Document:

Exhibit 10.1

VIASYS HEALTHCARE INC.

AMENDED AND RESTATED 

EMPLOYMENT AGREEMENT

THIS AGREEMENT is made and entered into as of May 26th, 2006 (the “Restatement
Effective Date”), by and among Viasys Healthcare Inc., a Delaware corporation
(together with its successors and assigns permitted under this Agreement, the “Company”),
and Arie Cohen (the “Executive”).

W I T N E S S E T H :

WHEREAS, the Company and the Executive previously
entered into an employment agreement dated as of November 29, 2004 to embody
the terms and provisions of the Executive’s employment (the “Original Agreement”);

WHEREAS, the Company desires that the Executive
continue to be employed by the Company and the Executive is willing to continue
to be employed by the Company; and

WHEREAS, effective as of the Restatement Effective
Date, the Company and the Executive now desire to amend and restate the
Original Agreement as set forth herein.

NOW, THEREFORE, in consideration of the premises and
mutual covenants contained herein and for other good and valuable
consideration, the receipt and sufficiency of which is mutually acknowledged,
the Company and the Executive hereby agree as follows:

1.             DEFINITIONS.

(a)           “Affiliate” means a  person or other entity that directly or
indirectly controls, is controlled by, or is under common control with the
person or other entity specified.

(b)           “Base Salary” means the salary
provided for in Section 4 or any increased salary
granted to the Executive pursuant thereto.

(c)           “Board” means the Board of Directors
of the Company, or the Compensation Committee or other applicable committees of
the Board of Directors.

(d)           “Bonus
Plan” means the Company’s management incentive plan or such other annual bonus
plan in existence at the applicable time.

(e)           “Cause” means the occurrence of any
one or more of the following events:

(i)            the Executive’s repeated failure to
comply with the reasonable directives of the relevant senior officers;

(ii)           the Executive’s commission of a
felony which is materially and demonstrably injurious to the Company; or

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(iii)          the Executive’s continued gross
neglect of the Executive’s duties with the Company (other than any such
occurrence resulting from incapacity due to physical or mental illness).

(f)            “Change in Control” means an event
or occurrence set forth in any one or more of subsections (i) through (iv)
below (including, without limitation, an event or occurrence that constitutes a
Change in Control under one of such subsections but is specifically exempted
from another such subsection):

(i)            the acquisition by an individual,
entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”)
of beneficial ownership of any capital stock of the Company if, after such acquisition,
such Person beneficially owns (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) 40% or more of either (i) the then-outstanding shares
of common stock of the Company (the “Outstanding Company Common Stock”), or
(ii) the combined voting power of the then-outstanding securities of the
Company entitled to vote generally in the election of directors (the “Outstanding
Company Voting Securities”); provided, however, that for purposes of this
subsection (i), the following acquisitions shall not constitute a Change in
Control:

(A)          any acquisition by the Company, or

(B)           any acquisition by any employee
benefit plan (or related trust) sponsored or maintained by the Company or any
corporation controlled by the Company;

(ii)           the Continuing Directors (as defined
below) do not constitute a majority of the Board (or, if applicable, the Board
of Directors of a successor corporation to the Company), where the term “Continuing
Director” means at any date a member of the Board (A) who was a member of the
Board on the date of the execution of this Agreement or (B) who was nominated
or elected subsequent to such date by at least a majority of the directors who
were Continuing Directors at the time of such nomination or election or whose
election to the Board was recommended or endorsed by at least a majority of the
directors who were Continuing Directors at the time of such nomination or
election; provided, however, that there shall be excluded from this clause (B)
any individual whose initial assumption of office occurred as a result of an
actual or threatened election contest with respect to the election or removal
of directors or other actual or threatened solicitation of proxies or consents,
by or on behalf of a person other than the Board;

(iii)          the consummation of a merger,
consolidation, reorganization, recapitalization or statutory share exchange
involving the Company or a sale or other disposition of all or substantially
all of the assets of the Company in one or a series of transactions (a “Business
Combination”), unless, immediately following such Business Combination the
beneficial owners of the Outstanding Company Common Stock and Outstanding
Company Voting Securities immediately prior to such Business Combination
beneficially own, directly or indirectly, more than 50% of the then-outstanding
shares of common stock and the combined voting power of the then-outstanding
securities entitled to vote generally in the election of directors,
respectively, of the resulting or acquiring corporation in such Business
Combination (which shall include, without limitation, a corporation which as a
result of such transaction owns the Company or substantially all of the Company’s
assets either directly or through one or more 

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subsidiaries) (such resulting or acquiring corporation
is referred to herein as the “Acquiring Corporation”); or

(iv)          approval by the stockholders of the
Company of a complete liquidation or dissolution of the Company.

(g)           “Code” means the Internal Revenue
Code of 1986, as amended.

(h)           “Disability” or “disabled” means a
disability which results in the Executive’s entitlement to long-term disability
benefits under the Company’s applicable long-term disability plan.

(i)            “Equity Grant” means any
compensatory grant of Stock, options with respect to Stock, restricted Stock,
Stock appreciation rights or any other compensatory grant (whether or not such
grant is payable in stock) the value of which is determined with reference to
Stock valuation.

(j)            “Notice of Termination” means a
written notice from one party to the other party hereto given in accordance
with Section 24, terminating the Executive’s employment hereunder.  Any Notice of Termination shall (i) indicate
the specific termination provision hereunder relied on by the party giving such
notice and (ii) to the extent applicable, set forth in reasonable detail the
facts and circumstances providing a basis for termination of the Executive’s
employment under the provision so indicated. 
The failure by the Company to set forth any fact or circumstance that
contributes to a showing of Cause shall not waive any right of the Company
hereunder or preclude the Company from asserting any such fact or circumstance
in enforcing its rights hereunder.

(k)           “Pro-Rated Annual Bonus” means an
annual cash incentive bonus award for the year in which the termination occurs,
pro-rated through the Termination Date, determined in accordance with the Bonus
Plan and the provisions of Section 5, which award, if and to the extent so
determined to be owed, shall be payable when incentive awards are normally paid
to comparable executives.

(l)            “Stock” means the common stock,
$0.01 par value per share, of the Company.

(m)          “Termination Date” means, with respect
to any termination of the Executive’s employment hereunder, the effective date
of such termination pursuant to Section 9.

2.             TERM
OF EMPLOYMENT.

This Agreement, and all rights and obligations of the
parties hereunder, shall take effect upon the Restatement Effective Date and
shall continue until the date that is two years from the Restatement Effective
Date (the “Initial Employment Term”).  In
addition, the term of this Agreement shall automatically renew for periods of
two years (each an “Extension Term”) unless either party gives written notice
to the other party, at least ninety (90) days prior to the end of the Initial
Employment Term or at least ninety (90) days prior to the end of the relevant
Extension Term, that the Agreement shall not be further extended.  The period commencing on the Restatement
Effective Date and ending on the date on which the term of the Executive’s 

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employment under the Agreement shall terminate is
hereinafter referred to as the “Employment Term.”

3.             POSITION,
DUTIES AND RESPONSIBILITIES.

(a)           The Executive is currently employed
as Division President, Pulmonetics of the Company, and the Executive has been
assigned and shall be assigned such duties and responsibilities as are
reasonably consistent with such position(s), or such other position, duties and
responsibilities as the CEO or the Executive’s direct supervisor from time to
time deems appropriate.

(b)           During the Employment Term, the
Executive shall devote the Executive’s entire business time, attention and
energies to the business and interest of the Company in performing the
Executive’s duties and responsibilities under this Agreement, and to that end
but without limitation of the foregoing, the Executive shall not serve on the
board of directors of other corporations or entities without the prior approval
of the Board or the Chief Executive Officer.

(c)           Notwithstanding anything contained in
Section 3(b) to the contrary, nothing herein shall
preclude the Executive from (i) serving on the boards of directors of a
reasonable number of trade associations and/or charitable organizations, (ii) engaging
in charitable activities and community affairs, and (iii) managing the
Executive’s personal investments and affairs, provided that such activities do
not materially interfere with the proper performance of the Executive’s duties
and responsibilities as set forth in this Section 3.

4.             BASE
SALARY.

The Executive shall be paid an annualized base salary,
payable in accordance with the regular payroll practices of the Company, of
$258,000.00, which amount may be increased from time to time in the discretion
of the Board.

5.             ANNUAL
CASH INCENTIVE AWARD.

During the Employment Term, the
Executive shall participate in (a) the Bonus Plan with a target bonus of 50% of
the Base Salary, or such other amount as may be determined in its discretion by
the Board or the appropriate committee or individual to which authority for
these matters has been assigned, and (b) any other incentive programs
established by the Company for its senior level executives generally.

6.             EMPLOYEE
BENEFIT PROGRAMS.

During the Employment Term, the Executive shall be
entitled to participate in all employee pension and welfare benefit plans and
programs made available to the Company’s senior level executives.

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7.             PERQUISITES.

During the Employment Term, the Executive shall be
entitled to participate in all of the Company’s executive perquisites in
accordance with the terms and conditions of such arrangements as are in effect
from time to time for the Company’s senior-level executives.

8.             REIMBURSEMENT
OF BUSINESS AND OTHER EXPENSES.

The Executive is authorized to incur reasonable
expenses in carrying out the duties and responsibilities under this Agreement,
and the Company shall promptly reimburse the Executive for such expenses,
subject to documentation in accordance with the Company’s policies.

9.             TERMINATION
OF EMPLOYMENT.

The Executive’s employment hereunder shall terminate
effective immediately upon the earlier to occur of the following events:

(a)           death of the Executive;

(b)           receipt by either party of a Notice
of Termination for Disability from the other party, but in any event not until
the Executive is determined to be disabled in accordance with Section 1(h);

(c)           the day the Executive receives a
Notice of Termination for Cause from the Company;

(d)           the 30th day following receipt by the
Executive of a Notice of Termination without Cause from the Company;

(e)           the 30th day following receipt by the
Company of a Notice of Termination of employment from the Executive (other than
a Notice of Termination for non-renewal of the Agreement);

(f)            the 90th day following receipt by
the Company of a Notice of Termination for non-renewal of the Agreement from
the Executive pursuant to Section 2; and

(g)           the last day of the Employment Term,
in the event of receipt by the Executive of a notice of non-renewal of the
Agreement from the Company pursuant to Section 2.

10.           RIGHTS
AND REMEDIES UPON TERMINATION OF EMPLOYMENT.

(a)           TERMINATION DUE TO DEATH.  In the event that the Executive’s employment
is terminated due to the Executive’s death, the Executive’s estate or
beneficiaries, as the case may be, shall be entitled to the following benefits:

(i)            The Executive’s then current Base
Salary pro-rated through the Termination Date, which shall be payable in a lump
sum within thirty (30) days of the Termination Date;

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(ii)           The Pro-Rated Annual Bonus, if and to
the extent payable; and

(iii)          Each Equity Grant held by the
Executive, whether or not issued under this Employment Agreement, that has not
vested prior to that date shall immediately vest (and all relevant vesting
restrictions shall lapse) and to the extent subject to an exercise period,
shall remain exercisable until one year following the Termination Date (but in
no event beyond the end of each such Equity Grant’s otherwise applicable
exercise period).

(b)           TERMINATION DUE TO DISABILITY.  In the event that the Executive’s employment
is terminated by either party due to the Executive’s Disability, the Executive
shall be entitled to the following benefits:

(i)            Disability benefits in accordance
with the long-term disability (“LTD”) program then in effect for comparable
executives of the Company;

(ii)           The Executive’s then current Base
Salary pro-rated through the end of the LTD elimination period, which shall be
payable in a lump sum within thirty (30) days of the Termination Date;

(iii)          The Pro-Rated Annual Bonus, if and to
the extent payable; and

(iv)          Each Equity Grant held by the
Executive, whether or not issued under this Employment Agreement, that has not
vested prior to that date shall immediately vest (and all relevant vesting
restrictions shall lapse) and to the extent subject to an exercise period,
shall remain exercisable until one year following the Termination Date (but in
no event beyond the end of each such Equity Grant’s otherwise applicable
exercise period).

(c)           TERMINATION BY THE COMPANY FOR
CAUSE.  In the event that the Company
terminates the Executive’s employment for Cause:

(i)            The Executive shall be entitled to
receive the Executive’s current Base Salary pro-rated through the Termination
Date, which shall be payable in a lump sum within thirty (30) days of the
Termination Date;

(ii)           The Executive shall not be entitled
to any benefits, severance or other compensation; and

(iii)          Each Equity Grant held by the
Executive, whether or not issued under this Employment Agreement, (A) that has
not vested prior to that date shall immediately cease to vest and shall be
forfeited to the Company and cancelled, and (B) that has vested prior to or on
the Termination Date, to the extent subject to an exercise period, shall remain
exercisable for ninety (90) days following the Termination Date (but in no
event beyond the end of each such Equity Grant’s otherwise applicable exercise
period).

(d)           TERMINATION BY
THE EXECUTIVE.  In the event of a
termination of employment by the Executive on the Executive’s own initiative,
other than due to (A) death, (B) Disability, (C) the
expiration of the then current Employment Term, or (D) a notice from one party
to the other of its intent not to extend the Employment Term:

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(i)            The Executive shall be entitled to
receive the Executive’s current Base Salary pro-rated through the Termination
Date, which shall be payable in a lump sum within thirty (30) days of the
Termination Date;

(ii)           The Executive shall not be entitled
to any benefits, severance or other compensation; and

(iii)          Each Equity Grant held by the
Executive, whether or not issued under this Employment Agreement, (A) that has
not vested prior to that date shall immediately cease to vest and shall be
forfeited to the Company and cancelled, and (B) that has vested prior to or on
the Termination Date, to the extent subject to an exercise period, shall remain
exercisable for ninety (90) days following the Termination Date (but in no
event beyond the end of each such Equity Grant’s otherwise applicable exercise
period).

(e)           TERMINATION WITHOUT CAUSE.  In the event of a termination of the
Executive’s employment by the Company, other than due to (A) death, (B)
Disability, (C) Cause, (D) a notice from one party to the other of its intent
not to extend the Employment Term, the Executive shall be entitled to the
following benefits:

(i)            The Executive’s then current Base
Salary pro-rated through the Termination Date, which shall be payable in a lump
sum within thirty (30) days of the Termination Date;

(ii)           An amount equal to the sum of (A) the
Executive’s then current annualized Base Salary and (B) the most recent cash
incentive paid or the target bonus available under the Bonus Plan, whichever is
higher, payable in a lump sum within ninety (90) days of the Termination Date;

(iii)          Continued participation, at the
Company’s expense, in all medical and dental insurance plans in which the
Executive and the Executive’s family were participating on the Termination Date
until the earlier of (A) twelve (12) months following the Termination Date, or
(B) the date or dates on which the Executive receives substantially equivalent
coverage and benefits under the plans of a subsequent employer; and

(iv)          Each Equity Grant held by the
Executive, whether or not issued under this Employment Agreement, (A) that has
not vested prior to that date shall immediately cease to vest and shall be
forfeited to the Company and cancelled, and (B) that has vested prior to or on
the Termination Date, to the extent subject to an exercise period, shall remain
exercisable for ninety (90) days following the Termination Date (but in no
event beyond the end of each such Equity Grant’s otherwise applicable exercise
period).

(f)            TERMINATION DUE TO NON-RENEWAL.  Subject to the first sentence of Section
10(h), in the event that the Company exercises its right not to renew this
Agreement pursuant to Section 2, the Executive shall be entitled to the
following benefits:

(i)            The Executive’s current Base Salary
pro-rated through the Termination Date, which shall be payable in a lump sum
within thirty (30) days of the Termination Date;

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(ii)           The Pro-Rated Annual Bonus, if and to
the extent payable;

(iii)          An amount equal to, in the sole
discretion of the Company, either (A) three (3) months of the Executive’s then
current Base Salary, if the Company requests that the Executive not continue to
serve for the remainder of the Employment Term, or (B) six (6) months of the
Executive’s then current Base Salary if the Company requests that the Executive
continue to serve for the remainder of the Employment Term, subject to the
Company’s right to terminate the Executive’s employment at any time for Cause;
with the amount due under this subsection (iii) to be payable in each case in a
lump sum within thirty (30) days of the Termination Date; and

(iv)          Continued
participation, at the Company’s expense, in all medical and dental insurance
plans in which the Executive and the Executive’s family were participating on
the Termination Date until the earlier of (A) three (3) months if the Company
requests that the Executive not continue to serve for the remainder of the
Employment Term or six (6) months if the Company requests that the Executive
continue to serve for the remainder of the Employment Term or (B) the date or
dates on which the Executive receives substantially equivalent coverage and
benefits under the plans of a subsequent employer.

(g)           OTHER TERMINATION BENEFITS.  In the case of any of the foregoing
terminations, to the extent not previously paid or provided or otherwise
contrary to the terms and conditions of this Agreement, the Executive or the
Executive’s estate or beneficiaries, as the case may be, shall also be entitled
to the balance of any incentive awards due the Executive but not yet paid
(including, without limitation, awards due for performance periods that have
been completed, but have not yet been paid), any expense reimbursements due the
Executive, and other benefits, if any, in accordance with applicable plans or
programs of or contracts or agreements of the Executive with the Company.  In addition, unless indicated otherwise in
this Agreement, the treatment of any options granted to the Executive in the
case of any of the foregoing terminations shall be governed by the terms of the
VIASYS Equity Incentive Plan or other relevant equity compensation plan or any
associated stock option agreement.

(h)           CHANGE IN CONTROL.  If this Agreement is not renewed by the
Company as a result of a Notice of Termination under Section 10(f) (Termination
due to Non-Renewal) delivered following a Change in Control, but only upon the
expiration of the Initial Employment Term or the Extension Term, as applicable,
in which the Change of Control occurs, the Company shall provide to the
Executive the benefits described in Section 10(e) (Termination without Cause)
in lieu of the benefits described in Section 10(f), and, in such event, the
Termination Date shall be the last day of the Employment Term.  In addition, in the event of a Change in
Control, the Equity Grants held by the Executive shall be treated in a manner
consistent with the Company’s Equity Incentive Plan, the Executive’s Stock
Option Agreement and this Agreement. 
Notwithstanding anything to the contrary in this Agreement, in the event
the Executive’s employment with the Company is terminated within twelve (12)
months following a Change in Control, the Executive shall be entitled to
benefits equal to the greater of: (i) the benefits due and payable to the
Executive under the change of control plan sponsored by the Company, if any
(the “Change of Control Plan”), or (ii) the benefits due and payable to the
Executive under Section 10 of this Employment Agreement as a result of such
termination.  In furtherance thereof, it
is the parties’ understanding that, in the event of a termination under such
circumstances, the Executive 

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shall only be entitled to receive benefits payable
under either the Change in Control Plan or this Employment Agreement (but not
both).

(i)            NATURE OF PAYMENTS.  Any amounts due under this Section 10 are in the nature of severance payments considered to
be reasonable by the Company and are not in the nature of a penalty.

(j)            NO MITIGATION; NO OFFSET.  The Executive shall not be required to
mitigate the amount of any payment or benefit provided in this Section 10 by seeking other employment or otherwise.  Further, except as provided in Section 10,
the amount of any payment or benefits provided for in this Section 10 shall not
be reduced by any compensation earned by the Executive as a result of
employment by another employer.

(k)           RELEASE.  The additional benefits that are not
unconditionally due under applicable law payable to the Executive under this
Section 10 (including but not limited to the benefits payable under
Section 10(e)(ii)) shall be conditioned upon the Executive’s execution of
a Severance Agreement and General Release (substantially in a form that is
acceptable to the Company in its sole discretion (the “Release”)), within ten
(10) business days of the Termination Date or within such longer period
required by law, and such benefits shall not become payable until such time as
the Executive has executed the Release and any revocation period contained in
the Release has expired without the Executive having revoked the Release.  In addition, the Executive’s right to payment
under this Agreement shall cease upon the Executive’s rescission of the Release
or material breach of the Release.

11.           CONFIDENTIALITY
& ASSIGNMENT OF INVENTIONS.

(a)           The Executive has previously executed
and delivered to the Company the Company’s standard employee Confidential
Information and Invention Assignment Agreement and acknowledges that the
Executive continues to be bound by that agreement.

(b)           Upon the termination of the Executive’s
employment, the Executive (or, in the event of the Executive’s death, the
Executive’s personal representative) shall promptly surrender to the Company
the original and all copies of any materials containing confidential
information of the Company which are then in the Executive’s possession or
control; provided, however, that the Executive shall not be required to
surrender the Executive’s rolodexes, personal diaries and other items of a
personal nature.

12.           NON-COMPETITION;
NON-SOLICITATION.

(a)           The Executive acknowledges (i) that
in the course of the Executive’s employment with the Company the Executive will
become familiar with trade secrets and customer lists of, and other
confidential information concerning, the Company and its Affiliates, customers
and clients and (ii) that the Executive’s services will be of special, unique
and extraordinary value to the Company.

(b)           The Executive agrees that, during the
Employment Term and for a period of one year following the Executive’s
termination of employment for any reason (the “Non-Competition Period”), the
Executive shall not in any manner, directly or indirectly, alone or 

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through any person, firm, corporation or enterprise or
as a member of a partnership or as an officer, director, stockholder, investor
or employee of or advisor or consultant to any person, firm, corporation or
enterprise or otherwise, engage or be engaged, or assist any other person,
firm, corporation or enterprise in engaging or being engaged in any Competitive
Activity (as defined below).  For the
purposes of this Section 12, a “Competitive Activity” shall mean, unless
otherwise determined by the Board, a business that (i) is being conducted by
the Company or any Affiliate at the time in question and (ii) was being
conducted, or was under active consideration to be conducted, by the Company or
any Affiliate, at the date of the termination of the Executive’s employment.

(c)           The Executive further agrees that
during the Non-Competition Period the Executive shall not (i) in any manner,
directly or indirectly, solicit or recruit (or attempt to solicit or recruit)
any employee of or advisor or consultant to the Company or its Affiliates to
terminate such person’s employment or advisor or consultant relationship with
the Company or its Affiliates, work for a person other than the Company or its
Affiliates, work as an independent contractor, or engage in any activity that
would cause any such employee, advisor or consultant to violate any agreement
with the Company or its Affiliates; (ii) in any manner, directly or indirectly,
hire or cause to be hired any employee of or advisor or consultant to the
Company or any of its Affiliates for any purpose or in any capacity whatsoever;
or (iii) in connection with any business to which Section 12(b) applies, call
on, service, solicit or otherwise do business with any customer of the Company
or any of its Affiliates; provided, however, that the restriction contained in
clause (iii) of this Section 12(c) shall not apply to, or interfere with, the
proper performance by the Executive of the duties and responsibilities under
Section 3 of this Agreement.

(d)           Nothing in this Section 12 shall
prohibit the Executive from being a passive owner of not more than two percent
(2%) of the outstanding common stock, capital stock and equity of any firm,
corporation or enterprise so long as the Executive has no active participation
in the management or business of such firm, corporation or enterprise.

(e)           If the restrictions stated herein are
found by a court to be unreasonable, the parties hereto agree that the maximum
period, scope or geographical area reasonable under such circumstances shall be
substituted for the stated period, scope or area and that the court shall
revise the restrictions contained herein to cover the maximum period, scope and
area permitted by law.

(f)            If the Executive violates any
provision of Section 12, the restrictions of the applicable provision shall
continue to apply for an additional period of one year after the date of such
violation.

13.           REMEDIES.

Each of the parties to this Agreement shall be
entitled to enforce its rights under this Agreement specifically, to recover
damages and costs (including, without limitation, reasonable attorney’s fees)
caused by any breach of any provision of this Agreement and to exercise all
other rights existing in its favor.  The parties hereto agree and
acknowledge that money damages would not be an adequate remedy for any breach
of the provisions of this Agreement and that 

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any party may in its sole discretion apply to any
court of law or equity of competent jurisdiction (without posting any bond or
deposit) for specific performance and/or other injunctive relief in order to
enforce or prevent any violations of the provisions of this Agreement.  Nothing in this Section 13 is intended to
prevent the parties from raising any and all defenses with respect to the
necessity for, and scope of, such injunctive or equitable relief.

14.           RESOLUTION
OF DISPUTES.

Subject to the provisions of Section 13 regarding
specific performance and/or injunctive relief, any disputes arising under or in
connection with this Agreement or the Executive’s employment or termination of
employment shall be resolved by binding arbitration, to be held in
Philadelphia, Pennsylvania, in each case in accordance with the National Rules
for the Resolution of Employment Disputes of the American Arbitration
Association.  Judgment upon the award
rendered by the arbitrator(s) may be entered in any court having jurisdiction
thereof.  To the extent permitted by
applicable law and rules, the Executive and the Company shall share equally in
the administrative costs and fees of any arbitration, including the arbitrators’
compensation, except that the party requesting arbitration shall be solely
responsible for the applicable filing fees and costs.

15.           EXPENSES.

Subject to the provisions of Sections 13 and 14, in
the event any party hereto seeks a judicial adjudication of, or an award in
arbitration to enforce, the party’s rights under, or to recover damages for the
breach of, this Agreement, the prevailing party shall be entitled to recover
from the other party or parties, as the case may be, any and all costs actually
and reasonably incurred by the prevailing party in such judicial adjudication
or arbitration, including, without limitation, reasonable attorney’s fees, but
only to the extent the party prevails in such proceeding.

16.           ASSIGNABILITY;
BINDING NATURE.

This Agreement shall be binding upon and inure to the
benefit of the parties and their respective successors, heirs (in the case of
the Executive) and assigns.  Rights or
obligations of the Company under this Agreement may be assigned or transferred
by the Company pursuant to a merger or consolidation in which the Company is
not the continuing entity, or the sale or liquidation of all or substantially
all of the assets of the Company, provided that the assignee or transferee is
the successor to all or substantially all of the assets of the Company and such
assignee or transferee assumes the liabilities, obligations and duties of the
Company, as contained in this Agreement, either contractually or as a matter of
law.  The Company further agrees that, in
the event of a sale of assets or liquidation as described in the preceding
sentence, it shall take whatever action it reasonably can in order to cause
such assignee or transferee to expressly assume the liabilities, obligations
and duties of the Company hereunder.  No
rights or obligations of the Executive under this Agreement may be assigned or
transferred by the Executive other than the Executive’s rights to compensation
and benefits, which may be transferred only by will or operation of law.  In the event of a Change in Control, the
Company shall require any successor to the Company or any acquiror of all or
substantially all the Company’s assets to assume and honor the Agreement.

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17.           REPRESENTATIONS
AND WARRANTIES.

(a)           The Company represents and warrants
that it has all requisite corporate power and authority to enter into this
Agreement and that the performance by the Company of its obligations under this
Agreement will not violate any agreement to which it is a party.

(b)           The Executive represents that the
execution of this Agreement by the Executive and the performance by the
Executive of the obligations hereunder will not violate any agreement to which
the Executive is a party.

(c)           The Executive hereby represents and
warrants that the Executive is not bound by the terms of any agreement with any
previous employer or other party to refrain from competing, directly or
indirectly, with the business of such previous employer or any other
party.  The Executive further represents
and warrants that Executive’s performance of all the terms of this Agreement
and as an employee of the Company does not and will not breach any agreement to
keep in confidence proprietary information, knowledge or data acquired by the
Executive in confidence or in trust prior to Executive’s employment with the
Company.  The Executive will not disclose
to the Company or induce the Company to use any confidential or proprietary
information or material belonging to any previous employer or others.  The Executive will not hereafter grant anyone
any rights inconsistent with the terms of this Agreement.

18.           ENTIRE
AGREEMENT.

This Agreement contains the entire understanding and
agreement between the parties concerning the subject matter hereof and
supersedes all prior agreements, understandings, discussions, negotiations and
undertakings, whether written or oral, between the parties with respect
thereto, including, without limitation, the Original Agreement.  This is an integrated document.

19.           AMENDMENT
OR WAIVER.

No provision in this Agreement may be amended unless
such amendment is agreed to in writing and signed by the Executive and an
authorized officer of the Company, other than the Executive.  No waiver by either party of any breach by
the other party of any condition or provision contained in this Agreement to be
performed by such other party shall be deemed a waiver of a similar or
dissimilar condition or provision at the same or any prior or subsequent
time.  Any such waiver must be in writing
and signed by the Executive or an authorized officer of the Company, other than
the Executive, as the case may be.

20.           SEVERABILITY.

In the event that any provision or portion of this
Agreement shall be determined to be invalid or unenforceable for any reason, in
whole or in part, the remaining provisions of this Agreement shall be
unaffected thereby and shall remain in full force and effect to the fullest
extent permitted by law so as to achieve the purposes of this Agreement.

 12
 

21.           SURVIVORSHIP.

Except as otherwise expressly set forth in this
Agreement, the respective rights and obligations of the parties hereunder shall
survive any termination of the Executive’s employment.  This Agreement itself (as distinguished from
the Executive’s employment) may not be terminated by either party without the
written consent of the other party.

22.           REFERENCES.

In the event of the Executive’s death or a judicial
determination of the Executive’s incompetence, reference in this Agreement to
the Executive shall be deemed, where appropriate, to refer to the Executive’s
beneficiary, estate or other legal representative.

23.           GOVERNING
LAW/JURISDICTION.

This Agreement shall be governed in accordance with
the laws of the State of Delaware without reference to principles of conflict
of laws.

24.           NOTICES.

All notices and other communications required or
permitted hereunder shall be in writing and shall be deemed given when (a)
delivered personally, (b) sent by certified or registered mail, postage
prepaid, return receipt requested or (c) delivered by overnight courier
(provided that a written acknowledgment of receipt is obtained by the overnight
courier) to the party concerned at the address indicated below or to such
changed address as such party may subsequently give such notice of:

	
  If to the Company:

  	
   

  	
  Viasys Healthcare Inc. 

  227 Washington Street, Suite 200 

  Conshohocken, PA 19428 

  Attn.: General Counsel and Corporate Vice President, 

  Human Resources

  
	
   

  	
   

  	
   

  
	
  If to Executive:

  	
   

  	
  The last known address of the Executive, as provided
  to the Company by the Executive

  

 

25.           HEADINGS.

The headings of the sections contained in this
Agreement are for convenience only and shall not be deemed to control or affect
the meaning or construction of any provision of this Agreement.

26.           COUNTERPARTS.

This Agreement may be executed in counterparts.

[Remainder of Page Intentionally Left Blank]

 13
 

IN WITNESS WHEREOF, the undersigned have executed this
Agreement as of the restatement set forth above.

	
  

  	
   

  	
  VIASYS
  HEALTHCARE INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Randy H.
  Thurman

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Randy H.
  Thurman

  
	
   

  	
   

  	
  Title: Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Arie Cohen

  
	
   

  	
   

  	
  Arie Cohen

  

 

 14Exhibit
10.01

ASSET EXCHANGE AGREEMENT

THIS ASSET EXCHANGE AGREEMENT (this “Agreement”) is made as of January 17, 2007, by and among
Entercom Cincinnati, LLC, a Delaware limited liability company, and Entercom
Cincinnati License, LLC, a Delaware limited liability company (collectively, “Entercom Cincinnati”), Entercom Seattle, LLC, a Delaware
limited liability company, and Entercom Seattle License, LLC, a Delaware
limited liability company (collectively, “Entercom Seattle”
and together with Entercom Cincinnati, “Entercom”), and Bonneville
International Corporation, a Utah corporation (“Exchange
Party”).  Capitalized terms
shall have the meaning ascribed to them in Article 18 of
this Agreement.

Recitals

A.            Entercom
Cincinnati has entered into an asset purchase agreement (the “CBS Agreement”) with CBS Radio Stations, Inc., among other
parties (collectively, the “CBS Parties”),
dated August 18, 2006, pursuant to which Entercom will acquire certain
authorizations issued by the Federal Communications Commission (the “FCC”) and other assets in connection with the radio
broadcast stations WYGY(FM) (formerly WAQZ(FM)), Fort Thomas, Kentucky,
WGRR(FM), Hamilton, Ohio, WKRQ(FM), Cincinnati, Ohio, and  WUBE-FM, Cincinnati, Ohio.

B.            Entercom
Cincinnati has also entered into an asset exchange agreement (the “Cumulus Agreement”) with Susquehanna Radio Corp. and WVAE
Lico, Inc. (collectively, the “Cumulus Parties”),
dated October 31, 2006, pursuant to which Entercom Cincinnati will acquire the
FCC authorizations and certain other assets of station WSWD(FM), Fairfield,
Ohio, and certain assets of station WFTK(FM) (formerly WPRV(FM)), Lebanon,
Ohio, in exchange for the FCC authorizations and other assets used in
connection with station WGRR(FM).  Radio
stations WYGY(FM), WKRQ(FM), WUBE-FM, and the authorizations and other assets
acquired by Entercom from the Cumulus Parties pursuant to the Cumulus
Agreement, are referred to collectively as the “Entercom
Cincinnati Stations”.

C.            Entercom
Seattle holds the FCC authorizations and other assets used in connection with
radio broadcast stations KIRO(AM) and KTTH(AM), Seattle, Washington, and
KBSG-FM, Tacoma, Washington (collectively, the “Entercom
Seattle Stations” and together with the Entercom Cincinnati
Stations, the “Entercom Stations”).

D.            Bonneville
Holding Company, a Utah nonprofit corporation (“BHC”),
currently holds the FCC authorizations and all call letters and Exchange Party
holds the other assets used in connection with radio broadcast stations
KOIT-FM, KMAX-FM and KDFC-FM, San Francisco, California (collectively, the “Exchange Party Stations”).

E.             Prior
to the consummation of the transactions contemplated hereby, Exchange Party
intends to acquire from BHC all of the FCC authorizations and all call letters
relating to the Exchange Party Stations (the “BHC
Agreement”).

F.             Subject
to the terms and conditions set forth herein, the parties desire to exchange
the Entercom Station Assets for the Exchange Party Station Assets and the Cash
Consideration 

and the parties intend, to the maximum extent
possible, that such exchange be treated as a like-kind exchange of property
within the meaning of Section 1031 of the Code and the Treasury Regulations
promulgated thereunder.

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

EXCHANGE AND PURCHASE AND SALE OF ASSETS

1.1           Entercom Station Assets.  Pursuant to the terms and subject to the
conditions of this Agreement, at the Closing, Entercom shall sell, assign,
transfer and convey to Exchange Party, and Exchange Party shall acquire from
Entercom, all of Entercom’s right, title and interest in, to and under all of
the assets, properties, interests and rights of Entercom of whatsoever kind and
nature, real and personal, tangible and intangible which are used or held for
use primarily in the operation of the Entercom Stations, but excluding the
Entercom Excluded Assets (the “Entercom Station Assets”).  Except as provided in Section 1.2,  the Entercom Station Assets include without limitation the
following:

(a)           all licenses, permits and other
authorizations issued to Entercom by the FCC with respect to the Entercom
Stations, including those described on Schedule 1.1(a),  and including any pending applications for or renewals or
modifications thereof between the date hereof and the Closing (the “Entercom
FCC Licenses”);

(b)           all equipment, electrical devices,
antennas, cables, tools, hardware, office furniture and fixtures, office
materials and supplies, inventory, motor  vehicles,
spare parts and other tangible personal property of every kind and description,
including without limitation those listed on Schedule 1.1(b), used or
held for use primarily in the operation of the Entercom Stations, except any
retirements or dispositions of tangible personal property made between the date
hereof and Closing in the ordinary course of business and consistent with Section 9.1 (the “Entercom Tangible Personal Property”);

(c)           all (i) contracts, agreements, leases
and licenses used primarily in the operation of the Entercom Stations that are
listed on Schedule 1.1(c), except to the extent otherwise indicated on
such Schedule, (ii) agreements for the sale of advertising time on the Entercom
Stations for cash or non-cash consideration entered into in the ordinary course
of business, (iii) employment agreements with the Entercom Transferred
Employees which agreements are identified in Schedule 1.1(c), and (iv)
contracts and agreements permitted by Section 9.1(b)
(collectively, the “Entercom Station Contracts”);

(d)           to the extent transferable, all of
Entercom’s rights in and to the Entercom Stations’ call letters, registered and
unregistered trademarks and associated goodwill, trade names, service marks,
copyrights, jingles, logos, slogans, Internet domain names, Internet URLs,
Internet web sites, content and databases, computer software, programs and
programming 

 2
 

material and other
intangible property rights and interests applied for, issued to or owned by
Entercom that are used primarily in the operation of the Entercom Stations,
including those listed on Schedule 1.1(d) (the “Entercom Intangible Property”);

(e)           all files, documents, records and
books of account (or copies thereof) relating primarily to the operation of the
Entercom Stations, including the Entercom Stations’ public inspection files,
programming information and studies, blueprints, technical information and
engineering data, advertising studies, marketing and demographic data, research
studies, sales correspondence, lists of advertisers, credit and sales reports
and logs, but excluding any such documents relating primarily to Entercom
Excluded Assets;

(f)            all interests in real property,
including any leases or licenses to occupy, used or held for use primarily in
the operation of the Entercom Stations described on Schedule 1.1(f) (the
“Entercom
Real Property”); and

(g)           subject to the terms of Section 3.1(f),
any barter receivables in respect of advertising time aired prior to the LMA
Date.

The Entercom Station Assets shall be delivered by Entercom to Exchange
Party as is, where is, without any representation or warranty by Entercom
except as expressly set forth in this Agreement, and Exchange Party
acknowledges that it has not relied on or been induced to enter into this
Agreement by any representation or warranty other than those expressly set
forth in this Agreement.  The Entercom
Station Assets shall be transferred to Exchange Party free and clear of liens,
mortgages, pledges, security interests, claims and encumbrances (“Liens”)
except for Permitted Liens, if any, and except as otherwise expressly
provided in this Agreement.

1.2           Entercom Excluded Assets.  Notwithstanding anything to the contrary contained
herein, Exchange Party expressly acknowledges and agrees that the following
assets and properties of Entercom (the “Entercom Excluded Assets”)  shall not be acquired by Exchange
Party and are excluded from the Entercom Station Assets:

(a)           Entercom’s books and records
pertaining to the corporate organization, existence or capitalization of
Entercom;

(b)           all cash, cash equivalents, or
similar type investments of Entercom, such as certificates of deposit, treasury
bills, marketable securities, asset or money market accounts or similar
accounts or investments, and all monies held by or on behalf of third parties
as security deposits under leases or other agreements;

(c)           (i) all accounts receivable existing
at the earlier of (A) the LMA Date or (B) the Effective Time, and (ii) notes
receivable, promissory notes or amounts due from employees;

(d)           intercompany accounts receivable and
accounts payable;

(e)           all insurance policies or any
proceeds payable thereunder, other than as provided in Section 10.9;

 3
 

(f)            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;

(g)           all interest in and to refunds of
taxes relating to all periods prior to the Effective Time;

(h)           all tangible and intangible personal
property disposed of or consumed in the ordinary course between the date of
this Agreement and the Closing Date as provided by this Agreement and provided
that Entercom shall replace any such items consistent with its past practices;

(i)            all rights to the names “Entercom,” “EMRG,”
“SHRED,” “RAMP,” and “PILOT” and logos or variations thereof, including
trademarks, trade names and domain names, and all goodwill associated
therewith;

(j)            all rights to marks not currently
but previously used in the operation of the Entercom Stations, where such use
has been abandoned by the Entercom Stations,  and
all goodwill associated therewith;

(k)           the accounting and payroll systems
used by Entercom and its Affiliates, whether in hard copy, stored on a
computer, disk or otherwise;

(l)            all ASCAP, BMI and SESAC licenses;

(m)          all items of personal property owned
by personnel at the Entercom Stations;

(n)           any cause of action or claim relating
to any event or occurrence prior to the Effective Time;

(o)           all rights of Entercom under this
Agreement or the transactions contemplated hereby;

(p)           all assets located at Entercom’s
facilities at 1100 Olive Way, Seattle, Washington, except for those assets
listed on Schedule 1.1(b) and identified as Met Park assets;

(q)           all assets identified as “Excluded
Assets” in the CBS Agreement or as “Entercom Excluded Assets” in the Cumulus
Agreement as identified on Schedule 1.2(q); and

(r)            the assets identified on Schedule
1.2(r).

1.3           Exchange Party Station Assets.  Pursuant to the terms and subject to the
conditions of this Agreement, at the Closing, Exchange Party shall sell,
assign, transfer and convey to Entercom, and Entecom shall acquire from
Exchange Party, all of Exchange Party’s right, title and interest in, to and
under all of the assets, properties, interests and rights of Exchange Party of
whatsoever kind and nature, real and personal, tangible and intangible which
are used or held for use primarily in the operation of the Exchange Party
Stations, but excluding 

 4
 

the Exchange Party Excluded Assets (the “Exchange Party Station Assets”).  Except as provided in Section 1.4,  the Exchange Party Station Assets include without
limitation the following:

(a)           all licenses, permits and other
authorizations issued to Exchange Party by the FCC with respect to the Exchange
Party Stations, including those described on Schedule 1.3(a),  and including any pending applications for or renewals or
modifications thereof between the date hereof and the Closing (the “Exchange
Party FCC Licenses”);

(b)           all equipment, electrical devices,
antennas, cables, tools, hardware, office furniture and fixtures, office
materials and supplies, inventory, motor  vehicles,
spare parts and other tangible personal property of every kind and description,
including without limitation those listed on Schedule 1.3(b), used or
held for use primarily in the operation of the Exchange Party Stations, except
any retirements or dispositions of tangible personal property made between the
date hereof and Closing in the ordinary course of business and consistent with Section 9.2 (the “Exchange Party Tangible Personal Property”);

(c)           all (i) contracts, agreements, leases
and licenses used primarily in the operation of the Exchange Party Stations
that are listed on Schedule 1.3(c), except to the extent otherwise
indicated on such Schedule, (ii) agreements for the sale of advertising time on
the Exchange Party Stations for cash or non-cash consideration entered into in
the ordinary course of business, (iii) employment agreements with the Exchange
Party Transferred Employees and which agreements are identified in Schedule
1.3(c), and (iv) contracts and agreements permitted by Section
9.2(b) (collectively, the “Exchange Party Station
Contracts”);

(d)           to the extent transferable, all of
Exchange Party’s rights in and to the Exchange Party Stations’ call letters,
registered and unregistered trademarks and associated goodwill, trade names,
service marks, copyrights, jingles, logos, slogans, Internet domain names,
Internet URLs, Internet web sites, content and databases, computer software,
programs and programming material and other intangible property rights and
interests applied for, issued to or owned by Exchange Party that are used
primarily in the operation of the Exchange Party Stations, including those
listed on Schedule 1.3(d) (the “Exchange Party Intangible Property”);

(e)           all files, documents, records and
books of account (or copies thereof) relating primarily to the operation of the
Exchange Party Stations, including the Exchange Party Stations’ public
inspection files, programming information and studies, blueprints, technical
information and engineering data, advertising studies, marketing and
demographic data, research studies, sales correspondence, lists of advertisers,
credit and sales reports and logs, but excluding any such documents relating
primarily to the Exchange Party Excluded Assets;

(f)            all interests in real property,
including any leases or licenses to occupy, used or held for use primarily in
the operation of the Exchange Party Stations described on Schedule 1.3(f)
(the “Exchange
Party Real Property”);

(g)           subject to the terms of Section 3.1(f), any barter receivables in respect of
advertising time aired prior to the LMA Date; and

(h)           all of Exchange Party’s membership
interest in Bay City Media, LLC, a Delaware limited liability company.

 5
 

The Exchange Party Station Assets shall be delivered by Exchange Party
to Entercom as is, where is, without any representation or warranty by Exchange
Party except as expressly set forth in this Agreement, and Entercom
acknowledges that it has not relied on or been induced to enter into this
Agreement by any representation or warranty other than those expressly set
forth in this Agreement.  The Exchange
Party Station Assets shall be transferred to Entercom free and clear of Liens except for Permitted Liens, if any,
and except as otherwise expressly provided in this Agreement.

1.4           Exchange Party Excluded Assets.  Notwithstanding anything to the contrary
contained herein, Entercom expressly acknowledges and agrees that the following
assets and properties of Exchange Party (the “Exchange Party Excluded Assets”)  shall not be acquired by Entercom
and are excluded from the Exchange Party Station Assets:

(a)           Exchange Party’s books and records
pertaining to the corporate organization, existence or capitalization of
Exchange Party;

(b)           all cash, cash equivalents, or
similar type investments of Exchange Party, such as certificates of deposit,
treasury bills, marketable securities, asset or money market accounts or
similar accounts or investments, and all monies held by or on behalf of third
parties as security deposits under leases or other agreements;

(c)           (i) all accounts receivable existing
at the earlier of (A) the LMA Date or (B) the Effective Time, and (ii) notes
receivable, promissory notes or amounts due from employees;

(d)           intercompany accounts receivable and
accounts payable;

(e)           all insurance policies or any
proceeds payable thereunder, other than as provided in Section 10.9;

(f)            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;

(g)           all interest in and to refunds of
taxes relating to all periods prior to the Effective Time;

(h)           all tangible and intangible personal
property disposed of or consumed in the ordinary course between the date of
this Agreement and the Closing Date as provided by this Agreement and provided
that Exchange Party shall replace any such items consistent with its past
practices;

(i)            all rights to the name “Bonneville”
and logos or variations thereof, including trademarks, trade names and domain
names, and all goodwill associated therewith;

(j)            all rights to marks not currently
but previously used in the operation of the Exchange Party Stations, where such
use has been abandoned by the Exchange Party Stations,  and
all goodwill associated therewith;

 6
 

(k)           the accounting and payroll systems
used by Exchange Party and its Affiliates, whether in hard copy, stored on a
computer, disk or otherwise;

(l)            all ASCAP, BMI and SESAC licenses;

(m)          all items of personal property owned
by personnel at the Exchange Party Stations;

(n)           any cause of action or claim relating
to any event or occurrence prior to the Effective Time;

(o)           all rights of Exchange Party under
this Agreement or the transactions contemplated hereby;

(p)           all of the tangible assets identified
on Schedule 1.4(p), which may be conveyed to AIM Broadcasting-San
Francisco, L.L.C. (“AIM”) pursuant
to the terms of a letter of intent by and among Exchange Party and AIM (the “AIM Transaction”); and

(q)           the assets identified on Schedule
1.4(q).

1.5           Cash Consideration.            At the Closing, Exchange Party shall
pay to Entercom, by wire transfer of immediately available funds to an account
designated by Entercom, the sum of One Million Dollars ($1,000,000.00) (the “Cash Consideration”).

1.6           LMA.

(a)           Contemporaneously with the execution
of this Agreement, Entercom and Exchange Party shall enter into a local
marketing agreement, effective as of the fifth (5th) business day following
expiration or termination of the waiting period under the HSR Act (the “LMA Date”), in the form attached hereto as Exhibit A,
pursuant to which Exchange Party will provide programming for, and be entitled
to receive revenues from the sale of advertising on, the Entercom Stations (the
“Entercom Station LMA”).

(b)           Contemporaneously with the execution
of this Agreement, Entercom and Exchange Party shall enter into a local
marketing agreement, effective as of the LMA Date, in the form attached hereto
as Exhibit B, pursuant to which Entercom will provide programming for,
and be entitled to receive revenue from the sales of advertising on, the
Exchange Party Stations (the “Exchange Party Station LMA”
and together with the Entercom Station LMA, the “LMAs”).

(c)           Contemporaneously with the execution
of this Agreement, Entercom and Exchange Party are executing and delivering the
LMAs.  To the extent that any Entercom
Station Assets are assigned, any Entercom Assumed Obligations are assumed, or
assets and liabilities are prorated under the LMAs, any obligation of Entercom
under this Agreement to assign such Entercom Station Assets, of Exchange Party
to assume such Entercom Assumed Obligations, or of either party to prorate such
assets or liabilities, shall be deemed satisfied.  To the extent that any Exchange Party Station
Assets are assigned, any Exchange Party Assumed Obligations are assumed, or
assets and liabilities are prorated under the LMAs, any obligation of Exchange
Party 

 7
 

under this Agreement to
assign such Exchange Party Station Assets, of Entercom to assume such Exchange
Party Assumed Obligations, or of either party to prorate such assets or
liabilities, shall be deemed satisfied.

(d)           Notwithstanding anything contained
herein to the contrary, Entercom shall not be deemed to have breached any of
its representations, warranties, covenants or agreements contained herein or to
have failed to satisfy any condition precedent to Entercom’s obligation to
perform under this Agreement (nor shall Entercom have any liability or
responsibility to Exchange Party in respect of any such representations,
warranties, covenants, agreements or conditions precedent), in each case to the
extent that the inaccuracy of any such representations, the breach of any such
warranty, covenant or agreement or the inability to satisfy any such condition
precedent arises out of or otherwise relates to (i) any actions taken by or
under the authorization of Exchange Party or any of its Affiliates (or any of
its respective officers, directors, employees, agents or representatives) in
connection with Exchange Party’s performance of its obligations under the LMAs
or (ii) the failure of Exchange Party to perform any of its obligations under
the LMAs.

(e)           Notwithstanding anything contained
herein to the contrary, Exchange Party shall not be deemed to have breached any
of its representations, warranties, covenants or agreements contained herein or
to have failed to satisfy any condition precedent to Exchange Party’s
obligation to perform under this Agreement (nor shall Exchange Party have any
liability or responsibility to Exchange Party in respect of any such
representations, warranties, covenants, agreements or conditions precedent), in
each case to the extent that the inaccuracy of any such representations, the
breach of any such warranty, covenant or agreement or the inability to satisfy
any such condition precedent arises out of or otherwise relates to (i) any
actions taken by or under the authorization of Entercom or any of its
Affiliates (or any of its respective officers, directors, employees, agents or
representatives) in connection with Entercom’s performance of its obligations
under the LMAs or (ii) the failure of Entercom to perform any of its
obligations under the LMAs.

(f)            Entercom and Exchange Party both
acknowledge and agree that the other party shall not be deemed responsible for
or have authorized or consented to any action or failure to act on the part of
the other party or its Affiliates (or any of its respective officers,
directors, employees, agents or representatives) in connection with the LMAs
solely by reason of the fact that prior to Closing, Entercom and Exchange Party
shall have the legal right to control, manage and supervise the operation of
the Exchange Party Stations and Entercom Stations, respectively, and the
conduct of its respective business, except to the extent Entercom or Exchange
Party actually exercise control, management or supervision of the operation of
their stations or the conduct of such business.

ARTICLE 2

ASSUMPTION OF OBLIGATIONS

2.1           Entercom Assumed Obligations.  At the Closing, Entercom shall assume and
agrees to pay, discharge and perform the following (collectively, the “Entercom Assumed Obligations”):

 8
 

(a)           all liabilities, obligations and
commitments of Exchange Party under the Exchange Party Station Contracts to the
extent they accrue or relate to any period at or after the Effective Time;

(b)           all liabilities, obligations and
commitments relating to Exchange Party Transferred Employees as provided for in
Section 10.4; and

(c)           any current liability of Exchange
Party to the extent Entercom has received a credit under Section 3.1.

2.2           Exchange Party Retained
Obligations.  Unless otherwise
required pursuant to the Exchange Party Station LMA, Entercom 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 Exchange Party of any nature
whatsoever whether accrued, absolute, contingent or otherwise and whether or
not disclosed to Entercom, other than the Entercom Assumed Obligations (the “Exchange Party Retained Obligations”).

2.3           Exchange Party Assumed Obligations.  At the Closing, Exchange Party shall assume
and agrees to pay, discharge and perform the following (collectively, the “Exchange Party Assumed Obligations”):

(a)           all liabilities, obligations and
commitments of Entercom under the Entercom Station Contracts to the extent they
accrue or relate to any period at or after the Effective Time;

(b)           all liabilities, obligations and
commitments relating to Entercom Transferred Employees as provided for in Section 10.4; and

(c)           any current liability of Entercom to
the extent Exchange Party has received a credit under Section 3.1.

2.4           Entercom Retained Obligations.  Unless otherwise required by the Entercom
Station LMA, Exchange Party 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 Entercom
of any nature whatsoever whether accrued, absolute, contingent or otherwise and
whether or not disclosed to Exchange Party, other than the Exchange Party
Assumed Obligations (the “Entercom Retained
Obligations”).

 

 9

 

ARTICLE 3

PRORATIONS AND ADJUSTMENTS

3.1           Prorations and Adjustments.

(a)           Except
as provided in the LMAs, as of 11:59 p.m. on the date immediately preceding the
Closing Date (the “Effective Time”),
all operating income (meaning all operating revenues less all operating
expenses, as such amounts are calculated in compliance with generally accepted
accounting principles (“GAAP”) applied
in a manner consistent with the preparation of both Entercom’s and Exchange
Party’s financial statements previously furnished to each other, except with
regard to any materiality limitations or qualifications imposed thereby),
arising from the conduct of the business and operations of the Entercom
Stations and Exchange Party Stations will be prorated between Entercom and Exchange
Party in accordance with GAAP.

(b)           Except
as provided in the LMAs, with respect to the Entercom Station LMA, such
prorations shall be based upon the principle that Entercom is entitled to all
operating revenue earned and is responsible for operating expenses paid or
accruing in connection with the Entercom Stations’ operations, assigned
contracts and other agreements and Entercom Transferred Employees prior to the
Effective Time, and Exchange Party is entitled to such operating revenue
earned, and is responsible for such operating expenses accruing on and after
the Effective Time so long as this Agreement remains in effect.  All special assessments and similar charges
or liens imposed against Entercom Stations’ interests in real estate and/or
equipment in respect of any period of time up to Effective Time, whether
payable in installments or otherwise, shall be the responsibility of Entercom,
and amounts payable with respect to such special assessments, charges or liens
in respect of any period of time during the term of the Entercom Station LMA
shall be the responsibility of Exchange Party, and such charges shall be
adjusted as required hereunder.

(c)           Except
as provided in the LMAs, with respect to the Exchange Party Station LMA, such
prorations shall be based upon the principle that Exchange Party is entitled to
all operating revenue earned and is responsible for operating expenses paid or
accruing in connection with the Exchange Party Stations’ operations, assigned
contracts and other agreements and Exchange Party Transferred Employees prior
to the Effective Time, and Entercom is entitled to such operating revenue
earned, and is responsible for such operating expenses accruing on and after
the Effective Time so long as this Agreement remains in effect.  All special assessments and similar charges
or liens imposed against Exchange Party Stations’ interests in real estate
and/or equipment in respect of any period of time up to Effective Time, whether
payable in installments or otherwise, shall be the responsibility of Exchange
Party , and amounts payable with respect to such special assessments, charges
or liens in respect of any period of time during the term of the Exchange Party
Station LMA shall be the responsibility of Entercom, and such charges shall be adjusted
as required hereunder.

(d)           There
shall be no proration with respect to vacation days of Entercom Transferred
Employees, as Entercom will pay for such vacation days in cash to the Entercom
Transferred Employees effective as of the Effective Time.  There shall be no proration with 

 10
 

respect to vacation days
of Exchange Party Transferred Employees, as Exchange Party will pay for such
vacation days in cash to the Exchange Party Transferred Employees effective as
of the Effective Time.  There shall be no
proration for either Entercom Transferred Employee sick leave or for Exchange
Party Transferred Employee sick leave.

(e)           Sales
persons’ commissions and bonuses (but excluding any stay or other bonus granted
by Entercom or Exchange Party that is paid or payable in whole or in part as a
result of or in connection with the sale of the Entercom Stations, the Exchange
Party Stations or this Agreement) for the Entercom Transferred Employees or
Exchange Party Stations will be prorated.

(f)            Within
sixty (60) days after the Effective Time, Exchange Party and Entercom shall
deliver to each other a statement of proposed apportionment based on the
foregoing provisions of the Section 3.1.  Exchange Party and Entercom shall use
reasonable efforts to finalize all apportionments within ninety (90) days after
the Effective Date (the “Payment Date”),
but will exchange other apportionment statements as may be required up to and
through one hundred eighty (180) days after the Effective Time, and Exchange
Party shall pay to Entercom, or Entercom shall pay to Exchange Party, any
amount due as a result of the adjustment(s). 
If a party disagrees with an apportionment statement of the other party,
it must notify the other party in writing of its disagreement within thirty
(30) days of receipt of such apportionment statement and such dispute
notification shall specify in detail the items of disagreement and the reasons
for disagreement.  If, within the 30-day
period above, either party disputes the other’s determination, or if during the
30-day period after delivery of a statement of determinations or payment,
either Party determines that any item included in the apportionments is
inaccurate, or that an additional item should be included in the
apportionments, the parties shall confer with regard to the matter and an
appropriate adjustment and payment shall be made as agreed upon by the
parties.  Each party will provide the
other with reasonable access to the party’s related books, records and work
papers for purposes of confirming any statement of determination or
payment.  If the parties are unable to
resolve the matter within thirty (30) days after notice of a dispute, the
matter shall be resolved by an independent certified public accountant mutually
acceptable to the parties (the “CPA”), and the
fees and expenses of such accountant shall be paid one-half (1/2) by Entercom
and one-half (1/2) by Exchange Party. 
The decision of the CPA shall be final and binding on all of the parties
and enforceable in a court of competent jurisdiction.  Except as specified in the preceding
sentence, the cost of any arbitration by the CPA (including the fees and
expenses of the CPA) pursuant to this Section 3.1(f)
shall be borne by Entercom and Exchange Party in inverse proportion as they may
prevail on matters resolved by the CPA, which proportional allocations shall
also be determined by the CPA at the time the determination of the CPA is
rendered on the matters submitted.  All
amounts due pursuant to this subsection that are not paid by the Payment Date
shall bear interest from the Payment Date until paid at a rate per annum equal
to the prime rate as of the Payment Date (as published in the Money Rates
column of the Eastern Edition of The Wall Street Journal).  Notwithstanding the foregoing, there shall be
no proration on account of trade agreements except to the extent that, as
determined in accordance with GAAP, the aggregate net liability for the
contracted balance of the air time under all such trade agreements remaining as
of the Effective Time exceeds the contracted balance of the consideration
remaining to be received by Exchange Party or Entercom on or after the
Effective Time under all such trade agreements by more than Twenty-Five
Thousand Dollars ($25,000.00).

 11
 

ARTICLE 4

CLOSING

4.1           Closing.  The consummation of the transactions
described in this Agreement (the “Closing”) shall
occur on a date (the “Closing Date”)
within ten (10) business days after the conditions in Sections
11.2 and 12.2 are
satisfied (unless the parties otherwise agree to a different Closing Date),
provided all other conditions precedent described in Articles 11
and 12 hereof have either been satisfied or
waived, or if such conditions have not been satisfied or waived, within ten
(10) business days after the day on which all such conditions precedent have
been satisfied or waived (unless the parties otherwise agree to a different
Closing Date).  The Closing shall take
place by electronic or other exchange of documents to be delivered at the
Closing.

ARTICLE 5

GOVERNMENTAL CONSENTS

5.1           Application for FCC Consent.

(a)           Each of Entercom and the Exchange
Party agree to use their commercially reasonable efforts and to cooperate with
each other in preparing, filing and prosecuting an assignment (the “Assignment”) of the Entercom FCC Licenses to the Exchange
Party, and the Exchange Party FCC Licenses to Entercom and in causing the grant
by the FCC of its approval, without any condition which Entercom reasonably
determines is materially adverse to Entercom, or Exchange Party reasonably
determines is materially adverse to Exchange Party, of such Assignment (the “FCC Consent”) and in causing the FCC Consent to become a
Final Order.  The parties hereto shall
cooperate with each other to file the appropriate FCC application forms (the “FCC Application”) along with all information, data,
exhibits, resolutions, statements and other materials necessary and proper in
connection with such FCC Application within ten (10) business days after the
execution of this Agreement.  Each party
further agrees to expeditiously prepare and file with the FCC any amendments or
any other filings required by the FCC in connection with the FCC Application
whenever such amendments or filings are required by the FCC or its rules.  For purposes of this Agreement, each party
shall be deemed to be using its commercially reasonable efforts with respect to
obtaining the Final Order, and to be otherwise complying with the foregoing
provisions of this Section 5.1, so
long as it truthfully and promptly provides information necessary in completing
the application process, timely provides its comments on any filing materials,
and uses its commercially reasonable efforts to oppose attempts by third
parties to petition to deny, to resist, modify or overturn the grant of the FCC
Application without prejudice to the parties’ termination rights under this
Agreement, it being further understood that neither Entercom nor Exchange Party
shall be required to expend any funds or efforts contemplated under this Article 5 unless the other of them is concurrently and
likewise complying with its obligations under this Article 5.  If either party becomes aware of any fact
relating to it which would prevent or delay the FCC Consent, such party shall
promptly notify the other party thereof and take reasonable steps as necessary
to remove such impediment.

 12
 

(b)           Entercom and Exchange Party, each at
their own respective expense, shall use their respective reasonable efforts to
oppose any efforts or any requests by third parties for reconsideration or
review of the FCC Consent (or, as the case may be, the Final Order) by the FCC
or a court of competent jurisdiction.

(c)           Except as otherwise provided herein,
each party will be solely responsible for the expenses incurred by it in the
preparation, filing and prosecution of its respective portion of the FCC
Application.  All filing fees and grant
fees imposed by the FCC shall be paid one-half (1/2) by Entercom and one-half
(1/2) by Exchange Party.

5.2           Notice of Application.  Each of Entercom and the Exchange Party
shall, at its own expense, give due notice of the filing of the Assignment
Application for the Entercom FCC Licenses, or, as the case my be, the Exchange
Party FCC Licenses, by such means as may be required by the rules and
regulations of the FCC.

5.3           Hart
Scott Compliance.  Each party shall
make, within ten  (10)  business
days after the date of this Agreement, all filings which are required in
connection with the transactions contemplated hereby under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), including making a request for early termination
of the waiting period thereunder, and shall furnish to the other party all
information that the other reasonably requests in connection with such filings,
and shall use its commercially reasonable efforts to cause the expiration or
termination of the waiting period to occur as promptly as practicable.

5.4           Non-Disclosure
of Exchange Party’s Affiliates Financial Information.  Exchange Party may terminate this Agreement
by written notice to Entercom in the event that the DOJ, the FTC, the FCC or
any other governmental agency requires the disclosure of any financial
information relating to Exchange Party’s Affiliates.  Exchange Party agrees to use reasonable
efforts to persuade any such governmental agency that any such required
Affiliate information should not be required for approval prior to exercising
this right of termination.

ARTICLE 6

REPRESENTATIONS AND WARRANTIES OF ENTERCOM

Entercom makes the following representations and
warranties to Exchange Party:

6.1           Existence and Power.  Each of Entercom Cincinnati, LLC; Entercom
Cincinnati License, LLC; Entercom Seattle, LLC and Entercom Seattle License,
LLC is a limited liability company duly organized, validly existing and in good
standing under the laws of the jurisdiction of its organization.  Entercom is qualified to do business and is
in good standing in each jurisdiction where such qualification is necessary.  Entercom has the requisite power and
authority to own and operate the Entercom Stations as currently operated.

6.2           Authorization.

(a)           The execution and delivery by
Entercom of this Agreement and all of the other agreements, certificates and
instruments to be executed and delivered by Entercom pursuant hereto or in connection
with the transactions contemplated hereby (the “Entercom 

 13
 

Ancillary
Agreements”), the performance by Entercom of
its obligations hereunder and thereunder and the consummation by Entercom of
the transactions contemplated hereby and thereby are within Entercom’s limited
liability company powers, and have been duly authorized by all requisite
limited liability company action, on the part of Entercom.

(b)           This Agreement has been, and each
Entercom Ancillary Agreement will be, duly executed and delivered by
Entercom.  This Agreement (assuming due
authorization, execution and delivery by Exchange Party) constitutes, and each
Entercom Ancillary Agreement will constitute when executed and delivered by
Entercom, the legal, valid and binding obligation of Entercom, enforceable
against Entercom in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent
conveyance, moratorium or other similar laws affecting or relating to enforcement
of creditors’ rights generally and general principles of equity (regardless of
whether enforcement is considered in a proceeding at law or in equity).

6.3           Governmental Authorization.  The execution,  delivery and performance by Entercom of this Agreement and
each Entercom Ancillary Agreement and the consummation of the transactions
contemplated hereby and thereby require no material action by or in respect of,
or material filing with or notification to, any governmental authority other
than the FCC, and the U. S. Department of Justice (“DOJ”)
and Federal Trade Commission (“FTC”) under the
HSR Act.

6.4           Noncontravention.  The execution, delivery and
performance of this Agreement and each Entercom Ancillary Agreement by Entercom
and the consummation of the transactions contemplated hereby and thereby do not
and will not (a) violate or conflict with the organizational documents of
Entercom; (b) assuming compliance with the matters referred to in Section 6.3, conflict with or violate any law or
governmental order applicable to Entercom; (c) require any consent or other
action by or notification to any Person under, constitute a default under, or
give to any Person any rights of termination, amendment, acceleration or
cancellation of any right or obligation of the CBS Parties, the Cumulus Parties
or Entercom under, any provision of any Entercom Station Contract, except as
disclosed on Schedule 6.4, or (d) result in the creation or imposition
of any Lien on any of the Entercom Station Assets, except for Permitted Liens.

6.5           Absence of Litigation.  Except
as set forth on Schedule 6.5, there  is
no legal or administrative proceeding or action pending or, to Entercom’s
knowledge, threatened against Entercom, the CBS Entities or the Cumulus
Entities:  (a) that in any manner
challenges or seeks to prevent, enjoin, alter or delay materially the
transactions contemplated by this Agreement or (b) that relates to the Entercom
Station Assets or the Entercom Stations.

6.6           Financial Statements.  The unaudited results of operations of the
Entercom Seattle Stations for calendar years 2003, 2004 and 2005 and  the
first nine months of calendar year 2006 have been provided by Entercom to
Exchange Party.  The unaudited results of
operations of the Entercom Cincinnati Stations being acquired from the CBS
Parties for calendar years 2003, 2004 and 2005 and  the first nine
months of calendar year 2006 have been provided to Entercom by CBS Radio
Stations, Inc., and have been provided by Entercom to Exchange Party.  (The
financial statements described in the first two sentences of this Section 6.6 are referred to as the 

 14
 

“Entercom Reference Financial Statements,” and the radio
stations described in such two sentences are referred to as the “Entercom Reference Stations”).  The Entercom Reference Financial Statements
were derived from the books and records of the Entercom Reference
Stations, were prepared in accordance with the internal accounting policies of
Entercom, or CBS Radio Inc. and CBS Corporation, as the case may be, as
applicable to financial reporting at the radio station level, and present
fairly, in all material respects, the results of operations of the Entercom
Reference Stations for the periods then ended consistent with the internal
accounting policies of Entercom, or CBS Radio Inc. and CBS Corporation, as the
case may be, as applicable to financial reporting at the radio station
level.  The Cumulus Parties have provided
to Entercom copies of unaudited, “top-line” revenue numbers for station
WFTK(FM) (the “WFTK Gross Revenues”) for the
period ended December 31, 2005 , and unaudited WFTK Gross Revenues for the
period ended September 30, 2006, and Entercom has provided such copies to
Exchange Party.  Such amounts present
fairly the WFTK Gross Revenues of station WFTK(FM) for the respective periods
covered thereby.

6.7           FCC Licenses.

(a)           Entercom has made available to
Exchange Party true, correct and complete copies of the Entercom FCC Licenses,
including any and all amendments and modifications thereto.  The Entercom FCC Licenses were validly issued
by the FCC, as of the Closing will be validly held by Entercom and are in full
force and effect.  The Entercom FCC
Licenses are not subject to any condition except for those conditions that
appear on the face of the Entercom FCC Licenses, those conditions applicable to
radio broadcast licenses generally or those conditions disclosed in Schedule
1.1(a).  The Entercom FCC Licenses
listed on Schedule 1.1(a) constitute all authorizations issued by the
FCC necessary for the operation of the Entercom Stations as currently
conducted, except for immaterial licenses ancillary to the operation of the
Entercom Stations.

(b)           Except as otherwise set forth on Schedule
1.1(a), the Entercom FCC Licenses have been issued or renewed for the full
terms customarily issued to radio broadcast stations licensed to the states in
which the Entercom Stations’ communities of license are located.  Except as set forth on Schedule 1.1(a),
there are no applications pending before the FCC relating to the operation of
the Entercom Stations.

(c)           Except as set forth on Schedule
1.1(a),  the Entercom Stations are
operated in compliance with the Communications Act of 1934, as amended (the “Communications
Act”) and the Entercom FCC Licenses, all applications,
reports and other disclosures required by the FCC to be filed in respect of the
Entercom Stations, and all FCC regulatory fees in respect thereof, have been
timely filed or paid, except where the failure to do so could not, individually
or in the aggregate, reasonably be expected to have a material adverse effect
on the Entercom Station Assets.

(d)           Except as set forth on Schedule
1.1(a),  to the knowledge of Entercom
after due inquiry by its FCC counsel and consultation by Entercom with such
counsel, there are no petitions, complaints, orders to show cause, notices of
violation, notices of apparent liability, notices of forfeiture, proceedings or
other actions pending or threatened before the FCC relating to the Entercom
Stations that would reasonably be expected to have a material adverse effect on

 15
 

the operation of the
Entercom Stations, other than proceedings affecting the radio broadcast
industry generally.

6.8           Tangible Personal Property.  Except as disclosed
on Schedule 6.8, as of the Closing Entercom will have title to the Entercom
Tangible Personal Property free and clear of Liens other than Permitted
Liens.  Except as disclosed on Schedule
6.8, the Entercom Tangible Personal Property is in normal operating
condition, ordinary wear and tear excepted.

6.9           Station Contracts.  To the best of Entercom’s knowledge, each of
the Entercom Station Contracts is in effect and is binding upon Entercom, the
Cumulus Parties, or the CBS Parties, as the case may be.  To the best of Entercom’s knowledge, as of
the Closing, each  of the Entercom Station Contracts
will be in effect and will be binding upon Entercom and, to Entercom’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).  To the
best of Entercom’s knowledge, neither Entercom, the Cumulus Parties, nor the
CBS Parties, as the case may be, is in material default under any Entercom
Station Contracts.  To the best of
Entercom’s knowledge, as of the Closing, Entercom will not be in material
default under any Entercom Station Contract, and, to Entercom’s knowledge, no
other party to any of the Entercom Station Contracts is in default thereunder
in any material respect.  To the best of
Entercom’s knowledge, except as otherwise set forth on Schedule 1.1(c),  Entercom has provided to Exchange Party prior to the date
of this Agreement true and complete copies of all material Entercom Station
Contracts.

6.10         Intangible Property.  Schedule 1.1(d),  contains a description of all owned and/or registered
Entercom Intangible Property.  Except as
set forth on Schedule 1.1(d), neither Entercom, nor the Cumulus Parties
or the CBS Parties, has received no notice of any claim that its use of any
material Entercom Intangible Property infringes upon or conflicts with any
third party rights.  Entercom, the
Cumulus Parties or the CBS Parties, as the case may be, own or have the right
to use the Entercom Intangible Property free and clear of Liens other than
Permitted Liens. As of Closing Entercom will own or have the right to use the
Entercom Intangible Property free and clear of Liens other than Permitted
Liens.

6.11         Real Property.

(a)           As of the Closing, Entercom will have
fee simple title to the Entercom Real Property identified on Schedule
6.11(a), and a valid leasehold interest in or license to use the Entercom
Real Property identified on Schedule 6.11(a), free and clear of all
Liens other than the Permitted Liens. 
Except as set forth on Schedule 6.11(a), the Entercom Real
Property includes sufficient access to the Entercom Stations’ facilities.  To Entercom’s knowledge, the Entercom Real
Property is not subject to any suit for condemnation or other taking by any
public authority.  Neither Entercom, nor
the Cumulus Parties or the CBS Parties, has received notice of default under or
termination of any lease for the Entercom Real Property, and neither Entercom,
nor the Cumulus Parties or the CBS Parties, has knowledge of any default under
any such lease.  Entercom has delivered
to Exchange Party true and correct copies of the Entercom Real Property Leases
together with all amendments thereto. 
Except as set forth on Schedule 1.1(c) or Schedule 1.1(f),
Entercom has not granted any oral or written right to any Person to lease,
sublease, license or otherwise occupy any of the Entercom Real Property.  Except as set forth on Schedule 1.1(f),

 16
 

neither Entercom, nor the Cumulus Parties or the CBS Parties, has
knowledge of any violations of zoning laws or any encroachments with respect to
any owned Entercom Real Property either (a) for which there is not a valid
easement or license, or (b) which would have a material adverse effect on such
Entercom Real Property.

(b)           With respect to the real property
owned in fee simple by Entercom in Seattle and which real property is being
conveyed to Exchange Party (the “Seattle Real Property”),
except for the Permitted Liens and as disclosed on Schedule 6.11(b)
hereto, Entercom has good, marketable and indefeasible fee ownership, right,
title and interest to the Seattle Real Property including the right to transfer
such assets.  Except for Permitted Liens
and items disclosed on Schedule 6.11(b), none of the Seattle Real
Property or any of the income or revenue therefrom is subject to any mortgage,
conditional sale agreement, security interest, lease, lien, hypothecation,
pledge, encumbrance, restriction, liability, charge, claim or imperfection of
title.  Except as otherwise provided on Schedule
6.11(b), all items disclosed on such Schedule shall be removed or satisfied
by Entercom at or before Closing.

(c)           Schedule 6.11(c) contains a
true and complete list of all of the Seattle Real Property used in the
operation of the Entercom Stations, setting forth the address or location, and
legal description for each parcel of Seattle Real Property.  There are no outstanding options or rights of
first refusal to purchase or lease the Seattle Real Property or any portion
thereof or interest therein, and no other parties are in possession of any of
the Seattle  Real Property, except as set
forth on Schedule 6.11(c).  The
Seattle Real Property has vehicular access to a road and is supplied with
utilities and other services necessary for the operation of that portion of the
business of each Entercom Station conducted there.  To Entercom’s knowledge, (i) the main
transmitting towers, related improvements, guy anchors of the main transmitting
towers, and the transmitter buildings used by Entercom in the operation of each
of the relevant Entercom Stations (i.e., KIRO(AM) and KTTH(AM)) are located
entirely on the Seattle Real Property, (ii) the improvement of Entercom upon
the Seattle Real Property and the current use and operation of such premises by
Entercom conform in all material respects to all restrictive covenants,
conditions, easements, building, subdivision and similar codes and federal,
state and local laws, regulations, rules, orders and ordinances and Entercom
has not received any notice of any violation or claimed violation of any such
restrictive covenant, condition or easement, or any building, subdivision or
similar code, or any federal, state or local law, regulation, rule, order or
ordinance which, either individually or in the aggregate, could reasonably be
expected to have a material adverse effect on the relevant Entercom Station
Assets or financial condition of the relevant Entercom Stations, (iii) there is
no plan, study or effort by any governmental authority or agency with respect
to the Seattle Real Property which could reasonably be expected to have a
material adverse effect on the relevant Entercom Station Assets or financial
condition of the relevant Entercom Stations, and (iv) there are no latent
defects in the Seattle Real Property which could reasonably be expected to have
a material adverse effect on the relevant Entercom Station Assets or the
financial condition of the relevant Entercom Stations.  Except as set forth in Schedule 6.11(c), the
ground system for each AM station included in the Entercom Seattle Stations is complete
and contains the requisite number of ground radials, and the ground system for
each AM station included in the Entercom Seattle Stations is accessible and
fully contained within Seattle Real Property. 
Each AM station that is included within the Entercom Seattle Stations
operates within licensed parameters in both daytime and nighttime transmission,
and its proofs of performance are current and complete and indicate such
compliance.  Entercom’s 

 17
 

improvements upon the
Seattle Real Property are in adequate operating condition and repair, normal
wear and tear excluded.  Entercom has no
knowledge and has received no notice (i) of any pending, threatened, or
contemplated action to take by eminent domain or otherwise to condemn any
portion of the Seattle Real Property or interest therein, or (ii) of any
levied, threatened or proposed assessments for public improvements with respect
to the Seattle Real Property.

6.12         Environmental.

(a)           Except as set forth on Schedule
6.12, to Entercom’s knowledge, no hazardous or toxic substance or waste
regulated under any applicable Environmental Law has been generated, stored,
transported or released on, in, from or to the Entercom Real Property in
violation of any applicable Environmental Law. 
Except as set forth on Schedule 6.12, (a) the Entercom Stations have
complied in all material respects with all Environmental Laws applicable to any
of the Entercom Real Property, (b) there are no underground storage tanks used
by the Entercom Stations in their operations, (c) to Entercom’s knowledge,
there are no underground storage tanks (including underground storage tanks no
longer in use) located on the owned Entercom Real Property, and (d) to Entercom’s
knowledge, there is no friable asbestos or PCBs contained in any of the
Entercom Station Assets in material violation of any applicable Environmental
Laws.  To Entercom’s knowledge, it has
delivered to Exchange Party true and complete copies of all environmental
assessments or reports in its possession, or in the Cumulus Parties’ or the CBS
Parties’ possession, relating to the Entercom Real Property.  “Environmental Laws”  as used in this Section 6.12, are those environmental, health or safety laws
and regulations applicable to the Entercom Stations’ activities at the Entercom
Real Property in effect.

(b)           To the knowledge of Entercom, except
as disclosed on Schedule 6.12, (a) none of the Seattle Real Property
contains (i) any asbestos, polychlorinated biphenals or any PCB contaminated
oil; (ii) any Contaminants; or (iii) any underground storage tanks; (b) no
underground storage tank disclosed on Schedule 6.12 has leaked and has
not been remediated and such tank is in substantial compliance with all
applicable Environmental Laws; and (c) all of the Seattle Real Property is in
substantial compliance with all applicable Environmental Laws.

6.13         Employee Information.

(a)           Schedule 6.13 contains a true
and complete list of all of the employees of the Entercom Stations as of
December 31, 2006 (the “Entercom Employees”),
including their names, title, and station affiliation.

(b)           The Entercom Stations are not subject
to or bound by any labor agreement or collective bargaining agreement.  Except as set forth on Schedule 6.13(b),
to the knowledge of Entercom, there is no activity involving any employee of
Entercom, the Cumulus Parties or the CBS Parties seeking to certify a
collective bargaining unit or engaging in any other organization activity with
regard to any of the Entercom Stations.

 

 18

 

(c)           With respect to the Entercom
Stations, Entercom is not in violation of any federal, Washington or Ohio state
law with respect to the payment of wages, overtime, expense reimbursement or
other employee compensation matters.

6.14         Compliance with Laws.  Except
as set forth on Schedule 6.14, Entercom, and the Cumulus Parties and CBS
Parties, have complied in all material respects with all laws,
regulations, rules, writs, injunctions, ordinances, franchises, decrees or
orders of any governmental authority that are applicable to the operation of
the Entercom Stations and ownership of the Entercom Station Assets.

6.15         Taxes.  All material tax returns in
respect of the Entercom Stations’ business and the Entercom Station Assets have
been filed, and all taxes which have become due pursuant to such tax returns or
pursuant to any assessments which have become payable have been timely paid.

6.16         No Finder.  Except as set forth on Schedule 6.16,
no broker, finder or other Person is entitled to a commission, brokerage fee or
other similar payment in connection with this Agreement, the Entercom Ancillary
Agreements or the transactions contemplated hereby or thereby as a result of
any agreements or action of Entercom or any party acting on Entercom’s behalf.

6.17         Sufficiency
and Title to Entercom Station Assets. 
The Entercom Station Assets, together with the Entercom Excluded Assets,
constitute all the assets primarily used or held for use in the business or
operation of the Entercom Stations and necessary to operate the Entercom
Stations substantially in the manner presently operated.  Entercom will cause any Entercom Station
Assets currently owned or held for use by an Affiliate of Entercom to be
transferred to Entercom prior to the Closing. 
Since March 1, 2006, no material properties or assets that were or are
used primarily in the operation of the Entercom Stations have been transferred
or assigned by Entercom to any Affiliate of Entercom, except as set forth on Schedule
6.17.

6.18         Necessary
Employees.  The Entercom Employees
constitute substantially all of the employees employed by Entercom in the
business or operation of the Entercom Stations.

6.19         No
Change in CBS Agreement or Cumulus Agreement.  As of the date of this Agreement, Entercom
has no knowledge of any breach or misrepresentation by the CBS Parties under
the CBS Agreement or by the Cumulus Parties under the Cumulus Agreement.  As of the date of this Agreement, no
provision of either of the CBS Agreement or the Cumulus Agreement has been
waived by Entercom and no consent pursuant to the CBS Agreement or Cumulus
Agreement has been given or requested by Entercom.

6.20         Exclusivity
of Representations.  THE
REPRESENTATIONS AND WARRANTIES MADE BY ENTERCOM IN THIS AGREEMENT OR PURSUANT
TO THIS AGREEMENT IN WRITING (AND IN THE LMAs) ARE IN LIEU OF AND ARE EXCLUSIVE
OF ALL OTHER REPRESENTATIONS AND WARRANTIES, INCLUDING ANY IMPLIED
WARRANTIES.  ENTERCOM HEREBY DISCLAIMS
ANY SUCH OTHER IMPLIED REPRESENTATIONS OR WARRANTIES, NOTWITHSTANDING THE
DELIVERY OR DISCLOSURE TO EXCHANGE PARTY OR THEIR OFFICERS, 

 19
 

DIRECTORS, EMPLOYEES, AGENTS OR REPRESENTATIVES OF ANY
DOCUMENTATION OR OTHER INFORMATION (INCLUDING, WITHOUT LIMITATION, ANY
FINANCIAL PROJECTIONS OR OTHER SUPPLEMENTAL DATA).  EXCEPT AS SET FORTH IN THIS AGREEMENT, ALL OF
THE ENTERCOM TANGIBLE PERSONAL PROPERTY IS TO BE TRANSFERRED TO EXCHANGE PARTY
WITHOUT ANY IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR INTENDED USE OR
OTHERWISE, ALL OF WHICH IS HEREBY DISCLAIMED.

ARTICLE 7

REPRESENTATIONS AND WARRANTIES OF EXCHANGE PARTY

Exchange Party makes the following representations and
warranties to Entercom:

7.1           Existence and Power.  Exchange Party  is a corporation duly organized, validly existing and in
good standing under the laws of the jurisdiction of its organization.  Exchange Party is qualified to do business
and is in good standing in each jurisdiction where such qualification is
necessary.  Exchange Party has the
requisite power and authority to own and operate the Exchange Party Stations as
currently operated.

7.2           Authorization.

(a)           The execution and delivery by
Exchange Party of this Agreement and all of the other agreements, certificates
and instruments to be executed and delivered by Exchange Party pursuant hereto
or in connection with the transactions contemplated hereby (the “Exchange
Party Ancillary Agreements”), the
performance by Exchange Party of its obligations hereunder and thereunder and
the consummation by Exchange Party of the transactions contemplated hereby and
thereby are within Exchange Party’s corporate powers, and have been duly
authorized by all requisite corporate action, on the part of Exchange Party.

(b)           This Agreement has been, and each
Exchange Party Ancillary Agreement will be, duly executed and delivered by
Exchange Party.  This Agreement (assuming
due authorization, execution and delivery by Entercom) constitutes, and each
Exchange Party Ancillary Agreement will constitute when executed and delivered
by Exchange Party, the legal, valid and binding obligation of Exchange Party,
enforceable against Exchange Party in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, fraudulent conveyance, moratorium or other similar laws
affecting or relating to enforcement of creditors’ rights generally and general
principles of equity (regardless of whether enforcement is considered in a
proceeding at law or in equity).

7.3           Governmental Authorization.  The execution,  delivery and performance by Exchange Party of this
Agreement and each Exchange Party Ancillary Agreement and the consummation of
the transactions contemplated hereby and thereby require no material action by
or in respect of, or material filing with or notification to, any governmental
authority other than the FCC, and the DOJ and FTC under the HSR Act.

7.4           Noncontravention.  The execution, delivery and
performance of this Agreement and each Exchange Party Ancillary Agreement by
Exchange Party and the consummation of the 

 20
 

transactions contemplated hereby and thereby do not
and will not (a) violate or conflict with the organizational documents of
Exchange Party; (b) assuming compliance with the matters referred to in Section 7.3, conflict with or violate any law or
governmental order applicable to Exchange Party; (c) require any consent or
other action by or notification to any Person under, constitute a default
under, or give to any Person any rights of termination, amendment, acceleration
or cancellation of any right or obligation of Exchange Party under, any
provision of any Exchange Party Station Contract except as disclosed on Schedule
7.4; or (d) result in the creation or imposition of any Lien on any of the
Exchange Party Station Assets, except for Permitted Liens.

7.5           Absence of Litigation.  Except
as set forth on Schedule 7.5, there  is
no legal or administrative proceeding or action pending or, to Exchange Party’s
knowledge, threatened against Exchange Party: 
(a) that in any manner challenges or seeks to prevent, enjoin, alter or
delay materially the transactions contemplated by this Agreement or (b) that
relates to the Exchange Party Station Assets or the Exchange Party Stations.

7.6           Financial Statements.  The unaudited results of operations of the
Exchange Party Stations for calendar years 2003, 2004 and 2005 and  the
first nine months of calendar year 2006 have been provided by Exchange Party to
Entercom (the “Exchange Party Reference Financial Statements”)
The Exchange Party Reference Financial Statements were derived from the
books and records of the Exchange Party Stations, were prepared in accordance
with the internal accounting policies of Exchange Party, as applicable to
financial reporting at the radio station level, and present fairly, in all
material respects, the results of operations of the Exchange Party Stations for
the periods then ended consistent with the internal accounting policies of
Exchange Party, as applicable to financial reporting at the radio station
level.

7.7           FCC Licenses.

(a)           Exchange Party has made available to
Entercom true, correct and complete copies of the Exchange Party FCC Licenses,
including any and all amendments and modifications thereto.  The Exchange Party FCC Licenses were validly
issued by the FCC, are in full force and effect and as of the Closing will be
validly held by Exchange Party.  The
Exchange Party FCC Licenses are not subject to any condition except for those
conditions that appear on the face of the Exchange Party FCC Licenses, those
conditions applicable to radio broadcast licenses generally or those conditions
disclosed in Schedule 1.3(a).  The
Exchange Party FCC Licenses listed on Schedule 1.3(a) constitute all
authorizations issued by the FCC necessary for the operation of the Exchange
Party Stations as currently conducted, except for immaterial licenses ancillary
to the operation of the Exchange Party Stations.

(b)           Except as otherwise set forth on Schedule
1.3(a), the Exchange Party FCC Licenses have been issued or renewed for the
full terms customarily issued to radio broadcast stations licensed to the
states in which the Exchange Party Stations’ communities of license are
located.  Except as set forth on Schedule
1.3(a), there are no applications pending before the FCC relating to the
operation of the Exchange Party Stations.

(c)           Except as set forth on Schedule
1.3(a),  the Exchange Party Stations are
operated in compliance with the Communications Act and the Exchange Party FCC
Licenses, all applications, reports and other disclosures required by the FCC
to be filed in respect of the 

 21
 

Exchange Party Stations,
and all FCC regulatory fees in respect thereof, have been timely filed or paid,
except where the failure to do so could not, individually or in the aggregate,
reasonably be expected to have a material adverse effect on the Exchange Party
Station Assets.

(d)           Except as set forth on Schedule
1.3(a),  to the knowledge of Exchange
Party after due inquiry by its FCC counsel and consultation by Exchange Party
with such counsel, there are no petitions, complaints, orders to show cause,
notices of violation, notices of apparent liability, notices of forfeiture,
proceedings or other actions pending or threatened before the FCC relating to
the Exchange Party Stations that would reasonably be expected to have a
material adverse effect on the operation of the Exchange Party Stations, other
than proceedings affecting the radio broadcast industry generally.

7.8           Tangible Personal Property.  Except as disclosed on Schedule 7.8,
Exchange Party has title to the Exchange Party Tangible Personal Property free
and clear of Liens other than Permitted Liens. 
Except as disclosed on Schedule 7.8, the Exchange Party Tangible
Personal Property is in normal operating condition, ordinary wear and tear
excepted.

7.9           Station Contracts.  To the best of Exchange Party’s knowledge,
each  of the Exchange Party Station
Contracts is in effect and is binding upon Exchange Party.  To the best of Exchange Party’s knowledge, as
of the Closing, each of the Exchange Party Station Contracts will be in effect
and will be binding upon Exchange Party and, to Exchange Party’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).  To the best of
Exchange Party’s knowledge, Exchange Party is not in material default under any
Exchange Party Station Contract.  To the
best of Exchange Party’s knowledge, as of the Closing, Exchange Party will not
be in material default under any Exchange Party Station Contracts, and to
Exchange Party’s knowledge, no other party to any of the Exchange Party Station
Contracts is in default thereunder in any material respect.  To the best of Exchange Party’s knowledge,
except as otherwise set forth on Schedule 1.3(c),  Exchange
Party has provided to Entercom prior to the date of this Agreement true and
complete copies of all material Exchange Party Station Contracts.

7.10         Intangible Property.  Schedule 1.3(d),  contains a description of all owned and/or registered
Exchange Party Intangible Property. 
Except as set forth on Schedule 1.3(d), Exchange Party has
received no notice of any claim that its use of any material Exchange Party
Intangible Property infringes upon or conflicts with any third party
rights.  Exchange Party owns or has the
right to use the Exchange Party Intangible Property free and clear of Liens
other than Permitted Liens.

7.11         Real Property.  Exchange Party has a valid leasehold interest
in or license to use the Exchange Party Real Property identified on Schedule
7.11, free and clear of all Liens other than the Permitted Liens. The
Exchange Party Real Property does not include any owned real property.  Except as set forth on Schedule 7.11,
the Exchange Party Real Property includes sufficient access to the Exchange
Party Stations’ facilities.  To Exchange
Party’s knowledge, the Exchange Party Real Property is not subject to any suit
for condemnation or other taking by any public authority.  Exchange Party has received no notice of
default under or termination of any lease for the Exchange Party Real Property,
and Exchange Party has no knowledge of any default under any such lease.  Exchange Party has delivered to Entercom true
and correct copies of the 

 22
 

Exchange Party Real Property Leases together with all
amendments thereto.  Except as set forth
on Schedule 1.3(c) or Schedule 1.3(f), Exchange Party has not
granted any oral or written right to any Person to lease, sublease, license or
otherwise occupy any of the Exchange Party Real Property.

7.12         Environmental.  Except as set forth on Schedule 7.12,
to Exchange Party’s knowledge, no hazardous or toxic substance or waste
regulated under any applicable Environmental Law has been generated, stored,
transported or released on, in, from or to the Exchange Party Real Property in
violation of any applicable Environmental Law. 
Except as set forth on Schedule 7.12, (a) the Exchange Party
Stations have complied in all material respects with all Environmental Laws
applicable to any of the Exchange Party Real Property, (b) there are no
underground storage tanks used by the Exchange Party Stations in their
operations, (c) to Exchange Party’s knowledge, there are no underground storage
tanks (including underground storage tanks no longer in use) located on the
owned Exchange Party Real Property, and (d) to Exchange Party’s knowledge,
there is no friable asbestos or PCBs contained in any of the Exchange Party
Station Assets in material violation of any applicable Environmental Laws.  To Exchange Party’s knowledge, it has
delivered to Entercom true and complete copies of all environmental assessments
or reports in its possession relating to the Exchange Party Real Property.  “Environmental Laws”  as used in this Section 7.12, are those environmental, health or safety laws
and regulations applicable to the Exchange Party Stations’ activities at the
Exchange Party Real Property in effect.

7.13         Employee Information.

(a)           Schedule 7.13(a) contains a
true and complete list of all of the employees of the Exchange Party Stations
as of December 31, 2006 (the “Exchange Party Employees”),
including their names, title, and station affiliation.

(b)           Except as set forth on Schedule
7.13(b), the Exchange Party Stations are not subject to or bound by any
labor agreement or collective bargaining agreement. To the knowledge of
Exchange Party, there is no activity involving any employee of Exchange Party
seeking to certify a collective bargaining unit or engaging in any other
organization activity with regard to any of the Exchange Party Stations.

(c)           With respect to the Exchange Party
Stations, Exchange Party is not in violation of any federal or California state
law with respect to the payment of wages, overtime, expense reimbursement, or
other employee compensation matters.

7.14         Compliance with Laws.  Except
as set forth on Schedule 7.14, Exchange Party  has complied in
all material respects with all laws, regulations, rules, writs, injunctions,
ordinances, franchises, decrees or orders of any governmental authority that
are applicable to the operation of the Exchange Party Stations and ownership of
the Exchange Party Station Assets.

7.15         Taxes.  All material tax returns in
respect of the Exchange Party Stations’ business, and the Exchange Party
Station Assets, have been filed, and all taxes which have become due pursuant
to such tax returns or pursuant to any assessments which have become payable
have been timely paid.

 23
 

7.16         No Finder.  Except as set forth on Schedule 7.16,
no broker, finder or other Person is entitled to a commission, brokerage fee or
other similar payment in connection with this Agreement, the Exchange Party
Ancillary Agreements or the transactions contemplated hereby or thereby as a
result of any agreements or action of Exchange Party or any party acting on
Exchange Party’s behalf.

7.17         Sufficiency
and Title to Entercom Station Assets. 
The Exchange Party Station Assets, together with the Exchange Party
Excluded Assets, constitute all the assets primarily used or held for use by
Exchange Party in the business or operation of the Exchange Party Stations and
necessary to operate the Exchange Party Stations substantially in the manner
presently operated.  Exchange Party will
cause any Exchange Party Station Assets currently owned or held for use by an
Affiliate of Exchange Party to be transferred to Exchange Party prior to the
Closing.  Since March 1, 2006, no
material properties or assets that were or are used primarily in the operation
of the Exchange Party Stations have been transferred or assigned by Exchange
Party to any Affiliate of Exchange Party, except as set forth on Schedule 7.17.

7.18         Necessary
Employees.  The Exchange Party
Employees constitute substantially all of the employees employed by Exchange
Party in the business or operation of the Exchange Party Stations.

7.19         Exclusivity
of Representations.  THE
REPRESENTATIONS AND WARRANTIES MADE BY EXCHANGE PARTY IN THIS AGREEMENT OR
PURSUANT TO THIS AGREEMENT IN WRITING (AND IN THE LMAs) ARE IN LIEU OF AND ARE
EXCLUSIVE OF ALL OTHER REPRESENTATIONS AND WARRANTIES, INCLUDING ANY IMPLIED
WARRANTIES.  EXCHANGE PARTY HEREBY
DISCLAIMS ANY SUCH OTHER IMPLIED REPRESENTATIONS OR WARRANTIES, NOTWITHSTANDING
THE DELIVERY OR DISCLOSURE TO ENTERCOM OR THEIR OFFICERS, DIRECTORS, EMPLOYEES,
AGENTS OR REPRESENTATIVES OF ANY DOCUMENTATION OR OTHER INFORMATION (INCLUDING,
WITHOUT LIMITATION, ANY FINANCIAL PROJECTIONS OR OTHER SUPPLEMENTAL DATA).  EXCEPT AS SET FORTH IN THIS AGREEMENT, ALL OF
THE EXCHANGE PARTY TANGIBLE PERSONAL PROPERTY IS TO BE TRANSFERRED TO ENTERCOM
WITHOUT ANY IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR INTENDED USE OR
OTHERWISE, ALL OF WHICH IS HEREBY DISCLAIMED.

ARTICLE 8

[INTENTIONALLY DELETED]

 

ARTICLE 9

COVENANTS

9.1           Entercom’s Covenants.  Except as provided in the Entercom Station
LMA, Entercom covenants and agrees that: (a) with respect to the Entercom
Seattle Stations, between the date hereof 
and the Closing Date, (b) with respect to the Entercom Cincinnati
Stations being 

 24
 

acquired pursuant to the CBS Agreement, between the
date of Entercom’s acquisition of those stations (the “CBS Closing
Date”) and Closing, and (c) with respect to the Entercom Cincinnati
Station being acquired pursuant to the Cumulus Agreement, between the date of
Entercom’s acquisition of that station (the “Cumulus
Closing Date”) and Closing, except as permitted by this Agreement or
with the prior written consent of Exchange Party, which shall not be
unreasonably withheld, conditioned or delayed, Entercom shall:

(a)           operate the Entercom Stations in the
ordinary course of business consistent with Entercom’s past practice and in all
material respects in accordance with the Communications Act, FCC rules and
policies, and all other applicable laws, regulations, rules, policies and
orders;

(b)           not, other than in the ordinary
course of business in accordance with Entercom’s past practice or in accordance
with the terms of the Entercom Station Contracts, (i) sell, lease or dispose of
or agree to sell, lease or dispose of any of the Entercom Station Assets, (ii)
create, assume or permit to exist any Liens upon the Entercom Station Assets,
except for Entercom Permitted Liens, or (iii) agree to the termination of any
Entercom Station Contract or amendment to any Entercom Station Contract that
will impose any additional liability on Exchange Party after the Closing
(unless such amendment or contract can be terminated at will after Closing), or
enter into any new contract that will be assumed by Exchange Party after
Closing (and thus become an Entercom Station Contract) other than agreements
for the sale of advertising time for cash in the ordinary course of business;

(c)           furnish Exchange Party with such
information relating to the Entercom Station Assets as Exchange Party may
reasonably request, at Exchange Party’s expense, and provide Exchange Party
with access to the Entercom Station Assets during normal business hours or at
such time(s) as may be mutually convenient for the parties;

(d)           maintain the Entercom FCC Licenses in
full force and effect;

(e)           not modify any of the Entercom FCC
Licenses, except as may be provided in any pending application identified on Schedule
1.1(a), or otherwise identified on Schedule 1.1(a);

(f)            cause all Liens on the Entercom
Station Assets, other than Permitted Liens or Liens subject to a proration
adjustment in favor of Exchange Party, to be released in full prior to or
simultaneously with Closing; and

(g)           Entercom shall exercise commercially
reasonable efforts to close the transactions contemplated in the CBS Agreement
and the Cumulus Agreement and Entercom shall fully exercise all of its rights
under the CBS Agreement and the Cumulus Agreement so as to require CBS and
Cumulus, respectively, to close the transactions contemplated in those
agreements.

9.2           Exchange Party’s Covenants.  Except as provided in the Exchange Party
Station LMA, Exchange Party covenants and agrees with respect to the Exchange
Party Stations that, between the date hereof and Closing, except as permitted
by this Agreement or with the prior 

 25
 

written consent of Entercom, which shall not be
unreasonably withheld, conditioned or delayed, Exchange Party shall:

(a)           operate the Exchange Party Stations
in the ordinary course of business consistent with Exchange Party’s past
practice and in all material respects in accordance with the Communications
Act, FCC rules and policies, and all other applicable laws, regulations, rules,
policies and orders;

(b)           not, other than in the ordinary
course of business in accordance with Exchange Party’s past practice or in
accordance with the terms of the Exchange Party Station Contracts, (i) sell,
lease or dispose of or agree to sell, lease or dispose of any of the Exchange
Party Station Assets, (ii) create, assume or permit to exist any Liens upon the
Exchange Party Station Assets, except for Exchange Party Permitted Liens or
(iii) agree to the termination of any Exchange Party Station Contract or
amendment to any Exchange Party Station Contract that will impose any
additional liability on Exchange Party after the Closing (unless such amendment
or contract can be terminated at will after Closing), or enter into any new
contract that will be assumed by Exchange Party after Closing (and thus become
an Exchange Party Station Contract) other than agreements for the sale of
advertising time for cash in the ordinary course of business;

(c)           furnish Entercom with such
information relating to the Exchange Party Station Assets as Entercom may
reasonably request, at Entercom’s expense, and provide Entercom with access to
the Exchange Party Station Assets during normal business hours or at such
time(s) as may be mutually convenient for the parties;

(d)           maintain the Exchange Party FCC
Licenses in full force and effect;

(e)           not modify any of the Exchange Party
FCC Licenses, except as may be provided in any pending application identified
on Schedule 1.3(a), or otherwise identified on Schedule 1.3(a);

(f)            exercise reasonable best efforts to
purchase the Exchange Party FCC Licenses and rights to the call signs for the
Exchange Party Stations from BHC as soon as practicable; and

(g)           cause all Liens on the Exchange Party
Station Assets, other than Permitted Liens or Liens subject to a proration
adjustment in favor of Entercom, to be released in full prior to or
simultaneously with Closing.

9.3           Additional Entercom Covenants.

(a)           Entercom covenants and agrees that it
shall, in its capacity as “Programmer” under the Local Marketing Agreement,
dated August 18, 2006, among Entercom and the CBS Parties, comply with the
covenants set forth in Section 9.1
hereof during the period prior to the CBS Closing Date.  Entercom further covenants and agrees to use
its reasonable best efforts to cause the CBS Parties to comply with their
obligations under the CBS Agreement, and to cause the transactions contemplated
by the CBS Agreement to be consummated.

 

 26

 

(b)           Entercom covenants and agrees that it
shall, in its capacity as “Programmer” under the Local Marketing Agreement,
dated October 31, 2006, among Entercom and the Cumulus Parties, comply with the
covenants set forth in Section 9.1
hereof during the period prior to the Cumulus Closing Date.  Entercom further covenants and agrees to use
its reasonable best efforts to cause the Cumulus Parties to comply with their
obligations under the Cumulus Agreement, and to cause the transactions
contemplated by the Cumulus Agreement to be consummated.

(c)           Entercom shall allow Exchange Party
to obtain at its expense Phase I Environmental Assessments of all or any of the
Seattle Real Property it is acquiring hereunder.  In the event such Phase I Environmental
Assessments disclose any conditions contrary to the representations and
warranties contained in Section 6.12(b),
or any potential that such conditions may exist, then Exchange Party may
conduct or have conducted at its expense additional testing to confirm or
negate the existence of any such conditions. 
If any such Phase I Environmental Assessment or additional testing
confirms the existence of any such conditions, Entercom will cause the
conditions to be remedied to the extent required to comply with the
representations and warranties set forth in Section
6.12(b) (without regard to any knowledge qualifier contained
therein); provided, however, that such remedial action does not cost in excess
of Five Million Dollars ($5,000,000).  In
the event that such remedial action does cost in excess of Five Million Dollars
($5,000,000), Entercom may elect not to take such remedial action, and,
notwithstanding any other provision of this Agreement, Entercom shall have no
further liability to Exchange Party for any environmental condition to the
extent such condition is disclosed on Schedule 6.12(b) or any Phase I
Environmental Assessment or other testing conducted pursuant to this Section 9.3(c).  In
such event, Exchange Party may require Entercom to proceed to Closing and
Exchange Party shall receive a proration at Closing in the amount of Five
Million Dollars ($5,000,000). 
Alternatively, Exchange Party may terminate this Agreement and Entercom
shall have no liability to Exchange Party as a result of such termination.  Entercom either has furnished, or will
furnish within five business days after the date of execution of this
Agreement, to Exchange Party copies of any environmental reports previously
prepared for any of the Seattle Real Property.

(d)           Entercom shall, within twenty (20)
days after the execution of this Agreement at its expense, (i) commission a
qualified title company to prepare and provide to Exchange Party a preliminary
title report with respect to each parcel of the Seattle Real Property (each, a “Seattle Preliminary Title Report”) and Entercom shall
promptly provide a copy of each such Seattle Preliminary Title Report to
Exchange Party, together with complete copies of all documents relating to the
title exceptions referred to in each such Seattle Preliminary Title Report, and
(ii) commission a qualified surveyor to prepare and provide to Exchange Party
an ALTA/ACSM Survey of each parcel of the Seattle Real Property (each, a “Seattle Survey”) depicting the location of all title
exceptions.  Exchange Party shall have
the right to disapprove of any title exceptions other than Permitted Liens
(whether or not disclosed in each Seattle Preliminary Title Report) which in
Exchange Party’s reasonable discretion has a material adverse impact on the
Seattle Real Property or the Exchange Party’s intended use thereof (provided,
however that for purposes of this Section 9.3(d),
any matters disclosed to Exchange Party on Schedules 6.11(a), 6.11(b), or
6.11(d), and any matters existing prior to the time Entercom acquired the
Seattle Real Property, shall constitutue Permitted Liens) and Exchange Party
shall notify Entercom of any such disapproval within twenty (20) days after
receipt of each Seattle 

 27
 

Preliminary Title Report, as applicable, and each
Seattle Survey, as applicable, by Exchange Party.  All title exceptions set forth in any Seattle
Preliminary Title Report and any supplemental reports or updates to any Seattle
Preliminary Title Report and not disapproved by Exchange Party within the time
periods provided herein shall constitute Permitted Liens.  Prior to the Closing, Entercom shall, at its
expense, remove or cause to be removed, all disapproved exceptions (the “Disapproved Matters”) or, in the alternative, obtain title
insurance in a form satisfactory to Exchange Party insuring against the effect
of such Disapproved Matters.

(e)           Entercom shall use its reasonable
best efforts to obtain a letter from the Federal Emergency Management Agency (“FEMA”) with respect to any underground storage tanks owned
by FEMA and disclosed on Schedule 6.12(b).

9.4           Additional
Exchange Party Covenant.  In as much
as the transactions contemplated herein will not be announced to certain
employees of Exchange Party or Entercom until after this Agreement is executed,
within fifteen (15) days following the execution of this Agreement, each of
Entercom and the Exchange Party will make inquiry of the general manager,
business manager and chief engineer of each of the Entercom Stations and the
Exchange Party Stations, respectively, 
and will supplement, if necessary, its respective schedules hereto.

ARTICLE 10

JOINT COVENANTS

Entercom and Exchange Party hereby covenant and agree
that:

10.1         Cooperation.  Subject to express limitations contained
elsewhere herein, each party (i) shall cooperate fully with one another in
taking any commercially reasonable actions (including without limitation,
commercially 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 Station.  Notwithstanding anything to the contrary in
this Agreement or in the LMAs, (a) Entercom shall have authority and power over
the operation of the Entercom Seattle Stations until Closing, (b) the CBS
Parties shall have authority and power over the operation of the Entercom
Cincinnati Stations to be acquired by Entercom under the CBS Agreement until
the CBS Closing Date, and Entercom shall have such authority and power from the
CBS Closing Date until Closing, (c) the Cumulus Parties shall have authority
and power over the operation of the Entercom Cincinnati Station to be acquired
by Entercom under the Cumulus Agreement until the Cumulus Closing Date, and
Entercom shall have such authority and power from the Cumulus Closing Date
until Closing, and (d) Exchange Party shall have authority and power over the
operation of the Exchange Party Stations from the date hereof until
Closing.  The CBS Parties, the Cumulus
Parties, or Entercom, as applicable, shall retain control, said control to be
reasonably exercised, over the policies, programming and operations of the
Entercom Stations, including, without limitation, the right to decide in the
good faith exercise of its sole 

 28
 

discretion whether to accept or reject any programming
or advertisements, the right to preempt any programming in order to broadcast a
program deemed by them to be of greater national, regional, or local interest,
and the right to take any other actions for compliance with the laws of the
United States, the states where the Entercom Stations are located, or the
rules, regulations, and policies of the FCC. 
Exchange Party shall retain control, said control to be reasonably
exercised, over the policies, programming and operations of the Exchange Party
Stations, including, without limitation, the right to decide in the good faith
exercise of its sole discretion whether to accept or reject any programming or
advertisements, the right to preempt any programming in order to broadcast a
program deemed by Exchange Party to be of greater national, regional, or local
interest, and the right to take any other actions for compliance with the laws
of the United States, the State of California or the rules, regulations, and
policies of the FCC.

10.3         Consents to Assignment.  The parties shall use commercially reasonable
efforts to obtain any third party consents necessary for the assignment of any
Entercom Station Contract or Exchange Party Station Contract (which shall not
require any payment to any such third party). 
To the extent that any such 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 and assumption of rights and obligations thereunder, with
the conveying party making available to the acquiring party the benefits
thereof and the acquiring party performing the obligations thereunder on the
conveying party’s behalf.

10.4         Employee Matters.

(a)           Schedule 6.13 identifies all
of Entercom Employees and identifies (a) certain Entercom Employees that are
not available to be hired by Exchange Party, (b) certain Entercom Employees
that perform functions for radio stations owned by Entercom other than the
Entercom Stations as well as for the Entercom Stations (the “Entercom Shared Employees”), and (c) certain Entercom
Employees that perform services exclusively for the Entercom Stations (the “Entercom Dedicated Employees”).  Entercom and Exchange Party shall agree in
good faith prior to the LMA Date as to the extent to which Entercom Shared
Employees shall be offered employment by Exchange Party.  Exchange Party agrees to make offers for
employment to at least ninety-two and one-half percent (92.5%) of (i) the
number of Entercom Dedicated Employees, plus (ii) the number of Entercom Shared
Employees to whom Exchange Party agrees to make offers of employment pursuant
to the immediately preceding sentence. 
The Entercom Shared Employees and Entercom Dedicated Employees that are
offered and accept employment by Exchange Party shall be referred to as the “Entercom Transferred Employees”.  Exchange Party agrees to identify in writing
the Entercom Dedicated Employees to which it will offer employment, to be
provided to Entercom consistent with the terms of this Agreement, on or before
the third (3rd) business day before the LMA Date.

(b)           Schedule 7.13 identifies all
of Exchange Party Employees and identifies certain Exchange Party Employees
that are not available to be hired by Entercom. 
Those employees identified on Schedule 7.13 as being available to
be hired by Entercom shall be referred to as the “Exchange
Party  Available Employees”.  Entercom agrees to make offers for employment
to at least ninety-two and one-half percent (92.5%) of the Exchange Party
Available 

 29
 

Employees effective as of
the LMA Date.  The Exchange Party
Available Employees that are offered and accept employment by Entercom shall be
referred to as the “Exchange Party  Transferred Employees”. 
Entercom agrees to identify in writing the Exchange Party Available
Employees to which it will offer employment, to be provided to Exchange Party
consistent with the terms of this Agreement, on or before the third (3rd)
business day before the LMA Date.

(c)           With respect to any Transferred
Employee who is party to an employment agreement which is an Entercom Station
Contract or an Exchange Party Station Contract, as the case may be, the
acquiring party shall assume such employment agreement.  Notwithstanding anything to the contrary in
this Agreement or the LMAs, neither party will be obligated to pay severance to
employees that are terminated as a result of the transaction contemplated by
this Agreement.

(d)           With respect to Transferred
Employees, the acquiring party shall be responsible for all compensation and
benefits arising after the LMA Date, and the conveying party shall be
responsible for all compensation and benefits arising on or prior to the LMA
Date.

(e)           Provided that the acquiring party
receives an appropriate proration under the LMAs, the acquiring party shall
grant credit to each Transferred Employee it hires for all unused vacation
accrued as of the LMA Date, and the acquiring party shall assume and discharge
all obligations to provide such vacation leave to such Transferred Employees.

(f)            The acquiring party shall permit
full-time Transferred Employees (and their spouses and dependents) to participate
in its “employee welfare benefit plans” (including health insurance plans) and “employee
pension benefit plans,” as defined in Section 3(1) and 3(2) of ERISA,
respectively, to the extent similarly situated employees of the acquiring party
are generally eligible to participate, with coverage effective immediately upon
the LMA Date and without any exclusion on account of any pre-existing condition
except to the extent they are subject to a pre-existing coverage limitation
under their existing coverage; provided, however, that the acquiring party
shall only be obligated to offer participation in its employee benefit plans
immediately to the conveying party’s employees who are then participating in
conveying party’s employee welfare benefit plans and those employees of
conveying party that are not currently participating in the conveying party’s
employee benefit plans will not be eligible to participate in the acquiring
party’s employee benefit plans until the next open enrollment period.  The acquiring party also shall ensure, to the
extent permitted by applicable law (including ERISA and the Code) and its
plans, that full-time Transferred Employees receive credit under any welfare
benefit plan of acquiring party for any deductibles or co-payments paid by Transferred
Employees and their spouses and dependents for the current plan year under a
plan maintained by the conveying party. 
For purposes of any length of service requirements, waiting periods,
vesting periods or differential benefits based on length of service in any such
employee welfare benefit plans (including any severance plans or policies) and
defined contribution plans for which Transferred Employees may be eligible
after the LMA Date, acquiring party shall ensure, to the extent permitted by applicable
law (including ERISA and the Code), that service with conveying party shall be
deemed to have been service with acquiring party; provided, however, that with
respect to the Exchange Party’s defined contribution plan, such credit for
prior service with Entercom will be given only for the purpose of determining
when an Entercom Transferred Employee will be deemed to be “vested” in benefits
under the plan and not for any other 

 30
 

purpose, including,
without limitation, for the purpose of determining the amount of any benefit
that any Entercom Transferred Employee will receive under the plan.

(g)           The acquiring party shall also permit
each Transferred Employee who participates in conveying party’s 401(k) plan to
elect to make direct rollovers of their account balances into acquiring party’s
401(k) plan as of the LMA Date, subject to compliance with applicable law and
subject to the reasonable requirements of acquiring party’s 401(k) plan
administrator.

(h)           From the date hereof until the
eighteen (18) month anniversary of the LMA Date, Entercom shall not, and shall
cause its Affiliates to not, solicit, hire or attempt to hire for employment
any Entercom Transferred Employees, without the prior written consent of the
other party, and Entercom shall not otherwise interfere with any Entercom
Transferred Employees, except with respect to any Entercom Transferred Employee
who has been involuntarily terminated by Exchange Party.  From the date hereof until the eighteen (18)
month anniversary of the LMA Date, Exchange Party shall not, and shall cause
its Affiliates to not, solicit, hire or attempt to hire for employment any
Exchange Party Transferred Employees, or any other Entercom employees based in
the Seattle, Washington area, without the prior written consent of the other
party, and Exchange Party shall not otherwise interfere with any Exchange Party
Transferred Employees or other such employees, except with respect to any
Exchange Party Transferred Employee or other such employee who has been
involuntarily terminated by Entercom. 
Nothing in this Section 10.4(f)
shall limit or modify any non-compete agreement to which any Transferred
Employee is party.

(i)            For purposes of this Section 10.4, “acquiring party” shall mean a party to this
Agreement in its capacity as acquirer of assets, and “conveying party” shall
mean a party to this Agreement, or the CBS Parties or Cumulus Parties, in their
capacity as transferor of assets, and “Transferred Employees” shall mean the
Entercom Transferred Employees and the Exchange Party Transferred Employees,
all as the context requires.

(j)            The parties acknowledge that for a
period of six months after the LMA Date, employees of Entercom who are
currently based at the Entercom’s Eastlake premises and who do not become
Transferred Employees shall continue to be based at such facilities, and that
notwithstanding any other provision of this Agreement or the LMAs, during such
period such employees shall continue to have the use of the space and
facilities at the Eastlake premises as is reasonably necessary to perform their
duties in accordance with past practice and at locations mutually acceptable to
both parties; provided, however that Entercom shall use its reasonable best
efforts to relocate Jerry McKenna and Dolores Pizzati to the Met Park location
prior to the LMA Date.

10.5         LMA Employees.  Notwithstanding the above, each party may
retain at least two employees (as identified in the respective LMAs) for the
market in which a station to be assigned under this Agreement is located in
order to comply with the employee requirements of the Entercom Station LMA and
the Exchange Party Station LMA.

10.6         Estoppel Certificates.  Each party, at its own expense, shall use
commercially reasonable efforts to obtain and deliver to the other party at or,
as otherwise indicated herein, 

 31
 

before the Closing, written estoppel certificates (the
“Estoppel Certificates”), dated as of the
Closing Date duly executed by the lessors under the leases for leased Entercom
Real Property, with respect to this obligation of Entercom, and under the
leases for leased Exchange Party Real Property, with respect to this obligation
of Exchange Party, in form and substance reasonably acceptable to the parties.

10.7         Lease/License Agreements.  The parties shall negotiate in good faith and
shall enter into, as of the Closing Date, license agreements pursuant to which,
subject to any underlying lease, Entercom shall make available to Exchange
Party the space at the tower structures and related premises owned by Entercom
which are currently occupied by the main and auxiliary antennas and
transmitting facilities of station KBSG-FM, which agreements each shall have an
initial term of ten (10) years (with one additional renewal term of five years,
exercisable at the option of Exchange Party), and at an aggregate license fee
of Five Thousand Two Hundred Dollars ($5,200) per month for the main and
auxiliary antennas and transmitting facilities, subject to increase based on
the Consumer Price Index (“CPI”), with One
Thousand Two Hundred Dollars ($1,200) per month being allocated toward the
agreement for the Cougar Mountain facilities and Four Thousand Dollars ($4,000)
per month being allocated toward the agreement for the Tiger Mountain
facilities, and which agreements shall be on such other terms and conditions as
are customary for agreements of this type. 
The parties also shall negotiate in good faith, and shall enter into as
of the Closing Date, the following lease or license agreements, which shall contain
terms and conditions customary in the radio broadcast industry: (a) subject to
underlying leases, licenses, easements, or other rights, as applicable, a
lease, license, or other grant of such rights as are necessary to maintain
the current communications links for the Entercom Seattle Stations passing
through Met Park, including, without limitation, rights to
use the space necessary for microwave, RPU and related equipment that
is currently used by the Entercom Seattle Stations and is currently located at
Met Park, which lease, license or other grant or agreement shall be at no cost
and shall have an initial term of ten (10) years (with one additional renewal
term of five years, exercisable at the option of Exchange Party), and (b)
subject to underlying leases, licenses, easements, or other rights, as
applicable, a lease, license, or other grant of such rights as are
necessary to maintain the current communications links on Bay View Hill
for the Exchange Party Stations, including, without limitation, rights to
use the space necessary for microwave and related equipment that is
currently used by the Exchange Party Stations, which lease, license or other
grant or agreement shall be at no cost and shall have an initial term of ten
(10) years (with one additional renewal term of five years, exercisable at the
option of Entercom)  Such agreements
shall provide that in the event the lessor or licensor thereunder sells or
otherwise transfers its interest in the leased or licensed premises, the
successor owner shall assume such lessor or licensor’s obligations thereunder.

10.8         Tax Matters.

(a)           Subject to Section 10.8(c), the
parties hereto intend that (i) Entercom’s transfer of the Entercom Station
Assets that are held or used in connection with the Entercom Seattle Stations
in partial exchange for the Exchange Party Stations Assets be treated by
Entercom to the extent possible as a like-kind exchange of property under
section 1031 of the Code and the Treasury Regulations promulgated thereunder
and (ii) Exchange Party’s transfer of the Exchange Party Stations Assets in
partial exchange for the Entercom Station Assets be 

 32
 

treated by the Exchange Party to the extent possible as a like-kind
exchange of property under section 1031 of the Code and the Treasury
Regulations promulgated thereunder.

(b)           Entercom agrees to pay after closing
any taxes imposed on Entercom with respect to periods, or portions of periods,
that end before the Closing Date to the extent the non-payment of such tax
would give rise to a lien or encumbrance for taxes on the Entercom Station
Assets in the hands of the Exchange Party after Closing, other than taxes that
are subject to a pro-ration adjustment in favor of the Exchange Party and taxes
that are the Exchange Party’s responsibility under the LMAs.   Exchange Party agrees to pay after closing
any taxes imposed on Exchange Party with respect to periods, or portions of
periods, that end before the Closing Date to the extent the non-payment of such
tax would give rise to a lien or encumbrance for taxes on the Exchange Party
Station Assets in the hands of Entercom after Closing, other than taxes that
are subject to a pro-ration adjustment in favor of Entercom and taxes that are
Entercom’s responsibility under the LMAs.

(c)           Entercom and Exchange Party agree
that they will separately determine the fair market value of the Entercom
Station Assets and the Exchange Party Station Assets for tax and financial
reporting purposes, including for purposes of Section 1060 of the Code and for
purposes of preparing IRS Forms 8824 and 8594, and Entercom and Exchange Party
are each permitted to file its tax returns in a manner that is inconsistent
with the other party’s determination of the fair market value of such assets.

10.9         Risk
of Loss.

(a)           Entercom shall bear the risk of any
casualty loss or damage to any of the Entercom Station Assets prior to the
Closing, and Exchange Party shall bear such risk on and after the Closing.  In the event of any casualty loss or damage
to the Entercom Station Assets prior to the Closing, Entercom shall be
responsible for repairing or replacing (as appropriate under the circumstances)
any lost or damaged Entercom Station Asset (the “Entercom
Damaged Asset” ) unless such Entercom Damaged Asset was obsolete and
unnecessary for the continued operation of the Entercom Stations consistent
with Entercom’s past practices and the Entercom FCC Licenses.  If Entercom is unable to repair or replace an
Entercom Damaged Asset by the date on which the Closing would otherwise occur
under this Agreement, then the Closing Date shall be extended until such repair
or replacement is completed. 
Notwithstanding the foregoing, if the reasonably estimated cost of such
repair or replacement exceeds Two Million Dollars ($2,000,000), either party
may terminate this Agreement by written notice to the other party.

(b)           Exchange Party shall bear the risk of
any casualty loss or damage to any of the Exchange Party Station Assets prior
to the Closing, and Entercom shall bear such risk on and after the
Closing.  In the event of any casualty
loss or damage to the Entercom Station Assets prior to the Closing, Exchange
Party shall be responsible for repairing or replacing (as appropriate under the
circumstances) any lost or damaged Exchange Party Station Asset (the “Exchange Party Damaged Asset” ) unless such Exchange Party
Damaged Asset was obsolete and unnecessary for the continued operation of the
Exchange Party Stations consistent with Exchange Party’s past practices and the
Exchange Party FCC Licenses.  If Exchange
Party is unable to repair or replace an Exchange Party Damaged Asset by the
date on which the Closing would otherwise occur under this Agreement, then the
Closing Date shall be extended until such 

 33
 

repair or replacement is completed. 
Notwithstanding the foregoing, if the reasonably estimated cost of such
repair or replacement exceeds Two Million Dollars ($2,000,000), either party
may terminate this Agreement by written notice to the other party.

10.10       Cooperation
Relative to Accounts Receivable.

(a)           Subject to the provisions of the
LMAs, following the Closing Date, each of Entercom and Exchange Party shall (i)
assist the other party in the collection of the accounts receivable for a
period of one-hundred twenty (120) days from the Closing Date, and (ii) endorse
(without recourse) and deliver to the other party, no less often than the
fifteenth (15th) day of each month following the Closing Date (each, a “Turnover Date”), any checks or other instruments payable to
the other party that are received on the accounts receivable.  Neither party shall be obligated to institute
litigation, employ any collection agency, legal counsel or other third party,
or take any extraordinary means of collection. 
In its collection efforts, neither party shall be liable to the other
party for any loss, claim, expense or liability arising in connection with its
collection activities except for willful malfeasance or gross negligence.  Notwithstanding any other provision of this Section 10.10, Exchange Party acknowledges that payments
with respect to certain Entercom Accounts Receivable of the Entercom Seattle
Stations are made directly to an Entercom account, and Exchange Party will take
no action to collect such Entercom Accounts Receivable.

(b)           Entercom hereby agrees and
acknowledges (i) that the Exchange Party accounts receivable (“Exchange Party Accounts Receivable”) are solely the property
of Exchange Party, (ii) that all payments received by Entercom on account of
the Exchange Party Accounts Receivable shall be held in trust for the benefit
of Exchange Party, (iii) that payments received from customers of Entercom that
owe payments to Entercom and also owe payments to Exchange Party shall be
applied first and to the full extent to the Exchange Party Accounts Receivable
(unless otherwise specified in good faith by the payor), and (iv) that all such
payments shall be delivered to Exchange Party, together with any necessary
endorsements (without recourse) thereon, on each Turnover Date.  To the extent that Exchange Party has not
received payment on any Accounts Receivable as of the one-hundred twentieth
(120th) day following the Closing Date, Entercom shall have no further
obligations or right to collect the Accounts Receivable, unless otherwise
agreed upon by Exchange Party and Entercom, and Entercom shall promptly return any
and all documentation related to the Accounts Receivable to Exchange Party.

(c)           Exchange Party hereby agrees and
acknowledges (i) that the Entercom accounts receivable (“Entercom
Accounts Receivable”) are solely the property of Entercom, (ii) that
all payments received by Exchange Party on account of the Entercom Accounts
Receivable shall be held in trust for the benefit of Entercom, (iii) that
payments received from customers of Exchange Party that owe payments to
Exchange Party and also owe payments to Entercom shall be applied first and to
the full extent to the Entercom Accounts Receivable (unless otherwise specified
in good faith by the payor), and (iv) that all such payments shall be delivered
to Entercom, together with any necessary endorsements (without recourse)
thereon, on each Turnover Date.  To the
extent that Entercom has not received payment on any Accounts Receivable as of
the one-hundred twentieth (120th) day following the Closing Date, Exchange Party
shall have no further obligations or right to collect the Accounts Receivable,
unless 

 34
 

otherwise agreed upon by Entercom and Exchange Party, and Exchange
Party shall promptly return any and all documentation related to the Accounts
Receivable to Entercom.

10.11       Schedules.

(a)           Each party will use its commercially
reasonable efforts to promptly supplement or amend its schedules hereto with
respect to any matter arising after the date of this Agreement that would have
been required to be set forth or described in a schedule or that is necessary to
correct any information in a schedule or in any representation or warranty;
provided that if the other party fails to object within fifteen (15) days after
receipt of such supplement or amendment, such other party shall be deemed to
have waived its rights to object to such proposed supplement or amendment.  If such other party makes a timely objection
pursuant to this Section 10.11, any such proposed
supplement or amendment will not be permitted, except as thereafter mutually
agreed; provided, however, that any such objection must be made in good faith,
set forth in writing and based on the fact that such supplement or amendment
(a) is not primarily related to the ordinary course of business of the
station(s) involved, (b) would have a material adverse effect on the business
of the station(s) involved, and/or (c) is not consistent with past practices.

(b)           Within three weeks following
execution of this Agreement (the “Schedule Amendment
Deadline”), if Entercom identifies any additional contracts (“Entercom Additional Contracts”) relating to the operation of
the Entercom Stations that it concludes should have been listed on Schedule
1.1(c), Entercom shall so notify Exchange Party and provide Exchange Party
with a copy of such Entercom Additional Contracts.  Exchange Party shall be deemed to have waived
its rights to object to such proposed supplement or amendment unless it
disputes such supplement or amendment in accordance with the terms of Section 10.11(d) of this Agreement; provided, however, that
any such objection must be made in good faith, set forth in writing and based
on the fact that such supplement or amendment (a) is not primarily related to
the ordinary course of business of the station(s) involved, (b) would have a
material adverse effect on the business of the station(s) involved, and/or (c)
is not consistent with past practices. 
Absent such objection, the identified Entercom Additional Contract will
be deemed an Entercom Station Contract and assigned to and assumed by Exchange
Party as of the Closing Date, provided that such assumption shall only be to
the same extent as provided in Section 1.1(c)
for contracts and agreements identified on Schedule 1.1(c) hereto.

(c)           On or before the Schedule Amendment
Deadline, if Exchange Party identifies any additional contracts (“Exchange Party Additional Contracts”) relating to the
operation of the Exchange Party Stations that it concludes should have been
listed on Schedule 1.3(c), Exchange Party shall so notify Entercom and
provide Entercom with a copy of such Exchange Party Additional Contracts.  Entercom shall be deemed to have waived its
rights to object to such proposed supplement or amendment unless it disputes
such supplement or amendment in accordance with the terms of Section 10.11(d) of this Agreement; provided, however, that
any such objection must be made in good faith, set forth in writing and based
on the fact that such supplement or amendment (a) is not primarily related to
the ordinary course of business of the station(s) involved, (b) would have a
material adverse effect on the business of the station(s) involved, and/or (c)
is not consistent with past practices. 
Absent such objection, the identified Exchange Party Additional Contract
will be deemed an Exchange Party  Station

 35
 

Contract and assigned to and assumed by Entercom as of the Closing
Date, provided that such assumption shall only be to the same extent as
provided in Section 1.3(c) for contracts and
agreements identified on Schedule 1.3(c) hereto.

(d)           In the event that the parties have a
dispute over the amendment of any of the Schedules pursuant to Sections 10.11(a), (b) or (c)
above, the parties will first attempt in good faith to resolve such dispute
promptly through informed discussions between the general counsels and/or chief
financial officers of Entercom and Exchange Party.  Any dispute not so resolved shall be resolved
pursuant to discussions between the chief executive officers of Entercom and
Exchange Party.

10.12       FCC
Authorizations.  Each party will
promptly take any necessary actions to resolve and correct any discrepancies,
inaccuracies or problems with respect to any of the Entercom FCC Licenses or
the Exchange Party FCC Licenses, respectively, at such party’s sole expense.

ARTICLE 11

CONDITIONS OF CLOSING BY ENTERCOM

The obligations of Entercom 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.  (a) The representations
and warranties of Exchange Party made in this Agreement shall be true and
correct in all material respects as of the Closing Date except for (i) those
representations and warranties already subject to a materiality qualification
and, in that event, the representation and warranty shall be true and correct
in all respects, and (ii) changes permitted or contemplated by the terms of
this Agreement, and (b) the covenants and agreements to be complied with and
performed by Exchange Party at or prior to Closing shall have been complied
with or performed in all material respects. 
Entercom shall have received a certificate dated as of the Closing Date
from Exchange Party, executed by an authorized officer of Exchange Party on
behalf of Exchange Party to the effect that the conditions set forth in this Section 11.1 have been satisfied.

11.2         Governmental Consents.  The FCC Consent shall have been obtained and
shall have become a Final Order; provided that the condition as to a Final
Order shall not apply (i) if no filing shall have been made with the FCC by any
third party that pertains to or becomes associated with the FCC Application, or
(ii) if any such filing shall have been made, then if, in the reasonable
opinion of Entercom’s FCC counsel, the objection set forth in the filing would
not reasonably be expected to result in a denial of the FCC Consent or a
designation for hearing of the FCC Application. 
The waiting period under the HSR Act shall have expired or been
terminated.  No court or governmental
order prohibiting the Closing shall be in effect.  In the event that the parties close without
the FCC Consent becoming a Final Order and the FCC or a court subsequently
rescinds the FCC Consent, and such rescission becomes a Final Order, the
parties agree to cooperate with each other and to use their best efforts to
bring about, to the maximum extent possible, the fair and equitable restoration
of each of the parties to its position prior to execution of this Agreement.

 

 36

 

11.3         Required Consents.  Entercom shall have received all of the
consents (to the extent consent is required for assignment of such Station
Contracts) to the assignment of all Exchange Party Station Contracts marked as “Material
Contracts” on Schedule 1.3(f).

11.4         Other Documents.  Entercom shall have received the documents
specified in Section 14.2 hereof and such other
documents as Entercom shall reasonably request to consummate the transactions
contemplated by this Agreement.

11.5         CBS Agreement and Cumulus Agreement.  The transactions contemplated by each of the
CBS Agreement and the Cumulus Agreement shall have been consummated.

11.6         San
Bruno Lease Renewal.  Exchange Party
shall have entered into a lease renewal for the KMAX-FM transmitter site
facilities at San Bruno at a fair market lease rate and at a fair market term,
both as determined by Exchange Party in its reasonable discretion.  Exchange Party agrees that Entercom shall be
permitted to participate in the negotiations for such lease renewal with the
landlord of San Bruno, and Entercom and Exchange Party shall use their
respective reasonable best efforts to cause this condition to have been
satisfied by the date which otherwise would be the Closing Date.

ARTICLE 12

CONDITIONS OF CLOSING BY EXCHANGE PARTY

The obligations of Exchange Party 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.  (a) The representations
and warranties of Entercom made in this Agreement shall be true and correct in
all material respects as of the Closing Date except for (i) those
representations and warranties already subject to a materiality qualification,
and, in that event, the representation and warranty shall be true and correct
in all respects, and (ii) changes permitted or contemplated by the terms of
this Agreement, and (b) the covenants and agreements to be complied with and
performed by Entercom at or prior to Closing shall have been complied with or performed
in all material respects.  Exchange Party
shall have received a certificate dated as of the Closing Date from Entercom,
executed by an authorized officer of Entercom on behalf of Entercom, to the
effect that the conditions set forth in this Section 12.1
and Section 12.5 have been satisfied.

12.2         Governmental Consents.  The FCC Consent shall have been obtained and
shall have become a Final Order; provided that the condition as to a Final
Order shall not apply (i) if no filing shall have been made with the FCC by any
third party that pertains to or becomes associated with the FCC Application, or
(ii) if any such filing shall have been made, then if, in the reasonable
opinion of Exchange Party’s FCC counsel, the objection set forth in the filing
would not reasonably be expected to result in a denial of the FCC Consent or a
designation for hearing of the FCC Application. 
The waiting period under the HSR Act shall have expired or been
terminated.  No court or governmental
order prohibiting Closing shall be in effect. 
In the event that the parties close without the FCC Consent becoming a
Final Order and the FCC or a court subsequently rescinds the FCC Consent, and
such rescission becomes a Final Order, the 

 37
 

parties agree to cooperate with each other and to use
their best efforts to bring about, to the maximum extent possible, the fair and
equitable restoration of each of the parties to its position prior to execution
of this Agreement.

12.3         Required Consents.  Exchange Party shall have received all of the
consents (to the extent consent is required for assignment of such Station
Contracts) to the assignment of all Entercom Station Contracts marked as “Material
Contracts” on Schedule 1.1(f).

12.4         Other Documents.  Exchange Party shall have received the documents
specified in Section 14.1 hereof and such other
documents as Exchange Party shall reasonably request to consummate the
transactions contemplated by this Agreement.

12.5         CBS
Agreement and Cumulus Agreement.  The
transactions contemplated by each of the CBS Agreement and the Cumulus
Agreement shall have been consummated in accordance with the terms of such
Agreements, and Entercom shall not have waived any of its rights under, or
amended in any manner, either of the CBS Agreement or the Cumulus Agreement,
and there shall have been no breach by the CBS Parties or Cumulus Parties
thereunder, except for waivers, amendments or breaches that do not have a
material adverse effect on Exchange Party, Exchange Party’s rights under this
Agreement or any of the Entercom Stations Assets being acquired hereunder.

12.6         BHC
Agreement.  The transactions
contemplated by the BHC Agreement shall have been consummated.

12.7         Queen
Anne Easement Renewal.  Entercom
shall have entered into a renewal of the easement agreement between KIRO-TV
Inc. and Entercom for the Queen Anne site at no charge and at a fair market
term, as determined by Entercom in its reasonable discretion.  Entercom agrees that Exchange Party shall be
permitted to participate in the negotiations for such renewal with KIRO-TV
Inc., and Entercom and Exchange Party shall use their respective reasonable
best efforts to cause this condition to have been satisfied by the date which
otherwise would be the Closing Date.

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 (i) all recordation, transfer and documentary taxes, fees and charges,
and any excise, sales or use taxes, applicable to the transactions contemplated
by this Agreement shall be paid equally by Entercom and Exchange Party, (ii)
all FCC filing fees and filing fees under the HSR Act shall be paid equally by
Entercom and Exchange Party, and (iii) as otherwise specified in this
Agreement.

 38
 

ARTICLE 14

ITEMS TO BE DELIVERED AT CLOSING

14.1         Entercom’s Deliveries.  At Closing, Entercom shall deliver or cause
to be delivered to Exchange Party:

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

(b)           the certificate described in Section 12.1;

(c)           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
Entercom Station Assets to Exchange Party, free and clear of Liens, except for
Permitted Liens; and

(d)           such documents and instruments of
assumption as may be necessary to assume the Entercom Assumed Obligations.

14.2         Exchange Party’s Deliveries.  At Closing, Exchange Party shall deliver or
cause to be delivered to Entercom:

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

(b)           the certificate described in Section 11.1;

(c)           such bills of sale, assignments,
documents of title and other instruments of conveyance, assignment and transfer
as may be necessary to convey, transfer and assign the Exchange Party Station
Assets to Entercom, free and clear of Liens, except for Permitted Liens; and

(d)           such documents and instruments of
assumption as may be necessary to assume the Entercom Assumed Obligations.

ARTICLE 15

SURVIVAL; INDEMNIFICATION.

15.1         Survival.  The representations, warranties, indemnities,
covenants and agreements of each of the parties hereto shall survive for a
period of eighteen (18) months following the Closing; provided, however,
that the representations and warranties made in Sections
6.12 and 7.12, shall
survive for five years after the Closing.

 39
 

15.2         Indemnification.

(a)           From and after the Closing, Entercom
shall defend, indemnify and hold harmless Exchange Party from and against any
and all losses, costs, damages, liabilities and expenses, including reasonable
attorneys’ fees and expenses (“Damages”)
incurred by Exchange Party arising out of or resulting from:  (i) any breach or default by Entercom under
this Agreement; (ii) the Entercom Retained Obligations or the business or
operation of the Entercom Station before Closing; or (iii) the Entercom Assumed
Obligations or the business or operation of the Exchange Party Station after
Closing; provided, however, that, except for the items in (ii) and (iii) above
(which shall not be subject to such limitations), (y) Entercom shall have no
liability for breach of representations and warranties to Exchange Party
hereunder until, and only to the extent that, Exchange Party’s aggregate
Damages exceed Two Hundred Fifty Thousand Dollars ($250,000.00) and (z) the
maximum liability of Entercom hereunder shall be Three Million Dollars
($3,000,000); provided, however, that the limits set forth in (y)
and (z) shall not apply to any Damages arising from a breach by Entercom of the
representations in the second sentence of Section 6.7(a),
the first sentence of Section 6.8, or
Section 6.13(c).

(b)           From and after the Closing, Exchange
Party shall defend, indemnify and hold harmless Entercom from and against any
and all Damages incurred by Entercom arising out of or resulting from: (i) any
breach or default by Exchange Party under this Agreement; (ii) the Exchange
Party Retained Obligations or the business or operation of the Exchange Party
Station before Closing or (iii) the Exchange Party Assumed Obligations or the
business or operation of the Entercom Station after Closing; provided, however,
that, except for the except for the items in (ii) and (iii) above (which shall
not be subject to such limitations), (y) Exchange Party shall have no liability
for breaches of representations and warranties to Entercom hereunder until, and
only to the extent that, Entercom’s aggregate Damages exceed Two Hundred Fifty
Thousand Dollars ($250,000.00) and (z) the maximum liability of Exchange Party
hereunder shall be Three Million Dollars ($3,000,000.00); provided, however,
that the limits set forth in (y) and (z) shall not apply to any Damages arising
from a breach by Exchange Party of the representations in the second sentence
of Section 7.7(a), the first sentence of Section 7.8, or Section 7.13(c).

(c)           In
no event shall Damages include punitive damages, consequential damages or
speculative losses.

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 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:

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

(b)           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 

 40
 

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).

(c)           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 (which shall not be unreasonably withheld,
conditioned or delayed), 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.

(d)           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.

15.4         Exclusive
Remedy.  The right to
indemnification, defense, hold harmless, payment or reimbursement hereunder
will be the exclusive remedy of any party after the Closing in connection with
any breach by an other party of its representations, warranties, covenants or
agreements, other than an exercise of the remedies provided under Section 16.2.

 41
 

ARTICLE 16

TERMINATION

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

(a)           by mutual written consent of Entercom
and Exchange Party;

(b)           by written notice of Entercom to Exchange
Party if Exchange Party 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);

(c)           by written notice of Exchange Party
to Entercom if Entercom 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);

(d)           by written notice of either party to
the other if the FCC denies the FCC Application or designates any of those
applications for evidentiary hearing;

(e)           by written notice of Entercom to
Exchange Party, or Exchange Party to Entercom, if the Closing shall not have
been consummated on or before June 15,
2008;

(f)            by written notice of Entercom to Exchange Party, or Exchange Party to
Entercom, if the CBS Agreement or the Cumulus Agreement is terminated; or

(g)           as provided in Section 10.9.

The term “Cure Period” as
used herein means a period commencing the date a party receives from the other
party written notice of breach or default hereunder and continuing until thirty
(30) days thereafter; provided, however, that if the breach or
default cannot reasonably be cured within such period but can be cured, and if
diligent efforts to cure promptly commence, then the Cure Period shall continue
as long as such diligent efforts to cure continue, but in no event shall the
Cure Period continue past the thirtieth (30th) day after the date on which the FCC
Consent or the FCC Consent becomes a Final Order (but in no event shall the
Cure Period affect a party’s right to terminate this Agreement under Section 16.1(e)). 
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 (without posting bond or other security), and not in 

 42
 

addition to, any other remedies, including but not
limited to monetary damages, that may be available to it.  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.

ARTICLE 17

MISCELLANEOUS PROVISIONS

17.1         Further Assurances.  After the Closing, each party shall from time
to time, at the request of and without further cost or expense to the other,
execute and deliver such other instruments and take such other actions as may
reasonably be requested in order to more effectively consummate the
transactions contemplated hereby to exchange assets and assume obligations as
contemplated by this Agreement.

17.2         Assignment.  Neither party may assign this Agreement
without the prior written consent of the other party hereto, except that either
party may assign its rights under this Agreement to one or more wholly-owned
subsidiaries of such party upon written notice to the other party and without
consent from the other party.  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.

17.3         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.

17.4         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.

17.5         Governing Law.  The construction and performance of this
Agreement shall be governed by the laws of the State of New York without giving
effect to the choice of law provisions thereof.

17.6         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 or email, 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 

 43
 

transmission or email, and shall be addressed as
follows (or to such other address as any party may request by written notice):

	
  if to Entercom:

  	
   

  	
   

  	
   

  	
  Entercom Communications Corp.

  	 

	
   

  	
   

  	
   

  	
   

  	
  401 City Avenue, Suite 809

  	 

	
   

  	
   

  	
   

  	
   

  	
  Bala Cynwyd, PA 19004

  	 

	
   

  	
   

  	
   

  	
   

  	
  Attention: David J. Field

  	 

	
   

  	
   

  	
   

  	
   

  	
  Facsimile: (610) 660-5661

  	 

	
   

  	
   

  	
   

  	
   

  	
  Email: dfield@entercom.com

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  with a copy (which
  shall not

  	
   

  	
   

  	
   

  	
   

  	 

	
  constitute notice) to:

  	
   

  	
   

  	
   

  	
  Entercom Communications Corp.

  	 

	
   

  	
   

  	
   

  	
   

  	
  401 City Avenue, Suite 809

  	 

	
   

  	
   

  	
   

  	
   

  	
  Bala Cynwid, PA 19004

  	 

	
   

  	
   

  	
   

  	
   

  	
  Attention: John C. Donlevie, Esq.

  	 

	
   

  	
   

  	
   

  	
   

  	
  Facsimile: (610) 660-5641

  	 

	
   

  	
   

  	
   

  	
   

  	
  Email: jdonlevie@entercom.com

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  and

  	
   

  	
   

  	
   

  	
  Latham & Watkins LLP

  	 

	
   

  	
   

  	
   

  	
   

  	
  555 11th Street, NW

  	 

	
   

  	
   

  	
   

  	
   

  	
  Washington, D.C. 20004

  	 

	
   

  	
   

  	
   

  	
   

  	
  Attention: David D. Burns, Esq.

  	 

	
   

  	
   

  	
   

  	
   

  	
  Facsimile: (202) 637-2201

  	 

	
   

  	
   

  	
   

  	
   

  	
  Email: david.burns@lw.com

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  if to Exchange Party:

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
  Bonneville
  International Corporation

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  55 North Third West, 8th Floor

  	 

	
   

  	
   

  	
   

  	
   

  	
  Salt Lake City, UT 84180

  	 

	
   

  	
   

  	
   

  	
   

  	
  Attention: Bruce T. Reese

  	 

	
   

  	
   

  	
   

  	
   

  	
  Facsimile: (801) 575-7567

  	 

	
   

  	
   

  	
   

  	
   

  	
  Email: breese@bonneville.com

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  with a copy (which
  shall not

  	
   

  	
   

  	
   

  	
   

  	 

	
  constitute notice) to:

  	
   

  	
   

  	
   

  	
  Bonneville International Corporation

  	 

	
   

  	
   

  	
   

  	
   

  	
  55 North Third West, 8th Floor

  	 

	
   

  	
   

  	
   

  	
   

  	
  Salt Lake City, UT 84180

  	 

	
   

  	
   

  	
   

  	
   

  	
  Attention: David Redd

  	 

	
   

  	
   

  	
   

  	
   

  	
  Facsimile: (801) 575-7509

  	 

	
   

  	
   

  	
   

  	
   

  	
  Email: dredd@bonneville.com

  	 

 

17.7         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.

17.8         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 

 44
 

their successors or permitted assigns, any rights or
remedies under or by reason of this Agreement.

17.9         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 or government
regulation by any court or other governmental authority of competent
jurisdiction, 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.

17.10       Entire Agreement.  This Agreement and the documents referenced
herein embody the entire agreement and understanding of the parties hereto and
supersede any and all prior and contemporaneous agreements, arrangements and
understandings relating to the matters provided for herein.  This Agreement does not supersede any
confidentiality agreement relating to the Entercom Stations or the Exchange
Party Stations.

17.11       Direct Assignment of Entercom Station
Assets.  Exchange Party acknowledges
that Entercom does not currently own certain of the Entercom Station Assets,
but has agreed to acquire those Entercom Station Assets pursuant to the CBS
Agreement and the Cumulus Agreement. 
Exchange Party agrees, if so requested by Entercom, to cooperate in the
direct assignment from the CBS Parties and/or the Cumulus Parties to Exchange
Party of such Entercom Station Assets; provided that such a direct assignment
is reasonably practicable and would not materially delay the Closing, and would
not, adversely affect the rights, protections and benefits it would otherwise
receive if the transaction were consummated as contemplated by this Agreement.

17.12       Exchange
Party’s Sale of KOIT (AM).  Pursuant
to the AIM Transaction, Exchange Party has agreed to sell and AIM has agreed to
purchase the FCC licenses related to KOIT (AM), San Francisco, California, and
certain assets relating directly to KOIT (AM), including the transmitter
building, transmitter tower and the underlying real property (the “KOIT (AM) Facility”); provided, however, that Exchange Party
will not be conveying to AIM and AIM will not be acquiring any of the
intellectual property associated with the KOIT call sign.  Entercom hereby acknowledges that Exchange Party
will not be selling, conveying or transferring any of the KOIT (AM) assets
listed on Schedule 1.4(p) to Entercom.

ARTICLE
18

DEFINITIONS

18.1         Defined
Terms.  Unless otherwise stated in
this Agreement, the following terms when used herein shall have the meanings
assigned to them below (such meanings to be equally applicable to both the
singular and plural forms of the terms defined).

“Affiliate”
shall mean, with respect to a specified Person, a Person that directly or
indirectly through one or more intermediaries controls or is controlled by, or
is under common control with, the Person specified.

 

 45

 

“Agreement” shall mean this Asset Exchange Agreement,
including the exhibits and schedules hereto.

“AIM” shall have the meaning set forth in Section 1.4(p).

“Aim Transaction” shall have the meaning set forth in Section 1.4(p).

“Assignment” shall have the meaning set forth in Section 5.1(a).

“BHC” shall have the meaning set forth in the recitals to
this Agreement.

“BHC Agreement” shall have the meaning set forth in the
recitals to this Agreement.

“Breaching Party” shall have the meaning set forth in Section 16.2.

“Cash Consideration”
shall have the meaning set forth in Section 1.5.

“CBS Agreement” shall have the meaning set forth in the
recitals to this Agreement.

“CBS Closing Date” shall have the meaning set forth in Section 9.1.

“CBS Parties” shall have the meaning set forth in the
recitals to this Agreement.

“Claim” shall have the meaning set forth in Section 15.3.

“Closing” shall have the meaning set forth in Section 4.1.

“Closing Date” shall have the meaning set forth in Section 4.1.

“Code” shall mean the Internal Revenue Code of 1986, as
amended, and the regulations thereunder, or any subsequent legislative
enactment thereof, as in effect from time to time.

“Communications Act” shall have the meaning set forth in Section 6.7(c).

“Contaminant”  shall
mean and include any pollutant, contaminant, hazardous material (as defined in
any of the Environmental Laws), toxic substances (as defined in any of the
Environmental Laws), asbestos or asbestos containing material, urea
formaldehyde, polychlorinated biphenyls, regulated substances and wastes,
radioactive materials, and petroleum or petroleum by-products, including crude
oil or any fraction thereof, except that “Contaminant” shall not include small
quantities of maintenance, cleaning and emergency generator fuel supplies
customary for the operation of radio stations and maintained in compliance with
all Environmental Laws in the ordinary course of business.

“CPA” shall have the meaning set forth in Section 3.1(f).

“CPI” shall have the meaning set forth in Section 10.7.

 46
 

“Cumulus Agreement” shall have the meaning set forth in the
recitals to this Agreement.

“Cumulus Closing Date” shall have the meaning set forth in Section 9.1.

“Cumulus Parties” shall have the meaning set forth in the
recitals to this Agreement.

“Cure Period” shall have the meaning set forth in Section 16.1.

“Damages” shall have the meaning set forth in Section 15.2(a).

“Disapproved Matters” shall have the meaning set forth in Section 9.3(d).

“Disputed Claims” shall have the meaning set forth in Section 15.3(d).

“DOJ” shall have the meaning set forth in Section 6.3.

“Effective Time” shall have the meaning set forth in Section 3.1(a).

“Entercom” shall have the meaning set forth in the preamble
of this Agreement.

“Entercom Accounts Receivable” shall have the meaning set
forth in Section 10.10(c).

“Entercom Additional Contracts” shall have the meaning set
forth in Section 10.11(b).

“Entercom Ancillary Agreement” shall have the meaning set
forth in Section 6.2(a).

“Entercom Assumed Obligations” shall have the meaning set
forth in Section 2.1.

“Entercom Available Employees” shall have the meaning set
forth in Section 10.4(a).

“Entercom Cincinnati” shall have the meaning set forth in the
preamble of this Agreement.

“Entercom Cincinnati Stations” shall have the meaning set
forth in the recitals to this Agreement.

“Entercom Damaged Asset” shall have the meaning set forth in Section 10.9(a).

“Entercom Dedicated Employees” shall have the meaning set
forth in Section 10.4(a).

“Entercom Employees” shall have the meaning set forth in Section 6.13(a).

“Entercom Excluded Assets” shall have the meaning set forth
in Section 1.2.

“Entercom FCC Licenses” shall have the meaning set forth in Section 1.1(a).

 47
 

“Entercom Intangible Property” shall have the meaning set
forth in Section 1.1(d).

“Entercom Real Property” shall have the meaning set forth in Section 1.1(f).

“Entercom Reference Financial Statements” shall have the
meaning set forth in Section 6.6.

“Entercom Reference Stations” shall have the meaning set
forth in Section 6.6.

“Entercom Retained Obligations” shall have the meaning set
forth in Section 2.4.

“Entercom Seattle” shall have the meaning set forth in the
preamble of this Agreement.

“Entercom Seattle Stations” shall have the meaning set forth
in the recitals to this Agreement.

“Entercom Shared Employees” shall have the meaning set forth
in Section 10.4(a).

“Entercom Stations” shall have the meaning set forth in the
recitals to this Agreement.

“Entercom Station Assets” shall have the meaning set forth in
Section 1.1.

“Entercom Station Contracts” shall have the meaning set forth
in Section 1.1(c).

“Entercom Station LMA” shall have the meaning set forth in Section 1.6(a).

“Entercom Tangible Personal Property” shall have the meaning
set forth in Section 1.1(b).

“Entercom Transferred Employees” shall have the meaning set
forth in Section 10.4(a).

“Environmental
Laws” shall have the meaning set forth in Section 6.12(a) and Section 7.12.

“Estoppel Certificates” shall have the meaning set forth in Section 10.6.

“Exchange Party” shall have the meaning set forth in the
preamble of this Agreement.

“Exchange Party Accounts Receivable” shall have the meaning
set forth in Section 10.10(b).

“Exchange Party Additional Contracts” shall have the meaning
set forth in Section 10.11(c).

“Exchange Party Ancillary Agreements” shall have the meaning
set forth in Section 7.2(a).

 48
 

“Exchange
Party Assumed Obligations” shall have the meaning set forth
in Section 2.3.

“Exchange Party Available Employees” shall have the meaning
set forth in Section 10.4(b).

“Exchange Party Damaged Asset” shall have the meaning set
forth in Section 10.9(b).

“Exchange Party Employees” shall have the meaning set forth
in Section 7.13(a).

“Exchange Party Excluded Assets” shall have the meaning set
forth in Section 1.4.

“Exchange Party FCC Licenses” shall have the meaning set
forth in Section 1.3(a).

“Exchange Party Intangible Property” shall have the meaning
set forth in Section 1.3(d).

“Exchange Party Real Property” shall have the meaning set
forth in Section 1.3(f).

“Exchange
Party Reference Financial Statements” shall have the meaning
set forth in Section 7.6.

“Exchange Party Retained Obligations” shall have the meaning
set forth in Section 2.2.

“Exchange Party Stations” shall have the meaning set forth in
the recitals to this Agreement.

“Exchange Party Station Assets” shall have the meaning set
forth in Section 1.3.

“Exchange Party Station Contracts” shall have the meaning set
forth in Section 1.3(c).

“Exchange Party Station LMA” shall have the meaning set forth
in Section 1.6(b).

“Exchange Party Tangible Personal Property” shall have the
meaning set forth in Section 1.3(b).

“Exchange Party Transferred Employees” shall have the meaning
set forth in Section 10.4(b).

“FCC” shall have the meaning set forth in the recitals to
this Agreement.

“FCC Application” shall have the meaning set forth in Section 5.1(a).

“FCC Consent” shall have the meaning set forth in Section 5.1(a).

“FEMA” shall have the meaning set forth in Section 9.3(e).

 49
 

“Final Order” means an action by the FCC (a) that has not
been vacated, reversed, stayed, enjoined, set aside, annulled or suspended, (b)
with respect to which no request for stay, motion or petition for rehearing,
reconsideration or review, or application or request for review or notice of appeal
or sua sponte review by the FCC is pending,
and (c) as to which the time for filing any such request, motion, petition,
application, appeal or notice, and for the entry of orders staying,
reconsidering or reviewing on the FCC’s own motion has expired.

“FTC” shall have the meaning set forth in Section 6.3.

“GAAP” shall have the meaning set forth in Section 3.1(a).

“HSR Act” shall have the meaning set forth in Section 5.3.

“Knowledge,” “known to,” or
similar terms shall refer to (i) with respect to Exchange Party, from the date
of this Agreement until the date public announcement of the transactions
contemplated hereby is made (the “Announcement Date”), the actual knowledge of
Exchange Party’s Chief Executive Officer, Chief Operating Officer, Chief Financial
Officer, Corporate Vice President of Engineering, General Counsel or Corporate
Vice President of Human Resources, and after the Announcement Date shall
include, in addition, the actual knowledge of the General Managers of each of
the Exchange Party Stations, and (ii) with respect to Entercom,  from the date of this Agreement until the
Announcement Date, the actual knowledge of Entercom Communications Corporation’s
Chief Executive Officer, Chief Operating Officer, Chief Financial Officer,
Corporate Vice President of Engineering, General Counsel or Corporate Vice
President of Human Resources, and after the Announcement Date shall include, in
addition, the actual knowledge of the Entercom-employed General Managers of
each of the Entercom Stations.

“KOIT (AM) Facility” shall have the meaning set forth in Section 17.12.

“Liens” shall have the meaning set forth in Section 1.1.

“LMAs” shall have the meaning set forth in Section 1.6(b).

“LMA Date” shall have the meaning set forth in Section 1.6(a).

“Non-Breaching Party” shall have the meaning set forth in Section 16.2.

“Payment Date” shall have the meaning set forth in Section 3.1(f).

“Permitted
Liens” means, as to any property or asset, Liens for taxes,
assessments and other governmental charges not yet due and payable; (i) in the
case of real property, zoning laws and ordinances and similar laws that are not
violated by any existing improvement or that do not prohibit the use of real
property as currently used; (ii) any right reserved to any governmental authority
to regulate the affected property (including restrictions stated in the
permits); (iii) in the case of any leased asset, (1) the rights of any lessor
under the applicable lease agreement or any Lien granted by any lessor and (2)
the rights of the grantor of any easement or any Lien granted 

 50
 

by such grantor on such
easement property; (iv) in the case of real property, easements, rights of way,
restrictive covenants and other encumbrances, encroachments or other similar
matters of record affecting title that do not materially adversely affect title
to the property subject thereto or impair the continued use of the property as
currently used; (v) inchoate materialmen’s, mechanics’, workmen’s, repairmen’s
or other like Liens arising in the ordinary course of business, which Liens are
released at or prior to Closing, are the subject of a proration under this
Agreement or the LMAs, or relate to Entercom Retained Obligations or Exchange
Party Retained Obligations, as the case may be, and will not encumber the Entercom
Station Assets or the Exchange Party Station Assets after the Closing; and (vi)
in the case of real property, any state of facts an accurate survey would show,
provided same does not render title unmarketable, materially decrease the value
of the property, constitute a lack of reasonable access, or prevent the real
property from being utilized in substantially the same manner currently used.

“Person” shall mean an individual, a partnership, a
corporation, an association, a joint stock company, a trust, a joint venture,
an unincorporated organization or a governmental entity (or any department,
agency or political subdivision thereof).

“Schedule Amendment Deadline” shall have the meaning set
forth in Section 10.11(b).

“Seattle Preliminary Title Report” shall have the meaning set
forth in Section 9.3(d).

“Seattle Real Property” shall have the meaning set forth in Section 6.11(b).

“Seattle Survey” shall have the meaning set forth in Section 9.3(d).

“Turnover Date” shall have the meaning set forth in Section 10.10(a).

“WFTK Gross Revenues” shall have the meaning set forth in Section 6.6.

18.2         Terms
Generally.  The term “or” is disjunctive; the term “and”
is conjunctive.  The term “shall” is mandatory; the term “may”
is permissive.  Masculine terms apply to
females; feminine terms apply to males. 
The term “include,” “includes”
or “including” is by way of example and not
limitation.

[SIGNATURE PAGE FOLLOWS]

 

 51

 

SIGNATURE PAGE TO ASSET
EXCHANGE AGREEMENT

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

	
  

  	
   

  	
  ENTERCOM CINCINNATI, LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ENTERCOM CINCINNATI LICENSE, LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ENTERCOM SEATTLE, LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ENTERCOM SEATTLE LICENSE, LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BONNEVILLE INTERNATIONAL CORPORATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
									

 

 

Schedules:

	
  Schedule

  	
   

  	
  Description

  
	
   

  	
   

  	
   

  
	
  1.1(a)

  	
   

  	
  Entercom FCC Licenses

  
	
   

  	
   

  	
   

  
	
  1.1(b)

  	
   

  	
  Entercom Station Assets

  
	
   

  	
   

  	
   

  
	
  1.1(c)

  	
   

  	
  Entercom Station Contracts

  
	
   

  	
   

  	
   

  
	
  1.1(d)

  	
   

  	
  Entercom Intangible Property

  
	
   

  	
   

  	
   

  
	
  1.1(f)

  	
   

  	
  Entercom Real Property

  
	
   

  	
   

  	
   

  
	
  1.2(q)

  	
   

  	
  CBS/Cumulus Excluded Assets

  
	
   

  	
   

  	
   

  
	
  1.2(r)

  	
   

  	
  Entercom Excluded Assets

  
	
   

  	
   

  	
   

  
	
  1.3(a)

  	
   

  	
  Exchange Party FCC Licenses

  
	
   

  	
   

  	
   

  
	
  1.3(b)

  	
   

  	
  Exchange Party Station Assets

  
	
   

  	
   

  	
   

  
	
  1.3(c)

  	
   

  	
  Exchange Party Station Contracts

  
	
   

  	
   

  	
   

  
	
  1.3(d)

  	
   

  	
  Exchange Party Intangible Property

  
	
   

  	
   

  	
   

  
	
  1.3(f)

  	
   

  	
  Exchange Party Real Property

  
	
   

  	
   

  	
   

  
	
  1.4(p)

  	
   

  	
  KOIT (AM) Assets Excluded from Exchange

  
	
   

  	
   

  	
   

  
	
  1.4(q)

  	
   

  	
  Exchange Party Excluded Assets

  
	
   

  	
   

  	
   

  
	
  6.4

  	
   

  	
  Noncontravention (Entercom)

  
	
   

  	
   

  	
   

  
	
  6.5

  	
   

  	
  Absence of Litigation (Entercom)

  
	
   

  	
   

  	
   

  
	
  6.8

  	
   

  	
  Tangible Personal Property (Entercom)

  
	
   

  	
   

  	
   

  
	
  6.11(a)

  	
   

  	
  Owned/Leased Real Property (Entercom)

  
	
   

  	
   

  	
   

  
	
  6.11(b)

  	
   

  	
  Seattle Real Property Permitted Liens (Entercom)

  
	
   

  	
   

  	
   

  
	
  6.11(c)

  	
   

  	
  Seattle Real Property Used in Operation of the
  Entercom Stations (Entercom)

  
	
   

  	
   

  	
   

  
	
  6.12

  	
   

  	
  Environmental (Entercom)

  
	
   

  	
   

  	
   

  
	
  6.13

  	
   

  	
  Employees (Entercom)

  
	
   

  	
   

  	
   

  
	
  6.13(b)

  	
   

  	
  Transferred Employees (Entercom)

  
	
   

  	
   

  	
   

  
	
  6.14

  	
   

  	
  Compliance with Laws (Entercom)

  
	
   

  	
   

  	
   

  
	
  6.16

  	
   

  	
  Finders (Entercom)

  
	
   

  	
   

  	
   

  
	
  6.17

  	
   

  	
  Title to Station Assets (Entercom)

  
	
   

  	
   

  	
   

  
	
  7.4

  	
   

  	
  Noncontravention (Exchange Party)

  
	
   

  	
   

  	
   

  
	
  7.5

  	
   

  	
  Absence of Litigation (Exchange Party)

  
	
   

  	
   

  	
   

  
	
  7.8

  	
   

  	
  Tangible Personal Property (Exchange Party)

  

 

 

	
  7.11

  	
   

  	
  Real Property (Exchange Party)

  
	
   

  	
   

  	
   

  
	
  7.12

  	
   

  	
  Environmental (Exchange Party)

  
	
   

  	
   

  	
   

  
	
  7.13(a)

  	
   

  	
  Employees (Exchange Party)

  
	
   

  	
   

  	
   

  
	
  7.13(b)

  	
   

  	
  Collective Bargaining Agreement (Exchange Party)

  
	
   

  	
   

  	
   

  
	
  7.14

  	
   

  	
  Compliance with Laws (Exchange Party)

  
	
   

  	
   

  	
   

  
	
  7.16

  	
   

  	
  Finders (Exchange Party)

  
	
   

  	
   

  	
   

  
	
  7.17

  	
   

  	
  Title to Station Assets (Exchange Party)

  

 

	
  Exhibits:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A

  	
  —

  	
  Entercom Station
  LMA

  	
   

  	
   

  
	
  B

  	
  —

  	
  Exchange Party
  Station LMA

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]