$25,000,000
 SUBORDINATED NOTES AGREEMENT
 Dated as of April 27, 2010
 among
 REGENT BROADCASTING, LLC, as Company
 REGENT COMMUNICATIONS, INC., AS ONE OF THE GUARANTORS
 THE SUBORDINATED NOTEHOLDERS HERETO
 and
 GENERAL ELECTRIC CAPITAL CORPORATION,
AS SUBORDINATED NOTES AGENT
 Subordination Agreement , Company




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##### 



ARTICLE 1 DEFINITIONS, INTERPRETATION AND ACCOUNTING TERMS
    
    
    1Section 1.1 Defined Terms
    
    
    1Section 1.2 [Reserved]
    
    
    21Section 1.3 Accounting Terms and Principles: GAAP
    
    
    21Section 1.4 Payments
    
    
    21Section 1.5 Interpretation
    
    
    21ARTICLE 2 THE LOAN
    
    
    22Section 2.1 The Notes
    
    
    22Section 2.2 [Reserved].
    
    
    22Section 2.3 Optional Prepayments
    
    
    22Section 2.4 Mandatory Prepayments
    
    
    22Section 2.5 Interest
    
    
    23Section 2.6 [Reserved]
    
    
    24Section 2.7 Fees
    
    
    24Section 2.8 Application of Payments
    
    
    24Section 2.9 Payments and Computations
    
    
    24Section 2.10 Evidence of Debt
    
    
    25Section 2.11 [Reserved]
    
    
    26Section 2.12 [Reserved]
    
    
    26Section 2.13 Taxes
    
    
    26Section 2.14 Substitution of Noteholders
    
    
    28ARTICLE 3 CONDITIONS TO SUBORDINATED NOTES
    
    
    29Section 3.1 Conditions Precedent to Effectiveness
    
    
    29Section 3.2 Determinations of Satisfaction of Conditions Precedent
    
    
    31ARTICLE 4 REPRESENTATIONS AND WARRANTIES
    
    
    31Section 4.1 Corporate Existence; Compliance with Law
    
    
    31Section 4.2 Subordinated Notes and Related Documents
    
    
    32Section 4.3 Ownership of Group Members
    
    
    32Section 4.4 Financial Statements
    
    
    33Section 4.5 Material Adverse Effect
    
    
    33Section 4.6 Solvency
    
    
    33Section 4.7 Litigation
    
    
    33Section 4.8 Taxes
    
    
    34Section 4.9 Margin Regulations
    
    
    34Section 4.10 No Burdensome Obligations; No Defaults
    
    
    34
 
  (i)




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##### 



Section 4.11 Investment Company Act; Public Utility Holding Company Act
    
    
    34Section 4.12 Labor Matters
    
    
    34Section 4.13 ERISA
    
    
    35Section 4.14 Environmental Matters
    
    
    35Section 4.15 Intellectual Property
    
    
    35Section 4.16 Title; Real Property
    
    
    36Section 4.17 Full Disclosure
    
    
    36Section 4.18 Patriot Act
    
    
    36Section 4.19 [Reserved].
    
    
    36Section 4.20 Network Affiliation Agreements/Cable Franchise
    
    
    36Section 4.21 Radio Station Licenses and FCC Licenses
    
    
    38Section 4.22 FCC Rules and Regulations
    
    
    38ARTICLE 5 [RESERVED]
    
    
    39ARTICLE 6 REPORTING COVENANTS
    
    
    39Section 6.1 Financial Statements
    
    
    39Section 6.2 Other Events
    
    
    41Section 6.3 Copies of Notices and Reports
    
    
    42Section 6.4 Taxes
    
    
    42Section 6.5 Labor Matters
    
    
    42Section 6.6 ERISA Matters
    
    
    43Section 6.7 Environmental Matters
    
    
    43Section 6.8 Other Information
    
    
    43ARTICLE 7 AFFIRMATIVE COVENANTS
    
    
    43Section 7.1 Maintenance of Corporate Existence
    
    
    43Section 7.2 Compliance with Laws, Etc
    
    
    44Section 7.3 Payment of Obligations
    
    
    44Section 7.4 Maintenance of Property
    
    
    44Section 7.5 Maintenance of Insurance
    
    
    44Section 7.6 Keeping of Books
    
    
    44Section 7.7 Access to Books and Property
    
    
    45Section 7.8 Environmental
    
    
    45Section 7.9 Local Service
    
    
    45Section 7.10 Additional Guaranties
    
    
    45Section 7.11 [Reserved]
    
    
    46Section 7.12 License Subsidiaries
    
    
    46Section 7.13 Radio Station Licenses and FCC Licenses
    
    
    46
 
  (ii)




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##### 



ARTICLE 8 NEGATIVE COVENANTS
    
    
    46Section 8.1 Indebtedness
    
    
    46Section 8.2 Liens
    
    
    47Section 8.3 Investments
    
    
    48Section 8.4 Asset Sales
    
    
    48Section 8.5 Restricted Payments
    
    
    49Section 8.6 Prepayment of Indebtedness
    
    
    50Section 8.7 Fundamental Changes
    
    
    51Section 8.8 Change in Nature of Business
    
    
    51Section 8.9 Transactions with Affiliates
    
    
    51Section 8.10 Third-Party Restrictions on Indebtedness, Liens, Investments or
Restricted Payments
    
    
    51Section 8.11 Modification of Certain Documents
    
    
    52Section 8.12 Accounting Changes; Fiscal Year
    
    
    52Section 8.13 Margin Regulations
    
    
    52Section 8.14 Compliance with ERISA
    
    
    52Section 8.15 Hazardous Materials
    
    
    52Section 8.16 Local Marketing Agreements
    
    
    52Section 8.17 License Subsidiaries
    
    
    53Section 8.18 Communication Authorizations
    
    
    53ARTICLE 9 EVENTS OF DEFAULT
    
    
    53Section 9.1 Definition
    
    
    53Section 9.2 Remedies
    
    
    55Section 9.3 Governmental Approvals
    
    
    55ARTICLE 10 THE SUBORDINATED NOTES AGENT
    
    
    56Section 10.1 Appointment and Duties
    
    
    56Section 10.2 Binding Effect
    
    
    56Section 10.3 Use of Discretion
    
    
    56Section 10.4 Delegation of Rights and Duties
    
    
    57Section 10.5 Reliance and Liability
    
    
    57Section 10.6 Subordinated Notes Agent Individually
    
    
    58Section 10.7 Noteholder Credit Decision
    
    
    58Section 10.8 Expenses; Indemnities
    
    
    59Section 10.9 Resignation of Subordinated Notes Agent
    
    
    59Section 10.10 Release of Guarantors
    
    
    60
 
  (iii)




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ARTICLE 11 MISCELLANEOUS
    
    
    60Section 11.1 Amendments, Waivers, Etc
    
    
    60Section 11.2 Assignments and Participations; Binding Effect
    
    
    61Section 11.3 Costs and Expenses
    
    
    63Section 11.4 Indemnities
    
    
    64Section 11.5 Survival
    
    
    65Section 11.6 Limitation of Liability for Certain Damages
    
    
    65Section 11.7 Noteholder-Creditor Relationship
    
    
    65Section 11.8 Right of Setoff
    
    
    65Section 11.9 Sharing of Payments, Etc.
    
    
    65Section 11.10 [Reserved]
    
    
    66Section 11.11 Notices
    
    
    66Section 11.12 Electronic Transmissions
    
    
    66Section 11.13 Governing Law
    
    
    67Section 11.14 Jurisdiction
    
    
    67Section 11.15 Waiver of Jury Trial
    
    
    68Section 11.16 Severability
    
    
    68Section 11.17 Execution in Counterparts
    
    
    68Section 11.18 Entire Agreement
    
    
    68Section 11.19 Use of Name
    
    
    69Section 11.20 Non-Public Information; Confidentiality
    
    
    69Section 11.21 Patriot Act Notice
    
    
    69Section 11.22 Subordination Agreement
    
    
    69
 
  (iv)




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, REGENT BROADCASTING, LLC COMPANY REGENT COMMUNICATIONS, INC. HOLDINGS  GENERAL ELECTRIC CAPITAL CORPORATION GE
CAPITAL  SUBORDINATED NOTES AGENT
  inter alia Existing Credit Agreement
 inter alia, Existing Obligations
 Initial
Cases Bankruptcy Court
 Confirmation
Order Plan
    
 Section 1.1 Defined Terms
 Affected Noteholder Section 2.14
 Affiliate provided however control
 
  1




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##### 



Agreement
 Approved Fund
 Assignment Section 11.2 Section 11.2 Exhibit A
 Bankruptcy Court
 Benefit Plan Section 3(3)
 Business provided however
 Business Day
 Cable Act
 Cable Franchise Agreements
 Cable System
 
  2




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##### 



Capital Expenditures
 Capital Lease
 Capitalized Interest Section 2.5(b)
 Capitalized Lease Obligations
 Cash Equivalents A-1 P-1 clause (a) (b) (c) provided however clauses (a) (b) (c) (d)
 CERCLA
 
  3




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##### 



Change of Control
 Closing Date Section 3.1
 Code
 Code of Federal Regulations
 Communications Laws Section 4.22
 Company
 Compliance Certificate Exhibit C
 Confirmation Order
 Consolidated
 Constituent Documents
 Contractual Obligation
 Copyright Act
 Copyrights
 
  4




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##### 



Corporate Chart Section 7.10
 Credit Party
 Customary Permitted Liens
 clauses (i) (ii)
 Section
4-208
  Section 9.1(f)
 Section 8.4 clauses (i) (ii)
  
  5




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##### 



Default
 Divestiture Trust Agreement
 Dollars $
 Domestic Person United States person Section 770l(a)(30)
 E-Fax
 Electronic Transmission
 Environmental Laws
 Environmental Liabilities
 ERISA
 
  6




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ERISA Affiliate Section 414(b) (c) Section 412 Section 414(m) (o)
 ERISA Event Section 4043(b) Section 4043(c) Section
4063 Section 4001(a)(2) Section 4041A Section 4041 Section 401 501
 E-Signature
 E-System ® ®
 Event of Default Section 9.1
 Existing Credit Agreement
 Existing Obligations
 FAA
 FCC
 FCC License Assets
 FCC Licenses
 FCC Long Form Application
 
  7




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Federal Flood Insurance
 Federal Reserve Board
 FEMA
 Financial Statement Section 4.4 6.1
 Fiscal Quarter
 Fiscal Year
 Flood Insurance
 GAAP Section 1.3 GAAP Section 4.4(a)
 GE Capital
 Governmental Authority
 Group Members
 
  8




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##### 



Group Members Accountants
 Guarantor Schedule 4.3
 Guaranty Agreement Exhibit E
 Guaranty Obligation primary obligation primary obligor provided however Guaranty Obligations
 Hazardous Material
 Hedging Agreement
 Holdings
 
  9




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Indebtedness provided however clauses (a) (i) Indebtedness
 Indemnified Matter Section 11.4
 Indemnitee Section 11.4
 Independent Trust Agreement
 Initial Cases
 Initial Investors Equity Investment
 Initial Investors Investment Documents
 Initial Projections
 Intellectual Property
 Internet Domain Names
 
  10




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##### 



Investment provided however
 IP Ancillary Rights
 IP License
 IRS
 Liabilities
 License Subsidiary
 Lien
 
  11




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LMA
 Local Franchising Authority
 Material Adverse Effect
 Material Environmental Liabilities
 Maturity Date
 Moodys
 Multiemployer Plan Section 400l(a)(3)
 National Flood Insurance Program
 Net Cash Proceeds provided however Net Cash Proceeds
 Non-U.S. Noteholder Party
 
  12




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Noteholder Noteholder
 Oaktree
 Obligations
 Other Taxes Section 2.13(c)
 Parent
 Patents
 PBGC
 Permit
 Permitted Acquisition
   
  13




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##### 



clause (b) Article 4
 Section 7.10
 clause (e)(i)
 Permitted Indebtedness Section 8.1
 Permitted Investment Section 8.3
 Permitted Investors
 Permitted Lien Section 8.2
 Permitted Refinancing plus provided however clauses (a)-(f) provided further however Section 8.11
 
  14




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Permitted Reinvestment
 Person
 Plan
 Pro Forma Balance Sheet Section 4.4(d)
 Pro Forma Basis
 Pro Forma Transaction
 Projections Section 6.1(f)
 Property Loss Event
 Proposed Acquisition
 
  15




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Proposed Acquisition Target
 Pro Rata Outstandings
 Pro Rata Share provided however Section 2.14
 PUC
 PUC Certificate
 Radio Station Licenses
 Radio Stations
 Radio Swap Transaction
 Register Section 2.10(b)
 Reinvestment Prepayment Amount less
 Reinvestment Prepayment Date th Section 9.1(e)(ii)
 
  16




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Related Documents Section 3.1(b)(viii)(C)
 Related Person Article 3 Section 10.4
 Related Transactions
 Release
 Remedial Action
 Required Noteholders provided however
 Requirements of Law
 Responsible Officer Section 6.1(e) Section 7.10
 
  17




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Restricted Payment
 S&P
 Sale and Leaseback Transaction obligor counterparty
 Security
 Sell Sale
 Senior Credit Agreement
 Senior Debt
 Senior Loans
 Senior Loan Documents
 
  18




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Solvent
 Special Flood Hazard Area
 SPV
 Station Operating Income
 Station Revenue
 Stock
 Stock Equivalents
 Subordinated Debt
 Subordinated Notes Section 2.1
 Subordinated Notes Agent
 Subordinated Notes Documents
 Subordination Agreement
 
  19




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Subsidiary
 Substitute Noteholder Section 2.14(a)
 SWDA
 Tax Affiliate
 Tax Return Section 4.8
 Taxes Section 2.13(a)
 Title IV Plan
 Trademarks
 Trade Secrets
 Trust
 United States
 U.S. Noteholder Party
 Voting Stock
 Wholly Owned Subsidiary
 
  20




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Withdrawal Liability Section 4201
 Section 1.2 [Reserved]
 Section 1.3 Accounting Terms and Principles: GAAP Article 8 Article 8
 Section 1.4 Payments
 Section 1.5 Interpretation Certain Terms property herein hereof from to until through including documents incur
 
  21




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##### 



Certain References
 
 Section 2.1 The Notes Exhibit B Subordinated Notes Subordinated Note
 Section 2.2
 Section 2.3 Optional Prepayments provided however
 Section 2.4 Mandatory Prepayments
 Debt Issuances Section 2.4(d) clause (a) (b) clauses (a) (j) Section 8.1
 Asset Sales and Property Loss Events Section 2.4(d) clauses (a) (h) (i) Section 8.4 provided however
 
  22




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##### 



Limitation and Application of Payments Section 2.4 Section 2.4 Section 2.8(b)
 Section 2.5 Interest PIK Interest Section
2.5(c)
 Payments Capitalized Interest
 Default Interest clause (a) Section 9.1(a) or (e)
 Savings Clause Maximum Lawful Rate provided however
 
  23




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##### 



Section 2.6
 Section 2.7 Fees
 Section 2.8 Application of Payments Application of Voluntary
Prepayments Section 2.8
 Application of Mandatory Prepayments clause
(c) Section 2.4 clause (b) then
 Application of Payments During an Event of Default clause (a) Section 9.2 first second third fourth fifth
 Section 2.9 Payments and Computations Procedure
 
 
  24




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##### 



Section 2.8
 Section 2.5(a) Section 2.5(a) Section 2.10
 Computations of Interests and Fees
 Payment Dates provided however
 Advancing Payments Section
2.5(a)
 Section 2.10 Evidence of Debt Records of Noteholders Section 11.11
 Records of Subordinated Notes Agent Section 2.10 Section 11.11 Register Section 2.14 Section 11.2
 
  25




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##### 



Registered Obligations Section 2.10 Section 11.2 registered form Sections 163(f) 871(h)(2) 881(c)(2)
 Prima Facie Evidence clauses (a) (b) provided however
 Subordinated Notes Exhibit B provided however
 Section 2.11 [Reserved]
 Section 2.12 [Reserved]
 Section 2.13 Taxes Payments Free and Clear of Taxes Section 2.13 clauses (i) (ii) Taxes clause (f)
 
  26




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##### 



Gross-Up Section 2.13 provided however clause (d) clause (b) Section 2.14 clause (b)
 Other Taxes Other
Taxes Section 11.11
 Indemnification Section 2.13 clause (d)
 Mitigation Section 2.13
 
  27




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##### 



Tax Forms clause (i) Sections 871(h) 881(c) Section 881(c)(3)(A) Section 881(c)(3)(B) Section 881(c)(3)(C)
 clause
(f)
 clause (f)
 Section 2.14 Substitution of Noteholders Substitution Right Affected Noteholder Section 2.13(b) Substitute Noteholder
 
  28




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##### 



Procedure Section 11.2(c)
 Effectiveness clause
(b) Noteholder provided however
 
 Section 3.1 Conditions Precedent to Effectiveness
 Approval by Noteholders
 Certain Documents
 Section 2.1
    
  29




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##### 



provided
  clause (vi)
 Sections 3.1(d) (f)
 Section 7.5 Section 7.5
  Fee and Expenses
 Consents
 
  30




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##### 



Confirmation Order and Related Transactions
 Representations and Warranties; No Defaults
 Additional Matters
 Section 3.2 Determinations of Satisfaction of Conditions Precedent Section 3.1
 
 clause (b) Sections 4.1 4.2(a) 4.22 provided clause (b)
 Section 4.1 Corporate Existence; Compliance with Law
 
  31




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##### 



Section 4.2 Subordinated Notes and Related Documents Power and
Authority Schedule 4.2
 Due Execution and Delivery
 Related Documents
 Section 4.3 Ownership of Group Members Schedule 4.3
 
  32




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##### 



Section 4.4 Financial Statements
 Schedule 4.4(b)
  Pro Forma Balance
Sheet
 Section 4.5 Material Adverse Effect
 Section 4.6 Solvency
 Section 4.7 Litigation Schedule 4.7
 
  33




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##### 



Section 4.8 Taxes Tax Returns Schedule 4.8 Section 1.6011-4(b) Schedule
4.8
 Section 4.9 Margin Regulations
 Section 4.10 No Burdensome Obligations; No Defaults
 Section 4.11 Investment Company Act; Public Utility Holding Company Act
 Section 4.12 Labor Matters Schedule 4.12
 
  34




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##### 



Section 4.13 ERISA Section 401 501
 Section 4.14 Environmental Matters Schedule 4.14
 Section 4.15 Intellectual Property
 
  35




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##### 



Section 4.16 Title; Real Property
 Schedule 4.16
 Section 4.17 Full Disclosure provided however
 Section 4.18 Patriot Act
 Section 4.19
 Section 4.20 Network Affiliation Agreements/Cable Franchise Schedule
4.20 Schedule 4.20
 
  36




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##### 



Schedule 4.20
    Schedule 4.20
 Schedule 4.20
 
  37




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##### 



Section 4.21 Radio Station Licenses and FCC Licenses Schedule 4.21
 Section 4.22 FCC Rules and Regulations Schedule 4.22 Communications Laws
 Schedule
4.22 Schedule 4.22 Section 1.1305 1.1307(b)
 
  38




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##### 



Schedule 4.22
 MVPDs
  
 
  Section 6.1 Financial Statements
 Monthly Reports
 
  39




---



##### 



Quarterly Reports clause (b)
 Annual Reports
 Compliance Certificate clause (b) (c)
 Corporate Chart and Other Updates clause (d) clause
(e)
 
  40




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##### 



Additional Projections
 Management Discussion and Analysis clause (a) clause
(d)
 Intercompany Loan Balances clause (d)
 Audit Reports, Management Letters, Etc clause (c)
 Insurance clause (c)
 Section 6.2 Other Events Section 2.4
 
  41




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##### 



Section 6.3 Copies of Notices and Reports
  Section 6.4 Taxes Section 481(a)
 Section 6.5 Labor Matters clause (b)
 
  42




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##### 



Section 6.6 ERISA Matters Section 412
 Section 6.7 Environmental Matters clauses
(A) (B) (C) clause (C)
  Section 6.8 Other Information
 
  Section 7.1 Maintenance of Corporate Existence Sections 8.4 8.7 clause (b)
 
  43




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##### 



Section 7.2 Compliance with Laws, Etc
 Section 7.3 Payment of Obligations
 Section 7.4 Maintenance of Property clauses (a) (b)
 Section 7.5 Maintenance of Insurance clause (a)
 Section 7.6 Keeping of Books
 
  44




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##### 



Section 7.7 Access to Books and Property provided however
 Section 7.8 Environmental
 Section 7.9 Local Service
 Section 7.10 Additional Guaranties
    
  45




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##### 



Section 7.10
 Section 7.11
 Section 7.12 License Subsidiaries
 Section 7.13 Radio Station Licenses and FCC Licenses
 
  Section 8.1 Indebtedness
  Schedule 8.1 clause (b)
 clause
(c) provided however
 
  46




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##### 



clause
(b) (c)
  provided provided further Section 8.1(h)
  provided however
 Section 8.2 Liens
   Schedule 8.2
 Section 8.1(c) provided however
 clauses (a) (c) (d) clause (e)
 
  47




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##### 



Section 8.3 Investments
 Schedule 8.3
    clause (ii)
 provided however clause
(f)
  ;
  provided however
 Section 8.4 Asset Sales
   
  48




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##### 



Section 8.5 Section 8.5
 provided however
 Section 7.12
   provided however clause (ii)
 Section 8.5 Restricted Payments
   
  49




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##### 



provided however
 provided however provided however clause (B)
 provided however clause (c)(iii)
 Section 8.6 Prepayment of Indebtedness provided however
     
  50




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##### 



Section 8.7 Fundamental Changes provided however
 Section 8.8 Change in Nature of Business
 Section 8.5 Schedule 4.4(b) clauses (i)-(vii)
 Section 8.9 Transactions with Affiliates Section 8.5 Section 8.3(g) (i) Section
8.4(e) (f) (g)
 Section 8.10 Third-Party Restrictions on Indebtedness, Liens, Investments or
Restricted Payments clauses
(a) (b) Section 8.1(b) (c)
 
  51




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##### 



Section 8.11 Modification of Certain Documents
  .
 Section 8.12 Accounting Changes; Fiscal Year
 Section 8.13 Margin Regulations
 Section 8.14 Compliance with ERISA clauses (a) (b)
 Section 8.15 Hazardous Materials
 Section 8.16 Local Marketing Agreements Section 8.9
 
  52




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##### 



Section 8.17 License Subsidiaries
 Section 8.18 Communication Authorizations
 
 Section 9.1 Definition
 clause (i) clause (ii)
  Section 6.1 6.2(a)(i) 7.1 Article 8 clause (ii)
 
  53




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##### 



clause (i) (ii)
  clause (i) (ii) (iii)
  
  54




---



##### 



Final Order
 Section 9.2 Remedies provided however Section 9.1(e)(ii)
 Section 9.3 Governmental Approvals
 
  55




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##### 



Section 10.1 Appointment and Duties Appointment of Subordinated
Notes Agent Section 10.9
 Duties as Disbursing Agent clause (a) Section 9.1(e)(ii) Section 9.1(e)(ii)
 Limited Duties Section 2.10(b) Section 10.11 clauses (i) (iii)
 Section 10.2 Binding Effect
 Section 10.3 Use of Discretion No Action without
Instructions
 
  56




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##### 



Right Not to Follow Certain Instructions clause (a)
 Section 10.4 Delegation of Rights and Duties Article 10
 Section 10.5 Reliance and Liability Section 11.2(d) Section 2.10
     
  57




---



##### 



clauses (i) (iv)
 Section 10.6 Subordinated Notes Agent Individually
 Section 10.7 Noteholder Credit Decision
 
  58




---



##### 



Section 10.8 Expenses; Indemnities
 provided however
 Section 10.9 Resignation of Subordinated Notes Agent clause (a)
 Section 10.3
 
  59




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##### 



Section 10.10 Release of Guarantors Section 7.10.
 Section 10.10
 
 Section 11.1 Amendments, Waivers, Etc provided however clause (2) (3)
   provided however clause (iii)
 provided however clause (iv) Section 2.4 Section 2.4
 
  60




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##### 



Section 10.10
  Section 2.8(c)(B) Section 10.10 Section 11.9 Section 11.1
 provided further Article 10 Section 11.2(f) Section 2.8
  Section 11.2 Assignments and Participations; Binding Effect Binding Effect Article 10 Section 10.11 Section 10.9
 Right to Assign Section 2.7 provided however
 
  61




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##### 



Procedure clause (b) clause (e) (f) Section 2.13(f) provided Section 11.2(b)(iii)
 Effectiveness Section 2.10(b) Article 10 Section 11.8 Section 11.9
 Grant of Security Interests Section 11.2 provided however clause (b)
 Participants and SPVs Section 11.2 provided however
 
  62




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##### 



Sections 2.12 2.13 Section 2.13(f) provided however clause (x) (y) clauses (iii) (iv) Section 11.1(a) Section 11.1(a)(v) clause (f) provided however
 Section 11.3 Costs and Expenses ® provided
 
  63




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##### 



provided
 Section 11.4 Indemnities Indemnitee Indemnified Matters provided however Section 11.4
 Indemnified Matters
 
  64




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##### 



Section 11.5 Survival Section 2.13 Section 2.12 Article 10 Section 11.3 Section 11.4 Section 11.5
 Section 11.6 Limitation of Liability for Certain Damages
 Section 11.7 Noteholder-Creditor Relationship
 Section 11.8 Right of Setoff provided however Section 11.8
 Section 11.9 Sharing of Payments, Etc Sections 2.12 2.13 2.14 provided however
 
  65




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##### 



Section 11.10
 Section 11.11 Notices Addresses Schedule II ® ® clause (i) clause (a)
 Effectiveness clause (a) clause (a)(ii) (a)(iii) provided however Article 2 Article 10
 Section 11.12 Electronic Transmissions Authorization Section 11.11(a)
 
  66




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##### 



Signatures Section 11.11(a) provided however
 Separate Agreements Section 11.11 Section 11.12
 Limitation of Liability
 Section 11.13 Governing Law
 Section 11.14 Jurisdiction Submission to Jurisdiction
 
  67




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##### 



Service of Process Section 11.11
 Non-Exclusive Jurisdiction Section 11.14
 Section 11.15 Waiver of Jury Trial Section 11.15
 Section 11.16 Severability
 Section 11.17 Execution in Counterparts
 Section 11.18 Entire Agreement
 
  68




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##### 



Section 11.19 Use of Name
 Section 11.20 Non-Public Information; Confidentiality
 Section 11.2(f) Section 11.20 Section 11.20 Section 11.20
 Section 11.21 Patriot Act Notice Section
326
 Section 11.22 Subordination Agreement
  
  69




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##### 



REGENT BROADCASTING, LLC
AS COMPANYBy:Name:Title:REGENT COMMUNICATIONS, INC.
AS HOLDINGSBy:Name:Title:GENERAL ELECTRIC CAPITAL CORPORATION
AS SUBORDINATED NOTES AGENT AND
NOTEHOLDERBy:Name:Title:




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##### 



OTHER NOTEHOLDERS:[OAKTREE CAPITAL]By:Name:Title:[NAME OF NOTEHOLDER]By:Name:Title:




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##### 



Exhibit A
to
Subordinated Notes Agreement
 Form of Assignment
   Company:
    
    Regent Broadcasting, LLC, a Delaware limited liability company (the Company)Subordinated Notes Agent:
    
    General Electric Capital Corporation, as
subordinated notes agent for the
Noteholders (in such capacity and
together with its successors and
permitted assigns, the Subordinated
Notes Agent)Subordinated Notes Agreement:
    
    Subordinated Notes Agreement, dated as
of April 27, 2010 among the Company,
Regent Communications, Inc., as one of
the Guarantors, the Noteholders party
thereto and the Subordinated Notes Agent
(as the same may be amended, restated,
supplemented or otherwise modified from
time to time, the Subordinated Notes
Agreement; capitalized terms used
herein without definition are used as
defined in the Subordinated Notes
Agreement)[Trade Date:
    
    _____, _____]1Effective Date:
    
    _____, _____2
 
 1
    
    Insert for informational purposes only if needed to
determine other arrangements between the assignor and the assignee.2
    
    To be filled out by Subordinated Notes Agent upon entry
in the Register. 
  A-1




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##### 



Aggregate principal amount ofSubordinated Notes for all
    
    Aggregate principal amount ofNoteholders
    
    Subordinated Notes Assigned3
    
    Percentage Assigned4$
    
    
    $
    
    
    
    __.
    %$
    
    
    $
    
    
    
    __.
    %$
    
    
    $
    
    
    
    __.
    %
 Assignment Assigned Interest
 Representations, Warranties and Covenants of Assignors ® Section 2.10(e)
 
 3
    
    Amount to be adjusted by the counterparties to take
into account any payments or prepayments made between the Trade Date and the
Effective Date. The aggregate amounts are inserted for informational purposes
only to help in calculating the percentages assigned which, themselves, are for
informational purposes only.4
    
    Set forth, to at least 9 decimals, the Assigned
Interest as a percentage of the aggregate Loans in the Facility. This
percentage is set forth for informational purposes only and is not intended to
be binding. The assignments are based on the amounts assigned not on the
percentages listed in this column. 
  A-2




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##### 



Representations, Warranties and Covenants of Assignees ® Section 11.20 Section 11.2(c) Section 2.13(f)
 Determination of Effective Date; Register Section
11.2(b) Effective Date
 Effect
 Distribution of Payments
 
  A-3




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##### 



Miscellaneous Sections 1.5 Interpretation 11.14(a) Submission to Jurisdiction 11.15 Waiver of Jury Trial
  
  A-4




---



##### 



[NAME OF ASSIGNOR]
as AssignorBy:Name:Title:[NAME OF ASSIGNEE]
as AssigneeBy:Name:Title:Lending Office (and address for notices)for any other purpose:[Insert Address (including contact name, fax
number and e-mail address)]




---



##### 



ACCEPTED and AGREED
this
 _____ 
day of
 _____:
GENERAL ELECTRIC CAPITAL CORPORATION
as Subordinated Notes AgentBy:Name:Title:REGENT BROADCASTING, LLC5By:Name:Title: 
 5
    
    Include only if required pursuant to Section
11.2(b) of the Credit Agreement.




---



##### 



Exhibit  B
to
Subordinated Notes Agreement
 Form of Subordinated Note
 Subordination
Agreement , Company
 Noteholder: [NAME OF NOTEHOLDER]
    
    New York, New YorkPrincipal Amount: $_____
    
    [_____] [_____], 2010
 Company Noteholder
  [   ]
 Subordinated
Notes Agreement
 
  B-1




---



##### 



Sections 1.5 Interpretation 11.14(a) Submission to Jurisdiction 11.15 Waiver of Jury Trial
   
  B-2




---



##### 



REGENT BROADCASTING, LLCBy:Name:Title:




---



##### 



Exhibit C
to
Subordinated Notes Agreement
 Form of Compliance Certificate
 6
 Section 6.1(d)  _____ Subordinated Notes Agreement Company Subordinated Notes Agent
 Section 6.1
 Section 6.1[(a)/(b)/(c)] Annex A  Section 6.1[(a)/(b)/(c)] 7 Section 6.1(c) 8
  Section 6.1(d) Annex C Annex C
 
 6
    
    Insert date of delivery of certificate.7
    
    Insert language in brackets only for monthly and
quarterly reports.8
    
    Insert language in brackets only for annual
certifications.    D-1




---



##### 



Section 6.1(e) Annex D[-1] Annex D[-2]
 Section 6.1(g) Annex E
 Section 6.1(h) Annex F Annex A 9
 Sections 6.1(i) (j) Annexes F G 10 11
  
 9
    
    Insert bracketed language only for quarterly reports.10
    
    Insert other information reasonably required by the
Subordinated Notes Agent.11
    
    Insert bracketed language only for annual reports.    D-2




---



##### 



In Witness Whereof
 Name:Title:




---



##### 



ANNEX A
to
COMPLIANCE CERTIFICATE OF     DATED _____, _____
 FINANCIAL STATEMENTS
  Annex A-1




---



##### 



ANNEX B
[Intentionally Omitted]
  Annex B-1




---



##### 



[ANNEX C
to
COMPLIANCE CERTIFICATE OF     DATED  , ____
 CONTINUING DEFAULTS ] 12
 
 12
    
    Delete if not used in the text of the certificate.  Annex C-1




---



##### 



ANNEX D[-1]
to
COMPLIANCE CERTIFICATE OF     DATED  , ____
 CORPORATE CHART
  Annex D-1-1




---



##### 



ANNEX D[-2]
to
COMPLIANCE CERTIFICATE OF     DATED  ,
 _____
 MODIFICATIONS TO CONSTITUENT DOCUMENTS
  Annex D-2-1




---



##### 



ANNEX E
to
COMPLIANCE CERTIFICATE OF     DATED  ,
 _____
 MANAGEMENT DISCUSSION AND ANALYSIS
  Annex E-1




---



##### 



ANNEX F
to
COMPLIANCE CERTIFICATE OF     DATED  , ____
 [INTERCOMPANY INDEBTEDNESS][MANAGEMENT LETTERS]
  Annex F-1




---



##### 



ANNEX G
to
COMPLIANCE CERTIFICATE OF     DATED  ,
 _____
 SUMMARY OF MATERIAL INSURANCE COVERAGES
  Annex G-1