Document:

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                                                                 EXHIBIT 10.22

                            ASSET PURCHASE AGREEMENT

         THIS ASSET PURCHASE AGREEMENT (this "Agreement") is made as of March 4,
2000 among the company or companies designated as Seller on the signature page
hereto (collectively, "Seller") and the company or companies designated as Buyer
on the signature page hereto (collectively, "Buyer").

                                    RECITALS

         A. Seller owns and operates the following radio broadcast stations
(collectively, the "Stations," and each individually a "Station") pursuant to
certain authorizations issued by the Federal Communications Commission (the
"FCC"):

                           KEYI-FM, San Marcos, Texas
                          KXPK-FM, Evergreen, Colorado
                           KKFR(FM), Glendale, Arizona

         B. Subject to the terms and conditions set forth herein, Buyer desires
to acquire the Station Assets (defined below).

         C. Clear Channel Communications, Inc. (Clear Channel Broadcasting,
Inc.'s and Clear Channel Broadcasting Licenses, Inc.'s parent), CCU Merger
Sub, Inc. and AMFM Inc. are parties to an Agreement and Plan of Merger dated
October 2, 1999 (the "AMFM Agreement").

                                    AGREEMENT

         NOW, THEREFORE, taking the foregoing into account, and in consideration
of the mutual covenants and agreements set forth herein, the parties, intending
to be legally bound, hereby agree as follows:

ARTICLE 1:     PURCHASE OF ASSETS

         0.1.  STATION ASSETS. On the terms and subject to the conditions
hereof, on the Closing Date (defined below), Seller shall sell, assign,
transfer, convey and deliver to Buyer, and Buyer shall purchase and acquire
from Seller, all of the right, title and interest of Seller in and to all of
the assets, properties, interests and rights of Seller of whatsoever kind and
nature, real and personal, tangible and intangible, which are used
exclusively in the operation of the Stations AND specifically described in
this Section 1.1, but excluding the Excluded Assets as hereafter defined (the
"Station Assets"):

               (1) all licenses, permits and other authorizations which are
issued to Seller by the FCC with respect to the Stations (the "FCC Licenses")
AND described on SCHEDULE 1.1(a), including any renewals or modifications
thereof between the date hereof and Closing;

               (2) all equipment, electrical devices, antennae, cables,
tools, hardware, office furniture and
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fixtures, office materials and supplies, inventory, motor vehicles, spare
parts and other tangible personal property of every kind and description
which are used exclusively in the operation of the Stations AND listed on
SCHEDULE 1.1(b), except any retirements or dispositions thereof made between
the date hereof and Closing in the ordinary course of business and consistent
with past practices of Seller (the "Tangible Personal Property");

               (3) all Time Sales Agreements and Trade Agreements (both
defined in Section 2.1), Real Property Leases (defined in Section 7.7), and
other contracts, agreements, and leases which are used in the operation of
the Stations AND listed on SCHEDULE 1.1(c), together with all contracts,
agreements, and leases made between the date hereof and Closing in the
ordinary course of business that are used in the operation of the Stations
(the "Station Contracts");

               (4) all of Seller's rights in and to the Stations' call
letters and Seller's rights in and to the trademarks, trade names, service
marks, franchises, copyrights, computer software, programs and programming
material, jingles, slogans, logos, and other intangible property which are
used exclusively in the operation of the Stations AND listed on SCHEDULE 1.1(d)
(the "Intangible Property");

               (5) Seller's rights in and to all the files, documents,
records, and books of account (or copies thereof) relating exclusively to the
operation of the Stations, including the Stations' local public files,
programming information and studies, blueprints, technical information and
engineering data, and logs, but excluding records relating to Excluded Assets
(defined below); and

               (6) any real property which is used exclusively in the
operation of the Stations (including any of Seller's appurtenant easements
and improvements located thereon) AND described on SCHEDULE 1.1(f) (the "Real
Property").

                   The Station Assets shall be transferred to Buyer free and
clear of liens, claims and encumbrances ("Liens") except for (i) Assumed
Obligations (defined in Section 2.1), (ii) liens for taxes not yet due and
payable and for which Buyer receives a credit pursuant to Section 3.3, (iii)
such liens, easements, rights of way, building and use restrictions,
exceptions, reservations and limitations that do not in any material respect
detract from the value of the property subject thereto or impair the use
thereof in the ordinary course of the business of the Stations, and (iv) any
items listed on SCHEDULE 1.1(b) (collectively, "Permitted Liens").

         1.2. EXCLUDED ASSETS. Notwithstanding anything to the contrary
contained herein, the Station Assets shall not include the following assets
along with all rights, title and interest therein (the "Excluded Assets"):

              (1) all cash and cash equivalents of Seller, including without
limitation certificates of deposit, commercial paper, treasury bills,
marketable securities, asset or money market accounts and all such similar
accounts or investments;

              (2) all accounts receivable or notes receivable arising in the
operation of the Stations prior to Closing;

              (3) all tangible and intangible personal property of Seller
disposed of or consumed in the ordinary course of business of Seller between
the date of this Agreement and Closing;

              (4) all Station Contracts that terminate or expire prior to
Closing in the ordinary course of business of Seller;

              (5) Seller's name, corporate minute books, charter documents,
corporate stock record books and such other books and records as pertain to
the organization, existence or share capitalization of Seller, duplicate
copies of the records of the Stations, and all records not relating
exclusively to the operation of the Stations;

              (6) contracts of insurance, and all insurance proceeds or
claims made thereunder;
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              (7) except as provided in Section 10.4, all pension, profit
sharing or cash or deferred (Section 401(k)) plans and trusts and the assets
thereof and any other employee benefit plan or arrangement and the assets
thereof, if any, maintained by Seller; and

              (8) all Seller's FM towers and FM tower sites, all rights,
properties and assets described on SCHEDULE 1.2(h), and all rights,
properties and assets not specifically described in Section 1.1.

         1.3. LEASE AGREEMENTS. At Closing, Buyer and Seller shall enter into
the lease agreements described on SCHEDULE 1.2(h) pursuant to lease in the
form of EXHIBIT A attached hereto.

ARTICLE 2:    ASSUMPTION OF OBLIGATIONS

         2.1. ASSUMED OBLIGATIONS. On the Closing Date, Buyer shall assume
the obligations of Seller (the "Assumed Obligations") arising after Closing
under the Station Contracts, including without limitation all agreements for
the sale of advertising time on the Stations for cash in the ordinary course
of business ("Time Sales Agreements") and all agreements for the sale of
advertising time on the Stations for non-cash consideration ("Trade
Agreements").

         2.2. RETAINED OBLIGATIONS. Buyer does not assume or agree to
discharge or perform and will not be deemed by reason of the execution and
delivery of this Agreement or any agreement, instrument or document delivered
pursuant to or in connection with this Agreement or otherwise by reason of
the consummation of the transactions contemplated hereby, to have assumed or
to have agreed to discharge or perform, any liabilities, obligations or
commitments of Seller of any nature whatsoever whether accrued, absolute,
contingent or otherwise and whether or not disclosed to Buyer, other than the
Assumed Obligations (the "Retained Obligations").

ARTICLE 3:    PURCHASE PRICE

         3.1. PURCHASE PRICE. In consideration for the sale of the Station
Assets to Buyer, in addition to the assumption of the Assumed Obligations,
Buyer shall at Closing (defined below) deliver to Seller by wire transfer of
immediately available funds the sum of (i) ONE HUNDRED TWENTY SEVEN MILLION
DOLLARS ($127,000,000), subject to adjustment pursuant to Sections 3.3, plus
(ii) the Reserve Adjustment (as defined in Section 3.5 below) (the "Purchase
Price").

         3.2. DEPOSIT. Within three (3) business days from the date of this
Agreement with no Cure Period as defined below, Buyer shall deposit an amount
in cash (which cash amount may thereafter be exchanged with an irrevocable
letter of credit from a nationally recognized commercial bank in such face
amount, such letter of credit subject to prior approval by Seller) equal to
25% of the Purchase Price (the "Deposit") with NationsBank/Bank of America
(the "Escrow Agent") pursuant to the Escrow Agreement (the "Escrow
Agreement") of even date herewith among Buyer, Seller and the Escrow Agent.
At Closing, the Deposit shall be applied to the Purchase Price and any
interest accrued thereon shall be disbursed to Buyer. If this Agreement is
terminated by Seller due to Buyer's failure to consummate the Closing on the
Closing Date or if this Agreement is otherwise terminated by Seller pursuant
to Section 16.1(c), the Deposit and any interest accrued thereon shall be
disbursed to Seller. If this Agreement is terminated for any other reason,
the Deposit and any interest accrued thereon shall be disbursed to Buyer.

         3.3. PRORATIONS AND ADJUSTMENTS. Except as otherwise provided
herein, all deposits, reserves and prepaid and deferred income and expenses
relating to the Station Assets or the Assumed Obligations and arising from
the conduct of the business and operations of the Stations shall be prorated
between Buyer and Seller in accordance with generally accepted accounting
principles as of 11:59 p.m. on the date immediately preceding the Closing
Date. Such prorations shall include, without limitation, all ad valorem, real
estate and other property taxes (but excluding taxes arising by reason of the
transfer of the Station Assets as contemplated hereby which shall be paid as
set forth in Section 13.1), business and license fees, music and other
license fees (including any retroactive adjustments thereof), utility
expenses, amounts due or to become due under Station Contracts, rents, lease
payments

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and similar prepaid and deferred items. Real estate taxes shall be
apportioned on the basis of taxes assessed for the preceding year, with a
reapportionment, if any, as soon as the new tax rate and valuation can be
ascertained. Except as otherwise provided herein, the prorations and
adjustments contemplated by this Section 3.3, to the extent practicable,
shall be made on the Closing Date. As to those prorations and adjustments not
capable of being ascertained on the Closing Date, an adjustment and proration
shall be made within ninety (90) calendar days of the Closing Date. In the
event of any disputes between the parties as to such adjustments, the amounts
not in dispute shall nonetheless be paid at the time provided herein and such
disputes shall be determined by an independent certified public accountant
mutually acceptable to the parties, and the fees and expenses of such
accountant shall be paid one-half by Seller and one-half by Buyer.

         3.4. ALLOCATION. The Purchase Price shall be allocated among the
Station Assets in a manner as mutually agreed between the parties based upon
an appraisal prepared by Bond & Pecaro (whose fees shall be paid one-half by
Seller and one-half by Buyer). Seller and Buyer agree to use the allocations
determined pursuant to this Section 3.4 for all tax purposes, including
without limitation, those matters subject to Section 1060 of the Internal
Revenue Code of 1986, as amended.

         3.5. RESERVE. At the Closing, Seller shall set aside and pay to
Buyer a portion of the Purchase Price (the "Reserve") equal to the sum of (i)
One Million Dollars ($1,000,000), plus (ii) the Reserve Adjustment. Buyer
shall be entitled to use the Reserve in its sole discretion in order to
satisfy certain obligations assumed under the Time Sales Agreements, Trade
Agreements and Station Contracts. The Buyer shall be entitled to retain any
amounts of the Reserve which are not so used. As used herein, the "Reserve
Adjustment" shall be the amount in excess of $1,000,000 which Buyer
reasonably estimates to be the cost of terminating the Time Sales Agreements,
Trade Agreements and Station Contracts which Buyer would not otherwise assume
but for the convenience of Seller hereunder. Buyer will provide Seller with
written notification of its preliminary calculation of the amount of the
Reserve Adjustment at least three (3) days prior to Closing and will pay such
amount to Seller as part of the Purchase Price. Buyer will complete its
calculation of the Reserve Adjustment within ninety (90) days after the
Closing. To the extent such final calculation of the Reserve Adjustment is
higher than the preliminary calculation, Buyer will remit such excess to
Seller as additional Purchase Price, and Seller will set aside and pay such
amount to Buyer as additional Reserve.

ARTICLE 4:    CLOSING

         4.1. CLOSING. The consummation of the sale and purchase of the
Station Assets (the "Closing") shall occur on a date (the "Closing Date") and
at a time and place designated solely by Seller after FCC Consent (defined
below), subject to satisfaction or waiver of the conditions to Closing
contained herein (other than those to be satisfied at Closing). Seller shall
provide Buyer with notice of the Closing Date at least three (3) business
days prior to Closing, however, Seller reserves the right to extend the
Closing Date without penalty. If requested by Seller, prior to Closing the
parties shall hold a pre-closing conference at a time and place designated by
Seller, at which the parties shall provide (for review only) all documents to
be delivered at Closing under this Agreement, each duly executed but undated,
and otherwise confirm their ability to timely consummate the Closing.

ARTICLE 5:    GOVERNMENTAL CONSENTS

         Closing is subject to and conditioned upon (i) prior FCC consent (the
"FCC Consent") to the assignment of the FCC Licenses to Buyer, (ii) United
States Department of Justice ("DOJ") prior approval (the "DOJ Consent") of the
transactions contemplated hereby, including without limitation any such approval
as may be necessary to enable Seller to consummate the merger under the AMFM
Agreement, and (iii) expiration or termination of any applicable
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waiting period ("HSR Clearance") under the HSR Act (defined below).

         5.1. FCC. On a date designated by Seller, Buyer and Seller shall
file an application with the FCC (the "FCC Application") requesting the FCC
Consent. Buyer and Seller shall diligently prosecute the FCC Application and
otherwise use their best efforts to obtain the FCC Consent as soon as
possible. If the FCC Consent imposes upon Buyer any condition (including
without limitation any divestiture condition), Buyer shall timely comply
therewith.

         5.2. HSR. If not previously filed, then within five (5) business
days after the execution of this Agreement, Buyer and Seller shall make any
required filings with the Federal Trade Commission and the DOJ pursuant to
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the
"HSR Act") with respect to the transactions contemplated hereby (including a
request for early termination of the waiting period thereunder), and shall
thereafter promptly respond to all requests received from such agencies for
additional information or documentation.

        5.3. GENERAL. Buyer and Seller shall notify each other of all
documents filed with or received from any governmental agency with respect to
this Agreement or the transactions contemplated hereby. Buyer and Seller
shall furnish each other with such information and assistance as such the
other may reasonably request in connection with their preparation of any
governmental filing hereunder. If Buyer becomes aware of any fact relating to
it which would prevent or delay the FCC Consent, the DOJ Consent or HSR
Clearance, Buyer shall promptly notify Seller thereof and take such steps as
necessary to remove such impediment, including but not limited to divesting
any stations and terminating any agreements to acquire or program or market
any stations.

ARTICLE 6:   REPRESENTATIONS AND WARRANTIES OF BUYER

         Buyer hereby makes the following representations and warranties to
Seller:

         6.1. ORGANIZATION AND STANDING. Buyer is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its
organization, and is qualified to do business in each jurisdiction in which
the Station Assets are located. Buyer has the requisite power and authority
to execute and deliver this Agreement and all of the other agreements and
instruments to be executed and delivered by Buyer pursuant hereto
(collectively, the "Buyer Ancillary Agreements"), to consummate the
transactions contemplated hereby and thereby and to comply with the terms,
conditions and provisions hereof and thereof.

         6.2. AUTHORIZATION. The execution, delivery and performance of this
Agreement and the Buyer Ancillary Agreements by Buyer have been duly
authorized and approved by all necessary action of Buyer and do not require
any further authorization or consent of Buyer. This Agreement is, and each
Buyer Ancillary Agreement when executed and delivered by Buyer and the other
parties thereto will be, a legal, valid and binding agreement of Buyer
enforceable in accordance with its respective terms, except in each case as
such enforceability may be limited by bankruptcy, moratorium, insolvency,
reorganization or other similar laws affecting or limiting the enforcement of
creditors' rights generally and except as such enforceability is subject to
general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law).

         6.3. NO CONFLICTS Neither the execution and delivery by Buyer of
this Agreement and the Buyer Ancillary Agreements or the consummation by
Buyer of any of the transactions contemplated hereby or thereby nor
compliance by Buyer with or fulfillment by Buyer of the terms, conditions and
provisions hereof or thereof will: (i) conflict with any organizational
documents of Buyer or any law, judgment, order or decree to which Buyer is
subject; or (ii) require the approval, consent, authorization or act of, or
the making by Buyer of any declaration, filing or registration with, any
third party or any foreign, federal, state or local court, governmental or
regulatory authority or body, except the FCC Consent and DOJ Consent, and, if
applicable, HSR Clearance.

         6.4. QUALIFICATION. Buyer is legally, financially and otherwise
qualified to be the licensee of, acquire, own and operate the Stations under
the Communications Act of 1934, as amended (the "Communications Act") and
<PAGE>

the rules, regulations and policies of the FCC. There are no facts that
would, under existing law and the existing rules, regulations, policies and
procedures of the FCC, disqualify Buyer as an assignee of the FCC Licenses or
as the owner and operator of the Stations. No waiver of any FCC rule or
policy is necessary for the FCC Consent to be obtained. There is no action,
suit or proceeding pending or threatened against Buyer which questions the
legality or propriety of the transactions contemplated by this Agreement or
could materially adversely affect Buyer's ability to perform its obligations
hereunder. Buyer has and will have available on the Closing Date sufficient
funds to enable it to consummate the transactions contemplated hereby.

         6.5. NO FINDER. Other than Star Media (the fees and expenses of
which are to be paid by Buyer), no broker, finder or other person is entitled
to a commission, brokerage fee or other similar payment in connection with
this Agreement or the transactions contemplated hereby as a result of any
agreement or action of Buyer or any party acting on Buyer's behalf.

ARTICLE 7:    REPRESENTATIONS AND WARRANTIES OF SELLER

         Seller makes the following representations and warranties to Buyer:

         7.1. ORGANIZATION. Each Seller is duly organized, validly existing
and in good standing under the laws of the jurisdiction of its organization,
and is qualified to do business in each jurisdiction in which the Station
Assets are located. Seller has the requisite power and authority to execute
and deliver this Agreement and all of the other agreements and instruments to
be executed and delivered by Seller pursuant hereto (collectively, the
"Seller Ancillary Agreements"), to consummate the transactions contemplated
hereby and thereby and to comply with the terms, conditions and provisions
hereof and thereof.

         7.2. AUTHORIZATION. The execution, delivery and performance of this
Agreement and the Seller Ancillary Agreements by Seller have been duly
authorized and approved by all necessary action of Seller and do not require
any further authorization or consent of Seller. This Agreement is, and each
Seller Ancillary Agreement when executed and delivered by Seller and the
other parties thereto will be, a legal, valid and binding agreement of Seller
enforceable in accordance with its respective terms, except in each case as
such enforceability may be limited by bankruptcy, moratorium, insolvency,
reorganization or other similar laws affecting or limiting the enforcement of
creditors' rights generally and except as such enforceability is subject to
general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law).

         7.3. NO CONFLICTS. Neither the execution and delivery by Seller of
this Agreement and the Seller Ancillary Agreements or the consummation by
Seller of any of the transactions contemplated hereby or thereby nor
compliance by Seller with or fulfillment by Seller of the terms, conditions
and provisions hereof or thereof will: (i) conflict with any organizational
documents of Seller or any law, judgment, order, or decree to which Seller is
subject or, except as set forth on SCHEDULE 1.1(c), any Station Contract; or
(ii) require the approval, consent, authorization or act of, or the making by
Seller of any declaration, filing or registration with, any third party or
any foreign, federal, state or local court, governmental or regulatory
authority or body, except the FCC Consent and DOJ Consent and, if applicable,
HSR Clearance.

         7.4. FCC LICENSES. Seller (or one of the companies comprising
Seller) is the holder of the FCC Licenses described on SCHEDULE 1.1(a). The
FCC Licenses are in full force and effect and have not been revoked,
suspended, canceled, rescinded or terminated and have not expired. There is
not pending any action by or before the FCC to revoke, suspend, cancel,
rescind or materially adversely modify any of the FCC Licenses (other than
proceedings to amend FCC rules of general applicability), and there is not
now issued or outstanding, by or before the FCC, any order to show cause,
notice of violation, notice of apparent liability, or notice of forfeiture
against Seller with respect to the Stations. The Stations are operating in
compliance in all material respects with the FCC Licenses, the Communications
Act, and the rules, regulations and policies of the FCC.

         7.5. TAXES. Seller has, in respect of the Stations' business, filed
all foreign, federal, state, county and local income, excise, property,
sales, use, franchise and other tax returns and reports which are required to
have

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been filed by it under applicable law and has paid all taxes which have
become due pursuant to such returns or pursuant to any assessments which have
become payable.

         7.6. PERSONAL PROPERTY. SCHEDULE 1.1(b) contains a list of all
material items of Tangible Personal Property included in the Station Assets.
Seller has title to the Tangible Personal Property free and clear of Liens
other than Permitted Liens. The Tangible Personal Property is in good
condition and working order.

         7.7. REAL PROPERTY. SCHEDULE 1.1(f) contains a description of all
Real Property included in the Station Assets. Seller has fee simple title to
the owned Real Property ("Owned Real Property") free and clear of Liens other
than Permitted Liens. SCHEDULE 1.1(f) includes a description of each lease of
Real Property or similar agreement included in the Station Assets (the "Real
Property Leases"). The Owned Real Property includes, and the Real Property
Leases provide, access to the Stations' facilities. To Seller's knowledge,
the Real Property is not subject to any suit for condemnation or other taking
by any public authority.

         7.8. CONTRACTS. Each of the Station Contracts (including without
limitation each of the Real Property Leases) is in effect and is binding upon
Seller and, to Seller's knowledge, the other parties thereto (subject to
bankruptcy, insolvency, reorganization or other similar laws relating to or
affecting the enforcement of creditors' rights generally). Seller has
performed its obligations under each of the Station Contracts in all material
respects, and is not in material default thereunder, and to Seller's
knowledge, no other party to any of the Station Contracts is in default
thereunder in any material respect.

         7.9. ENVIRONMENTAL. Except as set forth in any environmental report
delivered by Seller to Buyer prior to the date of this Agreement and except
as set forth on SCHEDULE 1.1(f), to Seller's knowledge, no hazardous or toxic
substance or waste regulated under any applicable environmental, health or
safety law has been generated, stored, transported or released on, in, from
or to the Real Property included in the Station Assets. Except as set forth
in any environmental report delivered by Seller to Buyer prior to the date of
this Agreement and except as set forth on SCHEDULE 1.1(f), to Seller's
knowledge, Seller has complied in all material respects with all
environmental, health and safety laws applicable to the Stations.

         7.10. INTANGIBLE PROPERTY. SCHEDULE 1.1(d) contains a description of
the material Intangible Property included in the Station Assets. Except as
set forth on SCHEDULE 1.1(d), Seller has received no notice of any claim that
its use of the Intangible Property infringes upon any third party rights.
Except as set forth on SCHEDULE 1.1(d), Seller owns or has the right to use
the Intangible Property free and clear of Liens other than Permitted Liens.

         7.11. COMPLIANCE WITH LAW. Seller has complied in all material
respects with all laws, regulations, rules, writs, injunctions, ordinances,
franchises, decrees or orders of any court or of any foreign, federal, state,
municipal or other governmental authority which are applicable to the
operation of the Stations. There is no action, suit or proceeding pending or
threatened against Seller in respect of the Stations that will subject Buyer
to liability or which questions the legality or propriety of the transactions
contemplated by this Agreement. To Seller's knowledge, there are no
governmental claims or investigations pending or threatened against Seller in
respect of the Stations (except those affecting the industry generally).

         7.12. NO FINDER. Other than Star Media (the fees and expenses of
which are to be paid by Buyer), no broker, finder or other person is entitled
to a commission, brokerage fee or other similar payment in connection with
this Agreement or the transactions contemplated hereby as a result of any
agreement or action of Seller or any party acting on Seller's behalf.

         7.13. FINANCIAL STATEMENTS. Seller has delivered to Buyer copies of
the unaudited results of operations of the Stations for the nine months ended
September 30, 1999, prepared in accordance with the books and records of the
Stations.

ARTICLE 8:     ACCOUNTS RECEIVABLE
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         8.1.  ACCOUNTS RECEIVABLE. All accounts receivable arising prior to
the Closing Date in connection with the operation of the Stations, including
but not limited to accounts receivable for advertising revenues for programs
and announcements performed prior to the Closing Date and other broadcast
revenues for services performed prior to the Closing Date, shall remain the
property of Seller (the "Accounts Receivable") and Buyer shall not acquire
any right or interest therein. To the extent Buyer receives any payment in
respect of the Accounts Receivable, it shall promptly remit the same to
Seller.

ARTICLE 9:     COVENANTS OF SELLER

         9.1.  SELLER'S COVENANTS. Seller covenants and agrees with respect
to the Stations that, between the date hereof and Closing, except as
permitted by this Agreement or with the prior written consent of Buyer, which
shall not be unreasonably withheld, Seller shall:

               (1) operate the Stations in the ordinary course of business
consistent with past practice and in all material respects in accordance with
FCC rules and regulations and with all other applicable laws, regulations,
rules and orders;

               (2) not, other than in the ordinary course of business in
accordance with past practice, sell, lease or dispose of or agree to sell,
lease or dispose of any of the Station Assets, or create, assume or permit to
exist any Liens upon the Station Assets, except for Permitted Liens; ,

               (3) furnish Buyer with such information relating to the
Station Assets as Buyer may reasonably request, at Buyer's expense and
provided such request does not interfere unreasonably with the business of
the Stations;

               (4) not enter into new Station Contracts with a term greater
than one year and an aggregate value greater than $25,000 which cannot be
canceled with ninety (90) days prior written notice, without providing prior
written notice to Buyer, or enter into Trade Agreements which in the
aggregate exceed related barter assets;

               (5) use good faith efforts to satisfy, prior to Closing, all
of the obligations of the Stations under the Trade Agreement; and

               (6) upon the written request of Buyer, promptly send notices
of non-renewal or early termination in respect of any Station Contract in
which such notice would not constitute a breach of such Station Contract.

         9.2.  FINANCIAL STATEMENTS. Seller shall cooperate with Buyer in
order to enable Buyer to have its independent auditors prepare financial
statements (at Buyer's expense) for the Stations as may be required of Buyer
pursuant to federal securities laws.

ARTICLE 10:    JOINT COVENANTS

         Buyer and Seller hereby covenant and agree that between the date hereof
and Closing:

         10.1. COOPERATION. Subject to express limitations contained
elsewhere herein, each party (i) shall cooperate fully with one another in
taking any reasonable actions (including without limitation, reasonable
actions to obtain the required consent of any governmental instrumentality or
any third party) necessary or helpful to accomplish the transactions
contemplated by this Agreement, including but not limited to the prompt
satisfaction of any condition to Closing set forth herein, and (ii) shall not
take any action that conflicts with its obligations hereunder or that causes
its representations and warranties to become untrue in any material respect.

         10.2. CONTROL OF STATIONS. Buyer shall not, directly or indirectly,
control, supervise or direct the
<PAGE>

operations of the Stations prior to Closing. Such operations, including
complete control and supervision of all Station programs, employees and
policies, shall be the sole responsibility of Seller.

         10.3. CONSENTS TO ASSIGNMENT. The parties shall use commercially
reasonable efforts to obtain any third party consents necessary for the
assignment of any Station Contract (which shall not require any payment to
any such third party). To the extent that any Station Contract may not be
assigned without the consent of any third party, and such consent is not
obtained prior to Closing, this Agreement and any assignment executed
pursuant hereto shall not constitute an assignment thereof, but to the extent
permitted by law shall constitute an equitable assignment by Seller and
assumption by Buyer of Seller's rights and obligations under the applicable
Station Contract, with Seller making available to Buyer the benefits thereof
and Buyer performing the obligations thereunder on Seller's behalf; provided,
however, that Seller shall indemnify Buyer from and against all costs,
expenses and damages incurred by Buyer as a result of Seller's failure to
have obtained a consent to assignment with respect to any of the leases for
the main transmitter sites listed on SCHEDULE 1.1(f) from which the Stations'
signals are broadcast. Seller shall be released from all indemnification
obligations with respect to Seller's failure to have obtained a consent to
assignment with respect to any of the leases for the main transmitter sites
from which the Stations' signals are broadcast six (6) months after the
Closing Date, except to the extent that written notice of such
indemnification claim is given by Buyer to Seller within the six month time
period.

         10.4. EMPLOYEE MATTERS.

               (1) Prior to Closing, Seller shall deliver to Buyer a list of
substantially all the employees who work for KKFR(FM) and a list of employees
of who work for KEYI-FM and KXPK-FM that Seller does not intend to retain
after Closing. Buyer may interview and elect to hire such listed employees,
but not any other employees of Seller. Buyer is obligated to hire only those
employees that are under employment contracts (and assume Seller's
obligations and liabilities under such employment contracts) which are
included in the Station Contracts. Certain of the employees under employment
contracts will be terminated as of the Closing by Buyer, and Buyer will be
responsible for all amounts owed to such employees in respect of periods on
and after the Closing. With respect to employees hired by Buyer ("Transferred
Employees"), to the extent permitted by law, Seller shall provide Buyer
access to its personnel records and such other information as Buyer may
reasonably request prior to Closing. With respect to such hired employees,
Seller shall be responsible for the payment of all compensation payable by it
with respect to periods prior to Closing and thereafter Buyer shall be
responsible for all such obligations payable by it under the terms of
applicable employee benefits plans. Buyer shall cause all employees it hires
to be eligible to participate in its "employee welfare benefit plans" and
"employee pension benefit plans" (as defined in Section 3(1) and 3(2) of
ERISA, respectively) in which similarly situated employees are generally
eligible to participate; provided, however, that all such employees and their
spouses and dependents, who are currently covered by Seller's plan(s), shall
be eligible for coverage immediately after Closing (and shall not be excluded
from coverage on account of any pre-existing condition unless such persons
are excluded from Seller's plan on account of any pre-existing condition,
such persons to receive credit towards any pre-existing condition waiting
period under Buyer's plan(s) to the extend such credit was earned towards any
pre-existing waiting period under Seller's plan(s)) to the extent provided
under such plans. For purposes of any length of service requirements, waiting
periods, vesting periods or differential benefits based on length of service
in any such plan for which such employees may be eligible after Closing,
Buyer shall ensure that service with Seller shall be deemed to have been
service with the Buyer. In addition, Buyer shall ensure that each such
employee receives credit under any welfare benefit plan of Buyer for any
deductibles and co-payments paid by such employees and dependents for the
current plan year under a plan maintained by Seller, and at Buyer's request,
Seller will produce a report of such credits as soon as administratively
possible. Notwithstanding any other
<PAGE>

provision contained herein, Buyer shall grant credit to each such employee
for all unused sick leave accrued as of Closing as an employee of Seller.
Buyer shall assume and discharge Seller's liabilities for the payment of all
unused vacation leave accrued by such employees as of Closing.

               (2) At such time as the Seller can represent to the Buyer as
to the tax-qualified status of the 401(k) savings plan(s) in which
Transferred Employees retain account balances with the Seller or its
subsidiaries (the "Saving Plan(s)") and furnish to Buyer a favorable Internal
Revenue Service determination letter as to the tax-qualified status of such
Savings Plan(s) under Section 401(a) of the Code (or an opinion of counsel
that the form of the Savings Plan(s) is so qualified), Buyer and Seller shall
enter into a 401(k) plan asset transfer agreement pursuant to which Buyer
shall establish a defined contribution plan (or cover Transferred Employees
under an existing defined contribution plan sponsored by Buyer) for the
benefit of Transferred Employees who were participants in the Savings
Plan(s). Such Transferred Employees are referred to hereinafter as the
"Savings Plan Employees."

               (c) Following execution of the agreement contemplated in
clause (b) above, Seller shall cause to be transferred from the Savings
Plan(s) to the plan covering the Savings Plan Employees (the "Transferee
Savings Plan") the liability for the account balances of the Savings Plan
Employees (including outstanding loan balances of Savings Plan Employees),
together with cash, cash equivalents or other mutually acceptable property,
the value of which on such transfer date is equal to such liability, and
Buyer shall cause the Transferee Savings Plan to accept such transfer, all in
accordance with the rules and regulations under Section 414(l) of the Code.

               (d) Pending completion of the transfers described in this
Section, Seller and Buyer shall make arrangements for any distributions, if
any, to the Savings Plan Employees from the Savings Plan(s). Seller and Buyer
shall provide each other with access to information reasonably necessary in
order to carry out the provisions of this paragraph. In addition, until the
asset transfer is effectuated, Buyer shall cooperate with the reasonable
requests of Seller to continue to withhold from the pay checks of Transferred
Employees' who have outstanding loan balances in the Savings Plan(s) and
Buyer shall remit such withheld amounts to the Seller in a timely fashion
such that the outstanding loans do not go into default.

         10.5. 1031 EXCHANGE. At or prior to Closing, Seller may assign its
rights under this Agreement (in whole or in part) to a qualified intermediary
(as defined in Treasury regulation section 1.1031(k)-1(g)(4)) or similar
entity or arrangement ("Qualified Intermediary"). Upon any such assignment,
Seller shall promptly give written notice thereof to Buyer, and Buyer shall
cooperate with the reasonable requests of Seller and any Qualified
Intermediary in connection therewith. Without limiting the generality of the
foregoing, if Seller gives notice of such assignment, Buyer shall (i)
promptly provide Seller with written acknowledgment of such notice and (ii)
at Closing, pay the Purchase Price (or any portion thereof designated by the
Qualified Intermediary) to or on behalf of the Qualified Intermediary (which
payment shall, to the extent thereof, satisfy the obligations of Buyer to
make such payment hereunder). Seller's assignment to a Qualified Intermediary
will not relieve Seller of any of its duties or obligations herein. Except
for the obligations of Buyer set forth in this Section, Buyer shall not have
any liability or obligation to Seller for the failure of the contemplated
exchange to qualify as a like-kind exchange under Section 1031 of the
Internal Revenue Code unless such failure is the result of the material
breach or default by Buyer under this Agreement.

         10.6. TRUST. Notwithstanding anything in this Agreement to the
contrary, Seller may at it option assign
<PAGE>

this Agreement (in whole or part) and assign and transfer the Station Assets
(in whole or in part) to a trustee to hold and operate pursuant to a trust
agreement, provided such trustee assumes Seller's duties and obligations
hereunder with respect to the Station Assets held in such trust.

         10.7. KXTA-AM TOWER LEASE. At or prior to Closing, Buyer shall amend
the KXTA-AM, Los Angeles, California License Agreement between KTNQ/KLVE,
Inc. and Citicasters Co. dated December 10, 1997, pursuant to which Buyer is
the landlord and Seller is the tenant in the form attached hereto ("KXTA
Lease Amendment").

ARTICLE 11:    CONDITIONS OF CLOSING BY BUYER

         The obligations of Buyer hereunder are, at its option, subject to
satisfaction, at or prior to Closing, of each of the following conditions:

         11.1. REPRESENTATIONS, WARRANTIES AND COVENANTS. The representations
and warranties of Seller made in this Agreement shall be true and correct in
all material respects as of the Closing Date except for changes permitted or
contemplated by the terms of this Agreement, and the covenants and agreements
to be complied with and performed by Seller at or prior to Closing shall have
been complied with or performed in all material respects. Buyer shall have
received a certificate dated as of the Closing Date from Seller, executed by
an authorized officer of Seller to the effect that the conditions set forth
in this Section have been satisfied.

         11.2. GOVERNMENTAL CONSENTS. The FCC Consent and DOJ Consent, and,
if applicable, HSR Clearance, shall have been obtained, and no court or
governmental order prohibiting Closing shall be in effect.

ARTICLE 12:    CONDITIONS OF CLOSING BY SELLER

         The obligations of Seller hereunder are, at its option, subject to
satisfaction, at or prior to Closing, of each of the following conditions:

         12.1. REPRESENTATIONS, WARRANTIES AND COVENANTS. The representations
and warranties of Buyer made in this Agreement shall be true and correct in
all material respects as of the Closing Date except for changes permitted or
contemplated by the terms of this Agreement, and the covenants and agreements
to be complied with and performed by Buyer at or prior to Closing shall have
been complied with or performed in all material respects. Seller shall have
received a certificate dated as of the Closing Date from Buyer, executed by
an authorized officer of Buyer, to the effect that the conditions set forth
in this Section have been satisfied.

         12.2. GOVERNMENTAL CONSENTS. The FCC Consent and DOJ Consent, and,
if applicable, HSR Clearance, shall have been obtained, and no court or
governmental order prohibiting Closing shall be in effect.

         12.3. AMFM CLOSING. The closing under the AMFM Agreement shall have
been consummated.

ARTICLE 13:    EXPENSES

         13.1. EXPENSES. Each party shall be solely responsible for all costs
and expenses incurred by it in connection with the negotiation, preparation
and performance of and compliance with the terms of this Agreement, except
that (i) all recordation, transfer and documentary taxes, fees and charges,
and any excise, sales or use taxes, applicable to the transfer of the Station
Assets shall be paid by Buyer, (ii) all FCC filing fees shall be paid equally
by Buyer and Seller, and (iii) all HSR Act filing fees and expenses shall be
paid by Buyer.

ARTICLE 14:    DOCUMENTS TO BE DELIVERED AT CLOSING

         14.1. SELLER'S DOCUMENTS. At Closing, Seller shall deliver or cause
to be delivered to Buyer:

               (1) certified copies of resolutions authorizing its execution,
delivery and performance of this

<PAGE>

Agreement, including the consummation of the transactions contemplated hereby;

               (2) the certificate described in Section 11.1; and

               (3) such bills of sale, assignments, special warranty deeds,
documents of title and other instruments of conveyance, assignment and
transfer as may be necessary to convey, transfer and assign the Station
Assets to Buyer, free and clear of Liens, except for Permitted Liens.

         14.2. BUYER'S DOCUMENTS. At Closing, Buyer shall deliver or cause to
be delivered to Seller:

               (1) the certified copies of resolutions authorizing its
execution, delivery and performance of this Agreement, including the
consummation of the transactions contemplated hereby;

               (2) the certificate described in Section 12.1;

               (3) such documents and instruments of assumption as may be
necessary to assume the Assumed Obligations, and the Purchase Price in
accordance with Section 3.1 hereof; and,

               (4) the KXTA Lease Amendment described in Section 10.7.

ARTICLE 15:    SURVIVAL; INDEMNIFICATION.

         15.1. SURVIVAL. The covenants, agreements, representations and
warranties in this Agreement shall survive Closing for a period of six (6)
months from the Closing Date whereupon they shall expire and be of no further
force or effect, except those under (i) this Article 15 that relate to
Damages (defined below) for which written notice is given by the indemnified
party to the indemnifying party prior to the expiration, which shall survive
until resolved and (ii) the following provisions (the "Expense Provisions"):
Sections 2.1 (Assumed Obligations), 3.3 (Adjustments), 3.4 (Allocation), 8.1
(Accounts Receivable) and 13.1 (Expenses), and indemnification obligations
with respect to such provisions, which shall survive until performed.

         15.2. INDEMNIFICATION.

               (1) From and after the Closing, Seller shall defend, indemnify
and hold harmless Buyer from and against any and all losses, costs, damages,
liabilities and expenses, including reasonable attorneys' fees and expenses
("Damages") incurred by Buyer arising out of or resulting from: (i) any
breach or default by Seller under this Agreement; (ii) the Retained
Obligations; or (iii) the business or operation of the Stations before
Closing; provided, however, that after Closing, except for Expenses
Provisions (which shall not be subject to such limitations), (i) Seller shall
have no liability to Buyer hereunder until, and only to the extent that,
Buyer's aggregate Damages exceed $500,000 and (ii) the maximum liability of
Seller hereunder shall be $5,000,000.

               (2) From and after the Closing, Buyer shall defend, indemnify
and hold harmless Seller from and against any and all Damages incurred by
Seller arising out of or resulting from: (i) any breach or default by Buyer
under this Agreement; (ii) the Assumed Obligations; or (iii) the business or
operation of the Stations after Closing; provided however, that after
Closing, except for the Expense Provisions (which shall not be subject to
such limitations), (i) Buyer shall have no liability to Seller hereunder
until, and only to the extent that, Seller's aggregate Damages exceed
$500,000 and (ii) the maximum liability of Buyer hereunder shall be
$5,000,000.

         15.3. PROCEDURES. The indemnified party shall give prompt written
notice to the indemnifying party of any demand, suit, claim or assertion of
liability by third parties or other circumstances that could give rise to an
indemnification obligation hereunder against the indemnifying party (a
"Claim"), but a failure to give such notice or delaying such notice shall not
affect the indemnified party's right to indemnification and the indemnifying
party's obligation to indemnify as set forth in this Agreement, except to the
extent the indemnifying party's ability to
<PAGE>

remedy, contest, defend or settle with respect to such Claim is thereby
prejudiced. The obligations and liabilities of the parties with respect to
any Claim shall be subject to the following additional terms and conditions:

               (1) The indemnifying party shall have the right to undertake,
by counsel or other representatives of its own choosing, the defense or
opposition to such Claim.

               (2) In the event that the indemnifying party shall elect not
to undertake such defense or opposition, or, within twenty (20) days after
written notice (which shall include sufficient description of background
information explaining the basis for such Claim) of any such Claim from the
indemnified party, the indemnifying party shall fail to undertake to defend
or oppose, the indemnified party (upon further written notice to the
indemnifying party) shall have the right to undertake the defense,
opposition, compromise or settlement of such Claim, by counsel or other
representatives of its own choosing, on behalf of and for the account and
risk of the indemnifying party (subject to the right of the indemnifying
party to assume defense of or opposition to such Claim at any time prior to
settlement, compromise or final determination thereof).

               (3) Anything herein to the contrary notwithstanding: (i) the
indemnified party shall have the right, at its own cost and expense, to
participate in the defense, opposition, compromise or settlement of the
Claim; (ii) the indemnifying party shall not, without the indemnified party's
written consent, settle or compromise any Claim or consent to entry of any
judgment which does not include as an unconditional term thereof the giving
by the claimant or the plaintiff to the indemnified party of a release from
all liability in respect of such Claim; and (iii) in the event that the
indemnifying party undertakes defense of or opposition to any Claim, the
indemnified party, by counsel or other representative of its own choosing and
at its sole cost and expense, shall have the right to consult with the
indemnifying party and its counsel or other representatives concerning such
Claim and the indemnifying party and the indemnified party and their
respective counsel or other representatives shall cooperate in good faith
with respect to such Claim.

               (4) All claims not disputed shall be paid by the indemnifying
party within thirty (30) days after receiving notice of the Claim. "Disputed
Claims" shall mean claims for Damages by an indemnified party which the
indemnifying party objects to in writing within thirty (30) days after
receiving notice of the Claim. In the event there is a Disputed Claim with
respect to any Damages, the indemnifying party shall be required to pay the
indemnified party the amount of such Damages for which the indemnifying party
has, pursuant to a final determination, been found liable within ten (10)
days after there is a final determination with respect to such Disputed
Claim. A final determination of a Disputed Claim shall be (i) a judgment of
any court determining the validity of a Disputed Claim, if no appeal is
pending from such judgment and if the time to appeal therefrom has elapsed;
(ii) an award of any arbitration determining the validity of such disputed
claim, if there is not pending any motion to set aside such award and if the
time within which to move to set aside such award has elapsed; (iii) a
written termination of the dispute with respect to such claim signed by the
parties thereto or their attorneys; (iv) a written acknowledgment of the
indemnifying party that it no longer disputes the validity of such claim; or
(v) such other evidence of final determination of a disputed claim as shall
be acceptable to the parties. No undertaking of defense or opposition to a
Claim shall be construed as an acknowledgment by such party that it is liable
to the party claiming indemnification with respect to the Claim at issue or
other similar Claims.

ARTICLE 16:    TERMINATION

         16.1. TERMINATION. This Agreement may be terminated at any time
prior to Closing as follows:

               (1) by mutual written consent of Buyer and Seller;

               (2) by written notice of Buyer to Seller if Seller (i) does
not satisfy the conditions or perform the obligations to be satisfied or
performed by it on the Closing Date; or (ii) otherwise breaches in any
material respect any of its representations or warranties or defaults in any
material respect in the performance of any of its covenants or agreements
herein contained and such breach or default is not cured within the Cure
Period (defined
<PAGE>

below);

               (3) by written notice of Seller to Buyer if Buyer (i) does not
satisfy the conditions or perform the obligations to be satisfied or
performed by it on the Closing Date; or (ii) otherwise breaches in any
material respect any of its representations or warranties or defaults in any
material respect in the performance of any of its covenants or agreements
herein contained and such breach or default is not cured within the Cure
Period (defined below);

               (4) by written notice of Buyer to Seller, or by Seller to
Buyer, if the FCC denies the FCC Application;

               (5) by written notice of Seller to Buyer if the Closing shall
not have been consummated on or before the date four months after the date of
this Agreement; or

               (6) by written notice of Seller to Buyer if the AMFM Agreement
is terminated or expires.

         The term "Cure Period" as used herein means a period commencing the
date Buyer or Seller receives from the other written notice of breach or
default hereunder and continuing until the earlier of (i) thirty (30) days
thereafter or (ii) the Closing Date; provided, however, that if the breach or
default cannot reasonably be cured within such period but can be cured before
the Closing Date, and if diligent efforts to cure promptly commence, then the
Cure Period shall continue as long as such diligent efforts to cure continue,
but not beyond the Closing Date. Except as set forth below, the termination
of this Agreement shall not relieve any party of any liability for breach or
default under this Agreement prior to the date of termination.
Notwithstanding anything contained herein to the contrary, Section 13.1 shall
survive any termination of this Agreement.

         16.2. REMEDIES. The parties recognize that if either party refuses
to consummate the Closing pursuant to the provisions of this Agreement or
either party otherwise breaches or defaults such that the Closing has not
occurred ("Breaching Party"), monetary damages alone will not be adequate to
compensate the non-breaching party ("Non-Breaching Party") for its injury.
Such Non-Breaching Party shall therefore be entitled to obtain specific
performance of the terms of this Agreement in lieu of, and not in addition
to, any other remedies, including but not limited to monetary damages, that
may be available to it; provided however, that Seller may elect to recover
liquidated damages in lieu of obtaining specific performance. If any action
is brought by the Non-Breaching Party to enforce this Agreement, the
Breaching Party shall waive the defense that there is an adequate remedy at
law. In the event of a default by the Breaching Party which results in the
filing of a lawsuit for damages, specific performance, or other remedy, the
Non-Breaching Party shall be entitled to reimbursement by the Breaching Party
of reasonable legal fees and expenses incurred by the Non-Breaching Party,
provided that the Non-Breaching Party is successful in such lawsuit.

         16.3. LIQUIDATED DAMAGES. If Seller terminates this Agreement due to
Buyer's failure to consummate the Closing on the Closing Date or if this
Agreement is otherwise terminated by Seller pursuant to Section 16.1(c), then
the Deposit and any interest accrued thereon shall be paid to Seller, and
such payment shall constitute liquidated damages. It is understood and agreed
that such liquidated damages amount represents Buyer's and Seller's
reasonable estimate of actual damages and does not constitute a penalty.

ARTICLE 17:    MISCELLANEOUS PROVISIONS

         17.1. CASUALTY LOSS. In the event any loss or damage of the Station
Assets exists on the Closing Date, Buyer and Seller shall consummate the
Closing and Seller shall assign to Buyer the proceeds of any insurance
payable to Seller on account of such damage or loss.

         17.2. FURTHER ASSURANCES. After the Closing, Seller shall from time
to time, at the request of and without further cost or expense to Buyer,
execute and deliver such other instruments of conveyance and transfer and
<PAGE>

take such other actions as may reasonably be requested in order to more
effectively consummate the transactions contemplated hereby to vest in Buyer
good title to the Station Assets, and Buyer shall from time to time, at the
request of and without further cost or expense to Seller, execute and deliver
such other instruments and take such other actions as may reasonably be
requested in order more effectively to relieve Seller of any obligations
being assumed by Buyer hereunder.

             17.3. ASSIGNMENT. Except as set forth in Sections 10.5 (1031
Exchange) and 10.6 (Trust), neither party may assign this Agreement without
the prior written consent of the other party hereto; provided, however, that
either party may assign this Agreement to one or more direct or indirect
subsidiaries so long as (i) the assigning party remains liable hereunder,
(ii) the assignment is made prior to any filings with the FCC, FTC, DOJ,
including any HSR filing, and (ii) such assignment will not delay any consent
required to be obtained hereunder, including but not limited to HSR
Clearance, DOJ Consent and FCC Consent, or delay the Closing in any respect.
With respect to any permitted assignment, the parties shall take all such
actions as are reasonably necessary to effectuate such assignment, including
but not limited to cooperating in any appropriate filings with the FCC or
other governmental authorities. All covenants, agreements, statements,
representations, warranties and indemnities in this Agreement by and on
behalf of any of the parties hereto shall bind and inure to the benefit of
their respective successors and permitted assigns of the parties hereto.

         17.4. AMENDMENTS. No amendment, waiver of compliance with any
provision or condition hereof or consent pursuant to this Agreement shall be
effective unless evidenced by an instrument in writing signed by the party
against whom enforcement of any waiver, amendment, change, extension or
discharge is sought.

         17.5. HEADINGS. The headings set forth in this Agreement are for
convenience only and will not control or affect the meaning or construction
of the provisions of this Agreement.

         17.6. GOVERNING LAW. The construction and performance of this
Agreement shall be governed by the laws of the State of Texas without giving
effect to the choice of law provisions thereof.

         17.7. NOTICES. Any notice, demand or request required or permitted
to be given under the provisions of this Agreement shall be in writing,
including by facsimile, and shall be deemed to have been received on the date
of personal delivery, on the third day after deposit in the U.S. mail if
mailed by registered or certified mail, postage prepaid and return receipt
requested, on the day after delivery to a nationally recognized overnight
courier service if sent by an overnight delivery service for next morning
delivery or when delivered by facsimile transmission, and shall be addressed
as follows (or to such other address as any party may request by written
notice):

<PAGE>

if to Seller:                           c/o Clear Channel Broadcasting, Inc.
                                        200 Concord Plaza, Suite 600
                                        San Antonio, Texas 78216
                                        Attention: President
                                        Facsimile: (210) 822-2299

with a copy (which shall not
constitute notice) to:                  Graydon, Head & Ritchey
                                        1900 Fifth Third Center
                                        511 Walnut Street
                                        Cincinnati, Ohio 45202
                                        Attention: John J. Kropp, Esq.
                                        Facsimile:  (513) 651-3836

if to Buyer:                            c/o Hispanic Broadcasting Corporation
                                        3102 Oak Lawn Avenue, Suite 215
                                        Dallas, Texas 75219
                                        Attention: President
                                        Facsimile: (214) 525-7750

with a copy (which shall not
constitute notice) to:                  Hallett & Perrin
                                        717 N. Harwood, 14th Flr.
                                        Dallas, Texas 75201
                                        Attention: Bruce H. Hallett, Esq.
                                        Facsimile: (214) 953-0576

         17.8. COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which will be deemed an original and all of which
together will constitute one and the same instrument.

         17.9. NO THIRD PARTY BENEFICIARIES. Nothing herein expressed or
implied is intended or shall be construed to confer upon or give to any
person or entity other than the parties hereto and their successors or
permitted assigns, any rights or remedies under or by reason of this
Agreement.

         17.10. SEVERABILITY. The parties agree that if one or more
provisions contained in this Agreement shall be deemed or held to be invalid,
illegal or unenforceable in any respect under any applicable law, this
Agreement shall be construed with the invalid, illegal or unenforceable
provision deleted, and the validity, legality and enforceability of the
remaining provisions contained herein shall not be affected or impaired
thereby.

         17.11. ENTIRE AGREEMENT. This Agreement embodies the entire
agreement and understanding of the parties hereto and supersedes any and all
prior agreements, arrangements and understandings relating to the matters
provided for herein. This Agreement does not supersede any confidentiality
agreement relating to the Stations.

                            [SIGNATURE PAGE FOLLOWS]
<PAGE>

                  SIGNATURE PAGE(S) TO ASSET PURCHASE AGREEMENT

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first set forth above.

SELLER:                    CLEAR CHANNEL BROADCASTING, INC.

                           By: /s/ Jerome L. Kersting
                               -----------------------------------------
                               Jerome L. Kersting, Senior Vice President

                           CLEAR CHANNEL BROADCASTING LICENSES, INC.

                           By: /s/ Jerome L. Kersting
                               -----------------------------------------
                               Jerome L. Kersting, Senior Vice President

                           AMFM RADIO LICENSES LLC

                           By: /s/ William S. Banowsky, Jr.
                               -----------------------------------------
                               Name:  William S. Banowsky, Jr.
                               Title: Executive Vice President

                           AMFM OHIO, INC.

                           By: /s/ William S. Banowsky, Jr.
                               -----------------------------------------
                               Name:  William S. Banowsky, Jr.
                               Title: Executive Vice President

                           AMFM HOUSTON, INC.

                           By: /s/ William S. Banowsky, Jr.
                               -----------------------------------------
                               Name:  William S. Banowsky, Jr.
                               Title: Executive Vice President
<PAGE>

BUYER:                     HISPANIC BROADCASTING CORPORATION

                           By: /s/ Jeffrey T. Hinson
                               -----------------------------------------
                               Jeffrey T. Hinson, Senior Vice President and
                               Chief Financial Officer<PAGE>
                                                                    EXHIBIT 10.1
                            MOSSIMO LICENSE AGREEMENT

         THIS AGREEMENT is made and entered into as of the 28th day of March,
2000 by and between MOSSIMO, INC., a Delaware corporation ("Licensor") and
TARGET STORES, a division of Target Corporation, a Minnesota corporation
("Licensee").

         A. Licensor is the owner of various MOSSIMO trademarks, and the
goodwill associated therewith, and has the right, power and authority to grant
licenses to others to use such trademarks in connection with the design,
manufacture, importation, distribution, marketing, advertising and sale of
certain merchandise.

         B. Licensor also has the right, power and authority to cause Mossimo G.
Giannulli ("Giannulli"), an employee, officer and principal shareholder of
Licensor, to perform in the manner provided herein.

         C. Licensee is engaged in the marketing and sale of general merchandise
and services.

         D. Licensor and Licensee desire to enter into this Agreement relating
to the design, manufacture, importation, distribution, marketing, advertising
and sale of merchandise bearing the MOSSIMO trademarks, on the terms and subject
to the conditions set forth herein.

         NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants and agreements contained herein, the parties hereto agree as
follows:

1. DEFINITIONS. For purposes of this Agreement, the following capitalized terms
shall have the following meanings and, unless the context otherwise requires,
shall include the plural as well as the singular:

         "Design Materials" mean all designs, drawings, sketches,
specifications, inventions, ideas, writings or other documentation, systems,
processes, computer programs, improvements, trade secrets, know-how or similar
rights, whether or not patentable or copyrightable, which are produced in the
course of performing the Services hereunder.

         "Trademarks" mean the MOSSIMO trademark, various other marks
incorporating the name MOSSIMO with stylized designs, all as more specifically
set forth as Exhibit A attached hereto, certain common law rights relating
thereto and the goodwill associated therewith.

         "Exclusive Merchandise" means products which fall within the categories
identified as exclusive in Exhibit B attached hereto.

         "Existing Licensees" means the licensees of the Trademarks in the
Territory under license agreements outstanding as of the date hereof and
identified on Exhibit E hereto.

                                       1

<PAGE>

         "Existing Licensee Merchandise" means products licensed to Existing
Licensees and identified in Exhibit B attached hereto.

         "Merchandise" means the Exclusive Merchandise and the Existing Licensee
Merchandise, collectively.

         "Fiscal Quarter" means Licensee's fiscal quarters commencing on the
first business day of February, May, August and November each year.

         "Net Sales" mean the sales price to customers on all sales of Exclusive
Merchandise by Licensee (whether regular, markdown, clearance or otherwise),
excluding sales tax and finance charges and, less any refunds and credits for
returns actually given by Licensee to its customers.

         "Retail Operations" means Target(R) Stores, Target Greatland(R), Super
Target(R), Dayton's, Hudson's, Marshall Field's, Mervyn's, any other retail
store operated by Licensee, and any merchandising activities conducted by
Licensee or its affiliates in the Territory in connection therewith, including
by way of example and not limitation, direct mail, kiosk, internet and websites
thereon, and other wireless and electronic activities whether now known or
hereafter developed.

         "Territory" means the United States, its territories and possessions.

2.       LICENSE GRANT.

         2.1 EXCLUSIVE LICENSE. On the terms and subject to the conditions
contained herein, Licensor hereby grants to Licensee, and Licensee hereby
accepts, the exclusive right and license to use the Trademarks, during the Term
(as defined below) and in the Territory, in connection with the design,
manufacture, importation, distribution, marketing, advertising, sale and offer
to sell Exclusive Merchandise through Licensee's Retail Operations. Licensor
acknowledges and understands that Licensee's marketing and advertising on the
internet through websites operated by the Retail Operations will be accessible
outside of the Territory, and agrees that such activities are permissible
hereunder, provided that Licensee makes no sales to persons or entities outside
of the Territory.

         2.2 LIMITATIONS. The foregoing license does not include the right to
grant sublicenses to third parties (except as provided herein in connection with
the manufacture of Exclusive Merchandise and Trademark Use Materials) or the
right to use the Trademarks in connection with the design, manufacture,
importation, distribution, marketing, advertising, sale of any products other
than the Merchandise in the manner provided herein.

                                       2
<PAGE>

3.       SERVICES.

         3.1 Licensor shall provide, and shall cause Giannulli to provide,
Licensee with design services in collaboration with, and as reasonably requested
by, such personnel as Licensee shall assign to the design, development and
marketing of the Merchandise (the "Licensee Team"), including but not limited
to, the following (collectively, the "Services"): (a) determining the breadth
and content of the product lines for the Merchandise, including advice regarding
product and trend direction; (b) formulating designs and specifications for the
Exclusive Merchandise, including recommendations as to trim, fabric, materials
and color; (c) designing and developing packaging for the Merchandise, which
service may be provided by a designee of Licensor other than Giannulli; (d)
refreshing the Exclusive Merchandise and formulating new designs in accordance
with the timing and action schedule and transition guidelines attached hereto as
Exhibit C (the "Design Schedule"); (e) upon request, working with Licensee
vendor resources in the manufacturing process for the purpose of achieving
conformance with Giannulli's design concepts, which service may be provided by a
designee of Licensor other than Giannulli; (f) developing positioning,
promotional and other marketing and advertising materials for the Merchandise;
and (g) such other design services as the Licensee Team may reasonably request.

         3.2 In order to meet its obligations and commitments hereunder,
Licensor agrees to maintain, during the Term and at its own expense, a design
team based in the Los Angeles area properly staffed and equipped as Licensor and
Licensee mutually agree is reasonably required for Licensor to meet its
obligations and commitments hereunder.

         3.3 Licensor acknowledges and understands that the design Services are
subject to Licensee's approval, discretion and control; that the payments to be
made pursuant to Section 5 hereunder are, in part, in consideration of the
design Services, and further, that timing is of the essence in providing the
design Services. Therefore, in the event that Licensor repeatedly fails to meet
the Design Schedule or Licensee reasonably determines that the design Services
are not satisfactory, Licensor agrees to enter into good faith negotiations with
Licensee to resolve or cure such failure or unsatisfactory performance.

         3.4 Licensor shall cause Giannulli, and such of Licensor's employees as
Licensor deems appropriate, to attend and participate in a reasonable number of
business meetings, internal Licensee meetings, planning sessions, strategy
meetings and any other meetings related to the planning, development or
promotion of the Exclusive Merchandise, regardless of location, as requested by
Licensee. Licensor shall not be required to cause Giannulli to attend more than
12 such meetings, half of which shall be located in Minneapolis, and half of
which shall be located in the Los Angeles area.

         3.5 Licensee shall have the exclusive right to use the Design Materials
in connection with the design, manufacture, importation, distribution,
marketing, advertising, sale and offer to sell Exclusive Merchandise through
Licensee's Retail Operations in the Territory. Licensor shall have the
non-exclusive right to use the Design Materials in connection with the design,
manufacture, importation, distribution,

                                       3
<PAGE>

marketing, advertising, sale and offer to sell Exclusive Merchandise outside the
Territory provided that each such use shall be subject to Licensee's prior
approval, which approval will not be unreasonably withheld.

         3.6 Licensee shall have the right to use the name, signature,
photograph, voice or other sound effects, likeness, personality, endorsement,
biography and statements of Giannulli (the "Mossimo Identification") for
advertising and promotions relating to the Merchandise in broadcast, print,
electronic and wireless media (i.e., television, radio, magazines, newspapers
and free-standing inserts), direct mail, outdoor advertising (i.e., highway and
means-of-transit billboards), in-store signing displays, public relations
materials, the internet and websites thereon, shopping bags, in-house
publications and video programs (not for broadcast or public distribution), as
well as all other reasonable forms of advertising, whether now known and
developed or developed hereafter, provided that such advertising materials are
approved in the manner provided in Section 7 below.

         3.7 Subject to the limitations set forth herein, and the reasonable
availability of. Giannulli, Licensor shall cause Giannulli to attend and
participate in all rehearsals, filming, taping, recording and photography
sessions reasonably required to meet the obligations set forth herein (dates and
times to be agreed upon by the parties), and will render his services hereunder
in accordance with the scripts or other materials (including, but not limited
to, wardrobe suggestions) provided by Licensee. Licensor shall cause Giannulli
to render his Services in a competent and professional manner, to the best of
his ability. Licensor shall cause Giannulli to comply with Licensee's reasonable
instructions and recommendations related to providing such Services.

         3.8 Licensee retains the perpetual right to use, solely as an
historical example of its advertising, any advertising and promotional materials
produced by or for Licensee hereunder, provided that such use will be
exclusively for internal and/or portfolio purposes.

4.       TERM.

         4.1 INITIAL TERM. The initial term of this Agreement shall commence on
the date first set forth above and, unless sooner terminated as provided herein,
shall continue until January 31, 2004 (the "Initial Term").

         4.2 EXTENDED TERMS. Provided that Licensee is current in its payments
of the Annual Guaranteed Minimum Royalty (as defined below), Licensee shall be
entitled to renew this Agreement thereafter, on the same terms and conditions,
for additional terms of two (2) years each (each, an "Extended Term") by giving
Licensor written notice of its intent to renew at least one (1) year prior to
the end of the then current Term. The "Term" of this Agreement shall be deemed
to include the Initial Term and all Extended Terms, if any. A "Contract Year"
shall be deemed to refer to each period commencing February 1 and ending January
31 during the Term, provided that the first Contract Year shall consist of the
period commencing on the date first set forth above and ending January 31, 2002.

                                       4
<PAGE>

5.       PAYMENTS.

         5.1 ROYALTY. During the Term, Licensee shall pay to Licensor as a
royalty an amount equal to the greater of (a) the Annual Guaranteed Minimum
Royalty applicable to such Contract Year; or (b) the applicable percentage of
Net Sales for such Contract Year based on the following schedule (the
"Royalty"):

         -        Four percent (4%) of Net Sales on sales of Exclusive
                  Merchandise for such Contract Year up to $100,000,000;
         -        Two and one-quarter percent (2 1/4%) of Net sales on sales of
                  Exclusive Merchandise for such Contract Year greater than
                  $100,000,000 up to $500,000,000; and
         -        One percent (1%) of Net Sales on sales of Exclusive
                  Merchandise, for such Contract Year greater than $500,000,000.

         5.2 MINIMUM ROYALTIES. Licensee guarantees Licensor that during the
Term, annual Net Sales shall be not less than the following: $300,000,000 for
the first Contract Year, and $350,000,000 for each subsequent Contract Year
("Minimum Net Sales"). In the event that actual annual Net Sales are less than
the Minimum Net Sales, Licensee shall pay to Licensor the difference between the
Royalties actually earned for such Contract Year and the Royalties that would
have been earned based on the Minimum Net Sales (the "Annual Guaranteed Minimum
Royalty"). The Annual Guaranteed Minimum Royalty shall be $8,500,000 for the
first Contract Year; and $9,625,000 for each subsequent Contract Year.

         5.3 MANNER OF PAYMENT. Twenty-Five percent (25%) of the applicable
Annual Guaranteed Minimum Royalty shall accrue each Fiscal Quarter. Within
thirty (30) days of the end of the first Fiscal Quarter of each Contract Year
other than the first Contract year, and in the case of the first Contract Year,
within thirty (30) days of the end of the Fiscal Quarter commencing February 1,
2001, Licensee shall pay to Licensor an amount equal to the greater of (a)
Royalties on Net Sales for such Fiscal Quarter calculated pursuant to Section
5.1 above, or (b) 25% of the applicable Annual Guaranteed Minimum Royalty.
Within thirty (30) days of the end of the remaining Fiscal Quarters for such
Contract Year, Licensee shall pay to Licensor an amount equal to the greater of
(a) the amount of the aggregate accrued Royalties payable for Net Sales from the
beginning of the Contract Year to the end of such Fiscal Quarter less the total
of all Royalties already paid for such Contract Year, or (b) the aggregate
accrued Annual Guaranteed Minimum Royalty as of the end of such Fiscal Quarter
less the total of all Royalties already paid for such Contract Year. The
foregoing provisions shall apply separately to each Contract Year, such that any
excess of accrued Royalties over the Annual Guaranteed Minimum Royalty for any
given Contract Year shall not apply toward satisfying the Annual Guaranteed
Minimum Royalty for any future Contract Year and shall not apply as a credit
against Royalties accruing in any subsequent Contract Year. In the event that
Licensee has Net Sales prior to February 1, 2001, Licensee shall pay to Licensor
an amount equal

                                       5
<PAGE>

to the Royalty on such Net Sales calculated pursuant to Section 5.1 above within
thirty (30) days of the end of the Fiscal Quarter in which such Net Sales
occurred, provided that for the purposes of calculating the amount due for the
Fiscal Quarter commencing February 1, 2001, all prior Net Sales shall be deemed
to be Net Sales for such Fiscal Quarter and an amount equal to the Royalties
already paid shall be subtracted from the amount due for such Fiscal Quarter.

         5.4 PROMPT DELIVERY. Licensee acknowledges that time is of the essence
in the delivery of the payments required by this Section 5, and agrees that
interest shall accrue on all past due payments hereunder from their respective
due dates until paid at the rate of one percent (1%) per month, or if such rate
exceeds the maximum rate allowed by law, at the maximum rate allowed by law, and
shall be payable on demand.

6.       REPORTS, RECORD KEEPING AND AUDITS.

         6.1 MAINTENANCE OF RECORDS. Licensee shall keep true and accurate books
of account and records in accordance with generally accepted accounting
principles, consistently applied, covering all sales relating to this Agreement
and the license hereby granted. Such records shall be maintained for at least
four (4) years after the Fiscal Quarter to which such records relate.

         6.2 QUARTERLY REPORTS. Every Royalty payment made hereunder shall be
accompanied by a report (individually, the "Quarterly Report" and collectively,
the "Quarterly Reports") including in reasonable detail, the following:

         (a) the quantity, description and gross sales of all Exclusive
Merchandise sold by Licensee during the Fiscal Quarter to which such Royalties
relate;

         (b) the aggregate gross sales of all Exclusive Merchandise and the Net
Sales of Exclusive Merchandise, for the contract year to date, and the Net Sales
for such Fiscal Quarter; and

         (c) any other related information that may be reasonably required by
Licensor.

         6.3 SALES REPORTS. Licensee shall provide Licensor with monthly sales
recap reports and quarterly sales projections (collectively, the "Sales
Reports"), which Sales Reports shall be in the form and format used by Licensee
in the ordinary course of business.

         6.4 AUDIT. Licensor and its duly authorized representatives shall have
the right, upon reasonable notice and during normal business hours, to examine
and copy such books of account and records and other documents and materials in
the possession or under the control of Licensee with respect to the subject
matter and the terms of this Agreement, the cost of which shall be borne by
Licensor. Licensor shall not conduct an audit more than once with respect any
Contract Year, and in no event shall such audit occur during Licensee's fourth
Fiscal Quarter. If the audit discloses that the Royalty payments actually due
exceed the Royalty payments made, Licensee shall pay the unpaid Royalty with
interest computed as provided above for late payments. If the audit discloses
that the Royalty

                                       6
<PAGE>

payments made by Licensee exceed the Royalty payments due, Licensor shall
reimburse Licensee in the amount of such excess. In addition, if the audit
discloses that the Royalty payments actually due exceed the Royalty payments
made by an amount greater than five percent (5%), the cost of the audit
performed by Licensor shall be paid by Licensee.

         6.5 FINANCIAL STATEMENTS. If, at any time during the Term, Licensee is
no longer a company required to provide public financial information pursuant to
the Securities and Exchange Commission reporting requirements, Licensee shall,
upon reasonable request of Licensor and from time to time thereafter, provide
Licensor with interim and audited annual financial statements.

7.       STANDARDS OF QUALITY; APPROVAL PROCEDURES.

         7.1. ENHANCEMENT OF TRADEMARKS. Licensee acknowledges that the
Trademarks have established prestige and goodwill and are well recognized in
the minds of the public, and that it is of great importance to each party
that in the manufacture and sale of the Merchandise the high standards and
reputation that Licensor has established be maintained. Accordingly, the
Exclusive Merchandise and any expression by Licensee, directly or indirectly,
which by its nature conveys to others the existence of a relationship between
Licensee and the Trademarks or the Exclusive Merchandise, including, without
limitation, all packaging, labeling, fixturing, advertising, point of sale
and sales promotion materials and product literature (any such expression
referred to as "Trademark Use Materials") shall be (a) of good quality and
workmanship at least as high as the "top" line of similar products being sold
by Licensee at the time of execution of this Agreement (i.e.,
MERONA-Registered Trademark- brand products); (b) in accordance with all of
the terms and provisions of this Agreement; and (c) subject to the prior
written approval of Licensor in the manner provided below.

         7.2.     MANUFACTURE OF EXCLUSIVE MERCHANDISE.

                  (a) SUBCONTRACTS. Licensee shall have the right to contract
the manufacture of the Exclusive Merchandise and the Trademark Use Materials
bearing the Trademarks to third party manufacturers, provided that (i) the
manufacturer and any of its subcontractors sign a Manufacturer's Agreement or
Subcontractor's Agreement, as appropriate, in substantially the forms attached
hereto as Exhibit D; (ii) copies of all such agreements are delivered to
Licensor within seven (7) days after execution, but in any event, prior to the
beginning of manufacture by such third party; (iii) each such third party is
subject to the inspection and quality control procedures set forth herein; and
(iv) the Exclusive Merchandise and Trademark Use Materials meet the quality
standards set forth in this Agreement.

                                        7
<PAGE>

                  (b) APPROVAL PROCESS.Prior to manufacturing any Exclusive
Merchandise, Licensee or its agent shall submit to Licensor such pre-production
information, including samples, as Licensor may reasonably request. Licensor
shall have five (5) days to approve or disapprove each such submission. If
Licensor disapproves a submission , it shall advise Licensee of its disapproval
and the reasons therefor in writing within such five (5) day period, and the
style represented on that submission shall not be manufactured or sold by
Licensee.

                  (c) MARKETING AND ADVERTISING MATERIALS. Prior to advertising
or marketing any Merchandise or Trademark Use Materials, including any materials
which use the Mossimo Identification, but in no event more often than four (4)
times each year during the Term, Licensee shall submit to Licensor for approval,
samples of seasonal advertising plans, and concepts for the Merchandise and
Trademark Use Materials (collectively, the "Advertising Materials"). Licensor
shall have five (5) days to approve or disapprove any Advertising Materials. If
Licensor disapproves any item of Advertising Materials, it shall advise Licensee
of its disapproval and the reasons therefor in writing within such five (5) day
period, and such Advertising Materials shall not be used by Licensee.

                  (d) DEEMED APPROVALS.If Licensor does not indicate approval or
disapproval of any submissions within the specified time frame, then the
submission shall be deemed to have been approved.

8.       EXISTING LICENSEES; DUVAL ENDORSEMENT AGREEMENT; AND NATURE OF
         EXCLUSIVITY.

         8.1 SALE OF EXISTING LICENSEE MERCHANDISE. Licensor acknowledges that
Licensee's Net Sales of Existing Licensee Merchandise shall be excluded from any
calculation of Royalties due pursuant to Section 5 above. Licensor further
acknowledges and agrees that all Existing Licensee Merchandise purchased by
Licensee from the Existing Licensees shall be deemed approved under Section 7
above.

         8.2 RIGHT OF FIRST REFUSAL. At such time as the license agreements with
the Existing Licensees, as they relate to the Territory, expire or terminate for
any reason whatsoever or Licensor has the unilateral right to terminate or not
renew or extend such agreements, Licensee shall have a right of first refusal to
add all or some of the affected Existing Licensee Merchandise to the Exclusive
Merchandise categories hereunder.

         8.3 DUVAL ENDORSEMENT AGREEMENT. Licensor represents to Licensee that
it has entered into an exclusive endorsement agreement dated January 1, 2000
(the "Endorsement Agreement") with David Duval, a highly skilled professional
golfer. Licensor agrees that, during the Term, it shall use its rights under the
Endorsement Agreement to use the Duval Identification (as such term is defined
in the Endorsement Agreement) in connection with the advertisement and promotion
of the Exclusive Merchandise as reasonably requested by Licensee. Licensor
further agrees that if Licensee desires to utilize the services of David Duval
as a model or for personal appearances in connection with Licensee's advertising
to promote the Exclusive

                                       8
<PAGE>

Merchandise, Licensor shall use its best efforts to cause Duval to provide such
services under the Endorsement Agreement at no additional charge to Licensee.
Licensor acknowledges and agrees that Licensee has no responsibility, liability
or obligations, whether for payment or otherwise, under the Endorsement
Agreement.

         8.4 NATURE OF EXCLUSIVITY. Licensor agrees that, during the Term and in
the Territory, it will not, and it will cause Giannulli to not, directly or
indirectly, authorize the use of the Trademarks or the Mossimo Identification or
provide design services to or enter into a design agreement or relationship with
any other retailer, manufacturer or distributor relating to the Exclusive
Merchandise categories outlined in Exhibit B without the prior written consent
of Licensee, except (a) as may be necessary to enable Licensor to meet its
obligations under license agreements with Existing Licensees outstanding as of
the date hereof, and (b) for the design, manufacture, distribution and sale of
merchandise to golf pro shops located on the premises of golf courses or country
clubs and commonly referred to as "green grass" shops. Notwithstanding the
foregoing, in no event shall Licensor or Giannulli, directly or indirectly,
authorize the use of the Trademarks or the Mossimo Identification or provide
design services to or enter into a design agreement or relationship with any of
the following entities: Wal-Mart, K-Mart, "clubs" (i.e. Costco, Sams, Fedco),
J.C. Penney, Sears, Kohl's, Dollar General, Pic'n Save, Hills, Bradlees, Ames,
or any affiliates, successors or assigns of the foregoing.

9.       REPRESENTATIONS AND WARRANTIES; PROTECTION OF TRADEMARKS.

         9.1 Licensor hereby represents and warrants that:

                  (a) Licensor is free to enter into this Agreement and to grant
the rights herein granted without violating the rights of any third party, and
is not subject to any obligation or disability which will or might hinder or
prevent the full completion and performance by Licensor of all of the covenants
and conditions to be kept and performed by Licensor hereunder;

                  (b) Licensor will comply with all laws, regulations, orders
  and ordinances applicable to the provision of design Services as set forth
  herein; and

                  (c) At no time during the Term will Licensor or Giannulli
  disparage their association with Licensee, any Retail Operation or Licensee
  product.

         9.2      Licensee hereby represents and warrants that:

                  (a) Licensee is free to enter into this Agreement and to grant
         the rights herein granted without violating the rights of any third
         party, is not subject to any obligation which will or might hinder or
         prevent the full completion and performance by Licensee of all of the
         covenants and conditions to be kept and performed by Licensee
         hereunder;

                                       9
<PAGE>

                  (b) Licensee will comply with all laws, regulations, orders
         and ordinances applicable to the performance of its obligations as set
         forth herein; and

                  (c) At no time during the Term, will Licensee disparage its
         association with Licensor or Giannulli.

         9.3 ACKNOWLEDGEMENTS AND AGREEMENTS REGARDING THE TRADEMARKS. As a
material inducement for each party to enter into this Agreement, and as a
material part of the consideration to each party hereunder, each party hereby
acknowledges and agrees, solely for the benefit of the other party, as follows :

                  (a) Licensor owns the Trademarks and all rights,
registrations, applications and filings with respect to the Trademarks and all
renewals and extensions of any such registrations, applications and filings;

                  (b) Licensor has the right to license the Trademarks to
Licensee in the manner set forth herein;

                  (c) Licensee is acquiring hereby only the right to use the
Trademarks for the purpose stated in and pursuant to the terms and conditions of
this Agreement;

                  (d) Great value is placed on the Trademarks, and the goodwill
associated therewith; the Trademarks and all rights therein and goodwill
pertaining thereto belong exclusively to Licensor; and all use of the Trademarks
by Licensee, whether authorized or unauthorized, shall inure to the benefit of
Licensor; and

                  (e) The conditions, terms, restrictions, covenants and
limitations of this Agreement are necessary, equitable, reasonable and essential
to assure the consuming public that all goods sold under the Trademarks are of
the same consistently high quality.

9.4      PROTECTION OF RIGHTS.

         (a) Licensor shall take all reasonable steps necessary to prosecute
and maintain federal registrations for the Trademarks.

         (b) Licensee shall not use or permit the use of the Trademarks for
any purpose or use other than as expressly licensed under this Agreement.

         (c) Licensee shall cooperate fully and in good faith with Licensor
for the purpose of securing and preserving Licensor's (or any grantee of
Licensor's) rights in and to the Trademarks. Licensee shall cause to appear
on and in connection with the Exclusive Merchandise and Trademarks Use
Materials such statutory trademark notices as Licensor may reasonably request.

         (d) Licensor shall take such action as it deems necessary or
appropriate, in its reasonable judgment, in respect of any possible
infringements, claims

                                       10
<PAGE>

or actions in derogation of any Trademark by any third parties and shall inform
Licensee promptly after it has knowledge or becomes aware of any such
infringement, claim or action. If Licensor initiates legal proceedings on
account of any such infringement claim or action, Licensee shall cooperate with
and assist Licensor, at Licensor's expense, to the extent reasonably necessary
to protect the Trademarks, including without limitation, being joined as a
necessary or desirable party to such proceedings.

                  (e) Licensee shall promptly inform Licensor of any possible
infringements, claims or actions in derogation of any Trademark by any third
parties of which it has knowledge or becomes aware, and shall cooperate with
Licensor in the manner provided above in subsection (c).

                  (f) Licensee shall, upon request, supply to Licensor enough
specimens of advertisements, tags, labels and other use of the Trademarks as may
be required in connection with any of Licensor's applications or registrations
for the Trademarks. Licensee shall execute any instrument Licensor shall
reasonably deem necessary or desirable to record or cancel Licensee as a
registered user of the Trademarks.

                  (g) Licensee shall give immediate attention and take such
actions as it deems necessary to resolve legitimate customer complaints relating
to the Merchandise which are brought to Licensee's attention. Licensee shall
give Licensor written notice of all complaints that in Licensee's opinion are
likely to result in litigation.

10.      DEFAULTS AND REMEDIES.

         10.1 DEFAULTS BY LICENSEE. The occurrence of any one or more of the
following shall constitute a default by Licensee under this Agreement:

              (a) Licensee shall fail to make any payment or submit any
report required under this Agreement when due and such failure continues for
more than thirty (30) days after written notice thereof, unless such failure
cannot be cured within such thirty (30) day period and Licensee shall have
commenced to cure the failure within such period and proceeds diligently
thereafter to cure such failure, provided that, with respect to payments due
hereunder, such failure is cured in any event within sixty (60) days after
such written notice.

              (b) Licensee uses the Trademarks in any manner likely to
deceive or mislead the public, to endanger the validity of the Trademarks or
to damage or impair the reputation or value of the Trademarks and such use
continues for more than thirty (30) days after written notice thereof, unless
such use cannot be cured within such thirty (30) day period and Licensee
shall have commenced to cure the use and proceeds diligently thereafter to
stop such use, provided that such use is discontinued in any event within
sixty (60) days after such written notice.

              (c) The failure of Licensee to perform any of its other
material obligations under this Agreement and such failure continues for more
than thirty (30)

                                       11
<PAGE>

days after written notice thereof, unless such failure cannot be cured within
such thirty (30) day period and Licensee shall have commenced to cure the
failure and proceeds diligently thereafter to cure such failure; provided that
such failure is cured in any event within sixty (60) days after such written
notice.

         10.2 DEFAULTS BY LICENSOR. If Licensor fails to perform any of its
material obligations under this Agreement and such failure continues for more
than thirty (30) days after written notice thereof, unless such failure cannot
be cured within such thirty (30) day period and Licensor shall have commenced to
cure the failure and proceeds diligently thereafter to cure such failure;
provided that such failure is cured in any event within sixty (60) days after
such written notice.

         10.3     REMEDIES.

                  (a) If Licensee has not cured any such breach or
nonperformance in accordance with Section 10.1 above, in addition to all of the
other rights and remedies available to Licensor, whether pursuant to the terms
of this Agreement, at law, in equity, or otherwise, Licensor shall have the
right to terminate this Agreement without further notice to Licensee; provided,
however, that the decision to terminate this Agreement must be exercised in
writing, if at all, within thirty (30) days after the cure period expires.

                  (b) If Licensor has not cured any such breach or
nonperformance in accordance with Section 10.2 above, in addition to all of the
other rights and remedies available to Licensee, whether pursuant to the terms
of this Agreement, at law, in equity, or otherwise, Licensee shall have the
right to terminate this Agreement without further notice to Licensor; provided,
however, that the decision to terminate this Agreement must be exercised in
writing, if at all, within thirty (30) days after the cure period expires.

         10.4     EFFECT OF EXPIRATION OR TERMINATION.

                  (a) Except as specifically provided herein to the contrary,
upon expiration or termination of this Agreement, the rights and licenses
granted herein shall terminate and Licensee shall have no further right to use
the Trademarks or Trademark Use Materials in connection with the Merchandise,
the Retail Operations or otherwise. Upon the request of Licensor, Licensee shall
immediately execute without further consideration such assignments and other
instruments which may be required to be recorded to effect the termination of
the licenses and rights granted herein (and the assignments of Licensee's rights
to Licensor). Within thirty (30) days of the expiration or termination of this
Agreement, Licensee shall deliver to Licensor all unpaid Royalties together with
a final Quarterly Report covering all sales of Merchandise from the end of the
period covered by the preceding Quarterly Report through the date of expiration
or termination of this Agreement.

                  (b) In the event this Agreement is terminated pursuant to
Section 10.3(a), then Licensee shall pay to Licensor, within thirty (30) days of
the termination date, such Annual Guaranteed Minimum Royalty as would be due for
such Contract
                                       12
<PAGE>

Year, calculated in accordance with Section 5 above. In the event this Agreement
is terminated pursuant to Section 10.3(b), then Licensee shall have no
obligation to pay any Annual Guaranteed Minimum Royalty accruing or due after
the date of expiration or termination of this Agreement.

                  (c) Upon the termination or expiration of this Agreement by
Licensor or Licensee, for any reason whatsoever, Licensor shall have a right of
first refusal to purchase any finished goods or any piece goods in the
possession of Licensee, its agents, manufacturers or subcontractors, on the date
of termination or expiration of this Agreement (the "Termination Date"), at a
price equal to Licensee's actual cost of production therefor. If Licensor
declines to purchase all of such goods at that time, Licensee shall have six (6)
months from the Termination Date in which to use the Trademarks to dispose of
its inventory of Merchandise manufactured, or ordered and in production, by
Licensee prior to the Termination Date (the "Sell-Off Period"). Such disposition
must be through the same channels used by Licensee prior to the Termination
Date. In addition, Licensee shall destroy or deliver to Licensor all Trademark
Use Materials within thirty (30) days of the expiration of the Sell-Off Period
other than such materials as Licensee desires to keep for the purposes set forth
in Section 3.8 above.

11. MORALS. If Giannulli is (a) convicted of or admits to the commission of any
felony, (b) convicted of any offense involving substance abuse, or (c) publicly
admits that he is addicted to any controlled substance, then Licensee shall have
the right to immediately terminate this Agreement. Licensee's decision on all
matters arising under this Section 11 shall be conclusive, provided that
Licensee's decision to terminate this Agreement must be exercised in writing, if
at all, within thirty (30) days after the facts giving rise to such right to
terminate are brought to Licensee's attention.

12. SERVICES UNIQUE. Licensor and Licensee agree that the Services to be
performed by Giannulli hereunder are special, unique, unusual, extraordinary,
and of an intellectual character giving them a peculiar value, the loss of which
cannot be reasonably or adequately compensated in damages in an action at law.
Accordingly, the parties agree that Licensee shall be entitled, in the event of
a material failure by Giannulli to perform such Services in the manner required
hereunder, to seek equitable relief by injunction or otherwise in addition to
whatever other remedies Licensee may have. Licensor further agrees that in the
event of the termination of employment, death or permanent disability of
Giannulli or a material change in Giannulli's ownership or control of Licensor,
which event or change is likely, in Licensee's reasonable judgment, to
materially affect the ability of Licensor to perform its obligations hereunder,
Licensee shall have the right to immediately terminate this Agreement by written
notice to Licensor.

13. NO ASSIGNMENT. The parties acknowledge and agree that the rights granted
herein are personal in nature and may not, in whole or in part, be transferred,
delegated or assigned by any party without the prior written consent of the
other parties; provided, however, that Licensor may assign its right to receive
payment(s) hereunder, and either Licensee or Licensor may transfer or assign
this Agreement to any parent, subsidiary,

                                       13
<PAGE>

affiliate or entity which acquires a majority ownership interest in such party,
provided such entity assumes the obligations of such party under this Agreement.
Notwithstanding the foregoing, Licensee agrees that in the event Licensor, for
the purpose of facilitating a proposed financing or securitization transaction,
desires to (a) transfer or assign this Agreement (and the Trademarks) to a
different entity such as a "bankruptcy remote" special purpose entity, (b)
assign and pledge its rights (and the Trademarks) under this Agreement to
investors as collateral in a financing or securitization transaction, and (c)
have payments due to Licensor under this Agreement made to a designated
controlled account, Licensee shall not withhold its consent thereto unless such
actions would have a materially adverse affect upon its rights hereunder.
Licensee further agrees to furnish such information and take such other actions
(at no material cost or disruption to Licensee) which are reasonably requested
by Licensor to facilitate such proposed financing or securitization. Any
purported transfer, delegation or assignment, whether voluntary or
involuntarily, by operation of law or otherwise, in violation of this Section
shall be null and void and constitute a default hereunder by the party
attempting to so transfer, delegate or assign.

14.      INDEMNIFICATION AND INSURANCE.

         14.1 INDEMNIFICATION OF LICENSOR. Licensee shall indemnify and hold
Licensor and its affiliates, directors, officers, employees and agents (the
"Licensor Parties") harmless from and against any and all liabilities, losses,
claims, suits, damages, costs and expenses (including, without limitation,
reasonable attorneys' fees and expenses) arising out of or otherwise relating to
any claims of third parties against any of the Licensor Parties relating to a
breach by Licensee of any warranty, representation, term or condition made or
agreed to by Licensee hereunder or involving the manufacture, packaging,
distribution, promotion, sale, marketing, advertising or other use of the
Trademarks, the Exclusive Merchandise or the Trademark Use Materials, provided
that (a) prompt written notice is given to Licensee upon Licensor becoming aware
of any such actual or threatened claims or suits; (b) Licensee shall have the
option to exclusively undertake and conduct the defense and/or settlement of any
such claims or suits; and (c) no settlement or attempt at settlement of any such
claims or suits is made without the prior written consent of Licensee; and
provided further, that in no event shall Licensee's liability hereunder exceed
the amount of Royalties actually paid by Licensee hereunder for the previous
twelve (12) months. Licensor acknowledges that this indemnity does not include
those items for which Licensor is indemnifying Licensee in Section 14.2 below.

         14.2 INDEMNIFICATION OF LICENSEE. Licensor shall defend, indemnify
and hold Licensee and its affiliates, directors, officers, employees, and
agents (the "Licensee Parties") harmless from and against any liabilities,
losses, claims, suits, damages, costs and expenses (including without
limitation, reasonable attorneys' fees and expenses), arising out of or
otherwise relating to any claims of third parties against any of the Licensee
Parties relating to a breach by Licensor of any warranty, representation,
term or condition made or agreed to by Licensor hereunder or alleging
trademark infringement, unfair competition or infringement of other similar
proprietary rights, arising out of the use by Licensee and/or its contractors
of the Trademarks or the Design Materials as

                                       14
<PAGE>

authorized in this Agreement, provided that (a) prompt written notice is given
to Licensor of any such actual or threatened claims or suits; (b) Licensor shall
have the option to exclusively undertake and conduct the defense and/or
settlement of any such claims or suits; and (c) no settlement or attempt at
settlement of any such claims or suits is made without the prior written consent
of Licensor, and provided further, that in no event shall Licensor's liability
hereunder exceed the amount of Royalties actually received by Licensor hereunder
for the previous twelve (12) months. Licensee acknowledges that this indemnity
does not include those items for which Licensee is indemnifying Licensor in
Section 14.1 above.

         14.3 INSURANCE. Licensee shall obtain and maintain throughout the Term,
at its own expense, general liability insurance and product liability insurance,
with a responsible insurance carrier or carriers acceptable to Licensor
providing adequate protection (at least in the amount of $5,000,000 single
limits for personal injury or property damage, with no deductible) and naming
Licensor as an additional insured. As soon as possible after the execution of
this Agreement, Licensee shall deliver to Licensor a fully paid certificate or
certificates of insurance, naming Licensor as an additional insured, and
providing that such policy or policies are cancelable only after thirty (30)
days prior written notice to Licensor.

15.      CONFIDENTIALITY. The parties acknowledge and agree that any and
all reports and financial information disclosed by a party pursuant to this
Agreement are confidential information commercially valuable to such party
(the "Confidential Information"). The parties acknowledge that Confidential
Information is disclosed hereunder on a confidential basis to be used only as
expressly permitted by the disclosing party. Each receiving party, its
officers, directors, employees, and agents, shall protect the Confidential
Information belonging to the other party and shall not disclose it to any
other person, firm, organization, or employee unless authorized, in writing,
by the disclosing party or required by governmental or judicial law
regulation or ruling, including pursuant to subpoena or other court or
administrative process. Except as expressly permitted hereunder, the
Confidential Information may not be copied, reprinted, duplicated, or
recreated in whole or in part without the express written consent of the
disclosing party. Each receiving party shall take responsibility for action
by instruction, agreement or otherwise with respect to its employees or other
persons permitted access to the Confidential Information to comply fully with
the obligations hereunder with respect thereto. The parties each agree to
return the Confidential Information belonging to the other party, and all
copies thereof, to the disclosing party, upon request. Each party hereby
consents to the disclosure of its Confidential Information to any of the
other party's attorneys, accountants and similar third parties who have a
business "need to know" such information.

16.      GENERAL PROVISIONS.

         16.1 NOTICES. All notices and other communications required or
permitted to be given under this Agreement shall be in writing and shall be
delivered either by personal service, facsimile or prepaid overnight courier
service and addressed as follows:

                                       15
<PAGE>

IF TO LICENSOR:    MOSSIMO, INC.
                   2450 White Road, Second Floor
                   Irvine, CA  92614
                   Attn.:  Chief Executive Officer

IF TO LICENSEE:    TARGET STORES
                   33 South Sixth Street
                   Minneapolis, MN 55405
                   Attn: Senior Vice President,
                   Merchandising Softlines

WITH A COPY TO:    TARGET BRANDS, INC.
                   33 South Sixth Street
                   Minneapolis, MN 55405
                   Attn: President

If delivered personally, such notices or other communications shall be deemed
delivered upon delivery. If sent by fax, such notice or other communications
shall be deemed delivered when received provided that the sender has
confirmation of receipt. If sent by prepaid overnight courier service, such
notices or other communications shall be deemed delivered upon delivery or
refusal to accept delivery as indicated on the return receipt. Either party may
change its address at any time by written notice to the other party as set forth
above.

         16.2 ENTIRE AGREEMENT. This Agreement sets forth the entire agreement
and understanding between the parties with respect to the subject matter hereof
and supersedes any and all prior negotiations, discussions and agreements
relating to the subject matter hereof. No representations, express or implied,
other than those specifically set forth herein have been made by any party
hereto. This Agreement may not be orally changed, altered, modified or amended
in any respect.

         16.3 SUCCESSORS AND ASSIGNS. Without limiting anything herein to the
contrary, this Agreement shall be binding upon and shall inure to the benefit of
the successors and permitted assigns of the parties.

         16.4 CHOICE OF LAW. The validity, construction and enforcement of this
Agreement shall be governed by the laws of the State of Minnesota, without
regard to its choice of law principles.

         16.5 NO WAIVER. No waiver by any party hereto, whether express or
implied, of any provision of this Agreement or of any breach or default of any
party, shall constitute a continuing waiver of such provision or any other
provisions of this Agreement, and no such waiver by any party shall prevent such
party from acting upon the same or any subsequent breach or default of the other
party of the same or any other provision of this Agreement.

                                       16
<PAGE>

         16.6 DISCLAIMER OF AGENCY. Nothing in this Agreement shall create a
partnership or joint venture or establish the relationship of principal and
agent or any other relationship of a similar nature between the parties hereto,
and neither Licensee nor Licensor shall have the power to obligate or bind the
other in any manner whatsoever nor shall Giannulli have the power to obligate or
bind Licensee in any manner whatsoever.

         16.7 COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

         16.8 SURVIVAL. The provisions of this Section 16 shall survive the
expiration or termination of this Agreement.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement, in
the manner appropriate to each, as of the day and year first above written.

         LICENSEE:               TARGET STORES, A DIVISION OF TARGET CORPORATION

                                 By: /s/ Luis Padilla
                                    ----------------------------------
                                         Luis Padilla
                                         Senior Vice President,
                                         Merchandising Softlines

         LICENSOR:               MOSSIMO, INC.

                                 By: /s/ Mossimo Giannulli
                                    ----------------------------------
                                 Title: Chairman, President and
                                        Chief Executive Officer
                                       -------------------------------

                                       17
<PAGE>

TB 45262 v5                                     Page 1 of 1
                                    EXHIBIT A

                                   TRADEMARKS

REGISTRATIONS

<TABLE>
<CAPTION>
               TRADEMARK                     CLASS                 REGISTRATION NUMBER                REGISTRATION DATE
<S>                                            <C>                       <C>                             <C>
M IN A BOX DESIGN                              25                        1611314                         28 Aug 1990

MOSS                                            9                        2155830                         05 May 1998

MOSS                                           25                        2157797                         12 May 1998

MOSSIMO (Block)                                 9                        1746343                         12 Jan 1993

MOSSIMO (Block)                                14                        2051272                         08 Apr 1997

MOSSIMO (Block)                                25                        1551068                         08 Aug 1989

MOSSIMO (Stylized)                             14                        2053214                         15 Apr 1997

MOSSIMO (Stylized)                             25                        2201308                         03 Nov 1998

MOSSIMO (Stylized)                             42                        1970116                         23 Apr 1996

MOSSIMO (Stylized)                             42                        1984437                         02 Jul 1996

MOSSIMO AND BADGE DESIGN                       25                        1813793                         28 Dec 1993

MOSSIMO AND M DESIGN                            9                        1775768                         08 Jun 1993

MOSSIMO AND M DESIGN                           25                        1620035                         30 Oct 1990

MOSSIMO GIANNULLI                               9                        2157796                         12 May 1998

MOSSIMO GIANNULLI                              25                        2155829                         05 May 1998

<CAPTION>
APPLICATIONS

               TRADEMARK                     CLASS                 APPLICATION NUMBER                    FILING DATE
<S>                                            <C>                      <C>                              <C>
BABY MOSS                                      25                       75/100784                        8 May 1996

MOSS                                        3, 14, 18                   74/735725                        29 Sep 1995

MOSSIMO (BLOCK)                                 3                       75/633095                        02 Feb 1999

MOSSIMO (Stylized)                              3                       75/248668                        27 Feb 1997

MOSSIMO (Stylized)                              9                       75/689070                        21 Apr 1999

MOSSIMO (Stylized)                             18                       75/759670                        26 Jul 1999

MOSSIMO FOOTWEAR                               25                       75/768844                        4 Aug 1999

MOSSIMO FOOTWEAR                               35                       75/767903                        4 Aug 1999
</TABLE>

                                   Page 1 of 1

<PAGE>

                                    EXHIBIT B

                        EXCLUSIVE MERCHANDISE CATEGORIES

WOMEN'S: Casual Denim & Sportswear; Dresses; Activewear; Skiwear; Golfwear;
Tenniswear; Intimate Apparel (sleepwear, robes, loungewear, daywear, panties &
foundations).

FASHION ACCESSORIES: Jewelry; Watches; Luggage; Handbags; Small Leather Goods;
Belts; Neckwear; Hair Goods; Hats; Rainwear; Cold Weather; Gloves; Slippers.

MEN'S: Casual Denim & Sportswear; T-shirts; Swimwear; Activewear; Skiwear;
Golfwear; Tenniswear; Furnishings; Accessories (hats, belts, small leather
goods).

GIRLS 0-14: Casual & Denim Sportswear; Dresses; Activewear; Swimwear;
Furnishings; Underwear; Fashion Accessories (cold weather accessories, slippers,
accessories, handbags, backpacks, hosiery).

BOYS 0-20: Casual & Denim Sportswear; T-shirts; Activewear; Swimwear;
Furnishings (sleepwear, cold weather accessories, slippers,); Underwear.

NEWBORN & LAYETTE: Boy and Girl.

FOOTWEAR: Womens; Mens; Boys; Girls.

COSMETICS: Treatment; Fragrance; Bath & Body; Lip & Nail; Cosmetic Accessories.

HOME TEXTILES: Bedding; Bath; Table Linens; Rugs.

RECREATION: Luggage, Backpacks.

                    EXISTING LICENSEE MERCHANDISE CATEGORIES

WOMEN'S:  Swim and Bodywear.

MEN'S: Hosiery; Ties; Tailored clothing, including suits, sport coats, dress
shirts, dress trousers, tuxedos, tailored overcoats and casual trousers.

FASHION ACCESSORIES: Sunglasses, sport glasses and optical frames for men, women
and children, and eyeglass cases.

                                   Page 1 of 1

<PAGE>

                                    EXHIBIT C

                   TIMING AND ACTION AND TRANSITION GUIDELINES

<PAGE>

                                    EXHIBIT E

                               EXISTING LICENSEES

                                GFT Apparel Corp.

                             Lunada Bay Corporation

                                 Marcolin S.P.A.

                           Mountain High Hosiery, Ltd.

                                  Superba, Inc.

                                   Page 1 of 1

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