HISPANIC BROADCASTING CORP
EXHIBIT 10.16
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<TYPE>EX-10.16
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<FILENAME>a2107188zex-10_16.htm
<DESCRIPTION>EXHIBIT 10.16
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="kk1292_exhibit_10.16"> </A>
<A NAME="toc_kk1292_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 10.16    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kk1292_first_amendment_to_asset_purchase_agreement"> </A>
<A NAME="toc_kk1292_2"> </A></FONT> <FONT SIZE=2><B>FIRST AMENDMENT TO ASSET PURCHASE AGREEMENT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>THIS FIRST AMENDMENT TO ASSET PURCHASE AGREEMENT</B></FONT><FONT SIZE=2> (this
"</FONT><FONT SIZE=2><B>Amendment</B></FONT><FONT SIZE=2>"), is made as of January&nbsp;9<SUP>th</SUP>, 2003, by and among BIG CITY RADIO,&nbsp;INC., a Delaware corporation
("</FONT><FONT SIZE=2><B>BCR</B></FONT><FONT SIZE=2>"), BIG CITY RADIO-CHI, L.L.C., a Delaware limited liability company ("</FONT><FONT SIZE=2><B>BCR License
Sub</B></FONT><FONT SIZE=2>"; BCR, together with BCR License Sub, "</FONT><FONT SIZE=2><B>Seller</B></FONT><FONT SIZE=2>"), and HBC ILLINOIS,&nbsp;INC., a Delaware corporation
("</FONT><FONT SIZE=2><B>Purchaser</B></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>WHEREAS,</B></FONT><FONT SIZE=2> Seller and Purchaser are parties to that certain Asset Purchase Agreement dated as of January&nbsp;2, 2003 (the
"</FONT><FONT SIZE=2><B>Purchase Agreement</B></FONT><FONT SIZE=2>"), pursuant to which Purchaser will acquire from Seller the Purchased Assets and Purchaser will assume the obligations of Seller
under the Assumed Contract, all subject to the terms and conditions set forth in the Purchase Agreement; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>WHEREAS,</B></FONT><FONT SIZE=2> simultaneously with the execution and delivery of this Amendment, BCR License Sub and Purchaser are entering into a Time
Brokerage Agreement pursuant to which BCR License Sub will retain Purchaser to provide programming and related services for the Station; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>WHEREAS,</B></FONT><FONT SIZE=2> in connection with the execution and delivery of the Time Brokerage Agreement, Purchaser and Seller desire to make certain
modifications to the Purchase Agreement; and </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>WHEREAS,</B></FONT><FONT SIZE=2> all capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Purchase
Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>NOW, THEREFORE,</B></FONT><FONT SIZE=2> in consideration of the premises and the mutual covenants and agreements herein contained, the parties hereto agree as
follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Section&nbsp;3.5.1</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>Section&nbsp;3.5.2</I></FONT><FONT SIZE=2> and </FONT> <FONT SIZE=2><I>Section&nbsp;3.5.3</I></FONT><FONT SIZE=2> of the Purchase Agreement are hereby amended by adding the
phrase "Subject to the terms and conditions of the Time Brokerage
Agreement" at the beginning of the first sentence of each such Section. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Section&nbsp;6.6</I></FONT><FONT SIZE=2> of the Purchase Agreement is hereby amended by adding the phrase "Subject to the terms and conditions
of the Time Brokerage Agreement and the obligations of the parties thereunder" at the beginning of the first sentence of such Section. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Section&nbsp;6.7</I></FONT><FONT SIZE=2> of the Purchase Agreement is hereby amended by adding the phrase ", except as contemplated by the Time
Brokerage Agreement" at the end of such Section. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Article&nbsp;6</I></FONT><FONT SIZE=2> of the Purchase Agreement is hereby amended by adding </FONT> <FONT SIZE=2><I>Section&nbsp;6.10</I></FONT><FONT SIZE=2>, the text of which reads as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"6.10.&nbsp;Time
Brokerage Agreement. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained in this Agreement or otherwise, Seller shall not be deemed to have breached or failed to comply with any representations, warranties,
covenants, or agreements with respect to the Station or the Purchased Assets if such breach or failure is due or caused directly by any act, omission or instruction of Purchaser under or in connection
with the Time Brokerage Agreement or any activities or transactions by Purchaser in furtherance thereof or in connection therewith or any actions of Seller in accordance with the terms of the Time
Brokerage Agreement (except for such actions of Seller that constitute gross negligence or willful misconduct)." </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Section&nbsp;10.1</I></FONT><FONT SIZE=2> of the Purchase Agreement is hereby amended by adding </FONT> <FONT SIZE=2><I>Section&nbsp;10.1.5</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>Section&nbsp;10.1.6</I></FONT><FONT SIZE=2>, the
text of which read as follows: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>10.1.5.</B></FONT><FONT SIZE=2> by Seller if Purchaser is in breach of its obligations under the Time Brokerage Agreement, and (a)&nbsp;in the case of a breach
by Purchaser thereunder to pay money to Seller, such breach has not been cured by Purchaser within five (5)&nbsp;days of written notice of such breach; and (b)&nbsp;in the case of any other breach
by Purchaser thereunder, such breach has not been cured by Purchaser within thirty (30)&nbsp;days of written notice of such breach (or such longer period of time if </FONT></P>

</UL>
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<P><FONT SIZE=2>
the breach cannot be reasonably cured within thirty (30)&nbsp;days and Purchaser is diligently attempting to cure such breach); or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>10.1.6.</B></FONT><FONT SIZE=2> by Purchaser if Seller is in material breach of its obligations under the Time Brokerage Agreement, and such breach has not been
cured by Seller within thirty (30)&nbsp;days of written notice of such breach (or such longer period of time if the breach cannot be reasonably cured within thirty (30)&nbsp;days and Seller is
diligently attempting to cure such breach)." </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Annex I</I></FONT><FONT SIZE=2> of the Purchase Agreement is hereby amended by adding the definition for "</FONT><FONT SIZE=2><B>Time Brokerage
Agreement</B></FONT><FONT SIZE=2>", the text of which reads as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Time Brokerage Agreement</B></FONT><FONT SIZE=2>" shall mean the Time Brokerage Agreement between BCR License Sub and Purchaser dated as of January&nbsp;10,
2003." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;Except
as expressly modified hereby, all other terms and conditions of the Purchase Agreement shall remain in full force and effect in accordance with their terms. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;This
Amendment may be executed in one or more counterparts, each of which will be deemed an original and all of which together will constitute one and the same
instrument. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>[The remainder of this page intentionally left blank.]</B></FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, each of the parties hereto has caused this First Amendment to Asset Purchase Agreement to be executed as of the date first written above. </FONT></P>

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<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>BIG CITY RADIO,&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>THOMAS E. REPKE</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2>Thomas E. Repke</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2>Executive Vice President,<BR>
General Counsel and Secretary</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
BIG CITY RADIO-CHI, L.L.C.</FONT></TD>
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<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2>BIG CITY RADIO,&nbsp;INC.,<BR>
Its Managing Member</FONT></TD>
</TR>
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<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>THOMAS E. REPKE</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2>Thomas E. Repke</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2>Executive Vice President,<BR>
General Counsel and Secretary</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
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HBC ILLINOIS,&nbsp;INC.</FONT></TD>
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&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
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By:</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="50%"><HR NOSHADE></TD>
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<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="50%"><HR NOSHADE></TD>
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<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
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<FONT SIZE=2><A HREF="#toc_kk1292_1">Exhibit 10.16</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_kk1292_2">FIRST AMENDMENT TO ASSET PURCHASE AGREEMENT</A></FONT><BR>
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