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<SEC-DOCUMENT>0000950123-10-013581.txt : 20100217
<SEC-HEADER>0000950123-10-013581.hdr.sgml : 20100217
<ACCEPTANCE-DATETIME>20100217102900
ACCESSION NUMBER:		0000950123-10-013581
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100211
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100217
DATE AS OF CHANGE:		20100217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAGA COMMUNICATIONS INC
		CENTRAL INDEX KEY:			0000886136
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		IRS NUMBER:				383042953
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11588
		FILM NUMBER:		10611505

	BUSINESS ADDRESS:	
		STREET 1:		73 KERCHEVAL AVE
		CITY:			GROSSE POINTE FARMS
		STATE:			MI
		ZIP:			48236
		BUSINESS PHONE:		3138867070

	MAIL ADDRESS:	
		STREET 1:		73 KERCHEVAL AVE
		CITY:			GROSSE POINTE FARMS
		STATE:			MI
		ZIP:			48236
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>b79452e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<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<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>
<DIV align="center" style="font-size: 12pt; margin-top: 0pt"><B>
WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): February&nbsp;11, 2010</B></DIV>

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

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in its Charter)</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="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B><BR>
(State or other jurisdiction <BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-11588</B><BR>
(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>38-3042953</B><BR>
(IRS Employer<BR>
Identification No.)</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="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>73 Kercheval Avenue <BR>
Grosse Pointe Farms, MI</B><BR>
(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>48236</B><BR>
(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: <B>(313)&nbsp;886-7070</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
</DIV>
<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="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</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"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</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"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</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"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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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<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: 12pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information set forth under Item&nbsp;2.03 of this Current Report on Form 8-K is incorporated by
reference.
</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%" nowrap align="left"><B>Item&nbsp;2.03</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;11, 2010, Saga Communications, Inc. (&#147;Saga&#148;) entered into Amendment No.&nbsp;4 (&#147;Credit
Agreement Amendment No.&nbsp;4&#148;) to its Credit Agreement dated
as of July&nbsp;29, 2003, among Saga Communications, Inc.,
the Lenders party thereto, Bank of America, N.A., as Documentation Agent, and The Bank of New York
Mellon, as Administrative Agent, as amended (the &#147;Credit Agreement&#148;). The primary changes effected
by Credit Agreement Amendment No.&nbsp;4 are 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a voluntary reduction of the revolving credit commitment from $140,000,000 to
$115,000,000;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>modification of the scheduled reductions of the revolving commitments to be
automatically and permanently reduced by an amount equal to $2,500,000 on the last day
of each fiscal quarter commencing on June&nbsp;30, 2010 and ending on June&nbsp;30, 2012;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>modification of the revolving commitments shall be automatically and permanently
reduced quarterly in an aggregate amount equal to 75% of the &#147;Excess Cash Flow&#148;, as
defined in the credit agreement, beginning with the fiscal quarter ending March&nbsp;31, 2010;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>modification of the interest coverage ratio to be maintained as of the last day
of the fiscal quarter ended December&nbsp;31, 2009 to be not less than
3.00 to 1.00, and in the case of each fiscal quarter thereafter to be not less than 3.50 to 1.00;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>modification of the leverage ratios required to be maintained at any time during
a period to be as follows: (a)&nbsp;for the period from June&nbsp;30, 2009 through March&nbsp;30, 2010,
not greater than 5.75 to 1.00, (b)&nbsp;for the period from March&nbsp;31, 2010 through September&nbsp;29, 2010,
not greater than 5.00 to
1.00, (c)&nbsp;for the period from September&nbsp;30, 2010 through December&nbsp;30, 2010, not greater than 4.75 to
1.00, (d)&nbsp;for the period from December&nbsp;31, 2010 through March&nbsp;30, 2011, not greater than 4.50 to 1.00,
(e)&nbsp;for the period from March&nbsp;31, 2011 through June&nbsp;29, 2011, not greater than 4.25 to 1.00, (f)&nbsp;for the
period from June&nbsp;30, 2011 through September&nbsp;29, 2011, not greater than 4.00 to 1.00, (g)&nbsp;for the period
from September&nbsp;30, 2011 through December&nbsp;30, 2011, not greater than 3.75 to 1.00, (h)&nbsp;for the period from
December&nbsp;31, 2011 through June&nbsp;29, 2012, not greater than 3.50 to 1.00, and (i)&nbsp;for the period from June
30, 2012 and thereafter, not greater than 3.25 to 1.00;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>modification of the fixed charge coverage ratios required to be maintained as of
the last day of any fiscal quarter ending on or after
December&nbsp;31, 2009 to be not less than 1.10 to
1.00;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>modification of the ABR margin to range from 2.00% to 3.25% and changing the
Eurodollar margin and letter of credit fee to range from 3.00% to 4.25%, in each case
depending on the leverage ratio maintained by Saga;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>modification of the commitment fee to range from 0.375% to 0.625%, depending on the
leverage ratio maintained by Saga.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing summary is qualified in its entirety by reference to the text of Credit
Agreement Amendment No.&nbsp;4, which is filed as Exhibit 4(g) and is incorporated herein by reference.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /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: 12pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits.</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">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits.</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="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4(g)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;4, dated as of February&nbsp;11, 2010,
under the Credit Agreement, dated as of July
29, 2003, among Saga Communications, Inc., the
Lenders party thereto, Bank of America, N.A.,
as Documentation Agent, and The Bank of New
York Mellon, as Administrative Agent.</TD>
</TR>
<!-- End Table Body -->
</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 align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
</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>SAGA COMMUNICATIONS, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Dated:  February 17, 2010&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Samuel D. Bush
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Samuel D. Bush&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice President,
<FONT style="white-space: nowrap">Chief Financial Officer and Treasurer</FONT>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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



</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4.G
<SEQUENCE>2
<FILENAME>b79452exv99w4wg.htm
<DESCRIPTION>EX-99.4.G
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w4wg</TITLE>
</HEAD>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit 4(g)
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXECUTION COPY</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>AMENDMENT NO. 4</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMENDMENT NO. 4 (this &#147;<U>Amendment</U>&#148;), dated as of February&nbsp;11, 2010, to the Credit
Agreement, dated as of July&nbsp;29, 2003, among SAGA COMMUNICATIONS, INC. (the &#147;<U>Borrower</U>&#148;), the
LENDERS party thereto, BANK OF AMERICA, N.A., as Documentation Agent, and THE BANK OF NEW YORK
MELLON, as Administrative Agent, as amended by Amendment No.&nbsp;1, dated as of May&nbsp;24, 2005, Amendment
No.&nbsp;2, dated as of May&nbsp;16, 2006, and Amendment No.&nbsp;3 and Consent No.&nbsp;1, dated as of March&nbsp;9, 2009
(as so amended and as hereafter amended, supplemented or otherwise modified, the &#147;<U>Credit
Agreement</U>&#148;).
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;Capitalized terms used herein that are defined in the Credit Agreement shall have the same
meanings as therein defined.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;The Borrower desires to make a voluntary permanent reduction of the Revolving Commitments
from $140,000,000 to $115,000,000 pursuant to <U>Section&nbsp;2.5(c)</U> of the Credit Agreement. In
addition, the Borrower has requested that certain amendments to the Credit Agreement be made and
the Administrative Agent and the Lenders are willing to agree to the amendments set forth herein
upon the terms and conditions contained in this Amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordingly, in consideration of the Recitals and the covenants, conditions and agreements
hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the Borrower, Required Lenders and the Administrative Agent hereby
agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Pursuant to <U>Section&nbsp;2.5(c)</U> of the Credit Agreement, the Borrower hereby reduces the
Revolving Commitments from $140,000,000 to $115,000,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The following definitions contained in <U>Section&nbsp;1.1</U> of the Credit Agreement are
hereby amended and restated in their entirety to read as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Applicable Margin</U>&#148; means, at all times from and after the Amendment
No.&nbsp;4 Effective Date and during the applicable periods set forth in the following
table: (a)&nbsp;with respect to ABR Borrowings, the percentage set forth below under the
heading &#147;ABR Margin&#148;, and (b)&nbsp;with respect to Eurodollar Borrowings and fees payable
under <U>Section&nbsp;3.3(b)</U>, the percentage set forth below under the heading
&#147;Eurodollar Margin and LC Fee&#148;:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Saga Communications, Inc. Amendment No.&nbsp;4
</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="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="5" style="border-bottom: 1px solid #000000"><B>When the Leverage Ratio is:</B></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="left"><B>greater than or</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 nowrap align="center" colspan="3"><B>Eurodollar Margin</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>equal to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>and less than</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>ABR Margin</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>and LC Fee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4.50:1.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.25</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4.00:1.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.50:1.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.75</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.75</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.50:1.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.00:1.00</TD>
    <TD>&nbsp;</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">3.50</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.00:1.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.50:1.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.25</TD>
    <TD nowrap>%</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">3.00:1.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.00</TD>
    <TD nowrap>%</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in the Applicable Margin resulting from a change in the Leverage
Ratio shall be based upon the Compliance Certificate most recently delivered under
<U>Section&nbsp;6.1(e)</U> and shall become effective three Business Days after the
delivery of such Compliance Certificate to the Administrative Agent.
Notwithstanding anything to the contrary in this definition, (a)&nbsp;if the Borrower
shall fail to deliver to the Administrative Agent a Compliance Certificate on or
prior to any date required hereby, the Leverage Ratio for purposes of this defined
term only shall be deemed to be greater than or equal to 4.50:1.00 from and
including such date to the third Business Day following the date of delivery to the
Administrative Agent of such Compliance Certificate and (b)&nbsp;during the period
commencing on the Amendment No.&nbsp;4 Effective Date and ending on the third Business
Day after the date the Compliance Certificate in respect of the fiscal quarter
ending December&nbsp;31, 2009 is delivered to the Administrative Agent, the Leverage
Ratio for purposes of this defined term only shall be deemed to be greater than or
equal to 4.50:1.00.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Commitment Fee Percentage</U>&#148; means, at all times from and after the
Amendment No.&nbsp;4 Effective Date and during the applicable periods set forth below,
the percentage set forth below under the heading &#147;Commitment Fee Percentage&#148;:
</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="38%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="16%">&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" colspan="5"><B>When the Leverage Ratio is:</B></TD>


    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>greater than or equal to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>and less than</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Commitment Fee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4.50:1.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4.00:1.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.50:1.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.50:1.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.00:1.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.500</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.00:1.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.50:1.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.500</TD>
    <TD nowrap>%</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">3.00:1.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.375</TD>
    <TD nowrap>%</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in the Commitment Fee Percentage resulting from a change in the
Leverage Ratio shall be based upon the Compliance Certificate most
recently delivered under <U>Section&nbsp;6.1(e)</U> and shall become effective three
Business Days after
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Saga Communications, Inc. Amendment No.&nbsp;4
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /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; margin-left: 2%">the delivery of such Compliance Certificate to the
Administrative Agent. Notwithstanding anything to the contrary in this definition,
(a)&nbsp;if the Borrower shall fail to deliver to the Administrative Agent a Compliance
Certificate on or prior to any date required hereby, the Leverage Ratio for purposes
of this defined term only shall be deemed to be greater than or equal to 4.50:1.00
from and including such date to the third Business Day following the date of
delivery to the Administrative Agent of such Compliance Certificate and (b)&nbsp;during
the period commencing on the Amendment No.&nbsp;4 Effective Date and ending on the third
Business Day after the date the Compliance Certificate in respect of the fiscal
quarter ending December&nbsp;31, 2009 is delivered to the Administrative Agent, the
Leverage Ratio for purposes of this defined term only shall be deemed to be greater
than or equal to 4.50:1.00.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Excess Cash Flow</U>&#148; means, for each fiscal quarter of the Borrower,
EBITDA for such fiscal quarter <U>minus</U>, without duplication, the sum of (i)
federal, state and local income taxes of the Borrower and the Subsidiaries for such
fiscal quarter paid in cash by the Borrower or any of its Restricted Subsidiaries
during such fiscal quarter, (ii)&nbsp;all Capital Expenditures of the Borrower and its
Restricted Subsidiaries made and permitted hereunder during such fiscal quarter
(other than any such Capital Expenditures made with the proceeds of Indebtedness
permitted under <U>Section&nbsp;7.1(a)(iii)</U> and other than Capital Expenditures made
in completing an acquisition permitted by <U>Section&nbsp;7.4(h)</U>), (iii)&nbsp;Interest
Expense for such fiscal quarter required to be paid in cash by the Borrower or any
Restricted Subsidiary during such fiscal quarter, (iv)&nbsp;the scheduled reduction of
the Revolving Commitments during such fiscal quarter pursuant to <U>Section
2.5(b)</U>, <U>provided</U> that for the fiscal quarter ending March&nbsp;31, 2010, the
scheduled reduction shall be deemed to be $2,500,000, (v)&nbsp;the aggregate amount of
mandatory permanent payments or prepayments of principal of Total Funded Debt during
such fiscal quarter (other than any mandatory prepayment required as a result of a
mandatory reduction of the Revolving Commitments described in <U>Section
2.5(b))</U>, (vi)&nbsp;the excess (if any) of Working Capital as at the last day of such
fiscal quarter over Working Capital as at the day before the first day of such
fiscal quarter and (vii) $250,000.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Fixed Charges</U>&#148; means, for any period, the difference (if positive) between (a)&nbsp;the
sum of each of the following, without duplication, with respect to the Borrower and the Restricted
Subsidiaries, determined on a consolidated basis in accordance with GAAP: (i)&nbsp;Interest Expense for
such period, (ii)&nbsp;the aggregate amount of all Capital Expenditures made during such period (other
than any such Capital Expenditures made with the proceeds of Indebtedness permitted under
<U>Section&nbsp;7.1(a)(iii)</U> and other than Capital Expenditures made in
completing an acquisition permitted by <U>Section&nbsp;7.4(h)</U>), (iii)&nbsp;an amount
equal to the aggregate amount of the scheduled reductions of the Revolving
Commitments during such period pursuant to <U>Section&nbsp;2.5(b)</U>, <U>provided</U>
that for any period that includes one or more fiscal quarters of the Borrower before
June&nbsp;30, 2010, the scheduled reduction
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Saga Communications, Inc. Amendment No.&nbsp;4
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /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; margin-left: 2%">for each such fiscal quarter shall be deemed
to be $2,500,000, (iv)&nbsp;the aggregate of all scheduled principal amounts that become
payable during such period in respect of Total Funded Debt (excluding any prepayment
under <U>Section&nbsp;2.7(b)</U> by reason of a reduction of the total Revolving
Commitments described in <U>Section&nbsp;2.5(b)</U> and, for avoidance of doubt, any
prepayment in respect of Excess Cash Flow under <U>Section&nbsp;2.5(d)(ii</U>)), (v)&nbsp;the
aggregate amount of all cash income taxes paid during such period, and (vi)&nbsp;the
aggregate amount of all Restricted Payments made by the Borrower in respect of its
common stock (other than Restricted Payments paid in additional common stock),
<U>provided</U> that such Restricted Payments made during the period from January
1, 2008 through and including December&nbsp;31, 2008 shall be excluded from the
calculation of the amount of Restricted Payments under this clause (vi), and (b)&nbsp;the
amount of federal and state income tax refunds received by the Borrower and the
Restricted Subsidiaries during such period, provided that aggregate amount of such
tax refunds deducted from Fixed Charges pursuant to this clause (b)&nbsp;shall not exceed
$2,000,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The following definition is hereby added to <U>Section&nbsp;1.1</U> of the Credit Agreement in
its appropriate alphabetical order:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Amendment No.&nbsp;4 Effective Date</U>&#148; means the date on which Amendment No.
4, dated as of February&nbsp;11, 2010, to the Credit Agreement is effective in accordance
with its terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;The reference to &#147;Fleet National Bank&#148; in the definition of Documentation Agent contained
in <U>Section&nbsp;1.1</U> of the Credit Agreement is hereby amended to read &#147;Bank of America, N.A.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Section&nbsp;2.5(b)</U> of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Scheduled Reductions</U>. Subject to <U>Section&nbsp;2.5(e)</U>, on the
last day of each fiscal quarter commencing on June&nbsp;30, 2010 and ending on June&nbsp;30,
2012, the Revolving Commitments shall be automatically and permanently reduced by an
amount equal to $2,500,000. The Revolving Commitments shall be automatically and
permanently reduced to $0 on the Maturity Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Section&nbsp;2.5(d)(ii)</U> of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <U>Excess Cash Flow</U>. Beginning with the fiscal quarter ending March
31, 2010, no later than the third Business Day following the date on which the
Compliance Certificate in respect of a fiscal quarter of the Borrower is delivered
to the Administrative Agent, the Revolving Commitments shall be automatically and
permanently reduced in an aggregate amount equal to 75% of the Excess Cash Flow
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Saga Communications, Inc. Amendment No.&nbsp;4
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /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">for such fiscal quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Section&nbsp;7.4(h)(i)</U> of the Credit Agreement is hereby amended by substituting
&#147;December&nbsp;31, 2009&#148; for &#147;December&nbsp;31, 2008&#148; in both instances in which it appears therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Section&nbsp;7.12</U> of the Credit Agreement is hereby amended and restated in its entirety
to read as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Interest Coverage Ratio</U>. The Borrower will not permit the Interest
Coverage Ratio as of the last day of any fiscal quarter to be less than (i)&nbsp;in the
case of the fiscal quarter ended December&nbsp;31, 2009, 3.00:1.00, and (ii)&nbsp;in the case
of each fiscal quarter thereafter, 3.50:1.00.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Fixed Charge Coverage Ratio</U>. The Borrower will not permit the Fixed
Charge Coverage Ratio as of the last day of any fiscal quarter ending on or after
December&nbsp;31, 2009 to be less than 1.10:1.00.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Leverage Ratio</U>. The Borrower will not permit the Leverage Ratio at
any time during any period set forth in the following table to be greater than the
ratio set forth below with respect to such 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="70%">&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>PERIOD</B></TD>
    <TD>&nbsp;</TD>

    <TD nowrap align="center" style="border-bottom: 1px solid #000000" colspan="3"><B>RATIO</B></TD>

</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">June&nbsp;30, 2009 through March&nbsp;30, 2010
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="right" valign="bottom">5.75:1.00</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">March&nbsp;31, 2010 through September&nbsp;29, 2010
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="right" valign="bottom">5.00:1.00</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">September&nbsp;30, 2010 through December&nbsp;30, 2010
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="right" valign="bottom">4.75:1.00</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">December&nbsp;31, 2010 through March&nbsp;30, 2011
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="right" valign="bottom">4.50:1.00</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">March&nbsp;31, 2011 through June&nbsp;29, 2011
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="right" valign="bottom">4.25:1.00</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">June&nbsp;30, 2011 through September&nbsp;29, 2011
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="right" valign="bottom">4.00:1.00</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">September&nbsp;30, 2011 through December&nbsp;30, 2011
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="right" valign="bottom">3.75:1.00</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">December&nbsp;31, 2011 through June&nbsp;29, 2012
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="right" valign="bottom">3.50:1.00</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">June&nbsp;30, 2012 and thereafter
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="right" valign="bottom">3.25:1.00</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;9.&nbsp;Paragraphs 1 through 8 hereof shall not be effective until such time as the following
conditions are satisfied:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Administrative Agent (or its counsel) shall have received from the Borrower, each
other Loan Party and each Lender either (i)&nbsp;a counterpart of this Amendment signed on behalf of
such Person or (ii)&nbsp;written evidence satisfactory to the Administrative Agent (which may include
facsimile transmission of a signed signature page of this Amendment) that such Person has signed a
counterpart of this Amendment;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the Administrative Agent (or its counsel) shall have received a certificate or
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Saga Communications, Inc. Amendment No.&nbsp;4
</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">certificates, signed by the Secretary or Assistant Secretary of each of the Borrower, Saga Quad
States Communications, LLC, Saga Communications of Arkansas, LLC, Saga Communications of North
Carolina, LLC, Saga Communications of Iowa, LLC (i)&nbsp;attaching a true and complete copy of the
resolutions or other authorizations authorizing this Amendment and specifying the incumbency of
each officer executing this Amendment, including therein a signature specimen of each such officer,
each in form and substance satisfactory to the Administrative Agent, and (ii)&nbsp;certifying that
certifying that its certificate of incorporation, certificate of formation, by-laws, limited
liability company agreement or analogous organizational documents have not been amended since March
9, 2009 or, if so, setting forth same;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Administrative Agent (or its counsel) shall have received a certificate or
certificates, signed by the Secretary or Assistant Secretary of each of Franklin Communications,
Inc., Saga Radio Networks, LLC, Saga Broadcasting, LLC, Saga Communications of New England, LLC,
Tidewater Communications, LLC, Saga Communications of Illinois, LLC, Lakefront Communications, LLC,
Saga Communications of South Dakota, LLC, Saga Communications of New Hampshire, LLC, Saga
Communications of Tuckessee, LLC, Saga Communications of Milwaukee, LLC and Saga Communications of
Charlottesville, LLC (i)&nbsp;attaching a true and complete copy of the resolutions or other
authorizations authorizing this Amendment and specifying the incumbency of each officer executing
this Amendment, including therein a signature specimen of each such officer, each in form and
substance satisfactory to the Administrative Agent, and (ii)&nbsp;certifying that certifying that its
certificate of incorporation or certificate of formation, as applicable, have not been amended
since March&nbsp;9, 2009 and its by-laws, limited liability company agreement or analogous documents
have not been amended since July&nbsp;29, 2003, or, if so, setting forth same;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the Administrative Agent shall have received an opinion of Bodman LLP, special counsel to
the Borrower and Subsidiary Guarantors, in form and substance satisfactory to the Administrative
Agent, with respect to, among other things, due authorization, execution and delivery of this
Amendment and the enforceability of this Amendment and the Credit Agreement, as amended thereby;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the Administrative Agent shall have received, for the account of each Lender which has
executed and delivered this Amendment on or before 12:00 noon (New York time) on the date hereof,
an amendment fee equal to 0.75% of such Lender&#146;s Revolving Commitment as in effect on the date
hereof (after giving effect to the Voluntary Reduction);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;all other fees and expenses payable in connection with this Amendment, including, without
limitation, the reasonable fees and expenses of counsel to the Administrative Agent to the extent
invoiced, shall have been paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;Each Loan Party hereby (a)&nbsp;reaffirms and admits the validity and enforceability of each
Loan Document to which it is a party and its obligations thereunder, and agrees and admits that it
has no defense to or offset against any such obligation, (b)&nbsp;represents and warrants that no
Default has occurred and is continuing, and (c)&nbsp;represents and warrants that all of the
representations and warranties made by it in the Loan Documents to which it is a party are true and
correct in all material
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Saga Communications, Inc. Amendment No.&nbsp;4
</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="left" style="font-size: 10pt; margin-top: 6pt">respects, both immediately before and after giving effect to this Amendment
(except to the extent such representations and warranties specifically relate to an earlier date,
in which case such representations and warranties shall have been true and correct in all material
respects on and as of such earlier date). By signing below, each Subsidiary Guarantor consents to
this Amendment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;This Amendment may be executed in any number of counterparts, each of which shall be an
original and all of which shall constitute one agreement. It shall not be necessary in making
proof of this Amendment to produce or account for more than one counterpart signed by the party to
be charged. Delivery of an executed counterpart by facsimile transmission shall be effective as
delivery of a manually executed counterpart.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;The Credit Agreement and the other Loan Documents shall in all other respects remain in
full force and effect, and no waiver herein in respect of any term or condition of any Loan
Document shall be deemed to be a waiver or other modification in respect of any other term or
condition of any Loan Document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Remainder of Page is Intentionally Blank&#093;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Saga Communications, Inc. Amendment No.&nbsp;4
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-7-<!-- /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 parties hereto have caused this Amendment No.&nbsp;4 to be duly
executed and delivered by their proper and duly authorized officers as of the day and year 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="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>

    <TD colspan="4" align="left">SAGA COMMUNICATIONS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

    <TD valign="top">By:&nbsp;&nbsp;</TD>

    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Samuel D. Bush
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
<TD></TD>
    <TD>Name:&nbsp;&nbsp;</TD>
    <TD align="left" colspan="2">Samuel D. Bush&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD align="left" colspan="2">Senior Vice President, Treasurer and Chief
Financial Officer&nbsp;</TD>

</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>

</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">CONSENTED TO AND AGREED:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SAGA RADIO NETWORKS, LLC<BR>
SAGA BROADCASTING, LLC<BR>
SAGA COMMUNICATIONS OF NEW ENGLAND, LLC<BR>
SAGA QUAD STATES COMMUNICATIONS, LLC<BR>
TIDEWATER COMMUNICATIONS, LLC<BR>
FRANKLIN COMMUNICATIONS, INC.<BR>
SAGA COMMUNICATIONS OF ILLINOIS, LLC<BR>
LAKEFRONT COMMUNICATIONS, LLC<BR>
SAGA COMMUNICATIONS OF SOUTH DAKOTA, LLC<BR>
SAGA COMMUNICATIONS OF NEW HAMPSHIRE, LLC<BR>
SAGA COMMUNICATIONS OF ARKANSAS, LLC<BR>
SAGA COMMUNICATIONS OF NORTH CAROLINA, LLC<BR>
SAGA COMMUNICATIONS OF TUCKESSEE, LLC<BR>
SAGA COMMUNICATIONS OF MILWAUKEE, LLC<BR>
SAGA COMMUNICATIONS OF IOWA, LLC<BR>
SAGA COMMUNICATIONS OF CHARLOTTESVILLE, LLC

</DIV>

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

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3" align="left">&nbsp;</TD>
<TD></TD>
    <TD>&nbsp;</TD>
</TR><TR>

    <TD valign="top">By:&nbsp;</TD>

    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">           /s/ Samuel D. Bush
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
<TD></TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>

    <TD align="left" colspan="2">Samuel D. Bush&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
<TD></TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>

    <TD align="left">Treasurer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
<TD></TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Saga Communications, Inc. Amendment No.&nbsp;4
</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">




<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="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>

    <TD colspan="4" align="left">THE BANK OF NEW YORK MELLON, individually,<BR>
as Issuing Bank and as Administrative Agent<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

    <TD valign="top">By:</TD>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Dean Stephan
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
        <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left" colspan="2">Dean Stephan&nbsp;</TD>

</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left" colspan="2">Managing Director&nbsp;</TD>

</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
<TD></TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Saga Communications, Inc. Amendment No.&nbsp;4
</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">




<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="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>

    <TD colspan="4" align="left">BANK OF AMERICA, N.A.,<BR>
individually and as Documentation Agent<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Christopher S. Allen</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 0px solid #000000" align="left">Christopher S. Allen</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 0px solid #000000" align="left">Senior Vice President</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
<TD></TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Saga Communications, Inc. Amendment No.&nbsp;4
</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">




<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="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="4" align="left">PNC BANK, NATIONAL ASSOCIATION, as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>



<TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Jeffrey M. Prickitt</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 0px solid #000000" align="left">Jeffrey M. Prickitt</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 0px solid #000000" align="left"> Vice-President</TD>
    <TD align="left">&nbsp;</TD>
</TR>





</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Saga Communications, Inc. Amendment No.&nbsp;4
</DIV>




<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">




<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="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="4" align="left">SUNTRUST BANK, as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>




<TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Arthur D. Burns</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 0px solid #000000" align="left">Arthur D. Burns</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 0px solid #000000" align="left">Vice President</TD>
    <TD align="left">&nbsp;</TD>
</TR>


</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Saga Communications, Inc. Amendment No.&nbsp;4
</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">




<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="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="4" align="left">BANK OF SCOTLAND plc, as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>




<TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Karen Weich</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 0px solid #000000" align="left">Karen Weich</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 0px solid #000000" align="left">Vice President</TD>
    <TD align="left">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Saga Communications, Inc. Amendment No.&nbsp;4
</DIV>




<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">




<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="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="4" align="left">BMO CAPITAL MARKETS FINANCING, INC., as a
Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>




<TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Naghmeh Hashemifard</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 0px solid #000000" align="left">Naghmeh Hashemifard</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000" align="left">Director</TD>
    <TD align="left">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Saga Communications, Inc. Amendment No.&nbsp;4
</DIV>




<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">




<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="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="4" align="left">U.S. BANK NATIONAL ASSOCIATION, as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>





<TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Gregory D. Knudsen</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 0px solid #000000" align="left">Gregory D. Knudsen</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 0px solid #000000" align="left">Senior Vice President</TD>
    <TD align="left">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Saga Communications, Inc. Amendment No.&nbsp;4
</DIV>




<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">




<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="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="4" align="left">ING CAPITAL LLC, as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>



<TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Stephen Wettier</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 0px solid #000000" align="left">Stephen Wettier</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 0px solid #000000" align="left">Managing Director</TD>
    <TD align="left">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Saga Communications, Inc. Amendment No.&nbsp;4
</DIV>



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



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