HISPANIC BROADCASTING CORP
EXHIBIT 10.17
<DOCUMENT>
<TYPE>EX-10.17
<SEQUENCE>6
<FILENAME>a2107188zex-10_17.htm
<DESCRIPTION>EXHIBIT 10.17
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="km1292_exhibit_10.17"> </A>
<A NAME="toc_km1292_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit&nbsp;10.17    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="km1292_confidential_stock_purchase_agreement"> </A>
<A NAME="toc_km1292_2"> </A>
<BR></FONT><FONT SIZE=2><B>CONFIDENTIAL<BR>  STOCK PURCHASE AGREEMENT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Stock Purchase Agreement ("Agreement") is made as of February&nbsp;13, 2003, by and between Hispanic Broadcasting Corporation, a Delaware corporation with
principal offices located at 3102 Oak Lawn, Suite 215, Dallas, Texas 75219 ("Buyer"), and Fundaci&oacute;n Angel Ramos,&nbsp;Inc., a Puerto Rico corporation with principal offices located at
383 F.D. Roosevelt Avenue, Hato Rey, Puerto Rico ("Seller"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="km1292_recitals"> </A>
<A NAME="toc_km1292_3"> </A>
<BR></FONT><FONT SIZE=2><B>RECITALS    <BR>  </B></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> El Mundo Broadcasting Corporation, a corporation incorporated under the laws of Puerto Rico (the
"Company"), is engaged in the radio broadcasting business in Puerto Rico. </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 desires to sell, and Buyer desires to purchase, all of the issued and outstanding shares of capital stock of the Company
(the "Shares"), for the consideration and on the terms set forth in this Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="km1292_agreement"> </A>
<A NAME="toc_km1292_4"> </A>
<BR></FONT><FONT SIZE=2><B>AGREEMENT    <BR>  </B></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>, the parties, intending to be legally bound, agree as follows: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>1.</B></FONT></DT><DD><FONT SIZE=2><B><I>DEFINITIONS</I></B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Agreement, the following terms have the meanings specified or referred to in this Section&nbsp;1: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Adjustment Amount"&#151;</B></FONT><FONT SIZE=2>as defined in Section&nbsp;2.5. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Benefit Plans"</B></FONT><FONT SIZE=2>&#151;means any bonus, incentive compensation, deferred compensation, pension, profit sharing, retirement, stock
purchase, stock option, stock ownership, stock appreciation rights, phantom stock, equity (or equity based), whether written or oral, and whether or not subject to ERISA (including, without
limitation, any "employee benefit plan" within the meaning of Section&nbsp;3(3) of ERISA), which the Company sponsors, maintains, has any obligation to contribute to, has liability under or to which
it is otherwise a party and which covers or otherwise provides benefits to any of its employees or former employees (or their dependents and beneficiaries) with respect to their relationship with the
Company's business </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Best Efforts"&#151;</B></FONT><FONT SIZE=2>the efforts that a prudent Person desirous of achieving a result would use in similar circumstances to ensure
that such result is achieved as expeditiously as possible, provided, however, that an obligation to use Best Efforts under this Agreement does not require the Person subject to that obligation to take
actions that would result in a materially adverse change in the benefits to such Person of this Agreement and the Contemplated Transactions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Buyer"&#151;</B></FONT><FONT SIZE=2>as defined in the first paragraph of this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Closing"&#151;</B></FONT><FONT SIZE=2>as defined in Section&nbsp;2.3. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Closing Date"&#151;</B></FONT><FONT SIZE=2>the date and time as of which the Closing actually takes place. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Closing Date Adjustment Amount"&#151;</B></FONT><FONT SIZE=2>as defined in Section&nbsp;2.6(b). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Commonwealth"&#151;</B></FONT><FONT SIZE=2>Commonwealth of Puerto Rico. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Communications Act"&#151;</B></FONT><FONT SIZE=2>the Communications Act of 1934, as amended. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Company"&#151;</B></FONT><FONT SIZE=2>as defined in the Recitals of this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Consent"&#151;</B></FONT><FONT SIZE=2>any approval, consent, ratification, waiver, or other authorization (including any Governmental Authorization). </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Contemplated Transactions"&#151;</B></FONT><FONT SIZE=2>all of the transactions contemplated by this Agreement, including: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;the
sale of the Shares by Seller to Buyer; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;the
performance by Buyer and Seller of their respective covenants and obligations under this Agreement; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;Buyer's
acquisition and ownership of the Shares and exercise of control over the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Contract"&#151;</B></FONT><FONT SIZE=2>any agreement, contract, obligation, promise, or undertaking (whether written or oral and whether express or
implied) that is legally binding. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Damages"&#151;</B></FONT><FONT SIZE=2>as defined in Section&nbsp;12.2. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Disclosure Schedule"&#151;</B></FONT><FONT SIZE=2>the Disclosure Schedule delivered by Seller to Buyer concurrently with the execution and delivery of
this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Draft Adjustment Amount"&#151;</B></FONT><FONT SIZE=2>as defined in Section&nbsp;2.6. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Encumbrance"&#151;</B></FONT><FONT SIZE=2>any charge, claim, condition, lien, option, pledge, security interest, right of first refusal, or restriction of
any kind, including any restriction on use, transfer, receipt of income, or exercise of any other attribute of ownership. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Environmental Claim"&#151;</B></FONT><FONT SIZE=2>shall mean any and all administrative, regulatory or judicial actions, suits, proceedings, executory
decrees, judgments, demands, demand letters, orders, directives, claims (including claims involving liability in tort), liens or notices of noncompliance or violation relating to any Environmental Law
or permit issued under any such Environmental Law, or arising from the presence or release into the environment of Hazardous Materials including, without limitation, Environmental Claims by any
governmental or regulatory authority or by any third party for enforcement, cleanup, removal, response, remedial or other actions or damages, contribution, indemnification, cost recovery, compensation
or injunctive relief pursuant to any Environmental Law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Environmental Laws"&#151;</B></FONT><FONT SIZE=2>shall mean all federal, Commonwealth, state, and local laws, statutes, ordinances, rules now or hereafter
in effect, and in each case as amended, and any judicial or administrative interpretation thereof, including any judicial or administrative order, consent decree or judgment relating to the regulation
and protection of human health, safety, the environment and natural resources, without limitation, laws and regulations relating to emissions, discharges, releases or threatened releases of Hazardous
Materials or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials. Environmental Laws include but are not
limited to the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended ("CERCLA"); the Federal Insecticide, Fungicide, and Rodenticide Act, as amended ("FIFRA"); the
Resource Conservation and Recovery Act, as amended ("RCRA"); the Toxic Substances Control Act, as amended ("TSCA"); the Clean Air Act, as amended ("CAA); the Federal Water Pollution Control Act, as
amended ("FWPCA"); the Oil Pollution Act of 1990, as amended ("OPA"); the Fish and Wildlife Coordination Act, as amended ("FWCA"); the Endangered Species Act, as amended ("ESA"); the Wild&nbsp;&amp;
Scenic Rivers Act, as amended ("WSRA"); the Rivers and Harbors Act of 1899, as amended ("1899 Rivers Act"); the Water Resources Research Act of 1984, as amended ("WRRA"); the Occupational Safety and
Health Act, as amended ("OSHA"); and the Safe Drinking Water Act, as amended ("SDWA"); and their state and local counterparts or equivalents. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"ERISA"&#151;</B></FONT><FONT SIZE=2>means the Employee Retirement Income Security Act of 1974, as amended. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Estimated Adjustment Amount"</B></FONT><FONT SIZE=2>&#151;as defined in Section&nbsp;2.6. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Facilities"&#151;</B></FONT><FONT SIZE=2>any real property, leaseholds, or other interests currently owned or operated by the Company and any buildings,
plants, structures, or equipment currently owned or operated by the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Financial Statements"&#151;</B></FONT><FONT SIZE=2>the financial statements indicated in Section&nbsp;3.9, including notes thereto, as applicable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"FCC"&#151;</B></FONT><FONT SIZE=2>shall mean the Federal Communications Commission. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"FCC Consent"</B></FONT><FONT SIZE=2>&#151;the action by the FCC granting consent to the purchase of the Shares by the Buyer and the transfer to the Buyer
of control of the Company as contemplated in this Agreement </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"GAAP"</B></FONT><FONT SIZE=2>&#151;generally accepted United States accounting principles. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Governmental Authorization"</B></FONT><FONT SIZE=2>&#151;any approval, consent, license, permit, waiver, or other authorization issued, granted, given, or
otherwise made available by or under the authority of any Governmental Body or pursuant to any Legal Requirement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Governmental Body"&#151;</B></FONT><FONT SIZE=2>any: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;nation,
Commonwealth, state, county, city, municipality, town, village, district, or other jurisdiction of any nature; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;federal,
state, Commonwealth, local, municipal, foreign, or other government; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;governmental
or quasi-governmental authority of any nature (including any governmental agency, branch, department, official, or entity and any court or other tribunal); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;multi-national
organization or body; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;body
exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Hazardous Materials"&#151;</B></FONT><FONT SIZE=2>shall mean, collectively, (a)&nbsp;flammable explosives, radioactive materials, friable asbestos, urea
formaldehyde foam insulation, transformers or other equipment that contain dielectric fluid containing levels of polychlorinated biphenyls, and radon gas, and (b)&nbsp;chemicals, materials,
substances or wastes which are now or hereafter become defined as or included in the definition of "hazardous substances", "hazardous waste", "hazardous materials", "extremely hazardous wastes",
"restricted hazardous wastes", "toxic substances", "toxic pollutants", or words of similar import, under any applicable Environmental Law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Indemnified Persons"&#151;</B></FONT><FONT SIZE=2>as defined in Section&nbsp;12.2 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Intellectual Property"</B></FONT><FONT SIZE=2>&#151;shall mean the following: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;the
Company's name, all trade names; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;registered
and unregistered trademarks, service marks, and applications; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;patents,
patent applications; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;know-how,
trade secrets, confidential information, customer lists, software, technical information, data, process technology, plans, drawings, and blue
prints. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Internal Revenue Code"</B></FONT><FONT SIZE=2>&#151;means the Puerto Rico Internal Revenue Code of 1994, as amended. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Knowledge"&#151;</B></FONT><FONT SIZE=2>an individual will be deemed to have "Knowledge" of a particular fact or other matter if: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;such
individual is actually aware of such fact or other matter; or </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;a
prudent individual could be expected to discover or otherwise become aware of such fact or other matter in the course of conducting a reasonable investigation
concerning the existence of such fact or other matter. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore,
Knowledge of Seller or the Company, shall refer only to the knowledge of the following individuals: </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="63%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>Argentina S. Hills</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Huberto Biaggi</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>Rafael Cort&eacute;s Dapena</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Gabriel Laffitte</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>Grafton Olivera</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Legal Requirement"&#151;</B></FONT><FONT SIZE=2>any federal, state, Commonwealth, local, municipal, foreign, international, multinational, or other
administrative order, constitution, law, ordinance, principle of common law, regulation, statute, or treaty. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Most Recent Financial Statements"&#151;</B></FONT><FONT SIZE=2>as defined in Section&nbsp;3.9. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Net Working Capital"</B></FONT><FONT SIZE=2>&#151;shall mean the current assets less the current liabilities of the Company (including all of the
Company's transaction costs associated with the Contemplated Transactions, accrued volume discounts, and all other accruals including applicable Taxes), as determined under GAAP. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Order"&#151;</B></FONT><FONT SIZE=2>any award, decision, injunction, judgment, order, ruling, subpoena, or verdict entered, issued, made, or rendered by
any court, administrative agency, or other Governmental Body or by any arbitrator. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Ordinary Course of Business"</B></FONT><FONT SIZE=2>&#151;an action taken by a Person will be deemed to have been taken in the "Ordinary Course of
Business" only if: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;such
action is consistent with the past practices of such Person and is taken in the ordinary course of the normal day-to-day operations of such
Person; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;such
action is not required to be authorized by the board of directors of such Person; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Organizational Documents"&#151;</B></FONT><FONT SIZE=2>the articles of incorporation and the bylaws of the Seller or the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Person"&#151;</B></FONT><FONT SIZE=2>any individual, corporation (including any non-profit corporation), general or limited partnership,
limited liability company, joint venture, estate, trust, association, organization, labor union, or other entity or Governmental Body. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Proceeding"&#151;</B></FONT><FONT SIZE=2>any action, arbitration, audit, hearing, investigation, litigation, or suit (whether civil, criminal,
administrative, investigative, or informal) commenced, brought, conducted, or heard by or before, or otherwise involving, any Governmental Body or arbitrator. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Purchase Price"&#151;</B></FONT><FONT SIZE=2>as defined in Section&nbsp;2.2. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Representative"&#151;</B></FONT><FONT SIZE=2>with respect to a particular Person, any director, officer, employee, agent, consultant, advisor, or other
representative of such Person, including legal counsel, accountants, and financial advisors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Seller"&#151;</B></FONT><FONT SIZE=2>as defined in the first paragraph of this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Shares"&#151;</B></FONT><FONT SIZE=2>as defined in the Recitals of this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Tax"&#151;</B></FONT><FONT SIZE=2>Any tax (including any income tax, capital gains tax, value-added tax, sales tax, property tax, gift tax, or state tax),
levy, assessment, tariff, duty (including any custom duty), deficiency, or other fee, and any related charge or amount (including any fine, penalty, interest, or addition to tax), imposed assessed or
collected by or under the authority of any Governmental Body or payable </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2>
pursuant to any tax-sharing agreement or any other Contract relating to the sharing or payment of any such tax, levy, assessment, tariff, duty, deficiency, or fee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Tax Return"&#151;</B></FONT><FONT SIZE=2>any return (including any information return), report, statement, schedule, notice, form, or other document or
information filed with or submitted to, or required to be filed with or submitted to, any Governmental Body in connection with the determination, assessment, collection, or payment of
any Tax or in connection with the administration, implementation, or enforcement of or compliance with any Legal Requirement relating to any Tax. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Threatened"&#151;</B></FONT><FONT SIZE=2>a claim, Proceeding, dispute, action, or other matter will be deemed to have been "Threatened" if any demand or
statement has been made (orally or in writing) or any notice has been given (orally or in writing), or if any other event has occurred or any other circumstances exist, that would lead a prudent
Person to conclude that such a claim, Proceeding, dispute, action, or other matter is likely to be asserted, commenced, taken, or otherwise pursued in the future. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Treasury"&#151;</B></FONT><FONT SIZE=2>the Department of the Treasury of the Commonwealth of Puerto Rico </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>2.</B></FONT></DT><DD><FONT SIZE=2><B><I>SALE AND TRANSFER OF SHARES; CLOSING</I></B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Shares.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions of this Agreement, at the Closing,
Seller will sell and transfer the Shares to Buyer, and Buyer will purchase the Shares from Seller. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Purchase Price.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The purchase price (the "Purchase Price") for the Shares will be
$32,000,000 (the "Base Purchase Price"), increased or decreased by the Adjustment Amount, as defined herein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Closing.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The purchase and sale (the "Closing") provided for in this Agreement will
take place at the offices of Buyer's counsel at 10:00&nbsp;a.m. (local time) on the 10<SUP>th</SUP> day after all conditions precedent to the Closing have been satisfied or waived, or at such
other time as the parties may agree. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Closing Obligations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the Closing: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;Seller
will deliver to Buyer: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;certificates
representing the Shares, duly endorsed (or accompanied by duly executed stock powers), for transfer to Buyer; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;a
certificate executed by Seller representing and warranting to Buyer that each of Seller's representations and warranties in this Agreement was accurate in all
material respects as of the date of this Agreement and is accurate in all material respects as of the Closing Date as if made on the
Closing Date (giving full effect to any supplements to the Disclosure Schedule that were delivered by Seller to Buyer prior to the Closing Date in accordance with Section&nbsp;9.4); and </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Buyer
will deliver to Seller: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;the
Base Purchase Price by wire transfer to accounts specified by Seller (provided, however, that pursuant to the terms of the Post-Closing Indemnity Escrow
Agreement in the form attached hereto as </FONT><FONT SIZE=2><I>Part&nbsp;2.5(b) of the Disclosure Schedule</I></FONT><FONT SIZE=2> (the "Escrow Agreement"), the parties shall set aside from the
Base Purchase Price and deposit with the Escrow Agent identified in the Escrow Agreement the sum of $1,600,000, and all interest on such escrowed amount shall be paid quarterly to Seller); and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;a
certificate executed by Buyer to the effect that, each of Buyer's representations and warranties in this Agreement was accurate in all material respects as of the
date of this Agreement and is accurate in all material respects as of the Closing Date as if made on the Closing Date. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Adjustment Amount.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Adjustment Amount (which may be a positive or negative
number) shall be, as of the Closing Date, an amount equal to Net Working Capital less the sum of (i)&nbsp;$2.0&nbsp;million, (ii)&nbsp;the amount, if any, owed to Banco Popular de Puerto Rico
under a certain Credit </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>
Agreement dated September&nbsp;16, 1997, as amended, and (iii)&nbsp;any other indebtedness of the Company which is not included as part of the calculation of Net Working Capital. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Adjustment Procedure.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;On
the date that is no more than three business days prior to the Closing, the Seller shall deliver to the Buyer an estimated balance sheet of the Company as of the
Closing Date (the "Estimated Closing Balance Sheet"), which shall be prepared using consistent accounting principles as with prior periods, taking into account cash reserves for the payment of all
volume discounts accrued by the Company and not previously settled or paid. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Within
30&nbsp;days after the Closing Date, Deloitte&nbsp;&amp; Touche ("Deloitte") shall prepare in accordance with GAAP and consistent with the preparation of the
Financial Statements, and deliver to the Buyer and Seller a closing balance sheet for the Company, as of the Closing Date (the "Draft Closing Balance Sheet"). Within no later than 10&nbsp;days (or
as otherwise agreed to by Buyer and Seller) after the delivery of the Draft Closing Balance Sheet, Buyer and Seller shall meet in the offices of Deloitte, located at San Juan, Puerto Rico, to object
to any provisions of the Draft Closing Balance Sheet, which objections shall be resolved in the sole discretion of Deloitte. Once all objections, if any, have been resolved by Deloitte, the Draft
Closing Balance Sheet shall become the "Closing Balance Sheet" and
Deloitte shall calculate the Adjustment Amount. Within five days following the date that the Closing Balance Sheet is determined, (i)&nbsp;if the Adjustment Amount is a positive number, the Buyer
shall pay Seller in cash an amount equal to the Adjustment Amount; or (ii)&nbsp;if the Adjustment Amount is a negative number, the Seller shall pay to buyer in cash an amount equal the Adjustment
Amount multiplied by negative one. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;On
February&nbsp;1, 2004 (or at such other time as agreed to by the Buyer and Seller), Buyer and Seller shall in good faith update the Closing Balance Sheet based upon
the Company's actual operating results (including actual accrued and paid volume discounts), and at such time Buyer and Seller shall recalculate the Adjustment Amount determined in
Section&nbsp;2.6(b) (after adjustment, the "Final Adjustment Amount"). Any disagreements between Buyer and Seller regarding the update of the Closing Balance Sheet and the calculation of the Final
Adjustment Amount shall be settled by Deloitte, whose determination shall be final. Then, within 5&nbsp;days after determining the Final Adjustment Amount (i)&nbsp;if the Final Adjustment Amount
is greater than the Adjustment Amount determined pursuant to Section&nbsp;2.6(b) (negative 1 is "greater" than negative 5), Buyer shall pay to Seller, in cash, an amount equal to the difference of
the Final Adjustment Amount and the Adjustment Amount determined in Section&nbsp;2.6(b) plus 6% simple, annual interest on such amount calculated from the Closing Date; or (ii)&nbsp;if the Final
Adjustment Amount is less than the Adjustment Amount (negative 5 is "less" than negative 1), Seller shall pay to Buyer, in cash, an amount equal to the difference of the Final Adjustment Amount and
the Adjustment Amount determined in Section&nbsp;2.6(b) plus 6% simple, annual interest on such amount calculated from the Closing Date. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>3.</B></FONT></DT><DD><FONT SIZE=2><B><I>REPRESENTATIONS AND WARRANTIES OF SELLER</I></B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
represents and warrants to Buyer as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Organizational and Good Standing of Seller.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Seller is a
not-for-profit corporation duly organized, validly existing and in good standing under the laws of Puerto Rico, with full corporate power and authority to conduct its corporate
affairs as now being conducted. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Title of Shares.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Seller is the lawful owner of the Shares, as trustee, under a
certain Trust (the "Trust") created pursuant to Clause Tenth of the Last Will and Testament of Angel Ramos (Deed No.&nbsp;2 executed on May&nbsp;22, 1959, before Notary Public Milton Francisco
Rua) and subject to the approval by the Board of Directors of the Seller, has the right, power and authority (without further authorization or approval) to sell, assign, convey, transfer and deliver
the same to the Buyer pursuant to this Agreement, free and clear of all Encumbrances. Upon delivery at closing of certificates </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<P><FONT SIZE=2>
representing the Shares, the Buyer shall have good and marketable title to and own such Shares, free and clear of all Encumbrances, and such Shares will be fully paid and nonassessable. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Authorization; Execution and Delivery; Binding Obligation.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except for the approval
by the Board of Directors of the Seller, all corporate acts and other proceedings required to be taken by or with respect to the Seller, both in its capacity as a corporation and as trustee under the
Trust, to authorize it to execute, deliver and perform this Agreement and the Contemplated Transactions have been duly taken. Subject to the approval by the Board of Directors, this Agreement has been
duly executed and delivered by the Seller. When approved by the Board of Directors of Seller, this Agreement will constitute the legal, valid and binding obligation of the Seller in accordance with
its terms. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Violation of Law; Consents.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery and performance by Seller of
this Agreement, and the consummation of the Contemplated Transactions will not violate any Legal Requirements applicable to the Seller or the Company or any of the Organizational Documents of the
Seller or the Company. Except as indicated in </FONT><FONT SIZE=2><I>Part&nbsp;3.4 of the Disclosure Schedule</I></FONT><FONT SIZE=2>, no Consent, other action of, or filing with, any Person, or
any court, administrative agency or any Governmental Authority is required in connection with the execution and delivery by the Seller of this Agreement, and the consummation of the Contemplated
Transactions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Organization, Corporate Power and Good Standing of the Company.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company is a
corporation duly organized, validly existing and in good standing under the laws of the Commonwealth of Puerto Rico and has the corporate power and authority to carry on its business as now conducted
and to own or lease its properties and other assets as now owned or leased. The Company has not qualified to do business in any jurisdiction other than the Commonwealth of Puerto Rico and no such
qualification is necessary in order to enable the Company to carry on its business as now conducted or to own or lease its properties and assets as now owned or leased. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Capitalization.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The authorized capital stock of the Company consists of 20,000
shares of Common Stock, of which 10,000 shares are issued and outstanding. All shares of capital stock of the Company represented by issued stock certificated are validly issued, fully paid and
nonassessable, are registered in the name of, and owned of record by the Seller, and the Seller is the sole Person entitled to receipt of all, or any portion of the Purchase Price. The Shares
constitute 100% of the outstanding equity interests in the Company. There are not any outstanding Contracts, warrants, options, calls, pre-emptive or other rights, or other commitments of
any nature relating to any of the authorized shares of capital stock of the Company. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Subsidiaries and Investments.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company has no subsidiaries nor does it own any
interest in any corporation, business trust, firm, partnership, joint venture, entity or organization. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Certificate of Incorporation and By-Laws, etc.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The copies of the present
Certificate of Incorporation of the Company, and the present By-Laws of the Company which have been delivered to the Buyer, are true, complete and correct. The minute books, stock
certificate books and stock transfer books of the Company are true, complete and correct. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Financial Statements.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The interim financial statements of the Company as of
December&nbsp;31, 2002 (unaudited) (the "Most Recent Financial Statements"), and the certified financial statements (audited by Deloitte) as of August&nbsp;31, 2002, 2001, and 2000, heretofore
furnished by the Seller to the Buyer, present fairly the financial condition and results of the operations of the Company as at the respective dates of said balance sheets and for the periods
indicated in said statements of income, and the certified financial statements have been prepared in conformity with GAAP applied on a consistent basis throughout the periods involved. The Company
does not have, or as of the Closing Date shall not have, (i)&nbsp;any long-term liabilities (with a term greater than one year), or (ii)&nbsp;any other liabilities (not
long-term liabilities) except (1)&nbsp;those liabilities set forth on the Most Recent Financial Statements and </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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not heretofore paid or discharged, and (2)&nbsp;those of the same nature as those set forth on the Most Recent Financial Statements and reasonably incurred in the ordinary course of business,
consistent with past practice, after December&nbsp;31, 2002. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Receivables.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All receivables of the Company included in the Closing Date Adjustment
Amount shall be collectible in full when due in the ordinary course of business in amounts equal to not less than the aggregate face amounts thereof, after giving effect to any applicable provision
for doubtful and uncollectible accounts included as part of the Closing Date Adjustment Amount. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Taxes.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;The
Company has filed or caused to be filed (on a timely basis) all Tax Returns that are or were required to be filed pursuant to applicable Legal Requirements,
including its 2002 income tax return. The Company has paid, or made proper accruals for the payment of, all Taxes that have or may have become due pursuant to those Tax Returns or otherwise, or
pursuant to any assessment received by the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;The
charges, accruals, and reserves with respect to Taxes on the books of the Company as of the Closing Date will be at least equal to the Company's liability for such
Taxes. There exists no proposed tax assessment against the Company. All Taxes that the Company is or was required by Legal Requirements to withhold or collect have been duly withheld or collected and,
to the extent required, have been paid to the proper Governmental Body or other Person. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;All
Tax Returns filed by the Company are true, correct, and complete. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;The
Company is not, and never has been, liable for any Tax payable by reason of the income or property of a Person other than the Company. No litigation with respect to
any Tax for which the Company is asserted to be liable is pending and no basis which Seller believes to be valid exists on which any claim for any such Tax can be asserted against the Company. There
are no requests for rulings or determinations in respect of any Taxes pending between the Company and any taxing
authority. No issues have been raised and remain pending by any taxing authority in connection with the examination of any Tax Return of the Company. No extension of any period during which any Tax
may be assessed or collected and for which the Company is or may be liable has been granted to any taxing authority. The Company is not and never has been party to any tax allocation or sharing
agreement. The Company has made all deposits required by law to be made with respect to employees' withholding and other employment Taxes. The Company has not made, is not obligated to make and is not
a party to any agreement that could require it to make any payment that is not deductible under Section&nbsp;280G of Internal Revenue Code of 1986, as amended from time to time (the "US Code"), or
such comparable provision under the Internal Revenue Code. No asset of the Company is subject to any provision of applicable law which eliminates or reduces the allowance for depreciation or
amortization in respect of that asset below the allowance generally available to an asset of its type. No accounting method changes of the Company exist or are proposed or threatened which could give
rise to an adjustment under Section&nbsp;481 of the US Code, or such comparable provision under the Internal Revenue Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Real Property.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Part&nbsp;3.12 to the Disclosure
Schedule</I></FONT><FONT SIZE=2> describes all real property owned by the Company (including the land for the tower sites for the Stations used in Cata&ntilde;o and Ponce) (the "Owned Real
Property"), and a complete list and brief description of all real property leased to the Company (the "Leased Real Property" and, together with the Owned Real Property, the "Real Property"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;The
Company has, or will have before Closing, good and marketable title in fee simple to all of the Owned Real Property, free and clear of all Encumbrances, except those
indicated in </FONT><FONT SIZE=2><I>Part&nbsp;3.12 of the Disclosure Schedule</I></FONT><FONT SIZE=2>. The Encumbrances set forth on </FONT><FONT SIZE=2><I>Part&nbsp;3.12 of the Disclosure
Schedule</I></FONT><FONT SIZE=2> do not </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

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hinder, impede, or diminish in any way the current use of the Owned Real Property or the operations conduced thereon. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;The
Company enjoys quiet possession of each of the premises purported to be leased to it, under valid leases with respect thereto, enforceable in accordance with their
respective terms. Seller has furnished to Buyer a complete and correct copy of the leases in respect of all of the Leased Real Property. Neither the Company nor, to the Knowledge of Seller, the other
party thereto is in default in respect of such leases. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;None
of the Real Property is subject to, and neither the Company nor Seller has received notice of, any pending or proposed reassessment, contest, protest, or other
proceedings with respect to real property taxes. Neither the Company nor Seller has taken any action to have real estate taxes that will be assessed against the Real Property adjusted or modified in
any respect. There is no, and neither the Company nor Seller has received notice of any, pending or proposed special assessment that affects, or may affect, the Real Property or any portion thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;The
current uses of and existing structures located on the Real Property are in all material respects in compliance with all applicable zoning, construction, and other
land use requirements. No Legal
Requirements prohibit or materially interfere with the current use of any of the Real Property. The Company, to the extent required by any Legal Requirements, is in possession of, or will be prior to
Closing, all use permits with respect to all of the Real Property issued by the appropriate Governmental authority. Valid use permits for all Real Property which permit the current uses of the Real
Property exist, or will exist prior to Closing, and continue in full force and effect through the Closing Date. Seller shall be solely responsible for procuring such Permits and certificates. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;The
improvements located on the Real Property are in good condition and are structurally sound, and all mechanical and other systems located therein are in an operating
condition good for the use to which same are put by the Company in the current operation of the Company's business, subject to normal wear and tear. No condition exists requiring material repairs,
alterations or corrections, and no maintenance or repair to the improvements or the mechanical or other systems located therein have been unreasonably deferred. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Licenses and Authorizations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise disclosed therein, </FONT> <FONT SIZE=2><I>Part&nbsp;3.13 to the Disclosure
Schedule</I></FONT><FONT SIZE=2> consists of a complete list and brief description of all Governmental Authorizations held by the Company or
pending applications as of the date hereof, including, without limitation, any of the foregoing granted by, or pending with, the FCC, held in connection with the ownership and operation of radio
stations WKAQ-AM, WKAQ-FM, WUKQ-FM and WUKQ-AM (collectively, the "Stations"). The Governmental Authorizations listed in such </FONT> <FONT SIZE=2><I>Part&nbsp;3.13 of the Disclosure Schedule</I></FONT><FONT SIZE=2> are the only Governmental
Authorizations necessary to, or used in, the business of the Company as now
conducted (including, without limitation the operation of the Stations) and the same are in good standing and in full force and effect. The Company is not the subject of any notice of violation or
order, or any complaint, issued by or filed with the FCC in connection with the operation of, or authorizations for, the Stations. To Seller's Knowledge, the Stations and the facilities of the
Stations are being operated in all material respects in accordance with the FCC Licenses and all material FCC rules and policies. To Seller's Knowledge, the Stations' transmission towers and equipment
have been operated and maintained by the Company in material compliance with the Communications Act and the rules and regulations of the FCC and the Federal Aviation Administration ("FAA"), and the
towers have been properly registered with the FCC and approved by the FAA as necessary. Notwithstanding the foregoing, Seller shall, at its own cost and expense, obtain all Governmental Authorization
for the operation of the Company's business and facilities prior to Closing. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Equipment and Personal Property.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Part&nbsp;3.14 of the
Disclosure Statement</I></FONT><FONT SIZE=2> consists of a complete list of all equipment and other personal property owned by the Company with an original acquisition cost in excess of $50,000. All
the personal property owned by the Company, including other items listed </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

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in </FONT><FONT SIZE=2><I>Part&nbsp;3.14 of the Disclosure Schedule</I></FONT><FONT SIZE=2>, are free and clear of Encumbrances. The personal property assets owned by the Company and used in the
conduct of its business and necessary for the conduct of the business as now conducted are in satisfactory operating condition and repair to permit the conduct of such business. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Intellectual Property.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;Title.
</FONT><FONT SIZE=2><I>Part&nbsp;3.15 of the Disclosure Schedule</I></FONT><FONT SIZE=2> contains a complete and correct list of all the Intellectual Property
owned by the Company. The Intellectual Property set forth on </FONT><FONT SIZE=2><I>Part&nbsp;3.15 of the Disclosure</I></FONT><FONT SIZE=2> Schedule comprises all of the Intellectual Property used
by the Company to conduct and operate its business as now being conducted. Except as set forth on </FONT><FONT SIZE=2><I>Part&nbsp;3.15 of the Disclosure Schedule</I></FONT><FONT SIZE=2>, there are
no agreements restricting the Company's use of the Intellectual Property or requiring the payment to any third party for the use thereof. Other than as set forth on </FONT> <FONT SIZE=2><I>Part&nbsp;3.15 of the Disclosure Schedule</I></FONT><FONT
SIZE=2>, the Company owns, or has the exclusive rights to the of use and control of, both without restriction or
Encumbrance of any kind, the Stations' call letters, including WKAQ-AM, WKAQ-FM, WUKQ-FM and WUKQ-AM, and the Intellectual Property set forth on
Part&nbsp;3.15 of the Disclosure Schedule, other than the first 8 items listed under Pending Applications, and has not transferred, granted or otherwise assigned any portion of such rights to any
other Person </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Due
Registration. </FONT><FONT SIZE=2><I>Part&nbsp;3.15 of the Disclosure Schedule</I></FONT><FONT SIZE=2> lists the Intellectual Property which has been duly
registered with the United States Patent and Trademark Office or the Puerto Rico Department of State. Except as otherwise set forth in </FONT><FONT SIZE=2><I>Part&nbsp;3.15 of the Disclosure
Schedule</I></FONT><FONT SIZE=2>, such registrations remain in full force and effect. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;No
Intellectual Property Litigation. Except as set forth in </FONT><FONT SIZE=2><I>Part&nbsp;3.15 of the Disclosure Schedule</I></FONT><FONT SIZE=2>, no claim or
demand has been made to Seller nor is there any proceeding that is pending, or to Seller's Knowledge, Threatened, which (i)&nbsp;challenges the rights of Seller with respect of any Intellectual
Property, (ii)&nbsp;asserts that Seller is infringing or otherwise in conflict with any Intellectual Property. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Insurance.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Part&nbsp;3.16 of the Disclosure
Schedule</I></FONT><FONT SIZE=2> consists of a complete list and brief description of all policies of fire, liability, workers' compensation, life, title policy, and other forms of insurance held by
the Company or otherwise benefiting the Company or its employees. All premiums and other payments due from the Company under or on account of any such policy have been paid in a timely manner. Seller
shall use its Best Efforts to ensure that, on or prior to Closing, all policies listed on </FONT><FONT SIZE=2><I>Part&nbsp;3.16 of the Disclosure Schedule</I></FONT><FONT SIZE=2> will be held in
the name of the Company unless otherwise agreed to by Buyer. Buyer shall in good faith assist buyer in obtaining the issuance of such policies in the name of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Contracts.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;Except
as set forth in </FONT><FONT SIZE=2><I>Part&nbsp;3.17(a) of the Disclosure Schedule</I></FONT><FONT SIZE=2> the Company is not as of the date hereof, and will
not be directly or indirectly, on the Closing Date, a party to or bound by any: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;Contract
with any Person providing professional services compensation exceeding $50,000 in any fiscal year; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;Contract
with any labor union or other association representing employees; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;Contract
for the future purchase of materials, supplies, services or equipment in excess of reasonable requirements for the operation of its business consistent with
its operating history; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;Contract
continuing over a period of more than one year from its date; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;Contract
for material capital expenditures other than Contracts for capital expenditures and commitments for capital expenditures which in the aggregate exceed a monthly
average of $5,000 from the date hereof; </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

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<UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;Contract
with Seller or any affiliate or any Seller; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;indenture,
mortgage, note, loan or credit agreement, or other contract or obligation relating to the borrowing of money by the Company or to the direct or indirect
guarantee or assumption by the Company of any obligation of others, including any arrangement which has the economic effect of a guarantee; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;license
or royalty agreement without limitation, program licenses; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;Contract
under which it is lessor or lessee; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;Contract
with any government or any agency or instrumentality thereof other than any such Contract relating to the purchase thereby of advertising time at no less than
regular rates charged to government agencies; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;Contract
granting to any person any preferential right to purchase any assets or properties; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;Contract
in the nature of a bonus, deferred compensation, pension, profit sharing, retirement, stock purchase, stock option, hospitalization, insurance, vacation,
severance or similar plan or practice, formal or informal, with respect to its officers, employees or others; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;Contract
in the nature of a network affiliation agreement; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;Contract
which is material and not made in the ordinary course of business and not disclosed pursuant to any other subdivision of this Section; </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Other
than as set forth in </FONT><FONT SIZE=2><I>Part&nbsp;3.17(b) of the Disclosure Schedule</I></FONT><FONT SIZE=2>, neither the execution and delivery of this
Agreement nor the consummation by the Company and the Seller of the Contemplated Transactions, will violate, breach, be in conflict with, or constitute a default under, or permit the termination or
the acceleration of maturity of any Contract to which the Company or the Seller is a party. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;The
Company has complied, in all material respects, with all commitments and obligations pertaining to it, and is not in default under any contracts or agreements listed
on </FONT><FONT SIZE=2><I>Part&nbsp;3.17 of the Disclosure Schedule</I></FONT><FONT SIZE=2> and except for item 14 of </FONT><FONT SIZE=2><I>Part&nbsp;3.18 of the Disclosure
Schedule</I></FONT><FONT SIZE=2> no notice of default under any such contract or agreement has been received. Notwithstanding the representation made in this Section&nbsp;3.17(c), any costs incurred
by the Company resulting from noncompliance of the Contracts disclosed on </FONT><FONT SIZE=2><I>Part&nbsp;3.17 of the Disclosure Schedule</I></FONT><FONT SIZE=2> shall be characterized as Damages
under Section&nbsp;12.2. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Legal Proceedings.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth and described in </FONT> <FONT SIZE=2><I>Part&nbsp;3.18 of the Disclosure
Schedule</I></FONT><FONT SIZE=2>, there are no actions, suits, Proceedings or investigations pending, or to the Knowledge of Seller
Threatened, against or affecting the Company, at law or in equity, before any Federal, state, Puerto Rico, county, municipal, foreign or other governmental department, commission, board, bureau,
agency or instrumentality or before any arbitrator or any kind, in each case domestic or foreign. The Company is not in default with respect to any Order, writ, injunction or decree of any court or
any Federal, state, Puerto Rico, county, municipal or other governmental department, commission, board, bureau, agency or instrumentality, or arbitrator of any kind, in each case domestic or foreign. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Compliance with Laws.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company is not in violation of any Legal Requirement,
applicable to its business, properties or assets in a manner which might result in any material adverse effect in the business, operations, properties, assets or financial condition of the Company. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Employee and Labor Relations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Part&nbsp;3.20 of the Disclosure Schedule</I></FONT><FONT SIZE=2> contains a correct and complete list of (i)&nbsp;names, positions and date
of hire of each of the employees of the Company; (ii)&nbsp;the annual salary or hourly wage of each such person; and (iii)&nbsp;any Contract that provides for employment of any individual as an </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

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<P><FONT SIZE=2>
employee or independent contractor of the Company. The Company has not accrued, is not obligated to pay, and has not agreed to pay any deferred compensation to its employees or contract labor. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;There
are no unfair labor practice charges pending against the Company. The Company is not or during the past three years has not been, the subject of any strike, work
stoppage, picketing or work slowdown, or other similar labor dispute, controversy, or proceeding, and to the Knowledge of the Seller or the Company no such activity is Threatened. Seller has complied
in all material respects with all laws relating to the employment and safety of labor, including provisions relating to wages, hours, benefits, collective bargaining, discrimination, the payment of
social security and other payroll expenses, and all applicable occupational safety and health acts, laws, and regulations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;Except
as set forth on </FONT><FONT SIZE=2><I>Part&nbsp;3.20 of the Disclosure Schedule</I></FONT><FONT SIZE=2>, (i)&nbsp;the Company is not a party to or subject
to any collective bargaining agreements with respect to the Stations; and (ii)&nbsp;there is no representation or organizing effort pending or threatened against or involving or affecting the
Company with respect to employees employed at the Stations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Employee Benefit Plans.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;All
Benefit Plans of the Company are listed in </FONT><FONT SIZE=2><I>Part&nbsp;3.21 of the Disclosure Schedule</I></FONT><FONT SIZE=2> and Seller has furnished
complete and accurate copies of all such benefit plans. All Benefit Plans have been administered in compliance with all their material terms and conditions and in material compliance with the
provisions of ERISA, the Internal Revenue Code, and any other Legal Requirements. All contributions that were required to be made by the Company under such Benefit Plans have been made as of the
Closing Date and the Company has performed all material obligations required to be performed as of the Closing Date under all Benefit Plans. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Except
as indicated in </FONT><FONT SIZE=2><I>Part&nbsp;3.21 of the Disclosure Schedule</I></FONT><FONT SIZE=2>, the Company (i)&nbsp;is not contributing to, or is
not required to contribute to, or has not contributed within the last four years to, any Benefit Plan, multi employer plan, as defined in ERISA Section&nbsp;3(37), single employer plan, as defined
in ERISA Section&nbsp;4063(a), or employee pension benefit plan, as defined under ERISA Section&nbsp;3(2), that was subject to Title IV of ERISA; (ii)&nbsp;has not been held liable within the
last four years, nor reasonably expects to be liable for any "withdrawal liability", as defined under ERISA Section&nbsp;4201 et seq., and, (iii)&nbsp;has not engaged in a transaction to evade
liability, as described under ERISA Section&nbsp;4069. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;Except
as set forth in </FONT><FONT SIZE=2><I>Part&nbsp;3.21 of the Disclosure Schedule</I></FONT><FONT SIZE=2>, there are no other Benefit Plans covering Employees
of the Company; whether formal or informal, accrued or unaccrued, contingent or
otherwise, sponsored or maintained by the Company. The Company has not scheduled or agreed upon future increases of benefits levels (or creations of new benefits) with respect to any Benefit Plan The
Company has made no commitments, nor agreed to create any additional Benefit Plans or to modify or change in any material respect any existing Benefit Plans, except as required by any Legal
Requirement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;Neither
the Seller nor the Company is aware of the existence of an governmental, investigation, audit, or examination of any Benefit Plan or of any facts that would lead
it to believe that any such governmental investigation, audit, or examination is pending or Threatened. There exists no action, suit, or claim with respect to any Benefit Plan pending or, to the
Knowledge of Seller or the Company, Threatened against any such plan or arrangement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Changes After December 31, 2002.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in </FONT> <FONT SIZE=2><I>Part&nbsp;3.22 of the Disclosure
Schedule</I></FONT><FONT SIZE=2>, since December&nbsp;31, 2002, the Company has not: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;issued
or sold, or issued any option or right to subscribe to, or entered into any Contract to issue or sell, any shares of its capital stock or any bonds or other
corporate securities or subdivided or in any way reclassified any shares of its capital stock; </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;incurred
any obligation or liability (absolute or contingent) except current liabilities incurred, and obligations under Contracts entered into, in the Ordinary Course
of Business; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;discharged
or satisfied any material claim or paid any obligation or liability (absolute or contingent) other than current liabilities shown on the Most Recent Financial
Statements and current liabilities incurred since the date thereof in the Ordinary Course of Business; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;purchased
or redeemed any shares of its capital stock; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;mortgaged,
pledged or subjected to any claim, any of its assets, tangible or intangible; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;canceled
any debt or claim, except in each case in the Ordinary Course of Business; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;made
any material addition to, or sold any material portion of, its fixed assets; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;sold,
assigned or transferred any Intellectual Property. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;increased,
directly or indirectly, the salary or other compensation of any officer of the Company or of any member of its management, or entered into any employment
agreement with any person or paid or entered into any agreement to pay any bonus or other extraordinary compensation to any officer of the Company or to any member of its management or other
employees, or instituted any general increase in rates of compensation of its employees, or increased, directly or indirectly, any pension of benefits for any thereof; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;made
any material capital expenditure or commitment therefor, except made pursuant to a Contract in accordance with Section&nbsp;3.17; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;suffered
any casualty or other similar loss of assets; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;entered
into any Contract with Seller or any affiliate of the Seller; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;amended
its Certificate of Incorporation or By-laws or merged with or into or consolidated with any other corporation, or changed or agreed to change in any
manner the rights of its outstanding capital stock or the character of its principal business; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;by
any act or omission to act defaulted under any lease or license or material Contract; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;entered
into any other material transaction other than in the Ordinary Course of Business. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Environmental Matters.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in </FONT> <FONT SIZE=2><I>Part&nbsp;3.23 of the Disclosure Schedule</I></FONT><FONT SIZE=2>,
 to the Knowledge of Seller: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;the
Company complied and is now complying with the material requirements of relevant Environmental Laws and permits, licenses or authorizations issued under such
Environmental Laws with respect to the Facilities; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;there
are no past or present circumstances, activities, events, conditions or occurrences that will (a)&nbsp;form the basis of an Environmental Claim against the
Company with respect to the Facilities; (b)&nbsp;cause the Facilities to be subject to material restrictions on its ownership, occupancy, use or transferability under any Environmental Law;
(c)&nbsp;require the filing or recording of any material notice or restriction relating to the presence of Hazardous Materials in the Facilities; or (d)&nbsp;materially prevent or interfere with
Buyer's ability to operate and maintain the Facilities in substantial compliance with applicable Environmental Laws; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;the
permits, authorizations and licenses required under Environmental Laws to operate and maintain the Facilities have been obtained; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;there
are no pending Environmental Claims against the Facilities or Seller with respect to the Facilities that would have a material adverse effect on the Facilities or
Seller with respect to the Facilities; </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;Hazardous
Materials have not at any time been generated, used, treated, recycled or stored on, or transported to or from, or released, deposited or disposed of on the
Facilities, and the Company has not used the Facilities for such purposes other than in substantial compliance with applicable Environmental Laws; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;there
are no in-use underground storage tanks at the Facilities; there is no asbestos contained in, forming part of, or contaminating any part of the
Facilities; and no polychlorinated biphenyls (PCBs) are used at the Facilities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>No Material Adverse Change.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Since the date of the Most Recent Financial Statements,
there has not been any material adverse change of the business, operations, properties or assets of the Company. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Brokers or Finders.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Seller has retained Kalil&nbsp;&amp; Co.,&nbsp;Inc. as Seller's
broker in connection with the transactions contemplated by this Agreement and either (i)&nbsp;will be fully liable for such broker's fees or commissions or (ii)&nbsp;will cause the Company to pay
in full such liability as of the Closing and set forth such liability in the computation of Net Working Capital. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>No Additional Representations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Buyer acknowledges that Seller and/or the Company
have made no representation or warranty, expressed or implied, except as expressly set forth in this Agreement. Seller
represents and warrants that any information regarding the Company which was delivered in writing or made available for inspection by Buyer does not contain any material misstatement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Representations and Warranties on Closing Date.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties
made in this Section&nbsp;3 will be true and correct on and as of the Closing Date with the same force and effect as though such representations and warranties had been made on and as of the Closing
Date, except that any such representations and warranties which expressly relate to an earlier period shall be true and correct on the Closing Date as of such earlier date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Payola/Pugola.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;To the Knowledge of Seller, (i)&nbsp;no direct or indirect payment
has been made to any employee or executive of the Company or its affiliates to influence airplay on the Stations without informing the Stations' listeners and (ii)&nbsp;there has been no
investigation, inquiry, disciplinary action or fine (whether governmental or otherwise) regarding any payments relating to airplay on the Stations. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Music Licenses.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company and the Stations have made all required payments of
license fees under, and have properly accrued all liabilities in respect of, obligations to ASCAP and BMI. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>4.</B></FONT></DT><DD><FONT SIZE=2><B><I>REPRESENTATIONS AND WARRANTIES OF THE BUYER</I></B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Buyer represents and warrants to the Seller as follows: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Organization, Corporate Power and Good Standing of the Buyer.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Buyer is a
corporation duly organized, validly existing and in good standing under the laws of Delaware and has the corporate power and authority to carry on its business, as now conducted and to own or lease
its properties and other assets as now owned or leased. The Company has qualified to do business in any other jurisdiction in which such qualification is necessary in order to enable the Company to
carry on its business as now conducted or to own or lease its properties and assets as now owned or leased. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Authorization; Execution and Delivery; Binding Obligation.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All corporate acts and
other proceedings required to be taken by or with respect to the Buyer to authorize it to execute, deliver and perform this Agreement and the Contemplated Transactions have been duly taken. This
Agreement has been duly executed and delivered by the Buyer and constitutes the legal, valid and binding obligation of the Buyer in accordance with its terms. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Violation of Law; Consents.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery and performance by Buyer of this
Agreement, and the consummation of the Contemplated Transactions will not violate any Legal Requirements applicable to the Buyer or any of the Organizational Documents of the Buyer. Except as
indicated in </FONT><FONT SIZE=2><I>Part&nbsp;4.3 of the Disclosure Schedule</I></FONT><FONT SIZE=2>, no Consent, other action of, or filing with, any Person, or any court, administrative agency or
any Governmental Authority is required in connection with the execution and delivery of the Buyer of this Agreement and the consummation of the Contemplated Transactions. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Brokers or Finders.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer has incurred no obligation or liability,
contingent or otherwise, for brokerage or finders' fees or agents' commissions or other similar payment in connection with this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>FCC Qualifications.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;There are no facts that under the Communications Act or the
rules and regulations of the FCC would (i)&nbsp;disqualify Buyer from acquiring control of the Governmental Authorizations issued by the FCC for the Stations; or (ii)&nbsp;disqualify Buyer from
consummating the transactions contemplated by this Agreement. No waiver of any FCC rule or regulation is required for Buyer to obtain the consent of the FCC to purchase the Shares of the Company and
acquire control of the Stations. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>5.</B></FONT></DT><DD><FONT SIZE=2><B><I>CONDITIONS TO OBLIGATIONS OF THE BUYER</I></B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the Buyer under this Agreement are, at the option of the Buyer, subject to the conditions that: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Compliance with Covenants; Representations and Warranties True.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All the terms,
covenants, agreement and conditions of this Agreement to be complied with and performed by the Seller and/or the Company on or prior to the Closing Date shall have been fully complied with and
performed; the representations and warranties made by the Seller and/or the Company herein shall be true and correct in all material respects on and as of the Closing Date with the same force and
effect as though such representations and warranties had been made on and as of the Closing Date (except that any such representations and warranties which expressly relate to an earlier date shall be
true and correct in all material respects on the Closing Date as of such earlier date). Notwithstanding the foregoing, Seller shall not be deemed to have breached or failed to comply with
Section&nbsp;3.24 if such breach or failure is due or caused directly by an act, omission, or instruction of Buyer under or in connection with a Time Brokerage Agreement signed by Buyer and Seller,
or any activities or transactions by Buyer in furtherance thereof or in connection therewith or any action of Seller in accordance with the terms of such Time Brokerage Agreement (except for such
actions of Seller that constitute gross negligence or willful misconduct). The Buyer and Seller acknowledge that there may be an adverse change in the operations of the Company resulting from its
potential change in ownership, but this in no way affects the provisions of Section&nbsp;3.24. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Legal Proceedings.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;There shall not be any Proceeding by or before any court,
administrative agency or other Governmental Body (i)&nbsp;which seeks to restrain, prohibit or invalidate any of the transactions
contemplated by this Agreement, (ii)&nbsp;which might affect the right of the Buyer to own in its entirety or control the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Consents to Assignments.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Seller and the Buyer shall have received the Consents
or waivers indicated in </FONT><FONT SIZE=2><I>Parts 3.4 and 4.3 of the Disclosure Schedule</I></FONT><FONT SIZE=2> as may be required by the terms thereof. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>FCC Consent.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The FCC Consent shall have been obtained, without the imposition of any
condition materially adverse to Buyer except those that are customary in the assignment of FCC Licenses, and the Company shall have complied with any conditions imposed on it by the FCC Consent;
provided however, that the Company shall have no obligation to comply with any such condition that is materially adverse to the Company. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Resignations of Officers and Directors.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;On or prior to the Closing Date, the Buyer
shall have received the signed resignations dated the Closing Date, of all or any of the directors or officers of the Company as the Buyer shall have requested. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Intentionally Deleted.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Environmental Report.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Buyer must receive a report from the Phase I environmental
study it performs on the Owned Real Property that does not disclose a material adverse environmental condition. The Seller and the Company hereby authorize the Buyer, at its sole cost and expense, to
perform a Phase I environmental study on the Owned Real Property as deemed necessary by the Buyer. If, however, the subject report discloses a material adverse environmental condition of the Owned
Real Property that is unacceptable to Buyer, Buyer shall immediately notify the Company and Seller, and allow the same a reasonable time to remedy the respective unacceptable condition, which shall in
no event exceed 60&nbsp;days after the Closing Date. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Studio Lease.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have entered into a five year lease (with a five
year renewal option) for the studios of the Stations at the current premises in the form of the draft lease attached as </FONT><FONT SIZE=2><I>Part&nbsp;5.8 of the Disclosure
Schedule</I></FONT><FONT SIZE=2>. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>6.</B></FONT></DT><DD><FONT SIZE=2><B><I>CONDITIONS TO OBLIGATIONS OF THE SELLER</I></B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the Seller under this Agreement are, at the option of the Seller, subject to the conditions that: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Compliance with Covenants; Representations and Warranties True.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All the terms,
covenants, agreement and conditions of this Agreement to be complied with and performed by the Buyer on or prior to the Closing Date shall have been fully complied with and performed; the
representations and warranties made by the Buyer herein shall be true and correct in all material respects on and as of the Closing Date with the same force and effect as though such representations
and warranties had been made on and as of the Closing Date (except that any such representations and warranties which expressly relate to an earlier date shall be true and correct in all material
respects on the Closing Date as of such earlier date). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Legal Proceedings.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;There shall not be any Proceeding by or before any court,
administrative agency or other Governmental Body which seeks to restrain, prohibit or invalidate any of the transactions contemplated by this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Consents to Assignments.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Seller and the Buyer shall have received the Consents
or waivers indicated in </FONT><FONT SIZE=2><I>Parts 3.4 and 4.3 of the Disclosure Schedule</I></FONT><FONT SIZE=2> as may be required by the terms thereof. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>FCC Consent.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The FCC Consent shall have been obtained, without the imposition of any
condition materially adverse to Seller except those that are customary in the assignment of FCC Licenses, and the Company shall have complied with any conditions imposed on it by the FCC Consent;
provided however, that the Company shall have no obligation to comply with any such condition that is materially adverse to the Company. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>7.</B></FONT></DT><DD><FONT SIZE=2><B><I>APPLICATION TO FCC</I></B></FONT></DD></DL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;No
later than ten (10)&nbsp;days after the date of this Agreement, Seller and Buyer shall prepare and jointly file with the FCC all necessary applications ("FCC
Applications") requesting the written consent to the transfer from Seller to Buyer of control of the Company as contemplated in this Agreement. In the event that the merger of Buyer and Univision
Communications&nbsp;Inc. ("Univision"), MB Docket No.&nbsp;02-235, has not been consummated at the time the FCC Applications are to be filed, the FCC Applications also shall include an
application seeking consent to the transfer of control of the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

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<P><FONT SIZE=2>
Company from Seller to Buyer as owned and controlled by Univision. Buyer shall use its best efforts to secure the cooperation of Univision in the preparation and prosecution of the FCC Applications. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Seller
and Buyer shall thereafter prosecute such FCC Applications in good faith and with all reasonable diligence and otherwise use their Best Efforts to obtain the FCC
Consent as expeditiously as practicable; provided, however, that neither Seller nor Buyer shall have any obligation to satisfy any complainant or the FCC by taking any steps which would have a
material adverse effect upon Seller or Buyer or upon any affiliated entity, but neither the expense nor inconvenience to a party of defending against a complainant or an inquiry by the FCC shall be
considered a material adverse effect on such party. If the FCC Consent imposes any condition on any party hereto, such party shall use its best efforts to comply with such condition; provided,
however, that no party shall be required to comply with any condition that would have a material adverse effect upon it or any affiliated entity. If rehearing, reconsideration or judicial review is
sought by a third party or by the FCC on its own motion with respect to the FCC Consent, Buyer and Seller shall vigorously oppose such efforts for rehearing, reconsideration or judicial review;
provided, however, that nothing herein shall be construed to limit either party's right to terminate this Agreement pursuant to Section&nbsp;11. All FCC filing or grant fees with respect to such FCC
Consent shall be paid equally by Buyer and Seller. Each party shall otherwise bear its own costs and expenses (including the fees and disbursements of its counsel) in connection with the preparation
of the portion of FCC Applications to be prepared by it and in connection with the processing and defense of the FCC Applications. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>8.</B></FONT></DT><DD><FONT SIZE=2><B><I>CONTROL OF THE STATION</I></B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any provision otherwise contained herein, in no event shall Buyer, prior to the Closing, directly or indirectly, control, supervise, direct, or attempt to control,
supervise, or direct, the operations of the Stations; such operations, including complete control and supervision of the Stations' programs, employees, and policies, shall be the sole responsibility
of Seller until the Closing. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>9.</B></FONT></DT><DD><FONT SIZE=2><B><I>COVENANTS OF SELLER PRIOR TO CLOSING DATE</I></B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Access and Investigation.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Between the date of this Agreement and the Closing Date,
Seller will, and will cause the Company to, (a)&nbsp;afford Buyer reasonable access to the Company's personnel, properties, contracts, books and records, and other relevant documents,
(b)&nbsp;furnish Buyer with copies of all such contracts, books and records, and other existing documents and data as Buyer may reasonably request, and (c)&nbsp;furnish Buyer with such additional
financial, operating, and other data and information as Buyer may reasonably request. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Operation of the Businesses of the Company.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Between the date of this Agreement and
the Closing Date, Seller will cause the Company to: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;conduct
its business only in the Ordinary Course of Business, except as specifically otherwise set forth herein; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;use
its Best Efforts to preserve the current business organization, keep available the services of the current officers, employees, and agents, and maintain the
relations with suppliers, customers, landlords, creditors, employees, agents, and others having business relationships with the Company; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;keep
the Stations' aggregate barter obligations, as of the Closing Date, at an amount that is equal to or less than $200,000 in excess of the Stations' aggregate barter
assets. The aggregate barter liabilities currently exceed barter assets by approximately $184,000. If at any time prior to Closing the Stations anticipate assuming additional barter obligations, such
decision will in good faith be discussed with Buyer. </FONT></P>

<P><FONT SIZE=2>Notwithstanding
the foregoing, the Company may pay, if properly declared, dividends to Seller. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Negative Covenant.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly permitted by this Agreement,
between the date of this Agreement and the Closing Date, Seller will not, and will cause the Company not to, take any affirmative action, or fail to take any reasonable action within their or its
control, as a result of which any of the changes or events listed in Section&nbsp;3.22 is likely to occur. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Notifications.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Between the date of this Agreement and the Closing Date, Seller will
promptly notify Buyer, in writing, if Seller or the Company becomes aware of any fact or condition that causes or constitutes a Breach of any of Seller's representations and warranties as of the date
of this Agreement. Seller will promptly deliver to Buyer a supplement to the Disclosure Schedule specifying such change. Any such supplement shall be deemed to amend any representation or warranty
made by Seller under this Agreement but it shall not have any effect on the determination of whether the conditions set forth in Section&nbsp;5.1 have been satisfied by Seller. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>No Negotiation.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Until such time, if any, as this Agreement is terminated pursuant to
Section&nbsp;11, Seller will not, and will cause the Company not to, directly or indirectly solicit, initiate, or encourage any inquiries or proposals from, discuss or negotiate with, provide any
non-public information to, or consider the merits of any unsolicited inquiries or proposals from, any Person (other than Buyer) relating to any transaction involving the sale of the
business or assets (other than in the Ordinary Course of Business) of the Company, or any of the capital stock of the Company, or any merger, consolidation, business combination, or similar
transaction involving the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Best Efforts.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Between the date of this Agreement and the Closing Date, Seller will
use its Best Efforts to cause the conditions in Section&nbsp;5 to be satisfied. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Excluded Assets and Liabilities.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Closing, Seller will cause the Company
(i)&nbsp;to distribute or dispose of the assets listed on </FONT><FONT SIZE=2><I>Part&nbsp;9.7 of the Disclosure Schedule</I></FONT><FONT SIZE=2> and (ii)&nbsp;to retire or otherwise be
released from obligation with respect to the liabilities listed on </FONT><FONT SIZE=2><I>Part&nbsp;9.7 of the Disclosure Schedule</I></FONT><FONT SIZE=2>. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Environmental Compliance.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;By no later than 60&nbsp;days after the Closing Date,
Seller will cause the Company to bring all environmental matters set forth on </FONT><FONT SIZE=2><I>Part&nbsp;3.23 of the Disclosure Schedule</I></FONT><FONT SIZE=2> into full and complete
compliance with the Environmental Laws. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>10.</B></FONT></DT><DD><FONT SIZE=2><B><I>COVENANTS OF BUYER PRIOR TO CLOSING DATE</I></B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Best Efforts.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Between the date of this Agreement and the Closing Date, Buyer will
use its Best Efforts to cause the conditions in Section&nbsp;6 to be satisfied. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Notification.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Between the date of this Agreement and the Closing Date, Buyer will
promptly notify Seller, in writing, if Buyer becomes aware of any fact or condition that causes or constitutes a breach of any of Buyer's representations and warranties as of the date of this
Agreement. Buyer will promptly deliver to Seller a supplement to the Disclosure Schedule specifying such change. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>11.</B></FONT></DT><DD><FONT SIZE=2><B><I>TERMINATION</I></B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>11.1</B></FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Terminating Events.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;In
addition to other available remedies, this Agreement may be terminated by either Buyer or Seller, if the party seeking to terminate is not in material default or
breach of this Agreement, upon written notice to the other if: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;the
other party is in material breach of this Agreement and such breach has been neither cured within thirty (30)&nbsp;days after written notice of such breach nor
waived by the party giving such termination notice; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;a
court of competent jurisdiction or governmental, regulatory or administrative agency or commission shall have issued an order, decree or ruling or taken any other
action permanently </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

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<UL>
<BR>

<P><FONT SIZE=2>
restraining, enjoining or otherwise prohibiting the transactions contemplated by this Agreement and such order, decree, ruling or other action shall have become final and nonappealable; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;the
Closing has not occurred by February&nbsp;8, 2004 (the "Upset Date") </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;This
Agreement may be terminated by mutual written consent of Buyer and Seller. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;If
either party believes the other to be in breach or default of this Agreement, the non-defaulting party shall, prior to exercising its right to terminate
hereunder, provide the defaulting party with notice specifying in reasonable detail the nature of such breach or default. Except for a failure to pay the Purchase Price, the defaulting party shall
have thirty (30)&nbsp;days from receipt of such notice to cure such default; provided that, if the breach or default is due to no fault of the defaulting party and is not capable of cure within such
thirty (30)&nbsp;day period, the cure period shall be extended as long as the defaulting party is diligently and in good faith attempting to effect a cure. Nothing in this section shall be
interpreted to extend the Upset Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Effect of Termination.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each party's right of termination under Section&nbsp;11 is
in addition to any other rights it may have under this Agreement or otherwise, and the exercise of a right of termination will not be an election of remedies. If this Agreement is terminated pursuant
to Section&nbsp;11, all further obligations of the parties under this Agreement will terminate, except that the obligations in Sections 13.1 and 13.3 will survive; provided, however, that if this
Agreement is terminated by a party because of the breach of the Agreement by the other party or because one or more of the conditions to the terminating party's obligations under this Agreement is not
satisfied as a result of the other party's failure to comply with its obligations under this Agreement, the terminating party's right to pursue all legal remedies will survive such termination
unimpaired. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>12.</B></FONT></DT><DD><FONT SIZE=2><B><I>INDEMNIFICATION; REMEDIES</I></B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Survival after the Closing.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All representations, warranties, covenants, and
obligations in this Agreement will survive the Closing for a period of 18&nbsp;months after the Closing, except the representations and warranties contained in Section&nbsp;3.1, 3.2, 3.3, 3.4,
3.5, 3.6, 3.8, 3.12(a), the last sentence in Section&nbsp;3.15(a), 4.1, 4.2 and 4.3, which shall survive indefinitely, the representations contained in Section&nbsp;3.11, which shall survive for a
period of 6&nbsp;years, and the representations contained in Section&nbsp;3.23, which shall survive for a period of 3&nbsp;years from the Closing Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Indemnification and Payment of Damages by Seller.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Seller will indemnify and hold
harmless Buyer, the Company, and their respective Representatives, stockholders, controlling persons, and affiliates (collectively, the "Indemnified Persons") for, and will pay to the Indemnified
Persons the amount of, any loss, liability, claim, damage (including incidental and consequential damages), expense (including costs of investigation and defense and reasonable attorneys' fees) or
diminution of value, whether or
not involving a third-party claim (collectively, "Damages"), arising, directly or indirectly, from or in connection with: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;any
Breach of any representation or warranty made by Seller in this Agreement or in any certificate delivered by Seller pursuant to this Agreement; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;any
Breach of any representation or warranty made by Seller in this Agreement as if such representation or warranty were made on and as of the Closing Date, other than
any such Breach that is disclosed in a supplement to the Disclosure Letter and is expressly identified in the certificate delivered pursuant to Section&nbsp;2.4(a)(ii)&nbsp;as having caused the
condition specified in Section&nbsp;5.1 not to be satisfied; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;any
Breach by Seller of any covenant or obligation of such Seller in this Agreement; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;any
claim by any Person for brokerage or finder's fees or commissions or similar payments based upon any agreement or understanding alleged to have been made by any such
Person with either </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>19</FONT></P>

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<P><FONT SIZE=2>
Seller or the Company (or any Person acting on their behalf) in connection with any of the Contemplated Transactions; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;any
litigation involving the Company, Seller or their respective employees or representatives arising with respect to periods on or before the Closing Date; and </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;any
liability for Taxes to the extent the Seller is liable under the provisions of Section&nbsp;12.10. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Indemnification and Payment of Damages by Buyer.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Buyer will indemnify and hold
harmless Seller (an "Indemnified Person"), and will pay to Seller, the amount of any Damages arising, directly or indirectly, from or in connection with (a)&nbsp;any Breach of any representation or
warranty made by Buyer in this Agreement or in any certificate delivered by Buyer pursuant to this Agreement, (b)&nbsp;any Breach by Buyer of any covenant or obligation of Buyer in this Agreement,
(c)&nbsp;any claim by any Person for brokerage or finder's fees or commissions or similar payments based upon any agreement or understanding alleged to have been made by such Person with Buyer (or
any Person acting on its behalf) in connection with any of the Contemplated Transactions or (d)&nbsp;any liability for Taxes to the extent the Buyer is liable under the provisions of
Section&nbsp;12.10. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Time Limitations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;If
the Closing occurs, Seller will have no liability (for indemnification or otherwise) with respect to any representation or warranty, or covenant or obligation to be
performed and complied with prior to the Closing Date, other than those in Sections 3.1, 3.2, 3.3, 3.4, 3.5, 3.6, 3.8, 3.12(a), the last sentence of Section&nbsp;3.15(a), 3.11, and 3.23 unless on or
before eighteen (18)&nbsp;months after the Closing, Buyer notifies Seller of a claim specifying the factual basis of that claim in reasonable detail to the extent then known by Buyer. A claim with
respect to Section&nbsp;3.1, 3.2, 3.3, 3.4, 3.5, 3.6, 3.8, 3.12(a), and the last sentence of 3.15(a) shall have no time limitation. In the case of the representations and warranties contained in
Section&nbsp;3.11 the claim must be made on or before 6&nbsp;years after the Closing Date, and in the case of the representations and warranties contained in Section&nbsp;3.23, the claim must be
made on or before 3&nbsp;years after the Closing Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;If
the Closing occurs, Buyer will have no liability (for indemnification or otherwise) with respect to any representation or warranty, or covenant or obligation to be
performed and complied with prior to the Closing Date, other than those in Sections 4.1, 4.2 and 4.3, unless on or before two years after the Closing, Seller notifies Buyer of a claim specifying the
factual basis of that claim in reasonable detail to the extent then known by Buyer. A claim with respect to Section&nbsp;4.1, 4.2, or 4.3 shall have no time limitation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Limitations on Amount.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Seller will have no liability (for indemnification or
otherwise) with respect to the matters described in Section&nbsp;12.2 until the total of all Damages with respect to such matters exceeds $50,000, and then only for the amount by which such Damages
in the aggregate exceed $50,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Limitations on Amount.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Buyer will have no liability (for indemnification or
otherwise) with respect to the matters described in Section&nbsp;12.3 until the total of all Damages with respect to such matters exceeds $50,000, and then only for the amount by which such Damages
exceed $50,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Procedure for Indemnification-Third Party Claims.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;Promptly
after receipt by an Indemnified Person under Section&nbsp;12.2 or 12.3 of notice of the commencement of any Proceeding against it, such Indemnified Person
will give notice to the indemnifying party of the commencement of such claim, but the failure to notify the indemnifying party will not relieve the indemnifying party of any liability that it may have
to any Indemnified Person, except to the extent that the indemnifying party demonstrates that the defense of such action is prejudiced by the Indemnified Person's failure to give such notice. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>20</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;If
any Proceeding referred to in Section&nbsp;12.7(a) is brought against an Indemnified Person and it gives notice to the indemnifying party of the commencement of
such Proceeding, the indemnifying party will, unless the claim involves Taxes, be entitled to participate in such Proceeding and, to the extent that it wishes to assume the defense of such Proceeding
with counsel satisfactory to the Indemnified Person and, after notice from the indemnifying party to the Indemnified Person of its election to assume the defense of such Proceeding, the indemnifying
party will not, as long as it diligently conducts such defense, be liable to the Indemnified Person under this Section&nbsp;12 for any fees of other counsel or any other expenses with respect to the
defense of such Proceeding, in each case subsequently incurred by the Indemnified Person in connection with the defense of such Proceeding, other than reasonable costs of investigation. If the
indemnifying party assumes the defense of a Proceeding, (i)&nbsp;it will be conclusively established for purposes of this Agreement that the claims made in that Proceeding are within the scope of
and subject to indemnification; (ii)&nbsp;no compromise or settlement of such claims may be effected by the indemnifying party without the Indemnified Person's consent and (iii)&nbsp;the
Indemnified Person will have no liability with respect to any compromise or settlement of such claims effected without its consent. If notice is given to an indemnifying party of the commencement of
any Proceeding and the indemnifying party does not, within ten days after the Indemnified Person's notice is given, give notice to the Indemnified Person of its election to assume the defense of such
Proceeding, the indemnifying party will be bound by any determination made in such Proceeding or any compromise or settlement effected by the Indemnified Person. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Procedure for Indemnification&#151;other Claims.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A claim for indemnification
for any matter not involving a third-party claim may be asserted by notice to the party from whom indemnification is sought. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Indemnity Escrow.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the event that Seller fails to satisfy any claim for
indemnification made by Buyer hereunder, Buyer may assert a claim against the funds held pursuant to the Post-Closing Indemnity Escrow Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Indemnification for Taxes.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;The
Seller shall indemnify the Buyer Indemnified Parties and hold them harmless from all liability for Taxes of the Company for Pre-Closing Tax Periods (as
defined below). Interest and penalties due with respect to all Pre-Closing Tax Periods shall be deemed to be Taxes for such Pre-Closing Tax Periods. As used herein,
"Pre-Closing Tax Period" means any taxable period ending on or before the Closing Date and the portion ending on and including the Closing Date of any taxable period that includes (but
does not end on) the Closing Date. Notwithstanding the foregoing, the Seller shall not indemnify and hold harmless Buyer from any liability for Taxes (i)&nbsp;accrued in full on the Estimated
Closing Balance Sheet, (ii)&nbsp;attributable to any action taken after the Closing by Buyer, any of Buyer's affiliates (including the Company or any of its subsidiaries) or any transferee of Buyer
or any of its affiliates for periods after the Closing Date (a "Buyer Tax Act") or (iii)&nbsp;attributable to a breach by Buyer of its obligations under this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Buyer
shall, and shall cause the Company to, indemnify the Seller and hold it harmless from (i)&nbsp;all liability for Taxes of the Company for any taxable period
ending after the Closing Date (except to the
extent such taxable period began before the Closing Date, in which case Buyer's indemnity will cover only that portion of any such Taxes that are not for the Pre-Closing Tax Period), and
(ii)&nbsp;all liability for Taxes attributable to a Buyer Tax Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;In
the case of any taxable period that includes (but does not end on) the Closing Date (a "Straddle Period"), (i)&nbsp;the sales and use Taxes, and Taxes based upon or
measured with reference to net income, of the Company for the portion of the Straddle Period that constitutes a Pre-Closing Tax Period shall be computed as if such taxable period ended as
of the close of business on the Closing Date and (ii)&nbsp;the other Taxes of the Company for the portion of the Straddle Period that constitutes a Pre-Closing Tax Period shall be
computed on a per diem basis </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>21</FONT></P>

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<UL>
<BR>

<P><FONT SIZE=2>
(including property taxes and municipal license taxes), </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that any such per diem computation shall be adjusted where relevant to reflect the
actual proportionate period of property ownership during the applicable Tax period for any such other Tax with respect to the ownership of specific items of property held by the Company or its
subsidiaries during any Tax period including the Closing Date. All property taxes and municipal license taxes will be provided on a per-diem basis to the fiscal year to which the same are
applicable. The Buyer, at its sole cost and expense, shall prepare the Company's 2003 income tax return, which shall be approved by Seller (such approval not to be unreasonably withheld) prior to
filing. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>13.</B></FONT></DT><DD><FONT SIZE=2><B><I>GENERAL PROVISIONS</I></B></FONT></DD></DL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Expenses.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided in this Agreement, each party to
this Agreement will bear its respective expenses incurred in connection with the preparation, execution, and performance of this Agreement and the Contemplated Transactions, including all fees and
expenses of agents, representatives, counsel, and accountants. All fees and expenses to be borne by the Company hereunder shall be accrued on the Estimated Closing Balance Sheet. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Public Announcements.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any public announcement or similar publicity with respect to
this Agreement or the Contemplated Transactions will be issued, if at all, at such time and in such manner as Buyer and Seller jointly determine. Seller and Buyer will consult with each other
concerning the means by which the Company' employees, customers, and suppliers and others having dealings with the Company will be informed of the Contemplated Transactions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Confidentiality.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Buyer and Seller shall each keep confidential all information
obtained by it with respect to the other in connection with this Agreement, except where such information is known through other lawful sources or where its disclosure is required in accordance with
applicable law. If the transactions contemplated hereby are not consummated for any reason, (i)&nbsp;Buyer and Seller shall return to the other, without retaining a copy thereof in any medium
whatsoever, any schedules, documents or other written information, including all financial information, obtained from the other in connection with this Agreement and the transactions contemplated
hereby, and (ii)&nbsp;the Buyer and Seller shall destroy all internal documentation (recorded in any medium whatsoever) containing Confidential
Information (as defined in that certain Confidentiality Agreement executed by Buyer and Seller, and dated July&nbsp;7, 2002) obtained from the other party. Except as is required for the consummation
of the transaction contemplated by this Agreement, during the period from the date hereof through the Closing Date, both Buyer and Seller shall also keep confidential the fact that the parties have
entered into this Agreement and all other matters relating to this transaction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Notices.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All notices, consents, waivers, and other communications under this
Agreement must be in writing and will be deemed to have been duly given when (a)&nbsp;delivered by hand (with written confirmation of receipt), (b)&nbsp;sent by telecopier (with written
confirmation of receipt), provided that a copy is mailed by registered mail, return receipt requested, or (c)&nbsp;when received by the addressee, if sent by a nationally recognized overnight
delivery service (receipt requested), in each case to the appropriate addresses and telecopier numbers set forth below (or to such other addresses and telecopier numbers as a party may designate by
notice to the other parties): </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller:
</FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>Fundaci&oacute;n
Angel Ramos,&nbsp;Inc.<BR>
PO Box 362408<BR>
San Juan, Puerto Rico 00936-3507<BR>
Attention: Mrs.&nbsp;Argentina S. Hills, President<BR>
Telephone: (787)&nbsp;763-3776<BR>
Facsimile No.: (787)&nbsp;250-4421 </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>22</FONT></P>

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<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
a copy to: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>Fiddler,
Gonz&aacute;lez&nbsp;&amp; Rodr&iacute;guez<BR>
PO Box 363507<BR>
San Juan, Puerto Rico 00936-3507<BR>
Attention: Rafael Cort&eacute;s Dapena, Esq.<BR>
Telephone: (787)&nbsp;759-3179<BR>
Facsimile No.: (787)&nbsp;754-7539 </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>Hispanic
Broadcasting Corporation<BR>
3102 Oak Lawn Avenue, Suite 215<BR>
Dallas, Texas 75219<BR>
Attention: Jeffrey T. Hinson, Senior Vice President<BR>
Telephone: (214)&nbsp;525-7711<BR>
Facsimile: (214)&nbsp;525-7750 </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
a copy (which shall not constitute notice) to: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>Hallett&nbsp;&amp;
Perrin, P.C.<BR>
2001 Bryan Street, Suite 3900<BR>
Dallas, Texas 75201<BR>
Attention: Bruce H. Hallett<BR>
Telephone: (214)&nbsp;922-4120<BR>
Facsimile: (214)&nbsp;922-4170 </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Jurisdiction; Service of Process.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any action or proceeding seeking to enforce any
provision of, or based on any right arising out of, this Agreement shall be brought against any of the parties in the courts of the Commonwealth and each of the parties consents to the jurisdiction of
such courts (and of the appropriate appellate courts) in any such action or proceeding and waives any objection to venue laid therein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Further Assurances.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The parties agree (a)&nbsp;to furnish upon request to each
other such further information, (b)&nbsp;to execute and deliver to each other such other documents, and (c)&nbsp;to do such other acts and things, all as the other party may reasonably request for
the purpose of carrying out the intent of this Agreement and the documents referred to in this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Waiver.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The rights and remedies of the parties to this Agreement are cumulative and
not alternative. Neither the failure nor any delay by any party in exercising any right, power, or privilege under this Agreement or the documents referred to in this Agreement will operate as a
waiver of such right, power, or privilege, and no single or partial exercise of any such right, power, or privilege will preclude any other or further exercise of such right, power, or privilege or
the exercise of any other right, power, or privilege. To the maximum extent permitted by applicable law, (a)&nbsp;no claim or right arising out of this Agreement or the documents referred to in this
Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right unless in writing signed by the other party; (b)&nbsp;no waiver that may be given by
a party will be applicable except in the specific instance for which it is given; and (c)&nbsp;no notice to or demand on one party will be deemed to be a waiver of any obligation of such party or of
the right of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement or the documents referred to in this Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Entire Agreement and Modification.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement supersedes all prior agreements
between the parties with respect to its subject matter and constitutes (along with the documents referred to in this Agreement) a complete and exclusive statement of the terms of the agreement </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>23</FONT></P>

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<BR>

<P><FONT SIZE=2>
between the parties with respect to its subject matter. This Agreement may not be amended except by a written agreement executed by the parties. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Disclosure Schedule.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;The
Disclosure Schedule, as amended prior to Closing, shall be considered an integral part of this Agreement. The disclosures in the Disclosure Schedule, and those in
any supplement thereto, relate to all the representations and warranties in this Agreement. A disclosure under any Part of the Disclosure Schedule shall be deemed to be a disclosure under any other
relevant Part of the Disclosure Schedule, so long as internal references on the respective Disclosure Schedules refer to the specific location (within the Disclosure Schedule) where the required
information is disclosed. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;In
the event of any inconsistency between the statements in the body of this Agreement and those in the Disclosure Schedule (other than an exception expressly set forth
as such in the Disclosure Schedule) the statements in the body of this Agreement will control. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Assignments, Successors, and No Third-party Rights.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Neither party may assign any
of its rights under this Agreement without the prior consent of the other party except that Buyer may assign any of its rights under this Agreement to one or more Subsidiaries of Buyer, in which case
Buyer shall remain liable for any and all obligations of Buyer under this Agreement. Subject to the preceding sentence, this Agreement will apply to be binding in all respects upon, and inure to the
benefit of the successors and permitted assigns of the parties. Nothing expressed or referred to in this Agreement will be construed to give any Person other than the parties to this Agreement any
legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision of this Agreement. This Agreement and all of its provisions and conditions are for the sole and
exclusive benefit of the parties to this Agreement and their successors and assigns. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Severability.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If any provision of this Agreement is held invalid or unenforceable
by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or
degree will remain in full force and effect to the extent not held invalid or unenforceable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Section Headings, Construction.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The headings of the Sections in this Agreement are
provided for convenience only and will not affect its construction or interpretation. All references to "Section" or "Sections" refer to the corresponding Section or Sections of this Agreement. All
words used in this Agreement will be construed to be of such gender or number as the circumstances require. Unless otherwise expressly provided, the word "including" does not limit the preceding words
or terms. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Time of Essence.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;With regard to all dates and time periods set forth or referred
to in this Agreement, time is of the essence. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Governing Law.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement will be governed by the laws of the Commonwealth
without regard to conflicts of laws principles. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Counterparts.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in one or more counterparts, each of
which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.16</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Initial Escrow Amount.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As good faith deposit and security for its obligations
under this Agreement, the Buyer has deposited with Banco Popular de Puerto Rico (the "Initial Escrow Agent") the amount of $1,600,000 (the" Initial Escrow Amount") pursuant to an Escrow Agreement in
the form attached hereto as </FONT><FONT SIZE=2><I>Part&nbsp;13.16 of the Disclosure Schedule</I></FONT><FONT SIZE=2> (the "Initial Escrow Agreement"). At the Closing, and upon the Buyer complying
with its obligations hereunder, the Initial Escrow Amount will be returned to the Buyer, or at Buyer's option, the Initial Escrow Amount will be delivered to Seller and the Purchase Price will be
offset by such amount. All interest on the Initial Escrow Amount shall be paid to Buyer on a quarterly basis. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>24</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.17</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><B><I>Collection of Accounts Receivable.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;After the Closing, the Company shall use its
Best Efforts to collect all receivables of the Company included in the Estimated Closing Date Balance Sheet. All payments by the customers will be credited to the oldest invoice. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>IN WITNESS WHEREOF</B></FONT><FONT SIZE=2>, the parties have executed and delivered this Agreement as of the date first written above. </FONT></P>

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<TD COLSPAN=3><FONT SIZE=2>FUNDACI&Oacute;N ANGEL RAMOS,&nbsp;INC.</FONT></TD>
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<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ARGENTINA S. HILLS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Argentina S. Hills<BR>
President</FONT></TD>
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&nbsp;</FONT></TD>
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<TD COLSPAN=3><FONT SIZE=2><BR>
HISPANIC BROADCASTING CORPORATION</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="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JEFFREY T. HINSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Jeffrey T. Hinson<BR>
Senior Vice President</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>25</FONT></P>

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<P><br><A NAME="03DFW1292_5">QuickLinks</A><br></P><!-- TOC_BEGIN -->
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<FONT SIZE=2><A HREF="#toc_km1292_1">Exhibit 10.17</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_km1292_2">CONFIDENTIAL STOCK PURCHASE AGREEMENT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_km1292_3">RECITALS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_km1292_4">AGREEMENT</A></FONT><BR>
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