereof be (i)&#160;deemed to have
    made a Cash Election for each Public Share that is subject to
    such rejected Stock Election or such rejected portion of a
    rejected Stock Election and (ii)&#160;shall be deemed not to
    have made a Stock Election for such Net Electing Option Share
    that is subject to such rejected Stock Election and such
    rejected portion of a rejected Stock Election (such that the
    Company Option(s) related to such share shall be treated in
    accordance with <U>Section 3.03(a)(i))</U>.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.07.&#160;&#160;</FONT><I>Amendment
    to Section&#160;3.01(g) of the Agreement.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Section&#160;3.01(g) of the Agreement shall be amended
    by deleting the first sentence thereof and replacing it with the
    following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Notwithstanding anything in this Agreement to the
    contrary, the maximum aggregate number of Public Shares and Net
    Electing Option Shares to be converted into the right to receive
    New Holdco Common Stock at the Effective Time pursuant to Stock
    Elections shall not be more than the Maximum Stock Election
    Number. For purposes of this Agreement, the <B><I>&#147;Maximum
    Stock Election Number&#148; </I></B>shall be 30% of the total
    number of New Holdco Shares outstanding as of the Closing Date
    (for the avoidance of doubt, all shares of New Holdco Common
    Stock issued in respect to shares of Company Common Stock
    pursuant to Stock Elections and all shares of New Holdco Common
    Stock issued in respect of Rollover Shares and the other
    transactions contemplated by this Agreement shall be deemed
    outstanding as of the Closing Date). The parties will instruct
    the Paying Agent to use reasonable efforts to ensure that no
    holder of Public Shares
    <FONT style="white-space: nowrap">and/or</FONT> Net
    Electing Option Shares will receive more than
    11,111,112&#160;shares of New Holdco Common Stock (the
    <B><I>&#147;Individual Cap&#148;</I></B>) pursuant to one or
    more Form(s) of Election. The Stock Election Shares shall be
    converted into the right to receive New Holdco Common Stock or
    to receive Cash Consideration, each in accordance with the terms
    of <U>Section&#160;3.01(b)</U>, in the following manner:&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Section&#160;3.01(g) of the Agreement shall be amended
    by adding the following new subsections (ii) (D)&#160;and
    (ii)(E) thereto:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#145;&#145;(D) Notwithstanding the foregoing, (i)&#160;as long
    as Shareholder A has made a Stock Election in accordance with
    the terms set forth in Section&#160;3.01(c) with respect to
    Stock Election Shares that is equal to or is greater than the
    Individual Cap, the number of Shareholder A&#146;s First
    Allocation Distributable Shares shall be equal to the Sponsor
    Investment Factor <I>times </I>11,111,112&#160;shares (but not
    less than 6,805,855 nor more than the Individual Cap) and
    (ii)&#160;as long as Shareholder B has made a Stock Election in
    accordance with the terms set forth in Section&#160;3.01(c) with
    respect to Stock Election Shares that is equal to or is greater
    than 2,777,778, the number of Shareholder B&#146;s First
    Allocation Distributable Shares shall be equal to the Sponsor
    Investment Factor <I>times </I>2,777,778&#160;shares (but not
    less than 1,666,667 nor more than the Individual Cap).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (E)&#160;Unless a beneficial holder of Public Shares
    (i)&#160;submits a request in writing to the Paying Agent prior
    to the Election Deadline to have the Individual Cap apply with
    respect to the Public Shares beneficially owned by such holder
    and (ii)&#160;provides information necessary to verify such
    beneficial holder, including without limitation the name of the
    holder(s) of record of such Public Shares, the account number
    and any other
</DIV>

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    <BR>
    D-3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    information reasonably requested by the Paying Agent, the
    Individual Cap shall apply (x)&#160;in the case of Public Shares
    held as physical certificates, with respect to each holder of
    record of such Public Shares and (y)&#160;in the case of Book
    Entry Shares, with respect to each account in which such Public
    Shares are held on the books of a brokerage firm or other
    similar institutions that hold Public Shares on behalf of
    beneficial holders.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.08.&#160;&#160;</FONT><I>Amendment
    to Section&#160;3.01(j) of the
    Agreement.</I>&#160;&#160;Section&#160;3.01(j) of the Agreement
    is amended and restated as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#145;&#145;(j)&#160;<I><U>No Fractional
    Shares</U>.</I>&#160;&#160;Notwithstanding any other provision
    in this Agreement, no fractional shares of New Holdco Common
    Stock shall be issued in the Merger to any holder of Public
    Shares, Company Options or Rollover Shares as Merger
    Consideration or to any holder of Public Shares, Company Options
    or Rollover Shares pursuant to any exchange involving Rollover
    Shares. Each holder of Public Shares, Company Options or
    Rollover Shares, as applicable, who otherwise would have been
    entitled to a fraction of a share of New&#160;Holdco Common
    Stock shall receive in lieu thereof cash (without interest) in
    an amount determined by multiplying the fractional share
    interest to which such holder would otherwise be entitled by
    $36.00. No such holder shall be entitled to dividends, voting
    rights or any other rights in respect of any fractional share of
    New&#160;Holdco Common Stock.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.09.&#160;&#160;</FONT><I>Amendment
    to Section&#160;3.01 of the
    Agreement.</I>&#160;&#160;Section&#160;3.01 of the Agreement is
    amended by adding the following new subsection&#160;(l) at the
    end thereto:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#145;&#145;(l) <I><U>Cancellation of Prior Stock Elections and
    Return of Stock Certificates</U>.</I>&#160;&#160;All Stock
    Elections made prior to the Third Amendment Date shall be deemed
    voided and cancelled and all Letters of Transmittal that were
    delivered prior to the Third Amendment Date shall be deemed
    cancelled and no longer have any effect without any additional
    actions needed by the parties hereto or any holder(s) of Public
    Shares or Company Options. As soon as practicable following the
    Third Amendment Date, New Holdco and Mergerco shall instruct the
    Paying Agent to deliver to the holders of record thereof all
    physical stock certificates of Public Shares and Letters of
    Transmittal with respect to Book Entry Shares received by the
    Paying Agent prior to the Third Amendment Date.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.10.&#160;&#160;</FONT><I>Amendment
    to Section&#160;4.12 of the
    Agreement.</I>&#160;&#160;Section&#160;4.12 of the Agreement
    shall be amended by adding the following new sentence at the end
    thereof:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;For the avoidance of doubt, each reference to the
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    shall mean collectively, the registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    that was filed with the SEC by New Holdco on May&#160;30, 2007,
    as amended or supplemented (the <B><I>&#147;May 2007
    <FONT style="white-space: nowrap">Form&#160;S-4&#148;</FONT></I></B>),
    and any post-effective amendment to the May 2007
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    or new registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    filed by New Holdco following the Third Amendment Date, as
    amended or supplemented.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.11.&#160;&#160;</FONT><I>Amendment
    to Section&#160;4.16 of the
    Agreement.</I>&#160;&#160;Section&#160;4.16 of the Agreement
    shall be deleted in its entirety.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.12.&#160;&#160;</FONT><I>Additional
    Representations and Warranties of the
    Company.</I>&#160;&#160;The Company hereby represents and
    warrants to Mergerco, New Holdco and the Parents as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I><U>Authority Relative to Third
    Amendment</U>.</I>&#160;&#160;The Company has all necessary
    corporate power and authority to execute and deliver this Third
    Amendment, to perform its obligations hereunder. The execution
    and delivery of this Third Amendment by the Company have been
    duly and validly authorized by all necessary corporate action,
    and no other corporate proceedings on the part of the Company
    are necessary to authorize the execution and delivery of this
    Third Amendment. This Third Amendment has been duly and validly
    executed and delivered by the Company and, assuming the due
    authorization, execution and delivery by Mergerco,
    New&#160;Holdco and the Parents, this Third Amendment
    constitutes a legal, valid and binding obligation of the
    Company, enforceable against the Company in accordance with its
    terms (except as such enforceability may be limited by
    bankruptcy, insolvency, fraudulent transfer, reorganization,
    moratorium and other similar Laws of general applicability
    relating to or affecting creditors&#146; rights, and to general
    equitable principles).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;<I><U>Additional
    Representations</U>.</I>&#160;&#160;Each of the representations
    and warranties contained in <U>Section&#160;4.04(b)(ii)</U> and
    <U>Section&#160;4.04(b)(iii)</U> is true and accurate as if made
    anew as of the date of this Third Amendment (except that it is
</DIV>

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    <BR>
    D-4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    acknowledged and agreed that the Board of Directors does not,
    and will not, make any recommendation to the Company&#146;s
    stockholders with respect to the Stock Election or the Stock
    Consideration).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;<I><U>Opinion of Financial
    Advisor</U>.</I>&#160;&#160;The Board of Directors of the
    Company has received an opinion of Goldman, Sachs&#160;&#038;
    Co. to the effect that, as of the date of such opinion and based
    upon and subject to the limitations, qualifications and
    assumptions set forth therein, the consideration of $36.00 in
    cash per share as provided in <U>Section&#160;3.01(b)</U> of the
    Agreement, after giving effect to this Third Amendment, payable
    to holders of Public Shares (other than Public Shares held by
    affiliates of the Company), is fair from a financial point of
    view to such holders. The Company shall deliver an executed copy
    of the written opinion received from Goldman, Sachs&#160;&#038;
    Co. to the Parents promptly upon receipt thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.13.&#160;&#160;</FONT><I>Amendment
    to Article&#160;V of the
    Agreement.</I>&#160;&#160;Article&#160;V of the Agreement is
    amended by deleting from the lead-in paragraph thereto each
    reference to the &#147;Second Amendment Disclosure Letter&#148;
    and replacing them with &#147;Third Amendment Disclosure
    Letter&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.14.&#160;&#160;</FONT><I>Amendment
    to Section&#160;5.07 of the
    Agreement.</I>&#160;&#160;Section&#160;5.07 of the Agreement is
    amended and restated in its entirety to read as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;&#147;<I>Section&#160;5.07 Available
    Funds.</I>&#160;&#160;<U>Section&#160;5.07(a)</U> of the Third
    Amendment Disclosure Letter sets forth true, accurate and
    complete copies, as of the Third Amendment Date, of executed
    loan agreements from the parties listed in
    <U>Section&#160;5.07(a)</U> (as the same may be amended,
    modified, supplemented, restated, superseded and replaced in
    accordance with <U>Section 6.13(a)</U>, collectively, the
    <B><I>&#147;Financing Agreements&#148;</I></B>), pursuant to
    which, and subject to the terms and conditions thereof, the
    lender parties thereto have agreed to lend the amounts set forth
    therein for the purpose of funding the transactions contemplated
    by this Agreement (the <B><I>&#147;Debt
    Financing&#148;</I></B>). <U>Section&#160;5.07(a)</U> of the
    Third Amendment Disclosure Letter sets forth true, accurate and
    complete copies, as of the Third Amendment Date, of executed
    commitment letters (collectively, the <B><I>&#147;Equity
    Commitment Letters&#148; </I></B>and together with the Financing
    Agreements, the <B><I>&#147;Financing Commitments&#148;</I></B>)
    pursuant to which the investors listed in
    <U>Section&#160;5.07(a)</U> of the Third Amendment Disclosure
    Letter (the <B><I>&#147;Investors&#148;</I></B>) have committed
    to invest the cash amounts set forth therein subject to the
    terms therein (the <B><I>&#147;Equity Financing&#148;
    </I></B>and together with the Debt Financing, the
    <B><I>&#147;Financing&#148;</I></B>). Section&#160;5.07(a) of
    the Third Amendment Disclosure Letter sets forth true, accurate
    and complete copies, as of the Third Amendment Date, of the
    executed Escrow Agreement executed by the Parents, New Holdco,
    Mergerco, the Company, the Banks and the certain other parties
    party thereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;As of the Third Amendment Date, the Financing
    Commitments are in full force and effect and have not been
    withdrawn or terminated or otherwise amended or modified in any
    respect. As of the Third Amendment Date, each of the Financing
    Commitments, in the form so delivered, is in full force and
    effect and is a legal, valid and binding obligation of the
    Parents, Mergerco and New Holdco, as applicable, and to the
    Parents&#146; and Mergerco&#146;s knowledge, the other parties
    thereto. Except as set forth in the Financing Commitments, there
    are no (i)&#160;conditions precedent to the respective
    obligations of the Investors to fund the full amount of the
    Equity Financing; (ii)&#160;conditions precedent to the
    respective obligations of the lenders specified in the Financing
    Agreements to fund the full amount of the Debt Financing; or
    (iii)&#160;contractual contingencies under any agreements, side
    letters or arrangements relating to the Financing Commitments to
    which either Parent, New Holdco, Mergerco or any of their
    respective affiliates is a party that would permit the lenders
    specified in the Financing Agreements or the Investors providing
    the Equity Commitment Letters to reduce the total amount of the
    Financing (other than retranching, reallocating or replacing the
    Debt Financing in a manner that does not reduce the aggregate
    amount of the Debt Financing), or that would materially affect
    the availability of the Debt Financing or the Equity Financing.
    As of the Third Amendment Date, (A)&#160;no event has occurred
    which, with or without notice, lapse of time or both, would
    constitute a default or breach on the part of the Parents, New
    Holdco or Mergerco under any term or condition of the Financing
    Commitments, and (B)&#160;subject to the accuracy of the
    representations and warranties of the Company set forth in
    Article&#160;II hereof, and the satisfaction of the conditions
    set forth in <U>Section&#160;7.01</U> and
    <U>Section&#160;7.02</U> hereof, the Parents, New&#160;Holdco
    and Mergerco have no reason to believe that Mergerco or New
    Holdco will be unable to satisfy on a timely basis any term or
    condition of closing to be satisfied by it contained in the
    Financing Commitments. Each of the Parents, New Holdco and
    Mergerco have fully paid any and all commitment fees or other
    fees required by
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-5
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the Financing Commitments to be paid by it on or before the
    Third Amendment Date. Subject to the terms and conditions of
    this Agreement and as of the Third Amendment Date, assuming the
    funding of the Financing in accordance with the terms and
    conditions of the Financing Agreements, the aggregate proceeds
    from the Financing, together with the aggregate value of the New
    Holdco Common Stock to be issued pursuant to Article&#160;III,
    in each case valued at $36 per share, plus the total cash on
    hand of the Company as of the Closing Date, constitute all of
    the financing required to be provided by Mergerco and New Holdco
    for the consummation of the transactions contemplated hereby,
    and are sufficient for the satisfaction of all of the
    Parents&#146;, New Holdco&#146;s and Mergerco&#146;s obligations
    under this Agreement, including the payment of the Aggregate
    Merger Consideration and the payment of all associated costs and
    expenses (including any refinancing of indebtedness of Mergerco
    or the Company required in connection therewith).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    From and after the Third Amendment Date, Mergerco, New Holdco,
    the Parents, any Investor and their respective affiliates shall
    not enter into any discussions, negotiations, arrangements,
    understanding or agreements with respect to the Equity Financing
    with those persons identified on <U>Section&#160;5.07(c)</U> of
    the Company Disclosure Schedule.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.15.&#160;&#160;</FONT><I>Additional
    Representations and Warranties of Parents, Mergerco and New
    Holdco.</I>&#160;&#160;The Parents, Mergerco and New Holdco
    hereby jointly and severally represent and warrant to the
    Company as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I><U>Authority Relative to Third
    Amendment</U>.</I>&#160;&#160;The Parents, Mergerco and New
    Holdco have all necessary power and authority to execute and
    deliver this Third Amendment, the Escrow Agreement and the
    Financing Agreements, as applicable, to perform their respective
    obligations hereunder and thereunder, as applicable. The
    execution and delivery of this Third Amendment, the Escrow
    Agreement and the Financing Agreements by the Parents, Mergerco
    and New Holdco have been duly and validly authorized by all
    necessary limited liability company action on the part of the
    Parents and all corporate action of Mergerco and New Holdco, and
    no other corporate proceedings on the part of the Parents,
    Mergerco or New Holdco are necessary to authorize the execution
    and delivery of this Third Amendment. The Third Amendment, the
    Escrow Agreement and the Financing Agreements have been duly and
    validly executed and delivered by the Parents, Mergerco and
    New&#160;Holdco, as applicable, and, assuming the due
    authorization, execution and delivery by the Company, as
    applicable, the Third Amendment, the Escrow Agreement and the
    Financing Agreements constitutes a legal, valid and binding
    obligation of the Parents, Mergerco and New Holdco, as
    applicable, enforceable against the Parents, Mergerco and New
    Holdco in accordance with their terms (except as such
    enforceability may be limited by bankruptcy, insolvency,
    fraudulent transfer, reorganization, moratorium and other
    similar laws of general applicability relating to or affecting
    creditor&#146;s rights, and to general equitable principles).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.16.&#160;&#160;</FONT><I>Amendment
    to Section&#160;5.08 of the
    Agreement.</I>&#160;&#160;Section&#160;5.08 of the Agreement is
    amended and restated in its entirety as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Section&#160;5.08 Limited Guarantee. Concurrently with the
    execution of the Third Amendment, the Parents have delivered to
    the Company the Limited Guarantee of each of the Investors,
    dated as of the date hereof, with respect to certain matters on
    the terms specified therein.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.17.&#160;&#160;</FONT><I>Amendment
    to Section&#160;6.01 of the Agreement</I>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Section&#160;6.01 of the Agreement shall be amended by
    deleting the last sentence of the first paragraph thereof and
    replacing it with the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Furthermore, the Company agrees with the Parents, New
    Holdco and Mergerco that, except as set forth in
    Section&#160;6.01 of the Company Disclosure Schedule, the Third
    Amendment Company Letter or as may be consented to in writing by
    the Parents (which consent, with respect to the matters set
    forth in 6.01(i), 6.01(m) and 6.01(p) of the Third Amendment
    Company Letter shall not be unreasonably withheld or delayed),
    the Company shall not and shall not permit any subsidiary
    to:&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Section&#160;6.01(b) of the Agreement shall be amended
    by adding (i)&#160;the following clause at the beginning of the
    first sentence &#147;Except as listed in <U>Section 6.01(b)</U>
    of the Third Amendment Company Letter, and&#148; and
    (ii)&#160;the following clause at the end of the last sentence
    &#147;; and (iv)&#160;Clear Media Limited, a publicly traded
    subsidiary of Clear Channel Outdoor Holdings, Inc., and its
    subsidiaries shall not be subject to the provisions of this
    <U>Section&#160;6.01(b)</U>.&#148;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-6
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Section&#160;6.01(c) shall be amended by deleting the
    phrase &#147;$150,000,000 in the aggregate&#148; and replacing
    it with the phrase &#147;$150,000,000 in the aggregate for the
    period from November&#160;17, 2006 through the Third Amendment
    Date $100,000,000 in the aggregate for the period following the
    Third Amendment Date.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;Section&#160;6.01(e) shall be amended and restated in
    its entirety as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;(e) other than with respect to the payment prior to
    May&#160;11, 2008 by the Company of a regular quarterly
    dividend, as and when normally paid, not to exceed $0.1875 per
    share, declare, set aside for payment or pay any dividend
    payable in cash, property or stock on, or make any other
    distribution in respect of, any shares of its capital stock or
    otherwise make any payments to its shareholders in their
    capacity as such (other than dividends by a direct or indirect
    majority-owned subsidiary of the Company to its parent);&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;Section&#160;6.01(f) shall be amended by deleting
    clauses&#160;(i) and (iii)&#160;thereof in their entirety and
    replacing such clauses with each of the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;(i) incurred under the Company&#146;s or a
    subsidiary&#146;s existing credit facilities or incurred to
    replace, renew, extend, refinance or refund any existing
    indebtedness in the ordinary course of business consistent with
    past practice, not in excess of the existing credit
    limits;&#148;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;(iii) prior to the Third Amendment Date, as otherwise
    required in the ordinary course of business consistent with past
    practice;&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;Section&#160;6.01(f) shall be further amended by adding
    the following clause at the end of the last sentence
    &#147;;&#160;<U>provided</U>, <U>however</U>, that Clear Media
    Limited, a publicly traded subsidiary of Clear Channel Outdoor
    Holdings, Inc., and its subsidiaries shall not be subject to the
    provisions of this <U>Section&#160;6.01(f)</U>.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;Section&#160;6.01(j) of the agreement is hereby amended
    by adding the following immediately after clause&#160;(viii)
    thereof:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;;&#160;<U>provided</U>, that, notwithstanding the
    foregoing, unless otherwise agreed in writing by the Parents,
    Mergerco and the Company, the Company shall calculate the amount
    of estimated Taxes that are owed by the Company during the
    period commencing on July&#160;1, 2008 and ending on
    September&#160;30, 2008 based on the assumption that the Closing
    will occur on or before September&#160;30, 2008;&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;Section&#160;6.01(l) of the Agreement shall be amended
    by adding &#147;and retention bonus arrangements in amounts not
    exceeding $1.5&#160;million in the aggregate&#148; at the end
    thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Section&#160;6.01(m) of the Agreement shall be amended
    by deleting the words &#147;$50,000,000 individually or
    $100,000,000 in the aggregate&#148; and replacing it with the
    phrase &#147;$70,000,000 individually or $200,000,000 in the
    aggregate.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (j)&#160;Section&#160;6.01(n) of the Agreement shall be amended
    by deleting the reference to &#147;$25,000,000&#148; and
    replacing it with $50,000,000&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>2.18.&#160;&#160;<I>Amendment
    to Section&#160;6.03 of the Agreement</I>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The following sentence shall be added as the third
    sentence to <U>Section 6.03(a)</U>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;As soon as reasonably practicable following the Third
    Amendment Date, the Parents and the Company shall prepare and
    shall cause to be filed (by no later than May&#160;30,
    2008)&#160;with the SEC the
    <FONT style="white-space: nowrap">Form&#160;S-4,</FONT>
    including the Proxy Statement.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The following sentence shall be added at the end of
    <U>Section 6.03(c)</U>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;The Company and the Parents shall use their best efforts
    to have the
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    declared effective by the SEC under the Securities Act as
    promptly as practicable after the date of the Third Amendment.
    The Company and the Parents shall use their best efforts to
    respond to any comments from the SEC within seven calendars days
    of receipt thereof.&#148;
</DIV>

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    <BR>
    D-7
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Section&#160;6.03(e) of the agreement is hereby amended
    by deleting the first sentence thereof and replacing it with the
    following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;As soon as reasonably practicable after the Third
    Amendment Date, the Company and New Holdco shall prepare and
    shall cause to be filed (by no later than May&#160;30,
    2008)&#160;with the SEC a
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    and proxy supplement in accordance with the provisions of
    <U>Section&#160;6.03(a)</U> relating to the meeting of the
    Company&#146;s shareholders to be held to consider the adoption
    and approval of this Agreement and the Merger.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>2.19.&#160;&#160;<I>Amendments
    to Section&#160;6.04 of the
    Agreement.</I>&#160;&#160;Section&#160;6.04 of the Agreement is
    amended by adding the following at the end thereof:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Subject to any actions taken by the SEC, as contemplated
    by Section <U>6.03(f) </U>above, the Shareholders&#146; Meeting
    referred to in this <U>Section&#160;6.04</U> shall be postponed,
    convened and held as set forth in <U>Section&#160;6.03(f)</U>
    above. For the avoidance of doubt, each reference to the
    &#147;Shareholders&#146; Meeting&#148; shall mean collectively
    the meeting of the shareholders that took place on
    September&#160;25, 2007 and any meeting of the shareholders held
    following the Third Amendment Date in accordance with this
    Section&#160;6.04.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>2.20.&#160;&#160;<I>Amendment
    to Section&#160;6.13 of the
    Agreement.</I>&#160;&#160;<U>Section&#160;6.13</U> of the
    Agreement is deleted and hereby replaced in its entirety with
    the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>6.13&#160;&#160;<I>Financing.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Mergerco and the Parents shall use their reasonable
    best efforts to enforce their rights under the Financing
    Agreements, including, but not limited to, bring action for
    specific performance or as provided in the Settlement Agreement.
    In furtherance of the provisions of this
    <U>Section&#160;6.13(a)</U>, one or more Financing Agreements
    may be amended, restated, supplemented or otherwise modified,
    superseded or replaced to add one or more lenders, lead
    arrangers, bookrunners, syndication agents or similar entities
    which had not executed the Financing Agreements as of the Third
    Amendment Date, to increase the amount of indebtedness or
    otherwise replace one or more facilities with one or more new
    facilities or financings or modify one or more facilities to
    replace or otherwise modify the Financing Agreements, or
    otherwise in a manner not less beneficial in the aggregate to
    Mergerco, New Holdco and the Parents (as determined in the
    reasonable judgment of the Parents) (the <B><I>&#147;New Debt
    Financing Agreements&#148;</I></B>), provided that the New Debt
    Financing Agreements shall not (i)&#160;adversely amend the
    conditions to the Debt Financing set forth in the Financing
    Agreements, in any material respect, (ii)&#160;reasonably be
    expected to delay or prevent the Closing; or (iii)&#160;reduce
    the aggregate amount of available Debt Financing (unless, in the
    case of this clause (iii), replaced with an amount of new equity
    financing on terms no less favorable in any material respect to
    Mergerco and New&#160;Holdco than the terms set forth in the
    Equity Commitment Letters or one or more new debt facilities
    pursuant to the new debt facilities pursuant to the New Debt
    Financing Agreements), or (iv)&#160;be executed and be effective
    unless and until such new lender or supplier of equity fully
    funds such amounts with the Escrow Agent under the Escrow
    Agreement for release concurrent with the other Escrowed Funds
    as provided for therein. Upon and from and after each such
    event, the term <B><I>&#147;Debt Financing&#148;</I></B> as used
    herein shall be deemed to mean the Debt Financing contemplated
    by the Financing Agreements that are not so superseded or
    replaced at the time in question and the New Debt Financing
    Commitments Agreements to the extent then in effect. The Parents
    shall (x)&#160;give the Company prompt notice of any material
    breach by any party of any of the Financing Agreements, any New
    Debt Financing Agreement or the Financing Arrangements of which
    the Parents become aware or any termination thereof, and
    (z)&#160;otherwise keep the Company reasonably informed of the
    status of the Parents&#146; efforts to arrange the Financing (or
    any replacement thereof).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The Company shall, and shall cause its subsidiaries,
    and their respective officers, employees, consultants and
    advisors, including legal and accounting of the Company and its
    subsidiaries at the Parents&#146; sole expense, to cooperate in
    connection with the arrangement of the Debt Financing (which
    shall include for the avoidance of doubt and purpose hereof, any
    high yield debt securities contemplated by the Financing
    Commitments or any alternative debt securities therefor
    (collectively, the &#147;High Yield Financing&#148;) as may be
    reasonably requested in advance written notice to the Company
    provided by Mergerco or the Parents (provided that such
    requested cooperation does not unreasonably interfere with the
    ongoing operations of the Company and its subsidiaries or
    otherwise impair, in any material respect, the ability of any
    officer or executive of the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-8
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Company or Outdoor Holdings to carry out their duties to the
    Company and to Outdoor Holdings, respectively). Such cooperation
    by the Company shall include, at the reasonable request of
    Mergerco or the Parents, (i)&#160;agreeing to enter into such
    agreements, and to execute and deliver such officer&#146;s
    certificates (which in the good faith determination of the
    person executing the same shall be accurate), including
    certificates of the chief financial officer of the Company or
    any subsidiary with respect to solvency matters and as are
    customary in financings of such type, and agreeing to pledge,
    grant security interests in, and otherwise grant liens on, the
    Company&#146;s assets pursuant to such agreements, provided that
    no obligation of the Company under any such agreement, pledge or
    grant shall be effective until the Effective Time;
    (ii)&#160;preparing business projections, financial statements,
    pro forma statements and other financial data and pertinent
    information of the type required by
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    and
    <FONT style="white-space: nowrap">Regulation&#160;S-K</FONT>
    under the Securities Act and of the type and form customarily
    included in private placements resold under Rule&#160;144A of
    the Securities Act to consummate any offering or issuance of any
    High Yield Financing or any alternative debt securities
    therefor, all as may be reasonably requested by Mergerco or the
    Parents (the <B><I>&#147;Required Financial
    Information&#148;</I></B>), which Required Financial Information
    shall be Compliant (including, for the avoidance of doubt, any
    updates, supplements and replacements thereto appropriate for
    the time during the Company&#146;s fiscal year the Debt
    Financing is expected to be consummated); (iii)&#160;making the
    Company&#146;s Representatives available to assist in the
    Financing, including participation in a reasonable number of
    meetings, presentations (including management presentations),
    road shows, drafting sessions, due diligence sessions and
    sessions with rating agencies, including one or more meetings
    with prospective lenders, and assistance with the preparation of
    materials for rating agency presentations, offering documents
    and similar documents required in connection with the Financing;
    (iv)&#160;reasonably cooperating with the marketing efforts of
    the Financing; (v)&#160;ensuring that any syndication efforts
    benefit from the existing lending and investment banking
    relationships of the Company and its subsidiaries
    (vi)&#160;using reasonable best efforts to obtain customary
    accountants&#146; comfort letters, consents, legal opinions,
    survey and title insurance as requested by Mergerco or the
    Parents along with such assistance and cooperation from such
    independent accountants and other professional advisors as
    reasonably requested by Mergerco or the Parents;
    (vii)&#160;taking all actions reasonably necessary to permit the
    prospective lenders involved in the Financing to
    (A)&#160;evaluate the Company&#146;s current assets, cash
    management and accounting systems, policies and procedures
    relating thereto for the purpose of establishing collateral
    arrangements and (B)&#160;establish bank and other accounts and
    blocked account agreements and lock box arrangements in
    connection with the foregoing; provided that no right of any
    lender, nor obligation of the Company or any of its
    subsidiaries, thereunder shall be effective until the Effective
    Time; and (viii)&#160;otherwise reasonably cooperating in
    connection with the consummation of the Financing and the
    syndication and marketing thereof, including obtaining any
    rating agencies&#146; confirmations or approvals for the
    Financing. The Company hereby consents to the use of its and its
    subsidiaries&#146; logos in connection with the Financing.
    Notwithstanding anything in this Agreement to the contrary,
    neither the Company nor any of its subsidiaries shall be
    required to pay any commitment or other similar fee or incur any
    other liability or obligation in connection with the Financing
    (or any replacements thereof) prior to the Effective Time. The
    Parents shall, promptly upon request by the Company following
    the valid termination of this Agreement (other than in
    accordance with <U>Section&#160;8.01(i</U>), reimburse the
    Company for all reasonable and documented
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    costs incurred by the Company or any of its subsidiaries in
    connection with such cooperation. The Parents shall indemnify
    and hold harmless the Company and its subsidiaries for and
    against any and all losses suffered or incurred by them in
    connection with the arrangement of the Financing and any
    information utilized in connection therewith (other than
    information provided by the Company or its subsidiaries). As
    used in this <U>Section&#160;6.13(b)</U>,
    <B><I>&#147;Compliant&#148; </I></B>means, with respect to any
    Required Financial Information, that such Required Financial
    Information does not contain any untrue statement of a material
    fact or omit to state any material fact regarding the Company
    and it subsidiaries necessary in order to make such Required
    Financial Information not misleading and is compliant in all
    material respects with all applicable requirements of
    <FONT style="white-space: nowrap">Regulation&#160;S-K</FONT>
    and
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    and a registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    (or any applicable successor form) under the Securities Act, in
    each case assuming such Required Financial Information is
    intended to be the information to be used in connection with the
    Debt Financing (including the High Yield Financing) contemplated
    by the Financing Agreements.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>2.21.&#160;&#160;<I>Amendment
    to Section&#160;6.14 of the Agreement.</I>&#160;&#160;For
    purposes of the Agreement, the obligations of the Company set
    forth in Section&#160;6.14 of the Agreement in respect of Debt
    Tender Offers and the Debt
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-9
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Tender Offer Documents shall apply with respect to any requests
    made by the Parents pursuant to Section&#160;6.14 of the
    Agreement following the Third Amendment Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>2.22.&#160;&#160;<I>Amendment
    to Section&#160;7.01 of the Agreement</I>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Section&#160;7.01 of the Agreement shall be amended by
    adding the following sentence as the first sentence to
    Section&#160;7.01:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Each of the conditions to the obligations of the Parents,
    Mergerco and New Holdco to consummate the Merger set forth in
    the Merger Agreement, as amended by the First Amendment and as
    amended by the Second Amendment have been satisfied.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Section&#160;7.01(b) of the Agreement shall be amended
    by adding at the end thereof the following: &#147;and such
    expiration or termination shall continue to be in effect as of
    the Closing Date&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Section&#160;7.01(d) of the Agreement shall be amended
    by adding at the end thereof the following: &#147;and not
    revoked and continue to be in effect as of the Closing
    Date&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>2.23.&#160;&#160;<I>Amendment
    to Section&#160;7.02 of the Agreement</I>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Section&#160;7.02 of the Agreement is amended and
    restated in its entirety as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;7.02&#160;<I>Conditions to the Obligations of the Parents
    and Mergerco.</I>&#160;&#160;The obligations of the Parents,
    New&#160;Holdco and Mergerco to consummate the Merger are
    subject to the satisfaction (or waiver in writing if permissible
    under applicable Law) on or prior to the Closing Date by the
    Parents of the following further conditions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;after the Third Amendment Date, (i)&#160;the Company
    shall have performed or complied in all material respects with
    all agreements and covenants required by Sections&#160;2.01,
    2.03, 3.01, 6.01(b), 6.01(c), 6.01(e), 6.01(f), 6.01(g) and
    6.01(n), and 6.01(t) (to the extent relating to any of the
    foregoing), of this Agreement to be performed or complied with
    by it on or prior to the Effective Time and (ii)&#160;no
    Material Adverse Effect on the Company shall have occurred as a
    result of the Company&#146;s failure to perform or comply with
    any other agreement or covenant required by this Agreement to be
    performed or complied with by it on or prior to the Effective
    Time;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;the Company shall have delivered to the Parents a
    certificate, dated the Effective Time and signed by its chief
    executive officer or another senior officer on behalf of the
    Company, certifying to the effect that the conditions set forth
    in <U>Section&#160;7.02(a)</U> have been satisfied.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Section&#160;7.03 of the Agreement is amended and
    restated in its entirety as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;7.03&#160;<I>Conditions to the Obligations of the
    Company.</I>&#160;&#160;The obligations of the Company to
    consummate the Merger are subject to the satisfaction or waiver
    (or waiver in writing if permissible under applicable Law) by
    the Company of the following further conditions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;after the Third Amendment Date, the Parents, New Holdco
    and Mergerco shall have performed or complied in all material
    respects with all agreements and covenants required by this
    Agreement to be performed or complied with by them on or prior
    to the Effective Time;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;the Parents, New Holdco and Mergerco shall have
    delivered to the Company a certificate, dated the Effective Time
    and signed by their respective chief executive officers or
    another senior officer on their behalf, certifying to the effect
    that the conditions set forth in <U>Section&#160;7.03(a)
    </U>have been satisfied.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>2.24.&#160;&#160;<I>Amendment
    to Section&#160;8.01 of the Agreement</I>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Section&#160;8.01(b) of the Agreement is amended and
    restated in its entirety as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;(b) by either the Parents or the Company, if (i)&#160;the
    Effective Time shall not have occurred on or before
    5:00&#160;p.m., New York City Time, on December&#160;31, 2008
    (such date, as may be extended in accordance with this
    Section&#160;8.01(b), being the <B><I>&#147;Termination
    Date&#148;</I></B>); and (ii)&#160;the party seeking to
    terminate this Agreement pursuant to this
    <U>Section&#160;8.01(b)</U> shall not have breached in any
    material respect its obligations under this
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Agreement in any manner that shall have proximately caused the
    failure to consummate the Merger on or before such date;
    <U>provided</U>, that, following the Shareholders&#146; Meeting
    held after the Third Amendment Date, if as of the Termination
    Date there is an on-going dispute among any of the parties to
    the Escrow Agreement with respect to the disbursement of the
    Escrow Fund (as defined in the Escrow Agreement) pursuant to the
    Escrow Agreement, the Parents or the Company may, by written
    notice to the other party, extend the Termination Date to any
    date that is no later than the fifth business day following the
    settlement of any dispute with respect to the disbursement of
    the Escrow Fund.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Section&#160;8.01(e) of the Agreement is amended and
    restated in its entirety as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;(e) by the Company if it is not in material breach of its
    obligations under this Agreement and if Mergerco, New Holdco
    <FONT style="white-space: nowrap">and/or</FONT> the
    Parents shall have breached or failed to perform in any material
    respect any of their covenants or other agreements set forth in
    this Agreement, which breach or failure to perform by Mergerco,
    New Holdco
    <FONT style="white-space: nowrap">and/or</FONT> the
    Parents (1)&#160;would result in a failure of a condition set
    forth in <U>Section&#160;7.01</U> or
    <U>Section&#160;7.03(a)</U>, and (2)&#160;cannot be cured on or
    before the Termination Date, provided that the Company shall
    have given the Parents written notice, delivered at least thirty
    (30)&#160;days prior to such termination, stating the
    Company&#146;s intention to terminate this Agreement pursuant to
    this <U>Section&#160;8.01(e)</U> and the basis for such
    termination and Mergerco, New Holdco
    <FONT style="white-space: nowrap">and/or</FONT> the
    Parents shall have failed to cure such breach or failure within
    such thirty (30)&#160;day period;&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Section&#160;8.01(f) of the Agreement is amended and
    restated as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;(f) by the Company if the total amount of the Escrowed
    Funds is not deposited with the Escrow Agent or the Banks have
    not paid any amount owing to the Company under Section&#160;2 of
    the Settlement Agreement, in accordance with the terms of the
    Escrow Agreement and the Settlement Agreement, as applicable, by
    the end of the 10th&#160;business day (for purposes of this
    Section&#160;8.01(f) only, &#147;business day&#148; shall have
    the meaning as defined in the Escrow Agreement) following the
    Third Amendment Date;&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;Section&#160;8.01(g) of the Agreement is amended and
    restated in its entirety as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;(g) by the Parents if they, New Holdco and Mergerco are
    not in material breach of their obligations under this Agreement
    and if the Company shall have breached or failed to perform in
    any material respect any of its covenants or other agreements
    set forth in this Agreement, which breach or failure to perform
    by the Company (1)&#160;would result in a failure of a condition
    set forth in <U>Section&#160;7.01 or Section&#160;7.02(a)</U>,
    and (2)&#160;cannot be cured on or before the Termination Date,
    provided that the Parents shall have given the Company written
    notice, delivered at least thirty (30)&#160;days prior to such
    termination, stating Parents&#146; intention to terminate this
    Agreement pursuant to this Section&#160;8.01(g) and the basis
    for such termination and the Company shall have failed to cure
    such breach or failure within such thirty (30)&#160;day
    period;&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>2.25.&#160;&#160;<I>Amendment
    to Section&#160;8.02 of the Agreement</I>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Section&#160;8.02(a) of the Agreement is amended by
    adding immediately following the reference to $45,000,000 the
    following parenthetical: &#147;(provided that notwithstanding
    anything to the contrary in this Agreement or otherwise, upon
    termination of this Agreement under the following circumstances,
    the Company will promptly pay to, or as directed by, Parents a
    set amount in respect of expenses of Mergerco and Parents (which
    amount will be in addition to any Company Termination Fee that
    may become payable as provided in this Agreement) as follows:
    (x)&#160;in the case of a termination by the Parents pursuant to
    Section 8.01(g) this amount shall be $150,000,000, (y)&#160;in
    the case of a termination by the Company pursuant to
    Section&#160;8.01(h) or by or the Parents pursuant to
    Section&#160;8.01(i), this amount shall be $100,000,000 or
    (z)&#160;or in the case of a termination by any party pursuant
    to Section&#160;8.01(b) (other than in the event such
    termination pursuant to Section&#160;8.01(b) is a result of a
    breach by MergerCo, New Holdco or the Parents that was not
    caused by a breach by the providers of the Debt Financing) this
    amount shall be $100,000,000)&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Section&#160;8.02(b) of the Agreement is amended and
    restated in its entirety as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;(b) If this Agreement is terminated pursuant to
    Section&#160;8.01(b), Section 8.01(e), or Section&#160;8.01(f),
    then
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-11
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;in the case of a termination pursuant to
    Section&#160;8.01(b), if at such time, the Company is not in
    material breach of its obligations hereunder and all conditions
    to Mergerco&#146;s, New Holdco&#146;s and the Parents&#146;
    obligations to consummate the Merger shall have been satisfied,
    then Mergerco shall pay to the Company a fee of $500,000,000
    (which is increased, once the total amount of the Escrowed Funds
    is deposited with the Escrow Agent in accordance with the terms
    of the Escrow Agreement, to $600,000,000) in cash;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;in the case of a termination pursuant to
    Section&#160;8.01(e), if at such time, the Company is not in
    material breach of its obligations hereunder and all conditions
    to Mergerco&#146;s, New Holdco&#146;s and the Parents&#146;
    obligations to consummate the Merger shall have been satisfied,
    then Mergerco shall pay to the Company a fee of $150,000,000
    (which, if such termination is due to a willful and material
    breach by Mergerco, New&#160;Holdco
    <FONT style="white-space: nowrap">and/or</FONT> the
    Parents, such fee shall be increased to $500,000,000, and shall
    then be further increased once the total amount of the Escrowed
    Funds is deposited with the Escrow Agent in accordance with the
    terms of the Escrow Agreement, to $600,000,000) in cash;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;in the case of a termination pursuant to
    Section&#160;8.01(f) then Mergerco shall pay to the Company a
    fee of $500,000,000 in cash,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (such payment, as applicable, the <B><I>&#147;Mergerco
    Termination Fee&#148;</I></B>), such payment to be made within
    two&#160;(2)&#160;business days after the termination of this
    Agreement, and in either such case, neither Mergerco,
    New&#160;Holdco nor the Parents shall have no further liability
    with respect to this Agreement or the transactions contemplated
    hereby to the Company; it being understood that in no event
    shall Mergerco, New Holdco or the Parents be required to pay
    fees or damages payable pursuant to this Section&#160;8.02(b) on
    more than one occasion.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>2.26.&#160;&#160;<I>Amendment
    to Appendix&#160;A to the Agreement</I>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The defined term <B><I>&#147;Marketing
    Period&#148;</I></B> is hereby deleted from Appendix&#160;A.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The defined term <B><I>&#147;Additional Consideration
    Date&#148;</I></B> is hereby amended to mean November&#160;1,
    2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;The following new definitions are added to
    Appendix&#160;A in the correct alphabetical order:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;<I>&#147;Additional Equity Consideration&#148;</I>
    shall have the meaning set forth in <U>Section&#160;3.02(b)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;<I>&#147;Banks&#148;</I> shall mean the persons set
    forth on <U>Schedule&#160;I</U> to the Third Amendment
    Disclosure Letter.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;<I>&#147;Escrow Agent&#148;</I> shall have the
    meaning set forth in the Escrow Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;<I>&#147;Escrow Agreement&#148;</I> shall mean the
    Escrow Agreement, dated as of the Third Amendment Date, among
    New Holdco, Mergerco, the Company, the Banks and the certain
    other parties party thereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;<I>&#147;Escrowed Amount&#148;</I> shall mean,
    collectively, the Bank Escrow Amount (as defined in the Escrow
    Agreement) and the Buyer Escrow Amount (as defined in the Escrow
    Agreement).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;<I>&#147;Settlement Agreement&#148;</I> shall mean the
    Settlement Agreement, dated as of the Third Amendment Date,
    among the Company, Mergerco, the Parents, New Holdco, the Banks,
    and the certain other parties party thereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;<I>&#147;Shareholder A&#148;</I> shall mean
    collectively, Highfields Capital I LP, a Delaware limited
    partnership, Highfields Capital&#160;II LP, a Delaware limited
    partnership, Highfields Capital&#160;III LP, an exempted limited
    partnership organized under the laws of the Cayman Islands,
    B.W.I., and Highfields Capital Management LP, a Delaware limited
    partnership, and any successor or affiliate of any of the above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;<I>&#147;Shareholder B&#148;</I> shall mean
    collectively, Abrams Capital Partners&#160;I, LP, Abrams Capital
    Partners II. LP, Whitecrest Partners, LP, Abrams Capital
    International, Ltd. and Riva Capital Partners<B><I>, </I></B>and
    any successor or affiliate of any of the above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ix)&#160;<I>&#147;Sponsor Subscribers&#148;</I> shall mean the
    Investors, Clear Channel Capital IV, LLC, Clear Channel
    Capital&#160;V, LLC and any other affiliate of the Investors, or
    of either of them, that on or before the Closing Date acquires
    capital stock of New Holdco in connection with the transactions
    contemplated by this Agreement.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-12
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (x)&#160;<I>&#147;Sponsor Investment Factor&#148;</I> means the
    fraction, (x)&#160;the numerator of which is an amount,
    expressed in dollars, equal to the total equity investment in
    New Holdco made, directly or indirectly, by all Sponsor
    Subscribers on or before the Closing Date and (y)&#160;the
    denominator of which is $2,400,000,000.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>(xi)&#160;&#147;Third Amendment Date&#148;</I> shall mean
    May&#160;13, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xii)&#160;<I>&#147;Third Amendment Company Letter&#148;</I>
    shall mean the letter delivered by the Company to the Parents,
    New Holdco and Mergerco on the Third Amendment Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xiii)&#160;<I>&#147;Third Amendment Disclosure Letter&#148;</I>
    shall mean the disclosure schedule which has been delivered by
    Parents to the Company on the Third Amendment Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;The following definitions are amended and replaced in
    their entirety and replaced with the new definitions as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;<I>&#147;Additional Per Share Consideration&#148;</I>
    shall mean, if the Effective Date shall occur after the
    Additional Consideration Date and subject to the provisions of
    Section&#160;3.01(b), an amount per share, rounded to the
    nearest penny, equal to the sum of (x)&#160;the pro rata
    portion, based upon the number of days elapsed since the
    Additional Consideration Date, of $36.00 multiplied by four and
    one-half percent
    (4<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%)
    per annum, for the period from the Additional Consideration Date
    through December&#160;1, 2008 <U>plus</U> (y)&#160;if the
    Effective Time shall occur after December&#160;1, 2008 the pro
    rata portion, based upon the number of days elapsed from
    December&#160;1, 2008 through the Effective Date, of $36.00
    multiplied by six percent (6%) per annum.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;<I>&#147;Requisite Shareholder Approval&#148;</I>
    shall mean the affirmative vote of the holders of two-thirds of
    the outstanding shares of Company Common Stock to approve this
    Agreement and the transactions contemplated thereby obtained
    following the Third Amendment Date.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;III.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">MISCELLANEOUS
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>3.01.&#160;&#160;<I>No
    Further Amendment.</I>&#160;&#160;Except as expressly amended
    hereby, the Agreement is in all respects ratified and confirmed
    and all of the terms and conditions and provisions thereof shall
    remain in full force and effect. This Third Amendment is limited
    precisely as written and shall not be deemed to be an amendment
    to any other term or condition of the Agreement or any of the
    documents referred to therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>3.02.&#160;&#160;<I>Effect
    of Amendment.</I>&#160;&#160;This Third Amendment shall form a
    part of the Agreement for all purposes, and each party thereto
    and hereto shall be bound hereby. From and after the execution
    of this Third Amendment by the parties hereto, any reference to
    &#147;this Agreement&#148;, &#147;hereof&#148;,
    &#147;herein&#148;, &#147;hereunder&#148; and words or
    expressions of similar import shall be deemed a reference to the
    Agreement as amended hereby.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>3.03.&#160;&#160;<I>Governing
    Law.</I>&#160;&#160;This Third Amendment, and all claims or
    cause of action (whether in contract or tort) that may be based
    upon, arise out of or relate to this Third Amendment shall be
    governed by the internal laws of the State of New York, without
    giving effect to any provision or rule which would invalidate
    this choice of law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>3.04.&#160;&#160;<I>Counterparts.</I>&#160;&#160;This
    Third Amendment may be executed and delivered (including by
    facsimile transmission) in two (2)&#160;or more counterparts,
    and by the different parties hereto in separate counterparts,
    each of which when executed and delivered shall be deemed to be
    an original but all of which taken together shall constitute one
    and same agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    [Remainder of This Page&#160;Intentionally Left Blank]
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-13
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>IN WITNESS WHEREOF</B>, Mergerco, New Holdco the Parents, and
    the Company have caused this Third Amendment to be executed as
    of the date first written above by their respective officers
    thereunto duly authorized.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>MERGERCO:</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BT TRIPLE CROWN MERGER CO., INC.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;John
    Connaughton</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;John Connaughton
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Co-President and Secretary
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NEW HOLDCO:</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CC MEDIA HOLDINGS, INC.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Charles
    Brizius</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Charles Brizius
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Vice President
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PARENTS:</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>B TRIPLE CROWN FINCO, LLC</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;John
    Connaughton</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;John Connaughton
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    President and Secretary
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-14
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 61%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    <B>T TRIPLE CROWN FINCO, LLC</B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Charles
    Brizius</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Charles Brizius
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Vice President and Assistant Secretary
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>COMPANY:</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CLEAR CHANNEL COMMUNICATIONS, INC.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Mark
    P. Mays</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Mark P. Mays
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Chief Executive Officer
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-15
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    OF CONTENTS OF<BR>
    THIRD AMENDMENT DISCLOSURE LETTER<BR>
    to<BR>
    AMENDMENT NO.&#160;3<BR>
    dated as of<BR>
    May&#160;13, 2008<BR>
    to the<BR>
    AGREEMENT AND PLAN OF MERGER<BR>
    dated as of<BR>
    November&#160;16, 2006<BR>
    By and among<BR>
    BT TRIPLE CROWN MERGER CO., INC.,<BR>
    B TRIPLE CROWN FINCO, LLC,<BR>
    T TRIPLE CROWN FINCO, LLC,<BR>
    and<BR>
    CLEAR CHANNEL COMMUNICATIONS, INC.</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-16
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a summary of the disclosure schedules delivered
    by Mergerco in connection with Amendment No.&#160;3 dated as of
    May&#160;13, 2008 to the Agreement and Plan of Merger dated as
    of November&#160;16, 2006 by and among BT Triple Crown Merger
    Co., Inc., B Triple Crown Finco, LLC, T Triple Crown Finco, LLC,
    and Clear Channel Communications, Inc. (the
    &#147;Agreement&#148;). To the extent not defined below,
    capitalized terms used herein are as defined in the Agreement.*(
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;5.02.&#160;&#160;</FONT><I>New
    Holdco Organizational Documents.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attaching the certificate of incorporation of New Holdco.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;</FONT>5.07(a).&#160;&#160;<I>Available
    Funds.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    List of executed debt and equity commitment letters.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (&#160;&#160;*&#160;Pursuant to Item&#160;601(b)(2) of
    <FONT style="white-space: nowrap">Regulation&#160;S-K,</FONT>
    the Registrant hereby agrees to furnish supplementally a copy of
    the Third Amendment Disclosure Letter to Amendment No.&#160;3 to
    the Agreement and Plan of Merger to the Securities and Exchange
    Commission upon request.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-17
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    OF CONTENTS OF<BR>
    THIRD AMENDED COMPANY LETTER<BR>
    to<BR>
    AMENDMENT NO.&#160;3<BR>
    dated as of<BR>
    May&#160;13, 2008<BR>
    to the<BR>
    AGREEMENT AND PLAN OF MERGER<BR>
    dated as of<BR>
    November&#160;16, 2006<BR>
    By and among<BR>
    BT TRIPLE CROWN MERGER CO., INC.,<BR>
    B TRIPLE CROWN FINCO, LLC,<BR>
    T TRIPLE CROWN FINCO, LLC,<BR>
    and<BR>
    CLEAR CHANNEL COMMUNICATIONS, INC.</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-18
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a summary of the disclosure schedules delivered
    by Mergerco in connection with Amendment No.&#160;3 dated as of
    May&#160;13, 2008 to the Agreement and Plan of Merger dated as
    of November&#160;16, 2006 by and among BT Triple Crown Merger
    Co., Inc., B Triple Crown Finco, LLC, T Triple Crown Finco, LLC,
    and Clear Channel Communications, Inc. (the
    &#147;Agreement&#148;). To the extent not defined below,
    capitalized terms used herein are as defined in the Agreement.*(
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;6.01</FONT>(b).&#160;&#160;<I>Outdoor
    Holdings Equity Securities and Convertible Securities.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    List of recommended stock option grants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;6.01</FONT>(k).&#160;&#160;<I>Outdoor
    Holdings Equity Securities and Convertible Securities.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    List of employees and recommended stock option grants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;6.01</FONT>(p).&#160;&#160;<I>Sale/Acquisition
    of FCC Licenses/LMAs.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Potential acquisition/dispositions of FCC licenses.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (&#160;&#160;*&#160;Pursuant to Item&#160;601(b)(2) of
    <FONT style="white-space: nowrap">Regulation&#160;S-K,</FONT>
    the Registrant hereby agrees to furnish supplementally a copy of
    the Third Amendment Disclosure Letter to Amendment No.&#160;3 to
    the Agreement and Plan of Merger to the Securities and Exchange
    Commission upon request.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-19
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV align="left"><A name="364">
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ANNEX&#160;E</FONT></B>
</DIV>
</A>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMENDED
    AND RESTATED VOTING AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>AMENDED AND RESTATED VOTING AGREEMENT
    </B>(&#147;<U>Agreement</U>&#148;), dated as of May&#160;13,
    2008, by and among BT Triple Crown Merger Co., Inc., a Delaware
    corporation (&#147;<U>Mergerco</U>&#148;), B Triple Crown Finco,
    LLC, a Delaware limited liability company, T Triple Crown Finco,
    LLC, a Delaware limited liability company (together with B
    Triple Crown Finco, LLC, the &#147;<U>Parents</U>&#148;), CC
    Media Holdings, Inc., a Delaware corporation formerly known as
    BT Triple Crown Capital Holdings III, Inc. (&#147;<U>New
    Holdco</U>&#148;), Highfields Capital I LP, a Delaware limited
    partnership (&#147;<U>Highfields I</U>&#148;), Highfields
    Capital&#160;II LP, a Delaware limited partnership
    (&#147;<U>Highfields II</U>&#148;), Highfields Capital&#160;III
    LP, an exempted limited partnership organized under the laws of
    the Cayman Islands, B.W.I.&#160;(&#147;<U>Highfields
    III</U>&#148;), and Highfields Capital Management LP, a Delaware
    limited partnership (&#147;<U>Highfields Management</U>&#148;
    and, together with Highfields&#160;I, Highfields&#160;II and
    Highfields III, the &#147;<U>Stockholders</U>&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, the parties to this Agreement entered into the
    Voting Agreement dated as of May&#160;26, 2007
    (the&#160;&#147;<U>Original Voting Agreement</U>&#148;) in
    connection with Amendment No.&#160;2, dated as of May&#160;17,
    2007, to the Agreement and Plan of Merger, dated as of
    November&#160;16, 2006 and initially amended on April&#160;18,
    2007, by and among Clear Channel Communications, Inc., a Texas
    corporation (the &#147;<U>Company</U>&#148;), Mergerco and the
    Parents (as amended thereby, the &#147;<U>May 2007 Agreement and
    Plan of Merger</U>&#148;);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, the May 2007 Agreement and Plan of Merger, among
    other things, (i)&#160;subject to the terms and conditions
    thereof, offered each shareholder of the Company the right to
    elect to receive in the Merger, for each share of common stock,
    par value $0.10 per share, of the Company (each, a
    &#147;<U>Common Share</U>&#148;), either cash in the amount of
    $39.20, or one share of voting common stock of New Holdco, and
    (ii)&#160;set forth certain other rights of the public holders
    of New Holdco&#146;s common stock (the &#147;<U>Public
    Holders</U>&#148;) and certain terms and conditions under which
    New Holdco would operate;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, the May 2007 Agreement and Plan of Merger was
    approved and adopted by the Company&#146;s shareholders on
    September&#160;25, 2007 but subsequently became the subject of
    litigation with the lenders that committed to provide the debt
    financing required to consummate the Merger (the
    &#147;<U>Lenders</U>&#148;), and, as part of a settlement of the
    litigation, Mergerco, the Parents, New Holdco and the Company
    are concurrently herewith entering into an amendment to the May
    2007 Agreement and Plan of Merger (as amended thereby and as may
    be further amended from time to time in accordance with its
    terms, the &#147;<U>Agreement and Plan of Merger</U>&#148;) and
    a Settlement Agreement with the Lenders (the &#147;<U>Settlement
    Agreement</U>&#148;) that, among other things, reduces the
    amount of the Cash Consideration to $36.00, requires the
    Company&#146;s shareholders to make new Elections and extends
    the Termination Date until December&#160;31, 2008 and requires
    the Lenders and other parties to enter into agreements and to
    take steps to ensure the consummation of the Merger, subject to
    the approval of Company&#146;s shareholders;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, in light of the changes to the May 2007
    Agreement and Plan of Merger effected by such amendment, the
    Agreement and Plan of Merger must be adopted and approved by the
    Company&#146;s shareholders in order to consummate the
    transactions contemplated thereby, including the Merger;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, the Stockholders in the aggregate beneficially
    own and have sole or shared (together with one or more of the
    other Stockholders or their affiliates) voting power with
    respect to at least 24,000,000 Common Shares (such Common
    Shares, together with any securities issued or exchanged with
    respect to such shares of common stock upon any
    recapitalization, reclassification, merger, consolidation,
    spin-off, partial or complete liquidation, stock dividend,
    <FONT style="white-space: nowrap">split-up</FONT> or
    combination of the securities of the Company or any other change
    in the Company&#146;s capital structure, the &#147;<U>Covered
    Shares</U>&#148;);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, in connection with entering into the amended to
    the May 2007 Agreement and Plan of Merger, the Parents have
    requested that the Stockholders execute and deliver this
    Agreement, which amends and restates the Original Voting
    Agreement;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, all capitalized terms used in this Agreement
    without definition herein shall have the meanings ascribed to
    them in the Agreement and Plan of Merger.
</DIV>

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    <BR>
    E-1
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NOW, THEREFORE</B>, in consideration of the premises, the
    mutual covenants and agreements contained herein and other good
    and valuable consideration, the receipt of which are hereby
    acknowledged the Stockholders, New Holdco, Mergerco and the
    Parents agree as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;<I><U>Agreement to Vote</U>.</I>&#160;&#160;Each
    Stockholder agrees that, prior to the Expiration Date (as
    defined below), at any meeting of the stockholders of the
    Company or any adjournment or postponement thereof, or in
    connection with any written consent of the stockholders of the
    Company, with respect to the Merger, the Agreement and Plan of
    Merger or any Competing Proposal, Stockholder shall:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;appear at such meeting or otherwise cause the Covered
    Shares and any other Common Shares of which it has beneficial
    ownership as of the date of such meeting (&#147;<U>After
    Acquired Shares</U>&#148;) to be counted as present thereat for
    purposes of calculating a quorum;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;from and after the date hereof until the Expiration
    Date, vote (or cause to be voted) in person or by proxy, or
    deliver a written consent (or cause a consent to be delivered)
    covering all of the Covered Shares and any After Acquired Shares
    that such Stockholder shall be entitled to so vote, whether such
    Common Shares are beneficially owned by such Stockholder on the
    date of this Agreement or are subsequently acquired, (i)&#160;in
    favor of adoption and approval of the Agreement and Plan of
    Merger and the transactions contemplated thereby, including the
    Merger; (ii)&#160;against any extraordinary corporate
    transaction (other than the Merger or pursuant to the Merger) or
    any Competing Proposal, or any letter of intent, memorandum of
    understanding, agreement in principle, acquisition agreement,
    merger agreement or similar agreement providing for the
    consummation of a transaction contemplated by any Competing
    Proposal, and (iii)&#160;in favor of any proposal to adjourn a
    Shareholders&#146; Meeting which New Holdco and the Parents
    support.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;<I><U>Expiration Date</U>.</I>&#160;&#160;As used in
    this Agreement, the term &#147;<U>Expiration Date</U>&#148;
    shall mean the earliest to occur of (i)&#160;the Effective Time;
    (ii)&#160;such date as the Agreement and Plan of Merger is
    terminated pursuant to Article&#160;VIII thereof; (iii)&#160;the
    termination of the Settlement Agreement by any party thereto in
    accordance with its terms, or the public disclosure by the
    Company in any report filed pursuant to the Securities Exchange
    Act of 1934, as amended, that any party to the Settlement
    Agreement has materially breached that agreement or that such
    Settlement Agreement has been terminated for any reason; or
    (iv)&#160;upon mutual written agreement of the parties to
    terminate this Agreement. Upon termination or expiration of this
    Agreement, no party shall have any further obligations or
    liabilities under this Agreement; <I>provided however,
    </I>(i)&#160;Sections&#160;7, and 10 through 20 shall survive
    any such expiration if the Effective Time shall have occurred,
    and (ii)&#160;such termination or expiration shall not relieve
    any party from liability for any willful breach of this
    Agreement prior to termination hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;<I><U>Agreement to Retain Covered
    Shares</U>.</I>&#160;&#160;From and after the date hereof until,
    (A)&#160;in the case of clause&#160;(i) below, the Expiration
    Date, and (B)&#160;in the case of clause&#160;(ii) below, the
    earlier of (x)&#160;December&#160;31, 2008 or
    (y)&#160;immediately after the vote is taken at a Special
    Meeting of shareholders of the Company (taking into account any
    postponements or adjournments thereof) for the purpose of
    approving the adoption and approval of the Agreement and Plan of
    Merger and the transactions contemplated thereby, including the
    Merger, each of the Stockholders shall not, except as
    contemplated by this Agreement or the Agreement and Plan of
    Merger, directly or indirectly, (i)&#160;grant any proxies or
    enter into any voting trust or other agreement or arrangement
    with respect to the voting of any Covered Shares and any After
    Acquired Shares or (ii)&#160;sell, transfer, assign, dispose of,
    or enter into any contract, option, commitment or other
    arrangement or understanding with respect to the sale, transfer,
    assignment or other disposition of, the beneficial ownership of
    any Covered Shares. Notwithstanding the foregoing, each
    Stockholder may make a transfer (a)&#160;to other persons who
    are affiliated with the Stockholders subject to the transferee
    agreeing in writing to be bound by the terms of, and perform the
    obligations of a Stockholder under, this Agreement, or
    (b)&#160;as the Parents may otherwise agree in writing in their
    sole discretion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;<I><U>New Stock Election</U>.</I>&#160;&#160;The
    Stockholders agree that, as a group, they shall make valid Stock
    Elections with respect to a total of not less than 11,111,112 of
    the Covered Shares in accordance with, and subject to, the terms
    and conditions applicable to Stock Elections under
    Section&#160;3.01 of the Agreement and Plan of Merger.
</DIV>

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    <BR>
    E-2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;<I><U>Representations and Warranties of the
    Stockholders</U>.</I>&#160;&#160;Each of the Stockholders hereby
    represents and warrants to New Holdco, Parents and Mergerco as
    follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;such Stockholder has the power and the right to enter
    into, deliver and perform the terms of this Agreement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;this Agreement has been duly and validly executed and
    delivered by such Stockholder and (assuming this Agreement
    constitutes a valid and binding agreement of the Parents) is a
    legal, valid and binding agreement with respect to the
    Stockholder, enforceable against the Stockholder in accordance
    with its terms (except as enforceability may be limited by
    applicable bankruptcy, insolvency, reorganization, moratorium,
    fraudulent transfer and similar laws of general applicability
    relating to or affecting creditors&#146; rights or by general
    equity principles);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;the Stockholders beneficially own in the aggregate at
    least 24,000,000 Common Shares and have sole or shared, and
    otherwise unrestricted, voting power (together with one or more
    Stockholders or their affiliates) with respect to such Common
    Shares;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;no proceedings are pending which, if adversely
    determined, will have a material adverse effect on any ability
    to vote or dispose of any of the Covered Shares;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;the execution and delivery of this Agreement by such
    Stockholder do not, and the performance by the Stockholder of
    its obligations hereunder and the consummation by the
    Stockholder of the transactions contemplated hereby will not,
    violate or conflict with, or constitute a breach or default
    under, any agreement, instrument, contract or other obligation
    or any order, arbitration award, judgment or decree to which the
    Stockholder is a party or by which the Stockholder is bound, or
    any statute, rule or regulation to which the Stockholder is
    subject or, in the event that the Stockholder is a corporation,
    partnership, trust or other entity, any bylaw or other
    organizational document of the Stockholder. Except as expressly
    contemplated hereby, the Stockholder is not a party to any
    voting agreement or voting trust relating to the Covered Shares
    or After Acquired Shares;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;such Stockholder acknowledges and confirms that
    (a)&#160;New Holdco, Parents and Mergerco may possess or
    hereafter come into possession of certain non-public information
    concerning the Covered Shares, After Acquired Shares and the
    Company which is not known to the Stockholder and which may be
    material to the Stockholder&#146;s decision to vote in favor of
    the Merger (the &#147;<U>Excluded Information</U>&#148;),
    (b)&#160;the Stockholder has requested not to receive the
    Excluded Information and has determined to vote in favor of the
    Merger and sell the Covered Shares notwithstanding its lack of
    knowledge of the Excluded Information, and (c)&#160;New Holdco,
    the Parents and Mergerco shall have no liability or obligation
    to the Stockholder in connection with, and the Stockholder
    hereby waives and releases New Holdco, the Parents and Mergerco
    from, any claims which Stockholder or its successors and assigns
    may have against New Holdco, the Parents, Mergerco or their
    respective Affiliates (whether pursuant to applicable
    securities, laws or otherwise) with respect to the
    non-disclosure of the Excluded Information;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;such Stockholder acknowledges and confirms that it has
    reviewed the Agreement and Plan of Merger, including without
    limitation, the three amendments thereto executed on or prior to
    the date hereof, and has had the opportunity to review such
    agreement with counsel and its other advisors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.&#160;<I><U>Representations and Warranties of the Parents,
    Mergerco and New Holdco</U>.</I>&#160;&#160;Each of the Parents,
    Mergerco and New Holdco hereby represents and warrants to the
    Stockholders as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;each of the Parents, Mergerco and New Holdco has the
    power and the right to enter into, deliver and perform the terms
    of this Agreement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;this Agreement has been duly and validly executed and
    delivered by the Parents, Mergerco and New&#160;Holdco and
    (assuming this Agreement constitutes a valid and binding
    agreement of the Stockholders) is a legal, valid and binding
    agreement with respect to the Parents, Mergerco and New Holdco,
    enforceable against each of the Parents, Mergerco and New Holdco
    in accordance with its terms (except as enforceability may be
    limited by applicable bankruptcy, insolvency, reorganization,
    moratorium, fraudulent transfer and similar laws of general
    applicability relating to or affecting creditors&#146; rights or
    by general equity principles);
</DIV>

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    <BR>
    E-3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;the Parents have heretofore cancelled, and will not
    accept or enter into, any subscription agreements or
    understandings to acquire equity securities of New Holdco from
    (a)&#160;any private investment funds that were stockholders of
    the Company and were not limited partners or shareholders of an
    investment fund managed by one of the Sponsors and (b)&#160;any
    other investment funds that (i)&#160;were, as of the date of
    execution of such agreement, stockholders of the Company,
    (ii)&#160;were not limited partners or shareholders in an
    investment fund managed by one of the Sponsors, and
    (iii)&#160;executed such agreements after January&#160;31, 2007;
    <U>provided</U>, <U>however</U>, that the foregoing shall not
    apply to (x)&#160;the public employee benefit plan investor that
    has previously been specifically identified to one or more of
    the Stockholders, (y)&#160;subscription agreements executed by
    financing sources prior to January&#160;31, 2007, or
    (z)&#160;the Voting Agreement dated as of the date hereof by and
    among Mergerco, the Parents, New Holdco, Abrams Capital
    Partners&#160;I, LP and the other named parties thereto (the
    &#147;<U>Abrams Agreement</U>&#148;). Such investment funds with
    such cancelled subscription agreements, to the extent that they
    continue to be stockholders of the Company, will be treated
    ratably with other public stockholders of the Company to the
    extent provided in the Agreement and Plan of Merger. The
    Parents, represent that, except for the Abrams Agreement they
    have not, and after the date of this Agreement, Parents will
    not, enter into any other arrangements or agreement with any
    such affected investment funds to acquire equity securities in
    New&#160;Holdco other than as provided for in the Agreement and
    Plan of Merger.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;Immediately following the Effective Time, the
    Certificate of Incorporation and Bylaws of New&#160;Holdco will
    be in the respective forms attached hereto as
    <U>Exhibit&#160;A</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;New Holdco, Mergerco, Bain Capital Fund&#160;IX, L.P.
    and Thomas H. Lee Equity Fund&#160;VI, L.P. have entered into or
    will enter into an agreement in the form attached hereto as
    <U>Exhibit&#160;B</U>, which will become effective as of the
    Effective Time and continue to be in full force and effect until
    terminated in accordance with terms thereof (the &#147;<U>Letter
    Termination Date</U>&#148;). The Parents agree that they will
    not terminate (other than pursuant to its terms), amend,
    supplement or otherwise modify such agreement without the prior
    written approval of the Stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.&#160;<I><U>Directors</U>.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Immediately following the Effective Time, the Board of
    Directors of New Holdco shall establish the size of the Board of
    Directors at twelve (12)&#160;members, one member of which shall
    be a United States citizen and be named by Highfields Management
    (which member shall be named to New Holdco&#146;s nominating
    committee and will initially be Jonathon Jacobson) and one
    member of which shall be a United States citizen and shall be
    selected by New Holdco&#146;s nominating committee after
    consultation with Highfields Management (which will initially be
    David Abrams) (these two directors shall hereinafter be referred
    to as the &#147;<U>Public Directors</U>&#148;). Until the date
    (the &#147;<U>Termination Date</U>&#148;) on which the
    Stockholders beneficially own (as defined under the Securities
    Exchange Act of 1934, as amended) less than 5% of the
    outstanding shares of voting securities of New Holdco issued as
    Stock Consideration to stockholders in connection with the
    Merger (&#147;<U>Required Percentage</U>&#148;), in connection
    with each election of Public Directors, New Holdco shall:
    (i)&#160;nominate as Public Directors one candidate who shall be
    a United States citizen and shall be selected by Highfields
    Management (which candidate will initially be Jonathon Jacobson)
    and one candidate who shall be a United&#160;States citizen and
    shall be selected by New Holdco&#146;s nominating committee
    after consultation with Highfields Management (which candidate
    will initially be David Abrams), (ii)&#160;recommend the
    election of such candidates, (iii)&#160;solicit proxies for the
    election of such candidates, and (iv)&#160;to the extent
    authorized by stockholders granting proxies, vote the voting
    securities represented by all proxies granted by stockholders in
    connection with the solicitation of proxies by the Board for
    such meeting, in favor of such candidates. The Parents and their
    affiliates agree to vote all shares of voting securities which
    they own and which are eligible to vote for the election of the
    Public Directors in favor of such candidates&#146; election of
    the Public Directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;If a Public Director dies or is disabled such that he
    or she is rendered unable to serve on the Board prior to the
    Termination Date, a replacement shall be named in accordance
    with the provisions set forth in paragraph (a)&#160;above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Until the Termination Date, (i)&#160;New Holdco shall,
    subject to the New Holdco Board&#146;s fiduciary duties, cause
    at least one Public Director to be appointed to each of the
    committees of the Board of New&#160;Holdco, and (ii)&#160;if the
    Public Director serving on any such committee shall cease to
    serve as a director of
</DIV>

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    <BR>
    E-4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    New Holdco for any reason or otherwise is unable to fulfill his
    or her duties on any such committee, New&#160;Holdco, subject to
    the fiduciary duties of the New Holdco Board, shall cause the
    director to be succeeded by another Public Director.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;Notwithstanding the foregoing provisions, at no time
    may any of the foregoing actions be taken if, as a result of
    actions taken or of investments of the Stockholders, New Holdco
    or its affiliates would not be qualified under the
    Communications Act to control the Company FCC Licenses (as in
    effect on the date of such action) or such actions or
    investments would cause any other violations by New Holdco or
    its affiliates of the Communications Act or the FCC&#146;s
    rules. Highfields Management is owned and controlled solely by
    U.S.&#160;persons.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;(i)&#160;Highfields Management acknowledges that, as a
    result of the rights granted under this Section&#160;7,
    Highfields Management may be deemed to hold an attributable
    interest in New Holdco, the Company or their affiliates under
    the regulations of the Federal Communications Commission
    (&#147;<U>FCC</U>&#148;) pertaining to the ownership and
    operation of radio and television stations and daily newspapers
    of general circulation. In the event that it is determined that
    Highfields Management or any affiliate of Highfields Management
    holds an attributable interest in New Holdco, the Company or any
    of their affiliates as a result of the rights granted under
    Sections&#160;7(a) and (b), then, unless Highfields Management
    and any such affiliate of Highfields Management promptly
    relinquish in writing the rights of Highfields Management under
    Sections&#160;7(a) and (b)&#160;to the extent necessary to
    render non-attributable any interest of such party in New
    Holdco, the Company, or their affiliates or promptly take other
    measures to render any such interest non-attributable,
    Highfields Management and any such affiliate of Highfields
    Management shall furnish and certify promptly to New Holdco such
    information, or such additional information, as New Holdco may
    reasonably request and make, in cooperation with
    New&#160;Holdco, such filings with or disclosures to the FCC as
    are applicable to persons holding attributable interests in New
    Holdco, the Company or any of their affiliates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Highfields Management represents (a)&#160;that, to the
    extent it may be deemed to hold an attributable interest in New
    Holdco, the Company or any of their affiliates, it is legally
    qualified to hold such an attributable interest in a broadcast
    licensee under FCC regulations and (b)&#160;that none of
    (i)&#160;Highfields Management, (ii)&#160;any person holding an
    attributable interest in or through Highfields Management, or
    (iii)&#160;any person nominated or designated by Highfields
    Management to serve on the Board of New Holdco holds or will
    hold either (A)&#160;any attributable interest in any radio or
    television station or daily newspaper of general circulation
    (other than in the radio and television stations owned by the
    Company) in any market in which New Holdco, the Company or any
    of their affiliates has any attributable media interest, or
    (B)&#160;any other media interest that New Holdco determines in
    good faith after good faith consultation with its FCC counsel
    and FCC counsel for Highfields Management, reasonably could be
    expected to impede or delay the ability of New Holdco, the
    Company or their affiliates to hold or acquire interests in
    radio or television stations or daily newspapers of general
    circulation or to obtain any regulatory approval necessary or
    appropriate for the consummation of the transactions described
    in the Agreement and Plan of Merger (the interests described in
    (A)&#160;and (B)&#160;immediately above being referred to
    hereafter as &#147;<U>Conflicting Interests.</U>&#148;) The
    terms &#147;attributable,&#148; &#147;attributable
    interest,&#148; &#147;radio and television station,&#148;
    &#147;market&#148; and &#147;daily newspaper of general
    circulation&#148; as used in this Agreement shall be construed
    consistent with 47&#160;C.F.R. &#167;&#160;73.3555 (or any
    successor provision) of the regulations of the FCC and the notes
    thereto, as in effect from time to time. With respect to
    Highfields Management, the term &#147;affiliate&#148; shall
    include any person or entity controlling, controlled by or under
    common control with Highfields Management and shall also be
    deemed to include any Stockholder. In the event that Highfields
    Management, any person holding an attributable interest in or
    through Highfields Management, or any nominee or designee of
    Highfields Management to the Board of New Holdco holds or is
    anticipated to hold a Conflicting Interest, Highfields
    Management and its affiliates shall take Curative Action, as
    defined below. &#147;<U>Curative Action</U>&#148; means action
    promptly taken (but in any event within twenty
    (20)&#160;calendar days or such lesser period as may be
    necessary to avoid delay in obtaining necessary regulatory
    approvals) by which a party shall (A)&#160;divest or cause the
    divestiture of any Conflicting Interest, (B)&#160;render the
    Conflicting Interest non-attributable, (C)&#160;render any
    interest of such party in New Holdco, the Company, and their
    affiliates non-attributable, or (D)&#160;relinquish any rights
    under Sections&#160;7(a) and (b)&#160;to the extent necessary to
    render non-attributable any interest of such party in New
    Holdco, the Company, or their affiliates.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    E-5
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;If any affiliate of Highfields Management other than
    Highfields Management should be deemed to hold or anticipated to
    hold an attributable interest in New Holdco, the Company or any
    of their affiliates, Highfields Management and any such
    affiliate of Highfields Management shall immediately notify
    New&#160;Holdco and shall either
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    a.&#160;certify to New Holdco in writing (a)&#160;that such
    Highfields Management affiliate is legally qualified to hold
    such an attributable interest in a broadcast licensee under FCC
    regulations and (b)&#160;that none of (i)&#160;such Highfields
    Management affiliate or (ii)&#160;any person holding an
    attributable interest in or through such Highfields Management
    affiliate holds or will hold a Conflicting Interest;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    b.&#160;if Highfields Management and such Highfields Management
    affiliate are not able or do not elect so to certify, Highfields
    Management and its affiliate shall take Curative Action.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;New Holdco shall cooperate with Highfields Management
    and any affiliate of Highfields Management, subject to their
    compliance with this Section&#160;7(e), to minimize any request
    for information pursuant to Section&#160;10.2 of the Certificate
    of Incorporation of New Holdco and shall consult in good faith
    with Highfields Management and any affiliate of Highfields
    Management from which any information may be sought to avoid any
    unnecessary burden in the obtaining of information necessary to
    fulfill responsibilities of New Holdco, the Company and their
    affiliates to monitor compliance and complete reports and other
    submissions as may be required from time to time by the FCC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    8.&#160;<I><U>No Solicitation</U>.</I>&#160;&#160;From and after
    the date hereof until the Expiration Date, each Stockholder and
    each of its affiliates will not solicit proxies or become a
    &#147;participant&#148; in any solicitation (as such terms are
    defined in Regulation&#160;14A under the Securities Exchange Act
    of 1934)&#160;in opposition to the solicitation of proxies by
    the Company and the Parents for the Agreement and Plan of
    Merger. From and after the date hereof until the Expiration
    Date, in all public statements and public filings made with
    respect to the voting of the Covered Shares, each Stockholder
    and its affiliates will indicate that they are voting in favor
    of the Agreement and Plan of Merger and otherwise in accordance
    with Section&#160;1 above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    9.&#160;<I><U>Survival of Representations and
    Warranties</U>.</I>&#160;&#160;The representations and
    warranties contained herein shall not be deemed waived or
    otherwise affected by any investigation made by the other
    parties hereto. Other than the representations and warranties
    set forth in Section&#160;6(e) which shall expire on the Letter
    Termination Date, the representations and warranties contained
    herein shall expire with, and be terminated and extinguished
    upon, consummation of the Merger or termination of this
    Agreement in accordance with the terms hereof, but no party
    shall be relieved for prior breach thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    10.&#160;<I><U>Specific Enforcement</U>.</I>&#160;&#160;Each
    Stockholder has signed this Agreement intending to be legally
    bound thereby. Each Stockholder expressly agrees that this
    Agreement shall be specifically enforceable in any court of
    competent jurisdiction in accordance with its terms against such
    Stockholder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    11.&#160;<I><U>Counterparts</U>.</I>&#160;&#160;This Agreement
    may be executed in one or more counterparts, each of which will
    be deemed an original but all of which together shall constitute
    one and the same instrument.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    12.&#160;<I><U>No Waivers</U>.</I>&#160;&#160;No waivers of any
    breach of this Agreement extended by New Holdco, Parents or
    Mergerco to the Stockholders shall be construed as a waiver of
    any rights or remedies of New Holdco, the Parents or Mergerco
    with respect to any other stockholder of the Company who has
    executed an agreement substantially in the form of this
    Agreement with respect to shares of the Company held or
    subsequently held by such stockholder or with respect to any
    subsequent breach of the Stockholder or any other such
    stockholder of the Company. No waiver of any provisions hereof
    by either party shall be deemed a waiver of any other provisions
    hereof by any such party, nor shall any such waiver be deemed a
    continuing waiver of any provision hereof by such party.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    13.&#160;<I><U>Entire Agreement</U>.</I>&#160;&#160;This
    Agreement supersedes all prior agreements, written or oral,
    among the parties hereto with respect to the subject matter
    hereof, including the Original Voting Agreement, and contains
    the entire agreement among the parties with respect to the
    subject matter hereof. This Agreement may not be amended,
    supplemented or modified, and no provisions hereof may be
    modified or waived, except by an instrument in writing signed by
    each party hereto.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    E-6
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    14.&#160;<I><U>Notices</U>.</I>&#160;&#160;All notices and other
    communications hereunder shall be in writing and shall be
    sufficient if sent by facsimile transmission (provided that any
    notice received by facsimile transmission or otherwise at the
    addressee&#146;s location on any business day after
    5:00&#160;p.m. (addressee&#146;s local time) shall be deemed to
    have been received at 9:00&#160;a.m. (addressee&#146;s local
    time) on the next business day), by reliable overnight delivery
    service (with proof of service), hand delivery or certified or
    registered mail (return receipt requested and first-class
    postage prepaid), addressed as follows (or at such other address
    for a party as shall be specified in a notice given in
    accordance with this Section):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;&#160;if to the Stockholders:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Highfields Capital Management
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    200 Clarendon Street
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Boston, MA 02117
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attn: Joseph F. Mazzella
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Phone:
    <FONT style="white-space: nowrap">(617)&#160;850-7500</FONT>
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Facsimile:
    <FONT style="white-space: nowrap">(617)&#160;850-7620</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    with a copy to:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Goodwin Procter LLP
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Exchange Place
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Boston, Massachusetts 02109
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attn: Joseph L.&#160;Johnson III
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Phone:
    <FONT style="white-space: nowrap">(617)&#160;570-1633</FONT>
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Facsimile:
    <FONT style="white-space: nowrap">(617)&#160;523-1231</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;&#160;
</TD>
    <TD align="left">
    if to the Parents, New Holdco or Mergerco to:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Bain Capital Partners, LLC
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    111 Huntington Avenue
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Boston, MA 02199
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Phone:
    <FONT style="white-space: nowrap">(617)&#160;516-2000</FONT>
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fax:
    <FONT style="white-space: nowrap">(617)&#160;516-2010</FONT>
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attention: John Connaughton
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Thomas H. Lee Partners, L.P.
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    100 Federal Street
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Boston, MA 02110
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Phone:
    <FONT style="white-space: nowrap">(617)&#160;227-1050</FONT>
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fax:
    <FONT style="white-space: nowrap">(617)&#160;227-3514</FONT>
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attn: Scott Sperling
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    with a copy to:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ropes&#160;&#038; Gray LLP
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    One International Place
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Boston, MA 02110
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Phone:
    <FONT style="white-space: nowrap">(617)&#160;951-7000</FONT>
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fax:
    <FONT style="white-space: nowrap">(617)&#160;951-7050</FONT>
</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attn: David C. Chapin
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any party to this Agreement may give any notice or other
    communication hereunder using any other means (including
    personal delivery, messenger service, telex, ordinary mail or
    electronic mail), but no such notice of other communication
    shall be deemed to have been duly given unless and until it
    actually is received by the party for whom it is intended. Any
    party to this Agreement may change the address to which notices
    and other communications hereunder are to be delivered by giving
    the other parties to this Agreement notice in the manner herein
    set forth.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    E-7
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    15.&#160;<I><U>No Third Party
    Beneficiaries</U>.</I>&#160;&#160;This Agreement is not
    intended, and shall not be deemed, to confer any rights or
    remedies upon any person other than the parties hereto and their
    respective successors and permitted assigns or to otherwise
    create any third-party beneficiary hereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    16.&#160;<I><U>Assignment</U>.</I>&#160;&#160;Neither this
    Agreement nor any of the rights, interests or obligations under
    this Agreement may be assigned or delegated, in whole or in
    part, by operation of law or otherwise by any of the parties
    hereto without the prior written consent of the other parties,
    and any such assignment without such prior written consent shall
    be null and void, except that New Holdco and Mergerco may assign
    this Agreement to any direct or indirect wholly owned subsidiary
    of New Holdco or Mergerco, as the case may be, without the
    consent of the Stockholders (provided that New&#160;Holdco or
    Mergerco, as the case may be, shall remain liable for all of its
    obligations under this Agreement) and the Stockholders may
    assign this Agreement (other than the rights of Highfields
    Management under Section&#160;7 hereof) in connection with any
    permitted transfer of shares hereunder (provided that the
    transferee agrees in writing to be bound by the terms of this
    Agreement). Subject to the preceding sentence, this Agreement
    shall be binding upon, inure to the benefit of, and be
    enforceable by, the parties hereto and their respective
    successors and permitted assigns, heirs, executors,
    administrators and other legal representatives, as the case may
    be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    17.&#160;<I><U>Severability</U>.</I>&#160;&#160;If any term or
    other provision of this Agreement is invalid, illegal or
    incapable of being enforced by any rule of law, or public
    policy, all other conditions and provisions of this Agreement
    shall nevertheless remain in full force and effect so long as
    the economic or legal substance of the transactions contemplated
    hereby is not affected in any manner materially adverse to any
    party. Upon such determination that any term or other provision
    is invalid, illegal or incapable of being enforced, the parties
    hereto shall negotiate in good faith to modify this Agreement so
    as to effect the original intent of the parties as closely as
    possible in a mutually acceptable manner in order that the
    transactions contemplated hereby be consummated as originally
    contemplated to the fullest extent possible.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    18.&#160;<I><U>Interpretation</U>.</I>&#160;&#160;When reference
    is made in this Agreement to a Section, such reference shall be
    to a Section of this Agreement, unless otherwise indicated. The
    headings contained in this Agreement are for convenience of
    reference only and shall not affect in any way the meaning or
    interpretation of this Agreement. The language used in this
    Agreement shall be deemed to be the language chosen by the
    parties hereto to express their mutual intent, and no rule of
    strict construction shall be applied against any party. Whenever
    the context may require, any pronouns used in this Agreement
    shall include the corresponding masculine, feminine or neuter
    forms, and the singular form of nouns and pronouns shall include
    the plural, and vice versa. Any reference to any federal, state,
    local or foreign statute or law shall be deemed also to refer to
    all rules and regulations promulgated thereunder, unless the
    context requires otherwise. Whenever the words
    &#147;include,&#148; &#147;includes&#148; or
    &#147;including&#148; are used in this Agreement, they shall be
    deemed to be followed by the words &#147;without
    limitation.&#148; No summary of this Agreement prepared by the
    parties shall affect in any way the meaning or interpretation of
    this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    19.&#160;<I><U>Governing Law</U>.</I>&#160;&#160;This Agreement,
    and all claims or causes of action (whether in contract or tort)
    that may be based upon, arise out or relate to this Agreement or
    the negotiation, execution or performance of this Agreement
    (including any claim or cause of action based upon, arising out
    of or related to any representation or warranty made in or in
    connection with this Agreement or as an inducement to enter into
    this Agreement), shall be governed by the internal laws of the
    State of New York without giving effect to any choice or
    conflict of laws provision or rule.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    20.&#160;<I><U>Waiver of Jury Trial</U>.</I>&#160;&#160;Each of
    the parties hereto hereby waives to the fullest extent permitted
    by applicable Law any right it may have to a trial by jury with
    respect to any litigation directly or indirectly arising out of,
    under or in connection with this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each of the parties hereto (a)&#160;certifies that no
    representative, agent or attorney of any other party has
    represented, expressly or otherwise, that such other party would
    not, in the event of litigation, seek to enforce that foregoing
    waiver and (b)&#160;acknowledges that it and the other parties
    hereto have been induced to enter into this Agreement by, among
    other things, the mutual waivers and certifications in this
    Section&#160;20.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    21.&#160;&#160;<I><U>Headings</U>.</I>&#160;&#160;The
    descriptive headings contained in this Agreement are included
    for convenience of reference only and shall not affect in any
    way the meaning or interpretation of this Agreement.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">[SIGNATURE
    PAGE&#160;FOLLOWS]</FONT></B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    E-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    IN WITNESS WHEREOF, each of the parties hereto has caused this
    Agreement to be signed individually or by its respective duly
    authorized officer as of the date first written above.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>STOCKHOLDERS:</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>HIGHFIELDS CAPITAL I LP</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    Highfields Associates LLC, its General Partner
</TD>
</TR>


<TR style="line-height: 24pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Joseph
    F. Mazzella</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Joseph F. Mazzella
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Authorized Signatory
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>HIGHFIELDS CAPITAL II LP</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By:&#160;Highfields Associates LLC, its General Partner
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Joseph
    F. Mazzella</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Joseph F. Mazzella
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Authorized Signatory
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>HIGHFIELDS CAPITAL III LP</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By:&#160;Highfields Associates LLC, its General Partner
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Joseph
    F. Mazzella</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Joseph F. Mazzella
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Authorized Signatory
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>HIGHFIELDS CAPITAL MANAGEMENT LP</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By:&#160;Highfields GP LLC, its General Partner
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Joseph
    F. Mazzella</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Joseph F. Mazzella
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Managing Director
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    E-9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 61%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    <B>MERGERCO:</B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BT TRIPLE CROWN MERGER CO., INC.</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    Sperling</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Scott Sperling
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Co-President
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PARENTS:</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>B TRIPLE CROWN FINCO, LLC</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;John
    Connaughton</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;John Connaughton
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Managing Director
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>T TRIPLE CROWN FINCO, LLC</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    Sperling</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Scott Sperling
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Co-President
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NEW HOLDCO:</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CC MEDIA HOLDINGS, INC.</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    Sperling</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Scott Sperling
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    President
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    E-10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned parties are executing this Agreement solely to
    evidence their agreement, as follows: (a)&#160;to use their
    reasonable best efforts to cause Mergerco, the Parents and New
    Holdco to perform, in all material respects, their obligations
    set forth herein to be performed by them for so long as such
    obligations are in effect, and (b)&#160;to use their reasonable
    best efforts to prevent Mergerco, the Parents and New Holdco
    from taking any actions that would be inconsistent, in any
    material respect, with their performance of such obligations for
    so long as such obligations are in effect.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 47%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-variant: SMALL-CAPS">Bain Capital
    Fund&#160;IX, L.P.</FONT></B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 47%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By:&#160;<FONT style="font-variant: SMALL-CAPS">Bain Capital
    Partners, IX, L.P., its General Partner
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 47%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By:&#160;<FONT style="font-variant: SMALL-CAPS">Bain Capital
    Investors, LLC, its General Partner
    </FONT>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="47%"></TD>
    <TD width="4%"></TD>
    <TD width="49%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;John
    P. Connaughton</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 51%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 51%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;John P. Connaughton
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="51%"></TD>
    <TD width="8%"></TD>
    <TD width="41%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Managing Director
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 47%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THOMAS H. LEE EQUITY FUND&#160;VI, L.P.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 47%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By:&#160;<FONT style="font-variant: SMALL-CAPS">THL Equity
    Advisors VI, LLC, its general partner
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 47%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By:&#160;<FONT style="font-variant: SMALL-CAPS">Thomas H. Lee
    Partners, L.P., its sole member
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 47%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By:&#160;<FONT style="font-variant: SMALL-CAPS">Thomas H. Lee
    Advisors, LLC, its general partner
    </FONT>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="47%"></TD>
    <TD width="4%"></TD>
    <TD width="49%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    M. Sperling</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 51%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 51%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Scott M. Sperling
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="51%"></TD>
    <TD width="8%"></TD>
    <TD width="41%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Co-President
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    E-11
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV align="left"><A name="365">
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ANNEX&#160;F</FONT></B>
</DIV>
</A>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">VOTING
    AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>VOTING AGREEMENT </B>(&#147;<U>Agreement</U>&#148;), dated as
    of May&#160;13, 2008, by and among BT Triple Crown Merger Co.,
    Inc., a Delaware corporation (&#147;<U>Mergerco</U>&#148;), B
    Triple Crown Finco, LLC, a Delaware limited liability company, T
    Triple Crown Finco, LLC, a Delaware limited liability company
    (together with B Triple Crown Finco, LLC, the
    &#147;<U>Parents</U>&#148;), CC Media Holdings, Inc., a Delaware
    corporation formerly known as BT Triple Crown Capital Holdings
    III, Inc. (&#147;<U>New Holdco</U>&#148;), and Abrams Capital
    Partners&#160;I, LP, Abrams Capital Partners II. LP, Whitecrest
    Partners, LP, Abrams Capital International, Ltd. and Riva
    Capital Partners, LP (the &#147;<U>Stockholders</U>&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, on May&#160;17, 2007, Mergerco, the Parents, New
    Holdco and Clear Channel Communications, Inc., a Texas
    corporation (the &#147;<U>Company</U>&#148;) entered into
    Amendment No.&#160;2 to the Agreement and Plan of Merger, dated
    as of November&#160;16, 2006 and initially amended on
    April&#160;18, 2007, by and among Mergerco, the Parents and the
    Company (as amended thereby, the &#147;<U>May 2007 Agreement and
    Plan of Merger</U>&#148;), which among other things,
    (i)&#160;subject to the terms and conditions thereof, offered
    each shareholder of the Company the right to elect to receive in
    the Merger, for each share of common stock, par value $0.10 per
    share, of the Company (each, a &#147;<U>Common Share</U>&#148;),
    either cash in the amount of $39.20, or one share of voting
    common stock of New Holdco, and (ii)&#160;set forth certain
    other rights of the public holders of New Holdco&#146;s common
    stock (the &#147;<U>Public Holders</U>&#148;) and certain terms
    and conditions under which New Holdco would operate;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, the May 2007 Agreement and Plan of Merger was
    approved and adopted by the Company&#146;s shareholders on
    September&#160;25, 2007 but subsequently became the subject of
    litigation with the lenders that committed to provide the debt
    financing required to consummate the Merger (the
    &#147;<U>Lenders</U>&#148;), and, as part of a settlement of the
    litigation, Mergerco, the Parents, New Holdco and the Company
    are concurrently herewith entering into an amendment to the May
    2007 Agreement and Plan of Merger (as amended thereby, the
    &#147;<U>Agreement and Plan of Merger</U>&#148;) and a
    Settlement Agreement with the Lenders (the &#147;<U>Settlement
    Agreement</U>&#148;) that, among other things, reduces the
    amount of the Cash Consideration to $36.00, requires the
    Company&#146;s shareholders to make new Elections and extends
    the Termination Date until December&#160;31, 2008 and requires
    the Lenders and other parties to enter into agreements and to
    take steps to ensure the consummation of the Merger, subject to
    the approval of Company&#146;s shareholders;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, in light of the changes to the May 2007
    Agreement and Plan of Merger effected by such amendment, the
    Agreement and Plan of Merger must be adopted and approved by the
    Company&#146;s shareholders in order to consummate the
    transactions contemplated thereby, including the Merger;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, the Stockholders in the aggregate beneficially
    own and have sole or shared (together with one or more of the
    other Stockholders or their affiliates) voting power with
    respect to 2,777,778 Common Shares (such Common Shares, together
    with any securities issued or exchanged with respect to such
    shares of common stock upon any recapitalization,
    reclassification, merger, consolidation, spin-off, partial or
    complete liquidation, stock dividend,
    <FONT style="white-space: nowrap">split-up</FONT> or
    combination of the securities of the Company or any other change
    in the Company&#146;s capital structure, the &#147;<U>Covered
    Shares</U>&#148;);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, in connection with the execution of the
    Agreement and Plan of Merger, the Parents have requested that
    the Stockholders execute and deliver this Agreement;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, all capitalized terms used in this Agreement
    without definition herein shall have the meanings ascribed to
    them in the Agreement and Plan of Merger.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NOW, THEREFORE</B>, in consideration of the premises, the
    mutual covenants and agreements contained herein and other good
    and valuable consideration, the receipt of which are hereby
    acknowledged the Stockholders, New Holdco, Mergerco and the
    Parents agree as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;<I><U>Agreement to Vote.</U></I>&#160;&#160;Each
    Stockholder agrees that, prior to the Expiration Date (as
    defined below), at any meeting of the stockholders of the
    Company or any adjournment or postponement thereof, or in
    connection with any
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-1
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    written consent of the stockholders of the Company, with respect
    to the Merger, the Agreement and Plan of Merger or any Competing
    Proposal, Stockholder shall:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;appear at such meeting or otherwise cause the Covered
    Shares and any other Common Shares of which it has beneficial
    ownership as of the date of such meeting (&#147;<U>After
    Acquired Shares</U>&#148;) to be counted as present thereat for
    purposes of calculating a quorum;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;from and after the date hereof until the Expiration
    Date, vote (or cause to be voted) in person or by proxy, or
    deliver a written consent (or cause a consent to be delivered)
    covering all of the Covered Shares and any After Acquired Shares
    that such Stockholder shall be entitled to so vote, whether such
    Common Shares are beneficially owned by such Stockholder on the
    date of this Agreement or are subsequently acquired, (i)&#160;in
    favor of adoption and approval of the Agreement and Plan of
    Merger and the transactions contemplated thereby, including the
    Merger; (ii)&#160;against any extraordinary corporate
    transaction (other than the Merger or pursuant to the Merger) or
    any Competing Proposal, or any letter of intent, memorandum of
    understanding, agreement in principle, acquisition agreement,
    merger agreement or similar agreement providing for the
    consummation of a transaction contemplated by any Competing
    Proposal, and (iii)&#160;in favor of any proposal to adjourn a
    Shareholders&#146; Meeting which New Holdco and the Parents
    support.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;<I><U>Expiration Date</U>.</I>&#160;&#160;As used in
    this Agreement, the term &#147;<U>Expiration Date</U>&#148;
    shall mean the earliest to occur of (i)&#160;the Effective Time;
    (ii)&#160;such date as the Agreement and Plan of Merger is
    terminated pursuant to Article&#160;VIII thereof; (iii)&#160;the
    termination of the Settlement Agreement by any party thereto in
    accordance with its terms, or the public disclosure by the
    Company in any report filed pursuant to the Securities Exchange
    Act of 1934, as amended, that any party to the Settlement
    Agreement has materially breached that agreement or that such
    Settlement Agreement has been terminated for any reason; or
    (iv)&#160;upon mutual written agreement of the parties to
    terminate this Agreement. Upon termination or expiration of this
    Agreement, no party shall have any further obligations or
    liabilities under this Agreement; <I>provided however,
    </I>(i)&#160;Sections&#160;7 and 10 through 20 shall survive any
    such expiration if the Effective Time shall have occurred, and
    (ii)&#160;such termination or expiration shall not relieve any
    party from liability for any willful breach of this Agreement
    prior to termination hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;<I><U>Agreement to Retain Covered Shares; Voting
    Agreement Restrictions</U>.</I>&#160;&#160;From and after the
    date hereof until, (A)&#160;in the case of clause&#160;(i)
    below, the Expiration Date, and (B)&#160;in the case of
    clause&#160;(ii) below, the earlier of
    (x)&#160;December&#160;31, 2008 or (y)&#160;immediately after
    the vote is taken at a Special Meeting of shareholders of the
    Company (taking into account any postponements or adjournments
    thereof) for the purpose of approving the adoption and approval
    of the Agreement and Plan of Merger and the transactions
    contemplated thereby, including the Merger, each of the
    Stockholders shall not, except as contemplated by this Agreement
    or the Agreement and Plan of Merger, directly or indirectly,
    (i)&#160;grant any proxies or enter into any voting trust or
    other agreement or arrangement with respect to the voting of any
    Covered Shares and any After Acquired Shares or (ii)&#160;sell,
    transfer, assign, dispose of, or enter into any contract,
    option, commitment or other arrangement or understanding with
    respect to the sale, transfer, assignment or other disposition
    of, the beneficial ownership of any Covered Shares.
    Notwithstanding the foregoing, each Stockholder may make a
    transfer (a)&#160;to other persons who are affiliated with the
    Stockholders subject to the transferee agreeing in writing to be
    bound by the terms of, and perform the obligations of a
    Stockholder under, this Agreement, or (b)&#160;as the Parents
    may otherwise agree in writing in their sole discretion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;<I><U>New Stock Election</U>.</I>&#160;&#160;The
    Stockholders agree that, as a group, they shall make valid Stock
    Elections with respect to a total of not less than 2,777,778 of
    the Covered Shares in accordance with, and subject to, the terms
    and conditions applicable to Stock Elections under
    Section&#160;3.01 of the Agreement and Plan of Merger.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;<I><U>Representations and Warranties of the
    Stockholders</U>.</I>&#160;&#160;Each of the Stockholders hereby
    represents and warrants to New Holdco, Parents and Mergerco as
    follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;such Stockholder has the power and the right to enter
    into, deliver and perform the terms of this Agreement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;this Agreement has been duly and validly executed and
    delivered by such Stockholder and (assuming this Agreement
    constitutes a valid and binding agreement of the Parents) is a
    legal, valid and binding agreement with respect to the
    Stockholder, enforceable against the Stockholder in accordance
    with its terms
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-2
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (except as enforceability may be limited by applicable
    bankruptcy, insolvency, reorganization, moratorium, fraudulent
    transfer and similar laws of general applicability relating to
    or affecting creditors&#146; rights or by general equity
    principles);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;the Stockholders beneficially own in the aggregate at
    least 2,777,778 Common Shares and have sole or shared, and
    otherwise unrestricted, voting power (together with one or more
    Stockholders or their affiliates) with respect to such Common
    Shares;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;no proceedings are pending which, if adversely
    determined, will have a material adverse effect on any ability
    to vote or dispose of any of the Covered Shares;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;the execution and delivery of this Agreement by such
    Stockholder do not, and the performance by the Stockholder of
    its obligations hereunder and the consummation by the
    Stockholder of the transactions contemplated hereby will not,
    violate or conflict with, or constitute a breach or default
    under, any agreement, instrument, contract or other obligation
    or any order, arbitration award, judgment or decree to which the
    Stockholder is a party or by which the Stockholder is bound, or
    any statute, rule or regulation to which the Stockholder is
    subject or, in the event that the Stockholder is a corporation,
    partnership, trust or other entity, any bylaw or other
    organizational document of the Stockholder. Except as expressly
    contemplated hereby, the Stockholder is not a party to any
    voting agreement or voting trust relating to the Covered Shares
    or After Acquired Shares;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;such Stockholder acknowledges and confirms that
    (a)&#160;New Holdco, Parents and Mergerco may possess or
    hereafter come into possession of certain non-public information
    concerning the Covered Shares, After Acquired Shares and the
    Company which is not known to the Stockholder and which may be
    material to the Stockholder&#146;s decision to vote in favor of
    the Merger (the &#147;<U>Excluded Information</U>&#148;),
    (b)&#160;the Stockholder has requested not to receive the
    Excluded Information and has determined to vote in favor of the
    Merger and sell the Covered Shares notwithstanding its lack of
    knowledge of the Excluded Information, and (c)&#160;New Holdco,
    the Parents and Mergerco shall have no liability or obligation
    to the Stockholder in connection with, and the Stockholder
    hereby waives and releases New Holdco, the Parents and Mergerco
    from, any claims which Stockholder or its successors and assigns
    may have against New Holdco, the Parents, Mergerco or their
    respective Affiliates (whether pursuant to applicable
    securities, laws or otherwise) with respect to the
    non-disclosure of the Excluded Information;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;such Stockholder acknowledges and confirms that it has
    reviewed the Agreement and Plan of Merger, including without
    limitation, the three amendments thereto executed on or prior to
    the date hereof, and has had the opportunity to review such
    agreement with counsel and its other advisors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.&#160;<I><U>Representations and Warranties of the Parents,
    Mergerco and New Holdco</U>.</I>&#160;&#160;Each of the Parents,
    Mergerco and New Holdco hereby represents and warrants to the
    Stockholders as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;each of the Parents, Mergerco and New Holdco has the
    power and the right to enter into, deliver and perform the terms
    of this Agreement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;this Agreement has been duly and validly executed and
    delivered by the Parents, Mergerco and New&#160;Holdco and
    (assuming this Agreement constitutes a valid and binding
    agreement of the Stockholders) is a legal, valid and binding
    agreement with respect to the Parents, Mergerco and New Holdco,
    enforceable against each of the Parents, Mergerco and New Holdco
    in accordance with its terms (except as enforceability may be
    limited by applicable bankruptcy, insolvency, reorganization,
    moratorium, fraudulent transfer and similar laws of general
    applicability relating to or affecting creditors&#146; rights or
    by general equity principles);&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;the Parents have heretofore cancelled, and will not
    accept or enter into, any subscription agreements or
    understandings to acquire equity securities of New Holdco from
    (a)&#160;any private investment funds that were stockholders of
    the Company and were not limited partners or shareholders of an
    investment fund managed by one of the Sponsors and (b)&#160;any
    other investment funds that (i)&#160;were, as of the date of
    execution of such agreement, stockholders of the Company,
    (ii)&#160;were not limited partners or shareholders in an
    investment fund managed by one of the Sponsors, and
    (iii)&#160;executed such agreements after January&#160;31, 2007;
    <U>provided</U>, <U>however</U>, that the foregoing shall not
    apply to (x)&#160;the public employee benefit plan investor that
    has previously
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    been specifically identified to one or more of the Stockholders,
    (y)&#160;subscription agreements executed by financing sources
    prior to January&#160;31, 2007, or (z)&#160;the Amended and
    Restated Voting Agreement dated as of the date hereof by and
    among Mergerco, the Parents, New Holdco, Highfields Capital
    Management LP and the other named parties thereto (the
    &#147;<U>Highfields Agreement</U>&#148;). Such investment funds
    with such cancelled subscription agreements, to the extent that
    they continue to be stockholders of the Company, will be treated
    ratably with other public stockholders of the Company to the
    extent provided in the Agreement and Plan of Merger. The
    Parents, represent that, except for the Highfields Agreement
    they have not, and after the date of this Agreement, Parents
    will not, enter into any other arrangements or agreement with
    any such affected investment funds to acquire equity securities
    in New Holdco other than as provided for in the Agreement and
    Plan of Merger.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.&#160;<I><U>Certain FCC Matters</U></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Each Stockholder represents that (a)&#160;it is owned
    and controlled solely by U.S.&#160;persons, (b)&#160;that, to
    the extent it may be deemed to hold an attributable interest in
    New Holdco, the Company or any of their affiliates, it is
    legally qualified to hold such an attributable interest in a
    broadcast licensee under the regulations of the Federal
    Communication Commission (&#147;<U>FCC</U>&#148;) and
    (c)&#160;that none of (i)&#160;such Stockholder or (ii)&#160;any
    person holding an attributable interest in or through such
    Stockholder holds or will hold either (A)&#160;any attributable
    interest in any radio or television station or daily newspaper
    of general circulation (other than in the radio and television
    stations owned by the Company) in any market in which New
    Holdco, the Company or any of their affiliates has any
    attributable media interest, or (B)&#160;any other media
    interest that New Holdco determines in good faith after good
    faith consultation with its FCC counsel and FCC counsel for such
    Stockholder, reasonably could be expected to impede or delay the
    ability of New Holdco, the Company or their affiliates to hold
    or acquire interests in radio or television stations or daily
    newspapers of general circulation or to obtain any regulatory
    approval necessary or appropriate for the consummation of the
    transactions described in the Agreement and Plan of Merger (the
    interests described in (A)&#160;and (B)&#160;immediately above
    being referred to hereafter as &#147;<U>Conflicting
    Interests</U>.&#148;) The terms &#147;attributable,&#148;
    &#147;attributable interest,&#148; &#147;radio and television
    station,&#148; &#147;market&#148; and &#147;daily newspaper of
    general circulation&#148; as used in this Agreement shall be
    construed consistent with 47&#160;C.F.R. &#167;&#160;73.3555 (or
    any successor provision) of the regulations of the FCC and the
    notes thereto, as in effect from time to time. For purposes of
    this Agreement, with respect to any Stockholder, the term
    &#147;affiliate&#148; shall include any person or entity
    controlling, controlled by or under common control with such
    Stockholder. In the event that a Stockholder or any person
    holding an attributable interest in or through such Stockholder
    holds or is anticipated to hold a Conflicting Interest, such
    Stockholder and its affiliates shall take Curative Action, as
    defined below. &#147;<U>Curative Action</U>&#148; means action
    promptly taken (but in any event within twenty
    (20)&#160;calendar days or such lesser period as may be
    necessary to avoid delay in obtaining necessary regulatory
    approvals) by which a party shall (A)&#160;divest or cause the
    divestiture of any Conflicting Interest, (B)&#160;render the
    Conflicting Interest non-attributable, or (C)&#160;render any
    interest of such party in New&#160;Holdco, the Company, and
    their affiliates non-attributable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;If any affiliate of a Stockholder should be deemed to
    hold or anticipated to hold an attributable interest in New
    Holdco, the Company or any of their affiliates, such Stockholder
    and any such affiliate shall immediately notify New Holdco and
    shall either:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;certify to New Holdco in writing (a)&#160;that such
    affiliate is legally qualified to hold such an attributable
    interest in a broadcast licensee under FCC regulations and
    (b)&#160;that none of (i)&#160;such affiliate or (ii)&#160;any
    person holding an attributable interest in or through such
    affiliate holds or will hold a Conflicting Interest;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;if such Stockholders and such affiliate are not able
    or do not elect so to certify, such Stockholders and such
    affiliate shall take Curative Action.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Each Stockholder shall furnish and certify promptly,
    and shall cause each of its affiliates to furnish and certify
    promptly, to New Holdco such information and additional
    information as New Holdco may reasonably request and make, in
    cooperation with New Holdco, such filings with or disclosures to
    the FCC as are applicable to persons holding attributable
    interests in New Holdco, the Company, or any of their
    affiliates. Without limiting any Stockholder&#146;s obligations
    under the foregoing sentence and the other provisions of this
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;7, New Holdco shall cooperate with the Stockholders
    and any affiliate of the Stockholders to minimize any request
    for information pursuant to Section&#160;10.2 of the Certificate
    of Incorporation of New Holdco and shall consult in good faith
    with the Stockholders and any affiliate of the Stockholders from
    which any information may be sought to avoid any unnecessary
    burden in the obtaining of information necessary to fulfill
    responsibilities of New Holdco, the Company and their affiliates
    to monitor compliance and complete reports and other submissions
    as may be required from time to time by the FCC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    8.&#160;<I><U>No Solicitation</U>.</I>&#160;&#160;From and after
    the date hereof until the Expiration Date, each Stockholder and
    each of its affiliates will not solicit proxies or become a
    &#147;participant&#148; in any solicitation (as such terms are
    defined in Regulation&#160;14A under the Securities Exchange Act
    of 1934)&#160;in opposition to the solicitation of proxies by
    the Company and the Parents for the Agreement and Plan of
    Merger. From and after the date hereof until the Expiration
    Date, in all public statements and public filings made with
    respect to the voting of the Covered Shares, each Stockholder
    and its affiliates will indicate that they are voting in favor
    of the Agreement and Plan of Merger and otherwise in accordance
    with Section&#160;1 above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    9.&#160;<I><U>Survival of Representations and
    Warranties</U>.</I>&#160;&#160;The representations and
    warranties contained herein shall not be deemed waived or
    otherwise affected by any investigation made by the other
    parties hereto. The representations and warranties contained
    herein shall expire with, and be terminated and extinguished
    upon, consummation of the Merger or termination of this
    Agreement in accordance with the terms hereof, but no party
    shall be relieved for prior breach thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    10.&#160;<I><U>Specific Enforcement</U>.</I>&#160;&#160;Each
    Stockholder has signed this Agreement intending to be legally
    bound thereby. Each Stockholder expressly agrees that this
    Agreement shall be specifically enforceable in any court of
    competent jurisdiction in accordance with its terms against such
    Stockholder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    11.&#160;<I><U>Counterparts</U>.</I>&#160;&#160;This Agreement
    may be executed in one or more counterparts, each of which will
    be deemed an original but all of which together shall constitute
    one and the same instrument.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    12.&#160;<I><U>No Waivers</U>.</I>&#160;&#160;No waivers of any
    breach of this Agreement extended by New Holdco, Parents or
    Mergerco to the Stockholders shall be construed as a waiver of
    any rights or remedies of New Holdco, the Parents or Mergerco
    with respect to any other stockholder of the Company who has
    executed an agreement substantially in the form of this
    Agreement with respect to shares of the Company held or
    subsequently held by such stockholder or with respect to any
    subsequent breach of the Stockholder or any other such
    stockholder of the Company. No waiver of any provisions hereof
    by either party shall be deemed a waiver of any other provisions
    hereof by any such party, nor shall any such waiver be deemed a
    continuing waiver of any provision hereof by such party.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    13.&#160;<I><U>Entire Agreement</U>.</I>&#160;&#160;This
    Agreement supersedes all prior agreements, written or oral,
    among the parties hereto with respect to the subject matter
    hereof and contains the entire agreement among the parties with
    respect to the subject matter hereof. This Agreement may not be
    amended, supplemented or modified, and no provisions hereof may
    be modified or waived, except by an instrument in writing signed
    by each party hereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    14.&#160;<I><U>Notices</U>.</I>&#160;&#160;All notices and other
    communications hereunder shall be in writing and shall be
    sufficient if sent by facsimile transmission (provided that any
    notice received by facsimile transmission or otherwise at the
    addressee&#146;s location on any business day after
    5:00&#160;p.m. (addressee&#146;s local time) shall be deemed to
    have been received at 9:00&#160;a.m. (addressee&#146;s local
    time) on the next business day), by reliable overnight delivery
    service (with proof of service), hand delivery or certified or
    registered mail (return receipt requested and first-class
    postage prepaid), addressed as follows (or at such other address
    for a party as shall be specified in a notice given in
    accordance with this Section):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;if to the Stockholders to:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Abrams Capital, LLC
</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    222 Berkeley Street
</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Boston, MA 02116
</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Phone:
    <FONT style="white-space: nowrap">(617)&#160;646-6100</FONT>
</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fax:
    <FONT style="white-space: nowrap">(617)&#160;646-6150</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="5%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Attn:
</TD>
    <TD align="left">
    David Abrams (dabrams@abramscapital.com)
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 12%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Bill Wall (bwall@abramscapital.com)
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-5
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;if to the Parents, New Holdco or Mergerco to:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Bain Capital Partners, LLC
</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    111 Huntington Avenue
</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Boston, MA 02199
</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Phone:
    <FONT style="white-space: nowrap">(617)&#160;516-2000</FONT>
</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fax:
    <FONT style="white-space: nowrap">(617)&#160;516-2010</FONT>
</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attn: John Connaughton
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Thomas H. Lee Partners, L.P.<BR>
    100 Federal Street<BR>
    Boston, MA 02110<BR>
    Phone:
    <FONT style="white-space: nowrap">(617)&#160;227-1050</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">(617)&#160;227-3514</FONT><BR>
    Attn: Scott Sperling
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    with a copy to:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ropes&#160;&#038; Gray LLP<BR>
    One International Place<BR>
    Boston, MA 02110<BR>
    Phone:
    <FONT style="white-space: nowrap">(617)&#160;951-7000</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">(617)&#160;951-7050</FONT><BR>
    Attn: David C. Chapin
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any party to this Agreement may give any notice or other
    communication hereunder using any other means (including
    personal delivery, messenger service, telex, ordinary mail or
    electronic mail), but no such notice of other communication
    shall be deemed to have been duly given unless and until it
    actually is received by the party for whom it is intended. Any
    party to this Agreement may change the address to which notices
    and other communications hereunder are to be delivered by giving
    the other parties to this Agreement notice in the manner herein
    set forth.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    15.&#160;<I><U>No Third Party
    Beneficiaries</U>.</I>&#160;&#160;This Agreement is not
    intended, and shall not be deemed, to confer any rights or
    remedies upon any person other than the parties hereto and their
    respective successors and permitted assigns or to otherwise
    create any third-party beneficiary hereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    16.&#160;<I><U>Assignment</U>.</I>&#160;&#160;Neither this
    Agreement nor any of the rights, interests or obligations under
    this Agreement may be assigned or delegated, in whole or in
    part, by operation of law or otherwise by any of the parties
    hereto without the prior written consent of the other parties,
    and any such assignment without such prior written consent shall
    be null and void, except that New Holdco and Mergerco may assign
    this Agreement to any direct or indirect wholly owned subsidiary
    of New Holdco or Mergerco, as the case may be, without the
    consent of the Stockholders (provided that New Holdco or
    Mergerco, as the case may be, shall remain liable for all of its
    obligations under this Agreement) and the Stockholders may
    assign this Agreement in connection with any permitted transfer
    of shares hereunder (provided that the transferee agrees in
    writing to be bound by the terms of this Agreement). Subject to
    the preceding sentence, this Agreement shall be binding upon,
    inure to the benefit of, and be enforceable by, the parties
    hereto and their respective successors and permitted assigns,
    heirs, executors, administrators and other legal
    representatives, as the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    17.&#160;<I><U>Severability</U>.</I>&#160;&#160;If any term or
    other provision of this Agreement is invalid, illegal or
    incapable of being enforced by any rule of law, or public
    policy, all other conditions and provisions of this Agreement
    shall nevertheless remain in full force and effect so long as
    the economic or legal substance of the transactions contemplated
    hereby is not affected in any manner materially adverse to any
    party. Upon such determination that any term or other provision
    is invalid, illegal or incapable of being enforced, the parties
    hereto shall negotiate in good faith to modify this Agreement so
    as to effect the original intent of the parties as closely as
    possible in a mutually acceptable manner in order that the
    transactions contemplated hereby be consummated as originally
    contemplated to the fullest extent possible.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-6
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    18.&#160;<I><U>Interpretation</U>.</I>&#160;&#160;When reference
    is made in this Agreement to a Section, such reference shall be
    to a Section of this Agreement, unless otherwise indicated. The
    headings contained in this Agreement are for convenience of
    reference only and shall not affect in any way the meaning or
    interpretation of this Agreement. The language used in this
    Agreement shall be deemed to be the language chosen by the
    parties hereto to express their mutual intent, and no rule of
    strict construction shall be applied against any party. Whenever
    the context may require, any pronouns used in this Agreement
    shall include the corresponding masculine, feminine or neuter
    forms, and the singular form of nouns and pronouns shall include
    the plural, and vice versa. Any reference to any federal, state,
    local or foreign statute or law shall be deemed also to refer to
    all rules and regulations promulgated thereunder, unless the
    context requires otherwise. Whenever the words
    &#147;include,&#148; &#147;includes&#148; or
    &#147;including&#148; are used in this Agreement, they shall be
    deemed to be followed by the words &#147;without
    limitation.&#148; No summary of this Agreement prepared by the
    parties shall affect in any way the meaning or interpretation of
    this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    19.&#160;<I><U>Governing Law</U>.</I>&#160;&#160;This Agreement,
    and all claims or causes of action (whether in contract or tort)
    that may be based upon, arise out or relate to this Agreement or
    the negotiation, execution or performance of this Agreement
    (including any claim or cause of action based upon, arising out
    of or related to any representation or warranty made in or in
    connection with this Agreement or as an inducement to enter into
    this Agreement), shall be governed by the internal laws of the
    State of New York without giving effect to any choice or
    conflict of laws provision or rule.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    20.&#160;<I><U>Waiver of Jury Trial</U>.</I>&#160;&#160;Each of
    the parties hereto hereby waives to the fullest extent permitted
    by applicable Law any right it may have to a trial by jury with
    respect to any litigation directly or indirectly arising out of,
    under or in connection with this Agreement. Each of the parties
    hereto (a)&#160;certifies that no representative, agent or
    attorney of any other party has represented, expressly or
    otherwise, that such other party would not, in the event of
    litigation, seek to enforce that foregoing waiver and
    (b)&#160;acknowledges that it and the other parties hereto have
    been induced to enter into this Agreement by, among other
    things, the mutual waivers and certifications in this
    Section&#160;20.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    21.&#160;<I><U>Headings</U>.</I>&#160;&#160;The descriptive
    headings contained in this Agreement are included for
    convenience of reference only and shall not affect in any way
    the meaning or interpretation of this Agreement.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">[SIGNATURE
    PAGE&#160;FOLLOWS]</FONT></B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    IN WITNESS WHEREOF, each of the parties hereto has caused this
    Agreement to be signed individually or by its respective duly
    authorized officer as of the date first written above.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>STOCKHOLDERS:</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>ABRAMS CAPITAL PARTNERS&#160;I, LP</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    Pamet Capital Management, LP, its investment advisor
</TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    Pamet Capital Management, LLC, its general partner
</TD>
</TR>


<TR style="line-height: 48pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;David
    Abrams</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;David Abrams
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    &#160;&#160;Managing Member
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>ABRAMS CAPITAL PARTNERS II, LP</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
     Pamet Capital Management, LP, its investment advisor
</TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    Pamet Capital Management, LLC, its general partner
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;David
    Abrams </DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;David Abrams
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    &#160;&#160;Managing Member
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHITECREST PARTNERS, LP</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    Pamet Capital Management, LP, its investment advisor
</TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    Pamet Capital Management, LLC, its general partner
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 40pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;David
    Abrams </DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;David Abrams
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    &#160;&#160;Managing Member
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>ABRAMS CAPITAL INTERNATIONAL, LTD.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    Pamet Capital Management, LP, its investment advisor
</TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    Pamet Capital Management, LLC, its general partner
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 40pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;David
    Abrams</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;David Abrams
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    &#160;&#160;&#160;Managing Member
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>RIVA CAPITAL PARTNERS, LP</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="3%"></TD>
    <TD width="48%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:
</TD>
    <TD align="left">
    Abrams Capital Management, LLC, its investment adviser
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 40pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;David
    Abrams </DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;David Abrams
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    &#160;&#160;&#160;Managing Member
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>MERGERCO:</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BT TRIPLE CROWN MERGER CO., INC.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    Sperling</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Scott Sperling
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    &#160;&#160;&#160;Co-President
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PARENTS:</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>B TRIPLE CROWN FINCO, LLC</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;John
    Connaughton</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;John Connaughton
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    &#160;&#160;&#160;Managing Director
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-9
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>T TRIPLE CROWN FINCO, LLC</B>
</DIV>

<DIV style="margin-top: 40pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    Sperling</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Scott Sperling
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    &#160;&#160;Co-President
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NEW HOLDCO:</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CC MEDIA HOLDINGS, INC.</B>
</DIV>

<DIV style="margin-top: 40pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    Sperling</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Scott Sperling
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    &#160;&#160;President
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='366'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ANNEX&#160;G</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="d57053d5705300.gif" alt="(goldman sachs logo)"><B> </B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">PERSONAL
    AND CONFIDENTIAL</FONT></U></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    May&#160;13, 2008
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Board of Directors
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Clear Channel Communications, Inc.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    200 East Basse Road
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    San&#160;Antonio, TX 78209
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Madame and Gentlemen:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You have requested our opinion as to the fairness from a
    financial point of view to the holders of Public Shares (as
    defined in the Agreement (as defined below)) of the $36.00 in
    cash per Public Share (the &#147;Cash Consideration&#148;) that
    holders of Public Shares can elect to receive pursuant to the
    Agreement and Plan of Merger, dated as of November&#160;16, 2006
    (the &#147;Original Agreement&#148;), by and among BT Triple
    Crown Merger Co., Inc., an affiliate of Bain Capital Partners,
    LLC (&#147;Bain&#148;) and Thomas H. Lee Partners, L.P.
    (&#147;THLee&#148; and, together with Bain, the
    &#147;Investors&#148;), B Triple Crown Finco, LLC, an affiliate
    of Bain, T Triple Crown Finco, LLC, an affiliate of THLee, CC
    Media Holdings, Inc., formerly known as BT Triple Crown Capital
    Holdings III, Inc. (the &#147;New Holdco&#148;), and Clear
    Channel Communications, Inc. (the &#147;Company&#148;), as
    amended by Amendment No.&#160;1 thereto, dated as of
    April&#160;18, 2007, and Amendment No.&#160;2 thereto, dated as
    of May&#160;17, 2007 (the &#147;Amended Agreement&#148;), and as
    further amended by Amendment No.&#160;3 to the Amended
    Agreement, dated as of May&#160;13, 2008 (&#147;Amendment
    No.&#160;3&#148;, and together with the Amended Agreement, the
    &#147;Agreement&#148;). We understand that holders of Public
    Shares may elect to receive one share of Class&#160;A common
    stock, par value $0.001 per share (&#147;New Holdco Class&#160;A
    Common Stock&#148;), of New Holdco in lieu of the Cash
    Consideration, subject to proration as set forth in the
    Agreement, and as to which we express no opinion, such that the
    maximum aggregate number of Public Shares to be converted into
    the right to receive New Holdco Class&#160;A Common Stock shall
    not exceed 30% of the total number of shares of capital stock of
    New Holdco outstanding as of the closing date of the merger
    contemplated by the Agreement (the &#147;Merger&#148;) after
    giving effect to the Merger and the conversion of shares
    contemplated by the Agreement. We also understand that, if a
    sufficient number of New Holdco Class&#160;A Common Stock share
    elections are not made, holders of Public Shares that elect Cash
    Consideration would be required to receive in lieu of up to
    $1.00 of the Cash Consideration, shares of New Holdco
    Class&#160;A Common Stock. We further understand that under the
    Agreement, if the Effective Time (as defined in the Agreement)
    occurs after November&#160;1, 2008, the holders of Public Shares
    will also receive the Additional Per Share Consideration (as
    defined in the Agreement) in cash.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Goldman, Sachs&#160;&#038; Co. and its affiliates are engaged in
    investment banking and financial advisory services, securities
    trading, investment management, principal investment, financial
    planning, benefits counseling, risk management, hedging,
    financing, brokerage activities and other financial and
    non-financial activities and services for various persons and
    entities. In the ordinary course of these activities, Goldman,
    Sachs&#160;&#038; Co. and its affiliates may provide such
    services to the Company and its affiliates and each of the
    Investors and their respective affiliates and portfolio
    companies, may at any time make or hold long or short positions
    and investments, as well as actively trade or effect
    transactions, in the equity, debt and other securities (or
    related derivative securities) and financial instruments
    (including bank loans and other obligations) of the Company and
    the respective affiliates and portfolio companies of each of the
    Investors for their own account and for the accounts of their
    customers. Affiliates of Goldman, Sachs&#160;&#038; Co. have
    co-invested with each of the Investors and their respective
    affiliates from time to time and such affiliates of Goldman,
    Sachs&#160;&#038; Co. have invested and may invest in the future
    in limited partnership units of affiliates of each of the
    Investors. We have acted as financial advisor to the Company in
    connection with, and have participated in certain of the
    negotiations leading to, the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    G-1
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    transaction contemplated by the Agreement
    (the&#160;&#147;Transaction&#148;). We expect to receive fees
    for our services in connection with the Transaction, the
    principal portion of which is contingent upon consummation of
    the Transaction, and the Company has agreed to reimburse our
    expenses and indemnify us against certain liabilities arising
    out of our engagement. In addition, at the request of the Board
    of Directors of the Company, Goldman Sachs Credit Partners L.P.,
    an affiliate of Goldman, Sachs&#160;&#038; Co., made available a
    financing package to the Investors in connection with the
    Original Agreement. We also have provided and are currently
    providing certain investment banking and other financial
    services to the Company and its affiliates, including having
    acted as global coordinator and senior bookrunning manager in
    connection with the initial public offering of
    35,000,000&#160;shares of Class&#160;A common stock, par value
    $0.01 per share (&#147;Outdoor Class&#160;A Common Stock&#148;),
    of Clear Channel Outdoor Holdings, Inc., a subsidiary of the
    Company (&#147;Outdoor&#148;), in November 2005, as financial
    advisor to the Company in connection with the spin-off of Live
    Nation, Inc., a former subsidiary of the Company, in December
    2005, and as financial advisor to the Company in connection with
    the sale of the Company&#146;s television assets in March 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have provided and are currently providing certain investment
    banking and other financial services to THLee and its affiliates
    and portfolio companies, including having acted as financial
    advisor to Houghton Mifflin Holding Company, Inc., a former
    portfolio company of THLee, in connection with its sale in
    December 2006, as joint lead arranger and joint bookrunner in
    connection with senior secured credit facilities (aggregate
    principal amount $5,000,000,000) in connection with the
    acquisition of Aramark Corporation by THLee acting together with
    a consortium of private equity companies and management in
    January 2007, and as joint lead arranger and joint bookrunner in
    connection with senior secured credit facilities (aggregate
    principal amount $1,600,000,000) of Spectrum Brands, Inc., a
    portfolio company of THLee, in April 2007. We have provided and
    are currently providing certain investment banking and other
    financial services to Bain and its affiliates and portfolio
    companies, including having acted as lead arranger in connection
    with the leveraged recapitalization of Brenntag AG, a former
    portfolio company of Bain (&#147;Brenntag&#148;), in January
    2006, as co-financial advisor to Brenntag in connection with its
    sale in September 2006, and as financial advisor to Houghton
    Mifflin Holding Company, Inc., a former portfolio company of
    Bain, in connection with its sale in December 2006; and having
    entered into financing commitments to provide financing to an
    affiliate of Bain in connection with its acquisition of Bright
    Horizons Family Solutions, Inc. in January 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We also may provide investment banking and other financial
    services to the Company and its affiliates and each of the
    Investors and their respective affiliates and portfolio
    companies in the future. In connection with the above-described
    services we have received, and may receive, compensation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with this opinion, we have reviewed, among other
    things, the Agreement; annual reports to shareholders and Annual
    Reports on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    of the Company for the five years ended December&#160;31, 2007
    and for Outdoor for the three years ended December&#160;31,
    2007; Outdoor&#146;s Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    including the prospectus contained therein, dated
    November&#160;10, 2005, relating to the Outdoor Class&#160;A
    Common Stock; certain interim reports to shareholders and
    Quarterly Reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    of the Company and Outdoor; certain other communications from
    the Company and Outdoor to their respective shareholders; and
    certain internal financial analyses and forecasts for the
    Company prepared by the management of the Company and approved
    for our use by the Company, which included financial analyses
    and forecasts for Outdoor (the &#147;Forecasts&#148;). We also
    have held discussions with members of the senior managements of
    the Company and Outdoor regarding their assessment of the past
    and current business operations, financial condition and future
    prospects of the Company and Outdoor. In addition, we have
    reviewed the reported price and trading activity for the common
    stock, par value $0.10 per share (&#147;Company Common
    Stock&#148;), of the Company and the Outdoor Class&#160;A Common
    Stock, compared certain financial and stock market information
    for the Company and Outdoor with similar information for certain
    other companies the securities of which are publicly traded,
    reviewed the financial terms of certain recent business
    combinations in the broadcasting and outdoor advertising
    industries specifically and in other industries generally and
    performed such other studies and analyses, and considered such
    other factors, as we considered appropriate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of rendering this opinion, we have relied upon and
    assumed, without assuming any responsibility for independent
    verification, the accuracy and completeness of all of the
    financial, accounting, legal, regulatory, tax and other
    information provided to, discussed with or reviewed by us. In
    that regard, we have assumed with your consent that the
    Forecasts have been reasonably prepared on a basis reflecting
    the best currently available estimates
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    G-2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and judgments of the management of the Company. We have also
    assumed, with your consent, that the transaction contemplated by
    the Amended Agreement may not be consummated as the Company may
    not be able to enforce the terms of the Amended Agreement
    through litigation or otherwise. In addition, we have not made
    an independent evaluation or appraisal of the assets and
    liabilities (including any contingent, derivative or
    off-balance-sheet assets and liabilities) of the Company,
    Outdoor or any of their respective subsidiaries and we have not
    been furnished with any such evaluation or appraisal. Our
    opinion does not address any legal, regulatory, tax or
    accounting matters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our opinion does not address the underlying business decision of
    the Company to engage in the Transaction or the relative merits
    of the Transaction as compared to any alternative transaction
    that might be available to the Company. This opinion addresses
    only the fairness from a financial point of view to the holders
    of Public Shares, as of the date hereof, of the Cash
    Consideration to be received by such holders pursuant to the
    Agreement. We do not express any view on, and our opinion does
    not address, any other term or aspect of the Agreement or
    Transaction, including, without limitation, the parties&#146;
    respective rights and obligations under the Amended Agreement,
    the decision of the Company to enter into Amendment No.&#160;3.,
    the fairness of the Transaction to, or any consideration
    received in connection therewith by, the holders of any other
    class of securities, creditors, or other constituencies of the
    Company; nor as to the fairness of the amount or nature of any
    compensation to be paid or payable to any of the officers,
    directors or employees of the Company, or class of such persons
    in connection with the Transaction, whether relative to the Cash
    Consideration to be received by holders of Public Shares
    pursuant to the Agreement or otherwise. We express no opinion as
    to the impact of the Transaction on the solvency or viability of
    New Holdco or the ability of New Holdco to pay its obligations
    when they become due. We express no opinion as to the value that
    the Company may recover in the event that it proceeds with its
    existing suit against the banks that have agreed to provide
    financing commitments for the Transaction. Our opinion is
    necessarily based on economic, monetary, market and other
    conditions as in effect on, and the information made available
    to us as of, the date hereof and we assume no responsibility for
    updating, revising or reaffirming this opinion based on
    circumstances, developments or events occurring after the date
    hereof. Our advisory services and the opinion expressed herein
    are provided for the information and assistance of the Board of
    Directors of the Company in connection with its consideration of
    the Transaction and such opinion does not constitute a
    recommendation as to how any holder of Company Common Stock
    should vote or make any election with respect to such
    Transaction. This opinion has been approved by a fairness
    committee of Goldman, Sachs&#160;&#038; Co.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are not expressing any opinion herein as to the value of the
    New Holdco Class&#160;A Common Stock or the prices at which the
    New Holdco Class&#160;A Common Stock may trade if and when they
    are issued or whether any market would develop for the New
    Holdco Class&#160;A Common Stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based upon and subject to the foregoing, it is our opinion that,
    as of the date hereof, the Cash Consideration to be received by
    the holders of Public Shares pursuant to the Agreement is fair
    from a financial point of view to such holders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Very truly yours,
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Goldman,
    Sachs&#160;&#038; Co.</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (GOLDMAN, SACHS&#160;&#038; CO.)
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    G-3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV align="left"><A name="367">
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ANNEX&#160;H</FONT></B>
</DIV>
</A>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ARTICLE&#160;5.11&#160;&#151;
    5.13 OF THE TEXAS BUSINESS CORPORATION ACT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Art.&#160;&#160;5.11. RIGHTS OF DISSENTING SHAREHOLDERS IN
    THE EVENT OF CERTAIN CORPORATE ACTIONS.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A.&#160;Any shareholder of a domestic corporation shall have the
    right to dissent from any of the following corporate actions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;Any plan of merger to which the corporation is a party
    if shareholder approval is required by Article&#160;5.03 or 5.16
    of this Act and the shareholder holds shares of a class or
    series that was entitled to vote thereon as a class or otherwise;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;Any sale, lease, exchange or other disposition (not
    including any pledge, mortgage, deed of trust or trust indenture
    unless otherwise provided in the articles of incorporation) of
    all, or substantially all, the property and assets, with or
    without good will, of a corporation if special authorization of
    the shareholders is required by this Act and the shareholders
    hold shares of a class or series that was entitled to vote
    thereon as a class or otherwise;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;Any plan of exchange pursuant to Article&#160;5.02 of
    this Act in which the shares of the corporation of the class or
    series held by the shareholder are to be acquired.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    B.&#160;Notwithstanding the provisions of Section&#160;A of this
    Article, a shareholder shall not have the right to dissent from
    any plan of merger in which there is a single surviving or new
    domestic or foreign corporation, or from any plan of exchange,
    if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;the shares, or depository receipts in respect of the
    shares, held by the shareholder are part of a class or series,
    shares, or depository receipts in respect of the shares, of
    which are on the record date fixed to determine the shareholders
    entitled to vote on the plan of merger or plan of exchange:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;listed on a national securities exchange;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;listed on the Nasdaq Stock Market (or successor
    quotation system) or designated as a national market security on
    an interdealer quotation system by the National Association of
    Securities Dealers, Inc., or successor entity;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;held of record by not less than 2,000 holders;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;the shareholder is not required by the terms of the
    plan of merger or plan of exchange to accept for the
    shareholder&#146;s shares any consideration that is different
    than the consideration (other than cash in lieu of fractional
    shares that the shareholder would otherwise be entitled to
    receive) to be provided to any other holder of shares of the
    same class or series of shares held by such shareholder;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;the shareholder is not required by the terms of the
    plan of merger or the plan of exchange to accept for the
    shareholder&#146;s shares any consideration other than:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;shares, or depository receipts in respect of the
    shares, of a domestic or foreign corporation that, immediately
    after the effective time of the merger or exchange, will be part
    of a class or series, shares, or depository receipts in respect
    of the shares, of which are:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;listed, or authorized for listing upon official notice
    of issuance, on a national securities exchange;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;approved for quotation as a national market security
    on an interdealer quotation system by the National Association
    of Securities Dealers, Inc., or successor entity;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;held of record by not less than 2,000 holders;
</DIV>

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    <BR>
    H-1
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<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;cash in lieu of fractional shares otherwise entitled to
    be received;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;any combination of the securities and cash described in
    Subdivisions (a)&#160;and (b)&#160;of this subsection.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Art.&#160;&#160;5.12. PROCEDURE FOR DISSENT BY SHAREHOLDERS
    AS TO SAID CORPORATE ACTIONS.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A.&#160;Any shareholder of any domestic corporation who has the
    right to dissent from any of the corporate actions referred to
    in Article&#160;5.11 of this Act may exercise that right to
    dissent only by complying with the following procedures:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)(a) With respect to proposed corporate action that is
    submitted to a vote of shareholders at a meeting, the
    shareholder shall file with the corporation, prior to the
    meeting, a written objection to the action, setting out that the
    shareholder&#146;s right to dissent will be exercised if the
    action is effective and giving the shareholder&#146;s address,
    to which notice thereof shall be delivered or mailed in that
    event. If the action is effected and the shareholder shall not
    have voted in favor of the action, the corporation, in the case
    of action other than a merger, or the surviving or new
    corporation (foreign or domestic) or other entity that is liable
    to discharge the shareholder&#146;s right of dissent, in the
    case of a merger, shall, within ten (10)&#160;days after the
    action is effected, deliver or mail to the shareholder written
    notice that the action has been effected, and the shareholder
    may, within ten (10)&#160;days from the delivery or mailing of
    the notice, make written demand on the existing, surviving, or
    new corporation (foreign or domestic) or other entity, as the
    case may be, for payment of the fair value of the
    shareholder&#146;s shares. The fair value of the shares shall be
    the value thereof as of the day immediately preceding the
    meeting, excluding any appreciation or depreciation in
    anticipation of the proposed action. In computing the fair value
    of the shares under this article, consideration must be given to
    the value of the corporation as a going concern without
    including in the computation of value any control premium, any
    minority discount, or any discount for lack of marketability. If
    the corporation has different classes or series of shares, the
    relative rights and preferences of and limitations placed on the
    class or series of shares, other than relative voting rights,
    held by the dissenting shareholder must be taken into account in
    the computation of value. The demand shall state the number and
    class of the shares owned by the shareholder and the fair value
    of the shares as estimated by the shareholder. Any shareholder
    failing to make demand within the ten (10)&#160;day period shall
    be bound by the action.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;With respect to proposed corporate action that is
    approved pursuant to Section&#160;A of Article&#160;9.10 of this
    Act, the corporation, in the case of action other than a merger,
    and the surviving or new corporation (foreign or domestic) or
    other entity that is liable to discharge the shareholder&#146;s
    right of dissent, in the case of a merger, shall, within ten
    (10)&#160;days after the date the action is effected, mail to
    each shareholder of record as of the effective date of the
    action notice of the fact and date of the action and that the
    shareholder may exercise the shareholder&#146;s right to dissent
    from the action. The notice shall be accompanied by a copy of
    this Article and any articles or documents filed by the
    corporation with the Secretary of State to effect the action. If
    the shareholder shall not have consented to the taking of the
    action, the shareholder may, within twenty (20)&#160;days after
    the mailing of the notice, make written demand on the existing,
    surviving, or new corporation (foreign or domestic) or other
    entity, as the case may be, for payment of the fair value of the
    shareholder&#146;s shares. The fair value of the shares shall be
    the value thereof as of the date the written consent authorizing
    the action was delivered to the corporation pursuant to
    Section&#160;A of Article&#160;9.10 of this Act, excluding any
    appreciation or depreciation in anticipation of the action. The
    demand shall state the number and class of shares owned by the
    dissenting shareholder and the fair value of the shares as
    estimated by the shareholder. Any shareholder failing to make
    demand within the twenty (20)&#160;day period shall be bound by
    the action.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;Within twenty (20)&#160;days after receipt by the
    existing, surviving, or new corporation (foreign or domestic) or
    other entity, as the case may be, of a demand for payment made
    by a dissenting shareholder in accordance with
    Subsection&#160;(1) of this Section, the corporation (foreign or
    domestic) or other entity shall deliver or mail to the
    shareholder a written notice that shall either set out that the
    corporation (foreign or domestic) or other entity accepts the
    amount claimed in the demand and agrees to pay that amount
    within ninety (90)&#160;days after the date on which the action
    was effected, and, in the case of shares represented by
</DIV>

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    <BR>
    H-2
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    certificates, upon the surrender of the certificates duly
    endorsed, or shall contain an estimate by the corporation
    (foreign or domestic) or other entity of the fair value of the
    shares, together with an offer to pay the amount of that
    estimate within ninety (90)&#160;days after the date on which
    the action was effected, upon receipt of notice within sixty
    (60)&#160;days after that date from the shareholder that the
    shareholder agrees to accept that amount and, in the case of
    shares represented by certificates, upon the surrender of the
    certificates duly endorsed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;If, within sixty (60)&#160;days after the date on which
    the corporate action was effected, the value of the shares is
    agreed upon between the shareholder and the existing, surviving,
    or new corporation (foreign or domestic) or other entity, as the
    case may be, payment for the shares shall be made within ninety
    (90)&#160;days after the date on which the action was effected
    and, in the case of shares represented by certificates, upon
    surrender of the certificates duly endorsed. Upon payment of the
    agreed value, the shareholder shall cease to have any interest
    in the shares or in the corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    B.&#160;If, within the period of sixty (60)&#160;days after the
    date on which the corporate action was effected, the shareholder
    and the existing, surviving, or new corporation (foreign or
    domestic) or other entity, as the case may be, do not so agree,
    then the shareholder or the corporation (foreign or domestic) or
    other entity may, within sixty (60)&#160;days after the
    expiration of the sixty (60)&#160;day period, file a petition in
    any court of competent jurisdiction in the county in which the
    principal office of the domestic corporation is located, asking
    for a finding and determination of the fair value of the
    shareholder&#146;s shares. Upon the filing of any such petition
    by the shareholder, service of a copy thereof shall be made upon
    the corporation (foreign or domestic) or other entity, which
    shall, within ten (10)&#160;days after service, file in the
    office of the clerk of the court in which the petition was filed
    a list containing the names and addresses of all shareholders of
    the domestic corporation who have demanded payment for their
    shares and with whom agreements as to the value of their shares
    have not been reached by the corporation (foreign or domestic)
    or other entity. If the petition shall be filed by the
    corporation (foreign or domestic) or other entity, the petition
    shall be accompanied by such a list. The clerk of the court
    shall give notice of the time and place fixed for the hearing of
    the petition by registered mail to the corporation (foreign or
    domestic) or other entity and to the shareholders named on the
    list at the addresses therein stated. The forms of the notices
    by mail shall be approved by the court. All shareholders thus
    notified and the corporation (foreign or domestic) or other
    entity shall thereafter be bound by the final judgment of the
    court.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    C.&#160;After the hearing of the petition, the court shall
    determine the shareholders who have complied with the provisions
    of this Article and have become entitled to the valuation of and
    payment for their shares, and shall appoint one or more
    qualified appraisers to determine that value. The appraisers
    shall have power to examine any of the books and records of the
    corporation the shares of which they are charged with the duty
    of valuing, and they shall make a determination of the fair
    value of the shares upon such investigation as to them may seem
    proper. The appraisers shall also afford a reasonable
    opportunity to the parties interested to submit to them
    pertinent evidence as to the value of the shares. The appraisers
    shall also have such power and authority as may be conferred on
    Masters in Chancery by the Rules of Civil Procedure or by the
    order of their appointment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    D.&#160;The appraisers shall determine the fair value of the
    shares of the shareholders adjudged by the court to be entitled
    to payment for their shares and shall file their report of that
    value in the office of the clerk of the court. Notice of the
    filing of the report shall be given by the clerk to the parties
    in interest. The report shall be subject to exceptions to be
    heard before the court both upon the law and the facts. The
    court shall by its judgment determine the fair value of the
    shares of the shareholders entitled to payment for their shares
    and shall direct the payment of that value by the existing,
    surviving, or new corporation (foreign or domestic) or other
    entity, together with interest thereon, beginning 91&#160;days
    after the date on which the applicable corporate action from
    which the shareholder elected to dissent was effected to the
    date of such judgment, to the shareholders entitled to payment.
    The judgment shall be payable to the holders of uncertificated
    shares immediately but to the holders of shares represented by
    certificates only upon, and simultaneously with, the surrender
    to the existing, surviving, or new corporation (foreign or
    domestic) or other entity, as the case may be, of duly endorsed
    certificates for those shares. Upon payment of the judgment, the
    dissenting shareholders shall cease to have any interest in
    those shares or in the corporation. The court shall allow the
    appraisers a reasonable fee as court costs, and all court costs
    shall be allotted between the parties in the manner that the
    court determines to be fair and equitable.
</DIV>

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    <BR>
    H-3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    E.&#160;Shares acquired by the existing, surviving, or new
    corporation (foreign or domestic) or other entity, as the case
    may be, pursuant to the payment of the agreed value of the
    shares or pursuant to payment of the judgment entered for the
    value of the shares, as in this Article provided, shall, in the
    case of a merger, be treated as provided in the plan of merger
    and, in all other cases, may be held and disposed of by the
    corporation as in the case of other treasury shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    F.&#160;The provisions of this Article shall not apply to a
    merger if, on the date of the filing of the articles of merger,
    the surviving corporation is the owner of all the outstanding
    shares of the other corporations, domestic or foreign, that are
    parties to the merger.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    G.&#160;In the absence of fraud in the transaction, the remedy
    provided by this Article to a shareholder objecting to any
    corporate action referred to in Article&#160;5.11 of this Act is
    the exclusive remedy for the recovery of the value of his shares
    or money damages to the shareholder with respect to the action.
    If the existing, surviving, or new corporation (foreign or
    domestic) or other entity, as the case may be, complies with the
    requirements of this Article, any shareholder who fails to
    comply with the requirements of this Article shall not be
    entitled to bring suit for the recovery of the value of his
    shares or money damages to the shareholder with respect to the
    action.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Art.&#160;&#160;5.13. PROVISIONS AFFECTING REMEDIES OF
    DISSENTING SHAREHOLDERS.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A.&#160;Any shareholder who has demanded payment for his shares
    in accordance with either Article&#160;5.12 or 5.16 of this Act
    shall not thereafter be entitled to vote or exercise any other
    rights of a shareholder except the right to receive payment for
    his shares pursuant to the provisions of those articles and the
    right to maintain an appropriate action to obtain relief on the
    ground that the corporate action would be or was fraudulent, and
    the respective shares for which payment has been demanded shall
    not thereafter be considered outstanding for the purposes of any
    subsequent vote of shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    B.&#160;Upon receiving a demand for payment from any dissenting
    shareholder, the corporation shall make an appropriate notation
    thereof in its shareholder records. Within twenty (20)&#160;days
    after demanding payment for his shares in accordance with either
    Article&#160;5.12 or 5.16 of this Act, each holder of
    certificates representing shares so demanding payment shall
    submit such certificates to the corporation for notation thereon
    that such demand has been made. The failure of holders of
    certificated shares to do so shall, at the option of the
    corporation, terminate such shareholder&#146;s rights under
    Articles&#160;5.12 and 5.16 of this Act unless a court of
    competent jurisdiction for good and sufficient cause shown shall
    otherwise direct. If uncertificated shares for which payment has
    been demanded or shares represented by a certificate on which
    notation has been so made shall be transferred, any new
    certificate issued therefor shall bear similar notation together
    with the name of the original dissenting holder of such shares
    and a transferee of such shares shall acquire by such transfer
    no rights in the corporation other than those which the original
    dissenting shareholder had after making demand for payment of
    the fair value thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    C.&#160;Any shareholder who has demanded payment for his shares
    in accordance with either Article&#160;5.12 or 5.16 of this Act
    may withdraw such demand at any time before payment for his
    shares or before any petition has been filed pursuant to
    Article&#160;5.12 or 5.16 of this Act asking for a finding and
    determination of the fair value of such shares, but no such
    demand may be withdrawn after such payment has been made or,
    unless the corporation shall consent thereto, after any such
    petition has been filed. If, however, such demand shall be
    withdrawn as hereinbefore provided, or if pursuant to
    Section&#160;B of this Article the corporation shall terminate
    the shareholder&#146;s rights under Article&#160;5.12 or 5.16 of
    this Act, as the case may be, or if no petition asking for a
    finding and determination of fair value of such shares by a
    court shall have been filed within the time provided in
    Article&#160;5.12 or 5.16 of this Act, as the case may be, or if
    after the hearing of a petition filed pursuant to
    Article&#160;5.12 or 5.16, the court shall determine that such
    shareholder is not entitled to the relief provided by those
    articles, then, in any such case, such shareholder and all
    persons claiming under him shall be conclusively presumed to
    have approved and ratified the corporate action from which he
    dissented and shall be bound thereby, the right of such
    shareholder to be paid the fair value of his shares shall cease,
    and his status as a shareholder shall be restored without
    prejudice to any corporate proceedings which may have been taken
    during the interim, and such shareholder shall be entitled to
    receive any dividends or other distributions made to
    shareholders in the interim.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    H-4
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II<BR>
INFORMATION NOT REQUIRED IN PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;20. </B><B><I>Indemnification of Directors and Officers.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below summarizes the material indemnification provisions of the Delaware
General Corporation Law (&#147;DGCL&#148;) and the certificate of incorporation of Holdings that will be in
effect as of the effective time of the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;102(b)(7) of the DGCL permits a corporation to include in its certificate of
incorporation a provision eliminating or limiting the personal liability of a director to the
corporation or its shareholders for monetary damages for breach of fiduciary duty as a director,
provided that such provision may not eliminate or limit the liability of a director for any breach
of the director&#146;s duty of loyalty to the corporation or its shareholders, for acts or omissions
that are not in good faith or that involve intentional misconduct or a knowing violation of law,
for the payment of unlawful dividends, or for any transaction from which the director derived an
improper personal benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, pursuant to Section&nbsp;145 of the DGCL, Holdings generally has the power to
indemnify its current and former directors, officers, employees and agents against expenses and
liabilities that they incur in connection with any suit to which they are, or are threatened to be
made, a party by reason of their serving in such positions so long as they acted in good faith and
in a manner they reasonably believed to be in, or not opposed to, Holdings&#146; best interests, and
with respect to any criminal action, they had no reasonable cause to believe their conduct was
unlawful. The statute expressly provides that the power to indemnify or advance expenses authorized
thereby is not exclusive of any rights granted under any bylaw, agreement, vote of shareholders or
disinterested directors, or otherwise, both as to action in such person&#146;s official capacity and as
to action in another capacity while holding such office. Holdings also has the power to purchase
and maintain insurance for such directors and officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings&#146; certificate of incorporation provides mandatory indemnification and, upon request,
advancement of expenses to any party who is or was a director or officer of Holdings or who is or
was serving as a director, officer, partner, trustee, employee or agent of another entity at the
request of Holdings to the maximum extent permitted by the DGCL. Holdings&#146; certificate of
incorporation provides that any person seeking indemnification will be deemed to have met the
applicable standard of conduct set forth in the certificate of incorporation unless the contrary is
established.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;21. </B><B><I>Exhibits and Financial Statement Schedules.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Exhibits</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.1&#134;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Agreement and Plan of Merger, dated as of November&nbsp;16, 2006, among Clear Channel Communications, Inc., BT Triple Crown
Merger Co., Inc., B Triple Crown Finco, LLC, and T Triple Crown Finco, LLC (included as Annex A to the proxy
statement/prospectus contained in this registration statement).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.2&#134;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amendment No.&nbsp;1, dated April&nbsp;18, 2007, to the Agreement and Plan of Merger, dated as of November&nbsp;16, 2006, among Clear
Channel Communications, Inc., BT Triple Crown Merger Co., Inc., B Triple Crown Finco, LLC, and T Triple Crown Finco, LLC
(included as Annex B to the proxy statement/prospectus contained in this registration statement).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.3&#134;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amendment No.&nbsp;2, dated as of May&nbsp;17, 2007, to the Agreement and Plan of Merger, dated as of November&nbsp;16, 2006, as amended
on April&nbsp;18, 2007, among Clear Channel Communications, Inc., BT Triple Crown Merger Co., Inc., B Triple Crown Finco, LLC,
T Triple Crown Finco, LLC, BT Triple Crown Capital Holdings III, Inc. (included as Annex C to the proxy
statement/prospectus contained in this registration statement).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.4&#134;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amendment No.&nbsp;3, dated as of May&nbsp;13, 2008, to the Agreement and Plan of Merger, dated as of November&nbsp;16, 2006, as amended
on April&nbsp;18, 2007, as amended on May&nbsp;17, 2007, among Clear Channel Communications, Inc., BT Triple Crown Merger Co.,
Inc., B Triple Crown Finco, LLC, T Triple Crown Finco, LLC, and CC Media Holdings, Inc., formerly known as BT Triple
Crown Capital Holdings III, Inc. (included as Annex D to the proxy statement/prospectus contained in this registration
statement).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Third Amended and Restated Certificate of Incorporation of CC Media Holdings Inc., formerly known as BT Triple Crown
Capital Holdings III, Inc. to be in effect as of the effective time of the Merger.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bylaws of CC Media Holdings, Inc. to be in effect as of the effective time of the Merger.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-1<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Ropes &#038; Gray LLP regarding the legality of the securities being registered.*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Ropes &#038; Gray LLP regarding certain federal income tax consequences discussed in this registration statement.*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amended and Restated Voting Agreement, dated as of May&nbsp;13, 2008, by and among CC Media Holdings, Inc., B Triple Crown
Finco, LLC, T Triple Crown Finco, LLC, BT Triple Crown Capital Holdings III, Inc., and Highfields Capital I LP,
Highfields Capital II LP, Highfields Capital III LP, and Highfields Capital Management LP (included as Annex E to the
proxy statement/prospectus contained in this registration statement).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Voting Agreement , dated as of May&nbsp;13, 2008, by and among CC Media Holdings, Inc., B Triple Crown Financing, LLC, T
Triple Crown Finco, LLC, BT Triple Crown Capital Holdings III, Inc., Abrams Capital Partners I, LP, Abrams Capital II,
LP, Whitecrest Partners, LP, Abrams Capital International, Ltd. And Riva Capital Partners, LP. (included as Annex&nbsp;F to the proxy statement/prospectus contained in this registration statement).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Letter Agreement dated May&nbsp;17, 2007, between B Triple Crown Finco, LLC, T Triple Crown Finco, LLC, L. Lowry Mays, Mark P.
Mays and Randall T. Mays.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Credit Agreement, dated May&nbsp;13, 2008 among BT Triple Crown Merger Co., Inc., the Subsidiary Co-Borrowers party thereto,
the Foreign Subsidiary Revolving Borrowers party thereto, Clear Channel Capital I, LLC, Citibank, N.A., Deutsche Bank AG
New York Branch, and the other lenders party thereto, with Deutsche Bank Securities Inc. and Morgan Stanley Senior
Funding, Inc., as Syndication Agents, Credit Suisse, Cayman Islands Branch, The Royal Bank of Scotland PLC and Wachovia
Capital Markets, LLC, as Co-Documentation Agents, and Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and
Morgan Stanley Senior Funding, Inc., as Joint Lead Arrangers and Joint Bookrunners.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Credit Agreement, dated May&nbsp;13, 2008 among BT Triple Crown Merger Co., Inc., the Several Subsidiary Borrowers party
thereto, Clear Channel Capital I, LLC, Citibank, N.A., Deutsche Bank Trust Company Americas, and the other lenders party
thereto, with Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding, Inc., as Syndication Agents, Credit
Suisse, Cayman Islands Branch, The Royal Bank of Scotland PLC and Wachovia Capital Markets, LLC, as Co-Documentation
Agents, and Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding, Inc., as
Joint Lead Arrangers and Joint Bookrunners.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Purchase Agreement, dated May&nbsp;13, 2008, by and among BT Triple Crown MergerCo., Inc., Deutsche Bank Securities Inc.,
Morgan Stanley &#038; Co. Incorporated, Citigroup Global Markets Inc., Credit Suisse Securities (USA)&nbsp;LLC, Greenwich Capital
Markets, Inc. and Wachovia Capital Markets, LLC; $980,000,000 10.75% Senior Cash Pay Notes due 2016, $1,330,000,000
11.00%/11.75% Senior Toggle Notes due 2016.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Ernst &#038; Young LLP, Independent Registered Public Accounting Firm for Clear Channel Communications, Inc.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Ropes &#038; Gray LLP (included in the opinion filed as Exhibit&nbsp;5.1 and Exhibit&nbsp;8.1 to this registration statement).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Powers of Attorney of Directors and Officers of the registrant (included on registration statement signature page).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Goldman, Sachs &#038; Co.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Clear Channel Communications, Inc. Proxy Card*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Election (for use by holders of Clear Channel Communications, Inc. common stock)*</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&#134;</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Item&nbsp;601(b)(2) of Regulation&nbsp;S-K, the Registrant hereby
agrees to furnish supplementally a copy of any omitted schedule to the
Securities and Exchange Commission upon request.</TD>
</TR>


<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>To be filed by amendment.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-2<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;22. </B><B><I>Undertakings.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of the Securities Act of
1933;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date
of the registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information in the
registration statement. Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would not exceed
that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the Commission
pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no
more than a 20% change in the maximum aggregate offering price set forth in the
&#147;Calculation of Registration Fee&#148; table in the effective registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to such
information in the registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant&#146;s annual report
pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where
applicable, each filing of an employee benefit plan&#146;s annual report pursuant to Section 15(d) of
the Securities Exchange Act of 1934) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The undersigned registrant hereby undertakes as follows: that prior to any public
reoffering of the securities registered hereunder through use of a prospectus which is a part of
this registration statement, by any person or party who is deemed to be an underwriter within
the meaning of Rule&nbsp;145(c), the issuer undertakes that such reoffering prospectus will contain
the information called for by the applicable registration form with respect to reofferings by
persons who may be deemed underwriters, in addition to the information called for by the other
items of the applicable form.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The registrant undertakes that every prospectus: (i)&nbsp;that is filed pursuant to
paragraph 1 immediately preceding, or (ii)&nbsp;that purports to meet the requirements of Section
10(a)(3) of the Securities Act of 1933 and is used in connection with an offering of securities
subject to Rule&nbsp;415, will be filed as part of an amendment to the registration statement and
will not be used until such amendment is effective, and that, for purposes of determining any
liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the registrant will,
unless in the opinion of its counsel the matter has been settled by controlling
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act of 1933 and
will be governed by the final adjudication of such issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes to respond to requests for information that is
incorporated by reference into the prospectus pursuant to Items 4, 10(b), 11 or 13 of this Form,
within one business day of receipt of such request, and to send the incorporated documents by first
class mail or other equally prompt means. This includes information contained in documents filed
subsequent to the effective date of the registration statement through the date of responding to
the request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes to supply by means of a post-effective amendment
all information concerning a transaction, and the company being acquired involved therein, that was
not the subject of and included in the registration statement when it became effective.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the registrant has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in
the City of Boston, State of Massachusetts, on June&nbsp;2, 2008.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CC Media Holdings, Inc.</B></TD>
    <TD>&nbsp;</TD>
</TR>



<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/  Scott M. Sperling&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Scott M. Sperling&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby
constitutes and appoints Charles A. Brizius and Ed Han, and each of them, his or her true and
lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all capacities, to sign, execute and file
this registration statement under the Securities Act and any and all amendments (including, without
limitation, post-effective amendments) to this registration statement, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents full power and authority to do and
perform each and every act and thing requisite and necessary to be done in connection therewith, as
fully to all intents and purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or their or his or her substitutes, may do
or cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the dates indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Scott M. Sperling
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2008</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Scott M. Sperling
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Scott M. Sperling
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2008</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Scott M. Sperling
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Scott M. Sperling
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2008</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Scott M. Sperling
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Principal Financial Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;John Connaughton
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2008</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Connaughton</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Steve Barnes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2008</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Steve Barnes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Richard J. Bressler
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2008</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard J. Bressler</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Charles A. Brizius
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2008</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Charles A. Brizius</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ed Han
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2008</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ed Han</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ian K. Loring
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2008</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ian K. Loring</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Kent R. Weldon
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;2, 2008</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kent R. Weldon</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.1&#134;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Agreement and Plan of Merger, dated as of November&nbsp;16, 2006, among Clear Channel Communications, Inc., BT Triple Crown
Merger Co., Inc., B Triple Crown Finco, LLC, and T Triple Crown Finco, LLC (included as Annex A to the proxy
statement/prospectus contained in this registration statement).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.2&#134;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amendment No.&nbsp;1, dated April&nbsp;18, 2007, to the Agreement and Plan of Merger, dated as of November&nbsp;16, 2006, among Clear
Channel Communications, Inc., BT Triple Crown Merger Co., Inc., B Triple Crown Finco, LLC, and T Triple Crown Finco, LLC
(included as Annex B to the proxy statement/prospectus contained in this registration statement).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.3&#134;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amendment No.&nbsp;2, dated as of May&nbsp;17, 2007, to the Agreement and Plan of Merger, dated as of November&nbsp;16, 2006, as amended
on April&nbsp;18, 2007, among Clear Channel Communications, Inc., BT Triple Crown Merger Co., Inc., B Triple Crown Finco, LLC,
T Triple Crown Finco, LLC, BT Triple Crown Capital Holdings III, Inc. (included as Annex C to the proxy
statement/prospectus contained in this registration statement).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.4&#134;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amendment No.&nbsp;3, dated as of May&nbsp;13, 2008, to the Agreement and Plan of Merger, dated as of November&nbsp;16, 2006, as amended
on April&nbsp;18, 2007, as amended on May&nbsp;17, 2007, among Clear Channel Communications, Inc., BT Triple Crown Merger Co., Inc.,
B Triple Crown Finco, LLC, T Triple Crown Finco, LLC, and CC Media Holdings, Inc., formerly known as BT Triple Crown
Capital Holdings III, Inc. (included as Annex D to the proxy statement/prospectus contained in this registration
statement).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Third Amended and Restated Certificate of Incorporation of CC Media Holdings Inc., formerly known as BT Triple Crown
Capital Holdings III, Inc. to be in effect as of the effective time of the Merger.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bylaws of CC Media Holdings, Inc. to be in effect as of the effective time of the Merger.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Ropes &#038; Gray LLP regarding the legality of the securities being registered.*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Ropes &#038; Gray LLP regarding certain federal income tax consequences discussed in this registration statement.*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amended and Restated Voting Agreement, dated as of May&nbsp;13, 2008, by and among CC Media Holdings, Inc., B Triple Crown
Finco, LLC, T Triple Crown Finco, LLC, BT Triple Crown Capital Holdings III, Inc., and Highfields Capital I LP, Highfields
Capital II LP, Highfields Capital III LP, and Highfields Capital Management LP (included as Annex E to the proxy
statement/prospectus contained in this registration statement).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Voting Agreement , dated as of May&nbsp;13, 2008, by and among CC Media Holdings, Inc., B Triple Crown Financing, LLC, T Triple
Crown Finco, LLC, BT Triple Crown Capital Holdings III, Inc., Abrams Capital Partners I, LP, Abrams Capital II, LP,
Whitecrest Partners, LP, Abrams Capital International, Ltd. And Riva Capital Partners, LP. (included as Annex&nbsp;F to the proxy statement/prospectus contained in this registration statement).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Letter Agreement dated May&nbsp;17, 2007, between B Triple Crown Finco, LLC, T Triple Crown Finco, LLC, L. Lowry Mays, Mark P.
Mays and Randall T. Mays.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Credit Agreement, dated May&nbsp;13, 2008 among BT Triple Crown Merger Co., Inc., the Subsidiary Co-Borrowers party thereto,
the Foreign Subsidiary Revolving Borrowers party thereto, Clear Channel Capital I, LLC, Citibank, N.A., Deutsche Bank AG
New York Branch, and the other lenders party thereto, with Deutsche Bank Securities Inc. and Morgan Stanley Senior
Funding, Inc., as Syndication Agents, Credit Suisse, Cayman Islands Branch, The Royal Bank of Scotland PLC and Wachovia
Capital Markets, LLC, as Co-Documentation Agents, and Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and
Morgan Stanley Senior Funding, Inc., as Joint Lead Arrangers and Joint Bookrunners.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Credit Agreement, dated May&nbsp;13, 2008 among BT Triple Crown Merger Co., Inc., the Several Subsidiary Borrowers party
thereto, Clear Channel Capital I, LLC, Citibank, N.A., Deutsche Bank Trust Company Americas, and the other lenders party
thereto, with Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding, Inc., as Syndication Agents, Credit Suisse,
Cayman Islands Branch, The Royal Bank of Scotland PLC and Wachovia Capital Markets, LLC, as Co-Documentation Agents, and
Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding, Inc., as Joint Lead
Arrangers and Joint Bookrunners.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Purchase Agreement, dated May&nbsp;13, 2008, by and among BT Triple Crown MergerCo., Inc., Deutsche Bank Securities Inc.,
Morgan Stanley &#038; Co. Incorporated, Citigroup Global Markets Inc., Credit Suisse Securities (USA)&nbsp;LLC, Greenwich Capital
Markets, Inc. and Wachovia Capital Markets, LLC; $980,000,000 10.75% Senior Cash Pay Notes due 2016, $1,330,000,000
11.00%/11.75% Senior Toggle Notes due 2016.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Ernst &#038; Young LLP, Independent Registered Public Accounting Firm for Clear Channel Communications, Inc.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Ropes &#038; Gray LLP (included in the opinions filed as Exhibit&nbsp;5.1 and Exhibit&nbsp;8.1 to this registration statement).</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-6<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Powers of Attorney of Directors and Officers of the registrant (included on registration statement signature page).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Goldman, Sachs &#038; Co.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Clear Channel Communications, Inc. Proxy Card*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Election (for use by holders of Clear Channel Communications, Inc. common stock)*</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&#134;</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Item&nbsp;601(b)(2) of Regulation&nbsp;S-K, the Registrant hereby
agrees to furnish supplementally a copy of any omitted schedule to the
Securities and Exchange Commission upon request.</TD>
</TR>


<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>To be filed by amendment.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->II-7<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>d57053exv3w1.htm
<DESCRIPTION>THIRD AMENDED AND RESTATED CERTIFICATE OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 18pt"><b>Exhibit 3.1</b></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">STATE <I>of </I>DELAWARE
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THIRD AMENDED AND RESTATED CERTIFICATE OF INCORPORATION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CC MEDIA HOLDINGS, INC.</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, Scott Sperling, certifies that he is the President of CC Media Holdings,
Inc., a corporation organized and existing under the laws of Delaware, and does hereby further
certify as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;The name of the Corporation is &#147;CC Media Holdings, Inc.&#148; (the &#147;<U>Corporation</U>&#148;). The
name under which the Corporation was originally incorporated was BT Triple Crown Capital Holdings
III, Inc. The Certificate of Incorporation of the Corporation was filed with the Secretary of the
State of Delaware on May&nbsp;11, 2007 and the Amended and Restated Certificate of Incorporation of the
Corporation was filed with the Secretary of the State of Delaware on May&nbsp;17, 2007. The Second
Amended and Restated Certificate of Incorporation was filed with the Secretary of the State of
Delaware on May&nbsp;29, 2007. The Second Amended and Restated Certificate of Incorporation was amended
to amend the name of the Corporation to &#147;CC Media Holdings, Inc.&#148; by the filing of a Certificate of
Amendment with the Secretary of State of Delaware on July&nbsp;30, 2007.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;This Third Amended and Restated Certificate of Incorporation amends and restates the
Second Amended and Restated Certificate of the Incorporation of the Corporation, as amended.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;This Third Amended and Restated Certificate of Incorporation has been duly adopted in
accordance with Sections&nbsp;228, 242 and 245 of the General Corporation Law of the State of Delaware
(the &#147;<U>DGCL</U>&#148;).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;This Third Amended and Restated Certificate of Incorporation will be effective upon its
filing with the Secretary of State of the State of Delaware.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;Pursuant to Sections&nbsp;228, 242 and 245 of the DGCL, the text of the Certificate of
Incorporation of the Corporation is hereby amended and restated in its entirety as follows:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE I.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.01 <U>Name</U>. The name of this corporation is CC Media Holdings, Inc.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE II.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.01 <U>Registered Office</U>. The registered office of the Corporation in the State
of Delaware is located at 2711 Centerville Road, Suite&nbsp;400 in the City of Wilmington 19808, County
of New Castle. The name of its registered agent at such address is Corporation Service Company.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE III.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.01 <U>Purpose</U>. The purpose of the Corporation is to engage in any lawful act
or activity for which corporations may be organized under the General Corporation Law of the State
of Delaware.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IV.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.01 <U>Capitalization</U>. The total number of shares of capital stock that the
Corporation shall have authority to issue is six hundred fifty million (650,000,000) shares of
Common Stock, par value $0.001 per share, of which (i)&nbsp;four hundred million (400,000,000) shares
shall be designated as Class&nbsp;A Common Stock, (ii)&nbsp;one hundred fifty million (150,000,000) shares
shall be designated as Class&nbsp;B Common Stock and (iii)&nbsp;one hundred million (100,000,000) shares
shall be designated as Class&nbsp;C Common Stock.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.02 <U>Common Stock</U>. Except as provided in this Section&nbsp;4.02 or as otherwise
required by the DGCL, all shares of Class&nbsp;A Common Stock, Class&nbsp;B Common Stock and Class&nbsp;C Common
Stock shall have the same powers, privileges, preferences and relative participating, optional or
other special rights, and the qualifications, limitations or restrictions thereof, and shall be
identical to each other in all respects.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Voting Rights and Powers</U>. Except as otherwise provided in this Third
Amended and Restated Certificate of Incorporation or required by law, with respect to all
matters upon which stockholders are entitled to vote, the holders of the outstanding shares
of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock shall vote together with the holders of any
other outstanding shares of capital stock of the Corporation entitled to vote, without
regard to class. Every holder of outstanding shares of Class&nbsp;A Common Stock shall be
entitled to cast thereon one vote in person or by proxy for each share of Class&nbsp;A Common
Stock standing in his name. Every holder of outstanding shares of Class&nbsp;B Common Stock shall
be entitled to cast thereon, in person or by proxy, for each share of Class&nbsp;B Common Stock,
a number of votes equal to the number obtained by dividing (x)&nbsp;the sum of total number of
shares of Class&nbsp;B Common Stock outstanding as of the record date for such vote and the
number of Class&nbsp;C Common Stock outstanding as of the record date for such vote by (y)&nbsp;the
number of shares of Class&nbsp;B Common Stock outstanding as of the record date for such vote.
The affirmative vote of the holders of a majority of the voting power of the Class&nbsp;A Common
Stock and Class&nbsp;B Common Stock, on a combined basis, as of any time in accordance with this
Section&nbsp;4.02(a), is referred to
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">herein as the &#147;<U>Majority Common Stock Approval</U>&#148;. Except as otherwise required by
law, the holders of outstanding shares of Class&nbsp;C Common Stock shall not be entitled to any
votes upon any questions presented to stockholders of the Corporation, including, but not
limited to, whether to increase or decrease the number of authorized shares of Class&nbsp;C
Common Stock.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Dividends</U>. Except as otherwise required by the DGCL, the holders of Class
A Common Stock, Class&nbsp;B Common Stock and Class&nbsp;C Common Stock shall be entitled to receive
ratably such dividends, other than Share Distributions (as hereinafter defined), as may from
time to time be declared by the board of directors of the Corporation (the &#147;<U>Board of
Directors</U>&#148;) out of funds legally available therefor. The Board of Directors may, at its
discretion, declare a dividend of any securities of the Corporation or of any other
corporation, limited liability company, partnership, joint venture, trust or other legal
entity (a &#147;<U>Share Distribution&#148;</U>) to the holders of shares of Class&nbsp;A Common Stock,
Class&nbsp;B Common Stock and Class&nbsp;C Common Stock (i)&nbsp;on the basis of a ratable distribution of
identical securities to holders of shares of Class&nbsp;A Common Stock, Class&nbsp;B Common Stock and
Class&nbsp;C Common Stock or (ii)&nbsp;on the basis of a distribution of one class or series of
securities to holders of shares of Class&nbsp;A Common Stock and one or more different classes or
series of securities to holders of Class&nbsp;B Common Stock and Class&nbsp;C Common Stock, as
applicable, provided that the securities so distributed (and, if the distribution consists
of convertible or exchangeable securities, the securities into which such convertible or
exchangeable securities are convertible or for which they are exchangeable) do not differ in
any respect other than (x)&nbsp;differences in conversion rights consistent in all material
respects with differences in conversion rights between Class&nbsp;A Common Stock, Class&nbsp;B Common
Stock and Class&nbsp;C Common Stock and (y)&nbsp;differences in their voting rights and powers so long
as immediately following any Share Distribution, the ratio of the total number of votes
exercisable in the aggregate by the holders of the Class&nbsp;B Common Stock and the Class&nbsp;C
Common Stock (whether attributable to the shares of Class&nbsp;B Common Stock or Class&nbsp;C Common
Stock or the securities so distributed (and, if the distribution consists of convertible or
exchangeable securities, the securities into which such convertible or exchangeable
securities are convertible or for which they are exchangeable)) to the total number of votes
exercisable by the holders of the Class&nbsp;A Common Stock (whether attributable to the shares
of Class&nbsp;A Common Stock or the securities so distributed (and, if the distribution consists
of convertible or exchangeable securities, the securities into which such convertible or
exchangeable securities are convertible or for which they are exchangeable)),does not exceed
the ratio existing immediately prior to such Share Distribution.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Distribution of Assets Upon Liquidation</U>. In the event the Corporation
shall be liquidated, dissolved or wound up, whether voluntarily or involuntarily, the net
assets of the Corporation shall be divided ratably among the holders of Class&nbsp;A Common
Stock, Class&nbsp;B Common Stock and Class&nbsp;C Common Stock.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Split, Subdivision or Combination</U>. If the Corporation shall in any manner
split, subdivide or combine the outstanding shares of Class&nbsp;A Common Stock, Class&nbsp;B Common
Stock or Class&nbsp;C Common Stock, whether by reclassification, Share Distribution or otherwise,
the outstanding shares of the other classes of Common Stock
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">shall be proportionally split, subdivided or combined in the same manner and on the
same basis as the outstanding shares of the other class of Common Stock have been split,
subdivided or combined, whether by reclassification, Share Distribution or otherwise.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Conversion</U>. Subject to the limitations set forth in Section&nbsp;10.03, each
record holder of shares of Class&nbsp;B Common Stock or Class&nbsp;C Common Stock may convert any or
all of such shares into an equal number of shares of Class&nbsp;A Common Stock by delivering
written notice to the Corporation&#146;s transfer agent stating that such record holder desires
to convert such shares into the same number of shares of Class&nbsp;A Common Stock and requesting
that the Corporation issue all of such Class&nbsp;A Common Stock to the persons named therein,
setting forth the number of shares of Class&nbsp;A Common Stock to be issued to each such person
(and, in the case of a request for registration in a name other than that of such record
holder, providing proper evidence of succession, assignation or authority to transfer),
accompanied by payment of documentary, stamp or similar issue or transfer taxes, if any.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Certain Voting Rights</U>. In addition to any other approval required by law
or by this Third Amended and Restated Certificate of Incorporation, any consolidation of the
Corporation with another corporation or entity, any merger of the Corporation into another
corporation or entity or any merger of any other corporation or entity into the Corporation
pursuant to which shares of Common Stock are converted into or exchanged for any securities
or any other consideration shall require Majority Common Stock Approval.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.03 <U>Change in Number of Shares Authorized</U>. Except as otherwise provided in
the provisions establishing a class of stock, the number of authorized shares of any class or
series of stock may be increased or decreased (but not below the number of shares thereof then
outstanding) by the affirmative vote of the holders of a majority of the voting power of the
Corporation entitled to vote irrespective of the provisions of Section&nbsp;242(b)(2) of the General
Corporation Law of the State of Delaware.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE V.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.01 <U>Power of the Board of Directors</U>. The property and business of the
Corporation shall be controlled and managed by or under the direction of its Board of Directors. In
furtherance, and not in limitation, of the powers conferred by the laws of the State of Delaware,
the Board of Directors is expressly authorized:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To adopt, amend, alter and repeal the by-laws of the Corporation without the assent or
vote of the stockholders, in any manner not inconsistent with the laws of the State of Delaware
or this Third Amended and Restated Certificate of Incorporation; <U>provided</U> that no
by-laws hereafter adopted shall invalidate any prior act of the directors that would have been
valid if such by-laws had not been adopted;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To determine the rights, powers, duties, rules and procedures that affect the power of
the Board of Directors to manage and direct the property, business and affairs of the
Corporation, including, without limitation, the power to designate and empower committees
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">of the Board of Directors, to elect, appoint and empower the officers and other agents of
the Corporation, and to determine the time and place of, and the notice requirements for, Board
meetings, as well as the manner of taking Board action; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To exercise all such powers and do all such acts as may be exercised by the
Corporation, subject to the provisions of the laws of the State of Delaware, this Third Amended
and Restated Certificate of Incorporation, and the by-laws of the Corporation.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.02 <U>Election of Directors</U>. The directors of the Corporation shall be
composed and elected as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The size of the board shall be as determined in accordance with the Corporation&#146;s
by-laws, as in effect from time to time, except that from and after the Effective Time (as
defined in the Merger Agreement), for so long as any shares of Class&nbsp;A Common Stock are
outstanding, the holders of Class&nbsp;A Common Stock will be entitled to elect at least two (2)
independent directors as provided in clause (b)&nbsp;of this Section&nbsp;5.02;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From and after the Effective Time (as defined in the Merger Agreement), for so long as
any shares of Class&nbsp;A Common Stock are outstanding, the holders of Class&nbsp;A Common Stock, voting
as a separate class, will have the right to elect at least two (2)&nbsp;independent directors; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The holders of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock, voting together as a
single class (with each share entitled to the number of votes specified in Section&nbsp;4.02(a))
will have to power to elect all other directors of the Corporation in accordance with the
provisions of the Corporation&#146;s by-laws and applicable law, each as in effect from time to
time.
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The election of directors need not be by written ballot unless the by-laws shall so require.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.03 <U>Liability of Directors</U>. A director of the Corporation shall not be
liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as
a director, except to the extent that exculpation from liability is not permitted under the DGCL as
in effect at the time such liability is determined. No amendment or repeal of this Section&nbsp;5.03
shall apply to or have any effect on the liability or alleged liability of any director of the
Corporation for or with respect to any acts or omissions of such director occurring prior to such
amendment or repeal.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.04 <U>Removal of Directors</U>. Any or all directors of the Corporation may be
removed at any time either with or without cause by the affirmative vote of holders of at least a
majority of the voting power of all the then outstanding shares of stock of the Corporation
entitled to vote generally in the election of directors, voting as a single class; except that any
independent director elected pursuant to the provisions of Section&nbsp;5.02(b) may not be so removed,
other than for cause, without the affirmative vote of holders of a majority of the then outstanding
Class&nbsp;A Common Stock. Any vacancies created as a result of the removal of any independent director
elected pursuant to the provisions of Section&nbsp;5.02(b) may only be filled by the holders of Class&nbsp;A
Common Stock, voting as a separate class in accordance with Section
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">5.02(b) at a special meeting of the stockholders of the Corporation and the Corporation shall
use reasonable efforts to call such meeting.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VI.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.01 <U>Indemnification</U>. The Corporation shall, to the maximum extent permitted
from time to time under the law of the State of Delaware, indemnify and upon request advance
expenses to any person who is or was a party or is threatened to be made a party to any threatened,
pending or completed action, suit, proceeding or claim, whether civil, criminal, administrative or
investigative, by reason of the fact that such person is or was or has agreed to be a director or
officer of the Corporation or while a director or officer is or was serving at the request of the
Corporation as a director, officer, partner, trustee, employee or agent of any corporation,
partnership, joint venture, trust or other enterprise, including service with respect to employee
benefit plans, against expenses (including attorney&#146;s fees and expenses), judgments, fines,
penalties and amounts paid in settlement incurred (and not otherwise recovered) in connection with
the investigation, preparation to defend or defense of such action, suit, proceeding or claim;
<U>provided</U>, <U>however</U>, that the foregoing shall not require the Corporation to
indemnify or advance expenses to any person in connection with any action, suit, proceeding, claim
or counterclaim initiated by or on behalf of such person. Such indemnification shall not be
exclusive of other indemnification rights arising under any by-law, agreement, vote of directors or
stockholders or otherwise and shall inure to the benefit of the heirs and legal representatives of
such person. Any person seeking indemnification under this Section&nbsp;6.01 shall be deemed to have
met the standard of conduct required for such indemnification unless the contrary shall be
established. Any repeal or modification of the foregoing provisions of this Section&nbsp;6.01 shall not
adversely affect any right or protection of a director or officer of the Corporation with respect
to any acts or omissions of such director or officer occurring prior to such repeal or
modification. The Corporation may maintain insurance, at its expense, to protect itself and any
director, officer, or representative against any such expense, liability or loss, whether or not
the Corporation would have the power to indemnify him against such expense, liability or loss under
the DGCL.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VII.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.01 <U>Reservation of Right to Amend</U>. The Corporation reserves the right to
amend, alter, change or repeal any provision contained in this Third Amended and Restated
Certificate of Incorporation in the manner now or hereafter prescribed by law, and all the
provisions of this Third Amended and Restated Certificate of Incorporation and all rights and
powers conferred in this Third Amended and Restated Certificate of Incorporation on stockholders,
directors and officers are subject to this reserved power. Notwithstanding the foregoing, the
Corporation shall not amend this Third Amended and Restated Certificate of Incorporation in a
manner that would alter or change the powers, preferences or special rights of the Class&nbsp;A Common
Stock in a manner that would not so affect all classes of Common Stock without the consent of
holders of a majority of the then-outstanding shares of Class&nbsp;A Common Stock.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.02 <U>Construction</U>. Each reference in this Third Amended and Restated
Certificate of Incorporation to &#147;the Third Amended and Restated Certificate of Incorporation,&#148;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&#147;hereunder,&#148; &#147;hereof,&#148; or words of like import and each reference to the Third Amended and
Restated Certificate of Incorporation set forth in any amendment to the Third Amended and Restated
Certificate of Incorporation shall mean and be a reference to the Third Amended and Restated
Certificate of Incorporation, as supplemented and amended through such amendment to the Third
Amended and Restated Certificate of Incorporation.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VIII.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.01 <U>Records</U>. The books of the Corporation may (subject to any statutory
requirements) be kept outside the State of Delaware as may be designated by the Board of Directors
or in the by-laws of the Corporation.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IX.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.01 <U>Renunciation of Business Opportunities Doctrine</U>. To the maximum extent
permitted from time to time under the law of the State of Delaware, the Corporation renounces any
interest or expectancy of the Corporation in, or in being offered an opportunity to participate in,
business opportunities that are from time to time presented to its officers, directors or
stockholders, other than those officers, directors or stockholders who are employees of the
Corporation. No amendment or repeal of this Section&nbsp;9.01 shall apply to or have any effect on the
liability or alleged liability of any officer, director or stockholder of the Corporation for or
with respect to any opportunities of which such officer, director or stockholder becomes aware
prior to such amendment or repeal. To the fullest extent permitted by law, any Person purchasing
or otherwise acquiring any interest in any shares of capital stock of the Corporation shall be
deemed to have notice of and to have consented to the provisions of this Section&nbsp;9.01. As used
herein, &#147;<U>Person</U>&#148; shall mean any individual, corporation, general or limited partnership,
limited liability company, joint venture, trust association or any other entity.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE X.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.01 <U>Restrictions on Stock Ownership or Transfer</U>. As contemplated by this
Article&nbsp;X, the Corporation may restrict the ownership, or proposed ownership, of shares of capital
stock of the Corporation by any Person if such ownership or proposed ownership (a)&nbsp;is or could be
inconsistent with, or in violation of, any provision of the Federal Communications Laws (as
hereinafter defined), (b)&nbsp;limits or impairs or could limit or impair any business activities or
proposed business activities of the Corporation under the Federal Communications Laws or (c)
subjects or could subject the Corporation to any regulation under the Federal Communications Laws
to which the Corporation would not be subject but for such ownership or proposed ownership (clauses
(a), (b)&nbsp;and (c)&nbsp;collectively, &#147;<U>FCC Regulatory Limitations</U>&#148;). For purposes of this Article
X, the term &#147;<U>Federal Communications Laws</U>&#148; shall mean any law of the United States now or
hereafter in effect (and any regulation thereunder), including, without limitation, the
Communications Act of 1934, as amended (the &#147;<U>Communications Act</U>&#148;), and regulations
thereunder, pertaining to the ownership and/or operation or regulating the business activities of
(x)&nbsp;any television or radio station, cable television system or other medium of mass communications
or (y)&nbsp;any provider of programming content to any such medium.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.02 <U>Requests for Information</U>. If the Corporation believes that the ownership
or proposed ownership of shares of capital stock of the Corporation by any Person may result in an
FCC Regulatory Limitation, such Person shall furnish promptly to the Corporation such information
(including, without limitation, information with respect to citizenship, other ownership interests
and affiliations) as the Corporation shall request.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.03 <U>Denial of Rights, Refusal to Transfer</U>. If (a)&nbsp;any Person from whom
information is requested pursuant to Section (2)&nbsp;of this Article&nbsp;X should not provide all the
information requested by the Corporation, or (b)&nbsp;the Corporation shall conclude that a
stockholder&#146;s ownership or proposed ownership of, or that a stockholder&#146;s exercise of any rights of
ownership with respect to, shares of capital stock of the Corporation results or could result in an
FCC Regulatory Limitation, then, in the case of either clause (a)&nbsp;or clause (b), the Corporation
may (i)&nbsp;refuse to permit the transfer of shares of capital stock of the Corporation to such
proposed stockholder, (ii)&nbsp;suspend those rights of stock ownership the exercise of which causes or
could cause such FCC Regulatory Limitation, (iii)&nbsp;require the conversion of any or all shares of
Class&nbsp;A Common Stock or Class&nbsp;B Common Stock held by such stockholder into an equal number of
shares of Class&nbsp;C Common Stock, (iv)&nbsp;refuse to permit the conversion of shares of Class&nbsp;B Common
Stock or Class&nbsp;C Common Stock into Class&nbsp;A Common Stock, (v)&nbsp;redeem such shares of capital stock of
the Corporation held by such stockholder in accordance with the terms and conditions set forth in
this Section&nbsp;10.03, and/or (vi)&nbsp;exercise any and all appropriate remedies, at law or in equity, in
any court of competent jurisdiction, against any such stockholder or proposed transferee, with a
view towards obtaining such information or preventing or curing any situation which causes or could
cause an FCC Regulatory Limitation. Any such refusal of transfer, suspension of rights or refusal
to convert pursuant to clauses (i), (ii)&nbsp;and (iv), respectively, of the immediately preceding
sentence shall remain in effect until the requested information has been received and the
Corporation has determined that such transfer, or the exercise of such suspended rights, as the
case may be, will not result in an FCC Regulatory Limitation. The terms and conditions of
redemption pursuant to clause (v)&nbsp;of this Section&nbsp;10.03 shall be as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the redemption price of any shares to be redeemed pursuant to this Section
10.03 shall be equal to the Fair Market Value (as hereinafter defined) of such
shares;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the redemption price of such shares may be paid in cash, Redemption
Securities (as hereinafter defined) or any combination thereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if less than all such shares are to be redeemed, the shares to be
redeemed shall be selected in such manner as shall be determined by the Board of
Directors, which may include selection first of the most recently purchased shares
thereof, selection by lot or selection in any other manner determined by the Board
of Directors;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) at least 15&nbsp;days&#146; written notice of the Redemption Date (as hereinafter
defined) shall be given to the record holders of the shares selected to be redeemed
(unless waived in writing by any such holder); <U>provided</U> that the Redemption
Date may be the date on which written notice shall be given to record
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">holders if the cash or Redemption Securities necessary to effect the redemption
shall have been deposited in trust for the benefit of such record holders and
subject to immediate withdrawal by them upon surrender of the stock certificates for
their shares to be redeemed;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) from and after the Redemption Date, any and all rights of whatever nature
in respect of the shares selected for redemption (including, without limitation, any
rights to vote or participate in dividends declared on stock of the same class or
series as such shares), shall cease and terminate and the holders of such shares
shall thenceforth be entitled only to receive the cash or Redemption Securities
payable upon redemption; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) such other terms and conditions as the Board of Directors shall determine.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.04 <U>Legends</U>. The Corporation shall instruct the Corporation&#146;s transfer agent
that the shares of capital stock of the Corporation are subject to the restrictions set forth in
this Article&nbsp;X and such restrictions shall be noted conspicuously on the certificate or
certificates representing such capital stock or, in the case of uncertificated securities,
contained in the notice or notices sent as required by applicable law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.05 <U>Certain Construction</U>. For purposes of this Article&nbsp;X, the word
&#147;regulation&#148; shall include not only regulations but rules, published policies and published
controlling interpretations by an administrative agency or body empowered to administer a statutory
provision of the Federal Communications Laws.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE XI.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11.01 <U>Certain Definitions</U>. As used herein, certain capitalized terms shall
have the definitions set forth below.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) &#147;<U>Fair Market Value</U>&#148; shall mean, with respect to a share of the
Corporation&#146;s capital stock of any class or series, the volume weighted average sales price
for such a share on the New York Stock Exchange or, if such stock is not listed on such
exchange, on the principal U.S. registered securities exchange on which such stock is
listed, during the 30 most recent days on which shares of stock of such class or series
shall have been traded preceding the day on which notice of redemption shall be given
pursuant to this Section&nbsp;10.03; <U>provided</U>, however, that if shares of stock of such
class or series are not listed or traded on any securities exchange, &#147;Fair Market Value&#148;
shall be determined by the Board of Directors in good faith; and provided, further, that
&#147;Fair Market Value&#148; as to any stockholder who purchased his stock within 120&nbsp;days of a
Redemption Date need not (unless otherwise determined by the Board of Directors) exceed the
purchase price paid by him.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) &#147;<U>Merger Agreement</U>&#148; shall mean the Agreement and Plan of Merger, dated as of
November&nbsp;16, 2006, by and among BT Triple Crown Merger Co., Inc., B Triple
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Crown Finco, LLC, T Triple Crown Finco, LLC and Clear Channel Communications, Inc., as
amended.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) &#147;<U>Redemption Date</U>&#148; shall mean the date fixed by the Board of Directors for
the redemption of any shares of stock of the Corporation pursuant to this Section&nbsp;10.03.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) &#147;<U>Redemption Securities</U>&#148; shall mean any debt or equity securities of the
Corporation, any subsidiary of the Corporation or any other corporation or other entity, or
any combination thereof, having such terms and conditions as shall be approved by the Board
of Directors and which, together with any cash to be paid as part of the redemption price,
in the opinion of any nationally recognized investment banking firm selected by the Board of
Directors (which may be a firm which provides other investment banking, brokerage or other
services to the Corporation), has a value, at the time notice of redemption is given
pursuant to this Section&nbsp;10.03, at least equal to the Fair Market Value of the shares to be
redeemed pursuant to this Section&nbsp;10.03 (assuming, in the case of Redemption Securities to
be publicly traded, such Redemption Securities were fully distributed and subject only to
normal trading activity).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE XII.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12.01 <U>Opt Out of DGCL 203</U>. The Corporation shall not be governed by Section
203 of the General Corporation Law of the State of Delaware
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE XIII.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;13.01 <U>Action by Written Consent</U>. Any action required or permitted to be taken
at any annual or special meeting of stockholders of the Corporation may be taken without a meeting,
without prior notice and without a vote, if a consent or consents in writing, setting forth the
action so taken, shall be signed by the holders of outstanding stock of the Corporation having not
less than the minimum number of votes that would be necessary to authorize or take such action at a
meeting at which all shares entitled to vote thereon were present and voted and shall be delivered
to the Corporation by delivery to its registered office in Delaware, its principal place of
business, or to an officer or agent of the Corporation having custody of the book in which
proceedings of meetings of stockholders are recorded; <U>provided</U>, however, that if at any
time the holders of shares of Class&nbsp;B Common Stock or Class&nbsp;C Common Stock that hold such shares as
of the Closing Date (as defined in the Merger Agreement) no longer are the beneficial owners, in
the aggregate, of at least a majority of the voting power of all the then outstanding shares of
stock of the Corporation entitled to vote generally in the election of directors, then any action
required or permitted to be taken at any annual or special meeting of stockholders of the
Corporation must be effected at a duly called annual or special meeting of such stockholders and
may no longer be effected by any consent in writing; <U>provided</U>, further, that from and after
the Effective Time (as defined in the Merger Agreement), for so long as any shares of Class&nbsp;A
Common Stock are outstanding, any action that is taken without a meeting by a written consent or
consents of the requisite stockholders of the Corporation shall become effective on the tenth
business day after public announcement by the Corporation of the adoption of the consent. The
Corporation&#146;s by-laws may establish procedures regulating the submission by stockholders of
nominations and proposals for consideration at meetings of stockholders of the Corporation.
</DIV>

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</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE UNDERSIGNED, hereby certifies that the facts stated above are true as of this 25th
day of March, 2008.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Scott Sperling
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Scott Sperling
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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</DIV>



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<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>d57053exv3w2.htm
<DESCRIPTION>BYLAWS
<TEXT>
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<TITLE>exv3w2</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 3.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDED AND RESTATED BY-LAWS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BT TRIPLE CROWN CAPITAL HOLDINGS III, INC.</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>May&nbsp;17, 2007</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;1. LAW, CERTIFICATE OF INCORPORATION AND BY-LAWS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. These by-laws are subject to the certificate of incorporation of the corporation. In
these by-laws, references to law, the certificate of incorporation and by-laws mean the law, the
provisions of the certificate of incorporation and the by-laws as from time to time in effect.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Section&nbsp;2. STOCKHOLDERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <U>Annual Meeting</U>. The annual meeting of stockholders shall be held at such time
and date as the board of directors shall determine, at which the stockholders shall elect a board
of directors and transact such other business as may be required by law or these by-laws or as may
properly be brought before the meeting. If no annual meeting is held in accordance with the
foregoing provisions, a special meeting may be held in lieu of the annual meeting, and any action
taken at that special meeting shall have the same effect as if it had been taken at the annual
meeting, and in such case all references in these by-laws to the annual meeting of stockholders
shall be deemed to refer to such special meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <U>Special Meetings</U>. Except as otherwise required by law and subject to the rights,
if any, of the holders of any series of Preferred Stock, special meetings of the stockholders of
the corporation for any purpose or purposes may be called at any time pursuant to a resolution of
the board of directors (and the chairman of the board of directors, the chief executive officer or
secretary of the corporation shall call the meeting pursuant to such resolution), and special
meetings of stockholders of the corporation may not be called by any other person or persons.
Business transacted at any special meeting shall be limited to the purposes stated in the notice
delivered in accordance with Section&nbsp;2.4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <U>Place of Meeting</U>. All meetings of stockholders shall be held at such place,
within or without the State of Delaware, or, if so determined by a majority of the board of
directors in its sole discretion, at no place (but rather by means of remote communication), as may
be designated from time to time by the board of directors, or, if not so designated, at the
principal executive office of the corporation or such other location as may be designated by the
chairman of the board of directors, if any, or the president of the corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <U>Notice of Meetings</U>. Except as otherwise provided by law, written notice of each
meeting of stockholders, whether annual or special, shall be given not less than ten (10)&nbsp;nor more
than sixty (60)&nbsp;days before the date of the meeting to each stockholder entitled to vote at such
meeting. The notices of all meetings shall state the place, if any, the date, the means of remote
communications, if any, by which stockholders and proxy holders may be deemed to be present
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in person and vote at such meeting, and the hour of the meeting. The notice of a special
meeting shall state, in addition, the purpose or purposes for which the meeting is called. Notice
of any meeting of stockholders shall be given either personally or by mail, electronic mail,
telecopy, telegram or other electronic or wireless means. Notices not personally delivered shall
be sent charges prepaid and shall be addressed to the stockholder at the address of that
stockholder appearing on the books of the corporation. Notice shall be deemed to have been given
at the time when delivered personally or deposited in the mail or at the time of transmission when
sent by electronic mail, telecopy, telegram or other electronic or wireless means. An affidavit of
the mailing or other means of giving any notice of any stockholders&#146; meeting, executed by the
secretary, assistant secretary or any transfer agent of the corporation giving the notice, shall be
prima facie evidence of the giving of such notice or report. As to any adjourned session of any
meeting of stockholders, notice of the adjourned meeting need not be given if the time and place
thereof are announced at the meeting at which the adjournment was taken except that if the
adjournment is for more than thirty days or if after the adjournment a new record date is set for
the adjourned session, notice of any such adjourned session of the meeting shall be given in the
manner heretofore described. No notice of any meeting of stockholders or any adjourned session
thereof need be given to a stockholder if a written waiver of notice, executed before or after the
meeting or such adjourned session by such stockholder, is filed with the records of the meeting or
if the stockholder attends such meeting without objecting at the beginning of the meeting to the
transaction of any business because the meeting is not lawfully called or convened. Neither the
business to be transacted at, nor the purpose of, any meeting of the stockholders or any adjourned
session thereof need be specified in any written waiver of notice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <U>Quorum of Stockholders</U>. At any meeting of the stockholders a quorum as to any
matter shall consist of holders of outstanding shares representing a majority of the votes entitled
to be cast on the matter, except where a larger quorum is required by law, by the certificate of
incorporation or by these by-laws. Any meeting may be adjourned from time to time by a majority of
the votes properly cast upon the question, whether or not a quorum is present. Shares of its own
stock belonging to the corporation or to another corporation, if a majority of the shares entitled
to vote in the election of directors of such other corporation is held, directly or indirectly, by
the corporation, shall neither be entitled to vote nor be counted as outstanding for quorum
purposes; <U>provided</U>, however, that the foregoing shall not limit the right of any
corporation to vote stock, including but not limited to its own stock, held by it in a fiduciary
capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. <U>Voting List</U>. The officer who has charge of the stock ledger of the corporation
shall prepare, at least ten (10)&nbsp;days before every meeting of stockholders, a complete list of the
stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the
address of each stockholder and the number of shares registered in the name of each stockholder.
Such list shall be open to the examination of any stockholder, for a period of at least ten (10)
days prior to the meeting, for any purpose germane to the meeting on either, at the corporation&#146;s
sole discretion, (a)&nbsp;a reasonably accessible electronic network (for which such information
required to access the electronic network shall be provided with the notice of the meeting) or (b)
during ordinary business hours at the corporation&#146;s principal place of business. If the meeting is
to be held at a place, the list shall also be produced and kept at the time and place of the
meeting during the whole time of the meeting, and may be inspected by any stockholder who is
present. If the meeting is to be held solely by means of remote communication, the list shall also
be open
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to the examination of any stockholder during the whole time of the meeting on a reasonably
accessible electronic network, and the information required to access such list shall be provided
with the notice of the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. <U>Action by Vote</U>. When a quorum is present at any meeting, a plurality of the
votes properly cast for election to any office shall elect the candidate to such office and a
majority of the votes properly cast upon any question other than an election to an office shall
decide the question, except when a larger vote is required by law, by the certificate of
incorporation or by these by-laws. No ballot shall be required for any election unless requested
by a stockholder present or represented at the meeting and entitled to vote in the election.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. <U>Nomination of Directors</U>. Only persons who are nominated in accordance with the
following procedures shall be eligible for election as directors. The nomination for election to
the board of directors of the corporation at a meeting of stockholders may be made only (a)
pursuant to the notice of the meeting (or any supplement thereto) given by or at the direction of
the board of directors, (b)&nbsp;by or at the direction of the board of directors or (c)&nbsp;by any
stockholder of the corporation who was a stockholder of record of the corporation at the time the
notice provided for below in this Section&nbsp;2.8 is delivered to the Secretary who is entitled to vote
in the election of directors at the meeting and who complies with the notice procedures set forth
in this Section&nbsp;2.8. Such nominations, other than those made by or on behalf of the board of
directors, shall be made by timely notice in writing delivered or mailed to the Secretary in
accordance with the provisions of Section&nbsp;2.9. Such notice shall set forth (x)&nbsp;as to each proposed
nominee (i)&nbsp;the name, age, business address and, if known, residence address of each such nominee,
(ii)&nbsp;the principal occupation or employment of each such nominee, (iii)&nbsp;the number of shares of
stock of the corporation that are beneficially owned by each such nominee, (iv)&nbsp;a description of
all arrangements or understandings between the stockholder and each nominee and any other person or
persons (naming such person or persons) pursuant to which the nominations are to be made by the
stockholder, and (iv)&nbsp;any other information concerning the nominee that must be disclosed as to
nominees in proxy solicitations pursuant to Regulation&nbsp;14A under the Securities Exchange Act of
1934, as amended (the &#147;<U>1934 Act</U>&#148;), including such person&#146;s written consent to be named as a
nominee and to serve as a director if elected; and (y)&nbsp;as to the stockholder giving the notice, the
information required to be provided pursuant to Section&nbsp;2.9. The corporation may require any
proposed nominee to furnish such other information as may reasonably be required by the corporation
to determine the eligibility of such proposed nominee to serve as a director of the corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The chair of the meeting shall, if the facts warrant, determine and declare to the meeting
that a nomination was not properly brought before the meeting in accordance with the provisions of
this Section&nbsp;2.8, and if he or she should so determine, the chair shall so declare to the meeting
and the defective nomination shall be disregarded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this Section&nbsp;2.8, if the stockholder (or a
qualified representative of the stockholder) does not appear at the annual meeting of stockholders
of the corporation to present a nomination, such nomination shall be disregarded, notwithstanding
that proxies in respect of such vote may have been received by the corporation.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this Section&nbsp;2.8, a stockholder shall also comply
with all applicable requirements of the 1934 Act and the rules and regulations thereunder with
respect to the matters set forth in this Section&nbsp;2.8. Nothing in this Section&nbsp;2.8 shall be deemed
to affect any rights of stockholders to request inclusion of proposals in the corporation&#146;s proxy
statement pursuant to Rule&nbsp;14a-8 under the 1934 Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9. <U>Notice of Business at Annual Meetings</U>. At an annual meeting of the stockholders,
only such business shall be conducted as shall have been properly brought before the meeting. To
be properly brought before an annual meeting, business must be (a)&nbsp;specified in the notice of
meeting (or any supplement thereto) given by or at the direction of the board of directors, (b)
otherwise properly brought before the meeting by or at the direction of the board of directors, (c)
otherwise properly brought before an annual meeting by a stockholder who was a stockholder of
record of the corporation at the time the stockholder&#146;s notice provided for below in this Section
2.9 is delivered to the Secretary who is entitled to vote and who complies with the notice
procedures set forth in this Section&nbsp;2.9. For business to be properly brought before an annual
meeting by a stockholder, if such business relates to the election of directors of the corporation,
the procedures in Section&nbsp;2.8 must be complied with. If such business relates to any other matter,
the stockholder must have given timely notice thereof in writing to the Secretary. To be timely, a
stockholder&#146;s notice must be delivered to or mailed by first class United States mail, postage
prepaid, and received by the Secretary at the principal executive offices of the corporation not
less than ninety (90)&nbsp;calendar days nor more than one hundred twenty (120)&nbsp;calendar days prior to
the anniversary date of the immediately preceding annual meeting of stockholders; <U>provided</U>,
<U>however</U>, that if the annual meeting is not held within thirty (30)&nbsp;days before or after
such anniversary date, then for the notice by the stockholder to be timely it must be so received
not later than the close of business on the 10<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day following the date on which the
notice of the meeting was mailed or such public disclosure was made, whichever occurs first. A
stockholder&#146;s notice to the Secretary shall set forth as to each matter the stockholder proposes to
bring before the annual meeting (i)&nbsp;a brief description of the business desired to be brought
before the annual meeting and the reasons for conducting such business at the annual meeting, (ii)
the name and address, as they appear on the corporation&#146;s books, of the stockholder proposing such
business, (iii)&nbsp;the class and number of shares of the corporation that are beneficially owned by
the stockholder, and (iv)&nbsp;any material interest of the stockholder in such business.
Notwithstanding anything in these by-laws to the contrary, no business shall be conducted at any
annual meeting except in accordance with the procedures set forth in this Section&nbsp;2.9 and except
that any stockholder proposal that complies with Rule&nbsp;14a-8 under the 1934 Act, and is to be
included in the corporation&#146;s proxy statement for an annual meeting of stockholders shall be deemed
to comply with the requirements of this Section&nbsp;2.9.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The chair of the meeting shall, if the facts warrant, determine and declare to the meeting
that business was not properly brought before the meeting in accordance with the provisions of this
Section&nbsp;2.9, and if he or she should so determine, the chair shall so declare to the meeting and
any such business not properly brought before the meeting shall not be transacted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this Section&nbsp;2.9, if the stockholder (or a
qualified representative of the stockholder) does not appear at the annual meeting of stockholders
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of the corporation to present business, such proposed business shall not be transacted,
notwithstanding that proxies in respect of such vote may have been received by the corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this Section&nbsp;2.9, a stockholder shall also comply
with all applicable requirements of the 1934 Act and the rules and regulations thereunder with
respect to the matters set forth in this Section&nbsp;2.9. Nothing in this Section&nbsp;2.9 shall be deemed
to affect any rights of stockholders to request inclusion of proposals in the corporation&#146;s proxy
statement pursuant to Rule&nbsp;14a-8 under the 1934 Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10. <U>Action without Meetings</U>. Unless otherwise provided in the certificate of
incorporation, any action required or permitted to be taken at any annual or special meeting of
stockholders of the corporation may be taken without a meeting, without prior notice and without a
vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by
the holders of outstanding stock of the corporation having not less than the minimum number of
votes that would be necessary to authorize or take such action at a meeting at which all shares
entitled to vote thereon were present and voted and shall be delivered to the corporation by
delivery to its registered office in Delaware, its principal place of business, or to an officer or
agent of the corporation having custody of the book in which proceedings of meetings of
stockholders are recorded; <U>provided</U>, however, that if at any time the holders of shares of
Class&nbsp;B Common Stock or Class&nbsp;C Common Stock that hold such shares as of the Closing Date (as
defined in Merger Agreement referenced in the certificate of incorporation) no longer are the
beneficial owners, in the aggregate, of at least a majority of the voting power of all the then
outstanding shares of stock of the corporation entitled to vote generally in the election of
directors, then any action required or permitted to be taken at any annual or special meeting of
stockholders of the corporation must be effected at a duly called annual or special meeting of such
stockholders and may no longer be effected by any consent in writing. No written consent shall be
effective to take the corporate action referred to therein unless written consents signed by a
number of stockholders sufficient to take such action are delivered to the corporation in the
manner specified in Article&nbsp;XIII of the certificate of incorporation within sixty days of the
earliest dated consent so delivered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If action is taken by consent of stockholders and in accordance with the foregoing, there
shall be filed with the records of the meetings of stockholders the writing or writings comprising
such consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If action is taken by less than unanimous consent of stockholders, prompt notice of the taking
of such action without a meeting shall be given to those who have not consented in writing and a
certificate signed and attested to by the secretary that such notice was given shall be filed with
the records of the meetings of stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the action which is consented to is such as would have required the filing
of a certificate under any provision of the General Corporation Law of the State of Delaware (as in
effect from time to time, the &#147;<U>DGCL</U>&#148;), if such action had been voted upon by the
stockholders at a meeting thereof, the certificate filed under such provision shall state, in lieu
of any statement required by such provision concerning a vote of stockholders, that written consent
has been
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">given under Section&nbsp;228 of the DGCL and that written notice has been given as provided in such
Section&nbsp;228.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11. <U>Conduct of Meeting</U>. The Chairman of the board of directors or, in his or her
absence, the Vice Chairman of the board of directors, if any, the Chief Executive Officer, the
President or any Vice President, in the order named, shall call meetings of the stockholders to
order and act as chair of such meeting; <U>provided</U>, <U>however</U>, that, in the absence of
the Chairman of the board of directors, the board of directors may appoint any stockholder to act
as chair of any meeting. The Secretary of the corporation or, in his or her absence, any Assistant
Secretary, shall act as secretary at all meetings of the stockholders; <U>provided</U>,
<U>however</U>, that in the absence of the Secretary at any meeting of the stockholders, the
person acting as chair at any meeting may appoint any person to act as secretary of such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors of the corporation shall be entitled to make such rules or regulations
for the conduct of meetings of stockholders as it shall deem appropriate. Subject to such rules
and regulations of the board of directors, if any, the person presiding over the meeting shall have
the right and authority to convene and adjourn the meeting, to prescribe such rules, regulations
and procedures and to do all such acts as, in the judgment of the person presiding over the
meeting, are necessary, appropriate or convenient for the proper conduct of the meeting, including,
without limitation, establishing an agenda or order of business for the meeting, rules and
procedures for maintaining order at the meeting and the safety of those present, limitations on
participation in such meeting to stockholders of record of the corporation and their duly
authorized and constituted proxies and such other persons as the person presiding over the meeting
shall permit, restrictions on entry to the meeting after the time fixed for the commencement
thereof, limitations on the time allotted to questions or comments by participants and regulation
of the opening and closing of the polls for balloting and matters that are to be voted on by
ballot. The person presiding over the meeting, in addition to making any other determinations that
may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and
declare to the meeting that a matter or business was not properly brought before the meeting and if
the person presiding over the meeting should so determine and declare, any such matter or business
shall not be transacted or considered. Unless and to the extent determined by the board of
directors or the person presiding over the meeting, meetings of stockholders shall not be required
to be held in accordance with rules of parliamentary procedure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12. <U>Proxy Representation</U>. Every stockholder may authorize another person or persons
to act for him by proxy in all matters in which a stockholder is entitled to participate, whether
by waiving notice of any meeting, objecting to or voting or participating at a meeting, or
expressing consent or dissent without a meeting. Every proxy must be signed by the stockholder or
by his attorney-in-fact. No proxy shall be voted or acted upon after three years from its date
unless such proxy provides for a longer period. A duly executed proxy shall be irrevocable if it
states that it is irrevocable and, if, and only as long as, it is coupled with an interest
sufficient in law to support an irrevocable power. A proxy may be made irrevocable regardless of
whether the interest with which it is coupled is an interest in the stock itself or an interest in
the corporation generally. The authorization of a proxy may but need not be limited to specified
action; <U>provided</U>, however, that if a proxy limits its authorization to a meeting or
meetings of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">stockholders, unless otherwise specifically provided such proxy shall entitle the holder
thereof to vote at any adjourned session but shall not be valid after the final adjournment
thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13. <U>Inspectors</U>. The directors or the person presiding at the meeting may, and shall
if required by applicable law, appoint one or more inspectors of election and any substitute
inspectors to act at the meeting or any adjournment thereof. Each inspector, before entering upon
the discharge of his duties, shall take and sign an oath faithfully to execute the duties of
inspector at such meeting with strict impartiality and according to the best of his ability. The
inspectors, if any, shall determine the number of shares of stock outstanding and the voting power
of each, the shares of stock represented at the meeting, the existence of a quorum, the validity
and effect of proxies, and shall receive votes, ballots or consents, hear and determine all
challenges and questions arising in connection with the right to vote, count and tabulate all
votes, ballots or consents, determine the result, and do such acts as are proper to conduct the
election or vote with fairness to all stockholders. On request of the person presiding at the
meeting, the inspectors shall make a report in writing of any challenge, question or matter
determined by them and execute a certificate of any fact found by them.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Section&nbsp;3. BOARD OF DIRECTORS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <U>Powers</U>. The business and affairs of the corporation shall be managed by or under
the direction of the board of directors who shall have and may exercise all the powers of the
corporation and do all such lawful acts and things as are not by law, the certificate of
incorporation or these by-laws directed or required to be exercised or done by the stockholders.
In the event of a vacancy in the board of directors, the remaining directors, except as otherwise
provided by law, may exercise the powers of the full board of directors until the vacancy is
filled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <U>Number; Election; Qualification</U>. The corporation shall have five or more
directors, the number of directors to be determined from time to time by vote of a majority of the
directors then in office. Except in connection with the election of directors at the annual
meeting of stockholders, the number of directors may be decreased only to eliminate vacancies by
reason of death, resignation or removal of one or more directors. Subject to Article&nbsp;IV of the
certificate of incorporation, the directors shall be elected at the annual meeting of stockholders
by such stockholders as have the right to vote on such election. No director need be a
stockholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <U>Tenure</U>. Except as otherwise provided by law, by the certificate of incorporation
or by these by-laws, each director shall hold office until the next annual meeting (or shareholder
action in lieu thereof) and until his successor is elected and qualified, or until he sooner dies,
resigns, is removed or becomes disqualified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <U>Vacancies</U>. Vacancies and any newly created directorships resulting from any
increase in the number of directors may be filled by vote of the holders of the particular class or
series of stock entitled to elect such director at a meeting called for the purpose, or by a
majority of the directors then in office, although less than a quorum, or by a sole remaining
director, in each case elected by the particular class or series of stock entitled to elect such
directors. When one or more directors shall resign from the board, effective at a future date, a
majority of the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">directors then in office, including those who have resigned, who were elected by the
particular class or series of stock entitled to elect such resigning director or directors shall
have power to fill such vacancy or vacancies, the vote or action by writing thereon to take effect
when such resignation or resignations shall become effective. The directors shall have and may
exercise all their powers notwithstanding the existence of one or more vacancies in their number,
subject to any requirements of law or of the certificate of incorporation or of these by-laws as to
the number of directors required for a quorum or for any vote or other actions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <U>Committees</U>. The board of directors may, by vote of a majority of the whole
board, (a)&nbsp;designate, change the membership of or terminate the existence of any committee or
committees, each committee to consist of one or more of the directors; (b)&nbsp;designate one or more
directors as alternate members of any such committee who may replace any absent or disqualified
member at any meeting of the committee; and (c)&nbsp;determine the extent to which each such committee
shall have and may exercise the powers of the board of directors in the management of the business
and affairs of the corporation, including the power to authorize the seal of the corporation to be
affixed to all papers which require it and the power and authority to declare dividends or to
authorize the issuance of stock; excepting, however, such powers which by law, by the certificate
of incorporation or by these by-laws they are prohibited from so delegating. In the absence or
disqualification of any member of such committee and his alternate, if any, the member or members
thereof present at any meeting and not disqualified from voting, whether or not constituting a
quorum, may unanimously appoint another member of the board of directors to act at the meeting in
the place of any such absent or disqualified member. Except as the board of directors may
otherwise determine, any committee may make rules for the conduct of its business, but unless
otherwise provided by the board or such rules, its business shall be conducted as nearly as may be
in the same manner as is provided by these by-laws for the conduct of business by the board of
directors. Each committee shall keep regular minutes of its meetings and report the same to the
board of directors upon request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. <U>Regular Meetings</U>. Regular meetings of the board of directors may be held without
call or notice at such places within or without the State of Delaware and at such times as the
board may from time to time determine, <U>provided</U> that notice of the first regular meeting
following any such determination shall be given to absent directors. A regular meeting of the
directors may be held without call or notice immediately after and at the same place as the annual
meeting of stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. <U>Special Meetings</U>. Special meetings of the board of directors may be held at any
time and at any place within or without the State of Delaware designated in the notice of the
meeting, when called by the chairman of the board, if any, the president, or by one-third or more
in number of the directors, reasonable notice thereof being given to each director by the secretary
or by the chairman of the board, if any, the president or any one of the directors calling the
meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. <U>Notice</U>. It shall be reasonable and sufficient notice to a director to send
notice (a)&nbsp;by giving notice to such director in person or by telephone at least twenty four (24)
hours in advance of the meeting, (b)&nbsp;by sending a telecopy, electronic mail or other means of
electronic transmission, or delivering written notice by hand, to the director&#146;s last known
business or home
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">address at least twenty four (24)&nbsp;hours in advance of the meeting, or (c)&nbsp;by mailing written
notice to the director&#146;s last known business or home address at least seventy two (72)&nbsp;hours in
advance of the meeting.. Notice of a meeting need not be given to any director if a written waiver
of notice, executed by him before or after the meeting, is filed with the records of the meeting,
or to any director who attends the meeting without protesting prior thereto or at its commencement
the lack of notice to him. Neither notice of a meeting nor a waiver of a notice need specify the
purposes of the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. <U>Quorum</U>. Except as may be otherwise provided by law, by the certificate of
incorporation or by these by-laws, at any meeting of the directors, a majority of the directors
then in office shall constitute a quorum; a quorum shall not in any case be less than one-third of
the total number of directors constituting the whole board. Any meeting may be adjourned from time
to time by a majority of the votes cast upon the question, whether or not a quorum is present, and
the meeting may be held as adjourned without further notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10. <U>Action by Vote</U>. Except as may be otherwise provided by law, by the certificate
of incorporation or by these by-laws, when a quorum is present at any meeting the vote of a
majority of the directors voting on a matter shall be the act of the board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11. <U>Action Without a Meeting</U>. Any action required or permitted to be taken at any
meeting of the board of directors or a committee thereof may be taken without a meeting if all the
members of the board or of such committee, as the case may be, consent thereto in writing, and such
writing or writings are filed with the records of the meetings of the board or of such committee.
Such consent shall be treated for all purposes as the act of the board or of such committee, as the
case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12. <U>Participation in Meetings by Conference Telephone</U>. Members of the board of
directors, or any committee designated by such board, may participate in a meeting of such board or
committee by means of conference telephone or similar communications equipment by means of which
all persons participating in the meeting can hear each other or by any other means permitted by
law. Such participation shall constitute presence in person at such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13. <U>Compensation</U>. In the discretion of the board of directors, each director may be
paid such fees for his services as director and be reimbursed for his reasonable expenses incurred
in the performance of his duties as director as the board of directors from time to time may
determine. Nothing contained in this section shall be construed to preclude any director from
serving the corporation in any other capacity and receiving reasonable compensation therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14. <U>Interested Directors and Officers</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;No contract or transaction between the corporation and one or more of its directors or
officers, or between the corporation and any other corporation, partnership, association, or other
organization in which one or more of the corporation&#146;s directors or officers are directors or
officers, or have a financial interest, shall be void or voidable solely for this reason, or solely
because the director or officer is present at or participates in the meeting of the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">board or committee thereof which authorizes the contract or transaction, or solely because his
or their votes are counted for such purpose, if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;The material facts as to his relationship or interest and as to the contract or
transaction are disclosed or are known to the board of directors or the committee, and the board or
committee in good faith authorizes the contract or transaction by the affirmative votes of a
majority of the disinterested directors, even though the disinterested directors be less than a
quorum; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;The material facts as to his relationship or interest and as to the contract or
transaction are disclosed or are known to the stockholders entitled to vote thereon, and the
contract or transaction is specifically approved in good faith by vote of the stockholders; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;The contract or transaction is fair as to the corporation as of the time it is authorized,
approved or ratified, by the board of directors, a committee thereof, or the stockholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Common or interested directors may be counted in determining the presence of a quorum at a
meeting of the board of directors or of a committee which authorizes the contract or transaction.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Section&nbsp;4. OFFICERS AND AGENTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <U>Enumeration; Qualification</U>. The officers of the corporation shall be a
president, a treasurer, a secretary and such other officers, if any, as the board of directors from
time to time may in its discretion elect or appoint including without limitation a chairman of the
board, one or more vice presidents and a controller. The corporation may also have such agents, if
any, as the board of directors from time to time may in its discretion choose. Any officer may be
but none need be a director or stockholder. Any two or more offices may be held by the same
person. Any officer may be required by the board of directors to secure the faithful performance
of his duties to the corporation by giving bond in such amount and with sureties or otherwise as
the board of directors may determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <U>Powers</U>. Subject to law, to the certificate of incorporation and to the other
provisions of these by-laws, each officer shall have, in addition to the duties and powers herein
set forth, such duties and powers as are commonly incident to his office and such additional duties
and powers as the board of directors may from time to time designate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <U>Election</U>. The officers may be elected by the board of directors at their first
meeting following the annual meeting of the stockholders or at any other time. At any time or from
time to time the directors may delegate to any officer their power to elect or appoint any other
officer or any agents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <U>Tenure</U>. Each officer shall hold office until the first meeting of the board of
directors following the next annual meeting of the stockholders and until his respective successor
is chosen and qualified unless a shorter period shall have been specified by the terms of his
election or appointment, or in each case until he sooner dies, resigns, is removed or becomes
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">disqualified. Each agent shall retain his authority at the pleasure of the directors, or the
officer by whom he was appointed or by the officer who then holds agent appointive power.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. <U>Chairman of the Board of Directors, President and Vice President</U>. The chairman
of the board, if any, shall have such duties and powers as shall be designated from time to time by
the board of directors. Unless the board of directors otherwise specifies, the chairman of the
board, or if there is none the chief executive officer, shall preside, or designate the person who
shall preside, at all meetings of the stockholders and of the board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the board of directors otherwise specifies, the president or co-presidents shall be the
chief executive officer(s) and shall have direct charge of all business operations of the
corporation and, subject to the control of the directors, shall have general charge and supervision
of the business of the corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any vice presidents shall have such duties and powers as shall be set forth in these by-laws
or as shall be designated from time to time by the board of directors or by the president or any
co-president.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. <U>Treasurer and Assistant Treasurers</U>. Unless the board of directors otherwise
specifies, the treasurer shall be the chief financial officer of the corporation and shall be in
charge of its funds and valuable papers, and shall have such other duties and powers as may be
designated from time to time by the board of directors or by the president. If no controller is
elected, the treasurer shall, unless the board of directors otherwise specifies, also have the
duties and powers of the controller.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any assistant treasurers shall have such duties and powers as shall be designated from time to
time by the board of directors, the president or the treasurer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. <U>Controller and Assistant Controllers</U>. If a controller is elected, he shall,
unless the board of directors otherwise specifies, be the chief accounting officer of the
corporation and be in charge of its books of account and accounting records, and of its accounting
procedures. He shall have such other duties and powers as may be designated from time to time by
the board of directors, the president or the treasurer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any assistant controller shall have such duties and powers as shall be designated from time to
time by the board of directors, the president, the treasurer or the controller.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. <U>Secretary and Assistant Secretaries</U>. The secretary shall record all proceedings
of the stockholders, of the board of directors and of committees of the board of directors in a
book or series of books to be kept therefor and shall file therein all actions by written consent
of stockholders or directors. In the absence of the secretary from any meeting, an assistant
secretary, or if there be none or he is absent, a temporary secretary chosen at the meeting, shall
record the proceedings thereof. Unless a transfer agent has been appointed the secretary shall
keep or cause to be kept the stock and transfer records of the corporation, which shall contain the
names and record addresses of all stockholders and the number of shares registered in the name of
each stockholder. He shall have such other duties and powers as may from time to time be
designated by the board of directors or the president.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any assistant secretaries shall have such duties and powers as shall be designated from time
to time by the board of directors, the president or the secretary.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Section&nbsp;5. RESIGNATIONS AND REMOVALS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. Any director or officer may resign at any time by delivering his resignation in writing
to the chairman of the board, if any, the president, or the secretary or to a meeting of the board
of directors. Such resignation shall be effective upon receipt unless specified to be effective at
some other time, and without in either case the necessity of its being accepted unless the
resignation shall so state. The board of directors may at any time remove any officer either with
or without cause. The board of directors may at any time terminate or modify the authority of any
agent.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Section&nbsp;6. VACANCIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. If the office of the president or the vice president or the treasurer or the secretary
becomes vacant, the directors may elect a successor by vote of a majority of the directors then in
office. If the office of any other officer becomes vacant, any person or body empowered to elect
or appoint that officer may choose a successor. Each such successor shall hold office for the
unexpired term, and in the case of the president, the vice president, the treasurer and the
secretary until his successor is chosen and qualified or in each case until he sooner dies,
resigns, is removed or becomes disqualified. Any vacancy of a directorship shall be filled as
specified in Article&nbsp;V of the certificate of incorporation and Section&nbsp;3.4 of these by-laws.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Section&nbsp;7. CAPITAL STOCK
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <U>Stock Certificates</U>. Each stockholder shall be entitled to a certificate stating
the number and the class and the designation of the series, if any, of the shares held by him, in
such form as shall, in conformity to law, the certificate of incorporation and the by-laws, be
prescribed from time to time by the board of directors. Such certificate shall be signed by the
chairman or vice chairman of the board, if any, or the president or a vice president and by the
treasurer or an assistant treasurer or by the secretary or an assistant secretary. Any of or all
the signatures on the certificate may be a facsimile. In case an officer, transfer agent or
registrar who has signed or whose facsimile signature has been placed on such certificate shall
have ceased to be such officer, transfer agent or registrar before such certificate is issued, it
may be issued by the corporation with the same effect as if he were such officer, transfer agent or
registrar at the time of its issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <U>Loss of Certificates</U>. In the case of the alleged theft, loss, destruction or
mutilation of a certificate of stock, a duplicate certificate may be issued in place thereof, upon
such terms, including receipt of a bond sufficient to indemnify the corporation against any claim
on account thereof, as the board of directors may prescribe.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Section&nbsp;8. TRANSFER OF SHARES OF STOCK
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <U>Transfer on Books</U>. Subject to the restrictions, if any, stated or noted on the
stock certificate, shares of stock may be transferred on the books of the corporation by the
surrender to
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the corporation or its transfer agent of the certificate therefor properly endorsed or
accompanied by a written assignment and power of attorney properly executed, with necessary
transfer stamps affixed, and with such proof of the authenticity of signature as the board of
directors or the transfer agent of the corporation may reasonably require. Except as may be
otherwise required by law, by the certificate of incorporation or by these by-laws, the corporation
shall be entitled to treat the record holder of stock as shown on its books as the owner of such
stock for all purposes, including the payment of dividends and the right to receive notice and to
vote or to give any consent with respect thereto and to be held liable for such calls and
assessments, if any, as may lawfully be made thereon, regardless of any transfer, pledge or other
disposition of such stock until the shares have been properly transferred on the books of the
corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It shall be the duty of each stockholder to notify the corporation of his post office address.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <U>Record Date</U>. In order that the corporation may determine the stockholders
entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the
board of directors may fix a record date, which record date shall not precede the date upon which
the resolution fixing the record date is adopted by the board of directors, and which record date
shall not be more than sixty nor less than ten days before the date of such meeting. If no such
record date is fixed by the board of directors, the record date for determining the stockholders
entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on
the day next preceding the day on which notice is given, or, if notice is waived, at the close of
business on the day next preceding the day on which the meeting is held. A determination of
stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to
any adjournment of the meeting; provided, however, that the board of directors may fix a new record
date for the adjourned meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order that the corporation may determine the stockholders entitled to consent to corporate
action in writing without a meeting, the board of directors may fix a record date, which record
date shall not precede the date upon which the resolution fixing the record date is adopted by the
board of directors, and which date shall not be more than ten days after the date upon which the
resolution fixing the record date is adopted by the board of directors. If no such record date has
been fixed by the board of directors, the record date for determining stockholders entitled to
consent to corporate action in writing without a meeting, when no prior action by the board of
directors is required by the DGCL, shall be the first date on which a signed written consent
setting forth the action taken or proposed to be taken is delivered to the corporation by delivery
to its registered office in Delaware by hand or certified or registered mail, return receipt
requested, to its principal place of business or to an officer or agent of the corporation having
custody of the book in which proceedings of meetings of stockholders are recorded. If no record
date has been fixed by the board of directors and prior action by the board of directors is
required by the DGCL, the record date for determining stockholders entitled to consent to corporate
action in writing without a meeting shall be at the close of business on the day on which the board
of directors adopts the resolution taking such prior action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order that the corporation may determine the stockholders entitled to receive payment of
any dividend or other distribution or allotment of any rights or to exercise any rights in respect
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of any change, conversion or exchange of stock, or for the purpose of any other lawful action,
the board of directors may fix a record date, which record date shall not precede the date upon
which the resolution fixing the record date is adopted, and which record date shall be not more
than sixty days prior to such payment, exercise or other action. If no such record date is fixed,
the record date for determining stockholders for any such purpose shall be at the close of business
on the day on which the board of directors adopts the resolution relating thereto.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Section&nbsp;9. CORPORATE SEAL
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. Subject to alteration by the directors, the seal of the corporation shall consist of a
flat-faced circular die with the word &#147;Delaware&#148; and the name of the corporation cut or engraved
thereon, together with such other words, dates or images as may be approved from time to time by
the directors.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Section&nbsp;10. EXECUTION OF PAPERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. Except as the board of directors may generally or in particular cases authorize the
execution thereof in some other manner, all deeds, leases, transfers, contracts, bonds, notes,
checks, drafts or other obligations made, accepted or endorsed by the corporation shall be signed
by the chairman of the board, if any, the president or any co-president, a vice president or the
treasurer.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Section&nbsp;11. FISCAL YEAR
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">11.1. The fiscal year of the corporation shall end on the last day of December.

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;12. AMENDMENTS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. These by-laws may be adopted, amended or repealed by vote of a majority of the directors
then in office or by vote of a majority of the voting power of the stock outstanding and entitled
to vote. Any by-law, whether adopted, amended or repealed by the stockholders or directors, may be
amended or reinstated by the stockholders or the directors.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-14-<!-- /Folio -->
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>d57053exv10w1.htm
<DESCRIPTION>LETTER AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w1</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">May&nbsp;17, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Messrs.<BR>
L. Lowry Mays<BR>
Mark P. Mays, and<BR>
Randall T. Mays<BR>
200 East Basse Road<BR>
San Antonio, Texas 78209

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Lowry/Mark/Randall:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to (i)&nbsp;the Agreement and Plan of Merger, dated as of November&nbsp;16, 2006, as
amended through the date hereof (the &#147;<U>Merger Agreement</U>&#148;), by and among BT Triple Crown
Merger Co., Inc., B Triple Crown FinCo., LLC, T Triple Crown FinCo., LLC, and Clear Channel
Communications Inc. (&#147;<U>CCU</U>&#148;) and (ii)&nbsp;the letter agreement dated November&nbsp;16, 2006 between
each of you and B Triple Crown FinCo., LLC and T Triple Crown FinCo., LLC (together, the
&#147;<U>Parents</U>&#148;) as amended by that certain extension letter dated March&nbsp;16, 2007 (such letter
agreement, as so amended, the &#147;<U>November Letter Agreement</U>&#148;) relating to the Merger
Agreement. All capitalized terms not defined herein shall have the meaning set forth in the
November Letter Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the November Letter Agreement, the parties agreed to commence good faith negotiations with
respect to the definitive Management Agreements and to agree upon the form and terms of such
agreements within one hundred twenty days after the date of execution of the Merger Agreement. The
parties commenced and have continued good faith negotiations, but such negotiations are not yet
complete. By letter agreement dated March&nbsp;17, 2007, the parties extended the period for
negotiating the Management Agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CCU&#146;s stockholder meeting for approval of the Merger Agreement has been postponed; and it is
anticipated that on or about the date hereof CCU and the other parties to the Merger Agreement will
enter into a second amendment to the Merger Agreement that would, among other things, provide CCU
stockholders a &#147;stock election&#148; mechanic (pursuant to which CCU stockholders would be provided an
opportunity to elect to receive, in exchange for a portion of their CCU shares, shares of a new
holding company, BT Triple Crown Holdings III, Inc., that would join the Merger Agreement and
become the parent corporation of CCU), which in turn will require (i)&nbsp;mailing a new proxy statement
with respect to the proposed transaction, (ii)&nbsp;a further postponement of the CCU stockholder
meeting for consideration of the Merger Agreement and (iii)&nbsp;some changes to the terms of the
Management Agreements to reflect the fact that there will be a new holding company, that stock
options, restricted stock or other management equity incentives will be issued by that new holding
company, and that (because of legal requirements that would apply in light of stock ownership that
would arise from the above-referenced stock election mechanic) the new holding company will have
shares registered under the Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned hereby agree to further amend the November Letter Agreement as follows:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;the form and terms of the Management Agreements (excluding the Stockholder Agreements (as
defined below)) identified on Annex A to this letter agreement have been fully negotiated among the
parties to this letter agreement in good faith and each are attached hereto in substantially the
form to be executed by the relevant parties (including BT Triple Crown Holdings III, Inc., which
the Parents shall cause to enter into such agreements as applicable), with such other changes, if
any, as the parties may mutually agree; and, subject to the mutual agreement of the terms of the
stockholder&#146;s agreement to be entered into by and between BT Triple Crown Holdings III, Inc., and
each of Messrs.&nbsp;Lowry, Mark and Randall Mays ( the &#147;<U>Stockholder Agreements</U>&#148;) shall be
executed promptly after finalization of the Stockholder Agreements;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;we the Parents and each of you agree to use commercially reasonable best efforts to
negotiate and reach mutual agreement, reasonably and good faith, on the final form and terms of the
Stockholder Agreements as soon as reasonably practicable after the date hereof, but in no event by
no later than thirty days after approval of the Merger by CCU stockholders.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except as provided herein or as otherwise provided in the Management Agreements (excluding the
Stockholder Agreements), as amended, all other terms of the November Letter Agreement shall remain
in full force and effect as set forth therein.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you agree to the terms of this letter, please sign where indicated below and return it to
Loretta Richard at Ropes &#038; Gray, LLP, either via facsimile (617-235-0409) or email at
<U>loretta.richard@ropesgray.com</U>.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Sincerely,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>B Triple Crown FinCo., LLC</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>T Triple Crown FinCo., LLC</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;<FONT style="font-variant: SMALL-CAPS">May&nbsp;2007 Supplement to Nov. 2007 Letter Agreement Signature Page</FONT>&#093;

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accepted
and agreed this &#95;&#95;&#95; day of May, 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
L. Lowry Mays

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;<FONT style="font-variant: SMALL-CAPS">May&nbsp;2007 Supplement to Nov. 2007 Letter Agreement Signature Page</FONT>&#093;

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accepted
and agreed this &#95;&#95;&#95; day of May, 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Mark P. Mays

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-5-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<FONT style="font-variant: SMALL-CAPS">May&nbsp;2007 Supplement to Nov. 2007 Letter Agreement Signature Page</FONT>&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accepted
and agreed this &#95;&#95;&#95; day of May, 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Randall T. Mays

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-6-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Annex A to May&nbsp;2007 Supplement</FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><U>To November&nbsp;2007 Letter Agreement</U></FONT>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Clear Channel Communications<BR>
<U>Management Term Sheet: Proposed Forms of Agreement </U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Employment Agreement &#150; Lowry Mays<BR>
Employment Agreement &#150; Randall/Mark Mays<BR>
Form of Release of Claims<BR>
2007 Equity Incentive Plan<BR>
Restricted Stock Agreement &#150; Randall/Mark Mays<BR>
Rollover Option Agreement &#150; Randall/May Mays<BR>
Senior Executive Stock Option Agreement &#150; Randall/Mark Mays

</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT, dated effective as of &#091;CLOSING DATE&#093;, by and between BT Triple Crown Merger Co.,
Inc (&#147;MergerSub&#148;, together with its successors, the &#147;Company&#148;), BT Triple Crown Capital Holdings
III, Inc. (&#147;Holdings&#148;) and L. Lowry Mays (&#147;Executive&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Clear Channel Communications, Inc., a Texas corporation and the Executive previously
entered into that certain Employment Agreement dated as of March&nbsp;10, 2005 (the &#147;Existing
Agreement&#148;); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Clear Channel Communications, Inc. has entered into an Agreement and Plan of
Merger dated as of November&nbsp;16, 2006, as amended (the &#147;Merger Agreement&#148;) pursuant to which, on the
terms and subject to the conditions set forth therein, MergerSub shall merge within and into Clear
Channel Communications, Inc., with Clear Channel Communications, Inc. surviving such merger at and
after the Effective Time (as defined in the Merger Agreement), and Holdings shall, on the date of
consummation of the transactions contemplated under the Merger Agreement, be the ultimate parent
holding company of the Company; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company and the Executive desire to amend and restate the terms of the Existing
Agreement between the Company and the Executive, to be effective as of the Effective Time; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW THEREFORE, IN CONSIDERATION of the premises and the mutual covenants set forth below, the
parties hereby amend and restate the Existing Agreement effective as of the Effective Time as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Employment</U>. The Company hereby agrees to continue to employ Executive as the
Chairman Emeritus, and Executive hereby accepts such continued employment, on the terms and
conditions hereinafter set forth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Term</U>. The period of employment of Executive by the Company under this Agreement
(the &#147;Employment Period&#148;) shall commence on the date upon which the Effective Time occurs (the
&#147;Effective Date&#148;) and shall have an original term of five (5)&nbsp;years (the &#147;Original Term&#148;). The
Employment Period shall automatically be extended thereafter for successive terms of one (1)&nbsp;year
each. The Employment Period may be sooner terminated by either party in accordance with Section&nbsp;6
of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Position and Duties</U>. During the Employment Period, Executive shall serve as
Chairman Emeritus of the Company and of Holdings, and shall report solely and directly to the Board
of Directors (the &#147;Board&#148;) of Holdings. Executive&#146;s duties shall be limited to assisting the Board
of the Company and the Board of Holdings with the overall strategic direction of the Company, as
and to the extent requested by the Board of Holdings. Executive shall devote as much of his
working time, attention and energies during normal business hours (other than absences due to
illness or vacation) to satisfactorily perform his duties for the Company. Notwithstanding the
above, Executive shall be permitted, to the extent such activities do not substantially interfere
with the performance by Executive of his duties and responsibilities
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">hereunder or violate Section&nbsp;10 hereof, to (i)&nbsp;manage Executive&#146;s personal, financial and
legal affairs, (ii)&nbsp;serve on civic or charitable boards or committees or on the Board of Directors
of Live Nations Inc. and its committees (it being expressly understood and agreed that Executive&#146;s
continuing to serve on any such boards and/or committees on which Executive is serving, or with
which Executive is otherwise associated, as of the Effective Date shall be deemed not to interfere
with the performance by Executive of his duties and responsibilities under this Agreement), (iii)
deliver lectures or fulfill speaking engagements; and (iv)&nbsp;engage in any other activity that is not
in violation of Section&nbsp;10 hereof; provided such activities do not conflict with the interests of
the Company or its Affiliates or otherwise interfere (other than to a de minimis extent),
individually or in the aggregate, with the performance of the Executive&#146;s duties hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Place of Performance</U>. The principal place of employment of Executive shall be at
the Company&#146;s principal executive offices in San Antonio, Texas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Compensation and Related Matters</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Base Salary and Bonus</U>. During the Employment Period, the Company shall pay
Executive a base salary at the rate of Two Hundred Fifty Thousand Dollars ($250,000) per
year (&#147;Base Salary&#148;). Executive&#146;s Base Salary shall be paid in approximately equal
installments in accordance with the Company&#146;s customary payroll practices. In addition to
Base Salary, Executive shall be eligible to receive an annual bonus (the &#147;Performance
Bonus&#148;). The amount of the Performance Bonus shall be determined by the Board of Holdings
(which may act through its Compensation Committee) in its sole discretion, provided,
however, that in any year during the Employment Period in which the Company achieves at
least eighty percent (80%) of the budgeted OIBDAN for the given year (the &#147;Target OIBDAN&#148;)
as set forth in the Management Plan previously presented to the Sponsor Group<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>
(as defined in the &#091;&#95;&#95;&#95;&#093;) and consistent with the requirements of Section 162(m) of the
Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), to the extent applicable, such
Performance Bonus shall be no less than One Million Dollars ($1,000,000). The Management
Plan will be subject to equitable adjustment by the Compensation Committee of Holdings to
take into account material acquisitions, dispositions and other material extraordinary
events; provided, that the parties hereto will use their reasonable best efforts to
facilitate the payment of the bonuses hereunder on a basis that is consistent with such
payment qualifying for the performance-based compensation exception under Section 162(m) of
the Code and the regulations thereunder. If the Company does not achieve the Target OIBDAN
in any given year, the amount of the Performance Bonus, if any, shall be determined by the
Board of Holdings in its sole discretion. The Performance Bonus, if any, shall be payable
in one lump sum between January 1 and March&nbsp;15 of the year following the year for which the
Performance Bonus was earned.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Expenses</U>. The Company shall promptly reimburse Executive for all
reasonable business expenses upon the presentation of reasonably itemized statements of such
expenses, in accordance with the Company&#146;s policies and procedures now in force or as such
policies and procedures may be modified generally with respect to senior executive officers
of the Company.
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Presented on May&nbsp;17, 2007.</TD>
</TR>

</TABLE>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">







<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U> Vacation</U>. Executive shall be entitled to the number of weeks of paid
vacation per year that he was eligible for immediately prior to the date of this Agreement,
but in no event less than four (4)&nbsp;weeks annually. Unused vacation may be carried forward
from year to year. Vacation shall otherwise be governed by the policies of the Company, as
in effect from time to time. In addition to vacation, Executive shall be entitled to the
number of sick days and personal days per year that other senior executive officers of the
Company with similar tenure are entitled to under the Company&#146;s policies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Services Furnished</U>. During the Employment Period, the Company shall
furnish Executive with office space, stenographic and secretarial assistance and such other
facilities and services no less favorable than what he was receiving immediately prior to
the date of this Agreement (<U>i</U>.<U>e</U>., one full-time assistant and one part-time
bookkeeper and office space for them). The Company shall also furnish office space for up
to two (2)&nbsp;additional people, to be designated by Executive; provided, however, that such
individuals shall not be on the Company&#146;s payroll and shall not perform services of any kind
for the Company or any of its Affiliates and the Company shall have no liability for
federal, state or local taxes related to the performance of such individuals&#146; services.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Welfare, Pension and Incentive Benefit Plans</U>. During the Employment
Period, Executive (and his spouse and dependents to the extent provided) shall be entitled
to participate in and be covered under all the welfare benefit plans or programs maintained
by the Company from time to time for the benefit of its senior executive officers,
including, without limitation, all medical, hospitalization, dental, disability, accidental
death and dismemberment and travel accident insurance plans and programs. During the
Employment Period, the Company shall provide to Executive (and his spouse and dependents to
the extent provided under the applicable plans and programs) the same type and substantially
equivalent levels of participation and employee benefits (except severance pay plans and,
except with the express consent of the Board of Holdings, incentive bonus programs other
than as explicitly set forth in Section 5(a) hereof) as are being provided to other senior
executives (and their spouses and dependents to the extent provided under the applicable
plans or programs) on the Effective Date, subject to modifications affecting all senior
executive officers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Other Perquisites</U>. During the Employment Period, Executive shall be
entitled to receive, in the same level and amount as received on November&nbsp;16, 2006:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the use of an automobile appropriate to his
position;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reimbursement for the full amount of annual
dues for membership in one social dining club; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>use of a Company-provided aircraft for
personal travel, in accordance with Company policy as in effect on
November&nbsp;16, 2006; provided, however, Executive shall be entitled to
continued use of such aircraft on that same basis for ten (10)&nbsp;years
following the Effective Date, regardless of whether Executive remains
employed by the Company.</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Termination</U>. Executive&#146;s employment hereunder may be terminated under the
following circumstances:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Death</U>. During the Employment Period, Executive&#146;s employment hereunder
shall terminate upon his death.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Disability</U>. Following the Original Term, if, as a result of Executive&#146;s
incapacity due to physical or mental illness, Executive shall have been substantially unable
to perform his duties hereunder notwithstanding the provision of reasonable accommodation
for a period of six (6)&nbsp;consecutive months, and within thirty (30)&nbsp;days after written Notice
of Termination is given after such six (6)&nbsp;month period Executive shall not have returned to
the substantial performance of his duties on a full-time basis, the Company shall have the
right to terminate Executive&#146;s employment hereunder for &#147;Disability&#148;, and such termination
in and of itself shall not be, nor shall it be deemed to be, a breach of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>By Executive.</U> During the Employment Period, Executive shall have the right
to terminate his employment by providing the Company with a Notice of Termination at least
thirty (30)&nbsp;days prior to such termination, and such termination shall not in and of itself
be, nor shall it be deemed to be, a breach of this Agreement. In the event of termination
pursuant to this Section&nbsp;6(c), the Board of the Company may elect to waive the period of
notice, or any portion thereof, and, if the Board so elects, the Company will pay Executive
his Base Salary for the initial thirty (30)&nbsp;days of the notice period or for any lesser
remaining portion of such period, payable in accordance with the regular payroll practices
of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>By the Company For Extraordinary Cause</U>. During the Original Term, in
addition to termination in accordance with Section 6(a) hereof, the Company shall have the
right to terminate Executive&#146;s employment only for Extraordinary Cause, by providing
Executive with a Notice of Termination, and such termination in and of itself shall not be,
nor shall it be deemed to be, a breach of this Agreement. For purposes of this Agreement,
the Company shall have &#147;Extraordinary Cause&#148; to terminate Executive&#146;s employment upon
Executive&#146;s:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>conviction of a felony or other crime involving
moral turpitude; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>willful misconduct that is materially and
demonstrably injurious to the Company.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section&nbsp;6(d), no act, or failure to act, by Executive shall be considered
&#147;willful&#148; unless committed in bad faith and without a reasonable belief that the act or omission
was in the best interests of the Company or any entity in control of, controlled by or under common
control with the Company (&#147;Affiliates&#148;) thereof. For the avoidance of doubt, &#147;Affiliates&#148; shall
include Holdings. Extraordinary Cause shall not exist under paragraph (ii)&nbsp;unless and until the
Company has delivered to Executive a copy of a resolution duly adopted by a majority of the members
of the Board of the Company at a meeting of the Board called and held for such purpose (after
reasonable (but in no event less than thirty (30)&nbsp;days) notice to Executive and an opportunity for
Executive, together with his counsel, to be heard before the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Board), finding that in the good faith opinion of the Board, Executive was guilty of the conduct
set forth in paragraph (ii)&nbsp;and specifying the particulars thereof in detail; provided that at
least a majority of the members of the Board of Holdings has determined prior to such meeting that
Cause exists. This Section 6(d) shall not prevent Executive from challenging in any arbitration or
court of competent jurisdiction the Board&#146;s determination that Extraordinary Cause exists or that
Executive has failed to cure any act (or failure to act) that purportedly formed the basis for the
Board&#146;s determination.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>By the Company Following the Original Term.</U> Following the Original Term,
the Company shall have the right to terminate Executive&#146;s employment with or without
Extraordinary Cause by providing Executive with a Notice of Termination, and such
termination shall not in and of itself be, nor shall it be deemed to be, a breach of this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Termination Procedure</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Notice of Termination</U>. Any termination of Executive&#146;s employment during
the Employment Period (other than termination pursuant to Section&nbsp;6(a)) shall be
communicated by written Notice of Termination to the other party hereto in accordance with
Section&nbsp;14. For purposes of this Agreement, a &#147;Notice of Termination&#148; shall mean a notice
which indicates the specific termination provision in this Agreement relied upon and sets
forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination of Executive&#146;s employment under the provision so indicated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Date of Termination</U>. &#147;Date of Termination&#148; shall mean (i)&nbsp;if Executive&#146;s
employment is terminated by his death, the date of his death, (ii)&nbsp;if Executive&#146;s employment
is terminated pursuant to Section&nbsp;6(b), thirty (30)&nbsp;days after Notice of Termination
(provided that Executive shall not have returned to the substantial performance of his
duties on a full-time basis during such thirty (30)&nbsp;day period), and (iii)&nbsp;if Executive&#146;s
employment is terminated for any other reason, the date on which a Notice of Termination is
given or any later date set forth in such Notice of Termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Compensation Upon Termination</U>. In the event Executive&#146;s employment terminates
during the Employment Period, the Company shall provide Executive with the payments and benefits
set forth below:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Extraordinary Cause or By Executive</U>. If Executive&#146;s employment is
terminated by the Company for Extraordinary Cause or by Executive, the Company shall pay
Executive his Base Salary, Bonus and unused vacation pay accrued or prorated through the
Date of Termination, and shall reimburse Executive pursuant to Section 5(b) for reasonable
business expenses incurred but not paid prior to such termination of employment (together,
&#147;Final Compensation&#148;). The Base Salary and vacation pay components of Final Compensation
shall be paid in a lump sum as soon as practicable following the Date of Termination, but in
no event later than two and a half months following the end of the taxable year including
the Date of Termination. The Bonus component of Final Compensation shall be calculated by
multiplying the amount of the Performance Bonus Executive would have earned had he remained
employed for the full year (if any) by a fraction, the numerator of which is the number of
days during such year
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">that Executive was employed and the denominator of which is 365, and shall be paid at
the time bonuses for the year in which the Date of Termination occurs are paid to executives
of the Company generally, but in no event later than two and a half months following the end
of the taxable year in which the Date of Termination occurs. The Company shall have no
further obligation to Executive upon such termination under this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Death</U>. If Executive&#146;s employment is terminated by his death, the Company
shall pay Final Compensation to Executive&#146;s beneficiary, legal representatives or estate, as
the case may be, at the time and in the manner set forth in Section 8(a) hereof. The Company
shall have no further obligation to Executive upon such termination under this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Termination By the Company Without Extraordinary Cause Following the Original
Term</U>. If, following the Original Term, the Company terminates Executive&#146;s employment
without Extraordinary Cause:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company shall pay Executive the Final
Compensation at the time and in the manner set forth in Section 8(a)
hereof, except that Executive shall not receive the Bonus component of
Final Compensation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provided that Executive signs and returns to
the Company a timely and effective release of claims substantially in
the form attached hereto as <U>Exhibit&nbsp;A </U>(the &#147;Executive Release
of Claims&#148;), the Company shall pay Executive a lump-sum cash payment
equivalent to any Base Salary and Performance Bonus to which he would
otherwise have been entitled had he remained employed for the remainder
of the then-current term. Following the Company&#146;s receipt of a timely
and effective Release of Claims, the Company and Holdings shall execute
a release of claims in favor of Executive substantially in the form
attached hereto as <U>Exhibit&nbsp;B</U> (the &#147;Company Release of Claims&#148;).
Any Base Salary to which Executive is entitled to hereunder shall be
paid within ninety (90)&nbsp;days following the Date of Termination, and any
Performance Bonus to which Executive is entitled hereunder shall be
paid at the time bonuses for the year in which termination occurs are
paid to executives of the Company generally, but in no event later than
two and a half months following the end of the taxable year including
the Date of Termination. The Executive Release of Claims required for
this benefit creates legally binding obligations on Executive and the
Company and its Affiliates therefore advise Executive to seek the
advice of an attorney before signing it; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company shall maintain in full force and
effect, for the continued benefit of the Executive and his eligible
dependents, for a period of five (5)&nbsp;years following the Date of
Termination the medical and hospitalization insurance programs in which
the</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executive and his dependents were participating immediately prior to
the Date of Termination, at the level in effect and upon
substantially the same terms and conditions (including without
limitation contributions required by Executive for such benefits) as
existed immediately prior to the Date of Termination; provided, that
if Executive or his dependents cannot continue to participate in the
Company plans and programs providing these benefits, the Company
shall arrange to provide Executive and his dependents with the
economic equivalent of such benefits which they otherwise would have
been entitled to receive under such plans and programs (the
&#147;Continued Benefits&#148;), provided, that such Continued Benefits shall
terminate on the date or dates Executive receives equivalent coverage
and benefits, without waiting period or pre-existing condition
limitations, under the plans and programs of a subsequent employer.
The Company shall also provide the Executive with an additional cash
payment in an amount equal to the federal, state and local taxes due
in connection with the Continued Benefits, which shall be payable to
Executive within five (5)&nbsp;business days following the Effective Time
(the &#147;Gross-Up Payment&#148;). Notwithstanding anything to the contrary
in this Section&nbsp;8(c)(iii), the aggregate value of the Continued
Benefits and the Gross-Up Payment shall in no event exceed Three
Million Dollars ($3,000,000) (the &#147;Aggregate Cap&#148;); accordingly, the
Company&#146;s obligation to provide the Continued Benefits shall cease
once the value of the Gross-Up Payment and the Continued Benefits
that have been provided to the Executive and/or his dependents
reaches the Aggregate Cap, even if such date occurs prior to the five
(5)-year anniversary of the Date of Termination.</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Disability Following the Original Term</U>. If Executive&#146;s employment is
terminated by reason of his Disability following the Original Term, the Company shall pay
Executive the Final Compensation at the time and in the manner set forth in Section 8(a)
hereof. The Company shall have no further obligation to Executive upon such termination
under this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Timing of Payments.</U> If at the time of Executive&#146;s separation from service,
Executive is a &#147;specified employee,&#148; as hereinafter defined, any and all amounts payable
under this Section&nbsp;8 in connection with such separation from service that constitute
deferred compensation subject to Section&nbsp;409A of Code (&#147;Section&nbsp;409A&#148;), as determined by the
Company in its sole discretion, and that would (but for this sentence) be payable within six
months following such separation from service, shall instead be paid on the date that
follows the date of such separation from service by six (6)&nbsp;months. For purposes of the
preceding sentence, &#147;separation from service&#148; shall be determined in a manner consistent
with subsection (a)(2)(A)(i) of Section&nbsp;409A and the term &#147;specified employee&#148; shall mean an
individual determined by the Company to be a specified employee as defined in subsection
(a)(2)(B)(i) of Section&nbsp;409A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>Mitigation</U>. Executive shall not be required to mitigate amounts payable under this
Agreement by seeking other employment or otherwise, and there shall be no offset against amounts
due Executive under this Agreement on account of subsequent employment except as specifically
provided herein. Additionally, amounts owed to Executive under this Agreement shall not be offset
by any claims the Company may have against Executive, and the Company&#146;s obligation to make the
payments provided for in this Agreement and otherwise to perform its obligations hereunder shall
not be affected by any other circumstances, including, without limitation, any counterclaim,
recoupment, defense or other right which the Company may have against Executive or others.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<U>Restrictive Covenants</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Confidential Information</U>.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executive acknowledges that the Company and its
Affiliates continually develop Confidential Information, that Executive
has developed and will develop Confidential Information for the Company
or its Affiliates, and that Executive has learned and will learn of
Confidential Information during the course of his employment.
Executive will comply with the policies and procedures of the Company
and its Affiliates for protecting Confidential Information. Executive
shall hold in a fiduciary capacity for the benefit of the Company all
trade secrets and Confidential Information, knowledge or data relating
to the Company, its Affiliates and their businesses and investments,
which shall have been obtained by Executive during Executive&#146;s
employment by the Company and which is not generally available public
knowledge (other than by acts of Executive in violation of this
Agreement or by any other person having an obligation of
confidentiality to the Company or any of its Affiliates). Except as</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may be required or appropriate in connection with carrying out his
duties under this Agreement, Executive shall not, without the prior
written consent of the Company or as may otherwise be required by law
or any legal process, or as is necessary in connection with any
adversarial proceeding against the Company (in which case Executive
shall use his reasonable best efforts in cooperating with the Company
in obtaining a protective order against disclosure by a court of
competent jurisdiction), use, communicate or divulge any such trade
secrets, Confidential Information, knowledge or data to anyone other
than the Company and those designated by the Company or on behalf of
the Company in the furtherance of its business. Executive
understands that this restriction shall continue to apply after his
employment terminates, regardless of the reason for such termination.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of this Agreement, &#147;Confidential Information&#148; shall mean
any and all information of the Company and its Affiliates that is
not generally known by those with whom the Company or any of its
Affiliates competes or does business, or with whom the Company or any
of its Affiliates plans to compete or do business, and any and all
information, publicly known in whole or in part or not, which, if
disclosed by the Company or any of its Affiliates, would assist in
competition against them. Confidential Information includes without
limitation such information relating to (i)&nbsp;the development,
research, testing, manufacturing, marketing and financial activities
of the Company and its Affiliates, (ii)&nbsp;the costs, sources of supply,
financial performance and strategic plans of the Company and its
Affiliates, (iii)&nbsp;the identity and special needs of the customers of
the Company and its Affiliates and (iv)&nbsp;the people and
organizations with whom the Company and its Affiliates have business
relationships and the nature and substance of those relationships.
Confidential Information also includes any information that the
Company or any of its Affiliates has received, or may receive
hereafter, belonging to customers or others with any understanding,
express or implied, that the information would not be disclosed to
others.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of this Agreement, &#147;Affiliates&#148; shall mean all persons
and entities directly or indirectly controlling, controlled by or
under common control with the Company, where control may be by
management authority, contract or equity interest. For the avoidance
of doubt, &#147;Affiliates&#148; shall include Holdings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All documents, records, tapes and other media
of every kind and description relating to the business, present or
otherwise, of the Company or its Affiliates, and any copies, in whole
or in part, thereof (the &#147;Documents&#148;), whether or not prepared by
Executive,</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shall be the sole and exclusive property of the Company and its
Affiliates. Executive shall safeguard all Documents and shall
surrender to the Company at the time his employment terminates, or at
such earlier time or times as the Board of the Company or Holdings or
its designee may specify, all Documents then in Executive&#146;s
possession or control.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Restricted Activities.</U> Executive hereby agrees that some restrictions on
his activities during and after his employment are necessary to protect the goodwill, trade
secrets, Confidential Information and other legitimate interests of the Company and its
Affiliates. In consideration of Executive&#146;s employment hereunder, and the Company&#146;s
agreement to grant Executive access to trade secrets and other Confidential Information of
the Company and its Affiliates and to their customers, and in view of the confidential
position to be held by Executive hereunder, Executive agrees as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Non-Solicitation.</U> During the
Employment Period and during the two year period immediately following
termination of the Employment Period (the &#147;Restricted Period&#148;),
Executive shall not, directly or indirectly: (A)&nbsp;hire, solicit for
hiring or assist in any way in the hiring of any employee or
independent contractor of the Company or any of its Affiliates, or
induce or otherwise attempt to influence any employee or independent
contractor to terminate or diminish such employment or contractor
relationship or to become employed by any other radio broadcasting
station or any other entity engaged in the radio business, the
television business or in any other business in which the Company or
any of its Affiliates is engaged (which, for the avoidance of doubt,
includes without limitation the business of providing clients with
advertising opportunities through billboards, street furniture
displays, transit displays and other out-of-home advertising displays,
such as wallscapes, spectaculars and mall displays (the &#147;Outdoor
Business&#148;)), or (B)&nbsp;solicit or encourage any customer of the Company or
any of its Affiliates to terminate or diminish its relationship with
them, or seek to persuade any such customer or prospective customer to
conduct with anyone else any business or activity which such customer
or prospective customer conducts or could conduct with the Company or
any of its Affiliates. For purposes of this Agreement, an &#147;employee&#148;
of the Company or any of its Affiliates is any person who was such at
any time within the preceding two years; a &#147;customer&#148; of the Company or
any of its Affiliates is any person or entity who is or has been a
customer at any time within the preceding two years; and a &#147;prospective
customer&#148; is any person or entity whose business has been solicited on
behalf of the Company or any of its Affiliates at any time within the
preceding two years, other than by form letter, blanket mailing or
published advertisement.</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Non-Competition</U>. During the Restricted
Period, Executive shall not, directly or indirectly, whether as owner,
partner, investor, consultant, agent, employee, co-venturer or
otherwise, compete with the Company or any of its Affiliates within the
United States or anywhere else in the world where the Company or any of
its Affiliates does business, or undertake any planning for any
business competitive with the Company or any of its Affiliates.
Specifically, but without limiting the foregoing, Executive agrees not
to engage in any manner in any activity that is directly or indirectly
competitive or potentially competitive with the business of the Company
or any of its Affiliates as conducted or under consideration at any
time during Executive&#146;s employment, and Executive further agrees not to
work for or provide services to, in any capacity, whether as an
employee, independent contractor or otherwise, whether with or without
compensation, any person or entity that is engaged in any business that
is competitive with the business of the Company or any of its
Affiliates for which the Executive has provided services, as conducted
or in planning during his employment. For the purposes of this Section
10, the business of the Company and its Affiliates shall include the
radio and television businesses, the Outdoor Business and any other
business that was conducted or in planning during the Executive&#146;s
employment. The foregoing, however, shall not prevent Executive&#146;s
direct or beneficial ownership of up to five percent (5%) of the equity
securities of any entity, whether or not in the same or competing
business.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Assignment of Rights to Intellectual Property</U>.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executive shall promptly and fully disclose all
Intellectual Property to the Company. Executive hereby assigns and
agrees to assign to the Company (or as otherwise directed by the
Company) Executive&#146;s full right, title and interest in and to all
Intellectual Property. Executive agrees to execute any and all
applications for domestic and foreign patents, copyrights or other
proprietary rights and to do such other acts (including without
limitation the execution and delivery of instruments of further
assurance or confirmation) requested by the Company to assign the
Intellectual Property to the Company and to permit the Company to
enforce any patents, copyrights or other proprietary rights to the
Intellectual Property. Executive will not charge the Company for time
spent in complying with these obligations. All copyrightable works
that Executive creates shall be considered &#147;work made for hire&#148; and
shall, upon creation, be owned exclusively by the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of this Agreement, &#147;Intellectual
Property&#148; means:</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>inventions, discoveries, developments, methods, processes,
compositions, works, concepts and ideas (whether or not patentable or
copyrightable or constituting trade secrets) conceived, made,
created, developed or reduced to practice by Executive (whether alone
or with others, whether or not during normal business hours or on or
off Company premises) during Executive&#146;s employment that relate to
either the Products or any prospective activity of the Company or any
of its Affiliates or that make use of Confidential Information or
any of the equipment or facilities of the Company or any of its
Affiliates; and &#147;Products&#148; means all products planned, researched,
developed, tested, manufactured, sold, licensed, leased or otherwise
distributed or put into use by the Company or any of its Affiliates,
together with all services provided or planned by the Company or any
of its Affiliates, during Executive&#146;s employment.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Conflict of Interest.</U> Executive agrees that, during his employment with
the Company, he will not undertake any outside activity, whether or not competitive with the
business of the Company or its Affiliates, that could reasonably give rise to a conflict of
interest or otherwise interfere with his duties and obligations to the Company or any of its
Affiliates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Modification of Covenants</U>. The parties hereby acknowledge that the
restrictions in this Section&nbsp;10 have been specifically negotiated and agreed to by the
parties hereto, and are limited only to those restrictions necessary to protect the Company
and its Affiliates from unfair competition. Executive acknowledges that he has carefully
read and considered all the terms and conditions of this Agreement, including the
restrictions in Section&nbsp;10 hereof, and agrees without reservation that each of the
restraints contained herein is necessary for the reasonable and proper protection of the
goodwill, trade secrets, Confidential Information and other legitimate interests of the
Company and its Affiliates; and that each and every one of those restraints is reasonable in
respect to subject matter, length of time and geographic area. Executive acknowledges that
the Company operates in major, medium and small-sized markets throughout the United States
and many foreign countries, that the effect of Section 10(b) may be to prevent him from
working in a competitive business after his termination of employment hereunder, and that
these restraints, individually or in the aggregate, will not prevent him from obtaining
other suitable employment during the period in which he is bound by such restraints. The
parties hereby agree that if the scope or enforceability of any provision, paragraph or
subparagraph of this Section&nbsp;10 is in any way disputed at any time, and should a court find
that such restrictions are overly broad, the court shall modify and enforce the covenant to
permit its enforcement to the maximum extent permitted by law. Each provision, paragraph
and subparagraph of this Section&nbsp;10 is separable from every other provision, paragraph, and
subparagraph, and constitutes a separate and distinct covenant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Remedies</U>. Executive hereby expressly acknowledges that any breach or
threatened breach by Executive of any of the terms set forth in Section&nbsp;10 of this
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Agreement would result in significant, irreparable and continuing injury to the
Company, the monetary value of which would be difficult to establish or measure. Therefore,
Executive agrees that, in addition to any other remedies available to it, the Company shall
be entitled to preliminary and permanent injunctive relief in a court of appropriate
jurisdiction against any breach or threatened breach, without having to post bond, as well
as the recovery of all reasonable attorney&#146;s fees expended in enforcing its rights
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<U>Indemnification</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>General</U>. The Company agrees that if Executive is made a party or is
threatened to be made a party to any action, suit or proceeding, whether civil, criminal,
administrative or investigative (a &#147;Proceeding&#148;), by reason of the fact that Executive is or
was a trustee, director or officer of the Company, Holdings, or any subsidiary thereof, or
is or was serving at the request of the Company or any subsidiary as a trustee, director,
officer, member, employee or agent of another corporation or a partnership, joint venture,
trust or other enterprise, including, without limitation, service with respect to employee
benefit plans, whether or not the basis of such Proceeding is alleged action in an official
capacity as a trustee, director, officer, member, employee or agent while serving as a
trustee, director, officer, member, employee or agent, Executive shall be indemnified and
held harmless by the Company to the fullest extent authorized by Texas law, as the same
exists or may hereafter be amended, against all Expenses incurred or suffered by Executive
in connection therewith, and such indemnification shall continue as to Executive even if
Executive has ceased to be an officer, director, trustee or agent, or is no longer employed
by the Company, and shall inure to the benefit of his heirs, executors and administrators.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Expenses</U>. As used in this Agreement, the term &#147;Expenses&#148; shall include,
without limitation, damages, losses, judgments, liabilities, fines, penalties, excise taxes,
settlements, costs, attorneys&#146; fees, accountants&#146; fees, and disbursements and costs of
attachment or similar bonds, investigations, and any expenses of establishing a right to
indemnification under this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Enforcement</U>. If a valid claim or request under this Agreement is not paid
by the Company or on its behalf within thirty (30)&nbsp;days after a written claim or request has
been received by the Company, Executive may at any time thereafter bring suit against the
Company to recover the unpaid amount of the claim or request and, if successful in whole or
in part, Executive shall be further entitled to be paid the expenses of prosecuting such
suit. All obligations for indemnification hereunder shall be subject to, and paid in
accordance with, applicable Texas law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Partial Indemnification</U>. If Executive is entitled under any provision of
this Agreement to indemnification by the Company for some or a portion of any Expenses, but
not, however, for the total amount thereof, the Company shall nevertheless indemnify
Executive for the portion of such Expenses to which Executive is entitled.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Advances of Expenses</U>. Expenses incurred by Executive in connection with
any Proceeding shall be paid by the Company in advance upon request of Executive
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">that the Company pay such Expenses; but, only in the event that Executive shall have
delivered in writing to the Company (i)&nbsp;an undertaking to reimburse the Company for Expenses
with respect to which Executive is not entitled to indemnification and (ii)&nbsp;an affirmation
of his good faith belief that the standard of conduct necessary for indemnification by the
Company has been met.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Notice of Claim</U>. Executive shall give to the Company notice of any claim
made against him for which indemnification will or could be sought under this Agreement. In
addition, Executive shall give the Company such information and cooperation as it may
reasonably require and as shall be within Executive&#146;s power and at such times and places as
are mutually convenient for Executive and the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <U>Defense of Claim</U>. With respect to any Proceeding as to which Executive
notifies the Company of the commencement thereof:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company will be entitled to participate
therein at its own expense; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as otherwise provided below, to the
extent that it may wish, the Company will be entitled to assume the
defense thereof, with counsel reasonably satisfactory to Executive,
which in the Company&#146;s sole discretion may be regular counsel to the
Company and may be counsel to other officers and directors of the
Company or any subsidiary. Executive shall also have the right to
employ his own counsel in such action, suit or proceeding if he
reasonably concludes that failure to do so would involve a conflict of
interest between the Company and Executive, and, under such
circumstances, the fees and expenses of such counsel shall be at the
expense of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall not be liable to indemnify
Executive under this Agreement for any amounts paid in settlement of
any action or claim effected without its written consent. The Company
shall not settle any action or claim in any manner which would impose
any penalty or limitation on Executive without Executive&#146;s written
consent. Neither the Company nor Executive will unreasonably withhold
or delay their consent to any proposed settlement.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <U>Non-exclusivity</U>. The right to indemnification and the payment of expenses
incurred in defending a Proceeding in advance of its final disposition conferred in this
Section&nbsp;11 shall not be exclusive of any other right which Executive may have or hereafter
may acquire under any statute, provision of the declaration of trust or certificate of
incorporation or by-laws of the Company, Holdings, or any subsidiary, agreement, vote of
shareholders or disinterested directors or trustees, or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<U>Arbitration</U>. Except as provided for in Section&nbsp;10 of this Agreement, if any
contest or dispute arises between the parties with respect to this Agreement, such contest or
dispute shall be submitted to binding arbitration for resolution in San Antonio, Texas in
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-14-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">accordance with the rules and procedures of the Employment Dispute Resolution Rules of the
American Arbitration Association then in effect. The decision of the appointed arbitrator shall be
final and binding on both parties, and any court of competent jurisdiction may enter judgment upon
the award. The losing party shall pay all expenses relating to such arbitration, including, but
not limited to, the prevailing party&#146;s legal fees and expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;<U>Successors; Binding Agreement</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Company&#146;s Successors</U>. No rights or obligations of the Company under this
Agreement may be assigned or transferred, except that the Company will require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to expressly assume and agree
to perform this Agreement in the same manner and to the same extent that the Company would
be required to perform it if no such succession had taken place. As used in this Agreement,
&#147;Company&#148; shall mean the Company as hereinabove defined and any successor to its business
and/or assets (by merger, purchase or otherwise) which executes and delivers the agreement
provided for in this Section&nbsp;13 or which otherwise becomes bound by all the terms and
provisions of this Agreement by operation of law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Executive&#146;s Successors</U>. No rights or obligations of Executive under this
Agreement may be assigned or transferred by Executive other than his right to payments or
benefits hereunder, which may be transferred only by will or the laws of descent and
distribution. Upon Executive&#146;s death, this Agreement and all rights of Executive hereunder
shall inure to the benefit of and be enforceable by Executive&#146;s beneficiary or
beneficiaries, personal or legal representatives, or estate, to the extent any such person
succeeds to Executive&#146;s interests under this Agreement. Executive shall be entitled to
select and change a beneficiary or beneficiaries to receive any benefit or compensation
payable hereunder following Executive&#146;s death by giving the Company written notice thereof.
In the event of Executive&#146;s death or a judicial determination of his incompetence, reference
in this Agreement to Executive shall be deemed, where appropriate, to refer to his
beneficiary(ies), estate or other legal representative(s). If Executive should die following
his Date of Termination while any amounts would still be payable to him hereunder if he had
continued to live, all such amounts unless otherwise provided herein shall be paid in
accordance with the terms of this Agreement to such person or persons so designated in
writing by Executive, or otherwise to his legal representatives or estate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;<U>Notice</U>. For the purposes of this Agreement, notices, demands and all other
communications provided for in this Agreement shall be in writing and shall be deemed to have been
duly given when delivered either personally or by United States certified or registered mail,
return receipt requested, postage prepaid, addressed as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to Executive:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">L. Lowry Mays<BR>
200 East Basse Road<BR>
San Antonio, Texas 78209
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-15-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Simpson, Thacher &#038; Bartlett LLP<BR>
425 Lexington Avenue<BR>
New York, New York 10017<BR>
Attn: Andrea K. Wahlquist
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Company:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">BT Triple Crown Capital Holdings III, Inc.<BR>
200 East Basse Road<BR>
San Antonio, Texas 78209<BR>
Attention: Chief Executive Officer
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Clear Channel Communications, Inc.<BR>
200 East Basse Road<BR>
San Antonio, Texas 78209<BR>
Attention: General Counsel
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Ropes &#038; Gray LLP<BR>
One International Place<BR>
Boston, MA 02110<BR>
Attention: Loretta Richard
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or to such other address as any party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon receipt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;<U>Miscellaneous</U>. No provisions of this Agreement may be amended, modified, or
waived unless such amendment or modification is agreed to in writing signed by Executive and by a
duly authorized officer of the Company, and such waiver is set forth in writing and signed by the
party to be charged. No waiver by either party hereto at any time of any breach by the other party
hereto of any condition or provision of this Agreement to be performed by such other party shall be
deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. No agreements or representations, oral or otherwise, express or implied, with
respect to the subject matter hereof have been made by either party which are not set forth
expressly in this Agreement. The respective rights and obligations of the parties hereunder shall
survive Executive&#146;s termination of employment and the termination of this Agreement to the extent
necessary for the intended preservation of such rights and obligations. The validity,
interpretation, construction and performance of this Agreement shall be governed by the laws of the
State of Texas without regard to its conflicts of law principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;<U>Validity</U>. The invalidity or unenforceability of any provision or provisions of
this Agreement shall not affect the validity or enforceability of any other provision of this
Agreement, which shall remain in full force and effect.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-16-<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;<U>Counterparts</U>. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same
instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;<U>Entire Agreement</U>. This Agreement sets forth the entire agreement of the parties
hereto in respect of the subject matter contained herein, and supersedes all prior agreements,
promises, covenants, arrangements, communications, representations or warranties, whether oral or
written, by any officer, employee or representative of any party hereto in respect of such subject
matter, including but not limited to the Existing Agreement, and excluding only any existing
obligations on the part of Executive with respect to Confidential Information, assignment of
intellectual property, non-competition and the like. Any prior agreement of the parties hereto in
respect of the subject matter contained herein is hereby terminated and cancelled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;<U>Withholding</U>. All payments hereunder shall be subject to any required withholding
of federal, state and local taxes pursuant to any applicable law or regulation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;<U>Noncontravention</U>. The Company represents that the Company is not prevented from
entering into or performing this Agreement by the terms of any law, order, rule or regulation, its
by-laws or declaration of trust, or any agreement to which it is a party, other than which would
not have a material adverse effect on the Company&#146;s ability to enter into or perform this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;<U>Section&nbsp;Headings</U>. The section headings in this Agreement are for convenience of
reference only, and they form no part of this Agreement and shall not affect its interpretation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BT Triple Crown Merger Co., Inc.<BR>
By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BT Triple Crown Capital Holdings III, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
L. Lowry Mays
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-17-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT, dated effective as of &#091;CLOSING DATE&#093;, by and between BT Triple Crown Merger Co.,
Inc. (&#147;MergerSub&#148;, together with its successors, the &#147;Company&#148;), BT Triple Crown Capital Holdings
III, Inc. (&#147;Holdings&#148;) and <B>&#091;Mark/Randall&#093; </B>Mays (&#147;Executive&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Clear Channel Communications, Inc., a Texas corporation and Executive previously
entered into that certain Employment Agreement dated as of March&nbsp;10, 2005 (the &#147;Existing
Agreement&#148;); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Clear Channel Communications, Inc. has entered into an Agreement and Plan of Merger
dated as of November&nbsp;16, 2006, as amended (the &#147;Merger Agreement&#148;) pursuant to which, on the terms
and subject to the conditions set forth therein, MergerSub shall merge within and into Clear
Channel Communications, Inc., with Clear Channel Communications, Inc. surviving such merger at and
after the Effective Time (as defined in the Merger Agreement), and Holdings shall, on the date of
consummation of the transactions contemplated under the Merger Agreement, be the ultimate parent
holding company of the Company; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company and Executive desire to amend and restate the terms of the Existing
Agreement between the Company and Executive, to be effective as of the Effective Time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the premises and the mutual covenants set forth below, the
parties hereby amend and restate the Existing Agreement effective as of the Effective Time as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Employment</U>. The Company hereby agrees to continue to employ Executive as the
<B>&#091;Mark: Chief Executive Officer; Randall: President&#093;, </B>and Executive hereby accepts such continued
employment, on the terms and conditions hereinafter set forth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Term</U>. The period of employment of Executive by the Company under this Agreement
(the &#147;Employment Period&#148;) shall commence on the date upon which the Effective Time occurs (the
&#147;Effective Date&#148;) and shall have an original term of five (5)&nbsp;years, and shall be automatically
extended thereafter for successive terms of one year each, unless either party provides notice to
the other at least twelve months prior to the expiration of the original or any extension term that
the Agreement is not to be extended. The Employment Period may be sooner terminated by either
party in accordance with Section&nbsp;6 of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Position and Duties</U>. During the Employment Period, Executive shall serve as <B>&#091;Mark:
Chief Executive Officer; Randall: President&#093; </B>of the Company, and shall report solely and directly
to the Board of Directors (the &#147;Board&#148;) of Holdings. Executive shall have those powers and duties
normally associated with the position of <B>&#091;Mark: Chief Executive Officer; Randall: President&#093; </B>of
entities comparable to the Company and such other powers and duties as may be prescribed by the
Board; provided, that such other powers and duties are consistent with Executive&#146;s position as
<B>&#091;Mark: Chief Executive Officer; Randall: President.&#093; </B>Executive shall devote as much of his working
time, attention and energies during normal business hours (other
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-1-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">than absences due to illness or vacation) to satisfactorily perform his duties for the
Company. Notwithstanding the above, Executive shall be permitted, to the extent such activities do
not substantially interfere with the performance by Executive of his duties and responsibilities
hereunder or violate Section&nbsp;11 hereof, to (i)&nbsp;manage Executive&#146;s personal, financial and legal
affairs, (ii)&nbsp;serve on civic or charitable boards or committees or on the Board of Directors of
Live Nation Inc. and its committees (it being expressly understood and agreed that Executive&#146;s
continuing to serve on any such boards and/or committees on which Executive is serving, or with
which Executive is otherwise associated, as of the Effective Date shall be deemed not to interfere
with the performance by Executive of his duties and responsibilities under this Agreement), and
(iii)&nbsp;deliver lectures or fulfill speaking engagements. During the Employment Period, for so long
as Executive remains an officer of the Company, (i)&nbsp;Executive shall also serve as a member of the
Board of the Company, and (ii)&nbsp;Executive shall also serve as <B>&#091;Mark: Chief Executive Officer;
Randall: President&#093; </B>of Holdings and as a member of the Board of Holdings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Place of Performance</U>. The principal place of employment of Executive shall be at
the Company&#146;s principal executive offices in San Antonio, Texas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Compensation and Related Matters</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Base Salary and Bonus</U>. During the Employment Period, the Company shall pay
Executive a base salary at the rate of not less than <B>&#091;Mark: $&#091;2006 Base salary&#093; Randall:
$&#091;2006 Base Salary&#093; </B>per year (&#147;Base Salary&#148;). Executive&#146;s Base Salary shall be paid in
approximately equal installments in accordance with the Company&#146;s customary payroll
practices. The Compensation Committee of the Board of Holdings (the &#147;Committee&#148;) shall
review Executive&#146;s Base Salary for increase (but not decrease) no less frequently than
annually and consistent with the executive compensation practices and guidelines of the
Company and Holdings. If Executive&#146;s Base Salary is increased by the Company, such
increased Base Salary shall then constitute the Base Salary for all purposes of this
Agreement. In addition to Base Salary, Executive shall be eligible to receive an annual
bonus (the &#147;Performance Bonus&#148;). Unless the Board of Holdings and Executive mutually agree
otherwise, the amount of the Performance Bonus shall be determined by the Board of Directors
of Holdings (which may act through its Compensation Committee) in its sole discretion,
provided, however, that in any year during the Employment Period in which the Company
achieves at least eighty percent (80%) of the budgeted OIBDAN for the given year (the
&#147;Target OIBDAN&#148;), as set forth in the Management Plan previously presented to the Sponsor
Group<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> (as defined in the &#091;&#95;&#95;&#95;&#093;) and consistent with the requirements of Section
162(m) of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), to the extent
applicable, such Performance Bonus shall be no less than &#091;$&#95;&#95;&#95;&#093;.<SUP style="font-size: 85%; vertical-align: text-top">2</SUP> The
Management Plan will be subject to equitable adjustment by the Compensation Committee of
Holdings to take into account material acquisitions, dispositions and other material
extraordinary events; provided, that the parties hereto will use their reasonable best
efforts to facilitate the payment of the bonuses hereunder on a basis that is consistent
with such payments qualifying for the performance-based compensation exception under Section
162(m) of the Code and the regulations thereunder. If the Company does not achieve the
Target OIBDAN in any given year, the amount of the Performance Bonus, if any, shall be
determined by the
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Presented on May&nbsp;17, 2007.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Insert dollar amount of the bonus paid to the
Executive in respect of 2006.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">







<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Board of Holdings in its sole discretion. The Performance Bonus, if any, shall be
payable in one lump sum between January 1 and March&nbsp;15 of the year following the year for
which the Performance Bonus was earned.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Expenses and Perquisites</U>. The Company shall promptly reimburse Executive
for all reasonable business expenses upon the presentation of reasonably itemized statements
of such expenses, in accordance with the Company&#146;s policies and procedures now in force or
as such policies and procedures may be modified generally with respect to senior executive
officers of the Company. In addition, during the Employment Period, Executive shall be
entitled to, at the sole expense of the Company:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the use of an automobile appropriate to his
position and no less qualitative than the automobile provided to him
immediately prior to the date of this Agreement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>use of a Company-provided aircraft for personal
travel, in accordance with Company policy as in effect on November&nbsp;16,
2006 (the &#147;Aircraft Benefit&#148;).</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Vacation</U>. Executive shall be entitled to the number of weeks of paid
vacation per year that he was eligible for immediately prior to the date of this Agreement,
but in no event less than four (4)&nbsp;weeks annually. Unused vacation may be carried forward
from year to year. Vacation shall otherwise be governed by the policies of the Company, as
in effect from time to time. In addition to vacation, Executive shall be entitled to the
number of sick days and personal days per year that other senior executive officers of the
Company with similar tenure are entitled to under the Company&#146;s policies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Services Furnished</U>. During the Employment Period, the Company shall
furnish Executive with office space, stenographic and secretarial assistance and such other
facilities and services no less favorable than what he was receiving immediately prior to
the date of this Agreement or, if better, as provided to other senior executive officers of
the Company (other than the Chairman Emeritus).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Welfare, Pension and Incentive Benefit Plans</U>. During the Employment
Period, subject to the terms of the applicable plan documents and generally applicable
Company policies, Executive (and his spouse and dependents to the extent provided therein)
shall be entitled to participate in and be covered under all the welfare benefit plans or
programs maintained by the Company from time to time for the benefit of its senior
executives (other than benefits maintained exclusively for the Chairman Emeritus),
including, without limitation, all medical, hospitalization, dental, disability, accidental
death and dismemberment and travel accident insurance plans and programs. During the
Employment Period, the Company shall provide to Executive (and his spouse and dependents to
the extent provided under the applicable plans or programs) the same type and substantially
equivalent levels of participation and employee benefits (other than severance pay plans
and, except with the express consent of the Board of Holdings, incentive bonus programs
other than as explicitly set forth in Section 5(a) hereof) as are being provided to other
senior executives (and their spouses and dependents to the extent provided under the
applicable plans or programs) on the Effective Date, subject to modifications affecting all
senior executive officers.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Equity Incentive Award.</U> At or promptly following the Effective Time, the
Company will grant Executive an equity incentive award pursuant to a new equity incentive
plan substantially in the form of the draft Clear Channel Capital III, Inc. 2007 Equity
Incentive Plan attached hereto as <U>Exhibit&nbsp;A</U> and related restricted stock and stock
option award agreements in substantially the forms attached hereto as <U>Exhibits B
</U>and<U> C</U>, respectively. Executive shall not be eligible to receive any stock
options, restricted stock or other equity of the Company or Holdings, whether under an
equity incentive plan or otherwise, except as expressly provided for in this Agreement or as
expressly authorized for him individually by the Board of Holdings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <U>Equity Rollover and Purchased Equity.</U>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective as of the Effective Date, Executive
will exchange &#091;&#95;&#95;&#95;&#093; shares of Company common stock previously issued
to him and the currently held options to acquire shares of Company
common stock (&#147;Old Options&#148;) that are identified on <U>Exhibit&nbsp;D,</U>
all on the terms and subject to the conditions of a Rollover Option
Agreement substantially in the form attached hereto as <U>Exhibit
E-1</U> and the Restricted Stock Agreement substantially in the form
attached hereto as <U>Exhibit&nbsp;E-2</U>. The total value (based on,
with respect to shares of Company common stock, the Cash Consideration
(as defined under the Merger Agreement), and with respect to the Old
Options, the excess of the Cash Consideration over the per share
exercise price) by of all of the foregoing will not exceed $10&nbsp;million.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executive may subscribe for a purchase of
$&#091;&#95;&#95;&#95;&#093; in additional equity securities of the Company or of a holding
company Affiliate on the terms and subject to the conditions set forth
in <U>Exhibit&nbsp;F</U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Termination</U>. Executive&#146;s employment hereunder may be terminated during the
Employment Period under the following circumstances:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Death</U>. Executive&#146;s employment hereunder shall terminate upon his death.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Disability</U>. If, as a result of Executive&#146;s incapacity due to physical or
mental illness, Executive shall have been substantially unable to perform his duties
hereunder notwithstanding the provision of reasonable accommodation for a period of six (6)
consecutive months, and within thirty (30)&nbsp;days after written Notice of Termination is given
after such six (6)&nbsp;month period Executive shall not have returned to the substantial
performance of his duties on a full-time basis, the Company shall have the right to
terminate Executive&#146;s employment hereunder for &#147;Disability&#148;, and such termination in and of
itself shall not be, nor shall it be deemed to be, a breach of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Cause</U>. The Company shall have the right to terminate Executive&#146;s
employment for Cause by providing Executive with a written Notice of Termination, and such
termination in and of itself shall not be, nor shall it be deemed to be, a breach of this
Agreement. For purposes of this Agreement, &#147;Cause&#148; shall mean:
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executive&#146;s willful and continued failure to
perform his material duties with respect to the Company or its
Affiliates which, if curable, continues beyond ten business days after
a written demand for substantial performance is delivered to Executive
by the Company; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Willful or intentional engaging by Executive in
material misconduct that causes material and demonstrable injury,
monetarily or otherwise, to the Company, the Sponsor Group (as defined
in the &#091;&#95;&#95;&#95;&#093;) or any of their respective Affiliates; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executive&#146;s conviction of, or a plea of <I>nolo
contendre </I>to, a crime constituting (A)&nbsp;a felony under the laws of the
United States or any state thereof; or (B)&nbsp;a misdemeanor involving
moral turpitude that causes material and demonstrable injury,
monetarily or otherwise, to the Company, the Sponsor Group or any of
their respective Affiliates; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executive&#146;s committing or engaging in any act
of fraud, embezzlement, theft or other act of dishonesty against the
Company or its Affiliates that causes material and demonstrable injury,
monetarily or otherwise, to the Company, the Sponsor Group or any of
their respective Affiliates; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executive&#146;s breach of any provision of Section
11 hereof that causes material and demonstrable injury, monetarily or
otherwise, to the Company, the Sponsor Group or any of their respective
Affiliates.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Whether &#147;Cause&#148; exists shall be determined by at least a majority of the members of the Board of
the Company at a meeting of the Board called and held for such purpose, provided that at least a
majority of the members of the Board of Holdings has determined prior to such meeting that Cause
exists.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Good Reason</U>. Executive may terminate his employment for &#147;Good Reason&#148; by
providing the Company with a written Notice of Termination. The following events, without
the written consent of Executive, shall constitute &#147;Good Reason&#148;:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reduction in Executive&#146;s Base Salary or annual
incentive compensation opportunity, other than any isolated,
insubstantial and inadvertent failure by the Company that is not in bad
faith and is cured within ten (10)&nbsp;business days after Executive gives
the Company notice of such event; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Substantial diminution in Executive&#146;s title,
duties and responsibilities, other than any isolated, insubstantial and
inadvertent failure by the Company that is not in bad faith and is
cured within ten (10)&nbsp;business days after Executive gives the Company
notice of such event; or</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Failure by the Company to provide the Aircraft
Benefit or any material breach of its obligations to provide such
Benefit, which is other than insubstantial, inadvertent, not in bad
faith and is not repeated; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transfer of Executive&#146;s primary workplace
outside the city limits of San Antonio, Texas;</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Executive expressly acknowledges and agrees that the Company&#146;s provision of notice of
non-renewal of the Agreement pursuant to Section&nbsp;2 hereof, alone or in combination with the
transition of Executive&#146;s duties to another employee during the notice period, shall not
constitute Good Reason.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Executive expressly waives any rights he might otherwise have, under the Existing Agreement
or otherwise, to resign for Good Reason or otherwise receive any compensation in the nature
of severance or separation pay or benefits as a result of the transaction contemplated by
the Agreement and Plan of Merger by and among BT Triple Crown Merger Co., Inc., B Triple
Crown Finco, LLC, T Triple Crown Finco, LLC and Clear Channel Communications, Inc. dated as
of November&nbsp;16, 2006, as amended on April&nbsp;18, 2007 and May&nbsp;17, 2007 (the &#147;Transaction&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Without Cause</U>. The Company shall have the right to terminate Executive&#146;s
employment hereunder without Cause by providing Executive with a Notice of Termination at
least thirty (30)&nbsp;days prior to such termination, and such termination shall not in and of
itself be, nor shall it be deemed to be, a breach of this Agreement. In the event of
termination pursuant to this Section&nbsp;6(e), the Board of the Company may elect to waive the
period of notice, or any portion thereof, and, if the Board so elects, the Company will pay
Executive his Base Salary for the initial thirty (30)&nbsp;days of the notice period or for any
lesser remaining portion of such period, payable in accordance with the regular payroll
practices of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Without Good Reason</U>. Executive shall have the right to terminate his
employment hereunder without Good Reason by providing the Company with a Notice of
Termination at least thirty (30)&nbsp;days prior to such termination, and such termination shall
not in and of itself be, nor shall it be deemed to be, a breach of this Agreement. In the
event of termination pursuant to this Section&nbsp;6(f), the Board of the Company may elect to
waive the period of notice, or any portion thereof, and, if the Board so elects, the Company
will pay Executive his Base Salary for the initial thirty (30)&nbsp;days of the notice period or
for any lesser remaining portion of such period, payable in accordance with the regular
payroll practices of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Termination Procedure</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Notice of Termination</U>. Any termination of Executive&#146;s employment by the
Company or by Executive during the Employment Period (other than termination pursuant to
Section&nbsp;6(a)) shall be communicated by written Notice of Termination to the other party
hereto in accordance with Section&nbsp;15. For purposes of this Agreement, a &#147;Notice of
Termination&#148; shall mean a notice which indicates the specific termination provision in this
Agreement relied upon, and sets forth in reasonable detail the facts and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">circumstances claimed to provide a basis for termination of Executive&#146;s employment
under the provision so indicated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Date of Termination</U>. &#147;Date of Termination&#148; shall mean (i)&nbsp;if Executive&#146;s
employment is terminated by his death, the date of death, (ii)&nbsp;if Executive&#146;s employment is
terminated pursuant to Section&nbsp;6(b), thirty (30)&nbsp;days after Notice of Termination (provided
that Executive shall not have returned to the substantial performance of his duties on a
full-time basis during such thirty (30)&nbsp;day period), and (iii)&nbsp;if Executive&#146;s employment is
terminated for any other reason, the date on which a Notice of Termination is given or any
later date set forth in such Notice of Termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Compensation Upon Termination or During Disability</U>. In the event Executive is
disabled or his employment terminates during the Employment Period, the Company shall provide
Executive with the payments and benefits set forth below; provided, however, that any obligation of
the Company to Executive under Section&nbsp;8(a), other than for Final Compensation, is expressly
conditioned upon Executive signing and returning to the Company a timely and effective release of
claims substantially in the form attached hereto as <U>Exhibit&nbsp;G</U> (the &#147;Executive Release of
Claims&#148;). Following the Company&#146;s receipt of a timely and effective Release of Claims, the Company
and Holdings shall execute a release of claims in favor of Executive substantially in the form
attached hereto as <U>Exhibit&nbsp;H</U> (the &#147;Company Release of Claims&#148;). The Executive Release of
Claims required for separation benefits in accordance with Section 8(a) creates legally binding
obligations on the part of Executive, and the Company and its Affiliates therefore advise Executive
and his beneficiary or legal representative, as applicable, to seek the advice of an attorney
before signing it.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Termination By the Company Without Cause or By Executive for Good Reason</U>.
If Executive&#146;s employment is terminated by the Company without Cause or by Executive for
Good Reason:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company shall pay to Executive his Base
Salary, Bonus and unused vacation pay accrued or prorated through the
Date of Termination, and shall reimburse Executive pursuant to Section
5(b) for reasonable business expenses incurred but not paid prior to
such termination of employment (together, &#147;Final Compensation&#148;). The
Base Salary and vacation components of Final Compensation shall be paid
in a lump sum as soon as practicable following the Date of Termination,
but in no event later than two and a half months following the end of
the taxable year including the Date of Termination. The Bonus
component of Final Compensation shall be calculated by multiplying the
amount of the Performance Bonus (if any) Executive would have earned
had he remained employed for the full year in which the Date of
Termination occurs by a fraction, the numerator of which is the number
of days during such year that Executive was employed and the
denominator of which is 365, and shall be paid at the times bonuses for
the year in which the Date of Termination occurs are paid to executives
of the Company generally, but in no event later than two and a half
months following the end of the taxable year in which the Date of
Termination occurs;</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provided Executive signs and returns a timely
and effective Release of Claims, the Company shall pay to Executive a
lump-sum cash payment equal to three (3)&nbsp;times the sum of (A)
Executive&#146;s Base Salary and (B)&nbsp;the Bonus paid to Executive for the
year prior to the year in which termination occurs; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provided Executive signs and returns a timely
and effective Release of Claims, the Company shall maintain in full
force and effect, for the continued benefit of the Executive and his
eligible dependents, for a period of three (3)&nbsp;years following the Date
of Termination the medical and hospitalization insurance programs in
which the Executive and his dependents were participating immediately
prior to the Date of Termination, at the level in effect and upon
substantially the same terms and conditions (including without
limitation contributions required by Executive for such benefits) as
existed immediately prior to the Date of Termination; provided, that if
Executive or his dependents cannot continue to participate in the
Company plans and programs providing these benefits, the Company shall
arrange to provide Executive and his dependents with the economic
equivalent of such benefits which they otherwise would have been
entitled to receive under such plans and programs (the &#147;Continued
Benefits&#148;), provided, that such Continued Benefits shall terminate on
the date or dates Executive receives equivalent coverage and benefits,
without waiting period or pre-existing condition limitations, under the
plans and programs of a subsequent employer. Notwithstanding anything
to the contrary in this Section&nbsp;8(a)(iii), the aggregate value (as the
same would be determined under Section&nbsp;280G of the Code) of the
Continued Benefits shall in no event exceed Fifty Thousand Dollars
($50,000) (the &#147;Aggregate Cap&#148;); accordingly, the Company&#146;s obligation
to provide the Continued Benefits shall cease once such value of the
Continued Benefits that have been provided to the Executive and/or his
dependents reaches the Aggregate Cap, even if such date occurs prior to
the three (3)-year anniversary of the Date of Termination.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Termination By the Company for Cause or By Executive Without Good Reason</U>.
If Executive&#146;s employment is terminated by the Company for Cause or by Executive other than
for Good Reason, the Company shall pay Executive the Final Compensation at the time and in
the manner set forth in Section&nbsp;8(a)(i) hereof. The Company shall have no further
obligation to Executive upon such termination under this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Disability</U>. During any period that Executive fails to perform his duties
hereunder as a result of incapacity due to physical or mental illness (&#147;Disability Period&#148;),
Executive shall continue to receive his full Base Salary set forth in Section 5(a) until his
employment is terminated pursuant to Section&nbsp;6(b), and the Company may, in its discretion,
designate another individual to act in Executive&#146;s place, and such designation shall not
constitute Good Reason. In the event Executive&#146;s employment is terminated for
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Disability pursuant to Section&nbsp;6(b), the Company shall pay to Executive the Final
Compensation at the time and in the manner set forth in Section&nbsp;8(a)(i) hereof. The Company
shall have no further obligation to Executive upon such termination under this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Death</U>. If Executive&#146;s employment is terminated by his death, the Company
shall pay the Final Compensation to Executive&#146;s beneficiary, legal representatives or
estate, as the case may be, at the time and in the manner set forth in Section&nbsp;8(a)(i)
hereof. The Company shall have no further obligation to Executive upon such termination
under the Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Timing of Payments</U>. If at the time of Executive&#146;s separation from service,
Executive is a &#147;specified employee,&#148; as hereinafter defined, any and all amounts payable
under this Section&nbsp;8 in connection with such separation from service that constitute
deferred compensation subject to Section&nbsp;409A of Code (&#147;Section&nbsp;409A&#148;), as determined by the
Company in its sole discretion, and that would (but for this sentence) be payable within six
months following such separation from service, shall instead be paid on the date that
follows the date of such separation from service by six (6)&nbsp;months. For purposes of the
preceding sentence, &#147;separation from service&#148; shall be determined in a manner consistent
with subsection (a)(2)(A)(i) of Section&nbsp;409A and the term &#147;specified employee&#148; shall mean an
individual determined by the Company to be a specified employee as defined in subsection
(a)(2)(B)(i) of Section&nbsp;409A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>Gross-Up Payment</U>.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Anything in this Agreement to the contrary
notwithstanding, in the event it shall be determined that any payment,
award, benefit or distribution (or any acceleration of any payment,
award, benefit or distribution) to or for the benefit of Executive as a
result of the Transaction (the &#147;Payments&#148;) would be subject to the
excise tax imposed by Section&nbsp;4999 of the Internal Revenue Code (the
&#147;Code&#148;), or any interest or penalties are incurred by Executive with
respect to such excise tax (such excise tax, together with any such
interest and penalties, are hereinafter collectively referred to as the
&#147;Excise Tax&#148;), then the Company shall pay to Executive an additional
payment (a &#147;Gross-Up Payment&#148;) in an amount such that after payment by
Executive of all taxes (including any Excise Tax) imposed upon the
Gross-Up Payment, Executive retains an amount of the Gross-Up Payment
equal to the sum of (x)&nbsp;the Excise Tax imposed upon the Payments and
(y)&nbsp;the product of any deductions disallowed because of the inclusion
of the Gross-Up Payment in Executive&#146;s adjusted gross income and the
highest applicable marginal rate of federal income taxation for the
calendar year in which the Gross-Up Payment is to be made. For purposes
of determining the amount of the Gross-Up Payment, Executive shall be
deemed to (A)&nbsp;pay federal income taxes at the highest marginal rates of
federal income taxes at the highest marginal rate of taxation for the
calendar year in which the Gross-Up Payment is to be made, (B)&nbsp;pay
applicable state and local income taxes at the</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>highest marginal rate of taxation for the calendar year in which the
Gross-Up Payment is to be made, net of the maximum reduction in
federal income taxes which could be obtained from deduction of such
state and local taxes and (C)&nbsp;have otherwise allowable deductions for
federal income tax purposes at least equal to those which could be
disallowed because of the inclusion of the Gross-Up Payment in
Executive&#146;s adjusted gross income.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of Section&nbsp;9(e)(i),
all determinations required to be made under this Section&nbsp;9(e),
including whether and when a Gross-Up Payment is required, the amount
of such Gross-Up Payment and the assumptions to be utilized in arriving
at such determinations, shall be made by a nationally recognized public
accounting firm that is selected by the Company (the &#147;Accounting Firm&#148;)
which shall provide detailed supporting calculations both to the
Company and Executive within fifteen (15)&nbsp;business days of the receipt
of notice from the Company or Executive that there has been a Payment,
or such earlier time as is requested by the Company or Executive
(collectively, the &#147;Determination&#148;). All fees and expenses of the
Accounting Firm shall be borne solely by the Company, and the Company
shall enter into any reasonable agreement requested by the Accounting
Firm in connection with the performance of the services hereunder. The
Gross-Up Payment under this Section 9(e) with respect to any Payments
made to Executive shall be made to the relevant tax authorities no
later than the date on which the Excise Tax on such Payments is due to
the relevant tax authorities. If the Accounting Firm determines that
no Excise Tax is payable by Executive, it shall furnish Executive with
a written opinion to such effect, and to the effect that failure to
report the Excise Tax, if any, on Executive&#146;s applicable federal income
tax return should not result in the imposition of a negligence or
similar penalty.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a result of the uncertainty in the
application of Section&nbsp;4999 of the Code at the time of the
Determination, it is possible that Gross-Up Payments which will not
have been made by the Company should have been made (&#147;Underpayment&#148;) or
Gross-Up Payments are made by the Company which should not have been
made (&#147;Overpayment&#148;), consistent with the calculations required to be
made hereunder. In the event that Executive thereafter is required to
make payment of any Excise Tax or additional Excise Tax, the Accounting
Firm shall determine the amount of the Underpayment that has occurred
and any such Underpayment (together with interest at the rate provided
in Section&nbsp;1274(b)(2)(B) of the Code) shall be promptly paid by the
Company to or for the benefit of Executive. In the event the amount of
the Gross-Up Payment exceeds the amount necessary to reimburse
Executive for his Excise Tax, the Accounting Firm shall determine the
amount of the Overpayment that has been made and any such Overpayment</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(together with interest at the rate provided in Section&nbsp;1274(b)(2) of
the Code) shall be promptly paid by Executive (to the extent he has
received a refund if the applicable Excise Tax has been paid to the
Internal Revenue Service) to or for the benefit of the Company.
Executive shall cooperate, to the extent his expenses are reimbursed
by the Company, with any reasonable requests by the Company in
connection with any contest or disputes with the Internal Revenue
Service in connection with the Excise Tax.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executive expressly acknowledges and agrees
that the Gross-Up Payment is limited exclusively to Excise Tax that may
come due in connection with Payments to or for the benefit of Executive
as a result of the Transaction, and that Executive will not be entitled
to any Gross-Up Payments as a result of any change of control that may
occur following the Effective Date.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<U>Mitigation</U>. Executive shall not be required to mitigate amounts payable under
this Agreement by seeking other employment or otherwise, and there shall be no offset against
amounts due Executive under this Agreement on account of subsequent employment except as
specifically provided herein. Additionally, amounts owed to Executive under this Agreement shall
not be offset by any claims the Company may have against Executive, and the Company&#146;s obligation to
make the payments provided for in this Agreement and otherwise to perform its obligations hereunder
shall not be affected by any other circumstances, including, without limitation, any counterclaim,
recoupment, defense or other right which the Company may have against Executive or others.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<U>Restrictive Covenants</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Confidential Information</U>.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executive acknowledges that the Company and its
Affiliates continually develop Confidential Information, that Executive
has developed and will develop Confidential Information for the Company
or its Affiliates, and that Executive has learned and will learn of
Confidential Information during the course of his employment.
Executive will comply with the policies and procedures of the Company
and its Affiliates for protecting Confidential Information. Executive
shall hold in a fiduciary capacity for the benefit of the Company all
trade secrets and Confidential Information, knowledge or data relating
to the Company, its Affiliates and their businesses and investments,
which shall have been obtained by Executive during Executive&#146;s
employment by the Company and which is not generally available public
knowledge (other than by acts of Executive in violation of this
Agreement or by any other person having an obligation of
confidentiality to the Company or any of its Affiliates). Except as may
be required or appropriate in connection with carrying out his duties
under this Agreement, Executive shall not, without the prior written
consent of the Company or as may otherwise be required</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by law or any legal process, or as is necessary in connection with
any adversarial proceeding against the Company (in which case
Executive shall use his reasonable best efforts in cooperating with
the Company in obtaining a protective order against disclosure by a
court of competent jurisdiction), use, communicate or divulge any
such trade secrets, Confidential Information, knowledge or data to
anyone other than the Company and those designated by the Company or
on behalf of the Company in the furtherance of its business.
Executive understands that this restriction shall continue to apply
after his employment terminates, regardless of the reason for such
termination.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of this Agreement, &#147;Confidential Information&#148; shall mean
any and all information of the Company and its Affiliates that is
not generally known by those with whom the Company or any of its
Affiliates competes or does business, or with whom the Company or any
of its Affiliates plans to compete or do business, and any and all
information, publicly known in whole or in part or not, which, if
disclosed by the Company or any of its Affiliates, would assist in
competition against them. Confidential Information includes without
limitation such information relating to (i)&nbsp;the development,
research, testing, manufacturing, marketing and financial activities
of the Company and its Affiliates, (ii)&nbsp;the costs, sources of supply,
financial performance and strategic plans of the Company and its
Affiliates, (iii)&nbsp;the identity and special needs of the customers of
the Company and its Affiliates and (iv)&nbsp;the people and
organizations with whom the Company and its Affiliates have business
relationships and the nature and substance of those relationships.
Confidential Information also includes any information that the
Company or any of its Affiliates has received, or may receive
hereafter, belonging to customers or others with any understanding,
express or implied, that the information would not be disclosed to
others.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of this Agreement, &#147;Affiliates&#148; shall mean all persons
and entities directly or indirectly controlling, controlled by or
under common control with the Company, where control may be by
management authority, contract or equity interest. For the avoidance
of doubt, Affiliates includes Holdings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All documents, records, tapes and other media
of every kind and description relating to the business, present or
otherwise, of the Company or its Affiliates, and any copies, in whole
or in part, thereof (the &#147;Documents&#148;), whether or not prepared by
Executive, shall be the sole and exclusive property of the Company and
its Affiliates. Executive shall safeguard all Documents and shall
surrender to the Company at the time his employment terminates, or at
such earlier time or times as the Board of the Company or</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Holdings or its designee may specify, all Documents then in
Executive&#146;s possession or control.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Restricted Activities</U>. Executive hereby agrees that some restrictions on
his activities during and after his employment are necessary to protect the goodwill, trade
secrets, Confidential Information and other legitimate interests of the Company and its
Affiliates. In consideration of Executive&#146;s employment hereunder, and the Company&#146;s
agreement to grant Executive access to trade secrets and other Confidential Information of
the Company and its Affiliates and to their customers, and in view of the confidential
position to be held by Executive hereunder, Executive agrees as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Non-Solicitation.</U> During the
Employment Period and during the two year period immediately following
termination of the Employment Period (the &#147;Restricted Period&#148;),
Executive shall not, directly or indirectly: (A)&nbsp;hire, solicit for
hiring or assist in any way in the hiring of any employee or
independent contractor of the Company or any of its Affiliates, or
induce or otherwise attempt to influence any employee or independent
contractor to terminate or diminish such employment or contractor
relationship or to become employed by any other radio broadcasting
station or any other entity engaged in the radio business, the
television business or in any other business in which the Company or
any of its Affiliates is engaged (which, for the avoidance of doubt,
includes without limitation the business of providing clients with
advertising opportunities through billboards, street furniture
displays, transit displays and other out-of-home advertising displays,
such as wallscapes, spectaculars and mall displays (the &#147;Outdoor
Business&#148;)), or (B)&nbsp;solicit or encourage any customer of the Company or
any of its Affiliates to terminate or diminish its relationship with
them, or seek to persuade any such customer or prospective customer to
conduct with anyone else any business or activity which such customer
or prospective customer conducts or could conduct with the Company or
any of its Affiliates. For purposes of this Agreement, an &#147;employee&#148;
of the Company or any of its Affiliates is any person who was such at
any time within the preceding two years; a &#147;customer&#148; of the Company or
any of its Affiliates is any person or entity who is or has been a
customer at any time within the preceding two years; and a &#147;prospective
customer&#148; is any person or entity whose business has been solicited on
behalf of the Company or any of its Affiliates at any time within the
preceding two years, other than by form letter, blanket mailing or
published advertisement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Non-Competition</U>. During the Restricted
Period, Executive shall not, directly or indirectly, whether as owner,
partner, investor, consultant, agent, employee, co-venturer or
otherwise, compete with the Company or any of its Affiliates within the
United States or anywhere else in the world where the Company or any of
its Affiliates does business, or undertake any planning for any</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>business competitive with the Company or any of its Affiliates.
Specifically, but without limiting the foregoing, Executive agrees
not to engage in any manner in any activity that is directly or
indirectly competitive or potentially competitive with the business
of the Company or any of its Affiliates as conducted or under
consideration at any time during Executive&#146;s employment, and
Executive further agrees not to work for or provide services to, in
any capacity, whether as an employee, independent contractor or
otherwise, whether with or without compensation, any person or entity
that is engaged in any business that is competitive with the business
of the Company or any of its Affiliates for which the Executive has
provided services, as conducted or in planning during his employment.
For the purposes of this Section&nbsp;11, the business of the Company and
its Affiliates shall include the radio and television businesses, the
Outdoor Business and any other business that was conducted or in
planning during the Executive&#146;s employment. The foregoing, however,
shall not prevent Executive&#146;s direct or beneficial ownership of up to
five percent (5%) of the equity securities of any entity, whether or
not in the same or competing business.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Assignment of Rights to Intellectual Property.</U>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executive shall promptly and fully disclose all
Intellectual Property to the Company. Executive hereby assigns and
agrees to assign to the Company (or as otherwise directed by the
Company) Executive&#146;s full right, title and interest in and to all
Intellectual Property. Executive agrees to execute any and all
applications for domestic and foreign patents, copyrights or other
proprietary rights and to do such other acts (including without
limitation the execution and delivery of instruments of further
assurance or confirmation) requested by the Company to assign the
Intellectual Property to the Company and to permit the Company to
enforce any patents, copyrights or other proprietary rights to the
Intellectual Property. Executive will not charge the Company for time
spent in complying with these obligations. All copyrightable works
that Executive creates shall be considered &#147;work made for hire&#148; and
shall, upon creation, be owned exclusively by the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of this Agreement, &#147;Intellectual
Property&#148; means inventions, discoveries, developments, methods,
processes, compositions, works, concepts and ideas (whether or not
patentable or copyrightable or constituting trade secrets) conceived,
made, created, developed or reduced to practice by Executive (whether
alone or with others, whether or not during normal business hours or on
or off Company premises) during Executive&#146;s employment that relate to
either the Products or any prospective activity of the Company or any
of its Affiliates or that</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make use of Confidential Information or any of the equipment or
facilities of the Company or any of its Affiliates; and &#147;Products&#148;
means all products planned, researched, developed, tested,
manufactured, sold, licensed, leased or otherwise distributed or put
into use by the Company or any of its Affiliates, together with all
services provided or planned by the Company or any of its Affiliates,
during Executive&#146;s employment.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Conflict of Interest.</U> Executive agrees that, during his employment with
the Company, he will not undertake any outside activity, whether or not competitive with the
business of the Company or its Affiliates, that could reasonably give rise to a conflict of
interest or otherwise interfere with his duties and obligations to the Company or any of its
Affiliates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Modification of Covenants</U>. The parties hereby acknowledge that the
restrictions in this Section&nbsp;11 have been specifically negotiated and agreed to by the
parties hereto, and are limited only to those restrictions necessary to protect the Company
and its Affiliates from unfair competition. Executive acknowledges that he has carefully
read and considered all the terms and conditions of this Agreement, including the
restrictions in Section&nbsp;11 hereof, and agrees without reservation that each of the
restraints contained herein is necessary for the reasonable and proper protection of the
goodwill, trade secrets, Confidential Information and other legitimate interests of the
Company and its Affiliates; and that each and every one of those restraints is reasonable in
respect to subject matter, length of time and geographic area. Executive acknowledges that
the Company operates in major, medium and small-sized markets throughout the United States
and many foreign countries, that the effect of Section 11(b) may be to prevent him from
working in a competitive business after his termination of employment hereunder, and that
these restraints, individually or in the aggregate, will not prevent him from obtaining
other suitable employment during the period in which he is bound by such restraints. The
parties hereby agree that if the scope or enforceability of any provision, paragraph or
subparagraph of this Section&nbsp;11 is in any way disputed at any time, and should a court find
that such restrictions are overly broad, the court shall modify and enforce the covenant to
permit its enforcement to the maximum extent permitted by law. Each provision, paragraph
and subparagraph of this Section&nbsp;11 is separable from every other provision, paragraph, and
subparagraph, and constitutes a separate and distinct covenant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Remedies</U>. Executive hereby expressly acknowledges that any breach or
threatened breach by Executive of any of the terms set forth in Section&nbsp;11 of this Agreement
would result in significant, irreparable and continuing injury to the Company, the monetary
value of which would be difficult to establish or measure. Therefore, Executive agrees that,
in addition to any other remedies available to it, the Company shall be entitled to
preliminary and permanent injunctive relief in a court of appropriate jurisdiction against
any breach or threatened breach, without having to post bond, as well as the recovery of all
reasonable attorney&#146;s fees expended in enforcing its rights hereunder.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-15-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<U>Indemnification</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>General</U>. The Company agrees that if Executive is made a party or is
threatened to be made a party to any action, suit or proceeding, whether civil, criminal,
administrative or investigative (a &#147;Proceeding&#148;), by reason of the fact that Executive is or
was a trustee, director or officer of the Company, Holdings, or any subsidiary thereof, or
is or was serving at the request of the Company or any subsidiary as a trustee, director,
officer, member, employee or agent of another corporation or a partnership, joint venture,
trust or other enterprise, including, without limitation, service with respect to employee
benefit plans, whether or not the basis of such Proceeding is alleged action in an official
capacity as a trustee, director, officer, member, employee or agent while serving as a
trustee, director, officer, member, employee or agent, Executive shall be indemnified and
held harmless by the Company to the fullest extent authorized by Texas law, as the same
exists or may hereafter be amended, against all Expenses incurred or suffered by Executive
in connection therewith, and such indemnification shall continue as to Executive even if
Executive has ceased to be an officer, director, trustee or agent, or is no longer employed
by the Company, and shall inure to the benefit of his heirs, executors and administrators.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Expenses</U>. As used in this Agreement, the term &#147;Expenses&#148; shall include,
without limitation, damages, losses, judgments, liabilities, fines, penalties, excise taxes,
settlements, costs, attorneys&#146; fees, accountants&#146; fees, and disbursements and costs of
attachment or similar bonds, investigations, and any expenses of establishing a right to
indemnification under this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Enforcement</U>. If a valid claim or request under this Agreement is not paid
by the Company or on its behalf within thirty (30)&nbsp;days after a written claim or request has
been received by the Company, Executive may at any time thereafter bring suit against the
Company to recover the unpaid amount of the claim or request and, if successful in whole or
in part, Executive shall be further entitled to be paid the expenses of prosecuting such
suit. All obligations for indemnification hereunder shall be subject to, and paid in
accordance with, applicable Texas law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Partial Indemnification</U>. If Executive is entitled under any provision of
this Agreement to indemnification by the Company for some or a portion of any Expenses, but
not, however, for the total amount thereof, the Company shall nevertheless indemnify
Executive for the portion of such Expenses to which Executive is entitled.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Advances of Expenses</U>. Expenses incurred by Executive in connection with
any Proceeding shall be paid by the Company in advance upon request of Executive that the
Company pay such Expenses; but, only in the event that Executive shall have delivered in
writing to the Company (i)&nbsp;an undertaking to reimburse the Company for Expenses with respect
to which Executive is not entitled to indemnification and (ii)&nbsp;an affirmation of his good
faith belief that the standard of conduct necessary for indemnification by the Company has
been met.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Notice of Claim</U>. Executive shall give to the Company notice of any claim
made against him for which indemnification will or could be sought under this Agreement. In
addition, Executive shall give the Company such information and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-16-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">cooperation as it may reasonably require and as shall be within Executive&#146;s power and
at such times and places as are mutually convenient for Executive and the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <U>Defense of Claim</U>. With respect to any Proceeding as to which Executive
notifies the Company of the commencement thereof:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company will be entitled to participate
therein at its own expense; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as otherwise provided below, to the
extent that it may wish, the Company will be entitled to assume the
defense thereof, with counsel reasonably satisfactory to Executive,
which in the Company&#146;s sole discretion may be regular counsel to the
Company and may be counsel to other officers and directors of the
Company or any subsidiary. Executive shall also have the right to
employ his own counsel in such action, suit or proceeding if he
reasonably concludes that failure to do so would involve a conflict of
interest between the Company and Executive, and, under such
circumstances, the fees and expenses of such counsel shall be at the
expense of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall not be liable to indemnify
Executive under this Agreement for any amounts paid in settlement of
any action or claim effected without its written consent. The Company
shall not settle any action or claim in any manner which would impose
any penalty or limitation on Executive without Executive&#146;s written
consent. Neither the Company nor Executive will unreasonably withhold
or delay their consent to any proposed settlement.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <U>Non-exclusivity</U>. The right to indemnification and the payment of expenses
incurred in defending a Proceeding in advance of its final disposition conferred in this
Section&nbsp;12 shall not be exclusive of any other right which Executive may have or hereafter
may acquire under any statute, provision of the declaration of trust or certificate of
incorporation or by-laws of the Company, Holdings or any subsidiary, agreement, vote of
shareholders or disinterested directors or trustees or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;<U>Arbitration</U>. Except as provided for in Section&nbsp;11 of this Agreement, if any
contest or dispute arises between the parties with respect to this Agreement, such contest or
dispute shall be submitted to binding arbitration for resolution in San Antonio, Texas in
accordance with the rules and procedures of the Employment Dispute Resolution Rules of the American
Arbitration Association then in effect. The decision of the appointed arbitrator shall be final and
binding on both parties, and any court of competent jurisdiction may enter judgment upon the award.
The losing party shall pay all expenses relating to such arbitration, including, but not limited
to, the prevailing party&#146;s legal fees and expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;<U>Successors; Binding Agreement</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Company&#146;s Successors</U>. No rights or obligations of the Company under this
Agreement may be assigned or transferred, except that the Company will require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-17-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">all or substantially all of the business and/or assets of the Company to expressly
assume and agree to perform this Agreement in the same manner and to the same extent that
the Company would be required to perform it if no such succession had taken place. As used
in this Agreement, &#147;Company&#148; shall mean the Company as hereinabove defined and any successor
to its business and/or assets (by merger, purchase or otherwise) which executes and delivers
the agreement provided for in this Section&nbsp;14 or which otherwise becomes bound by all the
terms and provisions of this Agreement by operation of law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Executive&#146;s Successors</U>. No rights or obligations of Executive under this
Agreement may be assigned or transferred by Executive other than his right to payments or
benefits hereunder, which may be transferred only by will or the laws of descent and
distribution. Upon Executive&#146;s death, this Agreement and all rights of Executive hereunder
shall inure to the benefit of and be enforceable by Executive&#146;s beneficiary or
beneficiaries, personal or legal representatives, or estate, to the extent any such person
succeeds to Executive&#146;s interests under this Agreement. Executive shall be entitled to
select and change a beneficiary or beneficiaries to receive any benefit or compensation
payable hereunder following Executive&#146;s death by giving the Company written notice thereof.
In the event of Executive&#146;s death or a judicial determination of his incompetence, reference
in this Agreement to Executive shall be deemed, where appropriate, to refer to his
beneficiary(ies), estate or other legal representative(s). If Executive should die following
his Date of Termination while any amounts would still be payable to him hereunder if he had
continued to live, all such amounts unless otherwise provided herein shall be paid in
accordance with the terms of this Agreement to such person or persons so designated in
writing by Executive, or otherwise to his legal representatives or estate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;<U>Notice</U>. For the purposes of this Agreement, notices, demands and all other
communications provided for in this Agreement shall be in writing and shall be deemed to have been
duly given when delivered either personally or by United States certified or registered mail,
return receipt requested, postage prepaid, addressed as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to Executive:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">&#091;Mark/Randall&#093; Mays<BR>
200 East Basse Road<BR>
San Antonio, Texas 78209
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Simpson, Thacher &#038; Bartlett LLP<BR>
425 Lexington Avenue<BR>
New York, New York 10017<BR>
Attn: Andrea K. Wahlquist
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Company:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">BT Triple Crown Capital Holdings III, Inc.<BR>
200 East Basse Road<BR>
San Antonio, Texas 78209
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-18-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Attention: Secretary
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Clear Channel Communications, Inc.<BR>
200 East Basse Road<BR>
San Antonio, Texas 78209<BR>
Attention: General Counsel
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Ropes &#038; Gray LLP<BR>
One International Place<BR>
Boston, MA 02110<BR>
Attention: Loretta Richard
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or to such other address as any party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon receipt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;<U>Miscellaneous</U>. No provisions of this Agreement may be amended, modified, or
waived unless such amendment or modification is agreed to in writing signed by Executive and by a
duly authorized officer of the Company, and such waiver is set forth in writing and signed by the
party to be charged. No waiver by either party hereto at any time of any breach by the other party
hereto of any condition or provision of this Agreement to be performed by such other party shall be
deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. No agreements or representations, oral or otherwise, express or implied, with
respect to the subject matter hereof have been made by either party which are not set forth
expressly in this Agreement. The respective rights and obligations of the parties hereunder shall
survive Executive&#146;s termination of employment and the termination of this Agreement to the extent
necessary for the intended preservation of such rights and obligations. The validity,
interpretation, construction and performance of this Agreement shall be governed by the laws of the
State of Texas without regard to its conflicts of law principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;<U>Validity</U>. The invalidity or unenforceability of any provision or provisions of
this Agreement shall not affect the validity or enforceability of any other provision of this
Agreement, which shall remain in full force and effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;<U>Counterparts</U>. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same
instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;<U>Entire Agreement</U>. This Agreement sets forth the entire agreement of the parties
hereto in respect of the subject matter contained herein, and supersedes all prior agreements,
promises, covenants, arrangements, communications, representations or warranties, whether oral or
written, by any officer, employee or representative of any party hereto in respect of such subject
matter, including but not limited to the Existing Agreement, and excluding only any existing
obligations on the part of Executive with respect to Confidential Information, assignment of
intellectual property, non-competition and the like. Any prior agreement of the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-19-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">parties hereto in respect of the subject matter contained herein is hereby terminated and
cancelled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;<U>Taxes</U>. All payments hereunder shall be subject to any required withholding of
federal, state and local taxes pursuant to any applicable law or regulation. The Company,
Holdings, Sponsor Group and Executive shall each use reasonable best efforts to minimize all taxes
that may be due in connection with any award or payment made pursuant to this Agreement, including
in connection with the Restricted Stock Award; provided, that Executive shall only be required to
use such reasonable best efforts to the extent that Executive will not be economically
disadvantaged as a result of such efforts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;<U>Noncontravention</U>. The Company represents that the Company is not prevented from
entering into or performing this Agreement by the terms of any law, order, rule or regulation, its
by-laws or declaration of trust, or any agreement to which it is a party, other than which would
not have a material adverse effect on the Company&#146;s ability to enter into or perform this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;<U>Section&nbsp;Headings</U>. The section headings in this Agreement are for convenience of
reference only, and they form no part of this Agreement and shall not affect its interpretation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BT Triple Crown Merger Co., Inc.<BR>
By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BT Triple Crown Capital Holdings III, Inc.<BR>
By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
<B>&#091;Mark/Randall&#093; </B>Mays
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-20-<!-- /Folio -->
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>EXHIBIT G</U> TO MARK/RANDALL MAYS AGREEMENT<BR>
<U>EXHIBIT A</U> TO LOWRY MAYS AGREEMENT
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">RELEASE OF CLAIMS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR AND IN CONSIDERATION OF the benefits to be provided me in connection with the termination
of my employment, as set forth in the employment agreement between me, BT Triple Crown Merger Co.,
Inc., and BT Triple Crown Capital Holdings III, Inc. effective as of <B>&#091;CLOSING DATE&#093; </B>(the
&#147;Agreement&#148;), which are conditioned on my signing this Release of Claims and to which I am not
otherwise entitled, and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, I, on my own behalf and on behalf of my heirs, executors,
administrators, beneficiaries, representatives and assigns, and all others connected with or
claiming through me, hereby release and forever discharge BT Triple Crown Merger Co., Inc., its
successor Clear Channel Communications, Inc., BT Triple Crown Capital Holdings III, Inc., and all
of their respective subsidiaries and other affiliates, past, present and future officers,
directors, trustees, shareholders, employees, agents, general and limited partners, members,
managers, joint venturers, representatives, successors and assigns, and all others connected with
any of them, all of the foregoing both individually and in their official capacities, from any and
all causes of action, rights or claims of any type or description, known or unknown, which I have
had in the past, now have, or might now have, through the date of my signing of this Release of
Claims, in any way resulting from, arising out of or connected with my employment by the Company or
any of its subsidiaries or other affiliates or the termination of that employment or pursuant to
any federal, state or local law, regulation or other requirement (including without limitation
Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans
with Disabilities Act, and the fair employment practices laws of the state or states in which I
have been employed by the Company or any of its subsidiaries or other affiliates, each as amended
from time to time).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Excluded from the scope of this Release of Claims is (i)&nbsp;any claim arising under the terms of the
Agreement after the effective date of this Release of Claims, (ii)&nbsp;any right of indemnification or
contribution that I have pursuant to the Articles of Incorporation or By-Laws of the Company or any
of its subsidiaries or other affiliates, and (iii)&nbsp;any claims under any of the equity incentive
plan and equity-based award agreements referenced in the Agreement with respect to any securities
(including shares, options, and any other equity-based rights) that I continue to hold after I sign
this Release of Claims.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In signing this Release of Claims, I acknowledge my understanding that I may not sign it prior to
the termination of my employment, but that I may consider the terms of this Release of Claims for
up to twenty-one (21)&nbsp;days (or such longer period as the Company
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">may specify) from the later of the
date my employment with the Company terminates or the date I receive this Release of Claims. I
also acknowledge that I am advised by the
Company and its subsidiaries and other affiliates to seek the advice of an attorney prior to
signing this Release of Claims; that I have had sufficient time to consider this Release of Claims
and to consult with an attorney, if I wished to do so, or to consult with any other person of my
choosing before signing; and that I am signing this Release of Claims voluntarily and with a full
understanding of its terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I further acknowledge that, in signing this Release of Claims, I have not relied on any promises or
representations, express or implied, that are not set forth expressly in the Agreement. I
understand that I may revoke this Release of Claims at any time within seven (7)&nbsp;days of the date
of my signing by written notice to the Chairman of the Board of Directors of the Company and that
this Release of Claims will take effect only upon the expiration of such seven-day revocation
period and only if I have not timely revoked it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Intending to be legally bound, I have signed this Release of Claims under seal as of the date
written below.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signature:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Name (please print):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Date Signed:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>EXHIBIT H</U> TO MARK/RANDALL MAYS AGREEMENT<BR>
<U>EXHIBIT B</U> TO LOWRY MAYS AGREEMENT
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">RELEASE OF CLAIMS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby
acknowledged, and as required by the agreement between BT Triple Crown Merger Co., Inc., BT Triple
Crown Capital Holdings III, Inc. and <B>&#091;EXECUTIVE&#093; </B>effective as of <B>&#091;CLOSING DATE&#093; </B>(the &#147;Agreement&#148;),
BT Triple Crown Merger Co., Inc., its successor Clear Channel Communications, Inc. (the &#147;Company&#148;),
and BT Triple Crown Capital Holdings III, Inc., on their own behalf and on behalf of their
predecessors, affiliates and successors, and each of their past, present, and future officers,
directors, employees, representatives, attorneys, insurers, agents and assigns, individually and in
their official capacities, hereby release and forever discharge <B>&#091;EXECUTIVE&#093; </B>from any and all causes
of action, rights or claims of any type or description, known or unknown, which they have had in
the past, now have, or might now have, through the date of signing of this Release of Claims, in
any way resulting from, arising out of or connected with Executive&#146;s employment by the Company or
any of its subsidiaries or other affiliates or the termination of that employment or pursuant to
any federal, state or local law, regulation or other requirements, including without limitation
those arising under common law.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Excluded from the scope of this Release of Claims is (i)&nbsp;any claim arising after the effective date
of this Release of Claims; and (ii)&nbsp;any claims relating to Executive&#146;s commission of fraud,
criminal acts, or other substantial, willful and intentional misconduct related to the Executive&#146;s
employment with the Company or any of its affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Intending to be legally bound, the parties below have signed this Release of Claims under seal as
of the date written below.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">&#091;BT Triple Crown Merger Co., Inc./Clear Channel Communications, Inc.&#093;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">BT Triple Crown Capital Holdings III, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CLEAR CHANNEL<BR>
2007 EXECUTIVE INCENTIVE PLAN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1. DEFINED TERM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit&nbsp;A, which is incorporated by reference, defines the terms used in the Plan and sets
forth certain operational rules related to those terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. PURPOSE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan has been established to advance the interests of the Company and its Affiliates by
providing for the grant to Participants of Stock-based and other incentive Awards. Awards under
the Plan are intended to align the incentives of the Company&#146;s executives and investors and to
improve the performance of the Company. Unless the Administrator determines otherwise, Awards to
be granted under this Plan are expected to be substantially in the form attached hereto as Exhibit
B-1 or B-2; provided, that all Rollover Option Agreements shall be substantially in the form
attached hereto as Exhibit&nbsp;C and all Restricted Stock Agreements shall be substantially in the form
attached hereto as Exhibit&nbsp;D, in each case unless the Administrator determines otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. ADMINISTRATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Administrator has discretionary authority, subject only to the express provisions of the
Plan and the Award Agreements, to interpret the Plan; determine eligibility for and grant Awards;
determine, modify or waive the terms and conditions of any Award; prescribe forms, rules and
procedures; and otherwise do all things necessary to carry out the purposes of the Plan. In the
case of any Award intended to be eligible for the performance-based compensation exception under
Section 162(m) of the Code, the Administrator will exercise its discretion consistent with
qualifying the Award for that exception. Except as otherwise provided by the express terms of an
Award Agreement, all determinations of the Administrator made under the Plan will be conclusive and
will bind all parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4. LIMITS ON AWARDS UNDER THE PLAN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;</B><U><B>Number
of Shares</B></U>. A maximum of &#95;&#95;&#95; Shares may be delivered in satisfaction of
Awards under the Plan. The number of Shares delivered in satisfaction of Awards shall, for
purposes of the preceding sentence, be determined net of Shares (i)&nbsp;withheld by the Company in
payment of the exercise price of the Award or in satisfaction of tax withholding requirements with
respect to the Award, (ii)&nbsp;awarded under the Plan as Restricted Stock, but thereafter forfeited,
and (iii)&nbsp;made subject to an award that is exercised or satisfied, or that terminates or expires,
without the delivery of such shares. The limits set forth in this Section 4(a) shall be construed
to comply with Section&nbsp;422 of the Code and the regulations thereunder. To the extent consistent
with the requirements of Section&nbsp;422 of the Code and regulations thereunder and with other
applicable legal requirements (including applicable stock exchange requirements), Stock issued
under awards of an acquired company that are converted, replaced or adjusted in connection with the
acquisition shall not reduce the number of Shares available for Awards under the Plan.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-1-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;</B><U><B>Type of Shares</B></U>. Stock delivered under the Plan may be authorized but unissued
Stock or previously issued Stock acquired by the Company or any of its subsidiaries. No fractional
Shares will be delivered under the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;</B><U><B>Section&nbsp;</B><B>162(m)</B><B> Limits</B></U>. The maximum number of Shares for which Stock Options may
be granted to any person in any calendar year and the maximum number of Shares subject to SARs
granted to any person in any calendar year will each be <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. The maximum number of Shares
subject to other Awards granted to any person in any calendar year will be <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Shares.
The foregoing provisions will be construed in a manner consistent with Section 162(m) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5. ELIGIBILITY AND PARTICIPATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Administrator will select Participants from among those key Employees and directors of,
and consultants and advisors to, the Company or its Affiliates who, in the opinion of the
Administrator, are in a position to make a significant contribution to the success of the Company
and its Affiliates; <I>provided</I>, that, subject to such express exceptions, if any, as the
Administrator may establish, eligibility shall be further limited to those persons as to whom the
use of a Form S-8 registration statement is permissible. Within 10 business days following the
Closing Date (as defined in the Merger Agreement dated as of November&nbsp;16, 2006, as amended, among
Clear Channel Communications, Inc. and the other parties thereto), the Company shall file a Form
S-8 registration statement with respect to all Shares available for issuance under this Plan. The
Company shall use commercially reasonable efforts to maintain such Form S-8 while Awards granted
hereunder remain outstanding; provided however that nothing herein shall prevent the Company from
de-registering the Shares under the Plan if and to the extent they are no longer subject to the
reporting requirements of the Securities Exchange Act of 1934, as amended. Eligibility for ISOs is
limited to employees of the Company or of a &#147;parent corporation&#148; or &#147;subsidiary corporation&#148; of the
Company as those terms are defined in Section&nbsp;424 of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6. RULES APPLICABLE TO AWARDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;</B><U><B>All Awards</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(1) </B><U><B>Award Provisions</B></U>. The Administrator will determine the terms of all Awards,
subject to the limitations provided herein, and shall furnish to each Participant an Award
Agreement setting forth the terms applicable to the Participant&#146;s Award. By entering into an Award
Agreement, the Participant agrees to the terms of the Award and of the Plan, to the extent not
inconsistent with the express terms of the Award Agreement. Notwithstanding any provision of this
Plan to the contrary, awards of an acquired company that are converted, replaced or adjusted in
connection with the acquisition may contain terms and conditions that are inconsistent with the
terms and conditions specified herein, as determined by the Administrator.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(2) </B><U><B>Transferability</B></U>. Neither ISOs, nor, except as the Administrator otherwise
expressly provides, other Awards may be transferred other than by will or by the laws of descent
and distribution, and during a Participant&#146;s lifetime ISOs (and, except as the Administrator
otherwise expressly provides, other non-transferable Awards requiring exercise) may be
exercised only by the Participant.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(3) </B><U><B>Vesting, Etc.</B></U> The Administrator may determine the time or times at which an Award
will vest or become exercisable and the terms on which an Award requiring exercise will remain
exercisable. Without limiting the foregoing, the Administrator may at any time accelerate the
vesting or exercisability of an Award, regardless of any adverse or potentially adverse tax
consequences resulting from such acceleration. Unless expressly provided otherwise by the
Administrator or an Award Agreement, automatically and immediately upon the cessation of
Employment, all outstanding Restricted Stock will be forfeited and all Awards requiring exercise
will cease to be exercisable and will terminate, except that:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) subject to (B)&nbsp;and (C)&nbsp;below, all Stock Options and other Awards requiring exercise
held by the Participant or the Participant&#146;s permitted transferees, if any, immediately
prior to the cessation of the Participant&#146;s Employment, to the extent then exercisable, will
remain exercisable for the lesser of (i)&nbsp;a period of 90&nbsp;days or (ii)&nbsp;the period ending on
the latest date on which such Stock Option or SAR could have been exercised without regard
to this Section&nbsp;6(a)(4), and will thereupon terminate;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all Stock Options and other Awards requiring exercise held by a Participant or the
Participant&#146;s permitted transferees, if any, immediately prior to the termination of the
Participant&#146;s Employment by reason of death or disability, to the extent then exercisable,
will remain exercisable for the lesser of (i)&nbsp;the one year period ending with the first
anniversary of the Participant&#146;s death or disability, as the case may be, or (ii)&nbsp;the period
ending on the latest date on which such Stock Option or SAR could have been exercised
without regard to this Section&nbsp;6(a)(3), and will thereupon terminate; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) all Stock Options and other Awards requiring exercise held by a Participant or the
Participant&#146;s permitted transferees, if any, immediately prior to the cessation of the
Participant&#146;s Employment will immediately terminate upon such cessation if such cessation of
Employment has resulted in connection with an act or failure to act constituting Cause.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(4) </B><U><B>Taxes</B></U>. The Administrator will make such provision for the withholding of taxes as
it deems necessary. Except as otherwise provided in an Award Agreement, the Administrator may, but
need not, hold back Shares from an Award or permit a Participant to tender previously owned Shares
in satisfaction of tax withholding requirements (but not in excess of the applicable minimum
statutory withholding rate), using the Fair Market Value of Stock on the date of exercise to
determine the number of shares so withheld or tendered.<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(5) </B><U><B>Dividend Equivalents, Etc</B></U>. Except as otherwise provided in an Award Agreement,
the Administrator may provide for the payment of amounts in lieu of cash dividends or other cash
distributions with respect to Stock subject to an Award.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(6) </B><U><B>Rights Limited</B></U>. Nothing in the Plan will be construed as giving any person the
right to continued Employment with the Company or its Affiliates, or any rights as a stockholder
except as to shares of Stock actually issued under the Plan. The loss of potential appreciation in
Awards will not constitute an element of damages in the event of termination of
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employment for any reason, even if the termination is in violation of an obligation of the
Company or its Affiliate to the Participant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(7) </B><U><B>Section&nbsp;162(m)</B></U>. This Section&nbsp;6(a)(7) applies to any Performance Award intended to
qualify as performance-based for the purposes of Section 162(m) of the Code other than a Stock
Option or SAR. In the case of any Performance Award to which this Section&nbsp;6(a)(7) applies, the
Plan and such Award will be construed to the maximum extent permitted by law in a manner consistent
with qualifying the Award for such exception. With respect to such Performance Awards, the
Administrator will pre-establish, in writing, one or more specific Performance Criteria no later
than 90&nbsp;days after the commencement of the period of service to which the performance relates (or
at such earlier time as is required to qualify the Award as performance-based under Section 162(m)
of the Code). Prior to grant, vesting or payment of the Performance Award, as the case may be, the
Administrator will certify whether the applicable Performance Criteria have been attained and such
determination will be final and conclusive. No Performance Award to which this Section&nbsp;6(a)(7)
applies may be granted after the first meeting of the stockholders of the Company held in &#091;2012&#093;
until the listed performance measures set forth in the definition of &#147;Performance Criteria&#148; (as
originally approved or as subsequently amended) have been resubmitted to and reapproved by the
stockholders of the Company in accordance with the requirements of Section 162(m) of the Code,
unless such grant is made contingent upon such approval.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(8) </B><U><B>Stockholders Agreement</B></U>. Unless otherwise specifically provided, all Awards issued
under the Plan and all Stock issued thereunder will be subject to the Stockholders Agreement.
Except to the extent permitted by the Stockholders Agreement, no Stock issued under the Plan may be
sold or exchanged or otherwise transferred (by gift or otherwise) until the date that is three
years following an QPO.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(9) </B><U><B>Section&nbsp;409A</B></U>. Awards under the Plan are intended either to be exempt from the
rules of Section&nbsp;409A of the Code or to satisfy those rules, and the Plan and such Awards shall be
construed accordingly. Granted Awards may be modified at any time, in the Administrator&#146;s
discretion, so as to increase the likelihood of exemption from or compliance with the rules of
Section&nbsp;409A of the Code, so long as such modification does not result in a reduction in value to
the applicable Participant (unless the Participant consents in writing to such modification);
<I>provided </I>that, to the extent the applicable Participant declines to provide such consent and the
Administrator is otherwise unable to modify an award because of such a reduction in value, the
Participant shall be solely responsible for any resulting tax liability and the Company shall
withhold as required by law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(10) </B><U><B>Certain Requirements of Corporate Law</B></U>. Awards shall be granted and administered
consistent with the requirements of applicable Delaware law relating to the issuance of Stock and
the consideration to be received therefor, and with the applicable requirements of Delaware, in
each case as determined by the Administrator.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;</B><U><B>Awards Requiring Exercise</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(1) </B><U><B>Time And Manner Of Exercise</B></U>. Unless the Administrator expressly provides
otherwise, an Award requiring exercise by the holder will not be deemed to have been
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">exercised until the Administrator receives a notice of exercise (in form reasonably acceptable
to the Administrator) signed by the appropriate person and accompanied by any payment required
under the Award. If the Award is exercised by any person other than the Participant, the
Administrator may require satisfactory evidence that the person exercising the Award has the right
to do so.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(2) </B><U><B>Exercise Price</B></U>. The Administrator will determine the exercise price, if any, of
each Award to be granted that requires exercise. Unless the Administrator determines otherwise,
and in all events in the case of a Stock Option or a SAR (except as otherwise permitted pursuant to
Section&nbsp;7(b)(1) hereof), the exercise price of an Award requiring exercise will not be less than
the Fair Market Value of the Stock subject to the Award, determined as of the date of grant, and in
the case of an ISO granted to a ten-percent shareholder within the meaning of Section&nbsp;422(b)(6) of
the Code, the exercise price will not be less than 110% of the Fair Market Value of the Stock
subject to the Award, determined as of the date of grant.<SUP style="font-size: 85%; vertical-align: text-top"> </SUP> Except as otherwise permitted
under Section&nbsp;7, no such Award, once granted, may be repriced other than in accordance with the
applicable stockholder approval requirements of the stock exchanges or other trading systems on
which the Stock is listed or entered for trading. Fair Market Value shall be determined by the
Administrator consistent with the applicable requirements of Section&nbsp;422 of the Code and Section
409A of the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(3) </B><U><B>Payment Of Exercise Price</B></U>. Except as otherwise provided in an Award Agreement,
where the exercise of an Award is to be accompanied by payment, the Administrator may determine the
required or permitted forms of payment, subject to the following: (a)&nbsp;all payments will be by cash
or check acceptable to the Administrator, or (b)&nbsp;if so permitted by the Administrator, (i)&nbsp;through
the delivery of shares of Stock that have a fair market value equal to the exercise price, except
where payment by delivery of shares would adversely affect the Company&#146;s results of operations
under Generally Accepted Accounting Principles or where payment by delivery of shares outstanding
for less than six months would require application of securities laws relating to profit realized
on such shares, (ii)&nbsp;at such time, if any, as the Stock is publicly traded, through a
broker-assisted exercise program acceptable to the Administrator, (iii)&nbsp;by other means acceptable
to the Administrator, or (iv)&nbsp;by any combination of the foregoing permissible forms of payment.
The delivery of shares in payment of the exercise price under clause (b)(i) above may be
accomplished either by actual delivery or by constructive delivery through attestation of
ownership, subject to such rules as the Administrator may prescribe.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(4) </B><U><B>ISOs</B></U>. No ISO may be granted under the Plan after &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2017&#093;, but ISOs
previously granted may extend beyond that date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;</B><U><B>Awards Not Requiring Exercise.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards of Restricted Stock and Unrestricted Stock, whether delivered outright or under Awards
of Stock Units or other Awards that do not require exercise, may be made in exchange for such
lawful consideration, including services, as the Administrator determines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7. EFFECT OF CERTAIN TRANSACTIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;</B>Except as otherwise provided in an Award Agreement:
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(1) </B><U><B>Assumption or Substitution</B></U>. In the event of a Corporate Transaction in which
there is an acquiring or surviving entity, the Administrator may provide for the continuation or
assumption of some or all outstanding Awards, or for the grant of new awards in substitution
therefor, by the acquiror or survivor or any entity controlling, controlled by or under common
control with the acquiror or survivor, in each case on such terms and subject to such conditions
(including vesting or other restrictions) as the Administrator determines are appropriate. The
continuation or assumption of such Awards, to the extent applicable, shall be done on terms and
conditions consistent with Section&nbsp;409A of the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(2) </B><U><B>Acceleration or Cash-Out of Certain Awards</B></U>. In the event of a Corporate
Transaction (whether or not there is an acquiring or surviving entity) in which there is no
continuation, assumption or substitution as to some or all outstanding Awards, the Administrator
may provide (unless the Administrator determines otherwise, on terms and conditions consistent with
Section&nbsp;409A of the Code) for (i)&nbsp;treating as satisfied any vesting condition on any such Award,
(ii)&nbsp;the accelerated delivery of shares of Stock issuable under each such Award consisting of
Restricted Stock Units, in each case on a basis that gives the holder of the Award a reasonable
opportunity, as determined by the Administrator, following exercise of the Award or the issuance of
the shares, as the case may be, to participate as a stockholder in the Corporate Transaction or
(iii)&nbsp;if the Corporate Transaction is one in which holders of Stock will receive upon consummation
a payment (whether cash, non-cash or a combination of the foregoing), the Administrator may provide
for payment (a &#147;cash-out&#148;), with respect to some or all Awards, equal in the case of each affected
Award to the excess, if any, of (A)&nbsp;the fair market value of one Share (as determined by the
Administrator in its reasonable discretion) times the number of Shares subject to the Award, over
(B)&nbsp;the aggregate exercise price, if any, under the Award, in each case on such payment terms
(which need not be the same as the terms of payment to holders of Stock) and other terms, and
subject to such conditions, as the Administrator determines.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(3) </B><U><B>Termination of Awards</B></U>. Except as otherwise provided in an Award Agreement, each
Award (unless continued, substituted, or assumed pursuant to the Section&nbsp;7(a)(1)), will terminate
upon consummation of the Corporate Transaction, provided that Restricted Stock Units accelerated
pursuant to clause (ii)&nbsp;of Section&nbsp;7(a)(2) shall be treated in the same manner as other shares of
Stock (subject to Section&nbsp;7(a)(4)).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(4) </B><U><B>Additional Limitations</B></U>. Any Share delivered pursuant to Section&nbsp;7(a)(2) above
with respect to an Award may, in the discretion of the Administrator, be subject to such
restrictions, if any, as the Administrator deems appropriate to reflect any performance or other
vesting conditions to which the Award was subject prior to the Corporation Transaction and that did
not lapse in connection with the Corporate Transaction. In the case of Restricted Stock, the
Administrator may require that any amounts delivered, exchanged or otherwise paid in respect of
Stock in connection with the Corporate Transaction be placed in escrow or otherwise made subject to
such restrictions as the Administrator deems appropriate to carry out the intent of the Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;</B><U><B>Changes In, Distributions With Respect To And Redemptions Of The Stock</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(1) </B><U><B>Basic Adjustment Provisions</B></U>. In the event of any stock dividend or other similar
distribution of stock or other securities of the Company, stock split or combination of
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shares (including a reverse stock split), recapitalization, conversion, reorganization,
consolidation, split-up, spin-off, combination, merger, exchange of stock, redemption or repurchase
of all or part of the shares of any class of stock or any change in the capital structure of the
Company or an Affiliate or other transaction or event, the Administrator shall, as appropriate in
order to prevent enlargement or dilution of benefits intended to be made available under the Plan,
make proportionate adjustments to the maximum number of Shares that may be delivered under the Plan
under Section 4(a) and to the maximum share limits described in Section 4(c) and shall also make
appropriate, proportionate adjustments to the number and kind of shares of stock or securities
subject to Awards then outstanding or subsequently granted, any exercise prices relating to Awards
and any other provision of Awards affected by such change. Unless the Administrator determines
otherwise, any adjustments hereunder shall be done on terms and conditions consistent with Section
409A of the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(2) </B><U><B>Certain Other Adjustments</B></U>. The Administrator may also make adjustments of the
type described in paragraph (b)(1) above to take into account distributions to stockholders or any
other event, if the Administrator determines that adjustments are appropriate to avoid distortion
in the operation of the Plan and to preserve the value of Awards made hereunder, having due regard
for the qualification of ISOs under Section&nbsp;422 of the Code, the requirements of Section&nbsp;409A of
the Code, and for the performance-based compensation rules of Section 162(m) of the Code, where
applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(3) </B><U><B>Continuing Application of Plan Terms</B></U>. References in the Plan to Shares will be
construed to include any stock or securities resulting from an adjustment pursuant to this Section
7.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8. LEGAL CONDITIONS ON DELIVERY OF STOCK</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall use best efforts to ensure, prior to delivering Shares pursuant to the Plan
or removing any restriction from Shares previously delivered under the Plan, that (a)&nbsp;all legal
matters in connection with the issuance and delivery of such shares have been addressed and
resolved, and (b)&nbsp;if the outstanding Stock is at the time of delivery listed on any stock exchange
or national market system, the shares to be delivered have been listed or authorized to be listed
on such exchange or system upon official notice of issuance. Neither the Company nor any Affiliate
will be obligated to deliver any Shares pursuant to the Plan or to remove any restriction from
Shares previously delivered under the Plan until the conditions set forth in the preceding sentence
have been satisfied and all other conditions of the Award have been satisfied or waived. If the
sale of Stock has not been registered under the Securities Act of 1933, as amended, the Company may
require, as a condition to exercise of the Award, such representations or agreements as counsel for
the Company may consider reasonably appropriate to avoid violation of such Act. The Company may
require that certificates evidencing Stock issued under the Plan bear an appropriate legend
reflecting any restriction on transfer applicable to such Stock, and the Company may hold the
certificates pending lapse of the applicable restrictions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9. AMENDMENT AND TERMINATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Administrator may at any time or times amend the Plan or any outstanding Award
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">for any purpose which may at the time be permitted by law, and may at any time terminate the
Plan as to any future grants of Awards; <I>provided</I>, that except as otherwise expressly provided in
the Plan, the Administrator may not, without the Participant&#146;s consent, alter the terms of an Award
so as to affect adversely the Participant&#146;s rights under the Award, unless the Administrator
expressly reserved the right to do so at the time of the Award. Unless otherwise provided in the
Award, the Administrator expressly reserves the right to amend or alter the terms of any Award if
such Award or a portion thereof would be reasonably likely to be treated as a &#147;liability award&#148;
under guidance issued or provided by the Financial Accounting Standards Board (FASB). Any
amendments to the Plan shall be conditioned upon stockholder approval only to the extent, if any,
such approval is required by applicable law (including the Code and applicable stock exchange
requirements), as determined by the Administrator.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10. OTHER COMPENSATION ARRANGEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The existence of the Plan or the grant of any Award will not in any way affect the right of
the Company or an Affiliate to Award a person bonuses or other compensation in addition to Awards
under the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11. WAIVER OF JURY TRIAL</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;</B><U><B>Waiver of Jury Trial</B></U>. By accepting an Award under the Plan, each Participant
waives any right to a trial by jury in any action, proceeding or counterclaim concerning any rights
under the Plan and any Award, or under any amendment, waiver, consent, instrument, document or
other agreement delivered or which in the future may be delivered in connection therewith, and
agrees that any such action, proceedings or counterclaim shall be tried before a court and not
before a jury. By accepting an Award under the Plan, each Participant certifies that no officer,
representative or attorney of the Company or any Affiliate has represented, expressly or otherwise,
that the Company would not, in the event of any action, proceeding or counterclaim, seek to enforce
the foregoing waivers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;</B><U><B>Arbitration</B></U>. In the event the waiver in Section 11(a) is held to be invalid or
unenforceable, if requested by the Company, the parties shall attempt in good faith to resolve any
controversy or claim arising out of or relating to this Plan or any Award hereunder promptly by
negotiations between themselves or their representatives who have authority to settle the
controversy. If the matter has not been resolved within sixty (60)&nbsp;days of the initiation of such
procedure, the Company may require that the parties submit the controversy to arbitration by one
arbitrator mutually agreed upon by the Parties, and if no agreement can be reached within 30&nbsp;days
after names of potential arbitrators have been proposed by the American Arbitration Association
(the &#147;<U><B>AAA</B></U>&#148;), then by one arbitrator having reasonable experience in corporate incentive
plans of the type provided for in this Plan and who is chosen by the AAA. The arbitration shall be
governed by the Federal Arbitration Act, 9 U.S.C. Section&nbsp;1, et seq., and judgment upon the award
rendered by the arbitrator may be entered in any court having jurisdiction thereof. The place of
arbitration shall be Cupertino, California, or any other location mutually agreed to between the
parties. The arbitrator shall apply the law as established by decisions of the Delaware federal
and/or state courts in deciding the merits of claims and defenses under federal law or any state or
federal anti-discrimination law. The arbitrator is required to state, in writing, the reasoning on
which the award rests. Notwithstanding the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">foregoing, this paragraph shall not preclude either party from pursuing a court action for the
sole purpose of obtaining a temporary restraining order or a preliminary injunction in
circumstances in which such relief is appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12. ESTABLISHMENT OF SUB-PLANS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may from time to time establish one or more sub-plans under the Plan for purposes of
satisfying applicable blue sky, securities or tax laws of various jurisdictions. The Board shall
establish such sub-plans by adopting supplements to the Plan setting forth (i)&nbsp;such limitations on
the Administrator&#146;s discretion under the Plan as the Board deems necessary or desirable and (ii)
such additional terms and conditions not otherwise inconsistent with the Plan as the Board shall
deem necessary or desirable. All supplements adopted by the Board shall be deemed to be part of
the Plan, but each supplement shall apply only to Participants within the affected jurisdiction and
the Company shall not be required to provide copies of any supplement to Participants in any
jurisdiction that is not affected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13. GOVERNING LAW</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided by the express terms of an Award Agreement, the provisions of the
Plan and of Awards under the Plan shall be governed by and interpreted in accordance with the laws
of the State of Delaware.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT A</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Definitions of Terms</B></U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following terms, when used in the Plan, will have the meanings and be subject to the
provisions set forth below:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Administrator&#148;: </B>The Board or, if one or more has been appointed, the Committee. The
Administrator may delegate ministerial tasks to such persons as it deems appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Affiliate&#148;: </B>Any corporation or other entity in a chain of corporations or other entities in
which each corporation or other entity has a controlling interest in another corporation or other
entity in the chain, beginning with the Company and ending with such corporation or other entity.
For purposes of the preceding sentence, except as the Administrator may otherwise determine subject
to the requirements of Treas. Reg. &#167;1.409A-1(b)(5)(iii)(E)(1), the term &#147;controlling interest&#148; has
the same meaning as provided in Treas. Reg. &#167;1.414(c)-2(b)(2)(i), provided that the words &#147;at least
50&nbsp;percent&#148; are used instead of the words &#147;at least 80&nbsp;percent&#148; each place such words appear in
Treas. Reg. &#167;1.414(c)-2(b)(2)(i). The Company may at any time by amendment provide that different
ownership thresholds (consistent with Section&nbsp;409A of the Code) apply but any such change shall not
be effective for twelve (12)&nbsp;months. In addition, any Affiliate must also meet the requirements of
subsection (c)&nbsp;under Rule&nbsp;701.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Award&#148;: </B>Any or a combination of the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SARs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Stock Options;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Restricted Stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unrestricted Stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Stock Units, including Restricted Stock Units;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Awards (other than Awards described in (i)&nbsp;through (iv)&nbsp;above)
that are convertible into or exchangeable for Stock on such terms and
conditions as the Administrator determines;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Performance Awards; and/or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current or deferred grants of cash (which the Company may make payable by any
of its direct or indirect subsidiaries) or loans, made in connection with other
Awards.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Award Agreement&#148;: </B>A written agreement between the Company and the Participant evidencing the
Award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Board&#148;: </B>The Board of Directors of BT Triple Crown Capital Holdings III, Inc.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Cause&#148;: </B>In the case of any Participant, unless otherwise set forth in a Participant&#146;s Award
Agreement or employment agreement, a termination by the Company or an Affiliate of the
Participant&#146;s Employment or a termination by the Participant of the Participant&#146;s Employment, in
either case following the occurrence of any of the following events: (i)&nbsp;the Participant&#146;s willful
and continued failure to perform his or her material duties with respect to the Company or an
Affiliate which, if curable, continues beyond ten business days after a written demand for
substantial performance is delivered to the Participant by the Company; or (ii)&nbsp;the willful or
intentional engaging by the Participant in material misconduct that causes material and
demonstrable injury, monetarily or otherwise, to the Company or an Affiliate or the Investors and
any of their respective affiliates; or (iii)&nbsp;Participant&#146;s conviction of, or a plea of nolo
contendere to, a crime constituting (A)&nbsp;a felony under the laws of the United States or any state
thereof; or (B)&nbsp;a misdemeanor involving moral turpitude that causes material and demonstrable
injury, monetarily or otherwise to the Company or an Affiliate or the Investors and any of their
respective affiliates; (iv)&nbsp;the Participant&#146;s committing or engaging in any act of fraud,
embezzlement, theft or other act of dishonesty against the Company or its subsidiaries that causes
material and demonstrable injury, monetarily or otherwise, to the Company or an Affiliate or the
Investors and any of their respective affiliates; or (v)&nbsp;the Participant&#146;s breach of his or her
noncompetition or nonsolicitation obligations that causes material and demonstrable injury,
monetarily or otherwise, to the Company or an Affiliate or the Investors and any of their
respective affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Code&#148;: </B>The U.S. Internal Revenue Code of 1986 as from time to time amended and in effect, or
any successor statute as from time to time in effect. For the avoidance of doubt, any reference to
any section of the Code includes reference to any regulations (including proposed or temporary
regulations) promulgated under that section and any IRS guidance thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Committee&#148;: </B>One or more committees of the Board, which, for purposes of meeting certain
requirements of Section 162(m) of Code and any regulations promulgated thereunder (including Treas.
Regs. Section&nbsp;1.162-27(e)(3)), may be deemed to be any subcommittee of the Committee to which the
Committee has delegated its duties and authority under this Plan consisting solely of at least two
&#147;outside directors,&#148; as defined under Section 162(m) of the Code and the regulations promulgated
thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Company&#148;: </B>BT Triple Crown Capital Holdings III, Inc., a Delaware corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Corporate Transaction&#148;: </B>Any of the following: (i)&nbsp;Change of Control (as defined in any Award
Agreement); (ii)&nbsp;a consolidation, merger, or similar transaction or series of transactions with or
into a person (or group of persons acting in concert) that is not an affiliate of any member of the
Investors, or the sale of all or substantially all of the assets of the Company to such a person
(or such a group of persons acting in concert); or (iii)&nbsp;a sale by the Company or an Affiliate or
the Investors and any of their respective affiliates of Stock that results in more than 50% of the
Stock of the Company (or any resulting company after a merger) being held by a person (or group of
persons acting in concert) that does not include any member of the Investors or any of their
respective affiliates, <I>provided</I>, that, in each case, to the extent any amount constituting
&#147;nonqualified deferred compensation&#148; subject to Section&nbsp;409A of the Code would become payable under
an Award by reason of a Corporate Transaction, it shall become payable only if the event or
circumstances constituting the Corporate Transaction would also constitute a
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">change in the ownership or effective control of the Company, or a change in the ownership of a
substantial portion of the Company&#146;s assets, within the meaning of subsection (a)(2)(A)(v) of
Section&nbsp;409A of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Employee&#148;: </B>Any person who is employed by the Company or an Affiliate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Employment&#148;: </B>A Participant&#146;s employment or other service relationship with the Company and
its Affiliates. Unless the Administrator provides otherwise: A change in the capacity in which a
Participant is employed by or renders services to the Company and/or its Affiliates, whether as an
Employee, director, consultant or advisor, or a change in the entity by which the Participant is
employed or to which the Participant rendered services, will not be deemed a termination of
Employment so long as the Participant continues providing services in a capacity and to an entity
described in Section&nbsp;5. If a Participant&#146;s relationship is with an Affiliate and that entity
ceases to be an Affiliate, the Participant will be deemed to cease Employment when the entity
ceases to be an Affiliate unless the Participant transfers Employment to the Company or its
remaining Affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Fair Market Value&#148;: </B>means the fair market value of the Stock on any given date, as
determined in good faith by the Board which, (a)&nbsp;if the Stock is readily tradable on an established
securities market within the meaning of Section&nbsp;409A of the Code, shall be determined as provided
thereunder and, (b)&nbsp;in the event that the Stock is not readily tradable on an established
securities market within the meaning of Section&nbsp;409A of the Code, shall be based on a third party
appraisal that has been completed within at least twelve months prior to such determination date;
<I>provided</I>, that (i)&nbsp;if, for any Participant, since such determination, events have occurred that
would reasonably be expected to cause the fair market value determination to fail to satisfy the
safe harbor methodology for determining such value under Section&nbsp;409A of the Code, or (ii)&nbsp;in the
event of a valuation performed upon the termination of a Participant, if the Chief Executive
Officer or President of the Company is the terminated Participant and the Participant objects to
the determination of such fair market value by the Board of Directors, then in any such event the
determination of what constitutes &#147;fair market value&#148; with respect to the Stock for which the
Board&#146;s determination is being disputed will be determined by a mutually acceptable expert, whose
determination will be binding on the parties, the costs of which shall be borne by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Investors&#148;: </B>shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;ISO&#148;: </B>A Stock Option intended to be an &#147;incentive stock option&#148; within the meaning of
Section&nbsp;422 of the Code. Each option granted pursuant to the Plan will be treated as providing by
its terms that it is to be a non-incentive stock option unless, as of the date of grant, it is
expressly designated as an ISO.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Participant&#148;: </B>A person who is granted an Award under the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Performance Award"</B>: An Award subject to Performance Criteria. The Committee in its
discretion may grant Performance Awards that are intended to qualify for the performance-based
compensation exception under Section 162(m) of the Code and Performance Awards that are not
intended so to qualify.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Performance Criteria"</B>: Specified criteria, other than the mere continuation of Employment or
the mere passage of time, the satisfaction of which is a condition for the grant, exercisability,
vesting or full enjoyment of an Award. For purposes of Awards that are intended to qualify for the
performance-based compensation exception under Section 162(m) of the Code, a Performance Criterion
will mean an objectively determinable measure of performance relating to any or any combination of
the following (measured either absolutely or by reference to an index or indices and determined
either on a consolidated basis or, as the context permits, on a divisional, subsidiary, line of
business, project or geographical basis or in combinations thereof): sales; revenues; assets;
expenses; earnings before or after deduction for all or any portion of interest, taxes,
depreciation, or amortization, whether or not on a continuing operations or an aggregate or per
share basis; return on equity, investment, capital or assets; one or more operating ratios;
borrowing levels, leverage ratios or credit rating; market share; capital expenditures; cash flow;
stock price; stockholder return; sales of particular products or services; customer acquisition or
retention; acquisitions and divestitures (in whole or in part); joint ventures and strategic
alliances; spin-offs, split-ups and the like; reorganizations; or recapitalizations,
restructurings, financings (issuance of debt or equity) or refinancings. A Performance Criterion
and any targets with respect thereto determined by the Administrator need not be based upon an
increase, a positive or improved result or avoidance of loss. To the extent consistent with the
requirements for satisfying the performance-based compensation exception under Section&nbsp;162(m), the
Administrator may provide in the case of any Award intended to qualify for such exception that one
or more of the Performance Criteria applicable to such Award will be adjusted in an objectively
determinable manner to reflect events (for example, but without limitation, acquisitions or
dispositions) occurring during the performance period that affect the applicable Performance
Criterion or Criteria.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Plan&#148;: </B>Clear Channel 2007 Executive Incentive Plan as from time to time amended and in
effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;QPO&#148;:</B> An underwritten public offering and sale of common stock of the Company for cash
pursuant to an effective registration statement by the Company or any member of the Sponsor Group
(as such term is defined in the Stockholders Agreement).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Restricted Stock&#148;: </B>An Award of Stock for so long as the Stock remains subject to
restrictions under this Plan or such Award requiring that it be redelivered or offered for sale to
the Company if specified conditions are not satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Restricted Stock Unit&#148;: </B>A Stock Unit that is, or as to which the delivery of Stock or cash
in lieu of Stock is, subject to the satisfaction of specified performance or other vesting
conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;SAR&#148;: </B>A right entitling the holder upon exercise to receive an amount (payable in cash or
shares of Stock of equivalent value, as specified in the Award except as otherwise determined by
the Administrator) equal to the excess of the fair market value of the Shares subject to the right
over a specified amount that is not less than the fair market value of such Shares at the date of
grant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Share&#148;: </B>a share of Stock.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Stock&#148;: </B>Class&nbsp;A Common Stock of the Company, par value $.001 per share (which shall be the
same class of common stock to be held by public shareholders of the Company).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Stockholders Agreement&#148;: </B>Stockholders Agreement, dated as of &#091;&#95;&#95;&#95;, 2007,&#093; among the
Company and certain Affiliates, stockholders and Participants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Stock Option&#148;: </B>An option entitling the recipient to acquire Shares upon payment of the
applicable exercise price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Stock
Unit&#148;:</B> An unfunded and unsecured promise, denominated in Shares, to deliver Stock or
cash measured by the value of the Stock in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Unrestricted Stock&#148;: </B>An Award of Stock not subject to any restrictions under the Plan.
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT B</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Form of Option Agreement</B></U>

</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT C</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Form of Rollover Option Agreement</B></U>

</DIV>

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</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT D</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Form of Restricted Stock Agreement</B></U>

</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name of Grantee:</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><I>This Award and any securities delivered hereunder are subject to restrictions on voting and
transfer and requirements of sale and other provisions as set forth in the Equityholders Agreement
&#091;Subject to Review&#093; among BT Triple Crown Capital Holdings III, Inc. and certain investors, dated
as of &#091;&#95;&#95;&#95;, 2007&#093;, as amended from time to time, (the &#147;Equityholders Agreement&#148;). This
Award and any securities delivered hereunder constitute &#091;Management Shares&#093; as defined therein.</I></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">BT TRIPLE CROWN CAPITAL HOLDINGS III, INC.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Senior Executive Restricted Stock Award </U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BT Triple Crown Capital Holdings III, Inc.<BR>
200 East Basse Road<BR>
San Antonio, TX 78209<BR>
Attention: &#091;&#95;&#95;&#95;&#093;

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The undersigned Grantee (i)&nbsp;acknowledges receipt of an award (the &#147;<U>Award</U>&#148;) of restricted
stock from BT Triple Crown Capital Holdings III, Inc., a Delaware corporation (the
&#147;<U>Company</U>&#148;), under the Company&#146;s 2007 Executive Incentive Plan (the &#147;<U>Plan</U>&#148;), subject
to the terms set forth below and in the Plan, a copy of which Plan, as in effect on the date
hereof, is attached hereto as <U>Exhibit&nbsp;A</U>; and (ii)&nbsp;agrees with the Company as follows:</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Effective Date</U>. This Agreement shall take effect as of &#091;&#95;&#95;&#95;, 2007&#093;, which
is the date of grant of the Award (the &#147;<U>Grant Date</U>&#148;). The Grantee shall be the record owner
of the Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Shares
Subject to Award</U>. The Award consists of a total of
&#95;&#95;&#95; &#091;shares of Class
A Common Stock of the Company, par value $.001 per share&#093; (the &#147;Shares&#148;) with a Fair Market Value
on the Grant Date of $&#091;&#95;&#95;&#95;&#093; per Share and $20,000,000.00 (TWENTY MILLION DOLLARS) in the aggregate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Grantee&#146;s rights to the Shares are subject to the restrictions described in this Agreement
and the Plan (which is incorporated herein by reference with the same effect as if set forth herein
in full) in addition to such other restrictions, if any, as may be imposed by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Nontransferability of Shares</U>. The Shares acquired by the Grantee pursuant to this
Agreement shall not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of
except as provided in the Equityholders Agreement dated as of &#091;&#95;&#95;&#95;, 2007&#093; among the Grantee,
the Company, certain of the Company&#146;s subsidiaries and certain of the Company&#146;s Equityholders (the
&#147;<U>Equityholders Agreement</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Forfeiture Risk</U>. If the Grantee&#146;s Employment with the Company and its
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">subsidiaries ceases for any reason, other than death, Disability, termination of employment by
the Company without Cause, or resignation by Grantee for Good Reason, then any and all outstanding
and unvested Shares acquired by the Grantee hereunder shall be automatically and immediately
forfeited.
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The Grantee hereby (i)&nbsp;appoints the Company as the attorney-in-fact of the Grantee to take such
actions as may be necessary or appropriate to effectuate a transfer of the record ownership of any
such shares that are unvested and forfeited hereunder, (ii)&nbsp;agrees to deliver to the Company, as a
precondition to the issuance of any certificate or certificates with respect to unvested Shares
hereunder, one or more stock powers, endorsed in blank, with respect to such Shares, and (iii)
agrees to sign such other powers and take such other actions as the Company may reasonably request
to accomplish the transfer or forfeiture of any unvested Shares that are forfeited hereunder.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Certificates</U>. The Company will issue the Grantee a certificate representing the
Shares. If unvested Shares are held in book entry form at any time thereafter, the Grantee agrees
that the Company may give stop transfer instructions to the depositary, stock transfer agent or
other keeper of the Company&#146;s stock records to ensure compliance with the provisions hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Vesting of Shares</U>. Unless earlier vested pursuant to the Plan, the Shares acquired
hereunder shall vest during the Grantee&#146;s Employment by the Company or a subsidiary thereof in
accordance with the provisions of this Section&nbsp;6 and applicable provisions of the Plan, as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% on and after &#091;the first anniversary of the Grant Date&#093;;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% on and after &#091;the second anniversary of the Grant Date&#093;;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% on and after &#091;the third anniversary of the Grant Date&#093;;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% on and after &#091;the fourth anniversary of the Grant Date&#093;; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% on and after &#091;the fifth anniversary of the Grant Date&#093;.
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Notwithstanding the above, 100% of the Grantee&#146;s outstanding and unvested Shares shall vest
immediately upon the earlier to occur of (i)&nbsp;a Change of Control (so long as the Grantee is
employed with the Company or any subsidiary thereof) or (ii)&nbsp;the termination of the Grantee&#146;s
Employment with the Company and its subsidiaries due to death, Disability, termination of
employment by the Company without Cause, or resignation by Grantee for Good Reason.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Legend</U>. Any certificates representing Shares shall contain a legend substantially
in the following form:
</DIV>

<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE
SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE CLEAR CHANNEL 2007
EXECUTIVE INCENTIVE PLAN AND A RESTRICTED STOCK AWARD AGREEMENT ENTERED INTO BETWEEN THE
REGISTERED OWNER AND BT TRIPLE</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">CROWN CAPITAL HOLDINGS III, INC. AND THE EQUITYHOLDERS AGREEMENT AMONG BT TRIPLE CROWN
CAPITAL HOLDINGS III, INC. AND CERTAIN INVESTORS DATED AS OF
<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, 200 <U>&nbsp;&nbsp;&nbsp;&nbsp;</U>. COPIES OF
SUCH PLAN, AWARD AGREEMENT AND EQUITYHOLDERS AGREEMENT ARE ON FILE IN THE OFFICES OF CLEAR
BT TRIPLE CROWN CAPITAL HOLDINGS III, INC.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Upon the request of the Grantee, as soon as practicable following the vesting of any such Shares
the Company shall cause a certificate or certificates covering such Shares, without the aforesaid
legend, to be issued and delivered to the Grantee. If any Shares are held in book-entry form, the
Company may take such steps as it deems necessary or appropriate to record and manifest the
restrictions applicable to such Shares.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Dividends, etc</U>. The Grantee shall be entitled to (i)&nbsp;receive any and all dividends
or other distributions paid with respect to those vested and unvested Shares of which the Grantee
is the record owner on the record date for such dividend or other distribution, whether or not
vested at such time, in the same form and amount as any holder of Stock receives, and (ii)
&#091;subject to the terms of the Equityholders Agreement, vote any Shares of which the Grantee is the
record owner on the record date for such vote&#093; &#091;subject to review of such Agreement&#093;; <I>provided,
however</I>, that any property (other than cash) distributed with respect to a share of Stock (the
&#147;<U>Associated Share</U>&#148;) acquired hereunder, by reason of a stock dividend, stock split or other
similar adjustment to the Stock pursuant to Section 7(b) of the Plan, shall be subject to the
restrictions of this Agreement in the same manner and for so long as the Associated Share remains
subject to such restrictions, and shall be promptly forfeited if and when the Associated Share is
so forfeited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>Sale of Vested Shares</U>. The Grantee understands that the sale of any Share, once it
has vested, will remain subject to (i)&nbsp;satisfaction of applicable tax withholding requirements, if
any, with respect to the vesting or transfer of such Share; (ii)&nbsp;the completion of any
administrative steps (for example, but without limitation, the transfer of certificates) that the
Company may reasonably impose; (iii)&nbsp;applicable requirements of federal and state securities laws;
and (iv)&nbsp;the terms and conditions of the Equityholders Agreement<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>to the extent that they
are then in effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<U>Provisions of the Plan</U>. This Grant is subject in its entirety to the provisions
of the Plan, which are incorporated herein by reference. A copy of the Plan as in effect on the
date of the grant of this Award has been furnished to the Grantee and the Grantee agrees to be
bound by the terms of the Plan and this Award. In the event of any conflict between the terms of
this Award and the Plan, the terms of this Award shall control. Notwithstanding Section&nbsp;9 of the
Plan, the Administrator shall not, in order to avoid liability accounting as provided therein,
revoke or reduce the amount of any Award, but may impose reasonable terms and conditions on the
exercise of put rights, call rights and other transactions as may be reasonably necessary to avoid
the treatment of the grant as a liability award under FASB. Notwithstanding Section&nbsp;9 of the Plan,
the Administrator shall not, without the Participant&#146;s consent, alter the terms of the Plan or this
Agreement so as to adversely affect the Participant&#146;s rights under this Agreement.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<U>Other Agreements</U>. &#091;Grantee acknowledges and agrees that the shares delivered
under this Award Agreement shall be subject to the Equityholders Agreement dated as of &#091;&#95;&#95;&#95;,
2007 among the Grantee, the Company, certain of the Company&#146;s subsidiaries and certain of the
Company&#146;s Equityholders (as amended, restated or otherwise modified, the &#147;<U>Equityholders
Agreement</U>&#148;) and the transfer and other restrictions, rights, and obligations set forth therein.
By executing this Agreement, Grantee hereby becomes a party to and bound by the Equityholders
Agreement as a &#091;Manager&#093; (as such term is defined in the Equityholders Agreement), without any
further action on the part of Grantee, the Company or any other person. Except to the extent
permitted by the Equityholders Agreement, no shares delivered under the Plan may be sold or
exchanged or otherwise transferred (by gift or otherwise) until the date that is three years
following an QPO.&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<U>Certain Tax Matters</U>. The Grantee expressly acknowledges the following:
</DIV>

<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">A. The Grantee has been advised to confer promptly with a professional tax advisor to
consider whether the Grantee should make a so-called &#147;83(b) election&#148; with respect to the
Shares. Any such election, to be effective, must be made in accordance with applicable
regulations and within thirty (30)&nbsp;days following the date this Award is granted and the
Grantee must provide the Company with a copy of the 83(b) election prior to filing. The
Company has made no recommendation to the Grantee with respect to the advisability of making
such an election.</DIV>


<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">B. The award or vesting of the Shares acquired hereunder, and the payment of dividends with
respect to such Shares, may give rise to &#147;wages&#148; subject to withholding. The Grantee
expressly acknowledges and agrees that his or her rights hereunder are subject to his or her
promptly paying to the Company in cash (or by such other means as may be acceptable to the
Company in its discretion), all taxes required to be withheld in connection with such award,
vesting or payment. Notwithstanding the foregoing, the Administrator shall, at the election
of the Participant, hold back a share of Stock from an Award or permit a Participant to
tender previously owned shares of Stock in satisfaction of tax withholding requirements (but
not in excess of the applicable minimum statutory withholding rate).</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;<U>Definitions</U>. The initially capitalized term Grantee shall have the meaning set
forth on the first page of this Agreement; initially capitalized terms not otherwise defined herein
shall have the meaning provided in the Plan and the Equityholders Agreement, and, as used herein,
the following terms shall have the meanings set forth below:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Cause&#148; has the meaning set forth in the Employment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Change of Control&#148; means any of the following: (i)&nbsp;the sale of all or substantially all of
the assets of the Company, to a person (or group of persons acting in concert) that is not an
Affiliate of an Investor; (ii)&nbsp;a sale by the Company, any Investor or any Affiliate of an Investor
of Stock that results in more than 50% of the Stock of the Company (or any resulting company after
a merger) being held by a person (or group of persons acting in concert) that does not include any
Investor or any of their respective Affiliates; or (iii)&nbsp;a sale, or series of sales (or other
transactions), by the Company, any Investor or any Affiliate of an Investor, after which the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Investors owns less than 25% of the Stock of, and has the ability to appoint only five or
fewer directors to the Board of, the Company (or any resulting company after a merger).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Disability&#148; has the meaning set forth in the Employment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Employment Agreement&#148; shall mean the employment agreement entered into between the Company
and the Grantee dated &#95;&#95;&#95;, 200&#95;&#95;&#95;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Good Reason&#148; has the meaning set forth in the Employment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Investors&#148; has the meaning set forth in the Equityholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Person&#148; shall mean any individual, partnership, corporation, association, trust, joint
venture, unincorporated organization or other entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Vest&#148; as used herein with respect to any Share means the lapsing of the restrictions
described herein with respect to such Share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;<U>General</U>. For purposes of this Agreement and any determinations to be made by the
Administrator or Compensation Committee, as the case may be, hereunder, the determinations by the
Administrator or Compensation Committee, as the case may be, shall be binding upon the Grantee and
any transferee.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;Remainder of the page intentionally left blank&#093;</B>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Very truly yours,</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
<B>&#171;First_Name&#187;
&#171;Last_Name&#187;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Address:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#171;Street&#187;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#171;City&#187;, &#171;State&#187; &#171;Zip&#187;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Dated:</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>The foregoing Restricted Stock<BR>
Award is hereby accepted:</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BT TRIPLE CROWN CAPITAL HOLDINGS III, INC</B><FONT style="font-variant: SMALL-CAPS"><B>.</B></FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
<B>Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Title:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-0-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Section&nbsp;83(b) Election</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;DATE&#093;

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Department of the Treasury<BR>
Internal Revenue Service Center<BR>
Andover, MA 05501-0002

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby make an election pursuant to Section 83(b) of the Internal Revenue Code of 1986, as
amended. The following information is submitted as required by Treas. Reg. &#167;1.83-2(e):
</DIV>
<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="98%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name of Taxpayer:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#171;First_Name&#187; &#171;Last_Name&#187;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Home Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#171;Street&#187;<BR>
&#171;City&#187;, &#171;State&#187; &#171;Zip&#187;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Social Security No.:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Property for which election is made:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#171;Total_Shares&#187; Shares &#091;of Class&nbsp;A Common
Stock&#093; of BT Triple Crown Capital Holdings III, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date of Transfer:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Taxable year for which election is made:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Calendar year 200&#091;7&#093;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restrictions to which property is subject:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The shares are subject to time-based
vesting restrictions and other forfeiture provisions as specified in a restricted stock
award agreement and are restricted as to transfer in accordance with a Equityholders
agreement. The shares will generally be forfeited if employment ceases prior to
vesting.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The fair market value of the property at
the time of its transfer to me (without
regard to restrictions) was:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#171;Total_Value&#187;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amount paid for the property:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$0.00</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of this election has been furnished to the Company and to each other person, if any,
required to receive the election pursuant to Treas. Reg. &#167; 1.83-2(d).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-1-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please acknowledge receipt of this Section 83(b) Election by signing or stamping the enclosed
copy of this letter and return it in the enclosed, self-addressed, stamped envelope.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Very truly yours,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&#171;First_Name&#187; &#171;Last_Name&#187;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">cc: BT Triple Crown Capital Holdings III, Inc.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ROLLOVER OPTION AGREEMENT</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optionee:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>This Option and any securities issued upon exercise of this Option are subject to restrictions
on voting and transfer and requirements of sale and other provisions as set forth in the
Equityholders Agreement among BT Triple Crown Capital Holdings III, Inc. and certain investors,
dated as of &#091; &#093;, as amended from time to time (the &#147;Equityholders Agreement&#148;) and the
Registration Rights and Coordination Agreement referred to therein (the &#147;Registration Rights and
Coordination Agreement&#148;). This Option and any securities issued upon exercise of this Option
constitute an Option and Shares, respectively, as defined in the Equityholders Agreement.</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">BT TRIPLE CROWN CAPITAL HOLDINGS III, INC.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 0pt"><U>NONQUALIFIED STOCK OPTION AGREEMENT</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This stock option agreement (the &#147;Agreement&#148;) is hereby entered into between BT Triple Crown
Capital Holdings III, Inc., a Delaware corporation (the &#147;Company&#148;), and the Optionee pursuant to
the Company&#146;s 2007 Executive Incentive Plan, as amended from time to time (the &#147;Plan&#148;). For the
purpose of this Agreement, the &#147;Grant Date&#148; shall mean &#95;&#95;&#95;, 2007.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Grant of Option</B>. This certificate evidences the grant by the Company on the Grant Date to
the Optionee of an option to purchase (the &#147;Option&#148;), in whole or in part, on the terms
provided herein and in the Plan, &#091;shares of Class&nbsp;A Common Stock of the Company, par value
$.001 per share&#093; (the &#147;Shares&#148;) at $&#091;&#95;&#95;&#95;&#093; per Share.<SUP style="font-size: 85%; vertical-align: text-top"> 1</SUP> The Option evidenced by
this certificate is not intended to qualify as an incentive stock option under Section&nbsp;422 of
the Internal Revenue Code (the &#147;Code&#148;). This Option is granted in substitution of an option
(which option is hereby deemed cancelled) held by the Optionee under equity incentive plans
maintained by Clear Channel Communications, Inc. (&#147;Rollover Option&#148;). Except as permitted in
Section&nbsp;409A Rollover Law and expressly provided in this Agreement, the terms of the Rollover
Option are deemed incorporated into this Option; it being understood, that the exercise price
and the number of shares may be adjusted as permitted under Section&nbsp;409A Rollover Law. The
Option shall be subject to the terms of the plan that previously governed the Rollover Option
immediately prior to the date hereof, and to the terms of any other agreement previously
governing the Rollover Option for which this Option is substituted to the extent required by
Section&nbsp;409A Rollover Law, and will also be governed by the Plan, as applicable, and the
Equityholders Agreement and Registration Rights and Coordination Agreement, in each case to
the extent consistent with Section&nbsp;409A Rollover Law.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Exercise price of the option to be reduced to
the extent permitted by law, provided that the aggregate spread on the rolled
options shall be maintained.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Vesting</B>. The Option is fully vested.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exercise of Option</B>. Each election to exercise this Option shall be subject to the terms and
conditions of the Plan and shall be in writing, signed by the Optionee or by his or her
executor or administrator or by the Person or Persons to whom this Option is transferred by
will or the applicable laws of descent and distribution (the &#147;Legal Representative&#148;), and made
pursuant to and in accordance with the terms and conditions set forth in the Plan. In
addition to the methods of payment otherwise permitted by the Plan, the Administrator shall,
at the election of the Optionee, hold back Shares from an Award having a Fair Market Value
equal to the exercise price in payment of the Option exercise price. The latest date on which
this Option may be exercised (the &#147;Final Exercise Date&#148;) is the latest date upon which the
Rollover Option was exercisable, subject to earlier termination in accordance with the terms
and provisions of the Plan and this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other Agreements</B>. Optionee acknowledges and agrees that the shares received upon exercise of
this Option shall be subject to the Equityholders Agreement, the Registration Rights and
Coordination Agreement and the transfer and other restrictions, rights, and obligations set
forth in those agreements. By executing this Agreement, Optionee hereby becomes a party to
and bound by the Equityholders Agreement and by the Registration Rights and Coordination
Agreement as a Manager (as such term is defined in those agreements), without any further
action on the part of Optionee, the Company or any other person<B>.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Extraordinary Dividends</B>. Notwithstanding anything set forth in the Plan to the contrary,
however, in the event of the payment of any extraordinary cash dividend on Shares (a &#147;Special
Dividend Payment&#148;), the Optionee shall be entitled to receive a payment in an amount equal to
the cash dividends the Optionee would have received (a &#147;Dividend Equivalent Payment&#148;), if the
Optionee held as a Stock holder the same number of Shares subject to the Option, which payment
shall be made at the same time as such Special Dividend Payments are made. Notwithstanding
Section&nbsp;9 of the Plan, the Administrator shall not, without the Participant&#146;s consent, alter
the terms of the Plan or the Award Agreement so as to adversely affect the Participant&#146;s
rights under this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Corporate Transaction. </B>In the event of a Corporate Transaction in which holders of Stock
will receive upon consummation a payment (whether cash, non-cash or a combination of the
foregoing), the Optionee shall be entitled to receive, in consideration for any portion of the
Award then outstanding such payment (a &#147;cash-out&#148;), equal to the excess, if any, of (A)&nbsp;the
price paid in such Corporate Transaction for one Share times the number of Shares subject to
the Award, over (B)&nbsp;the aggregate exercise price, if any, under the Award, in each case on
such payment terms (which shall be the same as the terms of payment to holders of Stock) and
other terms, and subject to such conditions, as are consistent with those applied to the
consideration received by holders of Stock in the transaction, as the Administrator reasonably
and in good faith determines.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Withholding</B>. No shares will be transferred pursuant to the exercise of this Option unless
and until the person exercising this Option shall have remitted to the Company an amount</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sufficient to satisfy any federal, state, or local withholding tax requirements, or shall
have made other arrangements satisfactory to the Company with respect to such taxes<B>. </B>The
Administrator will make such provision for the withholding of taxes as it deems necessary.
The Administrator shall, at the election of the Optionee, hold back shares of Stock from an
Award or permit a Optionee to tender previously owned shares of Stock in satisfaction of tax
withholding requirements (but not in excess of the applicable minimum statutory withholding
rate).</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Nontransferability of Option</B>. This Option is not transferable by the Optionee other than by
will or the applicable laws of descent and distribution, and, subject to the foregoing
provision, is exercisable during the Optionee&#146;s lifetime only by the Optionee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Status Change</B>. Upon the termination of the Optionee&#146;s Employment, this Option shall continue
or terminate, as and to the extent provided in the Plan, except to the extent required under
Section&nbsp;409A Rollover Law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Effect on Employment</B>. Neither the grant of this Option, nor the issuance of shares upon
exercise of this Option, shall give the Optionee any right to be retained in the employ of the
Company or its Affiliates, affect the right of the Company or its Affiliates to discharge or
discipline such Optionee at any time, or affect any right of such Optionee to terminate his or
her Employment at any time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Provisions of the Plan. </B>This Option is subject to the terms of the plan that previously
governed the Rollover Option immediately prior to the date hereof and to the terms of any
other agreement previously governing the Rollover Option for which this Option is substituted,
which are incorporated herein by reference, to the extent required by Section&nbsp;409A Rollover
Law. The Option is also subject to the provisions of the Plan, as applicable, which are also
incorporated herein by reference. A copy of the Plan as in effect on the date of the grant of
this Option has been furnished to the Optionee. By exercising all or any part of this Option,
the Optionee agrees to be bound by the terms of the Plan and this Option. In the event of any
conflict between the terms of this Option and the Plan, between this Option and plan that
previously governed the Rollover Option immediately prior to the date hereof, or between this
Option and any other agreement previously governing the Rollover Option for which this Option
is substituted, the terms of this Option shall control, except to the extent required under
Section&nbsp;409A Rollover Law. Notwithstanding Section&nbsp;9 of the Plan, the Administrator shall
not, without the Participant&#146;s consent, alter the terms of the Plan or this Agreement so as to
adversely affect the Participant&#146;s rights under this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Definitions. </B>The initially capitalized terms Optionee and Grant Date shall have the meanings
set forth on the first page of this Agreement; initially capitalized terms not otherwise
defined herein shall have the meaning provided in the Plan and the Equityholders Agreement,
and, as used herein, the following terms shall have the meanings set forth below:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Person&#148; shall mean any individual, partnership, corporation, association, trust, joint
venture, unincorporated organization or other entity.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Section&nbsp;409A Rollover Law&#148; shall mean Section&nbsp;409A of the Code and guidance issued
thereunder (or applicable thereto) including Treasury Regulations in respect of Section&nbsp;409A
of the Code, Treasury Regulation&nbsp;Section&nbsp;1.424-1 and any subsequent guidance under Section
409A of the Code.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>13.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General</B>. For purposes of this Option and any determinations to be made by the Administrator
or Compensation Committee, as the case may be, hereunder, the determinations by the
Administrator or Compensation Committee, as the case may be, shall be binding upon the
Optionee and any transferee.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;</B>REMAINDER OF PAGE INTENTIONALLY LEFT BLANK<B>&#093;</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Company has caused this Option to be executed under its corporate seal
by its duly authorized officer. This Option shall take effect as a sealed instrument.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">BT TRIPLE CROWN CAPITAL HOLDINGS III, INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Acknowledged and Agreed
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Address of Principal Residence:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SENIOR EXECUTIVE OPTION AGREEMENT</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optionee:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>This Option and any securities issued upon exercise of this Option are subject to restrictions
on voting and transfer and requirements of sale and other provisions as set forth in &#091;the
Equityholders Agreement among BT Triple Crown Capital Holdings III, Inc. and certain investors,
dated as of &#091;&#95;&#95;&#95;, 2007&#093;, as amended from time to time, (the &#147;Equityholders Agreement&#148;). &#093;
&#091;subject to review&#093; This Option and any securities issued upon exercise of this Option constitute
&#091;an Option and Management Shares&#093; as defined therein.</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">BT TRIPLE CROWN CAPITAL HOLDINGS III, INC.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 0pt"><U>NON-QUALIFIED STOCK OPTION AGREEMENT</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This stock option (the &#147;Agreement&#148;) is granted by BT Triple Crown Capital Holdings III, Inc.,
a Delaware corporation (the &#147;Company&#148;), to the Optionee, pursuant to the Company&#146;s 2007 Equity
Incentive Plan (as amended from time to time, the &#147;Plan&#148;). For the purpose of this Agreement, the
&#147;Grant Date&#148; shall mean &#091;&#95;&#95;&#95;, 2007&#093;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Grant of Option</U>. The Agreement evidences the grant by the Company on the Grant
Date to the Optionee of an option to purchase, in whole or in part, on the terms provided herein
and in the Plan, &#091;shares of Class&nbsp;A Common Stock of the Company, par value $.001 per share&#093; (the
&#147;Shares&#148;), as set forth below:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
&#95;&#95;&#95; Shares at &#091;$ &#093; per Share (the &#147;Tranche 1 Options&#148;)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
&#95;&#95;&#95; Shares at &#091;$ &#093; per Share (the &#147;Tranche 2 Options&#148;); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
&#95;&#95;&#95; Shares at &#091;$ &#093; per Share (the &#147;Tranche 3 Options&#148;).&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Option evidenced by this Agreement is not intended to qualify as an incentive stock option
under Section&nbsp;422 of the Internal Revenue Code (the &#147;Code&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Vesting</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>During Employment</U>. During the Optionee&#146;s Employment, this Option shall
vest as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <U>Tranche 1</U>: The Tranche 1 Options will vest and become exercisable
(A)&nbsp;with respect to 25% of the Shares subject to the Tranche 1 Options on and after
the third anniversary of the Grant Date; (B)&nbsp;with respect to an additional 25% of
the Shares subject to the Tranche 1 Options on and after the fourth anniversary of
the Grant Date; and (C)&nbsp;with respect to the remaining 50%
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>50% of the grant shall be Tranche 1 Options; 25%
shall be Tranche 2 Options, and 25% shall be Tranche 3 Options.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">







<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">of the Shares subject to the Tranche 1 Options on and after the fifth
anniversary of the Grant Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <U>Tranche 2</U>: The Tranche 2 Options shall only vest and become
exercisable upon a 2.0x Return to Investor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <U>Tranche 3</U>: The Tranche 3 Options shall only vest and become
exercisable upon a 2.5x Return to Investor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Termination of Employment Upon Death or Disability or Termination Without Cause
or for Good Reason</U>. Notwithstanding any other provision of this Section&nbsp;2,
automatically and immediately upon the cessation of Employment, all outstanding and unvested
Tranche 1, 2 and 3 Options shall cease to be exercisable and will terminate, except that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon a termination due to the death or Disability of the Optionee, any
unvested Tranche 1 Options that would have vested as of the next succeeding
anniversary of the Closing Date following such death or Disability, termination
without Cause or resignation for Good Reason will vest as if the Optionee&#146;s
Employment had continued through such date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon a termination due to the death or Disability of the Optionee, any
unvested Tranche 2 and Tranche 3 Options that would have vested as of the next
succeeding anniversary of the Closing Date following such death or Disability will
vest as if the Optionee&#146;s Employment had continued through such date; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) upon a termination by the company without Cause or resignation by the
Optionee for Good Reason, all unvested Tranche 1 Options, Tranche 2 Options and
Tranche 3 Options will vest.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Change of Control</U>. Notwithstanding any other provision of this Section&nbsp;2,
in the event of a Change of Control, 100% of the Shares subject to any then outstanding and
unvested Tranche 1 Options shall become fully vested.
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Notwithstanding the foregoing (but subject to any contrary provision of this Agreement or any other
written agreement between the Company and the Optionee with respect to vesting and termination of
Shares granted under the Plan), no Options shall vest or shall become eligible to vest on any date
specified above unless the Optionee is then, and since the Grant Date has continuously been,
Employed by the Company or its subsidiaries.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Exercise of Option</U>. Each election to exercise this Option shall be subject to the
terms and conditions of the Plan and shall be in writing, signed by the Optionee or by his or her
executor or administrator or by the person or persons to whom this Option is transferred by will or
the applicable laws of descent and distribution (the &#147;Legal Representative&#148;), and made pursuant to
and in accordance with the terms and conditions set forth in the Plan. In addition to the methods
of payment otherwise permitted by the Plan, the Administrator shall, at the election of the
Optionee, hold back Shares from an Award having a Fair Market Value equal to the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">exercise price in payment of the Option exercise price. The latest date on which this Option
may be exercised (the &#147;Final Exercise Date&#148;) is the date which is the tenth anniversary of the
Grant Date, subject to earlier termination in accordance with the terms and provisions of the Plan
and this Agreement. Notwithstanding the foregoing, and subject to the provisions of Section 2(b)
above, the following rules will apply if a Optionee&#146;s Employment ceases: automatically and
immediately upon the cessation of Employment, this Option will cease to be exercisable and will
terminate, except that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any portion of this Option held by the Optionee or the Optionee&#146;s permitted
transferees, if any, immediately prior to the termination of the Optionee&#146;s Employment by
reason of a termination by the Company without Cause, the Optionee&#146;s Retirement, or a quit
by the Optionee for Good Reason, to the extent then vested and exercisable, will remain
exercisable for the shorter of (i)&nbsp;a period of 180&nbsp;days or (ii)&nbsp;the period ending on the
Final Exercise Date, and will thereupon terminate;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any portion of this Option held by the Optionee or the Optionee&#146;s permitted
transferees, if any, immediately prior to a termination of the Optionee&#146;s Employment by
reason of a quit without Good Reason, to the extent then vested and exercisable, will remain
exercisable for the shorter of (i)&nbsp;a period of 90&nbsp;days or (ii)&nbsp;the period ending on the
Final Exercise Date, and will thereupon terminate;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any portion of this Option held by the Optionee or the Optionee&#146;s permitted
transferees, if any, immediately prior to the termination of the Optionee&#146;s Employment by
reason of death or Disability, to the extent then vested and exercisable, will remain
exercisable for the shorter of (i)&nbsp;the one year period ending with the first anniversary of
the Optionee&#146;s death or Disability, as the case may be, or (ii)&nbsp;the period ending on the
Final Exercise Date, and will thereupon terminate; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any portion of this Option held by the Optionee or the Optionee&#146;s permitted
transferees, if any, immediately prior to the cessation of the Optionee&#146;s Employment will
immediately terminate upon such cessation if such cessation of Employment has resulted in
connection with an act or failure to act constituting Cause.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Corporate Transaction</U>. In the event of a Corporate Transaction in which holders of
Stock will receive upon consummation a payment (whether cash, non-cash or a combination of the
foregoing), the Optionee shall be entitled to receive, in consideration for any portion of the
Award then outstanding, such payment (a &#147;cash-out&#148;), equal to the excess, if any, of (A)&nbsp;the price
paid in such Corporate Transaction for one Share times the number of Shares subject to the Award,
over (B)&nbsp;the aggregate exercise price, if any, under the Award, in each case on such payment terms
(which shall be the same as the terms of payment to holders of Stock) and other terms, and subject
to such conditions, as are consistent with those applied to the consideration received by holders
of Stock in the transaction, as the Administrator reasonably and in good faith determines.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Other Agreements</U><B>. </B>Optionee acknowledges and agrees that the shares received upon
exercise of this Option shall be subject to the Equityholders Agreement dated as of &#091;&#95;&#95;&#95;,
2007&#093; among the Optionee, the Company, certain of the Company&#146;s subsidiaries and certain of the
Company&#146;s stockholders (as amended, restated or otherwise modified, the &#147;<U>Equityholders
Agreement</U>&#148;) and the transfer and other restrictions, rights, and obligations set forth therein.
By executing this Agreement, Optionee hereby becomes a party to and bound by the Equityholders
Agreement as a &#091;Manager&#093; (as such term is defined in the Equityholders Agreement), without any
further action on the part of Optionee, the Company or any other person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Withholding</U>. No Shares will be transferred pursuant to the exercise of this Option
unless and until the person exercising this Option shall have remitted to the Company an amount
sufficient to satisfy any federal, state, or local withholding tax requirements, or shall have made
other arrangements satisfactory to the Company with respect to such taxes. The Administrator
shall, at the election of the Optionee, hold back Shares from an Award or permit an Optionee to
tender previously owned shares of Stock in satisfaction of tax withholding requirements (but not in
excess of the applicable minimum statutory withholding rate).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Nontransferability of Option</U>. This Option is not transferable by the Optionee
other than by will or the applicable laws of descent and distribution, and is exercisable during
the Optionee&#146;s lifetime only by the Optionee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Status Change</U>. Upon the termination of the Optionee&#146;s Employment, this Option
shall continue or terminate, as and to the extent provided in the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>Effect on Employment</U>. Neither the grant of this Option, nor the issuance of Shares
upon exercise of this Option, shall give the Optionee any right to be retained in the employ of the
Company or its Affiliates, affect the right of the Company or its Affiliates to discharge or
discipline such Optionee at any time, or affect any right of such Optionee to terminate his or her
Employment at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<U>Provisions of the Plan</U>. This Option is subject in its entirety to the provisions
of the Plan, which are incorporated herein by reference. A copy of the Plan as in effect on the
date of the grant of this Option has been furnished to the Optionee. By exercising all or any part
of this Option, the Optionee agrees to be bound by the terms of the Plan and this Option. In the
event of any conflict between the terms of this Option and the Plan, the terms of this Option shall
control. Notwithstanding anything set forth in the Plan to the contrary, however, in the event of
the payment of any extraordinary cash dividend on Shares (a &#147;Special Dividend Payment&#148;), the
Optionee shall be entitled to receive (i)&nbsp;a payment in an amount equal to the cash dividends the
Optionee would have received (a &#147;Dividend Equivalent Payment&#148;), if the Optionee held as a Stock
holder the same number of Shares, as are, as of the date of such Special Dividend Payment, subject
to any vested Options hereunder, which payment shall be made at the same time as such Special
Dividend Payments are made; (ii)&nbsp;with respect to any Shares subject to any unvested Options on the
date of such Special Dividend Payment, a Dividend Equivalent Payment on such Shares, to be paid at
such time(s) as such Optionee becomes vested in such Options. Notwithstanding Section&nbsp;9 of the
Plan, the Administrator shall not, in order to avoid liability accounting as provided therein,
revoke or reduce the amount of any Award, but may impose reasonable terms and conditions on the
exercise of put rights, call rights and other transactions as
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">may be reasonably necessary to avoid the treatment of the grant as a liability award under
FASB. Notwithstanding Section&nbsp;9 of the Plan, the Administrator shall not, without the
Participant&#146;s consent, alter the terms of the Plan or this Agreement so as to adversely affect the
Participant&#146;s rights under this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<U>Definitions</U>. The initially capitalized terms Optionee and Grant Date shall have
the meanings set forth on the first page of this Agreement; initially capitalized terms not
otherwise defined herein shall have the meaning provided in the Plan and the Equityholders
Agreement, and, as used herein, the following terms shall have the meanings set forth below:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Change of Control</U>&#148; means any of the following: (i)&nbsp;the sale of all or substantially
all of the assets of the Company, to a person (or group of persons acting in concert) that is not
an affiliate of an Investor; (ii)&nbsp;a sale by the Company, any Investor or any affiliate of an
Investor of Stock that results in more than 50% of the Stock of the Company (or any resulting
company after a merger) being held by a person (or group of persons acting in concert) that does
not include any Investor or any of their respective affiliates; or (iii)&nbsp;a private sale, or series
of private sales (or other transactions), by the Company, any Investor or any affiliate of an
Investor, after which the Investors owns less than 25% of the Stock of, and has the ability to
appoint only five or fewer directors to the Board of, the Company (or any resulting company after a
merger).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Cause</U>&#148; has the meaning set forth in the Employment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Disability</U>&#148; has the meaning set forth in the Employment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Employment</U>&#148; for purposes of this Agreement only, means employment on a continuous and
substantially full-time basis (exclusive only of vacation and other approved absences) and excludes
any period of employment during which services are performed on an intermittent or mutually agreed
basis in a consulting capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Employment Agreement</U>&#148; shall mean the employment agreement entered into between the
Company and the Optionee dated &#95;&#95;&#95;, 200&#95;&#95;&#95;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Good Reason</U>&#148; has the meaning set forth in the Employment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Investor Shares</U>&#148; has the meaning set forth in the Equityholders Agreement and shall
include any stock, securities or other property or interests received by the Investors in respect
of Investor Shares in connection with any stock dividend or other similar distribution, stock split
or combination of shares, recapitalization, conversion, reorganization, consolidation, split-up,
spin-off, combination, repurchase, merger, exchange of stock or other transaction or event that
affects the Company&#146;s capital stock occurring after the date of issuance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Investors</U>&#148; has the meaning set forth in the Equityholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Retirement</U>&#148; means an Optionee&#146;s retirement from service with the Company (i)&nbsp;after
attaining 62&nbsp;years of age or (ii)&nbsp;after attaining 60&nbsp;years of age and completing thirty-six (36)
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">months of service following &#091;&nbsp;&nbsp;&nbsp;&nbsp;&#093;<SUP style="font-size: 85%; vertical-align: text-top">2</SUP>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Return to Investor</U>&#148; means the return to the Sponsors, measured in the aggregate, on
their cash investment to purchase Investor Shares, taking into account the amount of all cash
dividends and cash distributions to such Sponsors in respect of their Investor Shares and all cash
proceeds to such Sponsors from the sale or other disposition of such Investor Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Sponsors</U>&#148; shall mean Bain Capital (CC)&nbsp;IX L.P. and its Affiliates and THL Equity Fund
VI, L.P. and its Affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Stock</U>&#148; means &#091;Class&nbsp;A Common Stock of BT Triple Crown Capital Holdings III, Inc, par
value $.001 per share.&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<U>General</U>. For purposes of this Option and any determinations to be made by the
Administrator or Compensation Committee, as the case may be, hereunder, the determinations by the
Administrator or Compensation Committee, as the case may be, shall be binding upon the Optionee and
any transferee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Company has caused this Option to be executed under its corporate seal
by its duly authorized officer. This Option shall take effect as a sealed instrument.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">BT TRIPLE CROWN CAPITAL HOLDINGS III, INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Acknowledged and Agreed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Address of Principal Residence:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Closing Date.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>5
<FILENAME>d57053exv10w2.htm
<DESCRIPTION>CREDIT AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXECUTION COPY</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 3px double #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Published CUSIP No:<BR>
Dollar Revolving Credit Loans: &#091;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#093;; Alternative Currency Revolving Credit Loans: &#091;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#093;<BR>
Delayed Draw 1 Term Loan: &#091;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#093;; Delayed Draw 2 Term Loan: &#091;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#093;; Tranche A Term Loan: &#091;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#093;<BR>
Tranche B Term Loan: &#091;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#093;; Tranche C Term Loan: &#091;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#093;</B>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CREDIT AGREEMENT
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Dated as of May&nbsp;13, 2008

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">among

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">BT TRIPLE CROWN MERGER CO., INC.<BR>
(to be merged with and into Clear Channel Communications, Inc.),<BR>
as Parent Borrower,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">the Subsidiary Co-Borrowers party hereto,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">the Foreign Subsidiary Revolving Borrowers party hereto,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CLEAR CHANNEL CAPITAL I, LLC,<BR>
as Holdings,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CITIBANK, N.A.,<BR>
as Administrative Agent, Swing Line Lender<BR>
and L/C Issuer,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DEUTSCHE BANK AG NEW YORK BRANCH,<BR>
as L/C Issuer,<BR>
and

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THE OTHER LENDERS PARTY HERETO

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DEUTSCHE BANK SECURITIES INC. and<BR>
MORGAN STANLEY SENIOR FUNDING, INC.,<BR>
as Syndication Agents,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CREDIT SUISSE, CAYMAN ISLANDS BRANCH,<BR>
THE ROYAL BANK OF SCOTLAND PLC and<BR>
WACHOVIA CAPITAL MARKETS, LLC,<BR>
as Co-Documentation Agents,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CITIGROUP GLOBAL MARKETS INC.,<BR>
DEUTSCHE BANK SECURITIES INC. and<BR>
MORGAN STANLEY SENIOR FUNDING, INC.,<BR>
as Joint Lead Arrangers and Joint Bookrunners

</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="88%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Page</B></TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE I DEFINITIONS AND ACCOUNTING TERMS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.01. Defined Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.02. Other Interpretive Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.03. Accounting Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.04. Rounding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.05. References to Agreements, Laws, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.06. Times of Day</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.07. Additional Alternative Currencies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.08. Currency Equivalents Generally</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.09. Change in Currency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.10. Pro Forma Calculations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.11. Funding Through Applicable Lending Offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.01. The Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.02. Borrowings, Conversions and Continuations of Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.03. Letters of Credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.04. Swing Line Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.05. Prepayments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.06. Termination or Reduction of Commitments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.07. Repayment of Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.08. Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.09. Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.10. Computation of Interest and Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.11. Evidence of Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.12. Payments Generally</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.13. Sharing of Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.14. Incremental Credit Extensions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.15. Designation of Foreign Subsidiary Revolving Borrower, Termination of Designations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE III TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.01. Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.02. Illegality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
</TR>
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Page</B></TD>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.03. Inability To Determine Rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.04. Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurocurrency Rate Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.05. Funding Losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.06. Matters Applicable to All Requests for Compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.07. Replacement of Lenders Under Certain Circumstances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.08. Survival</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.01. Conditions to Initial Credit Extension</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.02. Conditions to Subsequent Credit Extensions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE V REPRESENTATIONS AND WARRANTIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.01. Existence, Qualification and Power; Compliance with Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.02. Authorization; No Contravention</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.03. Governmental Authorization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.04. Binding Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.05. Financial Statements; No Material Adverse Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.06. Litigation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.07. Labor Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.08. Ownership of Property; Liens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.09. Environmental Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.10. Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.11. ERISA Compliance, Etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.12. Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.13. Margin Regulations; Investment Company Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.14. Disclosure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.15. Intellectual Property; Licenses, Etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.16. Solvency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.17. Subordination of Junior Financing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.18. Special Representations Relating to FCC Authorizations, Etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VI AFFIRMATIVE COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.01. Financial Statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.02. Certificates; Other Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.03. Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.04. Payment of Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
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</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.05. Preservation of Existence, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.06. Maintenance of Properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.07. Maintenance of Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.08. Compliance with Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.09. Books and Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.10. Inspection Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.11. Covenant To Guarantee Obligations and Give Security</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.12. Compliance with Environmental Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.13. Further Assurances and Post-Closing Deliveries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.14. Designation of Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.15. Interest Rate Protection</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.16. License Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VII NEGATIVE COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.01. Liens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.02. Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.03. Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.04. Fundamental Changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.05. Dispositions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.06. Restricted Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.07. Change in Nature of Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.08. Transactions with Affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.09. Burdensome Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.10. Use of Proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.11. Accounting Changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.12. Prepayments, Etc. of Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.13. Equity Interests of Certain Restricted Subsidiaries and Unrestricted Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.14. Financial Covenant</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.01. Events of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.02. Remedies upon Event of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.03. Application of Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.04. Right to Cure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154</TD>
    <TD>&nbsp;</TD>
</TR>
<tr style="font-size: 10pt">
<TD>&nbsp;</TD>
</tr><!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-iii-&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IX ADMINISTRATIVE AGENT AND OTHER AGENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.01. Appointment and Authorization of the Administrative Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.02. Delegation of Duties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.03. Liability of Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.04. Reliance by the Administrative Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.05. Notice of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.06. Credit Decision; Disclosure of Information by Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.07. Indemnification of Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.08. Withholding Tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.09. Agents in Their Individual Capacities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.10. Successor Administrative Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.11. Administrative Agent May File Proofs of Claim</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.12. Collateral and Guaranty Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.13. Other Agents; Arrangers and Managers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.14. Appointment of Supplemental Administrative Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.15. Intercreditor Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Administrative Agent Dutch Claims; Dutch Secured Party Claims</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE X MISCELLANEOUS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION
10.01. Amendments, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.02. Notices and Other Communications; Facsimile Copies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.03. No Waiver; Cumulative Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.04. Attorney Costs and Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.05. Indemnification by the Borrowers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.06. Payments Set Aside</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.07. Successors and Assigns</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.08. Confidentiality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.09. Treatment of Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.10. Setoff</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.11. Interest Rate Limitation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.12. Counterparts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.13. Integration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.14. Survival of Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.15. Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.16. GOVERNING LAW</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177</TD>
    <TD>&nbsp;</TD>
</TR>
<tr style="font-size: 10pt">
<TD>&nbsp;</TD>
</tr><!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-iv-&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.17. WAIVER OF RIGHT TO TRIAL BY JURY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.18. Binding Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177</TD>
    <TD>&nbsp;</TD>
</TR>
<tr style="font-size: 0pt">
<TD>&nbsp;</TD>
</tr><TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.19. Judgment Currency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178</TD>
    <TD>&nbsp;</TD>
</TR>
<tr style="font-size: 0pt">
<TD>&nbsp;</TD>
</tr><TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.20. Lender Action</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178</TD>
    <TD>&nbsp;</TD>
</TR>
<tr style="font-size: 0pt">
<TD>&nbsp;</TD>
</tr><TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.21. USA PATRIOT Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178</TD>
    <TD>&nbsp;</TD>
</TR>
<tr style="font-size: 0pt">
<TD>&nbsp;</TD>
</tr><TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.22. No Advisory or Fiduciary Responsibility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178</TD>
    <TD>&nbsp;</TD>
</TR>
<tr style="font-size: 0pt">
<TD>&nbsp;</TD>
</tr><TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.23. No Personal Liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179</TD>
    <TD>&nbsp;</TD>
</TR>
<tr style="font-size: 0pt">
<TD>&nbsp;</TD>
</tr><TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.24. Limitations on Foreign Loan Parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179</TD>
    <TD>&nbsp;</TD>
</TR>
<tr style="font-size: 0pt">
<TD>&nbsp;</TD>
</tr><TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.25. FCC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179</TD>
    <TD>&nbsp;</TD>
</TR>
<tr style="font-size: 0pt">
<TD>&nbsp;</TD>
</tr><TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.26. Effectiveness of Merger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE I DEFINITIONS AND ACCOUNTING TERMS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.01. Defined Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.02. Other Interpretive Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.03. Accounting Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.04. Rounding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION
1.05. References to Agreements, Laws, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.06. Times of Day</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.07. Additional Alternative Currencies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.08. Currency Equivalents Generally</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.09. Change in Currency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.10. Pro Forma Calculations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.11. Funding Through Applicable Lending Offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.01. The Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.02. Borrowings, Conversions and Continuations of Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.03. Letters of Credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.04. Swing Line Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.05. Prepayments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.06. Termination or Reduction of Commitments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.07. Repayment of Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.08. Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.09. Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-v-&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.10. Computation of Interest and Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.11. Evidence of Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.12. Payments Generally</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.13. Sharing of Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.14. Incremental Credit Extensions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.15. Designation of Foreign Subsidiary Revolving Borrower, Termination of Designations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE III TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.01. Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.02. Illegality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.03. Inability To Determine Rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.04. Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurocurrency Rate Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.05. Funding Losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.06. Matters Applicable to All Requests for Compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.07. Replacement of Lenders Under Certain Circumstances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.08. Survival</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.01. Conditions to Initial Credit Extension</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.02. Conditions to Subsequent Credit Extensions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE V REPRESENTATIONS AND WARRANTIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.01. Existence, Qualification and Power; Compliance with Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.02. Authorization; No Contravention</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.03. Governmental Authorization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.04. Binding Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.05. Financial Statements; No Material Adverse Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.06. Litigation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.07. Labor Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.08. Ownership of Property; Liens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.09. Environmental Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.10. Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION
5.11. ERISA Compliance, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.12. Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.13. Margin Regulations; Investment Company Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-vi-&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.14. Disclosure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION
5.15. Intellectual Property; Licenses, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.16. Solvency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.17. Subordination of Junior Financing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.18. Special Representations Relating to FCC Authorizations, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VI AFFIRMATIVE COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.01. Financial Statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.02. Certificates; Other Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.03. Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.04. Payment of Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION
6.05. Preservation of Existence, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.06. Maintenance of Properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.07. Maintenance of Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.08. Compliance with Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.09. Books and Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.10. Inspection Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.11. Covenant To Guarantee Obligations and Give Security</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.12. Compliance with Environmental Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.13. Further Assurances and Post-Closing Deliveries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.14. Designation of Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.15. Interest Rate Protection</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.16. License Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VII NEGATIVE COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.01. Liens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.02. Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.03. Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.04. Fundamental Changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.05. Dispositions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.06. Restricted Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.07. Change in Nature of Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.08. Transactions with Affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.09. Burdensome Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.10. Use of Proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.11. Accounting Changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-vii-&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.12. Prepayments, Etc. of Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.13. Equity Interests of Certain Restricted Subsidiaries and Unrestricted Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.14. Financial Covenant</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.01. Events of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.02. Remedies upon Event of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.03. Application of Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.04. Right to Cure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IX ADMINISTRATIVE AGENT AND OTHER AGENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.01. Appointment and Authorization of the Administrative Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.02. Delegation of Duties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.03. Liability of Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.04. Reliance by the Administrative Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.05. Notice of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.06. Credit Decision; Disclosure of Information by Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.07. Indemnification of Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.08. Withholding Tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.09. Agents in Their Individual Capacities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.10. Successor Administrative Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.11. Administrative Agent May File Proofs of Claim</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.12. Collateral and Guaranty Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.13. Other Agents; Arrangers and Managers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.14. Appointment of Supplemental Administrative Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.15. Intercreditor Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.16. Administrative Agent Dutch Claims; Dutch Secured Party Claims. With
respect to any security interest in favor of the Administrative Agent for the
benefit of the Secured Parties which is created under any Collateral Document
governed by the laws of the Netherlands:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE X MISCELLANEOUS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.01. Amendments, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.02. Notices and Other Communications; Facsimile Copies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.03. No Waiver; Cumulative Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.04. Attorney Costs and Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.05. Indemnification by the Borrowers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-viii-&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.06. Payments Set Aside</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.07. Successors and Assigns</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.08. Confidentiality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.09. Treatment of Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.10. Setoff</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.11. Interest Rate Limitation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.12. Counterparts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.13. Integration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.14. Survival of Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.15. Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.16. GOVERNING LAW</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.17. WAIVER OF RIGHT TO TRIAL BY JURY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.18. Binding Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.19. Judgment Currency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.20. Lender Action</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.21. USA PATRIOT Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.22. No Advisory or Fiduciary Responsibility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.23. No Personal Liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.24. Limitations on Foreign Loan Parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.25. FCC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">SECTION 10.26. Effectiveness of Merger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><u>SCHEDULES</U></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr style="font-size: 10pt">
<TD>&nbsp;</TD>
</tr>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.01A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certain Security Interests and Guarantees</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.01B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Post-Closing Transaction Expenses</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.01C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mandatory Cost Formula</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.01D
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NCR Stations</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.01E
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Disqualified Institutions</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.01G
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Existing Rollover Letters of Credit</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.01A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dollar Revolving Credit Commitments; Alternative Currency Revolving Credit Commitments</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.01B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tranche A Term Loan Commitments; Tranche B Term Loan Commitments; Tranche C Term Loan
Commitments; Delayed Draw 1 Term Loan Commitments; Delayed Draw 2 Term Loan Commitments</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.11(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ERISA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsidiaries and Other Equity Investments</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.18
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Broadcast Licenses</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6.11(h)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Post-Closing Collateral</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.01(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Existing Liens</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.02(g)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Existing Investments</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.03(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Existing Indebtedness</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-ix-&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.05(o)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specified Dispositions</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.05(p)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Specified Dispositions</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.08
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transactions with Affiliates</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.09
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Existing Restrictions</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.02
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Administrative Agent&#146;s Office, Certain Addresses for Notices</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Annex I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Scheduled Repayments of Term Loans</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><u>EXHIBITS</U></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr style="font-size: 10pt">
<TD>&nbsp;</TD>
</tr>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Committed Loan Notice</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">B</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Swing Line Loan Notice</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">C-1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Tranche A Term Loan Note</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">C-2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Tranche B Term Loan Note</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">C-3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Tranche C Term Loan Note</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">C-4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Delayed Draw 1 Term Loan Note</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">C-5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Delayed Draw 2 Term Loan Note</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">C-6</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Dollar Revolving Credit Note</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">C-7</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Alternative Currency Revolving Credit Note</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">D</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Compliance Certificate</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">E</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Assignment and Assumption</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">F-1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Holdings Guarantee Agreement</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">F-2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Company Guarantee Agreement</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">F-3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of U.S. Guarantee Agreement</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">F-4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Overseas Guarantee Agreement</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">G-1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Principal Properties Security Agreement</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">G-2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Non-Principal Properties (All Assets) Security Agreement</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">G-3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Non-Principal Properties (Specified Assets) Security Agreement</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">G-4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Receivables Collateral Security Agreement</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">G-5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Holdings Pledge Agreement</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">H-1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Legal Opinion of Ropes &#038; Gray LLP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">H-2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Legal Opinion of New Jersey and Florida Counsel</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">H-3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Legal Opinion of Colorado Counsel</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">H-4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Legal Opinion of Nevada Counsel</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">H-5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Legal Opinion of Washington Counsel</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">H-6</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Legal Opinion of Texas Counsel</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">H-7</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Legal Opinion of Ohio Counsel</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">H-8</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Legal Opinion of Special FCC Counsel</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">I</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Intercreditor Agreement</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">J</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Joinder Agreement</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">K</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Loss Sharing Agreement</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">L</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Foreign Lender Certification</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>CREDIT AGREEMENT</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This CREDIT AGREEMENT (&#147;<B>Agreement</B>&#148;) is entered into as of May&nbsp;13, 2008 among BT TRIPLE CROWN
MERGER CO., INC., a Delaware corporation (&#147;<B>Merger Sub</B>&#148;) to be merged with and into Clear Channel
Communications, Inc. (&#147;<B>Parent Borrower</B>&#148;), upon consummation of the Merger, CLEAR CHANNEL CAPITAL I,
LLC, a Delaware limited liability company (&#147;<B>Holdings</B>&#148;), the Subsidiary Co-Borrowers (as defined
below), the Foreign Subsidiary Revolving Borrowers (as defined below) from time to time party
hereto, CITIBANK, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and each lender
from time to time party hereto (collectively, the &#147;<B>Lenders</B>&#148; and individually, a &#147;<B>Lender</B>&#148;).
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>PRELIMINARY STATEMENTS</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Merger Agreement (as this and other capitalized terms used in these
preliminary statements are defined in Section&nbsp;1.01 below), Merger Sub, a direct wholly-owned
subsidiary of Holdings, will merge (the &#147;<B>Merger</B>&#148;) with and into the Parent Borrower, with
(i)&nbsp;subject to dissenters&#146; rights, the Merger Consideration being paid, and (ii)&nbsp;the Parent
Borrower surviving as a wholly-owned subsidiary of Holdings.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Parent Borrower has requested that substantially simultaneously with the consummation of
the Merger, the Lenders extend credit in the form of (i)&nbsp;Term Loans to the Parent Borrower (and, in
the case of the Tranche B Term Loans, to the Parent Borrower and the Subsidiary Co-Borrowers, on a
joint and several basis, in accordance with the Designated Amounts) consisting of (A)&nbsp;Tranche A
Term Loans in an initial aggregate Dollar Amount equal to the Tranche A Term Loan Commitment
Amount, (B)&nbsp;Tranche B Term Loans in an initial aggregate Dollar Amount of $10,700,000,000<SUP style="font-size: 85%; vertical-align: text-top">
</SUP>and (C)&nbsp;Tranche C Term Loans in an initial aggregate Dollar Amount equal to the Tranche C
Term Loan Commitment Amount, (ii)&nbsp;a Delayed Draw 1 Term Loan Facility to the Parent Borrower in an
initial aggregate Dollar Amount of $750,000,000, (iii)&nbsp;a Delayed Draw 2 Term Loan Facility to the
Parent Borrower in an initial aggregate Dollar Amount of $500,000,000, (iv)&nbsp;a Dollar Revolving
Credit Facility to the Parent Borrower in an initial aggregate Dollar Amount of $1,850,000,000 and
(v)&nbsp;an Alternative Currency Revolving Credit Facility to the Parent Borrower and the Foreign
Subsidiary Revolving Borrowers in an initial aggregate Dollar Amount of $150,000,000. The Dollar
Revolving Credit Facility may include one or more Dollar Letters of Credit from time to time and
one or more Swing Line Loans from time to time. The Alternative Currency Revolving Credit Facility
may include one or more Alternative Currency Letters of Credit from time to time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The proceeds of the Term Loans (other than the proceeds of (x)&nbsp;the Delayed Draw 1 Term Loans,
which will be used to repay, redeem or repurchase the Designated 2010 Retained Existing Notes, and
(y)&nbsp;the Designated Delayed Draw 2 Term Loans which will be used to repay, redeem or repurchase the
Designated 2009 Retained Existing Notes) and the Initial Revolving Borrowing (to the extent
permitted in accordance with clause (a)(i) of the definition of &#147;Permitted Initial Revolving
Borrowing Purposes&#148;), together with (i)&nbsp;a portion of the Parent Borrower&#146;s cash on hand, (ii)&nbsp;the
proceeds of the issuance of the New Senior Notes, (iii)&nbsp;the proceeds of borrowings under the ABL
Credit Agreement and (iv)&nbsp;the proceeds of the Equity Contribution, will be used to finance the Debt
Repayment and to pay the cash portion of the Merger Consideration and the Transaction Expenses.
The proceeds of Revolving Credit Loans and Swing Line Loans made after the Closing Date, the
Initial Revolving Borrowing (to the extent permitted in accordance with clause (a)(ii) of the
definition of &#147;Permitted Initial Revolving Borrowing Purposes&#148;), and Letters of Credit issued on or
after the Closing Date, will be used for (i)&nbsp;working capital needs of the Parent Borrower and its
Subsidiaries, (ii)&nbsp;general corporate purposes of the Parent Borrower and its Subsidiaries and (iii)
any other purpose not prohibited by this Agreement, including Restricted Payments and repayments of
the Retained Existing Notes on their respective maturity dates.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The applicable Lenders have indicated their willingness to lend, and the L/C Issuers have
indicated their willingness to issue Letters of Credit, in each case, on the terms and subject to
the conditions set forth herein.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Definitions and Accounting Terms</B></U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.01. <U>Defined Terms</U>. As used in this Agreement, the following terms shall
have the meanings set forth below:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>ABL Administrative Agent</B>&#148; means Citibank in its capacity as administrative agent and
collateral agent under the ABL Credit Agreement, or any successor administrative agent and
collateral agent under the ABL Credit Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>ABL Credit Agreement</B>&#148; means that certain asset-based revolving credit agreement dated as of
the date hereof, among the Parent Borrower, Holdings, the subsidiary borrowers party thereto, the
lenders party thereto and Citibank, as administrative agent and collateral agent, as the same may
be amended, restated, modified, supplemented, replaced or refinanced from time to time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>ABL Facilities</B>&#148; means the asset-based revolving credit facilities under the ABL Credit
Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>ABL Facility Documentation</B>&#148; means the ABL Credit Agreement and all security agreements,
guarantees, pledge agreements and other agreements or instruments executed in connection therewith.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Activities</B>&#148; has the meaning specified in Section&nbsp;9.09(b).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Additional Cash from Revolver Draw</B>&#148; means if (a)&nbsp;the Initial Revolving Borrowing exceeds
$80,000,000 and (b)&nbsp;the Equity Contribution is less than $3,500,000,000, the excess of the Initial
Revolving Borrowing over $80,000,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Additional Lender</B>&#148; has the meaning specified in Section&nbsp;2.14(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Additional Non-Principal Properties Certificate</B>&#148; shall mean a certificate of a Responsible
Officer of the Parent Borrower delivered to the Administrative Agent in accordance with Section
6.11(d) or 6.11(e), setting forth, as of the time of delivery of such certificate, a list of any
new Additional Non-Principal Properties Collateral.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Additional Non-Principal Properties Collateral</B>&#148; means any assets of the Parent Borrower or
any U.S. Guarantor identified as &#147;Additional Non-Principal Properties Collateral&#148; in an Additional
Non-Principal Properties Certificate, which assets the Parent Borrower has determined, in its
discretion, do not constitute &#147;Principal Properties&#148; under (and as defined in and determined in
accordance with) the Retained Existing Notes Indenture.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Additional Principal Properties Certificate</B>&#148; shall mean a certificate of a Responsible
Officer of the Parent Borrower delivered to the Administrative Agent in accordance with Section
6.11(d),
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">setting forth, as of the time of delivery of such certificate, a list of any new Additional
Principal Properties Collateral and a calculation of the Principal Properties Collateral Amount.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Additional Principal Properties Collateral</B>&#148; means any assets of the Parent Borrower or any
U.S. Guarantor identified as &#147;Additional Principal Properties Collateral&#148; in an Additional
Principal Properties Certificate.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Administrative Agent</B>&#148; means Citibank, in its capacity as administrative agent and collateral
agent under the Loan Documents, or any successor administrative agent and collateral agent, it
being understood that Citibank may designate any of its Affiliates, including without limitation
Citicorp International plc, as administrative agent for the Alternative Currency Revolving Credit
Facility and that such Affiliate shall be considered an Administrative Agent for all purposes
hereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Administrative Agent Dutch Claim&#148; </B>has the meaning specified in Section&nbsp;9.16(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Administrative Agent&#146;s Office</B>&#148; means, with respect to any currency, the Administrative
Agent&#146;s address and, as appropriate, account as set forth on <U>Schedule&nbsp;10.02</U> with respect to
such currency, or such other address or account with respect to such currency as the Administrative
Agent may from time to time notify the Parent Borrower and the Lenders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Administrative Questionnaire</B>&#148; means an Administrative Questionnaire in a form supplied by the
Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Affiliate</B>&#148; means, with respect to any Person, another Person that directly, or indirectly
through one or more intermediaries, Controls or is Controlled by or is under common Control with
the Person specified. &#147;Control&#148; means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of a Person, whether through the
ability to exercise voting power, by contract or otherwise. &#147;Controlling&#148; and &#147;Controlled&#148; have
meanings correlative thereto. For the avoidance of doubt, none of the Arrangers, the Agents, their
respective lending affiliates or any entity acting as an L/C Issuer hereunder shall be deemed to be
an Affiliate of Holdings, the Parent Borrower or any of their respective Subsidiaries.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Agent-Related Persons</B>&#148; means the Agents, together with their respective Affiliates, and the
officers, directors, employees, agents and attorneys-in-fact of such Persons and Affiliates.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Agent&#146;s Group</B>&#148; has the meaning specified in Section&nbsp;9.09(b).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Agents</B>&#148; means, collectively, the Administrative Agent, the Syndication Agents, the
Co-Documentation Agents and the Supplemental Administrative Agents (if any) and the Arrangers.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Aggregate Commitments</B>&#148; means the Commitments of all the Lenders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Agreement</B>&#148; means this Credit Agreement, as amended, restated, modified or supplemented from
time to time in accordance with the terms hereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Agreement Currency</B>&#148; has the meaning specified in Section&nbsp;10.19.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Aloha Trust</B>&#148; means The Aloha Trust Station Trust, LLC, a Delaware limited liability company.
</DIV>


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</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Alternative Currency</B>&#148; means Euros, Sterling, Canadian Dollars and each other currency (other
than Dollars) that is approved by the Administrative Agent, the Alternative Currency Revolving
Credit Lenders and the Alternative Currency L/C Issuers in accordance with Section&nbsp;1.07.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Alternative Currency Equivalent</B>&#148; means, at any time, with respect to any amount denominated
in Dollars, the equivalent amount thereof in the applicable Alternative Currency as determined by
the Administrative Agent or the Alternative Currency L/C Issuer, as the case may be, at such time
on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the
purchase of such Alternative Currency with Dollars.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Alternative Currency L/C Advance</B>&#148; means, with respect to each Alternative Currency Revolving
Credit Lender, such Lender&#146;s funding of its participation in any Alternative Currency L/C Borrowing
in accordance with its Pro Rata Share. All Alternative Currency L/C Advances shall be denominated
in Dollars.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Alternative Currency L/C Borrowing</B>&#148; means an extension of credit resulting from a drawing
under any Alternative Currency Letter of Credit that has not been reimbursed on the applicable
Honor Date or refinanced as an Alternative Currency Revolving Credit Borrowing. All Alternative
Currency L/C Borrowings shall be denominated in Dollars.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Alternative Currency L/C Credit Extension</B>&#148; means, with respect to any Alternative Currency
Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the renewal or
increase of the amount thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Alternative Currency L/C Issuer</B>&#148; means Citibank, Deutsche Bank AG New York Branch and any
other Lender that becomes an Alternative Currency L/C Issuer in accordance with Section&nbsp;2.03(l) or
10.07(j), in each case, in its capacity as an issuer of Alternative Currency Letters of Credit
hereunder, or any successor issuer of Alternative Currency Letters of Credit hereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Alternative Currency L/C Obligations</B>&#148; means, as at any date of determination, the aggregate
maximum amount then available to be drawn under all outstanding Alternative Currency Letters of
Credit (whether or not (i)&nbsp;such maximum amount is then in effect under any such Alternative
Currency Letter of Credit if such maximum amount increases periodically pursuant to the terms of
such Alternative Currency Letter of Credit or (ii)&nbsp;the conditions to drawing can then be satisfied)
<U>plus</U> the aggregate of all Unreimbursed Amounts in respect of Alternative Currency Letters
of Credit, including all Alternative Currency L/C Borrowings. For all purposes of this Agreement,
if on any date of determination a Letter of Credit has expired by its terms but any amount may
still be drawn thereunder by reason of the operation of Rule&nbsp;3.14 of the ISP, such Letter of Credit
shall be deemed to be &#147;outstanding&#148; in the amount so remaining available to be drawn.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Alternative Currency L/C Sublimit</B>&#148; means an amount equal to $150,000,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Alternative Currency Letter of Credit</B>&#148; means a Letter of Credit denominated in Dollars or an
Alternative Currency and issued pursuant to Section&nbsp;2.03(a)(i)(B).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Alternative Currency Revolving Commitment Increase</B>&#148; shall have the meaning specified in
Section&nbsp;2.14(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Alternative Currency Revolving Commitment Increase Lender</B>&#148; has the meaning specified in
Section&nbsp;2.14(a).
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Alternative Currency Revolving Credit Borrowing</B>&#148; means a borrowing consisting of Alternative
Currency Revolving Credit Loans of the same Type, denominated in the same currency and having the
same Interest Period made by each of the Alternative Currency Revolving Credit Lenders pursuant to
Section&nbsp;2.01(b).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Alternative Currency Revolving Credit Commitment</B>&#148; means, as to each Alternative Currency
Revolving Credit Lender, its obligation to (a)&nbsp;make Alternative Currency Revolving Credit Loans to
the Parent Borrower and the Foreign Subsidiary Revolving Borrowers pursuant to Section&nbsp;2.01(b)(ii)
and (b)&nbsp;purchase participations in Alternative Currency L/C Obligations, in an aggregate principal
amount at any one time outstanding not to exceed the amount set forth, opposite such Lender&#146;s name
on <U>Schedule&nbsp;2.01A</U> under the caption &#147;Alternative Currency Revolving Credit Commitment&#148; or
in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as
applicable, as such amount may be adjusted from time to time in accordance with this Agreement.
The aggregate Dollar Amount of Alternative Currency Revolving Credit Commitments of all Alternative
Currency Revolving Credit Lenders shall be $150,000,000 on the Closing Date, as such amount may be
adjusted from time to time in accordance with the terms of this Agreement, including pursuant to
any applicable Alternative Currency Revolving Commitment Increase.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Alternative Currency Revolving Credit Exposure</B>&#148; means, as to each Alternative Currency
Revolving Credit Lender, the sum of the Outstanding Amount of such Alternative Currency Revolving
Credit Lender&#146;s Alternative Currency Revolving Credit Loans and its Pro Rata Share of the
Alternative Currency L/C Obligations at such time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Alternative Currency Revolving Credit Facility</B>&#148; means, at any time, the aggregate Dollar
Amount of the Alternative Currency Revolving Credit Commitments at such time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Alternative Currency Revolving Credit Lender</B>&#148; means, at any time, any Lender that has an
Alternative Currency Revolving Credit Commitment at such time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Alternative Currency Revolving Credit Loan</B>&#148; has the meaning specified in Section&nbsp;2.01(b)(ii).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Alternative Currency Revolving Credit Note</B>&#148; means a promissory note of the Parent Borrower
and the Foreign Subsidiary Revolving Borrowers, payable to any Alternative Currency Revolving
Credit Lender or its registered assigns, in substantially the form of <U>Exhibit&nbsp;C-7</U> hereto,
evidencing the aggregate Indebtedness of such Borrower to such Alternative Currency Revolving
Credit Lender resulting from the Alternative Currency Revolving Credit Loans made by such
Alternative Currency Revolving Credit Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>AMFM</B>&#148; means AMFM Operating Inc., a Delaware corporation.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>AMFM Notes</B>&#148; means the 8% Senior Notes due 2008 of AMFM.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>AMFM Notes Indenture</B>&#148; means that certain Indenture dated as of November&nbsp;17, 1998 among AMFM
(formerly known as Chancellor Media Corporation of Los Angeles), the guarantors thereto, and The
Bank of New York, as trustee, as supplemented by the First Supplemental Indenture dated as of
August&nbsp;23, 1999, as further supplemented by the Second Supplemental Indenture dated as of
November&nbsp;19, 1999 and as further supplemented by the Third Supplemental Indenture dated as of
January&nbsp;18, 2000, as may be amended, supplemented or modified from time to time.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Annual Financial Statements</B>&#148; means the consolidated balance sheets of the Parent Borrower as
of each of December&nbsp;31, 2007, 2006 and 2005, and the related consolidated statements of income,
stockholders&#146; equity and cash flows for the Parent Borrower for the fiscal years then ended.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Applicable Rate</B>&#148; means a percentage per annum equal to:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to Tranche A Term Loans (i)&nbsp;until delivery of financial statements for
the first full fiscal quarter commencing on or after the Closing Date pursuant to Section
6.01, (A)&nbsp;for Eurocurrency Rate Loans, 3.40% and (B)&nbsp;for Base Rate Loans, 2.40% and (ii)
thereafter, the following percentages per annum, based upon the Total Leverage Ratio as set
forth in the most recent Compliance Certificate received by the Administrative Agent
pursuant to Section&nbsp;6.02(a):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="13" style="border-bottom: 1px solid #000000">Applicable Rate</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Pricing</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Eurocurrency</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Level</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Total Leverage Ratio</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Rate</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Base Rate</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="2">&#060;4:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.90</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.90</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="right">&#8805;4:1 but &#060;5:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.025</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.025</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="right">&#8805;5:1 but &#060;6:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.150</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.150</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="right">&#8805;6:1 but &#060;7:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.275</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.275</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&#8805;7:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.40</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to Tranche B Term Loans (i)&nbsp;until delivery of financial statements for
the first full fiscal quarter commencing on or after the Closing Date pursuant to Section
6.01, (A)&nbsp;for Eurocurrency Rate Loans, 3.65% and (B)&nbsp;for Base Rate Loans, 2.65% and (ii)
thereafter, the following percentages per annum, based upon the Total Leverage Ratio as set
forth in the most recent Compliance Certificate received by the Administrative Agent
pursuant to Section&nbsp;6.02(a):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="13" style="border-bottom: 1px solid #000000">Applicable Rate</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Pricing</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Eurocurrency</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Level</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Total Leverage Ratio</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Rate</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Base Rate</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#060;7:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.40</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#8805;7:1</td>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.65</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.65</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to Tranche C Term Loans (i)&nbsp;until delivery of financial statements for
the first full fiscal quarter commencing on or after the Closing Date pursuant to Section
6.01, (A)&nbsp;for Eurocurrency Rate Loans, 3.65% and (B)&nbsp;for Base Rate Loans, 2.65% and (ii)
thereafter, the following percentages per annum, based upon the Total Leverage Ratio as set
forth in the most recent Compliance Certificate received by the Administrative Agent
pursuant to Section&nbsp;6.02(a):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="13" style="border-bottom: 1px solid #000000">Applicable Rate</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Pricing</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Eurocurrency</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Level</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Total Leverage Ratio</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Rate</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Base Rate</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#060;7:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.40</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#8805;7:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.65</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.65</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) with respect to Delayed Draw Term Loans (i)&nbsp;for commitment fees in respect of
(x)&nbsp;the Delayed Draw 1 Term Loan Commitment, 1.825%, and (y)&nbsp;the Delayed Draw 2 Term Loan
Commitment, 1.825%, and (ii)(x)&nbsp;until delivery of financial statements for the first full

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-6-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">fiscal quarter commencing on or after the Closing Date pursuant to Section&nbsp;6.01, (A)&nbsp;for
Eurocurrency Rate Loans, 3.65% and (B)&nbsp;for Base Rate Loans, 2.65%, and (y)&nbsp;thereafter, the
following percentages per annum, based upon the Total Leverage Ratio as set forth in the
most recent Compliance Certificate received by the Administrative Agent pursuant to Section
6.02(a):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="13" style="border-bottom: 1px solid #000000">Applicable Rate</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Pricing</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Eurocurrency</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Level</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Total Leverage Ratio</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Rate</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Base Rate</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#060;7:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.40</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#8805;7:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.65</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.65</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to Revolving Credit Loans, unused Revolving Credit Commitments and
Letter of Credit fees, (i)&nbsp;until delivery of financial statements for the first full fiscal
quarter commencing on or after the Closing Date pursuant to Section&nbsp;6.01, (A)&nbsp;for
Eurocurrency Rate Loans, 3.40%, (B)&nbsp;for Base Rate Loans, 2.40%, (C)&nbsp;for Letter of Credit
fees, 3.40% and (D)&nbsp;for commitment fees, 0.50% and (ii)&nbsp;thereafter, the following
percentages per annum, based upon the Total Leverage Ratio as set forth in the most recent
Compliance Certificate received by the Administrative Agent pursuant to Section&nbsp;6.02(a):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000">Applicable Rate</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Eurocurrency</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Pricing</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Rate and Letter</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Commitment</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Level</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Total Leverage Ratio</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">of Credit Fees</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Base Rate</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Fees</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#060;4:1</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.90</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.90</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.375</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#8805;4:1 but &#060;5:1</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.025</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.025</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.50</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#8805;5:1 but &#060;6:1</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.15</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.15</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.50</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#8805;6:1 but &#060;7:1</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.275</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.275</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.50</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#8805;7:1</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.40</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.40</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.50</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Any increase or decrease in the Applicable Rate resulting from a change in the Total Leverage Ratio
shall become effective as of the first Business Day immediately following the date a Compliance
Certificate is delivered pursuant to Section&nbsp;6.02(a); <I>provided </I>that if a Compliance Certificate was
required to have been delivered but was not delivered the highest Applicable Rate pertaining to any
pricing level shall apply as of the earlier of (i)&nbsp;15&nbsp;days after the day such Compliance
Certificate was required to be delivered and (ii)&nbsp;the day on which the Required Lenders so require,
and shall continue to so apply to and including the date on which such Compliance Certificate is so
delivered (and thereafter the pricing level otherwise determined in accordance with this definition
shall apply); <I>provided further </I>that if an Event of Default exists, the highest Applicable Rate
pertaining to any pricing level shall apply with respect to Commitment Fees.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained above in this definition or elsewhere in
this Agreement, if it is subsequently determined at any time before the 91<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> day after
the date on which all Loans have been repaid and all Commitments have been terminated that the
Total Leverage Ratio set forth in any Compliance Certificate delivered to the Administrative Agent
is inaccurate for any reason and the result thereof is that the Lenders received interest or fees
for any period based on an Applicable Rate that is less than that which would have been applicable
had the Total Leverage Ratio been accurately determined, then, for all purposes of this Agreement,
the &#147;Applicable Rate&#148; for any day occurring within the period covered by such Compliance
Certificate shall retroactively be deemed to be the relevant percentage as based upon the
accurately determined Total Leverage Ratio for such period, and any shortfall in the interest or
fees theretofore paid by the Borrowers for the relevant period pursuant to Sections&nbsp;2.08(a) and
2.09(a) as a result of the miscalculation of the Total Leverage Ratio shall be deemed to be (and
shall be) due and payable upon the date that is five (5)&nbsp;Business Days after notice by the
Administrative
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-7-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> Agent to the Parent Borrower of such miscalculation. If the preceding sentence is
complied with the failure to previously pay such interest and fees shall not in and of itself
constitute a Default and no amounts shall be payable at the Default Rate in respect of any such
interest or fees.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Applicable Time</B>&#148; means, with respect to any borrowings and payments in any Alternative
Currency, the local time in the place of settlement for such Alternative Currency as may be
determined by the Administrative Agent or the Alternative Currency L/C Issuer, as the case may be,
to be necessary for timely settlement on the relevant date in accordance with normal banking
procedures in the place of payment.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Appropriate Lender</B>&#148; means, at any time, (a)&nbsp;with respect to Loans of any Class, the Lenders
of such Class, (b)&nbsp;with respect to any Letters of Credit, (i)&nbsp;the relevant L/C Issuer and (ii)(x)
with respect to any Dollar Letters of Credit issued pursuant to Section&nbsp;2.03(a)(i)(A), the Dollar
Revolving Credit Lenders and (y)&nbsp;with respect to any Alternative Currency Letters of Credit issued
pursuant to Section&nbsp;2.03(a)(i)(B), the Alternative Currency Revolving Credit Lenders and (c)&nbsp;with
respect to the Swing Line Facility, (i)&nbsp;the Swing Line Lender and (ii)&nbsp;if any Swing Line Loans are
outstanding pursuant to Section&nbsp;2.04(a), the Dollar Revolving Credit Lenders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Approved Electronic Communications</B>&#148; means each Communication that any Loan Party is obligated
to, or otherwise chooses to, provide to the Administrative Agent pursuant to any Loan Document or
the transactions contemplated therein, including any financial statement, financial and other
report, notice, request and certificate; <I>provided</I>, <I>however</I>, that, solely with respect to delivery
of any such Communication by any Loan Party to the Administrative Agent and without limiting or
otherwise affecting either the Administrative Agent&#146;s right to effect delivery of such
Communication by posting such Communication to the Platform or the protections afforded hereby to
the Administrative Agent in connection with any such posting, &#147;Approved Electronic Communication&#148;
shall exclude (i)&nbsp;any notice of borrowing, letter of credit request, swing loan request, notice of
conversion or continuation, and any other notice, demand, communication, information, document and
other material relating to a request for a new, or a conversion of an existing, Borrowing, (ii)&nbsp;any
notice pursuant to Section&nbsp;2.05(a) and Section&nbsp;2.05(b) and any other notice relating to the payment
of any principal or other amount due under any Loan Document prior to the scheduled date therefor,
(iii)&nbsp;all notices of any Default or Event of Default and (iv)&nbsp;any notice, demand, communication,
information, document and other material required to be delivered to satisfy any of the conditions
set forth in Article&nbsp;IV or any other condition to any Borrowing or other extension of credit
hereunder or any condition precedent to the effectiveness of this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Approved Fund</B>&#148; means, with respect to any Lender, any Fund that is administered, advised or
managed by (a)&nbsp;such Lender, (b)&nbsp;an Affiliate of such Lender or (c)&nbsp;an entity or an Affiliate of an
entity that administers, advises or manages such Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Arrangers</B>&#148; means Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan
Stanley Senior Funding, Inc., each in its capacity as a Joint Lead Arranger under this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Assignees</B>&#148; has the meaning specified in Section&nbsp;10.07(b).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Assignment and Assumption</B>&#148; means an Assignment and Assumption substantially in the form of
<U>Exhibit&nbsp;E</U> or any other form approved by the Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Assignment Taxes</B>&#148; has the meaning specified in Section&nbsp;3.01(f).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Attorney Costs</B>&#148; means all reasonable fees, expenses and disbursements of any law firm or
other external legal counsel.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Attributable Indebtedness</B>&#148; means, on any date, (x)&nbsp;when used with respect to any Capitalized
Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such
Person prepared as of such date in accordance with GAAP and (y)&nbsp;when used with respect to any
sale-leaseback transaction, the present value (discounted at a rate equivalent to the Parent
Borrower&#146;s then-current weighted average cost of funds for borrowed money as at the time of
determination, compounded on a semi-annual basis) of the total obligations of the lessee for rental
payments during the remaining term of the lease included in any such sale-leaseback transaction.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Auto-Renewal Letter of Credit</B>&#148; has the meaning specified in Section&nbsp;2.03(b)(iii).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Available Amount</B>&#148; means, at any time (the &#147;<B>Reference Date</B>&#148;), the sum of (without
duplication):
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amount equal to 50% of Consolidated Net Income of the Parent Borrower and the
Restricted Subsidiaries for the Available Amount Reference Period (or, in the case such
Consolidated Net Income shall be a negative number, minus 100% of such negative number)
<I>provided </I>that the amount in this clause (a)&nbsp;shall only be available if the Total Leverage
Ratio for the Test Period immediately preceding such incurrence calculated on a pro forma
basis for any Investments made pursuant to Section&nbsp;7.02(d)(v), 7.02(j)(B)(ii) or
7.02(p)(ii), any Restricted Payment made pursuant to Section&nbsp;7.06(l)(ii) or any repayments,
prepayments, redemptions, purchases, defeasance and other payments made pursuant to Sections
7.12(a)(vii)(2), would be less than or equal to 6.8 to 1.0; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &#091;Reserved&#093;;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the amount of any cash capital contributions (other than any Cure Amount and any
Specified Equity Contribution and other than any amount funded for any cost or expense
referenced in clause (a)(vii) of the definition of &#147;Consolidated EBITDA&#148;) or Net Cash
Proceeds from Permitted Equity Issuances (or issuances of debt securities that have been
converted into or exchanged for Qualified Equity Interests) (other than the Equity
Contribution and Net Cash Proceeds used to make Restricted Payments pursuant to Section
7.06(f) and any Specified Equity Contribution) received by the Parent Borrower (or any
direct or indirect parent thereof and contributed by such parent as common equity capital to
the Parent Borrower) during the period from and including the Business Day immediately
following the Closing Date through and including the Reference Date; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent not (A)&nbsp;included in clause (a)&nbsp;above or (B)&nbsp;already reflected as a
return of capital with respect to such Investment for purposes of determining the amount of
such Investment, the aggregate amount of all cash dividends and other cash distributions
received by the Parent Borrower or any Restricted Subsidiary from any Minority Investments
or Unrestricted Subsidiaries made or designated by using the Available Amount during the
period from and including the Business Day immediately following the Closing Date through
and including the Reference Date; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent not (A)&nbsp;included in clause (a)&nbsp;above or (B)&nbsp;already reflected as a
return of capital with respect to such Investment for purposes of determining the amount of
such Investment, the aggregate amount of all cash repayments of principal received by the
Parent Borrower or any Restricted Subsidiary from any Minority Investments or Unrestricted
Subsidiaries during the period from and including the Business Day immediately following the
Closing Date through and including the Reference Date in respect of loans or advances made
by the Parent
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Borrower or any Restricted Subsidiary to such Minority Investments or Unrestricted
Subsidiaries made by using the Available Amount; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the extent not (A)&nbsp;included in clause (a)&nbsp;above, (B)&nbsp;already reflected as a
return of capital with respect to such Investment for purposes of determining the amount of
such Investment or (C)&nbsp;required to be applied to prepay Term Loans in accordance with
Section&nbsp;2.05(b)(ii), the aggregate amount of all Net Cash Proceeds received by the Parent
Borrower or any Restricted Subsidiary in connection with the sale, transfer or other
disposition of its ownership interest in any Minority Investment or Unrestricted Subsidiary
that was made by using the Available Amount during the period from and including the
Business Day immediately following the Closing Date through and including the Reference
Date; <U>minus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the aggregate amount of distributions and redemptions by any Securitization Entity
in respect of its Equity Interests of the kind set forth in the definition of &#147;Restricted
Payment&#148;, except to the extent such distribution or redemption is received by, or
substantially concurrently therewith, contributed to, the Parent Borrower or a Restricted
Subsidiary, in each case during the period commencing on the Closing Date and ending on the
Reference Date; <U>minus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the aggregate amount of (A)&nbsp;any Investments made pursuant to Section&nbsp;7.02(d)(iv),
Section&nbsp;7.02(j)(B)(ii) and Section&nbsp;7.02(p)(ii), (B)&nbsp;any Restricted Payment made pursuant to
Section&nbsp;7.06(l)(ii), and (C)&nbsp;any repayments, prepayments, redemptions, purchases, defeasance
and other payments made pursuant to Section&nbsp;7.12(a)(vii)(2), in each case during the period
commencing on the Closing Date and ending on the Reference Date (and, for purposes of this
clause (h), without taking account of the intended usage of the Available Amount on such
Reference Date).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Available Amount Reference Period</B>&#148; means, with respect to any Reference Date, the period
(taken as one accounting period) commencing on April&nbsp;1, 2008 and ending on the last day of the most
recent fiscal quarter or fiscal year, as applicable, for which financial statements required to be
delivered pursuant to Section&nbsp;6.01(a) or Section&nbsp;6.01(b), and the related Compliance Certificate
required to be delivered pursuant to Section&nbsp;6.02(a), have been delivered to the Administrative
Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Bankruptcy Code</B>&#148; means title 11 of the United States Code entitled &#147;Bankruptcy&#148; as now or
hereafter in effect, or any successor statute.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Base Rate</B>&#148; means for any day a fluctuating rate per annum equal to the higher of (a)&nbsp;the
Federal Funds Rate <U>plus</U> 1/2 of 1% and (b)&nbsp;the rate of interest in effect for such day as
publicly announced from time to time by the Administrative Agent as its &#147;prime rate.&#148; The &#147;prime
rate&#148; is a rate set by the Administrative Agent based upon various factors including the
Administrative Agent&#146;s costs and desired return, general economic conditions and other factors, and
is used as a reference point for pricing some loans, which may be priced at, above, or below such
announced rate. Any change in such rate announced by the Administrative Agent shall take effect at
the opening of business on the day specified in the public announcement of such change.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Base Rate Loan</B>&#148; means a Loan that bears interest based on the Base Rate.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Basel II</B>&#148; has the meaning specified in Section&nbsp;3.04(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>BBA LIBOR</B>&#148; has the meaning specified in the definition of &#147;Eurocurrency Rate.&#148;
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Borrowers</B>&#148; means the Parent Borrower, the Subsidiary Co-Borrowers and the Foreign Subsidiary
Revolving Borrowers.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Borrowing</B>&#148; means a Revolving Credit Borrowing, a Swing Line Borrowing or a Term Borrowing, as
the context may require.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Broadcast Licenses</B>&#148; means the main station license issued by the FCC or any foreign
Governmental Authority and held by the Parent Borrower or any of its Restricted Subsidiaries for
any Broadcast Station operated by the Parent Borrower or any of its Restricted Subsidiaries.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Broadcast Stations</B>&#148; means each full-service AM or FM radio broadcast station or full-service
television broadcast station now or hereafter owned and operated by the Parent Borrower or any of
its Restricted Subsidiaries.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Business Day</B>&#148; means any day other than a Saturday, Sunday or other day on which commercial
banks are authorized to close under the Laws of, or are in fact closed in, New York, New York or in
the jurisdiction where the Administrative Agent&#146;s Office with respect to Obligations denominated in
Dollars is located; <I>provided </I>that:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan
denominated in Dollars, any fundings, disbursements, settlements and payments in Dollars in
respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars to be carried
out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means any such
day on which dealings in deposits in Dollars are conducted by and between banks in the
London interbank eurodollar market;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan
denominated in Euros, any fundings, disbursements, settlements and payments in Euros in
respect of any such Eurocurrency Rate Loan, or any other dealings in Euros to be carried out
pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means a TARGET
Day;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan
denominated in a currency other than Dollars or Euros, means any such day on which dealings
in deposits in the relevant currency are conducted by and between banks in the London or
other applicable offshore interbank market for such currency; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if such day relates to any fundings, disbursements, settlements and payments in a
currency other than Dollars or Euros in respect of a Eurocurrency Rate Loan denominated in a
currency other than Dollars or Euros, or any other dealings in any currency other than
Dollars or Euros to be carried out pursuant to this Agreement in respect of any such
Eurocurrency Rate Loan (other than any interest rate settings), means any such day on which
banks are open for foreign exchange business in the principal financial center of the
country of such currency.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Canadian Dollars</B>&#148; and &#147;<B>Cdn.</B>&#148; each mean the lawful money of Canada.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Capital Expenditures</B>&#148; means, for any period, the aggregate of all expenditures (whether paid
in cash or accrued as liabilities and including amounts expended or capitalized under Capitalized
Leases) by the Parent Borrower and the Restricted Subsidiaries during such period that, in
conformity with GAAP, are or are required to be included as additions during such period to
property, plant or equipment reflected in the consolidated balance sheet of the Parent Borrower and
the Restricted Subsidiaries.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Capitalized Lease Obligation</B>&#148; means, at the time any determination thereof is to be made, the
amount of the liability in respect of a Capitalized Lease that would at such time be required to be
capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto)
prepared in accordance with GAAP.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Capitalized Leases</B>&#148; means all leases that have been or are required to be, in accordance with
GAAP, recorded as capitalized leases; <I>provided </I>that for all purposes hereunder the amount of
obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability in
accordance with GAAP.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Capitalized Software Expenditures</B>&#148; shall mean, for any period, the aggregate of all
expenditures (whether paid in cash or accrued as liabilities) by a Person and its Restricted
Subsidiaries during such period in respect of licensed or purchased software or internally
developed software and software enhancements that, in conformity with GAAP, are or are required to
be reflected as capitalized costs on the consolidated balance sheet of a Person and its Restricted
Subsidiaries.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash Collateral</B>&#148; has the meaning specified in Section&nbsp;2.03(g).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash Collateral Account</B>&#148; means a blocked account at Citibank (or any successor Administrative
Agent) in the name of the Administrative Agent and under the sole dominion and control of the
Administrative Agent, and otherwise established in a manner reasonably satisfactory to the
Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash Collateralize</B>&#148; has the meaning specified in Section&nbsp;2.03(g).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash Equivalents</B>&#148; means any of the following types of Investments, to the extent owned by the
Parent Borrower or any Restricted Subsidiary:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dollars;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)&nbsp;Canadian Dollars, Sterling, Euros or any national currency of any participating
member state of the EMU or (ii)&nbsp;in the case of any Foreign Subsidiary that is a Restricted
Subsidiary, such local currencies held by it from time to time in the ordinary course of
business;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) securities issued or directly and fully and unconditionally guaranteed or insured
by the United States government or any agency or instrumentality thereof the securities of
which are unconditionally guaranteed as a full faith and credit obligation of such
government with maturities of 24&nbsp;months or less from the date of acquisition;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) certificates of deposit, time deposits and eurodollar time deposits with maturities
of one year or less from the date of acquisition, bankers&#146; acceptances with maturities not
exceeding one year and overnight bank deposits, in each case with any domestic or foreign
commercial bank having capital and surplus of not less than $500,000,000;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) repurchase obligations for underlying securities of the types described in clauses
(c)&nbsp;and (d)&nbsp;entered into with any financial institution meeting the qualifications specified
in clause (d)&nbsp;above;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) commercial paper rated at least P-1 by Moody&#146;s or at least A-1 by S&#038;P and in each
case maturing within 12&nbsp;months after the date of creation
thereof and Indebtedness or preferred
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"> stock issued by Persons with a rating of &#147;A&#148; or higher from S&#038;P or &#147;A2&#148; or
higher from Moody&#146;s with maturities of 12&nbsp;months or less from the date of acquisition;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) marketable short-term money market and similar funds having a rating of at least
P-2 or A-2 from either Moody&#146;s or S&#038;P, respectively, and in each case maturing within 24
months after the date of creation thereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Investments with average maturities of 12&nbsp;months or less from the date of
acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&#038;P or
Aaa3 (or the equivalent thereof) or better by Moody&#146;s;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) solely for the purpose of determining if an Investment therein is allowed under
this Agreement and not for the calculation of the Secured Leverage Ratio and the Total
Leverage Ratio, readily marketable direct obligations issued by any state, commonwealth or
territory of the United States or any political subdivision or taxing authority thereof
having an Investment Grade Rating from either Moody&#146;s or S&#038;P with maturities of 24&nbsp;months or
less from the date of acquisition; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) investment funds investing at least 95% of their assets in securities of the types
described in clauses (a)&nbsp;through (i)&nbsp;above.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of Investments by any Foreign Subsidiary that is a Restricted Subsidiary or
Investments made in a country outside the United States of America, Cash Equivalents shall also
include (i)&nbsp;investments of the type and maturity described in clauses (a)&nbsp;through (i)&nbsp;above of
foreign obligors, which Investments or obligors (or the parents of such obligors) have ratings
described in such clauses or equivalent ratings from comparable foreign rating agencies and (ii)
other short-term investments utilized by Foreign Subsidiaries that are Restricted Subsidiaries in
accordance with normal investment practices for cash management in investments analogous to the
foregoing investments in clauses (a)&nbsp;through (i)&nbsp;and in this paragraph.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash for Post-Closing Expenses</B>&#148; means (x)&nbsp;the aggregate amount of estimated post-closing
expenses specified on Schedule&nbsp;1.01B, less (y)&nbsp;the amount of such post-closing expenses paid or
satisfied prior to the Closing Date (it being understood that the Parent Borrower may reduce any
such estimated post-closing expense based on its good faith estimate of the actual amount of such
post-closing expense as of the Closing Date).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash Management Bank</B>&#148; means any Person that is a Lender or an Affiliate of a Lender at the
time it provides any Cash Management Services, whether or not such Person subsequently ceases to be
a Lender or an Affiliate of a Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash Management Obligations</B>&#148; means obligations owed by the Parent Borrower or any Subsidiary
to any Cash Management Bank in respect of or in connection with any Cash Management Services and
designated by the Parent Borrower in writing to the Administrative Agent as &#147;Cash Management
Obligations.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash Management Services</B>&#148; means any agreement or arrangement to provide cash management
services, including treasury, depository, overdraft, credit or debit card, purchase card,
electronic funds transfer and other cash management arrangements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Casualty Event</B>&#148; means any event that gives rise to the receipt by the Parent Borrower or any
Restricted Subsidiary of any insurance proceeds or condemnation
awards in respect of any equipment,
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> fixed assets or real property (including any improvements thereon) to replace or repair
such equipment, fixed assets or real property.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CC UK</B>&#148; means Clear Channel UK Limited, a limited company formed under the laws of England and
Wales.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CCO Cash Management Arrangements</B>&#148; means the cash management arrangements established by the
Parent Borrower and CCOH pursuant to the CCO Intercompany Agreements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CCO Intercompany Agreements</B>&#148; means (a)&nbsp;the Master Agreement dated as of November&nbsp;16, 2005
between the Parent Borrower and CCOH as the same may be amended, supplemented or otherwise modified
from time to time in accordance with Section&nbsp;7.12(c) and (b)&nbsp;the Corporate Services Agreement dated
as of November&nbsp;16, 2005 between Clear Channel Management Services, L.P. and CCOH, as the same may
be amended, supplemented or otherwise modified from time to time in accordance with Section
7.12(c).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CCOH</B>&#148; means Clear Channel Outdoor Holdings, Inc., a Delaware corporation.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CCOH 90% Investment</B>&#148; means the first Investment in Equity Interests of CCOH which results in
the U.S. Loan Parties owning at least 90% of the then outstanding Equity Interests in CCOH.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CCU Cash Management Notes</B>&#148; means (a)&nbsp;the Revolving Promissory Note dated November&nbsp;10, 2005,
issued by CCOH to the Parent Borrower pursuant to the CCO Cash Management Arrangements, as the same
may be amended, supplemented, modified, extended, renewed, restated or replaced from time to time
in accordance with Section&nbsp;7.12(c) and (b)&nbsp;the Revolving Promissory Note dated November&nbsp;10, 2005,
issued by the Parent Borrower to CCOH pursuant to the CCO Cash Management Arrangements, as the same
may be amended, supplemented, modified, extended, renewed, restated or replaced from time to time
in accordance with Section&nbsp;7.12(c) (the &#147;<B>Parent Borrower Obligor Cash Management Note</B>&#148;).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CCU Notes</B>&#148; means the CCU Cash Management Notes and the CCU Term Note.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;CCU Term Note&#148; </B>means the $2.5&nbsp;billion Senior Unsecured Term Promissory Note dated as of
August&nbsp;2, 2005 made by Clear Channel Outdoor, Inc to CCOH, subsequently endorsed to the Parent
Borrower, as amended on August&nbsp;2, 2005, as the same may be amended, supplemented, modified,
extended, renewed, restated or replaced from time to time in accordance with Section&nbsp;7.12(c).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Change of Control</B>&#148; means the earliest to occur of:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i)&nbsp;at any time prior to the consummation of a Qualifying IPO, the Permitted
Holders ceasing to own, in the aggregate, directly or indirectly, beneficially and of
record, at least a majority of the then outstanding voting power of the Voting Stock of
Parent or the Sponsors ceasing to have the right or the ability by voting power, contract or
otherwise to elect or designate for election at least a majority of the board of directors
of Parent; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any time upon or after the consummation of a Qualifying IPO, the acquisition by
(A)&nbsp;any Person (other than one or more Permitted Holders) or (B)&nbsp;Persons (other than one or
more Permitted Holders) that are together a group (within the meaning of Section&nbsp;13(d)(3) or
Section&nbsp;14(d)(2) of the Exchange Act, or any successor provision), including any such group
acting for the purpose of acquiring, holding or disposing of securities (within the meaning
of
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Rule&nbsp;13d-5(b)(1) under the Exchange Act), in a single transaction or in a related
series of transactions, by way of merger, consolidation or other business combination or
purchase of beneficial ownership (within the meaning of Rule&nbsp;13d-3 under the Exchange Act,
or any successor provision) of more than the greater of (x)&nbsp;thirty-five percent (35%) of the
then outstanding voting power of the Voting Stock of Parent and (y)&nbsp;the percentage of the
then outstanding voting power of Voting Stock of Parent owned, in the aggregate, directly or
indirectly, beneficially and of record, by the Permitted Holders,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">unless, in the case of clause (a)(ii) above, the Sponsors have, at such time, the right or
the ability by voting power, contract or otherwise to elect or designate for election at
least a majority of the board of directors of Parent; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any &#147;Change of Control&#148; (or any comparable term) under the ABL Credit Agreement,
any New Senior Notes Indenture or any other Indebtedness with an aggregate principal amount
in excess of the Threshold Amount; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to Section&nbsp;7.04, the Parent Borrower ceases to be a direct wholly-owned
Subsidiary of Holdings or Holdings ceases to be a direct or indirect wholly-owned Subsidiary
of Parent, provided that a &#147;Change of Control&#148; under this clause (c)&nbsp;shall not be deemed to
have occurred solely as a result of options held by certain employees in the United Kingdom
to purchase shares of the Parent Borrower that remain outstanding after the Closing Date so
long as such options are terminated by no later than 60&nbsp;days after the Closing Date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Citibank</B>&#148; means Citibank, N.A.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Class</B>&#148; (a)&nbsp;when used with respect to Lenders, refers to whether such Lenders are Dollar
Revolving Credit Lenders, Alternative Currency Revolving Credit Lenders, Tranche A Term Loan
Lenders, Tranche B Term Loan Lenders, Tranche C Term Loan Lenders, Delayed Draw 1 Term Loan Lenders
or Delayed Draw 2 Term Loan Lenders, (b)&nbsp;when used with respect to Commitments, refers to whether
such Commitments are Dollar Revolving Credit Commitments, Alternative Currency Revolving Credit
Commitments, Tranche A Term Loan Commitments, Tranche B Term Loan Commitments, Tranche C Term Loan
Commitments, Delayed Draw 1 Term Loan Commitments or Delayed Draw 2 Term Loan Commitments and
(c)&nbsp;when used with respect to Loans or a Borrowing, refers to whether such Loans, or the Loans
comprising such Borrowing, are Dollar Revolving Credit Loans, Alternative Currency Revolving Credit
Loans, Tranche A Term Loans, Tranche B Term Loans, Tranche C Term Loans, Delayed Draw&nbsp;1 Term Loans
or Delayed Draw 2 Term Loans.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Closing Date</B>&#148; means the &#147;Closing Date&#148; as defined in the Merger Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Code</B>&#148; means the U.S. Internal Revenue Code of 1986, and the Treasury regulations promulgated
thereunder, as amended from time to time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Co-Documentation Agents</B>&#148; means Credit Suisse, Cayman Islands Branch, The Royal Bank of
Scotland plc and Wachovia Capital Markets, LLC.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Co-Investors</B>&#148; means, collectively, (a)&nbsp;Highfields Capital I LP, Highfields Capital II LP,
Highfields Capital III LP, Highfields Capital Management LP, FMR LLC, Fidelity Management &#038;
Research Company, Strategic Advisers, Inc., Pyramis Global Advisors Trust Company, and any other
Persons who, directly or indirectly, own Equity Interests of Parent on the Closing Date, and any of
their respective Affiliates and funds or partnerships managed or advised by any of them or their
respective Affiliates and (b)&nbsp;and the Management Stockholders.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Collateral</B>&#148; means all the &#147;Collateral&#148; (or equivalent term) as defined in any Collateral
Document and shall include the Mortgaged Properties.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Collateral and Guarantee Requirement</B>&#148; means, at any time, the requirement that:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Administrative Agent shall have received each Collateral Document to the extent
required to be delivered pursuant to Section&nbsp;6.11 or 6.13, subject in each case to the limitations
and exceptions of this definition, duly executed by each Loan Party thereto;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;all Obligations shall have been unconditionally guaranteed (the &#147;<B>U.S. Guarantees</B>&#148;) by
Holdings, the Parent Borrower (in the case of Obligations of the Foreign Subsidiary Revolving
Borrowers) and each Restricted Subsidiary that is a wholly-owned Material Domestic Subsidiary and
not an Excluded Subsidiary (each, a &#147;<B>U.S. Subsidiary Guarantor</B>&#148;, and each unconditional guarantee
thereby, a &#147;<B>U.S. Subsidiary Guarantee</B>&#148;) (each of Holdings, the Parent Borrower (to the extent set
forth above), and the U.S. Subsidiary Guarantors, a &#147;<B>U.S. Guarantor</B>&#148;);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;all Obligations of the Foreign Subsidiary Revolving Borrowers (the &#147;<B>Foreign Obligations</B>&#148;)
shall have been unconditionally guaranteed (the &#147;<B>Foreign Subsidiary Guarantees</B>&#148; and, together with
the U.S. Subsidiary Guarantees, the &#147;<B>Subsidiary Guarantees</B>&#148;) by each Foreign Subsidiary Revolving
Borrower (in the case of Obligations of such Foreign Subsidiary Revolving Borrower and of all other
Foreign Subsidiary Revolving Borrowers) and CC UK and each subsequently formed or acquired
wholly-owned Material Foreign Subsidiary (other than an Excluded Subsidiary) of CC UK organized
under the laws of England and Wales (each, a &#147;<B>Foreign Subsidiary Guarantor</B>&#148; and, together with the
U.S. Subsidiary Guarantors, the &#147;<B>Subsidiary Guarantors</B>&#148; and, together with all U.S. Guarantors, the
&#147;<B>Guarantors</B>&#148;);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;all guarantees issued or to be issued in respect of any Permitted Additional Notes (i)
shall be subordinated to the Obligations to the same extent as the guarantees issued on the Closing
Date in respect of the New Senior Notes are subordinated to the Obligations and (ii)&nbsp;shall provide
for their automatic release upon a release of the corresponding U.S. Guarantee;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;except to the extent otherwise permitted hereunder or under any Collateral Document, the
Obligations shall have been secured by a first-priority security interest in (i)&nbsp;all the Equity
Interests of the Parent Borrower and (ii)&nbsp;all Equity Interests and intercompany debt of each
Retained Existing Notes Indenture Unrestricted License Subsidiary that is a wholly-owned Material
Domestic Subsidiary subject to any limitations and requirements under Communications Laws;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;except to the extent otherwise permitted hereunder or under any Collateral Document, the
Obligations shall have been secured by a perfected security interest in, and Mortgages on, (i)&nbsp;the
Non-Principal Properties Collateral and (ii)&nbsp;the Principal Properties Collateral; <I>provided </I>that to
the extent any portion of the Collateral includes Principal Properties Collateral, until the
Existing Notes Condition shall have been satisfied, the maximum principal amount of Obligations
secured by Principal Properties Collateral shall be limited to the Principal Properties Permitted
Amount; <I>provided, however, </I>that if any Retained Existing Notes become required to be secured by a
Lien on any Collateral constituting Principal Properties Collateral as a result of a breach by the
Parent Borrower or any Restricted Subsidiary of the covenant set forth in the last paragraph of
Section&nbsp;7.01 of this Agreement, then the amount of Obligations that are secured by such Collateral
shall equal the full amount of the Obligations;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the Foreign Obligations shall have been secured by a perfected security interest in, and
Mortgages on, substantially all tangible and intangible assets of such Foreign Subsidiary Revolving
Borrower and each Foreign Subsidiary Guarantor (including accounts, inventory, equipment, investment
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> property, contract rights, intellectual property, other general intangibles, Material
Real Property and proceeds of the foregoing), in each case, (i)&nbsp;with the priority required by the
Collateral Documents, (ii)&nbsp;subject to exceptions and limitations consistent with those set forth in
the Collateral Documents as in effect on the Closing Date (to the extent appropriate in the
applicable jurisdiction), and (iii)&nbsp;to the extent permitted by applicable Laws and provided that it
would not result in material adverse tax consequences to Holdings and its Subsidiaries, in each
case of this clause (iii)&nbsp;as determined in the good faith judgment of the Parent Borrower;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;the Obligations shall have been secured by a perfected security interest in the
Receivables Collateral, subject to the terms of the Receivables Collateral Security Agreement and
the Intercreditor Agreement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;to the extent a security interest in and Mortgages on any Material Real Property is
required under clause (f)&nbsp;or (g)&nbsp;above or clause (j)&nbsp;below or Section&nbsp;6.11 (each, a &#147;<B>Mortgaged
Property</B>&#148;), the Administrative Agent shall have received (i)&nbsp;counterparts of a Mortgage with
respect to such Mortgaged Property duly executed and delivered by the record owner of such property
in form suitable for filing or recording in all filing or recording offices that the Administrative
Agent may reasonably deem necessary or desirable in order to create a valid and subsisting
perfected Lien on the property and/or rights described therein in favor of the Administrative Agent
for the benefit of the Secured Parties, and evidence that all filing and recording taxes and fees
have been paid or otherwise provided for in a manner reasonably satisfactory to the Administrative
Agent (it being understood that if a mortgage tax will be owed on the entire amount of the
indebtedness evidenced hereby, then the amount secured by the Mortgage shall be limited to 110% of
the Fair Market Value of the property at the time the Mortgage is entered into if such limitation
results in such mortgage tax being calculated based upon such Fair Market Value), (ii)&nbsp;fully paid
American Land Title Association Lender&#146;s Extended Coverage (except for standard exclusions from
coverage that constitute Permitted Liens) title insurance policies or the equivalent or other form
available in each applicable jurisdiction (the &#147;<B>Mortgage Policies</B>&#148;) issued by a nationally
recognized title insurance company reasonably acceptable to the Administrative Agent in form and
substance and in an amount reasonably acceptable to the Administrative Agent (not to exceed 110% of
the Fair Market Value of the real properties covered thereby), insuring the Mortgages to be valid
subsisting Liens on the property described therein, free and clear of all Liens other than
Permitted Liens, and providing endorsements, coinsurance and reinsurance as the Administrative
Agent may reasonably request (it being understood that the Parent Borrower shall not be required to
provide or obtain (or to update, supplement or replace any existing), abstracts, appraisals (unless
required by any Law), property conditions reports, environmental assessment reports or deletion of
zoning endorsements), legal opinions, addressed to the Administrative Agent and the Secured
Parties, reasonably acceptable to the Administrative Agent as to such matters as the Administrative
Agent may reasonably request, (iv)&nbsp;a completed &#147;life of the loan&#148; Federal Emergency Management
Agency Standard Flood Hazard Determination with respect to each Mortgaged Property duly executed
and acknowledged by the appropriate Loan Parties, (v)&nbsp;fixture filings, and (vi)&nbsp;other documents as
the Administrative Agent may reasonably request; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;upon the satisfaction of the Existing Notes Condition, the Obligations shall be, no later
than 60&nbsp;days after the date of such satisfaction, secured by a perfected security interest in, and
Mortgages on, substantially all tangible and intangible assets of the Parent Borrower and each U.S.
Subsidiary Guarantor (including Equity Interests and intercompany debt, accounts, inventory,
equipment, investment property, contract rights, intellectual property, other general intangibles,
Material Real Property and proceeds of the foregoing), in each case, (i)&nbsp;prior to all Liens other
than Permitted Liens, (ii)&nbsp;subject to exceptions and limitations consistent with those set forth in
the Collateral Documents as in effect on the Closing Date (to the extent appropriate in the
applicable jurisdiction), and (iii)&nbsp;to the extent permitted by applicable Laws (it being understood
and agreed that, unless the Existing Notes Condition has been satisfied pursuant to clause (ii)&nbsp;of
the definition thereof, any Existing Notes that shall then be outstanding shall
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">be permitted to be equally and ratably secured by such assets under this clause (j)&nbsp;to the
extent required by the terms of the Retained Existing Notes Indenture).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this definition or anything in this Agreement or
any other Loan Document to the contrary:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the foregoing definition shall not require the creation or perfection of pledges
of, security interests in, Mortgages on, or the obtaining of title insurance or taking other
actions with respect to, (i)&nbsp;any fee owned real property (other than Material Real
Properties) and any leasehold rights and interests in real property, (ii)&nbsp;commercial tort
claims where the amount of damages claimed by the applicable Loan Party is less than
$15,000,000), (iii)&nbsp;pledges and security interests prohibited by Law (other than to the
extent such prohibition is expressly deemed ineffective under the Uniform Commercial Code or
other applicable law notwithstanding such prohibition), (iv)&nbsp;except as set forth in clause
(j)&nbsp;above, intercompany indebtedness between the Parent Borrower and its Restricted
Subsidiaries or between any Restricted Subsidiaries (other than, solely to the extent
required to be pledged pursuant to clause&nbsp;(e) above, intercompany indebtedness issued by any
Retained Existing Notes Indenture Unrestricted License Subsidiary), (v)&nbsp;equity or debt
securities of any Affiliate of the Parent Borrower to the extent a pledge of such equity or
debt securities would result in additional financial reporting requirements under Rule&nbsp;3-16
under Regulation&nbsp;S-X promulgated under the Exchange Act, (vi)&nbsp;except as set forth in clause
(j)&nbsp;above, margin stock and Equity Interests in any Person (other than Equity Interests in
the Parent Borrower and, solely to the extent required to be pledged pursuant to clause (e)
above, Retained Existing Notes Indenture Unrestricted License Subsidiaries), (vii)&nbsp;any FCC
Authorizations to the extent (but only to the extent) that at such time the Administrative
Agent may not validly possess a security interest therein pursuant to the applicable
Communications Laws, but the Collateral shall include, to the maximum extent permitted by
law, all rights incident or appurtenant to the FCC Authorizations (except to the extent
requiring approval of any Governmental Authority, including by the FCC) and the right to
receive all proceeds derived from or in connection with the sale, assignment or transfer of
the FCC Authorizations, (viii)&nbsp;any particular assets if, in the reasonable judgment of the
Administrative Agent evidenced in writing, determined in consultation with the Parent
Borrower, the burden, cost or consequences (including any material adverse tax consequences)
of creating or perfecting such pledges or security interests in such assets or obtaining
title insurance or taking other actions in respect of such assets is excessive in relation
to the benefits to be obtained therefrom by the Lenders under the Loan Documents or (ix)
permitted agreements, leases and licenses (other than FCC Authorizations which are addressed
in (vii)&nbsp;above) to the extent the assignment of which is prohibited by the terms thereof or
would result in the termination of such agreements, leases and licenses (other than to the
extent such prohibition is expressly deemed ineffective under the Uniform Commercial Code or
other applicable law notwithstanding such prohibition);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the foregoing definition shall not require the perfection of pledges of or security
interests in motor vehicles and other assets subject to certificates of title, cash, deposit
accounts, letter-of-credit rights, fixtures (other than fixtures relating to any Mortgaged
Property) or investment property (other than Equity Interests in the Parent Borrower and,
solely to the extent required to be pledged pursuant to clause (e)&nbsp;above, Equity Interests
of, and intercompany notes issued by, Retained Existing Notes Indenture Unrestricted License
Subsidiaries and other than as set forth in clause (j)&nbsp;above), except to the extent the
perfection of such pledges and security interests is achieved by the filing of a financing
statement that is filed in the office of the Secretary of State of the State of jurisdiction
in which the applicable Loan Party is &#147;located&#148; (within the meaning of the Uniform
Commercial Code);
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Administrative Agent in its discretion may grant extensions of time for the
creation or perfection of security interests in, and Mortgages on, or obtaining of title
insurance or surveys or taking other actions with respect to, particular assets (including
extensions beyond the Closing Date or the date referenced in clause (j)&nbsp;above) or any other
compliance with the requirements of this definition where it reasonably determines in
writing, in consultation with the Parent Borrower, that the creation or perfection of
security interests and Mortgages on, or obtaining of title insurance or surveys or taking
other actions, or any other compliance with the requirements of this definition cannot be
accomplished without undue delay, burden or expense by the time or times at which it would
otherwise be required by this Agreement or the Collateral Documents;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Liens required to be granted from time to time pursuant to the Collateral and
Guarantee Requirement shall be subject to exceptions and limitations set forth in the
Collateral Documents and, to the extent appropriate in the applicable jurisdiction, as
agreed between the Administrative Agent and the Parent Borrower in writing; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) all Collateral and security interests contemplated or required by this definition,
this Agreement or any Collateral Document shall be limited so as not to require the grant of
equal and ratable security to or for the benefit of the holders of any Existing Retained
Notes under the applicable Existing Retained Notes Documentation, and neither the Parent
Borrower nor any Guarantor shall be required to grant a security interest in any Collateral
if the effect of such grant would result in any obligation to grant equal and ratable
security to or for the benefit of the Holders of any Existing Retained Note.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any of the foregoing, the Parent Borrower may cause any Restricted
Subsidiary to take all actions necessary under this definition of &#147;Collateral and Guarantee
Requirement&#148; to become a U.S. Subsidiary Guarantor, in the case of such Restricted
Subsidiary organized in the United States, or a Foreign Subsidiary Guarantor, in the case of
such Restricted Subsidiary organized outside the United States, in which case such
Restricted Subsidiary shall be treated as a U.S. Subsidiary Guarantor or Foreign Subsidiary
Guarantor, as applicable, hereunder for all purposes.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein or in any other Loan Document, if any
intended Guaranty cannot be provided on or prior to the date required under Section&nbsp;6.13(b)
or with respect to any intended Collateral, if the creation or perfection of the
Administrative Agent&#146;s security interest in such intended Collateral may not be accomplished
on or prior to the date required under Section&nbsp;6.13(b) (other than the pledge and perfection
of domestic assets of the Parent Borrower and the Guarantors with respect to which a lien
may be perfected solely by the filing of a financing statement under the Uniform Commercial
Code) after use of commercially reasonable efforts to do so or without undue delay, burden
or expense, then such Guaranty or Collateral shall not be required to be delivered under
Section&nbsp;6.13(b) if the Parent Borrower agrees to deliver or cause to be delivered such
documents and instruments, and take or cause to be taken such other actions as may be
required to perfect such security interests, (i)&nbsp;in the case of any intended Guaranty,
within 20&nbsp;days after the Closing Date and (ii)&nbsp;in the case of any intended Collateral, the
time period for delivery applicable upon the acquisition of intended Collateral pursuant to
Section&nbsp;6.11 (in each case subject to extension by the Administrative Agent in its
discretion).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Collateral Documents</B>&#148; means, collectively, the Security Agreements, the Intellectual Property
Security Agreements, the Mortgages, each of the mortgages, collateral assignments, Security
Agreement Supplements, security agreements, pledge agreements or other similar agreements delivered
to
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">the Administrative Agent and the Lenders pursuant to Section&nbsp;6.11 or Section&nbsp;6.13, the
Guaranties, the Intercreditor Agreement, the Loss Sharing Agreement and each of the other
agreements, instruments or documents that creates or purports to create a Lien or Guarantee in
favor of the Administrative Agent for the benefit of the Secured Parties.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Commitment</B>&#148; means a Term Commitment or a Revolving Credit Commitment, as the context may
require.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Committed Loan Notice</B>&#148; means a notice of (a)&nbsp;a Term Borrowing, (b)&nbsp;a Revolving Credit
Borrowing, (c)&nbsp;a conversion of Loans from one Type to the other, or (d)&nbsp;a continuation of
Eurocurrency Rate Loans, pursuant to Section&nbsp;2.02(a), which, if in writing, shall be substantially
in the form of <U>Exhibit&nbsp;A</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Communications</B>&#148; means each notice, demand, communication, information, document and other
material provided for hereunder or under any other Loan Document or otherwise transmitted between
the parties hereto relating to this Agreement, the other Loan Documents, any Loan Party or its
Affiliates, or the transactions contemplated by this Agreement or the other Loan Documents,
including, without limitation, any financial statement, financial and other report, notice, request
and certificate.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Communications Laws</B>&#148; means the Communications Act of 1934, as amended, and the FCC&#146;s rules,
regulations, published orders and published and promulgated policy statements of the FCC, all as
may be amended from time to time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Compliance Certificate</B>&#148; means a certificate substantially in the form of <U>Exhibit&nbsp;D</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidated Depreciation and Amortization Expense</B>&#148; means, with respect to any Person for any
period, the total amount of depreciation and amortization expense of such Person, including the
amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses and
Capitalized Software Expenditures for such period on a consolidated basis and otherwise determined
in accordance with GAAP.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidated EBITDA</B>&#148; means, with respect to any Person for any period, the Consolidated Net
Income of such Person for such period:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increased (without duplication) by the following:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provision for taxes based on income or profits or capital, including
federal, state, franchise, excise and similar taxes and foreign withholding taxes of
such Person and its Restricted Subsidiaries paid or accrued during such period, to
the extent the same were deducted (and not added back) in computing such
Consolidated Net Income; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) total interest expense of such Person and its Restricted Subsidiaries
determined in accordance with GAAP for such period and, to the extent not reflected
in such total interest expense, any losses with respect to obligations under any
Swap Contracts or other derivative instruments entered into for the purpose of
hedging interest rate risk, net of interest income and gains with respect to such
obligations, plus bank fees and costs of surety bonds in connection with financing
activities (whether amortized or immediately expensed), to the extent in each case
the same were deducted (and not added back) in calculating such Consolidated Net
Income; <u>plus</u>
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Consolidated Depreciation and Amortization Expense of such Person and its
Restricted Subsidiaries for such period to the extent deducted (and not added back)
in computing Consolidated Net Income; <u>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any fees, expenses or charges related to any Investment, acquisition,
asset disposition, recapitalization, the incurrence, repayment or refinancing of
Indebtedness (including such fees, expenses or charges related to the offering of
the New Senior Notes, the ABL Facilities, the Loans and any credit facilities),
issuance of Equity Interests, refinancing transaction or amendment or modification
of any debt instrument, including (i)&nbsp;the offering, any amendment or other
modification of the New Senior Notes, the ABL Facilities, the Loans or any credit
facilities and any amendment or modification of the Existing Senior Notes and (ii)
commissions, discounts, yield and other fees and charges (including any interest
expense) related to the ABL Facilities or any Qualified Securitization Financing,
and including, in each case, any such transaction consummated prior to the Closing
Date and any such transaction undertaken but not completed, and any charges or
non-recurring merger costs incurred during such period as a result of any such
transaction, in each case whether or not successful (including, for the avoidance of
doubt the effects of expensing all transaction related expenses in accordance with
Financial Accounting Standards No.&nbsp;141(R)) and losses associated with FASB
Interpretation No.&nbsp;45), and in each case, deducted (and not added back) in computing
Consolidated Net Income; <u>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the amount of any restructuring charge or reserve deducted (and not added
back) in such period in computing Consolidated Net Income, including any
restructuring costs incurred in connection with acquisitions after Closing Date,
costs related to the closure and/or consolidation of facilities, retention charges,
systems establishment costs, conversion costs and excess pension charges and
consulting fees incurred in connection with any of the foregoing; <I>provided </I>that the
aggregate amount added pursuant to this clause (v)&nbsp;shall not exceed 10% of LTM Cost
Base in any four-quarter period; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the amount of any minority interest expense consisting of Subsidiary
income attributable to minority equity interests of third parties in any
non-wholly-owned Subsidiary of such Person and its Restricted Subsidiaries to the
extent deducted (and not added back) in such period in computing such Consolidated
Net Income; <u>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any other non-cash charges of such Person and its Restricted
Subsidiaries, including any (A)&nbsp;write-offs or write-downs, (B)&nbsp;equity-based awards
compensation expense, (C)&nbsp;losses on sales, disposals or abandonment of, or any
impairment charges or asset write-off related to, intangible assets, long-lived
assets and investments in debt and equity securities, (D)&nbsp;all losses from
investments recorded using the equity method and (E)&nbsp;other non-cash charges,
non-cash expenses or non-cash losses reducing Consolidated Net Income for such
period (<I>provided </I>that if any such non-cash charges represent an accrual or reserve
for potential cash items in any future period, the cash payment in respect thereof
in such future period shall be subtracted from Consolidated EBITDA in such future
period to the extent paid, and excluding amortization of a prepaid cash item that
was paid in a prior period), in each case to the extent deducted (and not added
back) in computing Consolidated Net Income; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the amount of cost savings projected by the Parent Borrower in good
faith to be realized as a result of specified actions taken during such period or
expected to be taken (calculated on a pro forma basis as though such cost savings
had been realized on the first day of such period), net of the amount of actual
benefits realized during such
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">period from such actions, provided that (A)&nbsp;such amounts are reasonably
identifiable and factually supportable, (B)&nbsp;such actions are taken, committed to be
taken or expected to be taken within 18&nbsp;months after the Closing Date, (C)&nbsp;no cost
savings shall be added pursuant to this clause (viii)&nbsp;to the extent duplicative of
any expenses or charges that are otherwise added back in computing Consolidated
EBITDA with respect to such period and (D)&nbsp;the aggregate amount of cost savings
added pursuant to this clause (viii)&nbsp;shall not exceed $100,000,000 for any period
consisting of four consecutive quarters; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) so long as no Default or Event of Default has occurred and is continuing,
the amount of management, monitoring, consulting and advisory fees (including
transaction fees) and indemnities and expenses paid or accrued in such period under
the Sponsor Management Agreement or otherwise to the Sponsors and deducted (and not
added back) in such period in computing such Consolidated Net Income; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any costs or expense incurred by the Parent Borrower or a Restricted
Subsidiary pursuant to any management equity plan or stock option plan or any other
management or employee benefit plan or agreement, any stock subscription or
shareholder agreement, to the extent that such costs or expenses are funded with
cash proceeds contributed to the capital of the Parent Borrower or net cash proceeds
of an issuance of Equity Interests of the Parent Borrower (other than Disqualified
Equity Interests and other than from the proceeds of the exercise of the Cure
Right); <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Securitization Fees to the extent deducted in calculating Consolidated Net
Income for such period; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) decreased by (without duplication):
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any non-cash gains increasing Consolidated Net Income of such Person and
its Restricted Subsidiaries for such period, excluding any non-cash gains to the
extent they represent the reversal of an accrual or reserve for a potential cash
item that reduced Consolidated EBITDA in any prior period; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the minority interest income consisting of subsidiary losses attributable
to minority equity interests of third parties in any non-wholly-owned Subsidiary of
such Person and its Restricted Subsidiaries to the extent such minority interest
income is included in Consolidated Net Income; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) increased or decreased (without duplication) by, as applicable, in each case to the
extent excluded or included, as applicable, in determining Consolidated Net Income for such
period:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any net unrealized gain or loss (after any offset) of such Person or its
Restricted Subsidiaries resulting in such period from Swap Contracts and the
application of Statement of Financial Accounting Standards No.&nbsp;133 and International
Accounting Standards No.&nbsp;39 and their respective related pronouncements and
interpretations;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any net gain or loss (after any offset) of such Person or its Restricted
Subsidiaries resulting from currency translation gains or losses related to currency
remeasurements of Indebtedness (including any net gain or loss resulting from Swap
Contracts for currency exchange risk) and any foreign currency translation gains or
losses; and
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any after-tax effect of extraordinary, non-recurring or unusual gains or
losses (less all fees and expenses relating thereto) or expenses, Transaction
Expenses, severance, relocation costs and curtailments or modifications to pension
and post-retirement employee benefit plans.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidated Net Income</B>&#148; means, with respect to any Person for any period, the aggregate of
the Net Income of such Person and its Restricted Subsidiaries for such period on a consolidated
basis and otherwise determined in accordance with GAAP; <I>provided</I>, <I>however</I>, that, without
duplication,
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the cumulative effect of a change in accounting principles during such period shall
be excluded,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any net after-tax income (loss)&nbsp;from disposed or discontinued operations (other
than the Permitted Disposition Assets to the extent included in discontinued operations
prior to consummation of the disposition thereof) and any net after-tax gains or losses on
disposal of disposed, abandoned or discontinued operations shall be excluded;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any net after-tax effect of gains or losses (less all fees, expenses and charges)
attributable to asset dispositions or abandonments or the sale or other disposition of any
Equity Interests of any Person other than in the ordinary course of business, as determined
in good faith by the Parent Borrower, shall be excluded,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Net Income for such period of any Person that is not a Subsidiary, or is an
Unrestricted Subsidiary, or that is accounted for by the equity method of accounting, shall
be excluded; <I>provided </I>that Consolidated Net Income of the Parent Borrower shall be increased
by the amount of dividends or distributions or other payments that are actually paid in Cash
Equivalents (or cash to the extent converted into Cash Equivalents) to the Parent Borrower
or a Restricted Subsidiary thereof in respect of such period,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) effects of adjustments (including the effects of such adjustments pushed down to
the Parent Borrower and the Restricted Subsidiaries) in such Person&#146;s consolidated financial
statements pursuant to GAAP (including the inventory, property and equipment, software,
goodwill, intangible assets, in-process research and development, deferred revenue and debt
line items thereof) resulting from the application of purchase accounting in relation to the
Transactions or any consummated acquisition or the amortization or write-off of any amounts
thereof, net of taxes, shall be excluded,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any net after-tax effect of income (loss)&nbsp;from the early extinguishment or
conversion of (i)&nbsp;obligations under any Swap Contracts, (ii)&nbsp;Indebtedness or (iii)&nbsp;other
derivative instruments shall be excluded,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any impairment charge or asset write-off or write-down, including impairment
charges or asset write-offs or write-downs related to intangible assets, long-lived assets,
investments in debt and equity securities or as a result of a change in law or regulation,
in each case, pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP
shall be excluded,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any non-cash compensation charge or expense, including any such charge or expense
arising from the grants of stock appreciation or similar rights, stock options, restricted
stock or other rights or equity incentive programs shall be excluded, and any cash charges
associated with the rollover, acceleration or payout of Equity Interests by management of
the Parent Borrower
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"> or any of its direct or indirect parents in connection with the Transactions,
shall be excluded,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) accruals and reserves that are established or adjusted within twelve months after
the Closing Date that are so required to be established as a result of the Transactions or
changes as a result of adoption or modification of accounting policies in accordance with
GAAP shall be excluded,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) solely for the purpose of determining the Available Amount pursuant to clause (a)
of the definition thereof, the Net Income for such period of any Restricted Subsidiary
(other than any Guarantor) shall be excluded to the extent that the declaration or payment
of dividends or similar distributions by that Restricted Subsidiary of its Net Income is not
at the date of determination permitted without any prior governmental approval (which has
not been obtained) or, directly or indirectly, by the operation of the terms of its charter
or any agreement, instrument, judgment, decree, order, statute, rule, or governmental
regulation applicable to that Restricted Subsidiary or its stockholders, unless such
restriction with respect to the payment of dividends or similar distributions has been
legally waived, <I>provided </I>that Consolidated Net Income of the Parent Borrower will be
increased by the amount of dividends or other distributions or other payments actually paid
in cash (or to the extent converted in to cash) to the Parent Borrower or a Restricted
Subsidiary thereof in respect of such period, to the extent not already included therein,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any expenses, charges or losses that are covered by indemnification or other
reimbursement provisions in connection with any Investment, Permitted Acquisition or any
sale, conveyance, transfer or other disposition of assets permitted under this Agreement, to
the extent actually reimbursed, or, so long as the Parent Borrower has made a determination
that a reasonable basis exists for indemnification or reimbursement and only to the extent
that such amount is in fact indemnified or reimbursed within 365&nbsp;days of such determination
(with a deduction in the applicable future period for any amount so added back to the extent
not so indemnified or reimbursed within such 365&nbsp;days), shall be excluded, and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to the extent covered by insurance and actually reimbursed, or, so long as the
Parent Borrower has made a determination that there exists reasonable evidence that such
amount will in fact be reimbursed by the insurer and only to the extent that such amount is
in fact reimbursed within 365&nbsp;days of the date of such determination (with a deduction in
the applicable future period for any amount so added back to the extent not so reimbursed
within such 365&nbsp;days), expenses, charges or losses with respect to liability or casualty
events or business interruption shall be excluded.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidated Secured Debt</B>&#148; means, as of any date of determination, (a)&nbsp;the aggregate
principal amount of Consolidated Total Debt outstanding on such date that is secured by a Lien on
any asset or property of Holdings, the Parent Borrower or any Restricted Subsidiary <U>minus</U>
(b)&nbsp;the aggregate amount of cash and Cash Equivalents (in each case, free and clear of all Liens,
other than nonconsensual Liens permitted by Section&nbsp;7.01 and Liens permitted by Sections&nbsp;7.01(a),
(l)&nbsp;and (s)&nbsp;and clauses (i)&nbsp;and (ii)&nbsp;of Section&nbsp;7.01(t)) included in the consolidated balance sheet
of the Parent Borrower and the Restricted Subsidiaries as of such date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidated Total Debt</B>&#148; means, as of any date of determination, the aggregate principal
amount of Indebtedness of the Parent Borrower and the Restricted Subsidiaries outstanding on such
date and set forth on the balance sheet of such Persons, determined on a consolidated basis in
accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from
the application of purchase accounting in connection with the Transactions or any Permitted
Acquisition); <I>provided </I>that
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Consolidated Total Debt shall not include Indebtedness in respect of (i)&nbsp;any letter of credit
or bank guaranty, except to the extent of unreimbursed amounts thereunder, (ii)&nbsp;obligations under
Swap Contracts and (iii)&nbsp;any non-recourse debt to the extent of the amount in excess of the fair
market value of the assets securing such non-recourse debt.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidated Working Capital</B>&#148; means, at any date, the excess of (i)&nbsp; all amounts (other than
Cash Equivalents) that would, in conformity with GAAP, be set forth opposite the caption &#147;total
current assets&#148; (or any like caption) on a consolidated balance sheet of the Parent Borrower and
the Restricted Subsidiaries on such date over (ii)&nbsp;the sum of all amounts that would, in conformity
with GAAP, be set forth opposite the caption &#147;total current liabilities&#148; (or any like caption) on a
consolidated balance sheet of the Parent Borrower and the Restricted Subsidiaries on such date, but
excluding, without duplication, (a)&nbsp;the current portion of any Funded Debt, (b)&nbsp;all Indebtedness
consisting of Revolving Credit Loans, Swing Line Loans and L/C Obligations and revolving loans,
swing line loans and letter of credit obligations under the ABL Facilities, in each case to the
extent otherwise included therein, (c)&nbsp;the current portion of interest, (d)&nbsp;the current portion of
current and deferred income taxes, (e)&nbsp;the current portion of any Capitalized Lease Obligations,
(f)&nbsp;the current portion of any long-term liabilities and (g)&nbsp;income taxes payable from discontinued
operations and in the case of both clauses (i)&nbsp;and (ii), excluding the effects of adjustments
pursuant to GAAP resulting from the application of purchase accounting in relation to the
Transactions or any consummated acquisition.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Contract Consideration</B>&#148; has the meaning specified in the definition of &#147;Excess Cash Flow.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Contractual Obligation</B>&#148; means, as to any Person, any provision of any security issued by such
Person or of any agreement, instrument or other undertaking to which such Person is a party or by
which it or any of its property is bound.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Control</B>&#148; has the meaning specified in the definition of &#147;Affiliate.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Controlled Investment Affiliate</B>&#148; means, as to any Person, any other Person, other than any
Sponsor, which directly or indirectly is in control of, is controlled by, or is under common
control with such Person and is organized by such Person (or any Person controlling such Person)
primarily for making direct or indirect equity or debt investments in the Parent Borrower and/or
other companies.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Credit Extension</B>&#148; means each of the following: (a)&nbsp;a Borrowing and (b)&nbsp;an L/C Credit
Extension.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cure Amount</B>&#148; has the meaning specified in Section&nbsp;8.04.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cure Right</B>&#148; has the meaning specified in Section&nbsp;8.04.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Debt Proceeds</B>&#148; means the sum of the proceeds of (a)&nbsp;the Term Loans made on the Closing Date,
(b)&nbsp;the Initial Revolving Borrowing, (c)&nbsp;the proceeds of the issuance of the New Senior Notes, and
(d)&nbsp;the proceeds of the initial borrowings under the ABL Credit Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Debt Repayment</B>&#148; shall mean the repayment, prepayment, repurchase, redemption or defeasance or
tender, in whole or in part, of (a)&nbsp;the Indebtedness of the Parent Borrower and its Subsidiaries
under the Existing Credit Agreement, (b)&nbsp;the Indebtedness of the Parent Borrower in respect of the
Repurchased Existing Notes and (c)&nbsp;the other Indebtedness identified on Schedule&nbsp;7.03(b) and that
is repaid, prepaid, repurchased, redeemed or defeased or tendered on the Closing Date (or such
later date as
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">may be necessary to effect the Debt Repayment contemplated by any tender offer made on or
prior to the Closing Date).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Debtor Relief Laws</B>&#148; means the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the
United States or other applicable jurisdictions from time to time in effect and affecting the
rights of creditors generally.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Declined Proceeds</B>&#148; has the meaning specified in Section&nbsp;2.05(b)(vi).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Default</B>&#148; means any event or condition that constitutes an Event of Default or that, with the
giving of any notice, the passage of time, or both, would be an Event of Default.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Default Rate</B>&#148; means an interest rate equal to (a)&nbsp;the Base Rate <U>plus</U> (b)&nbsp;the
Applicable Rate applicable to Base Rate Loans <U>plus</U> (c)&nbsp;2.0% per annum; <I>provided </I>that with
respect to a Eurocurrency Rate Loan, the Default Rate shall be an interest rate equal to the
interest rate (including any Applicable Rate and Mandatory Cost) otherwise applicable to such Loan
<U>plus</U> 2.0% per annum, in each case, to the fullest extent permitted by applicable Laws.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Defaulting Lender</B>&#148; means any Lender that (a)&nbsp;has failed to fund any portion of the Term
Loans, Revolving Credit Loans, participations in L/C Obligations or participations in Swing Line
Loans required to be funded by it hereunder within one (1)&nbsp;Business Day of the date required to be
funded by it hereunder, unless the subject of a good faith dispute (or a good faith dispute that is
subsequently cured), (b)&nbsp;has otherwise failed to pay over to the Administrative Agent or any other
Lender any other amount required to be paid by it hereunder within one (1)&nbsp;Business Day of the date
when due, unless the subject of a good faith dispute (or a good faith dispute that is subsequently
cured), (c)&nbsp;has been deemed insolvent or become the subject of a bankruptcy or insolvency
proceeding or (d)&nbsp;has notified the Parent Borrower and/or the Administrative Agent in writing of
any of the foregoing (including any written certification of its intent not to comply with its
obligations under Article&nbsp;II).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Delayed Draw Commitment Fee Rate</B>&#148; means the rate per annum as specified in clause (d)&nbsp;of the
definition of &#147;Applicable Rate.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Delayed Draw 1 Term Loan</B>&#148; means the term loans made by the Lenders to the Parent Borrower
pursuant to Section&nbsp;2.01(a)(iv) or by an Incremental Amendment.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Delayed Draw 1 Term Loan Commitment</B>&#148; means, as to each Delayed Draw Term Loan Lender, its
obligation to make Delayed Draw 1 Term Loans to the Parent Borrower pursuant to Section&nbsp;2.01(a)(iv)
in an aggregate amount not to exceed at any one time outstanding the amount set forth opposite such
Lender&#146;s name on <U>Schedule&nbsp;2.01B</U> under the caption &#147;Delayed Draw 1 Term Loan Commitment&#148; or
in the Assignment and Assumption pursuant to which such Delayed Draw Term Loan Lender becomes a
party hereto, as applicable, as any such amount may be adjusted from time to time in accordance
with this Agreement. The aggregate amount of the Delayed Draw Term 1 Loan Commitments as of the
Closing Date is $750,000,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Delayed Draw Term Loan 1 Commitment Termination Date</B>&#148; means September&nbsp;30, 2010.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Delayed Draw 1 Term Loan Facility</B>&#148; means, at any time, the aggregate Dollar Amount of the
Delayed Draw 1 Term Loan Commitment at such time.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Delayed Draw 1 Term Loan Lender</B>&#148; means, at any time, a Lender with a Delayed Draw 1 Term Loan
Commitment or an outstanding Delayed Draw 1 Term Loan.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Delayed Draw 1 Term Loan Note</B>&#148; means a promissory note of the Parent Borrower payable to any
Delayed Draw 1 Term Loan Lender or its registered assigns, in substantially the form of
<U>Exhibit&nbsp;C-4</U> hereto evidencing the aggregate Indebtedness of the Parent Borrower to such
Delayed Draw 1 Term Loan Lender resulting from the Delayed Draw 1 Term Loans made by such Delayed
Draw 1 Term Loan Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Delayed Draw Term Loan Commitment</B>&#148; means the collective reference to the Delayed Draw 1 Term
Loan Commitment and the Delayed Draw 2 Term Loan Commitment.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Delayed Draw Term Loan Commitment Period</B>&#148; means the time period commencing on the Closing
Date through and including the Delayed Draw Term Loan Commitment Termination Date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Delayed Draw Term Loan Commitment Termination Date</B>&#148; means the Delayed Draw Term Loan 1
Commitment Termination Date or the Delayed Draw Term Loan 2 Commitment Termination Date, as
applicable.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Delayed Draw Term Loan Facility</B>&#148; means the collective reference to the Delayed Draw 1 Term
Loan Facility and the Delayed Draw 2 Term Loan Facility.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Delayed Draw Term Loan Lender</B>&#148; means, at any time, any Lender with a (i)&nbsp;Delayed Draw 1 Term
Loan Commitment or Delayed Draw 2 Term Loan Commitment or an (ii)&nbsp;outstanding Delayed Draw 1 Term
Loan or outstanding Delayed Draw 2 Term Loan.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Delayed Draw Term Loans</B>&#148; means the collective reference to the Delayed Draw 1 Term Loans made
pursuant to Section&nbsp;2.01(a)(iv) or by an Incremental Amendment and Delayed Draw 2 Term Loans made
pursuant to Section&nbsp;2.01(a)(v) or by an Incremental Amendment. Each Delayed Draw Term Loan shall
be either a Eurocurrency Rate Loan or a Base Rate Loan.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Delayed Draw 2 Term Loan</B>&#148; means the term loans made by the Lenders to the Parent Borrower
pursuant to Section&nbsp;2.01(a)(v) or by an Incremental Amendment.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Delayed Draw 2 Term Loan Commitment</B>&#148; means, as to each Delayed Draw Term Loan Lender, its
obligation to make Delayed Draw 2 Term Loans to the Parent Borrower pursuant to Section&nbsp;2.01(a)(v)
in an aggregate amount not to exceed at any one time outstanding the amount set forth opposite such
Lender&#146;s name on <U>Schedule&nbsp;2.01B</U> under the caption &#147;Delayed Draw 2 Term Loan Commitment&#148; or
in the Assignment and Assumption pursuant to which such Delayed Draw Term Loan Lender becomes a
party hereto, as applicable, as any such amount may be adjusted from time to time in accordance
with this Agreement. The aggregate amount of the Delayed Draw 2 Term Loan Commitments as of the
Closing Date is $500,000,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Delayed Draw Term Loan 2 Commitment Termination Date</B>&#148; means the second anniversary of the
Closing Date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Delayed Draw 2 Term Loan Facility</B>&#148; means, at any time, the aggregate Dollar Amount of the
Delayed Draw 2 Term Loan Commitment at such time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Delayed Draw 2 Term Loan Lender</B>&#148; means, at any time, a Lender with a Delayed Draw 2 Term Loan
Commitment or an outstanding Delayed Draw 2 Term Loan.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Delayed Draw 2 Term Loan Note</B>&#148; means a promissory note of the Parent Borrower payable to any
Delayed Draw 2 Term Loan Lender or its registered assigns, in substantially the form of
<U>Exhibit&nbsp;C-5</U> hereto evidencing the aggregate Indebtedness of the Parent Borrower to such
Delayed Draw 2 Term Loan Lender resulting from the Delayed Draw 2 Term Loans made by such Delayed
Draw 2 Term Loan Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Designated Amount</B>&#148; means (i)&nbsp;with respect to Clear Channel Broadcasting, Inc.,
$1,815,000,000, (ii)&nbsp;with respect to Capstar Radio Operating Company, Inc., $3,731,556,926,
(iii)&nbsp;with respect to Citicasters Co., $1,590,000,000 and (iv)&nbsp;with respect to Premiere Radio
Networks, Inc., $173,000,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Designated Non-Cash Consideration</B>&#148; means the Fair Market Value of non-cash consideration
received by the Parent Borrower or a Restricted Subsidiary in connection with a Disposition
pursuant to Section&nbsp;7.05(j) that is designated as Designated Non-Cash Consideration pursuant to a
certificate of a Responsible Officer, setting forth the basis of such valuation (which amount will
be reduced by the Fair Market Value of the portion of the non-cash consideration converted to cash
within 180&nbsp;days following the consummation of the applicable Disposition).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Designated 2009 Retained Existing Notes</B>&#148; means the Parent Borrower&#146;s 4.25% Senior Notes due
2009.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Designated 2010 Retained Existing Notes</B>&#148; means any 7.65% Senior Notes due 2010 of the Parent
Borrower, to the extent not repaid, prepaid, repurchased or defeased on the Closing Date (or such
later date as may be necessary to effect the Debt Repayment contemplated by any tender offer made
on or prior to the Closing Date).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Disposition</B>&#148; or &#147;<B>Dispose</B>&#148; means the sale, transfer, license, lease or other disposition
(including any sale-leaseback transaction and any sale or issuance of Equity Interests of a
Restricted Subsidiary (but excluding the Equity Interests of the Parent Borrower)) of any property
by any Person, including any sale, assignment, transfer or other disposal, with or without
recourse, of any notes or accounts receivable or any rights and claims associated therewith;
<I>provided </I>that no transaction or series of related transactions shall be considered a &#147;Disposition&#148;
for purposes of Section&nbsp;2.05(b)(ii) or Section&nbsp;7.05 unless the net cash proceeds resulting from
such transaction or series of transactions shall exceed $25,000,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Disposition Prepayment Percentage</B>&#148; has the meaning specified in Section&nbsp;2.05(b)(ii)(A).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Disqualified Equity Interests</B>&#148; means any Equity Interest that, by its terms (or by the terms
of any security or any other Equity Interest into which it is convertible or for which it is
exchangeable), or upon the happening of any event or condition (a)&nbsp;matures or is mandatorily
redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund
obligation or otherwise (except as a result of a change of control or asset sale so long as any
rights of the holders thereof upon the occurrence of a change of control or asset sale event shall
be subject to the prior repayment in full of the Loans and all other Obligations that are accrued
and payable, the termination of the Commitments and the termination of or backstop on terms
satisfactory to the Administrative Agent in its sole discretion all outstanding Letters of Credit),
(b)&nbsp;is redeemable at the option of the holder thereof (other than solely for Qualified Equity
Interests), in whole or in part or (c)&nbsp;provides for the scheduled payments of dividends in cash, in
each case, prior to the date that is ninety-one (91)&nbsp;days after the Maturity Date of the Term
Loans; <I>provided </I>that if such Equity Interests are issued pursuant to a plan for the benefit of
employees of Holdings, the Parent Borrower or the Restricted Subsidiaries or by any such plan to
such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely
because it may be required to be repurchased
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> by Holdings, the Parent Borrower or the Restricted Subsidiaries in order to satisfy
applicable statutory or regulatory obligations or under the terms of the plan under which such
Equity Interests are issued and any stock subscription or shareholder agreement to which such
Equity Interests are subject; <I>provided, further</I>, that any Equity Interests held by any future,
current or former employee, director, officer, manager or consultant (or their respective Immediate
Family Members), of the Parent Borrower, any of its Subsidiaries, any of its direct or indirect
parent companies or any other entity in which the Parent Borrower or a Restricted Subsidiary has an
Investment, in each case pursuant to any stock subscription or shareholders&#146; agreement, management
equity plan or stock option plan or any other management or employee benefit plan or agreement or
any distributor equity plan or agreement shall not constitute Disqualified Equity Interest solely
because it may be required to be repurchased by the Parent Borrower or its Subsidiaries.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Disqualified Institutions</B>&#148; means those banks and institutions set forth on Schedule&nbsp;1.01E
hereto or any Persons who are competitors of the Parent Borrower and its Subsidiaries as identified
to the Administrative Agent from time to time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Divestiture Assets</B>&#148; means the DoJ Divestiture Assets and the FCC Divestiture Assets.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>DoJ Divestiture Assets</B>&#148; means the &#147;Divestiture Assets&#148; as defined in the DoJ Consent Orders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>DoJ Orders</B>&#148; means the Final Judgment and the Hold Separate Stipulation and Order entered by
the United States District Court for the District of Columbia in the matter of <I>United States of
America v. Bain Capital, LLC, Thomas H. Lee Partners, L.P. and Clear Channel</I>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar</B>&#148; and &#147;<B>$</B>&#148; mean lawful money of the United States.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar Amount</B>&#148; means, at any time:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to an amount denominated in Dollars, such amount; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to an amount denominated in an Alternative Currency, an equivalent
amount thereof in Dollars as determined by the Administrative Agent or the applicable L/C
Issuer, as the case may be, at such time on the basis of the Spot Rate (determined in
respect of the most recent Revaluation Date) for the purchase of Dollars with such
Alternative Currency.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar L/C Advance</B>&#148; means, with respect to each Dollar Revolving Credit Lender, such Lender&#146;s
funding of its participation in any Dollar L/C Borrowing in accordance with its Pro Rata Share.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar L/C Borrowing</B>&#148; means an extension of credit resulting from a drawing under any Dollar
Letter of Credit that has not been reimbursed on the applicable Honor Date or refinanced as a
Dollar Revolving Credit Borrowing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar L/C Credit Extension</B>&#148; means, with respect to any Dollar Letter of Credit, the issuance
thereof or extension of the expiry date thereof, or the renewal or increase of the amount thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar L/C Issuer</B>&#148; means Citibank, Deutsche Bank AG New York Branch and any other Lender that
becomes a Dollar L/C Issuer in accordance with Section&nbsp;2.03(l) or 10.07(j), in each case, in its
capacity as an issuer of Dollar Letters of Credit hereunder, or any successor issuer of Dollar
Letters of Credit hereunder.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar L/C Obligation</B>&#148; means, as at any date of determination, the aggregate maximum amount
then available to be drawn under all outstanding Dollar Letters of Credit (whether or not (i)&nbsp;such
maximum amount is then in effect under any such Dollar Letter of Credit if such maximum amount
increases periodically pursuant to the terms of such Dollar Letter of Credit or (ii)&nbsp;the conditions
to drawing can then be satisfied) <u>plus</U> the aggregate of all Unreimbursed Amounts in respect of
Dollar Letters of Credit, including all Dollar L/C Borrowings. For all purposes of this Agreement,
if on any date of determination a Letter of Credit has expired by its terms but any amount may
still be drawn thereunder by reason of the operation of Rule&nbsp;3.14 of the ISP, such Letter of Credit
shall be deemed to be &#147;outstanding&#148; in the amount so remaining available to be drawn.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar L/C Sublimit</B>&#148; means an amount equal to $500,000,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar Letter of Credit</B>&#148; means a Letter of Credit denominated in Dollars and issued pursuant
to Section&nbsp;2.03(a)(i)(A).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar Revolving Commitment Increase</B>&#148; shall have the meaning specified in Section&nbsp;2.14(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar Revolving Commitment Increase Lender</B>&#148; has the meaning specified in Section&nbsp;2.14(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar Revolving Credit Borrowing</B>&#148; means a borrowing consisting of Dollar Revolving Credit
Loans of the same Type and, in the case of Eurocurrency Rate Loans, having the same Interest Period
made by each of the Dollar Revolving Credit Lenders pursuant to Section&nbsp;2.01(b)(i).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar Revolving Credit Commitment</B>&#148; means, as to each Dollar Revolving Credit Lender, its
obligation to (a)&nbsp;make Dollar Revolving Credit Loans to the Parent Borrower pursuant to
Section&nbsp;2.01(b)(i), (b)&nbsp;purchase participations in Dollar L/C Obligations in respect of Dollar
Letters of Credit and (c)&nbsp;purchase participations in Swing Line Loans, in an aggregate principal
amount at any one time outstanding not to exceed the amount set forth, and opposite such Lender&#146;s
name on <U>Schedule&nbsp;2.01A</U> under the caption &#147;Dollar Revolving Credit Commitment&#148; or in the
Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as
such amount may be adjusted from time to time in accordance with this Agreement. The aggregate
Dollar Revolving Credit Commitments of all Dollar Revolving Credit Lenders shall be $1,850,000,000
on the Closing Date, as such amount may be adjusted from time to time in accordance with the terms
of this Agreement, including pursuant to any applicable Dollar Revolving Commitment Increase.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar Revolving Credit Exposure</B>&#148; means, as to each Dollar Revolving Credit Lender, the sum
of the Outstanding Amount of such Revolving Credit Lender&#146;s Dollar Revolving Credit Loans and its
Pro Rata Share of the Dollar L/C Obligations and the Swing Line Obligations at such time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar Revolving Credit Facility</B>&#148; means, at any time, the aggregate Dollar Amount of the
Dollar Revolving Credit Commitments at such time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar Revolving Credit Lender</B>&#148; means, at any time, any Lender that has a Dollar Revolving
Credit Commitment at such time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar Revolving Credit Loan</B>&#148; has the meaning specified in Section&nbsp;2.01(b)(i).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar Revolving Credit Note</B>&#148; means a promissory note of the Parent Borrower payable to any
Dollar Revolving Credit Lender or its registered assigns, in substantially the form of
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><U>Exhibit&nbsp;C-6</U> hereto, evidencing the aggregate Indebtedness of the Parent Borrower to such
Dollar Revolving Credit Lender resulting from the Dollar Revolving Credit Loans made by such
Revolving Credit Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Domestic Subsidiary</B>&#148; means any Subsidiary that is organized under the Laws of the United
States, any state thereof or the District of Columbia.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dutch Loan Party</B>&#148; means any Foreign Loan Party organized under the laws of the Netherlands.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Dutch Secured Party Claim&#148; </B>means any amount which a Dutch Loan Party owes to a Secured Party
under or in connection with the Loan Documents.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>ECF Percentage</B>&#148; has the meaning specified in Section&nbsp;2.05(b)(i).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Eligible Assignee</B>&#148; means any assignee permitted by and, to the extent applicable, consented
to in accordance with Section&nbsp;10.07(b); <I>provided </I>that under no circumstances shall (i)&nbsp;any Loan
Party or any of its Subsidiaries, or (ii)&nbsp;any Disqualified Institution be an Assignee.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>EMU</B>&#148; means the economic and monetary union as contemplated in the Treaty on European Union.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>EMU Legislation</B>&#148; means the legislative measures of the European Council for the introduction
of, changeover to or operation of a single or unified European currency.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Environment</B>&#148; means ambient air, indoor air, surface water, drinking water, groundwater, land
surfaces, subsurface strata and natural resources such as wetlands, flora and fauna.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Environmental Claim</B>&#148; means any and all administrative, regulatory or judicial actions, suits,
demands, demand letters, claims, liens, notices of noncompliance or violation, investigations
(other than internal reports prepared by any Loan Party or any of its Subsidiaries (a)&nbsp;in the
ordinary course of such Person&#146;s business or (b)&nbsp;as required in connection with a financing
transaction or an acquisition or disposition of real estate) or proceedings with respect to any
Environmental Liability (hereinafter &#147;<B>Claims</B>&#148;), including (i)&nbsp;any and all Claims by a Governmental
Authority for enforcement, response or other actions or damages pursuant to any Environmental Law
and (ii)&nbsp;any and all Claims by any Person seeking damages, contribution, indemnification, cost
recovery, compensation or injunctive relief pursuant to any Environmental Law.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Environmental Laws</B>&#148; means any and all Laws relating to the pollution or protection of the
Environment including those relating to the generation, handling, storage, treatment transport or
Release or threat of Release of Hazardous Materials or, to the extent relating to exposure or
threat of exposure to Hazardous Materials, human health.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Environmental Liability</B>&#148; means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or indemnities) of any
Loan Party or any of its Subsidiaries directly or indirectly resulting from or based upon
(a)&nbsp;violation of any Environmental Law, (b)&nbsp;the generation, use, handling, transportation, storage
or treatment of any Hazardous Materials, (c)&nbsp;exposure to any Hazardous Materials, (d)&nbsp;the presence,
or Release or threatened Release of any Hazardous Materials into the Environment or (e)&nbsp;any
contract, agreement or other consensual arrangement pursuant to which liability is assumed or
imposed with respect to any of the foregoing.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Environmental Permit</B>&#148; means any permit, approval, identification number, license or other
authorization required under any Environmental Law.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Equity Contribution</B>&#148; means, collectively, (a)&nbsp;the direct or indirect contribution by the
Sponsors and certain other investors of an aggregate amount of cash (the &#147;<B>Cash Contribution</B>&#148;) and
(b)&nbsp;the Rollover Equity, in an amount which, together with (A)&nbsp;the Parent Borrower&#146;s and its
Subsidiaries&#146; cash on hand and (B)&nbsp;the Debt Proceeds, is sufficient to finance (a)&nbsp;the Merger
Consideration, (b)&nbsp;the Debt Repayment, (c)&nbsp;Transaction Expenses paid on or prior to the Closing
Date, (d)&nbsp;Cash for Post-Closing Expenses and (e)&nbsp;the Additional Cash from Revolver Draw. The
Equity Contribution will be no less than $3,000,000,000. Any portion of the Cash Contribution not
directly received by Merger Sub or used by Parent or Holdings to pay Transaction Expenses will be
contributed to the common equity capital of Merger Sub.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Equity Interests</B>&#148; means, with respect to any Person, all of the shares, interests, rights,
participations or other equivalents (however designated) of capital stock of (or other ownership or
profit interests or units in) such Person and all of the warrants, options or other rights for the
purchase, acquisition or exchange from such Person of any of the foregoing (including through
convertible securities).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>ERISA</B>&#148; means the Employee Retirement Income Security Act of 1974, as amended from time to
time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>ERISA Affiliate</B>&#148; means any trade or business (whether or not incorporated) that is under
common control with Holdings or the Parent Borrower and is treated as a single employer pursuant to
Section&nbsp;414 of the Code or Section&nbsp;4001 of ERISA.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>ERISA Event</B>&#148; means (a)&nbsp;a Reportable Event with respect to a Pension Plan for which notice to
the PBGC is not waived by regulation; (b)&nbsp;a withdrawal by Holdings, the Parent Borrower, any
Subsidiary or any of their respective ERISA Affiliates from a Pension Plan subject to Section&nbsp;4063
of ERISA during a plan year in which it was a substantial employer (as defined in
Section&nbsp;4001(a)(2) of ERISA) or a cessation of operations that is treated as a termination under
Section&nbsp;4062(e) of ERISA; (c)&nbsp;a complete or partial withdrawal by Holdings, the Parent Borrower,
any Subsidiary or any of their respective ERISA Affiliates from a Multiemployer Plan, notification
of Holdings, the Parent Borrower, any Subsidiary or any of their respective ERISA Affiliates
concerning the imposition of Withdrawal Liability or notification that a Multiemployer Plan is
insolvent or is in reorganization within the meaning of Title IV of ERISA; (d)&nbsp;the filing by
Holdings, the Parent Borrower, any Subsidiary or any of their respective ERISA Affiliates of a
notice of intent to terminate a Pension Plan; (e)&nbsp;with respect to a Pension Plan, the failure to
satisfy the minimum funding standard of Section&nbsp;412 of the Code and Section&nbsp;302 of ERISA, whether
or not waived; (f)&nbsp;the failure to make by its due date a required contribution under Section 412(m)
of the Code (or Section 430(j) of the Code, as amended by the Pension Protection Act of 2006) with
respect to any Pension Plan or the failure to make any required contribution to a Multiemployer
Plan; (g)&nbsp;the filing pursuant to Section 412(d) of the Code and Section 303(d) of ERISA (or, after
the effective date of the Pension Protection Act of 2006, Section 412(c) of the Code and Section
302(c) of ERISA) of an application for a waiver of the minimum funding standard with respect to any
Pension Plan; (h)&nbsp;the filing by the PBGC of a petition under Section&nbsp;4042 of ERISA to terminate any
Pension Plan or to appoint a trustee to administer any Pension Plan; or (i)&nbsp;the occurrence of a
nonexempt prohibited transaction (within the meaning of Section&nbsp;4975 of the Code or Section&nbsp;406 of
ERISA) which could result in liability to Holdings or the Parent Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Escrow Agreement</B>&#148; means the Escrow Agreement, dated as of May&nbsp;13, 2008, among Merger Sub,
Parent, the Parent Borrower, the financial institutions and other parties thereto.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Euro</B>&#148;
and &#147;<B>&#128;</B>&#148; mean the lawful single currency of the European Union.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Eurocurrency Rate</B>&#148; means, for any Interest Period with respect to any Eurocurrency Rate Loan,
the rate per annum equal to the British Bankers Association LIBOR Rate (&#147;<B>BBA LIBOR</B>&#148;), as published
by Reuters (or other commercially available source providing quotations of BBA LIBOR as designated
by the Administrative Agent from time to time) at approximately 11:00&nbsp;a.m., London time, two
Business Days prior to the commencement of such Interest Period, for deposits in the relevant
currency (for delivery on the first day of such Interest Period) with a term equivalent to such
Interest Period; if such rate is not available at such time for any reason, then the &#147;Eurocurrency
Rate&#148; for such Interest Period shall be the rate per annum determined by the Administrative Agent
to be the rate at which deposits in the relevant currency for delivery on the first day of such
Interest Period in Same Day Funds in the approximate amount of the Eurocurrency Rate Loan being
made, continued or converted and with a term equivalent to such Interest Period would be offered by
the Administrative Agent&#146;s London Branch (or other branch or Affiliate) to major banks in the
London or other offshore interbank market for such currency at their request at approximately 11:00
a.m., London time, two Business Days prior to the commencement of such Interest Period.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Eurocurrency Rate Loan</B>&#148; means a Loan, whether denominated in Dollars or in an Alternative
Currency, that bears interest at a rate based on the applicable Eurocurrency Rate.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Event of Default</B>&#148; has the meaning specified in Section&nbsp;8.01.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Excess Cash Flow</B>&#148; means, for any period, an amount equal to the excess of:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum, without duplication, of:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidated Net Income of the Parent Borrower for such period,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an amount equal to the amount of all non-cash charges (including
depreciation and amortization) to the extent deducted in arriving at such
Consolidated Net Income, but excluding any such non-cash charges representing an
accrual or reserve for potential cash items in any future period and excluding
amortization of a prepaid cash item that was paid in a prior period,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) decreases in Consolidated Working Capital for such period (other than any
such decreases arising from acquisitions or Dispositions by the Parent Borrower and
the Restricted Subsidiaries completed during such period or the application of
purchase accounting),
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an amount equal to the aggregate net non-cash loss on Dispositions by the
Parent Borrower and the Restricted Subsidiaries during such period (other than
Dispositions in the ordinary course of business) to the extent deducted in arriving
at such Consolidated Net Income, and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) cash receipts in respect of Swap Contracts during such fiscal year to the
extent not otherwise included in such Consolidated Net Income; over
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum, without duplication, of:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to the amount of all non-cash credits included in arriving
at such Consolidated Net Income (but excluding any non-cash credit to
the extent representing
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"> the reversal of an accrual or reserve described in clause (a)(ii) above)
and cash charges included in clauses&nbsp;(a) through (j)&nbsp;of the definition of
Consolidated Net Income,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without duplication of amounts deducted pursuant to clause&nbsp;(xi) below in
prior fiscal years, the amount of Capital Expenditures or acquisitions of
intellectual property and Capitalized Software Expenditures accrued or made in cash
during such period, except to the extent that such Capital Expenditures or
acquisitions were financed with the proceeds of Indebtedness of the Parent Borrower
or the Restricted Subsidiaries or otherwise other than with internally generated
cash flow of the Parent Borrower and the Restricted Subsidiaries,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate amount of all principal payments of Indebtedness of the
Parent Borrower and the Restricted Subsidiaries (including (A)&nbsp;the principal
component of payments in respect of Capitalized Leases and (B)&nbsp;the amount of any
mandatory prepayment of Term Loans pursuant to Section&nbsp;2.05(b)(ii) to the extent
required due to a Disposition that resulted in an increase to such Consolidated Net
Income and not in excess of the amount of such increase, but excluding (X)&nbsp;all other
prepayments of Term Loans, (Y)&nbsp;all prepayments of Revolving Credit Loans and Swing
Line Loans and (Z)&nbsp;all prepayments in respect of any other revolving credit
facility, except, in the case of clauses (Y)&nbsp;and (Z)&nbsp;only, to the extent there is an
equivalent permanent reduction in commitments thereunder) made during such period,
except to the extent financed with the proceeds of other Indebtedness of the Parent
Borrower or the Restricted Subsidiaries or otherwise other than with internally
generated cash flow of the Parent Borrower and the Restricted Subsidiaries,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an amount equal to the aggregate net non-cash gain on Dispositions by the
Parent Borrower and the Restricted Subsidiaries during such period (other than
Dispositions in the ordinary course of business) to the extent included in arriving
at such Consolidated Net Income,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) increases in Consolidated Working Capital for such period (other than any
such increases arising from acquisitions or Dispositions by the Parent Borrower and
the Restricted Subsidiaries completed during such period or the application of
purchase accounting),
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) cash payments by the Parent Borrower and the Restricted Subsidiaries
during such period in respect of long-term liabilities of the Parent Borrower and
the Restricted Subsidiaries (other than Indebtedness) to the extent such payments
are not expensed during such period or are not deducted in calculating Consolidated
Net Income and to the extent financed with internally generated cash flow of the
Parent Borrower and the Restricted Subsidiaries,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) without duplication of amounts deducted pursuant to clause&nbsp;(viii) or (ix)
below in prior fiscal years, the amount of Investments made pursuant to Sections
7.02(b)(iii), 7.02(n) (but excluding such loans and advances in respect of Sections
7.06(g)(iv) (to the extent the amount of such Investment would not have been
deducted pursuant to this clause if made by the Parent Borrower or a Restricted
Subsidiary) and 7.06(l)(ii)), 7.02(j), 7.02(o), 7.02(p)(i), 7.02(v)(ii) and 7.02(x)
made during such period to the extent that such Investments and acquisitions were
financed with internally generated cash flow of the Parent Borrower and the
Restricted Subsidiaries,
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the amount of Restricted Payments paid during such period pursuant to
Sections&nbsp;7.06(f), 7.06(g) (other than subclause (iv) (to the extent the amount of
the Investment made pursuant thereto would not have been deducted pursuant to this
definition if made by the Parent Borrower or a Restricted Subsidiary) thereof),
7.06(h) and 7.06(i) (to the extent that dividends paid pursuant to Section&nbsp;7.06(i)
would have otherwise been permitted under another clause of Section&nbsp;7.06 referenced
in this clause (viii)), 7.06(k) and 7.06(l)(i) (to the extent that dividends
pursuant to Section&nbsp;7.06(l)(i) are used other than for the purpose of directly or
indirectly paying any cash dividend or making any cash distribution to, or acquiring
any Equity Interests of the Parent Borrower or any direct or indirect parent of the
Parent Borrower for cash from, the Sponsors) and to the extent such Restricted
Payments were financed with internally generated cash flow of the Parent Borrower
and the Restricted Subsidiaries,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the aggregate amount of expenditures actually made by the Parent Borrower
and the Restricted Subsidiaries from internally generated cash flow of the Parent
Borrower and the Restricted Subsidiaries during such period (including expenditures
for the payment of financing fees) to the extent that such expenditures are not
expensed during such period and are not deducted in calculating Consolidated Net
Income,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the aggregate amount of any premium, make-whole or penalty payments
actually paid in cash by the Parent Borrower and the Restricted Subsidiaries during
such period and financed with internally generated cash flow of the Parent Borrower
and the Restricted Subsidiaries that are made in connection with any prepayment of
Indebtedness to the extent such payments are not expensed during such period or are
not deducted in calculating Consolidated Net Income,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) without duplication of amounts deducted from Excess Cash Flow in prior
periods, the aggregate consideration required to be paid in cash by the Parent
Borrower or any of the Restricted Subsidiaries pursuant to binding contracts (the
&#147;<B>Contract Consideration</B>&#148;) entered into prior to or during such period relating to
Permitted Acquisitions, Capital Expenditures or acquisitions of intellectual
property to be consummated or made during the period of four consecutive fiscal
quarters of the Parent Borrower following the end of such period; <I>provided </I>that, to
the extent the aggregate amount of internally generated cash flow actually utilized
to finance such Permitted Acquisitions, Capital Expenditures or acquisitions of
intellectual property during such period of four consecutive fiscal quarters is less
than the Contract Consideration, the amount of such shortfall shall be added to the
calculation of Excess Cash Flow at the end of such period of four consecutive fiscal
quarters,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the amount of cash taxes paid or tax reserves set aside or payable
(without duplication) in such period to the extent they exceed the amount of tax
expense deducted in determining Consolidated Net Income for such period, and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) cash expenditures in respect of Swap Contracts during such fiscal year
to the extent not deducted in arriving at such Consolidated Net Income.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Exchange Act</B>&#148; means the Securities Exchange Act of 1934.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Excluded Subsidiary</B>&#148; means (a)&nbsp;any Subsidiary that is not a wholly-owned Subsidiary, (b)&nbsp;any
Immaterial Subsidiary, (c)&nbsp;any Subsidiary that is prohibited by applicable Law from guaranteeing
the Obligations, or a guarantee by which would require governmental consent, approval, license or

</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">authorization, (d)&nbsp;any Domestic Subsidiary (i)&nbsp;that is a Subsidiary of a Foreign Subsidiary that
is a controlled foreign corporation within the meaning of Section&nbsp;957 of the Code or (ii)&nbsp;that is
treated as a disregarded entity for U.S. federal income tax purposes if substantially all of its
assets consist of the stock of one or more Foreign Subsidiaries that is a controlled foreign
corporation within the meaning of Section&nbsp;957 of the Code, (e)&nbsp;AMFM and its Subsidiaries, until
AMFM has completed the Debt Repayment of the AMFM Notes, as result of which the covenants in the
AMFM Indenture have been defeased or, in the case of a tender offer and consent solicitation,
eliminated in accordance therewith, (f)&nbsp;any Unrestricted Subsidiary, (g)&nbsp;any Securitization Entity,
and (h)&nbsp;any other Subsidiary with respect to which, in the reasonable judgment of the
Administrative Agent, determined in consultation with the Parent Borrower, the burden, cost or
consequences (including any material adverse tax consequences) of providing a guarantee of the
Obligations shall be excessive in view of the benefits to be obtained by the Lenders therefrom.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Existing Credit Agreement</B>&#148; means that certain Credit Agreement dated as of July&nbsp;13, 2004,
among the Parent Borrower and the subsidiaries of the Parent Borrower party thereto as borrowers,
the lenders from time to time party thereto, Bank of America, N.A., as administrative agent, and
the other agents party thereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Existing Notes</B>&#148; has the meaning specified in the definition of &#147;Retained Existing Notes.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Existing Notes Condition</B>&#148; means (i)&nbsp;the repayment of Existing Notes such that no more than
$500,000,000 aggregate principal amount of Existing Notes remains outstanding or (ii)&nbsp;the Parent
Borrower and its Subsidiaries are no longer subject to the negative covenants set forth in the
Existing Notes Indentures as a result of a consent solicitation or other discharge or defeasance,
as notified to the Administrative Agent in writing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Existing Notes Indentures</B>&#148; means collectively the (i)&nbsp;Retained Existing Notes Indenture and
the (ii)&nbsp;AMFM Notes Indenture.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Facility</B>&#148; means the Tranche A Term Loans, the Tranche B Term Loans, the Tranche C Term Loans,
the Delayed Draw 1 Term Loan Facility, the Delayed Draw 2 Term Loan Facility, the Dollar Revolving
Credit Facility or the Alternative Currency Revolving Credit Facility, as the context may require.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Fair Market Value</B>&#148; means, with respect to any asset or liability, the fair market value of
such asset or liability as determined in good faith by a Responsible Officer of the Parent
Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FCC</B>&#148; means the Federal Communications Commission of the United States or any Governmental
Authority succeeding to the functions of such commission in whole or in part.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FCC Authorizations</B>&#148; means all Broadcast Licenses and other licenses, permits and other
authorizations issued by the FCC and held by the Parent Borrower or any of its Restricted
Subsidiaries.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FCC Divestiture Assets</B>&#148; means (a)&nbsp;Broadcast Licenses transferred to the Aloha Trust pursuant
to the FCC Order, (b)&nbsp;any interest in the Aloha Trust and (c)&nbsp;any assets of the Parent Borrower and
its Restricted Subsidiaries relating to the Stations operated under the Broadcast Licenses referred
to in clause (a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FCC Order</B>&#148; means the Memorandum Opinion and Order, FCC 08-3, released by the FCC on January
24, 2008, as amended by the Erratum dated January&nbsp;30, 2008.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Federal Funds Rate</B>&#148; means, for any day, the rate per annum equal to the weighted average of
the rates on overnight Federal funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank on the
Business Day next succeeding such day; <I>provided </I>that (a)&nbsp;if such day is not a Business Day, the
Federal Funds Rate for such day shall be such rate on such transactions on the next preceding
Business Day as so published on the next succeeding Business Day, and (b)&nbsp;if no such rate is so
published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the
average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to the
Administrative Agent on such day on such transactions as determined by the Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Foreign Asset Sale</B>&#148; has the meaning specified in Section&nbsp;2.05(c).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Foreign Lender</B>&#148; has the meaning specified in Section&nbsp;3.01(b).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Foreign Loan Parties</B>&#148; means, collectively, the Foreign Subsidiary Revolving Borrowers and the
Foreign Subsidiary Guarantors.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Foreign Obligations</B>&#148; has the meaning specified in the definition of &#147;Collateral and Guarantee
Requirement.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Foreign Plan</B>&#148; means any employee benefit plan, program, policy, arrangement or agreement
maintained or contributed to by, or entered into with, Holdings, the Parent Borrower or any
Subsidiary of the Parent Borrower with respect to employees employed outside the United States.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Foreign Subsidiary</B>&#148; means any direct or indirect Restricted Subsidiary of the Parent Borrower
that is not a Domestic Subsidiary.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Foreign Subsidiary Guarantees</B>&#148; has the meaning specified in the definition of &#147;Collateral and
Guarantee Requirement.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Foreign Subsidiary Guarantors</B>&#148; has the meaning specified in the definition of &#147;Collateral and
Guarantee Requirement.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Foreign Subsidiary Revolving Borrowers</B>&#148; means any Qualified Foreign Subsidiary as to which an
Election to Participate shall be delivered to the Administrative Agent after the Closing Date in
accordance with Section&nbsp;2.15; <I>provided </I>that the status of any of the foregoing as a Foreign
Subsidiary Revolving Borrower shall terminate if and when an Election to Terminate is delivered to
the Administrative Agent in accordance with Section&nbsp;2.15.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FRB</B>&#148; means the Board of Governors of the Federal Reserve System of the United States.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Fund</B>&#148; means any Person (other than a natural person) that is engaged in making, purchasing,
holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary
course.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Funded Debt</B>&#148; means all Indebtedness of the Parent Borrower and the Restricted Subsidiaries
for borrowed money that matures more than one year from the date of its creation or matures within
one year from such date that is renewable or extendable, at the option of such Person, to a date
more than one year from such date or arises under a revolving credit or similar agreement that
obligates
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">the lender or lenders to extend credit during a period of more than one year from such date,
including Indebtedness in respect of the Loans.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>GAAP</B>&#148; means generally accepted accounting principles in the United States of America, as in
effect from time to time; <I>provided</I>, <I>however</I>, that if the Parent Borrower notifies the
Administrative Agent that the Parent Borrower requests an amendment to any provision hereof to
eliminate the effect of any change occurring after the Closing Date in GAAP or in the application
thereof on the operation of such provision (or if the Administrative Agent notifies the Parent
Borrower that the Required Lenders request an amendment to any provision hereof for such purpose),
regardless of whether any such notice is given before or after such change in GAAP or in the
application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and
applied immediately before such change shall have become effective until such notice shall have
been withdrawn or such provision amended in accordance herewith.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Governmental Authority</B>&#148; means any nation or government, any state or other political
subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative
tribunal, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Granting Lender</B>&#148; has the meaning specified in Section&nbsp;10.07(h).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Guarantee</B>&#148; means, as to any Person, without duplication, (a)&nbsp;any obligation, contingent or
otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any
Indebtedness or other monetary obligation payable or performable by another Person (the &#147;<B>primary
obligor</B>&#148;) in any manner, whether directly or indirectly, and including any obligation of such
Person, direct or indirect, (i)&nbsp;to purchase or pay (or advance or supply funds for the purchase or
payment of) such Indebtedness or other monetary obligation, (ii)&nbsp;to purchase or lease property,
securities or services for the purpose of assuring the obligee in respect of such Indebtedness or
other monetary obligation of the payment or performance of such Indebtedness or other monetary
obligation, (iii)&nbsp;to maintain working capital, equity capital or any other financial statement
condition or liquidity or level of income or cash flow of the primary obligor so as to enable the
primary obligor to pay such Indebtedness or other monetary obligation, or (iv)&nbsp;entered into for the
purpose of assuring in any other manner the obligee in respect of such Indebtedness or other
monetary obligation of the payment or performance thereof or to protect such obligee against loss
in respect thereof (in whole or in part), or (b)&nbsp;any Lien on any assets of such Person securing any
Indebtedness or other monetary obligation of any other Person, whether or not such Indebtedness or
other monetary obligation is assumed by such Person (or any right, contingent or otherwise, of any
holder of such Indebtedness to obtain any such Lien); <I>provided </I>that the term &#147;Guarantee&#148; shall not
include endorsements for collection or deposit, in either case in the ordinary course of business,
or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in
connection with any acquisition or disposition of assets permitted under this Agreement (other than
such obligations with respect to Indebtedness). The amount of any Guarantee shall be deemed to be
an amount equal to the stated or determinable amount of the related primary obligation, or portion
thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum
reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in
good faith. The term &#147;Guarantee&#148; as a verb has a corresponding meaning.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Guarantors</B>&#148; has the meaning specified in the definition of &#147;Collateral and Guarantee
Requirement.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Guaranty</B>&#148; means (a)&nbsp;the guaranty made by Holdings, the Parent Borrower, the U.S. Subsidiary
Guarantors and the Foreign Subsidiary Guarantors in favor of the Administrative Agent on
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">behalf of the Secured Parties pursuant to clause (b)&nbsp;of the definition of &#147;Collateral and
Guarantee Requirement,&#148; substantially in the form of <U>Exhibit&nbsp;F-1</U>, <U>Exhibit&nbsp;F-2</U>,
<U>Exhibit&nbsp;F-3</U> or <U>Exhibit&nbsp;F-4</U>, as applicable, and (b)&nbsp;each other guaranty and guaranty
supplement delivered pursuant to Section&nbsp;6.11, all guarantees hereunder, the &#147;<B>Guaranties</B>.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Hazardous Materials</B>&#148; means materials, chemicals, substances, compounds, wastes, pollutants
and contaminants, in any form, including all explosive or radioactive substances or wastes, mold,
petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated
biphenyls, radon gas and infectious or medical wastes, in each case regulated pursuant to any
Environmental Law.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Hedge Bank</B>&#148; means any Person that is an Agent, a Lender, or an Affiliate of any of the
foregoing at the time it enters into a Secured Hedge Agreement, in its capacity as a party thereto,
whether or not such Person subsequently ceases to be an Agent, a Lender or an Affiliate of any of
the foregoing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Hedging Obligations</B>&#148; means obligations of the Parent Borrower or any Subsidiary arising under
any Secured Hedge Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Holdings</B>&#148; has the meaning specified in the introductory paragraph to this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Holdings Pledge Agreement</B>&#148; means the Pledge Agreement, substantially in the form of
<U>Exhibit&nbsp;G-5</U> between Holdings and the Administrative Agent for the benefit of the Secured
Parties.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Honor Date</B>&#148; has the meaning specified in Section&nbsp;2.03(c)(i).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Immaterial Subsidiary</B>&#148; means any Subsidiary that is not a Material Subsidiary.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Immediate Family Member</B>&#148; means, with respect to any individual, such individual&#146;s child,
stepchild, grandchild or more remote descendant, parent, stepparent, grandparent, spouse, former
spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and
daughter-in-law (including adoptive relationships) and any trust, partnership or other bona fide
estate planning vehicle the only beneficiaries of which are any of the foregoing individuals or any
private foundation or fund that is controlled by any of the foregoing individuals or any donor
advised fund of which any such individual is the donor.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Incremental Amendment</B>&#148; has the meaning specified in Section&nbsp;2.14(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Incremental Term Loans</B>&#148; has the meaning specified in Section&nbsp;2.14(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indebtedness</B>&#148; means, as to any Person at a particular time, without duplication, all of the
following, whether or not included as indebtedness or liabilities in accordance with GAAP:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all obligations of such Person for borrowed money and all obligations of such
Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the maximum amount (after giving effect to any prior drawings or reductions that
may have been reimbursed) of all letters of credit (including standby and commercial),
bankers&#146; acceptances, bank guaranties, surety bonds, performance bonds and similar
instruments issued or created by or for the account of such Person;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) net obligations of such Person under any Swap Contract;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all obligations of such Person to pay the deferred purchase price of property or
services (other than (i)&nbsp;trade accounts and accrued expenses payable in the ordinary course
of business and (ii)&nbsp;any earn-out obligation until such obligation becomes a liability on
the balance sheet of such Person in accordance with GAAP and if not paid after becoming due
and payable);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property
owned or being purchased by such Person (including indebtedness arising under conditional
sales or other title retention agreements and mortgage, industrial revenue bond, industrial
development bond and similar financings), whether or not such indebtedness shall have been
assumed by such Person or is limited in recourse;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all Attributable Indebtedness;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all obligations of such Person in respect of Disqualified Equity Interests; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all Guarantees of such Person in respect of any of the foregoing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all purposes hereof, the Indebtedness of any Person shall (i)&nbsp;include the Indebtedness of
any partnership or joint venture (other than a joint venture that is itself a corporation or
limited liability company) in which such Person is a general partner or a joint venturer, except to
the extent such Person&#146;s liability for such Indebtedness is otherwise limited and only to the
extent such Indebtedness would be included in the calculation of clause (a)&nbsp;of the definition of
Consolidated Total Debt of such Person and (ii)&nbsp;in the case of the Parent Borrower and its
Restricted Subsidiaries, exclude all intercompany Indebtedness having a term not exceeding 364&nbsp;days
(inclusive of any roll-over or extensions of terms) and made in the ordinary course of business.
The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap
Termination Value thereof as of such date. The amount of Indebtedness of any Person that is not
assumed by such Person for purposes of clause&nbsp;(e) shall be deemed to be equal to the lesser of
(i)&nbsp;the aggregate unpaid amount of such Indebtedness and (ii)&nbsp;the Fair Market Value of the property
encumbered thereby as determined by such Person in good faith.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indemnified Liabilities</B>&#148; has the meaning specified in Section&nbsp;10.05.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indemnified Taxes</B>&#148; has the meaning specified in Section&nbsp;3.01(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indemnitees</B>&#148; has the meaning specified in Section&nbsp;10.05.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Independent Financial Advisor</B>&#148; means an accounting, appraisal, investment banking firm or
consultant of nationally recognized standing that is, in the good faith judgment of the Parent
Borrower, qualified to perform the task for which it has been engaged and that is independent of
the Parent Borrower and its Affiliates.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Information</B>&#148; has the meaning specified in Section&nbsp;10.08.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Initial Incremental Amount</B>&#148; has the meaning specified in Section&nbsp;2.14(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Initial Non-Principal Properties Collateral</B>&#148; means &#147;Collateral&#148;, as defined in the
Non-Principal Properties Security Agreements, which assets the Parent Borrower has determined do
not constitute &#147;Principal Properties&#148; under (and as defined in and determined in accordance with)
the Retained Existing Notes Indenture.<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Initial Principal Properties Collateral</B>&#148; means &#147;Collateral&#148;, as defined in the Principal
Properties Security Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Initial Revolving Borrowing</B>&#148; means one or more borrowings of Dollar Revolving Credit Loans or
issuances or deemed issuances of Letters of Credit on the Closing Date in an amount not to exceed
the aggregate amounts specified or referred to in the definition of &#147;Permitted Initial Revolving
Borrowing Purposes.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Intellectual Property Security Agreements</B>&#148; has the meaning specified in the Security
Agreements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Intercreditor Agreement</B>&#148; means the intercreditor agreement dated as of the Closing Date
between the Administrative Agent and the ABL Administrative Agent, substantially in the form
attached as <U>Exhibit&nbsp;I</U>, as amended, restated, supplemented or otherwise modified from time
to time in accordance therewith and herewith.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Interest Payment Date</B>&#148; means, (a)&nbsp;as to any Loan other than a Base Rate Loan, the last day of
each Interest Period applicable to such Loan and the Maturity Date of the Facility under which such
Loan was made; <I>provided </I>that if any Interest Period for a Eurocurrency Rate Loan exceeds three
months, the respective dates that fall every three months after the beginning of such Interest
Period shall also be Interest Payment Dates; and (b)&nbsp;as to any Base Rate Loan (including a Swing
Line Loan), the last Business Day of each March, June, September and December&nbsp;and the Maturity Date
of the Facility under which such Loan was made.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Interest Period</B>&#148; means, as to each Eurocurrency Rate Loan, the period commencing on the date
such Eurocurrency Rate Loan is disbursed or converted to or continued as a Eurocurrency Rate Loan
and ending on the date one, two, three or six months thereafter, or to the extent agreed by each
Lender of such Eurocurrency Rate Loan and the Administrative Agent, nine or twelve months (or such
period of less than one month as may be consented to by the Administrative Agent and each Lender),
as selected by the relevant Borrower in its Committed Loan Notice; <I>provided </I>that:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Interest Period that would otherwise end on a day that is not a Business Day
shall be extended to the next succeeding Business Day unless such Business Day falls in
another calendar month, in which case such Interest Period shall end on the next preceding
Business Day;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Interest Period that begins on the last Business Day of a calendar month (or on
a day for which there is no numerically corresponding day in the calendar month at the end
of such Interest Period) shall end on the last Business Day of the calendar month at the end
of such Interest Period; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Interest Period shall extend beyond the Maturity Date of the Facility under
which such Loan was made.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Investment</B>&#148; means, as to any Person, any direct or indirect acquisition or investment by such
Person, whether by means of (a)&nbsp;the purchase or other acquisition of Equity Interests or debt or
other securities of another Person, (b)&nbsp;a loan, advance or capital contribution to, Guarantee or
assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity
participation or interest in, another Person, including any partnership or joint venture interest
in such other Person (excluding, in the case of the Parent Borrower and its Restricted
Subsidiaries, intercompany loans, advances, or Indebtedness having a term not exceeding 364&nbsp;days
(inclusive of any roll-over or extensions of terms) and made in the ordinary course of business) or
(c)&nbsp;the purchase or other acquisition (in one transaction or a series of
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">transactions) of all or substantially all of the property and assets or business of another
Person or assets constituting a business unit, line of business or division of such Person. For
purposes of covenant compliance, the amount of any Investment at any time shall be the amount
actually invested (measured at the time made), without adjustment for subsequent changes in the
value of such Investment, net of any return representing a return of capital with respect to such
Investment.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Investment Grade Rating</B>&#148; means a rating equal to or higher than Baa3 (or the equivalent) by
Moody&#146;s and BBB- (or the equivalent) by S&#038;P, or an equivalent rating by any other nationally
recognized statistical rating agency selected by the Parent Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>IP Rights</B>&#148; has the meaning specified in Section&nbsp;5.15.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>ISP</B>&#148; means, with respect to any Letter of Credit, the &#147;International Standby Practices 1998&#148;
published by the Institute of International Banking Law &#038; Practice (or such later version thereof
as may be in effect at the time of issuance).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Issuer Documents</B>&#148; means, with respect to any Letter of Credit, the Letter of Credit
Application, and any other document, agreement and instrument entered into by an L/C Issuer and the
Parent Borrower (or any of its Subsidiaries) or in favor of such L/C Issuer and relating to such
Letter of Credit.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Joinder Agreement</B>&#148; means the joinder agreement dated as of the Closing Date, among the
Borrowers and the Administrative Agent, substantially in the form attached as <U>Exhibit&nbsp;J</U>, as
amended, restated, supplemented or otherwise modified from time to time in accordance therewith and
herewith.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Judgment Currency</B>&#148; has the meaning specified in Section&nbsp;10.19.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Junior Financing</B>&#148; has the meaning specified in Section&nbsp;7.12(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Junior Financing Documentation</B>&#148; means any documentation governing any Junior Financing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Laws</B>&#148; means, collectively, all international, foreign, Federal, state and local statutes,
treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial
precedents or authorities and executive orders, including the interpretation or administration
thereof by any Governmental Authority charged with the enforcement, interpretation or
administration thereof, and all applicable administrative orders, directed duties, requests,
licenses, authorizations and permits of, and agreements with, any Governmental Authority.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>L/C Advances</B>&#148; means the collective reference to Dollar L/C Advances and Alternative Currency
L/C Advances.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>L/C Borrowing</B>&#148; means the collective reference to Dollar L/C Borrowings and Alternative
Currency L/C Borrowings.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>L/C Credit Extensions</B>&#148; means the collective reference to the Dollar L/C Credit Extensions and
the Alternative Currency L/C Credit Extensions.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>L/C Issuer</B>&#148; means the collective reference to each Dollar L/C Issuer and each Alternative
Currency L/C Issuer.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>L/C Obligations</B>&#148; means the collective reference to the Dollar L/C Obligations and the
Alternative Currency L/C Obligations.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lender</B>&#148; has the meaning specified in the introductory paragraph to this Agreement and, as the
context requires, includes an L/C Issuer and the Swing Line Lender, and their respective successors
and assigns as permitted hereunder, each of which is referred to herein as a &#147;Lender.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lending Office</B>&#148; means, as to any Lender, the office or offices of such Lender described as
such in such Lender&#146;s Administrative Questionnaire, or such other office or offices as a Lender may
from time to time notify the Parent Borrower and the Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Letter of Credit</B>&#148; means any letter of credit issued hereunder or any letter of credit set
forth on <U>Schedule&nbsp;1.01G</U>. A Letter of Credit may be a commercial letter of credit or a
standby letter of credit.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Letter of Credit Application</B>&#148; means an application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the relevant L/C Issuer.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Letter of Credit Expiration Date</B>&#148; means the day that is five (5)&nbsp;Business Days prior to the
scheduled Maturity Date then in effect for the Revolving Credit Facilities (or, if such day is not
a Business Day, the next preceding Business Day).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>License Subsidiary</B>&#148; means a direct or indirect wholly-owned Restricted Subsidiary of the
Parent Borrower substantially all of the assets of which consist of Broadcast Licenses and related
rights.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lien</B>&#148; means any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory, judgment or other), charge, or preference, priority or other security
interest or preferential arrangement of any kind or nature whatsoever (including any conditional
sale or other title retention agreement, any easement, right of way or other encumbrance on title
to real property, and any Capitalized Lease having substantially the same economic effect as any of
the foregoing); <I>provided </I>that in no event shall an operating lease in and of itself be deemed a
Lien.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>LMA</B>&#148; means a time brokerage agreement between a broadcaster-broker and a radio station
licensee pursuant to which the broadcaster-broker supplies programming and sells commercial spot
announcements in discrete blocks of time provided by the radio station licensee&nbsp;that amount to 15%
or more of the weekly broadcast hours of the radio station licensee&#146;s radio broadcast station.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Loan</B>&#148; means an extension of credit by a Lender to a Borrower under Article&nbsp;II in the form of
a Term Loan, a Revolving Credit Loan or a Swing Line Loan.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Loan Documents</B>&#148; means, collectively, (i)&nbsp;this Agreement, (ii)&nbsp;the Joinder Agreement, (iii)
the Notes, (iv)&nbsp;the Guaranties, (v)&nbsp;the Collateral Documents, (vi)&nbsp;the Issuer Documents and
(vii)&nbsp;the Intercreditor Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Loan Parties</B>&#148; means, collectively, Holdings, the U.S. Loan Parties and the Foreign Loan
Parties.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Loss Sharing Agreement</B>&#148; means the Loss Sharing Agreement, dated as of the Closing Date among
the Lenders (it being understood that no Loan Party and no Borrower is a party to such agreement),
as the same may be amended or supplemented from time to time.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>LTM Cost Base</B>&#148; means, for any Test Period, the sum of (a)&nbsp;direct operating expenses, (b)
selling, general and administrative expenses and (c)&nbsp;corporate expenses, in each case excluding
depreciation, amortization and interest expense, of the Parent Borrower and its Restricted
Subsidiaries determined on a consolidated basis in accordance with GAAP.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Management Stockholders</B>&#148; means the members of management of the Parent Borrower and its
Subsidiaries who are investors in the Parent Borrower or any direct or indirect parent thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Mandatory Cost</B>&#148; means, with respect to any period, the percentage rate per annum determined
in accordance with <U>Schedule&nbsp;1.01C</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Master Agreement</B>&#148; has the meaning specified in the definition of &#147;Swap Contract.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material Adverse Effect</B>&#148; means a material adverse effect on (a)&nbsp;the business, operations,
assets, financial condition or results of operations of the Parent Borrower and its Restricted
Subsidiaries, taken as a whole, or (b)&nbsp;the rights and remedies of the Administrative Agent and the
Lenders hereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material Adverse Effect on the Company</B>&#148; has the meaning ascribed to such term in the Merger
Agreement (as in effect on the Closing Date).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material Domestic Subsidiary</B>&#148; means, at any date of determination, each of the Parent
Borrower&#146;s Domestic Subsidiaries (a)&nbsp;whose total assets at the last day of the end of the most
recently ended fiscal quarter of the Parent Borrower for which financial statements have been
delivered pursuant to Section&nbsp;6.01 were equal to or greater than 2.5% of Total Assets at such date
or (b)&nbsp;whose gross revenues for the most recently ended period of four consecutive fiscal quarters
of the Parent Borrower for which financial statements have been delivered pursuant to Section&nbsp;6.01
were equal to or greater than 2.5% of the consolidated gross revenues of the Parent Borrower and
the Restricted Subsidiaries for such period, in each case determined in accordance with GAAP;
<I>provided </I>that if, at any time and from time to time after the Closing Date, Domestic Subsidiaries
that are not Guarantors solely because they do not meet the thresholds set forth in clauses (a)&nbsp;or
(b)&nbsp;comprise in the aggregate more than 5.0% of Total Assets as of the end of the most recently
ended fiscal quarter of the Parent Borrower for which financial statements have been delivered
pursuant to Section&nbsp;6.01 or contribute more than 5.0% of the gross revenues of the Parent Borrower
and the Restricted Subsidiaries for the period of four consecutive fiscal quarters ending as of the
last day of such fiscal quarter, then the Parent Borrower shall, not later than 45&nbsp;days after the
date by which financial statements for such quarter are required to be delivered pursuant to this
Agreement, designate in writing to the Administrative Agent one or more of such Domestic
Subsidiaries as &#147;Material Domestic Subsidiaries&#148; to the extent required such that the foregoing
condition ceases to be true and comply with the provisions of Section&nbsp;6.11 applicable to such
Subsidiaries; <I>provided</I>, <I>however</I>, that, any License Subsidiary that is a Domestic Subsidiary shall
be deemed to be a Material Domestic Subsidiary if such License Subsidiary would constitute a
Material Domestic Subsidiary if it were assumed that such License Subsidiary had the revenues
associated with the Broadcast Stations operated by the Parent Borrower and its Domestic
Subsidiaries that utilized the Broadcast Licenses owned by such License Subsidiary.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material Foreign Subsidiary</B>&#148; means, at any date of determination, each of the Parent
Borrower&#146;s Foreign Subsidiaries (a)&nbsp;whose total assets at the end of the most recently ended fiscal
quarter of the Parent Borrower for which financial statements have been delivered pursuant to
Section&nbsp;6.01 were equal to or greater than 2.5% of Total Assets at such date or (b)&nbsp;whose gross
revenues for the most recently ended period of four consecutive fiscal quarters of the Parent
Borrower for which financial statements
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> have been delivered pursuant to Section&nbsp;6.01 were equal to or greater than 2.5% of the
consolidated gross revenues of the Parent Borrower and the Restricted Subsidiaries for such period,
in each case determined in accordance with GAAP; <I>provided </I>that if, at any time and from time to
time after the Closing Date, Foreign Subsidiaries that are not Guarantors solely because they do
not meet the thresholds set forth in clauses (a)&nbsp;or (b)&nbsp;comprise in the aggregate more than 5.0% of
Total Assets as of the end of the most recently ended fiscal quarter of the Parent Borrower for
which financial statements have been delivered pursuant to Section&nbsp;6.01 or contribute more than
5.0% of the gross revenues of the Parent Borrower and the Restricted Subsidiaries for the period of
four consecutive fiscal quarters ending as of the last day of such fiscal quarter, then the Parent
Borrower shall, not later than 45&nbsp;days after the date by which financial statements for such
quarter are required to be delivered pursuant to this Agreement, designate in writing to the
Administrative Agent one or more of such Foreign Subsidiaries as &#147;Material Foreign Subsidiaries&#148; to
the extent required such that the foregoing condition ceases to be true and comply with the
provisions of Section&nbsp;6.11 applicable to such Subsidiaries; <I>provided</I>, <I>however</I>, that, any License
Subsidiary that is a Foreign Subsidiary shall be deemed to be a Material Foreign Subsidiary if such
License Subsidiary would constitute a Material Foreign Subsidiary if it were assumed that such
License Subsidiary had the revenues associated with the Broadcast Stations operated by the Parent
Borrower&#146;s Foreign Subsidiaries that utilized the Broadcast Licenses owned by such License
Subsidiary.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material Real Property</B>&#148; means any fee owned real property owned by any Loan Party with a Fair
Market Value in excess of $15,000,000 (at the Closing Date or, with respect to real property
acquired after the Closing Date, at the time of acquisition as reasonably estimated by the Parent
Borrower), but solely to the extent either (a)&nbsp;constituting Non-Principal Properties Collateral or
(b)&nbsp;expressly designated as Principal Properties Collateral to secure the Principal Properties
Permitted Amount.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material Subsidiary</B>&#148; means any Material Domestic Subsidiary or Material Foreign Subsidiary.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Maturity Date</B>&#148; means (a)&nbsp;with respect to the Revolving Credit Facilities, the date that is
six years after of the Closing Date, (b)&nbsp;with respect to the Tranche&nbsp;A Term Loans, the date that is
six years after the Closing Date and (c)&nbsp;with respect to the Tranche&nbsp;B Term Loans, Delayed Draw
Term Loans and Tranche&nbsp;C Term Loans, the date that is seven years and six months after the Closing
Date; <I>provided </I>that if either such day is not a Business Day, the Maturity Date shall be the
Business Day immediately preceding such day.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Maximum Rate</B>&#148; has the meaning specified in Section&nbsp;10.11.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Merger</B>&#148; has the meaning specified in the preliminary statements to this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Merger Agreement</B>&#148; means the Agreement and Plan of Merger, dated as of November&nbsp;16, 2006, by
and among the Parent Borrower, Merger Sub, T Triple Crown Finco, LLC, B Triple Crown Finco, LLC and
Parent, as amended by Amendment No.&nbsp;1 dated as of April&nbsp;18, 2007, Amendment No.&nbsp;2 dated as of May
17, 2007 and Amendment No.&nbsp;3 dated as of May&nbsp;13, 2008.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Merger Consideration</B>&#148; means an amount equal to the total funds required to pay to the holder
of each share of issued and outstanding common stock (subject to certain exceptions as set forth in
the Merger Agreement) of the Parent Borrower (and to the holders of certain outstanding options to
purchase, and outstanding restricted stock units with respect to, shares of common stock of the
Parent Borrower (after deduction for any applicable exercise price)), other than shares the holders
of which have elected to convert into common stock of Parent, an aggregate amount per share equal
to the Cash Consideration (as defined Merger Agreement).
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Merger Sub</B>&#148; has the meaning specified in the preliminary statements to this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Minority Investment</B>&#148; means any Person other than a Subsidiary in which the Parent Borrower or
any Restricted Subsidiary owns any Equity Interests.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Moody&#146;s</B>&#148; means Moody&#146;s Investors Service, Inc. and any successor thereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Mortgage Policies</B>&#148; has the meaning specified in the definition of &#147;Collateral and Guarantee
Requirement.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Mortgaged Properties</B>&#148; has the meaning specified in the definition of &#147;Collateral and
Guarantee Requirement.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Mortgages</B>&#148; means collectively, the deeds of trust, trust deeds, hypothecs and mortgages made
by the Loan Parties in favor or for the benefit of the Administrative Agent on behalf of the
Secured Parties creating and evidencing a Lien on a Mortgaged Property in form and substance
reasonably satisfactory to the Administrative Agent, and any other mortgages executed and delivered
pursuant to Sections&nbsp;6.11 and 6.13.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Multiemployer Plan</B>&#148; means any employee benefit plan of the type described in
Section&nbsp;4001(a)(3) of ERISA, to which Holdings, the Parent Borrower, any Subsidiary or any of their
respective ERISA Affiliates makes or is obligated to make contributions, or with respect to which
the Parent Borrower or any Subsidiary would reasonably be expected to incur liability.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>NCR Stations</B>&#148; means the Stations listed on <U>Schedule&nbsp;1.01D</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Net Cash Proceeds</B>&#148; means:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the Disposition of any asset (other than an asset constituting
Receivables Collateral) by the Parent Borrower or any of the Restricted Subsidiaries or any
Casualty Event with respect to an asset not constituting Receivables Collateral, the excess,
if any, of (i)&nbsp;the sum of cash and Cash Equivalents received in connection with such
Disposition or Casualty Event (including any cash and Cash Equivalents received by way of
deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but
only as and when so received and, with respect to any Casualty Event, any insurance proceeds
or condemnation awards in respect of such Casualty Event actually received by or paid to or
for the account of the Parent Borrower or any of the Restricted Subsidiaries) over (ii)&nbsp;the
sum of (A)&nbsp;the principal amount, premium or penalty, if any, interest and other amounts on
any Indebtedness that is secured by the asset subject to such Disposition or Casualty Event
and that is required to be repaid in connection with such Disposition or Casualty Event
(other than Indebtedness under the Loan Documents), (B)&nbsp;the out-of-pocket fees and expenses
(including attorneys&#146; fees, investment banking fees, survey costs, title insurance premiums,
and related search and recording charges, transfer taxes, deed or mortgage recording taxes,
other customary expenses and brokerage, consultant and other customary fees) incurred by the
Parent Borrower or such Restricted Subsidiary in connection with such Disposition or
Casualty Event, (C)&nbsp;taxes or distributions made pursuant to Section&nbsp;7.06(g)(i) or (g)(iii)
paid or estimated to be payable in connection therewith (including withholding taxes imposed
on the repatriation of any such Net Cash Proceeds), (D)&nbsp;in the case of any Disposition or
Casualty Event by a non-wholly-owned Restricted Subsidiary, the pro rata portion of the Net
Cash Proceeds thereof (calculated without regard to this clause (D)) attributable to
minority interests and not available for distribution to or for the account of the Parent
Borrower or a wholly-owned
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Restricted Subsidiary as a result thereof, and (E)&nbsp;any reserve for adjustment in respect
of (x)&nbsp;the sale price of such asset or assets established in accordance with GAAP and
(y)&nbsp;any liabilities associated with such asset or assets and retained by the Parent Borrower
or any Restricted Subsidiary after such sale or other disposition thereof, including pension
and other post-employment benefit liabilities and liabilities related to environmental
matters or against any indemnification obligations associated with such transaction, it
being understood that &#147;Net Cash Proceeds&#148; shall include the amount of any reversal (without
the satisfaction of any applicable liabilities in cash in a corresponding amount) of any
reserve described in this clause&nbsp;(E); <I>provided </I>that no net cash proceeds shall constitute
Net Cash Proceeds under this clause&nbsp;(a) in any fiscal year until the aggregate amount of all
such net cash proceeds in such fiscal year shall exceed $75,000,000 (and thereafter only net
cash proceeds in excess of such amount shall constitute Net Cash Proceeds under this
clause&nbsp;(a)); and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)&nbsp;with respect to the incurrence or issuance of any Indebtedness by the Parent
Borrower or any Restricted Subsidiary or any Permitted Equity Issuance by the Parent
Borrower or any direct or indirect parent of the Parent Borrower or any Qualified
Securitization Financing by Holdings or any of its direct wholly-owned Subsidiaries, or
Parent Borrower or any of its Subsidiaries, the excess, if any, of (A)&nbsp;the sum of the cash
and Cash Equivalents received in connection with such incurrence or issuance over
(B)(x)&nbsp;taxes or distributions made pursuant to Section&nbsp;7.06(g)(i) paid or estimated to be
payable in connection therewith (including withholding taxes imposed on the repatriation of
any cash received in connection with such incurrence or issuance) and (y)&nbsp;the investment
banking fees, underwriting discounts, commissions, costs and other out-of-pocket expenses
and other customary expenses, incurred by the Parent Borrower or such Restricted Subsidiary
in connection with such incurrence or issuance and (ii)&nbsp;with respect to any Permitted Equity
Issuance by any direct or indirect parent of the Parent Borrower, the amount of cash from
such Permitted Equity Issuance contributed to the capital of the Parent Borrower.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Net Income</B>&#148; means, with respect to any Person, the net income (loss)&nbsp;of such Person,
determined in accordance with GAAP.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>New Senior Cash-Pay Notes</B>&#148; means $980,000,000 aggregate principal amount of the Parent
Borrower&#146;s 10.75% senior notes due 2016, and any exchange notes in respect thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>New Senior Notes</B>&#148; means, collectively, (i)&nbsp;the New Senior Cash-Pay Notes and (ii)&nbsp;the New
Senior Toggle Notes.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>New Senior Notes Indentures</B>&#148; means any one or more indentures to be entered into in among the
Borrower, as issuer, the guarantors party thereto and a trustee, pursuant to which the New Senior
Notes are issued.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>New Senior Toggle Notes</B>&#148; means $1,330,000,000 aggregate principal amount of the Parent
Borrower&#146;s 11.0%/11.75% senior toggle notes due 2016, and any exchange notes in respect thereof,
and any increases in the principal amount of New Senior Toggle Notes (or related exchange notes) in
lieu of the payment of cash interest in accordance with the terms thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Non-Consenting Lender</B>&#148; has the meaning specified in Section&nbsp;3.07(d).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Non-Loan Party</B>&#148; means any Subsidiary of the Parent Borrower that is not a Loan Party.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Non-Principal Properties Collateral</B>&#148; means the Initial Non-Principal Properties Collateral
and Additional Non-Principal Properties Collateral.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Non-Principal Properties Security Agreements</B>&#148; means the Non-Principal Properties Security
Agreements, substantially in the form of <U>Exhibit&nbsp;G-2</U> and <U>Exhibit&nbsp;G-3</U>, as
applicable, among the Loan Parties party thereto and the Administrative Agent for the benefit of
the Secured Parties.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Non-Principal Property</B>&#148; means any assets that do not constitute &#147;Principal Properties&#148; under
(and as defined in and determined in accordance with) the Retained Existing Notes Indenture.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Nonrenewal Notice Date</B>&#148; has the meaning specified in Section&nbsp;2.03(b)(iii).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Note</B>&#148; means a Tranche A Term Loan Note, a Tranche B Term Loan Note, a Tranche C Term Loan
Note, a Delayed Draw 1 Term Loan Note, a Delayed Draw 2 Term Loan Note, a Dollar Revolving Credit
Note or an Alternative Currency Revolving Credit Note, as the context may require.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Obligations</B>&#148; means all (x)&nbsp;advances to, and debts, liabilities, obligations, covenants and
duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan or
Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or
contingent, due or to become due, now existing or hereafter arising and including interest and fees
that accrue after the commencement by or against any Loan Party of any proceeding under any Debtor
Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such
interest and fees are allowed claims in such proceeding, (y)&nbsp;Hedging Obligations and (z)&nbsp;Cash
Management Obligations. Without limiting the generality of the foregoing, the Obligations of the
Loan Parties under the Loan Documents (and any of their Subsidiaries to the extent they have
obligations under the Loan Documents) include the obligation (including guarantee obligations) to
pay principal, interest, Letter of Credit, reimbursement obligations, charges, expenses, fees,
Attorney Costs, indemnities and other amounts payable by any Loan Party under any Loan Document.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Organization Documents</B>&#148; means (a)&nbsp;with respect to any corporation, the certificate or
articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with
respect to any non-U.S. jurisdiction); (b)&nbsp;with respect to any limited liability company, the
certificate or articles of formation or organization and operating agreement; and (c)&nbsp;with respect
to any partnership, joint venture, trust or other form of business entity, the partnership, joint
venture or other applicable agreement of formation or organization and any agreement, instrument,
filing or notice with respect thereto filed in connection with its formation or organization with
the applicable Governmental Authority in the jurisdiction of its formation or organization and, if
applicable, any certificate or articles of formation or organization of such entity.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Other Taxes</B>&#148; has the meaning specified in Section&nbsp;3.01(f).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Outstanding Amount</B>&#148; means (a)&nbsp;with respect to the Term Loans, Revolving Credit Loans and
Swing Line Loans on any date, the Dollar Amount thereof after giving effect to any borrowings and
prepayments or repayments of Term Loans, Revolving Credit Loans (including any refinancing of
outstanding Unreimbursed Amounts under Letters of Credit or L/C Credit Extensions as a Revolving
Credit Borrowing) and Swing Line Loans, as the case may be, occurring on such date; and (b)&nbsp;with
respect to any L/C Obligations on any date, the Dollar Amount thereof on such date after giving
effect to any related L/C Credit Extension occurring on such date and any other changes thereto as
of such date, including as a result of any reimbursements of outstanding Unreimbursed Amounts under
related Letters of Credit (including any refinancing of outstanding Unreimbursed Amounts under
related Letters of
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Credit or related L/C Credit Extensions as a Revolving Credit Borrowing) or any reductions in
the maximum amount available for drawing under related Letters of Credit taking effect on such
date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Overnight Rate</B>&#148; means, for any day, (a)&nbsp;with respect to any amount denominated in Dollars,
the greater of (i)&nbsp;the Federal Funds Rate and (ii)&nbsp;an overnight rate determined by the
Administrative Agent, an L/C Issuer, or the Swing Line Lender, as applicable, in accordance with
banking industry rules on interbank compensation, and (b)&nbsp;with respect to any amount denominated in
an Alternative Currency, the rate of interest per annum at which overnight deposits in the
applicable Alternative Currency, in an amount approximately equal to the amount with respect to
which such rate is being determined, would be offered for such day by a branch or Affiliate of the
Administrative Agent in the applicable offshore interbank market for such currency to major banks
in such interbank market.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Parent</B>&#148; means CC Media Holdings, Inc. (formerly BT Triple Crown Capital Holdings III, Inc.).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Parent Borrower</B>&#148; has the meaning specified in the introductory paragraph to this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Parent Borrower Obligor Cash Management Note</B>&#148; has the meaning specified in the definition of
&#147;CCU Cash Management Notes.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Participant</B>&#148; has the meaning specified in Section&nbsp;10.07(e).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Participant Register</B>&#148; has the meaning specified in Section&nbsp;10.07(e).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Participating Member State</B>&#148; means each state so described in any EMU Legislation.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>PBGC</B>&#148; means the Pension Benefit Guaranty Corporation.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Pension Act</B>&#148; means the U.S. Pension Protection Act of 2006, as amended.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Pension Plan</B>&#148; means any &#147;employee pension benefit plan&#148; (as such term is defined in
Section&nbsp;3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title&nbsp;IV of ERISA and
is either (i)&nbsp;sponsored or maintained by Holdings, the Parent Borrower, any Subsidiary or any of
their ERISA Affiliates or (ii)&nbsp;to which Holdings, the Parent Borrower, any Subsidiary or any of
their ERISA Affiliates contributes or has an obligation to contribute or with respect to which the
Parent Borrower or any Subsidiary would reasonably be expected to incur liability.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permits</B>&#148; means any and all franchises, licenses, permits, approvals, notifications,
certifications, registrations, authorizations, exemptions, qualifications, and other rights,
privileges and approvals required for the operation of the Parent Borrower&#146;s business under its
organizational documents or under any loan treaty, rule or regulation or determination of an
arbitrator or a court or other Governmental Authority, in each case applicable or binding upon such
Person or any of its property or to which such Person or any of its property is subject.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Acquisition</B>&#148; has the meaning specified in Section&nbsp;7.02(j).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Additional Notes</B>&#148; means unsecured notes issued by the Parent Borrower and
guaranteed on a subordinated unsecured basis by one or more Guarantors, <I>provided </I>that (a)&nbsp;the terms
of such notes provide for customary subordination of the guarantees of such notes by each Guarantor
to the Obligations (and in any event the terms of such subordination shall be no less favorable to
the Lenders
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">than the terms of the subordination set forth in the New Senior Notes Indentures) and do not
provide for any scheduled repayment, mandatory redemption, sinking fund obligation or other payment
prior to six months after the Maturity Date for the Tranche B Term Loans, other than customary
offers to purchase upon a change of control, asset sale or casualty or condemnation event and
customary acceleration rights upon an event of default and (b)&nbsp;the covenants, events of default,
guarantees and other terms for such notes (<I>provided </I>that such notes shall have interest rates and
redemption premiums determined by the Board of Directors of the Parent Borrower to be market rates
and premiums at the time of issuance of such notes), taken as a whole, are determined by the Board
of Directors of the Parent Borrower to be market terms on the date of issuance and in any event are
not materially more restrictive on the Parent Borrower and the Restricted Subsidiaries, or
materially less favorable to the Lenders, than the terms of the New Senior Notes Indentures and do
not require the maintenance or achievement of any financial performance standards other than as a
condition to taking specified actions, <I>provided </I>that a certificate of a Responsible Officer
delivered to the Administrative Agent at least five Business Days prior to the incurrence of such
Indebtedness, together with a reasonably detailed description of the material terms and conditions
of such Indebtedness or drafts of the documentation relating thereto, stating that the Parent
Borrower has determined in good faith that such terms and conditions satisfy the foregoing
requirement shall be conclusive evidence that such terms and conditions satisfy the foregoing
requirement unless the Administrative Agent notifies the Parent Borrower within such five Business
Day period that it disagrees with such determination (including a reasonable description of the
basis upon which it disagrees).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Additional Notes Documentation</B>&#148; means any notes, instruments, agreements and other
credit documents governing any Permitted Additional Notes.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Asset Swap</B>&#148; means the concurrent purchase and sale or exchange of Related Business
Assets or a combination of Related Business Assets and cash or Cash Equivalents between the Parent
Borrower or any of its Restricted Subsidiaries and another Person.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Disposition Assets</B>&#148; means (a)&nbsp;the Specified Assets and (b)&nbsp;the assets permitted to
be Disposed of pursuant to clauses (k), (o), (p)&nbsp;and (t)&nbsp;of Section&nbsp;7.05.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Equity Issuance</B>&#148; means any sale or issuance of any Qualified Equity Interests of
the Parent Borrower or any direct or indirect parent of the Parent Borrower (to the extent the Net
Cash Proceeds thereof are contributed to the common equity capital of the Parent Borrower), in each
case to the extent not prohibited hereunder and neither in connection with the exercise of the Cure
Right or which is for the funding of costs or expenses referenced in clause (a)(vii) of the
definition of &#147;Consolidated EBITDA&#148;.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Holder</B>&#148; means any Sponsor or Co-Investor; <I>provided </I>that for purposes of determining
ownership by Permitted Holders of Voting Stock of Parent, Co-Investors shall be deemed to own the
lesser of (x)&nbsp;the percentage of the voting power of the Voting Stock of Parent actually owned by
them at such time and (y)&nbsp;25% of the voting power of the Voting Stock of Parent, and shall only be
deemed to be a Permitted Holder to such extent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Initial Revolving Borrowing Purposes</B>&#148; means (a)&nbsp;one or more Borrowings of Dollar
Revolving Credit Loans in an aggregate amount of up to $600,000,000 to (i)&nbsp;finance the Transactions
or (ii)&nbsp;finance working capital needs of the Parent Borrower or the Restricted Subsidiaries and
(b)&nbsp;the issuance of Letters of Credit (i)&nbsp;in replacement of, or as a backstop for, letters of
credit of the Parent Borrower or the Restricted Subsidiaries outstanding on the Closing Date or
(ii)&nbsp;to finance working capital needs of the Parent Borrower or the Restricted Subsidiaries.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Liens</B>&#148; has the meaning specified in Section&nbsp;7.01.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Refinancing</B>&#148; means, with respect to any Person, any modification, refinancing,
refunding, renewal or extension of any Indebtedness of such Person; <I>provided </I>that (a)&nbsp;the principal
amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted
value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed or extended
except by an amount equal to unpaid accrued interest and premium thereon <U>plus</U> other
reasonable amounts paid, and fees and expenses reasonably incurred, in connection with such
modification, refinancing, refunding, renewal or extension and by an amount equal to any existing
commitments unutilized thereunder, (b)&nbsp;other than with respect to a Permitted Refinancing in
respect of Indebtedness permitted pursuant to Section&nbsp;7.03(e), such modification, refinancing,
refunding, renewal or extension has a final maturity date equal to or later than the final maturity
date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average
Life to Maturity of, the Indebtedness being modified, refinanced, refunded, renewed or extended,
(c)&nbsp;other than with respect to a Permitted Refinancing in respect of Indebtedness permitted
pursuant to Section&nbsp;7.03(e), at the time thereof, no Event of Default shall have occurred and be
continuing, (d)&nbsp;if such Indebtedness being modified, refinanced, refunded, renewed or extended is
Junior Financing or Retained Existing Notes, (i)&nbsp;to the extent such Indebtedness being modified,
refinanced, refunded, renewed or extended is subordinated in right of payment to the Obligations,
such modification, refinancing, refunding, renewal or extension is subordinated in right of payment
to the Obligations on terms at least as favorable to the Lenders as those contained in the
documentation governing the Indebtedness being modified, refinanced, refunded, renewed or extended,
(ii)&nbsp;the terms and conditions (including, if applicable, as to collateral but excluding as to
subordination, interest rate and redemption premium) of any such modified, refinanced, refunded,
renewed or extended Indebtedness, taken as a whole, are not materially less favorable to the Loan
Parties or the Lenders than the terms and conditions of the Indebtedness being modified,
refinanced, refunded, renewed or extended, taken as a whole; <I>provided </I>that a certificate of a
Responsible Officer of the Parent Borrower delivered to the Administrative Agent at least five
Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed
description of the material terms and conditions of such Indebtedness or drafts of the
documentation relating thereto, stating that the Parent Borrower has determined in good faith that
such terms and conditions satisfy the foregoing requirement shall be conclusive evidence that such
terms and conditions satisfy the foregoing requirement unless the Administrative Agent notifies the
Parent Borrower within such five Business Day period that it disagrees with such determination
(including a reasonable description of the basis upon which it disagrees) and (iii)&nbsp;such
modification, refinancing, refunding, renewal or extension is incurred by the Person who is the
obligor of the Indebtedness being modified, refinanced, refunded, renewed or extended and does not
include guarantees by any other Person who is not an obligor of such Indebtedness being modified,
refinanced, refunded, renewed or extended; <I>provided </I>that, notwithstanding this clause (d), so long
as no Default or Event of Default is continuing or would result therefrom, Retained Existing Notes
with a stated final maturity (as of the Closing Date) prior to the Maturity Date of the Tranche A
Term Loans (and if at such time all Tranche A Term Loans have been repaid in full, the Maturity
Date of the Tranche B Term Loans) may
be refinanced with Indebtedness that constitutes Permitted
Additional Notes, and (e)&nbsp;in the case of any Permitted Refinancing in respect of the ABL
Facilities, such Permitted Refinancing is secured only by all or any portion of the collateral
securing the ABL Facilities (but not by any other assets) pursuant to one or more security
agreements subject to the Intercreditor Agreement (or another intercreditor agreement containing
terms that are at least as favorable to the Secured Parties as those contained in the Intercreditor
Agreement).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Person</B>&#148; means any natural person, corporation, limited liability company, trust, joint
venture, association, company, partnership, Governmental Authority or other entity.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>PIK Interest Amount</B>&#148; means the aggregate principal amount of all increases in outstanding
principal amount of New Senior Toggle Notes and issuances of additional New Senior Toggle Notes or
&#147;PIK Notes&#148; (as defined in any New Senior Notes Indenture or any similar document) in connection
with an election by the Parent Borrower to pay interest in kind.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Plan</B>&#148; means any &#147;employee benefit plan&#148; (as such term is defined in Section&nbsp;3(3) of ERISA),
other than a Foreign Plan, established, maintained or contributed to by the Parent Borrower or any
Subsidiary or, with respect to any such plan that is subject to Section&nbsp;412 of the Code or Title&nbsp;IV
of ERISA, any of their respective ERISA Affiliates.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Platform</B>&#148; has the meaning specified in Section&nbsp;6.02.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Pledged Debt</B>&#148; has the meaning specified in the Security Agreements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Pledged Equity</B>&#148; has the meaning specified in the Security Agreements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>primary obligor</B>&#148; has the meaning specified in the definition of &#147;Guarantee.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Principal L/C Issuer</B>&#148; means each of Citibank and Deutsche Bank AG New York Branch.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Principal Properties</B>&#148; means each radio broadcasting, television broadcasting or outdoor
advertising property located in the United States owned or leased by the Parent Borrower or any
Subsidiary (as defined in the Retained Existing Notes Indenture) that is a &#147;Principal Property&#148;
under (and as defined in and determined in accordance with) the Retained Existing Notes Indenture.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Principal Properties Certificate</B>&#148; shall mean a certificate of a Responsible Officer of the
Parent Borrower delivered to the Administrative Agent at the time of delivery of the financial
statements set forth in Section&nbsp;6.01(a), setting forth, as of the end of such fiscal year, a
calculation of the Principal Properties Collateral Amount.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Principal Properties Collateral</B>&#148; means the Initial Principal Properties Collateral and any
Additional Principal Properties Collateral.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Principal Properties Collateral Amount</B>&#148; means, as of any date of determination, the aggregate
Fair Market Value of the Principal Properties, determined by the Parent Borrower (acting reasonably
and in good faith), that are the subject of Liens securing the Obligations.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Principal Properties Permitted Amount</B>&#148; means, as of any date of determination, as determined
in accordance with the Retained Existing Notes Indenture, an amount equal to 15% of the total
consolidated stockholders&#146; equity (including preferred stock) of the Parent Borrower as shown on
the audited consolidated balance sheet contained in the latest annual report to stockholders of the
Parent Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Principal Properties Security Agreement</B>&#148; means the Principal Properties Security Agreement,
substantially in the form of
<Font style="white-space: nowrap"><U>Exhibit&nbsp;G-1</U>,</font> among the Loan Parties party thereto and the
Administrative Agent for the benefit of the Secured Parties.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Pro Forma Balance Sheet</B>&#148; has the meaning specified in Section&nbsp;5.05(a)(ii).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Pro Forma Financial Statements</B>&#148; has the meaning specified in Section&nbsp;5.05(a)(ii).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Projections</B>&#148; has the meaning specified in Section&nbsp;6.01(c).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Pro Rata Share</B>&#148; means, with respect to each Lender at any time a fraction (expressed as a
percentage, carried out to the ninth decimal place), the numerator of which is the amount of the
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Commitments and, if applicable and without duplication, Tranche A Term Loans, Tranche B Term
Loans, Tranche C Term Loans, Delayed Draw 1 Term Loans or Delayed Draw 2 Term Loans, as applicable,
of such Lender at such time and the denominator of which is the amount of the Aggregate Commitments
and, if applicable and without duplication, Tranche A Term Loans, Tranche B Term Loans, Tranche C
Term Loans, Delayed Draw 1 Term Loans or Delayed Draw 2 Term Loans, as applicable, at such time;
<I>provided </I>that, in the case of a Revolving Credit Facility, if such Commitments have been
terminated, then the Pro Rata Share of each Lender shall be determined based on the Pro Rata Share
of such Lender immediately prior to such termination and after giving effect to any subsequent
assignments made pursuant to the terms hereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Public Lender</B>&#148; has the meaning specified in Section&nbsp;6.02.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Qualified Equity Interests</B>&#148; means any Equity Interests that are not Disqualified Equity
Interests.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Qualified Foreign Subsidiary</B>&#148; means any wholly-owned Restricted Subsidiary of the Parent
Borrower (other than any Excluded Subsidiary) that (i)&nbsp;is organized or incorporated under the laws
of any of the following jurisdictions: (a)&nbsp;England and Wales or (b)&nbsp;Canada and (ii)&nbsp;has satisfied
the Collateral and Guarantee Requirement as a Foreign Subsidiary Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Qualifying IPO</B>&#148; means the issuance by Holdings or any direct or indirect parent of Holdings
of its common Equity Interests in an underwritten primary public offering (other than a public
offering pursuant to a registration statement on Form&nbsp;S-8) pursuant to an effective registration
statement filed with the SEC in accordance with the Securities Act (whether alone or in connection
with a secondary public offering).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Qualified Securitization Financing</B>&#148; means any transaction or series of transactions that may
be entered into by Holdings or any of its direct wholly-owned Subsidiaries, the Parent Borrower or
any of its Restricted Subsidiaries pursuant to which such Person may, directly or indirectly, sell,
convey or otherwise transfer to (a)&nbsp;one or more Securitization Entities or (b)&nbsp;any other Person (in
the case of a transfer by a Securitization Entity), or may grant a security interest in, any
Securitization Assets of CCOH or any of its Subsidiaries (other than any assets that have been
transferred or contributed to CCOH or its Subsidiaries by the Parent Borrower or any other
Restricted Subsidiary of the Parent Borrower) that are customarily granted in connection with asset
securitization transactions similar to the Qualified Securitization Financing entered into of a
Securitization Entity that meets the following conditions: (a)&nbsp;the board of directors of the
Parent Borrower shall have determined in good faith that such Qualified Securitization Financing
(including the terms, covenants, termination events and other provisions) is in the aggregate
economically fair and reasonable to the Parent Borrower and the Securitization Entity, (b)&nbsp;all
sales of Securitization Assets and related assets to the Securitization Entity are made at Fair
Market Value, (c)&nbsp;the financing terms, covenants, termination events and other provisions thereof,
including any Standard Securitization Undertakings, shall be market terms (as determined in good
faith by the Parent Borrower), (d)&nbsp;giving effect on a pro forma basis for such Qualified
Securitization Financing in accordance with Section&nbsp;1.10, for the Test Period immediately preceding
such transaction (i)&nbsp;the Total Leverage Ratio would be less than the lesser of (x)&nbsp;8.0 to 1.0 and
(y)&nbsp;the Total Leverage Ratio for such Test Period before giving effect to such transaction, (ii)
the Secured Leverage Ratio would be less than the lesser of (x)&nbsp;the ratio required for pro forma
compliance with Section&nbsp;7.14 and (y)&nbsp;the Secured Leverage Ratio for such Test Period before giving
effect to such transaction and (iii)&nbsp;the ratio of Consolidated Total Debt of the Parent Borrower
and U.S. Guarantors to Consolidated EBITDA of the Parent Borrower and its Restricted Subsidiaries
is less than 6.5 to 1.0 and (e)&nbsp;the Administrative Agent shall have received an officers&#146;
certificate of a Responsible Officer of the Parent Borrower certifying that all of the requirements
of clauses (a)&nbsp;through (d)&nbsp;have been satisfied. The grant of a security interest in any
Securitization Assets
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">of the Parent Borrower or any of the Restricted Subsidiaries (other than a Securitization
Entity) to secure Indebtedness under this Agreement prior to engaging in any securitization
transaction shall not be deemed a Qualified Securitization Financing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Receivables Collateral</B>&#148; means all the &#147;Intercreditor Collateral&#148; as defined in the
Intercreditor Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Receivables Collateral Security Agreement</B>&#148; means the Receivables Collateral Security
Agreement, substantially in the form of <U>Exhibit&nbsp;G-4</U>, among the Loan Parties party thereto
and the Administrative Agent for the benefit of the Secured Parties.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Reference Banks</B>&#148; means, in relation to Mandatory Cost, the principal London offices of
Citibank or such other banks as may be appointed by the Administrative Agent in consultation with
the Parent Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Reference Date</B>&#148; has the meaning specified in the definition of &#147;Available Amount.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Refinanced Term Loans</B>&#148; has the meaning specified in Section&nbsp;10.01.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Register</B>&#148; has the meaning specified in Section&nbsp;10.07(d).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Rejection Notice</B>&#148; has the meaning specified in Section&nbsp;2.05(b)(vi).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Related Business Assets</B>&#148; means assets (other than Cash Equivalents) used or useful in a
Similar Business; <I>provided </I>that any assets received by the Parent Borrower or a Restricted
Subsidiary in exchange for assets transferred by the Parent Borrower or a Restricted Subsidiary
shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless
upon the receipt by the Parent Borrower or a Restricted Subsidiary of the securities of such
Person, such Person would become a Restricted Subsidiary.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Release</B>&#148; means any spilling, leaking, seepage, pumping, pouring, emitting, emptying,
discharging, injecting, escaping, leaching, dumping, disposing, depositing, dispersing, emanating
or migrating in, into, onto or through the Environment.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Replacement Term Loans</B>&#148; has the meaning specified in Section&nbsp;10.01.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Reportable Event</B>&#148; means, with respect to any Plan any of the events set forth in
Section&nbsp;4043(c) of ERISA or the regulations issued thereunder, other than events for which the
thirty (30)&nbsp;day notice period has been waived.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Repurchased Existing Notes</B>&#148; means (i)&nbsp;the 7.65% Senior Notes due 2010 of the Parent Borrower
and (ii)&nbsp;the AMFM Notes, in each case to the extent repaid, prepaid, repurchased or defeased on the
Closing Date (or such later date as may be necessary to effect the Debt Repayment contemplated by
any tender offer made on or prior to the Closing Date).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Request for Credit Extension</B>&#148; means (a)&nbsp;with respect to a Borrowing, conversion or
continuation of Term Loans or Revolving Credit Loans, a Committed Loan Notice, (b)&nbsp;with respect to
an L/C Credit Extension, a Letter of Credit Application, and (c)&nbsp;with respect to a Swing Line Loan,
a Swing Line Loan Notice.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Required Facility Lenders</B>&#148; means, with respect to any Facility on any date of determination,
Lenders having more than 50% of the sum of (i)&nbsp;the Total Outstandings under such Facility (with the
aggregate Dollar Amount of each Lender&#146;s risk participation and funded participation in L/C
Obligations and Swing Line Loans, as applicable, under such Facility being deemed &#147;held&#148; by such
Lender for purposes of this definition) and (ii)&nbsp;the aggregate unused Commitments under such
Facility; <I>provided </I>that the unused Commitments of, and the portion of the Total Outstandings under
such Facility held or deemed held by, any Defaulting Lender shall be excluded for purposes of
making a determination of the Required Facility Lenders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Required Lenders</B>&#148; means, as of any date of determination, Lenders having more than 50% of the
sum of the (a)&nbsp;Total Outstandings (with the aggregate Dollar Amount of each Lender&#146;s risk
participation and funded participation in L/C Obligations and Swing Line Loans being deemed &#147;held&#148;
by such Lender for purposes of this definition), (b)&nbsp;aggregate unused Term Commitments and
(c)&nbsp;aggregate unused Revolving Credit Commitments; <I>provided </I>that the unused Term Commitment and
unused Revolving Credit Commitment of, and the portion of the Total Outstandings held or deemed
held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required
Lenders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Responsible Officer</B>&#148; means the chief executive officer, president, chief operating officer,
chief financial officer, chief accounting officer, or treasurer or other similar officer or Person
performing similar functions of a Loan Party and, as to any document delivered on the Closing Date,
any secretary or assistant secretary of a Loan Party. Any document delivered hereunder that is
signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been
authorized by all necessary corporate, partnership and/or other action on the part of such Loan
Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such
Loan Party. Unless otherwise specified, all references in this Agreement to a &#147;Responsible
Officer&#148; shall refer to a Responsible Officer of the Parent Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Restricted Payment</B>&#148; means any direct or indirect dividend or other distribution (whether in
cash, securities or other property) with respect to any Equity Interest of the Parent Borrower or
any of its Restricted Subsidiaries, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
defeasance, acquisition, cancellation or termination of any such Equity Interest, or on account of
any return of capital to the Parent Borrower&#146;s stockholders, partners or members (or the equivalent
Persons thereof).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Restricted Subsidiary</B>&#148; means any Subsidiary of the Parent Borrower other than an Unrestricted
Subsidiary.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Restricted Foreign Subsidiary</B>&#148; means any Restricted Subsidiary that is not a Domestic
Subsidiary.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Restricting Information</B>&#148; has the meaning specified in Section&nbsp;10.09(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Retained Existing Notes</B>&#148; means (a)&nbsp;the Parent Borrower&#146;s (i)&nbsp;6.625% Senior Notes due 2008,
(ii)&nbsp;4.25% Senior Notes due 2009, (iii)&nbsp;4.5% Senior Notes due 2010, (iv)&nbsp;6.25% Senior Notes due
2011, 4.4% Senior Notes due 2011, (v)&nbsp;5.0% Senior Notes due 2012, (vi)&nbsp;5.75% Senior Notes due 2013,
5.5% Senior Notes due 2014, (vii)&nbsp;4.9% Senior Notes due 2015, (viii)&nbsp;5.5% Senior Notes due 2016,
(ix)&nbsp;6.875% Senior Debentures due 2018 and (x)&nbsp;7.25% Debentures Due 2027 and (b)&nbsp;any 7.65% Senior
Notes due 2010 of the Parent Borrower and 8% Senior Notes due 2008 of AMFM to the extent not
repaid, prepaid, repurchased or defeased on the Closing Date (or such later date as may be
necessary to effect the Debt Repayment contemplated by any tender offer made on or prior to the
Closing Date) (the &#147;<B>Retained Existing Notes</B>&#148; and, together with the Repurchased Existing Notes, the
&#147;<B>Existing Notes</B>&#148;).
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Retained Existing Notes Indenture</B>&#148; means the Senior Indenture dated as of October&nbsp;1, 1997
among the Parent Borrower and The Bank of New York, as trustee (with The Bank of New York Trust
Company, N.A. as current trustee), as supplemented by the Second Supplemental Indenture dated as of
June&nbsp;16, 1998, as further supplemented by the Third Supplemental Indenture dated as of June&nbsp;16,
1998, as further supplemented by the Eleventh Supplemental Indenture dated as of January&nbsp;9, 2003,
as further supplemented by the Twelfth Supplemental Indenture dated as of March&nbsp;17, 2003, as
further supplemented by the Thirteenth Supplemental Indenture dated as of May&nbsp;1, 2003, as further
supplemented by the Fourteenth Supplemental Indenture dated as of May&nbsp;21, 2003, as further
supplemented by the Sixteenth Supplemental Indenture dated as of December&nbsp;9, 2003, as further
supplemented by the Seventeenth Supplemental Indenture dated as of September&nbsp;20, 2004, as further
supplemented by the Eighteenth Supplemental Indenture dated as of November&nbsp;22, 2004, as further
supplemented by the Nineteenth Supplemental Indenture dated as of December&nbsp;16, 2004, as further
supplemented by the Twentieth Supplemental Indenture dated as of March&nbsp;21, 2006 and as further
supplemented by the Twenty-first Supplemental Indenture dated as of August&nbsp;15, 2006, as may be
amended, supplemented or modified from time to time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Retained Existing Notes Indenture Debt</B>&#148; means &#147;Debt&#148; under (and as defined in) the Retained
Existing Notes Indenture.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Retained Existing Notes Indenture Restricted Subsidiary</B>&#148; means any Restricted Subsidiary that
is not an &#147;Unrestricted Subsidiary&#148; under (and as defined in) the Retained Existing Notes
Indenture.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Retained Existing Notes Indenture Sale-Leaseback Transaction</B>&#148; means any &#147;Sale-Leaseback
Transaction&#148; under (and as defined in) the Retained Existing Notes Indenture.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Retained Existing Notes Indenture Unrestricted License Subsidiary</B>&#148; means any License
Subsidiary that (a)&nbsp;is created or acquired after the Closing Date and (b)&nbsp;constitutes an
&#147;Unrestricted Subsidiary&#148; under (and as defined in) the Retained Existing Notes Indenture.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Revaluation Date</B>&#148; means (a)&nbsp;with respect to any Alternative Currency Revolving Credit Loan,
each of the following: (i)&nbsp;each date of a Borrowing of a Eurocurrency Rate Loan denominated in an
Alternative Currency, (ii)&nbsp;each date of a continuation of a Eurocurrency Rate Loan denominated in
an Alternative Currency pursuant to Section&nbsp;2.02, and (iii)&nbsp;such additional dates as the
Administrative Agent shall reasonably determine or the Required Facility Lenders under the
Alternative Currency Revolving Credit Facility shall reasonably require; and (b)&nbsp;with respect to
any Alternative Currency Letter of Credit, each of the following: (i)&nbsp;each date of issuance of a
Letter of Credit denominated in an Alternative Currency, (ii)&nbsp;each date of an amendment of any such
Letter of Credit having the effect of increasing the amount thereof (solely with respect to the
increased amount), and (iii)&nbsp;such additional dates as the Administrative Agent or the Alternative
Currency L/C Issuer shall reasonably determine or the Required Facility Lenders under the
Alternative Currency Revolving Credit Facility shall reasonably require.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Revolving Commitment Increase</B>&#148; has the meaning specified in Section&nbsp;2.14(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Revolving Commitment Increase Lender</B>&#148; has the meaning specified in Section&nbsp;2.14(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Revolving Credit Borrowing</B>&#148; means the collective reference to a Dollar Revolving Credit
Borrowing and an Alternative Currency Revolving Credit Borrowing.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Revolving Credit Commitments</B>&#148; means the collective reference to the Dollar Revolving Credit
Commitment and the Alternative Currency Revolving Credit Commitment.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Revolving Credit Facilities</B>&#148; means the collective reference to the Dollar Revolving Credit
Facility and the Alternative Currency Revolving Credit Facility.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Revolving Credit Lenders</B>&#148; means the collective reference to the Dollar Revolving Credit
Lenders and the Alternative Currency Revolving Credit Lenders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Revolving Credit Loans</B>&#148; means the collective reference to the Dollar Revolving Credit Loans
and the Alternative Currency Revolving Credit Loans.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Rollover Equity</B>&#148; means the value of all Equity Interests of existing shareholders (including
management) of the Parent Borrower (prior to giving effect to the Merger) that are converted into
Equity Interests of Parent (valued based upon the cash consideration payable in the Merger) in
connection with the Merger and the value of all Equity Interests of Parent issued to or otherwise
directly or indirectly acquired by, any existing shareholders and management of the Parent Borrower
(prior to giving effect to the Merger) in connection with the Transactions.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>S&#038;P</B>&#148; means Standard &#038; Poor&#146;s Ratings Services, a division of The McGraw-Hill Companies, Inc.,
and any successor thereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Same Day Funds</B>&#148; means (a)&nbsp;with respect to disbursements and payments in Dollars, immediately
available funds, and (b)&nbsp;with respect to disbursements and payments in an Alternative Currency,
same day or other funds as may be determined by the Administrative Agent or the applicable L/C
Issuer, as the case may be, to be customary in the place of disbursement or payment for the
settlement of international banking transactions in the relevant Alternative Currency.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>SEC</B>&#148; means the Securities and Exchange Commission, or any Governmental Authority succeeding
to any of its principal functions.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Secured Hedge Agreement</B>&#148; means any Swap Contract permitted under Section&nbsp;7.03(f) that is
entered into by and between any U.S. Loan Party or any Subsidiary and any Hedge Bank and designated
in writing by the Parent Borrower to the Administrative Agent as a &#147;Secured Hedge Agreement.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Secured Leverage Ratio</B>&#148; means, with respect to any Test Period, the ratio of (a)&nbsp;Consolidated
Secured Debt as of the last day of such Test Period to (b)&nbsp;Consolidated EBITDA of the Parent
Borrower for such Test Period.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Secured Parties</B>&#148; means, collectively, the Administrative Agent, the Lenders, each Hedge Bank,
each Cash Management Bank, the Supplemental Administrative Agent and each co-agent or sub-agent
appointed by the Administrative Agent from time to time pursuant to Section&nbsp;9.01(c).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Securities Act</B>&#148; means the Securities Act of 1933.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Securitization Assets</B>&#148; means any properties, assets and revenue streams associated with the
Americas Outdoor Advertising segment of the Parent Borrower and its Subsidiaries that are subject
to a Qualified Securitization Financing and the proceeds thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Securitization Entity</B>&#148; means a Restricted Subsidiary or direct or indirect wholly-owned
Subsidiary of Holdings (other than the Parent Borrower), or another Person formed for the purposes
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> of engaging in a Qualified Securitization Financing in which Holdings or any of its
direct or indirect wholly-owned Subsidiaries, makes an Investment and to which the Parent Borrower
or any of its Restricted Subsidiaries, directly or indirectly, sells, conveys or otherwise
transfers Securitization Assets and related assets that engages in no activities other than in
connection with the ownership and financing of Securitization Assets, all proceeds thereof and all
rights (contingent and other), collateral and other assets relating thereto, and any business or
activities incidental or related to such business, and which is designated by the board of
directors of the Parent Borrower or such other Person as provided below) as a Securitization Entity
and (a)&nbsp;no portion of the Indebtedness or any other obligations (contingent or otherwise) of which
(i)&nbsp;is guaranteed by Holdings, the Parent Borrower or any other Subsidiary of Holdings, other than
another Securitization Entity (excluding guarantees of obligations (other than the principal of,
and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii)&nbsp;is recourse
to or obligates Holdings, the Parent Borrower or any other Subsidiary of the Parent Borrower, other
than another Securitization Entity, in any way other than pursuant to Standard Securitization
Undertakings or (iii)&nbsp;subjects any property or asset of Holdings, the Parent Borrower or any other
Subsidiary of the Parent Borrower, other than another Securitization Entity, directly or
indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard
Securitization Undertakings, (b)&nbsp;with which none of Holdings, the Parent Borrower or any other
Subsidiary of the Parent Borrower, other than another Securitization Entity, has any material
contract, agreement, arrangement or understanding other than on terms which the Parent Borrower
reasonably believes to be no less favorable to Holdings, the Parent Borrower or such Subsidiary
than those that might be obtained at the time from Persons that are not Affiliates of the Parent
Borrower, (c)&nbsp;to which none of Holdings, the Parent Borrower or any other Subsidiary of the Parent
Borrower, other than another Securitization Entity, has any obligation to maintain or preserve such
entity&#146;s financial condition or cause such entity to achieve certain levels of operating results,
and (d)&nbsp;if such Securitization Entity is not a Restricted Subsidiary of the Parent Borrower, (i)&nbsp;to
the extent permitted by the terms of the Qualified Securitization Financing, Holdings shall have
pledged the Equity Interests of such Securitization Entity to the Administrative Agent and the
Administrative Agent shall be reasonably satisfied that the Obligations shall have been secured by
a first priority security interest in such Equity Interests and Holdings shall not permit any other
Liens on such Equity Interests and (ii)&nbsp;Holdings shall not transfer any Equity Interests in such
Securitization Entity to any other Person (other than to Holdings or any of its direct or indirect
wholly-owned Subsidiaries) and shall not permit such Securitization Entity to issue any additional
Equity Interests (other than to Holdings or any of its direct or indirect wholly-owned
Subsidiaries). Any such designation by the board of directors of the Parent Borrower or such other
Person shall be evidenced to the Administrative Agent by the delivery to the Administrative Agent
of a certified copy of the resolution of the board of directors of the Parent Borrower, or such
other Person giving effect to such designation and a certificate executed by a Responsible Officer
certifying that such designation complied with the foregoing conditions.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Securitization Fees</B>&#148; means distributions or payments made directly or by means of discounts
with respect to any participation interest issued or sold in connection with, and other fees paid
to a Person that is not a Securitization Entity in connection with, any Qualified Securitization
Financing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Securitization Repurchase Obligation</B>&#148; means any obligation of a seller of Securitization
Assets in a Qualified Securitization Financing to repurchase Securitization Assets arising as a
result of a breach of a Standard Securitization Undertaking, including as a result of a receivable
or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any
kind as a result of any action taken by any failure to take action by or any other event relating
to the seller.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Security Agreements</B>&#148; means, collectively, (i)&nbsp;the Principal Properties Security Agreement,
(ii)&nbsp;the Non-Principal Properties Security Agreements, (iii)&nbsp;the Receivables Collateral Security
Agreement and (iv)&nbsp;the Holdings Pledge Agreement, each executed by the applicable Loan Parties,
together with each other Security Agreement Supplement executed and delivered pursuant to
Section&nbsp;6.11.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Security Agreement Supplement</B>&#148; has the meaning specified in the Security Agreements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Similar Business</B>&#148; means any business conducted or proposed to be conducted by the Parent and
its subsidiaries on the Closing Date or any business that is similar, reasonably related,
incidental or ancillary thereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Solvent</B>&#148; and &#147;<B>Solvency</B>&#148; mean, with respect to any Person on any date of determination, that
on such date (a)&nbsp;the fair value of the property of such Person is greater than the total amount of
liabilities, including contingent liabilities, of such Person, (b)&nbsp;the present fair salable value
of the assets of such Person is not less than the amount that will be required to pay the probable
liability of such Person on its debts as they become absolute and matured, (c)&nbsp;such Person does not
intend to, and does not believe that it will, incur debts or liabilities beyond such Person&#146;s
ability to pay such debts and liabilities as they mature and (d)&nbsp;such Person is not engaged in
business or a transaction, and is not about to engage in business or a transaction, for which such
Person&#146;s property would constitute an unreasonably small capital. The amount of contingent
liabilities at any time shall be computed as the amount that, in the light of all the facts and
circumstances existing at such time, represents the amount that can reasonably be expected to
become an actual or matured liability.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>SPC</B>&#148; has the meaning specified in Section&nbsp;10.07(h).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Specified Assets</B>&#148; means assets used in the operation of the NCR Stations.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Specified Date</B>&#148; means March&nbsp;27, 2008.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Specified Equity Contribution</B>&#148; means any cash capital contributions (other than any Cure
Amount, other than any contribution increasing the Available Amount pursuant to clause (c)&nbsp;of the
definition thereof and other than any amount funded for any cost or expense referenced in clause
(a)(vii)&nbsp;of the definition of &#147;Consolidated EBITDA&#148;) or Net Cash Proceeds from Permitted Equity
Issuances (other than the Equity Contribution and other than any contribution increasing the
Available Amount pursuant to clause (c)&nbsp;of the definition thereof) received by the Parent Borrower
(or any direct or indirect parent thereof and contributed by such parent as common equity capital
to the Parent Borrower) and certified by a Responsible Officer as a Specified Equity Contribution
concurrently with such contribution or issuance.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Specified L/C Sublimit</B>&#148; means, with respect to any L/C Issuer, (i)&nbsp;in the case of Citibank
(or any of its Affiliates), (x)&nbsp;in the case of Dollar L/C Credit Extensions, 50% of the Dollar L/C
Sublimit and (y)&nbsp;in the case of Alternative Currency L/C Credit Extensions, 50% of the Alternative
Currency L/C Sublimit, (ii)&nbsp;in the case of Deutsche Bank AG New York Branch (or any of its
Affiliates), (x)&nbsp;in the case of Dollar L/C Credit Extensions, 50% of the Dollar L/C Sublimit and
(y)&nbsp;in the case of Alternative Currency L/C Credit Extensions, 50% of the Alternative Currency L/C
Sublimit and (iii)&nbsp;in the case of any other L/C Issuer, (x)&nbsp;in the case of Dollar L/C Credit
Extensions, 100% of the Dollar L/C Sublimit or (y)&nbsp;in the case of Alternative Currency L/C Credit
Extensions, 100% of the Alternative Currency L/C Sublimit, as applicable, or in each case such
lower percentage as is specified in the agreement pursuant to which such Person becomes an L/C
Issuer entered into pursuant to Section&nbsp;2.03(l) hereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Specified Transaction</B>&#148; means any Investment that results in a Person becoming a Restricted
Subsidiary or an Unrestricted Subsidiary, any Permitted Acquisition or any Disposition that results
in a Restricted Subsidiary ceasing to be a Subsidiary of the Parent Borrower or any Disposition of
a business unit, line of business or division of the Parent Borrower or a Restricted Subsidiary, in
each case whether by merger, consolidation, amalgamation or otherwise.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Sponsor</B>&#148; means any of Bain Capital LLC and Thomas&nbsp;H. Lee Partners L.P. and any of their
respective Affiliates and funds or partnerships managed or advised by any or both of them or their
respective Affiliates but not including, however, any portfolio company of any of the foregoing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Sponsor Management Agreement</B>&#148; means the Amended and Restated Management Agreement,
substantially in the form delivered to the Arrangers on or prior to the date hereof, between
certain of the management companies associated with the one or more of the Sponsors or their
advisors, the Parent Borrower (as successor by merger to Merger Sub), T Triple Crown Finco, LLC, B
Triple Crown Finco, LLC and Parent, as amended, supplemented, amended and restated, replaced or
otherwise modified from time to time; <I>provided, however</I>, that the terms of any such amendment,
supplement, amendment and restatement or replacement agreement are not, taken as a whole, less
favorable to the Lenders in any material respect than the agreement in the form delivered to the
Arrangers on or prior to the date hereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Sponsor Termination Fees</B>&#148; means the one-time payment under the Sponsor Management Agreement
of a termination fee to one or more of the Sponsors and their Affiliates in the event of either a
Change of Control or the completion of a Qualifying IPO.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Spot Rate</B>&#148; for a currency means the rate determined by the Administrative Agent or an
Alternative Currency L/C Issuer, as applicable, to be the rate quoted by the Person acting in such
capacity as the spot rate for the purchase by such Person of such currency with another currency
through its principal foreign exchange trading office; <I>provided </I>that the Administrative Agent or an
Alternative Currency L/C Issuer may obtain such spot rate from another financial institution
designated by the Administrative Agent or such Alternative Currency L/C Issuer if the Person acting
in such capacity does not have as of the date of determination a spot buying rate for any such
currency; and <I>provided </I>that the Alternative Currency L/C Issuer may use such spot rate quoted on
the date as of which the foreign exchange computation is made in the case of any Alternative
Currency Letter of Credit denominated in an Alternative Currency.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Standard Securitization Undertakings</B>&#148; means representations, warranties, covenants and
indemnities entered into by Holdings (or any direct or indirect parent company of Holdings) or any
of its Subsidiaries that the Parent Borrower has determined in good faith to be customary in a
Securitization Financing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Stations</B>&#148; means all radio and television broadcast stations owned by the Parent Borrower or
any of its Restricted Subsidiaries.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Sterling</B>&#148; and the sign &#147;<B>&#163;</B>&#148; each mean the lawful money of the United Kingdom.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Subsidiary</B>&#148; of a Person means a corporation, partnership, joint venture, limited liability
company or other business entity (excluding, for the avoidance of doubt, charitable foundations) of
which a majority of the shares of securities or other interests having ordinary voting power for
the election of directors or other governing body (other than securities or interests having such
power only by reason of the happening of a contingency) are at the time beneficially owned, or the
management of which is otherwise controlled, directly, or indirectly through one or more
intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a
&#147;Subsidiary&#148; or to &#147;Subsidiaries&#148; shall refer to a Subsidiary or Subsidiaries of the Parent
Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Subsidiary Co-Borrowers</B>&#148; means each of the Clear Channel Broadcasting, Inc., Capstar Radio
Operating Company, Citicasters Co. and Premiere Radio Networks, Inc.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Subsidiary Guarantee</B>&#148; has the meaning specified in the definition of &#147;Collateral and
Guarantee Requirement.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Subsidiary Guarantors</B>&#148; has the meaning specified in the definition of &#147;Collateral and
Guarantee Requirement.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Successor Foreign Subsidiary Revolving Borrower</B>&#148; has the meaning specified in
Section&nbsp;7.04(d)(iii).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Successor Parent Borrower</B>&#148; has the meaning specified in Section&nbsp;7.04(d)(i).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Supplemental Administrative Agent</B>&#148; has the meaning specified in Section&nbsp;9.14 and
&#147;<B>Supplemental Administrative Agents</B>&#148; shall have the corresponding meaning.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Swap Contract</B>&#148; means (a)&nbsp;any and all rate swap transactions, basis swaps, credit derivative
transactions, forward rate transactions, commodity swaps, commodity options, forward commodity
contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or
options or forward bond or forward bond price or forward bond index transactions, interest rate
options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b)&nbsp;any and all transactions of any kind, and
the related confirmations, which are subject to the terms and conditions of, or governed by, any
form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master
agreement, together with any related schedules, a &#147;<B>Master Agreement</B>&#148;), including any such
obligations or liabilities under any Master Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Swap Termination Value</B>&#148; means, in respect of any one or more Swap Contracts, after taking
into account the effect of any legally enforceable netting agreement relating to such Swap
Contracts, (a)&nbsp;for any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b)&nbsp;for any
date prior to the date referenced in clause&nbsp;(a), the amount(s) determined as the mark-to-market
value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily
available quotations provided by any recognized dealer in such Swap Contracts (which may include a
Lender or any Affiliate of a Lender).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Swing Line Borrowing</B>&#148; means a borrowing of a Swing Line Loan pursuant to Section&nbsp;2.04.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Swing Line Facility</B>&#148; means the revolving credit sub-facility made available by the Swing Line
Lender pursuant to Section&nbsp;2.04.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Swing Line Lender</B>&#148; means Citibank, in its capacity as provider of Swing Line Loans, or any
successor swing line lender hereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Swing Line Loan</B>&#148; has the meaning specified in Section&nbsp;2.04(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Swing Line Loan Notice</B>&#148; means a notice of a Swing Line Borrowing pursuant to Section&nbsp;2.04(b),
which, if in writing, shall be substantially in the form of <U>Exhibit&nbsp;B</U>.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Swing Line Obligations</B>&#148; means, as at any date of determination, the aggregate Outstanding
Amount of all Swing Line Loans outstanding.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Swing Line Sublimit</B>&#148; means an amount equal to the lesser of (a) $100,000,000 and (b)&nbsp;the
aggregate Dollar Amount of the Dollar Revolving Credit Commitments. The Swing Line Sublimit is
part of, and not in addition to, the Dollar Revolving Credit Commitments.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Syndication Agents</B>&#148; means Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding
Inc., each in its capacity as a Syndication Agent under this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>TARGET</B>&#148; means the Trans-European Automated Real-time Gross Settlement Express Transfer
payment system which utilizes interlinked national real time gross settlement systems and the
European Central Bank&#146;s payment mechanism and which began operations on 4 January&nbsp;1999.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>TARGET2&#148; </B>means the Trans-European Automated Real-time Gross Settlement Express Transfer
payment system which utilizes a single shared platform and which was launched on 19 November&nbsp;2007.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>TARGET Day</B>&#148; means:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>until such time as TARGET is permanently closed down and ceases
operations any day on which both TARGET and TARGET2 are; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>following such time as TARGET is permanently closed down and
ceased operations, any day on which TARGET2 is,</TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;open for the settlement of payments in euro.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Taxes</B>&#148; has the meaning specified in Section&nbsp;3.01(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tender Offers</B>&#148; means one or more tender offers and consent solicitations by the Parent
Borrower and AMFM to repurchase the Parent Borrower&#146;s outstanding 7.65% Senior Notes Due 2010 and
the outstanding AMFM Notes.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Term Borrowing</B>&#148; means a borrowing consisting of Term Loans of the same Type and, in the case
of Eurocurrency Rate Loans, having the same Interest Period made by each of the Term Lenders
pursuant to Section&nbsp;2.01.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Term Commitment</B>&#148; means the collective reference to the Tranche A Term Loan Commitment, the
Tranche B Term Loan Commitment, the Tranche C Term Loan Commitment and the Delayed Draw Term Loan
Commitment.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Term Lender</B>&#148; means, at any time, any Lender that has a (i)&nbsp;Tranche A Term Loan Commitment,
Tranche B Term Loan Commitment, Tranche C Term Loan Commitment, Delayed Draw 1 Term Loan Commitment
or Delayed Draw 2 Term Loan Commitment or a (ii)&nbsp;Tranche A Term Loan, Tranche B Term Loan, Tranche
C Term Loan, Delayed Draw 1 Term Loan or Delayed Draw 2 Term Loan at such time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Term Loans</B>&#148; means the collective reference to the Tranche A Term Loans made pursuant to
Section&nbsp;2.01(a)(i), Tranche B Term Loans made pursuant to Section&nbsp;2.01(a)(ii), Tranche C Term
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Loans made pursuant to Section&nbsp;2.01(a)(iii), and Delayed Draw 1 Term Loans made pursuant to
Section&nbsp;2.01(a)(iv) and Delayed Draw 2 Term Loans made pursuant to Section&nbsp;2.01(a)(v).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Test Period</B>&#148; in effect at any time means the most recent period of four consecutive fiscal
quarters of the Parent Borrower ended on or prior to such time in respect of which financial
statements for each quarter or fiscal year in such period have been or are required to be delivered
pursuant to Section&nbsp;6.01(a) or (b); <I>provided </I>that, prior to the first date that financial
statements have been or are required to be delivered pursuant to Section&nbsp;6.01(a) or (b), the Test
Period in effect shall be the period of four consecutive fiscal quarters of the Parent Borrower
ended September&nbsp;30, 2008. A Test Period may be designated by reference to the last day thereof
(i.e., the &#147;December&nbsp;31, 2007 Test Period&#148; refers to the period of four consecutive fiscal quarters
of the Parent Borrower ended December&nbsp;31, 2007), and a Test Period shall be deemed to end on the
last day thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Threshold Amount</B>&#148; means $100,000,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Total Assets</B>&#148; means the total assets of the Parent Borrower and the Restricted Subsidiaries
on a consolidated basis, as shown on the most recent balance sheet of the Parent Borrower delivered
pursuant to Section&nbsp;6.01(a) or (b)&nbsp;or, for the period prior to the time any such statements are so
delivered pursuant to Section&nbsp;6.01(a) or (b), the Pro Forma Financial Statements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Total Leverage Ratio</B>&#148; means, with respect to any Test Period, the ratio of (a)&nbsp;Consolidated
Total Debt as of the last day of such Test Period to (b)&nbsp;Consolidated EBITDA of the Parent Borrower
for such Test Period.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Total Outstandings</B>&#148; means the aggregate Outstanding Amount of all Loans and all L/C
Obligations.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tranche A Term Loan</B>&#148; means the term loans made by the Lenders to the Parent Borrower pursuant
to Section&nbsp;2.01(a)(i) or by an Incremental Amendment. Each Tranche A Term Loan shall be either a
Eurocurrency Rate Loan or a Base Rate Loan.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tranche A Term Loan Backstop Amount</B>&#148; means the excess, if any, of (i)&nbsp;$750,000,000 over (ii)
the aggregate principal amount of the initial borrowing under the ABL Facilities on the Closing
Date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tranche&nbsp;A Term Loan Commitment</B>&#148; means, as to each Term Lender, its obligation to make a
Tranche A Term Loan to the Parent Borrower pursuant to Section&nbsp;2.01(a)(i) in an aggregate amount
not to exceed the amount set forth opposite such Lender&#146;s name on <U>Schedule&nbsp;2.01B</U> under the
caption &#147;Tranche A Commitment&#148; or in the Assignment and Assumption pursuant to which such Term
Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in
accordance with this Agreement. The initial aggregate amount of the Tranche A Term Loan Commitments
is the Tranche A Term Loan Commitment Amount.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tranche&nbsp;A Term Loan Commitment Amount</B>&#148; means the sum of (i)&nbsp;$1,115,000,000 plus (ii)&nbsp;the
Tranche A Term Loan Backstop Amount.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tranche A Term Loan Lender</B>&#148; means a Lender with a Tranche&nbsp;A Commitment or an outstanding
Tranche A Term Loan.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tranche A Term Loan Note</B>&#148; means a promissory note of the Parent Borrower payable to any
Tranche A Term Loan Lender or its registered assigns, in substantially the form of
<U>Exhibit&nbsp;C-1</U>
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">hereto evidencing the aggregate Indebtedness of the Parent Borrower to such Tranche A Term
Loan Lender resulting from the Tranche A Term Loans made by such Tranche A Term Loan Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tranche B Term Loan</B>&#148; means the term loans made by the Lenders to the Parent Borrower pursuant
to Section&nbsp;2.01(a)(ii) or by an Incremental Amendment. Each Tranche B Term Loan shall be either a
Eurocurrency Rate Loan or a Base Rate Loan.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tranche&nbsp;B Term Loan Commitment</B>&#148; means, as to each Term Lender, its obligation to make a
Tranche B Term Loan to the Parent Borrower pursuant to Section&nbsp;2.01(a)(ii) in an aggregate amount
not to exceed the amount set forth opposite such Lender&#146;s name on <U>Schedule&nbsp;2.01B</U> under the
caption &#147;Tranche B Term Loan Commitment&#148; or in the Assignment and Assumption pursuant to which such
Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time
in accordance with this Agreement. The initial aggregate amount of the Tranche B Term Loan
Commitments is $10,700,000,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tranche&nbsp;B Term Loan Lender</B>&#148; means a Lender with a Tranche&nbsp;B Term Loan Commitment or an
outstanding Tranche B Term Loan.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tranche B Term Loan Note</B>&#148; means a promissory note of the Parent Borrower payable to any
Tranche B Term Loan Lender or its registered assigns, in substantially the form of
<U>Exhibit&nbsp;C-2</U> hereto evidencing the aggregate Indebtedness of the Parent Borrower and the
Subsidiary Co-Borrowers to such Tranche B Term Loan Lender resulting from the Tranche B Term Loans
made by such Tranche B Term Loan Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tranche C Term Loan</B>&#148; means the term loans made by the Lenders to the Parent Borrower pursuant
to Section&nbsp;2.01(a)(iii) or by an Incremental Amendment. Each Tranche C Term Loan shall be either a
Eurocurrency Rate Loan or a Base Rate Loan.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tranche&nbsp;C Term Loan Commitment</B>&#148; means, as to each Term Lender, its obligation to make a
Tranche C Term Loan to the Parent Borrower pursuant to Section&nbsp;2.01(a)(iii) in an aggregate amount
not to exceed the amount set forth opposite such Lender&#146;s name on Schedule&nbsp;2.01B under the caption
&#147;Tranche C Term Loan Commitment&#148; or in the Assignment and Assumption pursuant to which such Term
Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in
accordance with this Agreement. The initial aggregate amount of the Tranche C Term Loan
Commitments is the Tranche C Term Loan Commitment Amount.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tranche&nbsp;C Term Loan Commitment Amount</B>&#148; means (i)&nbsp;$705,638,000 minus (ii)&nbsp;the Net Cash
Proceeds received by the Parent Borrower or any wholly-owned Restricted Subsidiary from the sale of
Specified Assets after the Specified Date and on prior to the Closing Date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tranche&nbsp;C Term Loan Lender</B>&#148; means a Lender with a Tranche&nbsp;C Term Loan Commitment or an
outstanding Tranche C Term Loan.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tranche C Term Loan Note</B>&#148; means a promissory note of the Parent Borrower payable to any
Tranche C Term Loan Lender or its registered assigns, in substantially the form of
<U>Exhibit&nbsp;C-3</U> hereto evidencing the aggregate Indebtedness of the Parent Borrower to such
Tranche C Term Loan Lender resulting from the Tranche C Term Loans made by such Tranche C Term Loan
Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Transaction Expenses</B>&#148; means any fees or expenses incurred or paid by Holdings or any of its
Subsidiaries in connection with the Transactions, this Agreement and the other Loan Documents.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Transactions</B>&#148; means, collectively, (a)&nbsp;the Equity Contribution, (b)&nbsp;the Merger, (c)&nbsp;the
issuance of the New Senior Notes, (d)&nbsp;the funding of the Term Loans and the Initial Revolving
Borrowing on the Closing Date, (e)&nbsp;the funding of the ABL Facilities on the Closing Date, if any,
(f)&nbsp;the repayment of the Existing Credit Agreement on the Closing Date, (g)&nbsp;the consummation of the
Tender Offers on or after to the Closing Date, (h)&nbsp;the consummation of any other transactions in
connection with the foregoing and (i)&nbsp;the payment of the fees and expenses incurred in connection
with any of the foregoing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Type</B>&#148; means, with respect to a Loan denominated in Dollars, its character as a Base Rate Loan
or a Eurocurrency Rate Loan; <I>provided</I>, that any Alternative Currency Revolving Credit Loans
denominated in Dollars may only be a Eurocurrency Rate Loan.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Uniform Commercial Code</B>&#148; means the Uniform Commercial Code or any successor provision thereof
as the same may from time to time be in effect in the State of New York or the Uniform Commercial
Code or any successor provision thereof (or similar code or statute) of another jurisdiction, to
the extent it may be required to apply to any item or items of Collateral.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>United States</B>&#148; and &#147;<B>U.S.</B>&#148; mean the United States of America.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Unreimbursed Amount</B>&#148; has the meaning specified in Section&nbsp;2.03(c)(i).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Unrestricted Subsidiary</B>&#148; means (a)&nbsp;any Subsidiary of the Parent Borrower designated by the
board of directors of the Parent Borrower as an Unrestricted Subsidiary pursuant to Section&nbsp;6.14
subsequent to the date hereof, (b)&nbsp;any Securitization Entity and (c)&nbsp;any Subsidiary of an
Unrestricted Subsidiary, in each case, until such Person ceases to be an Unrestricted Subsidiary of
the Parent Borrower in accordance with Section&nbsp;6.14 or ceases to be a Subsidiary of the Parent
Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>USA PATRIOT Act</B>&#148; means The Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001 (Title&nbsp;III of Pub. L. No.&nbsp;107-56 (signed
into law October&nbsp;26, 2001)), as amended or modified from time to time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>U.S. Guarantees</B>&#148; has the meaning specified in the definition of &#147;Collateral and Guarantee
Requirement.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>U.S. Guarantor</B>&#148; has the meaning specified in the definition of &#147;Collateral and Guarantee
Requirement.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>U.S. Lender</B>&#148; has the meaning specified in Section&nbsp;3.01(d).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>U.S. Loan Parties</B>&#148; means, collectively, the Parent Borrower and the U.S. Subsidiary
Guarantors.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>U.S. Subsidiary Guarantee</B>&#148; has the meaning specified in the definition of &#147;Collateral and
Guarantee Requirement.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>U.S. Subsidiary Guarantors</B>&#148; has the meaning specified in the definition of &#147;Collateral and
Guarantee Requirement.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Voting Stock</B>&#148; means, with respect to any Person, any class or classes of Equity Interests
pursuant to which the holders thereof have the general voting power under ordinary circumstances to
elect at least a majority of the board of directors of such Person.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Weighted Average Life to Maturity</B>&#148; means, when applied to any Indebtedness at any date, the
number of years obtained by dividing: (i)&nbsp;the sum of the products obtained by multiplying (a)&nbsp;the
amount of each then remaining installment, sinking fund, serial maturity or other required payments
of principal, including payment at final maturity, in respect thereof, by (b)&nbsp;the number of years
(calculated to the nearest one-twelfth) that will elapse between such date and the making of such
payment by (ii)&nbsp;the then outstanding principal amount of such Indebtedness.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>wholly-owned</B>&#148; means, with respect to a Subsidiary of a Person, a Subsidiary of such Person
all of the outstanding Equity Interests of which (other than (x)&nbsp;director&#146;s qualifying shares and
(y)&nbsp;shares issued to foreign nationals to the extent required by applicable Law) are owned by such
Person and/or by one or more wholly-owned Subsidiaries of such Person.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Withdrawal Liability</B>&#148; means the liability of a Multiemployer Plan as a result of a complete
or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part&nbsp;I of Subtitle
E of Title IV of ERISA.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.02. <U>Other Interpretive Provisions</U>. With reference to this Agreement and
each other Loan Document, unless otherwise specified herein or in such other Loan Document:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The meanings of defined terms are equally applicable to the singular and plural
forms of the defined terms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)&nbsp;The words &#147;herein,&#148; &#147;hereto,&#148; &#147;hereof&#148; and &#147;hereunder&#148; and words of similar
import when used in any Loan Document shall refer to such Loan Document as a whole and not
to any particular provision thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Article, Section, Exhibit and Schedule references are to the Loan Document in which
such reference appears.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The term &#147;including&#148; is by way of example and not limitation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The term &#147;documents&#148; includes any and all instruments, documents, agreements,
certificates, notices, reports, financial statements and other writings, however evidenced,
whether in physical or electronic form.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the computation of periods of time from a specified date to a later specified
date, the word &#147;from&#148; means &#147;from and including&#148;; the words &#147;to&#148; and &#147;until&#148; each mean &#147;to
but excluding&#148;; and the word &#147;through&#148; means &#147;to and including.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Section&nbsp;headings herein and in the other Loan Documents are included for
convenience of reference only and shall not affect the interpretation of this Agreement or
any other Loan Document.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The word &#147;or&#148; is not exclusive.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.03. <U>Accounting Terms</U>. All accounting terms not specifically or completely
defined herein shall be construed in conformity with, and all financial data (including financial
ratios and other financial calculations) required to be submitted pursuant to this Agreement shall
be prepared in conformity with, GAAP, applied in a manner consistent with that used in preparing
the Annual Financial Statements, except as otherwise specifically prescribed herein.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.04. <U>Rounding</U>. Any financial ratios required to be satisfied in order for a
specific action to be permitted under this Agreement shall be calculated by dividing the
appropriate component by the other component, carrying the result to one place more than the number
of places by which such ratio is expressed herein and rounding the result up or down to the nearest
number (with a rounding-up if there is no nearest number).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.05. <U>References to Agreements, Laws, Etc</U>. Unless otherwise expressly
provided herein, (a)&nbsp;references to Organization Documents, agreements (including the Loan
Documents) and other contractual instruments shall be deemed to include all subsequent amendments,
restatements, extensions, supplements and other modifications thereto, but only to the extent that
such amendments, restatements, extensions, supplements and other modifications are not prohibited
by any Loan Document; and (b)&nbsp;references to any Law shall include all statutory and regulatory
provisions consolidating, amending, replacing, supplementing or interpreting such Law.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.06. <U>Times of Day</U>. Unless otherwise specified, all references herein to
times of day shall be references to Eastern time (daylight or standard, as applicable).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.07. <U>Additional Alternative Currencies</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Parent Borrower may from time to time request that Alternative Currency Revolving
Credit Loans be made and/or Alternative Currency Letters of Credit be issued in a currency other
than those specifically listed in the definition of &#147;Alternative Currency&#148;; <I>provided </I>that such
requested currency is a lawful currency (other than Dollars) that is readily available and freely
transferable and convertible into Dollars. In the case of any such request with respect to the
making of Alternative Currency Revolving Credit Loans, such request shall be subject to the
approval of the Administrative Agent and each Alternative Currency Revolving Credit Lender; and in
the case of any such request with respect to the issuance of Alternative Currency Letters of
Credit, such request shall be subject to the approval of the Administrative Agent, each Alternative
Currency Revolving Credit Lender and each Alternative Currency L/C Issuer.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any such request shall be made to the Administrative Agent not later than 11:00&nbsp;a.m., ten
Business Days prior to the date of the desired Alternative Currency Revolving Credit Borrowing or
Alternative Currency L/C Borrowing (or such other time or date as may be agreed by the
Administrative Agent and, in the case of any such request pertaining to Alternative Currency
Letters of Credit, each Alternative Currency L/C Issuer, in its or their sole discretion). Any
such request pertaining to Alternative Currency Revolving Credit Loans, the Administrative Agent
shall promptly notify each Alternative Currency Revolving Credit Lender thereof; and in the case of
any such request pertaining to Alternative Currency Letters of Credit, the Administrative Agent
shall promptly notify each Alternative Currency L/C Issuer thereof and each of the Alternative
Currency Revolving Credit Lenders. Each Alternative Currency Revolving Credit Lender (in the case
of any such request pertaining to Alternative Currency Revolving Credit Loans) or each Alternative
Currency L/C Issuer and each of the Alternative Currency Revolving Credit Lenders (in the case of a
request pertaining to Alternative Currency Letters of Credit) shall notify the Administrative
Agent, not later than 11:00&nbsp;a.m., five Business Days after receipt of such request whether it
consents, in its sole discretion, to the making of Alternative Currency Revolving Credit Loans or
the issuance of Alternative Currency Letters of Credit, as the case may be, in such requested
currency.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Any failure by an Alternative Currency Revolving Credit Lender or an Alternative Currency
L/C Issuer, as the case may be, to respond to such request within the time period specified in the
preceding sentence shall be deemed to be a refusal by such Alternative Currency Revolving Credit
Lender or such Alternative Currency L/C Issuer, as the case may be, to permit Alternative Currency

</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Revolving Credit Loans to be made or Alternative Currency Letters of Credit to be issued in such
requested currency. If the Administrative Agent and all the Alternative Currency Revolving Credit
Lenders consent to making Alternative Currency Revolving Credit Loans in such requested currency,
the Administrative Agent shall so notify the Parent Borrower and such currency shall thereupon be
deemed for all purposes to be an Alternative Currency hereunder for purposes of any Alternative
Currency Revolving Credit Borrowings of Alternative Currency Revolving Credit Loans, and if the
Administrative Agent, each Alternative Currency Revolving Credit Lender and each Alternative
Currency L/C Issuer consent to the issuance of Alternative Currency Letters of Credit in such
requested currency, the Administrative Agent shall so notify the Parent Borrower and such currency
shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of
any Alternative Currency Letter of Credit issuances. If the consents required to be obtained by
this Section with respect to an additional currency proposed by the Parent Borrower are not
obtained, the Administrative Agent shall promptly so notify the Parent Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.08. <U>Currency Equivalents Generally</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Administrative Agent shall determine the Spot Rates as of each Revaluation Date to be
used for calculating Dollar Amounts of Credit Extensions and Outstanding Amounts denominated in
Alternative Currencies. Such Spot Rates shall become effective as of such Revaluation Date and
shall be the Spot Rates employed in converting any amounts between the applicable currencies until
the next Revaluation Date to occur. Except for purposes of financial statements delivered by Loan
Parties hereunder or calculating financial ratios hereunder or except as otherwise provided herein,
the applicable amount of any currency (other than Dollars) for purposes of the Loan Documents shall
be such Dollar Amount as so determined by the Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Wherever in this Agreement in connection with a Borrowing, conversion, continuation or
prepayment of a Eurocurrency Rate Loan or the issuance, amendment or extension of an Alternative
Currency Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed
in Dollars, but such Borrowing, Eurocurrency Rate Loan or Alternative Currency Letter of Credit is
denominated in an Alternative Currency, such amount shall be the relevant Alternative Currency
Equivalent of such Dollar Amount (rounded to the nearest unit of such Alternative Currency, with
0.5 of a unit being rounded upward), as determined by the Administrative Agent or the applicable
Alternative Currency L/C Issuer, as the case may be.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Notwithstanding the foregoing, for purposes of determining compliance with Sections&nbsp;7.01,
7.02 and 7.03 with respect to any amount of Indebtedness or Investment in a currency other than
Dollars, no Default shall be deemed to have occurred solely as a result of changes in rates of
exchange occurring after the time such Indebtedness or Investment is incurred; <I>provided </I>that, for
the avoidance of doubt, the foregoing provisions of this Section&nbsp;1.08 shall otherwise apply to such
Sections, including with respect to determining whether any Indebtedness or Investment may be
incurred at any time under such Sections.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;For purposes of determining compliance with Section&nbsp;7.14 and otherwise computing the Total
Leverage Ratio and Secured Leverage Ratio, the equivalent in Dollars of any amount denominated in a
currency other than Dollars will be converted to Dollars (i)&nbsp;with respect to income statement
items, in a manner consistent with that used in calculating Net Income in the Parent Borrower&#146;s
latest financial statements delivered pursuant to Section&nbsp;6.01(a) or (b)&nbsp;and (ii)&nbsp;with respect to
balance sheet items, in a manner consistent with that used in calculating balance sheet items in
the Parent Borrower&#146;s latest financial statements delivered pursuant to Section&nbsp;6.01(a) or (b)&nbsp;and
will, in the case of Indebtedness, reflect the currency translation effects, determined in
accordance with GAAP, of Swap Contracts for currency exchange risks with respect to the applicable
currency in effect on the date of determination of the Dollar equivalent of such Indebtedness.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.09. <U>Change in Currency</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each obligation of the Parent Borrower to make a payment denominated in the national
currency unit of any member state of the European Union that adopts the Euro as its lawful currency
after the date hereof shall be redenominated into Euro at the time of such adoption (in accordance
with the EMU Legislation). If, in relation to the currency of any such member state, the basis of
accrual of interest expressed in this Agreement in respect of that currency shall be inconsistent
with any convention or practice in the London interbank market for the basis of accrual of interest
in respect of the Euro, such expressed basis shall be replaced by such convention or practice with
effect from the date on which such member state adopts the Euro as its lawful currency; <I>provided</I>
that if any Alternative Currency Revolving Credit Borrowing in the currency of such member state is
outstanding immediately prior to such date, such replacement shall take effect, with respect to
such Alternative Currency Revolving Credit Borrowing, at the end of the then current Interest
Period.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each provision of this Agreement shall be subject to such reasonable changes of
construction as the Administrative Agent may from time to time specify to be appropriate to reflect
the adoption of the Euro by any member state of the European Union and any relevant market
conventions or practices relating to the Euro.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Each provision of this Agreement also shall be subject to such reasonable changes of
construction as the Administrative Agent may from time to time specify to be appropriate to reflect
a change in currency of any other country and any relevant market conventions or practices relating
to the change in currency.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.10. <U>Pro Forma Calculations</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Notwithstanding anything to the contrary herein, the Secured Leverage Ratio and the Total
Leverage Ratio shall be calculated in the manner prescribed by this Section.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In the event that the Parent Borrower or any Restricted Subsidiary incurs, assumes,
guarantees, redeems, repays, retires or extinguishes any Indebtedness included in the definitions
of Consolidated Secured Debt or Consolidated Total Debt, as the case may be (in each case, other
than Indebtedness incurred or repaid under any revolving credit facility in the ordinary course of
business for working capital purposes), subsequent to the end of the Test Period for which the
Secured Leverage Ratio and the Total Leverage Ratio, as the case may be, is being calculated but
prior to or simultaneously with the event for which the calculation of any such ratio is made, then
the Secured Leverage Ratio and the Total Leverage Ratio shall be calculated giving <I>pro forma </I>effect
to such incurrence, assumption, guarantee, redemption, repayment, retirement or extinguishment of
Indebtedness, as if the same had occurred on the last day of the applicable Test Period.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;For purposes of calculating the Secured Leverage Ratio and the Total Leverage Ratio,
Specified Transactions that have been made by the Parent Borrower or any of its Restricted
Subsidiaries during the applicable Test Period or subsequent to such Test Period and prior to or
simultaneously with the event for which the calculation of any such ratio is made shall be
calculated on a <I>pro forma </I>basis assuming that all such Specified Transactions (and the change in
Consolidated EBITDA resulting therefrom) had occurred on the first day of the applicable Test
Period. If since the beginning of any such Test Period any Person that subsequently became a
Restricted Subsidiary or was merged, amalgamated or consolidated with or into the Parent Borrower
or any of its Restricted Subsidiaries since the beginning of such Test Period shall have made any
Specified Transaction that would have required adjustment pursuant to this Section, then the
Secured Leverage Ratio and the Total Leverage Ratio shall be calculated giving
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><I>pro forma </I>effect thereto for such period as if such Specified Transaction occurred at the
beginning of the applicable Test Period.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Notwithstanding the foregoing, when calculating the Secured Leverage Ratio and Total
Leverage Ratio for purposes of determining compliance with Section&nbsp;7.14 at the end of a Test Period
(excluding determinations of compliance with such Section on a pro forma basis pursuant to Sections
2.05(b)(ii), 2.14, 6.14 and 7.04), the definition of &#147;Applicable Rate&#148; and Sections&nbsp;2.05(b)(i) and
2.05(b)(ii), the events described in Sections&nbsp;1.10(b) and 1.10(c) above that occurred subsequent to
the end of the Test Period shall not be given <I>pro forma </I>effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Whenever <I>pro forma </I>effect is to be given to a Specified Transaction (other than the
Transactions), the <I>pro forma </I>calculations shall be made in good faith by a responsible financial or
accounting officer of the Parent Borrower (and may include, for the avoidance of doubt, cost
savings, operating expense reductions and synergies resulting from such Specified Transaction
(other than the Transactions) which is being given <I>pro forma </I>effect that have been or are expected
to be realized and shall be certified in an officers&#146; certificate by such responsible financial or
accounting officer delivered to the Administrative Agent); <I>provided </I>that (A)&nbsp;such amounts are
reasonably identifiable and factually supportable, (B)&nbsp;actions to realize such amounts are taken
within 12&nbsp;months after the date of such Specified Transaction, (C)&nbsp;no amounts shall be added
pursuant to this clause to the extent duplicative of any amounts that are otherwise added back in
computing Consolidated EBITDA with respect to such period. Notwithstanding the foregoing,
calculations of the Total Leverage Ratio for purposes of the definition of &#147;Applicable Rate&#148; and
Section&nbsp;2.05(b)(i) and 2.05(b)(ii) shall not include any cost savings, operating expense reductions
or synergies that have not been actually realized.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.11. <U>Funding Through Applicable Lending Offices</U>. Any Lender may, by notice to the
Administrative Agent and the Parent Borrower, designate an Affiliate of such Lender as its
applicable Lending Office with respect to any Alternative Currency Revolving Credit Loans to be
made by such Lender to any Borrower (and, for the avoidance of doubt, a Lender may designate
different applicable Lending Offices to make Loans to the Parent Borrower, on the one hand, and any
Foreign Subsidiary Revolving Borrower, on the other hand, under the same Alternative Currency
Revolving Credit Facility) or make any Alternative Currency Revolving Credit Loan available to any
Borrower by causing any foreign or domestic branch or Affiliate of such Lender to make such Loans.
In the event that a Lender designates an Affiliate of such Lender as its applicable Lending Office
for Alternative Currency Revolving Credit Loans to any Borrower under the Alternative Currency
Revolving Credit Facility or makes any Alternative Currency Revolving Credit Loan available to any
Borrower by causing any foreign or domestic branch or Affiliate of such Lender to make such Loans,
then all Alternative Currency Revolving Credit Loans and reimbursement obligations to be funded by
such Lender under the Alternative Currency Revolving Credit Facility to such Borrower shall be
funded by such applicable Lending Office or foreign or domestic branch or Affiliate, as applicable,
and all payments of interest, fees, principal and other amounts payable to such Lender under the
Alternative Currency Revolving Credit Facility shall be payable to such applicable Lending Office
or foreign or domestic branch or Affiliate, as applicable. Except as provided in the immediately
preceding sentence, no designation by any Lender of an Affiliate as its applicable Lending Office
or making any Loan available to any Borrower by causing any foreign or domestic branch or Affiliate
of such Lender to make such Loans shall alter the obligation of the applicable Borrower to pay any
principal, interest, fees or other amounts hereunder.
</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>The Commitments and Credit Extensions</B></U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.01. <U>The Loans</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>The Term Borrowings</I>. Subject to the terms and conditions set forth herein, (i)&nbsp;each
Tranche A Term Loan Lender severally agrees to make to the Parent Borrower a single loan
denominated in Dollars in an aggregate Dollar Amount equal to such Tranche A Term Loan Lender&#146;s
Tranche A Term Loan Commitment on the Closing Date; (ii)&nbsp;each Tranche B Term Loan Lender severally
agrees to make to the Parent Borrower and the Subsidiary Co-Borrowers (which shall be allocated
among them ratably in accordance with the Designated Amounts) a single loan denominated in Dollars
in an aggregate Dollar Amount equal to such Tranche B Term Loan Lender&#146;s Tranche B Term Loan
Commitment on the Closing Date; (iii)&nbsp;each Tranche C Term Loan Lender severally agrees to make to
the Parent Borrower a single loan denominated in Dollars in an aggregate Dollar Amount equal to
such Tranche C Term Loan Lender&#146;s Tranche C Term Loan Commitment on the Closing Date; (iv)&nbsp;each
Delayed Draw 1 Term Loan Lender severally agrees to make to the Parent Borrower loans denominated
in Dollars as elected by the Parent Borrower pursuant to Section&nbsp;2.02 on not more than three
occasions on any Business Day on or after the Closing Date to the Delayed Draw Term Loan 1
Commitment Termination Date in an aggregate Dollar Amount not to exceed its Delayed Draw 1 Term
Loan Commitment; <I>provided </I>that all proceeds of such loans shall be used to repay, redeem,
repurchase, defease or otherwise satisfy the Designated 2010 Retained Existing Notes and (v)&nbsp;each
Delayed Draw 2 Term Loan Lender severally agrees to make to the Parent Borrower loans denominated
in Dollars as elected by the Parent Borrower pursuant to Section&nbsp;2.02 on not more than two
occasions on any Business Day after the Closing Date to the Delayed Draw Term Loan 2 Commitment
Termination Date in an aggregate Dollar Amount not to exceed its Delayed Draw 2 Term Loan
Commitment; <I>provided </I>that all proceeds of such loans shall be used to repay, redeem, repurchase,
defease or otherwise satisfy the Designated 2009 Retained Existing Notes. Amounts borrowed under
this Section&nbsp;2.01(a) and repaid or prepaid may not be reborrowed. Term Loans may be Base Rate
Loans or Eurocurrency Rate Loans, as further provided herein.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>The Revolving Credit Borrowings</I>. Subject to the terms and conditions set forth herein,
(i)&nbsp;each Dollar Revolving Credit Lender severally agrees to make loans denominated in Dollars to
the Parent Borrower as elected by the Parent Borrower pursuant to Section&nbsp;2.02 (each such loan, a
&#147;<B>Dollar Revolving Credit Loan</B>&#148;) from time to time, on any Business Day after the Closing Date until
the Maturity Date (<I>provided </I>that each Dollar Revolving Credit Lender agrees to make loans
denominated in Dollars in an aggregate amount not exceeding its Pro Rata Share of the Initial
Revolving Borrowing on the Closing Date), in an aggregate Dollar Amount not to exceed at any time
outstanding the amount of such Lender&#146;s Dollar Revolving Credit Commitment; <I>provided </I>that after
giving effect to any Dollar Revolving Credit Borrowing, the aggregate Outstanding Amount of the
Dollar Revolving Credit Loans of any Lender, plus such Lender&#146;s Pro Rata Share of the Outstanding
Amount of all Dollar L/C Obligations, plus such Lender&#146;s Pro Rata Share of the Outstanding Amount
of all Swing Line Loans shall not exceed such Lender&#146;s Dollar Revolving Credit Commitment; and (ii)
each Alternative Currency Revolving Credit Lender severally agrees to make loans denominated in
Dollars or an Alternative Currency to the Parent Borrower and the Foreign Subsidiary Revolving
Borrowers as elected by the relevant Borrower pursuant to Section&nbsp;2.02 (each such loan, an
&#147;<B>Alternative Currency Revolving Credit Loan</B>&#148;) from time to time, on any Business Day after the
Closing Date until the Maturity Date, in an aggregate Dollar Amount not to exceed at any time
outstanding the amount of such Lender&#146;s Alternative Currency Revolving Credit Commitment; <I>provided</I>
that after giving effect to any Alternative Currency Revolving Credit Borrowing, the aggregate
Outstanding Amount of the Alternative Currency Revolving Credit Loans of any Lender, plus such
Lender&#146;s Pro Rata Share of the Outstanding Amount of all Alternative Currency L/C Obligations shall
not exceed such Lender&#146;s Alternative Currency Revolving Credit Commitment. Within the
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">limits of each Lender&#146;s Revolving Credit Commitment, and subject to the other terms and
conditions hereof, the Borrowers may borrow under this Section&nbsp;2.01(b), prepay under Section&nbsp;2.05,
and reborrow under this Section&nbsp;2.01(b). Dollar Revolving Credit Loans may be Base Rate Loans or
Eurocurrency Rate Loans, as further provided herein, and Alternative Currency Revolving Credit
Loans (other than Alternative Currency Revolving Credit Loans denominated in Dollars, which may be
Base Rate Loans or Eurocurrency Rate Loans) must be Eurocurrency Rate Loans, as further provided
herein.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.02. <U>Borrowings, Conversions and Continuations of Loans</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each Term Borrowing made after the Closing Date, each Revolving Credit Borrowing (other
than Swing Line Borrowings with respect to which this Section&nbsp;2.02 shall not apply) made after the
Closing Date (or on the Closing Date in the case of an Initial Revolving Borrowing permitted under
clause (a)(ii) of the definition of &#147;Permitted Initial Revolving Borrowing Purposes&#148;), each
conversion of Term Loans or Revolving Credit Loans from one Type to the other, and each
continuation of Eurocurrency Rate Loans, shall be made upon the relevant Borrower&#146;s irrevocable
notice to the Administrative Agent, which may be given by telephone. Each such notice must be
received by the Administrative Agent (i)&nbsp;not later than 12:00 noon (New York, New York time)
(A)&nbsp;three (3)&nbsp;Business Days prior to the requested date of any Borrowing or continuation of
Eurocurrency Rate Loans denominated in Dollars or any conversion of Base Rate Loans to Eurocurrency
Rate Loans and (B)&nbsp;four (4)&nbsp;Business Days prior to the requested date of any Borrowing or
continuation of Eurocurrency Rate Loans denominated in an Alternative Currency, and (ii)&nbsp;not later
than 11:00&nbsp;a.m. on the requested date of any Borrowing of Base Rate Loans. Each telephonic notice
by any Borrower pursuant to this Section&nbsp;2.02(a) must be confirmed promptly by delivery to the
Administrative Agent of a written Committed Loan Notice, appropriately completed and signed by a
Responsible Officer of such Borrower. Each Borrowing of, conversion to or continuation of
Eurocurrency Rate Loans shall be in a principal Dollar Amount of $1,000,000 or a whole multiple of
the Dollar Amount of $500,000 in excess thereof. Except as provided in Sections&nbsp;2.03(c) and
2.04(c), each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of
$500,000 or a whole multiple of $100,000 in excess thereof. Each Committed Loan Notice (whether
telephonic or written) shall specify (i)&nbsp;whether the relevant Borrower is requesting a Tranche A
Term Loan, a Tranche B Term Loan, a Tranche C Term Loan, a Delayed Draw 1 Term Loan, a Delayed Draw
2 Term Loan, a Dollar Revolving Credit Borrowing, an Alternative Currency Revolving Credit
Borrowing, a conversion of Term Loans or Revolving Credit Loans from one Type to the other, or a
continuation of Eurocurrency Rate Loans, (ii)&nbsp;the requested date of the Borrowing, conversion or
continuation, as the case may be (which shall be a Business Day), (iii)&nbsp;the principal amount of
Loans to be borrowed, converted or continued, (iv)&nbsp;the currency in which the Loans to be borrowed
are to be denominated, (v)&nbsp;the Type of Loans to be borrowed or to which existing Term Loans or
Revolving Credit Loans are to be converted, (vi)&nbsp;if applicable, the duration of the Interest Period
with respect thereto, (vii)&nbsp;in the case of Revolving Credit Loans denominated in Dollars, whether
such Revolving Credit Loans are being borrowed under the Dollar Revolving Credit Facility or the
Alternative Currency Revolving Credit Facility and (viii)&nbsp;in the case of Alternative Currency
Revolving Credit Loans, whether the borrower shall be the Parent Borrower or one of the Foreign
Subsidiary Revolving Borrowers. If the relevant Borrower fails to specify a Type of Loan in a
Committed Loan Notice or fails to give a timely notice requesting a conversion or continuation,
then the applicable Term Loans or Revolving Credit Loans shall be made as, or converted to, Base
Rate Loans (unless the Loan being made or continued is denominated in an Alternative Currency, in
which case it shall be made or continued as a Eurocurrency Rate Loan with an Interest Period of one
month). Any such automatic conversion to Base Rate Loans shall be effective as of the last day of
the Interest Period then in effect with respect to the applicable Eurocurrency Rate Loans. If the
relevant Borrower requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate
Loans in any such Committed Loan Notice, but fails to specify an Interest Period (or fails to give
a timely notice requesting a continuation of Eurocurrency Rate Loans denominated in an Alternative
Currency), it will be deemed to have specified an Interest Period of one (1)&nbsp;month. If no currency
is specified, the requested Borrowing shall
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">be in Dollars. Notwithstanding the foregoing, until the date which is six months after the
Closing Date (unless otherwise agreed by the Administrative Agent), all Eurocurrency Rate Loans may
not have an Interest Period in excess of one (1)&nbsp;month.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly
notify each Lender of the amount (and currency) of its Pro Rata Share of the applicable Class of
Loans, and if no timely notice of a conversion or continuation is provided by the relevant
Borrower, the Administrative Agent shall notify each Lender of the details of any automatic
conversion to Base Rate Loans or continuation of Loans denominated in an Alternative Currency
described in Section&nbsp;2.02(a). In the case of each Borrowing, each Appropriate Lender shall make
the amount of its Loan available to the Administrative Agent in Same Day Funds at the
Administrative Agent&#146;s Office for the respective currency not later than 1:00 p.m., in the case of
any Loan denominated in Dollars, and not later than the Applicable Time in the case of any Loan
denominated in an Alternative Currency, in each case on the Business Day specified in the
applicable Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in
Section&nbsp;4.02 (and, if such Borrowing is on the Closing Date, Section&nbsp;4.01), the Administrative
Agent shall make all funds so received available to the relevant Borrower in like funds as received
by the Administrative Agent either by (i)&nbsp;crediting the account of the relevant Borrower on the
books of the Administrative Agent with the amount of such funds or (ii)&nbsp;wire transfer of such
funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the
Administrative Agent by the relevant Borrower; <I>provided </I>that if, on the date the Committed Loan
Notice with respect to a Borrowing under a Revolving Credit Facility is given by any Borrower,
there are L/C Borrowings outstanding, then the proceeds of such Borrowing shall be applied, first,
to the payment in full of any such L/C Borrowings and second, to the relevant Borrower as provided
above.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued or
converted only on the last day of an Interest Period for such Eurocurrency Rate Loan. During the
existence of an Event of Default, the Administrative Agent or the Required Facility Lenders may
require that no Loans under the applicable Facility may be converted to or continued as
Eurocurrency Rate Loans, and the Required Facility Lenders under the Alternative Currency Revolving
Credit Facility may require that any or all of the then outstanding Eurocurrency Rate Loans
denominated in an Alternative Currency be redenominated into Dollars in the amount of the Dollar
Amount thereof, on the last day of the then current Interest Period with respect thereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Administrative Agent shall promptly notify the Parent Borrower and the Lenders of the
interest rate applicable to any Interest Period for Eurocurrency Rate Loans upon determination of
such interest rate. The determination of the Eurocurrency Rate by the Administrative Agent shall
be conclusive in the absence of manifest error. At any time that Base Rate Loans are outstanding,
the Administrative Agent shall notify the Parent Borrower and the Lenders of any change in the
Administrative Agent&#146;s prime rate used in determining the Base Rate promptly following the public
announcement of such change.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;After giving effect to all Term Borrowings, all Revolving Credit Borrowings, all
conversions of Term Loans or Revolving Credit Loans from one Type to the other, and all
continuations of Term Loans or Revolving Credit Loans as the same Type, there shall not be more
than thirty (30)&nbsp;Interest Periods in effect unless otherwise agreed between the Parent Borrower and
the Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The failure of any Lender to make the Loan to be made by it as part of any Borrowing shall
not relieve any other Lender of its obligation, if any, hereunder to make its Loan on the date of
such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the
Loan to be made by such other Lender on the date of any Borrowing.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Unless the Administrative Agent shall have received notice from a Lender prior to the date
of any Borrowing that such Lender will not make available to the Administrative Agent such Lender&#146;s
Pro Rata Share of such Borrowing, the Administrative Agent may assume that such Lender has made
such Pro Rata Share available to the Administrative Agent on the date of such Borrowing in
accordance with paragraph&nbsp;(b) above, and the Administrative Agent may, in reliance upon such
assumption, make available to the relevant Borrower on such date a corresponding amount. If the
Administrative Agent shall have so made funds available, then, to the extent that such Lender shall
not have made such Pro Rata Share available to the Administrative Agent, each of such Lender and
such Borrower severally agrees to repay to the Administrative Agent forthwith on demand such
corresponding amount together with interest thereon, for each day from the date such amount is made
available to such Borrower until the date such amount is repaid to the Administrative Agent at
(i)&nbsp;in the case of such Borrower, the interest rate applicable at the time to the Loans comprising
such Borrowing and (ii)&nbsp;in the case of such Lender, the Overnight Rate plus any administrative,
processing, or similar fees customarily charged by the Administrative Agent in accordance with the
foregoing. A certificate of the Administrative Agent submitted to any Lender with respect to any
amounts owing under this Section&nbsp;2.02(g) shall be conclusive in the absence of manifest error. If
such Borrower and such Lender shall pay such interest to the Administrative Agent for the same or
an overlapping period, the Administrative Agent shall promptly remit to such Borrower (to the
extent such amount is covered by interest paid by such Lender) the amount of such interest paid by
such Borrower for such period. If such Lender pays its share of the applicable Borrowing to the
Administrative Agent, then the amount so paid shall constitute such Lender&#146;s Loan included in such
Borrowing. Any payment by a Borrower shall be without prejudice to any claim such Borrower may
have against a Lender that shall have failed to make such payment to the Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.03. <U>Letters of Credit</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>The Letter of Credit Commitments</I>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Subject to the terms and conditions set forth herein, (A)(1) each Dollar L/C Issuer
agrees, in reliance upon the agreements of the other Dollar Revolving Credit Lenders set forth in
this Section&nbsp;2.03, (x)&nbsp;from time to time on any Business Day during the period from the Closing
Date until the Letter of Credit Expiration Date, to issue Dollar Letters of Credit for the account
of the Parent Borrower (<I>provided </I>that any Dollar Letter of Credit may be for the benefit of any
Subsidiary of the Parent Borrower) and to amend or renew Dollar Letters of Credit previously issued
by it, in accordance with Section&nbsp;2.03(b), and (y)&nbsp;to honor drawings under the Dollar Letters of
Credit and (2)&nbsp;the Dollar Revolving Credit Lenders severally agree to participate in Dollar Letters
of Credit issued pursuant to this Section&nbsp;2.03 and (B)(1) each Alternative Currency L/C Issuer
agrees, in reliance upon the agreements of the other Alternative Currency Revolving Credit Lenders
set forth in this Section&nbsp;2.03, (x)&nbsp;from time to time on any Business Day during the period from
the Closing Date until the Letter of Credit Expiration Date, to issue Alternative Currency Letters
of Credit denominated in Dollars or in an Alternative Currency for the account of the Parent
Borrower or any Foreign Subsidiary Revolving Borrower (<I>provided </I>that any Alternative Currency
Letter of Credit may be for the benefit of any Subsidiary of the Parent Borrower or any Foreign
Subsidiary Revolving Borrower) and to amend or renew Alternative Currency Letters of Credit
previously issued by it, in accordance with Section&nbsp;2.03(b), and (y)&nbsp;to honor drawings under the
Alternative Currency Letters of Credit and (2)&nbsp;the Alternative Currency Revolving Credit Lenders
severally agree to participate in Alternative Currency Letters of Credit issued pursuant to this
Section&nbsp;2.03; <I>provided </I>that L/C Issuers shall not be obligated to make L/C Credit Extensions with
respect to Letters of Credit, and Lenders shall not be obligated to participate in Letters of
Credit if, as of the date of the applicable (I)&nbsp;Dollar Letter of Credit, (x)&nbsp;the Dollar Revolving
Credit Exposure of any Lender would exceed such Lender&#146;s Dollar Revolving Credit Commitment or (y)
the Outstanding Amount of all Dollar L/C Obligations would exceed the Dollar L/C Sublimit and (II)
Alternative Currency Letter of Credit, (x)&nbsp;the Alternative Currency Revolving Credit Exposure of
any Lender would exceed such Lender&#146;s Alternative
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Currency Revolving Credit Commitment or (y)&nbsp;the Outstanding Amount of all Alternative Currency
L/C Obligations would exceed the Alternative Currency L/C Sublimit; <I>provided further </I>that no Letter
of Credit shall be issued by any L/C Issuer the stated amount of which, when added to the
Outstanding Amount of L/C Credit Extensions with respect to such L/C Issuer, would exceed the
applicable Specified L/C Sublimit of such L/C Issuer then in effect. Each request by the Parent
Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation
by the Parent Borrower that the L/C Credit Extension so requested complies with the conditions set
forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the
terms and conditions hereof, the Parent Borrower&#146;s ability to obtain Letters of Credit shall be
fully revolving, and accordingly the Parent Borrower may, during the foregoing period, obtain
Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and
reimbursed.
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) An L/C Issuer shall not issue any Letter of Credit if:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) subject to Section&nbsp;2.03(b)(iii), the expiry date of such requested Letter of Credit
would occur more than twelve months after the date of issuance or last renewal, unless
otherwise agreed by such L/C Issuer and the Administrative Agent in their sole discretion;
or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the expiry date of such requested Letter of Credit would occur after the applicable
Letter of Credit Expiration Date, unless (1)&nbsp;each Appropriate Lender shall have approved
such expiry date or (2)&nbsp;the Outstanding Amount of the L/C Obligations in respect of such
requested Letter of Credit has been Cash Collateralized.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An L/C Issuer shall be under no obligation to issue any Letter of Credit if:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any order, judgment or decree of any Governmental Authority or arbitrator shall by
its terms purport to enjoin or restrain such L/C Issuer from issuing such Letter of Credit,
or any Law applicable to such L/C Issuer or any directive (whether or not having the force
of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall
prohibit, or direct that such L/C Issuer refrain from, the issuance of letters of credit
generally or such Letter of Credit in particular or shall impose upon such L/C Issuer with
respect to such Letter of Credit any restriction, reserve or capital requirement (for which
such L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date,
or shall impose upon such L/C Issuer any unreimbursed loss, cost or expense which was not
applicable on the Closing Date (for which such L/C Issuer is not otherwise compensated
hereunder);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the issuance of such Letter of Credit would violate one or more policies of such
L/C Issuer applicable to letters of credit generally; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) except as otherwise agreed by the Administrative Agent and such L/C Issuer, such
Letter of Credit is to be denominated in a currency other than (i)&nbsp;in the case of Dollar
Letters of Credit, Dollars and (ii)&nbsp;in the case of Alternative Currency Letters of Credit,
Dollars or an Alternative Currency.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;An L/C Issuer shall be under no obligation to amend any Letter of Credit if (A)&nbsp;such L/C
Issuer would have no obligation at such time to issue such Letter of Credit in its amended form
under the terms hereof, or (B)&nbsp;the beneficiary of such Letter of Credit does not accept the
proposed amendment to such Letter of Credit.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;Each L/C Issuer shall act on behalf of the Appropriate Lenders with respect to any Letters
of Credit issued by it and the documents associated therewith, and each L/C Issuer shall have
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">all of the benefits and immunities (A)&nbsp;provided to the Administrative Agent in Article&nbsp;IX with
respect to any acts taken or omissions suffered by such L/C Issuer in connection with Letters of
Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters
of Credit as fully as if the term &#147;Administrative Agent&#148; as used in Article&nbsp;IX included such L/C
Issuer with respect to such acts or omissions, and (B)&nbsp;as additionally provided herein with respect
to the L/C Issuers.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Procedures for Issuance and Amendment of Letters of Credit; Auto-Renewal Letters of
Credit</I>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Each Letter of Credit shall be issued or amended, as the case may be, upon the request of
the Parent Borrower delivered to an L/C Issuer (with a copy to the Administrative Agent) in the
form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer
of the Parent Borrower. Such Letter of Credit Application must be received by the relevant L/C
Issuer and the Administrative Agent not later than 12:00 noon at least two (2)&nbsp;Business Days prior
to the proposed issuance date or date of amendment, as the case may be; or, in each case, such
later date and time as the relevant L/C Issuer may agree in a particular instance in its sole
discretion. In the case of a request for an initial issuance of a Letter of Credit, such Letter of
Credit Application shall specify in form and detail reasonably satisfactory to the relevant L/C
Issuer: (a)&nbsp;the proposed issuance date of the requested Letter of Credit (which shall be a
Business Day); (b)&nbsp;the amount thereof; (c)&nbsp;the expiry date thereof; (d)&nbsp;the name and address of the
beneficiary thereof; (e)&nbsp;the documents to be presented by such beneficiary in case of any drawing
thereunder; (f)&nbsp;the full text of any certificate to be presented by such beneficiary in case of any
drawing thereunder; (g)&nbsp;the currency in which the requested Letter of Credit will be denominated
and whether such Letter of Credit shall constitute a Dollar Letter of Credit or an Alternative
Currency Letter of Credit; and (h)&nbsp;such other matters as the relevant L/C Issuer may reasonably
request. In the case of a request for an amendment of any outstanding Letter of Credit, such
Letter of Credit Application shall specify in form and detail reasonably satisfactory to the
relevant L/C Issuer (1)&nbsp;the Letter of Credit to be amended; (2)&nbsp;the proposed date of amendment
thereof (which shall be a Business Day); (3)&nbsp;the nature of the proposed amendment; and (4)&nbsp;such
other matters as the relevant L/C Issuer may reasonably request.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;Promptly after receipt of any Letter of Credit Application, the relevant L/C Issuer will
confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent
has received a copy of such Letter of Credit Application from the Parent Borrower and, if not, such
L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the relevant L/C
Issuer has received written notice from any Dollar Revolving Credit Lender, in the case of a Dollar
Letter of Credit, or any Alternative Currency Revolving Credit Lender, in the case of an
Alternative Currency Letter of Credit, the Administrative Agent or any Loan Party, at least one
Business Day prior to the requested date of issuance or amendment of the applicable Letter of
Credit, that one or more applicable conditions contained in Article&nbsp;IV shall not then be satisfied,
then, subject to the terms and conditions hereof, such L/C Issuer shall, on the requested date,
issue a Letter of Credit for the account of the Parent Borrower (or the applicable Subsidiary) or
enter into the applicable amendment, as the case may be. Immediately upon the issuance of (x)&nbsp;each
Dollar Letter of Credit, each Dollar Revolving Credit Lender shall be deemed to, and hereby
irrevocably and unconditionally agrees to, acquire from the relevant L/C Issuer a risk
participation in such Dollar Letter of Credit in an amount equal to the product of such Dollar
Revolving Credit Lender&#146;s Pro Rata Share times the amount of such Dollar Letter of Credit and (y)
each Alternative Currency Letter of Credit, each Alternative Currency Revolving Credit Lender shall
be deemed to, and hereby irrevocably and unconditionally agrees to, acquire from the relevant L/C
Issuer a risk participation in such Alternative Currency Letter of Credit in an amount equal to the
product of such Alternative Currency Revolving Credit Lender&#146;s Pro Rata Share times the amount of
such Alternative Currency Letter of Credit.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;If the Parent Borrower so requests in any applicable Letter of Credit Application, the
relevant L/C Issuer shall agree to issue a Letter of Credit that has automatic renewal provisions
(each, an &#147;<B>Auto-Renewal Letter of Credit</B>&#148;); <I>provided </I>that any such Auto-Renewal Letter of Credit
must permit the relevant L/C Issuer to prevent any such renewal at least once in each twelve-month
period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to
the beneficiary thereof not later than a day (the &#147;<B>Nonrenewal Notice Date</B>&#148;) in each such
twelve-month period to be agreed upon by the relevant L/C Issuer and the Parent Borrower at the
time such Letter of Credit is issued. Unless otherwise directed by the relevant L/C Issuer, the
Parent Borrower shall not be required to make a specific request to the relevant L/C Issuer for any
such renewal. Once an Auto-Renewal Letter of Credit has been issued, the applicable Lenders shall
be deemed to have authorized (but may not require) the relevant L/C Issuer to permit the renewal of
such Letter of Credit at any time until an expiry date not later than the applicable Letter of
Credit Expiration Date; <I>provided </I>that the relevant L/C Issuer shall not permit any such renewal if
(A)&nbsp;the relevant L/C Issuer has determined that it would not be permitted, or would have no
obligation at such time to issue such Letter of Credit in its renewed form under the terms hereof
(by reason of the provisions of clause (ii)&nbsp;or (iii)&nbsp;of Section&nbsp;2.03(a) or otherwise), or (B)&nbsp;it
has received notice (which may be by telephone or in writing) on or before the day that is five (5)
Business Days before the Nonrenewal Notice Date from the Administrative Agent or any Dollar
Revolving Credit Lender, in the case of a Dollar Letter of Credit, or any Alternative Currency
Revolving Letter of Credit Lender, in the case of an Alternative Currency Letter of Credit, or the
Parent Borrower that one or more of the applicable conditions specified in Section&nbsp;4.02 is not then
satisfied.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;Promptly after its delivery of any Letter of Credit or any amendment to a Letter of
Credit to an advising bank with respect thereto or to the beneficiary thereof, the relevant L/C
Issuer will also deliver to the Parent Borrower and the Administrative Agent a true and complete
copy of such Letter of Credit or amendment.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>Drawings and Reimbursements; Funding of Participations.</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under
such Letter of Credit, the relevant L/C Issuer shall notify promptly the Parent Borrower and the
Administrative Agent thereof. In the case of an Alternative Currency Letter of Credit denominated
in an Alternative Currency, the Parent Borrower shall reimburse the relevant Alternative Currency
L/C Issuer in such Alternative Currency, unless (A)&nbsp;such L/C Issuer (at its option) shall have
specified in such notice that it will require reimbursement in Dollars, or (B)&nbsp;in the absence of
any such requirement for reimbursement in Dollars, the Parent Borrower shall have notified the
relevant Alternative Currency L/C Issuer promptly following receipt of the notice of drawing that
the Parent Borrower will reimburse such Alternative Currency L/C Issuer in Dollars. In the case of
any such reimbursement in Dollars of a drawing under an Alternative Currency Letter of Credit
denominated in an Alternative Currency, the relevant Alternative Currency L/C Issuer shall notify
the Parent Borrower of the Dollar Amount of the amount of the drawing promptly following the
determination thereof. Not later than 11:00&nbsp;a.m. on the third Business Day following the date of
any payment by any L/C Issuer under a Letter of Credit to be reimbursed in Dollars (including all
Letters of Credit denominated in Dollars), or the Applicable Time on the third Business Day
following the date of any payment by any L/C Issuer under an Alternative Currency Letter of Credit
to be reimbursed in an Alternative Currency (each such date, an &#147;<B>Honor Date</B>&#148;), the Parent Borrower
shall reimburse such L/C Issuer in an amount equal to the amount of such drawing in the applicable
currency. If the Parent Borrower fails to so reimburse such L/C Issuer by such time, the
Administrative Agent shall promptly notify each Appropriate Lender of the Honor Date, the amount of
the unreimbursed drawing (expressed in Dollars or in the Dollar Amount thereof in the case of an
Alternative Currency) (the &#147;<B>Unreimbursed Amount</B>&#148;), and the amount of such Appropriate Lender&#146;s Pro
Rata Share thereof. In such event, (x)&nbsp;in the case of an Unreimbursed Amount under a Dollar Letter
of Credit, the Parent Borrower shall be deemed to have requested a Dollar Revolving Credit
Borrowing of Base Rate Loans and
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">(y)&nbsp;in the case of an Unreimbursed Amount under an Alternative Currency Letter of Credit, the
Parent Borrower shall be deemed to have requested an Alternative Currency Revolving Credit
Borrowing of Base Rate Loans in Dollars, in each case to be disbursed on the Honor Date in an
amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in
Section&nbsp;2.02 for the principal amount of Base Rate Loans, but subject to the amount of the
unutilized portion of the Revolving Credit Commitments under the applicable Revolving Credit
Facility of the Appropriate Lenders, and subject to the conditions set forth in Section&nbsp;4.02 (other
than the delivery of a Committed Loan Notice). Any notice given by an L/C Issuer or the
Administrative Agent pursuant to this Section&nbsp;2.03(c)(i) may be given by telephone if immediately
confirmed in writing; <I>provided </I>that the lack of such an immediate confirmation shall not affect the
conclusiveness or binding effect of such notice.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;Each Dollar Revolving Credit Lender (including any such Lender acting as an L/C Issuer)
shall upon any notice pursuant to Section&nbsp;2.03(c)(i) make funds available to the Administrative
Agent for the account of the relevant Dollar L/C Issuer at the Administrative Agent&#146;s Office for
payments in an amount equal to its Pro Rata Share of any Unreimbursed Amount in respect of a Dollar
Letter of Credit not later than 1:00 p.m. on the Business Day specified in such notice by the
Administrative Agent (which may be the same Business Day such notice is provided if such notice is
provided prior to 12:00 noon), whereupon, subject to the provisions of Section&nbsp;2.03(c)(iii), each
Dollar Revolving Credit Lender that so makes funds available shall be deemed to have made a Dollar
Revolving Credit Loan that is a Base Rate Loan to the Parent Borrower in such amount. The
Administrative Agent shall remit the funds so received to the relevant Dollar L/C Issuer. Each
Alternative Currency Revolving Credit Lender (including any such Lender acting as an L/C Issuer)
shall upon any notice pursuant to Section&nbsp;2.03(c)(i) make funds available to the Administrative
Agent for the account of the relevant Alternative Currency L/C Issuer at the Administrative Agent&#146;s
Office for payments in an amount equal to its Pro Rata Share of any Unreimbursed Amount in respect
of an Alternative Currency Letter of Credit not later than 1:00 p.m. on the Business Day specified
in such notice by the Administrative Agent (which may be the same Business Day such notice is
provided if such notice is provided prior to 12:00 noon), whereupon, subject to the provisions of
Section&nbsp;2.03(c)(iii), each Alternative Currency Revolving Credit Lender that so makes funds
available shall be deemed to have made an Alternative Currency Revolving Credit Loan that is a Base
Rate Loan in Dollars to the Parent Borrower in such amount. The Administrative Agent shall remit
the funds so received to the relevant Alternative Currency L/C Issuer.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;With respect to any Unreimbursed Amount in respect of a Dollar Letter of Credit that is
not fully refinanced by a Dollar Revolving Credit Borrowing of Base Rate Loans because the
conditions set forth in Section&nbsp;4.02 cannot be satisfied or for any other reason, the Parent
Borrower shall be deemed to have incurred from the relevant Dollar L/C Issuer a Dollar L/C
Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which Dollar L/C
Borrowing shall be due and payable on demand (together with interest) and shall bear interest at
the Default Rate. In such event, each Dollar Revolving Credit Lender&#146;s payment to the
Administrative Agent for the account of the relevant Dollar L/C Issuer pursuant to
Section&nbsp;2.03(c)(ii) shall be deemed payment in respect of its participation in such Dollar L/C
Borrowing and shall constitute a Dollar L/C Advance from such Lender in satisfaction of its
participation obligation under this Section&nbsp;2.03. With respect to any Unreimbursed Amount in
respect of an Alternative Currency Letter of Credit that is not fully refinanced by an Alternative
Currency Revolving Credit Borrowing of Base Rate Loans because the conditions set forth in
Section&nbsp;4.02 cannot be satisfied or for any other reason, the Parent Borrower shall be deemed to
have incurred from the relevant Alternative Currency L/C Issuer an Alternative Currency L/C
Borrowing in the amount of the Unreimbursed Amount in Dollars that is not so refinanced, which
Alternative Currency L/C Borrowing shall be due and payable on demand (together with interest) and
shall bear interest at the Default Rate. In such event, each Alternative Currency Revolving Credit
Lender&#146;s payment to the Administrative Agent for the account of the relevant Alternative Currency
L/C Issuer pursuant to Section&nbsp;2.03(c)(ii) shall be deemed payment in respect of its participation
in such Alternative Currency L/C Borrowing and shall constitute an Alternative
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Currency L/C Advance from such Lender in satisfaction of its participation obligation under
this Section&nbsp;2.03.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;Until each Appropriate Lender funds its Revolving Credit Loan or L/C Advance pursuant to
this Section&nbsp;2.03(c) to reimburse the relevant L/C Issuer for any amount drawn under any Letter of
Credit, interest in respect of such Lender&#146;s Pro Rata Share of such amount shall be solely for the
account of the relevant L/C Issuer.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;Each Revolving Credit Lender&#146;s obligation to make Revolving Credit Loans or L/C Advances
to reimburse an L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this
Section&nbsp;2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance,
including (A)&nbsp;any setoff, counterclaim, recoupment, defense or other right which such Lender may
have against the relevant L/C Issuer, the relevant Borrower or any other Person for any reason
whatsoever; (B)&nbsp;the occurrence or continuance of a Default; or (C)&nbsp;any other occurrence, event or
condition, whether or not similar to any of the foregoing; <I>provided </I>that each Revolving Credit
Lender&#146;s obligation to make Revolving Credit Loans pursuant to this Section&nbsp;2.03(c) is subject to
the conditions set forth in Section&nbsp;4.02 (other than delivery by the relevant Borrower of a
Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the
obligation of the Parent Borrower to reimburse the relevant L/C Issuer for the amount of any
payment made by such L/C Issuer under any Letter of Credit, together with interest as provided
herein.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;If any Revolving Credit Lender fails to make available to the Administrative Agent for
the account of the relevant L/C Issuer any amount required to be paid by such Lender pursuant to
the foregoing provisions of this Section&nbsp;2.03(c) by the time specified in Section&nbsp;2.03(c)(ii), such
L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent),
on demand, such amount with interest thereon for the period from the date such payment is required
to the date on which such payment is immediately available to such L/C Issuer at a rate per annum
equal to the applicable Overnight Rate from time to time in effect plus any administrative,
processing or similar fees customarily charged by such L/C Issuer in connection with the foregoing.
A certificate of the relevant L/C Issuer submitted to any Revolving Credit Lender (through the
Administrative Agent) with respect to any amounts owing under this Section&nbsp;2.03(c)(vi) shall be
conclusive absent manifest error.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <I>Repayment of Participations</I>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;If, at any time after an L/C Issuer has made a payment under any Letter of Credit and has
received from any Appropriate Lender such Lender&#146;s L/C Advance in respect of such payment in
accordance with this Section&nbsp;2.03(c), the Administrative Agent receives for the account of such L/C
Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether
directly from the Parent Borrower or otherwise, including proceeds of Cash Collateral applied
thereto by the Administrative Agent), the Administrative Agent will distribute to such Appropriate
Lender its Pro Rata Share thereof (appropriately adjusted, in the case of interest payments, to
reflect the period of time during which such Lender&#146;s L/C Advance was outstanding) in the same
funds as those received by the Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;If any payment received by the Administrative Agent for the account of an L/C Issuer
pursuant to Section&nbsp;2.03(c)(i) is required to be returned under any of the circumstances described
in Section&nbsp;10.06 (including pursuant to any settlement entered into by such L/C Issuer in its
discretion), each Appropriate Lender shall pay to the Administrative Agent for the account of such
L/C Issuer its Pro Rata Share thereof on demand of the Administrative Agent, plus interest thereon
from the date of such demand to the date such amount is returned by such Lender, at a rate per
annum equal to the applicable Overnight
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Rate from time to time in effect. The Obligations of the Revolving Credit Lenders under this
clause (d)(ii) shall survive the payment in full of the Obligations and the termination of this
Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <I>Obligations Absolute</I>. The obligation of the Parent Borrower to reimburse the relevant L/C
Issuer for each drawing under each Letter of Credit issued by it and to repay each L/C Borrowing
shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the
terms of this Agreement under all circumstances, including the following:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or
any other Loan Document;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the existence of any claim, counterclaim, setoff, defense or other right that the
Parent Borrower or any Subsidiary may have at any time against any beneficiary or any
transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such
transferee may be acting), the relevant L/C Issuer or any other Person, whether in
connection with this Agreement, the transactions contemplated hereby or by such Letter of
Credit or any agreement or instrument relating thereto, or any unrelated transaction;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any draft, demand, certificate or other document presented under such Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any
statement therein being untrue or inaccurate in any respect; or any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under such
Letter of Credit;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any payment by the relevant L/C Issuer under such Letter of Credit against
presentation of a draft or certificate that does not strictly comply with the terms of such
Letter of Credit; or any payment made by the relevant L/C Issuer under such Letter of Credit
to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for
the benefit of creditors, liquidator, receiver or other representative of or successor to
any beneficiary or any transferee of such Letter of Credit, including any arising in
connection with any proceeding under any Debtor Relief Law;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any adverse change in the relevant exchange rates or in the availability of the
relevant Alternative Currency to the Parent Borrower or any Subsidiary or in the relevant
currency markets generally;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any exchange, release or nonperfection of any Collateral, or any release or
amendment or waiver of or consent to departure from the Guaranty or any other guarantee, for
all or any of the Obligations of any Loan Party in respect of such Letter of Credit; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any other circumstance or happening whatsoever, whether or not similar to any of
the foregoing, including any other circumstance that might otherwise constitute a defense
available to, or a discharge of, any Loan Party;
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><I>provided </I>that the foregoing shall not excuse any L/C Issuer from liability to the Parent Borrower
to the extent of any direct damages (as opposed to punitive or consequential damages or lost
profits, claims in respect of which are waived by the Parent Borrower to the extent permitted by
applicable Law) suffered by the Parent Borrower that are caused by acts or omissions of such L/C
Issuer constituting gross negligence or willful misconduct on the part of such L/C Issuer.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <I>Role of L/C Issuers</I>. Each Lender and the Parent Borrower agree that, in paying any
drawing under a Letter of Credit, the relevant L/C Issuer shall not have any responsibility to
obtain
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">any document (other than any sight draft, certificates and documents expressly required by the
Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or
the authority of the Person executing or delivering any such document. None of the L/C Issuers,
any Agent-Related Person nor any of the respective correspondents, participants or assignees of any
L/C Issuer shall be liable to any Lender for (i)&nbsp;any action taken or omitted in connection herewith
at the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii)&nbsp;any
action taken or omitted in the absence of gross negligence or willful misconduct; or (iii)&nbsp;a
problem with the due execution, effectiveness, validity or enforceability of any document or
instrument related to any Letter of Credit or Issuer Document. The Parent Borrower hereby assumes
all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any
Letter of Credit; <I>provided </I>that this assumption is not intended to, and shall not, preclude the
Parent Borrower&#146;s pursuing such rights and remedies as it may have against the beneficiary or
transferee at law or under any other agreement. None of the L/C Issuers, any Agent-Related Person,
nor any of the respective correspondents, participants or assignees of any L/C Issuer, shall be
liable or responsible for any of the matters described in clauses (i)&nbsp;through (iii)&nbsp;of this
Section&nbsp;2.03(f); <I>provided </I>that anything in such clauses to the contrary notwithstanding, the Parent
Borrower may have a claim against an L/C Issuer, and such L/C Issuer may be liable to the Parent
Borrower, to the extent, but only to the extent, of any direct, as opposed to lost profits or
punitive or consequential damages suffered by the Parent Borrower that were caused by such L/C
Issuer&#146;s willful misconduct or gross negligence or such L/C Issuer&#146;s willful or grossly negligent
failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a
sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of
Credit. In furtherance and not in limitation of the foregoing, each L/C Issuer may accept
documents that appear on their face to be in order, without responsibility for further
investigation, regardless of any notice or information to the contrary, and no L/C Issuer shall be
responsible for the validity or sufficiency of any instrument transferring or assigning or
purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or
proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <I>Cash Collateral</I>. If (i)&nbsp;any Event of Default occurs and is continuing and the Required
Lenders require the Parent Borrower to Cash Collateralize its L/C Obligations pursuant to
Section&nbsp;8.02(c), (ii)&nbsp;an Event of Default set forth under Section&nbsp;8.01(f) occurs and is continuing
or (iii)&nbsp;for any reason, any Letter of Credit is outstanding at the time of termination of the
Revolving Credit Commitments and a backstop letter of credit that is satisfactory to the relevant
L/C Issuer in its sole discretion is not in place, then the Parent Borrower shall Cash
Collateralize the then Outstanding Amount of all L/C Obligations (in an amount equal to such
Outstanding Amount determined as of the date of such Event of Default), and shall do so not later
than 2:00 p.m. on (x)&nbsp;in the case of the immediately preceding clause (i)&nbsp;or (iii), (1)&nbsp;the
Business Day that the Parent Borrower receives notice thereof, if such notice is received on such
day prior to 12:00 noon or (2)&nbsp;if clause (1)&nbsp;above does not apply, the Business Day immediately
following the day that the Parent Borrower receives such notice and (y)&nbsp;in the case of the
immediately preceding clause (ii), the Business Day on which an Event of Default set forth under
Section&nbsp;8.01(f) occurs or, if such day is not a Business Day, the Business Day immediately
succeeding such day. For purposes hereof, &#147;<B>Cash Collateralize</B>&#148; means to pledge and deposit with or
deliver to the Administrative Agent, for the benefit of the relevant L/C Issuer and the Appropriate
Lenders, as collateral for the L/C Obligations, cash or deposit account balances (&#147;<B>Cash
Collateral</B>&#148;) pursuant to documentation in form and substance reasonably satisfactory to the
Administrative Agent and the relevant L/C Issuer (which documents are hereby consented to by the
Appropriate Lenders). Derivatives of such term have corresponding meanings. The Parent Borrower
hereby grants to the Administrative Agent, for the benefit of the L/C Issuers and the Revolving
Credit Lenders, a security interest in all such cash, deposit accounts and all balances therein and
all proceeds of the foregoing. Cash Collateral shall be maintained in blocked accounts at the
Administrative Agent and may be invested in Cash Equivalents selected by the Administrative Agent
in its sole discretion. Upon the drawing of any Letter of Credit for which funds are on deposit as
Cash Collateral, such funds shall be applied, to the extent permitted under applicable Law, to
reimburse the relevant
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> L/C Issuer. To the extent the amount of any Cash Collateral exceeds the then Outstanding
Amount of such L/C Obligations and so long as no Event of Default has occurred and is continuing,
the excess shall be refunded to the Parent Borrower. In the case of clause (i)&nbsp;or (ii)&nbsp;above, if
such Event of Default is cured or waived and no other Event of Default is then occurring and
continuing, the amount of any Cash Collateral shall be refunded to the Parent Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <I>Applicability of ISP and UCP. </I>Unless otherwise expressly agreed by the relevant L/C
Issuer and the Parent Borrower when a Letter of Credit is issued, (i)&nbsp;the rules of the ISP shall
apply to each standby Letter of Credit, and (ii)&nbsp;the rules of the Uniform Customs and Practice for
Documentary Credits, as most recently published by the International Chamber of Commerce at the
time of issuance, shall apply to each commercial Letter of Credit.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <I>Letter of Credit Fees</I>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The Parent Borrower shall pay to the Administrative Agent for the account of each Dollar
Revolving Credit Lender in accordance with its Pro Rata Share a Letter of Credit fee for each
Dollar Letter of Credit issued pursuant to this Agreement equal to (A)&nbsp;the Applicable Rate times
the daily maximum amount then available to be drawn under such Dollar Letter of Credit (whether or
not such maximum amount is then in effect under such Dollar Letter of Credit if such maximum amount
increases periodically pursuant to the terms of such Dollar Letter of Credit), minus (B)&nbsp;the
fronting fee set forth in Section&nbsp;2.03(j) below. Such letter of credit fees shall be computed on a
quarterly basis in arrears. Such letter of credit fees shall be due and payable in Dollars on the
tenth Business Day after the end of each March, June, September and December, commencing with the
first such date to occur after the issuance of such Dollar Letter of Credit, on the Letter of
Credit Expiration Date and thereafter on demand. If there is any change in the Applicable Rate
during any quarter, the daily maximum amount of each Dollar Letter of Credit shall be computed and
multiplied by the Applicable Rate separately for each period during such quarter that such
Applicable Rate was in effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;The Parent Borrower shall pay to the Administrative Agent for the account of each
Alternative Currency Revolving Credit Lender in accordance with its Pro Rata Share a Letter of
Credit fee for each Alternative Currency Letter of Credit issued pursuant to this Agreement equal
to (A)&nbsp;the Applicable Rate times the daily maximum Dollar Amount then available to be drawn under
such Alternative Currency Letter of Credit (whether or not such maximum amount is then in effect
under such Alternative Currency Letter of Credit if such maximum amount increases periodically
pursuant to the terms of such Alternative Currency Letter of Credit), minus (B)&nbsp;the fronting fee
set forth in Section&nbsp;2.03(j) below. Such letter of credit fees shall be computed on a quarterly
basis in arrears. Such letter of credit fees shall be due and payable in Dollars on the tenth
Business Day after the end of each March, June, September and December, commencing with the first
such date to occur after the issuance of such Alternative Currency Letter of Credit, on the Letter
of Credit Expiration Date and thereafter on demand. If there is any change in the Applicable Rate
during any quarter, the daily maximum amount of each Alternative Currency Letter of Credit shall be
computed and multiplied by the Applicable Rate separately for each period during such quarter that
such Applicable Rate was in effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <I>Fronting Fee and Documentary and Processing Charges Payable to L/C Issuers</I>. The Parent
Borrower shall pay directly to each L/C Issuer for its own account a fronting fee with respect to
each Letter of Credit issued by it equal to 0.125% per annum of the daily maximum amount then
available to be drawn under such Letter of Credit. Such fronting fees shall be computed on a
quarterly basis in arrears. Such fronting fees shall be due and payable on the tenth Business Day
after the end of each March, June, September and December, commencing with the first such date to
occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and
thereafter on demand. In addition, the Parent Borrower shall pay directly to each L/C Issuer for
its own account the customary issuance,
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">presentation, amendment and other processing fees, and other standard costs and charges, of
such L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees
and standard costs and charges are due and payable within ten (10)&nbsp;Business Days of demand and are
nonrefundable.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <I>Conflict with Letter of Credit Application</I>. Notwithstanding anything else to the contrary
in any Letter of Credit Application, in the event of any conflict between the terms hereof and the
terms of any Letter of Credit Application, the terms hereof shall control.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <I>Addition of an L/C Issuer</I>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;A Dollar Revolving Credit Lender may become an additional Dollar L/C Issuer hereunder
pursuant to a written agreement among the Parent Borrower, the Administrative Agent and such Dollar
Revolving Credit Lender. The Administrative Agent shall notify the Dollar Revolving Credit Lenders
of any such additional Dollar L/C Issuer.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;An Alternative Currency Revolving Credit Lender may become an additional Alternative
Currency L/C Issuer hereunder pursuant to a written agreement among the Parent Borrower, the
Administrative Agent and such Alternative Currency Revolving Credit Lender. The Administrative
Agent shall notify the Alternative Currency Revolving Credit Lenders of any such additional
Alternative Currency L/C Issuer.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;On the last Business Day of each March, June, September and December (and on such other
dates as the Administrative Agent may request), each L/C Issuer shall provide the Administrative
Agent a list of all Letters of Credit issued by it that are outstanding at such time together with
such other information as the Administrative Agent may from time to time reasonably request.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <I>Letters of Credit Issued for Subsidiaries. </I>Notwithstanding that a Letter of Credit issued
or outstanding hereunder is in support of any obligations of, or is for the account of, a
Subsidiary, the Parent Borrower shall be obligated to reimburse the applicable L/C Issuer hereunder
for any and all drawings under such Letter of Credit. The Parent Borrower hereby acknowledges that
the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the
Parent Borrower, and that the Parent Borrower&#146;s business derives substantial benefits from the
businesses of such Subsidiaries.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.04. <U>Swing Line Loans</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>The Swing Line</I>. Subject to the terms and conditions set forth herein, the Swing Line
Lender agrees to make loans in Dollars (each such loan, a &#147;<B>Swing Line Loan</B>&#148;) to the Parent Borrower
from time to time on any Business Day (other than the Closing Date) prior to the Maturity Date in
an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit,
notwithstanding the fact that such Swing Line Loans, when aggregated with the Pro Rata Share of the
Outstanding Amount of Dollar Revolving Credit Loans and Dollar L/C Obligations of the Lender acting
as Swing Line Lender, may exceed the amount of such Lender&#146;s Dollar Revolving Credit Commitment;
<I>provided </I>that, after giving effect to any Swing Line Loan, the aggregate Outstanding Amount of the
Dollar Revolving Credit Loans of any other Lender, <u>plus</U> such Lender&#146;s Pro Rata Share of the
Outstanding Amount of all Dollar L/C Obligations, <u>plus</U> such Lender&#146;s Pro Rata Share of the
Outstanding Amount of all Swing Line Loans shall not exceed such Lender&#146;s Dollar Revolving Credit
Commitment then in effect. Within the foregoing limits, and subject to the other terms and
conditions hereof, the Parent Borrower may borrow under this Section&nbsp;2.04, prepay under
Section&nbsp;2.05, and reborrow under this Section&nbsp;2.04. Each Swing Line Loan shall be a Base Rate
Loan. Swing Line Loans shall only be denominated in Dollars. Immediately upon the making of a
Swing Line Loan, each Dollar Revolving Credit Lender shall be deemed to, and hereby irrevocably and
unconditionally agrees to, purchase from the Swing Line Lender a
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">risk participation in such Swing Line Loan in an amount equal to the product of such Lender&#146;s
Pro Rata Share times the amount of such Swing Line Loan.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Borrowing Procedures</I>. Each Swing Line Borrowing shall be made upon the Parent Borrower&#146;s
irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by
telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent
not later than 1:00 p.m. on the requested borrowing date, and shall specify (i)&nbsp;the amount to be
borrowed, which shall be a minimum of $100,000 (and any amount in excess of $100,000 shall be an
integral multiple of $25,000), and (ii)&nbsp;the requested borrowing date, which shall be a Business
Day. Each such telephonic notice must be confirmed promptly by delivery to the Swing Line Lender
and the Administrative Agent of a written Swing Line Loan Notice, appropriately completed and
signed by a Responsible Officer of the Parent Borrower. Promptly after receipt by the Swing Line
Lender of any telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with the
Administrative Agent (by telephone or in writing) that the Administrative Agent has also received
such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent
(by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received
notice (by telephone or in writing) from the Administrative Agent (including at the request of any
Dollar Revolving Credit Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing
(A)&nbsp;directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations
set forth in the proviso to the first sentence of Section&nbsp;2.04(a), or (B)&nbsp;that one or more of the
applicable conditions specified in Section&nbsp;4.02 is not then satisfied, then, subject to the terms
and conditions hereof, the Swing Line Lender will, not later than 3:00 p.m. on the borrowing date
specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the
Parent Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>Refinancing of Swing Line Loans</I>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The Swing Line Lender at any time in its sole and absolute discretion may request, on
behalf of the Parent Borrower (which hereby irrevocably authorizes the Swing Line Lender to so
request on its behalf), that each Dollar Revolving Credit Lender make a Base Rate Loan in an amount
equal to such Lender&#146;s Pro Rata Share of the amount of Swing Line Loans then outstanding. Such
request shall be made in writing (which written request shall be deemed to be a Committed Loan
Notice for purposes hereof) and in accordance with the requirements of Section&nbsp;2.02, without regard
to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but
subject to the unutilized portion of the aggregate Dollar Revolving Credit Commitments and the
conditions set forth in Section&nbsp;4.02. The Swing Line Lender shall furnish the Parent Borrower with
a copy of the applicable Committed Loan Notice promptly after delivering such notice to the
Administrative Agent. Each Dollar Revolving Credit Lender shall make an amount equal to its Pro
Rata Share of the amount specified in such Committed Loan Notice available to the Administrative
Agent in Same Day Funds for the account of the Swing Line Lender at the Administrative Agent&#146;s
Office for Dollar-denominated payments not later than 1:00 p.m. on the date specified in such
Committed Loan Notice, whereupon, subject to Section&nbsp;2.04(c)(ii), each Dollar Revolving Credit
Lender that so makes funds available shall be deemed to have made a Dollar Revolving Credit Loan
that is a Base Rate Loan to the Parent Borrower in such amount. The Administrative Agent shall
remit the funds so received to the Swing Line Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;If for any reason any Swing Line Loan cannot be refinanced by such a Dollar Revolving
Credit Borrowing in accordance with Section&nbsp;2.04(c)(i), the request for Base Rate Loans submitted
by the Swing Line Lender as set forth herein shall be deemed to be a request by the Swing Line
Lender that each of the Dollar Revolving Credit Lenders fund its risk participation in the relevant
Swing Line Loan and each Dollar Revolving Credit Lender&#146;s payment to the Administrative Agent for
the account of the Swing Line Lender pursuant to Section&nbsp;2.04(c)(i) shall be deemed payment in
respect of such participation.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;If any Dollar Revolving Credit Lender fails to make available to the Administrative
Agent for the account of the Swing Line Lender any amount required to be paid by such Lender
pursuant to the foregoing provisions of this Section&nbsp;2.04(c) by the time specified in
Section&nbsp;2.04(c)(i), the Swing Line Lender shall be entitled to recover from such Lender (acting
through the Administrative Agent), on demand, such amount with interest thereon for the period from
the date such payment is required to the date on which such payment is immediately available to the
Swing Line Lender at a rate per annum equal to the applicable Overnight Rate from time to time in
effect, plus any administrative, processing or similar fees customarily charged by the Swing Line
Lender in connection with the foregoing. If such Dollar Revolving Credit Lender pays such amount
(with interest and fees as aforesaid), the amount so paid shall constitute such Lender&#146;s Dollar
Revolving Credit Loan included in the relevant Borrowing or funded participation in the relevant
Swing Line Loan, as the case may be. A certificate of the Swing Line Lender submitted to any
Lender (through the Administrative Agent) with respect to any amounts owing under this clause (iii)
shall be conclusive absent manifest error.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;Each Dollar Revolving Credit Lender&#146;s obligation to make Dollar Revolving Credit Loans or
to purchase and fund risk participations in Swing Line Loans pursuant to this Section&nbsp;2.04(c) shall
be absolute and unconditional and shall not be affected by any circumstance, including (A)&nbsp;any
setoff, counterclaim, recoupment, defense or other right which such Lender may have against the
Swing Line Lender, the Parent Borrower or any other Person for any reason whatsoever, (B)&nbsp;the
occurrence or continuance of a Default, or (C)&nbsp;any other occurrence, event or condition, whether or
not similar to any of the foregoing; <I>provided </I>that each Dollar Revolving Credit Lender&#146;s obligation
to make Dollar Revolving Credit Loans pursuant to this Section&nbsp;2.04(c) is subject to the conditions
set forth in Section&nbsp;4.02. No such funding of risk participations shall relieve or otherwise
impair the obligation of the Parent Borrower to repay Swing Line Loans, together with interest as
provided herein.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <I>Repayment of Participations</I>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;At any time after any Dollar Revolving Credit Lender has purchased and funded a risk
participation in a Swing Line Loan, if the Swing Line Lender receives any payment on account of
such Swing Line Loan, the Swing Line Lender will distribute to such Lender its Pro Rata Share of
such payment (appropriately adjusted, in the case of interest payments, to reflect the period of
time during which such Lender&#146;s risk participation was funded) in the same funds as those received
by the Swing Line Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;If any payment received by the Swing Line Lender in respect of principal or interest on
any Swing Line Loan is required to be returned by the Swing Line Lender under any of the
circumstances described in Section&nbsp;10.06 (including pursuant to any settlement entered into by the
Swing Line Lender in its discretion), each Dollar Revolving Credit Lender shall pay to the Swing
Line Lender its Pro Rata Share thereof on demand of the Administrative Agent, plus interest thereon
from the date of such demand to the date such amount is returned, at a rate per annum equal to the
applicable Overnight Rate. The Administrative Agent will make such demand upon the request of the
Swing Line Lender. The obligations of the Dollar Revolving Credit Lenders under this clause
(d)(ii) shall survive the payment in full of the Obligations and the termination of this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <I>Interest for Account of Swing Line Lender</I>. The Swing Line Lender shall be responsible for
invoicing the Parent Borrower for interest on the Swing Line Loans. Until each Dollar Revolving
Credit Lender funds its Base Rate Loan or risk participation pursuant to this Section&nbsp;2.04 to
refinance such Lender&#146;s Pro Rata Share of any Swing Line Loan, interest in respect of such Pro Rata
Share shall be solely for the account of the Swing Line Lender.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <I>Payments Directly to Swing Line Lender</I>. The Parent Borrower shall make all payments of
principal and interest in respect of the Swing Line Loans directly to the Swing Line Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.05. <U>Prepayments</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>Optional</I>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The Borrowers may, upon notice to the Administrative Agent, at any time or from time to
time voluntarily prepay Term Loans and Revolving Credit Loans, as applicable, in whole or in part
without premium or penalty; <I>provided </I>that (1)&nbsp;such notice must be received by the Administrative
Agent not later than 12:00 noon (New York, New York time in the case of Loans denominated in
Dollars or Applicable Time in the case of Loans denominated in an Alternative Currency) (A)&nbsp;three
(3)&nbsp;Business Days prior to any date of prepayment of Eurocurrency Rate Loans denominated in
Dollars, (B)&nbsp;four (4)&nbsp;Business Days prior to any date of prepayment of Eurocurrency Rate Loans
denominated in an Alternative Currency and (C)&nbsp;on the date of prepayment of Base Rate Loans; (2)
any partial prepayment of Eurocurrency Rate Loans shall be in a principal amount of $1,000,000 or a
whole multiple of $500,000 in excess thereof; and (3)&nbsp;any prepayment of Base Rate Loans shall be in
a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case,
if less, the entire principal amount thereof then outstanding (it being understood that Base Rate
Loans shall be denominated in Dollars only). Each such notice shall specify the date and amount of
such prepayment and the Class(es) and Type(s) of Loans to be prepaid and the payment amount
specified in such notice shall be due and payable on the date specified therein. The
Administrative Agent will promptly notify each Appropriate Lender of its receipt of each such
notice, and of the amount of such Lender&#146;s Pro Rata Share of such prepayment. Any prepayment of a
Eurocurrency Rate Loan shall be accompanied by all accrued interest thereon, together with any
additional amounts required pursuant to Section&nbsp;3.05. Each prepayment of principal of, and
interest on, Alternative Currency Revolving Credit Loans shall be made in the relevant Alternative
Currency (even if the relevant Borrower is required to convert currency to do so). Each prepayment
of the Loans pursuant to this Section&nbsp;2.05(a) shall be paid to the Appropriate Lenders in
accordance with their respective Pro Rata Shares.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;The Parent Borrower may, upon notice to the Swing Line Lender (with a copy to the
Administrative Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in
whole or in part without premium or penalty; <I>provided </I>that (1)&nbsp;such notice must be received by the
Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the date of the
prepayment, and (2)&nbsp;any such prepayment shall be in a minimum principal amount of $100,000 or a
whole multiple of $25,000 in excess thereof or, if less, the entire principal amount thereof then
outstanding. Each such notice shall specify the date and amount of such prepayment and the payment
amount specified in such notice shall be due and payable on the date specified therein. All Swing
Line Loans shall be denominated in Dollars only.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;Notwithstanding anything to the contrary contained in this Agreement, the relevant
Borrower may rescind any notice of prepayment under Section&nbsp;2.05(a)(i) or 2.05(a)(ii) if such
prepayment would have resulted from a refinancing of the applicable Facility, which refinancing
shall not be consummated or shall otherwise be delayed.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;Voluntary prepayments of Term Loans shall be applied ratably to outstanding Tranche A
Term Loans, Tranche B Term Loans, Tranche C Term Loans, Delayed Draw 1 Term Loans and Delayed Draw
2 Term Loans and, within each such Class, shall be applied to the remaining scheduled installments
of principal of such particular Class in a manner determined at the discretion of the Parent
Borrower and specified in the notice of prepayment.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Mandatory</I>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Within five (5)&nbsp;Business Days after financial statements have been (or are required
hereunder to be) delivered pursuant to Section&nbsp;6.01(a) and the related Compliance Certificate has
been (or is required hereunder to be) delivered pursuant to Section&nbsp;6.02(a), the Parent Borrower
shall prepay, subject to clause (b)(vi) of this Section&nbsp;2.05, an aggregate principal amount of Term
Loans (allocated among the tranches of Term Loans in accordance with Section&nbsp;2.05(b)(v)) equal to
(A)&nbsp;50% (such percentage as it may be reduced as described below, the &#147;<B>ECF Percentage</B>&#148;) of Excess
Cash Flow, if any, for the fiscal year covered by such financial statements (commencing with the
fiscal year ended December&nbsp;31, 2009) <U>minus</U> (B)&nbsp;the sum of (i)&nbsp;all voluntary prepayments of
Term Loans during such fiscal year and (ii)&nbsp;all voluntary prepayments of Revolving Credit Loans
during such fiscal year to the extent the Revolving Credit Commitments are permanently reduced by
the amount of such payments, in the case of each of the immediately preceding clauses (i)&nbsp;and (ii),
to the extent such prepayments are not funded with the proceeds of Indebtedness or anything else
other than internally generated cash flow; <I>provided </I>that (x)&nbsp;the ECF Percentage shall be 25% if the
Total Leverage Ratio for the fiscal year covered by such financial statements as set forth in the
Compliance Certificate delivered pursuant to Section&nbsp;6.02(a) was less than or equal to 6.0 to 1.0
and greater than 3.0 to 1.0 and (y)&nbsp;the ECF Percentage shall be 0% if the Total Leverage Ratio for
the fiscal year covered by such financial statements as set forth in the Compliance Certificate
delivered pursuant to Section&nbsp;6.02(a) was less than or equal to 3.0 to 1.0.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A)&nbsp;&nbsp;If (x)&nbsp;the Parent Borrower or any of its wholly-owned Restricted Subsidiaries
Disposes of any property or assets (other than any Disposition of any property or assets permitted
by Section&nbsp;7.05(a), (b), (c), (d), (e), (f)(ii), (g), (h), (i), (l), (m), (n), (p) (except as set
forth in the proviso thereof) or (q)), or (y)&nbsp;any Casualty Event occurs, which results in the
realization or receipt by the Parent Borrower or any of its wholly-owned Restricted Subsidiaries of
Net Cash Proceeds, or (z)&nbsp;the Parent Borrower or any of its Restricted Subsidiaries disposes of any
Specified Assets, in each case, the Parent Borrower shall prepay on or prior to the date which is
ten (10)&nbsp;Business Days after the date of the realization or receipt of such Net Cash Proceeds,
subject to clause (b)(vi) of this Section&nbsp;2.05, an aggregate principal amount of Term Loans
(allocated among the tranches of Term Loans in accordance with Section&nbsp;2.05(b)(v)) equal to 100%
(such percentage as it may be reduced as described below, the &#147;<B>Disposition Prepayment Percentage</B>&#148;)
of all Net Cash Proceeds realized or received; <I>provided </I>that in the case of clause&nbsp;(x) only,
(I)&nbsp;the Disposition Prepayment Percentage shall be 75% if the Total Leverage Ratio for the Test
Period immediately preceding such Disposition or Casualty Event calculated on a pro forma basis for
such Disposition or Casualty Event in accordance with Section&nbsp;1.10 as set forth in the Compliance
Certificate delivered pursuant to Section&nbsp;6.02(a) was less than or equal to 6.0 to 1.0 and greater
than 3.0 to 1.0 and (II)&nbsp;the Disposition Prepayment Percentage shall be 50% if the Total Leverage
Ratio for the Test Period immediately preceding such Disposition or Casualty Event calculated on a
pro forma basis for such Disposition or Casualty Event in accordance with Section&nbsp;1.10 as set forth
in the Compliance Certificate delivered pursuant to Section&nbsp;6.02(a) was less than or equal to 3.0
to 1.0; <I>provided</I>, <I>further</I>, that, except as provided in Section&nbsp;7.05(f)(i) and (k), no prepayment
shall be required pursuant to this Section&nbsp;2.05(b)(ii)(A) with respect to such portion of such Net
Cash Proceeds that the Parent Borrower shall have, on or prior to such date, given written notice
to the Administrative Agent of its intent to reinvest in accordance with Section&nbsp;2.05(b)(ii)(B);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;With respect to any Net Cash Proceeds realized or received by the Parent Borrower or any
wholly-owned Restricted Subsidiary with respect to any Disposition (other than any Disposition
specifically excluded from the application of Section&nbsp;2.05(b)(ii)(A) (including, without
limitation, any Disposition of the Specified Assets)) or any Casualty Event, at the option of the
Parent Borrower, the Parent Borrower may reinvest all or any portion of such Net Cash Proceeds in
assets useful for its business within (x)&nbsp;eighteen (18)&nbsp;months following receipt of such Net Cash
Proceeds or (y)&nbsp;if the Parent Borrower enters into a legally binding commitment to reinvest such
Net Cash Proceeds within eighteen (18)
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">months following receipt thereof, within the later of (1)&nbsp;eighteen (18)&nbsp;months following
receipt thereof and (2)&nbsp;one hundred and eighty (180)&nbsp;days of the date of such legally binding
commitment; <I>provided </I>that if any Net Cash Proceeds are no longer intended to be or cannot be so
reinvested at any time after delivery of a notice of reinvestment election, and subject to clauses
(b)(vi) and (b)(vii) of this Section&nbsp;2.05, an amount equal to any such Net Cash Proceeds shall be
applied within five (5)&nbsp;Business Days after the Parent Borrower reasonably determines that such Net
Cash Proceeds are no longer intended to be or cannot be so reinvested to the prepayment of the Term
Loans as set forth in this Section&nbsp;2.05.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;If the Parent Borrower or any Restricted Subsidiary incurs or issues any Indebtedness
not expressly permitted to be incurred or issued pursuant to Section&nbsp;7.03 (other than clause (y)(i)
or clause (s)&nbsp;thereof) or Holdings or any of its Subsidiaries (including, without limitation, the
Parent Borrower or any of its Restricted Subsidiaries) incurs any Qualified Securitization
Financing, the Parent Borrower shall prepay, subject to clause (b)(vi) of this Section&nbsp;2.05, an
aggregate principal amount of Term Loans (allocated among the tranches of Term Loans in accordance
with Section&nbsp;2.05(b)(v)) equal to 100% of all Net Cash Proceeds received therefrom on or prior to
the date which is five (5)&nbsp;Business Days after the receipt of such Net Cash Proceeds.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;If the Administrative Agent notifies the Parent Borrower at any time that the Alternative
Currency Revolving Credit Exposure at such time exceeds an amount equal to 105% of the aggregate
Alternative Currency Revolving Credit Commitments then in effect, then, within two Business Days
after receipt of such notice, the Parent Borrower shall prepay Alternative Currency Revolving Loans
and/or the Parent Borrower shall Cash Collateralize the Alternative Currency L/C Obligations in an
aggregate amount sufficient to reduce such Alternative Currency Revolving Credit Exposure as of
such date of payment to an amount not to exceed 100% of the aggregate Alternative Revolving Credit
Commitments then in effect; <I>provided </I>that, subject to the provisions of Section&nbsp;2.03(g), the Parent
Borrower shall not be required to Cash Collateralize the Alternative Currency L/C Obligations
pursuant to this Section&nbsp;2.05(b)(iv) unless after the prepayment in full of the Alternative
Currency Revolving Credit Loans and Swing Line Loans the Alternative Currency Revolving Credit
Exposure exceeds the aggregate Alternative Currency Revolving Credit Commitments then in effect.
The Administrative Agent may, at any time and from time to time after the initial deposit of such
Cash Collateral, request that additional Cash Collateral be provided in order to protect against
the results of further exchange rate fluctuations.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;Each prepayment of Term Loans pursuant to Sections&nbsp;2.05(b)(i) and (b)(iii) shall be
applied <u>first</U>, ratably to outstanding Tranche A Term Loans, Tranche B Term Loans, Delayed Draw 1
Term Loans and Delayed Draw 2 Term Loans, and within each such Class, such prepayment shall be
applied to remaining scheduled installments of principal pursuant to Section&nbsp;2.07(a) in direct
order of maturity, and <u>second</U>, to outstanding Tranche C Term Loans, applied to remaining scheduled
installments of principal pursuant to Section&nbsp;2.07(a) of such Tranche C Term Loans in direct order
of maturity. Each prepayment of Term Loans pursuant to Section&nbsp;2.05(b)(ii) shall be applied <u>first</U>,
to outstanding Tranche C Term Loans, applied to remaining scheduled installments of principal
pursuant to Section&nbsp;2.07(a) of such Tranche C Term Loans in direct order of maturity, and <u>second</U>,
ratably to outstanding Tranche A Term Loans, Tranche B Term Loans, Delayed Draw 1 Term Loans and
Delayed Draw 2 Term Loans, and within each such Class, such prepayment shall be applied to
remaining scheduled installments of principal pursuant to Section&nbsp;2.07(a) in direct order of
maturity. Each such prepayment of Term Loans allocated in accordance with the prior sentence shall
be paid to the Appropriate Lenders in accordance with their respective Pro Rata Shares of such
prepayment, subject to clause (vi)&nbsp;of this Section&nbsp;2.05(b).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;The Parent Borrower shall notify the Administrative Agent in writing of any mandatory
prepayment of Term Loans required to be made pursuant to clauses (i)&nbsp;through (iii)&nbsp;of this
Section&nbsp;2.05(b) at least three (3)&nbsp;Business Days prior to the date of such prepayment. Each such
notice shall specify the date of such prepayment and provide a reasonably detailed calculation of
the amount of
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">such prepayment. The Administrative Agent will promptly notify each Term Lender of the
contents of the Parent Borrower&#146;s prepayment notice and of such Term Lender&#146;s pro rata share of the
prepayment. With respect to prepayments pursuant to clause&nbsp;(b)(i) or (iii)&nbsp;above and to the extent
of Tranche A Term Loans outstanding after giving effect to such prepayment, each Tranche B Term
Loan Lender and Delayed Draw Term Loan Lender may reject all or a portion of its pro rata share of
any mandatory prepayment (such declined amounts, the &#147;<B>Declined Proceeds</B>&#148;) of Tranche B Term Loans
or Delayed Draw Term Loans required to be made pursuant to clause (i)&nbsp;or (iii)&nbsp;of this
Section&nbsp;2.05(b) by providing written notice (each, a &#147;<B>Rejection Notice</B>&#148;) to the Administrative
Agent and the Parent Borrower no later than 5:00 p.m. (New York time) one Business Day after the
date of such Lender&#146;s receipt of notice from the Administrative Agent regarding such prepayment.
Each Rejection Notice from a given Tranche B Term Loan Lender and Delayed Draw Term Lender shall
specify the principal amount of the mandatory repayment of Tranche B Term Loans and Delayed Draw
Term Loans, as applicable, to be rejected by such Lender. If a Tranche B Term Loan Lender or
Delayed Draw Term Loan Lender fails to deliver a Rejection Notice to the Administrative Agent
within the time frame specified above or such Rejection Notice fails to specify the principal
amount of the Tranche B Term Loans or Delayed Draw Term Loans to be rejected, any such failure will
be deemed an acceptance of the total amount of such mandatory prepayment. Any Declined Proceeds
shall be applied to prepay outstanding Tranche A Term Loans, applied to remaining scheduled
installments of principal pursuant to Section&nbsp;2.07(a) in direct order of maturity.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>Foreign Asset Sales</I>. Notwithstanding any other provisions of this Section&nbsp;2.05, (i)&nbsp;to
the extent that Net Cash Proceeds of a Casualty Event or Disposition by a Restricted Foreign
Subsidiary giving rise to a prepayment under Section&nbsp;2.05(b)(ii) (a &#147;<B>Foreign Asset Sale</B>&#148;) are
prohibited or delayed by applicable local law from being repatriated to the United States, such
portion of the Net Cash Proceeds so affected will not be required to be applied to repay Term Loans
at the times provided in this Section&nbsp;2.05 but may be retained by the applicable Restricted Foreign
Subsidiary so long, but only so long, as the applicable local law will not permit repatriation to
the United&nbsp;States (the Parent Borrower hereby agreeing to cause the applicable Foreign Subsidiary
to promptly take all actions required by the applicable local law to permit such repatriation), and
once such repatriation of any of such affected Net Cash Proceeds is permitted under the applicable
local law, such repatriation will be immediately effected and such repatriated Net Cash Proceeds
will be promptly (and in any event not later than two&nbsp;Business Days after such repatriation)
applied (net of additional taxes payable or reserved against as a result thereof) to the repayment
of the Term Loans as required pursuant to this Section&nbsp;2.05 and (ii)&nbsp;to the extent that the Parent
Borrower has determined in good faith that repatriation of any of or all the Net Cash Proceeds of
any Foreign Asset Sale would have a material adverse tax consequence with respect to such Net Cash
Proceeds, the Net Cash Proceeds so affected may be retained by the applicable Restricted Foreign
Subsidiary, <I>provided </I>that, in the case of this clause (ii), on or before the date on which any Net
Cash Proceeds so retained would otherwise have been required to be applied to reinvestments or
prepayments pursuant to Section&nbsp;2.05(b)(ii)(B), (x)&nbsp;the Parent Borrower applies an amount equal to
such Net Cash Proceeds to such reinvestments or prepayments as if such Net Cash Proceeds had been
received by the Parent Borrower rather than such Restricted Foreign Subsidiary, less the amount of
additional taxes that would have been payable or reserved against if such Net Cash Proceeds had
been repatriated (or, if less, the Net Cash Proceeds that would be calculated if received by such
Foreign Subsidiary) or (y)&nbsp;such Net Cash Proceeds are applied to the repayment of Indebtedness of a
Restricted Foreign Subsidiary.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <I>Interest, Funding Losses, Etc</I>. All prepayments under this Section&nbsp;2.05 shall be
accompanied by all accrued interest thereon, together with, in the case of any such prepayment of a
Eurocurrency Rate Loan on a date prior to the last day of an Interest Period therefor, any amounts
owing in respect of such Eurocurrency Rate Loan pursuant to Section&nbsp;3.05.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any of the other provisions of this Section&nbsp;2.05, so long as no Event of
Default shall have occurred and be continuing, if any prepayment of Eurocurrency Rate Loans is
required
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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">to be made under this Section&nbsp;2.05 prior to the last day of the Interest Period therefor, in
lieu of making any payment pursuant to this Section&nbsp;2.05 in respect of any such Eurocurrency Rate
Loan prior to the last day of the Interest Period therefor, the Parent Borrower may, in its sole
discretion, deposit an amount sufficient to make any such prepayment otherwise required to be made
thereunder together with accrued interest to the last day of such Interest Period into a Cash
Collateral Account until the last day of such Interest Period, at which time the Administrative
Agent shall be authorized (without any further action by or notice to or from the Parent Borrower
or any other Loan Party) to apply such amount to the prepayment of such Loans in accordance with
this Section&nbsp;2.05. Upon the occurrence and during the continuance of any Event of Default, the
Administrative Agent shall also be authorized (without any further action by or notice to or from
the Parent Borrower or any other Loan Party) to apply such amount to the prepayment of the
outstanding Loans in accordance with the relevant provisions of this Section&nbsp;2.05.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.06. <U>Termination or Reduction of Commitments</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>Optional</I>. The Parent Borrower may, upon written notice to the Administrative Agent,
terminate the unused Commitments of any Class, or from time to time permanently reduce the unused
Commitments of any Class, in each case without premium or penalty; <I>provided </I>that (i)&nbsp;any such
notice shall be received by the Administrative Agent one (1)&nbsp;Business Day prior to the date of
termination or reduction, (ii)&nbsp;any such partial reduction shall be in an aggregate amount of
$500,000 or any whole multiple of $100,000 in excess thereof and (iii)&nbsp;if, after giving effect to
any reduction of the Commitments, the Swing Line Sublimit exceeds the amount of the Dollar
Revolving Credit Facility, such sublimit shall be automatically reduced by the amount of such
excess. Except as provided above, the amount of any such Dollar Revolving Credit Commitment
reduction shall not be applied to the Swing Line Sublimit unless otherwise specified by the Parent
Borrower. Notwithstanding the foregoing, the Parent Borrower may rescind or postpone any notice of
termination of the Commitments if such termination would have resulted from a refinancing of the
applicable Facility, which refinancing shall not be consummated or otherwise shall be delayed.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Mandatory</I>. The Term Commitment of each Term Lender shall be automatically and permanently
reduced to $0 (i)&nbsp;in the case of each Tranche A Term Loan Lender, upon the making of such Tranche A
Term Loan Lender&#146;s Tranche A Term Loans pursuant to Section&nbsp;2.01(a)(i), (ii)&nbsp;in the case of each
Tranche B Term Loan Lender, upon the making of such Tranche B Term Loan Lender&#146;s Tranche B Term
Loans pursuant to Section&nbsp;2.01(a)(ii), (iii)&nbsp;in the case of each Tranche C Term Loan Lender, upon
the making of such Tranche C Term Loan Lender&#146;s Tranche C Term Loans pursuant to
Section&nbsp;2.01(a)(iii) and (iv)&nbsp;in the case of each Delayed Draw Term Loan Lender, upon the earlier
of (x)&nbsp;the making of such Delayed Draw Term Loan Lender&#146;s Delayed Draw Term Loans pursuant to
Section&nbsp;2.01(a)(iv) in the full aggregate amount of its Delayed Draw Term Loan Commitment and
(y)&nbsp;the Delayed Draw Term Loan Commitment Termination Date. The Revolving Credit Commitments shall
terminate on the Maturity Date for the Revolving Credit Facilities.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>Application of Commitment Reductions; Payment of Fees</I>. The Administrative Agent will
promptly notify the Appropriate Lenders of any termination or reduction of unused portions of the
Swing Line Sublimit or the unused Commitments of any Class under this Section&nbsp;2.06. Upon any
reduction of unused Commitments of any Class, the Commitment of each Lender of such Class shall be
reduced by such Lender&#146;s Pro Rata Share of the amount by which such Commitments are reduced (other
than the termination of the Commitment of any Lender as provided in Section&nbsp;3.07). All commitment
fees accrued until the effective date of any termination of the Dollar Revolving Credit Commitments
or Alternative Currency Revolving Credit Commitments, as applicable, shall be paid on the effective
date of such termination.
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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.07. <U>Repayment of Loans</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Term Loans</I>. The Parent Borrower (and, in the case of the Tranche B Term Loans, the
Subsidiary Co-Borrowers on a joint and several basis) shall repay to the Administrative Agent for
the ratable account of the Term Lenders on the dates set forth on <U>Annex I</U>, or if any such
date is not a Business Day, on the immediately preceding Business Day, an aggregate principal
amount of the Tranche A Term Loans, the Tranche B Term Loans, the Tranche C Term Loans, the Delayed
Draw 1 Term Loans and the Delayed Draw 2 Term Loans equal to the amount set forth on
<U>Annex I</U> for such date (which payments shall be reduced as a result of the application of
prepayments in accordance with the order of priority set forth in Section&nbsp;2.05), together in each
case with accrued and unpaid interest on the principal amount to be paid to but excluding the date
of such payment, and on the Maturity Date, (i)&nbsp;the aggregate principal amount of all Tranche A Term
Loans outstanding on such date, (ii)&nbsp;the aggregate principal amount of all Tranche B Term Loans
outstanding on such date, (iii)&nbsp;the aggregate principal amount of all Tranche C Term Loans
outstanding on such date, (iv)&nbsp;the aggregate principal amount of all Delayed Draw 1 Term Loans
outstanding on such date and (v)&nbsp;the aggregate principal amount of all Delayed Draw 2 Term Loans
outstanding on such date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<I>Revolving Credit Loans</I>. The Parent Borrower and, in the case of the Alternative Currency
Revolving Credit Loans, the Parent Borrower and the Foreign Subsidiary Revolving Borrowers, jointly
and severally, shall repay to the Administrative Agent for the ratable account of the Appropriate
Lenders on the Maturity Date for the Revolving Credit Facilities the aggregate principal amount of
all of its Revolving Credit Loans outstanding on such date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<I>&nbsp;Swing Line Loans</I>. The Parent Borrower shall repay each Swing Line Loan on the Maturity
Date for the Dollar Revolving Credit Facility.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;For the avoidance of doubt, all Loans shall be repaid, whether pursuant to this
Section&nbsp;2.07 or otherwise, in the currency in which they were made.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.08. <U>Interest</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Subject to the provisions of Section&nbsp;2.08(b), (i)&nbsp;each Eurocurrency Rate Loan shall bear
interest on the outstanding principal amount thereof for each Interest Period at a rate per annum
equal to the Eurocurrency Rate for such Interest Period <u>plus </U>the Applicable Rate plus (in the case
of a Eurocurrency Rate Loan that is an Alternative Currency Revolving Credit Loan of any Lender
which is lent from a Lending Office in the United Kingdom or a Participating Member State) the
Mandatory Cost; (ii)&nbsp;each Base Rate Loan shall bear interest on the outstanding principal amount
thereof from the applicable borrowing date at a rate per annum equal to the Base Rate <u>plus</U> the
Applicable Rate and (iii)&nbsp;each Swing Line Loan shall bear interest on the outstanding principal
amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate <u>plus</U>
the Applicable Rate for Dollar Revolving Credit Loans. For the avoidance of doubt, each
Alternative Currency Revolving Credit Loan (other than an Alternative Currency Revolving Credit
Loan denominated in Dollars) shall be a Eurocurrency Rate Loan.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Borrowers shall pay interest on past due amounts hereunder (whether principal,
interest, fees or other amounts) at a fluctuating interest rate per annum at all times equal to the
Default Rate to the fullest extent permitted by applicable Laws. Accrued and unpaid interest on
past due amounts (including interest on past due interest) shall be due and payable upon demand.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Interest on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified herein. Interest hereunder shall
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">be due and payable in accordance with the terms hereof before and after judgment, and before
and after the commencement of any proceeding under any Debtor Relief Law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Interest on each Loan shall be payable in the currency in which each Loan was made.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.09. <U>Fees</U>. In addition to certain fees described in Sections&nbsp;2.03(i) and
(j):
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<I>&nbsp;Commitment Fee</I>. With respect to each Revolving Credit Facility, the Parent
Borrower shall pay to the Administrative Agent for the account of each Revolving Credit
Lender for such Facility in accordance with its Pro Rata Share, a commitment fee equal to
the Applicable Rate with respect to commitment fees times the actual daily amount by which
the aggregate Revolving Credit Commitment for such Facility exceeds the sum of (A)&nbsp;the
Outstanding Amount of Revolving Credit Loans for such Facility and (B)&nbsp;the Outstanding
Amount of L/C Obligations for such Facility; <I>provided </I>that any commitment fee accrued with
respect to any of the Revolving Credit Commitments under such Facility of a Defaulting
Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid
at such time shall not be payable by the Parent Borrower so long as such Lender shall be a
Defaulting Lender except to the extent that such commitment fee shall otherwise have been
due and payable by the Parent Borrower prior to such time; <I>provided further </I>that no
commitment fee shall accrue on any of the Revolving Credit Commitments under any Facility of
a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The commitment
fees for a Revolving Credit Facility shall accrue at all times from the Closing Date until
the Maturity Date, including at any time during which one or more of the conditions in
Article&nbsp;IV is not met, and shall be due and payable quarterly in arrears in Dollars on the
tenth Business Day following the last Business Day of each March, June, September and
December, commencing with the first such date to occur after the Closing Date, and on the
Maturity Date for such Facility. The commitment fee shall be calculated quarterly in
arrears, and if there is any change in the Applicable Rate during any quarter, the actual
daily amount shall be computed and multiplied by the Applicable Rate separately for each
period during such quarter that such Applicable Rate was in effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent Borrower shall pay to the Administrative Agent for the account of each
Delayed Draw Term Loan Lender in accordance with its Pro Rata Share, a commitment fee for
the period from and including the first day of the Delayed Draw Term Loan Commitment Period
to the Delayed Draw Commitment Termination Date, computed at the Delayed Draw Commitment Fee
Rate on the average daily amount of the unutilized Delayed Draw Term Loan Commitment of such
Lender during the period for which payment is made, payable quarterly in arrears on the last
day of each March, June, September and December and on the Delayed Draw Commitment
Termination Date or such earlier date as the Delayed Draw Term Loan Commitments shall
terminate as provided herein, commencing on the first such date to occur after the Closing
Date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<I>&nbsp;Other Fees</I>. The Borrowers shall pay to the Agents such fees as shall have been
separately agreed upon in writing in the amounts and at the times so specified. Such fees
shall be fully earned when paid and shall not be refundable for any reason whatsoever
(except as expressly agreed between the relevant Borrower and the applicable Agent).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.10. <U>Computation of Interest and Fees</U>. All computations of interest for Base
Rate Loans when the Base Rate is determined by the Administrative Agent&#146;s &#147;prime rate&#148; shall be
made on the basis of a year of 365&nbsp;days or 366&nbsp;days, as the case may be, and actual days elapsed.
All other computations of fees and interest shall be made on the basis of a 360-day year and actual
days
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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">elapsed (which results in more fees or interest, as applicable, being paid than if computed on
the basis of a 365-day year) or, in the case of interest in respect of Loans denominated in
Alternative Currencies as to which market practice differs from the foregoing, in accordance with
such market practice. Interest shall accrue on each Loan for the day on which the Loan is made,
and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such
portion is paid; <I>provided </I>that any Loan that is repaid on the same day on which it is made shall,
subject to Section&nbsp;2.12(a), bear interest for one day. Each determination by the Administrative
Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent
manifest error.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.11. <U>Evidence of Indebtedness</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Credit Extensions made by each Lender shall be evidenced by one or more accounts or
records maintained by such Lender and evidenced by one or more entries in the Register maintained
by the Administrative Agent, acting solely for purposes of Treasury Regulation&nbsp;Section&nbsp;5f.103-1(c),
as agent for the Borrowers, in each case in the ordinary course of business. The accounts or
records maintained by the Administrative Agent and each Lender shall be prima facie evidence absent
manifest error of the amount of the Credit Extensions made by the Lenders to the Borrowers and the
interest and payments thereon. Any failure to so record or any error in doing so shall not,
however, limit or otherwise affect the obligation of the Borrowers hereunder to pay any amount
owing with respect to the Obligations. In the event of any conflict between the accounts and
records maintained by any Lender and the accounts and records of the Administrative Agent in
respect of such matters, the accounts and records of the Administrative Agent shall control in the
absence of manifest error. Upon the request of any Lender made through the Administrative Agent,
the relevant Borrower shall execute and deliver to such Lender (through the Administrative Agent) a
Note payable to such Lender, which shall evidence such Lender&#146;s Loans in addition to such accounts
or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if
applicable), amount and maturity of its Loans and payments with respect thereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In addition to the accounts and records referred to in Section&nbsp;2.11(a), each Lender and
the Administrative Agent shall maintain in accordance with its usual practice accounts or records
and, in the case of the Administrative Agent, entries in the Register, evidencing the purchases and
sales by such Lender of participations in Letters of Credit and Swing Line Loans. In the event of
any conflict between the accounts and records maintained by the Administrative Agent and the
accounts and records of any Lender in respect of such matters, the accounts and records of the
Administrative Agent shall control in the absence of manifest error.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Entries made in good faith by the Administrative Agent in the Register pursuant to
Sections&nbsp;2.11(a) and (b), and by each Lender in its account or accounts pursuant to
Sections&nbsp;2.11(a) and (b), shall be prima facie evidence of the amount of principal and interest due
and payable or to become due and payable from the Borrowers to, in the case of the Register, each
Lender and, in the case of such account or accounts, such Lender, under this Agreement and the
other Loan Documents, absent manifest error; <I>provided </I>that the failure of the Administrative Agent
or such Lender to make an entry, or any finding that an entry is incorrect, in the Register or such
account or accounts shall not limit or otherwise affect the obligations of the Borrowers under this
Agreement and the other Loan Documents.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.12. <U>Payments Generally</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;All payments to be made by the Borrowers shall be made without condition or deduction for
any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein,
all payments by the Borrowers hereunder shall be made to the Administrative Agent, for the account
of the respective Lenders to which such payment is owed, at the applicable Administrative Agent&#146;s
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Office for payment and in Same Day Funds not later than 2:00 p.m. (except with respect to
payments in an Alternative Currency) on the date specified herein. Except as otherwise expressly
provided herein, all payments by the Borrowers hereunder in an Alternative Currency shall be made
to the Administrative Agent, for the account of the respective Lenders to which such payment is
owed, at the applicable Administrative Agent&#146;s Office in such Alternative Currency and in Same Day
Funds not later than the Applicable Time on the dates specified herein. If, for any reason, any
Borrower is prohibited by any Law from making any required payment hereunder in an Alternative
Currency, such Borrower shall make such payment in Dollars in the Dollar Amount of the Alternative
Currency payment amount. The Administrative Agent will promptly distribute to each Lender its Pro
Rata Share (or other applicable share as provided herein) of such payment in like funds as received
by wire transfer to such Lender&#146;s Lending Office. All payments received by the Administrative
Agent (i)&nbsp;after 2:00 p.m. (New York, New York time), in the case of payments in Dollars, or (ii)
after the Applicable Time in the case of payments in an Alternative Currency, shall in each case be
deemed received on the next succeeding Business Day and any applicable interest or fee shall
continue to accrue.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If any payment to be made by any Borrower shall come due on a day other than a Business
Day, payment shall be made, unless otherwise specified herein, on the next following Business Day,
and such extension of time shall be reflected in computing interest or fees, as the case may be.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Unless the relevant Borrower has notified the Administrative Agent, prior to the date any
payment is required to be made by it to the Administrative Agent hereunder for the account of any
Lender or an L/C Issuer hereunder, that such Borrower will not make such payment, the
Administrative Agent may assume that such Borrower has timely made such payment and may (but shall
not be so required to), in reliance thereon, make available a corresponding amount to such Lender
or L/C Issuer. If and to the extent that such payment was not in fact made to the Administrative
Agent in Same Day Funds, then such Lender or L/C Issuer shall forthwith on demand repay to the
Administrative Agent the portion of such assumed payment that was made available to such Lender or
L/C Issuer in Same Day Funds, together with interest thereon in respect of each day from and
including the date such amount was made available by the Administrative Agent to such Lender or L/C
Issuer to the date such amount is repaid to the Administrative Agent in Same Day Funds at the
applicable Overnight Rate from time to time in effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A notice of the Administrative Agent to any Lender or any Borrower with respect to any amount
owing under this Section&nbsp;2.12(c) shall be conclusive, absent manifest error.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If any Lender makes available to the Administrative Agent funds for any Loan to be made by
such Lender as provided in the foregoing provisions of this Article&nbsp;II, and such funds are not made
available to the relevant Borrower by the Administrative Agent because the conditions to the
applicable Credit Extension set forth in Article&nbsp;IV are not satisfied or waived in accordance with
the terms hereof, the Administrative Agent shall return such funds (in like funds as received from
such Lender) to such Lender, without interest.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The obligations of the Lenders hereunder to make Loans and to fund participations in
Letters of Credit and Swing Line Loans are several and not joint. The failure of any Lender to
make any Loan or to fund any such participation on any date required hereunder shall not relieve
any other Lender of its corresponding obligation to do so on such date, and no Lender shall be
responsible for the failure of any other Lender to so make its Loan or purchase its participation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in
any particular place or manner or to constitute a representation by any Lender that it has obtained
or will obtain the funds for any Loan in any particular place or manner.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Whenever any payment received by the Administrative Agent under this Agreement or any of
the other Loan Documents is insufficient to pay in full all amounts due and payable to the
Administrative Agent and the Lenders under or in respect of this Agreement and the other Loan
Documents on any date, such payment shall be distributed by the Administrative Agent and applied by
the Administrative Agent and the Lenders in the order of priority set forth in Section&nbsp;8.03. If
the Administrative Agent receives funds for application to the Obligations of the Loan Parties
under or in respect of the Loan Documents under circumstances for which the Loan Documents do not
specify the manner in which such funds are to be applied, the Administrative Agent may, but shall
not be obligated to, elect to distribute such funds to each of the Lenders in accordance with such
Lender&#146;s Pro Rata Share of the sum of (a)&nbsp;the Outstanding Amount of all Loans outstanding at such
time and (b)&nbsp;the Outstanding Amount of all L/C Obligations outstanding at such time, in repayment
or prepayment of such of the outstanding Loans or other Obligations then owing to such Lender.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.13. <U>Sharing of Payments</U>. If, other than as expressly provided elsewhere
herein, any Lender shall obtain on account of the Loans made by it, or the participations in L/C
Obligations and Swing Line Loans held by it, any payment (whether voluntary, involuntary, through
the exercise of any right of setoff, or otherwise) in excess of its ratable share (or other share
contemplated hereunder) thereof, such Lender shall immediately (a)&nbsp;notify the Administrative Agent
of such fact, and (b)&nbsp;purchase from the other Lenders such participations in the Loans made by them
and/or such subparticipations in the participations in L/C Obligations or Swing Line Loans held by
them, as the case may be, as shall be necessary to cause such purchasing Lender to share the excess
payment in respect of such Loans or such participations, as the case may be, pro rata with each of
them; <I>provided </I>that if all or any portion of such excess payment is thereafter recovered from the
purchasing Lender under any of the circumstances described in Section&nbsp;10.06 (including pursuant to
any settlement entered into by the purchasing Lender in its discretion), such purchase shall to
that extent be rescinded and each other Lender shall repay to the purchasing Lender the purchase
price paid therefor, together with an amount equal to such paying Lender&#146;s ratable share (according
to the proportion of (i)&nbsp;the amount of such paying Lender&#146;s required repayment to (ii)&nbsp;the total
amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by
the purchasing Lender in respect of the total amount so recovered, without further interest
thereon. Each Borrower agrees that any Lender so purchasing a participation from another Lender
may, to the fullest extent permitted by applicable Law, exercise all its rights of payment
(including the right of setoff, but subject to Section&nbsp;10.10) with respect to such participation as
fully as if such Lender were the direct creditor of such Borrower in the amount of such
participation. The Administrative Agent will keep records (which shall be conclusive and binding
in the absence of manifest error) of participations purchased under this Section&nbsp;2.13 and will in
each case notify the Lenders following any such purchases or repayments. Each Lender that
purchases a participation pursuant to this Section&nbsp;2.13 shall from and after such purchase have the
right to give all notices, requests, demands, directions and other communications under this
Agreement with respect to the portion of the Obligations purchased to the same extent as though the
purchasing Lender were the original owner of the Obligations purchased.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.14. <U>Incremental Credit Extensions</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Parent Borrower may at any time or from time to time after the Closing Date, by notice
to the Administrative Agent (whereupon the Administrative Agent shall promptly deliver a copy to
each of the Lenders), request (a)&nbsp;one or more additional tranches of term loans or, if satisfactory
to the Administrative Agent, an increase of an existing tranche of Term Loans (the &#147;<B>Incremental
Term Loans</B>&#148;), (b)&nbsp;one or more increases in the amount of the Dollar Revolving Credit Commitments
(each such increase, a &#147;<B>Dollar Revolving Commitment Increase</B>&#148;) or (c)&nbsp;one or more increases in the
amount of the Alternative Currency Revolving Credit Commitments (each such increase, an
&#147;<B>Alternative Currency Revolving Commitment Increase</B>&#148; and, together with any Dollar Revolving
Commitment Increase, a &#147;<B>Revolving Commitment Increase</B>&#148;); <I>provided </I>that (i)&nbsp;upon the effectiveness
of any Incremental
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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> Amendment referred to below, no Default or Event of Default shall exist, (ii)&nbsp;at the
time that any such Incremental Term Loan is made (and after giving effect thereto), no Default or
Event of Default shall exist and (iii)&nbsp;upon the effectiveness of any such Incremental Amendment and
at the time any such Incremental Term Loan is made (after giving effect thereto), the Parent
Borrower shall be in pro forma compliance with the covenant set forth in Section&nbsp;7.14 for the Test
Period then last ended calculated on a pro forma basis for such Incremental Amendment and/or
Incremental Term Loan in accordance with Section&nbsp;1.10 (and a certificate from the Chief Financial
Officer of the Parent Borrower demonstrating compliance with such Section calculated in reasonable
detail shall be provided to the Administrative Agent). Each tranche of Incremental Term Loans and
each Revolving Commitment Increase shall be in an aggregate principal amount that is not less than
a Dollar Amount of $100,000,000 (<I>provided </I>that such amount may be less than a Dollar Amount of
$100,000,000 if such amount represents all remaining availability under the limit set forth in the
next sentence). Notwithstanding anything to the contrary herein, the aggregate amount of the
Incremental Term Loans and the Revolving Commitment Increases shall not exceed the sum of (i)
$1,500,000,000 (such amount, the &#147;<B>Initial Incremental Amount</B>&#148;) <U>plus</U> (ii)&nbsp;the excess, if
any, of (x)&nbsp;0.65 times Consolidated EBITDA for the Test Period then last ended prior to the date of
determination and calculated on a pro forma basis in accordance with Section&nbsp;1.10 over (y)&nbsp;the
Initial Incremental Amount <U>plus</U> (iii)&nbsp;the aggregate amount of principal of Term Loans
prepaid pursuant to Sections&nbsp;2.05(b)(i) and (iii)&nbsp;since the Closing Date that have not been
refinanced with Indebtedness under this Agreement. The Incremental Term Loans (a)&nbsp;shall rank <I>pari
passu </I>in right of payment and of security with the Revolving Credit Loans and the Term Loans, (b)
shall not mature earlier than the Maturity Date with respect to the Tranche B Term Loans (or the
Tranche A Term Loans in the case of any increase of the Tranche A Term Loans) and (c)&nbsp;shall be
treated substantially the same as the Tranche B Term Loans (in each case, including with respect to
mandatory and voluntary prepayments), <I>provided </I>that (i)&nbsp;the terms and conditions applicable to
Incremental Term Loans may be materially different from those of the Term Loans to the extent such
differences (other than interest rates and amortization schedule) are reasonably acceptable to the
Administrative Agent and (ii)&nbsp;the interest rates and amortization schedule applicable to the
Incremental Term Loans shall be determined by the Parent Borrower and the lenders thereof; <I>provided</I>
that the Incremental Term Loans shall not have a Weighted Average Life to Maturity shorter than
that of the Tranche B Term Loans (except by virtue of amortization or prepayment of the Term Loans
prior to the time of such incurrence). Each notice from the Parent Borrower pursuant to this
Section shall set forth the requested amount and proposed terms of the relevant Incremental Term
Loans or Revolving Commitment Increases. Incremental Term Loans may be made, and Revolving
Commitment Increases may be provided, by any existing Lender (it being understood that no existing
Term Lender will have an obligation to make a portion of any Incremental Term Loan and no existing
Revolving Credit Lender will have an obligation to provide a portion of any Revolving Commitment
Increase), in each case on terms permitted in this Section&nbsp;2.14 and otherwise on terms reasonably
acceptable to the Administrative Agent, or by any other lender (any such other lender being called
an &#147;<B>Additional Lender</B>&#148;), <I>provided </I>that the Administrative Agent shall have consented (such consent
not to be unreasonably withheld) to such Lender&#146;s or Additional Lender&#146;s making such Incremental
Term Loans or providing such Revolving Commitment Increases if such consent would be required under
Section&nbsp;10.07(b) for an assignment of Loans or Revolving Credit Commitments, as applicable, to such
Lender or Additional Lender. Commitments in respect of Incremental Term Loans and Revolving
Commitment Increases shall become Commitments (or in the case of a Revolving Commitment Increase to
be provided by an existing Revolving Credit Lender, an increase in such Lender&#146;s applicable
Revolving Credit Commitment) under this Agreement pursuant to an amendment (an &#147;<B>Incremental
Amendment</B>&#148;) to this Agreement and, as appropriate, the other Loan Documents (including, without
limitation, an accession by each Additional Lender to the Loss Sharing Agreement), executed by the
Parent Borrower, each Lender agreeing to provide such Commitment, if any, each Additional Lender,
if any, and the Administrative Agent. The Incremental Amendment may, without the consent of any
other Lenders or Loan Parties, effect such amendments to this Agreement and the other Loan
Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent
and the Parent Borrower, to effect the provisions of this Section. The effectiveness
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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> of (and, in the case of any Incremental Amendment for an Incremental Term Loan, the
borrowing under) any Incremental Amendment shall be subject to the satisfaction on the date thereof
of each of the conditions set forth in Section&nbsp;4.02 (it being understood that all references to
&#147;the date of such Credit Extension&#148; or similar language in such Section&nbsp;4.02 shall be deemed to
refer to the effective date of such Incremental Amendment) and such other conditions as the parties
thereto shall agree. The Parent Borrower shall use the proceeds of the Incremental Term Loans and
Revolving Commitment Increases for any purpose not prohibited by this Agreement; <I>provided </I>that
(i)&nbsp;to the extent the proceeds of Incremental Term Loans and Revolving Commitment Increases are
being used to refinance Retained Existing Notes, such refinancing occurs no earlier than the final
maturity date of such Retained Existing Notes, and (ii)&nbsp;any amount of Incremental Term Loans in
excess of the Initial Incremental Amount may only be used to refinance Existing Notes on their
final maturity date. Upon each increase in (A)&nbsp;the Dollar Revolving Credit Commitments pursuant to
this Section&nbsp;2.14, (x)&nbsp;each Dollar Revolving Credit Lender immediately prior to such increase will
automatically and without further act be deemed to have assigned to each Lender providing a portion
of the Dollar Revolving Commitment Increase (each a &#147;<B>Dollar Revolving Commitment Increase Lender</B>&#148;),
and each such Revolving Commitment Increase Lender will automatically and without further act be
deemed to have assumed, a portion of such Dollar Revolving Credit Lender&#146;s participations hereunder
in outstanding Dollar Letters of Credit and Swing Line Loans such that, after giving effect to each
such deemed assignment and assumption of participations, the percentage of the aggregate
outstanding (i)&nbsp;participations hereunder in Dollar Letters of Credit and (ii)&nbsp;participations
hereunder in Swing Line Loans held by each Dollar Revolving Credit Lender (including each such
Dollar Revolving Commitment Increase Lender) will equal the percentage of the aggregate Dollar
Revolving Credit Commitments of all Dollar Revolving Credit Lenders represented by such Dollar
Revolving Credit Lender&#146;s Revolving Credit Commitment and (y)&nbsp;if, on the date of such increase,
there are any Dollar Revolving Credit Loans outstanding, such Dollar Revolving Credit Loans shall
on or prior to the effectiveness of such Dollar Revolving Commitment Increase be prepaid from the
proceeds of additional Dollar Revolving Credit Loans made hereunder (reflecting such increase in
Dollar Revolving Credit Commitments), which prepayment shall be accompanied by accrued interest on
the Dollar Revolving Credit Loans being prepaid and any costs incurred by any Lender in accordance
with Section&nbsp;3.05 and (B)&nbsp;the Alternative Currency Revolving Credit Commitments pursuant to this
Section&nbsp;2.14, (x)&nbsp;each Alternative Currency Revolving Credit Lender immediately prior to such
increase will automatically and without further act be deemed to have assigned to each Lender
providing a portion of the Alternative Currency Revolving Commitment Increase (each an &#147;<B>Alternative
Currency Revolving Commitment Increase Lender</B>&#148; and, together with each Dollar Revolving Commitment
Increase Lender, the &#147;<B>Revolving Commitment Increase Lenders</B>&#148;), and each such Alternative Currency
Revolving Commitment Increase Lender will automatically and without further act be deemed to have
assumed, a portion of such Alternative Currency Revolving Credit Lender&#146;s participations hereunder
in outstanding Alternative Currency Letters of Credit such that, after giving effect to each such
deemed assignment and assumption of participations, the percentage of the aggregate outstanding
participations hereunder in Alternative Currency Letters of Credit held by each Alternative
Currency Revolving Credit Lender (including each such Alternative Currency Revolving Commitment
Increase Lender) will equal the percentage of the aggregate Alternative Currency Revolving Credit
Commitments of all Alternative Currency Revolving Credit Lenders represented by such Alternative
Currency Revolving Credit Lender&#146;s Revolving Credit Commitment and (y)&nbsp;if, on the date of such
increase, there are any Alternative Currency Revolving Credit Loans outstanding, such Alternative
Currency Revolving Credit Loans shall on or prior to the effectiveness of such Alternative Currency
Revolving Commitment Increase be prepaid from the proceeds of additional Alternative Currency
Revolving Credit Loans made hereunder (reflecting such increase in Alternative Currency Revolving
Credit Commitments), which prepayment shall be accompanied by accrued interest on the Alternative
Currency Revolving Credit Loans being prepaid and any costs incurred by any Lender in accordance
with Section&nbsp;3.05. The Administrative Agent and the Lenders hereby agree that the minimum
borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this
Agreement shall not apply to the transactions effected pursuant to the immediately preceding
sentence.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;This Section&nbsp;2.14 shall supersede any provisions in Section&nbsp;2.13 or 10.01 to the contrary.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.15. <U>Designation of Foreign Subsidiary Revolving Borrower, Termination of
Designations</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Parent Borrower may from time to time designate any Qualified Foreign Subsidiary as an
additional Foreign Subsidiary Revolving Borrower for purposes of this Agreement by delivering to
the Administrative Agent (i)&nbsp;written notice of election to become a Foreign Subsidiary Revolving
Borrower (an &#147;<B>Election to Participate</B>&#148;) duly executed on behalf of such Qualified Foreign
Subsidiary and the Parent Borrower, (ii)&nbsp;any document reasonably required by the Administrative
Agent for such Qualified Foreign Subsidiary to satisfy all requirements with respect to a Foreign
Subsidiary Revolving Borrower set forth in the definition of &#147;Collateral and Guarantee Requirement&#148;
and Section&nbsp;6.11 (without giving effect to any grace periods), including, without limitation, legal
opinions, officer&#146;s and secretary&#146;s certificates and mortgages and perfection of Liens on personal
property and (iii)&nbsp;all documentation and other information with respect to such Subsidiary required
by regulatory authorities under applicable &#147;know your customer&#148; and anti-money laundering rules and
regulations, including without limitation the USA PATRIOT Act.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Parent Borrower may terminate the status of any Subsidiary as a Foreign Subsidiary
Revolving Borrower for purpose of making further Alternative Currency Revolving Credit Borrowings
hereunder this Agreement by delivering to the Administrative Agent a written notice of election to
terminate such status as a Foreign Subsidiary Revolving Borrower (an &#147;<B>Election to Terminate</B>&#148;) duly
executed on behalf of such Subsidiary and the Parent Borrower; <I>provided</I>, at the time of such
Election to Terminate, such Subsidiary shall have no Alternative Currency Revolving Credit Loans or
Alternative Currency Letters of Credit outstanding. After the delivery of such Election to
Terminate such Subsidiary shall be relieved of its obligations under this Agreement as a Foreign
Subsidiary Revolving Borrower, but after the delivery of such Election to Terminate such Subsidiary
shall still be deemed to be a Foreign Subsidiary Guarantor under this Agreement and the delivery of
such an Election to Terminate shall not affect the obligations of any other Foreign Subsidiary
Revolving Borrower under this Agreement or any other Loan Document or thereafter incurred by any
other Foreign Subsidiary Revolving Borrower.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If the cost to any Lender of making or maintaining any Loan to a Foreign Subsidiary
Revolving Borrower is increased (or the amount of any sum received or receivable by any Lender or
its lending office is reduced) by an amount deemed by such Lender to be material, by reason of the
fact that such Foreign Subsidiary Revolving Borrower is incorporated in, or conducts business in, a
jurisdiction outside the United States, such Foreign Subsidiary Revolving Borrower shall indemnify
such Lender for such increased cost or reduction within fifteen (15)&nbsp;days after demand by such
Lender (with a copy to the Administrative Agent) (excluding for purposes of this Section&nbsp;2.15(c)
any such increased costs resulting from (i)&nbsp;changes in the basis of taxation of overall net income
or overall gross income (including branch profits), and franchise (and similar) taxes imposed in
lieu of net income taxes, by the United States or any foreign jurisdiction or any political
subdivision of either thereof under the Laws of which such Lender is organized or maintains a
lending office, (ii)&nbsp;reserve requirements contemplated by Section&nbsp;3.04(c) (as to which Section
3.04(c) shall govern) and (iii)&nbsp;the requirements of the Bank of England and the Financial Services
Authority or the European Central Bank reflected in the Mandatory Cost (as to which Section&nbsp;3.04(a)
shall govern)). A certificate of such Lender claiming compensation under this Section&nbsp;2.15(c) and
setting forth the additional amount or amounts to be paid to it hereunder in reasonable detail
shall be conclusive in the absence of manifest error.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Each Lender will promptly notify the Parent Borrower, the relevant Foreign Subsidiary
Revolving Borrower and the Administrative Agent of any event or circumstance of which it has
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">knowledge that will entitle such Lender to compensation pursuant to Section&nbsp;2.15(c). If any
Lender requests compensation under Section&nbsp;2.15(c), then such Lender will, if requested by the
Parent Borrower, use commercially reasonable efforts to designate another lending office for any
Loan or Letter of Credit affected by such event; <I>provided </I>that such efforts are made on terms that,
in the reasonable judgment of such Lender, cause such Lender and its lending office(s) to suffer no
material economic, legal or regulatory disadvantage.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Taxes, Increased Costs Protection and Illegality</B></U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.01. <U>Taxes</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except as required by law (as determined in the good faith discretion of any applicable
withholding agent), any and all payments by any Borrower or any Guarantor to or for the account of
any Agent or any Lender (which term shall, for the avoidance of doubt, include, for the purposes of
Section&nbsp;3.01, any L/C Issuer) under any Loan Document shall be made free and clear of, and without
deduction for, any and all present or future taxes, duties, levies, imposts, deductions,
assessments, fees, withholdings or similar charges, and all liabilities (including additions to
tax, penalties and interest) with respect thereto, imposed by any Governmental Authority (&#147;<B>Taxes</B>&#148;).
If a Borrower or a Guarantor or the Administrative Agent is required by law (as determined in the
good faith discretion of any applicable withholding agent) to deduct any Indemnified Taxes (as
defined below) or Other Taxes (as defined below) from or in respect of any sum payable under any
Loan Document to any Agent or any Lender, (i)&nbsp;the sum payable by such Borrower or such Guarantor
shall be increased as necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section&nbsp;3.01(a)), each of such Agent and such
Lender receives an amount equal to the sum it would have received had no such deductions been made,
(ii)&nbsp;such Borrower or such Guarantor or the Administrative Agent shall make such deductions, (iii)
such Borrower or such Guarantor shall pay the full amount deducted to the relevant taxing
authority, and (iv)&nbsp;within thirty (30)&nbsp;days after the date of such payment (or, if receipts or
evidence are not available within thirty (30)&nbsp;days, as soon as practicable thereafter), such
Borrower or such Guarantor shall furnish to such Agent or Lender (as the case may be) the original
or a facsimile copy of a receipt evidencing payment thereof or other documentary evidence of
payment satisfactory to such Agent or Lender. If any Borrower or any Guarantor fails to pay any
Indemnified Taxes or Other Taxes when due to the appropriate taxing authority or fails to remit to
any Agent or any Lender the required receipts or other required documentary evidence, such Borrower
or such Guarantor shall indemnify such Agent and such Lender for any incremental Taxes that may
become payable by such Agent or such Lender arising out of such failure. &#147;<B>Indemnified Taxes</B>&#148;
refers to any Taxes arising from any payment made under any Loan Document excluding, in the case of
each Agent and each Lender, (i)&nbsp;net income Taxes imposed by a jurisdiction as a result of any
connection between such Agent or Lender and such jurisdiction other than the connection arising
from executing or entering into any Loan Document or any of the Transactions contemplated by any
Loan Document, (ii)&nbsp;Taxes imposed on or measured by its net income (including branch profits),
franchise (and similar) taxes imposed in lieu of net income taxes, (iii)&nbsp;any withholding taxes to
the extent imposed at the time a Lender becomes a party hereto (or designates a new lending
office), except (x)&nbsp;to the extent that such Lender (or its assignor, if any) was entitled, at the
time of designation of a new lending office (or assignment), to receive additional amounts or
indemnity payments from any Loan Party with respect to such withholding tax pursuant to Section
3.01 or (y)&nbsp;if such Foreign Lender is an assignee pursuant to a request by a Borrower and (iv)&nbsp;any
Taxes imposed as a result of the failure of any Lender to comply with either the provisions of
Section&nbsp;3.01(b) or (c) (in the case of any Foreign Lender) or the provisions of Section&nbsp;3.01(d) (in
the case of any U.S. Lender).
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;To the extent it is legally able to do so, each Agent or Lender (including an Assignee to
which a Lender assigns its interest in accordance with Section&nbsp;10.07) that is not a &#147;United States
person&#148; within the meaning of Section&nbsp;7701(a)(30) of the Code (each a &#147;<B>Foreign Lender</B>&#148;) agrees to
complete and deliver to the Parent Borrower and the Administrative Agent on or prior to the Closing
Date (or, if later, on or prior to the date it becomes a party to this Agreement), an accurate,
complete and original signed copy of whichever of the following is applicable: (i)&nbsp;Internal
Revenue Service Form W-8BEN certifying that it is entitled to benefits under an income tax treaty
to which the United States is a party that reduces or eliminates U.S. federal withholding tax on
payments of interest; (ii)&nbsp;Internal Revenue Service Form W-8ECI certifying that the income
receivable pursuant to any Loan Document is effectively connected with the conduct of a trade or
business in the United States; (iii)&nbsp;if the Foreign Lender (A)&nbsp;is not a bank described in Section
881(c)(3)(A) of the Code, (B)&nbsp;is not a 10-percent shareholder described in Section&nbsp;871(h)(3)(B) of
the Code, (C)&nbsp;has income receivable pursuant to any Loan Document that is not effectively connected
with the conduct of a trade or business in the United States, and (D)&nbsp;is not a controlled foreign
corporation related to any Borrower within the meaning of Section 864(d) of the Code, a certificate
to that effect in substantially the form attached hereto as <U>Exhibit&nbsp;L</U> and an Internal
Revenue Service Form W-8BEN, certifying that the Foreign Lender is not a United States person; or
(iv)&nbsp;to the extent a Foreign Lender is not the beneficial owner of any obligation of any Borrower
or any Guarantor hereunder (for example, where the Foreign Lender is a partnership or participating
Lender granting a typical participation), duly completed copies of Internal Revenue Service Form
W-8IMY, accompanied by a Form W-8ECI, W-8BEN, certificate in substantially the form attached hereto
as <U>Exhibit&nbsp;L</U> Form W-9 or Form W-8IMY from each beneficial owner, as applicable.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Thereafter and from time to time, each such Foreign Lender shall, (i)&nbsp;promptly, to the
extent it is legally entitled to do so, submit to the Parent Borrower and the Administrative Agent
such additional duly completed and signed copies of one or more of such forms or certificates (or
such successor forms or certificates as shall be adopted from time to time by the relevant United
States taxing authorities) as may then be available to secure an exemption from or reduction in the
rate of U.S. federal withholding tax (A)&nbsp;on or before the date that any such form, certificate or
other evidence previously delivered expires or becomes obsolete, (B)&nbsp;after the occurrence of a
change in the Foreign Lender&#146;s circumstances requiring a change in the most recent form,
certificate or evidence previously delivered by it to the Parent Borrower and the Administrative
Agent, and (C)&nbsp;from time to time thereafter if reasonably requested by the Parent Borrower or the
Administrative Agent, and (ii)&nbsp;promptly notify the Parent Borrower and the Administrative Agent of
any change in the Foreign Lender&#146;s circumstances which would modify or render invalid any
previously claimed exemption or reduction.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Each Agent or Lender that is a &#147;United States person&#148; (within the meaning of Section
7701(a)(30) of the Code) (each a &#147;<B>U.S. Lender</B>&#148;) agrees to complete and deliver to the Parent
Borrower and the Administrative Agent an accurate, complete and original signed Internal Revenue
Service Form W-9 or successor form certifying that such Agent or Lender is not subject to United
States backup withholding tax (i)&nbsp;on or prior to the Closing Date (or, if later, on or prior to the
date it becomes a party to this Agreement), (ii)&nbsp;on or before the date that such form expires or
becomes obsolete, (iii)&nbsp;after the occurrence of a change in the Agent&#146;s or Lender&#146;s circumstances
requiring a change in the most recent form previously delivered by it to the Parent Borrower and
the Administrative Agent, and (iv)&nbsp;from time to time thereafter if reasonably requested by the
Parent Borrower or the Administrative Agent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Notwithstanding anything else herein to the contrary, if a Foreign Lender is subject to
U.S. federal withholding tax at a rate in excess of zero percent at the time such Lender or such
Agent first becomes a party to this Agreement, such U.S. federal withholding tax (including
additions to tax, penalties and interest imposed with respect to such U.S. federal withholding tax)
shall be considered excluded from Indemnified Taxes except to the extent the Foreign Lender&#146;s
assignor was entitled to additional amounts or indemnity payments prior to the assignment or the
assignment was pursuant to a request
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">of a Borrower. Further, no Borrower shall be required pursuant to this Section&nbsp;3.01 to pay
any additional amount to, or to indemnify, any Lender or Agent, as the case may be, with respect to
Indemnified Taxes to the extent that such Lender or such Agent becomes subject to such Indemnified
Taxes subsequent to the Closing Date (or, if later, the date such Lender or Agent becomes a party
to this Agreement) solely as a result of a change in the place of organization or place of doing
business of such Lender or Agent or a change in the Lending Office of such Lender (other than at
the written request of a Borrower to change such Lending Office).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Each Borrower agrees to pay any and all present or future stamp, court or documentary
taxes and any other excise, property, intangible or mortgage recording taxes or charges or similar
levies which arise from any payment made under any Loan Document or from the execution, delivery,
performance, enforcement or registration of, or otherwise with respect to, any Loan Document
(including additions to tax, penalties and interest related thereto) excluding, in each case, such
amounts that result from an Agent or Lender&#146;s Assignment and Assumption, grant of a Participation,
transfer or assignment to or designation of a new applicable Lending Office or other office for
receiving payments under any Loan Document (collectively, &#147;<B>Assignment Taxes</B>&#148;) to the extent such
Assignment Taxes result from a connection that the Agent or Lender has with the taxing jurisdiction
other than the connection arising out of the Loan Document or the transactions therein, except for
Assignment Taxes resulting from assignment or participation that is requested or required in
writing by the Parent Borrower (all such non-excluded taxes described in this Section&nbsp;3.01(f) being
hereinafter referred to as &#147;<B>Other Taxes</B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;If any Indemnified Taxes or Other Taxes are directly asserted against any Agent or Lender,
such Agent or Lender may pay such Indemnified Taxes or Other Taxes and the relevant Borrower will
promptly pay such additional amounts so that each of such Agent and such Lender receives an amount
equal to the sum it would have received had no such Indemnified Taxes or Other Taxes been asserted;
whether or not such Taxes or Other Taxes were correctly or legally asserted; <I>provided </I>that if the
relevant Borrower reasonably believes that such Taxes or Other Taxes were not correctly or
reasonably asserted, each such Agent or Lender will use reasonable efforts to cooperate with such
Borrower to obtain a refund of such Taxes or Other Taxes (which shall be repaid such Borrower in
accordance with Section&nbsp;3.01(h)) so long as such efforts would not, in the sole good faith
determination of such Agent or Lender, result in any additional costs, expenses or risks or be
otherwise disadvantageous to it. Payments under this Section&nbsp;3.01(g) shall be made within ten (10)
days after the date such Borrower receives written demand for payment from such Agent or Lender. A
certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or
the Agent (with a copy to the Administrative Agent), or by the Administrative Agent on its own
behalf or on behalf of a Lender or any other Agent, shall be conclusive absent manifest error.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;If any Lender or Agent determines, in its sole discretion, that it is entitled to receive
a refund in respect of any Indemnified Taxes or Other Taxes as to which indemnification or
additional amounts have been paid to it by any Borrower pursuant to this Section&nbsp;3.01, it shall use
its commercially reasonable efforts to receive such refund and upon receipt of any such refund
shall promptly remit such refund (but only to the extent of indemnity payments made, or additional
amounts paid, by the relevant Borrower under this Section&nbsp;3.01 with respect to the Indemnified
Taxes or Other Taxes giving rise to such refund <u>plus</U> any interest included in such refund by the
relevant taxing authority attributable thereto) to such Borrower, net of all reasonable out of
pocket expenses of the Lender or Agent, as the case may be, and without interest (other than any
interest paid by the relevant taxing authority with respect to such refund); <I>provided </I>that each
Borrower, upon the request of the Lender or Agent, as the case may be, agrees promptly to return
such refund to such party, together with any interest and penalties charged by the relevant taxing
authority, in the event such party is required to repay such refund to the relevant taxing
authority. Such Lender or Agent, as the case may be, shall provide the relevant Borrower with a
copy of any notice of assessment or other evidence of the requirement to repay such refund received
from the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">relevant taxing authority (<I>provided </I>that such Lender or Agent may delete any information
therein that such Lender or Agent deems confidential in its reasonable discretion). Nothing herein
contained shall interfere with the right of a Lender or Agent to arrange its tax affairs in
whatever manner it thinks fit nor oblige any Lender or Agent to claim any tax refund or make
available its tax returns or any other information it reasonably deems confidential or require any
Lender to do anything that would prejudice its ability to benefit from any other refunds, credits,
relief, remission or repayments to which it may be entitled.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Each Lender agrees that, upon the occurrence of any event giving rise to the operation of
Section&nbsp;3.01(a) or (g)&nbsp;with respect to such Lender it will, if requested by the relevant Borrower,
use commercially reasonable efforts (subject to legal and regulatory restrictions) to mitigate the
effect of any such event, including by designating another Lending Office for any Loan or Letter of
Credit affected by such event and by completing and delivering or filing any tax related forms
which would reduce or eliminate any amount of Indemnified Taxes or Other Taxes required to be
deducted or withheld or paid by the relevant Borrower; <I>provided </I>that such efforts are made at the
relevant Borrower&#146;s expense and on terms that, in the reasonable judgment of such Lender, cause
such Lender and its Lending Office(s) to suffer no material economic, legal or regulatory
disadvantage, and <I>provided further </I>that nothing in this Section&nbsp;3.01(i) shall affect or postpone
any of the Obligations of such Borrower or the rights of such Lender pursuant to Section&nbsp;3.01(a) or
(g).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.02. <U>Illegality</U>. If any Lender reasonably determines that any Law has made
it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or
its applicable Lending Office to make, maintain or fund any Eurocurrency Rate Loans, or to
determine or charge interest rates based upon the applicable Eurocurrency Rate, then, on notice
thereof by such Lender to the Parent Borrower through the Administrative Agent, any obligation of
such Lender to make or continue any affected Eurocurrency Rate Loans or to convert Base Rate Loans
to such Eurocurrency Rate Loans shall be suspended until such Lender notifies the Administrative
Agent and the Parent Borrower that the circumstances giving rise to such determination no longer
exist. Upon receipt of such notice, the Parent Borrower may revoke any pending request for a
Borrowing of, conversion to or continuation of Eurocurrency Rate Loans and shall upon demand from
such Lender (with a copy to the Administrative Agent), prepay or, if applicable and such Loans are
denominated in Dollars, convert all then outstanding affected Eurocurrency Rate Loans of such
Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender
may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or promptly, if such
Lender may not lawfully continue to maintain such Eurocurrency Rate Loans. Upon any such
prepayment or conversion, the Parent Borrower shall also pay accrued interest on the amount so
prepaid or converted and all amounts due, if any, in connection with such prepayment or conversion
under Section&nbsp;3.05. Each Lender agrees to designate a different Lending Office if such designation
will avoid the need for such notice and will not, in the good faith judgment of such Lender,
otherwise be materially disadvantageous to such Lender.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.03. <U>Inability To Determine Rates</U>. If the Required Lenders determine that by
reason of any changes affecting the applicable interbank eurodollar market adequate and reasonable
means do not exist for determining the Eurocurrency Rate for any requested Interest Period with
respect to a proposed Eurocurrency Rate Loan, or that the Eurocurrency Rate for any requested
Interest Period with respect to a proposed Eurocurrency Rate Loan does not adequately and fairly
reflect the cost to such Lenders of funding such Loan, or that deposits are not being offered to
banks in the relevant interbank eurodollar market for the applicable amount and the Interest Period
of such Eurocurrency Rate Loan, in each case due to circumstances arising on or after the date
hereof, the Administrative Agent will promptly so notify the Parent Borrower and each Lender.
Thereafter, the obligation of the Lenders to make or maintain any affected Eurocurrency Rate Loans
shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders)
revokes such notice. Upon receipt of such notice, the Parent Borrower may revoke any pending
request for a Borrowing of, conversion to or continuation of Eurocurrency
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> Rate Loans or, failing that, in the case of Loans denominated in Dollars, will be deemed
to have converted such request into a request for a Borrowing of Base Rate Loans in the amount
specified therein.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.04. <U>Increased Cost and Reduced Return; Capital Adequacy; Reserves on
Eurocurrency Rate Loans</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If any Lender reasonably determines that as a result of the introduction of, or any change
in, or in the interpretation of, any Law, in each case after the date hereof, there shall be any
increase in the cost to such Lender of agreeing to make or making, funding or maintaining
Eurocurrency Rate Loans or issuing or participating in Letters of Credit, or a reduction in the
amount received or receivable by such Lender in connection with any of the foregoing (excluding for
purposes of this Section&nbsp;3.04(a) any such increased costs or reduction in amount resulting from (i)
Indemnified Taxes or Other Taxes covered by Section&nbsp;3.01, or any Taxes excluded from the definition
of Indemnified Taxes under exception (i)&nbsp;thereof to the extent such Taxes are imposed on or
measured by net income or profits or branch profits or franchise taxes (imposed in lieu of the
foregoing taxes) and any Taxes excluded from the definition of Indemnified Taxes under exceptions
(ii)&nbsp;and (iii)&nbsp;thereof, (ii)&nbsp;reserve requirements contemplated by Section&nbsp;3.04(c), (iii)&nbsp;the
requirements of the Bank of England and the Financial Services Authority or the European Central
Bank reflected in the Mandatory Cost or that does not represent the cost to such Lender of
complying with the requirements of any applicable Law in relation to its making, funding or
maintaining of Eurocurrency Rate Loans and (iv)&nbsp;the implementation or application of or compliance
with the &#147;International Convergence of Capital Measurement and Capital Standards, a Revised
Framework&#148; published by the Basel Committee on Banking Supervision in June&nbsp;2004 in the form
existing on the date of this Agreement (&#147;<B>Basel II</B>&#148;) or any other law or regulation which implements
Basel II (whether such implementation, application or compliance is by a government, regulator, the
Lenders or any of their Affiliates or the Agents or any of their Affiliates)), then from time to
time within fifteen (15)&nbsp;days after demand by such Lender setting forth in reasonable detail such
increased costs (with a copy of such demand to the Administrative Agent given in accordance with
Section&nbsp;3.06), the Borrowers shall pay to such Lender such additional amounts as will compensate
such Lender for such increased cost or reduction. At any time that any Eurocurrency Rate Loan is
affected by the circumstances described in this Section&nbsp;3.04(a), the Borrowers may either (i)&nbsp;if
the affected Eurocurrency Rate Loan is then being made pursuant to a Borrowing, cancel such
Borrowing by giving the Administrative Agent telephonic notice (confirmed promptly in writing)
thereof on the same date that the Borrowers receive any such demand from such Lender or (ii)&nbsp;if the
affected Eurocurrency Rate Loan is then outstanding and is denominated in Dollars, upon at least
three Business Days&#146; notice to the Administrative Agent, require the affected Lender to convert
such Eurocurrency Rate Loan into a Base Rate Loan, if applicable.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If any Lender determines that the introduction of any Law regarding capital adequacy or
any change therein or in the interpretation thereof, in each case after the date hereof, or
compliance by such Lender (or its Lending Office) therewith, has the effect of reducing the rate of
return on the capital of such Lender or any corporation controlling such Lender as a consequence of
such Lender&#146;s obligations hereunder (taking into consideration its policies with respect to capital
adequacy), then from time to time upon demand of such Lender setting forth in reasonable detail the
charge and the calculation of such reduced rate of return (with a copy of such demand to the
Administrative Agent given in accordance with Section&nbsp;3.06), the Borrowers shall promptly pay to
such Lender such additional amounts as will compensate such Lender for such reduction after receipt
of such demand.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Borrowers shall pay to each Lender, (i)&nbsp;as long as such Lender shall be required to
maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency
funds or deposits, additional interest on the unpaid principal amount of each Eurocurrency Rate
Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as
determined by such Lender in good faith, which determination shall be conclusive in the absence of
manifest error), and (ii)&nbsp;as
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">long as such Lender shall be required to comply with any reserve ratio requirement or
analogous requirement of any other central banking or financial regulatory authority imposed in
respect of the maintenance of the Commitments or the funding of the Eurocurrency Rate Loans, such
additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the
nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such
Lender (as determined by such Lender in good faith, which determination shall be conclusive absent
manifest error) which in each case shall be due and payable on each date on which interest is
payable on such Loan, <I>provided </I>the Parent Borrower shall have received at least fifteen (15)&nbsp;days&#146;
prior notice (with a copy to the Administrative Agent) of such additional interest or cost from
such Lender. If a Lender fails to give notice at least fifteen (15)&nbsp;days prior to the relevant
Interest Payment Date, such additional interest or cost shall be due and payable fifteen (15)&nbsp;days
from receipt of such notice.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If any Lender requests compensation under this Section&nbsp;3.04, then such Lender will, if
requested by the Parent Borrower, use commercially reasonable efforts to designate another Lending
Office for any Loan or Letter of Credit affected by such event; <I>provided </I>that such efforts are made
on terms that, in the reasonable judgment of such Lender, cause such Lender and its Lending
Office(s) to suffer no material economic, legal or regulatory disadvantage, and <I>provided further</I>
that nothing in this Section&nbsp;3.04(d) shall affect or postpone any of the Obligations of the
Borrowers or the rights of such Lender pursuant to Section&nbsp;3.04(a), (b)&nbsp;or (c).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.05. <U>Funding Losses</U>. Upon written demand of any Lender (with a copy to the
Administrative Agent) from time to time, which demand shall set forth in reasonable detail the
basis for requesting such amount, each Borrower shall promptly compensate such Lender for and hold
such Lender harmless from any loss, cost or expense reasonably incurred by it as a result of:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any continuation, conversion, payment or prepayment of any Eurocurrency Rate Loan
on a day prior to the last day of the Interest Period for such Loan; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any failure by such Borrower (for a reason other than the failure of such Lender to
make a Loan) to prepay, borrow, continue or convert any Eurocurrency Rate Loan on the date
or in the amount notified by such Borrower;
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">including any loss or expense (excluding loss of anticipated profits) actually incurred by reason
of the liquidation or reemployment of funds obtained by it to maintain such Eurocurrency Rate Loan
or from fees payable to terminate the deposits from which such funds were obtained.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.06. <U>Matters Applicable to All Requests for Compensation</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Any Agent or Lender claiming compensation under this Article&nbsp;III shall deliver a
certificate to the Parent Borrower setting forth the additional amount or amounts to be paid to it
hereunder which shall be conclusive in the absence of manifest error. In determining such amount,
such Agent or Lender may use any reasonable averaging and attribution methods.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;With respect to any Lender&#146;s claim for compensation under Sections&nbsp;3.01, 3.02, 3.03 or
3.04, the Borrowers shall not be required to compensate such Lender for any amount incurred more
than one hundred and eighty (180)&nbsp;days prior to the date that such Lender notifies the Parent
Borrower of the event that gives rise to such claim; <I>provided </I>that, if the circumstance giving rise
to such claim is retroactive, then such 180-day period referred to above shall be extended to
include the period of retroactive effect thereof. If any Lender requests compensation by the
Borrowers under Section&nbsp;3.04, the Borrowers may, by notice to such Lender (with a copy to the
Administrative Agent), suspend the obligation of such Lender to make or continue from one Interest
Period to another Eurocurrency Rate Loans, or
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">to convert Base Rate Loans into Eurocurrency Rate Loans, until the event or condition giving
rise to such request ceases to be in effect (in which case the provisions of Section&nbsp;3.06(c) shall
be applicable); <I>provided </I>that such suspension shall not affect the right of such Lender to receive
the compensation so requested.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If any Lender gives notice to the Parent Borrower (with a copy to the Administrative
Agent) that the circumstances specified in Section&nbsp;3.02, 3.03 or 3.04 hereof that gave rise to the
conversion of such Lender&#146;s Eurocurrency Rate Loans pursuant to this Section&nbsp;3.06 no longer exist
(which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when
Eurocurrency Rate Loans made by other Lenders are outstanding, such Lender&#146;s Base Rate Loans shall
be automatically converted, on the first day(s) of the next succeeding Interest Period(s) for such
outstanding Eurocurrency Rate Loans, to the extent necessary so that, after giving effect thereto,
all Loans held by the Lenders holding Eurocurrency Rate Loans and by such Lender are held pro rata
(as to principal amounts, interest rate basis, and Interest Periods) in accordance with their
respective Pro Rata Shares.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.07. <U>Replacement of Lenders Under Certain Circumstances</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If at any time (i)&nbsp;any Lender requests reimbursement for amounts owing pursuant to
Section&nbsp;3.01 or 3.04 as a result of any condition described in such Sections or any Lender ceases
to make Eurocurrency Rate Loans as a result of any condition described in Section&nbsp;3.02 or
Section&nbsp;3.04, (ii)&nbsp;any Lender becomes a Defaulting Lender or (iii)&nbsp;any Lender becomes a
Non-Consenting Lender, then the Parent Borrower may, on five (5)&nbsp;Business Days&#146; prior written
notice to the Administrative Agent and such Lender, replace such Lender by causing such Lender to
(and such Lender shall be obligated to) assign pursuant to and in accordance with Section&nbsp;10.07(b)
(with the assignment fee to be paid by the Parent Borrower, in the case of clauses (i)&nbsp;and (iii)
only) all of its rights and obligations under this Agreement (or, with respect to clause (iii)
above, all of its rights and obligations with respect to the Class of Loans or Commitments that is
the subject of the related consent, waiver or amendment) to one or more Eligible Assignees;
<I>provided </I>that neither the Administrative Agent nor any Lender shall have any obligation to the
Parent Borrower to find a replacement Lender or other such Person; and <I>provided further </I>that in the
case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the
applicable Eligible Assignees shall have agreed to the applicable departure, waiver or amendment of
the Loan Documents. No such replacement shall be deemed to be a waiver of any rights that the
Parent Borrower, the Administrative Agent or any other Lender shall have against the replaced
Lender.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any Lender being replaced pursuant to Section&nbsp;3.07(a) above shall (i)&nbsp;execute and deliver
an Assignment and Assumption with respect to such Lender&#146;s Commitment and outstanding Loans and
participations in L/C Obligations and Swing Line Loans, and (ii)&nbsp;deliver any Notes evidencing such
Loans to the Parent Borrower or Administrative Agent (or a lost or destroyed note indemnity in lieu
thereof). Pursuant to such Assignment and Assumption, (A)&nbsp;the assignee Lender shall acquire all or
a portion, as the case may be, of the assigning Lender&#146;s Commitment and outstanding Loans and
participations in L/C Obligations and Swing Line Loans, (B)&nbsp;the assignee Lender shall purchase, at
par, all Loans, accrued interest, accrued fees and other amounts owing to the assigning Lender as
of the date of replacement and (C)&nbsp;upon such payment (regardless of whether such replaced Lender
has executed an Assignment and Assumption or delivered its Notes to the Parent Borrower or the
Administrative Agent), the assignee Lender shall become a Lender hereunder and the assigning Lender
shall cease to constitute a Lender hereunder with respect to such assigned Loans, Commitments and
participations, except with respect to indemnification provisions under this Agreement, which shall
survive as to such assigning Lender.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Notwithstanding anything to the contrary contained above, any Lender that acts as an L/C
Issuer may not be replaced hereunder at any time that it has any Letter of Credit outstanding
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">hereunder unless arrangements reasonably satisfactory to such L/C Issuer (including the
furnishing of a back-up standby letter of credit in form and substance, and issued by an issuer
reasonably satisfactory to such L/C Issuer or the depositing of cash collateral into a cash
collateral account in amounts and pursuant to arrangements reasonably satisfactory to such L/C
Issuer) have been made with respect to each such outstanding Letter of Credit and the Lender that
acts as the Administrative Agent may not be replaced hereunder except in accordance with the terms
of Section&nbsp;9.09.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In the event that (i)&nbsp;the Parent Borrower or the Administrative Agent has requested that
the Lenders consent to a departure or waiver of any provisions of the Loan Documents or agree to
any amendment thereto, (ii)&nbsp;the consent, waiver or amendment in question requires the agreement of
all affected Lenders in accordance with the terms of Section&nbsp;10.01 or all the Lenders with respect
to a certain Class or Classes of the Loans and (iii)&nbsp;the Required Lenders have agreed to such
consent, waiver or amendment, then any Lender who does not agree to such consent, waiver or
amendment shall be deemed a &#147;<B>Non-Consenting Lender</B>.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.08. <U>Survival</U>. All of the Borrowers&#146; obligations under this Article&nbsp;III
shall survive termination of the Aggregate Commitments and repayment of all other Obligations
hereunder.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Conditions Precedent to Credit Extensions</B></U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.01. <U>Conditions to Initial Credit Extension</U>. The obligation of each Lender
to make a Credit Extension hereunder on the Closing Date is subject to satisfaction of the
following conditions precedent:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Administrative Agent&#146;s receipt of executed counterparts of (i)&nbsp;this Agreement,
executed by Merger Sub and (ii)&nbsp;the Joinder Agreement, executed by Holdings, the Parent Borrower
and each Subsidiary Co-Borrower, each of which shall be original or facsimiles (followed promptly
by originals) unless otherwise specified, each properly executed by a Responsible Officer of the
signing Loan Party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Prior to or substantially simultaneously with the initial Credit Extension on the Closing
Date, the Merger shall be consummated pursuant to the Merger Agreement; <I>provided </I>that none of the
following provisions of the Merger Agreement shall have been amended or waived in any respect
materially adverse to the Lenders without the prior written consent of the Lead Arrangers, not to
be unreasonably withheld: Sections&nbsp;2.01, 2.03, 3.01, 6.01(c) (but only to the extent such
amendment or waiver would have been required if the reference therein to $100&nbsp;million were replaced
with $200&nbsp;million), 6.01(e), 6.01(f) (but only to the extent such amendment or waiver would have
been required if Clear Media Limited and its subsidiaries were excluded from such provision),
6.01(g), 6.01(n), 6.01(r), 6.01(t) (to the extent relating to any of the foregoing), 6.13(b), 7.01
or 7.02 (except to the extent any condition set forth therein is not satisfied solely as a result
of a breach of any of the foregoing provisions of Article&nbsp;VI of the Merger Agreement).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Prior to or substantially simultaneously with the initial Credit Extensions on the Closing
Date, the Equity Contribution shall have been consummated.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon satisfaction of the foregoing conditions and the disbursement of the Debt Funding (as
defined in the Escrow Agreement) pursuant to Section&nbsp;5(a)(i) of the Escrow Agreement, such Debt
Funding shall be deemed to constitute an initial Credit Extension hereunder. The Parent Borrower
may also obtain an Initial Revolving Borrowing permitted under clause (a)(ii) of the definition of
&#147;Permitted
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Initial Revolving Borrowing Purposes&#148; by delivery to the Administrative Agent and, if
applicable, the relevant L/C Issuer of a Request for Credit Extension in accordance with the
requirements hereof. The Lenders may terminate their obligations to make Loans or other Credit
Extensions hereunder if the foregoing conditions shall not have been satisfied (or waived pursuant
to Section&nbsp;10.01) at or prior to 11:59&nbsp;p.m., New York City time, on the earliest of (i)&nbsp;the
twentieth Business Day following the receipt of the Requisite Shareholder Approval (as defined in
the Merger Agreement), (ii)&nbsp;the twentieth Business Day following the failure to obtain the
Requisite Shareholder Approval at a duly held Shareholders&#146; Meeting (as defined in the Merger
Agreement) after giving effect to all adjournments and postponements thereof, (iii)&nbsp;five Business
Days following the termination of the Merger Agreement or (iv)&nbsp;December&nbsp;31, 2008 (the &#147;<B>Termination
Date</B>&#148;); <I>provided</I>, <I>however</I>, that if (A)&nbsp;the Requisite Shareholder Approval is obtained and (B)&nbsp;any
regulatory approval required in connection with the consummation of the Merger has not been
obtained (or has lapsed and not been renewed) or any waiting period under applicable antitrust laws
has not expired (or has restarted and such new period has not expired), then the Termination Date
shall automatically be extended until the twentieth Business Day following receipt of all such
approvals (or renewals), but in no event later than March&nbsp;31, 2009. If as of the Termination Date
there is a dispute among any of the parties to the Escrow Agreement with respect to the disposition
of any Escrow Funds (as defined in the Escrow Agreement), Merger Sub may, by written notice to the
Administrative Agent, extend the Termination Date until the fifth Business Day following the final
resolution of such dispute by a court of competent jurisdiction or mutual resolution by the parties
to such dispute; <I>provided</I>, <I>however</I>, that the Termination Date with respect to any Lender shall
occur on the date such Lender withdraws its portion of the Escrow Funds pursuant to Section 5(f) of
the Escrow Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.02. <U>Conditions to Subsequent Credit Extensions</U>. The obligation of each
Lender to honor any Request for Credit Extension after the Closing Date (other than a Committed
Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of
Eurocurrency Rate Loans) is subject to the following conditions precedent:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except in the case of borrowings of Delayed Draw Term Loans, the representations and
warranties of the Parent Borrower and each other Loan Party contained in Article&nbsp;V or any other
Loan Document shall be true and correct in all material respects on and as of the date of such
Credit Extension; <I>provided </I>that, to the extent that such representations and warranties
specifically refer to an earlier date, they shall be true and correct in all material respects as
of such earlier date; <I>provided</I>, <I>further </I>that any representation and warranty that is qualified as
to &#147;materiality,&#148; &#147;Material Adverse Effect&#148; or similar language shall be true and correct (after
giving effect to any qualification therein) in all respects on such respective dates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;(i)&nbsp;Except in the case of borrowings of Delayed Draw Term Loans, no Default shall exist,
or would result from such proposed Credit Extension or from the application of the proceeds
therefrom and (ii)&nbsp;in the case of borrowings of Delayed Draw Term Loans, no Default under Section
8.01(a) or (j) (with respect to Parent Borrower only in the case of Section&nbsp;8.01(j)) shall exist,
or would result from such proposed Credit Extension or from the application of the proceeds
therefrom.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Administrative Agent and, if applicable, the relevant L/C Issuer or the Swing Line
Lender shall have received a Request for Credit Extension in accordance with the requirements
hereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Request for Credit Extension (other than a Committed Loan Notice requesting only a
conversion of Loans to the other Type or a continuation of Eurocurrency Rate Loans) submitted by a
Borrower shall be deemed to be a representation and warranty that the conditions specified in
Sections&nbsp;4.02(a) and (b)&nbsp;have been satisfied on and as of the date of the applicable Credit
Extension.
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Representations and Warranties</B></U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Borrower represents and warrants to the Administrative Agent and the Lenders, at the
times expressly set forth in Section&nbsp;4.02, that:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.01. <U>Existence, Qualification and Power; Compliance with Laws</U>. Each Loan
Party and each of its Material Subsidiaries (a)&nbsp;is a Person duly organized or formed, validly
existing and in good standing (to the extent such concept exists in such jurisdiction) under the
Laws of the jurisdiction of its incorporation or organization, (b)&nbsp;has all corporate or other
organizational power and authority to (i)&nbsp;own its assets and carry on its business and
(ii)&nbsp;execute, deliver and perform its obligations under the Loan Documents to which it is a party,
(c)&nbsp;is duly qualified and in good standing (to the extent such concept exists in such jurisdiction)
under the Laws of each jurisdiction where its ownership, lease or operation of properties or the
conduct of its business requires such qualification, (d)&nbsp;is in compliance with all applicable Laws,
orders, writs, injunctions and orders and (e)&nbsp;has all requisite governmental licenses,
authorizations, consents and approvals to operate its business as currently conducted; except in
each case referred to in clause (c), (d)&nbsp;or (e), to the extent that failure to do so would not
reasonably be expected to have a Material Adverse Effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.02. <U>Authorization; No Contravention</U>. The execution, delivery and
performance by each Loan Party of each Loan Document to which such Person is a party have been duly
authorized by all necessary corporate or other organizational action. Neither the execution,
delivery and performance by each Loan Party of each Loan Document to which such Person is a party
nor the consummation of the Transactions will (a)&nbsp;contravene the terms of any of such Person&#146;s
Organization Documents, (b)&nbsp;result in any breach or contravention of, or the creation of any Lien
upon any of the property or assets of such Person or any of the Restricted Subsidiaries (other than
as permitted by Section&nbsp;7.01) under (i)&nbsp;any Contractual Obligation to which such Person is a party
or affecting such Person or the properties of such Person or any of its Subsidiaries or (ii)&nbsp;any
order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such
Person or its property is subject; or (c)&nbsp;violate any applicable material Law; except with respect
to any breach, contravention or violation (but not creation of Liens) referred to in clauses (b)
and (c), to the extent that such breach, contravention or violation would not reasonably be
expected to have a Material Adverse Effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.03. <U>Governmental Authorization</U>. No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority or any
other Person is necessary or required in connection with the execution, delivery or performance by
any Loan Party of this Agreement or any other Loan Document, except for (i)&nbsp;filings necessary to
perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties,
(ii)&nbsp;the approvals, consents, exemptions, authorizations, actions, notices and filings that have
been duly obtained, taken, given or made and are in full force and effect, (iii)&nbsp;those approvals,
consents, exemptions, authorizations or other actions, notices or filings, the failure of which to
obtain or make would not reasonably be expected to have a Material Adverse Effect and (iv)
informational filings and notifications required to be made after the consummation of the Merger
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.04. <U>Binding Effect</U>. This Agreement and each other Loan Document has been
duly executed and delivered by each Loan Party that is party thereto. This Agreement and each
other Loan Document constitutes a legal, valid and binding obligation of such Loan Party,
enforceable against such Loan Party that is party thereto in accordance with its terms, except as
such enforceability may be limited by Debtor Relief Laws and by general principles of equity and
principles of good faith and fair dealing.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.05. <U>Financial Statements; No Material Adverse Effect</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;(i)&nbsp;The Annual Financial Statements fairly present in all material respects the financial
condition of the Parent Borrower and its Subsidiaries as of the dates thereof and their results of
operations for the periods covered thereby in accordance with GAAP consistently applied throughout
the periods covered thereby, except as otherwise expressly noted therein.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;The unaudited <I>pro forma </I>consolidated balance sheet of the Parent Borrower and its
Subsidiaries as at December&nbsp;31, 2007 (including the notes thereto) (the &#147;<B>Pro Forma Balance Sheet</B>&#148;)
and the unaudited <I>pro forma </I>consolidated statement of operations of the Parent Borrower and its
Subsidiaries for the 12-month period ending on such date (together with the Pro Forma Balance
Sheet, the &#147;<B>Pro Forma Financial Statements</B>&#148;), copies of which have heretofore been furnished to the
Administrative Agent, have been prepared based on the Annual Financial Statements and have been
prepared in good faith, based on assumptions believed by the Parent Borrower to be reasonable as of
the date of delivery thereof, and present fairly in all material respects on a <I>pro forma </I>basis the
estimated financial position of the Parent Borrower and its Subsidiaries as at December&nbsp;31, 2007
and their estimated results of operations for the period covered thereby.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;As of the Specified Date, except (i)&nbsp;as reflected or reserved against in the Annual
Financial Statements, (ii)&nbsp;for liabilities or obligations incurred in the ordinary course of
business since the date of the Annual Financial Statements and (iii)&nbsp;for liabilities or obligations
arising under the Merger Agreement, neither the Parent Borrower nor any of its Subsidiaries has any
liabilities or obligations of any nature, whether or not accrued, contingent or otherwise, that
would be required by GAAP to be reflected on a consolidated balance sheet (or notes thereto) of the
Parent Borrower and its Subsidiaries, other than those which would not have, individually or in
aggregate, a Material Adverse Effect on the Parent Borrower.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Since the Closing Date, there has been no event or circumstance, either individually or in
the aggregate, that has had or would reasonably be expected to have a Material Adverse Effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.06. <U>Litigation</U>. There are no actions, suits, proceedings, claims or
disputes pending or, to the knowledge of any Borrower, overtly threatened in writing, at law, in
equity, in arbitration or before any Governmental Authority, by or against Holdings, the Parent
Borrower or any of its Subsidiaries that would reasonably be expected to have a Material Adverse
Effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.07. <U>Labor Matters</U>. Except as would not reasonably be expected to have a
Material Adverse Effect: (a)&nbsp;there are no strikes or other labor disputes against any of the
Parent Borrower or its Subsidiaries pending or, to the knowledge of the Parent Borrower,
threatened; (b)&nbsp;hours worked by and payment made based on hours worked to employees of the Parent
Borrower or its Subsidiaries have not been in violation of the Fair Labor Standards Act or any
other applicable Laws dealing with wage and hour matters; and (c)&nbsp;all payments due from any
Borrower or any of its Subsidiaries on account of employee health and welfare insurance have been
paid or accrued as a liability on the books of the relevant party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.08. <U>Ownership of Property; Liens</U>. Each Loan Party and each of its
Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests
in, or easements or other limited property interests in, all real property necessary in the
ordinary conduct of its business, free and clear of all Liens except for minor defects in title
that do not materially interfere with its ability to conduct its business or to utilize such assets
for their intended purposes and Liens permitted by Section&nbsp;7.01 and except where the failure to
have such title or other interest would not reasonably be expected to have a Material Adverse
Effect.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.09. <U>Environmental Matters</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except as would not reasonably be expected, individually or in the aggregate, to have a
Material Adverse Effect, (i)&nbsp;each Loan Party and each of its Subsidiaries is in compliance with all
applicable Environmental Laws (including having obtained all Environmental Permits) and (ii)&nbsp;none
of the Loan Parties or any of their respective Subsidiaries is subject to any pending, or to the
knowledge of any Borrower, threatened Environmental Claim or any other Environmental Liability.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;None of the Loan Parties or any of their respective Subsidiaries has treated, stored,
transported or disposed of Hazardous Materials at, or arranged for the disposal or treatment or for
transport for disposal or treatment, of Hazardous Materials from, any currently or formerly owned
or operated real estate or facility in a manner that would reasonably be expected, individually or
in the aggregate, to have a Material Adverse Effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Except as would not reasonably be expected to, individually or in the aggregate, result in
a Material Adverse Effect, (i)&nbsp;none of the properties currently or to the knowledge of the Loan
Parties and their respective subsidiaries, formerly owned, leased or operated by the Loan Parties
or their respective Subsidiaries is listed or formally proposed for listing on the National
Priorities List or any analogous foreign, state or local list; (ii)&nbsp;there are no underground or
aboveground storage tanks or any surface impoundments, septic tanks, pits, sumps or lagoons in
which Hazardous Materials are being or have been treated, stored or disposed on at or under any
property currently owned or operated by Holdings, any Borrower or any of its Subsidiaries; (iii)
there is no asbestos or asbestos-containing material at or on any facility, equipment or property
currently owned or operated by Holdings, any Borrower or any of its Subsidiaries; and (iv)&nbsp;there
has been no Release of Hazardous Materials by any Person on any property currently, or to the
knowledge of the Loan Parties and their respective Subsidiaries formerly, owned or operated by any
of them and there has been no Release of Hazardous Materials by the Loan Parties or any of their
Subsidiaries at any other location.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The properties currently owned, leased or operated by the Loan Parties and their
Subsidiaries do not contain any Hazardous Materials in amounts or concentrations which (i)
constitute, or constituted a violation of, (ii)&nbsp;require response or other corrective action under,
or (iii)&nbsp;could give rise to Environmental Liability, which violations, actions and liability,
individually or in the aggregate, would reasonably be expected to result in a Material Adverse
Effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Loan Parties and their Subsidiaries are not conducting or financing, either
individually or together with other potentially responsible parties, any investigation or
assessment or response or other corrective action relating to any actual or threatened Release of
Hazardous Materials at any site, location or operation, either voluntarily or pursuant to the order
of any Governmental Authority or the requirements of any Environmental Law except for such
investigation or assessment or response or action that, individually or in the aggregate, would not
reasonably be expected to result in a Material Adverse Effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Except as would not reasonably be expected to result in, individually or in the aggregate,
a Material Adverse Effect, neither the Loan Parties nor any of their Subsidiaries has contractually
assumed any liability or obligation under any Environmental Law or is subject to any order, decree
or judgment which imposes any obligation under any Environmental Law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.10. <U>Taxes</U>. Except as would not, either individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect, Holdings, the Parent Borrower and
its Subsidiaries have timely filed all federal and state and other Tax returns and reports required
to be filed, and have timely paid all federal and state and other Taxes, assessments, fees and
other governmental charges
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">(including satisfying its withholding tax obligations) levied or imposed on their properties,
income or assets or otherwise due and payable<B>, </B>except those which are being contested in good faith
by appropriate actions diligently conducted and for which adequate reserves have been provided in
accordance with GAAP.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.11. <U>ERISA Compliance, Etc</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except as would not, either individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect, each Plan is in compliance with the applicable provisions of
ERISA and the Code.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Except as set forth in <U>Schedule&nbsp;5.11(b)</U>, no ERISA Event has occurred that when
taken together with all other ERISA Events which have occurred within the one-year period prior to
the date on which this representation is made or deemed made that would reasonably be expected,
individually or in the aggregate, to result in a Material Adverse Effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Except where noncompliance or the incurrence of an obligation would not reasonably be
expected to result in a Material Adverse Effect, (i)&nbsp;each Foreign Plan has been maintained in
compliance with its terms and with the requirements of any and all applicable laws, statutes,
rules, regulations and orders, and (ii)&nbsp;neither Holdings nor any Subsidiary has incurred any
material obligation in connection with the termination of or withdrawal from any Foreign Plan.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.12. <U>Subsidiaries</U>. As of the Specified Date, neither Holdings nor any other
Loan Party has any Subsidiaries other than those specifically disclosed in <U>Schedule&nbsp;5.12</U>,
and all of the outstanding Equity Interests in Holdings, the Borrowers and the Material
Subsidiaries have been validly issued and are fully paid and nonassessable, and all Equity
Interests owned by Holdings or any other Loan Party are owned free and clear of all security
interests of any Person except (i)&nbsp;those created under the Collateral Documents or under the ABL
Facility Documentation in accordance with the Intercreditor Agreement and (ii)&nbsp;any nonconsensual
Lien that is permitted under Section&nbsp;7.01. As of the Specified Date, <U>Schedule&nbsp;5.12</U>
(a)&nbsp;sets forth the name and jurisdiction of each Subsidiary, (b)&nbsp;sets forth the ownership interest
of Holdings, the Parent Borrower and any other Subsidiary in each Subsidiary, including the
percentage of such ownership and (c)&nbsp;identifies each Subsidiary that is a Subsidiary the Equity
Interests of which are required to be pledged pursuant to the Collateral and Guarantee Requirement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.13. <U>Margin Regulations; Investment Company Act</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;No Loan Party is engaged nor will it engage, principally or as one of its important
activities, in the business of purchasing or carrying margin stock (within the meaning of
Regulation&nbsp;U issued by the FRB), or extending credit for the purpose of purchasing or carrying
margin stock, and no proceeds of any Borrowings or drawings under any Letter of Credit will be used
for any purpose that violates Regulation&nbsp;U.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Neither the Parent Borrower nor any of the Subsidiaries of the Parent Borrower is or is
required to be registered as an &#147;investment company&#148; under the Investment Company Act of 1940.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.14. <U>Disclosure</U>. None of the factual information and data heretofore or
contemporaneously furnished in writing by or on behalf of any Loan Party to any Agent or any Lender
in connection with the transactions contemplated hereby and the negotiation of this Agreement or
delivered hereunder or any other Loan Document (as modified or supplemented by other information so
furnished) when taken as a whole contains any material misstatement of fact or omits to state any
material fact necessary to make such factual information and data (taken as a whole), in the light
of the circumstances under
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> which it was delivered, not materially misleading; it being understood that for purposes
of this Section&nbsp;5.14, such factual information and data shall not include projections and pro forma
financial information or information of a general economic or general industry nature.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.15. <U>Intellectual Property; Licenses, Etc</U>. The Parent Borrower and its
Subsidiaries have good and marketable title to, or a valid license or right to use, all of their
patents, patent rights, trademarks, servicemarks, trade names, copyrights, technology, software,
know-how, database rights, rights of privacy and publicity, licenses and other intellectual
property rights (collectively, &#147;<B>IP Rights</B>&#148;) that are necessary for the operation of their
respective businesses as currently conducted and as proposed to be conducted, except where the
failure to have any such rights, either individually or in the aggregate, would not reasonably be
expected to have a Material Adverse Effect. To the knowledge of each Borrower, the operation of
the respective businesses of the Parent Borrower or any of its Subsidiaries as currently conducted
and as proposed to be conducted does not infringe upon, misuse, misappropriate or violate any
rights held by any Person, except for such infringements, misuses, misappropriations or violations
individually or in the aggregate, that would not reasonably be expected to have a Material Adverse
Effect. No claim or litigation regarding any IP Rights is pending or, to the knowledge of any
Borrower, threatened in writing against any Loan Party or Subsidiary, that, either individually or
in the aggregate, would reasonably be expected to have a Material Adverse Effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.16. <U>Solvency</U>. On the Closing Date after giving effect to the Transactions,
the Parent Borrower and its Restricted Subsidiaries, on a consolidated basis, are Solvent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.17. <U>Subordination of Junior Financing</U>. The Obligations of each Subsidiary
Guarantor are &#147;Designated Senior Debt,&#148; &#147;Senior Debt,&#148; &#147;Senior Indebtedness,&#148; &#147;Guarantor Senior
Debt&#148; or &#147;Senior Secured Financing&#148; (or any comparable term) with respect to any guaranties of the
New Senior Notes under, and as defined in, the New Senior Notes Indentures.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.18. <U>Special Representations Relating to FCC Authorizations, Etc</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Parent Borrower or its Restricted Subsidiaries hold all FCC Authorizations that are
necessary or required for the Parent Borrower and its Restricted Subsidiaries to conduct their
business in the manner in which it is currently being conducted, except where the failure to do so
would not individually or in the aggregate have a Material Adverse Effect. <U>Schedule&nbsp;5.18</U>
hereto lists each material FCC Authorization held by the Parent Borrower or any Restricted
Subsidiary as of the Specified Date. With respect to each Broadcast License issued by the FCC and
listed on <U>Schedule&nbsp;5.18</U> hereto, the description includes the call sign, FCC identification
number, community of license and the license expiration date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;All material FCC Authorizations held by the Parent Borrower and its Restricted
Subsidiaries are in full force and effect in accordance with their terms, with such exceptions as
would not individually or in the aggregate reasonably be expected to have a Material Adverse
Effect. Except as set forth on <U>Schedule&nbsp;5.18</U>, as of the Specified Date and except for such
matters as would not individually or in the aggregate have a Material Adverse Effect, (i)&nbsp;neither
the Parent Borrower nor any Restricted Subsidiary has received any notice of apparent liability,
notice of violation, order to show cause or other writing from the FCC, (ii)&nbsp;there is no proceeding
pending or, to the knowledge of the Parent Borrower, threatened by or before the FCC relating to
the Parent Borrower or any Restricted Subsidiary or any Broadcast Station, and (iii)&nbsp;to the
knowledge of the Parent Borrower, no complaint or investigatory proceeding is pending before the
FCC (other than rulemaking proceedings and proceedings of general applicability to the broadcasting
industry or substantial segments thereof). The Parent Borrower and the Restricted Subsidiaries
have timely filed all required reports and notices with the FCC and have paid all amounts due in
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">timely fashion on account of fees and charges to the FCC, except where the failure to do so
could not reasonably be expected to result in a Material Adverse Effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Other than exceptions to any of the following that could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect, (i)&nbsp;each of the Parent
Borrower and the Restricted Subsidiaries has obtained and holds all Permits required for any
property owned, leased or otherwise operated by such Person and for the operation of each of its
businesses as presently conducted, (ii)&nbsp;all such Permits are in full force and effect, and each of
the Parent Borrower and the Restricted Subsidiaries has performed all requirements of such Permits
to the extent performance is due, (iii)&nbsp;no event has occurred which allows or results in, or after
notice or lapse of time would allow or result in, revocation or termination by the issuer thereof
or in any other impairment of the rights of the holder of any such Permit prior to the expiration
of any stated term; and (iv)&nbsp;none of such Permits contain any restrictions, either individually or
in the aggregate, that are materially burdensome to the Parent Borrower or any of the Restricted
Subsidiaries, or to the operation of any of their respective businesses or any property owned,
leased or otherwise operated by such Person.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;No consent or authorization of, filing with or Permit from, or other act by or in respect
of, any Governmental Authority is required in connection with delivery, performance, validity or
enforceability of this Agreement and the other Loan Documents, other than (i)&nbsp;the requirement under
the Communications Laws that certain Loan Documents be filed with the FCC following the closing
under the Merger Agreement and (ii)&nbsp;the consents, authorizations and filings contemplated by the
Loan Documents.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Affirmative Covenants</B></U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other
than Cash Management Obligations or Hedging Obligations) hereunder that is accrued and payable
shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless the
Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized or, if
satisfactory to the relevant L/C Issuer in its sole discretion, a backstop letter of credit is in
place), from and after the Closing Date, the Parent Borrower shall, and shall (except in the case
of the covenants set forth in Sections&nbsp;6.01, 6.02 and 6.03) cause each of the Restricted
Subsidiaries to:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.01. <U>Financial Statements</U>. Deliver to the Administrative Agent for prompt
further distribution to each Lender:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as soon as available, but in any event within ninety (90)&nbsp;days after the end of
each fiscal year of the Parent Borrower (commencing with the fiscal year ending December&nbsp;31,
2007), (i)&nbsp;a consolidated balance sheet of the Parent Borrower and its Subsidiaries as at
the end of such fiscal year, and the related consolidated statements of income or
operations, stockholders&#146; equity and cash flows for such fiscal year, setting forth in each
case in comparative form the figures for the previous fiscal year, all in reasonable detail
and prepared in accordance with GAAP, audited and accompanied by a report and opinion of
Ernst &#038; Young LLP or any other independent registered public accounting firm of nationally
recognized standing, which report and opinion shall be prepared in accordance with generally
accepted auditing standards and shall not be subject to any &#147;going concern&#148; or like
qualification or exception or any qualification or exception as to the scope of such audit
and (ii)&nbsp;a narrative report and management&#146;s discussion and analysis, in a form reasonably
satisfactory to the Administrative Agent, of the financial condition and results
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">of operations of the Parent Borrower for such fiscal year, as compared to amounts for
the previous fiscal year;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as soon as available, but in any event within forty-five (45)&nbsp;days after the end of
each of the first three (3)&nbsp;fiscal quarters of each fiscal year of the Parent Borrower
(commencing with the fiscal quarter ended March&nbsp;31, 2008), (i)&nbsp;a consolidated balance sheet
of the Parent Borrower and its Subsidiaries as at the end of such fiscal quarter, and the
related (i)&nbsp;consolidated statements of income or operations for such fiscal quarter and for
the portion of the fiscal year then ended and (ii)&nbsp;consolidated statements of cash flows for
the portion of the fiscal year then ended, setting forth in each case in comparative form
the figures for the corresponding fiscal quarter of the previous fiscal year and the
corresponding portion of the previous fiscal year, all in reasonable detail and certified by
a Responsible Officer of the Parent Borrower as fairly presenting in all material respects
the financial condition, results of operations, stockholders&#146; equity and cash flows of the
Parent Borrower and its Subsidiaries in accordance with GAAP, subject only to changes
resulting from normal year-end adjustments and the absence of footnotes and (ii)&nbsp;a narrative
report and management&#146;s discussion and analysis, in a form reasonably satisfactory to the
Administrative Agent, of the financial condition and results of operations of the Parent
Borrower for such fiscal quarter and the then elapsed portion of the fiscal year, as
compared to the comparable periods in the previous fiscal year;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) within ninety (90)&nbsp;days after the end of each fiscal year (commencing with the
fiscal year ending December&nbsp;31, 2008) of the Parent Borrower, a reasonably detailed
consolidated budget for the following fiscal year as customarily prepared by management of
the Parent Borrower for its internal use (including a projected consolidated balance sheet
of the Parent Borrower and its Subsidiaries as of the end of the following fiscal year, the
related consolidated statements of projected cash flow and projected income and a summary of
the material underlying assumptions applicable thereto) (collectively, the &#147;<B>Projections</B>&#148;),
which Projections shall in each case be accompanied by a certificate of a Responsible
Officer stating that such Projections have been prepared in good faith on the basis of the
assumptions stated therein, which assumptions were believed to be reasonable at the time of
preparation of such Projections, it being understood that actual results may vary from such
Projections and that such variations may be material; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) simultaneously with the delivery of each set of consolidated financial statements
referred to in Sections&nbsp;6.01(a) and 6.01(b) above, the related consolidating financial
statements reflecting the adjustments necessary to eliminate the accounts of Unrestricted
Subsidiaries (if any) and Restricted Subsidiaries that are not Loan Parties (which may be in
footnote form only) from such consolidated financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the obligations in paragraphs (a)&nbsp;and (b)&nbsp;of this Section&nbsp;6.01
may be satisfied with respect to financial information of the Parent Borrower and its Subsidiaries
by furnishing (A)&nbsp;the applicable financial statements of any direct or indirect parent of the
Parent Borrower that holds all of the Equity Interests of the Parent Borrower or (B)&nbsp;the Parent
Borrower&#146;s or such entity&#146;s Form 10-K or 10-Q, as applicable, filed with the SEC; <I>provided </I>that,
with respect to each of clauses (A)&nbsp;and (B), (i)&nbsp;to the extent such information relates to a parent
of the Parent Borrower, such information is accompanied by consolidating information that explains
in reasonable detail the differences between the information relating to the Parent Borrower (or
such parent), on the one hand, and the information relating to the Parent Borrower and the
Restricted Subsidiaries on a standalone basis, on the other hand and (ii)&nbsp;to the extent such
information is in lieu of information required to be provided under Section&nbsp;6.01(a), such materials
are accompanied by a report and opinion of Ernst &#038; Young LLP or any other independent registered
public accounting firm of nationally recognized standing, which report and opinion shall be
prepared in accordance with generally accepted auditing standards and shall not be subject to
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">any &#147;going concern&#148; or like qualification or exception or any qualification or exception as to
the scope of such audit.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.02. <U>Certificates; Other Information</U>. Deliver to the Administrative Agent
for prompt further distribution to each Lender:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no later than five (5)&nbsp;days after the delivery of the financial statements referred
to in Sections&nbsp;6.01(a) and (b), a duly completed Compliance Certificate signed by a
Responsible Officer of the Parent Borrower (which shall include a reasonably detailed
calculation of Consolidated EBITDA);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not later than the date of delivery of financial statements referred to in Section
6.01(a), a Principal Properties Certificate;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly after the same are publicly available, copies of all annual, regular,
periodic and special reports and registration statements which Holdings or the Parent
Borrower files with the SEC or with any Governmental Authority that may be substituted
therefor (other than amendments to any registration statement (to the extent such
registration statement, in the form it became effective, is delivered to the Administrative
Agent), exhibits to any registration statement and, if applicable, any registration
statement on Form S-8) and in any case not otherwise required to be delivered to the
Administrative Agent pursuant to any other clause of this Section&nbsp;6.02;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly after the furnishing thereof, copies of any material statements or
material reports furnished to any holder of any class or series of debt securities of any
Loan Party having an aggregate outstanding principal amount greater than the Threshold
Amount or pursuant to the terms of the ABL Credit Agreement (other than borrowing base and
related certificates), the ABL Facility Documentation or the New Senior Notes Indentures, in
each case, so long as the aggregate outstanding principal amount thereunder is greater than
the Threshold Amount and not otherwise required to be furnished to the Administrative Agent
pursuant to any other clause of this Section&nbsp;6.02;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) together with the delivery of the financial statements pursuant to
(i)&nbsp;Section&nbsp;6.01(a), a report setting forth the information required by Section&nbsp;3.03(c) of
each Security Agreement (other than the Holdings Pledge Agreement) or confirming that there
has been no change in such information since the Closing Date or the date of the last such
report, and (ii)&nbsp;Section&nbsp;6.01(a) and Section&nbsp;6.01(b) (x)&nbsp;a description of each event,
condition or circumstance during the last fiscal quarter covered by such Compliance
Certificate requiring a mandatory prepayment under Section&nbsp;2.05(b) and (y)&nbsp;a list of each
Subsidiary of the Parent Borrower that identifies each Subsidiary as a Restricted Subsidiary
or an Unrestricted Subsidiary as of the date of delivery of such Compliance Certificate or a
confirmation that there is no change in such information since the later of the Closing Date
and the date of the last such list;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) promptly, such additional information regarding the business, legal, financial or
corporate affairs of any Loan Party or any Material Subsidiary, or compliance with the terms
of the Loan Documents, as the Administrative Agent may from time to time reasonably request;
and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) upon request by the Administrative Agent, copies of: (i)&nbsp;each Schedule&nbsp;B
(Actuarial Information) to the annual report (Form&nbsp;5500 Series) filed by Holdings, the
Parent Borrower, any Subsidiary or any of their ERISA Affiliates with the Internal Revenue
Service with respect to each Pension Plan; (ii)&nbsp;the most recent actuarial valuation report
for each Pension Plan; and (iii)&nbsp;such other documents or governmental reports or filings
relating to any Pension Plan as
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">the Administrative Agent shall reasonably request. Promptly following any reasonable
request therefor by the Administrative Agent, on and after the effectiveness of the Pension
Act, copies of (i)&nbsp;any documents described in Section 101(k) of ERISA that Holdings, the
Parent Borrower, any Subsidiary or any of their ERISA Affiliates obtained during the last
twelve months with respect to any Multiemployer Plan and (ii)&nbsp;any notices described in
Section 101(l) of ERISA that Holdings, the Parent Borrower, any Subsidiary or any of their
ERISA Affiliates obtained during the last twelve months with respect to any Multiemployer
Plan; <I>provided </I>that if such documents or notices have not been obtained or requested from
the administrator or sponsor of the applicable Multiemployer Plan upon reasonable request by
the Administrative Agent, the applicable Person shall promptly make a request for such
documents or notices from such administrator or sponsor and shall provide copies of such
documents and notices promptly after receipt thereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Documents required to be delivered pursuant to Section&nbsp;6.01 or Section&nbsp;6.02(a) or 6.02(c) may
be delivered electronically and if so delivered, shall be deemed to have been delivered on the date
(i)&nbsp;on which the Parent Borrower posts such documents, or provides a link thereto on the Parent
Borrower&#146;s website on the Internet at the website address listed on <U>Schedule&nbsp;10.02</U>; or
(ii)&nbsp;on which such documents are posted on the Parent Borrower&#146;s behalf on IntraLinks/IntraAgency
or another relevant website, if any, to which each Lender and the Administrative Agent have access
(whether a commercial, third-party website or whether sponsored by the Administrative Agent);
<I>provided </I>that: (i)&nbsp;upon written request by the Administrative Agent, the Parent Borrower shall
deliver paper copies of such documents to the Administrative Agent for further distribution to each
Lender until a written request to cease delivering paper copies is given by the Administrative
Agent and (ii)&nbsp;the Parent Borrower shall notify (which may be by facsimile or electronic mail) the
Administrative Agent of the posting of any such documents or a link thereto and provide to the
Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents.
Each Lender shall be solely responsible for timely accessing posted documents or requesting
delivery of paper copies of such documents from the Administrative Agent and maintaining its copies
of such documents.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Parent Borrower hereby acknowledges that (a)&nbsp;the Administrative Agent, the Syndication
Agents and/or the Arrangers will make available to the Lenders Communications by posting such
Communications on IntraLinks or another similar electronic system (the &#147;<B>Platform</B>&#148;) and (b)&nbsp;certain
of the Lenders may be &#147;public-side&#148; Lenders (i.e., Lenders that do not wish to receive material
non-public information with respect to the Parent Borrower or its securities) (each, a &#147;<B>Public
Lender</B>&#148;). The Parent Borrower hereby agrees that it will use commercially reasonable efforts to
identify that portion of the Communications that may be distributed to the Public Lenders and that
(w)&nbsp;all such Communications shall be clearly and conspicuously marked &#147;PUBLIC&#148; which, at a minimum,
shall mean that the word &#147;PUBLIC&#148; shall appear prominently on the first page thereof; (x)&nbsp;by
marking Communications &#147;PUBLIC,&#148; the Parent Borrower shall be deemed to have authorized the
Administrative Agent, the Syndication Agents, the Arrangers and the Lenders to treat such
Communications as not containing any material non-public information (although it may be sensitive
and proprietary) with respect to the Parent Borrower or its securities for purposes of United
States federal and state securities laws (<I>provided, however, </I>that to the extent such Communications
constitute Information, they shall be treated as set forth in Section&nbsp;10.08); (y)&nbsp;all
Communications marked &#147;PUBLIC&#148; are permitted to be made available through a portion of the Platform
designated &#147;Public Investor&#148;; and (z)&nbsp;the Administrative Agent and the Arrangers shall be entitled
to treat any Communications that are not marked &#147;PUBLIC&#148; as being suitable only for posting on a
portion of the Platform not designated &#147;Public Investor.&#148; Neither the Administrative Agent nor any
of its Affiliates shall be responsible for any statement or other designation by a Loan Party
regarding whether a Communication contains or does not contain material non-public information with
respect to any of the Loan Parties or their securities nor shall the Administrative Agent or any of
its Affiliates incur any liability to any Loan Party, any Lender or any other Person for any action
taken by the Administrative Agent or any of its Affiliates based upon such statement or
designation, including any action as a result of which
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Restricting Information is provided to a Lender that may decide not to take access to
Restricting Information. Nothing in this Section&nbsp;6.02 shall modify or limit a Lender&#146;s obligations
under Section&nbsp;10.08 with regard to Communications and the maintenance of the confidentiality of or
other treatment of Information.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the Platform and its primary web portal are secured with generally-applicable
security procedures and policies implemented or modified by the Administrative Agent from time to
time (including, as of the Closing Date, a dual firewall and a User ID/Password Authorization
System) and the Platform is secured through a single-user-per-deal authorization method whereby
each user may access the Platform only on a deal-by-deal basis, each of the Lenders and each Loan
Party acknowledges and agrees that the distribution of material through an electronic medium is not
necessarily secure and that there are confidentiality and other risks associated with such
distribution. In consideration for the convenience and other benefits afforded by such
distribution and for the other consideration provided hereunder, the receipt and sufficiency of
which is hereby acknowledged, each of the Lenders and each Loan Party hereby approves distribution
of the Approved Electronic Communications through the Platform and understands and assumes the
risks of such distribution.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE PLATFORM AND THE APPROVED ELECTRONIC COMMUNICATIONS ARE PROVIDED &#147;AS IS&#148; AND &#147;AS
AVAILABLE.&#148; NONE OF THE ADMINISTRATIVE AGENT NOR ANY OTHER MEMBER OF THE AGENT&#146;S GROUP WARRANT THE
ACCURACY, ADEQUACY OR COMPLETENESS OF THE APPROVED ELECTRONIC COMMUNICATIONS OR THE PLATFORM AND
EACH EXPRESSLY DISCLAIMS ANY LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC
COMMUNICATIONS OR THE PLATFORM. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING,
WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY
THE AGENTS IN CONNECTION WITH THE APPROVED ELECTRONIC COMMUNICATIONS OR THE PLATFORM.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Lenders and each Loan Party agree that the Administrative Agent may, but (except
as may be required by applicable law) shall not be obligated to, store the Approved Electronic
Communications on the Platform in accordance with the Administrative Agent&#146;s generally-applicable
document retention procedures and policies.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.03. <U>Notices</U>. Promptly after a Responsible Officer obtains actual knowledge
thereof, notify the Administrative Agent:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the occurrence of any Default; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of (i)&nbsp;any dispute, litigation, investigation or proceeding between any Loan Party
and any Governmental Authority, (ii)&nbsp;the commencement of, or any material development in,
any litigation or proceeding affecting any Loan Party or any Subsidiary, including pursuant
to any applicable Environmental Laws or in respect of IP Rights, the occurrence of any
noncompliance by any Loan Party or any of its Subsidiaries with, or liability under, any
Environmental Law or Environmental Permit, or (iii)&nbsp;the occurrence of any ERISA Event that,
in any such case, has resulted or would reasonably be expected to result in a Material
Adverse Effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each notice pursuant to this Section shall be accompanied by a written statement of a
Responsible Officer of the Parent Borrower (x)&nbsp;that such notice is being delivered pursuant to
Section&nbsp;6.03(a) or (b) (as applicable) and (y)&nbsp;setting forth details of the occurrence referred to
therein and stating what action the Parent Borrower has taken and proposes to take with respect
thereto.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.04. <U>Payment of Obligations</U>. Timely pay, discharge or otherwise satisfy, as
the same shall become due and payable, all of its obligations and liabilities in respect of Taxes
imposed upon it or upon its income or profits or in respect of its property, except, in each case,
to the extent (i)&nbsp;any such Tax is being contested in good faith and by appropriate actions for
which appropriate reserves have been established in accordance with GAAP or (ii)&nbsp;the failure to pay
or discharge the same would not reasonably be expected to, individually or in the aggregate, have a
Material Adverse Effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.05. <U>Preservation of Existence, Etc</U>. (a)&nbsp;Preserve, renew and maintain in
full force and effect its legal existence under the Laws of the jurisdiction of its organization,
(b)&nbsp;take all reasonable action to maintain all corporate rights and privileges (including its good
standing) to the extent such concept exists in such jurisdiction and (c)&nbsp;maintain all other
material rights and privileges (including, without limitation, material Broadcast Licenses) except,
in the case of (a) (other than in the case of the Borrowers except to the extent expressly
permitted by Section&nbsp;7.04), (b)&nbsp;or (c)&nbsp;to the extent that failure to do so would not reasonably be
expected to have a Material Adverse Effect or pursuant to a transaction permitted by Article&nbsp;VII.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.06. <U>Maintenance of Properties</U>. Except if the failure to do so would not
reasonably be expected to have a Material Adverse Effect, maintain, preserve and protect all of its
material properties and equipment necessary in the operation of its business in good working order,
repair and condition, ordinary wear and tear excepted and casualty or condemnation excepted and
consistent with past practice.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.07. <U>Maintenance of Insurance</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Maintain with insurance companies that the Parent Borrower believes (in the good faith
judgment of its management) are financially sound and reputable at the time the relevant coverage
is placed or renewed, insurance with respect to its properties and business against loss or damage
of the kinds customarily insured against by Persons engaged in the same or similar business, of
such types and in such amounts (after giving effect to any self-insurance reasonable and customary
for similarly situated Persons engaged in the same or similar businesses as the Parent Borrower and
the Restricted Subsidiaries) as are customarily carried under similar circumstances by such other
Persons.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If any portion of any Mortgaged Property is at any time located in an area identified by
the Federal Emergency Management Agency (or any successor agency) as a Special Flood Hazard Area
with respect to which flood insurance has been made available under the National Flood Insurance
Act of 1968 (as now or hereafter in effect or successor act thereto), then (i)&nbsp;maintain, or cause
to be maintained, with a financially sound and reputable insurer, flood insurance in an amount and
otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to
the Flood Insurance Laws.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;All such insurance (other than business interruption insurance) as to which the
Administrative Agent shall have reasonably requested to be so named, shall name the Administrative
Agent as loss payee and/or additional insured, as applicable; <I>provided, however, </I>that the naming of
the Administrative Agent as loss payee is only for the purpose of perfecting the Lien on the
Collateral granted to the Administrative Agent for the benefit of the Secured Parties to the extent
required by the Collateral and Guarantee Requirement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.08. <U>Compliance with Laws</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Comply in all material respects with the requirements of all Laws and all orders, writs,
injunctions and decrees of any Governmental Authority applicable to it or to its business or property,
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">except if the failure to comply therewith would not reasonably be expected to have a
Material Adverse Effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;(i)&nbsp;Operate all of the Broadcast Stations in material compliance with the Communications
Laws and the FCC&#146;s rules, regulations and published policies promulgated thereunder and with the
terms of the Broadcast Licenses, (ii)&nbsp;timely file all required reports and notices with the FCC and
pay all amounts due in timely fashion on account of fees and charges to the FCC and (iii)&nbsp;timely
file and prosecute all applications for renewal or for extension of time with respect to all of the
FCC Authorizations, except, in each case, for any failure which would not reasonably be expected to
have a Material Adverse Effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.09. <U>Books and Records</U>. Maintain proper books of record and account, in
which entries that are full, true and correct in all material respects and are in conformity with
GAAP consistently applied shall be made of all material financial transactions and matters
involving the assets and business of the Parent Borrower or such Restricted Subsidiary, as the case
may be.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.10. <U>Inspection Rights</U>. Permit representatives and independent contractors
of the Administrative Agent and each Lender to visit and inspect any of its properties, to examine
its corporate, financial and operating records, and make copies thereof or abstracts therefrom
(other than the records of the Board of Directors of such Loan Party or such Restricted Subsidiary)
and to discuss its affairs, finances and accounts with its directors, officers, and independent
public accountants (subject to customary access agreements), all at the reasonable expense of the
Parent Borrower and at such reasonable times during normal business hours and as often as may be
reasonably desired, upon reasonable advance notice to the Parent Borrower; <I>provided </I>that, excluding
any such visits and inspections during the continuation of an Event of Default, only the
Administrative Agent on behalf of the Lenders may exercise rights of the Administrative Agent and
the Lenders under this Section&nbsp;6.10 and the Administrative Agent shall not exercise such rights
more often than two (2)&nbsp;times during any calendar year absent the existence of an Event of Default
and only one (1)&nbsp;such time shall be at the Parent Borrower&#146;s expense; <I>provided further </I>that when an
Event of Default exists, the Administrative Agent or any Lender (or any of their respective
representatives or independent contractors) may do any of the foregoing at the expense of the
Parent Borrower at any time during normal business hours and upon reasonable advance notice. The
Administrative Agent and the Lenders shall give the Parent Borrower the opportunity to participate
in any discussions with the Parent Borrower&#146;s independent public accountants. Notwithstanding
anything to the contrary in this Section&nbsp;6.10, none of the Parent Borrower or any of the Restricted
Subsidiaries will be required to disclose, permit the inspection, examination or making copies or
abstracts of, or discussion of, any document, information or other matter that (i)&nbsp;constitutes
non-financial trade secrets or non-financial proprietary information, (ii)&nbsp;in respect of which
disclosure to the Administrative Agent or any Lender (or their respective representatives or
contractors) is prohibited by Law or any binding agreement or (iii)&nbsp;is subject to attorney-client
or similar privilege or constitutes attorney work product.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.11. <U>Covenant To Guarantee Obligations and Give Security</U>. At the Parent
Borrower&#146;s expense, take all action necessary or reasonably requested by the Administrative Agent
to ensure that the Collateral and Guarantee Requirement continues to be satisfied, including:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1)&nbsp;upon the formation, acquisition or designation (x)&nbsp;by any U.S. Loan Party of
any existing or new direct or indirect wholly-owned Material Domestic Subsidiary (other than
an Excluded Subsidiary) that is a Restricted Subsidiary (for the avoidance of doubt,
including CCOH and its wholly-owned Restricted Subsidiaries which are Material Domestic
Subsidiaries but not Excluded Subsidiaries upon CCOH becoming wholly-owned by the Loan
Parties) or (y)&nbsp;by any U.S. Loan Party or Foreign Loan Party of any direct or indirect
wholly-owned Material Foreign Subsidiary (other than an Excluded Subsidiary) that is a
Restricted Subsidiary or (2)&nbsp;upon the
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">designation by any Loan Party of any Unrestricted Subsidiary that is a direct or
indirect wholly-owned Material Domestic Subsidiary or Material Foreign Subsidiary referred
to in the foregoing clause (x)&nbsp;or (y) (other than an Excluded Subsidiary) as a Restricted
Subsidiary in accordance with Section&nbsp;6.14:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) within 45&nbsp;days after such formation, acquisition or designation, or such
longer period as the Administrative Agent may agree in writing in its discretion:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) (x)&nbsp;cause each such Restricted Subsidiary that is required to
become a Guarantor pursuant to the Collateral and Guarantee Requirement to
duly execute and deliver to the Administrative Agent a Guaranty (or
supplement thereto) and (y)&nbsp;cause each such Restricted Subsidiary that is
required to grant a Lien on any Collateral pursuant to the Collateral and
Guarantee Requirement to duly execute and deliver to the Administrative
Agent Mortgages with respect to any Material Real Property, Guaranties,
Security Agreement Supplements, Intellectual Property Security Agreements
and other security agreements and documents, as reasonably requested by and
in form and substance reasonably satisfactory to the Administrative Agent
(consistent with the Mortgages, Security Agreement, Intellectual Property
Security Agreements and other security agreements in effect on the Closing
Date), in each case granting Liens required by, and subject to the
limitations and exceptions of, the Collateral and Guarantee Requirement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) cause each Loan Party that is required to pledge any Equity
Interests or intercompany note held by such Loan Party pursuant to the
Collateral and Guarantee Requirement to deliver any and all certificates
representing Equity Interests and intercompany notes (to the extent
certificated) that are required to be pledged pursuant to the Collateral and
Guarantee Requirement, accompanied by undated stock or note powers or other
appropriate instruments of transfer, indorsed in blank to the Administrative
Agent; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) take and cause such Restricted Subsidiary and each direct or
indirect parent of such Restricted Subsidiary to take whatever action
(including the recording of Mortgages, the filing of UCC financing
statements and delivery of stock and membership interest certificates) as
may be necessary in the reasonable opinion of the Administrative Agent to
vest in the Administrative Agent (or in any representative of the
Administrative Agent designated by it) valid and perfected Liens to the
extent required by the Collateral and Guarantee Requirement, and to
otherwise comply with the requirements of the Collateral and Guarantee
Requirement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if reasonably requested by the Administrative Agent, within forty-five
(45)&nbsp;days after such request, deliver to the Administrative Agent a signed copy of
an opinion, addressed to the Administrative Agent and the Lenders, of counsel for
the Loan Parties reasonably acceptable to the Administrative Agent as to such
matters set forth in this Section&nbsp;6.11(a) as the Administrative Agent may reasonably
request; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as promptly as practicable after the request therefor by the
Administrative Agent, deliver to the Administrative Agent with respect to each
parcel of Material Real Property constituting Collateral, any existing title
reports, abstracts, surveys or environmental assessment reports, to the extent
available and in the possession or control of
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">the Parent Borrower; <I>provided, however, </I>that there shall be no obligation to
deliver to the Administrative Agent any existing environmental assessment report
whose disclosure to the Administrative Agent would require the consent of a Person
other than the Parent Borrower or one of its Subsidiaries, where, despite the
commercially reasonable efforts of the Parent Borrower to obtain such consent, such
consent cannot be obtained.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If after the Closing Date, the Parent Borrower or any Restricted Subsidiary creates
or acquires any License Subsidiary that is a Material Subsidiary, then the Parent Borrower
shall, as soon as practicable (and in any event within 45&nbsp;days (as such date may be extended
by the Administrative Agent in its discretion), designate such License Subsidiary as a
Retained Existing Notes Indenture Unrestricted Subsidiary.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Principal Properties Certificate required to be delivered hereunder
demonstrates that the Principal Properties Collateral Amount does not exceed the Principal
Properties Permitted Amount multiplied by 2.5, then the Parent Borrower shall cause, as soon
as practicable (and in any event within 120&nbsp;days (as such date may be extended in writing by
the Administrative Agent in its discretion) after the date of delivery of such Principal
Properties Certificate) Additional Principal Properties of the Parent Borrower or any U.S.
Guarantor, as selected by the Parent Borrower, having a Fair Market Value, as determined by
the Parent Borrower (acting reasonably and in good faith), that would result in, after
giving effect to grant of a Lien thereon, the aggregate Principal Properties Collateral
Amount being at least 2.5 times the Principal Properties Permitted Amount, to be subject to
a Lien and Mortgage in favor of the Administrative Agent for the benefit of the Secured
Parties and shall take, or cause the relevant Loan Party to take, such actions as shall be
necessary or reasonably requested by the Administrative Agent to grant and perfect or record
such Lien, in each case to the extent required by, and subject to the limitations and
exceptions of, the Collateral and Guarantee Requirement and to otherwise comply with the
requirements of the Collateral and Guarantee Requirement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If after the Closing Date, the Loan Parties acquire any asset or group of assets
with a Fair Market Value in excess of $25,000,000 (as determined by the Parent Borrower
(acting reasonably and in good faith)) the Parent Borrower shall within 45&nbsp;days following
the end of the fiscal quarter in which such acquisition occurred make a determination
(acting reasonably and in good faith) as to whether such asset or group of assets
constitutes Non-Principal Property. If the Parent Borrower determines that such asset or
group of assets constitutes Non-Principal Property, the Parent Borrower shall notify the
Administrative Agent of such designation by delivery of an Additional Non-Principal
Properties Certificate determining that such Non-Principal Property constitutes Additional
Non-Principal Properties Collateral and, if requested by the Administrative Agent, the
applicable Loan Party will cause such assets to be subjected to a Lien and Mortgage, if
applicable, in favor of the Administrative Agent for the benefit of the Secured Parties, and
will take, and cause the other applicable Loan Parties to take, such actions as shall be
necessary or reasonably requested by the Administrative Agent as soon as commercially
reasonable but in no event later than 75&nbsp;days following the end of the quarter in which such
acquisition occurred, unless extended by the Administrative Agent in writing in its
discretion, to grant and perfect the Liens required by, and subject to the limitations and
exceptions of, the Collateral and Guarantee Requirement and to otherwise comply with the
requirements of the Collateral and Guarantee Requirement. Any designation made by the
Parent Borrower in accordance with this paragraph (d)&nbsp;shall be conclusive in the absence of
manifest error.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If (i)&nbsp;the Parent Borrower or any other Loan Party Disposes of any Non-Principal
Properties Collateral with a Fair Market Value in excess of $25,000,000 as determined by the
Parent Borrower (acting reasonably and in good faith), and (ii)&nbsp;the Parent Borrower does not
give
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">written notice to the Administrative Agent of its intent to reinvest, in accordance
with Section&nbsp;2.05(b)(ii)(B), the Net Cash Proceeds received from such Disposition in
Additional Non-Principal Properties Collateral that will be subject to a Lien and Mortgage
in favor of the Administrative Agent for the benefit of the Secured Parties (in which case
the Parent Borrower shall take, or cause the relevant Loan Party to take, such actions as
shall be necessary or reasonably requested by the Administrative Agent to grant and perfect
or record such Lien, in each case to the extent required by, and subject to the limitations
and exceptions of, the Collateral and Guarantee Requirement and to otherwise comply with the
requirements of the Collateral and Guarantee Requirement), then, as soon as practicable (in
the reasonable judgment of the Parent Borrower) the Parent Borrower shall use commercially
reasonable efforts to (x)&nbsp;designate Additional Non-Principal Properties Collateral having an
equal or greater Fair Market Value, as determined by the Parent Borrower (acting reasonably
and in good faith), than the Fair Market Value of such Disposed Collateral and (y)&nbsp;cause
such Additional Non-Principal Properties to be subject to a Lien and Mortgage if applicable,
in favor of the Administrative Agent for the benefit of the Secured Parties and take, or
cause the relevant Loan Party to take, such actions as shall be necessary or reasonably
requested by the Administrative Agent to grant and perfect or record such Lien, in each case
to the extent required by, and subject to the limitations and exceptions of, the Collateral
and Guarantee Requirement and to otherwise comply with the requirements of the Collateral
and Guarantee Requirement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No later than 60&nbsp;days after the satisfaction of the Existing Notes Condition
(unless extended by the Administrative Agent in writing in its discretion), the Parent
Borrower shall, in each case at the Parent Borrower&#146;s expense, cause the assets of each
Borrower and each Subsidiary Guarantor to be subject to a Lien and Mortgage in favor of the
Administrative Agent for the benefit of the Secured Parties and take, or cause the relevant
Loan Party to take, such actions as shall be necessary or reasonably requested by the
Administrative Agent to grant and perfect or record such Lien, in each case to the extent
required by, and subject to the limitations and exceptions of, the Collateral and Guarantee
Requirement and to otherwise comply with the requirements of the Collateral and Guarantee
Requirement (it being understood and agreed that any Existing Notes that, unless the
Existing Notes Condition has been satisfied pursuant to clause (ii)&nbsp;of the definition
thereof, shall then be outstanding shall be permitted to be equally and ratably secured by
such assets under this clause (f)&nbsp;to the extent required by the term of the Retained
Existing Notes Indenture).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Not later than 60&nbsp;days after the acquisition by any Foreign Loan Party of any real
or personal property with a Fair Market Value in excess of $25,000,000 as determined by the
Parent Borrower (acting reasonably and in good faith) that is required to be provided as
Collateral pursuant to the definition of &#147;Collateral and Guarantee Requirement,&#148; which
property would not be automatically subject to another Lien pursuant to pre-existing
Collateral Documents, cause such property to be subject to a Lien and Mortgage in favor of
the Administrative Agent for the benefit of the Secured Parties and take, or cause the
relevant Loan Party to take, such actions as shall be necessary or reasonably requested by
the Administrative Agent to grant and perfect or record such Lien, in each case to the
extent required by, and subject to the limitations and exceptions of, the Collateral and
Guarantee Requirement and to otherwise comply with the requirements of the Collateral and
Guarantee Requirement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary in this Agreement, the Parent Borrower
shall not be required to (i)&nbsp;deliver any Mortgages or related documentation prior to the
date that is 120&nbsp;days after the Closing Date, which may be extended by the Administrative
Agent in its sole discretion, or (ii)&nbsp;take any action or deliver any document set forth on
<U>Schedule&nbsp;6.11(h)</U> before the
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">time limit set forth on such Schedule with respect to such action or document, any such
time limit which may be extended by the Administrative Agent acting in its sole discretion.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.12. <U>Compliance with Environmental Laws</U>. Except, in each case, to the extent
that the failure to do so would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect, (a)&nbsp;comply, and take all reasonable actions to cause any
lessees and other Persons operating or occupying its properties or facilities to comply with all
applicable Environmental Laws and Environmental Permits; (b)&nbsp;obtain and renew all Environmental
Permits necessary for its operations, properties and facilities; and (c)&nbsp;in each case to the extent
required by applicable Environmental Laws, conduct any investigation, study, sampling and testing,
and undertake any response or other corrective action necessary to investigate, remove and clean up
all Hazardous Materials at, on, under, or emanating from any of its properties and facilities, in
accordance with the requirements of all applicable Environmental Laws.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.13. <U>Further Assurances and Post-Closing Deliveries</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;From time to time duly authorize, execute and deliver, or cause to be duly authorized,
executed and delivered, such additional instruments, certificates, financing statements, agreements
or documents, and take all reasonable actions (including filing UCC and other financing
statements), as the Administrative Agent may reasonably request, for the purposes of perfecting the
rights of the Administrative Agent for the benefit of the Secured Parties with respect to the
Collateral (or with respect to any additions thereto or replacements or proceeds or products
thereof or with respect to any other property or assets hereafter acquired by the Parent Borrower
or any other Loan Party which may be deemed to be part of the Collateral to the extent required by
the Collateral and Guarantee Requirement), in each case subject to the limitations and exceptions
set forth in the Collateral Documents and the Collateral and Guarantee Requirement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Within five Business Days of the Closing Date (unless otherwise agreed between the Parent
Borrower and the Administrative Agent), the Parent Borrower shall deliver to the Administrative
Agent the following documents, each of which shall be originals or facsimiles (followed promptly by
originals) unless otherwise specified, each properly executed by a Responsible Officer of the
signing Loan Party:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) executed counterparts of the Guaranty (subject to the last paragraph of the
definition of Collateral and Guarantee Requirement), executed by each U.S.
Guarantor;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Note executed by the relevant Borrower(s) in favor of each Lender that
has requested a Note at least two Business Days in advance of the Closing Date;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Collateral Document set forth on <U>Schedule&nbsp;1.01A</U> required to
be executed on or about the Closing Date as indicated on such schedule (subject to
Section&nbsp;6.11(h) and the last paragraph of the definition of &#147;Collateral and
Guarantee Requirement&#148;), duly executed by each Loan Party thereto, together with:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) certificates, if any, representing the Pledged Equity referred to
therein accompanied by undated stock powers executed in blank; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Uniform Commercial Code financing statements for filing in the
office of the Secretary of State of the State of each jurisdiction in which
a U.S.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Loan Party is &#147;located&#148; (within the meaning of the Uniform Commercial
Code); and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) (i)&nbsp;an opinion from Ropes &#038; Gray LLP, counsel to the Loan Parties,
substantially in the form of <U>Exhibit&nbsp;H-1</U>; (ii)&nbsp;an opinion from New
Jersey and Florida counsel to the Loan Parties, substantially in the form of
<U>Exhibit&nbsp;H-2</U>; (iii)&nbsp;an opinion from Colorado counsel to the Loan
Parties, substantially in the form of <U>Exhibit&nbsp;H-3</U>; (iv)&nbsp;an opinion
from Nevada counsel to the Loan Parties, substantially in the form of
<U>Exhibit&nbsp;H-4</U>; (v)&nbsp;an opinion from Washington counsel to the Loan
Parties, substantially in the form of <U>Exhibit&nbsp;H-5</U>; (vi)&nbsp;an opinion
from Texas counsel to the Loan Parties, substantially in the form of
<U>Exhibit&nbsp;H-6</U>; (vii)&nbsp;an opinion from Ohio counsel to the Loan Parties,
substantially in the form of <U>Exhibit&nbsp;H-7</U>; and (viii)&nbsp;an opinion from
special FCC counsel to the Loan Parties, substantially in the form of
<U>Exhibit&nbsp;H-8</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.14. <U>Designation of Subsidiaries</U>. The board of directors of the Parent
Borrower may at any time designate any Restricted Subsidiary as an Unrestricted Subsidiary or any
Unrestricted Subsidiary as a Restricted Subsidiary; <I>provided </I>that (i)&nbsp;immediately before and after
such designation, no Default shall have occurred and be continuing, (ii)&nbsp;the Parent Borrower shall
be in compliance with Section&nbsp;7.14 calculated on a pro forma basis for such designation in
accordance with Section&nbsp;1.10 (and, as a condition precedent to the effectiveness of any such
designation, the Parent Borrower shall deliver to the Administrative Agent a certificate setting
forth in reasonable detail the calculations demonstrating satisfaction of such test) and (iii)&nbsp;no
Subsidiary may be designated as an Unrestricted Subsidiary if, after such designation, it would be
a &#147;Restricted Subsidiary&#148; for the purpose of the ABL Facilities, the New Senior Notes, or any other
Junior Financing or any other Indebtedness of any Loan Party. The designation of any Subsidiary as
an Unrestricted Subsidiary shall constitute an Investment by the Parent Borrower therein at the
date of designation in an amount equal to the net book value of the Parent Borrower&#146;s investment
therein. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall
constitute (i)&nbsp;the incurrence at the time of designation of any Indebtedness or Liens of such
Subsidiary existing at such time and (ii)&nbsp;a return on any Investment by the Loan Parties in
Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the Fair Market
Value at the date of such designation of the Loan Parties&#146; (as applicable) Investment in such
Subsidiary.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.15. <U>Interest Rate Protection</U>. No later than 150&nbsp;days after the Closing
Date, the Parent Borrower shall incur, and for a minimum of 3&nbsp;years after the Closing Date
maintain, Hedging Obligations such that, after giving effect thereto, at least 40% of the aggregate
principal amount of its consolidated funded long-term Indebtedness outstanding on the Closing Date
(excluding Revolving Credit Loans) is effectively subject to a fixed or maximum interest rate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.16. <U>License Subsidiaries</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Use commercially reasonable efforts to ensure that all material Broadcast Licenses
obtained on or after the Closing Date are held at all times by one or more Retained Existing Notes
Indenture Unrestricted License Subsidiaries; <I>provided</I>, <I>however</I>, such requirement will not apply if
holding any Broadcast License in a Retained Existing Notes Indenture Unrestricted License
Subsidiary (i)&nbsp;is reasonably likely to have material adverse tax, operational or strategic
consequences to the Parent Borrower or any Restricted Subsidiaries (as determined in good faith by
the Parent Borrower) or (ii)&nbsp;requires any approval of the FCC or any other Governmental Authority
that has not been obtained (the Parent Borrower agreeing to use commercially reasonable efforts to
obtain any such approval).
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Ensure that each License Subsidiary engages only in the business of holding Broadcast
Licenses and rights and activities related thereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Ensure that the FCC Authorizations held by each License Subsidiary are not (i)&nbsp;commingled
with the property of any Borrower and any Subsidiary thereof other than another License Subsidiary
or (ii)&nbsp;transferred by such License Subsidiary to the Parent Borrower or any Restricted Subsidiary
(other than any other License Subsidiary), except in connection with a Disposition permitted under
Section&nbsp;7.05.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Ensure that no License Subsidiary has any Indebtedness or other material liabilities
except (a)&nbsp;liabilities arising under the Loan Documents to which it is a party and (b)&nbsp;trade
payables incurred in the ordinary course of business, tax liabilities incidental to ownership of
such rights and other liabilities incurred in the ordinary course of business, including those in
connection with agreements necessary or desirable to operate a Broadcast Station, including
retransmission consent, affiliation, programming, syndication, time brokerage, joint sales, lease
and similar agreements.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Negative Covenants</B></U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other
than Cash Management Obligations or Hedging Obligations) hereunder which is accrued and payable
shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless the
Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized or, if
satisfactory to the relevant L/C Issuer in its sole discretion, a backstop letter of credit is in
place), from and after the Closing Date, the Parent Borrower shall not, nor shall the Parent
Borrower permit any Restricted Subsidiary to, directly or indirectly:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.01. <U>Liens</U>. Create, incur, assume or suffer to exist any Lien upon any of
its property, assets or revenues, whether now owned or hereafter acquired, other than the following
(collectively, &#147;<B>Permitted Liens</B>&#148;):
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens created pursuant to any Loan Document;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens existing on the Specified Date, <I>provided </I>that any Lien securing Indebtedness
in excess of (x) $5,000,000 individually or (y) $10,000,000 in the aggregate (when taken
together with all other Liens outstanding in reliance on this clause (b)&nbsp;that are not set
forth on Schedule&nbsp;7.01(b) shall only be permitted in reliance on this clause (b)&nbsp;to the
extent that such Lien is listed on <U>Schedule&nbsp;7.01(b)</U>;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens for taxes, assessments or governmental charges that are not overdue for a
period of more than thirty (30)&nbsp;days or that are being contested in good faith and by
appropriate actions for which appropriate reserves have been established in accordance with
GAAP;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) statutory or common law Liens of landlords, carriers, warehousemen, mechanics,
materialmen, repairmen, construction contractors or other like Liens, so long as, in each
case, such Liens arise in the ordinary course of business;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i)&nbsp;pledges or deposits in the ordinary course of business in connection with
workers&#146; compensation, unemployment insurance and other social security legislation and (ii)
pledges and deposits in the ordinary course of business securing liability for reimbursement
or
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">indemnification obligations of (including obligations in respect of letters of credit or
bank guarantees for the benefit of) insurance carriers providing property, casualty or
liability insurance to the Parent Borrower or any Restricted Subsidiary;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) deposits to secure the performance of bids, trade contracts, governmental contracts
and leases (other than Indebtedness for borrowed money), statutory obligations, surety,
stay, customs and appeal bonds, performance bonds and other obligations of a like nature
(including those to secure health, safety and environmental obligations) incurred in the
ordinary course of business;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) easements, rights-of-way, restrictions (including zoning restrictions),
encroachments, protrusions and other similar encumbrances and minor title defects affecting
real property that, in the aggregate, do not materially interfere with the ordinary conduct
of the business of the Parent Borrower and its Restricted Subsidiaries and any title
exceptions referred to in Schedule&nbsp;B to the applicable Mortgage Policies;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens arising from judgments or orders for the payment of money not constituting an
Event of Default under Section&nbsp;8.01(g);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens securing Indebtedness permitted under Section&nbsp;7.03(e); <I>provided </I>that (A)&nbsp;such
Liens attach concurrently with or within two hundred and seventy (270)&nbsp;days after completion
of the acquisition, construction, repair, replacement or improvement (as applicable) of the
property subject to such Liens, (B)&nbsp;such Liens do not at any time encumber any property
other than the property financed by such Indebtedness, replacements thereof and additions
and accessions to such property and the proceeds and the products thereof and customary
security deposits and (C)&nbsp;with respect to Capitalized Leases, such Liens do not at any time
extend to or cover any assets (except for additions and accessions to such assets,
replacements and proceeds and products thereof and customary security deposits) other than
the assets subject to such Capitalized Leases; <I>provided </I>that individual financings of
equipment provided by one lender may be cross-collateralized to other financings of
equipment provided by such lender;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) leases, licenses, subleases or sublicenses granted to others in the ordinary course
of business which do not (i)&nbsp;interfere in any material respect with the business of the
Parent Borrower and its Restricted Subsidiaries, taken as a whole, or (ii)&nbsp;secure any
Indebtedness;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Liens in favor of customs and revenue authorities arising as a matter of law to
secure payment of customs duties in connection with the importation of goods in the ordinary
course of business;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens (i)&nbsp;of a collection bank arising under Section&nbsp;4-210 of the Uniform
Commercial Code on the items in the course of collection, (ii)&nbsp;attaching to commodity
trading accounts or other commodities brokerage accounts incurred in the ordinary course of
business and not for speculative purposes and (iii)&nbsp;in favor of a banking or other financial
institution arising as a matter of law encumbering deposits or other funds maintained with a
financial institution (including the right of set off) and that are within the general
parameters customary in the banking industry;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Liens (i)&nbsp;on cash advances in favor of the seller of any property to be acquired in
an Investment permitted pursuant to Section&nbsp;7.02(j) or Section&nbsp;7.02(p) to be applied against
the purchase price for such Investment or (ii)&nbsp;consisting of an agreement to Dispose of any
property in a Disposition permitted under Section&nbsp;7.05;
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Liens on assets of CCOH and its Restricted Subsidiaries securing Indebtedness
permitted under Section&nbsp;7.03(s);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens in favor of a U.S. Loan Party securing Indebtedness permitted under
Section&nbsp;7.03(d);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Liens existing on property at the time of its acquisition or existing on the
property of any Person at the time such Person becomes a Restricted Subsidiary (other than
by designation as a Restricted Subsidiary pursuant to Section&nbsp;6.14), in each case after the
date hereof (other than Liens on the Equity Interests of any Person that becomes a
Restricted Subsidiary); <I>provided </I>that (i)&nbsp;such Lien was not created in contemplation of such
acquisition or such Person becoming a Restricted Subsidiary, (ii)&nbsp;such Lien does not extend
to or cover any other assets or property (other than the proceeds or products thereof and
other than after-acquired property subjected to a Lien securing Indebtedness and other
obligations incurred prior to such time and which Indebtedness and other obligations are
permitted hereunder that require, pursuant to their terms at such time, a pledge of
after-acquired property, it being understood that such requirement shall not be permitted to
apply to any property to which such requirement would not have applied but for such
acquisition), and (iii)&nbsp;the Indebtedness secured thereby is permitted under Section&nbsp;7.03(e)
or (h);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any interest or title of a lessor, sublessor, licensor or sublicensor or secured by
a lessor&#146;s, sublessor&#146;s, licensor&#146;s or sublicensor&#146;s interest under leases or licenses
entered into by the Parent Borrower or any of the Restricted Subsidiaries as tenant,
subtenant, licensee or sublicensee in the ordinary course of business;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Liens arising out of conditional sale, title retention, consignment or similar
arrangements for sale of goods entered into by the Parent Borrower or any of the Restricted
Subsidiaries in the ordinary course of business;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Liens deemed to exist in connection with Investments in repurchase agreements under
Section&nbsp;7.02 and reasonable customary initial deposits and margin deposits and similar Liens
attaching to commodity trading accounts or other brokerage accounts maintained in the
ordinary course of business and not for speculative purposes;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Liens that are contractual rights of setoff (i)&nbsp;relating to the establishment of
depository relations with banks or other financial institutions not given in connection with
the issuance of Indebtedness, (ii)&nbsp;relating to pooled deposit or sweep accounts of the
Parent Borrower or any of the Restricted Subsidiaries to permit satisfaction of overdraft or
similar obligations incurred in the ordinary course of business of the Parent Borrower and
the Restricted Subsidiaries or (iii)&nbsp;relating to purchase orders and other agreements
entered into with customers of the Parent Borrower or any of the Restricted Subsidiaries in
the ordinary course of business;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens solely on any cash earnest money deposits made by the Parent Borrower or any
of the Restricted Subsidiaries in connection with any letter of intent or purchase agreement
permitted hereunder;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) &#091;Reserved&#093;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) ground leases in respect of real property on which facilities owned or leased by
the Parent Borrower or any of its Subsidiaries are located;
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Liens arising from precautionary Uniform Commercial Code financing statement or
similar filings;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Liens on insurance policies and the proceeds thereof securing the financing of the
premiums with respect thereto;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Liens on the Receivables Collateral securing Indebtedness and other obligations
under the ABL Credit Agreement and ABL Facility Documentation (or any Permitted Refinancing
in respect thereof); <I>provided </I>such Liens are subject to the Intercreditor Agreement (or, in
the case of any Permitted Refinancing thereof, another intercreditor agreement containing
terms that are at least as favorable to the Secured Parties as those contained in the
Intercreditor Agreement);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Liens granted by any Securitization Entity on any Securitization Assets or
accounts into which collections or proceeds of Securitization Assets are deposited, in each
case arising in connection with a Qualified Securitization Financing;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) any zoning or similar law or right reserved to or vested in any Governmental
Authority to control or regulate the use of any real property that does not materially
interfere with the ordinary conduct of the business of the Parent Borrower and its
Restricted Subsidiaries, taken as a whole;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Liens on specific items of inventory or other goods and the proceeds thereof
securing such Person&#146;s obligations in respect of documentary letters of credit or banker&#146;s
acceptances issued or created for the account of such Person to facilitate the purchase,
shipment or storage of such inventory or goods;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) the modification, replacement, renewal or extension of any Lien permitted by
clause (b), (i)&nbsp;or (p)&nbsp;of this Section&nbsp;7.01; <I>provided </I>that (i)&nbsp;the Lien does not extend to
any additional property other than (A)&nbsp;after-acquired property that is affixed or
incorporated into the property covered by such Lien or financed by Indebtedness permitted
under Section&nbsp;7.03 and otherwise permitted to be secured under this Section&nbsp;7.01, and (B)
proceeds and products thereof, and (ii)&nbsp;the renewal, extension or refinancing of the
obligations secured or benefited by such Liens is permitted by Section&nbsp;7.03;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) other Liens securing Indebtedness or other obligations in an aggregate principal
amount at any time outstanding not to exceed $100,000,000 determined as of the date of
incurrence; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) Liens on property of any Restricted Subsidiary that is not a Loan Party securing
Indebtedness of such Restricted Subsidiary permitted pursuant to Section&nbsp;7.03(b), 7.03(f),
7.03(g), 7.03(h), 7.03(n), 7.03(o), 7.03(r), 7.03(s), 7.03(cc) or 7.03(dd).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, (x)&nbsp;until the Existing Notes Condition shall have been
satisfied, the Parent Borrower shall not, and shall not permit any Restricted Subsidiary to,
create, incur, assume or suffer to exist any Lien upon any of its properties, assets or revenues,
whether now owned or hereafter acquired, to secure any Existing Notes, (y)&nbsp;the Parent Borrower
shall not, and shall not permit any Subsidiary (as defined in the Retained Existing Notes
Indenture) to, create, incur, assume or suffer to exist any Lien upon any stock or indebtedness of
any Retained Existing Notes Indenture Restricted Subsidiaries or any Principal Properties of the
Parent Borrower or any Subsidiary (as defined in the Retained Existing Notes Indenture), whether
now owned or hereafter acquired, securing Retained Existing Notes Indenture Debt (other than (i)
Liens securing the Obligations, (ii)&nbsp;Liens permitted by Section&nbsp;6.11(f),
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">(iii)&nbsp;Liens permitted by this Section&nbsp;7.01 to the extent constituting &#147;Permitted Mortgages&#148;
(as defined in the Retained Existing Notes Indenture) referenced in clause (i)&nbsp;of the second
paragraph of Section&nbsp;1006 of the Retained Existing Notes Indenture and (iv)&nbsp;Mortgages (as defined
in the Retained Existing Notes Indenture) upon stock or indebtedness of any corporation existing at
the time such corporation becomes a Subsidiary, or existing upon stock or indebtedness of a
Subsidiary at the time of acquisition of such stock or indebtedness, and any extension, renewal or
replacement (or successive extensions, renewals or replacements) in whole or in part of any such
Mortgage) and (z)&nbsp;the Parent Borrower shall not, and shall not permit any Subsidiary (as defined in
the Retained Existing Notes Indenture) to, enter into a Sale-Leaseback Transaction (as defined in
the Retained Existing Notes Indenture) that is not permitted by the first sentence of Section&nbsp;1007
of the Retained Existing Notes Indenture
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.02. <U>Investments</U>. Make any Investments, except:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments by the Parent Borrower or any of its Restricted Subsidiaries in assets
that were Cash Equivalents when such Investment was made;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) loans or advances to officers, directors and employees of Holdings (or any direct
or indirect parent thereof), the Parent Borrower or any Restricted Subsidiary (i)&nbsp;for
reasonable and customary business-related travel, entertainment, relocation and other
business purposes in the ordinary course of business or in accordance with previous
practice, (ii)&nbsp;in connection with such Person&#146;s purchase of Equity Interests of Holdings (or
any direct or indirect parent thereof); <I>provided </I>that, to the extent such loans or advances
are made in cash, the amount of such loans and advances used to acquire such Equity
Interests shall be contributed to the Parent Borrower in cash and (iii)&nbsp;for purposes not
described in the foregoing clauses (i)&nbsp;and (ii), in an aggregate principal amount
outstanding under this clause (iii)&nbsp;not to exceed $20,000,000;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investments in the CCU Term Note, and any modification, replacement, renewal,
reinvestment or extension thereof in accordance with Section&nbsp;7.12(c);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investments (i)&nbsp;by the Parent Borrower or any Restricted Subsidiary that is a U.S.
Loan Party in the Parent Borrower or any Restricted Subsidiary that is a U.S. Loan Party,
(ii)&nbsp;by any Non-Loan Party in any other Non-Loan Party that is a Restricted Subsidiary,
(iii)&nbsp;by any Non-Loan Party in the Parent Borrower or any Restricted Subsidiary that is a
Loan Party, (iv)&nbsp;by any Foreign Loan Party in any other Foreign Loan Party, (v)&nbsp;by any Loan
Party in any Restricted Subsidiary that is not a U.S. Loan Party; <I>provided </I>that the
aggregate amount of Investments made pursuant to this clause (v)&nbsp;when aggregated with all
Investments made pursuant to Section&nbsp;7.02(j)(B) shall not exceed at any time outstanding the
sum of (x)&nbsp;the greater of $500,000,000 and 1.5% of Total Assets at the time of such
Investment and (y)&nbsp;the Available Amount at such time and (vi)&nbsp;by the Parent Borrower or any
Restricted Subsidiary (A)&nbsp;in any Foreign Subsidiary, constituting an exchange of Equity
Interests of such Foreign Subsidiary for Indebtedness or Equity Interests or a combination
thereof of such Foreign Subsidiary or another Foreign Subsidiary so long as such exchange
does not adversely affect the Collateral, (B)&nbsp;in any Foreign Subsidiary, constituting an
exchange of Equity Interests of such Foreign Subsidiary for Indebtedness of such Foreign
Subsidiary or (C)&nbsp;constituting Guarantees of Indebtedness or other monetary obligations of
Foreign Subsidiaries owing to any Loan Party;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Investments consisting of extensions of credit in the nature of accounts receivable
or notes receivable arising from the grant of trade credit in the ordinary course of
business, and Investments received in satisfaction or partial satisfaction thereof from
financially troubled account debtors and other credits to suppliers in the ordinary course
of business;
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Investments consisting of Liens, Indebtedness, transactions of the type subject to
Section&nbsp;7.04, Dispositions, Restricted Payments and prepayments, redemptions, purchases,
defeasances or other satisfactions of Indebtedness permitted under Sections&nbsp;7.01, 7.03
(other than Section&nbsp;7.03(d)), 7.04, 7.05 (other than Sections&nbsp;7.05(d) or (e)), 7.06 (other
than Section&nbsp;7.06(d)) and 7.12, respectively;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Investments existing on the Specified Date hereof (other than the CCU Term Note) or
made pursuant to legally binding written contracts in existence on the date hereof and set
forth on <U>Schedule&nbsp;7.02(g)</U> and any modification, replacement, renewal, reinvestment
or extension of any of the foregoing, to the extent permitted; <I>provided </I>that the amount of
any Investment permitted pursuant to this Section&nbsp;7.02(g) is not increased from the amount
of such Investment on the Specified Date except pursuant to the terms of such Investment as
of the Specified Date or as otherwise permitted by another clause of this Section&nbsp;7.02;<SUP style="font-size: 85%; vertical-align: text-top">
</SUP>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Investments in Swap Contracts permitted under Section&nbsp;7.03;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) promissory notes and other non-cash consideration received in connection with
Dispositions permitted by Section&nbsp;7.05;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the purchase or other acquisition of property and assets or businesses of any
Person or of assets constituting a business unit, a line of business or division of such
Person, or Equity Interests in a Person that, upon the consummation thereof, will be a
wholly-owned Subsidiary of the Parent Borrower (except to the extent permitted by subclause
(B)&nbsp;below), including as a result of a merger, amalgamation or consolidation; <I>provided </I>that,
with respect to each purchase or other acquisition made pursuant to this Section&nbsp;7.02(j)
(each, a &#147;<B>Permitted Acquisition</B>&#148;):
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to the extent required by the Collateral and Guarantee Requirement and the
Collateral Documents, the property, assets and businesses acquired in such purchase
or other acquisition shall constitute Collateral and each applicable Loan Party and
any such newly created or acquired Subsidiary (and, to the extent required under the
Collateral and Guarantee Requirement, the Subsidiaries of such created or acquired
Subsidiary) shall be Guarantors and shall have complied with the requirements of
Section&nbsp;6.11, within the times specified therein (for the avoidance of doubt, this
clause (A)&nbsp;shall not override any provisions of the Collateral and Guarantee
Requirement);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the aggregate amount of Investments made in Persons that do not become U.S.
Loan Parties pursuant to this clause (j), when aggregated with all Investments made
pursuant to Section&nbsp;7.02(d)(v), shall not exceed at any time outstanding the sum of
(i)&nbsp;the greater of $500,000,000 and 1.5% of Total Assets at the time of such
Permitted Acquisition and (ii)&nbsp;the Available Amount at such time;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the acquired property, assets, business or Person is in a business
permitted under Section&nbsp;7.07;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) immediately before and immediately after giving effect to any such purchase
or other acquisition, no Default shall have occurred and be continuing;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the Parent Borrower shall be in compliance with Section&nbsp;7.14 for the Test
Period ended immediately preceding such purchase or other acquisition calculated on
a pro forma basis for such purchase or other acquisition in accordance with Section
1.10 and a certificate from the Chief Financial Officer of the Parent Borrower demonstrating
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"> compliance with such Section calculated in reasonable detail shall be
provided to the Administrative Agent; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) the Parent Borrower shall have delivered to the Administrative Agent, on
behalf of the Lenders, no later than five (5)&nbsp;Business Days after the date on which
any such purchase or other acquisition is consummated, a certificate of a
Responsible Officer, certifying that all of the requirements set forth in this
clause (j)&nbsp;have been satisfied or will be satisfied on or prior to the consummation
of such purchase or other acquisition;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Transactions;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Investments in the ordinary course of business consisting of Uniform Commercial
Code Article&nbsp;3 endorsements for collection or deposit and Article&nbsp;4 customary trade
arrangements with customers consistent with past practices;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Investments (including debt obligations and Equity Interests) received in
connection with the bankruptcy or reorganization of suppliers and customers or in settlement
of delinquent obligations of, or other disputes with, customers and suppliers arising in the
ordinary course of business or upon the foreclosure with respect to any secured Investment
or other transfer of title with respect to any secured Investment;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) loans and advances to Holdings (or any direct or indirect parent thereof) in lieu
of, and not in excess of the amount of (after giving effect to any other loans, advances or
Restricted Payments in respect thereof), Restricted Payments to the extent permitted to be
made to Holdings (or such direct or indirect parent) in accordance with Section&nbsp;7.06(f), (g)
or (l)&nbsp;so long as such amounts are counted as Restricted Payments for purposes of such
clauses;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (i)(A) Investments in a Securitization Entity in connection with a Qualified
Securitization Financing; <I>provided </I>that any such Investment in a Securitization Entity is in
the form of a contribution of additional Securitization Assets or as customary Investments
in a Securitization Entity in connection with a Qualified Securitization Financing, and (ii)
distributions or payments of Securitization Fees and purchases of Securitization Assets
pursuant to a Securitization Repurchase Obligation in connection with a Qualified
Securitization Financing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) other Investments that do not exceed in the aggregate at any time outstanding the
sum of (i)&nbsp;the greater of $900,000,000 and 3.0% of the Total Assets determined as of the
date of such Investment and (ii)&nbsp;the Available Amount at such time; <I>provided</I>, <I>however</I>, that
the foregoing amount may be increased, to the extent not otherwise included in the
determination of the Available Amount, an amount equal to any repayments, interest, returns,
profits, distributions, income and similar amounts actually received in cash in respect of
any Investment pursuant to this clause (p) (which amount referred to in this sentence shall
not exceed the amount of such Investment valued at the Fair Market Value of such Investment
at the time such Investment was made); <I>provided further</I>, <I>however</I>, that if the Parent
Borrower or any of its Restricted Subsidiaries make any Investments in Equity Interests of
CCOH pursuant to this clause (p)&nbsp;that is a CCOH 90% Investment, upon CCOH and its
wholly-owned Restricted Subsidiaries which are Material Domestic Subsidiaries and not
Excluded Subsidiaries becoming U.S. Subsidiary Guarantors and otherwise complying with
Section&nbsp;6.11, such Investments shall be deemed to be have been made pursuant to Section
7.02(v)(ii) (and Investments made by CCOH and its Subsidiaries which are U.S. Subsidiary
Guarantors shall be deemed to have been retroactively made by U.S. Loan Parties) and the
amount previously utilized in connection with such Investment under this clause (p)&nbsp;shall be
restored;
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) advances of payroll payments to employees in the ordinary course of business;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Investments to the extent that payment for such Investments is made solely with
Equity Interests of Holdings (or by any direct or indirect parent thereof);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Investments held by a Restricted Subsidiary acquired after the Closing Date in a
transaction otherwise permitted under this Section&nbsp;7.02 or of a Person merged or amalgamated
with or into the Parent Borrower or merged, amalgamated or consolidated with a Restricted
Subsidiary in accordance with Section&nbsp;7.04 after the Closing Date to the extent that such
Investments were not made in contemplation of or in connection with such acquisition,
merger, amalgamation or consolidation and were in existence on the date of such acquisition,
merger, amalgamation or consolidation;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Guarantees by the Parent Borrower or any of its Restricted Subsidiaries of leases
(other than Capitalized Leases) or of other obligations that do not constitute Indebtedness,
in each case entered into in the ordinary course of business;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) for the avoidance of doubt to avoid double counting, Investments made by any
Restricted Subsidiary that is not a U.S. Loan Party to the extent such Investments are
financed with the proceeds received by such Restricted Subsidiary from an Investment made
pursuant to clauses (d)(v), (j)(B) or (p)&nbsp;of this Section&nbsp;7.02;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Investments (i)&nbsp;in CCOH and its Restricted Subsidiaries pursuant to the CCOH Cash
Management Arrangements and (ii)&nbsp;in CCOH constituting the acquisition of outstanding Equity
Interests of CCOH not owned by the Parent Borrower and the Restricted Subsidiaries (whether
by tender offer, open market purchase, merger or otherwise) so long as after giving effect
to such acquisition, CCOH and its wholly-owned Restricted Subsidiaries which are Material
Domestic Subsidiaries and not Excluded Subsidiaries become U.S. Subsidiary Guarantors
hereunder and otherwise comply with Section&nbsp;6.11;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) (i)&nbsp;cash Investments in any Foreign Subsidiary that is a Non-Loan Party by any U.S.
Loan Party to the extent returned in the form of a cash dividend, distribution or other
payment substantially concurrently with such cash Investment or (ii)&nbsp;non-cash Investments in
any Foreign Subsidiary that is a Non-Loan Party by any U.S. Loan Party in the form of
intercompany debt issued to such U.S. Loan Party in exchange for Equity Interests of another
Foreign Subsidiary that is a Non-Loan Party that was held by such U.S. Loan Party, in each
case, consummated on or before the second anniversary of the Closing Date in order to effect
a corporate restructuring to improve the efficiency of repatriation of foreign cash flows;
and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Investments in non-wholly-owned Restricted Subsidiaries, joint ventures (regardless
of the legal form) and Unrestricted Subsidiaries not to exceed in the aggregate at any one
time outstanding the greater of $300,000,000 and 1.0% of Total Assets at the time of such
Investment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, until the Existing Notes Condition shall have been satisfied,
the Parent Borrower shall not directly acquire any material operating assets or Broadcast Licenses
that are not promptly contributed to one or more Restricted Subsidiaries, other than (i)&nbsp;Equity
Interests of Restricted Subsidiaries which are U.S. Subsidiary Guarantors or (ii)&nbsp;any wireless
radio licenses used for intercompany communications and satellite earth station authorizations used
for reception and transmission of programming or other communications; <I>provided</I>, <I>however</I>, such
requirement will not apply if the acquisition of such operating assets or Broadcast Licenses by a
Restricted Subsidiary (A)&nbsp;is reasonably
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">likely to have material adverse tax, operational or strategic consequences to the Parent
Borrower or any Restricted Subsidiaries (as determined in good faith by the Parent Borrower) or (B)
requires any approval of the FCC or any other Governmental Authority that has not been obtained
(the Parent Borrower agreeing to use commercially reasonable efforts to obtain any such approval).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.03. <U>Indebtedness</U>. Create, incur, assume or suffer to exist any
Indebtedness, other than:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indebtedness of the Parent Borrower and the Restricted Subsidiaries under the Loan
Documents;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)&nbsp;Indebtedness existing on the Specified Date; <I>provided </I>that any Indebtedness
(other than Indebtedness refinanced on the Closing Date in connection with the Transactions)
that is in excess of (x) $5,000,000 individually or (y) $10,000,000 in the aggregate (when
taken together with all other Indebtedness outstanding in reliance on this clause (b)&nbsp;that
is not set forth on Schedule&nbsp;7.03(b)) shall only be permitted under this clause (b)&nbsp;to the
extent that such Indebtedness is and set forth on <U>Schedule&nbsp;7.03(b)</U> and any Permitted
Refinancing thereof and (ii)&nbsp;intercompany Indebtedness outstanding on the Closing Date and
any Permitted Refinancing thereof; <I>provided </I>that all such Indebtedness (other than the
Parent Borrower Obligor Cash Management Note) of any Loan Party owed to any Person that is
not a U.S. Loan Party shall be unsecured and subordinated to the Obligations pursuant to an
intercompany note reasonably satisfactory to the Administrative Agent;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Guarantees by the Parent Borrower or any of its Restricted Subsidiaries in respect
of Indebtedness of the Parent Borrower or any of its Restricted Subsidiaries otherwise
permitted hereunder (except that a Restricted Subsidiary that is not a U.S. Loan Party may
not, by virtue of this Section&nbsp;7.03(c), Guarantee Indebtedness that such Restricted
Subsidiary could not otherwise incur under this Section&nbsp;7.03); <I>provided </I>that (A)&nbsp;no
Guarantee by any Restricted Subsidiary of any Junior Financing shall be permitted unless
such Restricted Subsidiary shall have also provided a Guaranty of the Obligations
substantially on the terms set forth in the U.S. Guaranty and (B)&nbsp;if the Indebtedness being
Guaranteed is subordinated to the Obligations, such Guaranty shall be subordinated to the
Guarantee of the Obligations on terms at least as favorable to the Lenders as those
contained in the subordination of such Indebtedness; <I>provided </I>that, in any event, any
Guaranty of any Permitted Additional Notes shall be subordinated to the Guarantee of the
Obligations on terms at least as favorable to the Lenders as those contained in the New
Senior Notes Indentures on the Closing Date;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indebtedness of the Parent Borrower or any of its Restricted Subsidiaries owing to
the Parent Borrower or any other Restricted Subsidiary to the extent constituting an
Investment permitted by Section&nbsp;7.02; <I>provided </I>that all such Indebtedness of any Loan Party
owed to any Person that is not a U.S. Loan Party (other than the Parent Borrower Obligor
Cash Management Note) shall be unsecured and subordinated to the Obligations pursuant to an
intercompany note reasonably satisfactory to the Administrative Agent;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i)&nbsp;Attributable Indebtedness and other Indebtedness (including Capitalized Leases)
financing the acquisition, construction, repair, replacement or improvement of fixed or
capital assets; <I>provided </I>that such Indebtedness is incurred concurrently with or within two
hundred and seventy (270)&nbsp;days after the applicable acquisition, construction, repair,
replacement or improvement, (ii)&nbsp;Attributable Indebtedness arising out of sale-leaseback
transactions, and (iii)&nbsp;Indebtedness arising under Capitalized Leases other than those in
effect on the Specified Date hereof or entered into pursuant to subclauses (i)&nbsp;and (ii)&nbsp;of
this clause (e)&nbsp;and, in the case of
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">clauses (i), (ii)&nbsp;and (iii), any Permitted Refinancing thereof; <I>provided </I>that not more
than $150,000,000 in aggregate principal amount of Indebtedness incurred pursuant to this
paragraph (e)&nbsp;shall be outstanding at any time;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Indebtedness in respect of Swap Contracts designed to hedge against interest rates,
foreign exchange rates or commodities pricing risks and not for speculative purposes and
Guarantees thereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) &#091;Reserved&#093;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Indebtedness assumed in connection with any Permitted Acquisition: <I>provided </I>that
such Indebtedness is not incurred in contemplation of such acquisition, and any Permitted
Refinancing of any of the foregoing and so long as the aggregate principal amount of such
Indebtedness and all Indebtedness resulting from any Permitted Refinancing thereof at any
time outstanding pursuant to this paragraph (h)&nbsp;does not exceed $250,000,000, determined at
the time of incurrence;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &#091;Reserved&#093;;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Indebtedness representing deferred compensation to employees of the Parent Borrower
or any of its Subsidiaries incurred in the ordinary course of business;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Indebtedness to current or former officers, directors, managers, consultants and
employees, their Controlled Investment Affiliates or Immediate Family Members to finance the
purchase or redemption of Equity Interests of Holdings (or any direct or indirect parent
thereof) permitted by Section&nbsp;7.06;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Indebtedness arising from agreements of the Parent Borrower or a Restricted
Subsidiary providing for indemnification, adjustment of purchase price or similar
obligations, in each case, incurred or assumed in connection with the disposition of any
business, assets or a Subsidiary, other than guarantees of Indebtedness incurred by any
Person acquiring all or any portion of such business, assets or a Subsidiary for the purpose
of financing such acquisition; <I>provided</I>, <I>however</I>, that such Indebtedness is not reflected on
the balance sheet (other than by application of FASB Interpretation No.&nbsp;45 as a result of an
amendment to an obligation in existence on the Closing Date) of the Parent Borrower or any
Restricted Subsidiary (contingent obligations referred to in a footnote to financial
statements and not otherwise reflected on the balance sheet will not be deemed to be
reflected on such balance sheet for purposes of this clause (l));
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) &#091;Reserved&#093;;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Cash Management Obligations and other Indebtedness in respect of netting services,
automatic clearinghouse arrangements, overdraft protections, employee credit card programs
and other cash management and similar arrangements in the ordinary course of business and
any Guarantees thereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Indebtedness in an aggregate principal amount at any time outstanding not to exceed
$1,000,000,000;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Indebtedness consisting of (a)&nbsp;the financing of insurance premiums or
(b)&nbsp;take-or-pay obligations contained in supply arrangements, in each case, in the ordinary
course of business;
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Indebtedness incurred by the Parent Borrower or any of its Restricted Subsidiaries
in respect of letters of credit, bank guarantees, bankers&#146; acceptances, warehouse receipts
or similar instruments issued or created in the ordinary course of business or consistent
with past practice, including in respect of workers compensation claims, health, disability
or other employee benefits or property, casualty or liability insurance or self-insurance or
other Indebtedness with respect to reimbursement-type obligations regarding workers
compensation claims;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) obligations in respect of performance, bid, appeal and surety bonds and performance
and completion guarantees and similar obligations provided by the Parent Borrower or any of
the Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees
or similar instruments related thereto, in each case in the ordinary course of business or
consistent with past practice;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Indebtedness of CCOH and its Restricted Subsidiaries, the proceeds of which are
solely used to refinance the CCU Term Note; <I>provided </I>that the Parent Borrower subsequently
applies all of the Net Cash Proceeds from such repayment of the CCU Term Note to prepayment
of Loans in the order specified in Section&nbsp;2.05(b)(v) with respect to mandatory prepayments
under Section&nbsp;2.05(b)(iii).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Indebtedness under the ABL Facilities and any Permitted Refinancing thereof in an
aggregate principal amount not to exceed at any time outstanding the sum of
(x) $1,000,000,000 minus the Tranche A Term Loan Backstop Amount, plus (y)&nbsp;on and after such
time as CCOH and its wholly-owned Restricted Subsidiaries which are Material Domestic
Subsidiaries but not Excluded Subsidiaries shall become U.S. Subsidiary Guarantors hereunder
and otherwise comply with Section&nbsp;6.11 and additional Indebtedness thereunder not to exceed
an aggregate principal amount of $500,000,000, plus (z)&nbsp;the aggregate amount of all
principal payments of Tranche A Term Loans (except any mandatory prepayment of Tranche A
Term Loans pursuant to Section&nbsp;2.05(b)(ii)); <I>provided </I>that the aggregate amount of
additional Indebtedness under this clause (y)&nbsp;shall not exceed the Tranche A Term Loan
Backstop Amount;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) (i)&nbsp;Indebtedness and Guarantees by U.S. Guarantors in respect of the New Senior
Notes in an aggregate principal amount not to exceed $2,310,000,000 <I>plus </I>the PIK Interest
Amount and (ii)&nbsp;any Permitted Refinancing thereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) &#091;Reserved&#093;;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) all premiums (if any), interest (including post-petition interest), fees, expenses,
charges and additional or contingent interest on obligations described in clauses (a)
through (u)&nbsp;above and (x)&nbsp;through (dd)&nbsp;below;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Guarantees incurred in the ordinary course of business in respect of obligations
not constituting Indebtedness to suppliers, customers, franchisees, lessors and licensees;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Indebtedness incurred in the ordinary course of business in respect of obligations
of the Parent Borrower or any Restricted Subsidiary to pay the deferred purchase price of
goods or services or progress payments in connection with such goods and services;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Indebtedness in respect of (i)&nbsp;Permitted Additional Notes to the extent the Net
Cash Proceeds therefrom are immediately after the receipt thereof, used to prepay the Term
Loans in accordance with Section&nbsp;2.05(b) and (ii)&nbsp;any Permitted Refinancing of the
foregoing;
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Indebtedness supported by a Letter of Credit, in a principal amount not to exceed
the face amount of such Letter of Credit;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Indebtedness consisting of obligations of the Parent Borrower and its Restricted
Subsidiaries under deferred compensation to employees or other similar arrangements incurred
by such Person in connection with the Transactions, any Permitted Acquisition or any other
Investment expressly permitted hereunder;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Indebtedness incurred by a Securitization Entity in a Qualified Securitization
Financing that is not recourse (except for Standard Securitization Undertakings) to Holdings
or any of its Subsidiaries or the Parent Borrower or any of its Subsidiaries (other than
another Securitization Entity); and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Indebtedness of any Non-Loan Party that is Restricted Subsidiary in an amount not
to exceed $400,000,000 at any one time outstanding.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, no Restricted Subsidiary that is not a U.S. Loan Party will
guarantee any Indebtedness for borrowed money of a U.S. Loan Party unless such Restricted
Subsidiary becomes a U.S. Subsidiary Guarantor. In addition, notwithstanding the foregoing,
(i)&nbsp;Restricted Subsidiaries that are not U.S. Loan Parties may not incur Indebtedness pursuant to,
without duplication, the first paragraph of this Section and clauses (g), (h)&nbsp;and (o)&nbsp;of this
Section in an aggregate combined principal amount at any time outstanding in excess of $500,000,000
in each case determined at the time of incurrence and (ii)&nbsp;until the Existing Notes Condition shall
have been satisfied, (A)&nbsp;the Parent Borrower shall not, and shall not permit any Restricted
Subsidiary to, create, incur, assume or suffer to exist any Guarantee of the Existing Notes and (B)
all Indebtedness (other than the Parent Borrower Obligor Cash Management Note) owed to the Parent
Borrower by any Subsidiary Guarantor shall be unsecured and subordinated to the Obligations
pursuant to an intercompany note reasonably satisfactory to the Administrative Agent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of determining compliance with any Dollar-denominated restriction on the
incurrence of Indebtedness, the Dollar-equivalent principal amount of Indebtedness denominated in a
foreign currency shall be calculated based on the relevant currency exchange rate in effect on the
date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of
revolving credit debt; <I>provided </I>that if such Indebtedness is incurred to extend, replace, refund,
refinance, renew or defease other Indebtedness denominated in a foreign currency, and such
extension, replacement, refunding, refinancing, renewal or defeasance would cause the applicable
Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate
in effect on the date of such extension, replacement, refunding, refinancing, renewal or
defeasance, such Dollar-denominated restriction shall be deemed not to have been exceeded so long
as the principal amount of such refinancing Indebtedness does not exceed the principal amount of
such Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased plus the
aggregate amount of fees, underwriting discounts, premiums and other costs and expenses incurred in
connection with such refinancing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accrual of interest, the accretion of accreted value and the payment of interest in the
form of additional Indebtedness shall not be deemed to be an incurrence of Indebtedness for
purposes of this Section&nbsp;7.03. The principal amount of any non-interest bearing Indebtedness or
other discount security constituting Indebtedness at any date shall be the principal amount thereof
that would be shown on a balance sheet of the Parent Borrower dated such date prepared in
accordance with GAAP.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.04. <U>Fundamental Changes</U>. Merge, dissolve, liquidate, consolidate with or
into another Person, or Dispose of (whether in one transaction or in a series of transactions) all
or substantially
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> all of its assets (whether now owned or hereafter acquired) to or in favor of any
Person, except that:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Holdings or any Restricted Subsidiary may merge or consolidate with the Parent
Borrower (including a merger, the purpose of which is to reorganize the Parent Borrower into
a new jurisdiction); <I>provided </I>that (x)&nbsp;the Parent Borrower shall be the continuing or
surviving Person, (y)&nbsp;such merger or consolidation does not result in the Parent Borrower
ceasing to be incorporated under the Laws of the United States, any state thereof or the
District of Columbia and (z)&nbsp;in the case of a merger or consolidation of Holdings with and
into the Parent Borrower, Holdings shall have no direct Subsidiaries at the time of such
merger or consolidation other than the Parent Borrower and, after giving effect to such
merger or consolidation, the direct parent of the Parent Borrower shall expressly assume all
the obligations of Holdings under this Agreement and the other Loan Documents to which
Holdings is a party pursuant to a supplement hereto or thereto in form reasonably
satisfactory to the Administrative Agent and, for the avoidance of doubt, the Equity
Interests of the Parent Borrower shall be pledged as Collateral;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)&nbsp;any Restricted Subsidiary that is not a Loan Party may merge or consolidate
with or into any other Restricted Subsidiary of the Parent Borrower that is not a Loan Party
and (ii)&nbsp;any Restricted Subsidiary may liquidate or dissolve or change its legal form if the
Parent Borrower determines in good faith that such action is in the best interests of the
Parent Borrower and its Restricted Subsidiaries and if not materially disadvantageous to the
Lenders;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Restricted Subsidiary may Dispose of all or substantially all of its assets
(upon voluntary liquidation or otherwise) to the Parent Borrower or another Restricted
Subsidiary; <I>provided </I>that if the transferor in such a transaction is a U.S. Loan Party or a
Foreign Loan Party, then the transferee must be a U.S. Loan Party or Foreign Loan Party, as
the case may be;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i)&nbsp;so long as no Default exists or would result therefrom and the Parent Borrower
shall be in compliance with Section&nbsp;7.14 for the Test Period then last ended calculated on a
<I>pro forma </I>basis for such merger or consolidation in accordance with Section&nbsp;1.10, the Parent
Borrower may merge with any other Person; <I>provided </I>that (i)&nbsp;the Parent Borrower shall be the
continuing or surviving corporation or (ii)&nbsp;if the Person formed by or surviving any such
merger or consolidation is not the Parent Borrower (any such Person, the &#147;<B>Successor Parent
Borrower</B>&#148;), (A)&nbsp;the Successor Parent Borrower shall be an entity organized or existing under
the laws of the United States, any state thereof, the District of Columbia or any territory
thereof, (B)&nbsp;the Successor Parent Borrower shall expressly assume all the obligations of the
Parent Borrower under this Agreement and the other Loan Documents to which the Parent
Borrower is a party pursuant to a supplement hereto or thereto in form reasonably
satisfactory to the Administrative Agent, (C)&nbsp;each Guarantor, unless it is the other party
to such merger or consolidation, shall have by a supplement to the Guaranty confirmed that
its Guarantee of the Obligations shall apply to the Successor Parent Borrower&#146;s obligations
under this Agreement, (D)&nbsp;each Loan Party, unless it is the other party to such merger or
consolidation, shall have by a supplement to each Security Agreement confirmed that its
obligations thereunder shall apply to the Successor Parent Borrower&#146;s obligations under this
Agreement, (E)&nbsp;each mortgagor of a Mortgaged Property, unless it is the other party to such
merger or consolidation, shall have by an amendment to or restatement of the applicable
Mortgage (or other instrument reasonably satisfactory to the Administrative Agent) confirmed
that its obligations thereunder shall apply to the Successor Parent Borrower&#146;s obligations
under this Agreement, and (F)&nbsp;the Parent Borrower shall have delivered to the Administrative
Agent an officer&#146;s certificate and an opinion of counsel, each stating that such merger or
consolidation and such supplement to this Agreement or any Collateral Document comply with
this
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Agreement; <I>provided</I>, <I>further</I>, that if the foregoing are satisfied, the Successor Parent
Borrower will succeed to, and be substituted for, the Parent Borrower under this Agreement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) so long as no Default exists or would result therefrom and the Parent Borrower
shall be in compliance with Section&nbsp;7.14 for the Test Period then last ended calculated on a
<I>pro forma </I>basis for such merger or consolidation in accordance with Section&nbsp;1.10, (x)&nbsp;any
Subsidiary Co-Borrower may merge with any other Subsidiary Co-Borrower and (y)&nbsp;any
Subsidiary Co-Borrower may merge with any other Person (other than a Subsidiary
Co-Borrower); <I>provided </I>that (i)&nbsp;such Subsidiary Co-Borrower shall be the continuing or
surviving corporation or (ii)&nbsp;if the Person formed by or surviving any such merger or
consolidation is not such Subsidiary Co-Borrower (any such Person, each a &#147;<B>Successor
Subsidiary Co-Borrower</B>&#148;), (A)&nbsp;the Successor Subsidiary Co-Borrower shall be an entity
organized or existing under the laws of the United States, any state thereof, the District
of Columbia or any territory thereof, (B)&nbsp;the Successor Subsidiary Co-Borrower shall
expressly assume all the obligations of the relevant Subsidiary Co-Borrower under this
Agreement and the other Loan Documents to which such Subsidiary Co-Borrower is a party
pursuant to a supplement hereto or thereto in form reasonably satisfactory to the
Administrative Agent, (C)&nbsp;each Guarantor, unless it is the other party to such merger or
consolidation, shall have by a supplement to the Guaranty confirmed that its Guarantee of
the Obligations shall apply to such Successor Subsidiary Co-Borrower&#146;s obligations under
this Agreement, (D)&nbsp;each Loan Party, unless it is the other party to such merger or
consolidation, shall have by a supplement to each Security Agreement confirmed that its
obligations thereunder shall apply to such Successor Subsidiary Co-Borrower&#146;s obligations
under this Agreement, (E)&nbsp;each mortgagor of a Mortgaged Property, unless it is the other
party to such merger or consolidation, shall have by an amendment to or restatement of the
applicable Mortgage (or other instrument reasonably satisfactory to the Administrative
Agent) confirmed that its obligations thereunder shall apply to such Successor Subsidiary
Co-Borrower&#146;s obligations under this Agreement, and (F)&nbsp;the relevant Subsidiary Co-Borrower
shall have delivered to the Administrative Agent an officer&#146;s certificate and an opinion of
counsel, each stating that such merger or consolidation and such supplement to this
Agreement or any Collateral Document comply with this Agreement; <I>provided</I>, <I>further</I>, that if
the foregoing are satisfied, such Successor Subsidiary Co-Borrower will succeed to, and be
substituted for, the relevant Subsidiary Co-Borrower under this Agreement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) so long as no Default exists or would result therefrom and the Parent Borrower
shall be in compliance with Section&nbsp;7.14 for the Test Period then last ended calculated on a
<I>pro forma </I>basis for such merger or consolidation in accordance with Section&nbsp;1.10, (x)&nbsp;any
Foreign Subsidiary Revolving Borrower may merge with any other Foreign Subsidiary Revolving
Borrower and (y)&nbsp;any Foreign Subsidiary Revolving Borrower may merge with any other Person
(other than a Foreign Subsidiary Revolving Borrower); <I>provided </I>that (i)&nbsp;such Foreign
Subsidiary Revolving Borrower shall be the continuing or surviving corporation or (ii)&nbsp;if
the Person formed by or surviving any such merger or consolidation is not such Foreign
Subsidiary Revolving Borrower (any such Person, each a &#147;<B>Successor Foreign Subsidiary
Revolving Borrower</B>&#148;), (A)&nbsp;the Successor Foreign Subsidiary Revolving Borrower shall be an
entity organized or existing under the laws of the same jurisdiction of organization as such
Foreign Subsidiary Revolving Borrower, (B)&nbsp;the Successor Foreign Subsidiary Revolving
Borrower shall expressly assume all the obligations of the relevant Foreign Subsidiary
Revolving Borrower under this Agreement and the other Loan Documents to which such Foreign
Subsidiary Revolving Borrower is a party pursuant to a supplement hereto or thereto in form
reasonably satisfactory to the Administrative Agent, (C)&nbsp;each Guarantor, unless it is the
other party to such merger or consolidation, shall have by a supplement to the Guaranty
confirmed that its Guarantee of the Obligations shall apply to such Successor Foreign
Subsidiary Revolving Borrower&#146;s obligations under this Agreement, (D)&nbsp;each Loan Party,
unless it is the other party to such merger or consolidation, shall have by a supplement
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"> to each Security Agreement confirmed that its obligations thereunder shall apply
to such Successor Foreign Subsidiary Revolving Borrower&#146;s obligations under this Agreement,
(E)&nbsp;each mortgagor of a Mortgaged Property, unless it is the other party to such merger or
consolidation, shall have by an amendment to or restatement of the applicable Mortgage (or
other instrument reasonably satisfactory to the Administrative Agent) confirmed that its
obligations thereunder shall apply to such Successor Foreign Subsidiary Revolving Borrower&#146;s
obligations under this Agreement, and (F)&nbsp;the relevant Foreign Subsidiary Revolving Borrower
shall have delivered to the Administrative Agent an officer&#146;s certificate and an opinion of
counsel, each stating that such merger or consolidation and such supplement to this
Agreement or any Collateral Document comply with this Agreement; <I>provided</I>, <I>further</I>, that if
the foregoing are satisfied, such Successor Foreign Subsidiary Revolving Borrower will
succeed to, and be substituted for, the relevant Foreign Subsidiary Revolving Borrower under
this Agreement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) so long as no Default exists or would result therefrom, any Restricted Subsidiary
that is not a Borrower may merge or consolidate with any other Person (i)&nbsp;in order to effect
an Investment permitted pursuant to Section&nbsp;7.02 or (ii)&nbsp;for any other purpose; <I>provided</I>
that (A)&nbsp;the continuing or surviving Person shall be the Parent Borrower or a Restricted
Subsidiary, which together with each of its Restricted Subsidiaries, shall have complied
with the applicable requirements of Section&nbsp;6.11; and (B)&nbsp;in the case of subclause (ii)
only, if (1)&nbsp;the merger or consolidation involves a Guarantor and such Guarantor is not the
surviving Person, the surviving Restricted Subsidiary shall expressly assume all the
obligations of such Guarantor under this Agreement and the other Loan Documents to which
such Guarantor is a party pursuant to a supplement hereto or thereto in form reasonably
satisfactory to the Administrative Agent and (2)&nbsp;the Parent Borrower shall be in compliance
with Section&nbsp;7.14 calculated on a <I>pro forma </I>basis for such merger or consolidation in
accordance with Section&nbsp;1.10;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Merger may be consummated; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) so long as no Default exists or would result therefrom, a merger, dissolution,
liquidation, consolidation or Disposition, the purpose of which is to effect a Disposition
permitted pursuant to Section&nbsp;7.05.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, (A)&nbsp;until the Existing Notes Condition shall have been
satisfied, the Parent Borrower shall not permit any Restricted Subsidiary to transfer to the Parent
Borrower any material operating assets or Broadcast Licenses, other than (i)&nbsp;Equity Interests of
Restricted Subsidiaries which are U.S. Subsidiary Guarantors or (ii)&nbsp;any wireless radio licenses
used for intercompany communications and satellite earth station authorizations used for reception
and transmission of programming or other communications; <I>provided </I>that a Restricted Subsidiary may
transfer any such assets to the Parent Borrower if (x)&nbsp;the failure to do so is reasonably likely to
have material adverse tax, operational or strategic consequences to the Parent Borrower or any
Restricted Subsidiaries (as determined in good faith by the Parent Borrower) or (y)&nbsp;required by the
FCC or any other Governmental Authority (the Parent Borrower agreeing to use commercially
reasonable efforts to obtain a waiver of such requirement) and (B)&nbsp;the Parent Borrower shall not,
transfer or participate any interests under any CCU Term Note other than to a U.S. Loan Party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.05. <U>Dispositions</U>. Make any Disposition or enter into any agreement to make
any Disposition, except:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dispositions of obsolete, worn out, used or surplus property, whether now owned or
hereafter acquired, in the ordinary course of business and Dispositions of property no
longer
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">used or useful in the conduct of the business of the Parent Borrower and the Restricted
Subsidiaries;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dispositions of inventory, goods held for sale in the ordinary course of business
and immaterial assets (including allowing any registrations or any applications for
registration of any IP Rights to lapse or go abandoned in the ordinary course of business);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dispositions of property to the extent that (i)&nbsp;such property is exchanged for
credit against the purchase price of similar replacement property or (ii)&nbsp;the proceeds of
such Disposition are applied to the purchase price of such similar replacement property
(which replacement property is actually promptly purchased); <I>provided </I>that to the extent the
property being transferred constitutes Collateral, such replacement property shall be made
subject to the Lien of the Collateral Documents;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dispositions of property to the Parent Borrower or a Restricted Subsidiary;
<I>provided </I>that if the transferor of such property is a U.S. Loan Party or a Foreign Loan
Party (i)&nbsp;the transferee thereof must be a U.S. Loan Party or a Foreign Loan Party, as the
case may be, and to the extent such property is Collateral, it shall continue to constitute
Collateral after such Disposition, or (ii)&nbsp;to the extent such transaction constitutes an
Investment, such transaction is permitted under Section&nbsp;7.02;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Dispositions permitted by Sections&nbsp;7.02, 7.04, 7.06 and 7.12 and Liens permitted by
Section&nbsp;7.01;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Dispositions of property (i)&nbsp;owned on the Closing Date that does not constitute
Collateral pursuant to sale-leaseback transactions; <I>provided </I>that all Net Cash Proceeds
thereof shall be applied to prepay Term Loans in accordance with Section&nbsp;2.05(b)(ii)(A) and
may not be reinvested in the business of the Parent Borrower or a Restricted Subsidiary in
accordance with Section&nbsp;2.05(b)(ii)(B), and (ii)&nbsp;acquired after the Closing Date that does
not constitute Collateral pursuant to sale-leaseback transactions;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Dispositions of Cash Equivalents;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) leases, subleases, licenses or sublicenses (including the provision of software
under an open source license) (other than FCC Authorizations) and LMAs, in each case in the
ordinary course of business and which do not materially interfere with the business of the
Parent Borrower and the Restricted Subsidiaries, taken as a whole;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) transfers of property subject to Casualty Events upon receipt of the Net Cash
Proceeds of such Casualty Event;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Dispositions of property not otherwise permitted under this Section&nbsp;7.05; <I>provided</I>
that (i)&nbsp;at the time of such Disposition (other than any such Disposition made pursuant to a
legally binding commitment entered into at a time when no Default exists), no Default shall
exist or would result from such Disposition; (ii)&nbsp;the aggregate Fair Market Value of
property Disposed of pursuant to this clause (j)&nbsp;shall not exceed $900,000,000 since the
Closing Date and (iii)&nbsp;with respect to any Disposition pursuant to this clause (j)&nbsp;for a
purchase price in excess of $50,000,000, the Parent Borrower or any of the Restricted
Subsidiaries shall receive not less than 75% of such consideration in the form of cash or
Cash Equivalents (in each case, free and clear of all Liens at the time received, other than
nonconsensual Liens permitted by Section&nbsp;7.01 and Liens permitted by Sections&nbsp;7.01(a), (l)
and (s)&nbsp;and clauses (i)&nbsp;and (ii)&nbsp;of Section&nbsp;7.01(t)); <I>pro</I><I>vided</I>,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><I>however</I>, that for the purposes of this clause (iii), (A)&nbsp;any liabilities (as
shown on the Parent Borrower&#146;s or such Restricted Subsidiary&#146;s most recent balance sheet
provided hereunder or in the footnotes thereto) of the Parent Borrower or such Restricted
Subsidiary, other than liabilities that are by their terms subordinated to the payment in
cash of the Obligations, that are assumed by the transferee with respect to the applicable
Disposition and for which all of the Restricted Subsidiaries shall have been validly
released by all applicable creditors in writing, (B)&nbsp;any securities received by such
Restricted Subsidiary from such transferee that are converted by such Restricted Subsidiary
into cash (to the extent of the cash received) within 180&nbsp;days following the closing of the
applicable Disposition and (C)&nbsp;any Designated Non-Cash Consideration received in respect of
such Disposition having an aggregate Fair Market Value, taken together with all other
Designated Non-Cash Consideration received pursuant to this clause (C)&nbsp;that is at that time
outstanding, not in excess of $300,000,000 at the time of the receipt of such Designated
Non-Cash Consideration, with the Fair Market Value of each item of Designated Non-Cash
Consideration being measured at the time received and without giving effect to subsequent
changes in value, shall be deemed to be cash;.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Dispositions of the Specified Assets; <I>provided </I>that the Net Cash Proceeds in
respect thereof shall be applied to prepay Term Loans in accordance with Section
2.05(b)(ii)(A) and may not be reinvested in the business of the Parent Borrower or a
Restricted Subsidiary in accordance with Section&nbsp;2.05(b)(ii)(B);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Dispositions of Investments in joint ventures to the extent required by, or made
pursuant to customary buy/sell arrangements between, the joint venture parties set forth in
joint venture arrangements and similar binding arrangements;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Dispositions of accounts receivable in connection with the collection or compromise
thereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any issuance or sale of Equity Interests in, or Indebtedness or other securities
of, an Unrestricted Subsidiary;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Dispositions of all or any part of the assets listed on <U>Schedule&nbsp;7.05(o);</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Dispositions of all or any part of the assets listed on <U>Schedule&nbsp;7.05(p)</U>;
<I>provided, however</I>, that (i)&nbsp;the first $2,500,000,000 of Net Cash Proceeds (for the avoidance
of doubt, after giving effect to clause (D)&nbsp;of the definition of &#147;Net Cash Proceeds&#148;, if
applicable) of Dispositions pursuant to this Section&nbsp;7.05(p) shall be applied to prepay the
Term Loans in accordance with Section&nbsp;2.05(b)(ii)(A) and may not be reinvested in the
business of the Parent Borrower or a Restricted Subsidiary in accordance with Section
2.05(b)(ii)(B) and (ii)&nbsp;any Net Cash Proceeds in excess of $2,500,000,000 shall be applied
to prepay Term Loans in accordance with Section&nbsp;2.05(b)(ii)(A) or reinvested in the business
of the Parent Borrower or a Restricted Subsidiary in accordance with Section&nbsp;2.05(b)(ii)(B);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Dispositions of Securitization Assets to a Securitization Entity in connection with
a Qualified Securitization Financing;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the unwinding of any Swap Contract;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) (i)&nbsp;Permitted Asset Swap allowable under Section&nbsp;1031 of the Code and (ii)&nbsp;other
Permitted Asset Swaps with a Fair Market Value not to exceed $50,000,000 in any calendar
year; <I>provided </I>that, in the case of clause (i)&nbsp;or (ii), the portion of the consideration
received in
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">exchange for the disposed asset in the form of Cash Equivalents shall constitute proceeds
of a Disposition subject to Section&nbsp;2.05; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Dispositions of the Divestiture Assets and any other asset required to be Disposed
of by the FCC or other Governmental Authorities under applicable Laws.
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><I>provided </I>that any Disposition of any property pursuant to this Section&nbsp;7.05 (except pursuant to
Sections&nbsp;7.05(d), 7.05(e), 7.05(i), 7.05(l) and 7.05(m)) shall be for no less than the Fair Market
Value of such property at the time of such Disposition. To the extent any Collateral is Disposed
of as expressly permitted by this Section&nbsp;7.05 to any Person other than a Loan Party, such
Collateral shall be sold free and clear of the Liens created by the Loan Documents, and, if
requested by the Administrative Agent, upon the certification by the Parent Borrower that such
Disposition is permitted by this Agreement, the Administrative Agent shall be authorized to take
any actions deemed appropriate in order to effect the foregoing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, (A)&nbsp;until the Existing Notes Condition shall have been
satisfied, the Parent Borrower shall not permit any Restricted Subsidiary to transfer to the Parent
Borrower any material operating assets or Broadcast Licenses, other than (i)&nbsp;Equity Interests of
Restricted Subsidiaries which are U.S. Subsidiary Guarantors or (ii)&nbsp;any wireless radio licenses
used for intercompany communications and satellite earth station authorizations used for reception
and transmission of programming or other communications; <I>provided </I>that a Restricted Subsidiary may
transfer any such assets to the Parent Borrower if (x)&nbsp;the failure to do so is reasonably likely to
have material adverse tax, operational or strategic consequences to the Parent Borrower or any
Restricted Subsidiaries (as determined in good faith by the Parent Borrower) or (y)&nbsp;required by the
FCC or any other Governmental Authority (the Parent Borrower agreeing to use commercially
reasonable efforts to obtain a waiver of such requirement) and (B)&nbsp;the Parent Borrower shall not,
transfer or participate any interests under any CCU Term Note other than to a U.S. Loan Party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.06. <U>Restricted Payments</U>. Declare or make, directly or indirectly, any
Restricted Payment, except:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Restricted Subsidiary may make Restricted Payments to the Parent Borrower and
to its other Restricted Subsidiaries (and, in the case of a Restricted Payment by a
non-wholly-owned Restricted Subsidiary, to the Parent Borrower and any of its other
Restricted Subsidiaries and to each other owner of Equity Interests of such Restricted
Subsidiary based on their relative ownership interests of the relevant class of Equity
Interests);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)&nbsp;the Parent Borrower may redeem in whole or in part any of its Equity Interests
for another class of Equity Interests or rights to acquire its Equity Interests or with
proceeds from substantially concurrent equity contributions or issuances of new Equity
Interests, <I>provided </I>that any terms and provisions material to the interests of the Lenders,
when taken as a whole, contained in such other class of Equity Interests are at least as
advantageous to the Lenders as those contained in the Equity Interests redeemed thereby or
(ii)&nbsp;the Parent Borrower and each of its Restricted Subsidiaries may declare and make
dividend payments or other distributions payable solely in the Equity Interests (other than
Disqualified Equity Interests not otherwise permitted by Section&nbsp;7.03) of such Person;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Restricted Payments made on the Closing Date to consummate the Transactions
(including any amounts to be paid under, or contemplated by, the Merger Agreement) and the
fees and expenses related thereto owed to Affiliates, including any payment to holders of
Equity Interests of the Parent Borrower (immediately prior to giving effect to the
Transactions) in connection
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"> with, or as a result of, their exercise of appraisal rights and the settlement
of any claims or actions (whether actual, contingent or potential) with respect thereto;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent constituting Restricted Payments, the Parent Borrower and the
Restricted Subsidiaries may enter into and consummate transactions expressly permitted by
any provision of Section&nbsp;7.02 (other than Section&nbsp;7.02(n)), 7.04 (other than a merger or
consolidation of Holdings and the Parent Borrower) or 7.08 (other than Section&nbsp;7.08(a) or
(j));
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) repurchases of Equity Interests in Parent, the Parent Borrower or any of the
Restricted Subsidiaries deemed to occur upon exercise of stock options or warrants if such
Equity Interests represent a portion of the exercise price of such options or warrants;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Parent Borrower may pay (or make Restricted Payments to allow any direct or
indirect parent thereof to pay) for the repurchase, retirement or other acquisition or
retirement for value of Equity Interests of the Parent Borrower (or of any such direct or
indirect parent of the Parent Borrower) by any future, present or former employee, director,
officer, manager or consultant (or any Controlled Investment Affiliate or Immediate Family
Member thereof) of the Parent Borrower (or any direct or indirect parent of the Parent
Borrower) or any of its Subsidiaries upon the death, disability, retirement or termination
of employment of any such Person or otherwise pursuant to any employee or director equity
plan, employee or director stock option plan or any other employee or director benefit plan
or any agreement (including any stock subscription or shareholder agreement) with any
future, present or former employee, director, officer, manager or consultant of the Parent
Borrower (or any direct or indirect parent of the Parent Borrower) or any of its
Subsidiaries (including, for the avoidance of doubt, any principal and interest payable on
any notes issued by the Parent Borrower (or of any direct or indirect parent of the Parent
Borrower) in connection with any such repurchase, retirement or other acquisition or
retirement); <I>provided </I>that payments made pursuant to this paragraph (f)&nbsp;may not exceed in
any calendar year $50,000,000 with unused amounts in any calendar year being carried over to
succeeding calendar years subject to a maximum of $75,000,000 in any calendar year; <I>provided</I>
that any cancellation of Indebtedness owing to the Parent Borrower in connection with and as
consideration for a repurchase of Equity Interests of the Parent Borrower (or any of its
direct or indirect parents) shall not be deemed to constitute a Restricted Payment for
purposes of this clause (f); <I>provided </I>that such amount in any calendar year may be increased
by an amount not to exceed the sum of (1)&nbsp;the amount of Net Cash Proceeds of Permitted
Equity Issuances to employees, directors, officers, managers or consultants (or any
Controlled Investment Affiliate or Immediate Family Member thereof) of the Parent Borrower
(or any direct or indirect parent thereof) or any of its Subsidiaries that occurs after the
Closing Date plus (2)&nbsp;the net cash proceeds of key man life insurance policies received by
the Parent Borrower or any of its Restricted Subsidiaries after the Closing Date;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Parent Borrower may make Restricted Payments to Holdings or to any direct or
indirect parent of Holdings:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the proceeds of which will be used to pay (or make Restricted Payments to
allow any direct or indirect parent thereof to pay) the tax liability (including
additions to tax, penalties and interests with respect thereto) to each foreign,
federal, state or local jurisdiction in respect of which a consolidated, combined,
unitary or affiliated return is filed by Holdings (or such direct or indirect
parent) that includes the Parent Borrower and/or any of its Subsidiaries, to the
extent such tax liability (including additions to tax, penalties and interest with
respect thereto) does not exceed the lesser of (A)&nbsp;the taxes that would have been
payable by the Parent Borrower and/or its Restricted Subsidiaries as a stand-alone
group and (B)&nbsp;the actual tax liability (including additions to tax, penalties and
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">interest with respect thereto) of Holdings&#146; consolidated, combined, unitary or
affiliated group (or, if Holdings is not the parent of the actual group, the taxes
that would have been paid by Holdings, the Parent Borrower and/or the Parent
Borrower&#146;s Restricted Subsidiaries as a stand-alone group), reduced by any such
payments paid or to be paid directly by the Parent Borrower or its Restricted
Subsidiaries;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the proceeds of which shall be used to pay (or make Restricted Payments to
allow any direct or indirect parent thereof to pay) its operating costs and expenses
incurred in the ordinary course of business and other overhead costs and expenses
(including administrative, legal, accounting and similar expenses provided by third
parties), which are reasonable and customary and incurred in the ordinary course of
business, to the extent attributable to the ownership or operations of the Parent
Borrower and its Restricted Subsidiaries;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the proceeds of which shall be used to pay (or make Restricted Payments
to allow any direct or indirect parent thereof to pay) franchise taxes and other
fees, taxes and expenses required to maintain its (or any of its direct or indirect
parents&#146;) legal existence;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to finance any Investment permitted to be made pursuant to Section&nbsp;7.02;
<I>provided </I>that (A)&nbsp;such Restricted Payment shall be made substantially concurrently
with the closing of such Investment and (B)&nbsp;the Parent Borrower shall, immediately
following the closing thereof, cause (1)&nbsp;all property acquired (whether assets or
Equity Interests) to be contributed to the Parent Borrower or a Restricted
Subsidiary (or U.S. Loan Party if the Investment would have been required to be made
in a U.S. Loan Party under Section&nbsp;7.02) or (2)&nbsp;the merger or amalgamation (to the
extent not prohibited by Section&nbsp;7.04) of the Person formed or acquired into the
Parent Borrower or a Restricted Subsidiary (or U.S. Loan Party if the Investment
would have been required to be made in a U.S. Loan Party under Section&nbsp;7.02) in
order to consummate such Permitted Acquisition, in each case, in accordance with the
applicable requirements of Section&nbsp;6.11;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the proceeds of which shall be used to pay (or make Restricted Payments to
allow any direct or indirect parent thereof to pay) costs, fees and expenses (other
than to Affiliates) related to any equity or debt offering not prohibited by this
Agreement (whether or not successful) and directly attributable to the operation of
the Parent Borrower and its Restricted Subsidiaries; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the proceeds of which shall be used to pay customary salary, bonus and
other benefits payable to officers and employees of Holdings or any direct or
indirect parent company of Holdings to the extent such salaries, bonuses and other
benefits are attributable to the ownership or operation of the Parent Borrower and
the Restricted Subsidiaries, only to the extent such amounts are deducted, for the
avoidance of doubt and notwithstanding anything in this Agreement to the contrary,
in calculating Consolidated EBITDA for any period;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Parent Borrower or any of its Restricted Subsidiaries may (a)&nbsp;pay cash in lieu
of fractional Equity Interests in connection with any dividend, split or combination thereof
or any Permitted Acquisition and (b)&nbsp;honor any conversion request by a holder of convertible
Indebtedness and make cash payments in lieu of fractional shares in connection with any such
conversion;
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the payment of any dividend or distribution within 60&nbsp;days after the date of
declaration thereof, if at the date of declaration (i)&nbsp;such payment would have complied with
the provisions of this Agreement and (ii)&nbsp;no Event of Default occurred and was continuing;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the declaration and payment of dividends on the Parent Borrower&#146;s common stock
following the first public offering of the Parent Borrower&#146;s common stock or the common
stock of any of its direct or indirect parents after the Closing Date, of up to 6% per annum
of the net proceeds received by or contributed to the Parent Borrower in or from any such
public offering, other than public offerings with respect to the Parent Borrower&#146;s common
stock registered on Form S-4 or Form S-8;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) purchases of Equity Interests of CCOH permitted by Section&nbsp;7.02(p) or 7.02(v)(ii);
and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) in addition to the foregoing Restricted Payments and so long as no Default shall
have occurred and be continuing or would result therefrom, the Parent Borrower may make
additional Restricted Payments in an aggregate amount, together with the aggregate amount of
repayments, prepayments, redemptions, purchases, defeasances and other payments in respect
of Junior Financings made pursuant to Sections&nbsp;7.12(a)(vii), not to exceed the sum of (i)
the greater of $400,000,000 and (ii)&nbsp;the Available Amount at such time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained in Article&nbsp;VII (including Sections&nbsp;7.02 and
7.12 and this Section&nbsp;7.06), the Parent Borrower shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly pay any cash dividend or make any cash
distribution on or in respect of the Parent Borrower&#146;s Equity Interests or purchase or otherwise
acquire for cash any Equity Interests of the Parent Borrower or any direct or indirect parent of
the Parent Borrower, for the purpose of directly or indirectly paying any cash dividend or making
any cash distribution to, or acquiring any Equity Interests of the Parent Borrower or any direct or
indirect parent of the Parent Borrower for cash from, the Sponsors, or guarantee any Indebtedness
of any Affiliate of the Parent Borrower for the purpose of paying such dividend, making such
distribution or so acquiring such Equity Interests to or from the Sponsors, in each case by means
of utilization of the cumulative dividend and investment credit provided by the use of the
Available Amount or the exceptions provided by Sections&nbsp;7.02(n) and (p), Sections&nbsp;7.06(i) and (l)
and Section&nbsp;7.12(a)(vii), unless (x)&nbsp;at the time and after giving effect to such payment, the Total
Leverage Ratio for the Test Period than last ended is less than 6.0 to 1.0 and (y)&nbsp;such payment is
otherwise in compliance with this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.07. <U>Change in Nature of Business</U>. Engage in any material line of business
substantially different from those lines of business conducted by the Parent Borrower and the
Restricted Subsidiaries on the Closing Date or any business reasonably related or ancillary thereto
or constituting a reasonable extension thereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.08. <U>Transactions with Affiliates</U>. Enter into any transaction of any kind
with any Affiliate of the Parent Borrower, whether or not in the ordinary course of business, other
than:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transactions between or among the Parent Borrower or any of its Restricted
Subsidiaries or any entity that becomes a Restricted Subsidiary as a result of such
transaction,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transactions on terms substantially as favorable to the Parent Borrower or such
Restricted Subsidiary as would reasonably be obtainable by the Parent Borrower or such
Restricted Subsidiary at the time in a comparable arm&#146;s-length transaction with a Person
other than an Affiliate,
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Transactions and the payment of fees and expenses related to the Transactions,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the issuance of Equity Interests to any officer, director, employee or consultant
of the Parent Borrower or any of its Subsidiaries or any direct or indirect parent of the
Parent Borrower in connection with the Transactions,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if, at the time of such payment and after giving effect to such payment, no Default
or Event of Default shall exist, the payment of management, consulting, monitoring,
advisory, retainer and other fees, indemnities and expenses to the Sponsors pursuant to the
Sponsor Management Agreement (other than any Sponsor Termination Fees), plus any unpaid
management, consulting, monitoring, advisory and other fees, indemnities and expenses
accrued in any prior year,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Investments permitted under Section&nbsp;7.02,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) employment and severance arrangements between the Parent Borrower or any of its
Restricted Subsidiaries and their respective officers and employees in the ordinary course
of business and transactions pursuant to stock option plans and employee benefit plans and
arrangements,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the payment of reasonable and customary fees and compensation consistent with past
practice or industry practices and reasonable out-of-pocket costs to, and indemnities
provided on behalf of, directors, officers, employees and consultants of the Parent Borrower
and the Restricted Subsidiaries or any direct or indirect parent of the Parent Borrower in
the ordinary course of business to the extent attributable to the ownership or operation of
the Parent Borrower and the Restricted Subsidiaries,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any agreement, instrument or arrangement as in effect as of the Specified Date
(other than the Sponsor Management Agreement) and set forth on <U>Schedule&nbsp;7.08</U>, or any
amendment thereto (so long as any such amendment is not disadvantageous to the Lenders when
taken as a whole in any material respect as compared to the applicable agreement as in
effect on the Specified Date as reasonably determined in good faith by the board of
directors of the Parent Borrower),
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Restricted Payments permitted under Section&nbsp;7.06 and prepayments, redemptions,
purchases, defeasances and satisfactions of Indebtedness permitted under Section&nbsp;7.12,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) &#091;Reserved&#093;,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) transactions in which the Parent Borrower or any of the Restricted Subsidiaries, as
the case may be, delivers to the Administrative Agent a letter from an Independent Financial
Advisor stating that such transaction is fair to the Parent Borrower or such Restricted
Subsidiary from a financial point of view or meets the requirements of clause (b)&nbsp;of this
Section&nbsp;7.08,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) transactions with customers, clients, suppliers, or purchasers or sellers of goods
or services, in each case in the ordinary course of business and otherwise in compliance
with the terms of this Agreement that are fair to the Parent Borrower and the Restricted
Subsidiaries, in the reasonable determination of the board of directors or the senior
management of the Parent Borrower, or are on terms at least as favorable as would reasonably
have been obtained at such time from an unaffiliated party,
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the issuance or transfer of Equity Interests (other than Disqualified Equity
Interests) of Parent to any Permitted Holder or to any former, current or future director,
manager, officer, employee or consultant (or any Controlled Investment Affiliate or
Immediate Family Member thereof) of the Parent Borrower, any of its Subsidiaries or any
direct or indirect parent thereof,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) payments to or from, and transactions with, any joint venture in the ordinary
course of business, and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) investments by the Sponsors in loans or debt securities (other than any debt
securities issued in connection with the Transactions) of the Parent Borrower or any of its
Restricted Subsidiaries so long as (A)&nbsp;the investment is being offered generally to other
investors on the same or more favorable terms and (B)&nbsp;the investment constitutes less than
5.0% of the proposed or outstanding issue amount of such class of loans or securities (it
being understood and agreed that any purchase by the Sponsors of any loans or debt
securities of the Parent Borrower or any of its Restricted Subsidiaries in secondary market
transactions are not restricted by this Section&nbsp;7.08).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.09. <U>Burdensome Agreements</U>. Enter into or permit to exist any Contractual
Obligation (other than this Agreement or any other Loan Document) that limits the ability of
(a)&nbsp;any Restricted Subsidiary that is not a Loan Party to make Restricted Payments to any Loan
Party (other than Holdings) or (b)&nbsp;any Loan Party to create, incur, assume or suffer to exist Liens
on property of such Person for the benefit of the Lenders with respect to the Facilities and the
Obligations or under the Loan Documents; <I>provided </I>that the foregoing clauses (a)&nbsp;and (b)&nbsp;shall not
apply to Contractual Obligations that:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A)&nbsp;exist on the Specified Date and (to the extent not otherwise permitted by this
Section&nbsp;7.09) are listed on <U>Schedule&nbsp;7.09</U> hereto and (B)&nbsp;to the extent Contractual
Obligations permitted by clause (A)&nbsp;are set forth in an agreement evidencing Indebtedness,
are set forth in any agreement evidencing any permitted modification, replacement, renewal,
extension or refinancing of such Indebtedness so long as such modification, replacement,
renewal, extension or refinancing does not expand the scope of such Contractual Obligation,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are binding on a Restricted Subsidiary at the time such Restricted Subsidiary
first becomes a Restricted Subsidiary, so long as such Contractual Obligations were not
entered into in contemplation of such Person becoming a Restricted Subsidiary; <I>provided
further </I>that this clause (ii)&nbsp;shall not apply to Contractual Obligations that are binding on
a Person that becomes a Restricted Subsidiary pursuant to Section&nbsp;6.14,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) contracts for the sale of assets that impose restrictions on the assets to be
sold;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (a)&nbsp;with respect to clause (b)&nbsp;only, arise in connection with any Lien permitted
by Section&nbsp;7.01(a), (l), (s), (t)(i) or (t)(ii) and relate to the property subject to such
Lien or (b)&nbsp;arise in connection with any Disposition permitted by Section&nbsp;7.05,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) are customary provisions in joint venture agreements and other similar agreements
applicable to joint ventures permitted under Section&nbsp;7.02 and applicable solely to such
joint venture entered into in the ordinary course of business,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) are negative pledges and restrictions on Liens in favor of any holder of
Indebtedness permitted under Section&nbsp;7.03 but solely to the extent any negative pledge
relates to the property financed by or the subject of such Indebtedness (and excluding in
any event any Indebtedness
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"> constituting any Junior Financing or Retained Existing Notes) and the proceeds and
products thereof,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) are customary provisions contained in any leases, subleases, licenses,
sublicenses, LMAs or asset sale agreements otherwise permitted hereby so long as such
restrictions relate to the assets subject thereto, in each case, entered into in the
ordinary course of business,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) comprise restrictions imposed by any agreement relating to secured Indebtedness
permitted pursuant to Section&nbsp;7.03(e), 7.03(h) or 7.03(o)(as limited by the second paragraph
of Section&nbsp;7.03) (with respect to non-Loan Parties) to the extent that such restrictions
apply only to the property or assets securing such Indebtedness,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) are customary provisions restricting subletting or assignment of any lease
governing a leasehold interest of any Restricted Subsidiary,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) are customary provisions restricting assignment of any agreement entered into in
the ordinary course of business,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) are restrictions on cash or other deposits imposed by customers under contracts
entered into in the ordinary course of business,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) are customary restrictions contained in the ABL Credit Agreement, the ABL
Facility Documentation, the New Senior Notes, and any Permitted Refinancing of any of the
foregoing,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) arise in connection with cash or other deposits permitted under Section&nbsp;7.01,
and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) are restrictions in any one or more agreements governing Indebtedness of a
Restricted Subsidiary that is not a Loan Party that is permitted to be incurred by Section
7.03.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.10. <U>Use of Proceeds</U>. Use the proceeds of any Credit Extension, whether
directly or indirectly, in a manner inconsistent with the uses set forth in the preliminary
statements to this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.11. <U>Accounting Changes</U>. Make any change in fiscal year except to, upon
written notice to the Administrative Agent, change its fiscal year to any other fiscal year
reasonably acceptable to the Administrative Agent, in which case, the Parent Borrower and the
Administrative Agent will, and are hereby authorized by the Lenders to, make any adjustments to
this Agreement that are necessary to reflect such change in fiscal year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.12. <U>Prepayments, Etc. of Indebtedness</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity
thereof in any manner (it being understood that payments of regularly scheduled principal, interest
and mandatory prepayments shall be permitted) any New Senior Notes, any Retained Existing Notes,
any Permitted Additional Notes or any other Indebtedness (or guarantees in respect thereof) that is
subordinated to the Obligations expressly by its terms (other than Indebtedness among the Parent
Borrower and its Restricted Subsidiaries) (collectively, &#147;<B>Junior Financing</B>&#148;) except
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the refinancing thereof with the Net Cash Proceeds of any Permitted Refinancing, to
the extent not required to prepay any Term Loans pursuant to Section&nbsp;2.05(b);
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the refinancing thereof with the Net Cash Proceeds of any Specified Equity
Contribution made substantially contemporaneously with such prepayment, redemption,
purchase, defeasance or other satisfaction;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) prepayments and redemptions of Repurchased Existing Notes;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on or after September&nbsp;30, 2015, so long as no Default has occurred and is
continuing, the Parent Borrower or a Restricted Subsidiary may redeem a portion of the New
Senior Toggle Notes in an aggregate principal amount equal to the product of (x) $30,000,000
and (y)&nbsp;a fraction (which, for the avoidance of doubt, cannot exceed one), the numerator of
which is the aggregate principal amount of such Indebtedness outstanding on such date for
United States federal income tax purposes and the denominator of which is $1,500,000,000;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) beginning on the fifth anniversary of the date of issuance of the New Senior Toggle
Notes, so long as no Default has occurred and is continuing, the Parent Borrower or a
Restricted Subsidiary may make &#147;AHYDO catch-up&#148; payments on such Indebtedness;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the conversion of any Junior Financing to Equity Interests (other than
Disqualified Equity Interests) of Parent or any of its direct or indirect parents;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) so long as no Default is continuing or would result therefrom, redemptions,
purchases, defeasances and other payments in respect of Junior Financings prior to their
scheduled maturity in an aggregate amount, together with the aggregate amount of Restricted
Payments made pursuant to Section&nbsp;7.06(l), not to exceed the sum of (1)&nbsp;the greater of
$550,000,000 or 1.75% of Total Assets at such time and (2)&nbsp;the Available Amount at such
time; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Parent Borrower may redeem, defease or discharge any AMFM Notes or
Designated 2010 Retained Existing Notes not purchased pursuant to the tender offers made in
connection with the Debt Repayment; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Parent Borrower may prepay, redeem, purchase (including pursuant to an offer
to purchase) the New Senior Notes with the proceeds of any asset disposition to the extent
such proceeds are (i)&nbsp;not required to be used to prepay the Term Loans in accordance with
Section&nbsp;2.05(b)(ii)(A) and are not used to voluntarily prepay the Term Loans in accordance
with Section&nbsp;2.05(a) and (ii)&nbsp;required to be so applied under the New Senior Notes
Indentures.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Make any payment in violation of any subordination terms of any Junior Financing
Documentation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Amend, modify or change in any manner materially adverse to the interests of the Lenders
any term or condition of any Junior Financing Documentation, Retained Existing Notes Indenture, the
CCO Cash Management Arrangements, the CCU Notes or the CCO Intercompany Agreements, in each case
without the consent of the Administrative Agent and the Required Lenders (not to be unreasonably
withheld); it being understood and agreed that any extension of the CCO Cash Management
Arrangements, the CCU Notes or the CCO Intercompany Agreements, or any change in the interest rate
on the CCU Notes approved by the Board of Directors of the Parent Borrower, will be deemed not to
be materially adverse to the interests of the Lenders.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-149-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.13. <U>Equity Interests of Certain Restricted Subsidiaries and Unrestricted
Subsidiaries</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Permit any Subsidiary that is a wholly-owned Restricted Subsidiary to become a
non-wholly-owned Subsidiary, unless (i)&nbsp;such Restricted Subsidiary continues to be a Guarantor,
(ii)&nbsp;in connection with a Disposition of all or substantially all of the assets or all or a portion
of the Equity Interests of such Restricted Subsidiary permitted by Section&nbsp;7.05, (iii)&nbsp;as a result
of the designation of such Restricted Subsidiary as an Unrestricted Subsidiary pursuant to
Section&nbsp;6.14 or (iv)&nbsp;the remaining Investment in such non-wholly-owned Subsidiary held by the
Parent Borrower or any Restricted Subsidiary is a permitted Investment under Section&nbsp;7.02 (valued
at the Fair Market Value of such Investment at the time such Investment is deemed made).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Until the Existing Notes Condition shall have been satisfied, permit the Equity Interests
of any Unrestricted Subsidiary to be owned by any Person other than (i)&nbsp;one or more Restricted
Subsidiaries; <I>provided </I>that if such Unrestricted Subsidiary is a Material Domestic Subsidiary, then
such Equity Interests shall only be owned by a U.S. Subsidiary Guarantor or (ii)&nbsp;other Unrestricted
Subsidiaries whose Equity Interest are owned by Persons permitted under this Section&nbsp;7.13(b).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.14. <U>Financial Covenant</U>. Permit the Secured Leverage Ratio as of the last day of
any Test Period (beginning with the Test Period ending on the last day of the second full fiscal
quarter ending after the Closing Date) to be greater than the ratio set forth below opposite the
last day of such Test Period:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Fiscal Year</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Q1</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Q2</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Q3</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Q4</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.50:1</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.50:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.50:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.50:1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.50:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.50:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.50:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.50:1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.50:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.50:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.50:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.50:1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.50:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.50:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.50:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.50:1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.50:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.25:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.25:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.00:1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.00:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.00:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.00:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.75:1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.75:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.75:1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Any provision of this Agreement that contains a requirement for the Parent Borrower to be in
compliance with the covenant contained in this Section&nbsp;7.14 prior to the time that this covenant is
otherwise applicable shall be deemed to require that the Secured Leverage Ratio for the applicable
Test Period not be greater than 9.50 to 1.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Events of Default and Remedies</B></U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.01. <U>Events of Default</U>. Each of the events referred to in clauses (a)
through (l)&nbsp;of this Section&nbsp;8.01 shall constitute an &#147;<B>Event of Default</B>&#148;:
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Applicable only if the Closing Date occurs on or prior
to September&nbsp;30, 2008.</DIV></TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->-150-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">







<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<I>&nbsp;Non-Payment</I>. Any Borrower fails to pay (i)&nbsp;when and as required to be paid herein,
any amount of principal of any Loan, or (ii)&nbsp;within five (5)&nbsp;Business Days after the same
becomes due, any interest on any Loan or any other amount payable hereunder or with respect
to any other Loan Document; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<I>&nbsp;Specific Covenants</I>. Any Borrower fails to perform or observe any term, covenant or
agreement contained in any of Sections&nbsp;6.03(a), 6.05(a) (solely with respect to any
Borrower), 6.13(b) or Article&nbsp;VII; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<I>&nbsp;Other Defaults</I>. Any Loan Party fails to perform or observe any other covenant or
agreement (not specified in Section&nbsp;8.01(a) or (b)&nbsp;above) contained in any Loan Document on
its part to be performed or observed and such failure continues for thirty (30)&nbsp;days after
receipt by the Parent Borrower of written notice thereof from the Administrative Agent; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<I>&nbsp;Representations and Warranties</I>. Any representation, warranty, certification or
statement of fact made or deemed made by any Loan Party herein, in any other Loan Document,
or in any document required to be delivered in connection herewith or therewith shall be
untrue in any material respect when made or deemed made; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<I>&nbsp;Cross-Default</I>. Any Loan Party or any Restricted Subsidiary (A)&nbsp;fails to make any
payment beyond the applicable grace period, if any, whether by scheduled maturity, required
prepayment, acceleration, demand, or otherwise, in respect of any Indebtedness (other than
Indebtedness hereunder) having an aggregate outstanding principal amount (individually or in
the aggregate with all other Indebtedness as to which such a failure shall exist) of not
less than the Threshold Amount, (B)&nbsp;fails to observe or perform any other agreement or
condition relating to any such Indebtedness (other than any such Indebtedness in respect of
the ABL Facilities), or any other event occurs (other than with respect to any such
Indebtedness in respect of the ABL Facilities and other than, with respect to Indebtedness
consisting of Swap Contracts, termination events or equivalent events pursuant to the terms
of such Swap Contracts), the effect of which default or other event is to cause, or to
permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such
holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if
required, such Indebtedness to become due or to be repurchased, prepaid, defeased or
redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem
such Indebtedness to be made, prior to its stated maturity; <I>provided </I>that this clause (e)(B)
shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale
or transfer of the property or assets securing such Indebtedness, if such sale or transfer
is permitted hereunder; <I>provided further </I>that such failure is unremedied and is not waived
by the holders of such Indebtedness prior to any termination of the Commitments or
acceleration of the Loans pursuant to Section&nbsp;8.02 or (C)&nbsp;fails to observe or perform any
other agreement or condition relating to any Indebtedness in respect of the ABL Facilities,
or any other event occurs with respect to the ABL Facilities, and either (i)&nbsp;the holder or
holders of such Indebtedness (or the ABL Administrative Agent on behalf of such holder or
holders) cause such Indebtedness to become due (automatically or otherwise) prior to its
stated maturity or (ii)&nbsp;such failure has not been cured or waived within 60&nbsp;days; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<I>&nbsp;Insolvency Proceedings, Etc</I>. Holdings, any Borrower or any Material Subsidiary
institutes or consents to the institution of any proceeding under any Debtor Relief Law, or
makes an assignment for the benefit of creditors; or applies for or consents to the
appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator,
administrator, administrative receiver or similar officer for it or for all or any material
part of its property; or any receiver, trustee, custodian, conservator, liquidator,
rehabilitator, administrator, administrative receiver or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-151-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">similar officer is appointed without the application or consent of such Person and the
appointment continues undischarged or unstayed for sixty (60)&nbsp;calendar days; or any
proceeding under any Debtor Relief Law relating to any such Person or to all or any material
part of its property is instituted without the consent of such Person and continues
undismissed or unstayed for sixty (60)&nbsp;calendar days, or an order for relief is entered in
any such proceeding; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<I>&nbsp;Judgments</I>. There is entered against any Loan Party or any Material Subsidiary a
final judgment or order for the payment of money in an aggregate amount exceeding the
Threshold Amount (to the extent not covered by independent third-party insurance as to which
the insurer has been notified of such judgment or order and has not denied or failed to
acknowledge coverage thereof) and such judgment or order shall not have been satisfied,
vacated, discharged or stayed or bonded pending an appeal for a period of sixty (60)
consecutive days; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<I>&nbsp;ERISA</I>. (i)&nbsp;An ERISA Event occurs with respect to a Pension Plan or Multiemployer
Plan which has resulted or would reasonably be expected to result in liability of Holdings,
any Borrower or their respective ERISA Affiliates under Title IV of ERISA in an aggregate
amount which would reasonably be expected to result in a Material Adverse Effect, (ii)
Holdings, any Borrower or any of their respective ERISA Affiliates fails to pay when due,
after the expiration of any applicable grace period, any installment payment with respect to
its Withdrawal Liability under Section&nbsp;4201 of ERISA under a Multiemployer Plan in an
aggregate amount which would reasonably be expected to result in a Material Adverse Effect,
or (iii)&nbsp;with respect to a funded Foreign Plan a termination, withdrawal or noncompliance
with applicable law or plan terms that would reasonably be expected to result in a Material
Adverse Effect; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<I>&nbsp;Invalidity of Loan Documents</I>. Any material provision of any Loan Document, at any
time after its execution and delivery and for any reason other than as expressly permitted
hereunder or thereunder (including as a result of a transaction permitted under Section&nbsp;7.04
or 7.05) or as a result of acts or omissions by the Administrative Agent or any Lender or
the satisfaction in full of all the Obligations, ceases to be in full force and effect; or
any Loan Party contests in writing the validity or enforceability of any provision of any
Loan Document; or any Loan Party denies in writing that it has any or further liability or
obligation under any Loan Document (other than as a result of repayment in full of the
Obligations and termination of the Aggregate Commitments), or purports in writing to revoke
or rescind any Loan Document; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<I>&nbsp;Collateral Documents</I>. (i)&nbsp;Any Collateral Document after delivery thereof pursuant
to Section&nbsp;6.11 or 6.13 shall for any reason (other than pursuant to the terms hereof or
thereof including as a result of a transaction permitted under Section&nbsp;7.04 or 7.05) cease
to create, or any Lien purported to be created by any Collateral Document shall be asserted
in writing by any Loan Party not to be, a valid and perfected lien, with the priority
required by the Collateral Documents (or other security purported to be created on the
applicable Collateral) on any material portion of the Collateral purported to be covered
thereby, subject to Liens permitted under Section&nbsp;7.01, except to the extent that any such
loss of perfection or priority results from the failure of the Administrative Agent to
maintain possession of certificates actually delivered to it representing securities pledged
under the Collateral Documents or to file Uniform Commercial Code continuation statements
and except as to Collateral consisting of real property to the extent that such losses are
covered by a lender&#146;s title insurance policy and such insurer has not denied or failed to
acknowledge coverage, or (ii)&nbsp;any of the Equity Interests of any Borrower ceasing to be
pledged pursuant to the Security Agreements free of Liens other than Liens created by the
Security Agreements or any nonconsensual Liens permitted by Section&nbsp;7.01; or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-152-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<I>&nbsp;Junior Financing Documentation</I>. (i)&nbsp;Any of the Obligations of the Loan Parties
under the Loan Documents for any reason shall cease to be &#147;Senior Indebtedness&#148; or
&#147;Guaranteed Senior Indebtedness&#148; (or any comparable term) or &#147;Senior Secured Financing&#148; (or
any comparable term) under, and as defined in any Junior Financing Documentation governing
Junior Financing with an aggregate principal amount of not less than the Threshold Amount or
(ii)&nbsp;the subordination provisions set forth in any Junior Financing Documentation governing
Junior Financing with an aggregate principal amount of not less than the Threshold Amount
shall, in whole or in part, cease to be effective or cease to be legally valid, binding and
enforceable against the holders of any such Junior Financing, if applicable; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<I>&nbsp;Change of Control</I>. There occurs any Change of Control.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.02. <U>Remedies upon Event of Default</U>. If any Event of Default occurs and is
continuing, the Administrative Agent shall, at the request of the Required Lenders, take any or all
of the following actions:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) declare Commitments of each Lender and any obligation of the L/C Issuers to make
L/C Credit Extensions to be terminated, whereupon such Commitments and obligation shall be
terminated;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) declare the unpaid principal amount of all outstanding Loans, all interest accrued
and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan
Document to be immediately due and payable, without presentment, demand, protest or other
notice of any kind, all of which are hereby expressly waived by each Borrower;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) require that the Parent Borrower Cash Collateralize the L/C Obligations (in an
amount equal to the then Outstanding Amount thereof); and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) exercise on behalf of itself and the Lenders all rights and remedies available to
it and the Lenders under the Loan Documents or applicable Law;
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><I>provided </I>that upon the occurrence of an actual or deemed entry of an order for relief with respect
to any Borrower under the Debtor Relief Laws, the Commitments of each Lender and any obligation of
the L/C Issuers to make L/C Credit Extensions shall automatically terminate, the unpaid principal
amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically
become due and payable, and the obligation of the Parent Borrower to Cash Collateralize the L/C
Obligations as aforesaid shall automatically become effective, in each case without further act of
the Administrative Agent or any Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.03. <U>Application of Funds</U>. Subject to the Intercreditor Agreement, after the
exercise of remedies provided for in Section&nbsp;8.02 (or after the Loans have automatically become
immediately due and payable and the L/C Obligations have automatically been required to be Cash
Collateralized as set forth in the proviso to Section&nbsp;8.02), any amounts received on account of the
Obligations shall be applied by the Administrative Agent in the following order:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>First</I>, to payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts (other than principal and interest, but including Attorney Costs
payable under Section&nbsp;10.04 and amounts payable under Article&nbsp;III) payable to the
Administrative Agent in its capacity as such;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Second</I>, to payment of that portion of the Obligations constituting fees, indemnities
and other amounts (other than principal and interest) payable to the Lenders (including
Attorney Costs payable under Section&nbsp;10.04 and amounts payable under Article&nbsp;III), ratably
among them in proportion to the amounts described in this clause Second payable to them;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Third</I>, to payment of that portion of the Obligations constituting accrued and unpaid
interest on the Loans and L/C Borrowings, ratably among the Lenders in proportion to the
respective amounts described in this clause Third payable to them;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Fourth</I>, to payment of that portion of the Obligations constituting unpaid principal of
the Loans and L/C Borrowings, Hedging Obligations and Cash Management Obligations, ratably
among the Secured Parties in proportion to the respective amounts described in this clause
Fourth held by them; <I>provided </I>that any proceeds from the exercise of remedies against
collateral that constitutes Specified Assets shall be allocated to repay Obligations
constituting unpaid principal of the Tranche C Term Loans prior to repayment of any other
Obligations constituting unpaid principal of the Loans and L/C Borrowings, Hedging
Obligations and Cash Management Obligations;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Fifth</I>, to the Administrative Agent for the account of the L/C Issuers, to Cash
Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of
Letters of Credit;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Sixth</I>, to the payment of all other Obligations of the Loan Parties that are due and
payable to the Administrative Agent and the other Secured Parties on such date, ratably
based upon the respective aggregate amounts of all such Obligations owing to the
Administrative Agent and the other Secured Parties on such date; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Last</I>, the balance, if any, after all of the Obligations have been indefeasibly paid in
full, to the Parent Borrower or as otherwise required by Law.
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Subject to Section&nbsp;2.03(c), amounts used to Cash Collateralize the aggregate undrawn amount of
Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings under such
Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all
Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied
to the other Obligations, if any, in the order set forth above and, if no Obligations remain
outstanding, to the Parent Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.04. <U>Right to Cure</U>. Notwithstanding anything to the contrary contained in
this Article&nbsp;VIII, in the event that the Parent Borrower fails to comply with the requirements of
Section&nbsp;7.14 as of the end of any relevant Test Period, until the date that is 10&nbsp;days after the
date the financial statements with respect to such Test Period are required to be delivered
pursuant to Section&nbsp;6.01, Parent shall have the right to make an equity investment in the Parent
Borrower (other than in the form of Disqualified Equity Interests) in cash or otherwise make cash
common equity contributions to the Parent Borrower (in each case, with the proceeds of any equity
investment made in Parent by the Sponsors) (the &#147;<B>Cure Right</B>&#148;), and upon receipt by the Parent
Borrower of such cash contributions (the &#147;<B>Cure Amount</B>&#148;), the Parent Borrower&#146;s compliance with
Section&nbsp;7.14 shall be recalculated giving effect to the following <I>pro forma </I>adjustments:
(i)&nbsp;EBITDA shall be increased, solely for the purposes of determining compliance with Section&nbsp;7.14,
including determining compliance with Section&nbsp;7.14 as of the end of such Test Period and applicable
subsequent periods that include such fiscal quarter for which the Cure Right is exercised by an
amount equal to the Cure Amount and (ii)&nbsp;if, after giving effect to the foregoing calculations (but
not, for the avoidance of doubt, giving <I>pro forma </I>effect to any repayment of Indebtedness in
connection therewith), the requirements of Section&nbsp;7.14 shall be satisfied, then the requirements
of Section 7.14
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">shall be deemed satisfied as of the end of the relevant Test Period with the same
effect as though there had been no failure to comply therewith at such date, and the applicable
breach or default of Section&nbsp;7.14 that had occurred shall be deemed cured for the purposes of this
Agreement. Notwithstanding anything herein to the contrary, (x)&nbsp;in each four fiscal quarter period
there shall be a period of at least one fiscal quarter in which the Cure Right is not exercised,
(y)&nbsp;the Cure Amount shall be no greater than the amount required for purposes of complying with
Section&nbsp;7.14 and (z)&nbsp;the Cure Amount shall be disregarded for purposes of determining compliance
with any other provision of this Agreement (including, without limitation, any other provision that
requires compliance with Section&nbsp;7.14 on a <I>pro forma </I>basis).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IX</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Administrative Agent and Other Agents</B></U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.01. <U>Appointment and Authorization of the Administrative Agent</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each Lender hereby irrevocably appoints, designates and authorizes the Administrative
Agent to take such action on its behalf under the provisions of this Agreement and each other Loan
Document and to exercise such powers and perform such duties as are expressly delegated to it by
the terms of this Agreement or any other Loan Document, together with such powers as are reasonably
incidental thereto. Notwithstanding any provision to the contrary contained elsewhere herein or in
any other Loan Document, the Administrative Agent shall have no duties or responsibilities, except
those expressly set forth herein, nor shall the Administrative Agent have or be deemed to have any
fiduciary relationship with any Lender or participant, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other
Loan Document or otherwise exist against the Administrative Agent. Without limiting the generality
of the foregoing sentence, the use of the term &#147;agent&#148; herein and in the other Loan Documents with
reference to any Agent is not intended to connote any fiduciary or other implied (or express)
obligations arising under agency doctrine of any applicable Law. Instead, such term is used merely
as a matter of market custom, and is intended to create or reflect only an administrative
relationship between independent contracting parties. The provisions of this Article (other than
Sections&nbsp;9.10 and 9.12) are solely for the benefit of the Administrative Agent and the Lenders, and
neither any Borrower nor any other Loan Party shall have rights as a third party beneficiary of any
of such provisions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit
issued by it and the documents associated therewith, and each such L/C Issuer shall have all of the
benefits and immunities (i)&nbsp;provided to the Administrative Agent in this Article&nbsp;IX with respect to
any acts taken or omissions suffered by such L/C Issuer in connection with Letters of Credit issued
by it or proposed to be issued by it and the applications and agreements for letters of credit
pertaining to such Letters of Credit as fully as if the term &#147;Administrative Agent&#148; as used in this
Article&nbsp;IX and in the definition of &#147;Agent-Related Person&#148; included such L/C Issuer with respect to
such acts or omissions, and (ii)&nbsp;as additionally provided herein with respect to such L/C Issuer.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Administrative Agent shall also act as the &#147;collateral agent&#148; under the Loan
Documents, and each of the Lenders (in its capacities as a Lender, Swing Line Lender (if
applicable), L/C Issuer (if applicable) and a potential Hedge Bank and/or Cash Management Bank)
hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of (and to
hold any security interest created by the Collateral Documents for and on behalf of or on trust
for) such Lender and its Affiliates for purposes of acquiring, holding and enforcing any and all
Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together
with such powers and discretion as are reasonably incidental thereto. In this connection, the
Administrative Agent, as &#147;collateral agent&#148; (and any co-agents, sub-agents and attorneys-in-fact
appointed by the Administrative Agent pursuant to Section&nbsp;9.02 for purposes
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> of holding or enforcing any Lien on the Collateral (or any portion thereof) granted
under the Collateral Documents, or for exercising any rights and remedies thereunder at the
direction of the Administrative Agent), shall be entitled to the benefits of all provisions of this
Article&nbsp;IX (including Section&nbsp;9.07, as though such co-agents, sub-agents and attorneys-in-fact were
the &#147;collateral agent&#148; under the Loan Documents) as if set forth in full herein with respect
thereto. Without limiting the generality of the foregoing, the Lenders hereby expressly authorize
the Administrative Agent to execute any and all documents (including releases) with respect to the
Collateral and the rights of the Secured Parties with respect thereto (including the Intercreditor
Agreement), as contemplated by and in accordance with the provisions of this Agreement and the
Collateral Documents and acknowledge and agree that any such action by any Agent shall bind the
Lenders.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.02. <U>Delegation of Duties</U>. The Administrative Agent may execute any of its
duties under this Agreement or any other Loan Document (including for purposes of holding or
enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral
Documents or of exercising any rights and remedies thereunder) by or through agents, sub-agents,
employees or attorneys-in-fact (including for the purpose of any Borrowing or payment in
Alternative Currencies) as shall be deemed necessary by the Administrative Agent (other than to a
Disqualified Institution) and shall be entitled to advice of counsel and other consultants or
experts concerning all matters pertaining to such duties. Each such sub-agent and the Affiliates
of the Administrative Agent and each such sub-agent shall be entitled to the benefits of all
provisions of this Article&nbsp;IX and Sections&nbsp;10.04 and 10.05 (as though such sub-agents were the
&#147;Administrative Agent&#148; under the Loan Documents) as if set forth in full herein with respect
thereto. The Administrative Agent shall not be responsible for the negligence or misconduct of any
agent or sub-agent or attorney-in-fact that it selects in the absence of gross negligence or
willful misconduct (as determined in the final judgment of a court of competent jurisdiction).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.03. <U>Liability of Agents</U>. No Agent-Related Person shall (a)&nbsp;be liable for
any action taken or omitted to be taken by any of them under or in connection with this Agreement
or any other Loan Document or the transactions contemplated hereby (except for its own gross
negligence or willful misconduct, as determined by the final judgment of a court of competent
jurisdiction, in connection with its duties expressly set forth herein), or (b)&nbsp;be responsible in
any manner to any Lender or participant for any recital, statement, representation or warranty made
by any Loan Party or any officer thereof, contained herein or in any other Loan Document, or in any
certificate, report, statement or other document referred to or provided for in, or received by any
Agent under or in connection with, this Agreement or any other Loan Document, or the execution,
validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other
Loan Document, or the perfection or priority of any Lien or security interest created or purported
to be created under the Collateral Documents, or for any failure of any Loan Party or any other
party to any Loan Document to perform its obligations hereunder or thereunder. No Agent-Related
Person shall be under any obligation to any Lender or participant to ascertain or to inquire into
(i)&nbsp;any statement, warranty or representation made in or in connection with this Agreement or any
other Loan Document, (ii)&nbsp;the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii)&nbsp;the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv)&nbsp;the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document or the perfection
or priority of any Lien or security interest created or purported to be created by the Collateral
Documents, (v)&nbsp;the satisfaction of any condition set forth in Article&nbsp;IV or elsewhere herein, other
than to confirm receipt of items expressly required to be delivered to the Administrative Agent, or
(vi)&nbsp;or to inspect the properties, books or records of any Loan Party or any Affiliate thereof. No
Agent-Related Person shall have any duties or obligations to any Lender or participant except those
expressly set forth herein and in the other Loan Documents, and without limiting the generality of
the foregoing, the Agent-Related Persons:
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated hereby
or by the other Loan Documents that such Person is required to exercise as directed in
writing by the Required Lenders (or such other number or percentage of the Lenders as shall
be expressly provided for herein or in the other Loan Documents), provided that such Person
shall not be required to take any action that, in its opinion or the opinion of its counsel,
may expose it to liability or that is contrary to any Loan Document or applicable law; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall not be required to carry out any &#147;know your customer&#148; or other checks in
relation to any person on behalf of any Lender and each Lender confirms to the
Administrative Agent that it is solely responsible for any such checks it is required to
carry out and that it may not rely on any statement in relation to such checks made by the
Administrative Agent or any of its Affiliates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Agent-Related Person be liable (i)&nbsp;to any participant or Secured Party or their Affiliates
for any action taken or not taken by it with the consent or at the request of the Required Lenders
(or such other number or percentage of the Lenders as shall be necessary, or such Person shall
believe in good faith shall be necessary under the circumstances) or (ii)&nbsp;in the absence of its own
gross negligence or willful misconduct, as determined by a final judgment of a court of competent
jurisdiction.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.04. <U>Reliance by the Administrative Agent</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Administrative Agent shall be entitled to rely, and shall be fully protected in
relying, upon any writing, communication, signature, resolution, representation, notice, consent,
certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail
message, statement or other document or conversation believed by it to be genuine and correct and
to have been signed, sent or made by the proper Person or Persons, and upon advice and statements
of legal counsel (including counsel to any Loan Party), independent accountants and other experts
selected by the Administrative Agent. The Administrative Agent shall be fully justified in failing
or refusing to take any action under any Loan Document unless it shall first receive such advice or
concurrence of the Required Lenders as it deems appropriate and, if it so requests, it shall first
be indemnified to its satisfaction by the Lenders against any and all liability and expense which
may be incurred by it by reason of taking or continuing to take any such action. The
Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting,
under this Agreement or any other Loan Document in accordance with a request or consent of the
Required Lenders (or such greater number of Lenders as may be expressly required hereby in any
instance) and such request and any action taken or failure to act pursuant thereto shall be binding
upon all the Lenders; <I>provided </I>that the Administrative Agent shall not be required to take any
action that, in its opinion or in the opinion of its counsel, may expose the Administrative Agent
to liability or that is contrary to any Loan Document or applicable Law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;For purposes of determining compliance with the conditions specified in Section&nbsp;4.01, each
Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or
to be satisfied with, each document or other matter required thereunder to be consented to or
approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have
received notice from such Lender prior to the proposed Closing Date specifying its objection
thereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.05. <U>Notice of Default</U>. The Administrative Agent shall not be deemed to have
knowledge or notice of the occurrence of any Default, except with respect to defaults in the
payment
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">of principal, interest and fees required to be paid to the Administrative Agent for the
account of the Lenders, unless the Administrative Agent shall have received written notice from a
Lender or any Borrower referring to this Agreement, describing such Default and stating that such
notice is a &#147;notice of default.&#148; The Administrative Agent will notify the Lenders of its receipt
of any such notice. The Administrative Agent shall take such action with respect to any Event of
Default as may be directed by the Required Lenders in accordance with Article&nbsp;VIII; <I>provided </I>that
unless and until the Administrative Agent has received any such direction, the Administrative Agent
may (but shall not be obligated to) take such action, or refrain from taking such action, with
respect to such Event of Default as it shall deem advisable or in the best interest of the Lenders.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.06. <U>Credit Decision; Disclosure of Information by Agents</U>. Each Lender
acknowledges that no Agent-Related Person has made any representation or warranty to it, and that
no act by any Agent hereafter taken, including any consent to and acceptance of any assignment or
review of the affairs of any Loan Party or any Affiliate thereof, shall be deemed to constitute any
representation or warranty by any Agent-Related Person to any Lender as to any matter, including
whether Agent-Related Persons have disclosed material information in their possession. Each Lender
represents to each Agent that it has, independently and without reliance upon any Agent-Related
Person and based on such documents and information as it has deemed appropriate, made its own
appraisal of and investigation into the business, prospects, operations, property, financial and
other condition and creditworthiness of the Loan Parties and their respective Subsidiaries, and all
applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made
its own decision to enter into this Agreement and to extend credit to the Borrowers and the other
Loan Parties hereunder. Each Lender also represents that it will, independently and without
reliance upon any Agent-Related Person and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit analysis, appraisals and decisions in
taking or not taking action under this Agreement and the other Loan Documents, and to make such
investigations as it deems necessary to inform itself as to the business, prospects, operations,
property, financial and other condition and creditworthiness of the Borrowers and the other Loan
Parties. Except for notices, reports and other documents expressly required to be furnished to the
Lenders by any Agent herein, such Agent shall not have any duty or responsibility to provide any
Lender with any credit or other information concerning the business, prospects, operations,
property, financial and other condition or creditworthiness of any of the Loan Parties or any of
their respective Affiliates which may come into the possession of any Agent-Related Person.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.07. <U>Indemnification of Agents</U>. Whether or not the transactions contemplated
hereby are consummated, the Lenders shall indemnify upon demand the Administrative Agent and each
other Agent-Related Person (to the extent not reimbursed by or on behalf of any Loan Party and
without limiting the obligation of any Loan Party to do so), pro rata, and hold harmless the
Administrative Agent and each other Agent-Related Person from and against any and all Indemnified
Liabilities incurred by it; <I>provided </I>that no Lender shall be liable for the payment to any
Agent-Related Person of any portion of such Indemnified Liabilities resulting from such
Agent-Related Person&#146;s own gross negligence or willful misconduct, as determined by the final
judgment of a court of competent jurisdiction; <I>provided </I>that no action taken in accordance with the
directions of the Required Lenders (or such other number or percentage of the Lenders as shall be
required by the Loan Documents) shall be deemed to constitute gross negligence or willful
misconduct for purposes of this Section&nbsp;9.07; <I>provided further </I>that any obligation to indemnify an
L/C Issuer pursuant to this Section&nbsp;9.07 shall be limited to the Lenders of the appropriate
Facility only. In the case of any investigation, litigation or proceeding giving rise to any
Indemnified Liabilities, this Section&nbsp;9.07 applies whether any such investigation, litigation or
proceeding is brought by any Lender or any other Person. Without limitation of the foregoing, each
Lender shall reimburse the Administrative Agent upon demand for its ratable share of any costs or
out-of-pocket expenses (including Attorney Costs) incurred by the Administrative Agent in
connection with the preparation, execution, delivery, administration, modification, amendment or
enforcement (whether through negotiations, legal proceedings
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> or otherwise) of, or legal advice in respect of rights or responsibilities under,
this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to
the extent that the Administrative Agent is not reimbursed for such expenses by or on behalf of the
Borrowers, <I>provided </I>that such reimbursement by the Lenders shall not affect the Borrowers&#146;
continuing reimbursement obligations with respect thereto. The undertaking in this Section&nbsp;9.07
shall survive termination of the Aggregate Commitments, the payment of all other Obligations and
the resignation of the Administrative Agent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.08. <U>Withholding Tax</U>. To the extent required by any applicable law, the
Agents may withhold from any payment to any Lender an amount equivalent to any applicable
withholding tax. If the Internal Revenue Service or any other authority of the United States or
other jurisdiction asserts a claim that an Agent did not properly withhold tax from amounts paid to
or for the account of any Lender for any reason (including, without limitation, because the
appropriate form was not delivered or not property executed, or because such Lender failed to
notify the Agent of a change in circumstance that rendered the exemption from, or reduction of
withholding tax ineffective), such Lender shall indemnify and hold harmless the Agent (to the
extent that the Agent has not already been reimbursed by the Borrowers and without limiting or
expanding the obligation of the Borrowers to do so) for all amounts paid, directly or indirectly,
by the Agent as taxes or otherwise, including any interest, additions to tax or penalties thereto,
together with all expenses incurred, including legal expenses and any other out-of-pocket expenses,
whether or not such taxes were correctly or legally imposed or asserted by the relevant Government
Authority. A certificate as to the amount of such payment or liability delivered to any Lender by
the Administrative Agent shall be conclusive absent manifest error.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.09. <U>Agents in Their Individual Capacities</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each Person serving as an Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent
and the term &#147;Lender&#148; or &#147;Lenders&#148; shall, unless otherwise expressly indicated or unless the
context otherwise requires, include the Person serving as an Agent hereunder in its individual
capacity. Each Agent and its Affiliates may make loans to, issue letters of credit for the account
of, accept deposits from, acquire Equity Interests in and generally engage in any kind of banking,
trust, financial advisory, underwriting or other business with each of the Loan Parties and their
respective Affiliates as though such Agent were not an Agent or an L/C Issuer hereunder and without
notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities,
any Agent or its Affiliates may receive information regarding any Loan Party or any of its
Affiliates (including information that may be subject to confidentiality obligations in favor of
such Loan Party or such Affiliate) and acknowledge that no Agent shall be under any obligation to
provide such information to them. With respect to its Loans, each Agent shall have the same rights
and powers under this Agreement as any other Lender and may exercise such rights and powers as
though it were not an Agent or an L/C Issuer, and the terms &#147;Lender&#148; and &#147;Lenders&#148; include each
Agent in its individual capacity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Lender understands that the Person serving as Administrative Agent, acting in its
individual capacity, and its Affiliates (collectively, the &#147;<B>Agent&#146;s Group</B>&#148;) are engaged in a wide
range of financial services and businesses (including investment management, financing, securities
trading, corporate and investment banking and research) (such services and businesses are
collectively referred to in this Section&nbsp;9.09 as &#147;<B>Activities</B>&#148;) and may engage in the Activities
with or on behalf of one or more of the Loan Parties or their respective Affiliates. Furthermore,
the Agent&#146;s Group may, in undertaking the Activities, engage in trading in financial products or
undertake other investment businesses for its own account or on behalf of others (including the
Loan Parties and their Affiliates and including holding, for its own account or on behalf of
others, equity, debt and similar positions in the Parent Borrower, another Loan Party or their
respective Affiliates), including trading in or holding long, short or derivative positions in
securities, loans or other financial products of one or more of the Loan Parties or their Affiliates.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> Each Lender understands and agrees that in engaging in the Activities, the Agent&#146;s
Group may receive or otherwise obtain information concerning the Loan Parties or their Affiliates
(including information concerning the ability of the Loan Parties to perform their respective
Obligations hereunder and under the other Loan Documents) which information may not be available to
any of the Lenders that are not members of the Agent&#146;s Group. None of the Administrative Agent nor
any member of the Agent&#146;s Group shall have any duty to disclose to any Lender or use on behalf of
the Lenders, and shall not be liable for the failure to so disclose or use, any information
whatsoever about or derived from the Activities or otherwise (including any information concerning
the business, prospects, operations, property, financial and other condition or creditworthiness of
any Loan Party or any Affiliate of any Loan Party) or to account for any revenue or profits
obtained in connection with the Activities, except that the Administrative Agent shall deliver or
otherwise make available to each Lender such documents as are expressly required by any Loan
Document to be transmitted by the Administrative Agent to the Lenders.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Each Lender further understands that there may be situations where members of the Agent&#146;s
Group or their respective customers (including the Loan Parties and their Affiliates) either now
have or may in the future have interests or take actions that may conflict with the interests of
any one or more of the Lenders (including the interests of the Lenders hereunder and under the
other Loan Documents). Each Lender agrees that no member of the Agent&#146;s Group is or shall be
required to restrict its activities as a result of the Person serving as Administrative Agent being
a member of the Agent&#146;s Group, and that each member of the Agent&#146;s Group may undertake any
Activities without further consultation with or notification to any Lender. None of (i)&nbsp;this
Agreement nor any other Loan Document, (ii)&nbsp;the receipt by the Agent&#146;s Group of information
(including Information) concerning the Loan Parties or their Affiliates (including information
concerning the ability of the Loan Parties to perform their respective Obligations hereunder and
under the other Loan Documents) nor (iii)&nbsp;any other matter shall give rise to any fiduciary,
equitable or contractual duties (including without limitation any duty of trust or confidence)
owing by the Administrative Agent or any member of the Agent&#146;s Group to any Lender including any
such duty that would prevent or restrict the Agent&#146;s Group from acting on behalf of customers
(including the Loan Parties or their Affiliates) or for its own account.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.10. <U>Successor Administrative Agent</U>. The Administrative Agent may resign as
the Administrative Agent upon thirty (30)&nbsp;days&#146; prior notice to the Lenders and the Parent
Borrower. If the Administrative Agent resigns under this Agreement, the Required Lenders shall
appoint from among the Lenders a successor agent for the Lenders, which successor agent shall be
consented to by the Parent Borrower at all times other than during the existence of an Event of
Default under Section&nbsp;8.01(f) (which consent of the Parent Borrower shall not be unreasonably
withheld or delayed). If no successor agent is appointed prior to the effective date of the
resignation of the Administrative Agent, the Administrative Agent may appoint, after consulting
with the Lenders and the Parent Borrower, a successor agent from among the Lenders. Upon the
acceptance of its appointment as successor agent hereunder, the Person acting as such successor
agent shall succeed to all the rights, powers and duties of the retiring Administrative Agent, and
the term &#147;Administrative Agent&#148; shall mean such successor administrative agent and/or supplemental
administrative agent, as the case may be, and the retiring Administrative Agent&#146;s appointment,
powers and duties as the Administrative Agent shall be terminated. After the retiring
Administrative Agent&#146;s resignation hereunder as the Administrative Agent, the provisions of this
Article&nbsp;IX and Sections&nbsp;10.04 and 10.05 shall inure to its benefit as to any actions taken or
omitted to be taken by it while it was the Administrative Agent under this Agreement. If no
successor agent has accepted appointment as the Administrative Agent by the date which is thirty
(30)&nbsp;days following the retiring Administrative Agent&#146;s notice of resignation, the retiring
Administrative Agent&#146;s resignation shall nevertheless thereupon become effective and the Lenders
shall perform all of the duties of the Administrative Agent hereunder until such time, if any, as
the Required Lenders appoint a successor agent as provided for above. Upon the acceptance of any
appointment as the Administrative Agent hereunder by a successor and upon the execution and filing
or recording of such financing statements, or amendments
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">thereto, and such amendments or supplements to the Mortgages, and such other instruments or
notices, as may be necessary or desirable, or as the Required Lenders may request, in order to (a)
continue the perfection of the Liens granted or purported to be granted by the Collateral Documents
or (b)&nbsp;otherwise ensure that the Collateral and Guarantee Requirement is satisfied, the
Administrative Agent shall thereupon succeed to and become vested with all the rights, powers,
discretion, privileges, and duties of the retiring Administrative Agent, and the retiring
Administrative Agent shall be discharged from its duties and obligations under the Loan Documents
(if not already discharged therefrom as provided above in this Section&nbsp;9.10). After the retiring
Administrative Agent&#146;s resignation hereunder as the Administrative Agent, the provisions of this
Article&nbsp;IX and Sections&nbsp;10.04 and 10.05 shall continue in effect for its benefit in respect of any
actions taken or omitted to be taken by it while it was acting as the Administrative Agent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any resignation by the Administrative Agent as Administrative Agent pursuant to this Section
shall also constitute its resignation as an L/C Issuer and Swing Line Lender. Upon the acceptance
of a successor&#146;s appointment as Administrative Agent hereunder, (i)&nbsp;such successor shall succeed to
and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer
and Swing Line Lender, (ii)&nbsp;the retiring L/C Issuer and Swing Line Lender shall be discharged from
all of their respective duties and obligations hereunder or under the other Loan Documents, and
(iii)&nbsp;the successor L/C Issuer shall issue letters of credit in substitution for the Letters of
Credit issued by the Administrative Agent, if any, outstanding at the time of such succession or
make other arrangements satisfactory to the retiring L/C Issuer effectively to assume the
obligations of the retiring L/C Issuer with respect to such Letters of Credit.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.11. <U>Administrative Agent May File Proofs of Claim</U>. In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to any Loan Party, the Administrative Agent
(irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable
as herein expressed or by declaration or otherwise and irrespective of whether the Administrative
Agent shall have made any demand on any Borrower) shall be entitled and empowered, by intervention
in such proceeding or otherwise:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file and prove a claim for the whole amount of the principal and interest owing
and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing
and unpaid and to file such other documents as may be necessary or advisable in order to
have the claims of the Lenders and the Administrative Agent (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Lenders and the
Administrative Agent and their respective agents and counsel and all other amounts due the
Lenders and the Administrative Agent under Sections&nbsp;2.03(i) and (j), 2.09 and 10.04) allowed
in such judicial proceeding; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to collect and receive any monies or other property payable or deliverable on any
such claims and to distribute the same;
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender to make such payments to the
Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the
reasonable compensation, expenses, disbursements and advances of the Agents and their respective
agents and counsel, and any other amounts due the Administrative Agent under Sections&nbsp;2.09 and
10.04.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">adjustment or composition affecting the Obligations or the rights of any Lender or to
authorize the Administrative Agent to vote in respect of the claim of any Lender in any such
proceeding.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.12. <U>Collateral and Guaranty Matters</U>. The Lenders irrevocably agree:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that any Lien on any property granted to or held by the Administrative Agent under
any Loan Document shall be automatically released (i)&nbsp;upon termination of the Aggregate
Commitments and payment in full of all Obligations (other than (x)&nbsp;obligations under Secured
Hedge Agreements not yet due and payable, (y)&nbsp;Cash Management Obligations not yet due and
payable and (z)&nbsp;contingent indemnification obligations not yet accrued and payable) and the
expiration or termination of all Letters of Credit (other than Letters of Credit in which
the Outstanding Amount of the L/C Obligations related thereto have been Cash Collateralized
or, if satisfactory to the relevant L/C Issuer in its sole discretion, for which a backstop
letter of credit is in place), (ii)&nbsp;at the time the property subject to such Lien is
transferred or to be transferred as part of or in connection with any transfer permitted
hereunder or under any other Loan Document to any Person other than a Loan Party (it being
understood that in the event that property that constitutes Collateral is transferred to any
Loan Party, such property shall continue to constitute Collateral under the Loan Documents),
(iii)&nbsp;subject to Section&nbsp;10.01, if the release of such Lien is approved, authorized or
ratified in writing by the Required Lenders, or (iv)&nbsp;if the property subject to such Lien is
owned by a Subsidiary Guarantor, upon release of such Subsidiary Guarantor from its
obligations under its Guaranty pursuant to clause (c)&nbsp;below;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to release or subordinate any Lien on any property granted to or held by the
Administrative Agent under any Loan Document to the holder of any Lien on such property that
is permitted by Section&nbsp;7.01(i); and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that any Subsidiary Guarantor shall be automatically released from its obligations
under the Guaranty if such Person ceases to be a Restricted Subsidiary as a result of a
transaction or designation permitted hereunder; provided that no such release shall occur if
such Guarantor continues to be a guarantor in respect of the New Senior Notes, or any Junior
Financing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon request by the Administrative Agent at any time, the Required Lenders will confirm in
writing the Administrative Agent&#146;s authority to release or subordinate its interest in particular
types or items of property, or to release any Subsidiary Guarantor from its obligations under the
Guaranty pursuant to this Section&nbsp;9.12. In each case as specified in this Section&nbsp;9.12, the
Administrative Agent will promptly (and each Lender irrevocably authorizes the Administrative Agent
to), at the Parent Borrower&#146;s expense, execute and deliver to the applicable Loan Party such
documents as such Loan Party may reasonably request to evidence the release or subordination of
such item of Collateral from the assignment and security interest granted under the Collateral
Documents, or to evidence the release of such Guarantor from its obligations under the Guaranty, in
each case in accordance with the terms of the Loan Documents and this Section&nbsp;9.12.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.13. <U>Other Agents; Arrangers and Managers</U>. Except as expressly provided
herein, none of the Lenders or other Persons identified on the facing page or signature pages of
this Agreement as a &#147;syndication agent,&#148; &#147;documentation agent,&#148; &#147;joint bookrunner&#148; or &#147;joint lead
arranger&#148; shall have any right, power, obligation, liability, responsibility or duty under this
Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none
of the Lenders or other Persons so identified shall have or be deemed to have any fiduciary
relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely,
on any of the Lenders or other Persons so identified in deciding to enter into this Agreement or in
taking or not taking action hereunder.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.14. <U>Appointment of Supplemental Administrative Agents</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;It is the purpose of this Agreement and the other Loan Documents that there shall be no
violation of any Law of any jurisdiction denying or restricting the right of banking corporations
or associations to transact business as agent or trustee in such jurisdiction. It is recognized
that in case of litigation under this Agreement or any of the other Loan Documents, and in
particular in case of the enforcement of any of the Loan Documents, or in case the Administrative
Agent deems that by reason of any present or future Law of any jurisdiction it may not exercise any
of the rights, powers or remedies granted herein or in any of the other Loan Documents or take any
other action which may be desirable or necessary in connection therewith, the Administrative Agent
is hereby authorized to appoint an additional individual or institution selected by the
Administrative Agent in its sole discretion as a separate trustee, co-trustee, administrative
agent, collateral agent, administrative sub-agent or administrative co-agent (any such additional
individual or institution being referred to herein individually as a &#147;<B>Supplemental Administrative
Agent</B>&#148; and collectively as &#147;<B>Supplemental Administrative Agents</B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In the event that the Administrative Agent appoints a Supplemental Administrative Agent
with respect to any Collateral, (i)&nbsp;each and every right, power, privilege or duty expressed or
intended by this Agreement or any of the other Loan Documents to be exercised by or vested in or
conveyed to the Administrative Agent with respect to such Collateral shall be exercisable by and
vest in such Supplemental Administrative Agent to the extent, and only to the extent, necessary to
enable such Supplemental Administrative Agent to exercise such rights, powers and privileges with
respect to such Collateral and to perform such duties with respect to such Collateral, and every
covenant and obligation contained in the Loan Documents and necessary to the exercise or
performance thereof by such Supplemental Administrative Agent shall run to and be enforceable by
either the Administrative Agent or such Supplemental Administrative Agent, and (ii)&nbsp;the provisions
of this Article&nbsp;IX and of Sections&nbsp;10.04 and 10.05 that refer to the Administrative Agent shall
inure to the benefit of such Supplemental Administrative Agent and all references therein to the
Administrative Agent shall be deemed to be references to the Administrative Agent and/or such
Supplemental Administrative Agent, as the context may require.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Should any instrument in writing from any Loan Party be required by any Supplemental
Administrative Agent so appointed by the Administrative Agent for more fully and certainly vesting
in and confirming to him or it such rights, powers, privileges and duties, the Parent Borrower or
Holdings, as applicable, shall, or shall cause such Loan Party to, execute, acknowledge and deliver
any and all such instruments promptly upon request by the Administrative Agent. In case any
Supplemental Administrative Agent, or a successor thereto, shall die, become incapable of acting,
resign or be removed, all the rights, powers, privileges and duties of such Supplemental
Administrative Agent, to the extent permitted by Law, shall vest in and be exercised by the
Administrative Agent until the appointment of a new Supplemental Administrative Agent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.15. <U>Intercreditor Agreement</U>. The Administrative Agent is authorized to
enter into the Intercreditor Agreement, and the parties hereto acknowledge that the Intercreditor
Agreement is binding upon them. Each Lender (a)&nbsp;hereby consents to the subordination of the Liens
on the Receivables Collateral securing the Obligations on the terms set forth in the Intercreditor
Agreement, (b)&nbsp;hereby agrees that it will be bound by and will take no actions contrary to the
provisions of the Intercreditor Agreement and (c)&nbsp;hereby authorizes and instructs the
Administrative Agent to enter into the Intercreditor Agreement and to subject the Liens on the
Receivables Collateral securing the Obligations to the provisions thereof. The foregoing
provisions are intended as an inducement to the ABL Secured Parties (as such term is defined in the
Intercreditor Agreement) to extend credit to the borrowers under the ABL Credit Agreement and such
ABL Secured Parties are intended third-party beneficiaries of such provisions and the provisions of
the Intercreditor Agreement.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.16. <U>Administrative Agent Dutch Claims; Dutch Secured Party Claims</U>. With
respect to any security interest in favor of the Administrative Agent for the benefit of the
Secured Parties which is created under any Collateral Document governed by the laws of the
Netherlands:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Dutch Loan Party must pay the Administrative Agent, as an independent and
separate creditor, an amount equal to each Dutch Secured Party Claim on its due date (the
&#147;<B>Administrative Agent Dutch Claim&#148;</B>).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent may enforce performance of any Administrative Agent Dutch
Claim in its own name as an independent and separate right. This includes any suit,
execution, enforcement of security, recovery of guarantees and applications for and voting
in respect of any kind of insolvency proceeding.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Secured Party must, at the request of the Administrative Agent, perform any
act required in connection with the enforcement of any Administrative Agent Dutch Claim.
This includes joining in any proceedings as co-claimant with the Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Dutch Loan Party irrevocably and unconditionally waives any right it may have
to require a Secured Party to join in any proceedings as co-claimant with the Administrative
Agent in respect of any Administrative Agent Dutch Claim.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i)&nbsp;Discharge by a Dutch Loan Party of a Secured Party Claim will discharge the
corresponding Administrative Agent Dutch Claim in the same amount and (ii)&nbsp;discharge by a
Dutch Loan Party of an Administrative Agent Dutch Claim will discharge the corresponding
Secured Party Claim in the same amount.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The aggregate amount of the Administrative Agent Dutch Claims will never exceed the
aggregate amount of the Secured Party Claims.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i)&nbsp;A defect affecting an Administrative Agent Dutch Claim against a Dutch Loan
Party will not affect any Secured Party Claim and (ii)&nbsp;a defect affecting a Secured Party
Claim against a Dutch Loan Party will not affect any Administrative Agent Dutch Claim.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE X</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Miscellaneous</B></U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.01. <U>Amendments, Etc</U>. Except as otherwise set forth in this Agreement, no
amendment or waiver of any provision of this Agreement or any other Loan Document (other than the
Intercreditor Agreement), and no consent to any departure by any Borrower or any other Loan Party
therefrom, shall be effective unless in writing signed by the Required Lenders and the Parent
Borrower or the applicable Loan Party, as the case may be, and each such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which given; <I>provided</I>
that, no such amendment, waiver or consent shall:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) extend or increase the Commitment of any Lender without the written consent of such
Lender (it being understood that a waiver of any condition precedent set forth in
Section&nbsp;4.02 or the waiver of any Default, mandatory prepayment or mandatory reduction of
the Commitments shall not constitute an extension or increase of any Commitment of any
Lender);
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) postpone any date scheduled for, or reduce the amount of, any payment of principal
or interest under Section&nbsp;2.07 or 2.08 or fee under Section&nbsp;2.03 or 2.09(a) without the
written consent of each Lender directly affected thereby, it being understood that the
waiver of (or amendment to the terms of) any mandatory prepayment of the Term Loans shall
not constitute a postponement of any date scheduled for the payment of principal or
interest;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reduce the principal of, or the rate of interest or premium specified herein on,
any Loan or L/C Borrowing, or (subject to clause (iii)&nbsp;of the second proviso to this
Section&nbsp;10.01) any fees or other amounts payable hereunder or under any other Loan Document
without the written consent of each Lender directly affected thereby, it being understood
that any change to the definition of Total Leverage Ratio or Secured Leverage Ratio or in
the component definitions thereof shall not constitute a reduction in the rate of interest;
provided that, only the consent of the Required Lenders shall be necessary to amend the
definition of &#147;Default Rate&#148; or to waive any obligation of any Borrower to pay interest at
the Default Rate;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) change any provision of this Section&nbsp;10.01, the definition of &#147;Required Lenders&#148; or
&#147;Required Facility Lenders&#148; or &#147;Pro Rata Share&#148; or any provision of the last sentence of
Section&nbsp;2.05(b)(v), 2.06(c) relating to pro rata sharing, 2.13 or 8.03 without the written
consent of each Lender affected thereby;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) release all or substantially all of the Collateral in any transaction or series of
related transactions, without the written consent of each Lender;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) other than in a transaction permitted under Section&nbsp;7.04, release all or
substantially all of the aggregate value of the Guaranty, without the written consent of
each Lender;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) change the currency in which any Loan is denominated or interest or fees thereon is
paid without the written consent of the Lender holding such Loans;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) waive any condition set forth in Section&nbsp;4.02 as to any Credit Extension under any
Revolving Credit Facility or under any Delayed Draw Term Loan Facility without the written
consent of the Required Facility Lenders under such Facility;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) change any provision of Section&nbsp;2.05(a)(iv) or 2.05(b)(v) without the written
consent of the Required Facility Lenders with respect to each of the Tranche A Term Loan
Facility, Tranche B Term Loan Facility, Tranche C Term Loan Facility, Delayed Draw 1 Term
Loan Facility and Delayed Draw 2 Term Loan Facility; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) amend the definition of &#147;Interest Period&#148; to allow intervals in excess of six
months or shorter than one month without the agreement of each affected Lender without the
written consent of each Lender affected thereby;
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">and <I>provided further </I>that (i)&nbsp;no amendment, waiver or consent shall, unless in writing and signed
by each L/C Issuer in addition to the Lenders required above, affect the rights or duties of a L/C
Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be
issued by it; (ii)&nbsp;no amendment, waiver or consent shall, unless in writing and signed by the Swing
Line Lender in addition to the Lenders required above, affect the rights or duties of the Swing
Line Lender under this Agreement; (iii)&nbsp;no amendment, waiver or consent shall, unless in writing
and signed by the Administrative Agent in addition to the Lenders required above, affect the rights
or duties of, or any fees or other amounts payable to, the Administrative Agent under this
Agreement or any other Loan Document; (iv)&nbsp;Section&nbsp;10.07(h) may not be amended, waived or otherwise
modified without the consent of each Granting Lender all or
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">any part of whose Loans are being funded by an SPC at the time of such amendment, waiver or other
modification; and (v)&nbsp;the consent of Required Facility Lenders shall be required with respect to
any amendment that by its terms adversely affects the rights of Lenders under such Facility in
respect of payments hereunder in a manner different than such amendment affects other Facilities.
Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to
approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of
such Lender may not be increased or extended without the consent of such Lender (it being
understood that any Commitments or Loans held or deemed held by any Defaulting Lender shall be
excluded for a vote of the Lenders hereunder requiring any consent of the Lenders).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No amendment or waiver of any provision of the Intercreditor Agreement shall be effective
unless consented to in writing by the Required Lenders, and each such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which given.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with
the written consent of the Required Lenders, the Administrative Agent and the Parent Borrower (a)
to add one or more additional credit facilities to this Agreement and to permit the extensions of
credit from time to time outstanding thereunder and the accrued interest and fees in respect
thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the
Term Loans and the Revolving Credit Loans and the accrued interest and fees in respect thereof and
(b)&nbsp;to include appropriately the Lenders holding such credit facilities in any determination of the
Required Lenders.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, notwithstanding the foregoing, this Agreement may be amended with the written
consent of the Administrative Agent, the Parent Borrower and the Lenders providing the Replacement
Term Loans (as defined below) to permit the refinancing of all outstanding Term Loans of a
particular Class (&#147;<B>Refinanced Term Loans</B>&#148;) with replacement term loans of such Class (&#147;<B>Replacement
Term Loans</B>&#148;) hereunder; <I>provided </I>that (a)&nbsp;the aggregate principal amount of such Replacement Term
Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans, (b)&nbsp;the
Applicable Rate with respect to such Replacement Term Loans (or similar interest rate spread
applicable to such Replacement Term Loans) shall not be higher than the Applicable Rate for such
Refinanced Term Loans (or similar interest rate spread applicable to such Refinanced Term Loans)
immediately prior to such refinancing, (c)&nbsp;the final maturity of such Replacement Term Loans shall
not be prior to the final maturity of such Refinanced Term Loans and the Weighted Average Life to
Maturity of such Replacement Term Loans shall not be shorter than the Weighted Average Life to
Maturity of such Refinanced Term Loans at the time of such refinancing (except by virtue of
amortization or prepayment of the Refinanced Term Loans prior to the time of such incurrence) and
(d)&nbsp;all other terms applicable to such Replacement Term Loans shall be substantially identical to,
or less favorable to the Lenders providing such Replacement Term Loans than, those applicable to
such Refinanced Term Loans, except to the extent necessary to provide for covenants and other terms
applicable to any period after the latest final maturity of the Term Loans in effect immediately
prior to such refinancing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Parent Borrower will not , directly or indirectly, pay or cause to be paid any
consideration, to or for the benefit of any Lender for or as an inducement to any consent, waiver
or amendment of any of the terms or provisions of this Agreement or any other Loan Document unless
such consideration is offered to be paid to all Lenders and is paid to all Lenders that consent,
waive or agree to amend in the time frame set forth in the documents relating to such consent,
waiver or agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.02. <U>Notices and Other Communications; Facsimile Copies</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<I>&nbsp;General</I>. Unless otherwise expressly provided herein, all notices and other communications
provided for hereunder or under any other Loan Document shall be in writing (including
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">by facsimile or electronic transmission). All such written notices shall be mailed, faxed or
delivered to the applicable address, facsimile number or electronic mail address, and all notices
and other communications expressly permitted hereunder to be given by telephone shall be made to
the applicable telephone number, as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if to any Borrower, any other Loan Party, the Administrative Agent, an L/C Issuer
or the Swing Line Lender, to the address, facsimile number, electronic mail address or
telephone number specified for such Person on <U>Schedule&nbsp;10.02</U> or to such other
address, facsimile number, electronic mail address or telephone number as shall be
designated by such party in a notice to the other parties; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if to any other Lender, to the address, facsimile number, electronic mail address
or telephone number specified in its Administrative Questionnaire or to such other address,
facsimile number, electronic mail address or telephone number as shall be designated by such
party in a notice to the Parent Borrower, the Administrative Agent, the L/C Issuers and the
Swing Line Lender.
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">All such notices and other communications shall be deemed to be given or made upon the earlier to
occur of (i)&nbsp;actual receipt by the relevant party hereto and (ii) (A)&nbsp;if delivered by hand or by
courier, when signed for by or on behalf of the relevant party hereto; (B)&nbsp;if delivered by mail,
four (4)&nbsp;Business Days after deposit in the mails, postage prepaid; (C)&nbsp;if delivered by facsimile,
when sent and receipt has been confirmed by telephone; (D)&nbsp;if delivered by electronic mail (which
form of delivery is subject to the provisions of Section&nbsp;10.02(c)), when delivered and (E)&nbsp;if
delivered by posting to a Platform, an Internet website or a similar telecommunication device
requiring that a user have prior access to such Platform, website or other device (to the extent
permitted by Section&nbsp;10.02(d) to be delivered thereunder), when such notice, demand, request,
consent and other communication shall have been made generally available on such Platform, Internet
website or similar device to the class of Person being notified (regardless of whether any such
Person must accomplish, and whether or not any such Person shall have accomplished, any action
prior to obtaining access to such items, including registration, disclosure of contact information,
compliance with a standard user agreement or undertaking a duty of confidentiality) and such Person
has been notified in respect of such posting that a communication has been posted to the Platform;
<I>provided </I>that notices and other communications to the Administrative Agent, the L/C Issuers and the
Swing Line Lender pursuant to Article&nbsp;II or Article&nbsp;IX shall not be effective until actually
received by such Person. In no event shall a voice mail message be effective as a notice,
communication or confirmation hereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<I>&nbsp;Effectiveness of Facsimile Documents and Signatures</I>. Loan Documents may be transmitted
and/or signed by facsimile or other electronic communication (i.e., TIF or PDF or other similar
communication). The effectiveness of any such documents and signatures shall, subject to
applicable Law, have the same force and effect as manually signed originals and shall be binding on
all Loan Parties, the Agents and the Lenders.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<I>&nbsp;Reliance by Agents and Lenders</I>. The Administrative Agent and the Lenders shall be
entitled to rely and act upon any notices (including telephonic Committed Loan Notices and Swing
Line Loan Notices) purportedly given by or on behalf of any Borrower even if (i)&nbsp;such notices were
not made in a manner specified herein, were incomplete or were not preceded or followed by any
other form of notice specified herein, or (ii)&nbsp;the terms thereof, as understood by the recipient,
varied from any confirmation thereof. Each Borrower, jointly and severally, shall indemnify each
Agent-Related Person and each Lender from all losses, costs, expenses and liabilities resulting
from the reliance by such Person on each notice purportedly given by or on behalf of such Borrower
in the absence of gross negligence or willful misconduct of such Person, as determined by a final
judgment of a court of competent
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">jurisdiction. All telephonic notices to the Administrative Agent may be recorded by the
Administrative Agent, and each of the parties hereto hereby consents to such recording.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Notwithstanding clause (a) (unless the Administrative Agent requests that the provisions
of clause (a)&nbsp;be followed) and any other provision in this Agreement or any other Loan Document
providing for the delivery of any Approved Electronic Communication by any other means, the Loan
Parties shall deliver all Approved Electronic Communications to the Administrative Agent by
properly transmitting such Approved Electronic Communications in an electronic/soft medium in a
format acceptable to the Administrative Agent to <U>oploanswebadmin@citigroup.com</U> or such
other electronic mail address (or similar means of electronic delivery) as the Administrative Agent
may notify to the Parent Borrower. Nothing in this clause (d)&nbsp;shall prejudice the right of the
Administrative Agent or any Lender to deliver any Approved Electronic Communication to any Loan
Party in any manner authorized in this Agreement or to request that the Parent Borrower effect
delivery in such manner.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.03. <U>No Waiver; Cumulative Remedies</U>. No failure by any Lender or the
Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy,
power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof;
nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges herein provided, and provided under each
other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and
privileges provided by Law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.04. <U>Attorney Costs and Expenses</U>. (a)&nbsp;The Parent Borrower agrees if the
Closing Date occurs, to pay or reimburse the Administrative Agent, the Syndication Agents the
Documentation Agent and the Arrangers for all reasonable and documented out-of-pocket costs and
expenses incurred in connection with the preparation, negotiation, syndication and execution of
this Agreement and the other Loan Documents and any amendment, waiver, consent or other
modification of the provisions hereof and thereof (whether or not the transactions contemplated
thereby are consummated), and the consummation and administration of the transactions contemplated
hereby and thereby, including all Attorney Costs of Cahill Gordon &#038; Reindel <FONT style="font-variant: SMALL-CAPS">llp</FONT> and one
local and foreign counsel in each relevant jurisdiction, and (b)&nbsp;each Borrower agrees, jointly and
severally, to pay or reimburse the Administrative Agent and the Lenders for all reasonable and
documented out-of-pocket costs and expenses incurred in connection with the enforcement of any
rights or remedies under this Agreement or the other Loan Documents (including all such costs and
expenses incurred during any legal proceeding, including any proceeding under any Debtor Relief
Law, and including Attorney Costs but limited to those of one counsel to the Administrative Agent
and the Lenders (and one local counsel in each applicable jurisdiction and, in the event of any
actual conflict of interest, one additional counsel to the affected parties). The agreements in
this Section&nbsp;10.04 shall survive the termination of the Aggregate Commitments and repayment of all
other Obligations. All amounts due under this Section&nbsp;10.04 shall be paid promptly following
receipt by the Parent Borrower of an invoice relating thereto setting forth such expenses in
reasonable detail. If any Loan Party fails to pay when due any costs, expenses or other amounts
payable by it hereunder or under any Loan Document, such amount may be paid on behalf of such Loan
Party by the Administrative Agent in its sole discretion.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.05. <U>Indemnification by the Borrowers</U>. Each Borrower shall, jointly and
severally, indemnify and hold harmless the Administrative Agent, each Lender, the Arrangers and
their respective Affiliates, directors, officers, employees, agents, trustees or advisors
(collectively the &#147;<B>Indemnitees</B>&#148;) from and against any and all liabilities, obligations, losses,
damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements
(including Attorney Costs, which shall be limited to Attorney Costs of one counsel to the
Administrative Agent and Arrangers and one counsel to the other Lenders (and one local counsel in
each applicable jurisdiction for each such group and, in the
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">event of any actual conflict of interest, one additional counsel to the affected parties)) of
any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against
any such Indemnitee in any way relating to or arising out of or in connection with (a)&nbsp;the
execution, delivery, enforcement, performance or administration of any Loan Document or any other
agreement, letter or instrument delivered in connection with the transactions contemplated thereby
or the consummation of the transactions contemplated thereby, (b)&nbsp;any Commitment, Loan or Letter of
Credit or the use or proposed use of the proceeds therefrom (including any refusal by an L/C Issuer
to honor a demand for payment under a Letter of Credit if the documents presented in connection
with such demand do not strictly comply with the terms of such Letter of Credit), or (c)&nbsp;any actual
or alleged presence or Release or threat of Release of Hazardous Materials on, at, under or from
any property or facility currently or formerly owned or operated by any Borrower, any Subsidiary or
any other Loan Party, or any Environmental Liability arising out of the activities or operations of
any Borrower, any Subsidiary or any other Loan Party, or (d)&nbsp;any actual or prospective claim,
litigation, investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory (including any investigation of, preparation for, or defense of
any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether
any Indemnitee is a party thereto (all the foregoing, collectively, the &#147;<B>Indemnified Liabilities</B>&#148;);
<I>provided </I>that such indemnity shall not, as to any Indemnitee, be available to the extent that such
liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits,
costs, expenses or disbursements resulted from (x)&nbsp;the gross negligence, bad faith or willful
misconduct, as determined by the final, non-appealable judgment of a court of competent
jurisdiction, of such Indemnitee or of any affiliate, director, officer, member, employee, agent,
trustee or advisor of such Indemnitee or (y)&nbsp;a breach of any obligations under any Loan Document by
such Indemnitee or of any affiliate, director, officer, employee, agent, trustee or advisor of such
Indemnitee as determined by the final, non-appealable judgment of a court of competent
jurisdiction. To the extent that the undertakings to indemnify and hold harmless set forth in this
Section&nbsp;10.05 may be unenforceable in whole or in part because they are violative of any applicable
law or public policy, the Borrowers shall contribute the maximum portion that it is permitted to
pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities
incurred by the Indemnitees or any of them. No Indemnitee shall be liable for any damages arising
from the use by others of any information or other materials obtained through IntraLinks or other
similar information transmission systems in connection with this Agreement, nor shall any
Indemnitee or any Loan Party have any liability for any special, punitive, indirect or
consequential damages relating to this Agreement or any other Loan Document or arising out of its
activities in connection herewith or therewith (whether before or after the Closing Date). In the
case of an investigation, litigation or other proceeding to which the indemnity in this
Section&nbsp;10.05 applies, such indemnity shall be effective whether or not such investigation,
litigation or proceeding is brought by any Loan Party, its directors, stockholders or creditors or
an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto and
whether or not any of the transactions contemplated hereunder or under any of the other Loan
Documents is consummated. All amounts due under this Section&nbsp;10.05 shall be paid within 10
Business Days after written demand therefor. The agreements in this Section&nbsp;10.05 shall survive
the resignation of the Administrative Agent, the replacement of any Lender, the termination of the
Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.06. <U>Payments Set Aside</U>. To the extent that any payment by or on behalf of
the Borrowers is made to any Agent or any Lender, or any Agent or any Lender exercises its right of
setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant
to any settlement entered into by such Agent or such Lender in its discretion) to be repaid to a
trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law
or otherwise, then (a)&nbsp;to the extent of such recovery, the obligation or part thereof originally
intended to be satisfied shall be revived and continued in full force and effect as if such payment
had not been made or such setoff had not occurred, and (b)&nbsp;each Lender severally agrees to pay to
the Administrative Agent upon demand its applicable share
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">of any amount so recovered from or repaid by any Agent, plus interest thereon from the date of
such demand to the date such payment is made at a rate per annum equal to the applicable Overnight
Rate from time to time in effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.07. <U>Successors and Assigns</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby, except that neither
Holdings nor any Borrower may, except as permitted by Section&nbsp;7.04, assign or otherwise transfer
any of its rights or obligations hereunder without the prior written consent of the Administrative
Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or
obligations hereunder except (i)&nbsp;to an Eligible Assignee, (ii)&nbsp;by way of participation in
accordance with the provisions of Section&nbsp;10.07(e), (iii)&nbsp;by way of pledge or assignment of a
security interest subject to the restrictions of Sections&nbsp;10.07(g) and 10.07(i) or (iv)&nbsp;to an SPC
in accordance with the provisions of Section&nbsp;10.07(h) (and any other attempted assignment or
transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or
implied, shall be construed to confer upon any Person (other than the parties hereto, and their
respective successors and assigns permitted hereby, Participants to the extent provided in
Section&nbsp;10.07(e) and, to the extent expressly contemplated hereby, the Indemnitees) any legal or
equitable right, remedy or claim under or by reason of this Agreement; <U>provided</U>,
<U>however</U>, that the Parent Borrower (both prior to and after the consummation of the Merger)
shall be deemed to be a third-party beneficiary of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;(i)&nbsp;Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign
to one or more Persons (&#147;<B>Assignees</B>&#148;) all or a portion of its rights and obligations under this
Agreement (including all or a portion of its Commitment and the Loans (including for purposes of
this Section&nbsp;10.07(b), participations in L/C Obligations and in Swing Line Loans) at the time owing
to it) with the prior written consent (such consent not to be unreasonably withheld or delayed, it
being understood that the Parent Borrower shall have the right to withhold its consent if the
Parent Borrower would be required to obtain the consent of, or make a filing or registration with,
a Governmental Agency) of:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Parent Borrower, <I>provided </I>that no consent of the Parent Borrower shall be
required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an
Event of Default under Section&nbsp;8.01(a) or, solely with respect to any Borrower, Section
8.01(f) has occurred and is continuing, any Assignee;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Administrative Agent; <I>provided </I>that no consent of the Administrative Agent
shall be required for an assignment of all or any portion of a Term Loan to another Lender,
an Affiliate of a Lender or an Approved Fund;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) solely in the case of any assignment under any Revolving Credit Facility under
which such Person is a Principal L/C Issuer, each Principal L/C Issuer at the time of such
assignment, <I>provided </I>that no consent of any Principal L/C Issuer shall be required for an
assignment to an Agent or any Affiliate thereof; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) in the case of any assignment of any of the Dollar Revolving Credit Facility, the
Swing Line Lender; <I>provided </I>that no consent of the Swing Line Lender shall be required for
an assignment of all or any portion of the Dollar Revolving Credit Loans to another Dollar
Revolving Credit Lender.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Assignments shall be subject to the following additional conditions:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an
Approved Fund or an assignment of the entire remaining amount of the assigning Lender&#146;s
Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning
Lender subject to each such assignment (determined as of the date the Assignment and
Assumption with respect to such assignment is delivered to the Administrative Agent or such
other date on which such Assignment and Assumption is effective) shall not be less than and
shall be an integral multiple of (x)&nbsp;a Dollar Amount of $5,000,000 (in the case of the
Revolving Credit Facilities) or (y) $1,000,000 (in the case of a Term Loan) unless each of
the Parent Borrower and the Administrative Agent otherwise consents, <I>provided </I>that (1)&nbsp;no
such consent of the Parent Borrower shall be required if an Event of Default under
Section&nbsp;8.01(a) or, solely with respect to any Borrower, Section&nbsp;8.01(f) has occurred and is
continuing and (2)&nbsp;such amounts shall be aggregated in respect of each Lender and its
Affiliates or Approved Funds, if any;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Assumption, together with a processing and recordation fee of
$3,500; <I>provided </I>that the Administrative Agent may, in its sole discretion, elect to waive
such processing and recordation fee in the case of any Assignment;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Assignee, if it shall not be a Lender, shall deliver to the Administrative
Agent an Administrative Questionnaire; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Assignee shall comply with Section&nbsp;3.01(b) and (c)&nbsp;or Section&nbsp;3.01(d), as
applicable.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This paragraph (b)&nbsp;shall not prohibit any Lender from assigning all or a portion of its rights
and obligations among separate Facilities on a non-pro rata basis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Subject to acceptance and recording thereof by the Administrative Agent pursuant to
Section&nbsp;10.07(d), from and after the effective date specified in each Assignment and Assumption,
the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the
interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender
under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest
assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender&#146;s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue
to be entitled to the benefits of Sections&nbsp;3.01, 3.04, 3.05, 10.04 and 10.05 with respect to facts
and circumstances occurring prior to the effective date of such assignment). Upon request, and the
surrender by the assigning Lender of its Note, the relevant Borrower (at its expense) shall execute
and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this clause (c)&nbsp;shall be treated for
purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with Section&nbsp;10.07(e).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Administrative Agent, acting solely for this purpose as an agent of the Borrowers,
shall maintain at the Administrative Agent&#146;s Office a copy of each Assignment and Assumption
delivered to it and a register for the recordation of the names and addresses of the Lenders, and
the Commitments of, and principal amounts (and related interest amounts) of the Loans, L/C
Obligations (specifying the Unreimbursed Amounts), L/C Borrowings and amounts due under
Section&nbsp;2.03, owing to, each Lender pursuant to the terms hereof from time to time (the
&#147;<B>Register</B>&#148;). The entries in the Register shall be conclusive, absent manifest error, and the
Borrowers, the Agents and the Lenders shall treat each Person
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder
for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by the Parent Borrower, any Agent and, with respect to itself, any Lender,
at any reasonable time and from time to time upon reasonable prior notice.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Any Lender may at any time, without the consent of, or notice to, the Parent Borrower or
the Administrative Agent, sell participations to any Person (other than a natural person) (each, a
&#147;<B>Participant</B>&#148;) in all or a portion of such Lender&#146;s rights and/or obligations under this Agreement
(including all or a portion of its Commitment and/or the Loans (including such Lender&#146;s
participations in L/C Obligations and/or Swing Line Loans) owing to it); <I>provided </I>that (i)&nbsp;such
Lender&#146;s obligations under this Agreement shall remain unchanged, (ii)&nbsp;such Lender shall remain
solely responsible to the other parties hereto for the performance of such obligations and (iii)
the Borrowers, the Agents and the other Lenders shall continue to deal solely and directly with
such Lender in connection with such Lender&#146;s rights and obligations under this Agreement. Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that
such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and
to approve any amendment, modification or waiver of any provision of this Agreement or the other
Loan Documents; <I>provided </I>that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, waiver or other modification
described in the first proviso to Section&nbsp;10.01 that directly affects such Participant. Subject to
Section&nbsp;10.07(f), the Borrowers agree that each Participant shall be entitled to the benefits of
Sections&nbsp;3.01 (subject to the requirements of Section&nbsp;3.01(b) and (c)&nbsp;or Section&nbsp;3.01(d), as
applicable), 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest
by assignment pursuant to Section&nbsp;10.07(c). To the extent permitted by applicable Law, each
Participant also shall be entitled to the benefits of Section&nbsp;10.10 as though it were a Lender;
<I>provided </I>that such Participant agrees to be subject to Section&nbsp;2.13 as though it were a Lender.
Each Lender that sells a participation shall, acting solely for this purpose as an agent of the
Borrowers, maintain a register on which it enters the name and address of each Participant and the
principal amounts (and stated interest) of each participant&#146;s interest in the Loans or other
obligations under this Agreement (the &#147;<B>Participant Register</B>&#148;). The entries in the Participant
Register shall be conclusive absent manifest error, and such Lender shall treat each person whose
name is recorded in the Participant Register as the owner of the participation in question for all
purposes of this Agreement notwithstanding any notice to the contrary.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;A Participant shall not be entitled to receive any greater payment under Section&nbsp;3.01,
3.04 or 3.05 than the applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, unless, in the case of Section&nbsp;3.01, the sale of the
participation to such Participant is made with the Parent Borrower&#146;s prior written consent (not to
be unreasonably withheld or delayed).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement (including under its Note, if any) to secure obligations of such
Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank;
<I>provided </I>that no such pledge or assignment shall release such Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Notwithstanding anything to the contrary contained herein, any Lender (a &#147;<B>Granting
Lender</B>&#148;) may grant to a special purpose funding vehicle identified as such in writing from time to
time by the Granting Lender to the Administrative Agent and the Parent Borrower (an &#147;<B>SPC</B>&#148;) the
option to provide all or any part of any Loan that such Granting Lender would otherwise be
obligated to make pursuant to this Agreement; <I>provided </I>that (i)&nbsp;nothing herein shall constitute a
commitment by any SPC to fund any Loan, and (ii)&nbsp;if an SPC elects not to exercise such option or
otherwise fails to make all or any part of such Loan, the Granting Lender shall be obligated to
make such Loan pursuant to the terms
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">hereof. Each party hereto hereby agrees that (i)&nbsp;neither the grant to any SPC nor the
exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or
change the obligations of the Borrowers under this Agreement (including their obligations under
Section&nbsp;3.01, 3.04 or 3.05), except, in the case of Section&nbsp;3.01, the increase or change results
from a Change in Law after the SPC becomes a SPC and the grant was made with the Parent Borrower&#146;s
prior written consent (not to be unreasonably withheld or delayed), (ii)&nbsp;no SPC shall be liable for
any indemnity or similar payment obligation under this Agreement for which a Lender would be
liable, and (iii)&nbsp;the Granting Lender shall for all purposes, including the approval of any
amendment, waiver or other modification of any provision of any Loan Document, remain the lender of
record hereunder. The making of a Loan by an SPC hereunder shall utilize the Commitment of the
Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender.
Notwithstanding anything to the contrary contained herein, any SPC may (i)&nbsp;with notice to, but
without prior consent of the Parent Borrower and the Administrative Agent and with the payment of a
processing fee of $3,500, assign all or any portion of its right to receive payment with respect to
any Loan to the Granting Lender and (ii)&nbsp;disclose on a confidential basis any non-public
information relating to its funding of Loans to any rating agency, commercial paper dealer or
provider of any surety or Guarantee or credit or liquidity enhancement to such SPC.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Notwithstanding anything to the contrary contained herein, (1)&nbsp;any Lender may in
accordance with applicable Law create a security interest in all or any portion of the Loans owing
to it and the Note, if any, held by it and (2)&nbsp;any Lender that is a Fund may create a security
interest in all or any portion of the Loans owing to it and the Note, if any, held by it to the
trustee for holders of obligations owed, or securities issued, by such Fund as security for such
obligations or securities; <I>provided </I>that unless and until such trustee actually becomes a Lender in
compliance with the other provisions of this Section&nbsp;10.07, (i)&nbsp;no such pledge shall release the
pledging Lender from any of its obligations under the Loan Documents and (ii)&nbsp;such trustee shall
not be entitled to exercise any of the rights of a Lender under the Loan Documents even though such
trustee may have acquired ownership rights with respect to the pledged interest through foreclosure
or otherwise.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;Notwithstanding anything to the contrary contained herein, any L/C Issuer or the Swing
Line Lender may, upon thirty (30)&nbsp;days&#146; prior notice to the Parent Borrower and the Lenders, resign
as an L/C Issuer or the Swing Line Lender, respectively; <I>provided </I>that on or prior to the
expiration of such 30-day period with respect to such resignation, the relevant L/C Issuer or the
Swing Line Lender shall have identified, in consultation with the Parent Borrower, a successor L/C
Issuer or the Swing Line Lender willing to accept its appointment as successor L/C Issuer or Swing
Line Lender, as applicable. In the event of any such resignation of an L/C Issuer or the Swing
Line Lender, the Parent Borrower shall be entitled to appoint from among the Lenders willing to
accept such appointment a successor L/C Issuer or Swing Line Lender hereunder; <I>provided </I>that no
failure by the Parent Borrower to appoint any such successor shall affect the resignation of the
relevant L/C Issuer or the Swing Line Lender, as the case may be. If an L/C Issuer resigns as an
L/C Issuer, it shall retain all the rights and obligations of an L/C Issuer hereunder with respect
to all Letters of Credit outstanding as of the effective date of its resignation as an L/C Issuer
and all L/C Obligations with respect thereto (including the right to require the Lenders to make
Loans or fund risk participations in Unreimbursed Amounts pursuant to Section&nbsp;2.03(c)). If the
Swing Line Lender resigns as Swing Line Lender, it shall retain all the rights of the Swing Line
Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the
effective date of such resignation, including the right to require the Lenders to make Base Rate
Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section&nbsp;2.04(c).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.08. <U>Confidentiality</U>. Each of the Agents and the Lenders agrees to maintain
the confidentiality of the Information, and to not use or disclose such Information, except that
Information may be disclosed (a)&nbsp;to its Affiliates and its and its Affiliates&#146; respective managers,
administrators, directors, officers, employees, trustees, investment advisors, partners, advisors,
agents and other representatives,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> including accountants, legal counsel and other advisors (it being understood that the
Persons to whom such disclosure is made shall be informed of the confidential nature of such
Information and instructed to keep such Information confidential); (b)&nbsp;to the extent required by
applicable Laws or regulations or by any subpoena or similar legal process; (c)&nbsp;to any other party
to this Agreement or the Intercreditor Agreement; (d)&nbsp;subject to an agreement to be bound by
provisions substantially the same as those of this Section&nbsp;10.08 (or as may otherwise be reasonably
acceptable to the Parent Borrower), to any pledgee referred to in Section&nbsp;10.07(g), Eligible
Assignee of or Participant in, or any prospective Eligible Assignee or pledgee of or Participant
in, any of its rights or obligations under this Agreement or to any actual or prospective party (or
its managers, administrators, trustees, partners, directors, officers, employees, agents, advisors
and other representatives) to any swap or derivative or similar transaction under which payments
are to be made by reference to the Borrowers and their obligations, this Agreement or payments
hereunder, any rating agency, or the CUSIP Service Bureau or any similar organization; (e)&nbsp;with the
written consent of the Parent Borrower; (f)&nbsp;to the extent such Information becomes publicly
available other than as a result of a breach of this Section&nbsp;10.08 or becomes available to the
Administrative Agent, any Lender, the Issuing Bank or any of their respective affiliates on a
nonconfidential basis from a source other than a Loan Party who is not known to such Person to be
in breach of any obligation of confidentiality; (g)&nbsp;to any Governmental Authority, examiner,
self-regulatory authority or other regulatory authority (including the National Association of
Insurance Commissioners or any other similar organization) regulating or purporting to regulate any
Lender; or (h)&nbsp;in connection with the administration of this Agreement or any other Loan Documents
or the exercise of any remedies hereunder or under any other Loan Document or any action or
proceeding relating to this Agreement or any other Loan Document or the enforcement of rights
hereunder or thereunder. In addition, the Agents and the Lenders may disclose the existence of
this Agreement and information about this Agreement to market data collectors, similar service
providers to the lending industry, and service providers to the Agents and the Lenders in
connection with the administration and management of this Agreement, the other Loan Documents, the
Commitments, and the Credit Extensions. For the purposes of this Section&nbsp;10.08, &#147;<B>Information</B>&#148;
means all information received from or on behalf of any Loan Party or its Subsidiaries or any Loan
Party&#146;s or its Subsidiaries&#146; directors, officers, employees, trustees, investment advisors or
agents, including accountants, legal counsel and other advisors, relating to Holdings, the
Borrowers or any of their subsidiaries or their respective businesses, other than any such
information that is publicly available to any Agent or any Lender prior to disclosure by any Loan
Party other than as a result of a breach of this Section&nbsp;10.08; <I>provided </I>that, in the case of
information received from a Loan Party after the date hereof, such information is clearly
identified at the time of delivery as confidential or (ii)&nbsp;is delivered pursuant to Section&nbsp;6.01,
6.02 or 6.03 hereof. Any Person required to maintain the confidentiality of Information as
provided in this Section shall be considered to have complied with its obligation to do so if such
Person has exercised the same degree of care to maintain the confidentiality of such Information as
such Person would accord to its own confidential information.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.09. <U>Treatment of Information</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Certain of the Lenders may enter into this Agreement and take or not take action hereunder
or under the other Loan Documents on the basis of information that does not contain material
non-public information with respect to any of the Loan Parties or their securities (&#147;<B>Restricting
Information</B>&#148;). Other Lenders may enter into this Agreement and take or not take action hereunder
or under the other Loan Documents on the basis of information that may contain Restricting
Information. Each Lender acknowledges that United States federal and state securities laws
prohibit any person from purchasing or selling securities on the basis of material, non-public
information concerning the issuer of such securities or, subject to certain limited exceptions,
from communicating such information to any other Person. Neither the Administrative Agent nor any
of its Affiliates shall, by making any Communications (including Restricting Information) available
to a Lender, by participating in any conversations or other interactions with a Lender or
otherwise, make or be deemed to make any statement with regard to or otherwise
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> warrant that any such information or Communication does or does not contain Restricting
Information nor shall the Administrative Agent or any of its Affiliates be responsible or liable in
any way for any decision a Lender may make to limit or to not limit its access to Restricting
Information. In particular, none of the Administrative Agent nor any of its Affiliates (i)&nbsp;shall
have, and the Administrative Agent, on behalf of itself and each of its Affiliates, hereby
disclaims, any duty to ascertain or inquire as to whether or not a Lender has or has not limited
its access to Restricting Information, such Lender&#146;s policies or procedures regarding the
safeguarding of material, nonpublic information or such Lender&#146;s compliance with applicable laws
related thereto or (ii)&nbsp;shall have, or incur, any liability to any Loan Party or Lender or any of
their respective Affiliates arising out of or relating to the Administrative Agent or any of its
Affiliates providing or not providing Restricting Information to any Lender.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Lender acknowledges that circumstances may arise that require it to refer to
Communications that might contain Restricting Information. Accordingly, each Lender agrees that it
will nominate at least one designee to receive Communications (including Restricting Information)
on its behalf and identify such designee (including such designee&#146;s contact information) on such
Lender&#146;s Administrative Questionnaire. Each Lender agrees to notify the Administrative Agent from
time to time of such Lender&#146;s designee&#146;s e-mail address to which notice of the availability of
Restricting Information may be sent by electronic transmission.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Each Lender acknowledges that Communications delivered hereunder and under the other Loan
Documents may contain Restricting Information and that such Communications are available to all
Lenders generally. Each Lender that elects not to take access to Restricting Information does so
voluntarily and, by such election, acknowledges and agrees that the Administrative Agent and other
Lenders may have access to Restricting Information that is not available to such electing Lender.
None of the Administrative Agent nor any Lender with access to Restricting Information shall have
any duty to disclose such Restricting Information to such electing Lender or to use such
Restricting Information on behalf of such electing Lender, and shall not be liable for the failure
to so disclose or use, such Restricting Information.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The provisions of the foregoing clauses of this Section&nbsp;10.09 are designed to assist the
Administrative Agent, the Lenders and the Loan Parties, in complying with their respective
contractual obligations and applicable law in circumstances where certain Lenders express a desire
not to receive Restricting Information notwithstanding that certain Communications hereunder or
under the other Loan Documents or other information provided to the Lenders hereunder or thereunder
may contain Restricting Information. Neither the Administrative Agent nor any of its Affiliates
warrants or makes any other statement with respect to the adequacy of such provisions to achieve
such purpose nor does the Administrative Agent or any of its Affiliates warrant or make any other
statement to the effect that an Loan Party&#146;s or Lender&#146;s adherence to such provisions will be
sufficient to ensure compliance by such Loan Party or Lender with its contractual obligations or
its duties under applicable law in respect of Restricting Information and each of the Lenders and
each Loan Party assumes the risks associated therewith.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.10. <U>Setoff</U>. In addition to any rights and remedies of the Lenders provided
by Law, upon the occurrence and during the continuance of any Event of Default, each Lender and its
Affiliates and each L/C Issuer and its Affiliates is authorized at any time and from time to time,
without prior notice to any Borrower or any other Loan Party, any such notice being waived by the
Borrowers (on its own behalf and on behalf of each Loan Party and its Subsidiaries) to the fullest
extent permitted by applicable Law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final) at any time held by, and other Indebtedness at any time owing
to, such Lender and its Affiliates or such L/C Issuer and its Affiliates, as the case may be, to or
for the credit or the account of the respective Loan Parties and their Restricted Subsidiaries
against any and all Obligations owing to such Lender and its Affiliates or such L/C Issuer and its
Affiliates hereunder or under any other Loan Document, now
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">or hereafter existing, irrespective of whether or not such Agent or such Lender or Affiliate
shall have made demand under this Agreement or any other Loan Document and although such
Obligations may be contingent or unmatured or denominated in a currency different from that of the
applicable deposit or Indebtedness. Notwithstanding anything to the contrary contained herein, no
Lender or its Affiliates and no L/C Issuer or its Affiliates shall have a right to set off and
apply any deposits held or other Indebtedness owing by such Lender or its Affiliates or such L/C
Issuer or its Affiliates, as the case may be, to or for the credit or the account of any Subsidiary
of a Loan Party which is not a &#147;United States person&#148; within the meaning of Section&nbsp;7701(a)(30) of
the Code unless such Subsidiary is not a direct or indirect subsidiary of Holdings. Each Lender
and L/C Issuer agrees promptly to notify the Parent Borrower and the Administrative Agent after any
such set off and application made by such Lender or L/C Issuer, as the case may be; <I>provided </I>that
the failure to give such notice shall not affect the validity of such setoff and application. The
rights of the Administrative Agent, each Lender and each L/C Issuer under this Section&nbsp;10.10 are in
addition to other rights and remedies (including other rights of setoff) that the Administrative
Agent, such Lender and such L/C Issuer may have.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.11. <U>Interest Rate Limitation</U>. Notwithstanding anything to the contrary
contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents
shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the
&#147;<B>Maximum Rate</B>&#148;). If any Agent or any Lender shall receive interest in an amount that exceeds the
Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds
such unpaid principal, refunded to the relevant Borrower. In determining whether the interest
contracted for, charged, or received by an Agent or a Lender exceeds the Maximum Rate, such Person
may, to the extent permitted by applicable Law, (a)&nbsp;characterize any payment that is not principal
as an expense, fee, or premium rather than interest, (b)&nbsp;exclude voluntary prepayments and the
effects thereof, and (c)&nbsp;amortize, prorate, allocate, and spread in equal or unequal parts the
total amount of interest throughout the contemplated term of the Obligations hereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.12. <U>Counterparts</U>. This Agreement and each other Loan Document may be
executed in one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. Delivery by facsimile or electronic
transmission of an executed counterpart of a signature page to this Agreement and each other Loan
Document shall be effective as delivery of an original executed counterpart of this Agreement and
such other Loan Document. The Agents may also require that any such documents and signatures
delivered by facsimile or electronic transmission be confirmed by a manually signed original
thereof; <I>provided </I>that the failure to request or deliver the same shall not limit the effectiveness
of any document or signature delivered by facsimile or electronic transmission.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.13. <U>Integration</U>. This Agreement, together with the other Loan Documents,
comprises the complete and integrated agreement of the parties on the subject matter hereof and
thereof and supersedes all prior agreements, written or oral, on such subject matter. In the event
of any conflict between the provisions of this Agreement and those of any other Loan Document, the
provisions of this Agreement shall control.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.14. <U>Survival of Representations and Warranties</U>. All representations and
warranties made hereunder and in any other Loan Document or other document delivered pursuant
hereto or thereto or in connection herewith or therewith shall survive the execution and delivery
hereof and thereof, and shall continue in full force and effect as long as any Loan or any other
Obligation (other than Secured Hedge Agreements, Cash Management Obligations and other Obligations
that are not accrued and payable) hereunder shall remain unpaid or unsatisfied or any Letter of
Credit (other than any Letter of Credit that has been Cash Collateralized or, if satisfactory to
the L/C Issuer in its sole discretion, for which a backstop letter of credit is in place) shall
remain outstanding.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.15. <U>Severability</U>. If any provision of this Agreement or the other Loan
Documents is held to be illegal, invalid or unenforceable, the legality, validity and
enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not
be affected or impaired thereby and the intent of such illegal, invalid or unenforceable provision
shall be followed as closely as legally possible. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.16. <U>GOVERNING LAW</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (EXCEPT AS OTHERWISE EXPRESSLY PROVIDED THEREIN).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;ANY LEGAL ACTION OR PROCEEDING ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED
WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO
ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR
HEREAFTER ARISING, MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY
OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF
THIS AGREEMENT, EACH PARTY HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE
NON-EXCLUSIVE JURISDICTION OF THOSE COURTS AND THE APPELLATE COURTS THEREOF. TO THE EXTENT
PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY
OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW
OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF
ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO. EACH PARTY HERETO IRREVOCABLY CONSENTS TO
SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS IN
THE MANNER PROVIDED FOR NOTICES (OTHER THAN TELEPHONE, FACSIMILE OR ELECTRONIC TRANSMISSION) IN
SECTION 10.02. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY
PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.17. <U>WAIVER OF RIGHT TO TRIAL BY JURY</U>. TO THE EXTENT PERMITTED BY
APPLICABLE LAW, EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF
ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY
CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH
RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW
EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY
HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED
BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL
COUNTERPART OR A COPY OF THIS SECTION 10.17 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF
THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.18. <U>Binding Effect</U>. This Agreement shall become effective when it shall
have been executed by the Borrowers, Holdings and the Administrative Agent and the Administrative
Agent shall have been notified by each Lender, Swing Line Lender and L/C Issuer that each such
Lender,
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Swing Line Lender and L/C Issuer has executed it and thereafter shall be binding upon and
inure to the benefit of the Borrowers, Holdings, each Agent and each Lender and their respective
successors and assigns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.19. <U>Judgment Currency</U>. If, for the purposes of obtaining judgment in any
court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency
into another currency, the rate of exchange used shall be that at which in accordance with normal
banking procedures the Administrative Agent could purchase the first currency with such other
currency on the Business Day preceding that on which final judgment is given. The obligation of
the Borrowers in respect of any such sum due from it to the Administrative Agent or the Lenders
hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the
&#147;<B>Judgment Currency</B>&#148;) other than that in which such sum is denominated in accordance with the
applicable provisions of this Agreement (the &#147;<B>Agreement Currency</B>&#148;), be discharged only to the
extent that on the Business Day following receipt by the Administrative Agent of any sum adjudged
to be so due in the Judgment Currency, the Administrative Agent may in accordance with normal
banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of
the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent
from any Borrower in the Agreement Currency, such Borrower agrees, as a separate obligation and
notwithstanding any such judgment, to indemnify the Administrative Agent or the Person to whom such
obligation was owing against such loss. If the amount of the Agreement Currency so purchased is
greater than the sum originally due to the Administrative Agent in such currency, the
Administrative Agent agrees to return the amount of any excess to such Borrower (or to any other
Person who may be entitled thereto under applicable Law).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.20. <U>Lender Action</U>. Each Lender agrees that it shall not take or institute
any actions or proceedings, judicial or otherwise, for any right or remedy against any Loan Party
under any of the Loan Documents or the Secured Hedge Agreements or agreements governing Cash
Management Obligations (including the exercise of any right of setoff, rights on account of any
banker&#146;s lien or similar claim or other rights of self-help), or institute any actions or
proceedings, or otherwise commence any remedial procedures, with respect to any Collateral or any
other property of any such Loan Party, without the prior written consent of the Administrative
Agent. The provision of this Section&nbsp;10.20 are for the sole benefit of the Lenders and shall not
afford any right to, or constitute a defense available to, any Loan Party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.21. <U>USA PATRIOT Act</U>. Each Lender and the Administrative Agent hereby
notifies each Loan Party that pursuant to the requirements of the USA PATRIOT Act, it is required
to obtain, verify and record information that identifies each Loan Party, which information
includes the name, address and tax identification number of such Loan Party and other information
that will allow such Lender or the Administrative Agent, as applicable, to identify such Loan Party
in accordance with the USA PATRIOT Act. This notice is given in accordance with the requirements
of the USA PATRIOT Act and is effective as to the Lenders and the Administrative Agent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.22. <U>No Advisory or Fiduciary Responsibility</U>. In connection with all
aspects of each transaction contemplated hereby, each of Holdings and each Borrower acknowledges
and agrees, and acknowledges its Affiliates&#146; understanding, that (i)&nbsp;the Facilities provided for
hereunder and any related arranging or other services in connection therewith (including in
connection with any amendment, waiver or other modification hereof or of any other Loan Document)
are an arm&#146;s-length commercial transaction between the Borrowers and their Affiliates, on the one
hand, and the Agents, the Arrangers and the Lenders, on the other hand, and each Borrower is
capable of evaluating and understanding and understands and accepts the terms, risks and conditions
of the transactions contemplated hereby and by the other Loan Documents (including any amendment,
waiver or other modification hereof or thereof); (ii)&nbsp;in connection with the process leading to
such transaction, each of the Agents, the Arrangers and the
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Lenders is and has been acting solely as a principal and is not the financial advisor, agent
or fiduciary, for the Borrowers or any of their Affiliates, stockholders, creditors or employees or
any other Person; (iii)&nbsp;none of the Agents, the Arrangers or the Lenders has assumed or will assume
an advisory, agency or fiduciary responsibility in favor of the Borrowers with respect to any of
the transactions contemplated hereby or the process leading thereto, including with respect to any
amendment, waiver or other modification hereof or of any other Loan Document (irrespective of
whether any Agent or Lender has advised or is currently advising any Borrower or any of their
Affiliates on other matters) and none of the Agents, the Arrangers or the Lenders has any
obligation to the Borrowers or any of their Affiliates with respect to the transactions
contemplated hereby except those obligations expressly set forth herein and in the other Loan
Documents; (iv)&nbsp;the Agents, the Arrangers and the Lenders and their respective Affiliates may be
engaged in a broad range of transactions that involve interests that differ from, and may conflict
with, those of the Borrowers and their Affiliates, and none of the Agents, the Arrangers or the
Lenders has any obligation to disclose any of such interests by virtue of any advisory, agency or
fiduciary relationship; and (v)&nbsp;the Agents, the Arrangers and the Lenders have not provided and
will not provide any legal, accounting, regulatory or tax advice with respect to any of the
transactions contemplated hereby (including any amendment, waiver or other modification hereof or
of any other Loan Document) and Holdings and the Borrowers have consulted their own legal,
accounting, regulatory and tax advisors to the extent they have deemed appropriate. Each of
Holdings and each Borrower hereby waives and releases, to the fullest extent permitted by law, any
claims that it may have against the Agents, Arrangers and the Lenders with respect to any breach or
alleged breach of agency or fiduciary duty.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.23. <U>No Personal Liability</U>. No past, present or future director, officer,
employee, incorporator, member, partner or stockholder of any Borrower, Holdings or any Loan Party
or any of their direct or indirect parent companies (other than the Borrowers, Holdings and any
other Loan Party) shall have any liability for any obligations of the Borrowers or the Loan Parties
under the Loans, the Letters of Credit, the Guaranty, the Facilities, this Agreement or any other
Loan Document or for any claim based on, in respect of, or by reason of such obligations or their
creation. Each Lender hereby waives and releases all such liability.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.24. <U>Limitations on Foreign Loan Parties</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Any obligation, guarantee or undertaking granted or assumed by any Loan Party incorporated
in England and Wales pursuant to this Agreement (including but not limited to Section&nbsp;10.05) and
other Loan Documents shall be deemed not to be undertaken or incurred by such Loan Party to the
extent the same would constitute unlawful financial assistance within the meaning of Section&nbsp;151 of
the Companies Act 1985 of England and Wales and the provisions of this Agreement and the other Loan
Documents shall be construed accordingly. For the avoidance of doubt, this limitation does not
apply to any obligation of such Loan Party as principal debtor under the Alternative Currency
Revolving Credit Facility.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any obligation, guarantee or undertaking granted or assumed by any Loan Party incorporated
in the Netherlands pursuant to this Agreement (including but not limited to Section&nbsp;10.05) and
other Loan Documents shall be deemed not to be undertaken or incurred by such Loan Party to the
extent the same would constitute unlawful financial assistance within the meaning of Article 207(c)
or 98(c) of Book 2 of the Dutch Civil Code and the provisions of this Agreement and the other Loan
Documents shall be construed accordingly. For the avoidance of doubt, this limitation does not
apply to any obligation of such Loan Party as principal debtor under the Alternative Currency
Revolving Credit Facility.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.25. <U>FCC</U>.
Notwithstanding anything to the contrary contained herein or in any of the Loan Documents,
neither the Administrative Agent or the Lenders, nor any of their agents, will
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">take any action
pursuant to the Collateral Documents that would constitute or result in any assignment of the FCC
Authorizations or any transfer of control thereof, within the meaning of 310(d) of the
Communications Act of 1934 or other Communications Law, if such assignment of license or transfer
of control thereof would require thereunder the prior approval of the FCC, without first obtaining
such approval of the FCC.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.26. <U>Effectiveness of Merger</U>. None of Holdings, the Parent Borrower, the
Subsidiary Co-Borrowers or the Foreign Subsidiary Revolving Borrowers shall have any rights or
obligations hereunder until the consummation of the Merger and any representations and warranties
of the Parent Borrower, the Subsidiary Co-Borrowers or the Foreign Subsidiary Revolving Borrowers
under the Loan Documents shall not become effective, and no Event of Default may occur, until such
time. Upon consummation of the Merger, and without any further action by any Person, each of
Holdings, the Parent Borrower, the Subsidiary Co-Borrowers or the Foreign Subsidiary Revolving
Borrowers hereby irrevocably and unconditionally (i)&nbsp;assumes and agrees punctually to pay, perform
and discharge when due each of the Obligations and each and every debt, covenant and agreement
incurred, made or to be paid, performed or discharged by it under the Loan Documents, (ii)&nbsp;agrees
to be bound by all the terms, provisions and conditions of the Loan Documents applicable to it and
(iii)&nbsp;agrees that it will be responsible for and deemed to have made all of its representations and
warranties set forth in the Loan Documents, whenever made or deemed to have been made.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.&#093;</B>
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF</B>, the parties hereto have caused this Agreement to be duly executed as of
the date first above written.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BT TRIPLE CROWN MERGER CO., INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John Connaughton
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">John Connaughton&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CITIBANK, N.A.</B>, as Administrative Agent, Swing<BR>
Line Lender, L/C Issuer and as a Lender,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Ross A. MacIntyre
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Ross A. MacIntyre&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>DEUTSCHE BANK AG NEW YORK BRANCH</B>, as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ David Mayhew
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">David Mayhew&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                         /s/ Peter Yearlev
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Peter Yearlev&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>MORGAN STANLEY SENIOR FUNDING INC.</B>, as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Henry F. D&#146;Alessandro
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Henry F. D&#146;Alessandro&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>MORGAN STANLEY Bank</B>, as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Charles C. O&#146;Brien
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Charles C. O&#146;Brien&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->S-5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CREDIT SUISSE, CAYMAN ISLANDS BRANCH</B>, as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Judith Smith
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Judith Smith&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                          /s/ Doreen Barr
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Doreen Barr&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->S-6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>THE ROYAL BANK OF SCOTLAND PLC</B>, as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Steven F. Killilea
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Steven F. Killilea&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->S-7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>WACHOVIA BANK, NATIONAL ASSOCIATION</B>, as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ James Jeffries
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">James Jeffries&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->S-8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Annex I
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Repayment of Term Loans</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 12pt"><B>If the Closing Date occurs on or prior to September&nbsp;30, 2008:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Delayed Draw 1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Delayed Draw 2</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tranche A Loan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tranche B Loan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tranche C Loan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Term Funded</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Term Loan</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Funded Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Funded Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Funded Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Funded Amount</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September&nbsp;30, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September&nbsp;30, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September&nbsp;30, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;31, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September&nbsp;30, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;31, 2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September&nbsp;30, 2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;31, 2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September&nbsp;30, 2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;31, 2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">Maturity Date of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="left">Remaining Balance</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tranche A Term Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">of Tranche A Term</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Loan Funded Amount</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September&nbsp;30, 2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;31, 2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maturity Date of Term</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">Remaining Balance</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">Remaining Balance</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">Remaining Balance</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">Remaining Balance</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans other than </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">of Tranche B Term</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">of Tranche C Term</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">of Delayed Draw 1</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">of Delayed Draw 2</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tranche A Term Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">Loan Funded Amount</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">Loan Funded Amount</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">Term Loan Funded</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">Term Loan Funded</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Amount</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Amount</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Annex I<BR>
(continued)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Repayment of Term Loans</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 12pt"><B>If the Closing Date occurs after September&nbsp;30, 2008:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Delayed Draw 1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Delayed Draw 2</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tranche A Loan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tranche B Loan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tranche C Loan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Term Funded</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Term Loan</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Funded Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Funded Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Funded Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Funded Amount</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September&nbsp;30, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September&nbsp;30, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September&nbsp;30, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;31, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September&nbsp;30, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;31, 2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September&nbsp;30, 2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;31, 2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September&nbsp;30, 2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;31, 2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September&nbsp;30, 2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maturity Date of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="left">Remaining Balance</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tranche A Term Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">of Tranche A Term</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">Loan Funded<br> Amount</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;31, 2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September&nbsp;30, 2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maturity Date of Term</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">Remaining Balance</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">Remaining Balance</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">Remaining Balance</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">Remaining Balance</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans other than </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">of Tranche B Term</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">of Tranche C Term</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">of Delayed Draw 1</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">of Delayed Draw 2</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tranche A Term Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">Loan Funded Amount</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">Loan Funded Amount</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">Term Loan Funded</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">Term Loan Funded</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Amount</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Amount</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Annex I-2
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>6
<FILENAME>d57053exv10w3.htm
<DESCRIPTION>CREDIT AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXECUTION COPY</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.3</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 3px double #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Published CUSIP No:<BR><BR>
Revolving Credit Loans: &#091;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#093;</B>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CREDIT AGREEMENT
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Dated as of May&nbsp;13, 2008

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">among

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">BT TRIPLE CROWN MERGER CO., INC.<BR>
(to be merged with and into Clear Channel Communications, Inc.),<BR>
as Parent Borrower,
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">the Several Subsidiary Borrowers party hereto,<BR>
CLEAR CHANNEL CAPITAL I, LLC,<BR>
as Holdings,
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Citibank, N.A.,<BR>
as Administrative Agent, Swing Line Lender<BR>
and L/C Issuer,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DEUTSCHE BANK TRUST COMPANY AMERICAS,<BR>
as L/C Issuer,<BR>
and

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THE OTHER LENDERS PARTY HERETO

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">DEUTSCHE BANK SECURITIES INC. and<BR>
MORGAN STANLEY SENIOR FUNDING, INC.,<BR>
as Syndication Agents,
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CREDIT SUISSE, CAYMAN ISLANDS BRANCH,<BR>
THE ROYAL BANK OF SCOTLAND PLC and<BR>
WACHOVIA CAPITAL MARKETS, LLC,<BR>
as Co-Documentation Agents,
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CITIGROUP GLOBAL MARKETS INC.,<BR>
DEUTSCHE BANK SECURITIES INC. and<BR>
MORGAN STANLEY SENIOR FUNDING, INC.,<BR>
as Joint Lead Arrangers and Joint Bookrunners
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 3px double #000000; font-size: 1px">&nbsp;</DIV>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE I DEFINITIONS AND ACCOUNTING TERMS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.01. Defined Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.02. Other Interpretive Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.03. Accounting Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.04. Rounding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.05. References to Agreements, Laws, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.06. Times of Day</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.07. Pro Forma Calculations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.01. The Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.02. Borrowings, Conversions and Continuations of Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.03. Letters of Credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.04. Swing Line Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.05. Prepayments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.06. Termination or Reduction of Commitments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.07. Repayment of Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.08. Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.09. Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.10. Computation of Interest and Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.11. Evidence of Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.12. Payments Generally</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.13. Sharing of Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.14. Incremental Credit Extensions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.15. Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE III TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.01. Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.02. Illegality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.03. Inability to Determine Rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.04. Increased Cost and Reduced Return; Capital Adequacy; Reserves on
Eurocurrency Rate Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.05. Funding Losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.06. Matters Applicable to All Requests for Compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.07. Replacement of Lenders Under Certain Circumstances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.08. Survival</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-i-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.01. Conditions to Initial Credit Extension</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.02. Conditions to Subsequent Credit Extensions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.03. Right to Cure Liquidity Event Condition</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE V REPRESENTATIONS AND WARRANTIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.01. Existence, Qualification and Power; Compliance with Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.02. Authorization; No Contravention</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.03. Governmental Authorization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.04. Binding Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.05. Financial Statements; No Material Adverse Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.06. Litigation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.07. Labor Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.08. Ownership of Property; Liens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.09. Environmental Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.10. Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.11. ERISA Compliance, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.12. Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.13. Margin Regulations; Investment Company Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.14. Disclosure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.15. Intellectual Property; Licenses, Etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.16. Solvency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.17. Subordination of Junior Financing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.18. Special Representations Relating to FCC Authorizations, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VI AFFIRMATIVE COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.01. Financial Statements and Borrowing Base Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.02. Certificates; Other Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.03. Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.04. Payment of Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.05. Preservation of Existence, Etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.06. Maintenance of Properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.07. Maintenance of Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.08. Compliance with Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.09. Books and Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.10. Inspection Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.11. Additional Borrowers, Guarantors and Obligations to Give Security</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.12. Compliance with Environmental Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-ii-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.13. Further Assurances and Post Closing Deliverables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.14. Designation of Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.15. Cash Management Systems</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.16. License Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VII NEGATIVE COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.01. Liens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.02. Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.03. Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.04. Fundamental Changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.05. Dispositions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.06. Restricted Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.07. Change in Nature of Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.08. Transactions with Affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.09. Burdensome Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.10. Use of Proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.11. Accounting Changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.12. Prepayments, Etc. of Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.13. Equity Interests of Certain Restricted Subsidiaries and Unrestricted Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.01. Events of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.02. Remedies upon Event of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.03. Application of Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IX ADMINISTRATIVE AGENT AND OTHER AGENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.01. Appointment and Authorization of the Administrative Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.02. Delegation of Duties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.03. Liability of Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.04. Reliance by the Administrative Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.05. Notice of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.06. Credit Decision; Disclosure of Information by Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.07. Indemnification of Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.08. Withholding Tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.09. Agents in Their Individual Capacities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.10. Successor Administrative Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.11. Administrative Agent May File Proofs of Claim</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.12. Collateral and Guaranty Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-iii-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.13. Other Agents; Arrangers and Managers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.14. Appointment of Supplemental Administrative Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.15. Intercreditor Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE X MISCELLANEOUS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.01. Amendments, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.02. Notices and Other Communications; Facsimile Copies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.03. No Waiver; Cumulative Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.04. Attorney Costs and Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.05. Indemnification by the Borrowers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.06. Payments Set Aside</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.07. Successors and Assigns</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.08. Confidentiality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.09. Treatment of Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.10. Setoff</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.11. Interest Rate Limitation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.12. Counterparts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.13. Integration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.14. Survival of Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.15. Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.16. GOVERNING LAW</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.17. WAIVER OF RIGHT TO TRIAL BY JURY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.18. Binding Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.19. Judgment Currency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.20. Lender Action</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.21. USA PATRIOT Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.22. No Advisory or Fiduciary Responsibility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.23. No Personal Liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.24. FCC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.25. Joint and Several Liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.26. Contribution and Indemnification Among the Loan Parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.27. Agency of the Parent Borrower for Each Other Borrower</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.28. Reinstatement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.29. Express Waivers by Borrowers in Respect of Cross-Guaranties and
Cross-Collateralization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.30. Effectiveness of Merger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-iv-<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE I DEFINITIONS AND ACCOUNTING TERMS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.01. Defined Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.02. Other Interpretive Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.03. Accounting Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.04. Rounding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.05. References to Agreements, Laws, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.06. Times of Day</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.07. Pro Forma Calculations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.01. The Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.02. Borrowings, Conversions and Continuations of Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.03. Letters of Credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.04. Swing Line Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.05. Prepayments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.06. Termination or Reduction of Commitments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.07. Repayment of Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.08. Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.09. Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.10. Computation of Interest and Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.11. Evidence of Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.12. Payments Generally</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.13. Sharing of Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.14. Incremental Credit Extensions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.15. Reserves. Notwithstanding anything to the contrary, the
Administrative Agent may at any time and from time to time in the exercise of
its Permitted Discretion establish and increase or decrease Reserves;
provided that, so long as no Event of Default has occurred and is continuing,
the Administrative Agent shall have provided the Parent Borrower at least
three (3)&nbsp;Business Days&#146; prior written notice of any such establishment or
increase; and provided further that the Administrative Agent may only
establish or increase a Reserve after the date hereof based on an event,
condition or other circumstance arising after the Closing Date or based on
facts not known to the Administrative Agent as of the Closing Date. The
amount of any Reserve established by the Administrative Agent shall have a
reasonable relationship to the event, condition, other circumstance or new
fact that is the basis for the Reserve. Upon delivery of such notice, the
Administrative Agent shall be available to discuss the proposed Reserve or
increase, and the Borrowers may take such action as may be required so that
the event, condition, circumstance or new fact that is the basis for such
Reserve or increase no longer exists, in a manner and to the extent
reasonably satisfactory to the Administrative Agent in the exercise of its
Permitted Discretion. In no event shall such notice and opportunity limit
the right of the Administrative Agent to establish or change such Reserve,
unless the Administrative Agent shall have determined in its Permitted
Discretion that the event, condition, other circumstance or new fact that is
the basis for such new Reserve or such change no longer exists or has
otherwise been adequately
addressed by the Borrowers. Notwithstanding anything herein to the
contrary, Reserves shall not duplicate eligibility criteria contained in the
definition of &#147;Eligible Accounts&#148;.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
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</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE III TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.01. Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.02. Illegality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.03. Inability to Determine Rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.04. Increased Cost and Reduced Return; Capital Adequacy; Reserves on
Eurocurrency Rate Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.05. Funding Losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.06. Matters Applicable to All Requests for Compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.07. Replacement of Lenders Under Certain Circumstances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.08. Survival</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.01. Conditions to Initial Credit Extension</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.02. Conditions to Subsequent Credit Extensions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.03. Right to Cure Liquidity Event Condition</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE V REPRESENTATIONS AND WARRANTIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.01. Existence, Qualification and Power; Compliance with Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.02. Authorization; No Contravention</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.03. Governmental Authorization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.04. Binding Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.05. Financial Statements; No Material Adverse Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.06. Litigation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.07. Labor Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.08. Ownership of Property; Liens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.09. Environmental Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.10. Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.11. ERISA Compliance, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.12. Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.13. Margin Regulations; Investment Company Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.14. Disclosure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.15. Intellectual Property; Licenses, Etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.16. Solvency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.17. Subordination of Junior Financing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.18. Special Representations Relating to FCC Authorizations, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-vi-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VI AFFIRMATIVE COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.01. Financial Statements and Borrowing Base Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.02. Certificates; Other Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.03. Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.04. Payment of Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.05. Preservation of Existence, Etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.06. Maintenance of Properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.07. Maintenance of Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.08. Compliance with Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.09. Books and Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.10. Inspection Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.11. Additional Borrowers, Guarantors and Obligations to Give Security</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.12. Compliance with Environmental Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.13. Further Assurances and Post Closing Deliverables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.14. Designation of Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.15. Cash Management Systems</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.16. License Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VII NEGATIVE COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.01. Liens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.02. Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.03. Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.04. Fundamental Changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.05. Dispositions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.06. Restricted Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.07. Change in Nature of Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.08. Transactions with Affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.09. Burdensome Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.10. Use of Proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.11. Accounting Changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.12. Prepayments, Etc. of Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.13. Equity Interests of Certain Restricted Subsidiaries and Unrestricted Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.01. Events of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.02. Remedies upon Event of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.03. Application of Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-vii-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IX ADMINISTRATIVE AGENT AND OTHER AGENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.01. Appointment and Authorization of the Administrative Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.02. Delegation of Duties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.03. Liability of Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.04. Reliance by the Administrative Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.05. Notice of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.06. Credit Decision; Disclosure of Information by Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.07. Indemnification of Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.08. Withholding Tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.09. Agents in Their Individual Capacities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.10. Successor Administrative Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.11. Administrative Agent May File Proofs of Claim</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.12. Collateral and Guaranty Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.13. Other Agents; Arrangers and Managers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.14. Appointment of Supplemental Administrative Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.15. Intercreditor Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE X MISCELLANEOUS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.01. Amendments, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.02. Notices and Other Communications; Facsimile Copies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.03. No Waiver; Cumulative Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.04. Attorney Costs and Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.05. Indemnification by the Borrowers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.06. Payments Set Aside</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.07. Successors and Assigns</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.08. Confidentiality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.09. Treatment of Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.10. Setoff</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.11. Interest Rate Limitation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.12. Counterparts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.13. Integration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.14. Survival of Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.15. Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.16. GOVERNING LAW</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.17. WAIVER OF RIGHT TO TRIAL BY JURY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.18. Binding Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.19. Judgment Currency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-viii-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.20. Lender Action</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.21. USA PATRIOT Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.22. No Advisory or Fiduciary Responsibility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.23. No Personal Liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.24. FCC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.25. Joint and Several Liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.26. Contribution and Indemnification Among the Loan Parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.27. Agency of the Parent Borrower for Each Other Borrower</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.28. Reinstatement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.29. Express Waivers by Borrowers in Respect of Cross-Guaranties and
Cross-Collateralization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.30. Effectiveness of Merger. None of Holdings, the Parent Borrower or
the Subsidiary Borrowers shall have any rights or obligations hereunder until
the consummation of the Merger and any representations and warranties of the
Parent Borrower or the Subsidiary Borrowers under the Loan Documents shall
not become effective, and no Event of Default can occur, until such time.
Upon consummation of the Merger, and without any further action by any
Person, each of Holdings, the Parent Borrower or the Subsidiary Borrowers
hereby irrevocably and unconditionally (i)&nbsp;assumes and agrees punctually to
pay, perform and discharge when due each of the Obligations and each and
every debt, covenant and agreement incurred, made or to be paid, performed or
discharged by it under the Loan Documents, (ii)&nbsp;agrees to be bound by all the
terms, provisions and conditions of the Loan Documents applicable to it and
(iii)&nbsp;agrees that it will be responsible for and deemed to have made all of
its representations and warranties set forth in the Loan Documents, whenever
made or deemed to have been made.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 12pt"><u>SCHEDULES</u>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.01A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsidiary Borrowers</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.01B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Post-Closing Transaction Expenses</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.01C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certain Security Interests and Guarantees</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.01D
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NCR Stations</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.01E
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Disqualified Institutions</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.01F
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Revolving Credit Commitments</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.11(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ERISA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsidiaries and Other Equity Investments</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.18
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Broadcast Licenses</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6.11(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Post-Closing Collateral</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6.15(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deposit Accounts</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6.15(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Blocked Accounts</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.01(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Existing Liens</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.02(g)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Existing Investments</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.03(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Existing Indebtedness</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.05(o)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specified Dispositions</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.05(p)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Specified Dispositions</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.08
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transactions with Affiliates</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.09
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Existing Restrictions</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-ix-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.02
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Administrative Agent&#146;s Office, Certain Addresses for Notices</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 12pt"><u>EXHIBITS</u>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Committed Loan Notice</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Swing Line Loan Notice</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Revolving Credit Note</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">D
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Compliance Certificate</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">E
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Assignment and Assumption</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">F-1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Holdings Guarantee Agreement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">F-2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of U.S. Guarantee Agreement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">G
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of ABL Receivables Pledge and Security Agreement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">H-1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Legal Opinion of Ropes &#038; Gray LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">H-2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Legal Opinion of Florida and New Jersey Counsel</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">H-3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Legal Opinion of Colorado Counsel</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">H-4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Legal Opinion of Nevada Counsel</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">H-5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Legal Opinion of Washington Counsel</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">H-6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Legal Opinion of Texas Counsel</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">H-7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Legal Opinion of Ohio Counsel</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">H-8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Special FCC Counsel</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Intercreditor Agreement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">J
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Joinder Agreement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Borrowing Base Certificate</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">L
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Foreign Lender Certification</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-x-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>CREDIT AGREEMENT</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This CREDIT AGREEMENT (&#147;<B>Agreement</B>&#148;) is entered into as of May&nbsp;13, 2008 among BT TRIPLE CROWN
MERGER CO., INC., a Delaware corporation (&#147;<B>Merger Sub</B>&#148;) to be merged with and into Clear Channel
Communications, Inc. (&#147;<B>Parent Borrower</B>&#148;), the Subsidiary Borrowers (as defined below) from time to
time party hereto (together with the Parent Borrower, the &#147;<B>Borrowers</B>&#148;), upon consummation of the
Merger, CLEAR CHANNEL CAPITAL I, LLC, a Delaware limited liability company (&#147;<B>Holdings</B>&#148;), CITIBANK,
N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and each lender from time to time
party hereto (collectively, the &#147;<B>Lenders</B>&#148; and individually, a &#147;<B>Lender</B>&#148;).
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>PRELIMINARY STATEMENTS</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Merger Agreement (as this and other capitalized terms used in these
preliminary statements are defined in Section&nbsp;1.01 below), Merger Sub, a direct wholly owned
subsidiary of Holdings, will merge (the &#147;<B>Merger</B>&#148;) with and into the Parent Borrower, with
(i)&nbsp;subject to dissenters&#146; rights, the Merger Consideration being paid, and (ii)&nbsp;Parent Borrower
surviving as a wholly-owned subsidiary of the Parent Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrowers have requested that substantially simultaneously with the consummation of the
Merger, the Lenders extend credit in the form of a Revolving Credit Facility to the Borrowers. The
Revolving Credit Facility may include one or more Letters of Credit from time to time and one or
more Swing Line Loans from time to time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The proceeds of the Initial Revolving Borrowing (to the extent permitted in accordance with
the definition of the term &#147;Permitted Initial Revolving Borrowing Purposes&#148;), together with (i)&nbsp;a
portion of which may include revolver borrowings to pay a cash portion of the Merger Consideration
and the Transaction Expenses, (iii)&nbsp;the proceeds of the issuance of the New Senior Notes, and
(iv)&nbsp;the proceeds of the Equity Contribution, will be used to finance the Debt Repayment and to pay
the cash portion of the Merger Consideration and the Transaction Expenses. The proceeds of
Revolving Credit Loans and Swing Line Loans made after the Closing Date and Letters of Credit will
be used for (i)&nbsp;working capital needs of the Borrowers and their Subsidiaries, (ii)&nbsp;other general
corporate purposes of the Borrowers and their Subsidiaries, and (iii)&nbsp;any other purpose not
prohibited by this Agreement, including Restricted Payments and repayments of the Retained Existing
Notes on their respective maturity dates.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The applicable Lenders have indicated their willingness to lend, and the L/C Issuers have
indicated their willingness to issue Letters of Credit, in each case, on the terms and subject to
the conditions set forth herein.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><U><B>Definitions and Accounting Terms</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.01. <U>Defined Terms</U>. As used in this Agreement, the following terms shall have the meanings set forth below:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Accommodation Payment</B>&#148; has the meaning specified in Section&nbsp;10.25.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Account</B>&#148; has the meaning assigned to such term in the Security Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Account Debtor</B>&#148; means any Person obligated on an Account.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Activities</B>&#148; has the meaning specified in Section&nbsp;9.09(b).
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Additional Cash from Revolver Draw</B>&#148; means if (a)&nbsp;the revolving borrowing under the CF
Facilities on the Closing Date exceeds $80,000,000 and (b)&nbsp;the Equity Contribution is less than
$3,500,000,000, the excess of the revolving borrowing under the CF Facilities on the Closing Date
over $80,000,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Additional Lender</B>&#148; has the meaning specified in Section&nbsp;2.14(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Administrative Agent</B>&#148; means Citibank, in its capacity as administrative agent and collateral
agent under the Loan Documents, or any successor administrative agent and collateral agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Administrative Agent&#146;s Office</B>&#148; means, with respect to any currency, the Administrative
Agent&#146;s address and, as appropriate, account as set forth on <U>Schedule&nbsp;10.02</U> with respect to
such currency, or such other address or account with respect to such currency as the Administrative
Agent may from time to time notify the Parent Borrower on behalf of the Borrowers and the Lenders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Administrative Questionnaire</B>&#148; means an Administrative Questionnaire in a form supplied by the
Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Affiliate</B>&#148; means, with respect to any Person, another Person that directly, or indirectly
through one or more intermediaries, Controls or is Controlled by or is under common Control with
the Person specified. &#147;Control&#148; means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of a Person, whether through the
ability to exercise voting power, by contract or otherwise. &#147;Controlling&#148; and &#147;Controlled&#148; have
meanings correlative thereto. For the avoidance of doubt, none of the Arrangers, the Agents, their
respective lending affiliates or any entity acting as an L/C Issuer hereunder shall be deemed to be
an Affiliate of Holdings, the Parent Borrower or any of their respective Subsidiaries.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Agent-Related Persons</B>&#148; means the Agents, together with their respective Affiliates, and the
officers, directors, employees, agents and attorneys-in-fact of such Persons and Affiliates.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Agent&#146;s Group</B>&#148; has the meaning specified in Section&nbsp;9.09(b).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Agents</B>&#148; means, collectively, the Administrative Agent, the Syndication Agents, the
Co-Documentation Agents and the Supplemental Administrative Agents (if any) and the Arrangers.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Aggregate Commitments</B>&#148; means the Commitments of all the Lenders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Aggregate Excess Availability</B>&#148; means, at any time, (i)&nbsp;Excess Availability <U>plus</U>
(ii)(x) the aggregate CF Revolving Credit Commitments <U>minus</U> (y)&nbsp;the aggregate CF Revolving
Credit Exposure.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Agreement</B>&#148; means this Credit Agreement, as amended, restated, modified or supplemented from
time to time in accordance with the terms hereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Agreement Currency</B>&#148; has the meaning specified in Section&nbsp;10.19.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Allocable Amount</B>&#148; has the meaning specified in Section&nbsp;10.24.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Aloha Trust</B>&#148; means The Aloha Trust Station Trust, LLC, a Delaware limited liability company
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>AMFM</B>&#148; means AMFM Operating Inc., a Delaware corporation.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>AMFM Notes</B>&#148; means the 8% Senior Notes due 2008 of AMFM.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>AMFM Notes Indenture</B>&#148; means that certain Indenture dated as of November&nbsp;17, 1998 among AMFM
(formerly known as Chancellor Media Corporation of Los Angeles), the guarantors thereto, and The
Bank of New York, as trustee, as supplemented by the First Supplemental Indenture dated as of
August&nbsp;23, 1999, as further supplemented by the Second Supplemental Indenture dated as of
November&nbsp;19, 1999 and as further supplemented
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> by the Third Supplemental Indenture dated as of January&nbsp;18, 2000, as may be amended,
supplemented or modified in connection with the previously announced Tender Offers.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Annual Financial Statements</B>&#148; means the consolidated balance sheets of the Parent Borrower as
of each of December&nbsp;31, 2007, 2006 and 2005, and the related consolidated statements of income,
stockholders&#146; equity and cash flows for the Parent Borrower for the fiscal years then ended.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Applicable Rate</B>&#148; means, with respect to Revolving Credit Loans, unused Revolving Credit
Commitments and Letter of Credit fees, a percentage per annum equal to (i)&nbsp;until delivery of
financial statements for the first full fiscal quarter commencing on or after the Closing Date
pursuant to Section&nbsp;6.01, (A)&nbsp;for Eurocurrency Rate Loans, 2.40 %, (B)&nbsp;for Base Rate Loans, 1.40%,
(C)&nbsp;for Letter of Credit fees, 2.40% and (D)&nbsp;for commitment fees, 0.375% and (ii)&nbsp;thereafter, the
following percentages per annum, based upon the Total Leverage Ratio as set forth in the most
recent Compliance Certificate received by the Administrative Agent pursuant to Section&nbsp;6.02(a):
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000">Applicable Rate</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Eurocurrency</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Pricing</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Rate and Letter</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Commitment</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Level</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Total Leverage Ratio</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">of Credit Fees</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Base Rate</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Fees</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#060;6:1</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.150</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.150</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.250</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap"><u>&#062;</u>6:1 but &#060;7:1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.275</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.275</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.375</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><u>&#062;</u>7:1</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.400</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.400</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.375</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Any increase or decrease in the Applicable Rate resulting from a change in the Total Leverage Ratio
shall become effective as of the first Business Day immediately following the date a Compliance
Certificate is delivered pursuant to Section&nbsp;6.02(a); <I>provided </I>that if a Compliance Certificate was
required to have been delivered but was not delivered the highest Applicable Rate pertaining to any
pricing level shall apply as of the earlier of (i)&nbsp;15&nbsp;days after the day such Compliance
Certificate was required to be delivered and (ii)&nbsp;the day on which the Required Lenders so require,
and shall continue to so apply to and including the date on which such Compliance Certificate is so
delivered (and thereafter the pricing level otherwise determined in accordance with this definition
shall apply); <I>provided further </I>that if an Event of Default exists, the highest Applicable Rate
pertaining to any pricing level shall apply with respect to Commitment Fees.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained above in this definition or elsewhere in
this Agreement, if it is subsequently determined at any time before the 91<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> day after
the date on which all Loans have been repaid and all Commitments have been terminated that the
Total Leverage Ratio set forth in any Compliance Certificate delivered to the Administrative Agent
is inaccurate for any reason and the result thereof is that the Lenders received interest or fees
for any period based on an Applicable Rate that is less than that which would have been applicable
had the Total Leverage Ratio been accurately determined, then, for all purposes of this Agreement,
the &#147;Applicable Rate&#148; for any day occurring within the period covered by such Compliance
Certificate shall retroactively be deemed to be the relevant percentage as based upon the
accurately determined Total Leverage Ratio for such period, and any shortfall in the interest or
fees theretofore paid by the Borrowers for the relevant period pursuant to Sections&nbsp;2.08(a) and
2.09(a) as a result of the miscalculation of the Total Leverage Ratio shall be deemed to be (and
shall be) due and payable upon the date that is five (5)&nbsp;Business Days after notice by the
Administrative Agent to the Parent Borrower of such miscalculation. If the preceding sentence is
complied with the failure to previously pay such interest and fees shall not in and of itself
constitute a Default and no amounts shall be payable at the Default Rate in respect of any such
interest or fees.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Appropriate Lender</B>&#148; means, at any time, (a)&nbsp;with respect to Loans of any Class, the Lenders
of such Class, (b)&nbsp;with respect to any Letters of Credit, (i)&nbsp;the relevant L/C Issuer and (ii)&nbsp;with
respect to any Letters of Credit issued pursuant to Section&nbsp;2.03(a)(i), the Lenders and (c)&nbsp;with
respect to the Swing Line Facility, (i)&nbsp;the Swing Line Lender and (ii)&nbsp;if any Swing Line Loans are
outstanding pursuant to Section&nbsp;2.04(a), the Lenders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Approved Electronic Communications</B>&#148; means each Communication that any Loan Party is obligated
to, or otherwise chooses to, provide to the Administrative Agent pursuant to any Loan Document or
the transactions contemplated therein, including any financial statement, financial and other
report, notice, request and
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">certificate; <I>provided</I>, <I>however</I>, that, solely with respect to delivery of any such
Communication by any Loan Party to the Administrative Agent and without limiting or otherwise
affecting either the Administrative Agent&#146;s right to effect delivery of such Communication by
posting such Communication to the Platform or the protections afforded hereby to the Administrative
Agent in connection with any such posting, &#147;Approved Electronic Communication&#148; shall exclude
(i)&nbsp;any notice of borrowing, letter of credit request, swing loan request, notice of conversion or
continuation, and any other notice, demand, communication, information, document and other material
relating to a request for a new, or a conversion of an existing, Borrowing, (ii)&nbsp;any notice
pursuant to Section&nbsp;2.05(a) and any other notice relating to the payment of any principal or other
amount due under any Loan Document prior to the scheduled date therefor, (iii)&nbsp;all notices of any
Default or Event of Default and (iv)&nbsp;any notice, demand, communication, information, document and
other material required to be delivered to satisfy any of the conditions set forth in Article&nbsp;IV or
any other condition to any Borrowing or other extension of credit hereunder or any condition
precedent to the effectiveness of this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Approved Fund</B>&#148; means, with respect to any Lender, any Fund that is administered, advised or
managed by (a)&nbsp;such Lender, (b)&nbsp;an Affiliate of such Lender or (c)&nbsp;an entity or an Affiliate of an
entity that administers, advises or manages such Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Arrangers</B>&#148; means Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan
Stanley Senior Funding, Inc., each in its capacity as a Joint Lead Arranger under this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Assignees</B>&#148; has the meaning specified in Section&nbsp;10.07(b).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Assignment and Assumption</B>&#148; means an Assignment and Assumption substantially in the form of
<U>Exhibit&nbsp;E</U> or any other form approved by the Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Assignment Taxes</B>&#148; has the meaning specified in Section&nbsp;3.01(f).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Attorney Costs</B>&#148; means all reasonable fees, expenses and disbursements of any law firm or
other external legal counsel.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Attributable Indebtedness</B>&#148; means, on any date, (x)&nbsp;when used with respect to any Capitalized
Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such
Person prepared as of such date in accordance with GAAP and (y)&nbsp;when used with respect to any
sale-leaseback transaction, the present value (discounted at a rate equivalent to the Parent
Borrower&#146;s then-current weighted average cost of funds for borrowed money as at the time of
determination, compounded on a semi-annual basis) of the total obligations of the lessee for rental
payments during the remaining term of the lease included in any such sale-leaseback transaction.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Auto-Renewal Letter of Credit</B>&#148; has the meaning specified in Section&nbsp;2.03(b)(iii).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Available Amount</B>&#148; means, at any time (the &#147;<B>Reference Date</B>&#148;), the sum of (without
duplication):
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amount equal to 50% of Consolidated Net Income of the Parent Borrower and the
Restricted Subsidiaries for the Available Amount Reference Period (or, in the case such
Consolidated Net Income shall be a negative number, minus 100% of such negative number)
<I>provided </I>that the amount in this clause (a)&nbsp;shall only be available if the Total Leverage
Ratio for the Test Period immediately preceding such incurrence calculated on a pro forma
basis for any Investments made pursuant to Section&nbsp;7.02(d)(v), 7.02(j)(B)(ii) or
7.02(p)(ii), any Restricted Payment made pursuant to Section&nbsp;7.06(l)(ii) or any repayments,
prepayments, redemptions, purchases, defeasance and other payments made pursuant to Sections
7.12(a)(vii)(2), would be less than or equal to 6.8 to 1.0; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &#091;Reserved&#093;;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the amount of any cash capital contributions (other than any Cure Amount and any
Specified Equity Contribution and other than any amount funded for any cost or expense
referenced in clause
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a)(vii) of the definition of &#147;Consolidated EBITDA&#148;) or Net Cash Proceeds from
Permitted Equity Issuances (or issuances of debt securities that have been converted into or
exchanged for Qualified Equity Interests) (other than the Equity Contribution and Net Cash
Proceeds used to make Restricted Payments pursuant to Section&nbsp;7.06(f) and any Specified
Equity Contribution) received by the Parent Borrower (or any direct or indirect parent
thereof and contributed by such parent as common equity capital to the Parent Borrower)
during the period from and including the Business Day immediately following the Closing Date
through and including the Reference Date; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent not (A)&nbsp;included in clause (a)&nbsp;above or (B)&nbsp;already reflected as a
return of capital with respect to such Investment for purposes of determining the amount of
such Investment, the aggregate amount of all cash dividends and other cash distributions
received by the Parent Borrower or any Restricted Subsidiary from any Minority Investments
or Unrestricted Subsidiaries made or designated by using the Available Amount during the
period from and including the Business Day immediately following the Closing Date through
and including the Reference Date; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent not (A)&nbsp;included in clause (a)&nbsp;above or (B)&nbsp;already reflected as a
return of capital with respect to such Investment for purposes of determining the amount of
such Investment, the aggregate amount of all cash repayments of principal received by the
Parent Borrower or any Restricted Subsidiary from any Minority Investments or Unrestricted
Subsidiaries during the period from and including the Business Day immediately following the
Closing Date through and including the Reference Date in respect of loans or advances made
by the Parent Borrower or any Restricted Subsidiary to such Minority Investments or
Unrestricted Subsidiaries made by using the Available Amount; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the extent not (A)&nbsp;included in clause (a)&nbsp;above, (B)&nbsp;already reflected as a
return of capital with respect to such Investment for purposes of determining the amount of
such Investment or (C)&nbsp;required to be applied to prepay the CF Facilities in accordance with
the CF Credit Agreement, the aggregate amount of all Net Cash Proceeds received by the
Parent Borrower or any Restricted Subsidiary in connection with the sale, transfer or other
disposition of its ownership interest in any Minority Investment or Unrestricted Subsidiary
that was made by using the Available Amount during the period from and including the
Business Day immediately following the Closing Date through and including the Reference
Date; <U>minus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the aggregate amount of distributions and redemptions by any Securitization Entity
in respect of its Equity Interests of the kind set forth in the definition of &#147;Restricted
Payment&#148;, except to the extent such distribution or redemption is received by, or
substantially concurrently therewith, contributed to, the Parent Borrower or a Restricted
Subsidiary, in each case during the period commencing on the Closing Date and ending on the
Reference Date; <U>minus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the aggregate amount of (A)&nbsp;any Investments made pursuant to Section&nbsp;7.02(d)(iv),
Section&nbsp;7.02(j)(B)(ii) and Section&nbsp;7.02(p)(ii), (B)&nbsp;any Restricted Payment made pursuant to
Section&nbsp;7.06(l)(ii), and (C)&nbsp;any repayments, prepayments, redemptions, purchases, defeasance
and other payments made pursuant to Section&nbsp;7.12(a)(vii)(2), in each case during the period
commencing on the Closing Date and ending on the Reference Date (and, for purposes of this
clause (h), without taking account of the intended usage of the Available Amount on such
Reference Date).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Available Amount Reference Period</B>&#148; means, with respect to any Reference Date, the period
(taken as one accounting period) commencing on April&nbsp;1, 2008 and ending on the last day of the most
recent fiscal quarter or fiscal year, as applicable, for which financial statements required to be
delivered pursuant to Section&nbsp;6.01(a) or Section&nbsp;6.01(b), and the related Compliance Certificate
required to be delivered pursuant to Section&nbsp;6.02(a), have been delivered to the Administrative
Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Availability Reserves</B>&#148; means, without duplication of any other reserves or items that are
otherwise addressed or excluded through eligibility criteria, such reserves, subject to section
2.15, as the Administrative Agent, in its Permitted Discretion, determines as being appropriate to
reflect any impediments to the realization upon the Collateral consisting of Eligible Accounts
included in the Borrowing Base (including claims that the Administrative Agent determines will need
to be satisfied in connection with the realization upon such Collateral).
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Bank Product Reserves</B>&#148; means such reserves as the Administrative Agent, from time to time
after the occurrence and during the continuation of a Cash Dominion Event, determines in its
Permitted Discretion, as being appropriate to reflect the reasonably anticipated liabilities and
obligations of the Loan Parties with respect to Secured Cash Management Obligations then provided
or outstanding.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Bankruptcy Code</B>&#148; means title 11 of the United States Code entitled &#147;Bankruptcy&#148; as now or
hereafter in effect, or any successor statute.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Base Rate</B>&#148; means for any day a fluctuating rate per annum equal to the higher of (a)&nbsp;the
Federal Funds Rate <U>plus</U> 1/2 of 1% and (b)&nbsp;the rate of interest in effect for such day as
publicly announced from time to time by the Administrative Agent as its &#147;prime rate.&#148; The &#147;prime
rate&#148; is a rate set by the Administrative Agent based upon various factors including the
Administrative Agent&#146;s costs and desired return, general economic conditions and other factors, and
is used as a reference point for pricing some loans, which may be priced at, above, or below such
announced rate. Any change in such rate announced by the Administrative Agent shall take effect at
the opening of business on the day specified in the public announcement of such change.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Base Rate Loan</B>&#148; means a Loan that bears interest based on the Base Rate.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Basel II</B>&#148; has the meaning specified in Section&nbsp;3.04(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>BBA LIBOR</B>&#148; has the meaning specified in the definition of &#147;Eurocurrency Rate.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Blocked Account Agreement</B>&#148; has the meaning provided in Section&nbsp;6.15(b).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Blocked Accounts</B>&#148; has the meaning provided in Section&nbsp;6.15(b).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Borrowers</B>&#148; means the Parent Borrower and the Subsidiary Borrowers, jointly, severally and
collectively.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Borrowing</B>&#148; means a Revolving Credit Borrowing or a Swing Line Borrowing or a Protective
Advance, as the context may require.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Borrowing Base</B>&#148; means, on any date, an amount equal to (x)&nbsp;85% multiplied by the book value
of Eligible Accounts <U>minus</U> (y)&nbsp;any Reserves. The Borrowing Base at any time shall be
determined by reference to the most recent Borrowing Base Certificate delivered to the
Administrative Agent pursuant to Section&nbsp;6.01(e) or, in the case of the Borrowing Base as of the
Closing Date, shall be the Borrowing Base as of the close of business on the last day of the most
recent calendar month ending at least 10 Business Days prior to the Closing Date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Borrowing Base Certificate</B>&#148; means a certificate, duly executed by a Responsible Officer or
controller of the Parent Borrower, appropriately completed and substantially in the form of
<U>Exhibit&nbsp;K</U> hereto or another form that is acceptable to the Administrative Agent in its
reasonable discretion.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Broadcast Licenses</B>&#148; means the main station license issued by the FCC or any foreign
Governmental Authority and held by the Parent Borrower or any of its Restricted Subsidiaries for
any Broadcast Station operated by the Parent Borrower or any of its Restricted Subsidiaries.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Broadcast Stations</B>&#148; means each full-service AM or FM radio broadcast station or full-service
television broadcast station now or hereafter owned and operated by the Parent Borrower or any of
its Restricted Subsidiaries.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Business Day</B>&#148; means any day other than a Saturday, Sunday or other day on which commercial
banks are authorized to close under the Laws of, or are in fact closed in, New York, New York or in
the jurisdiction where the Administrative Agent&#146;s Office with respect to Obligations denominated in
Dollars is located; <I>provided </I>that, if such day relates to any interest rate settings as to a
Eurocurrency Rate Loan denominated in Dollars, any fundings, disbursements, settlements and
payments in Dollars in respect of any such Eurocurrency Rate Loan, or any
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">other dealings in Dollars to be carried out pursuant to this Agreement in respect of any such
Eurocurrency Rate Loan, means any such day on which dealings in deposits in Dollars are conducted
by and between banks in the London interbank eurodollar market.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Capital Expenditures</B>&#148; means, for any period, the aggregate of all expenditures (whether paid
in cash or accrued as liabilities and including amounts expended or capitalized under Capitalized
Leases) by the Parent Borrower and the Restricted Subsidiaries during such period that, in
conformity with GAAP, are or are required to be included as additions during such period to
property, plant or equipment reflected in the consolidated balance sheet of the Parent Borrower and
the Restricted Subsidiaries.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Capitalized Lease Obligation</B>&#148; means, at the time any determination thereof is to be made, the
amount of the liability in respect of a Capitalized Lease that would at such time be required to be
capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto)
prepared in accordance with GAAP.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Capitalized Leases</B>&#148; means all leases that have been or are required to be, in accordance with
GAAP, recorded as capitalized leases; <I>provided </I>that for all purposes hereunder the amount of
obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability in
accordance with GAAP.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Capitalized Software Expenditures</B>&#148; shall mean, for any period, the aggregate of all
expenditures (whether paid in cash or accrued as liabilities) by a Person and its Restricted
Subsidiaries during such period in respect of licensed or purchased software or internally
developed software and software enhancements that, in conformity with GAAP, are or are required to
be reflected as capitalized costs on the consolidated balance sheet of a Person and its Restricted
Subsidiaries.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash Collateral</B>&#148; has the meaning specified in Section&nbsp;2.03(g).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash Collateral Account</B>&#148; means a blocked account at Citibank (or any successor Administrative
Agent) in the name of the Administrative Agent and under the sole dominion and control of the
Administrative Agent, and otherwise established in a manner reasonably satisfactory to the
Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash Collateralize</B>&#148; has the meaning specified in Section&nbsp;2.03(g).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash Dominion Event</B>&#148; means either (i)&nbsp;the occurrence and continuance of any Event of Default
under Section&nbsp;8.01(a) or Section&nbsp;8.01(f) (in each case with respect to (1)&nbsp;any Borrower, (2)&nbsp;any
Material Subsidiary that is a Guarantor or (3)&nbsp;any group of Immaterial Subsidiaries that are
Guarantors that, when taken together, constitute a Material Subsidiary), or (ii)&nbsp;the Borrowers have
failed to maintain (a)&nbsp;Excess Availability of at least $50,000,000 for fifteen (15)&nbsp;consecutive
calendar days or (b)&nbsp;Aggregate Excess Availability of at least 10% of the Borrowing Base for five
(5)&nbsp;consecutive Business Days, and in the case of this clause (ii), the Administrative Agent has
notified the Parent Borrower thereof. For purposes of this Agreement, the occurrence of a Cash
Dominion Event shall be deemed continuing at the Administrative Agent&#146;s option (x)&nbsp;if the Cash
Dominion Event arises under clause (i)&nbsp;above, so long as such Event of Default is continuing, or
(y)&nbsp;if the Cash Dominion Event arises as a result of the Borrowers&#146; failure to achieve and maintain
(A)&nbsp;Excess Availability as required hereunder, until Excess Availability has exceeded $50,000,000
or (B)&nbsp;Aggregate Excess Availability as required hereunder, until Aggregate Excess Availability has
exceeded 10% of the Borrowing Base, in each case for thirty (30)&nbsp;consecutive days, in which case a
Cash Dominion Event shall no longer be deemed to be continuing for purposes of this Agreement;
<I>provided </I>that a Cash Dominion Event shall be deemed continuing (even if such an Event of Default is
no longer continuing and/or Excess Availability and/or Aggregate Excess Availability exceeds the
required amount for thirty (30)&nbsp;consecutive days) at all times in any four fiscal quarter period
after a Cash Dominion Event has occurred and been discontinued on two occasions in such four fiscal
quarter period. Notwithstanding the foregoing, it is agreed that a Cash Dominion Event shall not
be deemed to have occurred and be continuing as a result of the Loans made on the Closing Date
unless and until additional Loans are made or Letters of Credit are issued hereunder and a
Liquidity Event Condition subsequently occurs.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash Equivalents</B>&#148; means any of the following types of Investments, to the extent owned by the
Parent Borrower or any Restricted Subsidiary:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dollars;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)&nbsp;Canadian Dollars, Sterling, Euros or any national currency of any participating
member state of the EMU or (ii)&nbsp;in the case of any Foreign Subsidiary that is a Restricted
Subsidiary, such local currencies held by it from time to time in the ordinary course of
business;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) securities issued or directly and fully and unconditionally guaranteed or insured
by the United States government or any agency or instrumentality thereof the securities of
which are unconditionally guaranteed as a full faith and credit obligation of such
government with maturities of 24&nbsp;months or less from the date of acquisition;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) certificates of deposit, time deposits and eurodollar time deposits with maturities
of one year or less from the date of acquisition, bankers&#146; acceptances with maturities not
exceeding one year and overnight bank deposits, in each case with any domestic or foreign
commercial bank having capital and surplus of not less than $500,000,000;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) repurchase obligations for underlying securities of the types described in clauses
(c)&nbsp;and (d)&nbsp;entered into with any financial institution meeting the qualifications specified
in clause (d)&nbsp;above;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) commercial paper rated at least P-1 by Moody&#146;s or at least A-1 by S&#038;P and in each
case maturing within 12&nbsp;months after the date of creation thereof and Indebtedness or
preferred stock issued by Persons with a rating of &#147;A&#148; or higher from S&#038;P or &#147;A2&#148; or higher
from Moody&#146;s with maturities of 12&nbsp;months or less from the date of acquisition;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) marketable short-term money market and similar funds having a rating of at least
P-2 or A-2 from either Moody&#146;s or S&#038;P, respectively, and in each case maturing within 24
months after the date of creation thereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Investments with average maturities of 12&nbsp;months or less from the date of
acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&#038;P or
Aaa3 (or the equivalent thereof) or better by Moody&#146;s;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) solely for the purpose of determining if an Investment therein is allowed under
this Agreement and not for the calculation of the Secured Leverage Ratio and the Total
Leverage Ratio, readily marketable direct obligations issued by any state, commonwealth or
territory of the United States or any political subdivision or taxing authority thereof
having an Investment Grade Rating from either Moody&#146;s or S&#038;P with maturities of 24&nbsp;months or
less from the date of acquisition; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) investment funds investing at least 95% of their assets in securities of the types
described in clauses (a)&nbsp;through (i)&nbsp;above.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of Investments by any Foreign Subsidiary that is a Restricted Subsidiary or
Investments made in a country outside the United States of America, Cash Equivalents shall also
include (i)&nbsp;investments of the type and maturity described in clauses (a)&nbsp;through (j)&nbsp;above of
foreign obligors, which Investments or obligors (or the parents of such obligors) have ratings
described in such clauses or equivalent ratings from comparable foreign rating agencies and (ii)
other short-term investments utilized by Foreign Subsidiaries that are Restricted Subsidiaries in
accordance with normal investment practices for cash management in investments analogous to the
foregoing investments in clauses (a)&nbsp;through (j)&nbsp;and in this paragraph.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash for Post-Closing Expenses</B>&#148; means (x)&nbsp;the aggregate amount of estimated post-closing
expenses specified on Schedule&nbsp;1.01B, less (y)&nbsp;the amount of such post-closing expenses paid or
satisfied prior to the
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Closing Date (it being understood that the Parent Borrower may reduce any such estimated
post-closing expense based on its good faith estimate of the actual amount of such post-closing
expense as of the Closing Date).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash Income Taxes</B>&#148; means, with respect to any period, all taxes based on income paid in cash
by the Parent Borrower and its Restricted Subsidiaries during such period.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash Management Bank</B>&#148; means any Person that is a Lender or an Affiliate of a Lender at the
time it provides any Cash Management Services, whether or not such Person subsequently ceases to be
a Lender or an Affiliate of a Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash Management Obligations</B>&#148; means obligations owed by the Parent Borrower or any Subsidiary
to any Cash Management Bank in respect of or in connection with any Cash Management Services and
designated by the Parent Borrower in writing to the Administrative Agent as &#147;Cash Management
Obligations.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash Management Services</B>&#148; means any agreement or arrangement to provide cash management
services, including treasury, depository, overdraft, credit or debit card, purchase card,
electronic funds transfer and other cash management arrangements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash Management Systems</B>&#148; means the cash management systems described in Section&nbsp;6.15.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CCB Group</B>&#148; means the Borrowers identified as members of the CCB Group on the signature page
to this Agreement and the Joinder Agreement, including all supplements thereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CCI</B>&#148; means Clear Channel International BV, a limited liability company formed under the laws
of the Netherlands.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CCIH</B>&#148; means Clear Channel International Holdings BV, a limited liability company formed under
the laws of the Netherlands.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CCN</B>&#148; means Clear Channel Netherlands BV, a limited liability company formed under the laws of
the Netherlands.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CCOH</B>&#148; means Clear Channel Outdoor Holdings, Inc., a Delaware corporation.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CCOH 90% Investment</B>&#148; means the first Investment in Equity Interests of CCOH which results in
the U.S. Loan Parties owning at least 90% of the then outstanding Equity Interests in CCOH.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CCO Cash Management Arrangements</B>&#148; means the cash management arrangements established by the
Parent Borrower and CCOH pursuant to the CCO Intercompany Agreements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CCO Intercompany Agreements</B>&#148; means (a)&nbsp;the Master Agreement dated as of November&nbsp;16, 2005
between the Parent Borrower and CCOH as the same may be amended, supplemented or otherwise modified
from time to time in accordance with Section&nbsp;7.12(c) and (b)&nbsp;the Corporate Services Agreement dated
as of November&nbsp;16, 2005 between Clear Channel Management Services, L.P. and CCOH, as the same may
be amended, supplemented or otherwise modified from time to time in accordance with Section
7.12(c).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CCU Cash Management Notes</B>&#148; means (a)&nbsp;the Revolving Promissory Note dated November&nbsp;10, 2005,
issued by CCOH to the Parent Borrower pursuant to the CCO Cash Management Arrangements, as the same
may be amended, supplemented, modified, extended, renewed, restated or replaced from time to time
in accordance with Section&nbsp;7.12(c) and (b)&nbsp;the Revolving Promissory Note dated November&nbsp;10, 2005,
issued by the Parent Borrower to CCOH pursuant to the CCO Cash Management Arrangements, as the same
may be amended, supplemented, modified, extended, renewed, restated or replaced from time to time
in accordance with Section&nbsp;7.12(c) (the &#147;<B>Parent Borrower Obligor Cash Management Note</B>&#148;).
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CC UK</B>&#148; means Clear Channel UK Limited, a limited company formed under the laws of England and
Wales.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CCU Notes</B>&#148; means the CCU Cash Management Notes and the CCU Term Note.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;CCU Term Note&#148; </B>means the $2.5&nbsp;billion Senior Unsecured Term Promissory Note dated as of
August&nbsp;2, 2005 made by Clear Channel Outdoor, Inc to CCOH, subsequently endorsed to the Parent
Borrower, as amended on August&nbsp;2, 2005, as the same may be amended, supplemented, modified,
extended, renewed, restated or replaced from time to time in accordance with Section&nbsp;7.12(c).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CF Administrative Agent</B>&#148; means Citibank in its capacity as administrative agent and
collateral agent under the CF Credit Agreement, or any successor administrative agent and
collateral agent under the CF Credit Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CF Credit Agreement</B>&#148; means that certain credit agreement dated as of the date hereof, among
the Parent Borrower, Holdings, the subsidiary borrowers party thereto, the lenders party thereto
and Citibank, as administrative agent and collateral agent, as the same may be amended, restated,
modified, supplemented, replaced or refinanced from time to time, to the extent permitted by the
Intercreditor Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CF Facilities</B>&#148; means the credit facilities under the CF Credit Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CF Facility Documentation</B>&#148; means the CF Credit Agreement and all security agreements,
guarantees, pledge agreements and other agreements or instruments executed in connection therewith.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CF Revolving Credit Commitment</B>&#148; has the meaning given to the term &#147;Revolving Credit
Commitment&#148; in the CF Credit Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CF Revolving Credit Exposure</B>&#148; has the meaning given to the term &#147;Revolving Credit Exposure:
in the CF Credit Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Change of Control</B>&#148; means the earliest to occur of:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i)&nbsp;at any time prior to the consummation of a Qualifying IPO, the Permitted
Holders ceasing to own, in the aggregate, directly or indirectly, beneficially and of
record, at least a majority of the then outstanding voting power of the Voting Stock of
Parent or the Sponsors ceasing to have the right or the ability by voting power, contract or
otherwise to elect or designate for election at least a majority of the board of directors
of Parent; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any time upon or after the consummation of a Qualifying IPO, the acquisition by
(A)&nbsp;any Person (other than one or more Permitted Holders) or (B)&nbsp;Persons (other than one or
more Permitted Holders) that are together a group (within the meaning of Section&nbsp;13(d)(3) or
Section&nbsp;14(d)(2) of the Exchange Act, or any successor provision), including any such group
acting for the purpose of acquiring, holding or disposing of securities (within the meaning
of Rule&nbsp;13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series
of transactions, by way of merger, consolidation or other business combination or purchase
of beneficial ownership (within the meaning of Rule&nbsp;13d-3 under the Exchange Act, or any
successor provision) of more than the greater of (x)&nbsp;thirty-five percent (35%) of the then
outstanding voting power of the Voting Stock of Parent and (y)&nbsp;the percentage of the then
outstanding voting power of Voting Stock of Parent owned, in the aggregate, directly or
indirectly, beneficially and of record, by the Permitted Holders;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">unless, in the case of clause (a)(ii) above, the Sponsors have, at such time and after
giving effect to the transaction in question, the right or the ability by voting power,
contract or otherwise to elect or designate for election at least a majority of the board of
directors of Parent; or
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any &#147;Change of Control&#148; (or any comparable term) under the CF Credit Agreement, any
New Senior Notes Indenture, or any other Indebtedness with an aggregate principal amount in
excess of the Threshold Amount; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to Section&nbsp;7.04, the Parent Borrower ceases to be a direct wholly-owned
Subsidiary of Holdings or Holdings ceases to be a direct or indirect wholly-owned Subsidiary
of Parent, provided that a &#147;Change of Control&#148; under this clause (c)&nbsp;shall not be deemed to
have occurred solely as a result of options held by certain employees in the United Kingdom
to purchase shares of the Parent Borrower that remain outstanding after the Closing Date so
long as such options are terminated by no later than 60&nbsp;days after the Closing Date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Citibank</B>&#148; means Citibank, N.A.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Class</B>&#148; when used with respect to Loans or a Borrowing, refers to whether such Loans, or the
Loans comprising such Borrowing, are Revolving Credit Loans or Protective Advances.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Closing Date</B>&#148; means &#147;Closing Date&#148; as defined in the Merger Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Code</B>&#148; means the U.S. Internal Revenue Code of 1986, and the Treasury regulations promulgated
thereunder, as amended from time to time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Co-Documentation Agents</B>&#148; means Credit Suisse, Cayman Islands Branch, The Royal Bank of
Scotland plc and Wachovia Capital Markets, LLC.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Co-Investors</B>&#148; means, collectively, (a)&nbsp;Highfields Capital I LP, Highfields Capital II LP,
Highfields Capital III LP, Highfields Capital Management LP, FMR LLC, Fidelity Management &#038;
Research Company, Strategic Advisers, Inc., Pyramis Global Advisors Trust Company, and any other
Persons who, directly or indirectly, own Equity Interests of Parent on the Closing Date, and any of
their respective Affiliates and funds or partnerships managed or advised by any of them or their
respective Affiliates and (b)&nbsp;and the Management Stockholders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Collateral</B>&#148; means all the &#147;Collateral&#148; (or equivalent term) as defined in any Collateral
Document.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Collateral and Guarantee Requirement</B>&#148; means, at any time, the requirement that:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Administrative Agent shall have received each Collateral Document to the extent
required to be delivered pursuant to Section&nbsp;6.11, 6.13 or 6.15 , subject in each case to the
limitations and exceptions of this definition, duly executed by each Loan Party thereto;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Subject to any applicable limitations set forth in the Collateral Documents, all of the
Parent Borrower&#146;s wholly-owned Material Domestic Subsidiaries (other than Excluded Subsidiaries)
that own Eligible Accounts shall execute a joiner to this Agreement in order to become a Subsidiary
Borrower hereunder and all Obligations shall have been unconditionally guaranteed (the
&#147;<B>Guarantees</B>&#148;) by Holdings, each Borrower (in the case of Obligations of each other Borrower) and
each Restricted Subsidiary that is a wholly-owned Material Domestic Subsidiary and not an Excluded
Subsidiary (each, a &#147;<B>Subsidiary Guarantor</B>&#148;, and each unconditional guarantee thereby, a &#147;<B>Subsidiary
Guarantee</B>&#148;) (each of Holdings, the Borrowers (to the extent set forth above) and the Subsidiary
Guarantors, a &#147;<B>Guarantor</B>&#148;);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;all guarantees issued or to be issued in respect of the New Senior Notes or any Permitted
Additional Notes (i)&nbsp;shall be subordinated to the Obligations to the same extent as the guarantees
issued on the Closing Date in respect of the New Senior Notes are subordinated to the Obligations
and (ii)&nbsp;shall provide for their automatic release upon a release of the corresponding Guarantee;
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;except to the extent otherwise permitted hereunder or under any Collateral Document, the
Obligations shall have been secured by a perfected first priority security interest in the
Receivables Collateral, subject to the terms of the Intercreditor Agreement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this definition or anything in this Agreement or
any other Loan Document to the contrary:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the foregoing definition shall not require the creation or perfection of pledges of
security interests in, or taking other actions with respect to, (i)&nbsp;pledges and security
interests prohibited by Law (other than to the extent such prohibition is expressly deemed
ineffective under the Uniform Commercial Code or other applicable law notwithstanding such
prohibition), (ii)&nbsp;intercompany indebtedness between the Parent Borrower and its Restricted
Subsidiaries or between any Restricted Subsidiaries, or (iii)&nbsp;any particular assets if, in
the reasonable judgment of the Administrative Agent evidenced in writing, determined in
consultation with the Parent Borrower, the burden, cost or consequences (including any
material adverse tax consequences) of creating or perfecting such pledges or security
interests in such assets or taking other actions in respect of such assets is excessive in
relation to the benefits to be obtained therefrom by the Lenders under the Loan Documents;
and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Liens required to be granted from time to time pursuant to the Collateral and
Guarantee Requirement shall be subject to exceptions and limitations set forth in the
Collateral Documents and, to the extent appropriate in the applicable jurisdiction, as
agreed between the Administrative Agent and the Parent Borrower in writing; and.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any of the foregoing, the Parent Borrower may cause any Restricted
Subsidiary that is not at the time a Subsidiary Borrower or Subsidiary Guarantor to take all
actions necessary under this definition of &#147;Collateral and Guarantee Requirement&#148; to become
a Subsidiary Borrower or a Subsidiary Guarantor, in the case of such Restricted Subsidiary
organized in the United States, in which case such Restricted Subsidiary shall be treated as
a Subsidiary Borrower or Subsidiary Guarantor, as applicable, hereunder for all purposes.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein or in any other Loan Document, if any
intended Guaranty cannot be provided on or prior to the date required under Section&nbsp;6.13(b)
or with respect to any intended Collateral, if the creation or perfection of the
Administrative Agent&#146;s security interest in such intended Collateral may not be accomplished
on or prior to the date required under Section&nbsp;6.13(b) (other than the pledge and perfection
of domestic assets of the Parent Borrower, the Subsidiary Borrowers, and the Guarantors with
respect to which a lien may be perfected solely by the filing of a financing statement under
the Uniform Commercial Code) after use of commercially reasonable efforts to do so or
without undue delay, burden or expense, then such Guaranty or Collateral shall not be
required to be delivered under Section&nbsp;6.13(b) if the Parent Borrower agrees to deliver or
cause to be delivered such documents and instruments, and take or cause to be taken such
other actions as may be required to perfect such security interests, (i)&nbsp;in the case of any
intended guaranty, within 20&nbsp;days after the Closing Date, and (ii)&nbsp;in the case of any
intended Collateral, the time period for delivery applicable upon acquisition of intended
Collateral pursuant to Section&nbsp;6.11 (in each case subject to extension by the Administrative
Agent in its discretion).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Collateral Documents</B>&#148; means, collectively, the Security Agreement, the Blocked Account
Agreements, the Credit Card Notifications, collateral assignments, Security Agreement Supplements,
security agreements, pledge agreements or other similar agreements delivered to the Administrative
Agent and the Lenders pursuant to Section&nbsp;6.11, Section&nbsp;6.13, Section&nbsp;6.15, the Guaranties, the
Intercreditor Agreement, and each of the other agreements, instruments or documents that creates or
purports to create a Lien or Guarantee in favor of the Administrative Agent for the benefit of the
Secured Parties.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Commitment</B>&#148; means, as to each Lender, a Revolving Credit Commitment and such Lender&#146;s
commitment to acquire participations in Protective Advances.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Committed Loan Notice</B>&#148; means a notice of (a)&nbsp; a Revolving Credit Borrowing, (b)&nbsp;a conversion
of Loans from one Type to the other, or (c)&nbsp;a continuation of Eurocurrency Rate Loans, pursuant to
Section&nbsp;2.02(a), which, if in writing, shall be substantially in the form of <U>Exhibit&nbsp;A</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Communications</B>&#148; means each notice, demand, communication, information, document and other
material provided for hereunder or under any other Loan Document or otherwise transmitted between
the parties hereto relating to this Agreement, the other Loan Documents, any Loan Party or its
Affiliates, or the transactions contemplated by this Agreement or the other Loan Documents,
including, without limitation, any financial statement, financial and other report, notice, request
and certificate.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Communications Laws</B>&#148; means the Communications Act of 1934, as amended, and the FCC&#146;s rules,
regulations, published orders and published and promulgated policy statements of the FCC, all as
may be amended from time to time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Compliance Certificate</B>&#148; means a certificate substantially in the form of <U>Exhibit&nbsp;D</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Concentration Account</B>&#148; has the meaning provided in Section&nbsp;6.15(c).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidated Depreciation and Amortization Expense</B>&#148; means, with respect to any Person for any
period, the total amount of depreciation and amortization expense of such Person, including the
amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses and
Capitalized Software Expenditures for such period on a consolidated basis and otherwise determined
in accordance with GAAP.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidated EBITDA</B>&#148; means, with respect to any Person for any period, the Consolidated Net
Income of such Person for such period:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;increased (without duplication) by the following:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provision for taxes based on income or profits or capital, including
federal, state, franchise, excise and similar taxes and foreign withholding taxes of
such Person and its Restricted Subsidiaries paid or accrued during such period, to
the extent the same were deducted (and not added back) in computing such
Consolidated Net Income; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) total interest expense of such Person and its Restricted Subsidiaries
determined in accordance with GAAP for such period and, to the extent not reflected
in such total interest expense, any losses with respect to obligations under any
Swap Contracts or other derivative instruments entered into for the purpose of
hedging interest rate risk, net of interest income and gains with respect to such
obligations, plus bank fees and costs of surety bonds in connection with financing
activities (whether amortized or immediately expensed), to the extent in each case
the same were deducted (and not added back) in calculating such Consolidated Net
Income; <u>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Consolidated Depreciation and Amortization Expense of such Person and its
Restricted Subsidiaries for such period to the extent deducted (and not added back)
in computing Consolidated Net Income; <u>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any fees, expenses or charges related to any Investment, acquisition,
as-set disposition, recapitalization, the incurrence, repayment or refinancing of
Indebtedness (including such fees, expenses or charges related to the offering of
the New Senior Notes, the CF Facilities, the Loans and any credit facilities),
issuance of Equity Interests, refinancing transaction or amendment or modification
of any debt instrument, including (i)&nbsp;the offering, any amendment or other
modification of the New Senior Notes, the CF Facilities,
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"> the Loans or any credit facilities and any amendment or modification
of the Existing Senior Notes and (ii)&nbsp;commissions, discounts, yield and other fees
and charges (including any interest expense) related to the CF Facilities or any
Qualified Securitization Financing, and including, in each case, any such
transaction consummated prior to the Closing Date and any such transaction
undertaken but not completed, and any charges or non-recurring merger costs incurred
during such period as a result of any such transaction, in each case whether or not
successful (including, for the avoidance of doubt the effects of expensing all
transaction related expenses in accordance with Financial Accounting Standards No.
141(R)) and losses associated with FASB Interpretation No.&nbsp;45), and in each case,
deducted (and not added back) in computing Consolidated Net Income; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the amount of any restructuring charge or reserve deducted (and not added
back) in such period in computing Consolidated Net Income, including any
restructuring costs incurred in connection with acquisitions after Closing Date,
costs related to the closure and/or consolidation of facilities, retention charges,
systems establishment costs, conversion costs and excess pension charges and
consulting fees incurred in connection with any of the foregoing; <I>provided </I>that the
aggregate amount added pursuant to this clause (v)&nbsp;shall not exceed 10% of LTM Cost
Base in any four-quarter period; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the amount of any minority interest expense consisting of Subsidiary
income attributable to minority equity interests of third parties in any
non-wholly-owned Subsidiary of such Person and its Restricted Subsidiaries to the
extent deducted (and not added back) in such period in computing such Consolidated
Net Income; <u>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any other non-cash charges of such Person and its Restricted
Subsidiaries, including any (A)&nbsp;write-offs or write-downs, (B)&nbsp;equity-based awards
compensation expense, (C)&nbsp;losses on sales, disposals or abandonment of, or any
impairment charges or asset write-off related to, intangible assets, long-lived
assets and investments in debt and equity securities, (D)&nbsp;all losses from
investments recorded using the equity method and (E)&nbsp;other non-cash charges,
non-cash expenses or non-cash losses reducing Consolidated Net Income for such
period (<I>provided </I>that if any such non-cash charges represent an accrual or reserve
for potential cash items in any future period, the cash payment in respect thereof
in such future period shall be subtracted from Consolidated EBITDA in such future
period to the extent paid, and excluding amortization of a prepaid cash item that
was paid in a prior period), in each case to the extent deducted (and not added
back) in computing Consolidated Net Income; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the amount of cost savings projected by the Parent Borrower in good
faith to be realized as a result of specified actions taken during such period or
expected to be taken (calculated on a pro forma basis as though such cost savings
had been realized on the first day of such period), net of the amount of actual
benefits realized during such period from such actions, provided that (A)&nbsp;such
amounts are reasonably identifiable and factually supportable, (B)&nbsp;such actions are
taken, committed to be taken or expected to be taken within 18&nbsp;months after the
Closing Date, (C)&nbsp;no cost savings shall be added pursuant to this clause (viii)&nbsp;to
the extent duplicative of any expenses or charges that are otherwise added back in
computing Consolidated EBITDA with respect to such period and (D)&nbsp;the aggregate
amount of cost savings added pursuant to this clause (viii)&nbsp;shall not exceed
$100,000,000 for any period consisting of four consecutive quarters; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) so long as no Default or Event of Default has occurred and is continuing,
the amount of management, monitoring, consulting and advisory fees (including
transaction
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"> fees) and indemnities and expenses paid or accrued in such period under
the Sponsor Management Agreement or otherwise to the Sponsors and deducted (and not
added back) in such period in computing such Consolidated Net Income; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any costs or expense incurred by the Parent Borrower or a Restricted
Subsidiary pursuant to any management equity plan or stock option plan or any other
management or employee benefit plan or agreement, any stock subscription or
shareholder agreement, to the extent that such costs or expenses are funded with
cash proceeds contributed to the capital of the Parent Borrower or net cash proceeds
of an issuance of Equity Interests of the Parent Borrower (other than Disqualified
Equity Interests and other than from the proceeds of the exercise of the Cure
Right); <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Securitization Fees to the extent deducted in calculating Consolidated Net
Income for such period;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(b) decreased by (without duplication):
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any non-cash gains increasing Consolidated Net Income of such Person and
its Restricted Subsidiaries for such period, excluding any non-cash gains to the
extent they represent the reversal of an accrual or reserve for a potential cash
item that reduced Consolidated EBITDA in any prior period; <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the minority interest income consisting of subsidiary losses attributable
to minority equity interests of third parties in any non-wholly-owned Subsidiary of
such Person and its Restricted Subsidiaries to the extent such minority interest
income is included in Consolidated Net Income; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) increased or decreased (without duplication) by, as applicable, in each case to
the extent excluded or included, as applicable, in determining Consolidated Net
Income for such period:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any net unrealized gain or loss (after any offset) of such Person or its
Restricted Subsidiaries resulting in such period from Swap Contracts and the
application of Statement of Financial Accounting Standards No.&nbsp;133 and International
Accounting Standards No.&nbsp;39 and their respective related pronouncements and
interpretations;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any net gain or loss (after any offset) of such Person or its Restricted
Subsidiaries resulting from currency translation gains or losses related to currency
remeasurements of Indebtedness (including any net gain or loss resulting from Swap
Contracts for currency exchange risk) and any foreign currency translation gains or
losses; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any after-tax effect of extraordinary, non-recurring or unusual gains or
losses (less all fees and expenses relating thereto) or expenses, Transaction
Expenses, severance, relocation costs and curtailments or modifications to pension
and post-retirement employee benefit plans.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidated Net Income</B>&#148; means, with respect to any Person for any period, the aggregate of
the Net Income of such Person and its Restricted Subsidiaries for such period on a consolidated
basis and otherwise determined in accordance with GAAP; <I>provided</I>, <I>however</I>, that, without
duplication,
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the cumulative effect of a change in accounting principles during such period shall
be excluded,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any net after-tax income (loss)&nbsp;from disposed or discontinued operations (other
than the Permitted Disposition Assets to the extent included in discontinued operations
prior to consummation of the disposition thereof) and any net after-tax gains or losses on
disposal of disposed, abandoned or discontinued operations shall be excluded;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any net after-tax effect of gains or losses (less all fees, expenses and charges)
attributable to asset dispositions or abandonments or the sale or other disposition of any
Equity Interests of any Person other than in the ordinary course of business, as determined
in good faith by the Parent Borrower, shall be excluded,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Net Income for such period of any Person that is not a Subsidiary, or is an
Unrestricted Subsidiary, or that is accounted for by the equity method of accounting, shall
be excluded; <I>provided </I>that Consolidated Net Income of the Parent Borrower shall be increased
by the amount of dividends or distributions or other payments that are actually paid in Cash
Equivalents (or cash to the extent converted into Cash Equivalents) to the Parent Borrower
or a Restricted Subsidiary thereof in respect of such period,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) effects of adjustments (including the effects of such adjustments pushed down to
the Parent Borrower and the Restricted Subsidiaries) in such Person&#146;s consolidated financial
statements pursuant to GAAP (including the inventory, property and equipment, software,
goodwill, intangible assets, in-process research and development, deferred revenue and debt
line items thereof) resulting from the application of purchase accounting, in relation to
the Transactions or any consummated acquisition or the amortization or write-off of any
amounts thereof, net of taxes, shall be excluded,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any net after-tax effect of income (loss)&nbsp;from the early extinguishment or
conversion of (i)&nbsp;obligations under any Swap Contracts, (ii)&nbsp;Indebtedness or (iii)&nbsp;other
derivative instruments shall be excluded,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any impairment charge or asset write-off or write-down, including impairment
charges or asset write-offs or write-downs related to intangible assets, long-lived assets,
investments in debt and equity securities or as a result of a change in law or regulation,
in each case, pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP
shall be excluded,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any non-cash compensation charge or expense, including any such charge or expense
arising from the grants of stock appreciation or similar rights, stock options, restricted
stock or other rights or equity incentive programs shall be excluded, and any cash charges
associated with the rollover, acceleration or payout of Equity Interests by management of
the Parent Borrower or any of its direct or indirect parents in connection with the
Transactions, shall be excluded,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) accruals and reserves that are established or adjusted within twelve months after
the Closing Date that are so required to be established as a result of the Transactions or
changes as a result of adoption or modification of accounting policies in accordance with
GAAP shall be excluded,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) solely for the purpose of determining the Available Amount pursuant to clause (a)
of the definition thereof, the Net Income for such period of any Restricted Subsidiary
(other than any Guarantor) shall be excluded to the extent that the declaration or payment
of dividends or similar distributions by that Restricted Subsidiary of its Net Income is not
at the date of determination permitted without any prior governmental approval (which has
not been obtained) or, directly or indirectly, by the operation of the terms of its charter
or any agreement, instrument, judgment, decree, order, statute, rule, or governmental
regulation applicable to that Restricted Subsidiary or its stockholders, unless such
restriction with respect to the payment of dividends or similar distributions has been
legally waived, provided that Consolidated Net Income of the Parent Borrower will be
increased by the amount of dividends or other distributions or other payments
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">actually paid
in cash (or to the extent converted in to cash) to the Parent Borrower or a Restricted
Subsidiary thereof in respect of such period, to the extent not already included therein,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any expenses, charges or losses that are covered by indemnification or other
reimbursement provisions in connection with any Investment, Permitted Acquisition or any
sale, conveyance, transfer or other disposition of assets permitted under this Agreement, to
the extent actually reimbursed, or, so long as the Parent Borrower has made a determination
that a reasonable basis exists for indemnification or reimbursement and only to the extent
that such amount is in fact indemnified or reimbursed within 365&nbsp;days of such determination
(with a deduction in the applicable future period for any amount so added back to the extent
not so indemnified or reimbursed within such 365&nbsp;days), shall be excluded, and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to the extent covered by insurance and actually reimbursed, or, so long as the
Parent Borrower has made a determination that there exists reasonable evidence that such
amount will in fact be reimbursed by the insurer and only to the extent that such amount is
in fact reimbursed within 365&nbsp;days of the date of such determination (with a deduction in
the applicable future period for any amount so added back to the extent not so reimbursed
within such 365&nbsp;days), expenses, charges or losses with respect to liability or casualty
events or business interruption shall be excluded.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidated Secured Debt</B>&#148; means, as of any date of determination, (a)&nbsp;the aggregate
principal amount of Consolidated Total Debt outstanding on such date that is secured by a Lien on
any asset or property of Holdings, the Parent Borrower or any Restricted Subsidiary <U>minus</U>
(b)&nbsp;the aggregate amount of cash and Cash Equivalents (in each case, free and clear of all Liens,
other than nonconsensual Liens permitted by Section&nbsp;7.01 and Liens permitted by Sections&nbsp;7.01(a),
(l)&nbsp;and (s)&nbsp;and clauses (i)&nbsp;and (ii)&nbsp;of Section&nbsp;7.01(t)) included in the consolidated balance sheet
of the Parent Borrower and the Restricted Subsidiaries as of such date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidated Total Debt</B>&#148; means, as of any date of determination, the aggregate principal
amount of Indebtedness of the Parent Borrower and the Restricted Subsidiaries outstanding on such
date and set forth on the balance sheet of such Persons, determined on a consolidated basis in
accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from
the application of purchase accounting in connection with the Transactions or any Permitted
Acquisition); <I>provided </I>that Consolidated Total Debt shall not include Indebtedness in respect of
(i)&nbsp;any letter of credit or bank guaranty, except to the extent of unreimbursed amounts thereunder,
(ii)&nbsp;obligations under Swap Contracts and (iii)&nbsp;any non-recourse debt to the extent of the amount
in excess of the fair market value of the assets securing such non-recourse debt.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Contractual Obligation</B>&#148; means, as to any Person, any provision of any security issued by such
Person or of any agreement, instrument or other undertaking to which such Person is a party or by
which it or any of its property is bound.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Control</B>&#148; has the meaning specified in the definition of &#147;Affiliate.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Controlled Investment Affiliate</B>&#148; means, as to any Person, any other Person, other than any
Sponsor, which directly or indirectly is in control of, is controlled by, or is under common
control with such Person and is organized by such Person (or any Person controlling such Person)
primarily for making direct or indirect equity or debt investments in the Parent Borrower and/or
other companies.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Credit Card Notification</B>&#148; has the meaning specified in Section&nbsp;6.15.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Credit Card Receivables</B>&#148; has the meaning specified in the definition of &#147;Eligible Credit Card
Receivables.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Credit Extension</B>&#148; means each of the following: (a)&nbsp;a Borrowing and (b)&nbsp;an L/C Credit
Extension.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cure Amount</B>&#148; has the meaning specified in Section&nbsp;4.03(a).
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cure Right</B>&#148; has the meaning specified in Section&nbsp;4.03(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>DDAs</B>&#148; means any checking or other demand deposit account maintained by a Loan Party in which
Collateral and proceeds of Collateral is deposited or held. All funds in such DDAs shall be
conclusively presumed to be Collateral and proceeds of Collateral and the Administrative Agent and
the Lenders shall have no duty to inquire as to the source of the amounts on deposit in the DDAs,
subject to the Security Agreement and the Intercreditor Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Debt Proceeds</B>&#148; means the sum of the proceeds of (a)&nbsp;the borrowings made on the Closing Date
under the CF Facilities, (b)&nbsp;the proceeds of the issuance of the New Senior Notes, and (c)&nbsp;the
proceeds of the initial borrowings under the Facility.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Debt Repayment</B>&#148; shall mean the repayment, prepayment, repurchase, redemption or defeasance or
tender, in whole or in part, of (a)&nbsp;the Indebtedness of the Parent Borrower and its Subsidiaries
under the Existing Credit Agreement, (b)&nbsp;the Indebtedness of the Parent Borrower in respect of the
Repurchased Existing Notes and (c)&nbsp;the other Indebtedness identified on Schedule&nbsp;7.03(b) and that
is repaid, prepaid, repurchased, redeemed or defeased or tendered on the Closing Date (or such
later date as may be necessary to effect the Debt Repayment contemplated by any tender offer made
on or prior to the Closing Date).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Debtor Relief Laws</B>&#148; means the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the
United States or other applicable jurisdictions from time to time in effect and affecting the
rights of creditors generally.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Default</B>&#148; means any event or condition that constitutes an Event of Default or that, with the
giving of any notice, the passage of time, or both, would be an Event of Default.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Default Rate</B>&#148; means an interest rate equal to (a)&nbsp;the Base Rate <U>plus</U> (b)&nbsp;the
Applicable Rate applicable to Base Rate Loans <U>plus</U> (c)&nbsp;2.0% per annum; <I>provided </I>that with
respect to a Eurocurrency Rate Loan, the Default Rate shall be an interest rate equal to the
interest rate (including any Applicable Rate) otherwise applicable to such Loan <U>plus</U> 2.0%
per annum, in each case, to the fullest extent permitted by applicable Laws.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Defaulting Lender</B>&#148; means any Lender that (a)&nbsp;has failed to fund any portion of the Revolving
Credit Loans, participations in L/C Obligations or participations in Swing Line Loans or
participations in Protective Advances required to be funded by it hereunder within one (1)&nbsp;Business
Day of the date required to be funded by it hereunder, unless the subject of a good faith dispute
(or a good faith dispute that is subsequently cured), (b)&nbsp;has otherwise failed to pay over to the
Administrative Agent or any other Lender any other amount required to be paid by it hereunder
within one (1)&nbsp;Business Day of the date when due, unless the subject of a good faith dispute (or a
good faith dispute that is subsequently cured), (c)&nbsp;has been deemed insolvent or become the subject
of a bankruptcy or insolvency proceeding or (d)&nbsp;has notified the Parent Borrower and/or the
Administrative Agent in writing of any of the foregoing (including any written certification of its
intent not to comply with its obligations under Article&nbsp;II).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Designated Non-Cash Consideration</B>&#148; means the Fair Market Value of non-cash consideration
received by the Parent Borrower or a Restricted Subsidiary in connection with a Disposition
pursuant to Section&nbsp;7.05(j) that is designated as Designated Non-Cash Consideration pursuant to a
certificate of a Responsible Officer, setting forth the basis of such valuation (which amount will
be reduced by the Fair Market Value of the portion of the non-cash consideration converted to cash
within 180&nbsp;days following the consummation of the applicable Disposition).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Designated 2010 Retained Existing Notes</B>&#148; means any 7.65% Senior Notes due 2010 of the Parent
Borrower, to the extent not repaid, prepaid, repurchased or defeased on the Closing Date (or such
later date as may be necessary to effect the Debt Repayment contemplated by any tender offer made
on or prior to the Closing Date).
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Disposition</B>&#148; or &#147;<B>Dispose</B>&#148; means the sale, transfer, license, lease or other disposition
(including any sale-leaseback transaction and any sale or issuance of Equity Interests of a
Restricted Subsidiary (but excluding the Equity Interests of the Parent Borrower)) of any property
by any Person, including any sale, assignment, transfer
or other disposal, with or without recourse, of any notes or accounts receivable or any rights
and claims associated therewith; <I>provided </I>that no transaction or series of related transactions
shall be considered a &#147;Disposition&#148; for purposes of Section&nbsp;7.05 unless the net cash proceeds
resulting from such transaction or series of transactions shall exceed $25,000,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Disqualified Equity Interests</B>&#148; means any Equity Interest that, by its terms (or by the terms
of any security or any other Equity Interest into which it is convertible or for which it is
exchangeable), or upon the happening of any event or condition (a)&nbsp;matures or is mandatorily
redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund
obligation or otherwise (except as a result of a change of control or asset sale so long as any
rights of the holders thereof upon the occurrence of a change of control or asset sale event shall
be subject to the prior repayment in full of the Loans and all other Obligations that are accrued
and payable, the termination of the Commitments and the termination of or backstop on terms
satisfactory to the Administrative Agent in its sole discretion all outstanding Letters of Credit),
(b)&nbsp;is redeemable at the option of the holder thereof (other than solely for Qualified Equity
Interests), in whole or in part or (c)&nbsp;provides for the scheduled payments of dividends in cash, in
each case, prior to the date that is ninety-one (91)&nbsp;days after the Maturity Date; <I>provided </I>that if
such Equity Interests are issued pursuant to a plan for the benefit of employees of Holdings, the
Parent Borrower or the Restricted Subsidiaries or by any such plan to such employees, such Equity
Interests shall not constitute Disqualified Equity Interests solely because it may be required to
be repurchased by Holdings, the Parent Borrower or the Restricted Subsidiaries in order to satisfy
applicable statutory or regulatory obligations or under the terms of the plan under which such
Equity Interests are issued and any stock subscription or shareholder agreement to which such
Equity Interests are subject; <I>provided, further</I>, that any Equity Interests held by any future,
current or former employee, director, officer, manager or consultant (or their respective estates,
Affiliates or Immediate Family Members), of the Parent Borrower, any of its Subsidiaries or any of
its direct or indirect parent companies&#146; or any other entity in which the Parent Borrower or a
Restricted Subsidiary has an Investment, in each case pursuant to any stock subscription or
shareholders&#146; agreement, management equity plan or stock option plan or any other management or
employee benefit plan or agreement or any distributor equity plan or agreement shall not constitute
Disqualified Equity Interest solely because it may be required to be repurchased by the Parent
Borrower or its Subsidiaries.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Disqualified Institutions</B>&#148; means those banks and institutions set forth on Schedule&nbsp;1.01E
hereto or any Persons who are competitors of the Parent Borrower and its Subsidiaries, as
identified to the Administrative Agent from time to time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Divestiture Assets</B>&#148; means the DoJ Divestiture Assets and the FCC Divestiture Assets.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>DoJ Divestiture Assets</B>&#148; means the &#147;Divestiture Assets&#148; as defined in the DoJ Consent Orders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>DoJ Orders</B>&#148; means the Final Judgment and the Hold Separate Stipulation and Order entered by
the United States District Court for the District of Columbia in the matter of <I>United States of
America v. Bain Capital, LLC, Thomas H. Lee Partners, L.P. and Clear Channel</I>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar</B>&#148; and &#147;<B>$</B>&#148; mean lawful money of the United States.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Domestic Subsidiary</B>&#148; means any Subsidiary that is organized under the Laws of the United
States, any state thereof or the District of Columbia.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Eligible Accounts</B>&#148; means, as of any date of determination thereof, the aggregate amount of
all Accounts due to any Borrower, except to the extent that (determined without duplication):
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) except as provided in clause (v)&nbsp;of this definition, such Account does not arise
from the sale of goods, intellectual property or advertising, or the performance of services
by a Borrower in the ordinary course of its business;
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)&nbsp;such Borrower&#146;s right to receive payment is contingent upon the fulfillment of
any condition whatsoever or (ii)&nbsp;as to which such Person is not able to bring suit or
otherwise enforce its remedies against the Account Debtor through judicial process;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any defense, counterclaim, setoff or dispute exists as to such Account, but only to
the extent of such defense, counterclaim, setoff or dispute;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such Account is not a true and correct statement of bona fide indebtedness incurred
in the amount of the Account for the sale of goods to or services rendered for the
applicable Account Debtor;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an invoice, in form and substance consistent with the Parent Borrower&#146;s credit and
collection policies, or otherwise reasonably acceptable to the Administrative Agent (it
being understood that the forms used by the Borrowers on the Closing Date are satisfactory
to the Administrative Agent), has not been prepared and sent to the applicable Account
Debtor in respect of such Account prior to being reported to the Administrative Agent as
Collateral (including Accounts identified as inactive, warranty or otherwise not
attributable to an Account Debtor);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) such Account (i)&nbsp;is not owned by a Borrower or (ii)&nbsp;is subject to any Lien, other
than Liens permitted hereunder pursuant to clauses (a), (c), (e), (h), (j), (k), (t), (x)
and (z)&nbsp;of Section&nbsp;7.01;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) such Account is the obligation of an Account Debtor that is (i)&nbsp;a director,
officer, other employee or Affiliate of a Borrower (other than Accounts arising from the
sale of goods, intellectual property or advertising, or provision of services delivered to
such Account Debtor in the ordinary course of business), (ii)&nbsp;a natural person or (iii)&nbsp;only
if such Account obligation has not been incurred in the ordinary course or on arms&#146; length
terms, to any entity that has any common officer or director with a Borrower;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Accounts subject to a partial payment plan;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Borrower is liable for goods sold or services rendered by the applicable
Account Debtor to such Borrower but only to the extent of the potential offset;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) upon the occurrence of any of the following with respect to such Account:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Account is not paid within:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) with respect to Accounts generated by the CCB Group, (x)&nbsp;in the case of
Accounts due from advertising agencies, 120&nbsp;days past the original invoice date, or
(y)&nbsp;in the case of Accounts due from any other Person, 90&nbsp;days past the original
invoice date;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) with respect to Accounts generated by the Premier Group, 120&nbsp;days past the
original invoice date; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) (x)&nbsp;with respect to Accounts generated from commissions billed for media
representation services by the Katz Group, 60&nbsp;days past the original due date, or
(y)&nbsp;with respect to Accounts generated by billings made by the Katz Group to
advertisers or advertising agencies for advertising spots, and for which a member of
the CCB Group has billed a member of the Katz Group, the Account is not paid within
90&nbsp;days following the original invoice date;
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><I>provided </I>that in calculating delinquent portions of Accounts under clauses (A)&nbsp;through (C), CCB
Group Accounts due from advertising agencies with net credit balances over 120&nbsp;days old, CCB Group
Accounts due from other persons with net credit balances over 90&nbsp;days old, Premier Group Accounts
with net credit balances over 120&nbsp;days old, Katz Group media representation Accounts with net
credit balances over 60&nbsp;days old, and other Katz Group Accounts with net credit balances over 90
days old, will be excluded;
</DIV>



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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Account Debtor obligated upon such Account suspends business, makes a
general assignment for the benefit of creditors or fails to pay its debts generally
as they come due;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Account Debtor obligated upon such Account is a debtor or a debtor in
possession under any bankruptcy law or any other federal, state or foreign
(including any provincial) receivership, insolvency relief or other law or laws for
the relief of debtors; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) with respect to which Account (or any other Account due from the
applicable Account Debtor), in whole or in part, a check, promissory note, draft,
trade acceptance, or other instrument for the payment of money has been received,
presented for payment, and returned uncollected for any reason;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) such Account is the obligation of an Account Debtor from whom 50% or more of the
aggregate amount of all Accounts owing by that Account Debtor are ineligible under clause
(j)(i) of this definition;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) such Account, together with all other Accounts owing by such Account Debtor and its
Affiliates as of any date of determination, exceeds 15% of all Eligible Accounts (but only
the extent of such excess);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) such Account is one as to which the Administrative Agent&#146;s Lien thereon, on behalf
of itself and the Lenders, is not a first priority perfected Lien, subject to Liens
permitted hereunder pursuant to clauses (c), (e), (h), (j), (k), (t)&nbsp;and (x)&nbsp;of Section
7.01;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any of the representations or warranties in the Loan Documents with respect to such
Account are untrue in any material respect with respect to such Account (or, with respect to
representations or warranties that are qualified by materiality, any of such representations
and warranties are untrue);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) such Account is evidenced by a judgment, Instrument or Chattel Paper (each such
term as defined in the Uniform Commercial Code) (other than Instruments or Chattel Paper
that are held by a Borrower or that have been delivered to the Administrative Agent);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) such Account is payable in any currency other than Dollars;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Accounts with respect to which the Account Debtor is a Person unless: (i)&nbsp;the
Account Debtor&#146;s billing address is in the United States or (ii)&nbsp;the Account Debtor is
organized under the laws of the United States, any state thereof or the District of
Columbia;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) such Account is the obligation of an Account Debtor that is the United States
government or a political subdivision thereof, or department, agency or instrumentality
thereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Accounts with respect to which the Account Debtor is the government of any country
or sovereign state other than the United States, or of any state, municipality, or other
political subdivision thereof, or of any department, agency, public corporation, or other
instrumentality thereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) such Account has been redated, extended, compromised, settled, adjusted or
otherwise modified or discounted, except discounts or modifications that are granted by a
Borrower in the ordinary course of business and that are reflected in the calculation of the
Borrowing Base;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) such Account is of an Account Debtor that is located in a state requiring the
filing of a notice of business activities report or similar report in order to permit a
Borrower to seek judicial enforcement in such state of payment of such Account, unless such
Borrower has qualified to do business in such state or has filed a notice of business
activities report or equivalent report for the then-current year or if such failure to file
and inability to seek judicial enforcement is capable of being remedied without any material
delay or material cost;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such Accounts were acquired or originated by a Person acquired in a Permitted
Acquisition (until such time as the Administrative Agent has completed a customary due
diligence investigation as
to such Accounts and such Person, which investigation may, at the sole discretion of
the Administrative Agent, include a field examination, and the Administrative Agent is
reasonably satisfied with the results thereof);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Credit Card Receivables (other than Eligible Credit Card Receivables);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Accounts which are subject to a credit that has been earned but not taken, subject
to reduction as a result of an unapplied deferred revenue account, or a chargeback, to the
extent of such rebate, deferred revenue account or chargeback;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) that represents a sale on a bill-and-hold, guaranteed sale, sale and return, sale
on approval, consignment or other repurchase or return basis;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) such Borrower is subject to an event of the type described in Section&nbsp;8.01(f);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) such Account is otherwise unacceptable to the Administrative Agent in its
Permitted Discretion;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) such Account was generated by a Person that was a Borrower at the time such
Account was generated but has since been sold or divested; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) such Account was not generated by the CCB Group, Premier Group or Katz Group
unless otherwise agreed to by the Administrative Agent in its Permitted Discretion (after
such time as the Administrative Agent has completed a customary due diligence investigation
as to such Accounts and such Person, which investigation may, at the sole discretion of the
Administrative Agent, include a field examination, and the Administrative Agent is
reasonably satisfied with the results thereof).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Eligible Assignee</B>&#148; means any assignee permitted by and, to the extent applicable, consented
to in accordance with Section&nbsp;10.07(b); <I>provided </I>that under no circumstances shall (i)&nbsp;any Loan
Party or any of its Subsidiaries, or (ii)&nbsp;any Disqualified Institution be an Assignee.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Eligible Credit Card Receivables</B>&#148; shall mean, as of any date of determination, Accounts due
to any Borrower from major credit card and debit card processors (including, but not limited to,
JCB, Visa, Mastercard, American Express, Diners Club, DiscoverCard, Interlink, NYCE, Star/Mac,
Tyme, Pulse, Accel, AFF, Shazam, CU244, Alaska Option and Maestro) that arise in the ordinary
course of business and that have been earned by performance (&#147;<B>Credit Card Receivables</B>&#148;) and that
are not excluded as ineligible by virtue of one or more of the criteria set forth below, except
that none of the following (determined without duplication) shall be deemed to be Eligible Credit
Card Receivables:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Accounts that have been outstanding for more than five (5)&nbsp;Business Days from the
date of sale, or for such longer period(s) as may be approved by the Administrative Agent in
its Permitted Discretion;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Accounts with respect to which a Borrower does not have good and valid title, free
and clear of any Lien (other than Liens permitted hereunder pursuant to clauses (a), (c),
(e), (h), (j), (k), (t), (x)&nbsp;and (z)&nbsp;of Section&nbsp;7.01);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Accounts as to which the Administrative Agent&#146;s Lien attached thereon on behalf of
itself and the Lenders, is not a first priority perfected Lien, subject to Liens permitted
hereunder pursuant to clauses (c), (e), (h), (j), (k), (t)&nbsp;and (x)&nbsp;of Section&nbsp;7.01;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Accounts that are disputed, or with respect to which a claim, counterclaim, offset
or chargeback (other than chargebacks in the ordinary course by the credit card processors)
has been asserted,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">by the related credit card processor (but only to the extent of such
dispute, claim, counterclaim, offset or chargeback);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) except as otherwise approved by the Administrative Agent, Accounts as to which the
credit card processor has the right under certain circumstances to require a Borrower to
repurchase the Accounts from such credit card or debit card processor;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) except as otherwise approved by the Administrative Agent, Accounts arising from any
private label credit card program of a Borrower; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Accounts due from major credit card and debit card processors (other than JCB,
Visa, Mastercard, American Express, Diners Club, DiscoverCard, Interlink, NYCE, Star/Mac,
Tyme, Pulse, Accel, AFF, Shazam, CU244, Alaska Option and Maestro) that the Administrative
Agent in its Permitted Discretion determines to be unlikely to be collected.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>EMU</B>&#148; means the economic and monetary union as contemplated in the Treaty on European Union.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>EMU Legislation</B>&#148; means the legislative measures of the European Council for the introduction
of, changeover to or operation of a single or unified European currency.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Environment</B>&#148; means ambient air, indoor air, surface water, drinking water, groundwater, land
surfaces, subsurface strata and natural resources such as wetlands, flora and fauna.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Environmental Claim</B>&#148; means any and all administrative, regulatory or judicial actions, suits,
demands, demand letters, claims, liens, notices of noncompliance or violation, investigations
(other than internal reports prepared by any Loan Party or any of its Subsidiaries (a)&nbsp;in the
ordinary course of such Person&#146;s business or (b)&nbsp;as required in connection with a financing
transaction or an acquisition or disposition of real estate) or proceedings with respect to any
Environmental Liability (hereinafter &#147;<B>Claims</B>&#148;), including (i)&nbsp;any and all Claims by a Governmental
Authority for enforcement, response or other actions or damages pursuant to any Environmental Law
and (ii)&nbsp;any and all Claims by any Person seeking damages, contribution, indemnification, cost
recovery, compensation or injunctive relief pursuant to any Environmental Law.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Environmental Laws</B>&#148; means any and all Laws relating to the pollution or protection of the
Environment including those relating to the generation, handling, storage, treatment transport or
Release or threat of Release of Hazardous Materials or, to the extent relating to exposure or
threat of exposure to Hazardous Materials, human health.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Environmental Liability</B>&#148; means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or indemnities) of any
Loan Party or any of its Subsidiaries directly or indirectly resulting from or based upon
(a)&nbsp;violation of any Environmental Law, (b)&nbsp;the generation, use, handling, transportation, storage
or treatment of any Hazardous Materials, (c)&nbsp;exposure to any Hazardous Materials, (d)&nbsp;the presence,
or Release or threatened Release of any Hazardous Materials into the Environment or (e)&nbsp;any
contract, agreement or other consensual arrangement pursuant to which liability is assumed or
imposed with respect to any of the foregoing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Environmental Permit</B>&#148; means any permit, approval, identification number, license or other
authorization required under any Environmental Law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Equity Contribution</B>&#148; means, collectively, (a)&nbsp;the direct or indirect contribution by the Sponsors
and certain other investors of an aggregate amount of cash (the &#147;Cash Contribution&#148;) and (b)&nbsp;the
Rollover Equity, in an amount which, together with (A)&nbsp;the Parent Borrower&#146;s and its Subsidiaries&#146;
cash on hand and (B)&nbsp;the Debt Proceeds, is sufficient to finance (a)&nbsp;the Merger Consideration, (b)
the Debt Repayment, (c)&nbsp;Transaction Expenses paid on or prior to the Closing Date, (d)&nbsp;Cash for
Post-Closing Expenses and (e)&nbsp;the Additional Cash from Revolver Draw. The Equity Contribution will
be no less than $3,000,000,000. Any portion of the Cash Contribution not directly received
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">by
Merger Sub or used by Parent or Holdings to pay Transaction Expenses will be contributed to the
common equity capital of Merger Sub.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Equity Interests</B>&#148; means, with respect to any Person, all of the shares, interests, rights,
participations or other equivalents (however designated) of capital stock of (or other ownership or
profit interests or units in) such Person and all of the warrants, options or other rights for the
purchase, acquisition or exchange from such Person of any of the foregoing (including through
convertible securities).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>ERISA</B>&#148; means the Employee Retirement Income Security Act of 1974, as amended from time to
time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>ERISA Affiliate</B>&#148; means any trade or business (whether or not incorporated) that is under
common control with Holdings or the Parent Borrower and is treated as a single employer pursuant to
Section&nbsp;414 of the Code or Section&nbsp;4001 of ERISA.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>ERISA Event</B>&#148; means (a)&nbsp;a Reportable Event with respect to a Pension Plan for which notice to
the PBGC is not waived by regulation; (b)&nbsp;a withdrawal by Holdings, the Parent Borrower, any
Subsidiary or any of their respective ERISA Affiliates from a Pension Plan subject to Section&nbsp;4063
of ERISA during a plan year in which it was a substantial employer (as defined in
Section&nbsp;4001(a)(2) of ERISA) or a cessation of operations that is treated as a termination under
Section&nbsp;4062(e) of ERISA; (c)&nbsp;a complete or partial withdrawal by Holdings, the Parent Borrower,
any Subsidiary or any of their respective ERISA Affiliates from a Multiemployer Plan, notification
of Holdings, the Parent Borrower, any Subsidiary or any of their respective ERISA Affiliates
concerning the imposition of Withdrawal Liability or notification that a Multiemployer Plan is
insolvent or is in reorganization within the meaning of Title IV of ERISA; (d)&nbsp;the filing by
Holdings, the Parent Borrower, any Subsidiary or any of their respective ERISA Affiliates of a
notice of intent to terminate a Pension Plan; (e)&nbsp;with respect to a Pension Plan, the failure to
satisfy the minimum funding standard of Section&nbsp;412 of the Code and Section&nbsp;302 of ERISA, whether
or not waived; (f)&nbsp;the failure to make by its due date a required contribution under Section 412(m)
of the Code (or Section 430(j) of the Code, as amended by the Pension Protection Act of 2006) with
respect to any Pension Plan or the failure to make any required contribution to a Multiemployer
Plan; (g)&nbsp;the filing pursuant to Section 412(d) of the Code and Section 303(d) of ERISA (or, after
the effective date of the Pension Protection Act of 2006, Section 412(c) of the Code and Section
302(c) of ERISA) of an application for a waiver of the minimum funding standard with respect to any
Pension Plan; (h)&nbsp;the filing by the PBGC of a petition under Section&nbsp;4042 of ERISA to terminate any
Pension Plan or to appoint a trustee to administer any Pension Plan; or (i)&nbsp;the occurrence of a
nonexempt prohibited transaction (within the meaning of Section&nbsp;4975 of the Code or Section&nbsp;406 of
ERISA) which could result in liability to Holdings or the Parent Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Escrow Agreement</B>&#148; means the Escrow Agreement, dated as of May&nbsp;13, 2008, among Merger Sub,
Parent, the Parent Borrower, the financial institutions and other parties thereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Euro</B>&#148; and &#147;<B><FONT face="'Times New Roman',times,serif">&#128;</FONT></B>&#148; mean the lawful single currency of the European Union.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Eurocurrency Rate</B>&#148; means, for any Interest Period with respect to any Eurocurrency Rate Loan,
the rate per annum equal to the British Bankers Association LIBOR Rate (&#147;<B>BBA LIBOR</B>&#148;), as published
by Reuters (or other commercially available source providing quotations of BBA LIBOR as designated
by the Administrative Agent from time to time) at approximately 11:00&nbsp;a.m., London time, two
Business Days prior to the commencement of such Interest Period, for deposits in the relevant
currency (for delivery on the first day of such Interest Period) with a term equivalent to such
Interest Period; if such rate is not available at such time for any reason, then the &#147;Eurocurrency
Rate&#148; for such Interest Period shall be the rate per annum determined by the Administrative Agent
to be the rate at which deposits in the relevant currency for delivery on the first day of such
Interest Period in Same Day Funds in the approximate amount of the Eurocurrency Rate Loan being
made, continued or converted and with a term equivalent to such Interest Period would be offered by
the Administrative Agent&#146;s London Branch (or other branch or Affiliate) to major banks in the
London or other offshore interbank market for such currency at their request at approximately 11:00
a.m., London time, two Business Days prior to the commencement of such Interest Period.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Eurocurrency Rate Loan</B>&#148; means a Loan that bears interest at a rate based on the applicable
Eurocurrency Rate.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Event of Default</B>&#148; has the meaning specified in Section&nbsp;8.01.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Excess Availability</B>&#148; means, as of any date of determination thereof, (x)&nbsp;the lesser of (1)
the Borrowing Base and (2)&nbsp;the aggregate Revolving Credit Commitments, <U>minus</U> (y)&nbsp;the
aggregate Revolving Credit Exposure.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Exchange Act</B>&#148; means the Securities Exchange Act of 1934.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Excluded Subsidiary</B>&#148; means (a)&nbsp;any Subsidiary that is not a wholly-owned Subsidiary, (b)&nbsp;any
Immaterial Subsidiary, (c)&nbsp;any Subsidiary that is prohibited by applicable Law from guaranteeing
the Obligations, or a guarantee by which would require governmental consent, approval, license or
authorization, (d)&nbsp;any Domestic Subsidiary (i)&nbsp;that is a Subsidiary of a Foreign Subsidiary that is
a controlled foreign corporation within the meaning of Section&nbsp;957 of the Code or (ii)&nbsp;that is
treated as a disregarded entity for U.S. federal income tax purposes if substantially all of its
assets consist of the stock of one or more Foreign Subsidiaries that is a controlled foreign
corporation within the meaning of Section&nbsp;957 of the Code, (e)&nbsp;AMFM and its Subsidiaries, until
AMFM has completed the Debt Repayment of the AMFM Notes, as result of which the covenants in the
AMFM Indenture have been defeased or, in the case of a tender offer and consent solicitation,
eliminated in accordance therewith, (f)&nbsp;any Unrestricted Subsidiary, (g)&nbsp;any Securitization Entity,
and (h)&nbsp;any other Subsidiary with respect to which, in the reasonable judgment of the
Administrative Agent, determined in consultation with the Parent Borrower, the burden, cost or
consequences (including any material adverse tax consequences) of providing a guarantee of the
Obligations shall be excessive in view of the benefits to be obtained by the Lenders therefrom.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Existing Credit Agreement</B>&#148; means that certain Credit Agreement dated as of July&nbsp;13, 2004,
among the Parent Borrower and the subsidiaries of the Parent Borrower party thereto as borrowers,
the lenders from time to time party thereto, Bank of America, N.A., as administrative agent, and
the other agents party thereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Existing Notes</B>&#148; has the meaning specified in the definition of &#147;Retained Existing Notes.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Existing Notes Condition</B>&#148; means (i)&nbsp;the repayment of Existing Notes such that no more than
$500,000,000 aggregate principal amount of Existing Notes remains outstanding or (ii)&nbsp;the Parent
Borrower and its Subsidiaries are no longer subject to the negative covenants set forth in the
Existing Notes Indentures as a result of a consent solicitation or other discharge or defeasance,
as notified to the Administrative Agent in writing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Existing Notes Indentures</B>&#148; means collectively the (i)&nbsp;Retained Existing Notes Indenture and
the (ii)&nbsp;AMFM Notes Indenture.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Facility</B>&#148; means the Revolving Credit Facility.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Fair Market Value</B>&#148; means, with respect to any asset or liability, the fair market value of
such asset or liability as determined in good faith by a Responsible Officer of the Parent
Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FCC</B>&#148; means the Federal Communications Commission of the United States or any Governmental
Authority succeeding to the functions of such commission in whole or in part.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FCC Authorizations</B>&#148; means all Broadcast Licenses and other licenses, permits and other
authorizations issued by the FCC and held by the Parent Borrower or any of its Restricted
Subsidiaries.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FCC Divestiture Assets</B>&#148; means (a)&nbsp;Broadcast Licenses transferred to the Aloha Trust pursuant
to the FCC Order, (b)&nbsp;any interest in the Aloha Trust and (c)&nbsp;any assets of the Parent Borrower and
its Restricted Subsidiaries relating to the Stations operated under the Broadcast Licenses referred
to in clause (a).
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FCC Order</B>&#148; means the Memorandum Opinion and Order, FCC 08-3, released by the FCC on January
24, 2008, as amended by the Erratum dated January&nbsp;30, 2008.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Federal Funds Rate</B>&#148; means, for any day, the rate per annum equal to the weighted average of
the rates on overnight Federal funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank on the
Business Day next succeeding such
day; <I>provided </I>that (a)&nbsp;if such day is not a Business Day, the Federal Funds Rate for such day
shall be such rate on such transactions on the next preceding Business Day as so published on the
next succeeding Business Day, and (b)&nbsp;if no such rate is so published on such next succeeding
Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if
necessary, to a whole multiple of 1/100 of 1%) charged to the Administrative Agent on such day on
such transactions as determined by the Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Fixed Charge Coverage Ratio</B>&#148; means, with respect to any Test Period, the ratio of (a)
Consolidated EBITDA of the Parent Borrower <U>minus</U> Capital Expenditures <U>minus</U> Cash
Income Taxes, in each case for such Test Period, to (b)&nbsp;Fixed Charges for such Test Period.
Notwithstanding anything to the contrary, for purposes of calculating the Fixed Charge Coverage
Ratio for the four fiscal quarter periods ending on the last day of each of the first, second and
third whole fiscal quarters occurring after the Closing Date (each a &#147;<B>Post-Closing Quarter</B>&#148;), Fixed
Charges shall be deemed to equal Fixed Charges for the period commencing on the first day of the
first Post-Closing Quarter and ending (a)&nbsp;on the last day of the first Post-Closing Quarter,
multiplied by 4, (b)&nbsp;on the last day of the second Post-Closing Quarter, multiplied by 2, and (c)
on the last day of the third Post-Closing Quarter, multiplied by 4/3, respectively.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Fixed Charges</B>&#148; means, with respect to any Test Period, without duplication, the sum of (a)
consolidated cash interest expense (net of cash interest income to the extent excluded from
Consolidated EBITDA), for the Parent Borrower and its Restricted Subsidiaries on a consolidated
basis, for such Test Period <U>plus</U> (b)&nbsp;the aggregate amount of all cash dividend payments on
Disqualified Equity Interests of the Parent Borrower during such Test Period <U>plus</U> (c)&nbsp;the
scheduled amortization payments during such Test Period on Indebtedness of the Parent Borrower and
its Restricted Subsidiaries.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Foreign Lender</B>&#148; has the meaning specified in Section&nbsp;3.01(b).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Foreign Plan</B>&#148; means any employee benefit plan, program, policy, arrangement or agreement
maintained or contributed to by, or entered into with, Holdings, the Parent Borrower or any
Subsidiary of the Parent Borrower with respect to employees employed outside the United States.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Foreign Subsidiary</B>&#148; means any direct or indirect Restricted Subsidiary of the Parent Borrower
that is not a Domestic Subsidiary.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FRB</B>&#148; means the Board of Governors of the Federal Reserve System of the United States.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Fund</B>&#148; means any Person (other than a natural person) that is engaged in making, purchasing,
holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary
course.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>GAAP</B>&#148; means generally accepted accounting principles in the United States of America, as in
effect from time to time; <I>provided</I>, <I>however</I>, that if the Parent Borrower notifies the
Administrative Agent that the Parent Borrower requests an amendment to any provision hereof to
eliminate the effect of any change occurring after the Closing Date in GAAP or in the application
thereof on the operation of such provision (or if the Administrative Agent notifies the Parent
Borrower that the Required Lenders request an amendment to any provision hereof for such purpose),
regardless of whether any such notice is given before or after such change in GAAP or in the
application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and
applied immediately before such change shall have become effective until such notice shall have
been withdrawn or such provision amended in accordance herewith.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Governmental Authority</B>&#148; means any nation or government, any state or other political
subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative
tribunal, central bank or
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Granting Lender</B>&#148; has the meaning specified in Section&nbsp;10.07(h).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Guarantee</B>&#148; means, as to any Person, without duplication, (a)&nbsp;any obligation, contingent or
otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any
Indebtedness or other monetary obligation payable or performable by another Person (the &#147;<B>primary
obligor</B>&#148;) in any manner, whether directly or indirectly, and including any obligation of such
Person, direct or indirect, (i)&nbsp;to purchase or pay (or advance or supply funds for the purchase or
payment of) such Indebtedness or other monetary obligation, (ii)&nbsp;to purchase or lease property,
securities or services for the purpose of assuring the obligee in respect of such Indebtedness or
other monetary obligation of the payment or performance of such Indebtedness or other monetary
obligation, (iii)&nbsp;to maintain working capital, equity capital or any other financial statement
condition or liquidity or level of income or cash flow of the primary obligor so as to enable the
primary obligor to pay such Indebtedness or other monetary obligation, or (iv)&nbsp;entered into for the
purpose of assuring in any other manner the obligee in respect of such Indebtedness or other
monetary obligation of the payment or performance thereof or to protect such obligee against loss
in respect thereof (in whole or in part), or (b)&nbsp;any Lien on any assets of such Person securing any
Indebtedness or other monetary obligation of any other Person, whether or not such Indebtedness or
other monetary obligation is assumed by such Person (or any right, contingent or otherwise, of any
holder of such Indebtedness to obtain any such Lien); <I>provided </I>that the term &#147;Guarantee&#148; shall not
include endorsements for collection or deposit, in either case in the ordinary course of business,
or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in
connection with any acquisition or disposition of assets permitted under this Agreement (other than
such obligations with respect to Indebtedness). The amount of any Guarantee shall be deemed to be
an amount equal to the stated or determinable amount of the related primary obligation, or portion
thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum
reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in
good faith. The term &#147;Guarantee&#148; as a verb has a corresponding meaning.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Guarantees</B>&#148; has the meaning specified in the definition of &#147;Collateral and Guarantee
Requirement.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Guarantor</B>&#148; has the meaning specified in the definition of &#147;Collateral and Guarantee
Requirement.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Guaranty</B>&#148; means (a)&nbsp;the guaranty made by Holdings, the Parent Borrower, the Subsidiary
Borrowers, and the Subsidiary Guarantors in favor of the Administrative Agent on behalf of the
Secured Parties pursuant to clause (b)&nbsp;of the definition of &#147;Collateral and Guarantee Requirement,&#148;
substantially in the form of <U>Exhibit&nbsp;F-1</U> or <U>Exhibit&nbsp;F-2</U>, as applicable, and
(b)&nbsp;each other guaranty and guaranty supplement delivered pursuant to Section&nbsp;6.11, all guarantees
hereunder, the &#147;<B>Guaranties</B>.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Hazardous Materials</B>&#148; means materials, chemicals, substances, compounds, wastes, pollutants
and contaminants, in any form, including all explosive or radioactive substances or wastes, mold,
petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated
biphenyls, radon gas and infectious or medical wastes, in each case regulated pursuant to any
Environmental Law.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Holdings</B>&#148; has the meaning specified in the introductory paragraph to this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Honor Date</B>&#148; has the meaning specified in Section&nbsp;2.03(c)(i).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Immaterial Subsidiary</B>&#148; means any Subsidiary that is not a Material Subsidiary.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Immediate Family Member</B>&#148; means, with respect to any individual, such individual&#146;s child,
stepchild, grandchild or more remote descendant, parent, stepparent, grandparent, spouse, former
spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and
daughter-in-law (including adoptive relationships) and any trust, partnership or other bona fide
estate planning vehicle the only beneficiaries of which are any of
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> the foregoing individuals or any
private foundation or fund that is controlled by any of the foregoing individuals or any donor
advised fund of which any such individual is the donor.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Incremental Amendment</B>&#148; has the meaning specified in Section&nbsp;2.14(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indebtedness</B>&#148; means, as to any Person at a particular time, without duplication, all of the
following, whether or not included as indebtedness or liabilities in accordance with GAAP:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all obligations of such Person for borrowed money and all obligations of such
Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the maximum amount (after giving effect to any prior drawings or reductions that
may have been reimbursed) of all letters of credit (including standby and commercial),
bankers&#146; acceptances, bank guaranties, surety bonds, performance bonds and similar
instruments issued or created by or for the account of such Person;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) net obligations of such Person under any Swap Contract;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all obligations of such Person to pay the deferred purchase price of property or
services (other than (i)&nbsp;trade accounts and accrued expenses payable in the ordinary course
of business and (ii)&nbsp;any earn-out obligation until such obligation becomes a liability on
the balance sheet of such Person in accordance with GAAP and if not paid after becoming due
and payable);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property
owned or being purchased by such Person (including indebtedness arising under conditional
sales or other title retention agreements and mortgage, industrial revenue bond, industrial
development bond and similar financings), whether or not such indebtedness shall have been
assumed by such Person or is limited in recourse;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all Attributable Indebtedness;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all obligations of such Person in respect of Disqualified Equity Interests; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all Guarantees of such Person in respect of any of the foregoing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all purposes hereof, the Indebtedness of any Person shall (i)&nbsp;include the Indebtedness of
any partnership or joint venture (other than a joint venture that is itself a corporation or
limited liability company) in which such Person is a general partner or a joint venturer, except to
the extent such Person&#146;s liability for such Indebtedness is otherwise limited and only to the
extent such Indebtedness would be included in the calculation of clause (a)&nbsp;of the definition of
Consolidated Total Debt of such Person and (ii)&nbsp;in the case of the Parent Borrower and its
Restricted Subsidiaries, exclude all intercompany Indebtedness having a term not exceeding 364&nbsp;days
(inclusive of any roll-over or extensions of terms) and made in the ordinary course of business.
The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap
Termination Value thereof as of such date. The amount of Indebtedness of any Person that is not
assumed by such Person for purposes of clause&nbsp;(e) shall be deemed to be equal to the lesser of
(i)&nbsp;the aggregate unpaid amount of such Indebtedness and (ii)&nbsp;the Fair Market Value of the property
encumbered thereby as determined by such Person in good faith.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indemnified Liabilities</B>&#148; has the meaning specified in Section&nbsp;10.05.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indemnified Taxes</B>&#148; has the meaning specified in Section&nbsp;3.01(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indemnitees</B>&#148; has the meaning specified in Section&nbsp;10.05.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Independent Financial Advisor</B>&#148; means an accounting, appraisal, investment banking firm or
consultant of nationally recognized standing that is, in the good faith judgment of the Parent
Borrower, qualified to perform the task for which it has been engaged and that is independent of
the Parent Borrower and its Affiliates.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Information</B>&#148; has the meaning specified in Section&nbsp;10.08.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Initial Incremental Amount</B>&#148; has the meaning specified in Section&nbsp;2.14(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Initial Revolving Borrowing</B>&#148; means one or more borrowings of Revolving Credit Loans or
issuances in an amount not to exceed the aggregate amounts specified or referred to in the
definition term &#147;Permitted Initial Revolving Borrowing Purposes.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Intercreditor Agreement</B>&#148; means the intercreditor agreement dated as of the Closing Date
hereof between the Administrative Agent and the CF Administrative Agent, substantially in the form
attached as <U>Exhibit&nbsp;I</U>, as amended, restated, supplemented or otherwise modified from time
to time in accordance therewith and herewith.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Interest Payment Date</B>&#148; means, (a)&nbsp;as to any Loan other than a Base Rate Loan, the last day of
each Interest Period applicable to such Loan and the Maturity Date; <I>provided </I>that if any Interest
Period for a Eurocurrency Rate Loan exceeds three months, the respective dates that fall every
three months after the beginning of such Interest Period shall also be Interest Payment Dates; and
(b)&nbsp;as to any Base Rate Loan (including a Swing Line Loan), the last Business Day of each March,
June, September and December&nbsp;and the Maturity Date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Interest Period</B>&#148; means, as to each Eurocurrency Rate Loan, the period commencing on the date
such Eurocurrency Rate Loan is disbursed or converted to or continued as a Eurocurrency Rate Loan
and ending on the date one, two, three or six months thereafter, or to the extent agreed by each
Lender of such Eurocurrency Rate Loan and the Administrative Agent, nine or twelve months (or such
period of less than one month as may be consented to by the Administrative Agent and each Lender),
as selected by the Parent Borrower in its Committed Loan Notice; <I>provided </I>that:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Interest Period that would otherwise end on a day that is not a Business Day
shall be extended to the next succeeding Business Day unless such Business Day falls in
another calendar month, in which case such Interest Period shall end on the next preceding
Business Day;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Interest Period that begins on the last Business Day of a calendar month (or on
a day for which there is no numerically corresponding day in the calendar month at the end
of such Interest Period) shall end on the last Business Day of the calendar month at the end
of such Interest Period; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Interest Period shall extend beyond the Maturity Date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Investment</B>&#148; means, as to any Person, any direct or indirect acquisition or investment by such
Person, whether by means of (a)&nbsp;the purchase or other acquisition of Equity Interests or debt or
other securities of another Person, (b)&nbsp;a loan, advance or capital contribution to, Guarantee or
assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity
participation or interest in, another Person, including any partnership or joint venture interest
in such other Person (excluding, in the case of the Parent Borrower and its Restricted
Subsidiaries, intercompany loans, advances, or Indebtedness having a term not exceeding 364&nbsp;days
(inclusive of any roll-over or extensions of terms) and made in the ordinary course of business) or
(c)&nbsp;the purchase or other acquisition (in one transaction or a series of transactions) of all or
substantially all of the property and assets or business of another Person or assets constituting a
business unit, line of business or division of such Person. For purposes of covenant compliance,
the amount of any Investment at any time shall be the amount actually invested (measured at the
time made), without adjustment for subsequent changes in the value of such Investment, net of any
return representing a return of capital with respect to such Investment.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Investment Grade Rating</B>&#148; means a rating equal to or higher than Baa3 (or the equivalent) by
Moody&#146;s and BBB- (or the equivalent) by S&#038;P, or an equivalent rating by any other nationally
recognized statistical rating agency selected by the Parent Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>IP Rights</B>&#148; has the meaning specified in Section&nbsp;5.15.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>ISP</B>&#148; means, with respect to any Letter of Credit, the &#147;International Standby Practices 1998&#148;
published by the Institute of International Banking Law &#038; Practice (or such later version thereof
as may be in effect at the time of issuance).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Issuer Documents</B>&#148; means, with respect to any Letter of Credit, the Letter of Credit
Application, and any other document, agreement and instrument entered into by an L/C Issuer and the
Parent Borrower (or any of its Subsidiaries) or in favor of such L/C Issuer and relating to such
Letter of Credit.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Joinder Agreement</B>&#148; means the joinder agreement, dated as of the Closing Date, among,
Holdings, the Borrowers and the Administrative Agent, substantially in the form attached as Exhibit
J, as amended, restated, supplemented or otherwise modified from time to time in accordance
therewith and herewith.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Judgment Currency</B>&#148; has the meaning specified in Section&nbsp;10.19.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Junior Financing</B>&#148; has the meaning specified in Section&nbsp;7.12(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Junior Financing Documentation</B>&#148; means any documentation governing any Junior Financing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Katz Group</B>&#148; means the Borrowers identified as members of the Katz Group on the signature page
to this Agreement and the Joinder Agreement, including all supplements thereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Laws</B>&#148; means, collectively, all international, foreign, Federal, state and local statutes,
treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial
precedents or authorities and executive orders, including the interpretation or administration
thereof by any Governmental Authority charged with the enforcement, interpretation or
administration thereof, and all applicable administrative orders, directed duties, requests,
licenses, authorizations and permits of, and agreements with, any Governmental Authority.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>L/C Advance</B>&#148; means, with respect to each Revolving Credit Lender, such Lender&#146;s funding of
its participation in any L/C Borrowing in accordance with its Pro Rata Share.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>L/C Borrowing</B>&#148; means an extension of credit resulting from a drawing under any Letter of
Credit that has not been reimbursed on the applicable Honor Date or refinanced as a Revolving
Credit Borrowing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>L/C Credit Extension</B>&#148; means, with respect to any Letter of Credit, the issuance thereof or
extension of the expiry date thereof, or the renewal or increase of the amount thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>L/C Issuer</B>&#148; means Citibank, Deutsche Bank Trust Company Americas and any other Lender that
becomes a L/C Issuer in accordance with Section&nbsp;2.03(l) or 10.07(j), in each case, in its capacity
as an issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit
hereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>L/C Obligation</B>&#148; means, as at any date of determination, the aggregate maximum amount then
available to be drawn under all outstanding Letters of Credit (whether or not (i)&nbsp;such maximum
amount is then in effect under any such Letter of Credit if such maximum amount increases
periodically pursuant to the terms of such Letter of Credit or (ii)&nbsp;the conditions to drawing can
then be satisfied) <u>plus</U> the aggregate of all Unreimbursed Amounts in respect of Letters of Credit,
including all L/C Borrowings. For all purposes of this Agreement, if on any date of determination
a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason
of the operation of Rule&nbsp;3.14 of the ISP, such Letter of Credit shall be deemed to be &#147;outstanding&#148;
in the amount so remaining available to be drawn.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>L/C Sublimit</B>&#148; means an amount equal to $50,000,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lender</B>&#148; has the meaning specified in the introductory paragraph to this Agreement and, as the
context requires, includes an L/C Issuer and the Swing Line Lender, and their respective successors
and assigns as permitted hereunder, each of which is referred to herein as a &#147;Lender.&#148;
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lending Office</B>&#148; means, as to any Lender, the office or offices of such Lender described as
such in such Lender&#146;s Administrative Questionnaire, or such other office or offices as a Lender may
from time to time notify the Parent Borrower and the Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Letter of Credit</B>&#148; means any letter of credit issued hereunder. A Letter of Credit may be a
commercial letter of credit or a standby letter of credit.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Letter of Credit Application</B>&#148; means an application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the relevant L/C Issuer.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Letter of Credit Expiration Date</B>&#148; means the day that is five (5)&nbsp;Business Days prior to the
scheduled Maturity Date then in effect (or, if such day is not a Business Day, the next preceding
Business Day).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>License Subsidiary</B>&#148; means a direct or indirect wholly-owned Restricted Subsidiary of the
Parent Borrower substantially all of the assets of which consist of Broadcast Licenses and related
rights.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lien</B>&#148; means any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory, judgment or other), charge, or preference, priority or other security
interest or preferential arrangement of any kind or nature whatsoever (including any conditional
sale or other title retention agreement, any easement, right of way or other encumbrance on title
to real property, and any Capitalized Lease having substantially the same economic effect as any of
the foregoing); <I>provided </I>that in no event shall an operating lease in and of itself be deemed a
Lien.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Liquidity Event</B>&#148; means the determination by the Administrative Agent that (a)&nbsp;Excess
Availability on any day is less than $50,000,000 or (b)&nbsp;Aggregate Excess Availability on any day is
less than 10% of the Borrowing Base.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>LMA</B>&#148; means a time brokerage agreement between a broadcaster-broker and a radio station
licensee pursuant to which the broadcaster-broker supplies programming and sells commercial spot
announcements in discrete blocks of time provided by the radio station licensee&nbsp;that amount to 15%
or more of the weekly broadcast hours of the radio station licensee&#146;s radio broadcast station.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Loan</B>&#148; means an extension of credit by a Lender to a Borrower under Article&nbsp;II in the form of
a Revolving Credit Loan, a Swing Line Loan or a Protective Advance.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Loan Documents</B>&#148; means, collectively, (i)&nbsp;this Agreement, (ii)&nbsp;the Joinder Agreement, (iii)
the Notes, (iv)&nbsp;the Guaranties, (v)&nbsp;the Collateral Documents, (vi)&nbsp;the Issuer Documents and
(vii)&nbsp;the Intercreditor Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Loan Parties</B>&#148; means collectively, Holdings, the Parent Borrower, the Subsidiary Borrowers
and the Subsidiary Guarantors.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>LTM Cost Base</B>&#148; means, for any Test Period, the sum of (a)&nbsp;direct operating expenses, (b)
selling, general and administrative expenses and (c)&nbsp;corporate expenses, in each case excluding
depreciation, amortization and interest expense, of the Parent Borrower and its Restricted
Subsidiaries determined on a consolidated basis in accordance with GAAP.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Master Agreement</B>&#148; has the meaning specified in the definition of &#147;Swap Contract.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material Adverse Effect</B>&#148; means a material adverse effect on (a)&nbsp;the business, operations,
assets, financial condition or results of operations of the Parent Borrower and its Restricted
Subsidiaries, taken as a whole, or (b)&nbsp;the rights and remedies of the Administrative Agent and the
Lenders hereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material Adverse Effect on the Company</B>&#148; has the meaning ascribed to such term in the Merger
Agreement (as in effect on the Closing Date).
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material Domestic Subsidiary</B>&#148; means, at any date of determination, each of the Parent
Borrower&#146;s Domestic Subsidiaries (a)&nbsp;whose total assets at the last day of the end of the most
recently ended fiscal quarter of the Parent Borrower for which financial statements have been
delivered pursuant to Section&nbsp;6.01 were equal to
or greater than 2.5% of Total Assets at such date or (b)&nbsp;whose gross revenues for the most
recently ended period of four consecutive fiscal quarters of the Parent Borrower for which
financial statements have been delivered pursuant to Section&nbsp;6.01 were equal to or greater than
2.5% of the consolidated gross revenues of the Parent Borrower and the Restricted Subsidiaries for
such period, in each case determined in accordance with GAAP; <I>provided </I>that if, at any time and
from time to time after the Closing Date, Domestic Subsidiaries that are not Guarantors solely
because they do not meet the thresholds set forth in clauses (a)&nbsp;or (b)&nbsp;comprise in the aggregate
more than 5.0% of Total Assets as of the end of the most recently ended fiscal quarter of the
Parent Borrower for which financial statements have been delivered pursuant to Section&nbsp;6.01 or
contribute more than 5.0% of the gross revenues of the Parent Borrower and the Restricted
Subsidiaries for the period of four consecutive fiscal quarters ending as of the last day of such
fiscal quarter, then the Parent Borrower shall, not later than 45&nbsp;days after the date by which
financial statements for such quarter are required to be delivered pursuant to this Agreement,
designate in writing to the Administrative Agent one or more of such Domestic Subsidiaries as
&#147;Material Domestic Subsidiaries&#148; to the extent required such that the foregoing condition ceases to
be true and comply with the provisions of Section&nbsp;6.11 applicable to such Subsidiaries; <I>provided</I>,
<I>however</I>, that, any License Subsidiary that is a Domestic Subsidiary shall be deemed to be a
Material Domestic Subsidiary if such License Subsidiary would constitute a Material Domestic
Subsidiary if it were assumed that such License Subsidiary had the revenues associated with the
Broadcast Stations operated by the Parent Borrower and its Domestic Subsidiaries that utilized the
Broadcast Licenses owned by such License Subsidiary.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material Subsidiary</B>&#148; means any Material Domestic Subsidiary.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Maturity Date</B>&#148; means the date that is six years after of the Closing Date; <I>provided </I>that if
such day is not a Business Day, the Maturity Date shall be the Business Day immediately preceding
such day.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Maximum Rate</B>&#148; has the meaning specified in Section&nbsp;10.11.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Merger</B>&#148; has the meaning specified in the preliminary statements to this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Merger Agreement</B>&#148; means the Agreement and Plan of Merger, dated as of November&nbsp;16, 2006, by
and among the Parent Borrower, Merger Sub, T Triple Crown Finco, LLC, B Triple Crown Finco, LLC and
Parent, as amended by Amendment No.&nbsp;1 dated as of April&nbsp;18, 2007, Amendment No.&nbsp;2 dated as of May
17, 2007 and Amendment No.&nbsp;3 dated as of May&nbsp;13, 2008.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Merger Consideration</B>&#148; means an amount equal to the total funds required to pay to the holder
of each share of issued and outstanding common stock (subject to certain exceptions as set forth in
the Merger Agreement) of the Parent Borrower (and to the holders of certain outstanding options to
purchase, and outstanding restricted stock units with respect to, shares of common stock of the
Parent Borrower (after deduction for any applicable exercise price)), other than shares the holders
of which have elected to convert into common stock of Parent, an aggregate amount per share equal
to Cash Consideration (as defined in the Merger Agreement).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Merger Sub</B>&#148; has the meaning specified in the preliminary statements of this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Minority Investment</B>&#148; means any Person other than a Subsidiary in which the Parent Borrower or
any Restricted Subsidiary owns any Equity Interests.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Moody&#146;s</B>&#148; means Moody&#146;s Investors Service, Inc. and any successor thereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Monthly Borrowing Base Certificate&#148; </B>has the meaning provided in Section&nbsp;6.01(e).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Multiemployer Plan</B>&#148; means any employee benefit plan of the type described in
Section&nbsp;4001(a)(3) of ERISA, to which Holdings, the Parent Borrower, any Subsidiary or any of their
respective ERISA Affiliates makes or is obligated to make contributions, or with respect to which
the Parent Borrower or any Subsidiary would reasonably be expected to incur liability.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>NCR Stations</B>&#148; means the Stations listed on <U>Schedule&nbsp;1.01D</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Net Cash Proceeds</B>&#148; has the meaning specified in the CF Credit Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Net Income</B>&#148; means, with respect to any Person, the net income (loss)&nbsp;of such Person,
determined in accordance with GAAP.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>New Senior Cash-Pay Notes</B>&#148; means $980,000,000 aggregate principal amount of the Parent
Borrower&#146;s 10.75% senior notes due 2016, and any exchange notes in respect thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>New Senior Notes</B>&#148; means, collectively, (i)&nbsp;the New Senior Cash-Pay Notes, and (ii)&nbsp;the New
Senior Toggle Notes.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>New Senior Notes Indentures</B>&#148; means any one or more indentures to be entered into among the
Parent Borrower, as issuer, the guarantors party thereto and a trustee, pursuant to which the New
Senior Notes are issued.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>New Senior Toggle Notes</B>&#148; means $1,330,000,000 aggregate principal amount of the Parent
Borrower&#146;s 11.00%/11.75% senior toggle notes due 2016, any exchange notes in respect thereof, and
any increases in the principal amount of New Senior Toggle Notes (or related exchange notes) in
lieu of the payment of cash interest in accordance with the terms thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Non-Consenting Lender</B>&#148; has the meaning specified in Section&nbsp;3.07(d).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Non-Loan Party</B>&#148; means any Subsidiary of the Parent Borrower that is not a Loan Party.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Nonrenewal Notice Date</B>&#148; has the meaning specified in Section&nbsp;2.03(b)(iii).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Note</B>&#148; means a Revolving Credit Note.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Obligations</B>&#148; means all (x)&nbsp;advances to, and debts, liabilities, obligations, covenants and
duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan or
Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or
contingent, due or to become due, now existing or hereafter arising and including interest and fees
that accrue after the commencement by or against any Loan Party of any proceeding under any Debtor
Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such
interest and fees are allowed claims in such proceeding, (y)&nbsp;Hedging Obligations and (z)&nbsp;Cash
Management Obligations. Without limiting the generality of the foregoing, the Obligations of the
Loan Parties under the Loan Documents (and any of their Subsidiaries to the extent they have
obligations under the Loan Documents) include the obligation (including guarantee obligations) to
pay principal, interest, Letter of Credit, reimbursement obligations, charges, expenses, fees,
Attorney Costs, indemnities and other amounts payable by any Loan Party under any Loan Document.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Organization Documents</B>&#148; means (a)&nbsp;with respect to any corporation, the certificate or
articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with
respect to any non-U.S. jurisdiction); (b)&nbsp;with respect to any limited liability company, the
certificate or articles of formation or organization and operating agreement; and (c)&nbsp;with respect
to any partnership, joint venture, trust or other form of business entity, the partnership, joint
venture or other applicable agreement of formation or organization and any agreement, instrument,
filing or notice with respect thereto filed in connection with its formation or organization with
the applicable Governmental Authority in the jurisdiction of its formation or organization and, if
applicable, any certificate or articles of formation or organization of such entity.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Other Taxes</B>&#148; has the meaning specified in Section&nbsp;3.01(f).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Outstanding Amount</B>&#148; means (a)&nbsp;with respect to the Revolving Credit Loans and Swing Line Loans
on any date, the amount thereof after giving effect to any borrowings and prepayments or repayments
of
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Revolving Credit Loans (including any refinancing of outstanding Unreimbursed Amounts under
Letters of Credit or L/C Credit Extensions as a Revolving Credit Borrowing) and Swing Line Loans,
as the case may be, occurring on
such date; (b)&nbsp;with respect to any L/C Obligations on any date, the Amount thereof on such
date after giving effect to any related L/C Credit Extension occurring on such date and any other
changes thereto as of such date, including as a result of any reimbursements of outstanding
Unreimbursed Amounts under related Letters of Credit (including any refinancing of outstanding
Unreimbursed Amounts under related Letters of Credit or related L/C Credit Extensions as a
Revolving Credit Borrowing) or any reductions in the maximum amount available for drawing under
related Letters of Credit taking effect on such date; and (c)&nbsp;with respect to Protective Advances
on any date, the Dollar Amount thereof after giving effect to any borrowings and prepayments or
repayments of Protective Advances occurring on such date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Overnight Rate</B>&#148; means, for any day, with respect to any amount denominated in Dollars, the
greater of (i)&nbsp;the Federal Funds Rate and (ii)&nbsp;an overnight rate determined by the Administrative
Agent, an L/C Issuer, or the Swing Line Lender, as applicable, in accordance with banking industry
rules on interbank compensation.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Parent</B>&#148; means CC Media Holdings Inc. (formerly BT Triple Crown Capital Holdings III, Inc.).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Parent Borrower</B>&#148; has the meaning specified in the introductory paragraph to this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Parent Borrower Obligor Cash Management Note</B>&#148; has the meaning specified in the definition of
&#147;CCU Cash Management Notes.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Participant</B>&#148; has the meaning specified in Section&nbsp;10.07(e).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Participant Register</B>&#148; has the meaning specified in Section&nbsp;10.07(e).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Participating Member State</B>&#148; means each state so described in any EMU Legislation.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>PBGC</B>&#148; means the Pension Benefit Guaranty Corporation.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Pension Act</B>&#148; means the U.S. Pension Protection Act of 2006, as amended.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Pension Plan</B>&#148; means any &#147;employee pension benefit plan&#148; (as such term is defined in
Section&nbsp;3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title&nbsp;IV of ERISA and
is either (i)&nbsp;sponsored or maintained by Holdings, the Parent Borrower, any Subsidiary or any of
their ERISA Affiliates or (ii)&nbsp;to which Holdings, the Parent Borrower, any Subsidiary or any of
their ERISA Affiliates contributes or has an obligation to contribute or with respect to which the
Parent Borrower or any Subsidiary would reasonably be expected to incur liability.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permits</B>&#148; means any and all franchises, licenses, permits, approvals, notifications,
certifications, registrations, authorizations, exemptions, qualifications, and other rights,
privileges and approvals required for the operation of the Parent Borrower&#146;s business under its
organizational documents or under any loan treaty, rule or regulation or determination of an
arbitrator or a court or other Governmental Authority, in each case applicable or binding upon such
Person or any of its property or to which such Person or any of its property is subject.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Acquisition</B>&#148; has the meaning specified in Section&nbsp;7.02(j).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Additional Notes</B>&#148; means unsecured notes issued by the Parent Borrower and
guaranteed on a subordinated unsecured basis by one or more Guarantors, <I>provided </I>that (a)&nbsp;the terms
of such notes provide for customary subordination of the guarantees of such notes by each Guarantor
to the Obligations (and in any event the terms of such subordination shall be no less favorable to
the Lenders than the terms of the subordination set forth in the New Senior Notes Indenture) and do
not provide for any scheduled repayment, mandatory redemption, sinking fund obligation or other
payment prior to six months after the Maturity Date, other than customary offers to purchase upon a
change of control, asset sale or casualty or condemnation event and customary acceleration rights
upon an event of default and (b)&nbsp;the covenants, events of default, guarantees and other terms for
such notes (<I>provided </I>that
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">such notes shall have interest rates and redemption premiums determined
by the Board of Directors of the Parent Borrower to be market rates and premiums at the time of
issuance of such notes), taken as a whole, are determined
by the Board of Directors of the Parent Borrower to be market terms on the date of issuance
and in any event are not materially more restrictive on the Parent Borrower and the Restricted
Subsidiaries, or materially less favorable to the Lenders, than the terms of the New Senior Notes
Indenture and do not require the maintenance or achievement of any financial performance standards
other than as a condition to taking specified actions, <I>provided </I>that a certificate of a Responsible
Officer delivered to the Administrative Agent at least five Business Days prior to the incurrence
of such Indebtedness, together with a reasonably detailed description of the material terms and
conditions of such Indebtedness or drafts of the documentation relating thereto, stating that the
Parent Borrower has determined in good faith that such terms and conditions satisfy the foregoing
requirement shall be conclusive evidence that such terms and conditions satisfy the foregoing
requirement unless the Administrative Agent notifies the Parent Borrower within such five Business
Day period that it disagrees with such determination (including a reasonable description of the
basis upon which it disagrees).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Additional Notes Documentation</B>&#148; means any notes, instruments, agreements and other
credit documents governing any Permitted Additional Notes.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Asset Swap</B>&#148; means the concurrent purchase and sale or exchange of Related Business
Assets or a combination of Related Business Assets and cash or Cash Equivalents between the Parent
Borrower or any of its Restricted Subsidiaries and another Person.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Discretion</B>&#148; means the Administrative Agent&#146;s commercially reasonable judgment,
exercised in good faith in accordance with customary business practices for comparable asset-based
lending transactions, as to any factor, event, condition or other circumstance arising after the
Closing Date or based on facts not known to the Administrative Agent as of the Closing Date which
the Administrative Agent reasonably determines, with respect to Accounts, (a)&nbsp;will or reasonably
could be expected to adversely affect in any material respect the value of any Eligible Accounts,
the enforceability or priority of the Administrative Agent&#146;s Liens thereon or the amount which the
Administrative Agent, the Lenders or the L/C Issuer would be likely to receive (after giving
consideration to delays in payment and costs of enforcement) in the liquidation of such Eligible
Accounts or (b)&nbsp;evidences that any collateral report or financial information delivered to the
Administrative Agent by any Person on behalf of the Parent Borrower is incomplete, inaccurate or
misleading in any material respect. In exercising such judgment, the Administrative Agent may
consider, without duplication, factors already included in or tested by the definition of Eligible
Accounts (but Reserves may not duplicate the eligibility criteria contained in the definition of
Eligible Accounts), and any other factors arising after the Closing Date that change in any
material respect the credit risk of lending to the Borrowers on the security of the Eligible
Accounts.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Disposition Assets</B>&#148; means (a)&nbsp;the Specified Assets and (b)&nbsp;the assets permitted to
be Disposed of pursuant to clauses (k), (o)&nbsp;and (t)&nbsp;of Section&nbsp;7.05.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Equity Issuance</B>&#148; means any sale or issuance of any Qualified Equity Interests of
the Parent Borrower or any direct or indirect parent of the Parent Borrower (to the extent the Net
Cash Proceeds thereof are contributed to the common equity capital of the Parent Borrower), in each
case to the extent not prohibited hereunder and neither in connection with the exercise of the Cure
Right or which is for the funding of costs or expenses referenced in clause (a)(vii) of the
definition of &#147;Consolidated EBITDA&#148;.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Holder</B>&#148; means any Sponsor or Co-Investor; <I>provided </I>that for purposes of determining
ownership by Permitted Holders of Voting Stock of Parent, Co-Investors shall be deemed to own the
lesser of (x)&nbsp;the percentage of the voting power of the Voting Stock of Parent actually owned by
them at such time and (y)&nbsp;25% of the voting power of the Voting Stock of Parent and shall only be
deemed to be a Permitted Holder to such extent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Initial Revolving Borrowing Purposes</B>&#148; means (a)&nbsp;one or more Borrowings of Revolving
Credit Loans in an aggregate amount of up to Borrowing Base as of the Closing Date, (i)&nbsp;finance the
Transactions or (ii)&nbsp;finance working capital needs of the Parent Borrower or the Restricted
Subsidiaries and (b)&nbsp;the issuance of Letters of Credit in an aggregate that, taken together with
the Borrowings under clause (a)&nbsp;do not exceed the Borrowing Base as of the Closing Date, (i)&nbsp;in
replacement of, or as a backstop for, letters of credit of the Parent Borrower
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">or the Restricted
Subsidiaries outstanding on the Closing Date or (ii)&nbsp;to finance working capital needs of the Parent
Borrower or the Restricted Subsidiaries.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Liens</B>&#148; has the meaning specified in Section&nbsp;7.01.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Refinancing</B>&#148; means, with respect to any Person, any modification, refinancing,
refunding, renewal or extension of any Indebtedness of such Person; <I>provided </I>that (a)&nbsp;the principal
amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted
value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed or extended
except by an amount equal to unpaid accrued interest and premium thereon <U>plus</U> other
reasonable amounts paid, and fees and expenses reasonably incurred, in connection with such
modification, refinancing, refunding, renewal or extension and by an amount equal to any existing
commitments unutilized thereunder, (b)&nbsp;other than with respect to a Permitted Refinancing in
respect of Indebtedness permitted pursuant to Section&nbsp;7.03(e), such modification, refinancing,
refunding, renewal or extension has a final maturity date equal to or later than the final maturity
date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average
Life to Maturity of, the Indebtedness being modified, refinanced, refunded, renewed or extended,
(c)&nbsp;other than with respect to a Permitted Refinancing in respect of Indebtedness permitted
pursuant to Section&nbsp;7.03(e), at the time thereof, no Event of Default shall have occurred and be
continuing, (d)&nbsp;if such Indebtedness being modified, refinanced, refunded, renewed or extended is
Junior Financing or Retained Existing Notes, (i)&nbsp;to the extent such Indebtedness being modified,
refinanced, refunded, renewed or extended is subordinated in right of payment to the Obligations,
such modification, refinancing, refunding, renewal or extension is subordinated in right of payment
to the Obligations on terms at least as favorable to the Lenders as those contained in the
documentation governing the Indebtedness being modified, refinanced, refunded, renewed or extended,
(ii)&nbsp;the terms and conditions (including, if applicable, as to collateral but excluding as to
subordination, interest rate and redemption premium) of any such modified, refinanced, refunded,
renewed or extended Indebtedness, taken as a whole, are not materially less favorable to the Loan
Parties or the Lenders than the terms and conditions of the Indebtedness being modified,
refinanced, refunded, renewed or extended, taken as a whole; <I>provided </I>that a certificate of a
Responsible Officer of the Parent Borrower delivered to the Administrative Agent at least five
Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed
description of the material terms and conditions of such Indebtedness or drafts of the
documentation relating thereto, stating that the Parent Borrower has determined in good faith that
such terms and conditions satisfy the foregoing requirement shall be conclusive evidence that such
terms and conditions satisfy the foregoing requirement unless the Administrative Agent notifies the
Parent Borrower within such five Business Day period that it disagrees with such determination
(including a reasonable description of the basis upon which it disagrees) and (iii)&nbsp;such
modification, refinancing, refunding, renewal or extension is incurred by the Person who is the
obligor of the Indebtedness being modified, refinanced, refunded, renewed or extended and does not
include guarantees by any other Person who is not an obligor of such Indebtedness being modified,
refinanced, refunded, renewed or extended; <I>provided </I>that, notwithstanding this clause (d), so long
as no Default or Event of Default is continuing or would result therefrom, Retained Existing Notes
with a stated final maturity (as of the Closing Date) prior to the Maturity Date may be refinanced
with Indebtedness that constitutes Permitted Additional Notes, and (e)&nbsp;in the case of any Permitted
Refinancing in respect of the
CF Facilities, such Permitted Refinancing is not secured by any
portion of the Collateral except on a junior basis pursuant to one or more security agreements
subject to the Intercreditor Agreement (or another intercreditor agreement containing terms that
are at least as favorable to the Secured Parties as those contained in the Intercreditor
Agreement).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Person</B>&#148; means any natural person, corporation, limited liability company, trust, joint
venture, association, company, partnership, Governmental Authority or other entity.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>PIK Interest Amount</B>&#148; means the aggregate principal amount of all increases in outstanding
principal amount of New Senior Toggle Notes and issuances of additional New Senior Toggle Notes or
&#147;PIK Notes&#148; (as defined in any New Senior Notes Indenture or any similar document) in connection
with an election by the Parent Borrower to pay interest in kind
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Plan</B>&#148; means any &#147;employee benefit plan&#148; (as such term is defined in Section&nbsp;3(3) of ERISA),
other than a Foreign Plan, established, maintained or contributed to by the Parent Borrower or any
Subsidiary or, with respect to any such plan that is subject to Section&nbsp;412 of the Code or Title&nbsp;IV
of ERISA, any of their respective ERISA Affiliates.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Platform</B>&#148; has the meaning specified in Section&nbsp;6.02.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Post-Closing Quarter</B>&#148; has the meaning specified in the definition of Fixed Charge Coverage
Ratio.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Premier Group</B>&#148; means the Borrowers identified as members of the Premier Group on the
signature page to this Agreement and the Joinder Agreement, including all supplements thereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>primary obligor</B>&#148; has the meaning specified in the definition of &#147;Guarantee.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Principal L/C Issuer</B>&#148; means each of Citibank and Deutsche Bank Trust Company Americas.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Pro Forma Balance Sheet</B>&#148; has the meaning specified in Section&nbsp;5.05(a)(ii).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Pro Forma Financial Statements</B>&#148; has the meaning specified in Section&nbsp;5.05(a)(ii).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Projections</B>&#148; has the meaning specified in Section&nbsp;6.01(c).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Pro Rata Share</B>&#148; means, with respect to each Lender at any time a fraction (expressed as a
percentage of such Lender and, carried out to the ninth decimal place), the numerator of which is
the amount of the Commitments of such Lender and the denominator of which is the amount of the
Aggregate Commitments, at such time; <I>provided </I>that, if such Commitments have been terminated, then
the Pro Rata Share of each Lender shall be determined based on the Pro Rata Share of such Lender
immediately prior to such termination and after giving effect to any subsequent assignments made
pursuant to the terms hereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Public Lender</B>&#148; has the meaning specified in Section&nbsp;6.02.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Qualified Equity Interests</B>&#148; means any Equity Interests that are not Disqualified Equity
Interests.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Qualifying IPO</B>&#148; means the issuance by Holdings or any direct or indirect parent of Holdings
of its common Equity Interests in an underwritten primary public offering (other than a public
offering pursuant to a registration statement on Form&nbsp;S-8) pursuant to an effective registration
statement filed with the SEC in accordance with the Securities Act (whether alone or in connection
with a secondary public offering).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Qualified Securitization Financing</B>&#148; means any transaction or series of transactions that may
be entered into by Holdings or any of its direct wholly-owned Subsidiaries, the Parent Borrower or
any of its Restricted Subsidiaries pursuant to which such Person may, directly or indirectly, sell,
convey or otherwise transfer to (a)&nbsp;one or more Securitization Entities or (b)&nbsp;any other Person (in
the case of a transfer by a Securitization Entity), or may grant a security interest in, any
Securitization Assets of CCOH or any of its Subsidiaries (other than any assets that have been
transferred or contributed to CCOH or its Subsidiaries by the Parent Borrower or any other
Restricted Subsidiary of the Parent Borrower) that are customarily granted in connection with asset
securitization transactions similar to the Qualified Securitization Financing entered into of a
Securitization Entity that meets the following conditions: (a)&nbsp;the board of directors of the
Parent Borrower shall have determined in good faith that such Qualified Securitization Financing
(including the terms, covenants, termination events and other provisions) is in the aggregate
economically fair and reasonable to the Parent Borrower and the Securitization Entity, (b)&nbsp;all
sales of Securitization Assets and related assets to the Securitization Entity are made at Fair
Market Value, (c)&nbsp;the financing terms, covenants, termination events and other provisions thereof,
including any Standard Securitization Undertakings, shall be market terms (as determined in good
faith by the Parent Borrower), (d)&nbsp;giving effect on a pro forma basis for such Qualified
Securitization Financing in accordance with Section&nbsp;1.07, for the Test Period immediately preceding
such transaction (i)&nbsp;the Total Leverage Ratio would be less than the lesser of (x)&nbsp;8.0 to 1.0 and
(y)&nbsp;the Total Leverage Ratio for such Test Period before giving effect to such transaction, (ii)
the Secured Leverage Ratio would be less than the Secured Leverage Ratio for such Test Period
before giving effect to such transaction and (iii)&nbsp;the ratio of Consolidated Total Debt of the
Borrowers and Subsidiary Guarantors to Consolidated EBITDA of the Parent Borrower and its
Restricted Subsidiaries is less than 6.5 to 1.0 and (e)&nbsp;the Administrative Agent shall have
received
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">an officers&#146; certificate of a Responsible Officer of the Parent Borrower certifying that
all of the requirements of clauses (a)&nbsp;through (d)&nbsp;have been satisfied. The grant of a security
interest in any Securitization Assets of the Parent
Borrower or any of the Restricted Subsidiaries (other than a Securitization Entity) to secure
Indebtedness under this Agreement prior to engaging in any securitization transaction shall not be
deemed a Qualified Securitization Financing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Receivables Collateral</B>&#148; means all the &#147;Intercreditor Collateral&#148; as defined in the
Intercreditor Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Receivables Reserves</B>&#148; means, without duplication of any other reserves or items that are
otherwise addressed or excluded through eligibility criteria, such reserves, subject to Section
2.15, as the Administrative Agent in the Administrative Agent&#146;s Permitted Discretion determines as
being appropriate with respect to the determination of the collectability in the ordinary course of
business of Eligible Accounts, including, without limitation, dilution, reconciliation of variances
between the general ledger and the receivables aging, and unapplied cash received.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Reference Date</B>&#148; has the meaning specified in the definition of &#147;Available Amount.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Register</B>&#148; has the meaning specified in Section&nbsp;10.07(d).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Related Business Assets</B>&#148; means assets (other than Cash Equivalents) used or useful in a
Similar Business; provided that any assets received by the Parent Borrower or a Restricted
Subsidiary in exchange for assets transferred by the Parent Borrower or a Restricted Subsidiary
shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless
upon the receipt by the Parent Borrower or a Restricted Subsidiary of the securities of such
Person, such Person would become a Restricted Subsidiary.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Release</B>&#148; means any spilling, leaking, seepage, pumping, pouring, emitting, emptying,
discharging, injecting, escaping, leaching, dumping, disposing, depositing, dispersing, emanating
or migrating in, into, onto or through the Environment.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Reportable Event</B>&#148; means, with respect to any Plan any of the events set forth in
Section&nbsp;4043(c) of ERISA or the regulations issued thereunder, other than events for which the
thirty (30)&nbsp;day notice period has been waived.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Repurchased Existing Notes</B>&#148; means (i)&nbsp;the 7.65% Senior Notes due 2010 of the Parent Borrower
and (ii)&nbsp;the AMFM Notes, in each case to the extent repaid, prepaid, repurchased or defeased on the
Closing Date (or such later date as may be necessary to effect the Debt Repayment contemplated by
any tender offer made on or prior to the Closing Date).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Request for Credit Extension</B>&#148; means (a)&nbsp;with respect to a Borrowing, conversion or
continuation of Revolving Credit Loans, a Committed Loan Notice, (b)&nbsp;with respect to an L/C Credit
Extension, a Letter of Credit Application, and (c)&nbsp;with respect to a Swing Line Loan, a Swing Line
Loan Notice.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Required Lenders</B>&#148; means, as of any date of determination, Lenders having more than 50% of the
sum of the (a)&nbsp;Total Outstandings (other than protective advances and with the aggregate amount of
each Lender&#146;s risk participation and funded participation in L/C Obligations and Swing Line Loans
being deemed &#147;held&#148; by such Lender for purposes of this definition), and (b)&nbsp; aggregate unused
Revolving Credit Commitments; <I>provided </I>that the unused Revolving Credit Commitment of, and the
portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded
for purposes of making a determination of Required Lenders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Reserves</B>&#148; means all, if any, Availability Reserves, Bank Product Reserves, Receivables
Reserves and any and all other reserves which the Administrative Agent deems necessary in its
Permitted Discretion to maintain with respect to Eligible Accounts that have been established in
accordance with Section&nbsp;2.15, it being understood that Reserves on the Closing Date shall be equal
to the amount stated as Reserves on the Borrowing Base Certificate delivered to the Administrative
Agent.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Responsible Officer</B>&#148; means the chief executive officer, president, chief operating officer,
chief financial officer, chief accounting officer, or treasurer or other similar officer or Person
performing similar functions of a Loan Party and, as to any document delivered on the Closing Date,
any secretary or assistant secretary of a Loan Party. Any document delivered hereunder that is
signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been
authorized by all necessary corporate, partnership and/or other action on the part of such Loan
Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such
Loan Party. Unless otherwise specified, all references in this Agreement to a &#147;Responsible
Officer&#148; shall refer to a Responsible Officer of the Parent Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Restricted Payment</B>&#148; means any direct or indirect dividend or other distribution (whether in
cash, securities or other property) with respect to any Equity Interest of the Parent Borrower or
any of its Restricted Subsidiaries, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
defeasance, acquisition, cancellation or termination of any such Equity Interest, or on account of
any return of capital to the Parent Borrower&#146;s stockholders, partners or members (or the equivalent
Persons thereof).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Restricted Subsidiary</B>&#148; means any Subsidiary of the Parent Borrower other than an Unrestricted
Subsidiary.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Restricted Foreign Subsidiary</B>&#148; means any Restricted Subsidiary that is not a Domestic
Subsidiary.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Restricting Information</B>&#148; has the meaning specified in Section&nbsp;10.09(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Retained Existing Notes</B>&#148; means (a)&nbsp;the Parent Borrower&#146;s (i)&nbsp;4.25% Senior Notes due 2009,
(ii)&nbsp;4.5% Senior Notes due 2010, (iii)&nbsp;6.25% Senior Notes due 2011, 4.4% Senior Notes due 2011,
(iv)&nbsp;5.0% Senior Notes due 2012, (v)&nbsp;5.75% Senior Notes due 2013, 5.5% Senior Notes due 2014,
(vi)&nbsp;4.9% Senior Notes due 2015, (vii)&nbsp;5.5% Senior Notes due 2016, (viii)&nbsp;6.875% Senior Debentures
due 2018 and (ix)&nbsp;7.25% Debentures Due 2027 and (b)&nbsp;any 7.65% Senior Notes due 2010 of the Parent
Borrower and 8% Senior Notes due 2008 of AMFM to the extent not repaid, prepaid, repurchased or
defeased on the Closing Date (or such later date as may be necessary to effect the Debt Repayment
contemplated by any tender offer made on or prior to the Closing Date) (the &#147;<B>Retained Existing
Notes</B>&#148; and, together with the Repurchased Existing Notes, the &#147;<B>Existing Notes</B>&#148;).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Retained Existing Notes Indenture</B>&#148; means the Senior Indenture dated as of October&nbsp;1, 1997
among the Parent Borrower and The Bank of New York, as trustee (with The Bank of New York Trust
Company, N.A. as current trustee), as supplemented by the Second Supplemental Indenture dated as of
June&nbsp;16, 1998, as further supplemented by the Third Supplemental Indenture dated as of June&nbsp;16,
1998, as further supplemented by the Eleventh Supplemental Indenture dated as of January&nbsp;9, 2003,
as further supplemented by the Twelfth Supplemental Indenture dated as of March&nbsp;17, 2003, as
further supplemented by the Thirteenth Supplemental Indenture dated as of May&nbsp;1, 2003, as further
supplemented by the Fourteenth Supplemental Indenture dated as of May&nbsp;21, 2003, as further
supplemented by the Sixteenth Supplemental Indenture dated as of December&nbsp;9, 2003, as further
supplemented by the Seventeenth Supplemental Indenture dated as of September&nbsp;20, 2004, as further
supplemented by the Eighteenth Supplemental Indenture dated as of November&nbsp;22, 2004, as further
supplemented by the Nineteenth Supplemental Indenture dated as of December&nbsp;16, 2004, as further
supplemented by the Twentieth Supplemental Indenture dated as of March&nbsp;21, 2006 and as further
supplemented by the Twenty-first Supplemental Indenture dated as of August&nbsp;15, 2006, as may be
amended, supplemented or modified from time to time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Retained Existing Notes Indenture Debt</B>&#148; means &#147;Debt&#148; under (and as defined in) the Retained
Existing Notes Indenture.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Retained Existing Notes Indenture Restricted Subsidiary</B>&#148; means any Restricted Subsidiary that
is not an &#147;Unrestricted Subsidiary&#148; under (and as defined in) the Retained Existing Notes
Indenture.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Retained Existing Notes Indenture Sale-Leaseback Transaction</B>&#148; means any &#147;Sale-Leaseback
Transaction&#148; under (and as defined in) the Retained Existing Notes Indenture.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Retained Existing Notes Indenture Unrestricted License Subsidiary</B>&#148; means any License
Subsidiary that (a)&nbsp;is created or acquired after the Closing Date and (b)&nbsp;constitutes an
&#147;Unrestricted Subsidiary&#148; under (and as defined in) the Retained Existing Notes Indenture.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Revolving Commitment Increase</B>&#148; shall have the meaning specified in Section&nbsp;2.14(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Revolving Commitment Increase Lender</B>&#148; has the meaning specified in Section&nbsp;2.14(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Revolving Credit Borrowing</B>&#148; means a borrowing consisting of Revolving Credit Loans of the
same Type and, in the case of Eurocurrency Rate Loans, having the same Interest Period made by each
of the Revolving Credit Lenders pursuant to Section&nbsp;2.01(b).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Revolving Credit Commitment</B>&#148; means, as to each Revolving Credit Lender, its obligation to
(a)&nbsp;make Revolving Credit Loans to the Parent Borrower pursuant to Section&nbsp;2.01(b), (b)&nbsp;purchase
participations in L/C Obligations in respect of Letters of Credit and (c)&nbsp;purchase participations
in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the
amount set forth, and opposite such Lender&#146;s name on <U>Schedule&nbsp;1.01F</U> under the caption
&#147;Revolving Credit Commitment&#148; or in the Assignment and Assumption pursuant to which such Lender
becomes a party hereto, as applicable, as such amount may be adjusted from time to time in
accordance with this Agreement. The aggregate Revolving Credit Commitments of all Revolving Credit
Lenders on the Closing Date shall be equal to $1,000,000,000 less the Tranche A Term Loan Backstop
Amount, as such amount may be adjusted from time to time in accordance with the terms of this
Agreement, including pursuant to any applicable Revolving Commitment Increase.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Revolving Credit Exposure</B>&#148; means, as to each Revolving Credit Lender, the sum of the
Outstanding Amount of such Revolving Credit Lender&#146;s Revolving Credit Loans and its Pro Rata Share
of the L/C Obligations and the Swing Line Obligations at such time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Revolving Credit Facility</B>&#148; means, at any time, the aggregate amount of the Revolving Credit
Commitments at such time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Revolving Credit Lender</B>&#148; means, at any time, any Lender that has a Revolving Credit
Commitment at such time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Revolving Credit Loan</B>&#148; has the meaning specified in Section&nbsp;2.01(b).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Revolving Credit Note</B>&#148; means a promissory note of the Borrowers payable to any Revolving
Credit Lender or its registered assigns, in substantially the form of <U>Exhibit&nbsp;C</U> hereto,
evidencing the aggregate Indebtedness of the Borrowers to such Revolving Credit Lender resulting
from the Revolving Credit Loans made by such Revolving Credit Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Rollover Equity</B>&#148; means the value of all Equity Interests of existing shareholders (including
management) of the Parent Borrower (prior to giving effect to the Merger) that are converted into
Equity Interests of Parent (valued based upon the cash consideration payable in the Merger) in
connection with the Merger and the value of all Equity Interests of Parent issued to or otherwise
directly or indirectly acquired by, any existing shareholders and management of the Parent Borrower
(prior to giving effect to the Merger) in connection with the Transactions.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>S&#038;P</B>&#148; means Standard &#038; Poor&#146;s Ratings Services, a division of The McGraw-Hill Companies, Inc.,
and any successor thereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Same Day Funds</B>&#148; means,&nbsp;with respect to disbursements and payments in Dollars, immediately
available funds.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>SEC</B>&#148; means the Securities and Exchange Commission, or any Governmental Authority succeeding
to any of its principal functions.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Secured Cash Management Obligation</B>&#148; means any Cash Management Obligations designated by the
Parent Borrower in writing to the Administrative Agent as &#147;Secured Cash Management Obligations&#148;
which will thereby become Obligations hereunder and under the Security Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Secured Hedge Agreement</B>&#148; means any Swap Contract permitted under Section&nbsp;7.03(f) that is
entered into by and between any Loan Party or any Subsidiary and any Hedge Bank and designated in
writing by the Parent Borrower to the Administrative Agent as a &#147;Secured Hedge Agreement.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Secured Leverage Ratio</B>&#148; means, with respect to any Test Period, the ratio of (a)&nbsp;Consolidated
Secured Debt as of the last day of such Test Period to (b)&nbsp;Consolidated EBITDA of the Parent
Borrower for such Test Period.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Secured Parties</B>&#148; means, collectively, the Administrative Agent, the Lenders, each Hedge Bank,
each Cash Management Bank, the Supplemental Administrative Agent and each co-agent or sub-agent
appointed by the Administrative Agent from time to time pursuant to Section&nbsp;9.01(c).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Securities Act</B>&#148; means the Securities Act of 1933.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Securitization Assets</B>&#148; means any properties, assets and revenue streams associated with the
Americas Outdoor Advertising segment of the Parent Borrower and its Subsidiaries that are subject
to a Qualified Securitization Financing and the proceeds thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Securitization Entity</B>&#148; means a Restricted Subsidiary or direct or indirect wholly-owned
Subsidiary of Holdings (other than the Parent Borrower), or another Person formed for the purposes
of engaging in a Qualified Securitization Financing in which Holdings or any of its direct or
indirect wholly-owned Subsidiaries, makes an Investment and to which the Parent Borrower or any of
its Restricted Subsidiaries, directly or indirectly, sells, conveys or otherwise transfers
Securitization Assets and related assets that engages in no activities other than in connection
with the ownership and financing of Securitization Assets, all proceeds thereof and all rights
(contingent and other), collateral and other assets relating thereto, and any business or
activities incidental or related to such business, and which is designated by the board of
directors of the Parent Borrower or such other Person as provided below) as a Securitization Entity
and (a)&nbsp;no portion of the Indebtedness or any other obligations (contingent or otherwise) of which
(i)&nbsp;is guaranteed by Holdings, the Parent Borrower or any other Subsidiary of Holdings, other than
another Securitization Entity (excluding guarantees of obligations (other than the principal of,
and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii)&nbsp;is recourse
to or obligates Holdings, the Parent Borrower or any other Subsidiary of the Parent Borrower, other
than another Securitization Entity, in any way other than pursuant to Standard Securitization
Undertakings or (iii)&nbsp;subjects any property or asset of Holdings, the Parent Borrower or any other
Subsidiary of the Parent Borrower, other than another Securitization Entity, directly or
indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard
Securitization Undertakings, (b)&nbsp;with which none of Holdings, the Parent Borrower or any other
Subsidiary of the Parent Borrower, other than another Securitization Entity, has any material
contract, agreement, arrangement or understanding other than on terms which the Parent Borrower
reasonably believes to be no less favorable to Holdings, the Parent Borrower or such Subsidiary
than those that might be obtained at the time from Persons that are not Affiliates of the Parent
Borrower, (c)&nbsp;to which none of Holdings, the Parent Borrower or any other Subsidiary of the Parent
Borrower, other than another Securitization Entity, has any obligation to maintain or preserve such
entity&#146;s financial condition or cause such entity to achieve certain levels of operating results,
and (d)&nbsp;if such Securitization Entity is not a Restricted Subsidiary of the Parent Borrower, (i)
to the extent permitted by the terms of the Qualified Securitization Financing, Holdings shall have
pledged the Equity Interests of such Securitization Entity to the Administrative Agent and the
Administrative Agent shall be reasonably satisfied that the Obligations shall have been secured by
a first priority security interest in such Equity Interests and Holdings shall not permit any other
Liens on such Equity Interests and (ii)&nbsp;Holdings shall not transfer any Equity Interests in such
Securitization Entity to any other Person (other than to Holdings or any of its direct or indirect
wholly-owned Subsidiaries) and shall not permit such Securitization Entity to issue any additional
Equity Interests (other than to Holdings or any of its direct or indirect wholly-owned
Subsidiaries). Any such designation by the board of directors of the Parent Borrower or such other
Person shall be evidenced to the Administrative Agent by the delivery to the Administrative Agent
of a certified copy of the resolution of the board of directors of the Parent Borrower, or such
other Person giving effect to such designation
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">and a certificate executed by a Responsible Officer certifying that such designation complied
with the foregoing conditions.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Securitization Fees</B>&#148; means distributions or payments made directly or by means of discounts
with respect to any participation interest issued or sold in connection with, and other fees paid
to a Person that is not a Securitization Entity in connection with, any Qualified Securitization
Financing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Securitization Repurchase Obligation</B>&#148; means any obligation of a seller of Securitization
Assets in a Qualified Securitization Financing to repurchase Securitization Assets arising as a
result of a breach of a Standard Securitization Undertaking, including as a result of a receivable
or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any
kind as a result of any action taken by any failure to take action by or any other event relating
to the seller.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Security Agreements</B>&#148; means the ABL Receivables Pledge and Security Agreement executed by the
Loan Parties, substantially in the form of <U>Exhibit&nbsp;G</U>, together with each other Security
Agreement Supplement executed and delivered pursuant to Section&nbsp;6.11.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Security Agreement Supplement</B>&#148; has the meaning specified in the Security Agreements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Similar Business</B>&#148; means any business conducted or proposed to be conducted by the Parent and
its subsidiaries on the Closing Date or any business that is similar, reasonably related,
incidental or ancillary thereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Solvent</B>&#148; and &#147;<B>Solvency</B>&#148; mean, with respect to any Person on any date of determination, that
on such date (a)&nbsp;the fair value of the property of such Person is greater than the total amount of
liabilities, including contingent liabilities, of such Person, (b)&nbsp;the present fair salable value
of the assets of such Person is not less than the amount that will be required to pay the probable
liability of such Person on its debts as they become absolute and matured, (c)&nbsp;such Person does not
intend to, and does not believe that it will, incur debts or liabilities beyond such Person&#146;s
ability to pay such debts and liabilities as they mature and (d)&nbsp;such Person is not engaged in
business or a transaction, and is not about to engage in business or a transaction, for which such
Person&#146;s property would constitute an unreasonably small capital. The amount of contingent
liabilities at any time shall be computed as the amount that, in the light of all the facts and
circumstances existing at such time, represents the amount that can reasonably be expected to
become an actual or matured liability.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>SPC</B>&#148; has the meaning specified in Section&nbsp;10.07(h).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Specified Assets</B>&#148; means assets used in the operation of the NCR Stations.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Specified Date</B>&#148; means March&nbsp;27, 2008.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Specified Equity Contribution</B>&#148; means any cash capital contributions (other than any Cure
Amount, other than any contribution increasing the Available Amount pursuant to clause (c)&nbsp;of the
definition thereof and other than any amount funded for any cost or expense referenced in clause
(a)(vii)&nbsp;of the definition of &#147;Consolidated EBITDA&#148;) or Net Cash Proceeds from Permitted Equity
Issuances (other than the Equity Contribution) received by the Parent Borrower (or any direct or
indirect parent thereof and contributed by such parent as common equity capital to the Parent
Borrower) and certified by a Responsible Officer as a Specified Equity Contribution concurrently
with such contribution or issuance.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Specified L/C Sublimit</B>&#148; means, with respect to any L/C Issuer, (i)&nbsp;in the case of Citibank
(or any of its Affiliates), 50% of the L/C Sublimit, (ii)&nbsp;in the case of Deutsche Bank Trust
Company Americas (or any of its Affiliates), 50% of the L/C Sublimit and (iii)&nbsp;in the case of any
other L/C Issuer, 100% of the L/C Sublimit, or in each case such lower percentage as is specified
in the agreement pursuant to which such Person becomes an L/C Issuer entered into pursuant to
Section&nbsp;2.03(l) hereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Specified Transaction</B>&#148; means any Investment that results in a Person becoming a Restricted
Subsidiary or an Unrestricted Subsidiary, any Permitted Acquisition or any Disposition that results
in a Restricted
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Subsidiary ceasing to be a Subsidiary of the Parent Borrower or any Disposition of a business
unit, line of business or division of the Parent Borrower or a Restricted Subsidiary, in each case
whether by merger, consolidation, amalgamation or otherwise.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Sponsor</B>&#148; means any of Bain Capital LLC and Thomas&nbsp;H. Lee Partners L.P. and any of their
respective Affiliates and funds or partnerships managed or advised by any or both of them or their
respective Affiliates but not including, however, any portfolio company of any of the foregoing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Sponsor Management Agreement</B>&#148; means the Amended and Restated Management Agreement,
substantially in the form delivered to the Arrangers on or prior to the date hereof, between
certain of the management companies associated with the one or more of the Sponsors or their
advisors, the Parent Borrower (as successor by merger to Merger Sub), T Triple Crown Finco, LLC, B
Triple Crown Finco, LLC and Parent, as amended, supplemented, amended and restated, replaced or
otherwise modified from time to time; <I>provided, however</I>, that the terms of any such amendment,
supplement, amendment and restatement or replacement agreement are not, taken as a whole, less
favorable to the Lenders in any material respect than the agreement in the form delivered to the
Arrangers on or prior to the date hereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Sponsor Termination Fees</B>&#148; means the one-time payment under the Sponsor Management Agreement
of a termination fee to one or more of the Sponsors and their Affiliates in the event of either a
Change of Control or the completion of a Qualifying IPO.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Standard Securitization Undertakings</B>&#148; means representations, warranties, covenants and
indemnities entered into by Holdings (or any direct or indirect parent company of Holdings) or any
of its Subsidiaries that the Parent Borrower has determined in good faith to be customary in a
Securitization Financing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Stations</B>&#148; means all radio and television broadcast stations owned by the Parent Borrower or
any of its Restricted Subsidiaries.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Sterling</B>&#148; and the sign &#147;<B>&#163;</B>&#148; each mean the lawful money of the United Kingdom.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Subsidiary</B>&#148; of a Person means a corporation, partnership, joint venture, limited liability
company or other business entity (excluding, for the avoidance of doubt, charitable foundations) of
which a majority of the shares of securities or other interests having ordinary voting power for
the election of directors or other governing body (other than securities or interests having such
power only by reason of the happening of a contingency) are at the time beneficially owned, or the
management of which is otherwise controlled, directly, or indirectly through one or more
intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a
&#147;Subsidiary&#148; or to &#147;Subsidiaries&#148; shall refer to a Subsidiary or Subsidiaries of the Parent
Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Subsidiary Borrowers</B>&#148; means each of the Persons listed on Schedule&nbsp;1.01A that is a party
hereto as of the Closing Date and each Material Domestic Subsidiary that becomes a party to this
Agreement as a Borrower after the Closing Date pursuant to Section&nbsp;6.11 or otherwise.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Subsidiary Guarantee</B>&#148; has the meaning specified in the definition of &#147;Collateral and
Guarantee Requirement.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Subsidiary Guarantors</B>&#148; has the meaning specified in the definition of &#147;Collateral and
Guarantee Requirement.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Successor Parent Borrower</B>&#148; has the meaning specified in Section&nbsp;7.04(d).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Supermajority Lenders</B>&#148; means, as of any date of determination, (a)&nbsp;Lenders having more than
66-2/3% of the sum of the Aggregate Commitments at such date or (b)&nbsp;if the Aggregate Commitments
have been terminated, Lenders having or holding at least 66-2/3% of the Total Outstandings at such
date, <I>provided </I>that the Commitment of, and the portion of the Total Outstandings held or deemed
held by, any Defaulting Lender shall be excluded for purposes of making a determination of
Supermajority Lenders.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Supplemental Administrative Agent</B>&#148; has the meaning specified in Section&nbsp;9.14 and
&#147;<B>Supplemental Administrative Agents</B>&#148; shall have the corresponding meaning.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Swap Contract</B>&#148; means (a)&nbsp;any and all rate swap transactions, basis swaps, credit derivative
transactions, forward rate transactions, commodity swaps, commodity options, forward commodity
contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or
options or forward bond or forward bond price or forward bond index transactions, interest rate
options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b)&nbsp;any and all transactions of any kind, and
the related confirmations, which are subject to the terms and conditions of, or governed by, any
form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master
agreement, together with any related schedules, a &#147;<B>Master Agreement</B>&#148;), including any such
obligations or liabilities under any Master Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Swap Termination Value</B>&#148; means, in respect of any one or more Swap Contracts, after taking
into account the effect of any legally enforceable netting agreement relating to such Swap
Contracts, (a)&nbsp;for any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b)&nbsp;for any
date prior to the date referenced in clause&nbsp;(a), the amount(s) determined as the mark-to-market
value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily
available quotations provided by any recognized dealer in such Swap Contracts (which may include a
Lender or any Affiliate of a Lender).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Swing Line Borrowing</B>&#148; means a borrowing of a Swing Line Loan pursuant to Section&nbsp;2.04.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Swing Line Facility</B>&#148; means the revolving credit sub-facility made available by the Swing Line
Lender pursuant to Section&nbsp;2.04.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Swing Line Lender</B>&#148; means Citibank, in its capacity as provider of Swing Line Loans, or any
successor swing line lender hereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Swing Line Loan</B>&#148; has the meaning specified in Section&nbsp;2.04(a).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Swing Line Loan Notice</B>&#148; means a notice of a Swing Line Borrowing pursuant to Section&nbsp;2.04(b),
which, if in writing, shall be substantially in the form of <U>Exhibit&nbsp;B</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Swing Line Obligations</B>&#148; means, as at any date of determination, the aggregate Outstanding
Amount of all Swing Line Loans outstanding.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Swing Line Sublimit</B>&#148; means an amount equal to the lesser of (a) $100,000,000 and (b)&nbsp;the
aggregate amount of the Revolving Credit Commitments. The Swing Line Sublimit is part of, and not
in addition to, the Revolving Credit Commitments.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Syndication Agents</B>&#148; means Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding
Inc., each in its capacity as a Syndication Agent under this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>TARGET Day</B>&#148; means any day on which the Trans-European Automated Real-time Gross Settlement
Express Transfer (TARGET)&nbsp;payment system (or, if such payment system ceases to be operative, such
other payment system (if any) determined by the Administrative Agent to be a suitable replacement)
is open for the settlement of payments in Euro.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Taxes</B>&#148; has the meaning specified in Section&nbsp;3.01(a).
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tender Offers</B>&#148; means one or more tender offers and consent solicitations but the Parent
Borrower and AMFM to repurchase the Parent Borrower&#146;s outstanding 7.65% Senior Notes Due 2010 and
the outstanding AMFM Notes.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Termination Date</B>&#148; has the meaning specified in Section&nbsp;4.01.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Test Period</B>&#148; in effect at any time means the most recent period of four consecutive fiscal
quarters of the Parent Borrower ended on or prior to such time in respect of which financial
statements for each quarter or fiscal year in such period have been or are required to be delivered
pursuant to Section&nbsp;6.01(a) or (b); <I>provided </I>that, prior to the first date that financial
statements have been or are required to be delivered pursuant to Section&nbsp;6.01(a) or (b), the Test
Period in effect shall be the period of four consecutive fiscal quarters of the Parent Borrower
ended September&nbsp;30, 2008. A Test Period may be designated by reference to the last day thereof
(i.e., the &#147;December&nbsp;31, 2007 Test Period&#148; refers to the period of four consecutive fiscal quarters
of the Parent Borrower ended December&nbsp;31, 2007), and a Test Period shall be deemed to end on the
last day thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Threshold Amount</B>&#148; means $100,000,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Total Assets</B>&#148; means the total assets of the Parent Borrower and the Restricted Subsidiaries
on a consolidated basis, as shown on the most recent balance sheet of the Parent Borrower delivered
pursuant to Section&nbsp;6.01(a) or (b)&nbsp;or, for the period prior to the time any such statements are so
delivered pursuant to Section&nbsp;6.01(a) or (b), the Pro Forma Financial Statements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Total Leverage Ratio</B>&#148; means, with respect to any Test Period, the ratio of (a)&nbsp;Consolidated
Total Debt as of the last day of such Test Period to (b)&nbsp;Consolidated EBITDA of the Parent Borrower
for such Test Period.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Total Outstandings</B>&#148; means the aggregate Outstanding Amount of all Loans and all L/C
Obligations.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tranche A Term Loan Backstop Amount</B>&#148; means the excess, if any, of (i) $750,000,000 over (ii)
the aggregate principal amount of the initial borrowing hereunder on the Closing Date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Transaction Expenses</B>&#148; means any fees or expenses incurred or paid by Holdings or any of its
Subsidiaries in connection with the Transactions, this Agreement and the other Loan Documents.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Transactions</B>&#148; means, collectively, (a)&nbsp;the Equity Contribution, (b)&nbsp;the Merger, (c)&nbsp;the
issuance of the New Senior Notes, (d)&nbsp;the funding of the Initial Revolving Borrowing on the Closing
Date, (e)&nbsp;the funding of the CF Facilities on the Closing Date, if any, (f)&nbsp;the repayment of the
Existing Credit Agreement on the Closing Date, (g)&nbsp;the consummation of the Tender Offers on or
after the Closing Date, (h)&nbsp;the consummation of any other transactions in connection with the
foregoing and (i)&nbsp;the payment of the fees and expenses incurred in connection with any of the
foregoing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Type</B>&#148; means, with respect to a Loan denominated in Dollars, its character as a Base Rate Loan
or a Eurocurrency Rate Loan.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Uniform Commercial Code</B>&#148; means the Uniform Commercial Code or any successor provision thereof
as the same may from time to time be in effect in the State of New York or the Uniform Commercial
Code or any successor provision thereof (or similar code or statute) of another jurisdiction, to
the extent it may be required to apply to any item or items of Collateral.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>United States</B>&#148; and &#147;<B>U.S.</B>&#148; mean the United States of America.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Unreimbursed Amount</B>&#148; has the meaning specified in Section&nbsp;2.03(c)(i).
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Unrestricted Subsidiary</B>&#148; means (a)&nbsp;any Subsidiary of the Parent Borrower designated by the
board of directors of the Parent Borrower as an Unrestricted Subsidiary pursuant to Section&nbsp;6.14
subsequent to the date hereof, (b)&nbsp;any Securitization Entity and (c)&nbsp;any Subsidiary of an
Unrestricted Subsidiary, in each case, until such Person ceases to be an Unrestricted Subsidiary of
the Parent Borrower in accordance with Section&nbsp;6.14 or ceases to be a Subsidiary of the Parent
Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Unused Amount</B>&#148; means, on any day the aggregate Revolving Credit Commitments then in effect
minus the aggregate of the then outstanding Revolving Credit Exposures, provided that the Unused
Amount shall never be less than zero.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>USA PATRIOT Act</B>&#148; means The Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001 (Title&nbsp;III of Pub. L. No.&nbsp;107-56 (signed
into law October&nbsp;26, 2001)), as amended or modified from time to time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Voting Stock</B>&#148; means, with respect to any Person, any class or classes of Equity Interests
pursuant to which the holders thereof have the general voting power under ordinary circumstances to
elect at least a majority of the board of directors of such Person.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Weekly Monitoring Event</B>&#148; means (i)&nbsp;an Event of Default has occurred and is continuing or (ii)
the Borrowers have failed to maintain (a)&nbsp;Excess Availability of at least $50,000,000 for fifteen
(15)&nbsp;consecutive calendar days or (b)&nbsp;Aggregate Excess Availability of at least 10% of the
Borrowing Base for five (5)&nbsp;consecutive Business Days, and the Administrative Agent has notified
the Parent Borrower thereof. For purposes of this Agreement, the occurrence of a Weekly Monitoring
Event shall be deemed continuing at the Administrative Agent&#146;s option until (x)&nbsp;if the Weekly
Monitoring Event arises under clause (i)&nbsp;above, so long as such Event of Default is continuing, or
(y)&nbsp;if the Weekly Monitoring Event arises as a result of the Borrowers&#146; failure to achieve (A)
Excess Availability as required by clause (ii)(a), until Excess Availability has exceeded at least
$50,000,000 or (B)&nbsp;Aggregate Excess Availability as required by clause (ii)(b), until Aggregate
Excess Availability has exceeded at least 10% of the Borrowing Base, in each case for thirty (30)
consecutive days, in which case a Weekly Monitoring Event shall no longer be deemed to be
continuing for purposes of this Agreement; <I>provided </I>that a Weekly Monitoring Event shall be deemed
continuing (even if Excess Availability exceeds the required amount for thirty (30)&nbsp;consecutive
days) at all times in any four fiscal quarter period after a Weekly Monitoring Event has occurred
and been discontinued on two occasions in such four fiscal quarter period; <I>provided further </I>that,
notwithstanding the foregoing, it is agreed that a Weekly Monitoring Event shall not be deemed to
have occurred and be continuing as a result of the Loans made on the Closing Date unless and until
additional Loans are made or Letters of Credit are issued hereunder and a Weekly Monitoring Event
subsequently occurs.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Weighted Average Life to Maturity</B>&#148; means, when applied to any Indebtedness at any date, the
number of years obtained by dividing: (i)&nbsp;the sum of the products obtained by multiplying (a)&nbsp;the
amount of each then remaining installment, sinking fund, serial maturity or other required payments
of principal, including payment at final maturity, in respect thereof, by (b)&nbsp;the number of years
(calculated to the nearest one-twelfth) that will elapse between such date and the making of such
payment by (ii)&nbsp;the then outstanding principal amount of such Indebtedness.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>wholly-owned</B>&#148; means, with respect to a Subsidiary of a Person, a Subsidiary of such Person
all of the outstanding Equity Interests of which (other than (x)&nbsp;director&#146;s qualifying shares and
(y)&nbsp;shares issued to foreign nationals to the extent required by applicable Law) are owned by such
Person and/or by one or more wholly-owned Subsidiaries of such Person.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Withdrawal Liability</B>&#148; means the liability of a Multiemployer Plan as a result of a complete
or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part&nbsp;I of Subtitle
E of Title IV of ERISA.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.02. <U>Other Interpretive Provisions</U>. With reference to this Agreement and each other Loan Document, unless otherwise specified
herein or in such other Loan Document:
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The meanings of defined terms are equally applicable to the singular and plural forms of
the defined terms.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)&nbsp;The words &#147;herein,&#148; &#147;hereto,&#148; &#147;hereof&#148; and &#147;hereunder&#148; and words of similar import
when used in any Loan Document shall refer to such Loan Document as a whole and not to any
particular provision thereof.
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Article, Section, Exhibit and Schedule references are to the Loan Document in which
such reference appears.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The term &#147;including&#148; is by way of example and not limitation.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The term &#147;documents&#148; includes any and all instruments, documents, agreements,
certificates, notices, reports, financial statements and other writings, however evidenced,
whether in physical or electronic form.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;In the computation of periods of time from a specified date to a later specified date, the
word &#147;from&#148; means &#147;from and including&#148;; the words &#147;to&#148; and &#147;until&#148; each mean &#147;to but excluding&#148;;
and the word &#147;through&#148; means &#147;to and including.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Section&nbsp;headings herein and in the other Loan Documents are included for convenience of
reference only and shall not affect the interpretation of this Agreement or any other Loan
Document.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The word &#147;or&#148; is not exclusive.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.03. <U>Accounting Terms</U>. All accounting terms not specifically or completely defined herein shall be construed in
conformity with, and all financial data (including financial ratios and other financial
calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with, GAAP, applied in a manner consistent with that used in preparing the Annual Financial
Statements, except as otherwise specifically prescribed herein.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.04. <U>Rounding</U>. Any financial ratios required to be satisfied in order for a specific action to be
permitted under this Agreement shall be calculated by dividing the appropriate component by the
other component, carrying the result to one place more than the number of places by which such
ratio is expressed herein and rounding the result up or down to the nearest number (with a
rounding-up if there is no nearest number).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.05. <U>References to Agreements, Laws, Etc.</U> Unless otherwise expressly provided herein, (a)&nbsp;references to Organization Documents,
agreements (including the Loan Documents) and other contractual instruments shall be deemed to
include all subsequent amendments, restatements, extensions, supplements and other modifications
thereto, but only to the extent that such amendments, restatements, extensions, supplements and
other modifications are not prohibited by any Loan Document; and (b)&nbsp;references to any Law shall
include all statutory and regulatory provisions consolidating, amending, replacing, supplementing
or interpreting such Law.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.06. <U>Times of Day</U>. Unless otherwise specified, all references herein to times of day shall be references to
Eastern time (daylight or standard, as applicable).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.07. <U>Pro Forma Calculations</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Notwithstanding anything to the contrary herein, the Secured Leverage Ratio, the Total
Leverage Ratio and the Fixed Charge Coverage Ratio shall be calculated in the manner prescribed by
this Section.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In the event that the Parent Borrower or any Restricted Subsidiary incurs, assumes,
guarantees, redeems, repays, retires or extinguishes any Indebtedness included in the definitions
of Consolidated Secured Debt or Consolidated Total Debt, as the case may be (in each case, other
than Indebtedness incurred or repaid under any revolving credit facility in the ordinary course of
business for working capital purposes), subsequent to the end
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">of the Test Period for which the
Secured Leverage Ratio and the Total Leverage Ratio, as the case may be, is being calculated but
prior to or simultaneously with the event for which the calculation of any such ratio is made, then
the Secured Leverage Ratio and the Total Leverage Ratio shall be calculated giving <I>pro forma </I>effect
to such incurrence, assumption, guarantee, redemption, repayment, retirement or extinguishment of
Indebtedness, as if the same had occurred on the last day of the applicable Test Period.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;For purposes of calculating the Secured Leverage Ratio, the Total Leverage Ratio and the
Fixed Charge Coverage Ratio, Specified Transactions that have been made by the Parent Borrower or
any of its Restricted Subsidiaries during the applicable Test Period or subsequent to such Test
Period and prior to or simultaneously with the event for which the calculation of any such ratio is
made shall be calculated on a <I>pro forma </I>basis assuming that all such Specified Transactions (and
the change in Consolidated EBITDA resulting therefrom) had occurred on the first day of the
applicable Test Period. If since the beginning of any such Test Period any Person that
subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated with or into
the Parent Borrower or any of its Restricted Subsidiaries since the beginning of such Test Period
shall have made any Specified Transaction that would have required adjustment pursuant to this
Section, then the Secured Leverage Ratio and the Total Leverage Ratio shall be calculated giving
<I>pro forma </I>effect thereto for such period as if such Specified Transaction occurred at the beginning
of the applicable Test Period.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In the event that the Parent Borrower or any Restricted Subsidiary incurs, assumes,
guarantees, redeems, repays, retires or extinguishes any Indebtedness included in the definitions
of Fixed Charges, as the case may be (other than Indebtedness incurred or repaid under any
revolving credit facility in the ordinary course of business for working capital purposes) or
issues or redeems Disqualified Equity Interests, subsequent to the commencement of the Test Period
but prior to or simultaneously with the event for which the calculation of the Fixed Charge
Coverage Ratio is made, then the Fixed Charge Coverage Ratio shall be calculated giving <I>pro forma</I>
effect to such incurrence, assumption, guarantee, redemption, repayment, retirement or
extinguishment of Indebtedness or such issuance or redemption of Disqualified Equity Interests, as
if the same had occurred on the first day of the applicable Test Period.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;If any Indebtedness bears a floating rate of interest and is being given pro forma effect,
the interest on such Indebtedness shall be calculated as if the rate in effect on the date of the
event for which the calculation of the Fixed Charge Coverage Ratio is made had been the applicable
rate for the entire period (taking into account any hedging obligations applicable to such
Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest
rate reasonably determined by a responsible financial or accounting officer of the Company to be
the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.
Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor
of a prime or similar rate, a Eurocurrency interbank offered rate, or other rate, shall be
determined to have been based upon the rate actually chosen, or if none, then based upon such
optional rate chosen as the Parent Borrower may designate.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Notwithstanding the foregoing, when calculating the Total Leverage Ratio for purposes of,
the definition of &#147;Applicable Rate&#148;, the events described in Sections&nbsp;1.07(b) and 1.07(c) above
that occurred subsequent to the end of the Test Period shall not be given <I>pro forma </I>effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Whenever <I>pro forma </I>effect is to be given to a Specified Transaction (other than the
Transactions), the <I>pro forma </I>calculations shall be made in good faith by a responsible financial or
accounting officer of the Parent Borrower (and may include, for the avoidance of doubt, cost
savings, operating expense reductions and
synergies resulting from such Specified Transaction (other than the Transactions) which is
being given <I>pro forma </I>effect that have been or are expected to be realized and shall be certified
in an officers&#146; certificate by such responsible financial or accounting officer delivered to the
Administrative Agent); <I>provided </I>that (A)&nbsp;such amounts are reasonably identifiable and factually
supportable, (B)&nbsp;actions to realize such amounts are taken within 12&nbsp;months after the date of such
Specified Transaction, (C)&nbsp;no amounts shall be added pursuant to this clause to the extent
duplicative of any amounts that are otherwise added back in computing Consolidated EBITDA with
respect to such period. Notwithstanding the foregoing, calculations of the Total Leverage Ratio
for purposes of the definition of &#147;Applicable Rate&#148; shall not include any cost savings, operating
expense reductions or synergies that have not been actually realized.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>The Commitments and Credit Extensions</B></U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.01. <U>The Loans</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>&#091;Reserved&#093;</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>The Revolving Credit Borrowings</I>. Subject to the terms and conditions set forth herein,
each Lender severally agrees to make loans to the Borrowers in Dollars as elected by the Parent
Borrower pursuant to Section&nbsp;2.02 (each such loan, a &#147;<B>Revolving Credit Loan</B>&#148;) from time to time, on
any Business Day after the Closing Date until the Maturity Date (<I>provided </I>that each Lender agrees
to make loans in an aggregate amount not exceeding its Pro Rata Share of the Initial Revolving
Borrowing on the Closing Date), in an aggregate amount not to exceed at any time outstanding the
amount of such Lender&#146;s Revolving Credit Commitment; <I>provided </I>that after giving effect to any
Revolving Credit Borrowing, the aggregate Outstanding Amount of the Revolving Credit Loans of any
Lender, <u>plus</U> such Lender&#146;s Pro Rata Share of the Outstanding Amount of all L/C Obligations, <u>plus</U>
such Lender&#146;s Pro Rata Share of the Outstanding Amount of all
Swing Line Loans, <u>plus</U> such Lender&#146;s
Pro Rata Share of the Outstanding Amount of all Protective Advances shall not exceed such Lender&#146;s
Revolving Credit Commitment. Within the limits of each Lender&#146;s Revolving Credit Commitment, and
subject to the other terms and conditions hereof, the Borrowers may borrow under this
Section&nbsp;2.01(b), prepay under Section&nbsp;2.05, and reborrow under this Section&nbsp;2.01(b). Revolving
Credit Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein. Within
the limits of each Lender&#146;s Revolving Credit Commitment, and subject to the other terms and
conditions hereof, the Borrowers may borrow under this Section&nbsp;2.01(b), and reborrow under this
Section&nbsp;2.01(b) (<I>provided </I>that, in each such case, such Revolving Credit Loans shall not, after
giving effect thereto and to the application of the proceeds thereof, result at such time in the
aggregate Revolving Credit Exposures&#146; exceeding the lesser of (x)&nbsp;the Borrowing Base and (y)&nbsp;the
Aggregate Commitments, in each case as then in effect (subject to Section&nbsp;2.01(c)); and the
Borrowers may prepay under Section&nbsp;2.05.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Subject to the limitations set forth below (and notwithstanding anything to the contrary
in Section&nbsp;2.01(b) or in Article&nbsp;IV), the Administrative Agent is authorized by the Borrowers and
the Lenders, from time to time in the Administrative Agent&#146;s sole discretion (but shall have
absolutely no obligation), to make Revolving Credit Loans denominated in Dollars that are Base Rate
Loans on behalf of all Lenders to the Borrowers, at any time that any condition precedent set forth
in Article&nbsp;IV has not been satisfied or waived, which the Administrative Agent, in its Permitted
Discretion, deems necessary or desirable (x)&nbsp;to preserve or protect the Collateral, or any portion
thereof or (y)&nbsp;to enhance the likelihood of, or maximize the amount of, repayment of the Loans and
other Obligations (each such loan, a &#147;<B>Protective Advance</B>&#148;). Any Protective Advance may be made in
a principal amount that would cause the aggregate amount of the Lenders&#146; Revolving Credit Exposures
to exceed the Borrowing Base; <I>provided </I>that no Protective Advance may be made to the extent that,
after giving effect to such Protective Advance (together with the outstanding principal amount of
any outstanding Protective Advances) the aggregate principal amount of all Protective Advances
outstanding hereunder would exceed 5.0% of the Borrowing Base as determined on the date of such
proposed Protective Advance; <I>provided further </I>that the aggregate principal amount of all
outstanding Protective Advances plus the aggregate Revolving Credit Exposures at such time shall
not exceed the Aggregate Commitments as then in effect. Each Protective Advance shall be secured
by the Liens in favor of the Administrative Agent on behalf of the Secured Parties in and to the
Collateral and shall constitute Obligations hereunder. No Protective Advance shall be outstanding after the earlier of (x)&nbsp;20 Business Days
after the date on which it was made or (y)&nbsp;the date on which the Required Lenders instruct the
Administrative Agent to cease making Protective Advances. The Administrative Agent&#146;s authorization
to make Protective Advances may be revoked at any time by the Required Lenders. Any such
revocation must be in writing and will become effective prospectively upon the Administrative
Agent&#146;s receipt thereof. The making of a Protective Advance on any one occasion shall not obligate
the Administrative Agent to make any Protective Advance on any other occasion and under no
circumstance shall the Borrowers have the right to require that a Protective Advance be made. At
any time that the conditions precedent set forth in Article&nbsp;IV have been satisfied or waived, the
Administrative Agent may request the Lenders to make a Revolving Credit Loan to repay a Protective
Advance. At any other time, the Administrative Agent may require the Lenders to fund their risk
participations described in Section&nbsp;2.01(d).
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Upon the making of a Protective Advance by the Administrative Agent (whether before or
after the occurrence of a Default or an Event of Default), each Lender shall be deemed, without
further action by any party hereto, unconditionally and irrevocably to have purchased from the
Administrative Agent, without recourse or warranty, an undivided interest and participation in such
Protective Advance in proportion to its Pro Rata Share. From and after the date, if any, on which
any Lender is required to fund its participation in any Protective Advance purchased hereunder, the
Administrative Agent shall promptly distribute to such Lender, such Lender&#146;s Pro Rata Share of all
payments of principal and interest and all proceeds of Collateral received by the Administrative
Agent in respect of such Protective Advance.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.02. <U>Borrowings, Conversions and Continuations of Loans</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each Revolving Credit Borrowing (other than Swing Line Borrowings with respect to which
this Section&nbsp;2.02 shall not apply) made after the Closing Date, each conversion of Revolving Credit
Loans from one Type to the other, and each continuation of Eurocurrency Rate Loans shall be made
upon the Parent Borrower&#146;s irrevocable notice to the Administrative Agent, which may be given by
telephone. Each such notice must be received by the Administrative Agent (i)&nbsp;not later than 12:00
noon (New York, New York time) three (3)&nbsp;Business Days prior to the requested date of any Borrowing
or continuation of Eurocurrency Rate Loans or any conversion of Base Rate Loans to Eurocurrency
Rate Loans and (ii)&nbsp;not later than 12:00 noon on the requested date of any Borrowing of Base Rate
Loans. Each telephonic notice by the Parent Borrower pursuant to this Section&nbsp;2.02(a) must be
confirmed promptly by delivery to the Administrative Agent of a written Committed Loan Notice,
appropriately completed and signed by a Responsible Officer of the Parent Borrower. Each Borrowing
of, conversion to or continuation of Eurocurrency Rate Loans shall be in a principal amount of
$1,000,000 or a whole multiple of the amount of $500,000 in excess thereof. Except as provided in
Sections&nbsp;2.03(c) and 2.04(c), each Borrowing of or conversion to Base Rate Loans shall be in a
principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each Committed
Loan Notice (whether telephonic or written) shall specify (i)&nbsp;whether the Parent Borrower is
requesting a Revolving Credit Borrowing, a conversion of Revolving Credit Loans from one Type to
the other, or a continuation of Eurocurrency Rate Loans, (ii)&nbsp;the requested date of the Borrowing,
conversion or continuation, as the case may be (which shall be a Business Day), (iii)&nbsp;the principal
amount of Loans to be borrowed, converted or continued, (iv)&nbsp;the Type of Loans to be borrowed or to
which existing Revolving Credit Loans are to be converted, and (v)&nbsp;if applicable, the duration of
the Interest Period with respect thereto. If the Parent Borrower fails to specify a Type of Loan
in a Committed Loan Notice or fails to give a timely notice requesting a conversion or
continuation, then the applicable Revolving Credit Loans shall be made as, or converted to, Base
Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day
of the Interest Period then in effect with respect to the applicable Eurocurrency Rate Loans. If
the Parent Borrower requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate
Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed
to have specified an Interest Period of one (1)&nbsp;month. Notwithstanding the foregoing, until the
date which is six months after the Closing Date (unless otherwise agreed by the Administrative
Agent), all Eurocurrency Rate Loans may not have an Interest Period in excess of one (1)&nbsp;month. No
notice shall be required in respect of the initial Credit Extensions made on the Closing Date,
however, the Parent Borrower will use commercially reasonable efforts to deliver a Borrowing Base
Certificate to the Administrative Agent on or before the Closing Date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly
notify each Lender of the amount of its Pro Rata Share of the Loans, and if no timely notice of a
conversion or continuation is provided by the Parent Borrower, the Administrative Agent shall notify each
Lender of the details of any automatic conversion to Base Rate Loans. In the case of each
Borrowing, each Appropriate Lender shall make the amount of its Loan available to the
Administrative Agent in Same Day Funds at the Administrative Agent&#146;s Office for the respective
currency not later than 1:00 p.m., in the case of any Loan denominated in Dollars, in each case on
the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction of the
applicable conditions set forth in Section&nbsp;4.02 (and, if such Borrowing is on the Closing Date,
Section&nbsp;4.01), the Administrative Agent shall make all funds so received available to the Borrowers
in like funds as received by the Administrative Agent either by (i)&nbsp;crediting the account of the
Parent Borrower (on behalf of the Borrowers) on the books of the Administrative Agent with the
amount of such funds or (ii)&nbsp;wire transfer of such funds, in each case in accordance with
instructions provided to (and reasonably acceptable to) the Administrative Agent by the Parent
Borrower; <I>provided </I>that if, on the date the Committed Loan Notice with respect to a Borrowing under
a Revolving Credit Facility is given by the Parent Borrower, there are L/C Borrowings outstanding,
then the proceeds of such Borrowing shall be
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">applied, first, to the payment in full of any such L/C
Borrowings and second, to the Parent Borrower (on behalf of the Borrowers) as provided above.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued or
converted only on the last day of an Interest Period for such Eurocurrency Rate Loan. During the
existence of an Event of Default, the Administrative Agent or the Required Lenders may require that
no Loans may be converted to or continued as Eurocurrency Rate Loans.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Administrative Agent shall promptly notify the Parent Borrower and the Lenders of the
interest rate applicable to any Interest Period for Eurocurrency Rate Loans upon determination of
such interest rate. The determination of the Eurocurrency Rate by the Administrative Agent shall
be conclusive in the absence of manifest error. At any time that Base Rate Loans are outstanding,
the Administrative Agent shall notify the Parent Borrower and the Lenders of any change in the
Administrative Agent&#146;s prime rate used in determining the Base Rate promptly following the public
announcement of such change.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;After giving effect to all Revolving Credit Borrowings, all conversions of Revolving
Credit Loans from one Type to the other, and all continuations of Revolving Credit Loans as the
same Type, there shall not be more than thirty (30)&nbsp;Interest Periods in effect unless otherwise
agreed between the Parent Borrower and the Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The failure of any Lender to make the Loan to be made by it as part of any Borrowing shall
not relieve any other Lender of its obligation, if any, hereunder to make its Loan on the date of
such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the
Loan to be made by such other Lender on the date of any Borrowing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Unless the Administrative Agent shall have received notice from a Lender prior to the date
of any Borrowing that such Lender will not make available to the Administrative Agent such Lender&#146;s
Pro Rata Share of such Borrowing, the Administrative Agent may assume that such Lender has made
such Pro Rata Share available to the Administrative Agent on the date of such Borrowing in
accordance with paragraph&nbsp;(b) above, and the Administrative Agent may, in reliance upon such
assumption, make available to the Borrowers on such date a corresponding amount. If the
Administrative Agent shall have so made funds available, then, to the extent that such Lender shall
not have made such Pro Rata Share available to the Administrative Agent, each of such Lender and
each Borrower severally agrees to repay to the Administrative Agent forthwith on demand such
corresponding amount together with interest thereon, for each day from the date such amount is made
available to the Borrowers until the date such amount is repaid to the Administrative Agent at
(i)&nbsp;in the case of the Borrowers, the interest rate applicable at the time to the Loans comprising
such Borrowing and (ii)&nbsp;in the case of such Lender, the Overnight Rate plus any administrative,
processing, or similar fees customarily charged by the Administrative Agent in accordance with the
foregoing. A certificate of the Administrative Agent submitted to any Lender with respect to any
amounts owing under this Section&nbsp;2.02(g) shall be conclusive in the absence of manifest error. If
the Borrowers and such Lender shall pay such interest to the Administrative Agent for the same or
an overlapping period, the Administrative Agent shall promptly remit to the Borrowers (to the
extent such amount is covered by interest paid by such Lender) the amount of such interest paid by
the Borrowers for such period. If such Lender pays its share of the applicable Borrowing to the
Administrative Agent, then the amount so paid shall constitute such Lender&#146;s Loan included in such Borrowing. Any payment by any Borrower shall be without prejudice to any claim
such Borrower may have against a Lender that shall have failed to make such payment to the
Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.03. <U>Letters of Credit</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>The Letter of Credit Commitments</I>.
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the terms and conditions set forth herein, (A)(1) each L/C Issuer
agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in
this Section&nbsp;2.03, (x)&nbsp;from time to time on any Business Day during the period from the
Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the
account of the Parent Borrower (<I>provided </I>that any Letter of Credit may be for the benefit of
any Subsidiary of the Parent Borrower) and to amend or renew Letters of Credit previously
issued by it, in accordance with Section&nbsp;2.03(b), and (y)&nbsp;to honor drawings under the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Letters of Credit and (2)&nbsp;the Revolving Credit Lenders severally agree to participate in
Letters of Credit issued pursuant to this Section&nbsp;2.03; <I>provided </I>that L/C Issuers shall not
be obligated to make L/C Credit Extensions with respect to Letters of Credit, and Lenders
shall not be obligated to participate in Letters of Credit if, as of the date of the
applicable Letter of Credit, (x)&nbsp;the Revolving Credit Exposure of any Lender would exceed
such Lender&#146;s Revolving Credit Commitment or (y)&nbsp;the Outstanding Amount of all L/C
Obligations would exceed the L/C Sublimit; <I>provided</I>, <I>further</I>, that no Letter of Credit shall
be issued by any L/C Issuer the stated amount of which, when added to the Outstanding Amount
of L/C Credit Extensions with respect to such L/C Issuer, would exceed the applicable
Specified L/C Sublimit of such L/C Issuer then in effect. Each request by the Parent
Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a
representation by the Parent Borrower that the L/C Credit Extension so requested complies
with the conditions set forth in the proviso to the preceding sentence. Within the
foregoing limits, and subject to the terms and conditions hereof, the Parent Borrower&#146;s
ability to obtain Letters of Credit shall be fully revolving, and accordingly the Parent
Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of
Credit that have expired or that have been drawn upon and reimbursed.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) An L/C Issuer shall not issue any Letter of Credit if:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) subject to Section&nbsp;2.03(b)(iii), the expiry date of such requested Letter of Credit
would occur more than twelve months after the date of issuance or last renewal, unless
otherwise agreed by such L/C Issuer and the Administrative Agent in their sole discretion;
or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the expiry date of such requested Letter of Credit would occur after the applicable
Letter of Credit Expiration Date, unless (1)&nbsp;each Appropriate Lender shall have approved
such expiry date or (2)&nbsp;the Outstanding Amount of the L/C Obligations in respect of such
requested Letter of Credit has been Cash Collateralized.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An L/C Issuer shall be under no obligation to issue any Letter of Credit if:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any order, judgment or decree of any Governmental Authority or arbitrator shall by
its terms purport to enjoin or restrain such L/C Issuer from issuing such Letter of Credit,
or any Law applicable to such L/C Issuer or any directive (whether or not having the force
of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall
prohibit, or direct that such L/C Issuer refrain from, the issuance of letters of credit
generally or such Letter of Credit in particular or shall impose upon such L/C Issuer with
respect to such Letter of Credit any restriction, reserve or capital requirement (for which
such L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date,
or shall impose upon such L/C Issuer any unreimbursed loss, cost or expense which was not
applicable on the Closing Date (for which such L/C Issuer is not otherwise compensated
hereunder);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the issuance of such Letter of Credit would violate one or more policies of such
L/C Issuer applicable to letters of credit generally; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) except as otherwise agreed by the Administrative Agent and such L/C Issuer, such
Letter of Credit is to be denominated in a currency other than Dollars.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) An L/C Issuer shall be under no obligation to amend any Letter of Credit if (A)
such L/C Issuer would have no obligation at such time to issue such Letter of Credit in its
amended form under the terms hereof, or (B)&nbsp;the beneficiary of such Letter of Credit does
not accept the proposed amendment to such Letter of Credit.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each L/C Issuer shall act on behalf of the Appropriate Lenders with respect to any
Letters of Credit issued by it and the documents associated therewith, and each L/C Issuer
shall have all of the benefits and immunities (A)&nbsp;provided to the Administrative Agent in
Article&nbsp;IX with respect to any acts taken or omissions suffered by such L/C Issuer in
connection with Letters of Credit issued by it or proposed to be issued by it and Issuer
Documents pertaining to such Letters of Credit as fully as if the term
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;Administrative
Agent&#148; as used in Article&nbsp;IX included such L/C Issuer with respect to such acts or
omissions, and (B)&nbsp;as additionally provided herein with respect to the L/C Issuers.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Procedures for Issuance and Amendment of Letters of Credit; Auto-Renewal Letters of
Credit</I>.
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Letter of Credit shall be issued or amended, as the case may be, upon the
request of the Parent Borrower delivered to an L/C Issuer (with a copy to the Administrative
Agent) in the form of a Letter of Credit Application, appropriately completed and signed by
a Responsible Officer of the Parent Borrower. Such Letter of Credit Application must be
received by the relevant L/C Issuer and the Administrative Agent not later than 12:00 noon
at least two (2)&nbsp;Business Days prior to the proposed issuance date or date of amendment, as
the case may be; or, in each case, such later date and time as the relevant L/C Issuer may
agree in a particular instance in its sole discretion. In the case of a request for an
initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in
form and detail reasonably satisfactory to the relevant L/C Issuer: (a)&nbsp;the proposed
issuance date of the requested Letter of Credit (which shall be a Business Day); (b)&nbsp;the
amount thereof; (c)&nbsp;the expiry date thereof; (d)&nbsp;the name and address of the beneficiary
thereof; (e)&nbsp;the documents to be presented by such beneficiary in case of any drawing
thereunder; (f)&nbsp;the full text of any certificate to be presented by such beneficiary in case
of any drawing thereunder; and (g)&nbsp;such other matters as the relevant L/C Issuer may
reasonably request. In the case of a request for an amendment of any outstanding Letter of
Credit, such Letter of Credit Application shall specify in form and detail reasonably
satisfactory to the relevant L/C Issuer (1)&nbsp;the Letter of Credit to be amended; (2)&nbsp;the
proposed date of amendment thereof (which shall be a Business Day); (3)&nbsp;the nature of the
proposed amendment; and (4)&nbsp;such other matters as the relevant L/C Issuer may reasonably
request.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Promptly after receipt of any Letter of Credit Application, the relevant L/C
Issuer will confirm with the Administrative Agent (by telephone or in writing) that the
Administrative Agent has received a copy of such Letter of Credit Application from the
Parent Borrower and, if not, such L/C Issuer will provide the Administrative Agent with a
copy thereof. Unless the relevant L/C Issuer has received written notice from any Revolving
Credit Lender, the Administrative Agent or any Loan Party, at least one Business Day prior
to the requested date of issuance or amendment of the applicable Letter of Credit, that one
or more applicable conditions contained in Article&nbsp;IV shall not then be satisfied, then,
subject to the terms and conditions hereof, such L/C Issuer shall, on the requested date,
issue a Letter of Credit for the account of the Parent Borrower (or the applicable
Subsidiary) or enter into the applicable amendment, as the case may be. Immediately upon
the issuance of each Letter of Credit, each Revolving Credit Lender shall be deemed to, and
hereby irrevocably and unconditionally agrees to, acquire from the relevant L/C Issuer a
risk participation in such Letter of Credit in an amount equal to the product of such
Revolving Credit Lender&#146;s Pro Rata Share times the amount of such Letter of Credit.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Parent Borrower so requests in any applicable Letter of Credit
Application, the relevant L/C Issuer shall agree to issue a Letter of Credit that has
automatic renewal provisions (each, an &#147;<B>Auto-Renewal Letter of Credit</B>&#148;); <I>provided </I>that any
such Auto-Renewal Letter of Credit must permit the relevant L/C Issuer to prevent any such
renewal at least once in each twelve-month period (commencing with the date of issuance of
such Letter of Credit) by giving prior notice to the beneficiary thereof not later
than a day (the &#147;<B>Nonrenewal Notice Date</B>&#148;) in each such twelve-month period to be agreed
upon by the relevant L/C Issuer and the Parent Borrower at the time such Letter of Credit is
issued. Unless otherwise directed by the relevant L/C Issuer, the Parent Borrower shall not
be required to make a specific request to the relevant L/C Issuer for any such renewal.
Once an Auto-Renewal Letter of Credit has been issued, the applicable Lenders shall be
deemed to have authorized (but may not require) the relevant L/C Issuer to permit the
renewal of such Letter of Credit at any time until an expiry date not later than the
applicable Letter of Credit Expiration Date; <I>provided </I>that the relevant L/C Issuer shall not
permit any such renewal if (A)&nbsp;the relevant L/C Issuer has determined that it would not be
permitted, or would have no obligation at such time to issue such Letter of Credit in its
renewed form under the terms hereof (by reason of the provisions of clause (ii)&nbsp;or (iii)&nbsp;of
Section&nbsp;2.03(a) or otherwise), or (B)&nbsp;it has received notice (which may be by telephone or
in writing) on or before the day that is five (5)&nbsp;Business Days before the Nonrenewal Notice
Date from the Administrative Agent or any Revolving Credit Lender, or the Parent Borrower
that one or more of the applicable conditions specified in Section&nbsp;4.02 is not then
satisfied.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter
of Credit to an advising bank with respect thereto or to the beneficiary thereof, the
relevant L/C Issuer will also deliver to the Parent Borrower and the Administrative Agent a
true and complete copy of such Letter of Credit or amendment.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>Drawings and Reimbursements; Funding of Participations.</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a
drawing under such Letter of Credit, the relevant L/C Issuer shall notify promptly the
Parent Borrower and the Administrative Agent thereof. Not later than 11:00&nbsp;a.m. on the
third Business Day following the date of any payment by any L/C Issuer under a Letter of
Credit (each such date, an &#147;<B>Honor Date</B>&#148;), the Borrowers shall reimburse such L/C Issuer in
an amount equal to the amount of such drawing and in the applicable currency. If the
Borrowers fail to so reimburse such L/C Issuer by such time, the Administrative Agent shall
promptly notify each Appropriate Lender of the Honor Date, the amount of the unreimbursed
drawing (the &#147;<B>Unreimbursed Amount</B>&#148;), and the amount of such Appropriate Lender&#146;s Pro Rata
Share thereof. In such event, (x)&nbsp;in the case of an Unreimbursed Amount under a Letter of
Credit, the Parent Borrower (on behalf of the Borrowers) shall be deemed to have requested a
Revolving Credit Borrowing of Base Rate Loans and to be disbursed on the Honor Date in an
amount equal to the Unreimbursed Amount, without regard to the minimum and multiples
specified in Section&nbsp;2.02 for the principal amount of Base Rate Loans, but subject to the
amount of the unutilized portion of the Revolving Credit Commitments of the Appropriate
Lenders, and subject to the conditions set forth in Section&nbsp;4.02 (other than the delivery of
a Committed Loan Notice). Any notice given by an L/C Issuer or the Administrative Agent
pursuant to this Section&nbsp;2.03(c)(i) may be given by telephone if immediately confirmed in
writing; <I>provided </I>that the lack of such an immediate confirmation shall not affect the
conclusiveness or binding effect of such notice.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Revolving Credit Lender (including any such Lender acting as an L/C Issuer)
shall upon any notice pursuant to Section&nbsp;2.03(c)(i) make funds available to the
Administrative Agent for the account of the relevant L/C Issuer at the Administrative
Agent&#146;s Office for payments in an amount equal to its Pro Rata Share of any Unreimbursed
Amount in respect of a Letter of Credit not later than 1:00 p.m. on the Business Day
specified in such notice by the Administrative Agent (which may be the same Business Day
such notice is provided if such notice is provided prior to 12:00 noon), whereupon, subject
to the provisions of Section&nbsp;2.03(c)(iii), each Revolving Credit Lender that so makes funds
available shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to
the Borrowers in such amount. The Administrative Agent shall remit the funds so received to
the relevant L/C Issuer.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) With respect to any Unreimbursed Amount in respect of a Letter of Credit that is
not fully refinanced by a Revolving Credit Borrowing of Base Rate Loans because the
conditions set forth in Section&nbsp;4.02 cannot be satisfied or for any other reason, the
Borrowers shall be deemed to have incurred from the relevant L/C Issuer an L/C Borrowing in
the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall
be due and payable on demand (together with interest) and shall bear interest at the Default
Rate. In such event, each Revolving Credit Lender&#146;s payment to the Administrative Agent for
the account of the relevant L/C Issuer pursuant to Section&nbsp;2.03(c)(ii) shall be deemed
payment in respect of its participation in such L/C Borrowing and shall constitute an L/C
Advance from such Lender in satisfaction of its participation obligation under this
Section&nbsp;2.03.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Until each Appropriate Lender funds its Revolving Credit Loan or L/C Advance
pursuant to this Section&nbsp;2.03(c) to reimburse the relevant L/C Issuer for any amount drawn
under any Letter of Credit, interest in respect of such Lender&#146;s Pro Rata Share of such
amount shall be solely for the account of the relevant L/C Issuer.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each Revolving Credit Lender&#146;s obligation to make Revolving Credit Loans or L/C
Advances to reimburse an L/C Issuer for amounts drawn under Letters of Credit, as
contemplated by this Section&nbsp;2.03(c), shall be absolute and unconditional and shall not be
affected by any circumstance, including (A)&nbsp;any setoff, counterclaim, recoupment, defense or
other right which such Lender may have against the relevant L/C Issuer, the Borrowers or any
other Person for any reason whatsoever; (B)&nbsp;the occurrence or continuance of a Default; or
(C)&nbsp;any other occurrence, event or condition, whether or not similar to any of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">the foregoing; <I>provided </I>that each Revolving Credit Lender&#146;s obligation to make
Revolving Credit Loans pursuant to this Section&nbsp;2.03(c) is subject to the conditions set
forth in Section&nbsp;4.02 (other than delivery by the Parent Borrower of a Committed Loan
Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation
of the Borrowers to reimburse the relevant L/C Issuer for the amount of any payment made by
such L/C Issuer under any Letter of Credit, together with interest as provided herein.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If any Revolving Credit Lender fails to make available to the Administrative Agent
for the account of the relevant L/C Issuer any amount required to be paid by such Lender
pursuant to the foregoing provisions of this Section&nbsp;2.03(c) by the time specified in
Section&nbsp;2.03(c)(ii), such L/C Issuer shall be entitled to recover from such Lender (acting
through the Administrative Agent), on demand, such amount with interest thereon for the
period from the date such payment is required to the date on which such payment is
immediately available to such L/C Issuer at a rate per annum equal to the applicable
Overnight Rate from time to time in effect plus any administrative, processing or similar
fees customarily charged by such L/C Issuer in connection with the foregoing. A certificate
of the relevant L/C Issuer submitted to any Revolving Credit Lender (through the
Administrative Agent) with respect to any amounts owing under this Section&nbsp;2.03(c)(vi) shall
be conclusive absent manifest error.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <I>Repayment of Participations</I>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If, at any time after an L/C Issuer has made a payment under any Letter of Credit
and has received from any Appropriate Lender such Lender&#146;s L/C Advance in respect of such
payment in accordance with this Section&nbsp;2.03(c), the Administrative Agent receives for the
account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or
interest thereon (whether directly from the Parent Borrower or otherwise, including proceeds
of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent
will distribute to such Appropriate Lender its Pro Rata Share thereof (appropriately
adjusted, in the case of interest payments, to reflect the period of time during which such
Lender&#146;s L/C Advance was outstanding) in the same funds as those received by the
Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any payment received by the Administrative Agent for the account of an L/C
Issuer pursuant to Section&nbsp;2.03(c)(i) is required to be returned under any of the
circumstances described in Section&nbsp;10.06 (including pursuant to any settlement entered into
by such L/C Issuer in its discretion), each Appropriate Lender shall pay to the
Administrative Agent for the account of such L/C Issuer its Pro Rata Share thereof on demand
of the Administrative Agent, plus interest thereon from the date of such demand to the date
such amount is returned by such Lender, at a rate per annum equal to the applicable
Overnight Rate from time to time in effect. The Obligations of the Revolving Credit Lenders
under this clause (d)(ii) shall survive the payment in full of the Obligations and the
termination of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <I>Obligations Absolute</I>. The obligation of the Borrowers to reimburse the relevant L/C
Issuer for each drawing under each Letter of Credit issued by it and to repay each L/C Borrowing
shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the
terms of this Agreement under all circumstances, including the following:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or
any other Loan Document;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the existence of any claim, counterclaim, setoff, defense or other right that the
Parent Borrower or any Subsidiary may have at any time against any beneficiary or any
transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such
transferee may be acting), the relevant L/C Issuer or any other Person, whether in
connection with this Agreement, the transactions contemplated hereby or by such Letter of
Credit or any agreement or instrument relating thereto, or any unrelated transaction;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any draft, demand, certificate or other document presented under such Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any
statement therein being untrue or inaccurate in any respect; or any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under such
Letter of Credit;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any payment by the relevant L/C Issuer under such Letter of Credit against
presentation of a draft or certificate that does not strictly comply with the terms of such
Letter of Credit; or any payment made by the relevant L/C Issuer under such Letter of Credit
to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for
the benefit of creditors, liquidator, receiver or other representative of or successor to
any beneficiary or any transferee of such Letter of Credit, including any arising in
connection with any proceeding under any Debtor Relief Law;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any exchange, release or nonperfection of any Collateral, or any release or
amendment or waiver of or consent to departure from the Guaranty or any other guarantee, for
all or any of the Obligations of any Loan Party in respect of such Letter of Credit; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other circumstance or happening whatsoever, whether or not similar to any of
the foregoing, including any other circumstance that might otherwise constitute a defense
available to, or a discharge of, any Loan Party;
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><I>provided </I>that the foregoing shall not excuse any L/C Issuer from liability to the Parent Borrower
to the extent of any direct damages (as opposed to punitive or consequential damages or lost
profits, claims in respect of which are waived by the Parent Borrower to the extent permitted by
applicable Law) suffered by the Parent Borrower that are caused by acts or omissions of such L/C
Issuer constituting gross negligence or willful misconduct on the part of such L/C Issuer.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <I>Role of L/C Issuers</I>. Each Lender and the Parent Borrower agree that, in paying any
drawing under a Letter of Credit, the relevant L/C Issuer shall not have any responsibility to
obtain any document (other than any sight draft, certificates and documents expressly required by
the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such
document or the authority of the Person executing or delivering any such document. None of the L/C
Issuers, any Agent-Related Person nor any of the respective correspondents, participants or
assignees of any L/C Issuer shall be liable to any Lender for (i)&nbsp;any action taken or omitted in
connection herewith at the request or with the approval of the Lenders or the Required Lenders, as
applicable; (ii)&nbsp;any action taken or omitted in the absence of gross negligence or willful
misconduct; or (iii)&nbsp;a problem with the due execution, effectiveness, validity or enforceability of
any document or instrument related to any Letter of Credit or Issuer Document. The Parent Borrower
hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to
its use of any Letter of Credit; <I>provided </I>that this assumption is not intended to, and shall not,
preclude the Parent Borrower&#146;s pursuing such rights and remedies as it may have against the
beneficiary or transferee at law or under any other agreement. None of the L/C Issuers, any
Agent-Related Person, nor any of the respective correspondents, participants or assignees of any
L/C Issuer, shall be liable or responsible for any of the matters described in clauses (i)&nbsp;through
(iii)&nbsp;of this Section&nbsp;2.03(f); <I>provided </I>that anything in such clauses to the contrary
notwithstanding, the Parent Borrower may have a claim against an L/C Issuer, and such L/C Issuer
may be liable to the Parent Borrower, to the extent, but only to the extent, of any direct, as
opposed to lost profits or punitive or consequential damages suffered by the Parent Borrower that
were caused by such L/C Issuer&#146;s willful misconduct or gross negligence or such L/C Issuer&#146;s
willful or grossly negligent failure to pay under any Letter of Credit after the presentation to it
by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and
conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, each L/C
Issuer may accept documents that appear on their face to be in order, without responsibility for
further investigation, regardless of any notice or information to the contrary, and no L/C Issuer
shall be responsible for the validity or sufficiency of any instrument transferring or assigning or
purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or
proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <I>Cash Collateral</I>. If (i)&nbsp;any Event of Default occurs and is continuing and the Required
Lenders require the Borrowers to Cash Collateralize its L/C Obligations pursuant to
Section&nbsp;8.02(c), (ii)&nbsp;an Event of Default set forth under Section&nbsp;8.01(f) occurs and is continuing
or (iii)&nbsp;for any reason, any Letter of Credit is outstanding at the time of termination of the
Revolving Credit Commitments and a backstop letter of credit that is satisfactory to the relevant
L/C Issuer in its sole discretion is not in place, then the Borrowers shall Cash Collateralize the
then Outstanding Amount of all L/C Obligations (in an amount equal to such Outstanding Amount
determined as of the date of such Event of Default), and shall do so not later than 2:00 p.m. on
(x)&nbsp;in the case of the immediately preceding clause (i)&nbsp;or (iii), (1)&nbsp;the Business Day that the
Parent Borrower receives notice thereof, if such notice is received on such day prior to 12:00 noon
or (2)&nbsp;if clause (1)&nbsp;above does not apply, the Business Day immediately following
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> the day that the Parent Borrower receives such notice and (y)&nbsp;in the case of the
immediately preceding clause (ii), the Business Day on which an Event of Default set forth under
Section&nbsp;8.01(f) occurs or, if such day is not a Business Day, the Business Day immediately
succeeding such day. For purposes hereof, &#147;<B>Cash Collateralize</B>&#148; means to pledge and deposit with or
deliver to the Administrative Agent, for the benefit of the relevant L/C Issuer and the Appropriate
Lenders, as collateral for the L/C Obligations, cash or deposit account balances (&#147;<B>Cash
Collateral</B>&#148;) pursuant to documentation in form and substance reasonably satisfactory to the
Administrative Agent and the relevant L/C Issuer (which documents are hereby consented to by the
Appropriate Lenders). Derivatives of such term have corresponding meanings. The Borrowers hereby
grant to the Administrative Agent, for the benefit of the L/C Issuers and the Revolving Credit
Lenders, a security interest in all such cash, deposit accounts and all balances therein and all
proceeds of the foregoing. Cash Collateral shall be maintained in blocked accounts at the
Administrative Agent and may be invested in Cash Equivalents selected by the Administrative Agent
in its sole discretion. Upon the drawing of any Letter of Credit for which funds are on deposit as
Cash Collateral, such funds shall be applied, to the extent permitted under applicable Law, to
reimburse the relevant L/C Issuer. To the extent the amount of any Cash Collateral exceeds the
then Outstanding Amount of such L/C Obligations and so long as no Event of Default has occurred and
is continuing, the excess shall be refunded to the Borrowers. In the case of clause (i)&nbsp;or (ii)
above, if such Event of Default is cured or waived and no other Event of Default is then occurring
and continuing, the amount of any Cash Collateral shall be refunded to the Borrowers.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <I>Applicability of ISP and UCP. </I>Unless otherwise expressly agreed by the relevant L/C
Issuer and the Parent Borrower when a Letter of Credit is issued, (i)&nbsp;the rules of the ISP shall
apply to each standby Letter of Credit, and (ii)&nbsp;the rules of the Uniform Customs and Practice for
Documentary Credits, as most recently published by the International Chamber of Commerce at the
time of issuance, shall apply to each commercial Letter of Credit.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <I>Letter of Credit Fees</I>. The Borrowers, jointly and severally, shall pay to the
Administrative Agent for the account of each Revolving Credit Lender in accordance with its Pro
Rata Share a Letter of Credit fee for each Letter of Credit issued pursuant to this Agreement equal
to (A)&nbsp;the Applicable Rate times the daily maximum amount then available to be drawn under such
Letter of Credit (whether or not such maximum amount is then in effect under such Letter of Credit
if such maximum amount increases periodically pursuant to the terms of such Letter of Credit),
minus (B)&nbsp;the fronting fee set forth in Section&nbsp;2.03(j) below. Such letter of credit fees shall be
computed on a quarterly basis in arrears. Such letter of credit fees shall be due and payable on
the tenth Business Day after the end of each March, June, September and December, commencing with
the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit
Expiration Date and thereafter on demand. If there is any change in the Applicable Rate during any
quarter, the daily maximum amount of each Letter of Credit shall be computed and multiplied by the
Applicable Rate separately for each period during such quarter that such Applicable Rate was in
effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <I>Fronting Fee and Documentary and Processing Charges Payable to L/C Issuers</I>. The
Borrowers, jointly and severally, shall pay directly to each L/C Issuer for its own account a
fronting fee with respect to each Letter of Credit issued by it equal to 0.125% per annum of the
daily maximum amount then available to be drawn under such Letter of Credit. Such fronting fees
shall be computed on a quarterly basis in arrears. Such fronting fees shall be due and payable on
the tenth Business Day after the end of each March, June, September and December, commencing with
the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit
Expiration Date and thereafter on demand. In addition, the Borrowers shall pay directly to each
L/C Issuer for its own account the customary issuance, presentation, amendment and other processing
fees, and other standard costs and charges, of such L/C Issuer relating to letters of credit as
from time to time in effect. Such customary fees and standard costs and charges are due and
payable within ten (10)&nbsp;Business Days of demand and are nonrefundable.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <I>Conflict with Letter of Credit Application</I>. Notwithstanding anything else to the contrary
in any Letter of Credit Application, in the event of any conflict between the terms hereof and the
terms of any Letter of Credit Application, the terms hereof shall control.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <I>Addition of an L/C Issuer</I>.
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A Revolving Credit Lender may become an additional L/C Issuer hereunder pursuant to
a written agreement among the Parent Borrower, the Administrative Agent and such Revolving
Credit
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Lender. The Administrative Agent shall notify the Revolving Credit Lenders of any such
additional L/C Issuer.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On the last Business Day of each March, June, September and December (and on such
other dates as the Administrative Agent may request), each L/C Issuer shall provide the
Administrative Agent a list of all Letters of Credit issued by it that are outstanding at
such time together with such other information as the Administrative Agent may from time to
time reasonably request.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <I>Letters of Credit Issued for Subsidiaries. </I>Notwithstanding that a Letter of Credit issued
or outstanding hereunder is in support of any obligations of, or is for the account of, a
Subsidiary, the Parent Borrower shall be obligated to reimburse the applicable L/C Issuer hereunder
for any and all drawings under such Letter of Credit. The Parent Borrower hereby acknowledges that
the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the
Parent Borrower, and that the Parent Borrower&#146;s business derives substantial benefits from the
businesses of such Subsidiaries.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.04. <U>Swing Line Loans</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>The Swing Line</I>. Subject to the terms and conditions set forth herein, the Swing Line
Lender agrees to make loans in Dollars (each such loan, a &#147;<B>Swing Line Loan</B>&#148;) to the Borrowers from
time to time on any Business Day (other than the Closing Date) prior to the Maturity Date in an
aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit,
notwithstanding the fact that such Swing Line Loans, when aggregated with the Pro Rata Share of the
Outstanding Amount of Revolving Credit Loans and L/C Obligations of the Lender acting as Swing Line
Lender, may exceed the amount of such Lender&#146;s Revolving Credit Commitment; <I>provided </I>that, after
giving effect to any Swing Line Loan, the aggregate Outstanding Amount of the Revolving Credit
Loans of any other Lender, <u>plus</U> such Lender&#146;s Pro Rata Share of the Outstanding Amount of all L/C
Obligations, <u>plus</U> such Lender&#146;s Pro Rata Share of the Outstanding Amount of all Swing Line Loans
shall not exceed such Lender&#146;s Revolving Credit Commitment then in effect. Within the foregoing
limits, and subject to the other terms and conditions hereof, the Borrowers may borrow under this
Section&nbsp;2.04, prepay under Section&nbsp;2.05, and reborrow under this Section&nbsp;2.04. Each Swing Line
Loan shall be a Base Rate Loan. Swing Line Loans shall only be denominated in Dollars.
Immediately upon the making of a Swing Line Loan, each Revolving Credit Lender shall be deemed to,
and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk
participation in such Swing Line Loan in an amount equal to the product of such Lender&#146;s Pro Rata
Share times the amount of such Swing Line Loan.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Borrowing Procedures</I>. Each Swing Line Borrowing shall be made upon the Parent Borrower&#146;s
irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by
telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent
not later than 1:00 p.m. on the requested borrowing date, and shall specify (i)&nbsp;the amount to be
borrowed, which shall be a minimum of $100,000 (and any amount in excess of $100,000 shall be an
integral multiple of $25,000), and (ii)&nbsp;the requested borrowing date, which shall be a Business
Day. Each such telephonic notice must be confirmed promptly by delivery to the Swing Line Lender
and the Administrative Agent of a written Swing Line Loan Notice, appropriately completed and
signed by a Responsible Officer of the Parent Borrower. Promptly after receipt by the Swing Line
Lender of any telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with the
Administrative Agent (by telephone or in writing) that the Administrative Agent has also received
such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent
(by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received
notice (by telephone or in writing) from the Administrative Agent (including at the request of any
Revolving Credit Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (A)
directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set
forth in the proviso to the first sentence of Section&nbsp;2.04(a), or (B)&nbsp;that one or more of the
applicable conditions specified in Section&nbsp;4.02 is not then satisfied, then, subject to the terms
and conditions hereof, the Swing Line Lender will, not later than 3:00 p.m. on the borrowing date
specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the
Borrowers.
</DIV>



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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<I>Refinancing of Swing Line Loans</I>.
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Swing Line Lender at any time in its sole and absolute discretion may request,
on behalf of the Borrowers (which hereby irrevocably authorize the Swing Line Lender to so
request on their behalf), that each Revolving Credit Lender make a Base Rate Loan in an
amount equal to such Lender&#146;s Pro Rata Share of the amount of Swing Line Loans then
outstanding. Such request shall be made in writing (which written request shall be deemed
to be a Committed Loan Notice for purposes hereof) and in accordance with the requirements
of Section&nbsp;2.02, without regard to the minimum and multiples specified therein for the
principal amount of Base Rate Loans, but subject to the unutilized portion of the aggregate
Revolving Credit Commitments and the conditions set forth in Section&nbsp;4.02. The Swing Line
Lender shall furnish the Parent Borrower with a copy of the applicable Committed Loan Notice
promptly after delivering such notice to the Administrative Agent. Each Revolving Credit
Lender shall make an amount equal to its Pro Rata Share of the amount specified in such
Committed Loan Notice available to the Administrative Agent in Same Day Funds for the
account of the Swing Line Lender at the Administrative Agent&#146;s Office for Dollar-denominated
payments not later than 1:00 p.m. on the date specified in such Committed Loan Notice,
whereupon, subject to Section&nbsp;2.04(c)(ii), each Revolving Credit Lender that so makes funds
available shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to
the Borrowers in such amount. The Administrative Agent shall remit the funds so received to
the Swing Line Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If for any reason any Swing Line Loan cannot be refinanced by such a Revolving
Credit Borrowing in accordance with Section&nbsp;2.04(c)(i), the request for Base Rate Loans
submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by
the Swing Line Lender that each of the Revolving Credit Lenders fund its risk participation
in the relevant Swing Line Loan and each Revolving Credit Lender&#146;s payment to the
Administrative Agent for the account of the Swing Line Lender pursuant to Section&nbsp;2.04(c)(i)
shall be deemed payment in respect of such participation.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If any Revolving Credit Lender fails to make available to the Administrative
Agent for the account of the Swing Line Lender any amount required to be paid by such Lender
pursuant to the foregoing provisions of this Section&nbsp;2.04(c) by the time specified in
Section&nbsp;2.04(c)(i), the Swing Line Lender shall be entitled to recover from such Lender
(acting through the Administrative Agent), on demand, such amount with interest thereon for
the period from the date such payment is required to the date on which such payment is
immediately available to the Swing Line Lender at a rate per annum equal to the applicable
Overnight Rate from time to time in effect, plus any administrative, processing or similar
fees customarily charged by the Swing Line Lender in connection with the foregoing. If such
Revolving Credit Lender pays such amount (with interest and fees as aforesaid), the amount
so paid shall constitute such Lender&#146;s Revolving Credit Loan included in the relevant
Borrowing or funded participation in the relevant Swing Line Loan, as the case may be. A
certificate of the Swing Line Lender submitted to any Lender (through the Administrative
Agent) with respect to any amounts owing under this clause (iii)&nbsp;shall be conclusive absent
manifest error.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Revolving Credit Lender&#146;s obligation to make Revolving Credit Loans or to
purchase and fund risk participations in Swing Line Loans pursuant to this Section&nbsp;2.04(c)
shall be absolute and unconditional and shall not be affected by any circumstance, including
(A)&nbsp;any setoff, counterclaim, recoupment, defense or other right which such Lender may have
against the Swing Line Lender, the Parent Borrower or any other Person for any reason
whatsoever, (B)&nbsp;the occurrence or continuance of a Default, or (C)&nbsp;any other occurrence,
event or condition, whether or not similar to any of the foregoing; <I>provided </I>that each
Revolving Credit Lender&#146;s obligation to make Revolving Credit Loans pursuant to this
Section&nbsp;2.04(c) is subject to the conditions set forth in Section&nbsp;4.02. No such funding of
risk participations shall relieve or otherwise impair the obligation of the Parent Borrower
to repay Swing Line Loans, together with interest as provided herein.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<I>Repayment of Participations</I>.
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) At any time after any Revolving Credit Lender has purchased and funded a risk
participation in a Swing Line Loan, if the Swing Line Lender receives any payment on account
of such Swing Line Loan, the Swing Line Lender will distribute to such Lender its Pro Rata
Share of such payment (appropriately
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"> adjusted, in the case of interest payments, to reflect the period of time during
which such Lender&#146;s risk participation was funded) in the same funds as those received by
the Swing Line Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any payment received by the Swing Line Lender in respect of principal or
interest on any Swing Line Loan is required to be returned by the Swing Line Lender under
any of the circumstances described in Section&nbsp;10.06 (including pursuant to any settlement
entered into by the Swing Line Lender in its discretion), each Revolving Credit Lender shall
pay to the Swing Line Lender its Pro Rata Share thereof on demand of the Administrative
Agent, <u>plus</U> interest thereon from the date of such demand to the date such amount is
returned, at a rate per annum equal to the applicable Overnight Rate. The Administrative
Agent will make such demand upon the request of the Swing Line Lender. The obligations of
the Revolving Credit Lenders under this clause (d)(ii) shall survive the payment in full of
the Obligations and the termination of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<I>Interest for Account of Swing Line Lender</I>. The Swing Line Lender shall be responsible for
invoicing the Borrowers for interest on the Swing Line Loans. Until each Revolving Credit Lender
funds its Base Rate Loan or risk participation pursuant to this Section&nbsp;2.04 to refinance such
Lender&#146;s Pro Rata Share of any Swing Line Loan, interest in respect of such Pro Rata Share shall be
solely for the account of the Swing Line Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<I>Payments Directly to Swing Line Lender</I>. The Borrowers, jointly and severally, shall make
all payments of principal and interest in respect of the Swing Line Loans directly to the Swing
Line Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.05. <U>Prepayments</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Optional</I>.
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Borrowers may, upon notice by the Parent Borrower to the Administrative Agent,
at any time or from time to time voluntarily prepay Revolving Credit Loans in whole or in
part without premium or penalty; <I>provided </I>that (1)&nbsp;such notice must be received by the
Administrative Agent not later than 12:00 noon (New York, New York time) (A)&nbsp;three (3)
Business Days prior to any date of prepayment of Eurocurrency Rate Loans, and (B)&nbsp;on the
date of prepayment of Base Rate Loans; (2)&nbsp;any partial prepayment of Eurocurrency Rate Loans
shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess
thereof; and (3)&nbsp;any prepayment of Base Rate Loans (other than Swing Line Loans and
Protective Advances) shall be in a principal amount of $500,000 or a whole multiple of
$100,000 in excess thereof or, in each case, if less, the entire principal amount thereof
then outstanding. Each such notice shall specify the date and amount of such prepayment and
the Class(es) and Type(s) of Loans to be prepaid and the payment amount specified in such
notice shall be due and payable on the date specified therein. The Administrative Agent
will promptly notify each Appropriate Lender of its receipt of each such notice, and of the
amount of such Lender&#146;s Pro Rata Share of such prepayment. Any prepayment of a Eurocurrency
Rate Loan shall be accompanied by all accrued interest thereon, together with any additional
amounts required pursuant to Section&nbsp;3.05. Each prepayment of the Loans pursuant to this
Section&nbsp;2.05(a) shall be paid to the Appropriate Lenders in accordance with their respective
Pro Rata Shares.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Borrowers may, upon notice to the Swing Line Lender (with a copy to the
Administrative Agent), at any time or from time to time, voluntarily prepay Swing Line Loans
in whole or in part without premium or penalty; <I>provided </I>that (1)&nbsp;such notice must be
received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on
the date of the prepayment, and (2)&nbsp;any such prepayment shall be in a minimum principal
amount of $100,000 or a whole multiple of $25,000 in excess thereof or, if less, the entire
principal amount thereof then outstanding. Each such notice shall specify the date and
amount of such prepayment and the payment amount specified in such notice shall be due and
payable on the date specified therein.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Borrowers may, upon notice to the Administrative Agent, at any time or from
time to time, voluntarily prepay Protective Advances in whole or in part without premium or
penalty; <I>provided </I>that (1)&nbsp;such notice must be received by the Administrative Agent not
later than 1:00 p.m. on the date of the prepayment, and (2)&nbsp;any such prepayment shall be in
a minimum principal amount of $100,000 or a whole
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">multiple of $25,000 in excess thereof or, if less, the entire principal amount thereof
then outstanding. Each such notice shall specify the date and amount of such prepayment and
the payment amount specified in such notice shall be due and payable on the date specified
therein.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything to the contrary contained in this Agreement, the Parent
Borrower may rescind any notice of prepayment under Section&nbsp;2.05(a)(i) or 2.05(a)(ii) if
such prepayment would have resulted from a refinancing of the Revolving Credit Facility,
which refinancing shall not be consummated or shall otherwise be delayed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<I>Mandatory</I>.
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If, on any date, the aggregate Revolving Credit Exposures at any time exceed the
aggregate Revolving Credit Commitments then in effect, the Borrowers shall promptly prepay
Protective Advances, Revolving Credit Loans and Swing Line Loans and/or Cash Collateralize
the L/C Obligations in an aggregate amount equal to such excess; <I>provided </I>that the Borrowers
shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section
2.05(b) unless after the prepayment in full of the Protective Advances, Revolving Credit
Loans and Swing Line Loans, such aggregate Revolving Credit Exposure exceeds the aggregate
Revolving Credit Commitments then in effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If, on any date, the aggregate Revolving Credit Exposures exceed the lesser of (x)
the Borrowing Base and (y)&nbsp;the Aggregate Commitments, in each case as then in effect
(subject to Section&nbsp;2.01(c)), the Borrowers shall promptly prepay first, Protective Advances
and second, Revolving Credit Loans and Swing Line Loans and/or Cash Collateralize L/C
Obligations in an aggregate amount equal to such excess; <I>provided </I>that the Borrowers shall
not be required to Cash Collateralize the L/C Obligations pursuant to this Section&nbsp;2.05(b)
unless after the prepayment in full of the Protective Advances, Revolving Credit Loans and
Swing Line Loans, such aggregate Revolving Credit Exposure exceeds the aggregate Revolving
Credit Commitments then in effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) At all times following the establishment of the Cash Management Systems pursuant
to Section&nbsp;6.15 and after the occurrence and during the continuation of a Cash Dominion
Event and notification thereof by the Administrative Agent to the Parent Borrower (subject
to the provisions of the Security Agreement and the Intercreditor Agreement), on each
Business Day, at or before 1:00 p.m., the Administrative Agent shall apply all immediately
available funds credited to the Concentration Account, <I>first </I>to pay any fees or expense
reimbursements then due to the Administrative Agent, the L/C Issuer and the Lenders (other
than in connection with Secured Cash Management Obligations), pro rata, <I>second </I>to pay
interest due and payable in respect of any Loans (including Swing Line Loans and Protective
Advances) that may be outstanding, pro rata, <I>third </I>to prepay the principal of any Protective
Advances that may be outstanding, pro rata, <I>fourth </I>to prepay the principal of the Revolving
Credit Loans and Swing Line Loans and to Cash Collateralize L/C Obligations, pro rata and
<I>fifth </I>to pay any fees or expense reimbursements then due to any Cash Management Bank.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<I>Interest, Funding Losses, Etc</I>. All prepayments under this Section&nbsp;2.05 shall be
accompanied by all accrued interest thereon, together with, in the case of any such prepayment of a
Eurocurrency Rate Loan on a date prior to the last day of an Interest Period therefor, any amounts
owing in respect of such Eurocurrency Rate Loan pursuant to Section&nbsp;3.05.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any of the other provisions of this Section&nbsp;2.05, so long as no Event of
Default shall have occurred and be continuing, if any prepayment of Eurocurrency Rate Loans is
required to be made under this Section&nbsp;2.05 prior to the last day of the Interest Period therefor,
in lieu of making any payment pursuant to this Section&nbsp;2.05 in respect of any such Eurocurrency
Rate Loan prior to the last day of the Interest Period therefor, any Borrower may, in its sole
discretion, deposit an amount sufficient to make any such prepayment otherwise required to be made
thereunder together with accrued interest to the last day of such Interest Period into a Cash
Collateral Account until the last day of such Interest Period, at which time the Administrative
Agent shall be authorized (without any further action by or notice to or from any Loan Party) to
apply such amount to the prepayment of such Loans in accordance with this Section&nbsp;2.05. Upon the
occurrence and during the continuance of any Event of Default, the Administrative Agent shall also
be authorized (without any further action by or notice to or from any Loan
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Party) to apply such amount to the prepayment of the outstanding Loans in accordance with the
relevant provisions of this Section&nbsp;2.05.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.06. <U>Termination or Reduction of Commitments</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Optional</I>. The Parent Borrower may, upon written notice to the Administrative Agent,
terminate the unused Revolving Credit Commitments, or from time to time permanently reduce the
unused Revolving Credit Commitments, in each case without premium or penalty; <I>provided </I>that (i)&nbsp;any
such notice shall be received by the Administrative Agent one (1)&nbsp;Business Day prior to the date of
termination or reduction, (ii)&nbsp;any such partial reduction shall be in an aggregate amount of
$500,000 or any whole multiple of $100,000 in excess thereof and (iii)&nbsp;if, after giving effect to
any reduction of the Revolving Credit Commitments, the Swing Line Sublimit exceeds the amount of
the Facility, such sublimit shall be automatically reduced by the amount of such excess. Except as
provided above, the amount of any such Revolving Credit Commitment reduction shall not be applied
to the Swing Line Sublimit unless otherwise specified by the Parent Borrower. Notwithstanding the
foregoing, the Parent Borrower may rescind or postpone any notice of termination of the Revolving
Credit Commitments if such termination would have resulted from a refinancing of the Facility,
which refinancing shall not be consummated or otherwise shall be delayed.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<I>Mandatory</I>. The Revolving Credit Commitments shall terminate on the Maturity Date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<I>Application of Commitment Reductions; Payment of Fees</I>. The Administrative Agent will
promptly notify the Appropriate Lenders of any termination or reduction of unused portions of the
Swing Line Sublimit or the unused Revolving Credit Commitments under this Section&nbsp;2.06. Upon any
reduction of unused Revolving Credit Commitments, the Commitment of each Lender shall be reduced by
such Lender&#146;s Pro Rata Share of the amount by which such Revolving Credit Commitments are reduced
(other than the termination of the Revolving Credit Commitment of any Lender as provided in
Section&nbsp;3.07). All commitment fees accrued until the effective date of any termination of the
Revolving Credit Commitments shall be paid on the effective date of such termination.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.07. <U>Repayment of Loans</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Revolving Credit Loans</I>. The Borrowers, jointly and severally, shall repay to the
Administrative Agent for the ratable account of the Appropriate Lenders on the Maturity Date the
aggregate principal amount of all of its Revolving Credit Loans outstanding on such date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<I>Swing Line Loans</I>. The Borrowers, jointly and severally, shall repay each Swing Line Loan
for the Revolving Credit Facility on the Maturity Date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<I>Protective Advances</I>. The Borrowers, jointly and severally, shall repay to the
Administrative Agent the then unpaid amount of each Protective Advance on the Maturity Date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.08. <U>Interest</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Subject to the provisions of Section&nbsp;2.08(b), (i)&nbsp;each Eurocurrency Rate Loan shall bear
interest on the outstanding principal amount thereof for each Interest Period at a rate per annum
equal to the Eurocurrency Rate for such Interest Period <u>plus</U> the Applicable Rate; (ii)&nbsp;each Base
Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable
borrowing date at a rate per annum equal to the Base Rate <u>plus</U> the Applicable Rate and (iii)&nbsp;each
Swing Line Loan shall bear interest on the outstanding principal amount thereof from the applicable
borrowing date at a rate per annum equal to the Base Rate <u>plus</U> the Applicable Rate for Revolving
Credit Loans.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Borrowers shall pay interest on past due amounts hereunder (whether principal,
interest, fees or other amounts) at a fluctuating interest rate per annum at all times equal to the
Default Rate to the fullest extent permitted by applicable Laws. Accrued and unpaid interest on
past due amounts (including interest on past due interest) shall be due and payable upon demand.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Interest on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified herein. Interest hereunder shall be
due and payable in accordance with the terms hereof before and after judgment, and before and after
the commencement of any proceeding under any Debtor Relief Law.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Interest on each Loan shall be payable in the currency in which each Loan was made.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.09. <U>Fees</U>. In addition to certain fees described in Sections&nbsp;2.03(i) and
(j):
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Commitment Fee</I>. The Borrowers, jointly and severally, shall pay to the Administrative
Agent for the account of each Revolving Credit Lender for such Facility in accordance with its Pro
Rata Share, a commitment fee equal to the Applicable Rate with respect to commitment fees times the
actual daily amount by which the aggregate Revolving Credit Commitment for such Facility exceeds
the sum of (A)&nbsp;the Outstanding Amount of Revolving Credit Loans for such Facility and (B)&nbsp;the
Outstanding Amount of L/C Obligations for such Facility; <I>provided </I>that any commitment fee accrued
with respect to any of the Revolving Credit Commitments under such Facility of a Defaulting Lender
during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time
shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to
the extent that such commitment fee shall otherwise have been due and payable by the Borrowers
prior to such time; <I>provided further </I>that no commitment fee shall accrue on any of the Revolving
Credit Commitments under any Facility of a Defaulting Lender so long as such Lender shall be a
Defaulting Lender. The commitment fees for a Revolving Credit Facility shall accrue at all times
from the Closing Date until the Maturity Date, including at any time during which one or more of
the conditions in Article&nbsp;IV is not met, and shall be due and payable quarterly in arrears in
Dollars on the tenth Business Day following the last Business Day of each March, June, September
and December, commencing with the first such date to occur after the Closing Date, and on the
Maturity Date for such Facility. The commitment fee shall be calculated quarterly in arrears, and
if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be
computed and multiplied by the Applicable Rate separately for each period during such quarter that
such Applicable Rate was in effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<I>Other Fees</I>. The Borrowers shall pay to the Agents such fees as shall have been separately
agreed upon in writing in the amounts and at the times so specified. Such fees shall be fully
earned when paid and shall not be refundable for any reason whatsoever (except as expressly agreed
between the Parent Borrower and the applicable Agent).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.10. <U>Computation of Interest and Fees</U>. All computations of interest for Base
Rate Loans when the Base Rate is determined by the Administrative Agent&#146;s &#147;prime rate&#148; shall be
made on the basis of a year of 365&nbsp;days or 366&nbsp;days, as the case may be, and actual days elapsed.
All other computations of fees and interest shall be made on the basis of a 360-day year and actual
days elapsed (which results in more fees or interest, as applicable, being paid than if computed on
the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is
made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such
portion is paid; <I>provided </I>that any Loan that is repaid on the same day on which it is made shall,
subject to Section&nbsp;2.12(a), bear interest for one day. Each determination by the Administrative
Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent
manifest error.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.11. <U>Evidence of Indebtedness</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Credit Extensions made by each Lender shall be evidenced by one or more accounts or
records maintained by such Lender and evidenced by one or more entries in the Register maintained
by the Administrative Agent, acting solely for purposes of Treasury Regulation&nbsp;Section&nbsp;5f.103-1(c),
as agent for the Borrowers, in each case in the ordinary course of business. The accounts or
records maintained by the Administrative Agent and each Lender shall be prima facie evidence absent
manifest error of the amount of the Credit Extensions made by the Lenders to the Borrowers and the
interest and payments thereon. Any failure to so record or any error in doing so shall not,
however, limit or otherwise affect the obligation of the Borrowers hereunder to pay any amount
owing with respect to the Obligations. In the event of any conflict between the accounts and
records maintained by any Lender and the accounts and records of the Administrative Agent in
respect of such matters, the accounts and records of the Administrative Agent shall control in the
absence of manifest error. Upon the request of any Lender made through the Administrative Agent,
the Borrowers shall execute and deliver to such Lender
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">(through the Administrative Agent) a Note payable to such Lender, which shall evidence such
Lender&#146;s Loans in addition to such accounts or records. Each Lender may attach schedules to its
Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and
payments with respect thereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In addition to the accounts and records referred to in Section&nbsp;2.11(a), each Lender and
the Administrative Agent shall maintain in accordance with its usual practice accounts or records
and, in the case of the Administrative Agent, entries in the Register, evidencing the purchases and
sales by such Lender of participations in Letters of Credit and Swing Line Loans. In the event of
any conflict between the accounts and records maintained by the Administrative Agent and the
accounts and records of any Lender in respect of such matters, the accounts and records of the
Administrative Agent shall control in the absence of manifest error.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Entries made in good faith by the Administrative Agent in the Register pursuant to
Sections&nbsp;2.11(a) and (b), and by each Lender in its account or accounts pursuant to
Sections&nbsp;2.11(a) and (b), shall be prima facie evidence of the amount of principal and interest due
and payable or to become due and payable from the Borrowers to, in the case of the Register, each
Lender and, in the case of such account or accounts, such Lender, under this Agreement and the
other Loan Documents, absent manifest error; <I>provided </I>that the failure of the Administrative Agent
or such Lender to make an entry, or any finding that an entry is incorrect, in the Register or such
account or accounts shall not limit or otherwise affect the obligations of the Borrowers under this
Agreement and the other Loan Documents.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.12. <U>Payments Generally</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;All payments to be made by the Borrowers shall be made without condition or deduction for
any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein,
all payments by the Borrowers hereunder shall be made to the Administrative Agent, for the account
of the respective Lenders to which such payment is owed, at the applicable Administrative Agent&#146;s
Office for payment and in Same Day Funds not later than 2:00 p.m. on the date specified herein.
The Administrative Agent will promptly distribute to each Lender its Pro Rata Share (or other
applicable share as provided herein) of such payment in like funds as received by wire transfer to
such Lender&#146;s Lending Office. All payments received by the Administrative Agent (i)&nbsp;after 2:00
p.m. (New York, New York time), shall in each case be deemed received on the next succeeding
Business Day and any applicable interest or fee shall continue to accrue.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If any payment to be made by any Borrower shall come due on a day other than a Business
Day, payment shall be made, unless otherwise specified herein, on the next following Business Day,
and such extension of time shall be reflected in computing interest or fees, as the case may be.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Unless the Parent Borrower has notified the Administrative Agent, prior to the date any
payment is required to be made by it to the Administrative Agent hereunder for the account of any
Lender or an L/C Issuer hereunder, that the Borrowers will not make such payment, the
Administrative Agent may assume that the Borrowers have timely made such payment and may (but shall
not be so required to), in reliance thereon, make available a corresponding amount to such Lender
or L/C Issuer. If and to the extent that such payment was not in fact made to the Administrative
Agent in Same Day Funds, then such Lender or L/C Issuer shall forthwith on demand repay to the
Administrative Agent the portion of such assumed payment that was made available to such Lender or
L/C Issuer in Same Day Funds, together with interest thereon in respect of each day from and
including the date such amount was made available by the Administrative Agent to such Lender or L/C
Issuer to the date such amount is repaid to the Administrative Agent in Same Day Funds at the
applicable Overnight Rate from time to time in effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A notice of the Administrative Agent to any Lender or any Borrower with respect to any amount
owing under this Section&nbsp;2.12(c) shall be conclusive, absent manifest error.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If any Lender makes available to the Administrative Agent funds for any Loan to be made by
such Lender as provided in the foregoing provisions of this Article&nbsp;II, and such funds are not made
available to the Borrowers by the Administrative Agent because the conditions to the applicable
Credit Extension set forth in Article&nbsp;IV are not satisfied or waived in accordance with the terms
hereof, the Administrative Agent shall return such funds (in like funds as received from such
Lender) to such Lender, without interest.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The obligations of the Lenders hereunder to make Loans and to fund participations in
Letters of Credit and Swing Line Loans are several and not joint. The failure of any Lender to
make any Loan or to fund any such participation on any date required hereunder shall not relieve
any other Lender of its corresponding obligation to do so on such date, and no Lender shall be
responsible for the failure of any other Lender to so make its Loan or purchase its participation.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in
any particular place or manner or to constitute a representation by any Lender that it has obtained
or will obtain the funds for any Loan in any particular place or manner.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Whenever any payment received by the Administrative Agent under this Agreement or any of
the other Loan Documents is insufficient to pay in full all amounts due and payable to the
Administrative Agent and the Lenders under or in respect of this Agreement and the other Loan
Documents on any date, such payment shall be distributed by the Administrative Agent and applied by
the Administrative Agent and the Lenders in the order of priority set forth in Section&nbsp;8.03. If
the Administrative Agent receives funds for application to the Obligations of the Loan Parties
under or in respect of the Loan Documents under circumstances for which the Loan Documents do not
specify the manner in which such funds are to be applied, the Administrative Agent may, but shall
not be obligated to, elect to distribute such funds to each of the Lenders in accordance with such
Lender&#146;s Pro Rata Share of the sum of (a)&nbsp;the Outstanding Amount of all Loans outstanding at such
time and (b)&nbsp;the Outstanding Amount of all L/C Obligations outstanding at such time, in repayment
or prepayment of such of the outstanding Loans or other Obligations then owing to such Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.13. <U>Sharing of Payments</U>. If, other than as expressly provided elsewhere
herein, any Lender shall obtain on account of the Loans made by it, or the participations in L/C
Obligations and Swing Line Loans held by it, any payment (whether voluntary, involuntary, through
the exercise of any right of setoff, or otherwise) in excess of its Pro Rata Share (or other share
contemplated hereunder) thereof, such Lender shall immediately (a)&nbsp;notify the Administrative Agent
of such fact, and (b)&nbsp;purchase from the other Lenders such participations in the Loans made by them
and/or such subparticipations in the participations in L/C Obligations or Swing Line Loans held by
them, as the case may be, as shall be necessary to cause such purchasing Lender to share the excess
payment in respect of such Loans or such participations, as the case may be, pro rata with each of
them; <I>provided </I>that if all or any portion of such excess payment is thereafter recovered from the
purchasing Lender under any of the circumstances described in Section&nbsp;10.06 (including pursuant to
any settlement entered into by the purchasing Lender in its discretion), such purchase shall to
that extent be rescinded and each other Lender shall repay to the purchasing Lender the purchase
price paid therefor, together with an amount equal to such paying Lender&#146;s Pro Rata Share
(according to the proportion of (i)&nbsp;the amount of such paying Lender&#146;s required repayment to (ii)
the total amount so recovered from the purchasing Lender) of any interest or other amount paid or
payable by the purchasing Lender in respect of the total amount so recovered, without further
interest thereon. Each Borrower agrees that any Lender so purchasing a participation from another
Lender may, to the fullest extent permitted by applicable Law, exercise all its rights of payment
(including the right of setoff, but subject to Section&nbsp;10.10) with respect to such participation as
fully as if such Lender were the direct creditor of such Borrower in the amount of such
participation. The Administrative Agent will keep records (which shall be conclusive and binding
in the absence of manifest error) of participations purchased under this Section&nbsp;2.13 and will in
each case notify the Lenders following any such purchases or repayments. Each Lender that
purchases a participation pursuant to this Section&nbsp;2.13 shall from and after such purchase have the
right to give all notices, requests, demands, directions and other communications under this
Agreement with respect to the portion of the Obligations purchased to the same extent as though the
purchasing Lender were the original owner of the Obligations purchased.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.14. <U>Incremental Credit Extensions</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Parent Borrower may at any time or from time to time after the Closing Date, by notice
to the Administrative Agent (whereupon the Administrative Agent shall promptly deliver a copy to
each of the Lenders), request (a)&nbsp;one or more increases in the amount of the Revolving Credit
Commitments (each such increase, a &#147;<B>Revolving Commitment Increase</B>&#148;); <I>provided </I>that (i)&nbsp;upon the
effectiveness of any Incremental Amendment referred to below, no Default or Event of Default shall
exist. Each Revolving Commitment Increase shall be in an aggregate principal amount that is not
less than a amount of $100,000,000 (<I>provided </I>that such amount may be less than a amount of
$100,000,000 if such amount represents all remaining availability under the limit set
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">forth in the next sentence). Notwithstanding anything to the contrary herein, the aggregate
amount of the Revolving Commitment Increases shall not exceed $750,000,000 (such amount, the
"<B>Incremental Amount</B>&#148;). Each notice from the Parent Borrower pursuant to this Section shall set
forth the requested amount and proposed terms of the relevant Revolving Commitment Increases.
Revolving Commitment Increases may be provided, by any existing Lender (it being understood that no
existing Revolving Credit Lender will have an obligation to provide a portion of any Revolving
Commitment Increase), in each case on terms permitted in this Section&nbsp;2.14 and otherwise on terms
reasonably acceptable to the Administrative Agent, or by any other lender (any such other lender
being called an &#147;<B>Additional Lender</B>&#148;), <I>provided </I>that the Administrative Agent shall have consented
(such consent not to be unreasonably withheld) to such Lender&#146;s or Additional Lender&#146;s providing
such Revolving Commitment Increases if such consent would be required under Section&nbsp;10.07(b) for an
assignment of Loans or Revolving Credit Commitments, as applicable, to such Lender or Additional
Lender. Commitments in respect of Revolving Commitment Increases shall become Commitments (or in
the case of a Revolving Commitment Increase to be provided by an existing Revolving Credit Lender,
an increase in such Lender&#146;s applicable Revolving Credit Commitment) under this Agreement pursuant
to an amendment (an &#147;<B>Incremental Amendment</B>&#148;) to this Agreement and, as appropriate, the other Loan
Documents, executed by the Parent Borrower, each Lender agreeing to provide such Commitment, if
any, each Additional Lender, if any, and the Administrative Agent. The Incremental Amendment may,
without the consent of any other Lenders or Loan Parties, effect such amendments to this Agreement
and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the
Administrative Agent and the Parent Borrower, to effect the provisions of this Section. The
effectiveness of any Incremental Amendment shall be subject to the satisfaction on the date thereof
of each of the conditions set forth in Section&nbsp;4.02 (it being understood that all references to
&#147;the date of such Credit Extension&#148; or similar language in such Section&nbsp;4.02 shall be deemed to
refer to the effective date of such Incremental Amendment) and such other conditions as the parties
thereto shall agree. The Parent Borrower shall use the proceeds of the Revolving Commitment
Increases for any purpose not prohibited by this Agreement; <I>provided </I>that to the extent the
proceeds of Revolving Commitment Increases are being used to refinance Retained Existing Notes,
such refinancing occurs no earlier than the final maturity date of such Retained Existing Notes.
Upon each increase in (A)&nbsp;the Revolving Credit Commitments pursuant to this Section&nbsp;2.14, (x)&nbsp;each
Revolving Credit Lender immediately prior to such increase will automatically and without further
act be deemed to have assigned to each Lender providing a portion of the Revolving Commitment
Increase (each a &#147;<B>Revolving Commitment Increase Lender</B>&#148;), and each such Revolving Commitment
Increase Lender will automatically and without further act be deemed to have assumed, a portion of
such Revolving Credit Lender&#146;s participations hereunder in outstanding Letters of Credit and Swing
Line Loans such that, after giving effect to each such deemed assignment and assumption of
participations, the percentage of the aggregate outstanding (i)&nbsp;participations hereunder in Letters
of Credit and (ii)&nbsp;participations hereunder in Swing Line Loans held by each Revolving Credit
Lender (including each such Revolving Commitment Increase Lender) will equal the percentage of the
aggregate Revolving Credit Commitments of all Revolving Credit Lenders represented by such
Revolving Credit Lender&#146;s Revolving Credit Commitment and (y)&nbsp;if, on the date of such increase,
there are any Revolving Credit Loans outstanding, such Revolving Credit Loans shall on or prior to
the effectiveness of such Revolving Commitment Increase be prepaid from the proceeds of additional
Revolving Credit Loans made hereunder (reflecting such increase in Revolving Credit Commitments),
which prepayment shall be accompanied by accrued interest on the Revolving Credit Loans being
prepaid and any costs incurred by any Lender in accordance with Section&nbsp;3.05. The Administrative
Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata
payment requirements contained elsewhere in this Agreement shall not apply to the transactions
effected pursuant to the immediately preceding sentence.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;This Section&nbsp;2.14 shall supersede any provisions in Section&nbsp;2.13 or 10.01 to the contrary.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.15. <U>Reserves.</U> Notwithstanding anything to the contrary, the Administrative
Agent may at any time and from time to time in the exercise of its Permitted Discretion establish
and increase or decrease Reserves; provided that, so long as no Event of Default has occurred and
is continuing, the Administrative Agent shall have provided the Parent Borrower at least three (3)
Business Days&#146; prior written notice of any such establishment or increase; and provided further
that the Administrative Agent may only establish or increase a Reserve after the date hereof based
on an event, condition or other circumstance arising after the Closing Date or based on facts not
known to the Administrative Agent as of the Closing Date. The amount of any Reserve established by
the Administrative Agent shall have a reasonable relationship to the event, condition, other
circumstance or new fact that is the basis for the Reserve. Upon delivery of such notice, the
Administrative Agent shall be available to discuss the proposed Reserve or increase, and the
Borrowers may take such action as may be required so that the event,
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">condition, circumstance or new fact that is the basis for such Reserve or increase no longer
exists, in a manner and to the extent reasonably satisfactory to the Administrative Agent in the
exercise of its Permitted Discretion. In no event shall such notice and opportunity limit the
right of the Administrative Agent to establish or change such Reserve, unless the Administrative
Agent shall have determined in its Permitted Discretion that the event, condition, other
circumstance or new fact that is the basis for such new Reserve or such change no longer exists or
has otherwise been adequately addressed by the Borrowers. Notwithstanding anything herein to the
contrary, Reserves shall not duplicate eligibility criteria contained in the definition of
&#147;Eligible Accounts&#148;.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Taxes, Increased Costs Protection and Illegality</B></U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.01. <U>Taxes</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except as required by law (as determined in the good faith discretion of any applicable
withholding agent), any and all payments by any Borrower or any Guarantor to or for the account of
any Agent or any Lender (which term shall, for the avoidance of doubt, include, for the purposes of
Section&nbsp;3.01, any L/C Issuer) under any Loan Document shall be made free and clear of, and without
deduction for, any and all present or future taxes, duties, levies, imposts, deductions,
assessments, fees, withholdings or similar charges, and all liabilities (including additions to
tax, penalties and interest) with respect thereto, imposed by any Governmental Authority (&#147;<B>Taxes</B>&#148;).
If a Borrower or a Guarantor or the Administrative Agent is required by law (as determined in the
good faith discretion of any applicable withholding agent) to deduct any Indemnified Taxes (as
defined below) or Other Taxes (as defined below) from or in respect of any sum payable under any
Loan Document to any Agent or any Lender, (i)&nbsp;the sum payable by such Borrower or such Guarantor
shall be increased as necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section&nbsp;3.01(a)), each of such Agent and such
Lender receives an amount equal to the sum it would have received had no such deductions been made,
(ii)&nbsp;such Borrower or such Guarantor or the Administrative Agent shall make such deductions, (iii)
such Borrower or such Guarantor shall pay the full amount deducted to the relevant taxing
authority, and (iv)&nbsp;within thirty (30)&nbsp;days after the date of such payment (or, if receipts or
evidence are not available within thirty (30)&nbsp;days, as soon as practicable thereafter), such
Borrower or such Guarantor shall furnish to such Agent or Lender (as the case may be) the original
or a facsimile copy of a receipt evidencing payment thereof or other documentary evidence of
payment satisfactory to such Agent or Lender. If any Borrower or any Guarantor fails to pay any
Indemnified Taxes or Other Taxes when due to the appropriate taxing authority or fails to remit to
any Agent or any Lender the required receipts or other required documentary evidence, such Borrower
or such Guarantor shall indemnify such Agent and such Lender for any incremental Taxes that may
become payable by such Agent or such Lender arising out of such failure. &#147;<B>Indemnified Taxes</B>&#148;
refers to any Taxes arising from any payment made under any Loan Document excluding, in the case of
each Agent and each Lender, (i)&nbsp;net income Taxes imposed by a jurisdiction as a result of any
connection between such Agent or Lender and such jurisdiction other than the connection arising
from executing or entering into any Loan Document or any of the Transactions contemplated by any
Loan Document, (ii)&nbsp;Taxes imposed on or measured by its net income (including branch profits),
franchise (and similar) taxes imposed in lieu of net income taxes, (iii)&nbsp;any withholding taxes to
the extent imposed at the time a Lender becomes a party hereto (or designates a new lending
office), except (x)&nbsp;to the extent that such Lender (or its assignor, if any) was entitled, at the
time of designation of a new lending office (or assignment), to receive additional amounts or
indemnity payments from any Loan Party with respect to such withholding tax pursuant to Section
3.01 or (y)&nbsp;if such Foreign Lender is an assignee pursuant to a request by a Borrower and (iv)&nbsp;any
Taxes imposed as a result of the failure of any Lender to comply with either the provisions of
Section&nbsp;3.01(b) or (c) (in the case of any Foreign Lender) or the provisions of Section&nbsp;3.01(d) (in
the case of any U.S. Lender).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;To the extent it is legally able to do so, each Agent or Lender (including an Assignee to
which a Lender assigns its interest in accordance with Section&nbsp;10.07) that is not a &#147;United States
person&#148; within the meaning of Section&nbsp;7701(a)(30) of the Code (each a &#147;<B>Foreign Lender</B>&#148;) agrees to
complete and deliver to the Parent Borrower and the Administrative Agent on or prior to the Closing
Date (or, if later, on or prior to the date it becomes a party to this Agreement), an accurate,
complete and original signed copy of whichever of the following is applicable: (i)&nbsp;Internal
Revenue Service Form W-8BEN certifying that it is entitled to benefits under an income tax treaty
to which the United States is a party that reduces or eliminates U.S. federal withholding tax on
payments of interest; (ii)&nbsp;Internal Revenue Service Form W-8ECI certifying that the income
receivable pursuant to any Loan Document is
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">effectively connected with the conduct of a trade or business in the United States; (iii)&nbsp;if
the Foreign Lender (A)&nbsp;is not a bank described in Section&nbsp;881(c)(3)(A) of the Code, (B)&nbsp;is not a
10-percent shareholder described in Section&nbsp;871(h)(3)(B) of the Code, (C)&nbsp;has income receivable
pursuant to any Loan Document that is not effectively connected with the conduct of a trade or
business in the United States, and (D)&nbsp;is not a controlled foreign corporation related to any
Borrower within the meaning of Section 864(d) of the Code, a certificate to that effect in
substantially the form attached hereto as <U>Exhibit&nbsp;L</U> and an Internal Revenue Service Form
W-8BEN, certifying that the Foreign Lender is not a United States person; or (iv)&nbsp;to the extent a
Foreign Lender is not the beneficial owner of any obligation of any Borrower or any Guarantor
hereunder (for example, where the Foreign Lender is a partnership or participating Lender granting
a typical participation), duly completed copies of Internal Revenue Service Form W-8IMY,
accompanied by a Form W-8ECI, W-8BEN, certificate in substantially the form attached hereto as
<U>Exhibit&nbsp;L</U>, Form W-9 or Form W-8IMY from each beneficial owner, as applicable.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Thereafter and from time to time, each such Foreign Lender shall, (i)&nbsp;promptly, to the
extent it is legally entitled to do so, submit to the Parent Borrower and the Administrative Agent
such additional duly completed and signed copies of one or more of such forms or certificates (or
such successor forms or certificates as shall be adopted from time to time by the relevant United
States taxing authorities) as may then be available to secure an exemption from or reduction in the
rate of U.S. federal withholding tax (A)&nbsp;on or before the date that any such form, certificate or
other evidence previously delivered expires or becomes obsolete, (B)&nbsp;after the occurrence of a
change in the Foreign Lender&#146;s circumstances requiring a change in the most recent form,
certificate or evidence previously delivered by it to the Parent Borrower and the Administrative
Agent, and (C)&nbsp;from time to time thereafter if reasonably requested by the Parent Borrower or the
Administrative Agent, and (ii)&nbsp;promptly notify the Parent Borrower and the Administrative Agent of
any change in the Foreign Lender&#146;s circumstances which would modify or render invalid any
previously claimed exemption or reduction.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Each Agent or Lender that is a &#147;United States person&#148; (within the meaning of Section
7701(a)(30) of the Code) (each a &#147;<B>U.S. Lender</B>&#148;) agrees to complete and deliver to the Parent
Borrower and the Administrative Agent an accurate, complete and original signed Internal Revenue
Service Form W-9 or successor form certifying that such Agent or Lender is not subject to United
States backup withholding tax (i)&nbsp;on or prior to the Closing Date (or, if later, on or prior to the
date it becomes a party to this Agreement), (ii)&nbsp;on or before the date that such form expires or
becomes obsolete, (iii)&nbsp;after the occurrence of a change in the Agent&#146;s or Lender&#146;s circumstances
requiring a change in the most recent form previously delivered by it to the Parent Borrower and
the Administrative Agent, and (iv)&nbsp;from time to time thereafter if reasonably requested by the
Parent Borrower or the Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Notwithstanding anything else herein to the contrary, if a Foreign Lender is subject to
U.S. federal withholding tax at a rate in excess of zero percent at the time such Lender or such
Agent first becomes a party to this Agreement, such U.S. federal withholding tax (including
additions to tax, penalties and interest imposed with respect to such U.S. federal withholding tax)
shall be considered excluded from Indemnified Taxes except to the extent the Foreign Lender&#146;s
assignor was entitled to additional amounts or indemnity payments prior to the assignment or the
assignment was pursuant to a request of a Borrower. Further, no Borrower shall be required
pursuant to this Section&nbsp;3.01 to pay any additional amount to, or to indemnify, any Lender or
Agent, as the case may be, with respect to Indemnified Taxes to the extent that such Lender or such
Agent becomes subject to such Indemnified Taxes subsequent to the Closing Date (or, if later, the
date such Lender or Agent becomes a party to this Agreement) solely as a result of a change in the
place of organization or place of doing business of such Lender or Agent or a change in the Lending
Office of such Lender (other than at the written request of a Borrower to change such Lending
Office).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Each Borrower agrees to pay any and all present or future stamp, court or documentary
taxes and any other excise, property, intangible or mortgage recording taxes or charges or similar
levies which arise from any payment made under any Loan Document or from the execution, delivery,
performance, enforcement or registration of, or otherwise with respect to, any Loan Document
(including additions to tax, penalties and interest related thereto) excluding, in each case, such
amounts that result from an Agent or Lender&#146;s Assignment and Assumption, grant of a Participation,
transfer or assignment to or designation of a new applicable Lending Office or other office for
receiving payments under any Loan Document (collectively, &#147;<B>Assignment Taxes</B>&#148;) to the extent such
Assignment Taxes result from a connection that the Agent or Lender has with the taxing jurisdiction
other than the connection arising out of the Loan Document or the transactions therein, except for
Assignment Taxes resulting
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">from assignment or participation that is requested or required in writing by the Parent
Borrower (all such non-excluded taxes described in this Section&nbsp;3.01(f) being hereinafter referred
to as &#147;<B>Other Taxes</B>&#148;).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;If any Indemnified Taxes or Other Taxes are directly asserted against any Agent or Lender,
such Agent or Lender may pay such Indemnified Taxes or Other Taxes and the relevant Borrower will
promptly pay such additional amounts so that each of such Agent and such Lender receives an amount
equal to the sum it would have received had no such Indemnified Taxes or Other Taxes been asserted;
whether or not such Taxes or Other Taxes were correctly or legally asserted; <I>provided </I>that if the
relevant Borrower reasonably believes that such Taxes or Other Taxes were not correctly or
reasonably asserted, each such Agent or Lender will use reasonable efforts to cooperate with such
Borrower to obtain a refund of such Taxes or Other Taxes (which shall be repaid such Borrower in
accordance with Section&nbsp;3.01(h)) so long as such efforts would not, in the sole good faith
determination of such Agent or Lender, result in any additional costs, expenses or risks or be
otherwise disadvantageous to it. Payments under this Section&nbsp;3.01(g) shall be made within ten (10)
days after the date such Borrower receives written demand for payment from such Agent or Lender. A
certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or
the Agent (with a copy to the Administrative Agent), or by the Administrative Agent on its own
behalf or on behalf of a Lender or any other Agent, shall be conclusive absent manifest error.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;If any Lender or Agent determines, in its sole discretion, that it is entitled to receive
a refund in respect of any Indemnified Taxes or Other Taxes as to which indemnification or
additional amounts have been paid to it by any Borrower pursuant to this Section&nbsp;3.01, it shall use
its commercially reasonable efforts to receive such refund and upon receipt of any such refund
shall promptly remit such refund (but only to the extent of indemnity payments made, or additional
amounts paid, by the relevant Borrower under this Section&nbsp;3.01 with respect to the Indemnified
Taxes or Other Taxes giving rise to such refund plus any interest included in such refund by the
relevant taxing authority attributable thereto) to such Borrower, net of all reasonable out of
pocket expenses of the Lender or Agent, as the case may be, and without interest (other than any
interest paid by the relevant taxing authority with respect to such refund); <I>provided </I>that each
Borrower, upon the request of the Lender or Agent, as the case may be, agrees promptly to return
such refund to such party, together with any interest and penalties charged by the relevant taxing
authority, in the event such party is required to repay such refund to the relevant taxing
authority. Such Lender or Agent, as the case may be, shall provide the relevant Borrower with a
copy of any notice of assessment or other evidence of the requirement to repay such refund received
from the relevant taxing authority (<I>provided </I>that such Lender or Agent may delete any information
therein that such Lender or Agent deems confidential in its reasonable discretion). Nothing herein
contained shall interfere with the right of a Lender or Agent to arrange its tax affairs in
whatever manner it thinks fit nor oblige any Lender or Agent to claim any tax refund or make
available its tax returns or any other information it reasonably deems confidential or require any
Lender to do anything that would prejudice its ability to benefit from any other refunds, credits,
relief, remission or repayments to which it may be entitled.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Each Lender agrees that, upon the occurrence of any event giving rise to the operation of
Section&nbsp;3.01(a) or (g)&nbsp;with respect to such Lender it will, if requested by the relevant Borrower,
use commercially reasonable efforts (subject to legal and regulatory restrictions) to mitigate the
effect of any such event, including by designating another Lending Office for any Loan or Letter of
Credit affected by such event and by completing and delivering or filing any tax related forms
which would reduce or eliminate any amount of Indemnified Taxes or Other Taxes required to be
deducted or withheld or paid by the relevant Borrower; <I>provided </I>that such efforts are made at the
relevant Borrower&#146;s expense and on terms that, in the reasonable judgment of such Lender, cause
such Lender and its Lending Office(s) to suffer no material economic, legal or regulatory
disadvantage, and <I>provided further </I>that nothing in this Section&nbsp;3.01(i) shall affect or postpone
any of the Obligations of such Borrower or the rights of such Lender pursuant to Section&nbsp;3.01(a) or
(g).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.02. <U>Illegality</U>. If any Lender reasonably determines that any Law has made
it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or
its applicable Lending Office to make, maintain or fund any Eurocurrency Rate Loans, or to
determine or charge interest rates based upon the applicable Eurocurrency Rate, then, on notice
thereof by such Lender to the Parent Borrower through the Administrative Agent, any obligation of
such Lender to make or continue any affected Eurocurrency Rate Loans or to convert Base Rate Loans
to such Eurocurrency Rate Loans shall be suspended until such Lender notifies the Administrative
Agent and the Parent Borrower that the circumstances giving rise to such determination no longer
exist. Upon receipt of such notice, the Parent Borrower may revoke any pending request for a
Borrowing of, conversion to
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">or continuation of Eurocurrency Rate Loans and shall upon demand from such Lender (with a copy
to the Administrative Agent), prepay or, convert all then outstanding affected Eurocurrency Rate
Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if
such Lender may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or
promptly, if such Lender may not lawfully continue to maintain such Eurocurrency Rate Loans. Upon
any such prepayment or conversion, the Parent Borrower shall also pay accrued interest on the
amount so prepaid or converted and all amounts due, if any, in connection with such prepayment or
conversion under Section&nbsp;3.05. Each Lender agrees to designate a different Lending Office if such
designation will avoid the need for such notice and will not, in the good faith judgment of such
Lender, otherwise be materially disadvantageous to such Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.03. <U>Inability to Determine Rates</U>. If the Required Lenders determine that by
reason of any changes affecting the applicable interbank eurodollar market adequate and reasonable
means do not exist for determining the Eurocurrency Rate for any requested Interest Period with
respect to a proposed Eurocurrency Rate Loan, or that the Eurocurrency Rate for any requested
Interest Period with respect to a proposed Eurocurrency Rate Loan does not adequately and fairly
reflect the cost to such Lenders of funding such Loan, or that deposits are not being offered to
banks in the relevant interbank eurodollar market for the applicable amount and the Interest Period
of such Eurocurrency Rate Loan, in each case due to circumstances arising on or after the date
hereof, the Administrative Agent will promptly so notify the Parent Borrower and each Lender.
Thereafter, the obligation of the Lenders to make or maintain any affected Eurocurrency Rate Loans
shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders)
revokes such notice. Upon receipt of such notice, the Parent Borrower may revoke any pending
request for a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans or, failing
that, will be deemed to have converted such request into a request for a Borrowing of Base Rate
Loans in the amount specified therein.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.04. <U>Increased Cost and Reduced Return; Capital Adequacy; Reserves on
Eurocurrency Rate Loans</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If any Lender reasonably determines that as a result of the introduction of, or any change
in, or in the interpretation of, any Law, in each case after the date hereof, there shall be any
increase in the cost to such Lender of agreeing to make or making, funding or maintaining
Eurocurrency Rate Loans or issuing or participating in Letters of Credit, or a reduction in the
amount received or receivable by such Lender in connection with any of the foregoing (excluding for
purposes of this Section&nbsp;3.04(a) any such increased costs or reduction in amount resulting from (i)
Indemnified Taxes or Other Taxes covered by Section&nbsp;3.01, or any Taxes excluded from the definition
of Indemnified Taxes under exception (i)&nbsp;thereof to the extent such Taxes are imposed on or
measured by net income or profits or branch profits or franchise taxes (imposed in lieu of the
foregoing taxes) and any Taxes excluded from the definition of Indemnified Taxes under exceptions
(ii)&nbsp;and (iii)&nbsp;thereof, (ii)&nbsp;reserve requirements contemplated by Section&nbsp;3.04(c), and (iii)&nbsp;the
implementation or application of or compliance with the &#147;International Convergence of Capital
Measurement and Capital Standards, a Revised Framework&#148; published by the Basel Committee on Banking
Supervision in June&nbsp;2004 in the form existing on the date of this Agreement (&#147;<B>Basel II</B>&#148;) or any
other law or regulation which implements Basel II (whether such implementation, application or
compliance is by a government, regulator, the Lenders or any of their Affiliates or the Agents or
any of their Affiliates)), then from time to time within fifteen (15)&nbsp;days after demand by such
Lender setting forth in reasonable detail such increased costs (with a copy of such demand to the
Administrative Agent given in accordance with Section&nbsp;3.06), the Borrowers shall pay to such Lender
such additional amounts as will compensate such Lender for such increased cost or reduction. At
any time that any Eurocurrency Rate Loan is affected by the circumstances described in this Section
3.04(a), the Borrowers may either (i)&nbsp;if the affected Eurocurrency Rate Loan is then being made
pursuant to a Borrowing, cancel such Borrowing by giving the Administrative Agent telephonic notice
(confirmed promptly in writing) thereof on the same date that the Borrowers receive any such demand
from such Lender or (ii)&nbsp;if the affected Eurocurrency Rate Loan is then outstanding, upon at least
three Business Days&#146; notice to the Administrative Agent, require the affected Lender to convert
such Eurocurrency Rate Loan into a Base Rate Loan, if applicable.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If any Lender determines that the introduction of any Law regarding capital adequacy or
any change therein or in the interpretation thereof, in each case after the date hereof, or
compliance by such Lender (or its Lending Office) therewith, has the effect of reducing the rate of
return on the capital of such Lender or any corporation controlling such Lender as a consequence of
such Lender&#146;s obligations hereunder (taking into consideration its policies with respect to capital
adequacy), then from time to time upon demand of such Lender setting forth
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">in reasonable detail the charge and the calculation of such reduced rate of return (with a
copy of such demand to the Administrative Agent given in accordance with Section&nbsp;3.06), the
Borrowers shall promptly pay to such Lender such additional amounts as will compensate such Lender
for such reduction after receipt of such demand.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Borrowers shall pay to each Lender, (i)&nbsp;as long as such Lender shall be required to
maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency
funds or deposits, additional interest on the unpaid principal amount of each Eurocurrency Rate
Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as
determined by such Lender in good faith, which determination shall be conclusive in the absence of
manifest error), and (ii)&nbsp;as long as such Lender shall be required to comply with any reserve ratio
requirement or analogous requirement of any other central banking or financial regulatory authority
imposed in respect of the maintenance of the Commitments or the funding of the Eurocurrency Rate
Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if
necessary, to the nearest five decimal places) equal to the actual costs allocated to such
Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination
shall be conclusive absent manifest error) which in each case shall be due and payable on each date
on which interest is payable on such Loan, <I>provided </I>the Parent Borrower shall have received at
least fifteen (15)&nbsp;days&#146; prior notice (with a copy to the Administrative Agent) of such additional
interest or cost from such Lender. If a Lender fails to give notice at least fifteen (15)&nbsp;days
prior to the relevant Interest Payment Date, such additional interest or cost shall be due and
payable fifteen (15)&nbsp;days from receipt of such notice.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If any Lender requests compensation under this Section&nbsp;3.04, then such Lender will, if
requested by the Parent Borrower, use commercially reasonable efforts to designate another Lending
Office for any Loan or Letter of Credit affected by such event; <I>provided </I>that such efforts are made
on terms that, in the reasonable judgment of such Lender, cause such Lender and its Lending
Office(s) to suffer no material economic, legal or regulatory disadvantage, and <I>provided further</I>
that nothing in this Section&nbsp;3.04(d) shall affect or postpone any of the Obligations of the
Borrowers or the rights of such Lender pursuant to Section&nbsp;3.04(a), (b)&nbsp;or (c).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.05. <U>Funding Losses</U>. Upon written demand of any Lender (with a copy to the
Administrative Agent) from time to time, which demand shall set forth in reasonable detail the
basis for requesting such amount, each Borrower shall promptly compensate such Lender for and hold
such Lender harmless from any loss, cost or expense reasonably incurred by it as a result of:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;any continuation, conversion, payment or prepayment of any Eurocurrency Rate Loan on a day
prior to the last day of the Interest Period for such Loan; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any failure by such Borrower (for a reason other than the failure of such Lender to make a
Loan) to prepay, borrow, continue or convert any Eurocurrency Rate Loan on the date or in the
amount notified by such Borrower;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">including any loss or
expense (excluding loss of anticipated profits) actually incurred by reason
of the liquidation or reemployment of funds obtained by it to maintain such Eurocurrency Rate Loan
or from fees payable to terminate the deposits from which such funds were obtained.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.06. <U>Matters Applicable to All Requests for Compensation</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Any Agent or Lender claiming compensation under this Article&nbsp;III shall deliver a
certificate to the Parent Borrower setting forth the additional amount or amounts to be paid to it
hereunder which shall be conclusive in the absence of manifest error. In determining such amount,
such Agent or Lender may use any reasonable averaging and attribution methods.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;With respect to any Lender&#146;s claim for compensation under Sections&nbsp;3.01, 3.02, 3.03 or
3.04, the Borrowers shall not be required to compensate such Lender for any amount incurred more
than one hundred and eighty (180)&nbsp;days prior to the date that such Lender notifies the Parent
Borrower of the event that gives rise to such claim; <I>provided </I>that, if the circumstance giving rise
to such claim is retroactive, then such 180-day period referred to above shall be extended to
include the period of retroactive effect thereof. If any Lender
requests compensation
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> by the Borrowers under Section&nbsp;3.04, the Borrowers may, by notice to such Lender
(with a copy to the Administrative Agent), suspend the obligation of such Lender to make or
continue from one Interest Period to another Eurocurrency Rate Loans, or to convert Base Rate Loans
into Eurocurrency Rate Loans, until the event or condition giving rise to such request ceases to be
in effect (in which case the provisions of Section&nbsp;3.06(c) shall be applicable); <I>provided </I>that such
suspension shall not affect the right of such Lender to receive the compensation so requested.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If any Lender gives notice to the Parent Borrower (with a copy to the Administrative
Agent) that the circumstances specified in Section&nbsp;3.02, 3.03 or 3.04 hereof that gave rise to the
conversion of such Lender&#146;s Eurocurrency Rate Loans pursuant to this Section&nbsp;3.06 no longer exist
(which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when
Eurocurrency Rate Loans made by other Lenders are outstanding, such Lender&#146;s Base Rate Loans shall
be automatically converted, on the first day(s) of the next succeeding Interest Period(s) for such
outstanding Eurocurrency Rate Loans, to the extent necessary so that, after giving effect thereto,
all Loans held by the Lenders holding Eurocurrency Rate Loans and by such Lender are held pro rata
(as to principal amounts, interest rate basis, and Interest Periods) in accordance with their
respective Pro Rata Shares.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.07. <U>Replacement of Lenders Under Certain Circumstances</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If at any time (i)&nbsp;any Lender requests reimbursement for amounts owing pursuant to
Section&nbsp;3.01 or 3.04 as a result of any condition described in such Sections or any Lender ceases
to make Eurocurrency Rate Loans as a result of any condition described in Section&nbsp;3.02 or
Section&nbsp;3.04, (ii)&nbsp;any Lender becomes a Defaulting Lender or (iii)&nbsp;any Lender becomes a
Non-Consenting Lender, then the Parent Borrower may, on five (5)&nbsp;Business Days&#146; prior written
notice to the Administrative Agent and such Lender, replace such Lender by causing such Lender to
(and such Lender shall be obligated to) assign pursuant to and in accordance with Section&nbsp;10.07(b)
(with the assignment fee to be paid by the Parent Borrower, in the case of clauses (i)&nbsp;and (iii)
only) all of its rights and obligations under this Agreement (or, with respect to clause (iii)
above, all of its rights and obligations with respect to the Class of Loans or Commitments that is
the subject of the related consent, waiver or amendment) to one or more Eligible Assignees;
<I>provided </I>that neither the Administrative Agent nor any Lender shall have any obligation to the
Parent Borrower to find a replacement Lender or other such Person; and <I>provided further </I>that in the
case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the
applicable Eligible Assignees shall have agreed to the applicable departure, waiver or amendment of
the Loan Documents. No such replacement shall be deemed to be a waiver of any rights that the
Parent Borrower, the Administrative Agent or any other Lender shall have against the replaced
Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any Lender being replaced pursuant to Section&nbsp;3.07(a) above shall (i)&nbsp;execute and deliver
an Assignment and Assumption with respect to such Lender&#146;s Commitment and outstanding Loans and
participations in L/C Obligations and Swing Line Loans, and (ii)&nbsp;deliver any Notes evidencing such
Loans to the Parent Borrower or Administrative Agent (or a lost or destroyed note indemnity in lieu
thereof). Pursuant to such Assignment and Assumption, (A)&nbsp;the assignee Lender shall acquire all or
a portion, as the case may be, of the assigning Lender&#146;s Commitment and outstanding Loans and
participations in L/C Obligations and Swing Line Loans, (B)&nbsp;the assignee Lender shall purchase, at
par, all Loans, accrued interest, accrued fees and other amounts owing to the assigning Lender as
of the date of replacement and (C)&nbsp;upon such payment (regardless of whether such replaced Lender
has executed an Assignment and Assumption or delivered its Notes to the Parent Borrower or the
Administrative Agent), the assignee Lender shall become a Lender hereunder and the assigning Lender
shall cease to constitute a Lender hereunder with respect to such assigned Loans, Commitments and
participations, except with respect to indemnification provisions under this Agreement, which shall
survive as to such assigning Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Notwithstanding anything to the contrary contained above, any Lender that acts as an L/C
Issuer may not be replaced hereunder at any time that it has any Letter of Credit outstanding
hereunder unless arrangements reasonably satisfactory to such L/C Issuer (including the furnishing
of a back-up standby letter of credit in form and substance, and issued by an issuer reasonably
satisfactory to such L/C Issuer or the depositing of cash collateral into a cash collateral account
in amounts and pursuant to arrangements reasonably satisfactory to such L/C Issuer) have been made
with respect to each such outstanding Letter of Credit and the Lender that acts as the
Administrative Agent may not be replaced hereunder except in accordance with the terms of
Section&nbsp;9.09.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In the event that (i)&nbsp;the Parent Borrower or the Administrative Agent has requested that
the Lenders consent to a departure or waiver of any provisions of the Loan Documents or agree to
any amendment thereto, (ii)&nbsp;the consent, waiver or amendment in question requires the agreement of
all affected Lenders in accordance with the terms of Section&nbsp;10.01 or all the Lenders with respect
to a certain Class or Classes of the Loans and (iii)&nbsp;the Required Lenders have agreed to such
consent, waiver or amendment, then any Lender who does not agree to such consent, waiver or
amendment shall be deemed a &#147;<B>Non-Consenting Lender</B>.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.08. <U>Survival</U>. All of the Borrowers&#146; obligations under this Article&nbsp;III
shall survive termination of the Aggregate Commitments and repayment of all other Obligations
hereunder.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Conditions Precedent to Credit Extensions</B></U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.01. <U>Conditions to Initial Credit Extension</U>. The obligation of each Lender
to make a Credit Extension hereunder on the Closing Date is subject to satisfaction of the
following conditions precedent:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Administrative Agent&#146;s receipt of executed counterparts of (A)&nbsp;this Agreement,
executed by Merger Sub, and (B)&nbsp;the Joinder Agreement, executed by Holdings, the Parent Borrower
and each Subsidiary Borrower, each of which shall be originals or facsimiles (followed promptly by
originals) unless otherwise specified, each properly executed by a Responsible Officer of the
signing Loan Party.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Prior to or substantially simultaneously with the initial Credit Extension on the Closing
Date, the Merger shall be consummated pursuant to the Merger Agreement; <I>provided </I>that none of the
following provisions of the Merger Agreement shall have been amended or waived in any respect
materially adverse to the Lenders without the prior written consent of the Lead Arrangers, not to
be unreasonably withheld: Sections&nbsp;2.01, 2.03, 3.01, 6.01(c) (but only to the extent such
amendment or waiver would have been required if the reference therein to $100&nbsp;million were replaced
with $200&nbsp;million), 6.01(e), 6.01(f) (but only to the extent such amendment or waiver would have
been required if Clear Media Limited and its subsidiaries were excluded from such provision),
6.01(g), 6.01(n), 6.01(r), 6.01(t) (to the extent relating to any of the foregoing), 6.13(b), 7.01
or 7.02 (except to the extent any condition set forth therein is not satisfied solely as a result
of a breach of any of the foregoing provisions of Article&nbsp;VI of the Merger Agreement).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Prior to or substantially simultaneously with the initial Credit Extensions on the Closing
Date, the Equity Contribution shall have been consummated.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Upon satisfaction of the foregoing conditions and the disbursement of the Debt Funding (as defined
in the Escrow Agreement) pursuant to Section&nbsp;5(a)(i) of the Escrow Agreement, such Debt Funding
shall be deemed to constitute an initial Credit Extension hereunder. The Parent Borrower may also
obtain an Initial Revolving Borrowing permitted under clause (a)(ii) of the definition of
&#147;Permitted Initial Revolving Borrowing Purposes&#148; by delivery to the Administrative Agent and, the
relevant L/C Issuer of a Request for Credit Extension in accordance with the requirements hereof.
The Lenders may terminate their obligations to make Loans or other Credit Extensions hereunder if
the foregoing conditions shall not have been satisfied (or waived pursuant to Section&nbsp;10.01) at or
prior to 11:59&nbsp;p.m., New York City time, on the earliest of (i)&nbsp;the twentieth Business Day
following the receipt of the Requisite Shareholder Approval (as defined in the Merger Agreement),
(ii)&nbsp;the twentieth Business Day following the failure to obtain the Requisite Shareholder Approval
at a duly held Shareholders&#146; Meeting (as defined in the Merger Agreement) after giving effect to
all adjournments and postponements thereof, (iii)&nbsp;five Business Days following the termination of
the Merger Agreement or (iv)&nbsp;December&nbsp;31, 2008 (the &#147;<B>Termination Date</B>&#148;); <I>provided</I>, <I>however</I>, that if
(A)&nbsp;the Requisite Shareholder Approval is obtained and (B)&nbsp;any regulatory approval required in
connection with the consummation of the Merger has not been obtained (or has lapsed and not been
renewed) or any waiting period under applicable antitrust laws has not expired (or has restarted
and such new period has not expired), then the Termination Date shall automatically be extended
until the twentieth Business Day following receipt of all such approvals (or renewals), but in no
event later than March&nbsp;31, 2009; <I>provided further</I>, that, if as of the Termination Date there is a
dispute among any of the parties to the Escrow Agreement with respect to the disposition of any Escrow
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> Funds (as defined in the Escrow Agreement), Merger Sub may, by written notice to the
Administrative Agent, extend the Termination Date until the fifth Business Day after the final
resolution of such dispute by a court of competent jurisdiction or mutual resolution by the parties
to such dispute; <I>provided</I>, <I>however</I>, that the Termination Date with respect to any Lender shall
occur on the date such Lender withdraws its portion of the Escrow Funds pursuant to Section 5(f) of
the Escrow Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.02. <U>Conditions to Subsequent Credit Extensions</U>. The obligation of each
Lender to honor any Request for Credit Extension after the Closing Date (other than any Protective
Advance and any Committed Loan Notice requesting only a conversion of Loans to the other Type, or a
continuation of Eurocurrency Rate Loans) is subject to the following conditions precedent:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The representations and warranties of the Parent Borrower and each other Loan Party
contained in Article&nbsp;V or any other Loan Document shall be true and correct in all material
respects on and as of the date of such Credit Extension; <I>provided </I>that, to the extent that such
representations and warranties specifically refer to an earlier date, they shall be true and
correct in all material respects as of such earlier date; <I>provided</I>, <I>further </I>that any representation
and warranty that is qualified as to &#147;materiality,&#148; &#147;Material Adverse Effect&#148; or similar language
shall be true and correct (after giving effect to any qualification therein) in all respects on
such respective dates.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;No Default shall exist, or would result from such proposed Credit Extension or from the
application of the proceeds therefrom.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Administrative Agent and, if applicable, the relevant L/C Issuer or the Swing Line
Lender shall have received a Request for Credit Extension in accordance with the requirements
hereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;After giving effect to any Borrowing or the issuance of any Letter of Credit, Excess
Availability shall be not less than zero.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;If a Liquidity Event under clause (a)&nbsp;of the definition thereof as to which the
Administrative Agent has notified the Parent Borrower thereof is in effect at the time of, or would
exist after giving effect to, such requested Credit Extension, the Fixed Charge Coverage Ratio for
the Test Period last ended immediately preceding such Credit Extension, after giving pro forma
effect to such Credit Extension, shall not be less than 1.0 to 1.0 (the &#147;<B>Liquidity Event
Condition</B>&#148;) and the Parent Borrower shall have provided the Administrative Agent a certificate of a
Responsible Officer of the Parent Borrower demonstrating compliance with such ratio.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Request for Credit Extension (other than a Committed Loan Notice requesting only a
conversion of Loans to the other Type or a continuation of Eurocurrency Rate Loans) submitted by a
Borrower shall be deemed to be a representation and warranty that the conditions specified in
Sections&nbsp;4.02(a), (b)&nbsp;and (d)&nbsp;have been satisfied on and as of the date of the applicable Credit
Extension.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.03. <U>Right to Cure Liquidity Event Condition.</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Notwithstanding anything to the contrary contained in Section&nbsp;4.02(e), in the event that
the Borrowers fail to satisfy the Liquidity Event Condition as of the end of any relevant Test
Period, until the date that is 10&nbsp;days after the date the financial statements with respect to such
Test Period are required to be delivered pursuant to Section&nbsp;6.01, Parent shall have the right to
make an equity investment in the Parent Borrower (other than in the form of Disqualified Equity
Interests) in cash or otherwise make cash common equity contributions to the Parent Borrower (in
each case, with the proceeds of any equity investment made in Parent by the Sponsors) (the &#147;<B>Cure
Right</B>&#148;), and upon receipt by the Parent Borrower of such cash contributions (the &#147;<B>Cure Amount</B>&#148;),
the Borrowers&#146; compliance with the Liquidity Event Condition shall be recalculated giving effect to
the following pro forma adjustments:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidated EBITDA shall be increased, solely for the purposes of determining
compliance with the Liquidity Event Condition, including determining compliance with the
Liquidity Event Condition as of the end of such Test Period and applicable subsequent
periods that include such fiscal quarter for which the Cure Right is exercised by an amount
equal to the Cure Amount; and
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, after giving effect to the foregoing calculations (but not, for the avoidance
of doubt, taking into account any repayment of Indebtedness in connection therewith), the
Borrowers shall satisfy the Liquidity Event Condition, then the Liquidity Event Condition
shall be deemed satisfied as of the end of the relevant Test Period with the same effect as
though there had been no failure to satisfy such condition at such date and the conditions
to the applicable requested extension of credit shall be deemed satisfied, <I>provided </I>that all
other conditions set forth in Section&nbsp;4.02 shall have been satisfied in connection
therewith.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding anything herein to the contrary, (i)&nbsp;in each four-fiscal-quarter period
there shall be at least one fiscal quarter in which the Cure Right is not exercised, (ii)&nbsp;for
purposes of this Section&nbsp;4.03, the Cure Amount shall be no greater than the amount required for
purposes of satisfying the Liquidity Event Condition and (iii)&nbsp;the Cure Amount shall be disregarded
for purposes of determining compliance with any other provision of this Agreement.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Representations and Warranties</B></U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Borrower represents and warrants to the Administrative Agent and the Lenders, at the
times expressly set forth in Section&nbsp;4.02, that:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.01. <U>Existence, Qualification and Power; Compliance with Laws</U>. Each Loan
Party and each of its Material Subsidiaries (a)&nbsp;is a Person duly organized or formed, validly
existing and in good standing (to the extent such concept exists in such jurisdiction) under the
Laws of the jurisdiction of its incorporation or organization, (b)&nbsp;has all corporate or other
organizational power and authority to (i)&nbsp;own its assets and carry on its business and
(ii)&nbsp;execute, deliver and perform its obligations under the Loan Documents to which it is a party,
(c)&nbsp;is duly qualified and in good standing (to the extent such concept exists in such jurisdiction)
under the Laws of each jurisdiction where its ownership, lease or operation of properties or the
conduct of its business requires such qualification, (d)&nbsp;is in compliance with all applicable Laws,
orders, writs, injunctions and orders and (e)&nbsp;has all requisite governmental licenses,
authorizations, consents and approvals to operate its business as currently conducted; except in
each case referred to in clause (c), (d)&nbsp;or (e), to the extent that failure to do so would not
reasonably be expected to have a Material Adverse Effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.02. <U>Authorization; No Contravention</U>. The execution, delivery and
performance by each Loan Party of each Loan Document to which such Person is a party have been duly
authorized by all necessary corporate or other organizational action. Neither the execution,
delivery and performance by each Loan Party of each Loan Document to which such Person is a party
nor the consummation of the Transactions will (a)&nbsp;contravene the terms of any of such Person&#146;s
Organization Documents, (b)&nbsp;result in any breach or contravention of, or the creation of any Lien
upon any of the property or assets of such Person or any of the Restricted Subsidiaries (other than
as permitted by Section&nbsp;7.01) under (i)&nbsp;any Contractual Obligation to which such Person is a party
or affecting such Person or the properties of such Person or any of its Subsidiaries or (ii)&nbsp;any
order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such
Person or its property is subject; or (c)&nbsp;violate any applicable material Law; except with respect
to any breach, contravention or violation (but not creation of Liens) referred to in clauses (b)
and (c), to the extent that such breach, contravention or violation would not reasonably be
expected to have a Material Adverse Effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.03. <U>Governmental Authorization</U>. No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority or any
other Person is necessary or required in connection with the execution, delivery or performance by
any Loan Party of this Agreement or any other Loan Document, except for (i)&nbsp;filings necessary to
perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties,
(ii)&nbsp;the approvals, consents, exemptions, authorizations, actions, notices and filings that have
been duly obtained, taken, given or made and are in full force and effect, (iii)&nbsp;those approvals,
consents, exemptions, authorizations or other actions, notices or filings, the failure of which to
obtain or make would not reasonably be expected to have a Material Adverse Effect and (iv)
informational filings and notifications required to be made after the consummation of the Merger
Agreement.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.04. <U>Binding Effect</U>. This Agreement and each other Loan Document has been
duly executed and delivered by each Loan Party that is party thereto. This Agreement and each
other Loan Document constitutes a legal, valid and binding obligation of such Loan Party,
enforceable against such Loan Party that is party thereto in accordance with its terms, except as
such enforceability may be limited by Debtor Relief Laws and by general principles of equity and
principles of good faith and fair dealing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.05. <U>Financial Statements; No Material Adverse Effect</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i)&nbsp;The Annual Financial Statements fairly present in all material respects the financial
condition of the Parent Borrower and its Subsidiaries as of the dates thereof and their results of
operations for the periods covered thereby in accordance with GAAP consistently applied throughout
the periods covered thereby, except as otherwise expressly noted therein.
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The unaudited <I>pro forma </I>consolidated balance sheet of the Parent Borrower and its
Subsidiaries as at December&nbsp;31, 2007 (including the notes thereto) (the &#147;<B>Pro Forma Balance
Sheet</B>&#148;) and the unaudited <I>pro forma </I>consolidated statement of operations of the Parent
Borrower and its Subsidiaries for the 12-month period ending on such date (together with the
Pro Forma Balance Sheet, the &#147;<B>Pro Forma Financial Statements</B>&#148;), copies of which have
heretofore been furnished to the Administrative Agent, have been prepared based on the
Annual Financial Statements and have been prepared in good faith, based on assumptions
believed by the Parent Borrower to be reasonable as of the date of delivery thereof, and
present fairly in all material respects on a <I>pro forma </I>basis the estimated financial
position of the Parent Borrower and its Subsidiaries as at December&nbsp;31, 2007 and their
estimated results of operations for the period covered thereby.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;As of the Specified Date, except (i)&nbsp;as reflected or reserved against in the Annual
Financial Statements, (ii)&nbsp;for liabilities or obligations incurred in the ordinary course of
business since the date of the Annual Financial Statements and (iii)&nbsp;for liabilities or obligations
arising under the Merger Agreement, neither the Parent Borrower nor any of its Subsidiaries has any
liabilities or obligations of any nature, whether or not accrued, contingent or otherwise, that
would be required by GAAP to be reflected on a consolidated balance sheet (or notes thereto) of the
Parent Borrower and its Subsidiaries, other than those which would not have, individually or in
aggregate, a Material Adverse Effect on the Parent Borrower.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Since the Closing Date, there has been no event or circumstance, either individually or in
the aggregate, that has had or would reasonably be expected to have a Material Adverse Effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.06. <U>Litigation</U>. There are no actions, suits, proceedings, claims or
disputes pending or, to the knowledge of any Borrower, overtly threatened in writing, at law, in
equity, in arbitration or before any Governmental Authority, by or against Holdings, the Parent
Borrower or any of its Subsidiaries that would reasonably be expected to have a Material Adverse
Effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.07. <U>Labor Matters</U>. Except as would not reasonably be expected to have a
Material Adverse Effect: (a)&nbsp;there are no strikes or other labor disputes against any of the
Parent Borrower or its Subsidiaries pending or, to the knowledge of the Parent Borrower,
threatened; (b)&nbsp;hours worked by and payment made based on hours worked to employees of the Parent
Borrower or its Subsidiaries have not been in violation of the Fair Labor Standards Act or any
other applicable Laws dealing with wage and hour matters; and (c)&nbsp;all payments due from any
Borrower or any of its Subsidiaries on account of employee health and welfare insurance have been
paid or accrued as a liability on the books of the relevant party.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.08. <U>Ownership of Property; Liens</U>. Each Loan Party and each of its
Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests
in, or easements or other limited property interests in, all real property necessary in the
ordinary conduct of its business, free and clear of all Liens except for minor defects in title
that do not materially interfere with its ability to conduct its business or to utilize such assets
for their intended purposes and Liens permitted by Section&nbsp;7.01 and except where the failure to
have such title or other interest would not reasonably be expected to have a Material Adverse
Effect.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.09. <U>Environmental Matters</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except as would not reasonably be expected, individually or in the aggregate, to have a
Material Adverse Effect, (i)&nbsp;each Loan Party and each of its Subsidiaries is in compliance with all
applicable Environmental Laws (including having obtained all Environmental Permits) and (ii)&nbsp;none
of the Loan Parties or any of their respective Subsidiaries is subject to any pending, or to the
knowledge of any Borrower, threatened Environmental Claim or any other Environmental Liability.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;None of the Loan Parties or any of their respective Subsidiaries has treated, stored,
transported or disposed of Hazardous Materials at, or arranged for the disposal or treatment or for
transport for disposal or treatment, of Hazardous Materials from, any currently or formerly owned
or operated real estate or facility in a manner that would reasonably be expected, individually or
in the aggregate, to have a Material Adverse Effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Except as would not reasonably be expected to, individually or in the aggregate, result in
a Material Adverse Effect, (i)&nbsp;none of the properties currently or to the knowledge of the Loan
Parties and their respective subsidiaries, formerly owned, leased or operated by the Loan Parties
or their respective Subsidiaries is listed or formally proposed for listing on the National
Priorities List or any analogous foreign, state or local list; (ii)&nbsp;there are no underground or
aboveground storage tanks or any surface impoundments, septic tanks, pits, sumps or lagoons in
which Hazardous Materials are being or have been treated, stored or disposed on at or under any
property currently owned or operated by Holdings, any Borrower or any of its Subsidiaries; (iii)
there is no asbestos or asbestos-containing material at or on any facility, equipment or property
currently owned or operated by Holdings, any Borrower or any of its Subsidiaries; and (iv)&nbsp;there
has been no Release of Hazardous Materials by any Person on any property currently, or to the
knowledge of the Loan Parties and their respective Subsidiaries formerly, owned or operated by any
of them and there has been no Release of Hazardous Materials by the Loan Parties or any of their
Subsidiaries at any other location.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The properties currently owned, leased or operated by the Loan Parties and their
Subsidiaries do not contain any Hazardous Materials in amounts or concentrations which (i)
constitute, or constituted a violation of, (ii)&nbsp;require response or other corrective action under,
or (iii)&nbsp;could give rise to Environmental Liability, which violations, actions and liability,
individually or in the aggregate, would reasonably be expected to result in a Material Adverse
Effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Loan Parties and their Subsidiaries are not conducting or financing, either
individually or together with other potentially responsible parties, any investigation or
assessment or response or other corrective action relating to any actual or threatened Release of
Hazardous Materials at any site, location or operation, either voluntarily or pursuant to the order
of any Governmental Authority or the requirements of any Environmental Law except for such
investigation or assessment or response or action that, individually or in the aggregate, would not
reasonably be expected to result in a Material Adverse Effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Except as would not reasonably be expected to result in, individually or in the aggregate,
a Material Adverse Effect, neither the Loan Parties nor any of their Subsidiaries has contractually
assumed any liability or obligation under any Environmental Law or is subject to any order, decree
or judgment which imposes any obligation under any Environmental Law.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.10. <U>Taxes</U>. Except as would not, either individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect, Holdings, the Parent Borrower and
its Subsidiaries have timely filed all federal and state and other Tax returns and reports required
to be filed, and have timely paid all federal and state and other Taxes, assessments, fees and
other governmental charges (including satisfying its withholding tax obligations) levied or imposed
on their properties, income or assets or otherwise due and payable<B>, </B>except those which are being
contested in good faith by appropriate actions diligently conducted and for which adequate reserves
have been provided in accordance with GAAP.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.11. <U>ERISA Compliance, Etc.</U>.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except as would not, either individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect, each Plan is in compliance with the applicable provisions of
ERISA and the Code.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Except as set forth in <U>Schedule&nbsp;5.11(b)</U>, no ERISA Event has occurred that when
taken together with all other ERISA Events which have occurred within the one-year period prior to
the date on which this representation is made or deemed made that would reasonably be expected,
individually or in the aggregate, to result in a Material Adverse Effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Except where noncompliance or the incurrence of an obligation would not reasonably be
expected to result in a Material Adverse Effect, (i)&nbsp;each Foreign Plan has been maintained in
compliance with its terms and with the requirements of any and all applicable laws, statutes,
rules, regulations and orders, and (ii)&nbsp;neither Holdings nor any Subsidiary has incurred any
material obligation in connection with the termination of or withdrawal from any Foreign Plan.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.12. <U>Subsidiaries</U>. As of the Specified Date, neither Holdings nor any other
Loan Party has any Subsidiaries other than those specifically disclosed in <U>Schedule&nbsp;5.12</U>,
and all of the outstanding Equity Interests in Holdings, the Borrowers and the Material
Subsidiaries have been validly issued and are fully paid and nonassessable, and all Equity
Interests owned by Holdings or any other Loan Party are owned free and clear of all security
interests of any Person except (i)&nbsp;those created under the Collateral Documents or under the CF
Facility Documentation in accordance with the Intercreditor Agreement and (ii)&nbsp;any nonconsensual
Lien that is permitted under Section&nbsp;7.01. As of the Specified Date, <U>Schedule&nbsp;5.12</U>
(a)&nbsp;sets forth the name and jurisdiction of each Subsidiary, (b)&nbsp;sets forth the ownership interest
of Holdings, the Parent Borrower and any other Subsidiary in each Subsidiary, including the
percentage of such ownership and (c)&nbsp;identifies each Subsidiary that is a Subsidiary the Equity
Interests of which are required to be pledged pursuant to the Collateral and Guarantee Requirement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.13. <U>Margin Regulations; Investment Company Act</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;No Loan Party is engaged nor will it engage, principally or as one of its important
activities, in the business of purchasing or carrying margin stock (within the meaning of
Regulation&nbsp;U issued by the FRB), or extending credit for the purpose of purchasing or carrying
margin stock, and no proceeds of any Borrowings or drawings under any Letter of Credit will be used
for any purpose that violates Regulation&nbsp;U.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Neither the Parent Borrower nor any of the Subsidiaries of the Parent Borrower is or is
required to be registered as an &#147;investment company&#148; under the Investment Company Act of 1940.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.14. <U>Disclosure</U>. None of the factual information and data heretofore or
contemporaneously furnished in writing by or on behalf of any Loan Party to any Agent or any Lender
in connection with the transactions contemplated hereby and the negotiation of this Agreement or
delivered hereunder or any other Loan Document (as modified or supplemented by other information so
furnished) when taken as a whole contains any material misstatement of fact or omits to state any
material fact necessary to make such factual information and data (taken as a whole), in the light
of the circumstances under which it was delivered, not materially misleading; it being understood
that for purposes of this Section&nbsp;5.14, such factual information and data shall not include
projections and pro forma financial information or information of a general economic or general
industry nature.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.15. <U>Intellectual Property; Licenses, Etc</U>. The Parent Borrower and its
Subsidiaries have good and marketable title to, or a valid license or right to use, all of their
patents, patent rights, trademarks, servicemarks, trade names, copyrights, technology, software,
know-how, database rights, rights of privacy and publicity, licenses and other intellectual
property rights (collectively, &#147;<B>IP Rights</B>&#148;) that are necessary for the operation of their
respective businesses as currently conducted and as proposed to be conducted, except where the
failure to have any such rights, either individually or in the aggregate, would not reasonably be
expected to have a Material Adverse Effect. To the knowledge of each Borrower, the operation of
the respective businesses of the Parent Borrower or any of its Subsidiaries as currently conducted
and as proposed to be conducted does not infringe upon, misuse, misappropriate or violate any
rights held by any Person, except for such infringements, misuses, misappropriations or violations
individually or in the aggregate, that would not reasonably be expected to have a Material Adverse
Effect. No claim or litigation regarding any IP Rights is pending or, to the knowledge of any
Borrower,
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">threatened in writing against any Loan Party or Subsidiary, that, either individually or in
the aggregate, would reasonably be expected to have a Material Adverse Effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.16. <U>Solvency</U>. On the Closing Date after giving effect to the Transactions,
the Parent Borrower and its Restricted Subsidiaries, on a consolidated basis, are Solvent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.17. <U>Subordination of Junior Financing</U>. The Obligations of each Subsidiary
Guarantor are &#147;Designated Senior Debt,&#148; &#147;Senior Debt,&#148; &#147;Senior Indebtedness,&#148; &#147;Guarantor Senior
Debt&#148; or &#147;Senior Secured Financing&#148; (or any comparable term) with respect to any guaranties of the
New Senior Notes under, and as defined in, any New Senior Notes Indenture.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.18. <U>Special Representations Relating to FCC Authorizations, Etc.</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Parent Borrower or its Restricted Subsidiaries hold all FCC Authorizations that are
necessary or required for the Parent Borrower and its Restricted Subsidiaries to conduct their
business in the manner in which it is currently being conducted, except where the failure to do so
would not individually or in the aggregate have a Material Adverse Effect. <U>Schedule&nbsp;5.18</U>
hereto lists each material FCC Authorization held by the Parent Borrower or any Restricted
Subsidiary as of the Specified Date. With respect to each Broadcast License issued by the FCC and
listed on <U>Schedule&nbsp;5.18</U> hereto, the description includes the call sign, FCC identification
number, community of license and the license expiration date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;All material FCC Authorizations held by the Parent Borrower and its Restricted
Subsidiaries are in full force and effect in accordance with their terms, with such exceptions as
would not individually or in the aggregate reasonably be expected to have a Material Adverse
Effect. Except as set forth on <U>Schedule&nbsp;5.18</U>, as of the Specified Date and except for such
matters as would not individually or in the aggregate have a Material Adverse Effect, (i)&nbsp;neither
the Parent Borrower nor any Restricted Subsidiary has received any notice of apparent liability,
notice of violation, order to show cause or other writing from the FCC, (ii)&nbsp;there is no proceeding
pending or, to the knowledge of the Parent Borrower, threatened by or before the FCC relating to
the Parent Borrower or any Restricted Subsidiary or any Broadcast Station, and (iii)&nbsp;to the
knowledge of the Parent Borrower, no complaint or investigatory proceeding is pending before the
FCC (other than rulemaking proceedings and proceedings of general applicability to the broadcasting
industry or substantial segments thereof). The Parent Borrower and the Restricted Subsidiaries
have timely filed all required reports and notices with the FCC and have paid all amounts due in
timely fashion on account of fees and charges to the FCC, except where the failure to do so could
not reasonably be expected to result in a Material Adverse Effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Other than exceptions to any of the following that could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect, (i)&nbsp;each of the Parent
Borrower and the Restricted Subsidiaries has obtained and holds all Permits required for any
property owned, leased or otherwise operated by such Person and for the operation of each of its
businesses as presently conducted, (ii)&nbsp;all such Permits are in full force and effect, and each of
the Parent Borrower and the Restricted Subsidiaries has performed all requirements of such Permits
to the extent performance is due, (iii)&nbsp;no event has occurred which allows or results in, or after
notice or lapse of time would allow or result in, revocation or termination by the issuer thereof
or in any other impairment of the rights of the holder of any such Permit prior to the expiration
of any stated term; and (iv)&nbsp;none of such Permits contains any restrictions, either individually or
in the aggregate, that are materially burdensome to the Parent Borrower or any of the Restricted
Subsidiaries, or to the operation of any of their respective businesses or any property owned,
leased or otherwise operated by such Person.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;No consent or authorization of, filing with or Permit from, or other act by or in respect
of, any Governmental Authority is required in connection with delivery, performance, validity or
enforceability of this Agreement and the other Loan Documents other than (i)&nbsp;the requirement under
the Communications Laws that certain Loan Documents be filed with the FCC following the closing
under the Merger Agreement and (ii)&nbsp;the consents, authorizations and filings contemplated by the
Loan Documents.
</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Affirmative Covenants</B></U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From and after the Closing Date, so long as any Lender shall have any Commitment hereunder,
any Loan or other Obligation (other than Cash Management Obligations or Hedging Obligations)
hereunder that is accrued and payable shall remain unpaid or unsatisfied, or any Letter of Credit
shall remain outstanding (unless the Outstanding Amount of the L/C Obligations related thereto has
been Cash Collateralized or, if satisfactory to the relevant L/C Issuer in its sole discretion, a
backstop letter of credit is in place), the Parent Borrower shall, and shall (except in the case of
the covenants set forth in Sections&nbsp;6.01, 6.02 and 6.03) cause each of the Restricted Subsidiaries
to:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.01. <U>Financial Statements and Borrowing Base Certificates</U>. Deliver to the
Administrative Agent for prompt further distribution to each Lender:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;as soon as available, but in any event within ninety (90)&nbsp;days after the end of each
fiscal year of the Parent Borrower (commencing with the fiscal year ending December&nbsp;31, 2007), (i)
a consolidated balance sheet of the Parent Borrower and its Subsidiaries as at the end of such
fiscal year, and the related consolidated statements of income or operations, stockholders&#146; equity
and cash flows for such fiscal year, setting forth in each case in comparative form the figures for
the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited
and accompanied by a report and opinion of Ernst &#038; Young LLP or any other independent registered
public accounting firm of nationally recognized standing, which report and opinion shall be
prepared in accordance with generally accepted auditing standards and shall not be subject to any
&#147;going concern&#148; or like qualification or exception or any qualification or exception as to the
scope of such audit and (ii)&nbsp;a narrative report and management&#146;s discussion and analysis, in a form
reasonably satisfactory to the Administrative Agent, of the financial condition and results of
operations of the Parent Borrower for such fiscal year, as compared to amounts for the previous
fiscal year;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;as soon as available, but in any event within forty-five (45)&nbsp;days after the end of each
of the first three (3)&nbsp;fiscal quarters of each fiscal year of the Parent Borrower (commencing with
the fiscal quarter ended March&nbsp;31, 2008), (i)&nbsp;a consolidated balance sheet of the Parent Borrower
and its Subsidiaries as at the end of such fiscal quarter, and the related (i)&nbsp;consolidated
statements of income or operations for such fiscal quarter and for the portion of the fiscal year
then ended and (ii)&nbsp;consolidated statements of cash flows for the portion of the fiscal year then
ended, setting forth in each case in comparative form the figures for the corresponding fiscal
quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all
in reasonable detail and certified by a Responsible Officer of the Parent Borrower as fairly
presenting in all material respects the financial condition, results of operations, stockholders&#146;
equity and cash flows of the Parent Borrower and its Subsidiaries in accordance with GAAP, subject
only to changes resulting from normal year-end adjustments and the absence of footnotes and (ii)&nbsp;a
narrative report and management&#146;s discussion and analysis, in a form reasonably satisfactory to the
Administrative Agent, of the financial condition and results of operations of the Parent Borrower
for such fiscal quarter and the then elapsed portion of the fiscal year, as compared to the
comparable periods in the previous fiscal year;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;within ninety (90)&nbsp;days after the end of each fiscal year (commencing with the fiscal year
ending December&nbsp;31, 2008) of the Parent Borrower, a reasonably detailed consolidated budget for the
following fiscal year as customarily prepared by management of the Parent Borrower for its internal
use (including a projected consolidated balance sheet of the Parent Borrower and its Subsidiaries
as of the end of the following fiscal year, the related consolidated statements of projected cash
flow and projected income and a summary of the material underlying assumptions applicable thereto)
(collectively, the &#147;<B>Projections</B>&#148;), which Projections shall in each case be accompanied by a
certificate of a Responsible Officer stating that such Projections have been prepared in good faith
on the basis of the assumptions stated therein, which assumptions were believed to be reasonable at
the time of preparation of such Projections, it being understood that actual results may vary from
such Projections and that such variations may be material; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;simultaneously with the delivery of each set of consolidated financial statements referred
to in Sections&nbsp;6.01(a) and 6.01(b) above, the related consolidating financial statements reflecting
the adjustments
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) and Restricted
Subsidiaries that are not Loan Parties (which may be in footnote form only) from such consolidated
financial statements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i)&nbsp;on or prior to the 10th calendar day of each calendar month, beginning with the first
calendar month ending after the Closing Date (or if such day is not a Business Day, the next
succeeding Business Day) and at such other times as the Administrative Agent or the Required
Lenders may reasonably require, a Borrowing Base Certificate (each a &#147;<B>Monthly Borrowing Base
Certificate</B>&#148;) showing the Borrowing Base and the calculation of Excess Availability and Aggregate
Excess Availability, in each case as of the close of business on the last day of the immediately
preceding calendar month (or, at the option of the Parent Borrower, as of a more recent date) each
such Borrowing Base Certificate to be certified as complete and correct in all material respects on
behalf of the Parent Borrower by a Responsible Officer of the Parent Borrower; (ii)&nbsp;solely during
the continuance of a Weekly Monitoring Event, a Borrowing Base Certificate (each a &#147;<B>Weekly
Borrowing Base Certificate</B>&#148;) showing the Parent Borrower&#146;s reasonable estimate (which shall be
based on the most current accounts receivable aging reasonably available and shall be calculated in
a consistent manner with the most recent Monthly Borrowing Base Certificates delivered pursuant to
this Section) of the Borrowing Base and the calculation of Excess Availability and Aggregate Excess
Availability, in each case as of the close of business on the last day of the immediately preceding
calendar week, unless the Administrative Agent otherwise agrees, shall be furnished on Wednesday of
each week (or, if Wednesday is not a Business Day, on the next succeeding Business Day) and (iii)
on or prior to the date of the consummation of a Disposition of Eligible Accounts in excess of
$50,000,000 permitted by Section&nbsp;7.05, an updated Borrowing Base Certificate giving <I>pro forma</I>
effect to such Disposition; <I>provided </I>that the Parent Borrower shall retain records regarding the
calculations of each such Monthly Borrowing Base Certificate (and, if a Weekly Monitoring Event has
occurred, any Weekly Borrowing Base Certificates) in reasonable detail, and such records shall be
made available by the Parent Borrower for review by the Administrative Agent during periodic
commercial finance examinations, if requested; <I>provided further </I>that in the event there is a
material error or miscalculation in a Borrowing Base Certificate, the Parent Borrower shall be
required to provide an updated Borrowing Base Certificate within three (3)&nbsp;Business Days after
receiving notification of such error or miscalculation from the Administrative Agent; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;at the time of the delivery of the consolidated financial statements referred to in
Section&nbsp;6.01(b), the Parent Borrower shall provide a current accounts receivable aging in respect
of the Eligible Accounts, along with a reconciliation between the amounts that appear on such aging
and the amount of accounts receivable presented on the concurrently delivered balance sheet.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the obligations in paragraphs (a)&nbsp;and (b)&nbsp;of this Section&nbsp;6.01
may be satisfied with respect to financial information of the Parent Borrower and its Subsidiaries
by furnishing (A)&nbsp;the applicable financial statements of any direct or indirect parent of the
Parent Borrower that holds all of the Equity Interests of the Parent Borrower or (B)&nbsp;the Parent
Borrower&#146;s or such entity&#146;s Form 10-K or 10-Q, as applicable, filed with the SEC; <I>provided </I>that,
with respect to each of clauses (A)&nbsp;and (B), (i)&nbsp;to the extent such information relates to a parent
of the Parent Borrower, such information is accompanied by consolidating information that explains
in reasonable detail the differences between the information relating to the Parent Borrower (or
such parent), on the one hand, and the information relating to the Parent Borrower and the
Restricted Subsidiaries on a standalone basis, on the other hand and (ii)&nbsp;to the extent such
information is in lieu of information required to be provided under Section&nbsp;6.01(a), such materials
are accompanied by a report and opinion of Ernst &#038; Young LLP or any other independent registered
public accounting firm of nationally recognized standing, which report and opinion shall be
prepared in accordance with generally accepted auditing standards and shall not be subject to any
&#147;going concern&#148; or like qualification or exception or any qualification or exception as to the
scope of such audit.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.02. <U>Certificates; Other Information</U>. Deliver to the Administrative Agent
for prompt further distribution to each Lender:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;no later than five (5)&nbsp;days after the delivery of the financial statements referred to in
Sections&nbsp;6.01(a) and (b), a duly completed Compliance Certificate signed by a Responsible Officer
of the Parent Borrower (which shall include a reasonably detailed calculation of Consolidated
EBITDA);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &#091;Reserved&#093;
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;promptly after the same are publicly available, copies of all annual, regular, periodic
and special reports and registration statements which Holdings or the Parent Borrower files with
the SEC or with any Governmental Authority that may be substituted therefor (other than amendments
to any registration statement (to the extent such registration statement, in the form it became
effective, is delivered to the Administrative Agent), exhibits to any registration statement and,
if applicable, any registration statement on Form S-8) and in any case not otherwise required to be
delivered to the Administrative Agent pursuant to any other clause of this Section&nbsp;6.02;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;promptly after the furnishing thereof, copies of any material statements or material
reports furnished to any holder of any class or series of debt securities of any Loan Party having
an aggregate outstanding principal amount greater than the Threshold Amount or pursuant to the
terms of the CF Credit Agreement (other than borrowing base and related certificates), the CF
Facility Documentation or the New Senior Notes Indentures, in each case, so long as the aggregate
outstanding principal amount thereunder is greater than the Threshold Amount and not otherwise
required to be furnished to the Administrative Agent pursuant to any other clause of this
Section&nbsp;6.02;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;together with the delivery of the financial statements pursuant to (i)&nbsp;Section&nbsp;6.01(a), a
report setting forth the information required by Section&nbsp;3.03(c) of each Security Agreement (or
confirming that there has been no change in such information since the Closing Date or the date of
the last such report), and (ii)&nbsp;Section&nbsp;6.01(a) and Section&nbsp;6.01(b)(x) a description of each event,
condition or circumstance during the last fiscal quarter covered by such Compliance Certificate
requiring a mandatory prepayment under Section&nbsp;2.05(b) and (y)&nbsp;a list of each Subsidiary of the
Parent Borrower that identifies each Subsidiary as a Restricted Subsidiary or an Unrestricted
Subsidiary as of the date of delivery of such Compliance Certificate or a confirmation that there
is no change in such information since the later of the Closing Date and the date of the last such
list;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;promptly, such additional information regarding the business, legal, financial or
corporate affairs of any Loan Party or any Material Subsidiary, or compliance with the terms of the
Loan Documents, as the Administrative Agent may from time to time reasonably request; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;upon request by the Administrative Agent, copies of: (i)&nbsp;each Schedule&nbsp;B (Actuarial
Information) to the annual report (Form&nbsp;5500 Series) filed by Holdings, the Parent Borrower, any
Subsidiary or any of their ERISA Affiliates with the Internal Revenue Service with respect to each
Pension Plan; (ii)&nbsp;the most recent actuarial valuation report for each Pension Plan; and (iii)&nbsp;such
other documents or governmental reports or filings relating to any Pension Plan as the
Administrative Agent shall reasonably request. Promptly following any reasonable request therefor
by the Administrative Agent, on and after the effectiveness of the Pension Act, copies of (i)&nbsp;any
documents described in Section 101(k) of ERISA that Holdings, the Parent Borrower, any Subsidiary
or any of their ERISA Affiliates obtained during the last twelve months with respect to any
Multiemployer Plan and (ii)&nbsp;any notices described in Section 101(l) of ERISA that Holdings, the
Parent Borrower, any Subsidiary or any of their ERISA Affiliates obtained during the last twelve
months with respect to any Multiemployer Plan; <I>provided </I>that if such documents or notices have not
been obtained or requested from the administrator or sponsor of the applicable Multiemployer Plan
upon reasonable request by the Administrative Agent, the applicable Person shall promptly make a
request for such documents or notices from such administrator or sponsor and shall provide copies
of such documents and notices promptly after receipt thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Documents required to be delivered pursuant to Section&nbsp;6.01 or Section&nbsp;6.02(a) or 6.02(c) may
be delivered electronically and if so delivered, shall be deemed to have been delivered on the date
(i)&nbsp;on which the Parent Borrower posts such documents, or provides a link thereto on the Parent
Borrower&#146;s website on the Internet at the website address listed on <U>Schedule&nbsp;10.02</U>; or
(ii)&nbsp;on which such documents are posted on the Parent Borrower&#146;s behalf on IntraLinks/IntraAgency
or another relevant website, if any, to which each Lender and the Administrative Agent have access
(whether a commercial, third-party website or whether sponsored by the Administrative Agent);
<I>provided </I>that: (i)&nbsp;upon written request by the Administrative Agent, the Parent Borrower shall
deliver paper copies of such documents to the Administrative Agent for further distribution to each
Lender until a written request to cease delivering paper copies is given by the Administrative
Agent and (ii)&nbsp;the Parent Borrower shall notify (which may be by facsimile or electronic mail) the
Administrative Agent of the posting of any such documents or a link thereto and provide to the
Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents.
Each Lender shall be solely responsible for timely accessing posted documents or requesting
delivery of paper copies of such documents from the Administrative Agent and maintaining its copies
of such documents.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Parent Borrower hereby acknowledges that (a)&nbsp;the Administrative Agent, the Syndication
Agents and/or the Arrangers will make available to the Lenders Communications by posting such
Communications on IntraLinks or another similar electronic system (the &#147;<B>Platform</B>&#148;) and (b)&nbsp;certain
of the Lenders may be &#147;public-side&#148; Lenders (i.e., Lenders that do not wish to receive material
non-public information with respect to the Parent Borrower or its securities) (each, a &#147;<B>Public
Lender</B>&#148;). The Parent Borrower hereby agrees that it will use commercially reasonable efforts to
identify that portion of the Communications that may be distributed to the Public Lenders and that
(w)&nbsp;all such Communications shall be clearly and conspicuously marked &#147;PUBLIC&#148; which, at a minimum,
shall mean that the word &#147;PUBLIC&#148; shall appear prominently on the first page thereof; (x)&nbsp;by
marking Communications &#147;PUBLIC,&#148; the Parent Borrower shall be deemed to have authorized the
Administrative Agent, the Syndication Agents, the Arrangers and the Lenders to treat such
Communications as not containing any material non-public information (although it may be sensitive
and proprietary) with respect to the Parent Borrower or its securities for purposes of United
States federal and state securities laws (<I>provided, however, </I>that to the extent such Communications
constitute Information, they shall be treated as set forth in Section&nbsp;10.08); (y)&nbsp;all
Communications marked &#147;PUBLIC&#148; are permitted to be made available through a portion of the Platform
designated &#147;Public Investor&#148;; and (z)&nbsp;the Administrative Agent and the Arrangers shall be entitled
to treat any Communications that are not marked &#147;PUBLIC&#148; as being suitable only for posting on a
portion of the Platform not designated &#147;Public Investor.&#148; Neither the Administrative Agent nor any
of its Affiliates shall be responsible for any statement or other designation by a Loan Party
regarding whether a Communication contains or does not contain material non-public information with
respect to any of the Loan Parties or their securities nor shall the Administrative Agent or any of
its Affiliates incur any liability to any Loan Party, any Lender or any other Person for any action
taken by the Administrative Agent or any of its Affiliates based upon such statement or
designation, including any action as a result of which Restricting Information is provided to a
Lender that may decide not to take access to Restricting Information. Nothing in this Section&nbsp;6.02
shall modify or limit a Lender&#146;s obligations under Section&nbsp;10.08 with regard to Communications and
the maintenance of the confidentiality of or other treatment of Information.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the Platform and its primary web portal are secured with generally-applicable
security procedures and policies implemented or modified by the Administrative Agent from time to
time (including, as of the Closing Date, a dual firewall and a User ID/Password Authorization
System) and the Platform is secured through a single-user-per-deal authorization method whereby
each user may access the Platform only on a deal-by-deal basis, each of the Lenders and each Loan
Party acknowledges and agrees that the distribution of material through an electronic medium is not
necessarily secure and that there are confidentiality and other risks associated with such
distribution. In consideration for the convenience and other benefits afforded by such
distribution and for the other consideration provided hereunder, the receipt and sufficiency of
which is hereby acknowledged, each of the Lenders and each Loan Party hereby approves distribution
of the Approved Electronic Communications through the Platform and understands and assumes the
risks of such distribution.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE PLATFORM AND THE APPROVED ELECTRONIC COMMUNICATIONS ARE PROVIDED &#147;AS IS&#148; AND &#147;AS
AVAILABLE.&#148; NONE OF THE ADMINISTRATIVE AGENT NOR ANY OTHER MEMBER OF THE AGENT&#146;S GROUP WARRANT THE
ACCURACY, ADEQUACY OR COMPLETENESS OF THE APPROVED ELECTRONIC COMMUNICATIONS OR THE PLATFORM AND
EACH EXPRESSLY DISCLAIMS ANY LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC
COMMUNICATIONS OR THE PLATFORM. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING,
WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY
THE AGENTS IN CONNECTION WITH THE APPROVED ELECTRONIC COMMUNICATIONS OR THE PLATFORM.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Lenders and each Loan Party agree that the Administrative Agent may, but (except
as may be required by applicable law) shall not be obligated to, store the Approved Electronic
Communications on the Platform in accordance with the Administrative Agent&#146;s generally-applicable
document retention procedures and policies.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.03. <U>Notices</U>. Promptly after a Responsible Officer obtains actual knowledge
thereof, notify the Administrative Agent:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;of the occurrence of any Default; and
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;of (i)&nbsp;any dispute, litigation, investigation or proceeding between any Loan Party and any
Governmental Authority, (ii)&nbsp;the commencement of, or any material development in, any litigation or
proceeding affecting any Loan Party or any Subsidiary, including pursuant to any applicable
Environmental Laws or in respect of IP Rights, the occurrence of any noncompliance by any Loan
Party or any of its Subsidiaries with, or liability under, any Environmental Law or Environmental
Permit, or (iii)&nbsp;the occurrence of any ERISA Event that, in any such case, has resulted or would
reasonably be expected to result in a Material Adverse Effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each notice pursuant to this Section shall be accompanied by a written statement of a
Responsible Officer of the Parent Borrower (x)&nbsp;that such notice is being delivered pursuant to
Section&nbsp;6.03(a) or (b) (as applicable) and (y)&nbsp;setting forth details of the occurrence referred to
therein and stating what action the Parent Borrower has taken and proposes to take with respect
thereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.04. <U>Payment of Obligations</U>. Timely pay, discharge or otherwise satisfy, as
the same shall become due and payable, all of its obligations and liabilities in respect of Taxes
imposed upon it or upon its income or profits or in respect of its property, except, in each case,
to the extent (i)&nbsp;any such Tax is being contested in good faith and by appropriate actions for
which appropriate reserves have been established in accordance with GAAP or (ii)&nbsp;the failure to pay
or discharge the same would not reasonably be expected to, individually or in the aggregate, have a
Material Adverse Effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.05. <U>Preservation of Existence, Etc</U>. (a)&nbsp;Preserve, renew and maintain in
full force and effect its legal existence under the Laws of the jurisdiction of its organization,
(b)&nbsp;take all reasonable action to maintain all corporate rights and privileges (including its good
standing) to the extent such concept exists in such jurisdiction and (c)&nbsp;maintain all other
material rights and privileges (including, without limitation, material Broadcast Licenses) except,
in the case of (a) (other than in the case of the Borrowers except to the extent expressly
permitted by Section&nbsp;7.04), (b)&nbsp;or (c), to the extent that failure to do so would not reasonably be
expected to have a Material Adverse Effect or pursuant to a transaction permitted by Article&nbsp;VII.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.06. <U>Maintenance of Properties</U>. Except if the failure to do so would not
reasonably be expected to have a Material Adverse Effect, maintain, preserve and protect all of its
material properties and equipment necessary in the operation of its business in good working order,
repair and condition, ordinary wear and tear excepted and casualty or condemnation excepted and
consistent with past practice.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.07. <U>Maintenance of Insurance</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Maintain with insurance companies that the Parent Borrower believes (in the good faith
judgment of its management) are financially sound and reputable at the time the relevant coverage
is placed or renewed, insurance with respect to its properties and business against loss or damage
of the kinds customarily insured against by Persons engaged in the same or similar business, of
such types and in such amounts (after giving effect to any self-insurance reasonable and customary
for similarly situated Persons engaged in the same or similar businesses as the Parent Borrower and
the Restricted Subsidiaries) as are customarily carried under similar circumstances by such other
Persons.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;All such liability insurance (other than business interruption insurance) as to which the
Administrative Agent shall have reasonably requested to be so named, shall name the Administrative
Agent as additional insured.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.08. <U>Compliance with Laws</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Comply in all material respects with the requirements of all Laws and all orders, writs,
injunctions and decrees of any Governmental Authority applicable to it or to its business or
property, except if the failure to comply therewith would not reasonably be expected to have a
Material Adverse Effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)&nbsp;Operate all of the Broadcast Stations in material compliance with the Communications
Laws and the FCC&#146;s rules, regulations and published policies promulgated thereunder and with the
terms of the Broadcast Licenses, (ii)&nbsp;timely file all required reports and notices with the FCC and
pay all amounts due in timely
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">fashion on account of fees and charges to the FCC and (iii)&nbsp;timely file and prosecute all
applications for renewal or for extension of time with respect to all of the FCC Authorizations,
except, in each case, for any failure which would not reasonably be expected to have a Material
Adverse Effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.09. <U>Books and Records</U>. Maintain proper books of record and account, in
which entries that are full, true and correct in all material respects and are in conformity with
GAAP consistently applied shall be made of all material financial transactions and matters
involving the assets and business of the Parent Borrower or such Restricted Subsidiary, as the case
may be.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.10. <U>Inspection Rights</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Permit representatives and independent contractors of the Administrative Agent and each
Lender to visit and inspect any of its properties, to examine its corporate, financial and
operating records, and make copies thereof or abstracts therefrom (other than the records of the
Board of Directors of such Loan Party or such Restricted Subsidiary) and to discuss its affairs,
finances and accounts with its directors, officers, and independent public accountants (subject to
customary access agreements), all at the reasonable expense of the Parent Borrower and at such
reasonable times during normal business hours and as often as may be reasonably desired, upon
reasonable advance notice to the Parent Borrower; <I>provided </I>that, excluding any such visits and
inspections during the continuation of an Event of Default, only the Administrative Agent on behalf
of the Lenders may exercise rights of the Administrative Agent and the Lenders under this
Section&nbsp;6.10 and the Administrative Agent shall not exercise such rights more often than two (2)
times during any calendar year absent the existence of an Event of Default and only one (1)&nbsp;such
time shall be at the Parent Borrower&#146;s expense; <I>provided further </I>that when an Event of Default
exists, the Administrative Agent or any Lender (or any of their respective representatives or
independent contractors) may do any of the foregoing at the expense of the Parent Borrower at any
time during normal business hours and upon reasonable advance notice. The Administrative Agent and
the Lenders shall give the Parent Borrower the opportunity to participate in any discussions with
the Parent Borrower&#146;s independent public accountants. Notwithstanding anything to the contrary in
this Section&nbsp;6.10, none of the Parent Borrower or any of the Restricted Subsidiaries will be
required to disclose, permit the inspection, examination or making copies or abstracts of, or
discussion of, any document, information or other matter that (i)&nbsp;constitutes non-financial trade
secrets or non-financial proprietary information, (ii)&nbsp;in respect of which disclosure to the
Administrative Agent or any Lender (or their respective representatives or contractors) is
prohibited by Law or any binding agreement or (iii)&nbsp;is subject to attorney-client or similar
privilege or constitutes attorney work product.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Independently of or in connection with the visits and inspections provided for in clause
(a)&nbsp;above, but not more than twice a year (unless required by applicable law or an Event of Default
or Liquidity Event has occurred and is continuing) upon the request of the Administrative Agent
after reasonable prior notice, the Parent Borrower will, and will cause each Restricted Subsidiary
that is a Loan Party to, permit the Administrative Agent or professionals reasonably acceptable to
the Parent Borrower (including investment bankers, consultants, accountants, lawyers and
appraisers) retained by the Administrative Agent to conduct appraisals, commercial finance
examinations and other evaluations, including, without limitation, (i)&nbsp;of the Parent Borrower&#146;s
practices in the computation of the Borrowing Base, and (ii)&nbsp;inspecting, verifying and auditing the
Collateral. The Parent Borrower shall pay the reasonable, documented, out-of-pocket fees and
expenses of the Administrative Agent or such professionals with respect to such evaluations and
appraisals.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.11. <U>Additional Borrowers, Guarantors and Obligations to Give Security</U>. At
the Parent Borrower&#146;s expense, take all action necessary or reasonably requested by the
Administrative Agent to ensure that the Collateral and Guarantee Requirement continues to be
satisfied, including:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1)&nbsp;upon the formation, acquisition or designation (x)&nbsp;by any existing or new direct or
indirect wholly-owned Material Domestic Subsidiary (other than an Excluded Subsidiary) that is a
Restricted Subsidiary (for the avoidance of doubt, including CCOH and its wholly-owned Restricted
Subsidiaries which are Material Domestic Subsidiaries but not Excluded Subsidiaries upon CCOH
becoming wholly-owned by the Loan Parties) or (y)&nbsp;by any Loan Party of any direct or indirect
wholly-owned Material Foreign Subsidiary (other than an Excluded Subsidiary) that is a Restricted
Subsidiary or (2)&nbsp;upon the designation by any Loan Party of any Unrestricted Subsidiary that is a
direct or indirect wholly-owned Material Domestic Subsidiary referred to in the foregoing clause
(x)&nbsp;or (y) (other than an Excluded Subsidiary) as a Restricted Subsidiary in accordance with
Section&nbsp;6.14:
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) within 45&nbsp;days after such formation, acquisition or designation, or such
longer period as the Administrative Agent may agree in writing in its discretion:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) (x)&nbsp;cause each such Restricted Subsidiary that is required to
become a Borrower or Guarantor pursuant to the Collateral and Guarantee
Requirement to duly execute and deliver to the Administrative Agent a
joinder to this Agreement or Guaranty (or supplement thereto), as
applicable, and (y)&nbsp;cause each such Restricted Subsidiary that is required
to grant a Lien on any Collateral pursuant to the Collateral and Guarantee
Requirement to duly execute and deliver to the Administrative Agent or the
Collateral Agent (as appropriate) a joinder to this Agreement or a Guaranty
(or supplement thereto), as applicable, Security Agreement Supplements, and
other security agreements and documents, as reasonably requested by and in
form and substance reasonably satisfactory to the Administrative Agent
(consistent with the Security Agreement and other security agreements in
effect on the Closing Date), in each case granting Liens required by, and
subject to the limitations and exceptions of, the Collateral and Guarantee
Requirement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) take and cause such Restricted Subsidiary and each direct or
indirect parent of such Restricted Subsidiary to take whatever action
(including the filing of UCC financing statements as may be necessary in the
reasonable opinion of the Administrative Agent to vest in the Administrative
Agent (or in any representative of the Administrative Agent designated by
it) valid and perfected Liens to the extent required by the Collateral and
Guarantee Requirement, enforceable against all third parties in accordance
with their terms (subject to the Liens permitted by Sections&nbsp;7.01(a)-(h),
(j)-(t) and (x)-(dd)), except as such enforceability may be limited by
Debtor Relief Laws and by general principles of equity and to otherwise
comply with the requirements of the Collateral and Guarantee Requirement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if reasonably requested by the Administrative Agent, within forty-five (45)&nbsp;days
after such request, deliver to the Administrative Agent a signed copy of an opinion,
addressed to the Administrative Agent and the Lenders, of counsel for the Loan Parties
reasonably acceptable to the Administrative Agent as to such matters set forth in this
Section&nbsp;6.11(a) as the Administrative Agent may reasonably request; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding anything to the contrary in this Agreement, the Parent Borrower shall not
be required to take any action or deliver any document set forth on <U>Schedule&nbsp;6.11(b)</U> before
the time limit set forth on such Schedule with respect to such action or document, any such time
limit which may be extended by the Administrative Agent acting in its sole discretion.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.12. <U>Compliance with Environmental Laws</U>. Except, in each case, to the extent
that the failure to do so would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect, (a)&nbsp;comply, and take all reasonable actions to cause any
lessees and other Persons operating or occupying its properties or facilities to comply with all
applicable Environmental Laws and Environmental Permits; (b)&nbsp;obtain and renew all Environmental
Permits necessary for its operations, properties and facilities; and (c)&nbsp;in each case to the extent
required by applicable Environmental Laws, conduct any investigation, study, sampling and testing,
and undertake any response or other corrective action necessary to investigate, remove and clean up
all Hazardous Materials at, on, under, or emanating from any of its properties and facilities, in
accordance with the requirements of all applicable Environmental Laws.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.13. <U>Further Assurances and Post Closing Deliverables</U>&nbsp;From time to time
duly authorize, execute and deliver, or cause to be duly authorized, executed and delivered, such
additional instruments, certificates, financing statements, agreements or documents, and take all
reasonable actions (including filing UCC and other financing statements), as the Administrative
Agent may reasonably request, for the purposes of perfecting the rights of the Administrative Agent
for the benefit of the Secured Parties with respect to the Collateral (or with respect to any
additions thereto or replacements or proceeds or products thereof or with respect to any other
property or assets hereafter acquired by the Parent Borrower or any other Loan Party which may be deemed to be part of the
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Collateral to the extent required by
the Collateral and Guarantee Requirement), in each case subject to the limitations and exceptions
set forth in the Collateral Documents and the Collateral and Guarantee Requirement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Within five Business Days of the Closing Date (unless otherwise agreed between the Parent
Borrower and the Administrative Agent), the Parent Borrower shall deliver to the Administrative
Agent the following documents, each of which shall be originals or facsimiles (followed promptly by
originals) unless otherwise specified, each properly executed by a Responsible Officer of the
signing Loan Party:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) executed counterparts of the Guaranties (subject to the last paragraph of
the definition of Collateral and Guarantee Requirement), executed by each Guarantor;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Note executed by the Borrowers in favor of each Lender that has
requested a Note at least two Business Days in advance of the Closing Date;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Collateral Document set forth on <U>Schedule&nbsp;1.01C</U> required to
be executed on or about the Closing Date as indicated on such schedule (subject to
Section&nbsp;6.11(b) and the last paragraph of the definition of &#147;Collateral and
Guarantee Requirement&#148;), duly executed by each Loan Party thereto, together with:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Uniform Commercial Code financing statements for filing in the
office of the Secretary of State of the State of each jurisdiction in which
a U.S. Loan Party is &#147;located&#148; (within the meaning of the Uniform Commercial
Code); and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) (i)&nbsp;an opinion from Ropes &#038; Gray LLP, counsel to the Loan Parties,
substantially in the form of <U>Exhibit&nbsp;H-1</U>; (ii)&nbsp;an opinion from New
Jersey and Florida counsel to the Loan Parties, substantially in the form of
<U>Exhibit&nbsp;H-2</U>; (iii)&nbsp;an opinion from Colorado counsel to the Loan
Parties, substantially in the form of <U>Exhibit&nbsp;H-3</U>; (iv)&nbsp;an opinion
from Nevada counsel to the Loan Parties, substantially in the form of
<U>Exhibit&nbsp;H-4</U>; (v)&nbsp;an opinion from Washington counsel to the Loan
Parties, substantially in the form of <U>Exhibit&nbsp;H-5</U>; (vi)&nbsp;an opinion
from Texas counsel to the Loan Parties, substantially in the form of
<U>Exhibit&nbsp;H-6</U>; (vii)&nbsp;an opinion from Ohio counsel to the Loan Parties,
substantially in the form of <U>Exhibit&nbsp;H-7</U>; and (viii)&nbsp;an opinion from
special FCC counsel to the Loan Parties, substantially in the form of
<U>Exhibit&nbsp;H-8</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.14. <U>Designation of Subsidiaries</U>. The board of directors of the Parent
Borrower may at any time designate any Restricted Subsidiary as an Unrestricted Subsidiary or any
Unrestricted Subsidiary as a Restricted Subsidiary; <I>provided </I>that (i)&nbsp;immediately before and after
such designation, no Default shall have occurred and be continuing, and (ii)&nbsp;no Subsidiary may be
designated as an Unrestricted Subsidiary if, after such designation, it would be a &#147;Restricted
Subsidiary&#148; for the purpose of the CF Facilities, the New Senior Notes, or any other Junior
Financing or any other Indebtedness of any Loan Party. The designation of any Subsidiary as an
Unrestricted Subsidiary shall constitute an Investment by the Parent Borrower therein at the date
of designation in an amount equal to the net book value of the Parent Borrower&#146;s investment
therein. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall
constitute (i)&nbsp;the incurrence at the time of designation of any Indebtedness or Liens of such
Subsidiary existing at such time and (ii)&nbsp;a return on any Investment by the Loan Parties in
Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the Fair Market
Value at the date of such designation of the Loan Parties&#146; (as applicable) Investment in such
Subsidiary.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.15. <U>Cash Management Systems.</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Annexed hereto as <U>Schedule&nbsp;6.15(a)</U> is a schedule of all DDAs, that are maintained
by the Loan Parties, which Schedule includes, with respect to each depository (i)&nbsp;the name and
address of such depository; (ii)&nbsp;the account number(s) maintained with such depository; and (iii)&nbsp;a
contact person at such depository.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Within ninety (90)&nbsp;days after the Closing Date (or such longer period as the
Administrative Agent may agree in its sole reasonable discretion), each applicable Borrower will
enter into a blocked account
</DIV>



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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">agreement (each, a &#147;<B>Blocked Account Agreement</B>&#148;), reasonably
satisfactory to the Administrative Agent, with respect to the DDAs existing as of the Closing Date
listed on <U>Schedule&nbsp;6.15(b)</U> attached hereto (collectively, the &#147;<B>Blocked Accounts</B>&#148;). Each
Borrower hereby agrees that, once the Blocked Account Agreements are entered into, all cash in
respect of Collateral received by a Loan Party in any DDA that is not a Blocked Account (other than
amounts held in payroll, trust and tax withholding accounts funded in the ordinary course of
business and required by Applicable Law) will be promptly transferred into a Blocked Account.
After entering into the Blocked Account Agreement, there shall be at all times thereafter at least
one Blocked Account.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Each Blocked Account Agreement entered into by a Borrower shall permit the Administrative
Agent to instruct the depository, after the occurrence and during the continuance of a Cash
Dominion Event (and delivery of notice thereof from the Administrative Agent), to transfer on each
Business Day of all available cash receipts to the concentration account maintained by the
Administrative Agent at Citibank, N.A. (the &#147;<B>Concentration Account</B>&#148;), from:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the sale of Collateral;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;all proceeds of collections of Accounts; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;each Blocked Account (including all cash deposited therein from each DDA).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If, at any time during the continuance of a Cash Dominion Event, any cash or Cash Equivalents that
are Collateral (or proceeds thereof) owned by any Loan Party (other than (i)&nbsp;petty cash and minimum
daily working capital accounts funded in the ordinary course of business, the deposits in which
shall not at any time aggregate more than $20.0&nbsp;million (or such greater amounts to which the
Administrative Agent may agree), and (ii)&nbsp;payroll, trust and tax withholding accounts funded in the
ordinary course of business and required by Applicable Law) are deposited to any account, or held
or invested in any manner, otherwise than in a Blocked Account that is subject to a Blocked Account
Agreement (or a DDA which is swept daily to a Blocked Account), the Administrative Agent may
require the applicable Loan Party to close such account and have all funds therein transferred to a
Blocked Account, and all future deposits made to a Blocked Account which is subject to a Blocked
Account Agreement. In addition to the foregoing, during the continuance of a Cash Dominion Event,
at the request of the Administrative Agent, the Loan Parties shall provide the Administrative Agent
with an accounting of the contents of the Blocked Accounts, which shall identify, to the reasonable
satisfaction of the Administrative Agent, the proceeds from the Collateral which were deposited
into a Blocked Account and swept to the Concentration Account.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Loan Parties may close DDAs or Blocked Accounts and/or open new DDAs or Blocked
Accounts, subject to the execution and delivery to the Administrative Agent of appropriate Blocked
Account Agreements (except with respect to any payroll, trust, and tax withholding accounts or
unless expressly waived by the Administrative Agent) consistent with and to the extent required by
the provisions of this Section&nbsp;6.15 and otherwise reasonably satisfactory to the Administrative
Agent. The Parent Borrower shall furnish the Administrative Agent with prior written notice of its
intention to open or close a Blocked Account and the Administrative Agent shall promptly notify the
Parent Borrower as to whether the Administrative Agent shall require a Blocked Account Agreement
with the Person with whom any such new account will be maintained.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Loan Parties may also maintain one or more disbursement accounts to be used by the
Loan Parties for disbursements and payments (including payroll) in the ordinary course of business
or as otherwise permitted hereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Concentration Account shall at all times be under the sole dominion and control of the
Administrative Agent. Each Loan Party hereby acknowledges and agrees that (i)&nbsp;such Loan Party has
no right of withdrawal from the Concentration Account, (ii)&nbsp;the funds on deposit in the
Concentration Account shall at all times continue to be collateral security for all of the
Obligations, and (iii)&nbsp;the funds on deposit in the Concentration Account shall be applied as
provided in this Agreement. In the event that, notwithstanding the provisions of this Section
6.15, during the continuation of a Cash Dominion Event, any Loan Party receives or otherwise has
dominion and control of any such proceeds or collections related to Collateral, such proceeds and
collections shall be held in trust by such Loan Party for the Administrative Agent, shall not be commingled with any of
such Loan Party&#146;s other
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">funds or deposited in any account of such Loan Party and shall promptly be
deposited into the Concentration Account or dealt with in such other fashion as such Loan Party may
be instructed by the Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;So long as no Cash Dominion Event has occurred and is continuing, the Loan Parties may
direct, and shall have sole control over, the manner of disposition of funds in the Blocked
Accounts.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Any amounts received in the Concentration Account at any time when all of the Obligations
then due have been and remain fully repaid shall be remitted to the operating account of the Loan
Parties.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The Administrative Agent shall promptly (but in any event within one Business Day) furnish
written notice to each Person with whom a Blocked Account is maintained of any termination of a
Cash Dominion Event.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;Within one hundred twenty (120)&nbsp;days after the Closing Date (or such longer period as the
Administrative Agent may agree in its sole reasonable discretion), each Loan Party shall deliver to
the Collateral Agent notifications (each, a &#147;<B>Credit Card Notification</B>&#148;) in form and substance
reasonably satisfactory to the Collateral Agent which have been executed on behalf of such Loan
Party and addressed to such Loan Party&#146;s credit card clearinghouses and processors. Each Credit
Card Notification shall provide, among other things, that during the continuance of a Cash Dominion
Event (and after receipt of notice thereof from the Administrative Agent), all amounts owing to a
Loan Party and constituting proceeds of Collateral shall be forwarded immediately to the
Concentration Account.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;The following shall apply to deposits and payments under and pursuant to this Agreement:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Funds shall be deemed to have been deposited to the Concentration Account on the
Business Day on which deposited, <I>provided </I>that such deposit is available to the
Administrative Agent by 4:00 p.m. on that Business Day (except that if the Obligations are
being paid in full, by 2:00 p.m. New York City time, on that Business Day);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Funds paid to the Administrative Agent, other than by deposit to the Concentration
Account, shall be deemed to have been received on the Business Day when they are good and
collected funds, <I>provided </I>that such payment is available to the Administrative Agent by 4:00
p.m. on that Business Day (except that if the Obligations are being paid in full, by 2:00
p.m. New York City time, on that Business Day);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If a deposit to the Concentration Account or payment is not available to the
Administrative Agent until after 4:00 p.m. on a Business Day, such deposit or payment shall
be deemed to have been made at 9:00 a.m. on the then next Business Day;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If any item deposited to the Concentration Account and credited to the Loan
Account is dishonored or returned unpaid for any reason, whether or not such return is
rightful or timely, the Administrative Agent shall have the right to reverse such credit and
charge the amount of such item to the applicable Loan Account and the Borrowers shall
indemnify the Secured Parties against all reasonable out-of-pocket claims and losses
resulting from such dishonor or return;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) All amounts received under this Section&nbsp;6.15 shall be applied in the manner set
forth in Section&nbsp;8.03.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.16. <U>License Subsidiaries</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Use commercially reasonable efforts to ensure that all material Broadcast Licenses
obtained on or after the Closing Date are held at all times by one or more Retained Existing Notes
Indenture Unrestricted License Subsidiaries; <I>provided</I>, <I>however</I>, such requirement will not apply if
holding any Broadcast License
in a Retained Existing Notes Indenture Unrestricted License Subsidiary (i)&nbsp;is reasonably
likely to have material
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">adverse tax, operational, or strategic consequences to the Parent Borrower
or any Restricted Subsidiaries (as determined in good faith by the Parent Borrower) or (ii)
requires any approval of the FCC or any other Governmental Authority that has not been obtained
(the Parent Borrower agreeing to use commercially reasonable efforts to obtain any such approval).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Ensure that each License Subsidiary engages only in the business of holding Broadcast
Licenses and rights and activities related thereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Ensure that the FCC Authorizations held by each License Subsidiary are not (i)&nbsp;commingled
with the property of any Borrower and any Subsidiary thereof other than another License Subsidiary,
or (ii)&nbsp;transferred by such License Subsidiary to the Parent Borrower or any Restricted Subsidiary
(other than any other License Subsidiary), except in connection with a Disposition permitted under
Section&nbsp;7.05.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Ensure that no License Subsidiary has any Indebtedness or other material liabilities
except (a)&nbsp;liabilities arising under the Loan Documents to which it is a party and (b)&nbsp;trade
payables incurred in the ordinary course of business, tax liabilities incidental to ownership of
such rights and other liabilities incurred in the ordinary course of business, including those in
connection with agreements necessary or desirable to operate a Broadcast Station, including
retransmission consent, affiliation, programming, syndication, time brokerage, joint sales, lease
and similar agreements.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Negative Covenants</B></U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From and after the Closing Date, so long as any Lender shall have any Commitment hereunder,
any Loan or other Obligation (other than Cash Management Obligations or Hedging Obligations)
hereunder which is accrued and payable shall remain unpaid or unsatisfied, or any Letter of Credit
shall remain outstanding (unless the Outstanding Amount of the L/C Obligations related thereto has
been Cash Collateralized or, if satisfactory to the relevant L/C Issuer in its sole discretion, a
backstop letter of credit is in place), the Parent Borrower shall not, nor shall the Parent
Borrower permit any Restricted Subsidiary to, directly or indirectly:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.01. <U>Liens</U>. Create, incur, assume or suffer to exist any Lien upon any of
its property, assets or revenues, whether now owned or hereafter acquired, other than the following
(collectively, &#147;<B>Permitted Liens</B>&#148;):
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Liens created pursuant to any Loan Document;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Liens existing on the Specified Date, <I>provided </I>that any Lien securing Indebtedness in
excess of (x) $5,000,000 individually or (y) $10,000,000 in the aggregate (when taken together with
all other Liens outstanding in reliance on this clause (b)&nbsp;that are not set forth on Schedule
7.01(b) shall only be permitted in reliance on this clause (b)&nbsp;to the extent that such Lien is
listed on <U>Schedule&nbsp;7.01(b)</U>;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Liens for taxes, assessments or governmental charges that are not overdue for a period of
more than thirty (30)&nbsp;days or that are being contested in good faith and by appropriate actions for
which appropriate reserves have been established in accordance with GAAP;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;statutory or common law Liens of landlords, carriers, warehousemen, mechanics,
materialmen, repairmen, construction contractors or other like Liens, so long as, in each case,
such Liens arise in the ordinary course of business;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i)&nbsp;pledges or deposits in the ordinary course of business in connection with workers&#146;
compensation, unemployment insurance and other social security legislation and (ii)&nbsp;pledges and
deposits in the ordinary course of business securing liability for reimbursement or indemnification
obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance
carriers providing property, casualty or liability insurance to the Parent Borrower or any
Restricted Subsidiary;
</DIV>



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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;deposits to secure the performance of bids, trade contracts, governmental contracts and
leases (other than Indebtedness for borrowed money), statutory obligations, surety, stay, customs
and appeal bonds, performance bonds and other obligations of a like nature (including those to
secure health, safety and environmental obligations) incurred in the ordinary course of business;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;easements, rights-of-way, restrictions (including zoning restrictions), encroachments,
protrusions and other similar encumbrances and minor title defects affecting real property that, in
the aggregate, do not materially interfere with the ordinary conduct of the business of the Parent
Borrower and its Restricted Subsidiaries and any title exceptions referred to in Schedule&nbsp;B to the
applicable Mortgage Policies (as defined in the CF Credit Agreement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Liens arising from judgments or orders for the payment of money not constituting an Event
of Default under Section&nbsp;8.01(g);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Liens securing Indebtedness permitted under Section&nbsp;7.03(e); <I>provided </I>that (A)&nbsp;such Liens
attach concurrently with or within two hundred and seventy (270)&nbsp;days after completion of the
acquisition, construction, repair, replacement or improvement (as applicable) of the property
subject to such Liens, (B)&nbsp;such Liens do not at any time encumber any property other than the
property financed by such Indebtedness, replacements thereof and additions and accessions to such
property and the proceeds and the products thereof and customary security deposits and (C)&nbsp;with
respect to Capitalized Leases, such Liens do not at any time extend to or cover any assets (except
for additions and accessions to such assets, replacements and proceeds and products thereof and
customary security deposits) other than the assets subject to such Capitalized Leases; <I>provided</I>
that individual financings of equipment provided by one lender may be cross-collateralized to other
financings of equipment provided by such lender;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;leases, licenses, subleases or sublicenses granted to others in the ordinary course of
business which do not (i)&nbsp;interfere in any material respect with the business of the Parent
Borrower and its Restricted Subsidiaries, taken as a whole, or (ii)&nbsp;secure any Indebtedness;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;Liens in favor of customs and revenue authorities arising as a matter of law to secure
payment of customs duties in connection with the importation of goods in the ordinary course of
business;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;Liens (i)&nbsp;of a collection bank arising under Section&nbsp;4-210 of the Uniform Commercial Code
on the items in the course of collection, (ii)&nbsp;attaching to commodity trading accounts or other
commodities brokerage accounts incurred in the ordinary course of business and not for speculative
purposes and (iii)&nbsp;in favor of a banking or other financial institution arising as a matter of law
encumbering deposits or other funds maintained with a financial institution (including the right of
set off) and that are within the general parameters customary in the banking industry;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;Liens (i)&nbsp;on cash advances in favor of the seller of any property to be acquired in an
Investment permitted pursuant to Section&nbsp;7.02(j) or Section&nbsp;7.02(p) to be applied against the
purchase price for such Investment or (ii)&nbsp;consisting of an agreement to Dispose of any property in
a Disposition permitted under Section&nbsp;7.05;
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Liens on assets of CCOH and its Restricted Subsidiaries securing Indebtedness
permitted under Section&nbsp;7.03(s);
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;Liens in favor of a Loan Party securing Indebtedness permitted under Section&nbsp;7.03(d);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;Liens existing on property at the time of its acquisition or existing on the property of
any Person at the time such Person becomes a Restricted Subsidiary (other than by designation as a
Restricted Subsidiary pursuant to Section&nbsp;6.14), in each case after the date hereof (other than
Liens on the Equity Interests of any Person that becomes a Restricted Subsidiary); <I>provided </I>that (i)&nbsp;such Lien was not created in
contemplation of such acquisition or such Person becoming a Restricted Subsidiary, (ii)&nbsp;such Lien
does not extend to or cover any other assets or property (other than the proceeds or products
thereof and other than after-acquired property subjected to a
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Lien securing Indebtedness and other
obligations incurred prior to such time and which Indebtedness and other obligations are permitted
hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property,
it being understood that such requirement shall not be permitted to apply to any property to which
such requirement would not have applied but for such acquisition), and (iii)&nbsp;the Indebtedness
secured thereby is permitted under Section&nbsp;7.03(e) or (g);
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any interest or title of a lessor, sublessor, licensor or sublicensor or secured by
a lessor&#146;s, sublessor&#146;s, licensor&#146;s or sublicensor&#146;s interest under leases or licenses
entered into by the Parent Borrower or any of the Restricted Subsidiaries in the ordinary
course of business;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;Liens arising out of conditional sale, title retention, consignment or similar
arrangements for sale of goods entered into by the Parent Borrower or any of the Restricted
Subsidiaries as tenant, subtenant, licensee or sublicensee in the ordinary course of business;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;Liens deemed to exist in connection with Investments in repurchase agreements under
Section&nbsp;7.02 and reasonable customary initial deposits and margin deposits and similar Liens
attaching to commodity trading accounts or other brokerage accounts maintained in the ordinary
course of business and not for speculative purposes;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;Liens that are contractual rights of setoff (i)&nbsp;relating to the establishment of
depository relations with banks or other financial institutions not given in connection with the
issuance of Indebtedness, (ii)&nbsp;relating to pooled deposit or sweep accounts of the Parent Borrower
or any of the Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations
incurred in the ordinary course of business of the Parent Borrower and the Restricted Subsidiaries
or (iii)&nbsp;relating to purchase orders and other agreements entered into with customers of the Parent
Borrower or any of the Restricted Subsidiaries in the ordinary course of business;
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens solely on any cash earnest money deposits made by the Parent Borrower or any
of the Restricted Subsidiaries in connection with any letter of intent or purchase agreement
permitted hereunder;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) &#091;Reserved&#093;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) ground leases in respect of real property on which facilities owned or leased by
the Parent Borrower or any of its Subsidiaries are located;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;Liens arising from precautionary Uniform Commercial Code financing statement or similar
filings;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;Liens on insurance policies and the proceeds thereof securing the financing of the
premiums with respect thereto;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;Liens on the Receivables Collateral securing Indebtedness and other obligations under the
CF Credit Agreement and CF Facility Documentation (or any Permitted Refinancing in respect
thereof); <I>provided </I>such Liens on any Collateral are subject to the Intercreditor Agreement (or, in
the case of any Permitted Refinancing thereof, another intercreditor agreement containing terms
that are at least as favorable to the Secured Parties as those contained in the Intercreditor
Agreement);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;Liens granted by any Securitization Entity on any Securitization Assets or accounts into
which collections or proceeds of Securitization Assets are deposited, in each case arising in
connection with a Qualified Securitization Financing;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;any zoning or similar law or right reserved to or vested in any Governmental Authority to
control or regulate the use of any real property that does not materially interfere with the
ordinary conduct of the business of the Parent Borrower and its Restricted Subsidiaries, taken as a
whole;
</DIV>



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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;Liens on specific items of inventory or other goods and the proceeds thereof securing
such Person&#146;s obligations in respect of documentary letters of credit or banker&#146;s acceptances
issued or created for the account of such Person to facilitate the purchase, shipment or storage of
such inventory or goods;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;the modification, replacement, renewal or extension of any Lien permitted by clause (b),
(i)&nbsp;or (p)&nbsp;of this Section&nbsp;7.01; <I>provided </I>that (i)&nbsp;the Lien does not extend to any additional
property other than (A)&nbsp;after-acquired property that is affixed or incorporated into the property
covered by such Lien or financed by Indebtedness permitted under Section&nbsp;7.03 and otherwise
permitted to be secured under this Section&nbsp;7.01, and (B)&nbsp;proceeds and products thereof, and (ii)
the renewal, extension or refinancing of the obligations secured or benefited by such Liens is
permitted by Section&nbsp;7.03;
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) other Liens securing Indebtedness or other obligations in an aggregate principal
amount at any time outstanding not to exceed $50,000,000 determined as of the date of
incurrence; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) Liens on property of any Restricted Subsidiary that is not a Loan Party securing
Indebtedness of such Restricted Subsidiary permitted pursuant to Section&nbsp;7.03(b), 7.03(f),
7.03(g), 7.03(h), 7.03(n), 7.03(o), 7.03(r), 7.03(s), 7.03(cc) or 7.03(dd).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, (x)&nbsp;until the Existing Notes Condition shall have been
satisfied, the Parent Borrower shall not, and shall not permit any Restricted Subsidiary to,
create, incur, assume or suffer to exist any Lien upon any of its properties, assets or revenues,
whether now owned or hereafter acquired, to secure any Existing Notes, (y)&nbsp;the Parent Borrower
shall not, and shall not permit any Subsidiary (as defined in the Retained Existing Notes
Indenture) to, create, incur, assume or suffer to exist any Lien upon any stock or indebtedness of
any Retained Existing Notes Indenture Restricted Subsidiaries or any Principal Properties (as
defined in the CF Credit Agreement) of the Parent Borrower or any Subsidiary (as defined in the
Retained Existing Notes Indenture), whether now owned or hereafter acquired, securing Retained
Existing Notes Indenture Debt (other than (i)&nbsp;Liens securing the obligations under the CF
Facilities, (ii)&nbsp;Liens permitted by Section&nbsp;6.11(f) of the CF Credit Agreement, (iii)&nbsp;Liens
permitted by this Section&nbsp;7.01 to the extent constituting &#147;Permitted Mortgages&#148; (as defined in the
Retained Existing Notes Indenture) referenced in clause (i)&nbsp;of the second paragraph of Section&nbsp;1006
of the Retained Existing Notes Indenture and (iv)&nbsp;Mortgages (as defined in the Retained Existing
Notes Indenture) upon stock or indebtedness of any corporation existing at the time such
corporation becomes a Subsidiary, or existing upon stock or indebtedness of a Subsidiary at the
time of acquisition of such stock or indebtedness, and any extension, renewal or replacement (or
successive extensions, renewals or replacements) in whole or in part of any such Mortgage) and (z)
the Parent Borrower shall not, and shall not permit any Subsidiary (as defined in the Retained
Existing Notes Indenture) to, enter into a Sale-Leaseback Transaction (as defined in the Retained
Existing Notes Indenture) that is not permitted by the first sentence of Section&nbsp;1007 of the
Retained Existing Notes Indenture
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.02. <U>Investments</U>. Make any Investments, except:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Investments by the Parent Borrower or any of its Restricted Subsidiaries in assets that
were Cash Equivalents when such Investment was made;
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) loans or advances to officers, directors and employees of Holdings (or any direct
or indirect parent thereof), the Parent Borrower or any Restricted Subsidiary (i)&nbsp;for
reasonable and customary business-related travel, entertainment, relocation and other
business purposes in the ordinary course of business or in accordance with previous
practice, (ii)&nbsp;in connection with such Person&#146;s purchase of Equity Interests of Holdings (or
any direct or indirect parent thereof); <I>provided </I>that, to the extent such loans or advances
are made in cash, the amount of such loans and advances used to acquire such Equity
Interests shall be contributed to the Parent Borrower in cash and (iii)&nbsp;for purposes not
described in the foregoing clauses (i)&nbsp;and (ii), in an aggregate principal amount
outstanding under this clause (iii)&nbsp;not to exceed $20,000,000;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investments in the CCU Term Note, and any modification, replacement, renewal,
reinvestment or extension thereof in accordance with Section&nbsp;7.12(c);
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Investments (i)&nbsp;by the Parent Borrower or any Restricted Subsidiary that is a U.S. Loan
Party in the Parent Borrower or any Restricted Subsidiary that is a U.S. Loan Party, (ii)&nbsp;by any
Non-Loan Party in any other Non-Loan Party that is a Restricted Subsidiary, (iii)&nbsp;by any Non-Loan
Party in the Parent Borrower or any Restricted Subsidiary that is a Loan Party, (iv)&nbsp;by any Foreign
Loan Party in any other Foreign Loan Party, (v)&nbsp;by any Loan Party in any Restricted Subsidiary that
is not a U.S. Loan Party; <I>provided </I>that the aggregate amount of Investments made pursuant to this
clause (v)&nbsp;when aggregated with all Investments made pursuant to Section&nbsp;7.02(j)(B) shall not
exceed at any time outstanding the sum of (x)&nbsp;the greater of $500,000,000 and 1.5% of Total Assets
at the time of such Investment and (y)&nbsp;the Available Amount at such time and (vi)&nbsp;by the Parent
Borrower or any Restricted Subsidiary (A)&nbsp;in any Foreign Subsidiary, constituting an exchange of
Equity Interests of such Foreign Subsidiary for Indebtedness or Equity Interests or a combination
thereof of such Foreign Subsidiary or another Foreign Subsidiary so long as such exchange does not
adversely affect the Collateral, (B)&nbsp;in any Foreign Subsidiary, constituting an exchange of Equity
Interests of such Foreign Subsidiary for Indebtedness of such Foreign Subsidiary or (C)
constituting Guarantees of Indebtedness or other monetary obligations of Foreign Subsidiaries owing
to any Loan Party;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Investments consisting of extensions of credit in the nature of accounts receivable or
notes receivable arising from the grant of trade credit in the ordinary course of business, and
Investments received in satisfaction or partial satisfaction thereof from financially troubled
account debtors and other credits to suppliers in the ordinary course of business;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Investments consisting of Liens, Indebtedness, transactions of the type subject to Section
7.04, Dispositions, Restricted Payments and prepayments, redemptions, purchases, defeasances or
other satisfactions of Indebtedness permitted under Sections&nbsp;7.01, 7.03 (other than Section
7.03(d)), 7.04, 7.05 (other than Sections&nbsp;7.05(d) or (e)), 7.06 (other than Section&nbsp;7.06(d)) and
7.12, respectively;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Investments existing on the Specified Date (other than the CCU Term Note) or made pursuant
to legally binding written contracts in existence on the date hereof and set forth on <U>Schedule
7.02(g)</U> and any modification, replacement, renewal, reinvestment or extension of any of the
foregoing, to the extent permitted; <I>provided </I>that the amount of any Investment permitted pursuant
to this Section&nbsp;7.02(g) is not increased from the amount of such Investment on the Specified Date
except pursuant to the terms of such Investment as of the Specified Date or as otherwise permitted
by another clause of this Section&nbsp;7.02;<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Investments in Swap Contracts permitted under Section&nbsp;7.03;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;promissory notes and other non-cash consideration received in connection with Dispositions
permitted by Section&nbsp;7.05;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;the purchase or other acquisition of property and assets or businesses of any Person or of
assets constituting a business unit, a line of business or division of such Person, or Equity
Interests in a Person that, upon the consummation thereof, will be a wholly-owned Subsidiary of the
Parent Borrower (except to the extent permitted by subclause (B)&nbsp;below) (including as a result of a
merger, amalgamation or consolidation); <I>provided </I>that, with respect to each purchase or other
acquisition made pursuant to this Section&nbsp;7.02(j) (each, a &#147;<B>Permitted Acquisition</B>&#148;):
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to the extent required by the Collateral and Guarantee Requirement and the
Collateral Documents, the property, assets and businesses acquired in such purchase
or other acquisition shall constitute Collateral and each applicable Loan Party and
any such newly created or acquired Subsidiary (and, to the extent required under the
Collateral and Guarantee Requirement, the Subsidiaries of such created or acquired
Subsidiary) shall be Guarantors and shall have complied with the requirements of
Section&nbsp;6.11, within the times specified therein (for the avoidance of doubt, this
clause (A)&nbsp;shall not override any provisions of the Collateral and Guarantee
Requirement);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the aggregate amount of Investments made in Persons that do not become U.S.
Loan Parties pursuant to this clause (j), when aggregated with all Investments made
pursuant to Section&nbsp;7.02(d)(iv), shall not exceed at any time outstanding the sum of
(i)&nbsp;the greater of
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">$500,000,000 and 1.5% of Total Assets at the time of such
Permitted Acquisition and (ii)&nbsp;the Available Amount at such time;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the acquired property, assets, business or Person is in a business
permitted under Section&nbsp;7.07;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) immediately before and immediately after giving effect to any such purchase
or other acquisition, no Default shall have occurred and be continuing; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the Parent Borrower shall have delivered to the Administrative Agent, on
behalf of the Lenders, no later than five (5)&nbsp;Business Days after the date on which
any such purchase or other acquisition is consummated, a certificate of a
Responsible Officer, certifying that all of the requirements set forth in this
clause (j)&nbsp;have been satisfied or will be satisfied on or prior to the consummation
of such purchase or other acquisition;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;the Transactions;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;Investments in the ordinary course of business consisting of Uniform Commercial Code
Article&nbsp;3 endorsements for collection or deposit and Article&nbsp;4 customary trade arrangements with
customers consistent with past practices;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;Investments (including debt obligations and Equity Interests) received in connection with
the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent
obligations of, or other disputes with, customers and suppliers arising in the ordinary course of
business or upon the foreclosure with respect to any secured Investment or other transfer of title
with respect to any secured Investment;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;loans and advances to Holdings (or any direct or indirect parent thereof) in lieu of, and
not in excess of the amount of (after giving effect to any other loans, advances or Restricted
Payments in respect thereof), Restricted Payments to the extent permitted to be made to Holdings
(or such direct or indirect parent) in accordance with Section&nbsp;7.06(f), (g)&nbsp;or (l)&nbsp;so long as such
amounts are counted as Restricted Payments for purposes of such clauses;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (i)(A) Investments in a Securitization Entity in connection with a Qualified
Securitization Financing; <I>provided </I>that any such Investment in a Securitization Entity is in the
form of a contribution of additional Securitization Assets or as customary Investments in a
Securitization Entity in connection with a Qualified Securitization Financing, and (ii)
distributions or payments of Securitization Fees and purchases of Securitization Assets pursuant to
a Securitization Repurchase Obligation in connection with a Qualified Securitization Financing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;other Investments that do not exceed in the aggregate at any time outstanding the sum of
(i)&nbsp;the greater of $900,000,000 and 3.0% of the Total Assets determined as of the date of such
Investment and (ii)&nbsp;the Available Amount at such time; <I>provided</I>, <I>however</I>, that the foregoing amount
may be increased, to the extent not otherwise included in the determination of the Available
Amount, an amount equal to any repayments, interest, returns, profits, distributions, income and
similar amounts actually received in cash in respect of any Investment pursuant to this clause (p)
(which amount referred to in this sentence shall not exceed the amount of such Investment valued at
the Fair Market Value of such Investment at the time such Investment was made); <I>provided further</I>,
<I>however</I>, that if the Parent Borrower or any of its Restricted Subsidiaries make any Investments in
Equity Interests of CCOH pursuant to this clause (p)&nbsp;that is a CCOH 90% Investment, upon CCOH and
its wholly-owned Restricted Subsidiaries which are Material Domestic Subsidiaries and not Excluded
Subsidiaries becoming. Subsidiary Guarantors and otherwise complying with Section&nbsp;6.11, such
Investments shall be deemed to be have been made pursuant to Section&nbsp;7.02(v)(ii) (and Investments
made by CCOH and its Subsidiaries which are Subsidiary Guarantors shall be deemed to have been
retroactively made by Loan Parties) and the amount previously utilized in connection with such
Investment under this clause (p)&nbsp;shall be restored;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;advances of payroll payments to employees in the ordinary course of business;
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;Investments to the extent that payment for such Investments is made solely with Equity
Interests of Holdings (or by any direct or indirect parent thereof);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;Investments held by a Restricted Subsidiary acquired after the Closing Date in a
transaction otherwise permitted under this Section&nbsp;7.02 or of a Person merged or amalgamated with
or into the Parent Borrower or merged, amalgamated or consolidated with a Restricted Subsidiary in
accordance with Section&nbsp;7.04 after the Closing Date to the extent that such Investments were not
made in contemplation of or in connection with such acquisition, merger, amalgamation or
consolidation and were in existence on the date of such acquisition, merger, amalgamation or
consolidation;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;Guarantees by the Parent Borrower or any of its Restricted Subsidiaries of leases (other
than Capitalized Leases) or of other obligations that do not constitute Indebtedness, in each case
entered into in the ordinary course of business;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;for the avoidance of doubt to avoid double counting, Investments made by any Restricted
Subsidiary that is not a Loan Party to the extent such Investments are financed with the proceeds
received by such Restricted Subsidiary from an Investment made pursuant to clauses (d)(v), (j)(B)
or (p)&nbsp;of this Section&nbsp;7.02;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;Investments (i)&nbsp;in CCOH and its Restricted Subsidiaries pursuant to the CCOH Cash
Management Arrangements and (ii)&nbsp;in CCOH constituting the acquisition of outstanding Equity
Interests of CCOH not owned by the Parent Borrower and the Restricted Subsidiaries (whether by
tender offer, open market purchase, merger or otherwise) so long as after giving effect to such
acquisition, CCOH and its wholly-owned Restricted Subsidiaries which are Material Domestic
Subsidiaries and not Excluded Subsidiaries become Subsidiary Guarantors hereunder and otherwise
comply with Section&nbsp;6.11;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) (i)&nbsp;cash Investments in any Foreign Subsidiary that is a Non-Loan Party by any Loan Party
to the extent returned in the form of a cash dividend, distribution or other payment substantially
concurrently with such cash Investment or (ii)&nbsp;non-cash Investments in any Foreign Subsidiary that
is a Non-Loan Party by any Loan Party in the form of intercompany debt issued to such Loan Party in
exchange for Equity Interests of another Foreign Subsidiary that is a Non-Loan Party that was held
by such Loan Party, in each case, consummated on or before the second anniversary of the Closing
Date in order to effect a corporate restructuring to improve the efficiency of repatriation of
foreign cash flows; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;Investments in non-wholly-owned Restricted Subsidiaries, joint ventures (regardless of the
legal form) and Unrestricted Subsidiaries not to exceed in the aggregate at any one time
outstanding the greater of $300,000,000 and 1.0% of Total Assets at the time of such Investment;
and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;Investments consisting of extensions of credit in the nature of accounts receivable or
notes receivable arising from the grant of trade credit in the ordinary course of business, and
Investments received in satisfaction or partial satisfaction thereof from financially troubled
account debtors and other credits to suppliers in the ordinary course of business.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, until the Existing Notes Condition shall have been satisfied,
the Parent Borrower shall not directly acquire any material operating assets or Broadcast Licenses
that are not promptly contributed to one or more Restricted Subsidiaries, other than (i)&nbsp;Equity
Interests of Restricted Subsidiaries that are Subsidiary Guarantors or (ii)&nbsp;any wireless radio
licenses used for intercompany communications and satellite earth station authorizations used for
reception and transmission of programming or other communications; <I>provided</I>, <I>however</I>, such
requirement will not apply if the acquisition of such operating assets or Broadcast Licenses by a
Restricted Subsidiary (A)&nbsp;is reasonably likely to have material adverse tax, operational, or
strategic consequences to the Parent Borrower or any Restricted Subsidiaries (as determined in good
faith by the Parent Borrower) or (B)&nbsp;requires any approval of the FCC or any other Governmental
Authority that has not been obtained (the Parent Borrower agreeing to use commercially reasonable
efforts to obtain any such approval).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.03. <U>Indebtedness</U>. Create, incur, assume or suffer to exist any
Indebtedness, other than:
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Indebtedness of the Parent Borrower and the Restricted Subsidiaries under the Loan
Documents;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)&nbsp;Indebtedness existing on the Specified Date; <I>provided </I>that any Indebtedness (other
than Indebtedness refinanced on the Closing Date in connection with the Transactions) that is in
excess of (x) $5,000,000 individually or (y) $10,000,000 in the aggregate (when taken together with
all other Indebtedness outstanding in reliance on this clause (b)&nbsp;that is not set forth on Schedule
7.03(b)) shall only be permitted under this clause (b)&nbsp;to the extent that such Indebtedness is set
forth on <U>Schedule&nbsp;7.03(b)</U> and any Permitted Refinancing thereof and (ii)&nbsp;intercompany
Indebtedness outstanding on the Closing Date hereof and any Permitted Refinancing thereof; <I>provided</I>
that all such Indebtedness (other than the Parent Borrower Obligor Cash Management Note) of any
Loan Party owed to any Person that is not a Loan Party shall be unsecured and subordinated to the
Obligations pursuant to an intercompany note reasonably satisfactory to the Administrative Agent;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Guarantees by the Parent Borrower or any of its Restricted Subsidiaries in respect of
Indebtedness of the Parent Borrower or any of its Restricted Subsidiaries otherwise permitted
hereunder (except that a Restricted Subsidiary that is not a Loan Party may not, by virtue of this
Section&nbsp;7.03(c), Guarantee Indebtedness that such Restricted Subsidiary could not otherwise incur
under this Section&nbsp;7.03); <I>provided </I>that (A)&nbsp;no Guarantee by any Restricted Subsidiary of any Junior
Financing shall be permitted unless such Restricted Subsidiary shall have also provided a Guaranty
of the Obligations substantially on the terms set forth in the Guaranty and (B)&nbsp;if the Indebtedness
being Guaranteed is subordinated to the Obligations, such Guaranty shall be subordinated to the
Guarantee of the Obligations on terms at least as favorable to the Lenders as those contained in
the subordination of such Indebtedness; <I>provided </I>that, in any event, any Guaranty of the New Senior
Notes or Permitted Additional Notes shall be subordinated to the Guarantee of the Obligations on
terms at least as favorable to the Lenders as those contained in the New Senior Notes Indenture on
the Closing Date;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Indebtedness of the Parent Borrower or any of its Restricted Subsidiaries owing to the
Parent Borrower or any other Restricted Subsidiary to the extent constituting an Investment
permitted by Section&nbsp;7.02; provided that all such Indebtedness of any Loan Party owed to any Person
that is not a Loan Party (other than the Parent Borrower Obligor Cash Management Note) shall be
unsecured and subordinated to the Obligations pursuant to an intercompany note reasonably
satisfactory to the Administrative Agent;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i)&nbsp;Attributable Indebtedness and other Indebtedness (including Capitalized Leases)
financing the acquisition, construction, repair, replacement or improvement of fixed or capital
assets; provided that such Indebtedness is incurred concurrently with or within two hundred and
seventy (270)&nbsp;days after the applicable acquisition, construction, repair, replacement or
improvement, (ii)&nbsp;Attributable Indebtedness arising out of sale-leaseback transactions, and
(iii)&nbsp;Indebtedness arising under Capitalized Leases other than those in effect on the Specified
Date or entered into pursuant to subclauses (i)&nbsp;and (ii)&nbsp;of this clause (e)&nbsp;and, in the case of
clauses (i), (ii)&nbsp;and (iii), any Permitted Refinancing thereof; provided that not more than
$150,000,000 in aggregate principal amount of Indebtedness incurred pursuant to this paragraph (e)
shall be outstanding at any time;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Indebtedness in respect of Swap Contracts designed to hedge against interest rates,
foreign exchange rates or commodities pricing risks and not for speculative purposes and Guarantees
thereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) &#091;Reserved&#093;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Indebtedness assumed in connection with any Permitted Acquisition: <I>provided </I>that such
Indebtedness is not incurred in contemplation of such acquisition, and any Permitted Refinancing of
any of the foregoing and so long as the aggregate principal amount of such Indebtedness and all
Indebtedness resulting from any Permitted Refinancing thereof at any time outstanding pursuant to
this paragraph (h)&nbsp;does not exceed $250,000,000, determined at the time of incurrence;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &#091;Reserved&#093;;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;Indebtedness representing deferred compensation to employees of the Parent Borrower or any
of its Subsidiaries incurred in the ordinary course of business;
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;Indebtedness to current or former officers, directors, managers, consultants and
employees, their Controlled Investment Affiliates or Immediate Family Members to finance the
purchase or redemption of Equity Interests of Holdings (or any direct or indirect parent thereof)
permitted by Section&nbsp;7.06;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;Indebtedness arising from agreements of the Parent Borrower or a Restricted Subsidiary
providing for indemnification, adjustment of purchase price or similar obligations, in each case,
incurred or assumed in connection with the disposition of any business, assets or a Subsidiary,
other than Guarantees of Indebtedness incurred by any Person acquiring all or any portion of such
business or assets or a Subsidiary for the purpose of financing such acquisition; <I>provided</I>,
<I>however</I>, that such Indebtedness is not reflected on the balance sheet (other than by application of
FASB Interpretation No.&nbsp;45 as a result of an amendment to an obligation in existence on the Closing
Date) of the Parent Borrower or any Restricted Subsidiary (contingent obligations referred to in a
footnote to financial statements and not otherwise reflected on the balance sheet will not be
deemed to be reflected on such balance sheet for purposes of this clause (l));
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) &#091;Reserved&#093;;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;Cash Management Obligations and other Indebtedness in respect of netting services,
automatic clearinghouse arrangements, overdraft protections, employee credit card programs and
other cash management and similar arrangements in the ordinary course of business and any
Guarantees thereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;Indebtedness in an aggregate principal amount at any time outstanding not to exceed
$1,000,000,000;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;Indebtedness consisting of (i)&nbsp;the financing of insurance premiums or (ii)&nbsp;take-or-pay
obligations contained in supply arrangements, in each case, in the ordinary course of business;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;Indebtedness incurred by the Parent Borrower or any of its Restricted Subsidiaries in
respect of letters of credit, bank guarantees, bankers&#146; acceptances, warehouse receipts or similar
instruments issued or created in the ordinary course of business or consistent with past practice,
including in respect of workers compensation claims, health, disability or other employee benefits
or property, casualty or liability insurance or self-insurance or other Indebtedness with respect
to reimbursement-type obligations regarding workers compensation claims;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;obligations in respect of performance, bid, appeal and surety bonds and performance and
completion guarantees and similar obligations provided by the Parent Borrower or any of the
Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar
instruments related thereto, in each case in the ordinary course of business or consistent with
past practice;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;Indebtedness of CCOH and its Restricted Subsidiaries, the proceeds of which are solely
used to refinance the CCU Term Note, <I>provided </I>that the Net Cash Proceeds from such repayment is
applied to prepay the CF Facilities to the extent required by the CF Credit Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;Indebtedness under the CF Facilities and any Permitted Refinancing thereof in an aggregate
principal amount not to exceed the aggregate principal amount of commitment under the CF Facilities
on the Closing date plus any Incremental Loans (as defined under the CF Facilities);
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) (i)&nbsp;Indebtedness and Guarantees by Guarantors in respect of the New Senior Notes in
an aggregate principal amount not to exceed $2,310,000,000 <I>plus </I>the PIK Interest Amount and
(ii)&nbsp;any Permitted Refinancing thereof;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) &#091;Reserved&#093;;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;all premiums (if any), interest (including post-petition interest), fees, expenses,
charges and additional or contingent interest on obligations described in clauses (a)&nbsp;through (u)
above and (x)&nbsp;through (aa)&nbsp;below;
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;Guarantees incurred in the ordinary course of business in respect of obligations not
constituting Indebtedness to suppliers, customers, franchisees, lessors and licensees;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;Indebtedness incurred in the ordinary course of business in respect of obligations of the
Parent Borrower or any Restricted Subsidiary to pay the deferred purchase price of goods or
services or progress payments in connection with such goods and services;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;Indebtedness in respect of (i)&nbsp;Permitted Additional Notes provided the Net Cash Proceeds
therefrom are immediately after the receipt thereof, used to prepay the CF Facilities to the extent
required by the CF Credit Agreement and (ii)&nbsp;any Permitted Refinancing of the foregoing;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;Indebtedness supported by a Letter of Credit, in a principal amount not to exceed the
face amount of such Letter of Credit;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;Indebtedness consisting of obligations of the Parent Borrower and its Restricted
Subsidiaries under deferred compensation to employees or other similar arrangements incurred by
such Person in connection with the Transactions, any Permitted Acquisition or any other Investment
expressly permitted hereunder;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;Indebtedness incurred by a Securitization Entity in a Qualified Securitization Financing
that is not recourse (except for Standard Securitization Undertakings) to Holdings or any of its
Subsidiaries or the Parent Borrower or any of its Subsidiaries (other than another Securitization
Entity); and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;Indebtedness of any Non-Loan Party that is a Restricted Subsidiary in an amount not to
exceed $400,000,000 at any one time outstanding.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, no Restricted Subsidiary that is not a Loan Party will
guarantee any Indebtedness for borrowed money of a Loan Party unless such Restricted Subsidiary
becomes a Subsidiary Guarantor. In addition, notwithstanding the foregoing, (i)&nbsp;Restricted
Subsidiaries that are not Loan Parties may not incur Indebtedness pursuant to, without duplication,
the first paragraph of this Section and clauses (g), (h)&nbsp;and (o)&nbsp;of this Section in an aggregate
combined principal amount at any time outstanding in excess of $500,000,000 in each case determined
at the time of incurrence and (ii)&nbsp;until the Existing Notes Condition shall have been satisfied,
(A)&nbsp;the Parent Borrower shall not, and shall not permit any Restricted Subsidiary to, create,
incur, assume or suffer to exist any Guarantee of the Existing Notes and (B)&nbsp;all Indebtedness owed
to the Parent Borrower by any Subsidiary Guarantor (other than the Parent Borrower Obligor Cash
Management Note) shall be unsecured and subordinated to the Obligations pursuant to an intercompany
note reasonably satisfactory to the Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of determining compliance with any Dollar-denominated restriction on the
incurrence of Indebtedness, the Dollar-equivalent principal amount of Indebtedness denominated in a
foreign currency shall be calculated based on the relevant currency exchange rate in effect on the
date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of
revolving credit debt; <I>provided </I>that if such Indebtedness is incurred to extend, replace, refund,
refinance, renew or defease other Indebtedness denominated in a foreign currency, and such
extension, replacement, refunding, refinancing, renewal or defeasance would cause the applicable
Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate
in effect on the date of such extension, replacement, refunding, refinancing, renewal or
defeasance, such Dollar-denominated restriction shall be deemed not to have been exceeded so long
as the principal amount of such refinancing Indebtedness does not exceed the principal amount of
such Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased plus the
aggregate amount of fees, underwriting discounts, premiums and other costs and expenses incurred in
connection with such refinancing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accrual of interest, the accretion of accreted value and the payment of interest in the
form of additional Indebtedness shall not be deemed to be an incurrence of Indebtedness for
purposes of this Section&nbsp;7.03. The principal amount of any non-interest bearing Indebtedness or other discount security
constituting Indebtedness at any date shall be the principal amount thereof that would be
shown on a balance sheet of the Parent Borrower dated such date prepared in accordance with GAAP.
</DIV>



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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.04. <U>Fundamental Changes</U>. Merge, dissolve, liquidate, consolidate with or into another
Person, or Dispose of (whether in one transaction or in a series of transactions) all or
substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any
Person, except that:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Holdings or any Restricted Subsidiary may merge or consolidate with the Parent Borrower
(including a merger, the purpose of which is to reorganize the Parent Borrower into a new
jurisdiction); <I>provided </I>that (x)&nbsp;the Parent Borrower shall be the continuing or surviving Person,
(y)&nbsp;such merger or consolidation does not result in the Parent Borrower ceasing to be incorporated
under the Laws of the United States, any state thereof or the District of Columbia and (z)&nbsp;in the
case of a merger or consolidation of Holdings with and into the Parent Borrower, Holdings shall
have no direct Subsidiaries at the time of such merger or consolidation other than the Parent
Borrower and, after giving effect to such merger or consolidation, the direct parent of the Parent
Borrower shall expressly assume all the obligations of Holdings under this Agreement and the other
Loan Documents to which Holdings is a party pursuant to a supplement hereto or thereto in form
reasonably satisfactory to the Administrative Agent and, for the avoidance of doubt, the Equity
Interests of the Parent Borrower shall be pledged as Collateral;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)&nbsp;any Restricted Subsidiary that is not a Loan Party may merge or consolidate with or
into any other Restricted Subsidiary of the Parent Borrower that is not a Loan Party and (ii)&nbsp;any
Restricted Subsidiary may liquidate or dissolve or change its legal form if the Parent Borrower
determines in good faith that such action is in the best interests of the Parent Borrower and its
Restricted Subsidiaries and if not materially disadvantageous to the Lenders;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;any Restricted Subsidiary may Dispose of all or substantially all of its assets (upon
voluntary liquidation or otherwise) to the Parent Borrower or another Restricted Subsidiary;
<I>provided </I>that if the transferor in such a transaction is a Loan Party, then the transferee must be
a Loan Party;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;so long as no Default exists or would result therefrom,
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent Borrower may merge with any other Person; <I>provided </I>that (i)&nbsp;the Parent
Borrower shall be the continuing or surviving corporation or (ii)&nbsp;if the Person formed by or
surviving any such merger or consolidation is not the Parent Borrower (any such Person, the
&#147;<B>Successor Parent Borrower</B>&#148;), (A)&nbsp;the Successor Parent Borrower shall be an entity organized
or existing under the laws of the United States, any state thereof, the District of Columbia
or any territory thereof, (B)&nbsp;the Successor Parent Borrower shall expressly assume all the
obligations of the Parent Borrower under this Agreement and the other Loan Documents to
which the Parent Borrower is a party pursuant to a supplement hereto or thereto in form
reasonably satisfactory to the Administrative Agent, (C)&nbsp;each Guarantor, unless it is the
other party to such merger or consolidation, shall have by a supplement to the Guaranty
confirmed that its Guarantee of the Obligations shall apply to the Successor Parent
Borrower&#146;s obligations under this Agreement, (D)&nbsp;each Loan Party, unless it is the other
party to such merger or consolidation, shall have by a supplement to each Security Agreement
confirmed that its obligations thereunder shall apply to the Successor Parent Borrower&#146;s
obligations under this Agreement, and (E)&nbsp;the Parent Borrower shall have delivered to the
Administrative Agent an officer&#146;s certificate and an opinion of counsel, each stating that
such merger or consolidation and such supplement to this Agreement or any Collateral
Document comply with this Agreement; <I>provided</I>, <I>further</I>, that if the foregoing are satisfied,
the Successor Parent Borrower will succeed to, and be substituted for, the Parent Borrower
under this Agreement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (x)&nbsp;any Subsidiary Borrower may merge with any other Subsidiary Borrower and (y)
any Subsidiary Borrower may merge with any other Person (other than a Subsidiary Borrower);
<I>provided </I>that (i)&nbsp;such Subsidiary Borrower shall be the continuing or surviving corporation
or (ii)&nbsp;if the Person formed by or surviving any such merger or consolidation is not such
Subsidiary Borrower (any such Person, each a &#147;<B>Successor Subsidiary Borrower</B>&#148;), (A)&nbsp;the
Successor Subsidiary Borrower shall be an entity organized or existing under the laws of the
United States, any state thereof, the District of Columbia or any territory thereof, (B)&nbsp;the
Successor Subsidiary Borrower shall expressly assume all the obligations of the relevant
Subsidiary Borrower under this Agreement and the other Loan Documents to which such
Subsidiary Borrower is a party pursuant to a supplement hereto or thereto in form reasonably
satisfactory to the Administrative Agent, (C)&nbsp;each Guarantor, unless it is the other party
to such merger or consolidation, shall have by a supplement to the Guaranty confirmed that
its Guarantee of the Obligations shall apply to such Successor
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Subsidiary Borrower&#146;s obligations under this Agreement, (D)&nbsp;each Loan Party, unless it
is the other party to such merger or consolidation, shall have by a supplement to each
Security Agreement confirmed that its obligations thereunder shall apply to such Successor
Subsidiary Borrower&#146;s obligations under this Agreement, and (E)&nbsp;the relevant Subsidiary
Borrower shall have delivered to the Administrative Agent an officer&#146;s certificate and an
opinion of counsel, each stating that such merger or consolidation and such supplement to
this Agreement or any Collateral Document comply with this Agreement; <I>provided</I>, <I>further</I>,
that if the foregoing are satisfied, such Successor Subsidiary Borrower will succeed to, and
be substituted for, the relevant Subsidiary Borrower under this Agreement;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;so long as no Default exists or would result therefrom, any Restricted Subsidiary that is
not a Borrower may merge or consolidate with any other Person (i)&nbsp;in order to effect an Investment
permitted pursuant to Section&nbsp;7.02 or (ii)&nbsp;for any other purpose; <I>provided </I>that (A)&nbsp;the continuing
or surviving Person shall be the Parent Borrower or a Restricted Subsidiary, which together with
each of its Restricted Subsidiaries, shall have complied with the applicable requirements of
Section&nbsp;6.11; and (B)&nbsp;in the case of subclause (ii)&nbsp;only, if the merger or consolidation involves a
Guarantor and such Guarantor is not the surviving Person, the surviving Restricted Subsidiary shall
expressly assume all the obligations of such Guarantor under this Agreement and the other Loan
Documents to which such Guarantor is a party pursuant to a supplement hereto or thereto in form
reasonably satisfactory to the Administrative Agent;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;the Merger may be consummated; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;so long as no Default exists or would result therefrom, a merger, dissolution,
liquidation, consolidation or Disposition, the purpose of which is to effect a Disposition
permitted pursuant to Section&nbsp;7.05.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, (A)&nbsp;until the Existing Notes Condition shall have been
satisfied, the Parent Borrower shall not permit any Restricted Subsidiary to transfer to the Parent
Borrower any material operating assets or Broadcast Licenses, other than (i)&nbsp;Equity Interests of
Restricted Subsidiaries which are Subsidiary Guarantors or (ii)&nbsp;any wireless radio licenses used
for intercompany communications and satellite earth station authorizations used for reception and
transmission of programming or other communications; <I>provided </I>that a Restricted Subsidiary may
transfer any such assets to the Parent Borrower if (x)&nbsp;the failure to do so is reasonably likely to
have material adverse tax, operational, or strategic consequences to the Parent Borrower or any
Restricted Subsidiaries (as determined in good faith by the Parent Borrower) or (y)&nbsp;required by the
FCC or any other Governmental Authority (the Parent Borrower agreeing to use commercially
reasonable efforts to obtain a waiver of such requirement) and (B)&nbsp;the Parent Borrower shall not,
transfer or participate any interests under any CCU Term Note other than to a Loan Party.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.05. <U>Dispositions</U>. Make any Disposition or enter into any agreement to make any
Disposition, except:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Dispositions of obsolete, worn out, used or surplus property, whether now owned or
hereafter acquired, in the ordinary course of business and Dispositions of property no longer used
or useful in the conduct of the business of the Parent Borrower and the Restricted Subsidiaries;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Dispositions of inventory, goods held for sale in the ordinary course of business and
immaterial assets (including allowing any registrations or any applications for registration of any
IP Rights to lapse or go abandoned in the ordinary course of business);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Dispositions of property to the extent that (i)&nbsp;such property is exchanged for credit
against the purchase price of similar replacement property or (ii)&nbsp;the proceeds of such Disposition
are applied to the purchase price of such similar replacement property (which replacement property
is actually promptly purchased); <I>provided </I>that to the extent the property being transferred
constitutes Collateral, such replacement property shall be made subject to the Lien of the
Collateral Documents;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Dispositions of property to the Parent Borrower or a Restricted Subsidiary; <I>provided </I>that
if the transferor of such property is a Loan Party (i)&nbsp;the transferee thereof must be a Loan Party,
and to the extent
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">such property is Collateral, it shall continue to constitute Collateral after such Disposition
or (ii)&nbsp;to the extent such transaction constitutes an Investment, such transaction is permitted
under Section&nbsp;7.02;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Dispositions permitted by Sections&nbsp;7.02, 7.04, 7.06 and 7.12 and Liens permitted by
Section&nbsp;7.01;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Dispositions of property (i)&nbsp;owned on the Closing Date that does not constitute Collateral
pursuant to sale-leaseback transactions; <I>provided </I>that all Net Cash Proceeds thereof shall be
applied to prepay the CF Facilities to the extent required by the CF Credit Agreement, and (ii)
acquired after the Closing Date that does not constitute Collateral pursuant to sale-leaseback
transactions;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Dispositions of Cash Equivalents;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;leases, subleases, licenses or sublicenses (including the provision of software under an
open source license) (other than FCC Authorizations) and LMA&#146;s, in each case in the ordinary course
of business and which do not materially interfere with the business of the Parent Borrower and the
Restricted Subsidiaries, taken as a whole;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;transfers of property subject to Casualty Events upon receipt of the Net Cash Proceeds of
such Casualty Event;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;Dispositions of property not otherwise permitted under this Section&nbsp;7.05; <I>provided </I>that
(i)&nbsp;at the time of such Disposition (other than any such Disposition made pursuant to a legally
binding commitment entered into at a time when no Default exists), no Default shall exist or would
result from such Disposition; (ii)&nbsp;the aggregate Fair Market Value of property Disposed of
pursuant to this clause (j)&nbsp;shall not exceed $900,000,000 since the Closing Date and (iii)&nbsp;with
respect to any Disposition pursuant to this clause (j)&nbsp;for a purchase price in excess of
$50,000,000, the Parent Borrower or any of the Restricted Subsidiaries shall receive not less than
75% of such consideration in the form of cash or Cash Equivalents (in each case, free and clear of
all Liens at the time received, other than nonconsensual Liens permitted by Section&nbsp;7.01 and Liens
permitted by Sections&nbsp;7.01(a), (l)&nbsp;and (s)&nbsp;and clauses (i)&nbsp;and (ii)&nbsp;of Section&nbsp;7.01(t)); <I>provided</I>,
<I>however</I>, that for the purposes of this clause (iii), (A)&nbsp;any liabilities (as shown on the Parent
Borrower&#146;s or such Restricted Subsidiary&#146;s most recent balance sheet provided hereunder or in the
footnotes thereto) of the Parent Borrower or such Restricted Subsidiary, other than liabilities
that are by their terms subordinated to the payment in cash of the Obligations, that are assumed by
the transferee with respect to the applicable Disposition and for which all of the Restricted
Subsidiaries shall have been validly released by all applicable creditors in writing, (B)&nbsp;any
securities received by such Restricted Subsidiary from such transferee that are converted by such
Restricted Subsidiary into cash (to the extent of the cash received) within 180&nbsp;days following the
closing of the applicable Disposition and (C)&nbsp;any Designated Non-Cash Consideration received in
respect of such Disposition having an aggregate Fair Market Value, taken together with all other
Designated Non-Cash Consideration received pursuant to this clause (C)&nbsp;that is at that time
outstanding, not in excess of $300,000,000 at the time of the receipt of such Designated Non-Cash
Consideration, with the Fair Market Value of each item of Designated Non-Cash Consideration being
measured at the time received and without giving effect to subsequent changes in value, shall be
deemed to be cash;.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;Dispositions of the Specified Assets; provided that the Net Cash Proceeds in respect
thereof shall be applied to prepay the CF Facilities to the extent required by the CF Credit
Agreement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;Dispositions of Investments in joint ventures to the extent required by, or made pursuant
to customary buy/sell arrangements between, the joint venture parties set forth in joint venture
arrangements and similar binding arrangements;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;Dispositions of accounts receivable in connection with the collection or compromise
thereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;any issuance or sale of Equity Interests in, or Indebtedness or other securities of, an
Unrestricted Subsidiary;
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;Dispositions of all or any part of the assets listed on <U>Schedule&nbsp;7.05(o)</U>,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;Dispositions of all or any part of the assets listed on <U>Schedule&nbsp;7.05(p)</U>;
<I>provided</I>, <I>however</I>, that the Net Cash Proceeds (for the avoidance of doubt, after giving effect to
clause (D)&nbsp;of the definition of &#147;Net Cash Proceeds&#148;, if applicable) of Dispositions pursuant to
this Section&nbsp;7.05(p) shall be applied to prepay the CF Facilities in accordance with the CF Credit
Agreement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;Dispositions of Securitization Assets to a Securitization Entity in connection with a
Qualified Securitization Financing <I>provided</I>, <I>however</I>, that the Net Cash Proceeds (for the avoidance
of doubt, after giving effect to clause (D)&nbsp;of the definition of &#147;Net Cash Proceeds&#148;, if
applicable) of Dispositions pursuant to this Section&nbsp;7.05(q) shall be applied to prepay the CF
Facilities in accordance with the CF Credit Agreement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;the unwinding of any Swap Contract;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) (i)&nbsp;Permitted Asset Swap allowable under Section&nbsp;1031 of the Code and (ii)&nbsp;other Permitted
Asset Swaps with a Fair Market Value not to exceed $50,000,000 in any calendar year; <I>provided </I>that,
in the case of clause (i)&nbsp;or (ii), the portion of the consideration received in exchange for the
disposed asset in the form of Cash Equivalents shall constitute proceeds of a Disposition subject
to Section&nbsp;2.05; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;Dispositions of the Divestiture Assets and any other asset required to be Disposed of by
the FCC or other Governmental Authorities under applicable Laws.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><I>provided </I>that any Disposition of any property pursuant to this Section&nbsp;7.05 (except pursuant to
Sections&nbsp;7.05(d), 7.05(e), 7.05(i), 7.05(l), and 7.05(m)) shall be for no less than the Fair Market
Value of such property at the time of such Disposition. To the extent any Collateral is Disposed
of as expressly permitted by this Section&nbsp;7.05 to any Person other than a Loan Party, such
Collateral shall be sold free and clear of the Liens created by the Loan Documents, and, if
requested by the Administrative Agent, upon the certification by the Parent Borrower that such
Disposition is permitted by this Agreement, the Administrative Agent shall be authorized to take
any actions deemed appropriate in order to effect the foregoing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, (A)&nbsp;until the Existing Notes Condition shall have been
satisfied, the Parent Borrower shall not permit any Restricted Subsidiary to transfer to the Parent
Borrower any material operating assets or Broadcast Licenses, other than (i)&nbsp;Equity Interests of
Restricted Subsidiaries which are Loan Parties or (ii)&nbsp;any wireless radio licenses used for
intercompany communications and satellite earth station authorizations used for reception and
transmission of programming or other communications; <I>provided </I>that a Restricted Subsidiary may
transfer any such assets to the Parent Borrower if (x)&nbsp;the failure to do so is reasonably likely to
have material adverse tax, operational, or strategic consequences to the Parent Borrower or any
Restricted Subsidiaries (as determined in good faith by the Parent Borrower) or (y)&nbsp;required by the
FCC or any other Governmental Authority (the Parent Borrower agreeing to use commercially
reasonable efforts to obtain a waiver of such requirement) and (B)&nbsp;the Parent Borrower shall not,
transfer or participate any interests under any CCU Term Note other than to a Loan Party.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.06. <U>Restricted Payments</U>. Declare or make, directly or indirectly, any Restricted Payment,
except:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;each Restricted Subsidiary may make Restricted Payments to the Parent Borrower and to its
other Restricted Subsidiaries (and, in the case of a Restricted Payment by a non-wholly-owned
Restricted Subsidiary, to the Parent Borrower and any of its other Restricted Subsidiaries and to
each other owner of Equity Interests of such Restricted Subsidiary based on their relative
ownership interests of the relevant class of Equity Interests);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)&nbsp;the Parent Borrower may redeem in whole or in part any of its Equity Interests for
another class of Equity Interests or rights to acquire its Equity Interests or with proceeds from
substantially concurrent equity contributions or issuances of new Equity Interests, <I>provided </I>that
any terms and provisions material to the interests of the Lenders, when taken as a whole, contained
in such other class of Equity Interests are at least as
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">advantageous to the Lenders as those contained in the Equity Interests redeemed thereby or (ii)
the Parent Borrower and each of its Restricted Subsidiaries may declare and make dividend payments
or other distributions payable solely in the Equity Interests (other than Disqualified Equity
Interests not otherwise permitted by Section&nbsp;7.03) of such Person;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Restricted Payments made on the Closing Date to consummate the Transactions (including any
amounts to be paid under, or contemplated by, the Merger Agreement) and the fees and expenses
related thereto owed to Affiliates, including any payment to holders of Equity Interests of the
Parent Borrower (immediately prior to giving effect to the Transactions) in connection with, or as
a result of, their exercise of appraisal rights and the settlement of any claims or actions
(whether actual, contingent or potential) with respect thereto;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;to the extent constituting Restricted Payments, the Parent Borrower and the Restricted
Subsidiaries may enter into and consummate transactions expressly permitted by any provision of
Section&nbsp;7.02 (other than Section&nbsp;7.02(n)), 7.04 (other than a merger or consolidation of Holdings
and the Parent Borrower) or 7.08 (other than Section&nbsp;7.08(a) or (j));
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;repurchases of Equity Interests in Parent, the Parent Borrower or any of the Restricted
Subsidiaries deemed to occur upon exercise of stock options or warrants if such Equity Interests
represent a portion of the exercise price of such options or warrants;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;the Parent Borrower may pay (or make Restricted Payments to allow any direct or indirect
parent thereof to pay) for the repurchase, retirement or other acquisition or retirement for value
of Equity Interests of the Parent Borrower (or of any such direct or indirect parent of the Parent
Borrower) by any future, present or former employee, director, officer, manager or consultant (or
any Controlled Investment Affiliate or Immediate Family Member thereof) of the Parent Borrower (or
any direct or indirect parent of the Parent Borrower) or any of its Subsidiaries upon the death,
disability, retirement or termination of employment of any such Person or otherwise pursuant to any
employee or director equity plan, employee or director stock option plan or any other employee or
director benefit plan or any agreement (including any stock subscription or shareholder agreement)
with any future, present or former employee, director, officer, manager or consultant of the Parent
Borrower (or any direct or indirect parent of the Parent Borrower) or any of its Subsidiaries
(including, for the avoidance of doubt, any principal and interest payable on any notes issued by
the Parent Borrower (or of any direct or indirect parent of the Parent Borrower) in connection with
any such repurchase, retirement or other acquisition or retirement); <I>provided </I>that payments made
pursuant to this paragraph (f)&nbsp;may not exceed in any calendar year $50,000,000 with unused amounts
in any calendar year being carried over to succeeding calendar years subject to a maximum of
$75,000,000 in any calendar year; <I>provided </I>that any cancellation of Indebtedness owing to the
Parent Borrower in connection with and as consideration for a repurchase of Equity Interests of the
Parent Borrower (or any of its direct or indirect parents) shall not be deemed to constitute a
Restricted Payment for purposes of this clause (f); <I>provided </I>that such amount in any calendar year
may be increased by an amount not to exceed the sum of (1)&nbsp;the amount of Net Cash Proceeds of
Permitted Equity Issuances to employees, directors, officers, managers or consultants (or any
Controlled Investment Affiliate or Immediate Family Member thereof) of the Parent Borrower (or any
direct or indirect parent thereof) or any of its Subsidiaries that occurs after the Closing Date
plus (2)&nbsp;the net cash proceeds of key man life insurance policies received by the Parent Borrower
or any of its Restricted Subsidiaries after the Closing Date;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the Parent Borrower may make Restricted Payments to Holdings or to any direct or indirect
parent of Holdings:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the proceeds of which will be used to pay (or make Restricted Payments to allow any
direct or indirect parent thereof to pay) the tax liability (including additions to tax,
penalties and interests with respect thereto) to each foreign, federal, state or local
jurisdiction in respect of which a consolidated, combined, unitary or affiliated return is
filed by Holdings (or such direct or indirect parent) that includes the Parent Borrower
and/or any of its Subsidiaries, to the extent such tax liability (including additions to
tax, penalties and interest with respect thereto) does not exceed the lesser of (A)&nbsp;the
taxes that would have been payable by the Parent Borrower and/or its Restricted Subsidiaries
as a stand-alone group and (B)&nbsp;the actual tax liability (including additions to tax,
penalties and interest with respect thereto) of Holdings&#146; consolidated, combined, unitary or
affiliated group (or, if Holdings is not the parent of the actual group, the taxes that
would have been paid by Holdings, the Parent Borrower and/or the Parent Borrower&#146;s
Restricted
Subsidiaries as a stand-alone group), reduced by any such payments paid or to be paid
directly by the Parent Borrower or its Restricted Subsidiaries;
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the proceeds of which shall be used to pay (or make Restricted Payments to allow
any direct or indirect parent thereof to pay) its operating costs and expenses incurred in
the ordinary course of business and other overhead costs and expenses (including
administrative, legal, accounting and similar expenses provided by third parties), which are
reasonable and customary and incurred in the ordinary course of business, to the extent
attributable to the ownership or operations of the Parent Borrower and its Restricted
Subsidiaries;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the proceeds of which shall be used to pay (or make Restricted Payments to allow
any direct or indirect parent thereof to pay) franchise taxes and other fees, taxes and
expenses required to maintain its (or any of its direct or indirect parents&#146;) legal
existence;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to finance any Investment permitted to be made pursuant to Section&nbsp;7.02; <I>provided</I>
that (A)&nbsp;such Restricted Payment shall be made substantially concurrently with the closing
of such Investment and (B)&nbsp;the Parent Borrower shall, immediately following the closing
thereof, cause (1)&nbsp;all property acquired (whether assets or Equity Interests) to be
contributed to the Parent Borrower or a Restricted Subsidiary (or Loan Party if the
Investment would have been required to be made in a Loan Party under Section&nbsp;7.02) or (2)
the merger or amalgamation (to the extent not prohibited by Section&nbsp;7.04) of the Person
formed or acquired into the Parent Borrower or a Restricted Subsidiary (or Loan Party if the
Investment would have been required to be made in a Loan Party under Section&nbsp;7.02) in order
to consummate such Permitted Acquisition, in each case, in accordance with the applicable
requirements of Section&nbsp;6.11;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the proceeds of which shall be used to pay (or make Restricted Payments to allow
any direct or indirect parent thereof to pay) costs, fees and expenses (other than to
Affiliates) related to any equity or debt offering not prohibited by this Agreement (whether
or not successful) and directly attributable to the operation of the Parent Borrower and its
Restricted Subsidiaries; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the proceeds of which shall be used to pay customary salary, bonus and other
benefits payable to officers and employees of Holdings or any direct or indirect parent
company of Holdings to the extent such salaries, bonuses and other benefits are attributable
to the ownership or operation of the Parent Borrower and the Restricted Subsidiaries, only
to the extent such amounts are deducted, for the avoidance of doubt and notwithstanding
anything in this Agreement to the contrary, in calculating Consolidated EBITDA for any
period;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;the Parent Borrower or any of its Restricted Subsidiaries may (a)&nbsp;pay cash in lieu of
fractional Equity Interests in connection with any dividend, split or combination thereof or any
Permitted Acquisition and (b)&nbsp;honor any conversion request by a holder of convertible Indebtedness
and make cash payments in lieu of fractional shares in connection with any such conversion;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the payment of any dividend or distribution within 60&nbsp;days after the date of declaration
thereof, if at the date of declaration (i)&nbsp;such payment would have complied with the provisions of
this Agreement and (ii)&nbsp;no Event of Default occurred and was continuing;
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the declaration and payment of dividends on the Parent Borrower&#146;s common stock
following the first public offering of the Parent Borrower&#146;s common stock or the common
stock of any of its direct or indirect parents after the Closing Date, of up to 6% per annum
of the net proceeds received by or contributed to the Parent Borrower in or from any such
public offering, other than public offerings with respect to the Parent Borrower&#146;s common
stock registered on Form S-4 or Form S-8;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) purchases of Equity Interests of CCOH permitted by Section&nbsp;7.02(p) or Section
7.02(v)(ii); and
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;in addition to the forgoing Restricted Payments and so long as no Default shall have
occurred and be continuing or would result therefrom, the Parent Borrower may make additional
Restricted Payments in an aggregate amount, together with the aggregate amount of repayments,
prepayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings
made pursuant to Sections&nbsp;7.12(a)(vii), not to exceed the sum of (i)&nbsp;the greater of $400,000,000
and (ii)&nbsp;the Available Amount at such time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained in Article&nbsp;VII (including Sections&nbsp;7.02 and
7.12 and this Section&nbsp;7.06), the Parent Borrower shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly pay any cash dividend or make any cash
distribution on or in respect of the Parent Borrower&#146;s Equity Interests or purchase or otherwise
acquire for cash any Equity Interests of the Parent Borrower or any direct or indirect parent of
the Parent Borrower, for the purpose of directly or indirectly paying any cash dividend or making
any cash distribution to, or acquiring any Equity Interests of the Parent Borrower or any direct or
indirect parent of the Parent Borrower for cash from, the Sponsors, or guarantee any Indebtedness
of any Affiliate of the Parent Borrower for the purpose of paying such dividend, making such
distribution or so acquiring such Equity Interests to or from the Sponsors, in each case by means
of utilization of the cumulative dividend and investment credit provided by the use of the
Available Amount or the exceptions provided by Sections&nbsp;7.02(n) and (p), Sections&nbsp;7.06(i) and (l)
and Section&nbsp;7.12(a)(vii), unless (x)&nbsp;at the time and after giving effect to such payment, the Total
Leverage Ratio for the Test Period than last ended is less than 6.0 to 1.0 and (y)&nbsp;such payment is
other-wise in compliance with this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.07. <U>Change in Nature of Business</U>. Engage in any material line of business substantially
different from those lines of business conducted by the Parent Borrower and the Restricted
Subsidiaries on the Closing Date or any business reasonably related or ancillary thereto or
constituting a reasonable extension thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.08. <U>Transactions with Affiliates</U>. Enter into any transaction of any kind with any
Affiliate of the Parent Borrower, whether or not in the ordinary course of business, other than:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;transactions between or among the Parent Borrower or any of its Restricted Subsidiaries or
any entity that becomes a Restricted Subsidiary as a result of such transaction,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;transactions on terms substantially as favorable to the Parent Borrower or such Restricted
Subsidiary as would reasonably be obtainable by the Parent Borrower or such Restricted Subsidiary
at the time in a comparable arm&#146;s-length transaction with a Person other than an Affiliate,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Transactions and the payment of fees and expenses related to the Transactions,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the issuance of Equity Interests to any officer, director, employee or consultant of the
Parent Borrower or any of its Subsidiaries or any direct or indirect parent of the Parent Borrower
in connection with the Transactions,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;if, at the time of such payment and after giving effect so such payment, no Default or
Event of Default shall exist, the payment of management, consulting, monitoring, advisory and other
fees, indemnities and expenses to the Sponsors pursuant to the Sponsor Management Agreement (other
than any Sponsor Termination Fees), plus any unpaid management, consulting, monitoring, advisory
and other fees, indemnities and expenses accrued in any prior year,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Investments permitted under Section&nbsp;7.02,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;employment and severance arrangements between the Parent Borrower or any of its Restricted
Subsidiaries and their respective officers and employees in the ordinary course of business and
transactions pursuant to stock option plans and employee benefit plans and arrangements,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;the payment of reasonable and customary fees and compensation consistent with past
practice or industry practices and reasonable out-of-pocket costs to, and indemnities provided on
behalf of, directors,
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">officers, employees and consultants of the Parent Borrower and the Restricted Subsidiaries or
any direct or indirect parent of the Parent Borrower in the ordinary course of business to the
extent attributable to the ownership or operation of the Parent Borrower and the Restricted
Subsidiaries,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;any agreement, instrument or arrangement as in effect as of the Specified Date (other than
the Sponsor Management Agreement) and set forth on <U>Schedule&nbsp;7.08</U>, or any amendment thereto
(so long as any such amendment is not disadvantageous to the Lenders when taken as a whole in any
material respect as compared to the applicable agreement as in effect on the Specified Date as
reasonably determined in good faith by the board of directors of the Parent Borrower),
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;Restricted Payments permitted under Section&nbsp;7.06 and prepayments, redemptions, purchases,
defeasances and satisfactions of Indebtedness permitted under Section&nbsp;7.12,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) &#091;Reserved&#093;,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;transactions in which the Parent Borrower or any of the Restricted Subsidiaries, as the
case may be, delivers to the Administrative Agent a letter from an Independent Financial Advisor
stating that such transaction is fair to the Parent Borrower or such Restricted Subsidiary from a
financial point of view or meets the requirements of clause (b)&nbsp;of this Section&nbsp;7.08,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;transactions with customers, clients, suppliers, or purchasers or sellers of goods or
services, in each case in the ordinary course of business and otherwise in compliance with the
terms of this Agreement that are fair to the Parent Borrower and the Restricted Subsidiaries, in
the reasonable determination of the board of directors or the senior management of the Parent
Borrower, or are on terms at least as favorable as would reasonably have been obtained at such time
from an unaffiliated party,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;the issuance or transfer of Equity Interests (other than Disqualified Equity Interests) of
Parent to any Permitted Holder or to any former, current or future director, manager, officer,
employee or consultant (or any Controlled Investment Affiliate or Immediate Family Member thereof)
of the Parent Borrower, any of its Subsidiaries or any direct or indirect parent thereof,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;payments to or from, and transactions with, any joint venture in the ordinary course of
business, and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;investments by the Sponsors in loans or debt securities (other than any debt securities
issued in connection with the Transactions) of the Parent Borrower or any of its Restricted
Subsidiaries so long as (A)&nbsp;the investment is being offered generally to other investors on the
same or more favorable terms and (B)&nbsp;the investment constitutes less than 5.0% of the proposed or
outstanding issue amount of such class of loans or securities (it being understood and agreed that
any purchase by the Sponsors of any loans or debt securities of the Parent Borrower or any of its
Restricted Subsidiaries in secondary market transactions are not restricted by this Section&nbsp;7.08).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.09. <U>Burdensome Agreements</U>. Enter into or permit to exist any Contractual Obligation
(other than this Agreement or any other Loan Document) that limits the ability of (a)&nbsp;any
Restricted Subsidiary that is not a Loan Party to make Restricted Payments to any Loan Party (other
than Holdings) or (b)&nbsp;any Loan Party to create, incur, assume or suffer to exist Liens on property
of such Person for the benefit of the Lenders with respect to the Facility and the Obligations or
under the Loan Documents; <I>provided </I>that the foregoing clauses (a)&nbsp;and (b)&nbsp;shall not apply to
Contractual Obligations that:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A)&nbsp;exist on the Specified Date and (to the extent not otherwise permitted by this
Section&nbsp;7.09) are listed on <U>Schedule&nbsp;7.09</U> hereto and (B)&nbsp;to the extent Contractual
Obligations permitted by clause (A)&nbsp;are set forth in an agreement evidencing Indebtedness,
are set forth in any agreement evidencing any permitted modification, replacement, renewal,
extension or refinancing of such Indebtedness so long as such modification, replacement,
renewal, extension or refinancing does not expand the scope of such Contractual Obligation,
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are binding on a Restricted Subsidiary at the time such Restricted Subsidiary
first becomes a Restricted Subsidiary, so long as such Contractual Obligations were not
entered into in contemplation of such Person becoming a Restricted Subsidiary; <I>provided
further </I>that this clause (ii)&nbsp;shall not apply to Contractual Obligations that are binding on
a Person that becomes a Restricted Subsidiary pursuant to Section&nbsp;6.14,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) contracts for the sale of assets that impose restrictions on the assets to be
sold;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (a)&nbsp;with respect to clause (b)&nbsp;only, arise in connection with any Lien permitted
by Section&nbsp;7.01(a), (l), (s), (t)(i) or (t)(ii) and relate to the property subject to such
Lien or (b)&nbsp;arise in connection with any Disposition permitted by Section&nbsp;7.05,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) are customary provisions in joint venture agreements and other similar agreements
applicable to joint ventures permitted under Section&nbsp;7.02 and applicable solely to such
joint venture entered into in the ordinary course of business,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) are negative pledges and restrictions on Liens in favor of any holder of
Indebtedness permitted under Section&nbsp;7.03 but solely to the extent any negative pledge
relates to the property financed by or the subject of such Indebtedness (and excluding in
any event any Indebtedness constituting any Junior Financing or Retained Existing Notes) and
the proceeds and products thereof,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) are customary provisions contained in any leases, subleases, licenses,
sublicenses, LMAs or asset sale agreements otherwise permitted hereby so long as such
restrictions relate to the assets subject thereto, in each case, entered into in the
ordinary course of business,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) comprise restrictions imposed by any agreement relating to secured Indebtedness
permitted pursuant to Section&nbsp;7.03(e), 7.03(g) or 7.03(n)(as limited by the second paragraph
of Section&nbsp;7.03) (with respect to non-Loan Parties) to the extent that such restrictions
apply only to the property or assets securing such Indebtedness,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) are customary provisions restricting subletting or assignment of any lease
governing a leasehold interest of any Restricted Subsidiary,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) are customary provisions restricting assignment of any agreement entered into in
the ordinary course of business,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) are restrictions on cash or other deposits imposed by customers under contracts
entered into in the ordinary course of business,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) are customary restrictions contained in the CF Credit Agreement, the CF Facility
Documentation, any New Senior Notes, and any Permitted Refinancing of any of the foregoing,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) arise in connection with cash or other deposits permitted under Section&nbsp;7.01,
and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) are restrictions in any one or more agreements governing Indebtedness of a
Restricted Subsidiary that is not a Loan Party that is permitted to be incurred by Section
7.03.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.10. <U>Use of Proceeds</U>. Use the proceeds of any Credit Extension, whether directly or
indirectly, in a manner inconsistent with the uses set forth in the preliminary statements to this
Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.11. <U>Accounting Changes</U>. Make any change in fiscal year except to, upon written notice to
the Administrative Agent, change its fiscal year to any other fiscal year reasonably acceptable to
the Administrative Agent, in which case, the Parent Borrower and the Administrative Agent will, and
are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary
to reflect such change in fiscal year.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.12. <U>Prepayments, Etc. of Indebtedness</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity
thereof in any manner (it being understood that payments of regularly scheduled principal, interest
and mandatory prepayments shall be permitted) any New Senior Notes, any Retained Existing Notes,
any Permitted Additional Notes or any other Indebtedness (or guarantees in respect thereof) that is
subordinated to the Obligations expressly by its terms (other than Indebtedness among the Parent
Borrower and its Restricted Subsidiaries) (collectively, &#147;<B>Junior Financing</B>&#148;) except
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the refinancing thereof with the Net Cash Proceeds of any Permitted Refinancing;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the refinancing thereof with the Net Cash Proceeds of any Specified Equity
Contribution made substantially contemporaneously with such prepayment, redemption,
purchase, defeasance or other satisfaction;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) prepayments and redemptions of Repurchased Existing Notes.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on or after September&nbsp;30, 2015, so long as no Default has occurred and is
continuing, the Parent Borrower or a Restricted Subsidiary may redeem a portion of the New
Senior Toggle Notes in an aggregate principal amount equal to the product of (x) $30,000,000
and (y)&nbsp;a fraction (which, for the avoidance of doubt, cannot exceed one), the numerator of
which is the aggregate principal amount of such Indebtedness outstanding on such date for
United States federal income tax purposes and the denominator of which is $1,500,000,000;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) beginning on the fifth anniversary of the date of issuance of the New Senior Toggle
Notes, so long as no Default has occurred and is continuing, the Parent Borrower or a
Restricted Subsidiary may make &#147;AHYDO catch-up&#148; payments on such Indebtedness;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the conversion of any Junior Financing to Equity Interests (other than
Disqualified Equity Interests) of Parent or any of its direct or indirect parents;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) so long as no Default is continuing or would result therefrom, redemptions,
purchases, defeasances and other payments in respect of Junior Financings prior to their
scheduled maturity in an aggregate amount, together with the aggregate amount of Restricted
Payments made pursuant to Section&nbsp;7.06(l), not to exceed the sum of (1)&nbsp;the greater of
$550,000,000 or 1.75% of Total Assets at such time and (2)&nbsp;the Available Amount at such
time; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Parent Borrower may redeem, defease or discharge any AMFM Notes or
Designated 2010 Retained Existing Notes not purchased pursuant to the tender offers made in
connection with the Debt Repayment,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Parent Borrower may prepay, redeem, purchase (including pursuant to an offer
to purchase) Indebtedness outstanding under any New Senior Notes with the proceeds of any
asset disposition to the extent such proceeds are (i)&nbsp;not required to be used to prepay the
CF Facilities under the CF Credit Agreement and are not used to voluntarily prepay the CF
Facilities and (ii)&nbsp;required to be so applied under the New Senior Notes Indentures.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Make any payment in violation of any subordination terms of any Junior Financing
Documentation; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Amend, modify or change in any manner materially adverse to the interests of the Lenders
any term or condition of any Junior Financing Documentation, Retained Existing Notes Indenture, the
CCO Cash Management Arrangements, the CCU Notes or the CCO Intercompany Agreements, in each case
without the consent of the Administrative Agent and the Required Lenders (not to be unreasonably
withheld); it being understood and agreed that any extension of the CCO Cash Management
Arrangements, the CCU Notes or the CCO
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Intercompany Agreements or any change in the interest rate on the CCU Notes approved by the
Board of Directors of the Parent Borrower, will be deemed not to be materially adverse to the
interests of the Lenders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.13. <U>Equity Interests of Certain Restricted Subsidiaries and Unrestricted Subsidiaries</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Permit any Subsidiary that is a wholly-owned Restricted Subsidiary to become a
non-wholly-owned Subsidiary, unless (i)&nbsp;such Restricted Subsidiary continues to be a Guarantor,
(ii)&nbsp;in connection with a Disposition of all or substantially all of the assets or all or a portion
of the Equity Interests of such Restricted Subsidiary permitted by Section&nbsp;7.05, (iii)&nbsp;as a result
of the designation of such Restricted Subsidiary as an Unrestricted Subsidiary pursuant to Section
6.14 or (iv)&nbsp;the remaining Investment in such non-wholly-owned Subsidiary held by the Parent
Borrower or any Restricted Subsidiary is a permitted Investment under Section&nbsp;7.02 (valued at the
Fair Market Value of such Investment at the time such Investment is deemed made).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Until the Existing Notes Condition shall have been satisfied, permit the Equity Interests
of any Unrestricted Subsidiary to be owned by any Person other than (i)&nbsp;one or more Restricted
Subsidiaries; <I>provided </I>that if such Unrestricted Subsidiary is a Material Domestic Subsidiary, then
such Equity Interests shall only be owned by a Subsidiary Guarantor or (ii)&nbsp;other Unrestricted
Subsidiaries whose Equity Interest are owned by Persons permitted under this Section&nbsp;7.13(b).
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Events of Default and Remedies</B></U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.01. <U>Events of Default</U>. Each of the events referred to in clauses (a)&nbsp;through (l)&nbsp;of this
Section&nbsp;8.01 shall constitute an &#147;<B>Event of Default</B>&#148;:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>Non-Payment</I>. Any Borrower fails to pay (i)&nbsp;when and as required to be paid herein, any
amount of principal of any Loan, or (ii)&nbsp;within five (5)&nbsp;Business Days after the same becomes due,
any interest on any Loan or any other amount payable hereunder or with respect to any other Loan
Document; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Specific Covenants</I>. Any Borrower fails to perform or observe any term, covenant or
agreement contained in any of Sections&nbsp;6.03(a), 6.05(a) (solely with respect to any Borrower) or
6.13(b) or Article&nbsp;VII; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>Other Defaults</I>. (i)&nbsp;Any Borrower fails to perform or observe any covenant or agreement
contained in Section&nbsp;6.15 (other than any such failure resulting solely from actions taken by one
or more Persons not controlled directly or indirectly by the Parent Borrower or such Person&#146;s (or
Persons&#146;) failure to act in accordance with the instructions of the Parent Borrower or the
Administrative Agent) or Section&nbsp;6.01(e) and such failure continues unremedied for a period of at
least 15 Business Days after the earlier of (x)&nbsp;a Responsible Officer has obtained knowledge of
such default or (y)&nbsp;receipt by the Parent Borrower of written notice thereof from the
Administrative Agent or (ii)&nbsp;any Loan Party fails to perform or observe any other covenant or
agreement (not specified in Section&nbsp;8.01(a), (b)&nbsp;or (c)(i) above) contained in any Loan Document on
its part to be performed or observed and such failure continues for thirty (30)&nbsp;days after receipt
by the Parent Borrower of written notice thereof from the Administrative Agent; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <I>Representations and Warranties</I>. Any representation, warranty, certification or statement
of fact made or deemed made by any Loan Party herein, in any other Loan Document, or in any
document required to be delivered in connection herewith or therewith shall be untrue in any
material respect when made or deemed made; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <I>Cross-Default</I>. Any Loan Party or any Restricted Subsidiary (A)&nbsp;fails to make any payment
beyond the applicable grace period, if any, whether by scheduled maturity, required prepayment,
acceleration, demand, or otherwise, in respect of any Indebtedness (other than Indebtedness
hereunder) having an aggregate outstanding principal amount (individually or in the aggregate with
all other Indebtedness as to which such a failure
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">shall exist) of not less than the Threshold Amount, (B)&nbsp;fails to observe or perform any other
agreement or condition relating to any such Indebtedness (other than any such Indebtedness in
respect of the CF Facilities), or any other event occurs (other than with respect to any such
Indebtedness in respect of the CF Facilities and other than, with respect to Indebtedness
consisting of Swap Contracts, termination events or equivalent events pursuant to the terms of such
Swap Contracts), the effect of which default or other event is to cause, or to permit the holder or
holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders or
beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to
become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an
offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated
maturity; <I>provided </I>that this clause (e)(B) shall not apply to secured Indebtedness that becomes due
as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness,
if such sale or transfer is permitted hereunder; <I>provided further </I>that such failure is unremedied
and is not waived by the holders of such Indebtedness prior to any termination of the Commitments
or acceleration of the Loans pursuant to Section&nbsp;8.02 or (C)&nbsp;fails to observe or perform any other
agreement or condition relating to any Indebtedness in respect of the CF Facilities, or any other
event occurs with respect to the CF Facilities, and either (i)&nbsp;the holder or holders of such
Indebtedness (or the CF Administrative Agent on behalf of such holder or holders) cause such
Indebtedness to become due (automatically or otherwise) prior to its stated maturity or (ii)&nbsp;such
failure has not been cured or waived within 60&nbsp;days; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <I>Insolvency Proceedings, Etc</I>. Holdings, any Borrower or any Material Subsidiary institutes
or consents to the institution of any proceeding under any Debtor Relief Law, or makes an
assignment for the benefit of creditors; or applies for or consents to the appointment of any
receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative
receiver or similar officer for it or for all or any material part of its property; or any
receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative
receiver or similar officer is appointed without the application or consent of such Person and the
appointment continues undischarged or unstayed for sixty (60)&nbsp;calendar days; or any proceeding
under any Debtor Relief Law relating to any such Person or to all or any material part of its
property is instituted without the consent of such Person and continues undismissed or unstayed for
sixty (60)&nbsp;calendar days, or an order for relief is entered in any such proceeding; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <I>Judgments</I>. There is entered against any Loan Party or any Material Subsidiary a final
judgment or order for the payment of money in an aggregate amount exceeding the Threshold Amount
(to the extent not covered by independent third-party insurance as to which the insurer has been
notified of such judgment or order and has not denied or failed to acknowledge coverage thereof)
and such judgment or order shall not have been satisfied, vacated, discharged or stayed or bonded
pending an appeal for a period of sixty (60)&nbsp;consecutive days; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <I>ERISA</I>. (i)&nbsp;An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan
which has resulted or would reasonably be expected to result in liability of Holdings, any Borrower
or their respective ERISA Affiliates under Title IV of ERISA in an aggregate amount which would
reasonably be expected to result in a Material Adverse Effect, (ii)&nbsp;Holdings, any Borrower or any
of their respective ERISA Affiliates fails to pay when due, after the expiration of any applicable
grace period, any installment payment with respect to its Withdrawal Liability under Section&nbsp;4201
of ERISA under a Multiemployer Plan in an aggregate amount which would reasonably be expected to
result in a Material Adverse Effect, or (iii)&nbsp;with respect to a funded Foreign Plan a termination,
withdrawal or noncompliance with applicable law or plan terms that would reasonably be expected to
result in a Material Adverse Effect; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <I>Invalidity of Loan Documents</I>. Any material provision of any Loan Document, at any time
after its execution and delivery and for any reason other than as expressly permitted hereunder or
thereunder (including as a result of a transaction permitted under Section&nbsp;7.04 or 7.05) or as a
result of acts or omissions by the Administrative Agent or any Lender or the satisfaction in full
of all the Obligations, ceases to be in full force and effect; or any Loan Party contests in
writing the validity or enforceability of any provision of any Loan Document; or any Loan Party
denies in writing that it has any or further liability or obligation under any Loan Document (other
than as a result of repayment in full of the Obligations and termination of the Aggregate
Commitments), or purports in writing to revoke or rescind any Loan Document; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <I>Collateral Documents</I>. Any Collateral Document after delivery thereof pursuant to Section
6.11 shall for any reason (other than pursuant to the terms hereof or thereof including as a result
of a
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">transaction permitted under Section&nbsp;7.04 or 7.05) cease to create, or any Lien purported to be
created by any Collateral Document shall be asserted in writing by any Loan Party not to be, a
valid and perfected lien, with the priority required by the Collateral Documents (or other security
purported to be created on the applicable Collateral) on any material portion of the Collateral
purported to be covered thereby, subject to Liens permitted under Section&nbsp;7.01, except to the
extent that any such loss of perfection or priority results from the failure of the Administrative
Agent to file Uniform Commercial Code continuation statements; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <I>Junior Financing Documentation</I>. (i)&nbsp;Any of the Obligations of the Loan Parties under the
Loan Documents for any reason shall cease to be &#147;Senior Indebtedness&#148; or &#147;Guaranteed Senior
Indebtedness&#148; (or any comparable term) or &#147;Senior Secured Financing&#148; (or any comparable term)
under, and as defined in any Junior Financing Documentation governing Junior Financing with an
aggregate principal amount of not less than the Threshold Amount or (ii)&nbsp;the subordination
provisions set forth in any Junior Financing Documentation governing Junior Financing with an
aggregate principal amount of not less than the Threshold Amount shall, in whole or in part, cease
to be effective or cease to be legally valid, binding and enforceable against the holders of any
such Junior Financing, if applicable; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <I>Change of Control</I>. There occurs any Change of Control.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.02. <U>Remedies upon Event of Default</U>. If any Event of Default occurs and is continuing, the
Administrative Agent shall, at the request of the Required Lenders, take any or all of the
following actions:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;declare Commitments of each Lender and any obligation of the L/C Issuers to make L/C
Credit Extensions to be terminated, whereupon such Commitments and obligation shall be terminated;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;declare the unpaid principal amount of all outstanding Loans, all interest accrued and
unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document
to be immediately due and payable, without presentment, demand, protest or other notice of any
kind, all of which are hereby expressly waived by each Borrower;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;require that the Parent Borrower Cash Collateralize the L/C Obligations (in an amount
equal to the then Outstanding Amount thereof); and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;exercise on behalf of itself and the Lenders all rights and remedies available to it and
the Lenders under the Loan Documents or applicable Law;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><I>provided </I>that upon the occurrence of an actual or deemed entry of an order for relief with respect
to any Borrower under the Debtor Relief Laws, the Commitments of each Lender and any obligation of
the L/C Issuers to make L/C Credit Extensions shall automatically terminate, the unpaid principal
amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically
become due and payable, and the obligation of the Parent Borrower to Cash Collateralize the L/C
Obligations as aforesaid shall automatically become effective, in each case without further act of
the Administrative Agent or any Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.03. <U>Application of Funds</U>. Subject to the Intercreditor Agreement, after the exercise of
remedies provided for in Section&nbsp;8.02 (or after the Loans have automatically become immediately due
and payable and the L/C Obligations have automatically been required to be Cash Collateralized as
set forth in the proviso to Section&nbsp;8.02), any amounts received on account of the Obligations shall
be applied by the Administrative Agent in the following order:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>First</I>, to payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts (other than principal and interest, but including Attorney Costs
payable under Section&nbsp;10.04 and amounts payable under Article&nbsp;III) payable to the
Administrative Agent in its capacity as such;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Second</I>, to the payment of all Protective Advances
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Third, </I>to payment of that portion of the Obligations constituting fees, indemnities and
other amounts (other than principal and interest) payable to the Lenders (including Attorney
Costs payable under Section&nbsp;10.04 and amounts payable under Article&nbsp;III), ratably among them
in proportion to the amounts described in this clause Third payable to them;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Fourth</I>, to payment of that portion of the Obligations constituting accrued and unpaid
interest on the Loans and L/C Borrowings, ratably among the Lenders in proportion to the
respective amounts described in this clause Fourth payable to them;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Fifth</I>, to payment of that portion of the Obligations constituting unpaid principal of
the Loans and L/C Borrowings, and Cash Management Obligations, ratably among the Secured
Parties in proportion to the respective amounts described in this clause Fifth held by them;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Sixth</I>, to the Administrative Agent for the account of the L/C Issuers, to Cash
Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of
Letters of Credit;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Seventh</I>, to the payment of all other Obligations of the Loan Parties that are due and
payable to the Administrative Agent and the other Secured Parties on such date, ratably
based upon the respective aggregate amounts of all such Obligations owing to the
Administrative Agent and the other Secured Parties on such date; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Last</I>, the balance, if any, after all of the Obligations have been indefeasibly paid in
full, to the Parent Borrower or as otherwise required by Law.
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Subject to Section&nbsp;2.03(c), amounts used to Cash Collateralize the aggregate undrawn amount of
Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings under such
Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all
Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied
to the other Obligations, if any, in the order set forth above and, if no Obligations remain
outstanding, to the Parent Borrower.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IX</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Administrative Agent and Other Agents</B></U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.01. <U>Appointment and Authorization of the Administrative Agent</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each Lender hereby irrevocably appoints, designates and authorizes the Administrative
Agent to take such action on its behalf under the provisions of this Agreement and each other Loan
Document and to exercise such powers and perform such duties as are expressly delegated to it by
the terms of this Agreement or any other Loan Document, together with such powers as are reasonably
incidental thereto. Notwithstanding any provision to the contrary contained elsewhere herein or in
any other Loan Document, the Administrative Agent shall have no duties or responsibilities, except
those expressly set forth herein, nor shall the Administrative Agent have or be deemed to have any
fiduciary relationship with any Lender or participant, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other
Loan Document or otherwise exist against the Administrative Agent. Without limiting the generality
of the foregoing sentence, the use of the term &#147;agent&#148; herein and in the other Loan Documents with
reference to any Agent is not intended to connote any fiduciary or other implied (or express)
obligations arising under agency doctrine of any applicable Law. Instead, such term is used merely
as a matter of market custom, and is intended to create or reflect only an administrative
relationship between independent contracting parties. The provisions of this Article (other than
Sections&nbsp;9.10 and 9.12) are solely for the benefit of the Administrative Agent and the Lenders, and
neither any Borrower nor any other Loan Party shall have rights as a third party beneficiary of any
of such provisions.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit
issued by it and the documents associated therewith, and each such L/C Issuer shall have all of the
benefits and immunities (i)&nbsp;provided to the Administrative Agent in this Article&nbsp;IX with respect to
any acts taken or omissions suffered
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> by such L/C Issuer in connection with Letters of Credit issued by it or proposed to be
issued by it and the applications and agreements for letters of credit pertaining to such Letters
of Credit as fully as if the term &#147;Administrative Agent&#148; as used in this Article&nbsp;IX and in the
definition of &#147;Agent-Related Person&#148; included such L/C Issuer with respect to such acts or
omissions, and (ii)&nbsp;as additionally provided herein with respect to such L/C Issuer.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Administrative Agent shall also act as the &#147;collateral agent&#148; under the Loan
Documents, and each of the Lenders (in its capacities as a Lender, Swing Line Lender (if
applicable), L/C Issuer (if applicable) and a potential Hedge Bank and/or Cash Management Bank)
hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of (and to
hold any security interest created by the Collateral Documents for and on behalf of or on trust
for) such Lender and its Affiliates for purposes of acquiring, holding and enforcing any and all
Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together
with such powers and discretion as are reasonably incidental thereto. In this connection, the
Administrative Agent, as &#147;collateral agent&#148; (and any co-agents, sub-agents and attorneys-in-fact
appointed by the Administrative Agent pursuant to Section&nbsp;9.02 for purposes of holding or enforcing
any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for
exercising any rights and remedies thereunder at the direction of the Administrative Agent), shall
be entitled to the benefits of all provisions of this Article&nbsp;IX (including Section&nbsp;9.07, as though
such co-agents, sub-agents and attorneys-in-fact were the &#147;collateral agent&#148; under the Loan
Documents) as if set forth in full herein with respect thereto. Without limiting the generality of
the foregoing, the Lenders hereby expressly authorize the Administrative Agent to execute any and
all documents (including releases) with respect to the Collateral and the rights of the Secured
Parties with respect thereto (including the Intercreditor Agreement), as contemplated by and in
accordance with the provisions of this Agreement and the Collateral Documents and acknowledge and
agree that any such action by any Agent shall bind the Lenders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.02. <U>Delegation of Duties</U>. The Administrative Agent may execute any of its duties under
this Agreement or any other Loan Document (including for purposes of holding or enforcing any Lien
on the Collateral (or any portion thereof) granted under the Collateral Documents or of exercising
any rights and remedies thereunder) by or through agents, sub-agents, employees or
attorneys-in-fact as shall be deemed necessary by the Administrative Agent (other than to a
Disqualified Institution) and shall be entitled to advice of counsel and other consultants or
experts concerning all matters pertaining to such duties. Each such sub-agent and the Affiliates
of the Administrative Agent and each such sub-agent shall be entitled to the benefits of all
provisions of this Article&nbsp;IX and Sections&nbsp;10.04 and 10.05 (as though such sub-agents were the
&#147;Administrative Agent&#148; under the Loan Documents) as if set forth in full herein with respect
thereto. The Administrative Agent shall not be responsible for the negligence or misconduct of any
agent or sub-agent or attorney-in-fact that it selects in the absence of gross negligence or
willful misconduct (as determined in the final judgment of a court of competent jurisdiction).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.03. <U>Liability of Agents</U>. No Agent-Related Person shall (a)&nbsp;be liable for any action taken
or omitted to be taken by any of them under or in connection with this Agreement or any other Loan
Document or the transactions contemplated hereby (except for its own gross negligence or willful
misconduct, as determined by the final judgment of a court of competent jurisdiction, in connection
with its duties expressly set forth herein), or (b)&nbsp;be responsible in any manner to any Lender or
participant for any recital, statement, representation or warranty made by any Loan Party or any
officer thereof, contained herein or in any other Loan Document, or in any certificate, report,
statement or other document referred to or provided for in, or received by any Agent under or in
connection with, this Agreement or any other Loan Document, or the execution, validity,
effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan
Document, or the perfection or priority of any Lien or security interest created or purported to be
created under the Collateral Documents, or for any failure of any Loan Party or any other party to
any Loan Document to perform its obligations hereunder or thereunder. No Agent-Related Person
shall be under any obligation to any Lender or participant to ascertain or to inquire into (i)&nbsp;any
statement, warranty or representation made in or in connection with this Agreement or any other
Loan Document, (ii)&nbsp;the contents of any certificate, report or other document delivered hereunder
or thereunder or in connection herewith or therewith, (iii)&nbsp;the performance or observance of any of
the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv)&nbsp;the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document or the perfection
or priority of any Lien or security interest created or purported to be created by the Collateral
Documents, (v)&nbsp;the satisfaction of any condition set forth in Article&nbsp;IV or elsewhere herein, other
than to confirm receipt of items expressly required to be delivered to the Administrative Agent, or
(vi)&nbsp;or to inspect the properties, books or records of any Loan Party or any Affiliate thereof. No
Agent-Related Person shall have any duties or obligations to any
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Lender or participant except those expressly set forth herein and in the other Loan Documents,
and without limiting the generality of the foregoing, the Agent-Related Persons:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;shall not be subject to any fiduciary or other implied duties, regardless of whether a
Default has occurred and is continuing;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan
Documents that such Person is required to exercise as directed in writing by the Required Lenders
(or such other number or percentage of the Lenders as shall be expressly provided for herein or in
the other Loan Documents), provided that such Person shall not be required to take any action that,
in its opinion or the opinion of its counsel, may expose it to liability or that is contrary to any
Loan Document or applicable law; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;shall not be required to carry out any &#147;know your customer&#148; or other checks in relation to
any person on behalf of any Lender and each Lender confirms to the Administrative Agent that it is
solely responsible for any such checks it is required to carry out and that it may not rely on any
statement in relation to such checks made by the Administrative Agent or any of its Affiliates.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Agent-Related Person be liable (i)&nbsp;to any participant or Secured Party or their Affiliates
for any action taken or not taken by it with the consent or at the request of the Required Lenders
(or such other number or percentage of the Lenders as shall be necessary, or such Person shall
believe in good faith shall be necessary under the circumstances) or (ii)&nbsp;in the absence of its own
gross negligence or willful misconduct, as determined by a final judgment of a court of competent
jurisdiction.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.04. <U>Reliance by the Administrative Agent</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Administrative Agent shall be entitled to rely, and shall be fully protected in
relying, upon any writing, communication, signature, resolution, representation, notice, consent,
certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail
message, statement or other document or conversation believed by it to be genuine and correct and
to have been signed, sent or made by the proper Person or Persons, and upon advice and statements
of legal counsel (including counsel to any Loan Party), independent accountants and other experts
selected by the Administrative Agent. The Administrative Agent shall be fully justified in failing
or refusing to take any action under any Loan Document unless it shall first receive such advice or
concurrence of the Required Lenders as it deems appropriate and, if it so requests, it shall first
be indemnified to its satisfaction by the Lenders against any and all liability and expense which
may be incurred by it by reason of taking or continuing to take any such action. The
Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting,
under this Agreement or any other Loan Document in accordance with a request or consent of the
Required Lenders (or such greater number of Lenders as may be expressly required hereby in any
instance) and such request and any action taken or failure to act pursuant thereto shall be binding
upon all the Lenders; <I>provided </I>that the Administrative Agent shall not be required to take any
action that, in its opinion or in the opinion of its counsel, may expose the Administrative Agent
to liability or that is contrary to any Loan Document or applicable Law.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;For purposes of determining compliance with the conditions specified in Section&nbsp;4.01, each
Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or
to be satisfied with, each document or other matter required thereunder to be consented to or
approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have
received notice from such Lender prior to the proposed Closing Date specifying its objection
thereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.05. <U>Notice of Default</U>. The Administrative Agent shall not be deemed to have knowledge or
notice of the occurrence of any Default, except with respect to defaults in the payment of
principal, interest and fees required to be paid to the Administrative Agent for the account of the
Lenders, unless the Administrative Agent shall have received written notice from a Lender or any
Borrower referring to this Agreement, describing such Default and stating that such notice is a
&#147;notice of default.&#148; The Administrative Agent will notify the Lenders of its receipt of any such
notice. The Administrative Agent shall take such action with respect to any Event of Default as
may be directed by the Required Lenders in accordance with Article&nbsp;VIII; <I>provided </I>that unless and
until the Administrative Agent has received any such direction, the Administrative Agent may (but
shall not be obligated
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> to) take such action, or refrain from taking such action, with respect to such Event of
Default as it shall deem advisable or in the best interest of the Lenders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.06. <U>Credit Decision; Disclosure of Information by Agents</U>. Each Lender acknowledges that
no Agent-Related Person has made any representation or warranty to it, and that no act by any Agent
hereafter taken, including any consent to and acceptance of any assignment or review of the affairs
of any Loan Party or any Affiliate thereof, shall be deemed to constitute any representation or
warranty by any Agent-Related Person to any Lender as to any matter, including whether
Agent-Related Persons have disclosed material information in their possession. Each Lender
represents to each Agent that it has, independently and without reliance upon any Agent-Related
Person and based on such documents and information as it has deemed appropriate, made its own
appraisal of and investigation into the business, prospects, operations, property, financial and
other condition and creditworthiness of the Loan Parties and their respective Subsidiaries, and all
applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made
its own decision to enter into this Agreement and to extend credit to the Borrowers and the other
Loan Parties hereunder. Each Lender also represents that it will, independently and without
reliance upon any Agent-Related Person and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit analysis, appraisals and decisions in
taking or not taking action under this Agreement and the other Loan Documents, and to make such
investigations as it deems necessary to inform itself as to the business, prospects, operations,
property, financial and other condition and creditworthiness of the Borrowers and the other Loan
Parties. Except for notices, reports and other documents expressly required to be furnished to the
Lenders by any Agent herein, such Agent shall not have any duty or responsibility to provide any
Lender with any credit or other information concerning the business, prospects, operations,
property, financial and other condition or creditworthiness of any of the Loan Parties or any of
their respective Affiliates which may come into the possession of any Agent-Related Person.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.07. <U>Indemnification of Agents</U>. Whether or not the transactions contemplated hereby are
consummated, the Lenders shall indemnify upon demand the Administrative Agent and each other
Agent-Related Person (to the extent not reimbursed by or on behalf of any Loan Party and without
limiting the obligation of any Loan Party to do so), pro rata, and hold harmless the Administrative
Agent and each other Agent-Related Person from and against any and all Indemnified Liabilities
incurred by it; <I>provided </I>that no Lender shall be liable for the payment to any Agent-Related Person
of any portion of such Indemnified Liabilities resulting from such Agent-Related Person&#146;s own gross
negligence or willful misconduct, as determined by the final judgment of a court of competent
jurisdiction; <I>provided </I>that no action taken in accordance with the directions of the Required
Lenders (or such other number or percentage of the Lenders as shall be required by the Loan
Documents) shall be deemed to constitute gross negligence or willful misconduct for purposes of
this Section&nbsp;9.07. In the case of any investigation, litigation or proceeding giving rise to any
Indemnified Liabilities, this Section&nbsp;9.07 applies whether any such investigation, litigation or
proceeding is brought by any Lender or any other Person. Without limitation of the foregoing, each
Lender shall reimburse the Administrative Agent upon demand for its ratable share of any costs or
out-of-pocket expenses (including Attorney Costs) incurred by the Administrative Agent in
connection with the preparation, execution, delivery, administration, modification, amendment or
enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in
respect of rights or responsibilities under, this Agreement, any other Loan Document, or any
document contemplated by or referred to herein, to the extent that the Administrative Agent is not
reimbursed for such expenses by or on behalf of the Borrowers, <I>provided </I>that such reimbursement by
the Lenders shall not affect the Borrowers&#146; continuing reimbursement obligations with respect
thereto. The undertaking in this Section&nbsp;9.07 shall survive termination of the Aggregate
Commitments, the payment of all other Obligations and the resignation of the Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.08. <U>Withholding Tax</U>. To the extent required by any applicable law, the Agents may
withhold from any payment to any Lender an amount equivalent to any applicable withholding tax. If
the Internal Revenue Service or any other authority of the United States or other jurisdiction
asserts a claim that an Agent did not properly withhold tax from amounts paid to or for the account
of any Lender for any reason (including, without limitation, because the appropriate form was not
delivered or not property executed, or because such Lender failed to notify the Agent of a change
in circumstance that rendered the exemption from, or reduction of withholding tax ineffective),
such Lender shall indemnify and hold harmless the Agent (to the extent that the Agent has not
already been reimbursed by the Borrowers and without limiting or expanding the obligation of the
Borrowers to do so) for all amounts paid, directly or indirectly, by the Agent as taxes or
otherwise, including any interest, additions to tax or penalties thereto, together with all
expenses incurred, including legal expenses and any other out-of-pocket
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">expenses, whether or not such taxes were correctly or legally imposed or asserted by the
relevant Government Authority. A certificate as to the amount of such payment or liability
delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.09. <U>Agents in Their Individual Capacities</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each Person serving as an Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent
and the term &#147;Lender&#148; or &#147;Lenders&#148; shall, unless otherwise expressly indicated or unless the
context otherwise requires, include the Person serving as an Agent hereunder in its individual
capacity. Each Agent and its Affiliates may make loans to, issue letters of credit for the account
of, accept deposits from, acquire Equity Interests in and generally engage in any kind of banking,
trust, financial advisory, underwriting or other business with each of the Loan Parties and their
respective Affiliates as though such Agent were not an Agent or an L/C Issuer hereunder and without
notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities,
any Agent or its Affiliates may receive information regarding any Loan Party or any of its
Affiliates (including information that may be subject to confidentiality obligations in favor of
such Loan Party or such Affiliate) and acknowledge that no Agent shall be under any obligation to
provide such information to them. With respect to its Loans, each Agent shall have the same rights
and powers under this Agreement as any other Lender and may exercise such rights and powers as
though it were not an Agent or an L/C Issuer, and the terms &#147;Lender&#148; and &#147;Lenders&#148; include each
Agent in its individual capacity.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Lender understands that the Person serving as Administrative Agent, acting in its
individual capacity, and its Affiliates (collectively, the &#147;<B>Agent&#146;s Group</B>&#148;) are engaged in a wide
range of financial services and businesses (including investment management, financing, securities
trading, corporate and investment banking and research) (such services and businesses are
collectively referred to in this Section&nbsp;9.09 as &#147;<B>Activities</B>&#148;) and may engage in the Activities
with or on behalf of one or more of the Loan Parties or their respective Affiliates. Furthermore,
the Agent&#146;s Group may, in undertaking the Activities, engage in trading in financial products or
undertake other investment businesses for its own account or on behalf of others (including the
Loan Parties and their Affiliates and including holding, for its own account or on behalf of
others, equity, debt and similar positions in the Parent Borrower, another Loan Party or their
respective Affiliates), including trading in or holding long, short or derivative positions in
securities, loans or other financial products of one or more of the Loan Parties or their
Affiliates. Each Lender understands and agrees that in engaging in the Activities, the Agent&#146;s
Group may receive or otherwise obtain information concerning the Loan Parties or their Affiliates
(including information concerning the ability of the Loan Parties to perform their respective
Obligations hereunder and under the other Loan Documents) which information may not be available to
any of the Lenders that are not members of the Agent&#146;s Group. None of the Administrative Agent nor
any member of the Agent&#146;s Group shall have any duty to disclose to any Lender or use on behalf of
the Lenders, and shall not be liable for the failure to so disclose or use, any information
whatsoever about or derived from the Activities or otherwise (including any information concerning
the business, prospects, operations, property, financial and other condition or creditworthiness of
any Loan Party or any Affiliate of any Loan Party) or to account for any revenue or profits
obtained in connection with the Activities, except that the Administrative Agent shall deliver or
otherwise make available to each Lender such documents as are expressly required by any Loan
Document to be transmitted by the Administrative Agent to the Lenders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Each Lender further understands that there may be situations where members of the Agent&#146;s
Group or their respective customers (including the Loan Parties and their Affiliates) either now
have or may in the future have interests or take actions that may conflict with the interests of
any one or more of the Lenders (including the interests of the Lenders hereunder and under the
other Loan Documents). Each Lender agrees that no member of the Agent&#146;s Group is or shall be
required to restrict its activities as a result of the Person serving as Administrative Agent being
a member of the Agent&#146;s Group, and that each member of the Agent&#146;s Group may undertake any
Activities without further consultation with or notification to any Lender. None of (i)&nbsp;this
Agreement nor any other Loan Document, (ii)&nbsp;the receipt by the Agent&#146;s Group of information
(including Information) concerning the Loan Parties or their Affiliates (including information
concerning the ability of the Loan Parties to perform their respective Obligations hereunder and
under the other Loan Documents) nor (iii)&nbsp;any other matter shall give rise to any fiduciary,
equitable or contractual duties (including without limitation any duty of trust or confidence)
owing by the Administrative Agent or any member of the Agent&#146;s Group to any Lender including any
such duty that would
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">prevent or restrict the Agent&#146;s Group from acting on behalf of customers (including the Loan
Parties or their Affiliates) or for its own account.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.10. <U>Successor Administrative Agent</U>. The Administrative Agent may resign as the
Administrative Agent upon thirty (30)&nbsp;days&#146; prior notice to the Lenders and the Parent Borrower.
If the Administrative Agent resigns under this Agreement, the Required Lenders shall appoint from
among the Lenders a successor agent for the Lenders, which successor agent shall be consented to by
the Parent Borrower at all times other than during the existence of an Event of Default under
Section&nbsp;8.01(f) (which consent of the Parent Borrower shall not be unreasonably withheld or
delayed). If no successor agent is appointed prior to the effective date of the resignation of the
Administrative Agent, the Administrative Agent may appoint, after consulting with the Lenders and
the Parent Borrower, a successor agent from among the Lenders. Upon the acceptance of its
appointment as successor agent hereunder, the Person acting as such successor agent shall succeed
to all the rights, powers and duties of the retiring Administrative Agent, and the term
&#147;Administrative Agent&#148; shall mean such successor administrative agent and/or supplemental
administrative agent, as the case may be, and the retiring Administrative Agent&#146;s appointment,
powers and duties as the Administrative Agent shall be terminated. After the retiring
Administrative Agent&#146;s resignation hereunder as the Administrative Agent, the provisions of this
Article&nbsp;IX and Sections&nbsp;10.04 and 10.05 shall inure to its benefit as to any actions taken or
omitted to be taken by it while it was the Administrative Agent under this Agreement. If no
successor agent has accepted appointment as the Administrative Agent by the date which is thirty
(30)&nbsp;days following the retiring Administrative Agent&#146;s notice of resignation, the retiring
Administrative Agent&#146;s resignation shall nevertheless thereupon become effective and the Lenders
shall perform all of the duties of the Administrative Agent hereunder until such time, if any, as
the Required Lenders appoint a successor agent as provided for above. Upon the acceptance of any
appointment as the Administrative Agent hereunder by a successor and upon the execution and filing
or recording of such financing statements, or amendments thereto, and such amendments or
supplements to the Mortgages, and such other instruments or notices, as may be necessary or
desirable, or as the Required Lenders may request, in order to (a)&nbsp;continue the perfection of the
Liens granted or purported to be granted by the Collateral Documents or (b)&nbsp;otherwise ensure that
the Collateral and Guarantee Requirement is satisfied, the Administrative Agent shall thereupon
succeed to and become vested with all the rights, powers, discretion, privileges, and duties of the
retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its
duties and obligations under the Loan Documents (if not already discharged therefrom as provided
above in this Section&nbsp;9.10). After the retiring Administrative Agent&#146;s resignation hereunder as
the Administrative Agent, the provisions of this Article&nbsp;IX and Sections&nbsp;10.04 and 10.05 shall
continue in effect for its benefit in respect of any actions taken or omitted to be taken by it
while it was acting as the Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any resignation by the Administrative Agent as Administrative Agent pursuant to this Section
shall also constitute its resignation as an L/C Issuer and Swing Line Lender. Upon the acceptance
of a successor&#146;s appointment as Administrative Agent hereunder, (i)&nbsp;such successor shall succeed to
and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer
and Swing Line Lender, (ii)&nbsp;the retiring L/C Issuer and Swing Line Lender shall be discharged from
all of their respective duties and obligations hereunder or under the other Loan Documents, and
(iii)&nbsp;the successor L/C Issuer shall issue letters of credit in substitution for the Letters of
Credit issued by the Administrative Agent, if any, outstanding at the time of such succession or
make other arrangements satisfactory to the retiring L/C Issuer effectively to assume the
obligations of the retiring L/C Issuer with respect to such Letters of Credit.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.11. <U>Administrative Agent May File Proofs of Claim</U>. In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to any Loan Party, the Administrative Agent
(irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable
as herein expressed or by declaration or otherwise and irrespective of whether the Administrative
Agent shall have made any demand on any Borrower) shall be entitled and empowered, by intervention
in such proceeding or otherwise:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;to file and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and unpaid
and to file such other documents as may be necessary or advisable in order to have the claims of
the Lenders and the Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders and the Administrative Agent and their
respective agents and counsel and all other amounts due the Lenders and the Administrative Agent
under Sections&nbsp;2.03(i) and (j), 2.09 and 10.04) allowed in such judicial proceeding; and
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender to make such payments to the
Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the
reasonable compensation, expenses, disbursements and advances of the Agents and their respective
agents and counsel, and any other amounts due the Administrative Agent under Sections&nbsp;2.09 and
10.04.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement,
adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the
Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.12. <U>Collateral and Guaranty Matters</U>. The Lenders irrevocably agree:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;that any Lien on any property granted to or held by the Administrative Agent under any
Loan Document shall be automatically released (i)&nbsp;upon termination of the Aggregate Commitments and
payment in full of all Obligations (other than (x)&nbsp;obligations under Secured Hedge Agreements not
yet due and payable, (y)&nbsp;Cash Management Obligations not yet due and payable and (z)&nbsp;contingent
indemnification obligations not yet accrued and payable) and the expiration or termination of all
Letters of Credit (other than Letters of Credit in which the Outstanding Amount of the L/C
Obligations related thereto have been Cash Collateralized or, if satisfactory to the relevant L/C
Issuer in its sole discretion, for which a backstop letter of credit is in place), (ii)&nbsp;at the time
the property subject to such Lien is transferred or to be transferred as part of or in connection
with any transfer permitted hereunder or under any other Loan Document to any Person other than a
Loan Party (it being understood that in the event that property that constitutes Collateral is
transferred to any Loan Party, such property shall continue to constitute Collateral under the Loan
Documents), (iii)&nbsp;subject to Section&nbsp;10.01, if the release of such Lien is approved, authorized or
ratified in writing by the Required Lenders, or (iv)&nbsp;if the property subject to such Lien is owned
by a Subsidiary Guarantor, upon release of such Subsidiary Guarantor from its obligations under its
Guaranty pursuant to clause (c)&nbsp;below;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;to release or subordinate any Lien on any property granted to or held by the
Administrative Agent under any Loan Document to the holder of any Lien on such property that is
permitted by Section&nbsp;7.01(i); and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;that any Subsidiary Guarantor shall be automatically released from its obligations under
the Guaranty if such Person ceases to be a Restricted Subsidiary as a result of a transaction or
designation permitted hereunder; provided that no such release shall occur if such Guarantor
continues to be a guarantor in respect of the New Senior Notes, or any Junior Financing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon request by the Administrative Agent at any time, the Required Lenders will confirm in
writing the Administrative Agent&#146;s authority to release or subordinate its interest in particular
types or items of property, or to release any Subsidiary Guarantor from its obligations under the
Guaranty pursuant to this Section&nbsp;9.12. In each case as specified in this Section&nbsp;9.12, the
Administrative Agent will promptly (and each Lender irrevocably authorizes the Administrative Agent
to), at the Parent Borrower&#146;s expense, execute and deliver to the applicable Loan Party such
documents as such Loan Party may reasonably request to evidence the release or subordination of
such item of Collateral from the assignment and security interest granted under the Collateral
Documents, or to evidence the release of such Guarantor from its obligations under the Guaranty, in
each case in accordance with the terms of the Loan Documents and this Section&nbsp;9.12.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.13. <U>Other Agents; Arrangers and Managers</U>. Except as expressly provided herein, none of
the Lenders or other Persons identified on the facing page or signature pages of this Agreement as
a &#147;syndication agent,&#148; &#147;documentation agent,&#148; &#147;joint bookrunner&#148; or &#147;joint lead arranger&#148; shall
have any right, power, obligation, liability, responsibility or duty under this Agreement other
than those applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders
or other Persons so identified shall have or be deemed to have
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied,
and will not rely, on any of the Lenders or other Persons so identified in deciding to enter into
this Agreement or in taking or not taking action hereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.14. <U>Appointment of Supplemental Administrative Agents</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;It is the purpose of this Agreement and the other Loan Documents that there shall be no
violation of any Law of any jurisdiction denying or restricting the right of banking corporations
or associations to transact business as agent or trustee in such jurisdiction. It is recognized
that in case of litigation under this Agreement or any of the other Loan Documents, and in
particular in case of the enforcement of any of the Loan Documents, or in case the Administrative
Agent deems that by reason of any present or future Law of any jurisdiction it may not exercise any
of the rights, powers or remedies granted herein or in any of the other Loan Documents or take any
other action which may be desirable or necessary in connection therewith, the Administrative Agent
is hereby authorized to appoint an additional individual or institution selected by the
Administrative Agent in its sole discretion as a separate trustee, co-trustee, administrative
agent, collateral agent, administrative sub-agent or administrative co-agent (any such additional
individual or institution being referred to herein individually as a &#147;<B>Supplemental Administrative
Agent</B>&#148; and collectively as &#147;<B>Supplemental Administrative Agents</B>&#148;).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In the event that the Administrative Agent appoints a Supplemental Administrative Agent
with respect to any Collateral, (i)&nbsp;each and every right, power, privilege or duty expressed or
intended by this Agreement or any of the other Loan Documents to be exercised by or vested in or
conveyed to the Administrative Agent with respect to such Collateral shall be exercisable by and
vest in such Supplemental Administrative Agent to the extent, and only to the extent, necessary to
enable such Supplemental Administrative Agent to exercise such rights, powers and privileges with
respect to such Collateral and to perform such duties with respect to such Collateral, and every
covenant and obligation contained in the Loan Documents and necessary to the exercise or
performance thereof by such Supplemental Administrative Agent shall run to and be enforceable by
either the Administrative Agent or such Supplemental Administrative Agent, and (ii)&nbsp;the provisions
of this Article&nbsp;IX and of Sections&nbsp;10.04 and 10.05 that refer to the Administrative Agent shall
inure to the benefit of such Supplemental Administrative Agent and all references therein to the
Administrative Agent shall be deemed to be references to the Administrative Agent and/or such
Supplemental Administrative Agent, as the context may require.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Should any instrument in writing from any Loan Party be required by any Supplemental
Administrative Agent so appointed by the Administrative Agent for more fully and certainly vesting
in and confirming to him or it such rights, powers, privileges and duties, the Parent Borrower or
Holdings, as applicable, shall, or shall cause such Loan Party to, execute, acknowledge and deliver
any and all such instruments promptly upon request by the Administrative Agent. In case any
Supplemental Administrative Agent, or a successor thereto, shall die, become incapable of acting,
resign or be removed, all the rights, powers, privileges and duties of such Supplemental
Administrative Agent, to the extent permitted by Law, shall vest in and be exercised by the
Administrative Agent until the appointment of a new Supplemental Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.15. <U>Intercreditor Agreement</U>. The Administrative Agent is authorized to enter into the
Intercreditor Agreement, and the parties hereto acknowledge that the Intercreditor Agreement is
binding upon them. Each Lender (a)&nbsp;hereby agrees that it will be bound by and will take no actions
contrary to the provisions of the Intercreditor Agreement and (b)&nbsp;hereby authorizes and instructs
the Administrative Agent to enter into the Intercreditor Agreement and to subject the Liens on the
Receivables Collateral securing the Obligations to the provisions thereof. The foregoing
provisions are intended as an inducement to the CF Secured Parties (as such term is defined in the
Intercreditor Agreement) to extend credit to the borrowers under the CF Credit Agreement and such
CF Secured Parties are intended third-party beneficiaries of such provisions and the provisions of
the Intercreditor Agreement.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE X</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Miscellaneous</B></U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.01. <U>Amendments, Etc.</U> Except as otherwise set forth in this Agreement, no amendment or
waiver of any provision of this Agreement or any other Loan Document (other than the Intercreditor
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Agreement), and no consent to any departure by any Borrower or any other Loan Party therefrom,
shall be effective unless in writing signed by the Required Lenders and the Parent Borrower or the
applicable Loan Party, as the case may be, and each such waiver or consent shall be effective only
in the specific instance and for the specific purpose for which given; <I>provided </I>that, no such
amendment, waiver or consent shall:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;extend or increase the Commitment of any Lender without the written consent of such Lender
(it being understood that none of (i)&nbsp;a waiver of any condition precedent set forth in Section
4.02, (ii)&nbsp;the waiver of any Default, mandatory prepayment or mandatory reduction of the
Commitments, or (iii)&nbsp;the making of any Protective Advance shall constitute an extension or
increase of any Commitment of any Lender);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;postpone any date scheduled for, or reduce the amount of, any payment of principal or
interest under Section&nbsp;2.07 or 2.08 or fee under Section&nbsp;2.03 or 2.09(a) without the written
consent of each Lender directly affected thereby;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;reduce the principal of, or the rate of interest or premium specified herein on, any Loan
or L/C Borrowing, or (subject to clause (iii)&nbsp;of the second proviso to this Section&nbsp;10.01) any fees
or other amounts payable hereunder or under any other Loan Document without the written consent of
each Lender directly affected thereby, it being understood that any change to the definition of
Total Leverage Ratio or Secured Leverage Ratio or in the component definitions thereof shall not
constitute a reduction in the rate of interest; provided that, only the consent of the Required
Lenders shall be necessary to amend the definition of &#147;Default Rate&#148; or to waive any obligation of
any Borrower to pay interest at the Default Rate;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;change any provision of this Section&nbsp;10.01, the definition of &#147;Required Lenders&#148; or &#147;Pro
Rata Share&#148;, 2.06(c) relating to pro rata sharing, 2.13 or 8.03 without the written consent of each
Lender affected thereby;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;release all or substantially all of the Collateral in any transaction or series of related
transactions, without the written consent of each Lender;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;other than in a transaction permitted under Section&nbsp;7.04, release all or substantially all
of the aggregate value of the Obligations of the Subsidiary Borrowers and the Guaranty, without the
written consent of each Lender;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;change the currency in which any Loan is denominated or interest or fees thereon is paid
without the written consent of the Lender holding such Loans;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;amend the definition of &#147;Interest Period&#148; to allow intervals in excess of six months or
shorter than one month without the agreement of each affected Lender without the written consent of
each Lender affected thereby; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;increase the advance rate provided for in the definition of the term &#147;Borrowing Base&#148;
above 90% without the written consent of each Lender or (b)&nbsp;make any other increase in the advance
rate provided for in the definition of the term &#147;Borrowing Base&#148; or make any change to the
definition (or any other defined term set forth therein) of the term &#147;Borrowing Base&#148; if as a
result thereof the amounts available to be borrowed by the Borrowers would be increased, without
the written consent of the Supermajority Lenders, <I>provided </I>that the foregoing clauses (a)&nbsp;and (b)
shall not limit the discretion of the Administrative Agent to change, establish or eliminate any
Reserves without the consent of the Supermajority Lenders; or;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">and <I>provided further </I>that (i)&nbsp;no amendment, waiver or consent shall, unless in writing and signed
by each L/C Issuer in addition to the Lenders required above, affect the rights or duties of a L/C
Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be
issued by it; (ii)&nbsp;no amendment, waiver or consent shall, unless in writing and signed by the Swing
Line Lender in addition to the Lenders required above, affect the rights or duties of the Swing
Line Lender under this Agreement; (iii)&nbsp;no amendment, waiver or consent shall, unless in writing
and signed by the Administrative Agent in addition to the Lenders required above, affect the rights
or duties of, or any fees or other amounts payable to, the Administrative Agent under this
Agreement or any other Loan
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Document; and (iv)&nbsp;Section&nbsp;10.07(h) may not be amended, waived or otherwise modified without the
consent of each Granting Lender all or any part of whose Loans are being funded by an SPC at the
time of such amendment, waiver or other modification. Notwithstanding anything to the contrary
herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or
consent hereunder, except that the Commitment of such Lender may not be increased or extended
without the consent of such Lender (it being understood that any Commitments or Loans held or
deemed held by any Defaulting Lender shall be excluded for a vote of the Lenders hereunder
requiring any consent of the Lenders).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No amendment or waiver of any provision of the Intercreditor Agreement shall be effective
unless consented to in writing by the Required Lenders, and each such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which given.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with
the written consent of the Required Lenders, the Administrative Agent and the Parent Borrower (a)
to add one or more additional credit facilities to this Agreement and to permit the extensions of
credit from time to time outstanding thereunder and the accrued interest and fees in respect
thereof to share ratably in the benefits of this Agreement and the other Loan Documents and the
Revolving Credit Loans and the accrued interest and fees in respect thereof and (b)&nbsp;to include
appropriately the Lenders holding such credit facilities in any determination of the Required
Lenders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Parent Borrower will not directly or indirectly, pay or cause to be paid any
consideration, to or for the benefit of any Lender for or as an inducement to any consent, waiver
or amendment of any of the terms or provisions of this Agreement or any other Loan Document unless
such consideration is offered to be paid to all Lenders and is paid to all Lenders that consent,
waive or agree to amend in the time frame set forth in the documents relating to such consent,
waiver or agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.02. <U>Notices and Other Communications; Facsimile Copies</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>General</I>. Unless otherwise expressly provided herein, all notices and other communications
provided for hereunder or under any other Loan Document shall be in writing (including by facsimile
or electronic transmission). All such written notices shall be mailed, faxed or delivered to the
applicable address, facsimile number or electronic mail address, and all notices and other
communications expressly permitted hereunder to be given by telephone shall be made to the
applicable telephone number, as follows:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if to any Borrower, any other Loan Party, the Administrative Agent, an L/C Issuer
or the Swing Line Lender, to the address, facsimile number, electronic mail address or
telephone number specified for such Person on <U>Schedule&nbsp;10.02</U> or to such other
address, facsimile number, electronic mail address or telephone number as shall be
designated by such party in a notice to the other parties; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if to any other Lender, to the address, facsimile number, electronic mail address
or telephone number specified in its Administrative Questionnaire or to such other address,
facsimile number, electronic mail address or telephone number as shall be designated by such
party in a notice to the Parent Borrower, the Administrative Agent, the L/C Issuers and the
Swing Line Lender.
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">All such notices and other communications shall be deemed to be given or made upon the earlier to
occur of (i)&nbsp;actual receipt by the relevant party hereto and (ii) (A)&nbsp;if delivered by hand or by
courier, when signed for by or on behalf of the relevant party hereto; (B)&nbsp;if delivered by mail,
four (4)&nbsp;Business Days after deposit in the mails, postage prepaid; (C)&nbsp;if delivered by facsimile,
when sent and receipt has been confirmed by telephone; (D)&nbsp;if delivered by electronic mail (which
form of delivery is subject to the provisions of Section&nbsp;10.02(c)), when delivered and (E)&nbsp;if
delivered by posting to a Platform, an Internet website or a similar telecommunication device
requiring that a user have prior access to such Platform, website or other device (to the extent
permitted by Section&nbsp;10.02(d) to be delivered thereunder), when such notice, demand, request,
consent and other communication shall have been made generally available on such Platform, Internet
website or similar device to the class of Person being notified (regardless of whether any such
Person must accomplish, and whether or not any such Person shall have accomplished, any action
prior to obtaining access to such items, including registration, disclosure of contact information,
compliance with a standard user agreement or undertaking a duty of confidentiality) and such Person
has been notified in respect
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">of such posting that a communication has been posted to the Platform; <I>provided </I>that notices and
other communications to the Administrative Agent, the L/C Issuers and the Swing Line Lender
pursuant to Article&nbsp;II or Article&nbsp;IX shall not be effective until actually received by such Person.
In no event shall a voice mail message be effective as a notice, communication or confirmation
hereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Effectiveness of Facsimile Documents and Signatures</I>. Loan Documents may be transmitted
and/or signed by facsimile or other electronic communication (i.e., TIF or PDF or other similar
communication). The effectiveness of any such documents and signatures shall, subject to
applicable Law, have the same force and effect as manually signed originals and shall be binding on
all Loan Parties, the Agents and the Lenders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>Reliance by Agents and Lenders</I>. The Administrative Agent and the Lenders shall be
entitled to rely and act upon any notices (including telephonic Committed Loan Notices and Swing
Line Loan Notices) purportedly given by or on behalf of any Borrower even if (i)&nbsp;such notices were
not made in a manner specified herein, were incomplete or were not preceded or followed by any
other form of notice specified herein, or (ii)&nbsp;the terms thereof, as understood by the recipient,
varied from any confirmation thereof. Each Borrower, jointly and severally, shall indemnify each
Agent-Related Person and each Lender from all losses, costs, expenses and liabilities resulting
from the reliance by such Person on each notice purportedly given by or on behalf of such Borrower
in the absence of gross negligence or willful misconduct of such Person, as determined by a final
judgment of a court of competent jurisdiction. All telephonic notices to the Administrative Agent
may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such
recording.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Notwithstanding clause (a) (unless the Administrative Agent requests that the provisions
of clause (a)&nbsp;be followed) and any other provision in this Agreement or any other Loan Document
providing for the delivery of any Approved Electronic Communication by any other means, the Loan
Parties shall deliver all Approved Electronic Communications to the Administrative Agent by
properly transmitting such Approved Electronic Communications in an electronic/soft medium in a
format acceptable to the Administrative Agent to <U>oploanswebadmin@citigroup.com</U> or such
other electronic mail address (or similar means of electronic delivery) as the Administrative Agent
may notify to the Parent Borrower. Nothing in this clause (d)&nbsp;shall prejudice the right of the
Administrative Agent or any Lender to deliver any Approved Electronic Communication to any Loan
Party in any manner authorized in this Agreement or to request that the Parent Borrower effect
delivery in such manner.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.03. <U>No Waiver; Cumulative Remedies</U>. No failure by any Lender or the Administrative Agent
to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege
hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single
or partial exercise of any right, remedy, power or privilege hereunder preclude any other or
further exercise thereof or the exercise of any other right, remedy, power or privilege. The
rights, remedies, powers and privileges herein provided, and provided under each other Loan
Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided
by Law.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.04. <U>Attorney Costs and Expenses</U>. (a)&nbsp;The Parent Borrower agrees if the Closing Date
occurs, to pay or reimburse the Administrative Agent, the Syndication Agents the Documentation
Agent and the Arrangers for all reasonable and documented out-of-pocket costs and expenses incurred
in connection with the preparation, negotiation, syndication and execution of this Agreement and
the other Loan Documents and any amendment, waiver, consent or other modification of the provisions
hereof and thereof (whether or not the transactions contemplated thereby are consummated), and the
consummation and administration of the transactions contemplated hereby and thereby, including all
Attorney Costs of Cahill Gordon &#038; Reindel <FONT style="font-variant: SMALL-CAPS">llp</FONT> and one local and foreign counsel in each
relevant jurisdiction, and (b)&nbsp;each Borrower agrees, jointly and severally, to pay or reimburse the
Administrative Agent and the Lenders for all reasonable and documented out-of-pocket costs and
expenses incurred in connection with the enforcement of any rights or remedies under this Agreement
or the other Loan Documents (including all such costs and expenses incurred during any legal
proceeding, including any proceeding under any Debtor Relief Law, and including Attorney Costs but
limited to those of one counsel to the Administrative Agent and the Lenders (and one local counsel
in each applicable jurisdiction and, in the event of any actual conflict of interest, one
additional counsel to the affected parties). The agreements in this Section&nbsp;10.04 shall survive
the termination of the Aggregate Commitments and repayment of all other Obligations. All amounts
due under this Section&nbsp;10.04 shall be paid promptly following receipt by the Parent Borrower of an
invoice relating thereto setting forth such expenses in reasonable detail. If any Loan Party fails
to pay when due any costs, expenses or other
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">amounts payable by it hereunder or under any Loan Document, such amount may be paid on behalf
of such Loan Party by the Administrative Agent in its sole discretion.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.05. <U>Indemnification by the Borrowers</U>. Each Borrower shall, jointly and severally,
indemnify and hold harmless the Administrative Agent, each Lender, the Arrangers and their
respective Affiliates, directors, officers, employees, agents, trustees or advisors (collectively
the &#147;<B>Indemnitees</B>&#148;) from and against any and all liabilities, obligations, losses, damages,
penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including
Attorney Costs, which shall be limited to Attorney Costs of one counsel to the Administrative Agent
and Arrangers and one counsel to the other Lenders (and one local counsel in each applicable
jurisdiction for each such group and, in the event of any actual conflict of interest, one
additional counsel to the affected parties)) of any kind or nature whatsoever which may at any time
be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or
arising out of or in connection with (a)&nbsp;the execution, delivery, enforcement, performance or
administration of any Loan Document or any other agreement, letter or instrument delivered in
connection with the transactions contemplated thereby or the consummation of the transactions
contemplated thereby, (b)&nbsp;any Commitment, Loan or Letter of Credit or the use or proposed use of
the proceeds therefrom (including any refusal by an L/C Issuer to honor a demand for payment under
a Letter of Credit if the documents presented in connection with such demand do not strictly comply
with the terms of such Letter of Credit), or (c)&nbsp;any actual or alleged presence or Release or
threat of Release of Hazardous Materials on, at, under or from any property or facility currently
or formerly owned or operated by any Borrower, any Subsidiary or any other Loan Party, or any
Environmental Liability arising out of the activities or operations of any Borrower, any Subsidiary
or any other Loan Party, or (d)&nbsp;any actual or prospective claim, litigation, investigation or
proceeding relating to any of the foregoing, whether based on contract, tort or any other theory
(including any investigation of, preparation for, or defense of any pending or threatened claim,
investigation, litigation or proceeding) and regardless of whether any Indemnitee is a party
thereto (all the foregoing, collectively, the &#147;<B>Indemnified Liabilities</B>&#148;); <I>provided </I>that such
indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities,
obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs,
expenses or disbursements resulted from (x)&nbsp;the gross negligence, bad faith or willful misconduct,
as determined by the final, non-appealable judgment of a court of competent jurisdiction, of such
Indemnitee or of any affiliate, director, officer, member, employee, agent, trustee or advisor of
such Indemnitee or (y)&nbsp;a breach of any obligations under any Loan Document by such Indemnitee or of
any affiliate, director, officer, employee, agent, trustee or advisor of such Indemnitee as
determined by the final, non-appealable judgment of a court of competent jurisdiction. To the
extent that the undertakings to indemnify and hold harmless set forth in this Section&nbsp;10.05 may be
unenforceable in whole or in part because they are violative of any applicable law or public
policy, the Borrowers shall contribute the maximum portion that it is permitted to pay and satisfy
under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by the
Indemnitees or any of them. No Indemnitee shall be liable for any damages arising from the use by
others of any information or other materials obtained through IntraLinks or other similar
information transmission systems in connection with this Agreement, nor shall any Indemnitee or any
Loan Party have
 any liability for any special, punitive, indirect or consequential damages relating
to this Agreement or any other Loan Document or arising out of its activities in connection
herewith or therewith (whether before or after the Closing Date). In the case of an investigation,
litigation or other proceeding to which the indemnity in this Section&nbsp;10.05 applies, such indemnity
shall be effective whether or not such investigation, litigation or proceeding is brought by any
Loan Party, its directors, stockholders or creditors or an Indemnitee or any other Person, whether
or not any Indemnitee is otherwise a party thereto and whether or not any of the transactions
contemplated hereunder or under any of the other Loan Documents is consummated. All amounts due
under this Section&nbsp;10.05 shall be paid within 10 Business Days after written demand therefor. The
agreements in this Section&nbsp;10.05 shall survive the resignation of the Administrative Agent, the
replacement of any Lender, the termination of the Aggregate Commitments and the repayment,
satisfaction or discharge of all the other Obligations.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.06. <U>Payments Set Aside</U>. To the extent that any payment by or on behalf of the Borrowers
is made to any Agent or any Lender, or any Agent or any Lender exercises its right of setoff, and
such payment or the proceeds of such setoff or any part thereof is subsequently invalidated,
declared to be fraudulent or preferential, set aside or required (including pursuant to any
settlement entered into by such Agent or such Lender in its discretion) to be repaid to a trustee,
receiver or any other party, in connection with any proceeding under any Debtor Relief Law or
otherwise, then (a)&nbsp;to the extent of such recovery, the obligation or part thereof originally
intended to be satisfied shall be revived and continued in full force and effect as if such payment
had not been made or such setoff had not occurred, and (b)&nbsp;each Lender severally agrees to pay to
the Administrative Agent upon demand
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">its applicable share of any amount so recovered from or repaid by any Agent, plus interest
thereon from the date of such demand to the date such payment is made at a rate per annum equal to
the applicable Overnight Rate from time to time in effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.07. <U>Successors and Assigns</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby, except that neither
Holdings nor any Borrower may, except as permitted by Section&nbsp;7.04, assign or otherwise transfer
any of its rights or obligations hereunder without the prior written consent of the Administrative
Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or
obligations hereunder except (i)&nbsp;to an Eligible Assignee, (ii)&nbsp;by way of participation in
accordance with the provisions of Section&nbsp;10.07(e), (iii)&nbsp;by way of pledge or assignment of a
security interest subject to the restrictions of Sections&nbsp;10.07(g) and 10.07(i) or (iv)&nbsp;to an SPC
in accordance with the provisions of Section&nbsp;10.07(h) (and any other attempted assignment or
transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or
implied, shall be construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby, Participants to the extent provided in Section
10.07(e) and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable
right, remedy or claim under or by reason of this Agreement; provided, however, that the Parent
Borrower (both prior to and after the consummation of the Merger) shall be deemed to be a
third-party beneficiary of this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)&nbsp;Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign
to one or more Persons (&#147;<B>Assignees</B>&#148;) all or a portion of its rights and obligations under this
Agreement (including all or a portion of its Commitment and the Loans (including for purposes of
this Section&nbsp;10.07(b), participations in L/C Obligations and in Swing Line Loans) at the time owing
to it) with the prior written consent (such consent not to be unreasonably withheld or delayed, it
being understood that the Parent Borrower shall have the right to withhold its consent if the
Parent Borrower would be required to obtain the consent of, or make a filing or registration with,
a Governmental Agency) of:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Parent Borrower, <I>provided </I>that no consent of the Parent Borrower shall be
required or, for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or,
if an Event of Default under Section&nbsp;8.01(a) or, solely with respect to any Borrower,
Section&nbsp;8.01(f) has occurred and is continuing, any Assignee;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Administrative Agent;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) each Principal L/C Issuer at the time of such assignment, <I>provided </I>that no consent
of any Principal L/C Issuer shall be required for an assignment to an Agent or any Affiliate
thereof; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Swing Line Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Assignments shall be subject to the following additional conditions:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an
Approved Fund or an assignment of the entire remaining amount of the assigning Lender&#146;s
Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning
Lender subject to each such assignment (determined as of the date the Assignment and
Assumption with respect to such assignment is delivered to the Administrative Agent or such
other date on which such Assignment and Assumption is effective) shall not be less than and
shall be an integral multiple of (x)&nbsp;an amount of $5,000,000 unless each of the Parent
Borrower and the Administrative Agent otherwise consents, <I>provided </I>that (1)&nbsp;no such consent
of the Parent Borrower shall be required if an Event of Default under Section&nbsp;8.01(a) or,
solely with respect to any Borrower, Section&nbsp;8.01(f) has occurred and is continuing and (2)
such amounts shall be aggregated in respect of each Lender and its Affiliates or Approved
Funds, if any;
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Assumption, together with a processing and recordation fee of
$3,500; <I>provided </I>that the Administrative Agent may, in its sole discretion, elect to waive
such processing and recordation fee in the case of any Assignment;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Assignee, if it shall not be a Lender, shall deliver to the Administrative
Agent an Administrative Questionnaire; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Assignee shall comply with Section&nbsp;3.01(b) and (c)&nbsp;or Section&nbsp;3.01(d), as
applicable.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This paragraph (b)&nbsp;shall not prohibit any Lender from assigning all or a portion of its rights
and obligations among separate Facilities on a non-pro rata basis.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Subject to acceptance and recording thereof by the Administrative Agent pursuant to
Section&nbsp;10.07(d), from and after the effective date specified in each Assignment and Assumption,
the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the
interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender
under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest
assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender&#146;s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue
to be entitled to the benefits of Sections&nbsp;3.01, 3.04, 3.05, 10.04 and 10.05 with respect to facts
and circumstances occurring prior to the effective date of such assignment). Upon request, and the
surrender by the assigning Lender of its Note, the Borrowers (at their expense) shall execute and
deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this clause (c)&nbsp;shall be treated for
purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with Section&nbsp;10.07(e).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Administrative Agent, acting solely for this purpose as an agent of the Borrowers,
shall maintain at the Administrative Agent&#146;s Office a copy of each Assignment and Assumption
delivered to it and a register for the recordation of the names and addresses of the Lenders, and
the Commitments of, and principal amounts (and related interest amounts) of the Loans, L/C
Obligations (specifying the Unreimbursed Amounts), L/C Borrowings and amounts due under Section
2.03, owing to, each Lender pursuant to the terms hereof from time to time (the &#147;<B>Register</B>&#148;). The
entries in the Register shall be conclusive, absent manifest error, and the Borrowers, the Agents
and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the
terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to
the contrary. The Register shall be available for inspection by the Parent Borrower, any Agent
and, with respect to itself, any Lender, at any reasonable time and from time to time upon
reasonable prior notice.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Any Lender may at any time, without the consent of, or notice to, the Parent Borrower or
the Administrative Agent, sell participations to any Person (other than a natural person) (each, a
"<B>Participant</B>&#148;) in all or a portion of such Lender&#146;s rights and/or obligations under this Agreement
(including all or a portion of its Commitment and/or the Loans (including such Lender&#146;s
participations in L/C Obligations and/or Swing Line Loans) owing to it); <I>provided </I>that (i)&nbsp;such
Lender&#146;s obligations under this Agreement shall remain unchanged, (ii)&nbsp;such Lender shall remain
solely responsible to the other parties hereto for the performance of such obligations and (iii)
the Borrowers, the Agents and the other Lenders shall continue to deal solely and directly with
such Lender in connection with such Lender&#146;s rights and obligations under this Agreement. Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that
such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and
to approve any amendment, modification or waiver of any provision of this Agreement or the other
Loan Documents; <I>provided </I>that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, waiver or other modification
described in the first proviso to Section&nbsp;10.01 that directly affects such Participant. Subject to
Section&nbsp;10.07(f), the Borrowers agree that each Participant shall be entitled to the benefits of
Sections&nbsp;3.01 (subject to the requirements of Section&nbsp;3.01(b) and (c)&nbsp;or Section&nbsp;3.01(d), as
applicable), 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest
by assignment pursuant to Section&nbsp;10.07(c). To the extent permitted by applicable Law, each
Participant also shall be entitled to the benefits of Section&nbsp;10.10 as though it were a Lender;
<I>provided </I>that such Participant agrees to be subject to Section&nbsp;2.13 as though it were a Lender.
Each Lender that sells a participation
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">shall, acting solely for this purpose as an agent of the Borrowers, maintain a register on
which it enters the name and address of each Participant and the principal amounts (and stated
interest) of each participant&#146;s interest in the Loans or other obligations under this Agreement
(the &#147;<B>Participant Register</B>&#148;). The entries in the Participant Register shall be conclusive absent
manifest error, and such Lender shall treat each person whose name is recorded in the Participant
Register as the owner of the participation in question for all purposes of this Agreement
notwithstanding any notice to the contrary.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;A Participant shall not be entitled to receive any greater payment under Section&nbsp;3.01,
3.04 or 3.05 than the applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, unless, in the case of Section&nbsp;3.01, the sale of the
participation to such Participant is made with the Parent Borrower&#146;s prior written consent (not to
be unreasonably withheld or delayed).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement (including under its Note, if any) to secure obligations of such
Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank;
<I>provided </I>that no such pledge or assignment shall release such Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Notwithstanding anything to the contrary contained herein, any Lender (a &#147;<B>Granting
Lender</B>&#148;) may grant to a special purpose funding vehicle identified as such in writing from time to
time by the Granting Lender to the Administrative Agent and the Parent Borrower (an &#147;<B>SPC</B>&#148;) the
option to provide all or any part of any Loan that such Granting Lender would otherwise be
obligated to make pursuant to this Agreement; <I>provided </I>that (i)&nbsp;nothing herein shall constitute a
commitment by any SPC to fund any Loan, and (ii)&nbsp;if an SPC elects not to exercise such option or
otherwise fails to make all or any part of such Loan, the Granting Lender shall be obligated to
make such Loan pursuant to the terms hereof. Each party hereto hereby agrees that (i)&nbsp;neither the
grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or
otherwise increase or change the obligations of the Borrowers under this Agreement (including their
obligations under Section&nbsp;3.01, 3.04 or 3.05), except, in the case of Section&nbsp;3.01, the increase or
change results from a Change in Law after the SPC becomes a SPC and the grant was made with the
Parent Borrower&#146;s prior written consent (not to be unreasonably withheld or delayed), (ii)&nbsp;no SPC
shall be liable for any indemnity or similar payment obligation under this Agreement for which a
Lender would be liable, and (iii)&nbsp;the Granting Lender shall for all purposes, including the
approval of any amendment, waiver or other modification of any provision of any Loan Document,
remain the lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the
Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such
Granting Lender. Notwithstanding anything to the contrary contained herein, any SPC may (i)&nbsp;with
notice to, but without prior consent of the Parent Borrower and the Administrative Agent and with
the payment of a processing fee of $3,500, assign all or any portion of its right to receive
payment with respect to any Loan to the Granting Lender and (ii)&nbsp;disclose on a confidential basis
any non-public information relating to its funding of Loans to any rating agency, commercial paper
dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPC.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Notwithstanding anything to the contrary contained herein, (1)&nbsp;any Lender may in
accordance with applicable Law create a security interest in all or any portion of the Loans owing
to it and the Note, if any, held by it and (2)&nbsp;any Lender that is a Fund may create a security
interest in all or any portion of the Loans owing to it and the Note, if any, held by it to the
trustee for holders of obligations owed, or securities issued, by such Fund as security for such
obligations or securities; <I>provided </I>that unless and until such trustee actually becomes a Lender in
compliance with the other provisions of this Section&nbsp;10.07, (i)&nbsp;no such pledge shall release the
pledging Lender from any of its obligations under the Loan Documents and (ii)&nbsp;such trustee shall
not be entitled to exercise any of the rights of a Lender under the Loan Documents even though such
trustee may have acquired ownership rights with respect to the pledged interest through foreclosure
or otherwise.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;Notwithstanding anything to the contrary contained herein, any L/C Issuer or the Swing
Line Lender may, upon thirty (30)&nbsp;days&#146; prior notice to the Parent Borrower and the Lenders, resign
as an L/C Issuer or the Swing Line Lender, respectively; <I>provided </I>that on or prior to the
expiration of such 30-day period with respect to such resignation, the relevant L/C Issuer or the
Swing Line Lender shall have identified, in consultation with the Parent Borrower, a successor L/C
Issuer or the Swing Line Lender willing to accept its appointment as successor L/C Issuer or Swing
Line Lender, as applicable. In the event of any such resignation of an L/C Issuer or the
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Swing Line Lender, the Parent Borrower shall be entitled to appoint from among the Lenders
willing to accept such appointment a successor L/C Issuer or Swing Line Lender hereunder; <I>provided</I>
that no failure by the Parent Borrower to appoint any such successor shall affect the resignation
of the relevant L/C Issuer or the Swing Line Lender, as the case may be. If an L/C Issuer resigns
as an L/C Issuer, it shall retain all the rights and obligations of an L/C Issuer hereunder with
respect to all Letters of Credit outstanding as of the effective date of its resignation as an L/C
Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to
make Loans or fund risk participations in Unreimbursed Amounts pursuant to Section&nbsp;2.03(c)). If
the Swing Line Lender resigns as Swing Line Lender, it shall retain all the rights of the Swing
Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as
of the effective date of such resignation, including the right to require the Lenders to make Base
Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section&nbsp;2.04(c).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.08. <U>Confidentiality</U>. Each of the Agents and the Lenders agrees to maintain the
confidentiality of the Information, and to not use or disclose such Information, except that
Information may be disclosed (a)&nbsp;to its Affiliates and its and its Affiliates&#146; respective managers,
administrators, directors, officers, employees, trustees, investment advisors, partners, advisors,
agents and other representatives, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made shall be informed of the confidential
nature of such Information and instructed to keep such Information confidential); (b)&nbsp;to the extent
required by applicable Laws or regulations or by any subpoena or similar legal process; (c)&nbsp;to any
other party to this Agreement or the Intercreditor Agreement; (d)&nbsp;subject to an agreement to be
bound by provisions substantially the same as those of this Section&nbsp;10.08 (or as may otherwise be
reasonably acceptable to the Parent Borrower), to any pledgee referred to in Section&nbsp;10.07(g),
Eligible Assignee of or Participant in, or any prospective Eligible Assignee or pledgee of or
Participant in, any of its rights or obligations under this Agreement or to any actual or
prospective party (or its managers, administrators, trustees, partners, directors, officers,
employees, agents, advisors and other representatives) to any swap or derivative or similar
transaction under which payments are to be made by reference to the Borrowers and their
obligations, this Agreement or payments hereunder, any rating agency, or the CUSIP Service Bureau
or any similar organization; (e)&nbsp;with the written consent of the Parent Borrower; (f)&nbsp;to the extent
such Information becomes publicly available other than as a result of a breach of this Section
10.08 or becomes available to the Administrative Agent, any Lender, the Issuing Bank or any of
their respective affiliates on a nonconfidential basis from a source other than a Loan Party who is
not known to such Person to be in breach of any obligation of confidentiality; (g)&nbsp;to any
Governmental Authority, examiner, self-regulatory authority or other regulatory authority
(including the National Association of Insurance Commissioners or any other similar organization)
regulating or purporting to regulate any Lender; or (h)&nbsp;in connection with the administration of
this Agreement or any other Loan Documents or the exercise of any remedies hereunder or under any
other Loan Document or any action or proceeding relating to this Agreement or any other Loan
Document or the enforcement of rights hereunder or thereunder. In addition, the Agents and the
Lenders may disclose the existence of this Agreement and information about this Agreement to market
data collectors, similar service providers to the lending industry, and service providers to the
Agents and the Lenders in connection with the administration and management of this Agreement, the
other Loan Documents, the Commitments, and the Credit Extensions. For the purposes of this Section
10.08, &#147;<B>Information</B>&#148; means all information received from or on behalf of any Loan Party or its
Subsidiaries or any Loan Party&#146;s or its Subsidiaries&#146; directors, officers, employees, trustees,
investment advisors or agents, including accountants, legal counsel and other advisors, relating to
Holdings, the Borrowers or any of their subsidiaries or their respective businesses, other than any
such information that is publicly available to any Agent or any Lender prior to disclosure by any
Loan Party other than as a result of a breach of this Section&nbsp;10.08; <I>provided </I>that, in the case of
information received from a Loan Party after the date hereof, such information is clearly
identified at the time of delivery as confidential or (ii)&nbsp;is delivered pursuant to Section&nbsp;6.01,
6.02 or 6.03 hereof. Any Person required to maintain the confidentiality of Information as
provided in this Section shall be considered to have complied with its obligation to do so if such
Person has exercised the same degree of care to maintain the confidentiality of such Information as
such Person would accord to its own confidential information.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.09. <U>Treatment of Information</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Certain of the Lenders may enter into this Agreement and take or not take action hereunder
or under the other Loan Documents on the basis of information that does not contain material
non-public information with respect to any of the Loan Parties or their securities (&#147;<B>Restricting
Information</B>&#148;). Other Lenders may enter into this Agreement and take or not take action hereunder
or under the other Loan Documents on the basis
</DIV>



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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">of information that may contain Restricting
Information. Each Lender acknowledges that United States federal and state securities laws
prohibit any person from purchasing or selling securities on the basis of material, non-public
information concerning the issuer of such securities or, subject to certain limited exceptions,
from communicating such information to any other Person. Neither the Administrative Agent nor any
of its Affiliates shall, by making any Communications (including Restricting Information) available
to a Lender, by participating in any conversations or other interactions with a Lender or
otherwise, make or be deemed to make any statement with regard to or otherwise warrant that any
such information or Communication does or does not contain Restricting Information nor shall the
Administrative Agent or any of its Affiliates be responsible or liable in any way for any decision
a Lender may make to limit or to not limit its access to Restricting Information. In particular,
none of the Administrative Agent nor any of its Affiliates (i)&nbsp;shall have, and the Administrative
Agent, on behalf of itself and each of its Affiliates, hereby disclaims, any duty to ascertain or
inquire as to whether or not a Lender has or has not limited its access to Restricting Information,
such Lender&#146;s policies or procedures regarding the safeguarding of material, nonpublic information
or such Lender&#146;s compliance with applicable laws related thereto or (ii)&nbsp;shall have, or incur, any
liability to any Loan Party or Lender or any of their respective Affiliates arising out of or
relating to the Administrative Agent or any of its Affiliates providing or not providing
Restricting Information to any Lender.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Lender acknowledges that circumstances may arise that require it to refer to
Communications that might contain Restricting Information. Accordingly, each Lender agrees that it
will nominate at least one designee to receive Communications (including Restricting Information)
on its behalf and identify such designee (including such designee&#146;s contact information) on such
Lender&#146;s Administrative Questionnaire. Each Lender agrees to notify the Administrative Agent from
time to time of such Lender&#146;s designee&#146;s e-mail address to which notice of the availability of
Restricting Information may be sent by electronic transmission.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Each Lender acknowledges that Communications delivered hereunder and under the other Loan
Documents may contain Restricting Information and that such Communications are available to all
Lenders generally. Each Lender that elects not to take access to Restricting Information does so
voluntarily and, by such election, acknowledges and agrees that the Administrative Agent and other
Lenders may have access to Restricting Information that is not available to such electing Lender.
None of the Administrative Agent nor any Lender with access to Restricting Information shall have
any duty to disclose such Restricting Information to such electing Lender or to use such
Restricting Information on behalf of such electing Lender, and shall not be liable for the failure
to so disclose or use, such Restricting Information.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The provisions of the foregoing clauses of this Section&nbsp;10.09 are designed to assist the
Administrative Agent, the Lenders and the Loan Parties, in complying with their respective
contractual obligations and applicable law in circumstances where certain Lenders express a desire
not to receive Restricting Information notwithstanding that certain Communications hereunder or
under the other Loan Documents or other information provided to the Lenders hereunder or thereunder
may contain Restricting Information. Neither the Administrative Agent nor any of its Affiliates
warrants or makes any other statement with respect to the adequacy of such provisions to achieve
such purpose nor does the Administrative Agent or any of its Affiliates warrant or make any other
statement to the effect that an Loan Party&#146;s or Lender&#146;s adherence to such provisions will be
sufficient to ensure compliance by such Loan Party or Lender with its contractual obligations or
its duties under applicable law in respect of Restricting Information and each of the Lenders and
each Loan Party assumes the risks associated therewith.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.10. <U>Setoff</U>. In addition to any rights and remedies of the Lenders provided
by Law, upon the occurrence and during the continuance of any Event of Default, each Lender and its
Affiliates and each L/C Issuer and its Affiliates is authorized at any time and from time to time,
without prior notice to any Borrower or any other Loan Party, any such notice being waived by the
Borrowers (on its own behalf and on behalf of each Loan Party and its Subsidiaries) to the fullest
extent permitted by applicable Law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final) at any time held by, and other Indebtedness at any time owing
to, such Lender and its Affiliates or such L/C Issuer and its Affiliates, as the case may be, to or
for the credit or the account of the respective Loan Parties and their Restricted Subsidiaries
against any and all Obligations owing to such Lender and its Affiliates or such L/C Issuer and its
Affiliates hereunder or under any other Loan Document, now or hereafter existing, irrespective of
whether or not such Agent or such Lender or Affiliate shall have made demand under this Agreement
or any other Loan Document and although such Obligations may be contingent or unmatured or
denominated in a currency different from that of the applicable deposit or Indebtedness.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Notwithstanding anything to the contrary contained herein, no Lender or its Affiliates and no L/C
Issuer or its Affiliates shall have a right to set off and apply any deposits held or other
Indebtedness owing by such Lender or its Affiliates or such L/C Issuer or its Affiliates, as the
case may be, to or for the credit or the account of any Subsidiary of a Loan Party which is not a
&#147;United States person&#148; within the meaning of Section&nbsp;7701(a)(30) of the Code unless such Subsidiary
is not a direct or indirect subsidiary of Holdings. Each Lender and L/C Issuer agrees promptly to
notify the Parent Borrower and the Administrative Agent after any such set off and application made
by such Lender or L/C Issuer, as the case may be; <I>provided </I>that the failure to give such notice
shall not affect the validity of such setoff and application. The rights of the Administrative
Agent, each Lender and each L/C Issuer under this Section&nbsp;10.10 are in addition to other rights and
remedies (including other rights of setoff) that the Administrative Agent, such Lender and such L/C
Issuer may have.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.11. <U>Interest Rate Limitation</U>. Notwithstanding anything to the contrary
contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents
shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the
&#147;<B>Maximum Rate</B>&#148;). If any Agent or any Lender shall receive interest in an amount that exceeds the
Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds
such unpaid principal, refunded to the Parent Borrower. In determining whether the interest
contracted for, charged, or received by an Agent or a Lender exceeds the Maximum Rate, such Person
may, to the extent permitted by applicable Law, (a)&nbsp;characterize any payment that is not principal
as an expense, fee, or premium rather than interest, (b)&nbsp;exclude voluntary prepayments and the
effects thereof, and (c)&nbsp;amortize, prorate, allocate, and spread in equal or unequal parts the
total amount of interest throughout the contemplated term of the Obligations hereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.12. <U>Counterparts</U>. This Agreement and each other Loan Document may be
executed in one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. Delivery by facsimile or electronic
transmission of an executed counterpart of a signature page to this Agreement and each other Loan
Document shall be effective as delivery of an original executed counterpart of this Agreement and
such other Loan Document. The Agents may also require that any such documents and signatures
delivered by facsimile or electronic transmission be confirmed by a manually signed original
thereof; <I>provided </I>that the failure to request or deliver the same shall not limit the effectiveness
of any document or signature delivered by facsimile or electronic transmission.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.13. <U>Integration</U>. This Agreement, together with the other Loan Documents,
comprises the complete and integrated agreement of the parties on the subject matter hereof and
thereof and supersedes all prior agreements, written or oral, on such subject matter. In the event
of any conflict between the provisions of this Agreement and those of any other Loan Document, the
provisions of this Agreement shall control.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.14. <U>Survival of Representations and Warranties</U>. All representations and
warranties made hereunder and in any other Loan Document or other document delivered pursuant
hereto or thereto or in connection herewith or therewith shall survive the execution and delivery
hereof and thereof, and shall continue in full force and effect as long as any Loan or any other
Obligation (other than Secured Hedge Agreements, Cash Management Obligations and other Obligations
that are not accrued and payable) hereunder shall remain unpaid or unsatisfied or any Letter of
Credit (other than any Letter of Credit that has been Cash Collateralized or, if satisfactory to
the L/C Issuer in its sole discretion, for which a backstop letter of credit is in place) shall
remain outstanding.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.15. <U>Severability</U>. If any provision of this Agreement or the other Loan
Documents is held to be illegal, invalid or unenforceable, the legality, validity and
enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not
be affected or impaired thereby and the intent of such illegal, invalid or unenforceable provision
shall be followed as closely as legally possible. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.16. <U>GOVERNING LAW</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (EXCEPT AS OTHERWISE EXPRESSLY PROVIDED THEREIN).
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;ANY LEGAL ACTION OR PROCEEDING ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED
WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO
ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR
HEREAFTER ARISING, MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY
OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF
THIS AGREEMENT, EACH PARTY HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE
NON-EXCLUSIVE JURISDICTION OF THOSE COURTS AND THE APPELLATE COURTS THEREOF. TO THE EXTENT
PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY
OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW
OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF
ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO. EACH PARTY HERETO IRREVOCABLY CONSENTS TO
SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS IN
THE MANNER PROVIDED FOR NOTICES (OTHER THAN TELEPHONE, FACSIMILE OR ELECTRONIC TRANSMISSION) IN
SECTION 10.02. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY
PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.17. <U>WAIVER OF RIGHT TO TRIAL BY JURY</U>. TO THE EXTENT PERMITTED BY
APPLICABLE LAW, EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF
ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY
CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH
RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW
EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY
HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED
BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL
COUNTERPART OR A COPY OF THIS SECTION 10.17 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF
THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.18. <U>Binding Effect</U>. This Agreement shall become effective when it shall
have been executed by the Borrowers, Holdings and the Administrative Agent and the Administrative
Agent shall have been notified by each Lender, Swing Line Lender and L/C Issuer that each such
Lender, Swing Line Lender and L/C Issuer has executed it and thereafter shall be binding upon and
inure to the benefit of the Borrowers, Holdings, each Agent and each Lender and their respective
successors and assigns.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.19. <U>Judgment Currency</U>. If, for the purposes of obtaining judgment in any
court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency
into another currency, the rate of exchange used shall be that at which in accordance with normal
banking procedures the Administrative Agent could purchase the first currency with such other
currency on the Business Day preceding that on which final
judgment is given. The obligation of the Borrowers in respect of any such sum due from it to
the Administrative Agent or the Lenders hereunder or under the other Loan Documents shall,
notwithstanding any judgment in a currency (the &#147;<B>Judgment Currency</B>&#148;) other than that in which such
sum is denominated in accordance with the applicable provisions of this Agreement (the &#147;<B>Agreement
Currency</B>&#148;), be discharged only to the extent that on the Business Day following receipt by the
Administrative Agent of any sum adjudged to be so due in the Judgment Currency, the Administrative
Agent may in accordance with normal banking procedures purchase the Agreement Currency with the
Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum
originally due to the Administrative Agent from any Borrower in the Agreement Currency, such
Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the
Administrative Agent or the Person to whom such obligation was owing against such loss. If the
amount of the Agreement Currency so purchased is greater than the sum originally due to the
Administrative Agent in such currency, the Administrative Agent agrees to return the amount of any
excess to such Borrower (or to any other Person who may be entitled thereto under applicable Law).
</DIV>



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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.20. <U>Lender Action</U>. Each Lender agrees that it shall not take or institute
any actions or proceedings, judicial or otherwise, for any right or remedy against any Loan Party
under any of the Loan Documents or the Secured Hedge Agreements or agreements governing Cash
Management Obligations (including the exercise of any right of setoff, rights on account of any
banker&#146;s lien or similar claim or other rights of self-help), or institute any actions or
proceedings, or otherwise commence any remedial procedures, with respect to any Collateral or any
other property of any such Loan Party, without the prior written consent of the Administrative
Agent. The provision of this Section&nbsp;10.20 are for the sole benefit of the Lenders and shall not
afford any right to, or constitute a defense available to, any Loan Party.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.21. <U>USA PATRIOT Act</U>. Each Lender and the Administrative Agent hereby
notifies each Loan Party that pursuant to the requirements of the USA PATRIOT Act, it is required
to obtain, verify and record information that identifies each Loan Party, which information
includes the name, address and tax identification number of such Loan Party and other information
that will allow such Lender or the Administrative Agent, as applicable, to identify such Loan Party
in accordance with the USA PATRIOT Act. This notice is given in accordance with the requirements
of the USA PATRIOT Act and is effective as to the Lenders and the Administrative Agent.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.22. <U>No Advisory or Fiduciary Responsibility</U>. In connection with all
aspects of each transaction contemplated hereby, each of Holdings and each Borrower acknowledges
and agrees, and acknowledges its Affiliates&#146; understanding, that (i)&nbsp;the Revolving Credit Facility
provided for hereunder and any related arranging or other services in connection therewith
(including in connection with any amendment, waiver or other modification hereof or of any other
Loan Document) are an arm&#146;s-length commercial transaction between the Borrowers and their
Affiliates, on the one hand, and the Agents, the Arrangers and the Lenders, on the other hand, and
each Borrower is capable of evaluating and understanding and understands and accepts the terms,
risks and conditions of the transactions contemplated hereby and by the other Loan Documents
(including any amendment, waiver or other modification hereof or thereof); (ii)&nbsp;in connection with
the process leading to such transaction, each of the Agents, the Arrangers and the Lenders is and
has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for the
Borrowers or any of their Affiliates, stockholders, creditors or employees or any other Person;
(iii)&nbsp;none of the Agents, the Arrangers or the Lenders has assumed or will assume an advisory,
agency or fiduciary responsibility in favor of the Borrowers with respect to any of the
transactions contemplated hereby or the process leading thereto, including with respect to any
amendment, waiver or other modification hereof or of any other Loan Document (irrespective of
whether any Agent or Lender has advised or is currently advising any Borrower or any of their
Affiliates on other matters) and none of the Agents, the Arrangers or the Lenders has any
obligation to the Borrowers or any of their Affiliates with respect to the transactions
contemplated hereby except those obligations expressly set forth herein and in the other Loan
Documents; (iv)&nbsp;the Agents, the Arrangers and the Lenders and their respective Affiliates may be
engaged in a broad range of transactions that involve interests that differ from, and may conflict
with, those of the Borrowers and their Affiliates, and none of the Agents, the Arrangers or the
Lenders has any obligation to disclose any of such interests by virtue of any advisory, agency or
fiduciary relationship; and (v)&nbsp;the Agents, the Arrangers and the Lenders have not provided and
will not provide any legal, accounting, regulatory or tax advice with respect to any of the
transactions contemplated hereby (including any amendment, waiver or other modification hereof or
of any other Loan Document) and Holdings and the Borrowers have consulted their own legal,
accounting, regulatory and tax advisors to the extent they have deemed appropriate.
Each of Holdings and each Borrower hereby waives and releases, to the fullest extent permitted
by law, any claims that it may have against the Agents, Arrangers and the Lenders with respect to
any breach or alleged breach of agency or fiduciary duty.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.23. <U>No Personal Liability</U>. No past, present or future director, officer,
employee, incorporator, member, partner or stockholder of any Borrower, Holdings or any Loan Party
or any of their direct or indirect parent companies (other than the Borrowers, Holdings and any
other Loan Party) shall have any liability for any obligations of the Borrowers or the Loan Parties
under the Loans, the Letters of Credit, the Guaranty, the Revolving Credit Facility, this Agreement
or any other Loan Document or for any claim based on, in respect of, or by reason of such
obligations or their creation. Each Lender hereby waives and releases all such liability.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.24. <U>FCC</U>.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained herein or in any of the Loan Documents,
neither the Administrative Agent or the Lenders, nor any of their agents, will take any action
pursuant to the Collateral Documents that would constitute or result in any assignment of the FCC
Authorizations or any transfer of control thereof, within the meaning of 310(d) of the
Communications Act of 1934 or other Communications Law, if such assignment of license or transfer
of control thereof would require thereunder the prior approval of the FCC, without first obtaining
such approval of the FCC.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.25. <U>Joint and Several Liability</U>. All Loans, upon funding, shall be deemed
to be jointly funded to and received by the Borrowers. Each Borrower is jointly and severally
liable under this Agreement for all Obligations, regardless of the manner or amount in which
proceeds of Loans are used, allocated, shared or disbursed by or among the Borrowers themselves, or
the manner in which an Agent and/or any Lender accounts for such Loans or other Credit Extensions
on its books and records. Each Borrower shall be liable for all amounts due to an Agent and/or any
Lender from the Borrowers under this Agreement, regardless of which Borrower actually receives
Loans or other Credit Extensions hereunder or the amount of such Loans and Credit Extensions
received or the manner in which such Agent and/or such Lender accounts for such Loans or other
Credit Extensions on its books and records. Each Borrower&#146;s Obligations with respect to Loans and
other Credit Extensions made to it, and such Borrower&#146;s Obligations arising as a result of the
joint and several liability of such Borrower hereunder with respect to Loans made to the other
Borrowers hereunder shall be separate and distinct obligations, but all such Obligations shall be
primary obligations of such Borrower. The Borrowers acknowledge and expressly agree with the
Agents and each Lender that the joint and several liability of each Borrower is required solely as
a condition to, and is given solely as inducement for and in consideration of, credit or
accommodations extended or to be extended under the Loan Documents to any or all of the other
Borrowers and is not required or given as a condition of Credit Extensions to such Borrower. Each
Borrower&#146;s Obligations under this Agreement shall, to the fullest extent permitted by law, be
unconditional irrespective of (i)&nbsp;the release of any other Borrower pursuant to Section&nbsp;9.12 or the
validity or enforceability, avoidance, or subordination of the Obligations of any other Borrower or
of any promissory note or other document evidencing all or any part of the Obligations of any other
Borrower, (ii)&nbsp;the absence of any attempt to collect the Obligations from any other Borrower, or
any other security therefor, or the absence of any other action to enforce the same, (iii)&nbsp;the
waiver, consent, extension, forbearance, or granting of any indulgence by an Agent and/or any
Lender with respect to any provision of any instrument evidencing the Obligations of any other
Borrower, or any part thereof, or any other agreement now or hereafter executed by any other
Borrower and delivered to an Agent and/or any Lender, (iv)&nbsp;the failure by an Agent and/or any
Lender to take any steps to perfect and maintain its security interest in, or to preserve its
rights to, any security or collateral for the Obligations of any other Borrower, (v)&nbsp;an Agent&#146;s
and/or any Lender&#146;s election, in any proceeding instituted under the Bankruptcy Code, of the
application of Section&nbsp;1111(b)(2) of the Bankruptcy Code, (vi)&nbsp;any borrowing or grant of a security
interest by any other Borrower, as debtor-in-possession under Section&nbsp;364 of the Bankruptcy Code,
(vii)&nbsp;the disallowance of all or any portion of an Agent&#146;s and/or any Lender&#146;s claim(s) for the
repayment of the Obligations of any other Borrower under Section&nbsp;502 of the Bankruptcy Code, or
(viii)&nbsp;any other circumstances which might constitute a legal or equitable discharge or defense of
a guarantor or of any other Borrower. With respect to any Borrower&#146;s Obligations arising as a
result of the joint and several liability of the Borrowers hereunder with respect to Loans or other
Credit Extensions made to any of the other Borrowers hereunder, such Borrower waives, until the
Obligations shall have been paid in full and this Agreement shall have been terminated, any right
to enforce any right of subrogation or any remedy which an Agent and/or any Lender now has or may
hereafter have against any other Borrower, any endorser or any guarantor of all or any part of the
Obligations, and any benefit of, and any right to participate in, any security
or collateral given to an Agent and/or any Lender to secure payment of the Obligations or any
other liability of any Borrower to an Agent and/or any Lender. Upon any Event of Default, the
Agents may proceed directly and at once, without notice, against any Borrower to collect and
recover the full amount, or any portion of the Obligations, without first proceeding against any
other Borrower or any other Person, or against any security or collateral for the Obligations.
Each Borrower consents and agrees that the Agents shall be under no obligation to marshal any
assets in favor of any Borrower or against or in payment of any or all of the Obligations.
Notwithstanding anything to the contrary in the foregoing, none of the foregoing provisions of this
Section&nbsp;10.24 shall apply to any Person released from its Obligations as a Subsidiary Borrower in
accordance with Section&nbsp;9.12.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.26. <U>Contribution and Indemnification Among the Loan Parties</U>. Each Borrower
and each Subsidiary Guarantor, if any, is obligated to repay the Obligations as a joint and several
obligor under this Agreement. To the extent that any Borrower or any Subsidiary Guarantor shall,
under this Agreement as a joint and several obligor, sell any of its assets to satisfy or otherwise
repay any of the Obligations constituting Loans made to
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">another Borrower hereunder or other
Obligations incurred directly and primarily by any other Borrower (an &#147;<B>Accommodation Payment</B>&#148;),
then the Borrower or Subsidiary Guarantor making such Accommodation Payment shall be entitled to
contribution and indemnification from, and be reimbursed by, each of the other Borrowers and
Subsidiary Guarantors, if any, in an amount, for each of such other Borrowers and Subsidiary
Guarantors, if any, equal to a fraction of such Accommodation Payment, the numerator of which
fraction is such other Borrower&#146;s (or Subsidiary Guarantor&#146;s, as applicable) Allocable Amount (as
defined below) and the denominator of which is the sum of the Allocable Amounts of all of the
Borrowers and Subsidiary Guarantors. As of any date of determination, the &#147;<B>Allocable Amount</B>&#148; of
each Borrower and each Subsidiary Guarantors, if any, shall be equal to the maximum amount of
liability for Accommodation Payments which could be asserted against such Borrower or Subsidiary
Guarantor hereunder without (a)&nbsp;rendering such Borrower or Subsidiary Guarantor &#147;insolvent&#148; within
the meaning of Section&nbsp;101(31) of the Bankruptcy Code, Section&nbsp;2 of the Uniform Fraudulent Transfer
Act (&#147;<B>UFTA</B>&#148;) or Section&nbsp;2 of the Uniform Fraudulent Conveyance Act (&#147;<B>UFCA</B>&#148;), (b)&nbsp;leaving such
Borrower or Subsidiary Guarantor with unreasonably small capital or assets, within the meaning of
Section&nbsp;548 of the Bankruptcy Code, Section&nbsp;4 of the UFTA, or Section&nbsp;5 of the UFCA, or (c)&nbsp;leaving
such Borrower or Subsidiary Guarantor unable to pay its debts as they become due within the meaning
of Section&nbsp;548 of the Bankruptcy Code or Section&nbsp;4 of the UFTA, or Section&nbsp;5 of the UFCA. All
rights and claims of contribution, indemnification, and reimbursement under this Section shall be
subordinate in right of payment to the prior payment in full of the Obligations. The provisions of
this Section shall, to the extent expressly inconsistent with any provision in any Loan Document,
supersede such inconsistent provision.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.27. <U>Agency of the Parent Borrower for Each Other Borrower</U>. Each of the
other Borrowers irrevocably appoints the Parent Borrower as its agent for all purposes relevant to
this Agreement, including the giving and receipt of notices and execution and delivery of all
documents, instruments, and certificates contemplated herein (including, without limitation,
execution and delivery to the Administrative Agent of Borrowing Base Certificates and Committed
Loan Notices) and all modifications hereto. Any acknowledgment, consent, direction, certification,
or other action which might otherwise be valid or effective only if given or taken by all or any of
the Borrowers or acting singly, shall be valid and effective if given or taken only by the Parent
Borrower, whether or not any of the other Borrowers join therein, and the Agents and the Lenders
shall have no duty or obligation to make further inquiry with respect to the authority of the
Parent Borrower under this Section&nbsp;10.26; <I>provided </I>that nothing in this Section&nbsp;10.26 shall limit
the effectiveness of, or the right of the Agents and the Lenders to rely upon, any notice
(including, without limitation, a Committed Loan Notice), document, instrument, certificate,
acknowledgment, consent, direction, certification or other action delivered by any Borrower
pursuant to this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.28. <U>Reinstatement</U>. This Agreement shall continue to be effective, or be
reinstated, as the case may be, if at any time payment, or any part thereof, of any of the
Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or
any other Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization
of the Parent Borrower or any Subsidiary Borrower, or upon or as a result of the appointment of a
receiver, intervenor or conservator of, or trustee or similar officer for, any Borrower or any
substantial part of its property, or otherwise, all as though such payments had not been made.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.29. <U>Express Waivers by Borrowers in Respect of Cross-Guaranties and
Cross-Collateralization</U>. Each Borrower agrees as follows:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrower hereby waives: (i)&nbsp;notice of acceptance of this Agreement;
(ii)&nbsp;notice of the making of any Loans, the issuance of any Letter of Credit or any other
financial accommodations made or extended under the Loan Documents or the creation or
existence of any Obligations; (iii)&nbsp;notice of the amount of the Obligations, subject,
however, to such Borrower&#146;s right to make inquiry of the Administrative Agent to ascertain
the amount of the Obligations at any reasonable time; (iv)&nbsp;notice of any adverse change in
the financial condition of any other Borrower or of any other fact that might increase such
Borrower&#146;s risk with respect to such other Borrower under the Loan Documents; (v)&nbsp;notice of
presentment for payment, demand, protest, and notice thereof as to any promissory notes or
other instruments among the Loan Documents; and (vii)&nbsp;all other notices (except if such
notice is specifically required to be given to such Borrower hereunder or under any of the
other Loan Documents to which such Borrower is a party) and demands to which such Borrower
might otherwise be entitled.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Borrower hereby waives the right by statute or otherwise to require an Agent
or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">any Lender to institute suit against any other Borrower or to exhaust any rights and
remedies which an Agent or any Lender has or may have against any other Borrower. Each
Borrower further waives any defense arising by reason of any disability or other defense of
any other Borrower (other than the defense of payment in full) or by reason of the cessation
from any cause whatsoever of the liability of any such Borrower in respect thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Borrower hereby waives and agrees not to assert against any Agent, any Lender,
or any L/C Issuer: (i)&nbsp;any defense (legal or equitable) other than a defense of payment,
set-off, counterclaim, or claim which such Borrower may now or at any time hereafter have
against any other Borrower or any other party liable under the Loan Documents; (ii)&nbsp;any
defense, set-off, counterclaim, or claim of any kind or nature available to any other
Borrower (other than a defense of payment) against any Agent, any Lender, or any L/C Issuer,
arising directly or indirectly from the present or future lack of perfection, sufficiency,
validity, or enforceability of the Obligations or any security therefor; (iii)&nbsp;any right or
defense arising by reason of any claim or defense based upon an election of remedies by any
Agent, any Lender, or any L/C Issuer under any applicable law; (iv)&nbsp;the benefit of any
statute of limitations affecting any other Borrower&#146;s liability hereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Borrower consents and agrees that, without notice to or by such Borrower and
without affecting or impairing the obligations of such Borrower hereunder, the Agents may
(subject to any requirement for consent of any of the Lenders to the extent required by this
Agreement), by action or inaction: (i)&nbsp;compromise, settle, extend the duration or the time
for the payment of, or discharge the performance of, or may refuse to or otherwise not
enforce the Issuer Documents; (ii)&nbsp;release all or any one or more parties to any one or more
of the Issuer Documents or grant other indulgences to any other Borrower in respect thereof;
(iii)&nbsp;amend or modify in any manner and at any time (or from time to time) any of the Issuer
Documents; or (iv)&nbsp;release or substitute any Person liable for payment of the Obligations,
or enforce, exchange, release, or waive any security for the Obligations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.30. <U>Effectiveness of Merger</U>. None of Holdings, the Parent Borrower or the
Subsidiary Borrowers shall have any rights or obligations hereunder until the consummation of the
Merger and any representations and warranties of the Parent Borrower or the Subsidiary Borrowers
under the Loan Documents shall not become effective, and no Event of Default can occur, until such
time. Upon consummation of the Merger, and without any further action by any Person, each of
Holdings, the Parent Borrower or the Subsidiary Borrowers hereby irrevocably and unconditionally
(i)&nbsp;assumes and agrees punctually to pay, perform and discharge when due each of the Obligations
and each and every debt, covenant and agreement incurred, made or to be paid, performed or
discharged by it under the Loan Documents, (ii)&nbsp;agrees to be bound by all the terms, provisions and
conditions of the Loan Documents applicable to it and (iii)&nbsp;agrees that it will be responsible for
and deemed to have made all of its representations and warranties set forth in the Loan Documents,
whenever made or deemed to have been made.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.&#093;</B>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF</B>, the parties hereto have caused this Agreement to be duly executed as of
the date first above written.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BT TRIPLE CROWN MERGER CO., INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John Connaughton
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">John Connaughton&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CITIBANK, N.A.</B>, as Administrative Agent, Swing Line<BR>
Lender, L/C Issuer and as a Lender,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Shane Azzara
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Shane Azzara&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Director/Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>DEUTSCHE BANK AG NEW YORK BRANCH</B>, as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ David Mayhew
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">David Mayhew&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">              /s/ Peter Yearlev
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Peter Yearlev&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>MORGAN STANLEY SENIOR FUNDING INC.</B>, as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Henry F. D&#146;Alessandro
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Henry F. D&#146;Alessandro&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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</DIV>

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<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CREDIT SUISSE, CAYMAN ISLANDS BRANCH</B>, as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Judith Smith
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Judith Smith&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                          /s/ Doreen Barr
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Doreen Barr&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>THE ROYAL BANK OF SCOTLAND PLC</B>, as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Steven F. Killilea
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Steven F. Killilea&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>WACHOVIA BANK, NATIONAL ASSOCIATION</B>, as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ James Jeffries
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">James Jeffries&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>7
<FILENAME>d57053exv10w4.htm
<DESCRIPTION>PURCHASE AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w4</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Execution Version</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.4</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BT Triple Crown Merger Co., Inc.<BR>
(to be merged with and into<BR>
Clear Channel Communications, Inc.)</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>$980,000,000<BR>
10.75% Senior Cash Pay Notes due 2016</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>$1,330,000,000<BR>
11.00%/11.75% Senior Toggle Notes due 2016</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PURCHASE AGREEMENT</B>

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">May&nbsp;13, 2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">DEUTSCHE BANK SECURITIES INC.<BR>
MORGAN STANLEY &#038; CO. INCORPORATED<BR>
CITIGROUP GLOBAL MARKETS INC.<BR>
CREDIT SUISSE SECURITIES (USA)&nbsp;LLC<BR>
GREENWICH CAPITAL MARKETS, INC.<BR>
WACHOVIA CAPITAL MARKETS, LLC<BR>
c/o Deutsche Bank Securities Inc.<BR>
60 Wall Street<BR>
New York, New York 10005

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BT Triple Crown Merger Co., Inc., a Delaware corporation (&#147;<U>Merger Sub</U>&#148;), proposes to
sell to the several parties named in <U>Schedule&nbsp;I</U> hereto (each an &#147;<U>Initial Purchaser</U>&#148;
and together, the &#147;<U>Initial Purchasers</U>&#148;) $980,000,000 aggregate principal amount of its
10.75% senior cash pay notes due 2016 (the &#147;<U>Senior Cash Pay Notes</U>&#148;) and $1,330,000,000
aggregate principal amount of its 11.00%/11.75% senior toggle notes due 2016 (the &#147;<U>Senior
Toggle Notes</U>&#148; and, together with the Senior Cash Pay Notes, the &#147;<U>Notes</U>&#148;). The Notes
will be issued by Clear Channel Communications, Inc., a Texas corporation (the &#147;<U>Company</U>&#148;),
pursuant to an indenture (the &#147;<U>Indenture</U>&#148;), to be dated as of the Closing Date (as defined
below), containing the terms set forth in the &#147;Description of Notes&#148; attached as <U>Exhibit&nbsp;A</U>
hereto (and such other provisions substantially in the form of the Indenture, dated as of October
26, 2006, among West Corporation, the guarantors signatory thereto and The Bank of New York, the
Indenture, dated as of October&nbsp;31, 2006, among Michaels Stores, Inc., the guarantors signatory
thereto and Wells Fargo Bank, National Association, or otherwise usual and customary in recent high
yield indentures for the sponsors of the portfolio companies under those indentures (the
&#147;<U>Sponsors</U>&#148;), in each case, as determined by
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Merger Sub in its sole judgment), among the Company, Law Debenture Trust Company of New York,
as trustee (the &#147;<U>Trustee</U>&#148;), and Deutsche Bank Trust Company Americas, as paying agent and
registrar (&#147;<U>Paying Agent</U>&#148;), or such other Trustee and/or Paying Agent as may be selected by
the Company.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes will be initially guaranteed (the &#147;<U>Guarantees</U>&#148; and, together with the Notes,
the &#147;<U>Securities</U>&#148;) by each of the wholly-owned domestic subsidiaries of the Company which
are guarantors under the Senior Secured Credit Facilities (collectively, the &#147;<U>Guarantors</U>&#148;)
on an unsecured basis and will be subordinated only to the Guarantors&#146; guarantees under the Senior
Secured Credit Facilities. The Securities will be offered and sold to the Initial Purchasers
without being registered under the Securities Act of 1933, as amended (the &#147;<U>Act</U>&#148;), in
reliance on exemptions therefrom.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities are being issued and sold as part of the financing necessary to effect the
Transactions (as defined below), including the merger (the &#147;<U>Merger</U>&#148;) of Merger Sub with and
into the Company, with the Company as the surviving entity. The Merger will be effected pursuant
to an agreement and plan of merger (the &#147;<U>Merger Agreement</U>&#148;), dated as of November&nbsp;16, 2006,
as amended on April&nbsp;18, 2007, May&nbsp;17, 2007 and the date hereof, among Merger Sub, B Triple Crown
Finco, LLC, a Delaware limited liability company, T Triple Crown Finco, LLC, a Delaware limited
liability company, CC Media Holdings, Inc. (formerly known as BT Triple Crown Capital Holdings III,
Inc.), a Delaware corporation, and the Company. For the purposes of this Agreement, the term
&#147;Transactions&#148; has the same meaning given to such term in the Senior Secured Credit Agreements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substantially concurrently with the consummation of the Merger, the Company shall become party
to this Purchase Agreement (this &#147;<U>Agreement</U>&#148;) pursuant to a joinder agreement substantially
in the form of the joinder agreement attached as <U>Annex A</U> hereto (the &#147;<U>Joinder
Agreement</U>&#148;). The representations, warranties and agreements of the Company shall become
effective on and as of the Merger, and the representations, warranties and agreements of the
Guarantors shall become effective on and as of the execution by the Guarantors of a joinder to this
Agreement, substantially in the form of the Joinder Agreement (but if specified to be given as of a
prior specified date, shall be given as of such date). Certain other terms used herein are defined
in Section&nbsp;16 hereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <U>Representations and Warranties</U>. As of the date hereof, Merger Sub, the Company and
the Guarantors jointly and severally represent and warrant to each of the Initial Purchasers as
follows (in the case of any representation or warranty made by Merger Sub regarding the Company or
any Guarantor, any such representation or warranty shall be to the knowledge of Merger Sub, and in
the case of any representation or warranty made by the Company and the Guarantors regarding Merger
Sub, any such representation or warranty shall be to the knowledge of the Company and such
Guarantors; capitalized terms used in this Section&nbsp;1 and not otherwise defined in this Agreement
shall have the meanings assigned thereto in the Senior Secured Credit Agreements):
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Assuming the accuracy of the representations and warranties of the Initial
Purchasers contained in Section&nbsp;4 and their compliance with the agreements set forth
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">therein, none of Merger Sub, the Company, any Guarantor, nor any of their respective
subsidiaries or their respective Affiliates, nor any person acting on their behalf, has,
directly or indirectly, made offers or sales of, or solicited offers to buy, any security
under circumstances that would require the registration of the Securities under the Act.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assuming the accuracy of the representations and warranties of the Initial
Purchasers contained in Section&nbsp;4 and their compliance with the agreements set forth
therein, none of Merger Sub, the Company, any Guarantor, nor any of their respective
subsidiaries nor any of their respective Affiliates, nor any person acting on their behalf,
has: (i)&nbsp;engaged in any form of general solicitation or general advertising (within the
meaning of Regulation&nbsp;D) in connection with any offer or sale of the Securities or (ii)
engaged in any directed selling efforts (within the meaning of Regulation&nbsp;S) with respect to
the Securities; and Merger Sub, the Company and the Guarantors and each of their respective
subsidiaries and each of their respective Affiliates and each person acting on their behalf
has complied with the offering restrictions requirement of Regulation&nbsp;S. Any sale of the
Securities by Merger Sub pursuant to Regulation&nbsp;S is not part of a plan or scheme to evade
the registration provisions of the Act.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Securities satisfy the eligibility requirements of Rule&nbsp;144A(d)(3) under the
Act.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Assuming the accuracy of the representations and warranties of the Initial
Purchasers contained in Section&nbsp;4 and their compliance with the agreements set forth
therein, no registration of the Securities under the Act is required for the offer and sale
of the Securities to the Initial Purchasers or by the Initial Purchasers to the initial
purchasers therefrom, in each case in the manner contemplated herein, and it is not
necessary to qualify the Indenture under the Trust Indenture Act. The Indenture, as of the
Closing Date, will conform in all material respects to the requirements of the Trust
Indenture Act.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) None of Merger Sub, the Company, any Guarantor or any of their respective
subsidiaries is or, after giving effect to the offering and sale of the Securities and the
application of the proceeds thereof as contemplated by the Merger Agreement, will be an
&#147;investment company&#148; as defined in the Investment Company Act and the rules and regulations
promulgated thereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) None of Merger Sub, the Company, any Guarantor or any of their respective
subsidiaries has paid or agreed to pay to any person any compensation for soliciting another
to purchase any Securities (except as contemplated in this Agreement).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) None of Merger Sub, the Company, any Guarantor nor any of their respective
subsidiaries or their respective Affiliates has taken or will take, directly or indirectly,
any action designed to or that has constituted or that would reasonably be expected to cause
or result, under the Exchange Act or otherwise, in stabilization or manipulation of the
price of any security of Merger Sub or the Company or any of their respective subsidiaries
to facilitate the sale or resale of the Securities.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) None of Merger Sub, the Company or any Guarantor is engaged nor will it engage
principally in the business of purchasing or carrying margin stock (within the meaning of
Regulation&nbsp;U issued by the FRB), or extending credit for the purpose of purchasing or
carrying margin stock, and no proceeds of any issuance of Securities will be used for any
purpose that violates Regulation&nbsp;U.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate signed by any officer of Merger Sub, the Company or the Guarantors and
delivered to the Initial Purchasers or counsel for the Initial Purchasers in connection with the
offering of the Securities and, when issued, the Guarantees shall be deemed a joint and several
representation and warranty by each of Merger Sub, the Company and the Guarantors as to matters
covered thereby, to each Initial Purchaser.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <U>Purchase and Sale</U>. Merger Sub (subject to the terms and conditions and in reliance
upon the representations and warranties herein set forth) agrees to issue and sell to each Initial
Purchaser, and each Initial Purchaser agrees, severally and not jointly, to purchase from Merger
Sub, at a purchase price of (A)&nbsp;98.0% of the principal amount thereof, the principal amount of
Senior Cash Pay Notes set forth opposite such Initial Purchaser&#146;s name in <U>Schedule&nbsp;I</U> hereto
and (B)&nbsp;98.0% of the principal amount thereof, the principal amount of Senior Toggle Notes set
forth opposite such Initial Purchaser&#146;s name in <U>Schedule&nbsp;I</U> hereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <U>Delivery and Payment</U>. Delivery of and payment for the Securities shall be made at
the offices of Ropes &#038; Gray LLP, 1211 Avenue of the Americas, New York, New York 10036, on the date
on which the conditions set forth in Section&nbsp;6 of this Agreement are satisfied, which date and time
may be postponed by agreement between the Initial Purchasers and Merger Sub (such date and time of
delivery and payment for the Securities being herein called the &#147;<U>Closing Date</U>&#148;). Delivery
of the Senior Cash Pay Notes and the Senior Toggle Notes shall be made to the Initial Purchasers
for the respective accounts of the several Initial Purchasers against payment by the several
Initial Purchasers through the Initial Purchasers of the purchase price thereof in accordance with
the Settlement Agreement, or if the Settlement Agreement does not specify payment instructions for
the Senior Cash Pay Notes and Senior Toggle Notes, upon the order of Merger Sub or the Company.
Delivery of the Senior Cash Pay Notes and the Senior Toggle Notes shall be made through the
facilities of The Depository Trust Company unless the Initial Purchasers shall otherwise instruct.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <U>Offering by Initial Purchasers</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each Initial Purchaser acknowledges that the Securities have not been and will not be
registered under the Act and may not be offered or sold within the United States or to, or for the
account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Act.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Initial Purchaser, severally and not jointly, represents and warrants to and agrees
with Merger Sub and the Company that:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has not offered or sold, and will not offer or sell, any Securities within the
United States or to, or for the account or benefit of, U.S. persons (x)&nbsp;as part of their
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;distribution at any time or (y)&nbsp;otherwise until 40&nbsp;days after the later of the
commencement of the offering and the Closing Date except:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to those persons whom it reasonably believes to be &#147;qualified institutional
buyers&#148; (as defined in Rule&nbsp;144A under the Act) or if any such person is buying for
one or more institutional accounts for which such person is acting as a fiduciary or
agent, only when such person has represented to it that each such account is a
qualified institutional buyer to whom notice has been given that such sale or
delivery is being made in reliance on Rule&nbsp;144A and, in each case, in transactions
in accordance with Rule&nbsp;144A or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in accordance with Rule&nbsp;903 of Regulation&nbsp;S;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither it nor any person acting on its behalf has made or will make offers or
sales of the Securities in the United States by means of any form of general solicitation or
general advertising (within the meaning of Regulation&nbsp;D) in the United States or in any
manner involving a public offering within the meaning of Section&nbsp;4(2) of the Act;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in connection with each sale pursuant to Section&nbsp;4(b)(i)(A), it has taken or will
take reasonable steps to ensure that the purchaser of such Securities is aware that such
sale is being made in reliance on Rule&nbsp;144A;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) neither it, nor any of its Affiliates nor any person acting on its or their behalf
has engaged or will engage in any directed selling efforts (within the meaning of
Regulation&nbsp;S) with respect to the Securities;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) it has not entered and will not enter into any contractual arrangement with any
distributor (within the meaning of Regulation&nbsp;S) with respect to the distribution of the
Securities, except with its Affiliates or with the prior written consent of Merger Sub;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) it and its Affiliates and any person acting on its behalf have complied and will
comply with the offering restrictions requirement of Regulation&nbsp;S;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) at or prior to the confirmation of sale of Securities sold in reliance of
Regulation&nbsp;S (other than a sale of Securities pursuant to Section&nbsp;4(b)(i)(A) of this
Agreement), it shall have sent to each distributor, dealer or person receiving a selling
concession, fee or other remuneration that purchases Securities from it during the
distribution compliance period (within the meaning of Regulation&nbsp;S) a confirmation or notice
to substantially the following effect:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;The Securities covered hereby have not been registered under the U.S.
Securities Act of 1933, as amended (the &#147;<U>Act</U>&#148;), and may not be
offered or sold within the United States or to, or for the account or
benefit of, U.S. persons (i)&nbsp;as part of their distribution at any time or
(ii)&nbsp;otherwise until 40&nbsp;days after the later of the commencement of the
offering and the date of closing of the offering, except in either case in
accordance with </DIV></TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Regulation S or Rule&nbsp;144A under the Act. Terms used in this paragraph have the
meanings given to them by Regulation&nbsp;S&#148;; and</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) it is an institutional &#147;accredited investor&#148; (as defined in Rule 501(a) of
Regulation&nbsp;D).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <U>Agreements</U>. Merger Sub and, after the Closing Date, the Company and the
Guarantors, jointly and severally agree, in each case, with each Initial Purchaser as follows:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within five Business Days following the Closing Date, the Company and each of the
Guarantors will use commercially reasonable efforts to enter into a Registration Rights
Agreement with the Initial Purchasers substantially in the form attached hereto as
<U>Exhibit&nbsp;B</U> (the &#147;<U>Registration Rights Agreement</U>&#148;).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within five Business Days following the Closing Date (unless otherwise agreed to by
each of the Guarantors, the Company and the Initial Purchasers), the Company and each of the
Guarantors will use commercially reasonable efforts to deliver opinions and advice letters,
as the case may be, of (i)&nbsp;Ropes &#038; Gray LLP, counsel for Merger Sub, the Company and those
Guarantors organized or incorporated in the state of Delaware, California and Massachusetts,
substantially in the form of <U>Exhibit&nbsp;C</U> hereto, (ii)&nbsp;Texas counsel to the Company and
Guarantors, substantially in the form of <U>Exhibit&nbsp;D</U> hereto, (iii)&nbsp;Colorado counsel to
the Guarantors, substantially in the form of <U>Exhibit&nbsp;E</U> hereto, (iv)&nbsp;Florida and New
Jersey counsel to the Guarantors, substantially in the form of <U>Exhibit&nbsp;F</U> hereto, (v)
Nevada counsel to the Guarantors, substantially in the form of <U>Exhibit&nbsp;G</U> hereto,
(vi)&nbsp;Colorado counsel to the Guarantors, substantially in the form of <U>Exhibit&nbsp;H</U>
hereto, (vii)&nbsp;Washington counsel to the Guarantors, substantially in the form of <U>Exhibit
I</U> hereto, and (viii)&nbsp;special regulatory counsel to the Company, substantially in the
form of <U>Exhibit&nbsp;J</U> hereto and, in each case, with appropriate modifications to
reflect the structure and terms of the Transactions; <U>provided</U> that it is understood
by the parties that the drafts are subject to change should the Company or Merger Sub elect
to engage local or FCC counsel which differ from those set forth on <U>Exhibit&nbsp;D</U>
through <U>J</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Within five Business Days following the Closing Date (unless otherwise agreed to by
each of the Guarantors and the Initial Purchasers), each of the Guarantors shall have
entered into the Joinder Agreement, and the Initial Purchasers shall have received
counterparts, conformed as executed, thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Within five Business Days following the Closing Date (unless otherwise agreed to by
each of the Guarantors and the Initial Purchasers), each of the Guarantors shall have
entered into a supplemental indenture to the Indenture, and the Initial Purchasers shall
have received counterparts, conformed as executed, thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) During the period from the Closing Date until two years after the Closing Date, the
Company will not, and will not permit any of its Affiliates to, resell any Securities that
have been acquired by any of them except for Securities resold in a transaction registered
under the Act.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Merger Sub and any person acting on its behalf will not, and up to the Closing
Date, Merger Sub will use its commercially reasonable efforts to cause the Company and the
Guarantors not to, make offers or sales of any security (as defined in the Act), or solicit
offers to buy any security, under circumstances that could be integrated with the sale of
the Securities in a manner that would reasonably be expected to require the registration of
the Securities under the Act.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Except in connection with the Exchange Offer (as defined in the Registration Rights
Agreement) or the Shelf Registration Statement (as defined in the Registration Rights
Agreement), Merger Sub, the Company, the Guarantors and any person acting on their behalf
will not engage in any form of general solicitation or general advertising (within the
meaning of Regulation&nbsp;D) in connection with any offer or sale of the Securities in the
United States.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) So long as any of the Securities are &#147;restricted securities&#148; within the meaning of
Rule&nbsp;144(a)(3) under the Act, Merger Sub, the Company, the Guarantors and their respective
subsidiaries will, unless they become subject to and comply with Section&nbsp;13 or 15(d) of the
Exchange Act or file the periodic reports contemplated by such provisions pursuant to the
terms of the Indenture, provide to each holder of such restricted securities and to each
prospective purchaser (as designated by such holder) of such restricted securities, upon the
request of such holder or prospective purchaser, any information required to be provided by
Rule&nbsp;144A(d)(4) under the Act (it being acknowledged and agreed that, prior to the first
date on which information is required to be provided under the Indenture, the information of
the type and scope contained in the Draft Offering Memorandum (as defined in Section&nbsp;15
hereof) is sufficient for this purpose). This covenant is intended to be for the benefit of
the holders, and the prospective purchasers designated by such holders, from time to time of
such restricted securities.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Merger Sub, the Company, the Guarantors and any person acting on their behalf will
not engage in any directed selling efforts with respect to the Securities, and each of them
will comply with the offering restrictions requirement of Regulation&nbsp;S. Terms used in this
paragraph have the meanings given to them by Regulation&nbsp;S.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Merger Sub and the Company will cooperate with the Initial Purchasers and use their
commercially reasonable efforts to (i)&nbsp;permit the Senior Cash Pay Notes and the Senior
Toggle Notes to be designated PORTAL Market securities in accordance with the rules and
regulations adopted by the NASD relating to trading in the PORTAL Market and (ii)&nbsp;permit the
Senior Cash Pay Notes and the Senior Toggle Notes to be eligible for clearance and
settlement through The Depository Trust Company.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company (which is permitted to consummate its pending tender offer), its
Affiliates (apart from Clear Media Limited, which is permitted to issue equity and debt
securities, including conversion and puts of such securities, Clear Channel Outdoor
Holdings, Inc. and its subsidiaries, which are permitted to issue up to $400&nbsp;million
aggregate principal amount of public debt, and AMFM Operating Inc., which is
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">permitted to consummate its pending tender offer, and the Sponsors and their Affiliates
(other than the Company and its subsidiaries)) and the Guarantors will not, for a period of
90&nbsp;days following the Closing Date, without the prior written consent of DBSI, offer, sell
or contract to sell, pledge or otherwise dispose of (or enter into any transaction that is
designed to, or might reasonably be expected to, result in the disposition (whether by
actual disposition or effective economic disposition due to cash settlement or otherwise) by
the Company, any of the Guarantors or any of their respective Affiliates (other than the
Sponsors and their Affiliates (other than the Company and its subsidiaries)) or any person
in privity with the Company, any of the Guarantors or any of their respective Affiliates),
directly or indirectly, or announce the offering of, any capital markets debt securities
issued or guaranteed by the Company or any of the Guarantors (other than the Securities and
the Guarantees).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) If the Closing Date occurs, Merger Sub, the Company and the Guarantors, jointly and
severally, agree to pay the costs and expenses relating to the following matters: (i)&nbsp;the
fees of the Trustee (and its counsel); (ii)&nbsp;the preparation, printing or reproduction of any
customary offering memorandum (including the Offering Memorandum referred to in Section&nbsp;15
hereof) and any amendment or supplement thereto; (iii)&nbsp;the printing (or reproduction) and
delivery (including postage, air freight charges and charges for counting and packaging) of
such copies of any offering memorandum, and all amendments or supplements thereto, as may be
reasonably requested for use in connection with the offering and sale of the Securities;
(iv)&nbsp;any stamp or transfer taxes in connection with the original issuance and sale of the
Securities; (v)&nbsp;the printing (or reproduction) and delivery of any blue sky memorandum to
investors in connection with the offering of the Securities; (vi)&nbsp;any registration or
qualification of the Securities for offer and sale under the securities or blue sky laws of
the several states and any other jurisdictions specified pursuant to Section 5(e) (including
filing fees and the reasonable fees and expenses of counsel for the Initial Purchasers
relating to such registration and qualification); (vii)&nbsp;admitting the Securities for trading
in the PORTAL Market and the approval of the Securities for book-entry transfer by The
Depository Trust Company; (viii)&nbsp;the transportation and other expenses incurred by or on
behalf of representatives of Merger Sub in connection with presentations to prospective
purchasers of the Securities; (ix)&nbsp;the fees and expenses of the Company&#146;s accountants and
the fees and expenses of counsel (including local and special counsel) to Merger Sub and the
Company; (x)&nbsp;the rating of the Securities by rating agencies; and (xi)&nbsp;all other costs and
expenses incident to the performance by Merger Sub and the Company of their obligations
hereunder; <U>provided</U>, <U>however</U>, that except as specifically provided in this
paragraph (h), the Initial Purchasers shall pay their own costs and expenses in connection
with presentations for prospective purchasers of the Securities.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Merger Sub, the Company and the Guarantors acknowledge and agree that the Initial
Purchasers are acting solely in the capacity of an arm&#146;s length contractual counterparty to
Merger Sub, the Company and the Guarantors with respect to the offering of Securities
contemplated hereby (including in connection with determining the terms of the offering) and
not as a financial advisor or a fiduciary to, or an agent of, Merger Sub, the Company, any
of the Guarantors or any other person. Additionally, no Initial
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Purchaser is advising Merger Sub, the Company, any of the Guarantors or any other
person as to any legal, tax, investment, accounting or regulatory matters in any
jurisdiction. Merger Sub, the Company and the Guarantors shall consult with their own
advisors concerning such matters and shall be responsible for making their own independent
investigation and appraisal of the transactions contemplated hereby, and the Initial
Purchasers shall have no responsibility or liability to Merger Sub, the Company or any of
the Guarantors with respect thereto. Any review by the Initial Purchasers of Merger Sub,
the Company and the Guarantors, the transactions contemplated hereby or other matters
relating to such transactions will be performed solely for the benefit of the Initial
Purchasers and shall not be on behalf of Merger Sub, the Company or any of the Guarantors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <U>Conditions to the Obligations of the Initial Purchasers</U>. The obligations of the
Initial Purchasers to purchase the Securities shall be subject to the following conditions:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the Closing Date, the Company, the Trustee and the Paying Agent shall have
entered into the Indenture and the Initial Purchasers shall have received counterparts,
conformed as executed, thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing Date, the Company shall have entered into the Joinder Agreement, and
the Initial Purchasers shall have received counterparts, conformed as executed, thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to or substantially simultaneously with the issuance of the Securities on the
Closing Date, the Merger shall be consummated pursuant to the Merger Agreement;
<U>provided</U> that none of the following provisions of the Merger Agreement shall have
been amended or waived in any respect materially adverse to the Initial Purchasers without
the prior written consent of the Initial Purchasers, not to be unreasonably withheld:
Sections&nbsp;2.01, 2.03, 3.01, 6.01(c) (but only to the extent such amendment or waiver would
have been required if the reference therein to $100&nbsp;million were replaced with $200
million), 6.01(e), 6.01(f) (but only to the extent such amendment or waiver would have been
required if Clear Media Limited and its subsidiaries were excluded from such provision),
6.01(g), 6.01(n), 6.01(r), 6.01(t) (to the extent relating to any of the foregoing),
6.13(b), 7.01 or 7.02 (except to the extent any condition set forth therein is not satisfied
solely as a result of a breach of any of the foregoing provisions of Article&nbsp;VI of the
Merger Agreement).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to or substantially simultaneously with the issuance of the Securities on the
Closing Date, the Equity Contribution (as defined in the Senior Secured Credit Agreements)
shall have been consummated.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents required to be delivered by this Section&nbsp;6 will be available for inspection at
the office of Ropes &#038; Gray LLP, at 1211 Avenue of the Americas, New York, New York 10036, on the
Business Day prior to the Closing Date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <U>Indemnification and Contribution</U>.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Merger Sub, the Company and the Guarantors jointly and severally agree to indemnify and
hold harmless each Initial Purchaser, the directors, officers and Affiliates of each Initial
Purchaser and each person who controls any Initial Purchaser within the meaning of either the Act
or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several,
to which they or any of them may become subject under the Act, the Exchange Act or other U.S.
federal or state statutory law or regulation, at common law or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any
untrue statement or alleged untrue statement of a material fact contained in any Offering
Memorandum (as defined in Section&nbsp;15 hereof), Recorded Road Show, Issuer Written Communication or
any other written information used by or on behalf of the Company in connection with the offer or
sale of the Securities, or in any amendment or supplement thereto or arise out of or are based upon
the omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading, and agree (subject to the limitations set forth in the provisos to this
sentence) to reimburse each such indemnified party, as incurred, for any legal or other expenses
reasonably incurred by it in connection with investigating or defending any such loss, claim,
damage, liability or action; <U>provided</U>, <U>however</U>, that Merger Sub, the Company and
the Guarantors will not be liable in any such case to the extent that any such loss, claim, damage
or liability arises out of or is based upon any such untrue statement or alleged untrue statement
or omission or alleged omission made in any Offering Memorandum, Recorded Road Show, Issuer Written
Communication or in any amendment thereof or supplement thereto, in reliance upon and in conformity
with written information furnished to Merger Sub, the Company or the Guarantors by any Initial
Purchaser specifically for inclusion therein. This indemnity agreement will be in addition to any
liability that Merger Sub, the Company and the Guarantors may otherwise have. Merger Sub, the
Company and the Guarantors shall not be liable under this Section&nbsp;7 to any indemnified party
regarding any settlement or compromise or consent to the entry of any judgment with respect to any
pending or threatened claim, action, suit or proceeding in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified parties are actual or
potential parties to such claim or action) unless such settlement, compromise or consent is
consented to by Merger Sub, the Company or such Guarantor, as applicable, which consent shall not
be unreasonably withheld.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Initial Purchaser severally, and not jointly, agrees to indemnify and hold harmless
(i)&nbsp;as of the date hereof, Merger Sub, the Company and the Guarantors, (ii)&nbsp;each person, if any,
who controls (within the meaning of either the Act or the Exchange Act) Merger Sub, the Company or
any of the Guarantors, and (iii)&nbsp;the directors, officers, members, managers and partners, as the
case may be, of Merger Sub, the Company and the Guarantors, to the same extent as the foregoing
indemnity from Merger Sub, the Company and the Guarantors to each Initial Purchaser, but only with
reference to written information relating to such Initial Purchaser furnished to Merger Sub by such
Initial Purchaser in writing specifically for inclusion in any Offering Memorandum (or in any
amendment or supplement thereto) (it being understood and agreed that the such information includes
the third sentence of the third paragraph, the third sentence of the seventh paragraph and the
eight paragraph under the heading &#147;Private Placement&#148; in the Draft Offering Memorandum). This
indemnity agreement will be in addition to any liability that any Initial Purchaser may otherwise
have.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Promptly after receipt by an indemnified party under this Section&nbsp;7 of notice of the
commencement of any action, such indemnified party will, if a claim in respect thereof is to be
made against the indemnifying party under this Section&nbsp;7, notify the indemnifying party in writing
of the commencement thereof; but the failure so to notify the indemnifying party (i)&nbsp;will not
relieve it from liability under paragraph (a)&nbsp;or (b)&nbsp;above unless and to the extent it did not
otherwise learn of such action and such failure results in the forfeiture by the indemnifying party
of substantial rights or defenses and (ii)&nbsp;will not, in any event, relieve the indemnifying party
from any obligations to any indemnified party other than the indemnification obligation provided in
paragraph (a)&nbsp;or (b)&nbsp;above, except as provided in paragraph (d)&nbsp;below. The indemnifying party
shall be entitled to appoint counsel (including local counsel) of the indemnifying party&#146;s choice
at the indemnifying party&#146;s expense to represent the indemnified party in any action for which
indemnification is sought (in which case the indemnifying party shall not thereafter be responsible
for the fees and expenses of any separate counsel, other than local counsel if not appointed by the
indemnifying party, retained by the indemnified party or parties except as set forth below);
<U>provided</U>, <U>however</U>, that such counsel shall be reasonably satisfactory to the
indemnified party. Notwithstanding the indemnifying party&#146;s election to appoint counsel (including
local counsel) to represent the indemnified party in an action, the indemnified party shall have
the right to employ separate counsel (including local counsel), and the indemnifying party shall
bear the reasonable fees, costs and expenses of such separate counsel if (i)&nbsp;the use of counsel
chosen by the indemnifying party to represent the indemnified party would present such counsel with
a conflict of interest (based on the advice of counsel to the indemnified person); (ii)&nbsp;such action
includes both the indemnified party and the indemnifying party and the indemnified party shall have
reasonably concluded (based on the advice of counsel to the indemnified person) that there may be
legal defenses available to it and/or other indemnified parties that are different from or
additional to those available to the indemnifying party; (iii)&nbsp;the indemnifying party shall not
have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified
party within a reasonable time after notice of the institution of such action; or (iv)&nbsp;the
indemnifying party shall authorize the indemnified party to employ separate counsel at the expense
of the indemnifying party. It is understood and agreed that the indemnifying person shall not, in
connection with any proceeding or related proceeding in the same jurisdiction, be liable for the
reasonable fees and expenses of more than one separate firm (in addition to any local counsel) for
all indemnified persons. Any such separate firm for any Initial Purchaser, its Affiliates,
directors and officers and any control persons of such Initial Purchaser shall be designated in
writing by DBSI, and any such separate firm for Merger Sub, the Company or any of the Guarantors
and any control persons of Merger Sub, the Company or any of the Guarantors shall be designated in
writing by Merger Sub, the Company or such Guarantor, as the case may be. In the event that any
Initial Purchaser, its Affiliates, directors and officers or any control persons of such Initial
Purchaser are Indemnified Persons collectively entitled, in connection with a proceeding in a
single jurisdiction, to the payment of fees and expenses of a single separate firm under this
Section&nbsp;7(c), and any such Initial Purchaser, its Affiliates, directors and officers or any control
persons of such Initial Purchaser cannot agree to a mutually acceptable separate firm to act as
counsel thereto, then such separate firm for all such Indemnified Persons shall be designated in
writing by DBSI. An indemnifying party will not, without the prior written consent of the
indemnified parties, settle or compromise or consent to the entry of any judgment with respect to
any pending or threatened claim, action, suit or proceeding in respect of which indemnification or
contribution may be
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">sought hereunder (whether or not the indemnified parties are actual or potential parties to
such claim or action) unless such settlement, compromise or consent includes an unconditional
release of each indemnified party from all liability arising out of such claim, action, suit or
proceeding and does not include any statement as to, or any admission of, fault, culpability or
failure to act by or on behalf of any indemnified party.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In the event that the indemnity provided in paragraph (a)&nbsp;or (b)&nbsp;of this Section&nbsp;7 is
unavailable to or insufficient to hold harmless an indemnified party for any reason (other than by
virtue of the failure of an indemnified party to notify the indemnifying party of its right to
indemnification pursuant to subsection (a)&nbsp;or (b)&nbsp;above, where such failure materially prejudices
the indemnifying party (through the forfeiture of substantial rights or defenses)), Merger Sub, the
Company and the Guarantors, on the one hand, and the Initial Purchasers, on the other hand,
severally agree to contribute to the aggregate losses, claims, damages and liabilities (including
legal or other expenses reasonably incurred in connection with investigating or defending any loss,
claim, damage, liability or action) (collectively &#147;<U>Losses</U>&#148;) to which Merger Sub, the
Company or any Guarantor and one or more of the Initial Purchasers may be subject in such
proportion as is appropriate to reflect the relative benefits received by Merger Sub, the Company
and the Guarantors, on the one hand, and by the Initial Purchasers, on the other hand, from the
offering of the Securities; <U>provided</U>, <U>however</U>, that in no case shall any Initial
Purchaser be responsible for any amount in excess of the purchase discount or commission applicable
to the Securities related to the Losses purchased by such Initial Purchaser hereunder. If the
allocation provided by the immediately preceding sentence is unavailable for any reason or not
permitted by applicable law, Merger Sub, the Company and the Guarantors, on the one hand, and the
Initial Purchasers, on the other hand, severally shall contribute in such proportion as is
appropriate to reflect not only such relative benefits but also the relative fault of Merger Sub,
the Company and the Guarantors, on the one hand, and the Initial Purchasers, on the other hand, in
connection with the statements or omissions that resulted in such Losses, as well as any other
relevant equitable considerations. Benefits received by Merger Sub, the Company and the Guarantors
shall be deemed to be equal to the total net proceeds from the offering (before deducting expenses)
received by them, and benefits received by the Initial Purchasers shall be deemed to be equal to
the total purchase discounts and commissions. Relative fault shall be determined by reference to,
among other things, whether any untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information provided by Merger
Sub, the Company or any Guarantor, on the one hand, or the Initial Purchasers, on the other hand,
the intent of the parties and their relative knowledge, access to information and opportunity to
correct or prevent such untrue statement or omission and any other equitable considerations
appropriate in the circumstances. Merger Sub, the Company, the Guarantors and the Initial
Purchasers agree that it would not be just and equitable if the amount of such contribution were
determined by pro rata allocation or any other method of allocation that does not take account of
the equitable considerations referred to above. Notwithstanding the provisions of this
paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation. The Initial Purchasers&#146; obligations to contribute pursuant to
this Section&nbsp;7 are several in proportion to their respective purchase obligations hereunder and not
joint. For purposes of this Section&nbsp;7, each person, if any, who controls an Initial Purchaser
within the meaning of either the Act or the Exchange Act and each director,
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">officer, employee, Affiliate and agent of an Initial Purchaser shall have the same rights to
contribution as such Initial Purchaser, and each person who controls Merger Sub, the Company or any
Guarantor within the meaning of either the Act or the Exchange Act and the respective officers,
directors, members, managers and partners of Merger Sub, the Company and the Guarantors shall have
the same rights to contribution as Merger Sub, the Company and the Guarantors, subject in each case
to the applicable terms and conditions of this paragraph (d).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <U>Representations and Indemnities to Survive</U>. The respective agreements,
representations, warranties, indemnities and other statements of Merger Sub, the Company and the
Guarantors or, with respect to Sections&nbsp;5(c), (d)&nbsp;and Section&nbsp;15, their respective officers and of
the Initial Purchasers set forth in or made pursuant to this Agreement will remain in full force
and effect, regardless of any investigation made by or on behalf of the Initial Purchasers or
Merger Sub, the Company and the Guarantors, or any of the indemnified persons referred to in
Section&nbsp;7 hereof, and will survive delivery of and payment for the Securities. The provisions of
Section&nbsp;7 hereof shall survive the termination or cancellation of this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <U>Termination</U>. This Agreement shall automatically terminate if the Closing Date
shall not have occurred at or prior to 11:59&nbsp;p.m., New York City time, on the earliest of (w)&nbsp;the
20th Business Day following the receipt of the Requisite Shareholder Approval (as defined in the
Merger Agreement), (x)&nbsp;the 20th Business Day following the failure to obtain the Requisite
Shareholder Approval at a duly held Shareholders&#146; Meeting (as defined in the Merger Agreement)
after giving effect to all adjournments and postponements thereof, (y)&nbsp;five Business Days following
the termination of the Merger Agreement or (z)&nbsp;December&nbsp;31, 2008 (the &#147;<U>Termination Date</U>&#148;);
<U>provided</U>, <U>however</U>, that if (A)&nbsp;the Requisite Shareholder Approval is obtained and
(B)&nbsp;any regulatory approval required in connection with the consummation of the Merger has not been
obtained (or has lapsed and not been renewed) or any waiting period under applicable antitrust laws
has not expired (or has restarted and such new period has not expired), then the Termination Date
shall automatically be extended until the 20th Business Day following receipt of all such approvals
(or renewals), but in no event later than March&nbsp;31, 2009, <U>provided</U> <U>further</U>, that,
if as of the Termination Date there is a dispute among any of the parties to the Escrow Agreement
with respect to the disposition of any Escrow Funds (as defined in the Escrow Agreement) pursuant
to the Escrow Agreement, Merger Sub may, by written notice to the Initial Purchasers, extend the
Termination Date until the fifth Business Day after the final resolution of such dispute by a court
of competent jurisdiction or mutual resolution by the parties to such dispute; <U>provided</U>,
<U>however</U>, that the Termination Date with respect to any Initial Purchaser shall occur on the
date such Initial Purchaser withdraws its portion of the Escrow Funds pursuant to Section 5(f) of
the Escrow Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <U>Notices</U>. All communications hereunder will be in writing and effective only on
receipt and, if sent to the Initial Purchasers, will be mailed, delivered or faxed to Deutsche Bank
Securities Inc. (fax no. (212)&nbsp;797-4564 and confirmed to 60 Wall Street, New York, New York.
10005), Attention: Legal Department; or, if sent to Merger Sub, the Company or the Guarantors, will
be mailed, delivered or faxed c/o Clear Channel Communications, Inc. (fax no. (210)&nbsp;832-3121),
Attention: General Counsel. Merger Sub, the Company and the Guarantors, shall be entitled to act
and rely upon any request, consent, notice or agreement given or made on behalf of the Initial
Purchasers by DBSI.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-13-<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <U>Successors</U>. This Agreement will inure to the benefit of and be binding upon the
parties hereto and at and after the Closing Date, after giving effect to the Joinder Agreement,
Merger Sub and the Company and their respective successors and the indemnified persons referred to
in Section&nbsp;7 hereof and their respective successors, and, except as expressly set forth in Section
5(h) hereof, no other person will have any right or obligation hereunder. No purchaser of
Securities from any Initial Purchaser shall be deemed to be a successor merely by reason of such
purchase.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <U>Applicable Law</U>. This Agreement will be governed by and construed in accordance
with the laws of the State of New York applicable to contracts made and to be performed within the
State of New York. The parties hereto each hereby waive any right to trial by jury in any action,
proceeding or counterclaim arising out of or relating to this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <U>Counterparts</U>. This Agreement may be signed in one or more counterparts (which may
be delivered in original form or facsimile or &#147;pdf&#148; file thereof), each of which when so executed
shall constitute an original and all of which together shall constitute one and the same agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <U>Headings</U>. The section headings used herein are for convenience only and shall not
affect the construction hereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <U>Post-Closing Agreement to Cooperate; Ongoing Compliance of Finalized Offering
Memorandum; Securities Notices</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;After the Closing Date, if requested by Initial Purchasers holding a majority in principal
amount of the Securities held by all Initial Purchasers then outstanding (the &#147;<U>Requisite
Initial Purchasers</U>&#148;) the Company will:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to section (c)&nbsp;below, use commercially reasonable efforts to, within twenty
(20)&nbsp;Business Days from the date of such request (the &#147;<U>Delivery Date</U>&#148;), update the
draft offering memorandum circulated to the Initial Purchasers on the date hereof (the
&#147;<U>Draft Offering Memorandum</U>&#148;) attached as <U>Exhibit&nbsp;K</U> hereto (as so finalized,
amended, supplemented or updated from time to time in accordance with the terms hereof and
of the Settlement Agreement, the &#147;<U>Offering Memorandum</U>&#148;) in a form customary for a
Rule&nbsp;144A offering, for the time during the Company&#146;s fiscal year during which such offering
is to be made;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) use commercially reasonable efforts to provide the Initial Purchasers on the
Delivery Date:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) opinions and advice letters, as the case may be, consistent with those set
forth in Section 5(b) of this Agreement; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a &#147;comfort&#148; letter dated as of the Delivery Date (or, in the event
professional standards preclude Ernst &#038; Young LLP, from delivering a comfort letter,
an agreed upon procedures letter will be substituted therefor) with respect to the
Company and its subsidiaries and the Offering Memorandum from Ernst &#038;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Young LLP, independent registered public accountants for the Company and
addressed to the Initial Purchasers, such letter or letters to be in the forms
previously negotiated with Ernst &#038; Young LLP (as appropriately updated);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) use commercially reasonable efforts to assist the Initial Purchasers in their
marketing efforts for the resale of the Securities by, or by using commercially reasonable
efforts to cause it material subsidiaries to, to the extent not unreasonably interfering
with the (A)&nbsp;provide to the Initial Purchasers and their counsel all information reasonably
requested by the Initial Purchasers and their counsel to update due diligence to the
Delivery Date or such later dates as the Initial Purchasers shall reasonably request in
connection with an offer and resale of the Securities (a &#147;<U>Sale Date</U>&#148;) and (B)
participate in conference calls with prospective investors; <U>provided</U> that such
assistance does not unreasonably interfere with the ongoing operations of the Company and
its subsidiaries or otherwise impair, in any material respect, the ability of any officer or
executive of the Company or its subsidiaries to carry out their duties to the Company and
its subsidiaries;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) use commercially reasonable efforts to (A)&nbsp;register or qualify the Securities
under the state securities laws or blue sky laws of such U.S. jurisdictions as any Initial
Purchaser reasonably requests no later than the initial Sale Date, (B)&nbsp;take any and all
other actions as may be reasonably necessary to enable each Initial Purchaser to consummate
the disposition thereof in private transactions in such jurisdictions; <U>provided</U>,
<U>however</U>, that the Company shall not be required for any such purpose to (1)&nbsp;qualify
as a foreign corporation in any jurisdiction wherein it would not otherwise be required to
qualify but for the requirements of this Section&nbsp;15, (2)&nbsp;consent to general service of
process in any such jurisdiction or (3)&nbsp;make any changes to its certificate of
incorporation, by-laws or other organizational document, or any agreement between it and any
of its equityholders, and (C)&nbsp;if not previously obtained, obtain (1)&nbsp;CUSIP numbers for the
Securities as necessary, (2)&nbsp;approval by the Nasdaq Stock Market for the Securities to be
designated as PORTAL-eligible securities (it being understood that the Initial Purchasers
shall assist the Company in obtaining such approval) and (3)&nbsp;eligibility for the Securities
to clear and settle through The Depository Trust Company;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) use commercially reasonable efforts to furnish to each Initial Purchaser and to
counsel for the Initial Purchasers, without charge, as many copies of the Offering
Memorandum and any amendments and supplements thereto as they may reasonably request;
<U>provided</U> that the Initial Purchasers shall not be entitled to use such Offering
Memorandum delivered pursuant to this clause (v)&nbsp;at such time as (i)&nbsp;the financial
information contained therein no longer complies with the applicable requirements of
Regulation&nbsp;S-X or (ii)&nbsp;the Company has delivered a notice pursuant to section (c)&nbsp;below;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) not make any amendment or supplement to the Offering Memorandum or otherwise
distribute or refer to any written communications (as defined in Rule&nbsp;405 of the Act) that
constitute an offer to sell or a solicitation of an offer to buy the Securities (any such
communication by Merger Sub, the Company or the Guarantors, an &#147;<U>Issuer Written
Communication</U>&#148;) that shall be reasonably disapproved by DBSI after reasonable notice
thereof; and
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if at any time any event occurs prior to the completion of the sale of the
Securities by the Initial Purchasers (as determined by Deutsche Bank Securities Inc.
(&#147;<U>DBSI</U>&#148;)) as a result of which the Offering Memorandum, as then amended or
supplemented, would include any untrue statement of a material fact or omit to state any
material fact necessary to make the statements therein, in the light of the circumstances
under which they were made or the circumstances then prevailing, not misleading, or if it
should be necessary to amend or supplement the Offering Memorandum to comply with applicable
law in the opinion of counsel for the Initial Purchasers and counsel for the Company,
promptly (i)&nbsp;notify the Initial Purchasers upon actual knowledge of any such event; (ii)
subject to the provisions of this Section&nbsp;15, use commercially reasonable efforts to prepare
an amendment or supplement that will correct such statement or omission or effect such
compliance; and (iii)&nbsp;use commercially reasonable efforts to supply any supplemented or
amended Offering Memorandum to the several Initial Purchasers and counsel for the Initial
Purchasers without charge in such quantities as they may reasonably request.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In addition to section (a)&nbsp;above, the Requisite Initial Purchasers may request in writing
that the Company cooperate in the resale of the Securities by performing the agreements set forth
in clauses (a)(i)-(vii) above on one (1)&nbsp;additional occasion (a &#147;<U>Securities Notice</U>&#148;) (it
being understood that the reference to a Sale Date, as applicable in section (a)&nbsp;above shall be
deemed to mean the 20th Business Day after the delivery of a Securities Notice). The Securities
Notice shall provide for a marketing period not to exceed five (5)&nbsp;consecutive Business Days (each
such period a &#147;<U>Marketing Period</U>&#148;) on no more than one occasion.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Company may delay the Delivery Date or delay the initiation of the Securities Notice
by providing notice (each such notice, a &#147;<U>blackout notice</U>&#148;) to the Initial Purchasers and
may suspend use of the Offering Memorandum by the Initial Purchasers for a reasonable period of
time not to exceed 45&nbsp;days in any three-month period and 90&nbsp;days in any twelve-month period if (x)
such action is required by applicable law or (y)&nbsp;such action is taken by the Company in good faith
and for business reasons (not including avoidance of the Company&#146;s obligations hereunder),
including material business developments or the acquisition or divestiture of assets or
interference with the ongoing operations. The Company shall promptly inform the Initial Purchaser
of the cessation of any &#147;blackout notice.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The provisions set forth in this Section&nbsp;15 shall terminate on the earlier of (i)&nbsp;such
time as the Company and the Guarantors have fulfilled their obligations under the Registration
Rights Agreement to have a shelf registration statement declared effective by the Commission
registering the Securities held by the Initial Purchasers and (ii)&nbsp;one year from the date hereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <U>Definitions</U>. The terms that follow, when used in this Agreement, shall have the
meanings indicated.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Affiliate</U>&#148; shall have the meaning specified in Rule 501(b) of Regulation&nbsp;D.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Business Day</U>&#148; shall mean any day other than a Saturday, a Sunday or a legal holiday
or a day on which commercial banking institutions or trust companies are authorized or required by
law to close in New York City.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Code</U>&#148; shall mean the Internal Revenue Code of 1986, as amended.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Commission</U>&#148; shall mean the Securities and Exchange Commission.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Escrow Agreement</U>&#148; shall mean the Escrow Agreement, dated as of the date hereof, among
Merger Sub, the financial institutions and the other parties thereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Exchange Act</U>&#148; shall mean the Securities Exchange Act of 1934, as amended, and the
rules and regulations of the Commission promulgated thereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Investment Company Act</U>&#148; shall mean the Investment Company Act of 1940, as amended,
and the rules and regulations of the Commission promulgated thereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>NASD</U>&#148; shall mean the National Association of Securities Dealers, Inc.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>PORTAL</U>&#148; shall mean the Private Offerings, Resales and Trading through Automated
Linkages system of the NASD.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Regulation&nbsp;D</U>&#148; shall mean Regulation&nbsp;D under the Act.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Regulation&nbsp;S</U>&#148; shall mean Regulation&nbsp;S under the Act.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Senior Secured Credit Agreements</U>&#148; shall mean (i)&nbsp;the cash-flow based Credit
Agreement, dated as of the date hereof, among Merger Sub, as Parent Borrower, the Subsidiary
Co-Borrowers party thereto, the Foreign Subsidiary Revolving Borrowers party thereto, Clear Channel
Capital I, LLC (upon consummation of the Merger), as Holdings, Citibank, N.A., as Administrative
Agent, the other Lenders party thereto and the other agents named therein, and (ii)&nbsp;the
receivables-based Credit Agreement, dated as of the date hereof, among Merger Sub, as Parent
Borrower, the Subsidiary Borrowers party thereto, Clear Channel Capital I, LLC (upon consummation
of the Merger), as Holdings, Citibank, N.A., as Administrative Agent, the other Lenders party
thereto and the other agents named therein, each as may be amended, modified, or supplemented from
time to time.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Senior Secured Credit Facilities</U>&#148; shall mean those facilities contemplated in the
Senior Secured Credit Agreements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Settlement Agreement</U>&#148; shall mean the settlement agreement dated the date hereof among
the Company, Merger Sub, the Initial Purchasers and the other parties thereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Trust Indenture Act</U>&#148; shall mean the Trust Indenture Act of 1939, as amended, and the
rules and regulations of the Commission promulgated thereunder.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-17-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the foregoing is in accordance with your understanding of our agreement, please sign and
return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall
represent a binding agreement between Merger Sub and the several Initial Purchasers.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
<BR>
BT TRIPLE CROWN MERGER CO., INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John Connaughton
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">John Connaughton&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Purchase Agreement&#093;
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">The foregoing Agreement is hereby confirmed</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">and accepted as of the date first above written.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">DEUTSCHE BANK SECURITIES INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ David Flannery</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David Flannery</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Scott Sartorios</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Scott Sartorios</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Purchase Agreement&#093;
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing Agreement is hereby confirmed<BR>
and accepted as of the date first above written.

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">MORGAN STANLEY &#038; CO. INCORPORATED</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Henry F. D&#146;Alessandro</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Henry F. D&#146;Alessandro</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Purchase Agreement&#093;
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing Agreement is hereby confirmed<BR>
and accepted as of the date first above written.

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">CITIGROUP GLOBAL MARKETS INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Ross A. MacIntyre</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ross A. MacIntyre</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Purchase Agreement&#093;
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing Agreement is hereby confirmed<BR>
and accepted as of the date first above written.

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">CREDIT SUISSE SECURITIES (USA)&nbsp;LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ SoVonna Day-Gions</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SoVonna Day-Gions</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Purchase Agreement&#093;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing Agreement is hereby confirmed<BR>
and accepted as of the date first above written.

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">GREENWICH CAPITAL MARKETS, INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Michael F. Newcomb II</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael F. Newcomb II</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Purchase Agreement&#093;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing Agreement is hereby confirmed<BR>
and accepted as of the date first above written.

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">WACHOVIA CAPITAL MARKETS, LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ James Jefferies</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James Jefferies</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Purchase Agreement&#093;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U>SCHEDULE I</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Principal Amount</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">of Senior Cash</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Principal Amount of</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Pay Notes To Be</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Senior Toggle Notes</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Initial Purchasers</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Purchased</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">To Be Purchased</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deutsche Bank Securities Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183,750,000.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249,375,000.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Morgan Stanley &#038; Co. Incorporated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183,751,000.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249,375,000.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Citigroup Global Markets Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183,750,000.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249,375,000.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Credit Suisse Securities (USA)&nbsp;LLC.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,913,000.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193,954,000.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Greenwich Capital Markets, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,913,000.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193,954,000.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wachovia
Capital Markets, LLC.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,923,000.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193,967,000.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">980,000,000.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,330,000,000.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Purchase Agreement&#093;
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>8
<FILENAME>d57053exv23w1.htm
<DESCRIPTION>CONSENT OF ERNST & YOUNG LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;23.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the reference to our firm under the caption &#147;Experts&#148; in this Registration Statement
(Form S-4) and related prospectus of CC Media Holdings, Inc. for the registration of 13,395,620
shares of its common stock and to the incorporation by reference therein of our reports dated
February&nbsp;14, 2008, except for Notes B, Q and R, as to which the date is May&nbsp;22, 2008 with respect
to the consolidated financial statements and schedule of Clear Channel Communications, Inc. and
subsidiaries, and the effectiveness of internal control over financial reporting of Clear Channel
Communications, Inc. and subsidiaries, included in its Current Report on Form 8-K, filed with the
Securities and Exchange Commission.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">     /s/ ERNST &#038; YOUNG LLP
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">San Antonio, Texas<BR>
May&nbsp;30, 2008

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>9
<FILENAME>d57053exv99w1.htm
<DESCRIPTION>CONSENT OF GOLDMAN, SACHS & CO.
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;99.1
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">June&nbsp;2, 2008<br><br>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Board of Directors<BR>
Clear Channel Communications, Inc.<BR>
200 East Basse Road<BR>
San Antonio, TX 78209<br><br>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement on Form S-4 of CC Media Holdings, Inc. Filed on June 2, 2008<br>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Madame and Gentlemen:

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to our opinion letter, dated May&nbsp;13, 2008, with respect to the fairness from a
financial point of view to the holders of Public Shares (as defined in the Agreement (as defined
below)) of the $36.00 in cash per Public Share that holders of Public Shares can elect to receive
pursuant to the Agreement and Plan of Merger, dated as of November&nbsp;16, 2006, by and among BT Triple
Crown Merger Co., Inc., an affiliate of Bain Capital Partners, LLC (&#147;Bain&#148;) and Thomas H. Lee
Partners, L.P. (&#147;THLee&#148;), B Triple Crown Finco, LLC, an affiliate of Bain, T Triple Crown Finco,
LLC, an affiliate of THLee, CC Media Holdings, Inc., formerly known as BT Triple Crown Capital
Holdings III, Inc., and Clear Channel Communications, Inc. (the &#147;Company&#148;), as amended by Amendment
No.&nbsp;1 thereto, dated as of April&nbsp;18, 2007, Amendment No.&nbsp;2 thereto, dated as of May&nbsp;17, 2007, and
Amendment No.&nbsp;3 thereto, dated as of May&nbsp;13, 2008 (the &#147;Agreement&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing opinion letter is provided for the information and assistance of the Board of
Directors of the Company in connection with its consideration of the transaction contemplated
therein and is not to be used, circulated, quoted or otherwise referred to for any other purpose,
nor is it to be filed with, included in or referred to in whole or in part in any registration
statement, proxy statement or any other document, except in accordance with our prior written
consent. We understand that the Company has determined to include our opinion in the
above-referenced Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In that regard, we hereby consent to the reference to our opinion under the captions &#147;Summary
&#151;Opinion of Clear Channel&#146;s Financial Advisor,&#148; &#147;The Merger&#151;Background of the Merger&#148;, &#147;The
Merger&#151;Reasons for the Merger&#148; and &#147;Opinion of Clear Channel&#146;s Financial Advisor&#148; and to the
inclusion of the foregoing opinion in the Proxy Statement/Prospectus included in the
above-mentioned Registration Statement. In giving such consent, we do not thereby admit that we
come within the category of persons whose consent is required under Section&nbsp;7 of the Securities Act
of 1933 or the rules and regulations of the Securities and Exchange Commission thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Very truly yours,<br><br><br><br>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><u>/s/&nbsp;&nbsp;Goldman, Sachs &#038; Co.</u><BR>
(GOLDMAN, SACHS &#038; CO.)

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




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