Document:

<PAGE>   1
                                                                    Exhibit 10.3

                  FIRST AMENDMENT, dated as of September 29, 2000 (this
"AMENDMENT"), to the Amended and Restated Senior Loan Agreement, dated as of
June 30, 2000 (such Senior Loan Agreement, as amended, supplemented or otherwise
modified from time to time, the "SENIOR LOAN AGREEMENT"), among ANC RENTAL
CORPORATION, a Delaware corporation (the "BORROWER"), and LEHMAN BROTHERS INC.,
as sole advisor, sole arranger and sole book manager (the "Arranger"), LEHMAN
COMMERCIAL PAPER INC., as syndication agent and as administrative agent (in such
capacity, the "ADMINISTRATIVE Agent").

                              W I T N E S S E T H:
                               - - - - - - - - - -

                  WHEREAS, the Borrower has requested that the Arranger and the
Administrative Agent amend certain provisions of the Senior Loan Agreement;

                  WHEREAS, the Arranger and the Administrative Agent have agreed
to amend the Senior Loan Agreement, but only upon the terms and subject to the
conditions set forth below;

                  NOW, THEREFORE, in consideration of the premises and mutual
agreements contained herein, and for other valuable consideration the receipt of
which is hereby acknowledged, the Borrower, the Arranger and the Administrative
Agent hereby agree as follows:

                  1. DEFINITIONS. All terms defined in the Senior Loan Agreement
shall have such defined meanings when used herein unless otherwise defined
herein.

                   2. AMENDMENT OF DEFINITION OF "PERMITTED LIENS". The
definition of "Permitted Liens" is hereby amended by (a) deleting the word "and"
at the end of paragraph (v) thereof, (b) deleting the period at the end of
paragraph (w) thereof and substituting therefor "; and" and (c) adding at the
end of such Section the following new paragraph (x) to read in its entirety as
follows:

                           (x) Liens in connection with the incurrence of
                  Permitted Vehicle Indebtedness consisting of floating charges
                  on the personal property of Foreign Subsidiaries; PROVIDED
                  that such Liens secure, in the aggregate, no more than the
                  equivalent of one hundred (100) Dollars.

                  3. REPRESENTATIONS; NO DEFAULT. On and as of the date hereof,
and after giving effect to this Amendment, (a) the Borrower certifies that no
Default or Event of Default has occurred or is continuing, and (b) the Borrower
confirms, reaffirms and restates that the representations and warranties set
forth in Section 3 of the Senior Loan Agreement and in the other Loan Documents
are true and correct in all material respects, PROVIDED that the references to
the Senior Loan Agreement therein shall be deemed to be references to this
Amendment and to the Senior Loan Agreement as amended by this Amendment.

<PAGE>   2

                  4. CONDITIONS TO EFFECTIVENESS. This Amendment shall become
effective on and as of the date that:

                  (a)      the Administrative Agent shall have received
                           counterparts of this Amendment, duly executed and
                           delivered by a duly authorized officer of the
                           Borrower;

                  (b)      the Administrative Agent shall have received an
                           executed acknowledgment and Consent, in the form set
                           forth at the end of this Amendment, from each Loan
                           Party other than the Borrower; and

                  (c)      the Administrative Agent shall have received an
                           executed certificate of an officer of the Borrower in
                           form satisfactory to the Administrative Agent as to
                           (i) the accuracy of the representations and
                           warranties set forth in Section 3 of the Senior Loan
                           Agreement and in the other Loan Documents, (ii) the
                           absence of any Default or Event of Default after
                           giving effect to this Amendment, and (iii) such other
                           customary matters as the Administrative Agent may
                           reasonably request.

                  5. LIMITED CONSENT AND AMENDMENT. Except as expressly amended
herein, the Senior Loan Agreement shall continue to be, and shall remain, in
full force and effect. This Amendment shall not be deemed to be a waiver of, or
consent to, or a modification or amendment of, any other term or condition of
the Senior Loan Agreement or any other Loan Document or to prejudice any other
right or rights which the Lenders may now have or may have in the future under
or in connection with the Senior Loan Agreement or any of the instruments or
agreements referred to therein, as the same may be amended from time to time.

                  6. COUNTERPARTS. This Amendment may be executed by one or more
of the parties hereto in any number of separate counterparts and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.

                  7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                                       2
<PAGE>   3
                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be executed and delivered by their respective duly authorized
officers as of the date first above written.

                                         ANC RENTAL CORPORATION

                                         By: /s/ Leland F. Wilson
                                             ----------------------------------
                                             Name:  Leland F. Wilson
                                             Title: Vice President and Treasurer

                                         LEHMAN BROTHERS INC.
                                         as Arranger

                                         By: /s/ G. Andrew Keith
                                             -----------------------------------
                                             Name:  G. Andrew Keith
                                             Title: Senior Vice President

                                         LEHMAN COMMERCIAL PAPER INC.,
                                          as Syndication Agent

                                         By: /s/ G. Andrew Keith
                                             ----------------------------------
                                             Name:  G. Andrew Keith
                                             Title: Authorized Signatory

                                         LEHMAN COMMERCIAL PAPER INC.,
                                          as Administrative Agent and Lender

                                         By: /s/ G. Andrew Keith
                                             ----------------------------------
                                             Name:  G. Andrew Keith
                                             Title: Authorized Signatory

                                       3
<PAGE>   4

                           ACKNOWLEDGMENT AND CONSENT

                  Each of the undersigned parties to the Subsidiary Guarantee
dated as of June 30, 2000 and as amended, supplemented or otherwise modified
from time to time, made by the undersigned in favor of Lehman Brothers Inc. and
Lehman Commercial Paper Inc., hereby (a) consents to the transactions
contemplated by the foregoing Amendment to the Senior Loan Agreement and (b)
acknowledges and agrees that the guarantees contained in the Subsidiary
Guarantees and related documents are, and shall remain, in full force and effect
after giving effect to such Amendment and all prior modifications to the Senior
Loan Agreement.

                                   ALAMO RENT-A-CAR (CANADA), INC.
                                   ALAMO RENT-A-CAR, LLC
                                   LIABILITY MANAGEMENT COMPANIES
                                     HOLDING, INC.
                                   NATIONAL CAR RENTAL LICENSING, INC.
                                   NATIONAL CAR RENTAL SYSTEM, INC.
                                   REPUBLIC GUY SALMON PARTNER, INC.
                                   REPUBLIC INDUSTRIES AUTOMOTIVE
                                     RENTAL GROUP (BELGIUM) INC.
                                   SPIRIT RENT-A-CAR, INC.

                                   By: /s/ Leland F. Wilson
                                        ----------------------------------------
                                        Name:  Leland F. Wilson
                                        Title: Vice President and Treasurer

                                   ALAMO RENT-A-CAR MANAGEMENT, LP
                                        By:  ARC-GP, Inc., its general partner
                                   ANC COLLECTOR CORPORATION
                                   ANC FINANCIAL, LP
                                        By: ANC Financial GP Corporation, its
                                            general partner
                                   ARC-GP, INC.
                                   ARC-TM, INC.
                                   NCR AFFILIATE SERVICER, INC.
                                   NCRAS MANAGEMENT, LP
                                        By: NCRAS-GP, Inc., its general partner
                                   NCRAS-GP, INC.
                                   SRAC MANAGEMENT, LP
                                        By: SRAC-GP, Inc., its general partner
                                   SRAC-GP, INC.
                                   SRAC-TM, INC.

                                   By: /s/ Leland F. Wilson
                                       ----------------------------------------
                                       Name:  Leland F. Wilson
                                       Title: Vice President and Treasurer

                                       4<PAGE>   1

                                                                    Exhibit 4.1

                            STOCK PURCHASE AGREEMENT

         This STOCK PURCHASE AGREEMENT (this "Agreement") is made and entered
into as of March 13, 2000, by and between Sunrise Television Partners, L.P., a
Delaware limited partnership ("Seller"), and Smith Broadcasting Partners, L.P.,
a Delaware limited partnership ("Buyer"), and is joined in by Sunrise
Television Corp., a DELAWARE corporation (the "Company"), and the other
signatories hereto (the "Other Parties"), for the limited purposes set forth in
this Agreement.

                                 R E C I T A L

         Buyer desires to purchase from Seller, and Seller desires to sell to
Buyer, one (1) share (the "Share") of common stock, par value $0.01 per share,
of the Company, in consideration for the Purchase Price (hereinafter defined),
upon the terms and subject to the conditions set forth herein.

                              A G R E E M E N T S

         NOW, THEREFORE, in consideration of the respective representations,
warranties, covenants, agreements and conditions hereinafter set forth, and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, intending to be legally bound, hereby
agree as follows:

                                   ARTICLE I

                         PURCHASE AND SALE OF THE SHARE

         1.1      Purchase and Sale of the Share. Upon the terms and subject to
the conditions set forth in this Agreement, at the Closing (hereinafter
defined), Seller shall sell to Buyer, and Buyer shall purchase from Seller, the
Share, free and clear of all liens, security interests, claims, charges, rights
of another, defects in title and encumbrances of any kind or character
("Liens").

         1.1.     Purchase Price. The purchase price payable by Buyer to Seller
in consideration for the issuance and sale of the Share shall be equal to $200
(the "Purchase Price"). Payment of the Purchase Price shall be made at the
Closing by or on behalf of Buyer in cash or by wire transfer of immediately
available funds to Seller.

                                   ARTICLE II

                         REPRESENTATIONS AND WARRANTIES

         2.1.     Representations and Warranties of Seller. Seller hereby
represents and warrants to Buyer as follows (with the understanding that Buyer
is relying on such representations and warranties in entering into and
performing this Agreement):

                  (a)      Ownership of the Share. Seller is the holder of
record and owns beneficially the Share. At the Closing, Seller will transfer to
Buyer good and valid title to the Share, free and clear of all Liens.

<PAGE>   2

                  (b)      Organization. Seller is a limited partnership
organized and validly existing under the laws of the State of Delaware.

                  (c)      Authority. Seller has the requisite power and
authority to enter into this Agreement and each other agreement, document and
instrument required to be executed in accordance herewith (collectively, and
including this Agreement, the "Transaction Documents") and to consummate the
transactions contemplated hereby and thereby. The execution and delivery of the
Transaction Documents by Seller and the consummation by Seller of the
transactions contemplated thereby have been duly authorized by all necessary
action on the part of Seller. Each Transaction Document has been, or when
executed and delivered in accordance herewith or therewith, will be duly
executed and delivered by Seller and, assuming that such Transaction Document
constitutes a valid and binding obligation of the other party(ies) thereto,
constitutes or, upon execution and delivery, will constitute a valid and
binding obligation of Seller, enforceable against it in accordance with its
terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and similar laws affecting creditors' rights and
remedies generally and subject, as to enforceability, to general principles of
equity, including principles of commercial reasonableness, good faith and fair
dealing (regardless of whether enforcement is sought in a proceeding at law or
in equity).

                  (d)      Consents; Noncontravention. The execution, delivery
and performance of the Transaction Documents by Seller does not require the
consent of any governmental entity or third party, except for (1) the approval
by the Federal Communications Commission of the transactions contemplated by
this Agreement and the proposed recapitalization (the "Recapitalization") of
the Company pursuant to which, among other things, each issued and outstanding
share of common stock of the Company will be converted into a share of
nonvoting common stock, except that the Share to be held by Buyer will be
converted into one share of voting common stock of the Company, (2) the consent
of the network under each network affiliate agreement to which the Company and
any of its subsidiaries is a party, (3) the filing of a premerger notification
report under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended ("Hart-Scott Act"), and the expiration or termination of any waiting
period in connection therewith, and (4) the consent of the sole stockholder to
the Second Amended and Restated Certificate of Incorporation of the Company to
be filed in connection with the Recapitalization. The execution, delivery and
performance of the Transaction Documents by Seller will not conflict with or
violate any applicable law or any judgment, order or ruling of any government
authority having jurisdiction over Seller, will not, directly or indirectly,
conflict with or constitute a breach or default under any agreement, license or
permit to which Seller is a party or is subject, and will not result in the
creation of any Lien on the assets of the Company.

                  (e)      No Valuation. Seller understands and acknowledges
that Buyer has not performed, directly or indirectly, any valuation of the
Share or of the Company and this Agreement shall not be construed as a
valuation of the Share or of the Company.

         2.2.     Representations and Warranties of Buyer. Buyer represents and
warrants to Seller as follows (with the understanding that Seller is relying on
such representations and warranties in entering into and performing this
Agreement):

                  (a)      Organization. Buyer is a limited partnership
organized and validly existing under the laws of the State of Delaware.

                  (b)      Authority. Buyer has the requisite power and
authority to enter into the Transaction Documents to which Buyer is to be a
party and to consummate the transactions contemplated hereby and thereby. The
execution and delivery by Buyer of the Transaction Documents to which Buyer is
to be a party and the consummation by Buyer of the transactions contemplated
thereby have been duly authorized by all necessary action on the part of Buyer.
Each Transaction Document to which Buyer is to be a party has been,

                                       2
<PAGE>   3

or when executed and delivered in accordance herewith or therewith will be,
duly executed and delivered by Buyer and, assuming that such Transaction
Document constitutes a valid and binding obligation of the other party(ies)
thereto, constitutes or, upon execution and delivery, will constitute a valid
and binding obligation of Buyer, enforceable against it in accordance with its
terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and similar laws affecting creditors' rights and
remedies generally and subject, as to enforceability, to general principles of
equity, including principles of commercial reasonableness, good faith and fair
dealing (regardless of whether enforcement is sought in a proceeding at law or
in equity).

                  (c)      Amendment and Restatement of Charter and Bylaws.
Buyer acknowledges and understands that the Amended and Restated Certificate of
Incorporation of the Company, dated February 25, 1997, and the Amended and
Restated Bylaws of the Company, as adopted on February 24, 1997, will be
amended and restated to read substantially as each appears, respectively, in
Exhibit A and Exhibit B hereto, in connection with the Recapitalization.

                  (d)      Investment Intent. The Share to be acquired by Buyer
hereunder is being acquired for its own account, for investment and with no
intention of distributing or reselling such Share or any part thereof or
interest therein in any transaction which would be a violation of the
securities laws of the United States of America or any state or any foreign
country or jurisdiction.

                  (e)      Investment Status. Buyer is an "Accredited Investor"
as defined in Rule 501 under the Securities Act of 1933 (the "Securities Act"),
and Buyer has such knowledge, sophistication and experience in business and
financial matters so as to be capable of evaluating an investment in the Share,
and is able to bear the economic risks of such investment.

                  (f)      Access. The Buyer has carefully reviewed and is
familiar with the terms of each Transaction Document to which it is or will be
a party. Seller and the Company have made available to Buyer all agreements,
documents, records, and books that Buyer has requested relating to the purchase
of the Share. The Buyer has had a full opportunity to ask questions of and
receive answers from Seller or the Company or a person acting on behalf of
Seller or the Company concerning the terms and conditions of the purchase of
the Share, and all questions asked by Buyer have been adequately answered to
the full satisfaction of Buyer. The Buyer is familiar with the business and
financial condition, properties, operations and prospects of the Company.

                  (g)      Restricted Securities. Buyer understands (i) that
the Share has not been and will not be registered under the Securities Act or
registered or qualified under any applicable state or securities or "blue-sky"
laws by reason of their issuance in transactions exempt from the registration
requirements of the Securities Act or registration or qualification
requirements of any applicable state securities or "blue-sky" laws, (ii) that
the Share must be held indefinitely unless a subsequent disposition thereof is
registered under the Securities Act or registered or qualified under any
applicable state securities or "blue-sky" laws or is exempt from such
registration, (iii) that Seller is under no obligation to so register the Share
and (iv) that the certificate evidencing the Share will be imprinted with a
legend that prohibits the transfer thereof unless they are registered or such
registration is not required.

                  (h)      State of Principal Place of Business. The principal
place of business of Buyer is located in the state of Florida, and Buyer has no
present intention of moving its principal place of business to any other state
or jurisdiction.

                                       3
<PAGE>   4

                                  ARTICLE III

                                   COVENANTS

         3.1.     Side Letter Agreement. At the Closing, Buyer, the Other
Parties, and the Company shall execute and enter into a side letter agreement
substantially in the form attached hereto as Exhibit C (the "Side Letter
Agreement").

         3.2.     Assurances. Each of Buyer, Seller, and the Company shall use
its commercially reasonable efforts to consummate, or cause to be consummated,
the transactions contemplated by this Agreement and the Recapitalization,
provided that the Company shall be entitled, in its sole and absolute
discretion, not to consummate the Recapitalization.

                                   ARTICLE IV

                               CLOSING CONDITIONS

         4.1.     Conditions to each Party's Obligations. The obligations of
each party hereto to consummate the transactions contemplated hereby are
subject to the satisfaction of the following conditions on or before the
Closing:

                  (a)      No temporary restraining order, preliminary or
permanent injunction, or other order issued by any court of competent
jurisdiction or other legal restraint or prohibition preventing the
consummation of the transactions contemplated under this Agreement shall be in
effect;

                  (b)      No action shall have been taken nor any statute,
rule, or regulation shall have been enacted by any governmental entity that
makes the consummation of the transactions contemplated under this Agreement
illegal;

                  (c)      No litigation or administrative proceeding or
investigation (whether formal or informal) shall be pending or, to any party's
knowledge, threatened which challenges the transactions contemplated hereby;

                  (d)      All necessary approvals by the Federal
Communications Commission shall have been obtained;

                  (e)      Any applicable waiting periods under the Hart-Scott
Act, if applicable to the transaction contemplated by this Agreement or the
Recapitalization, shall have expired or been terminated;

                  (f)      All necessary consents and waivers from the lenders
under the Amended and Restated Credit Agreement dated July 2, 1998, as amended
from time to time, by and among the Company, STC Broadcasting, Inc., and the
lenders party thereto shall have been received;

                  (g)      All necessary consents or waivers under each network
affiliate agreement to which the Company or any of its subsidiaries is a party
shall have been received without any adverse conditions or requirements being
imposed on the Company or any of its subsidiaries as a condition to any network
affiliate's consent or waiver and to which the Company or any of its
subsidiaries does not agree.

                                       4
<PAGE>   5

         4.2.     Conditions to Obligations of Buyer. The obligation of Buyer
to effect the transactions contemplated hereby is subject to the satisfaction
of the following conditions unless waived, in whole or in part, by Buyer:

                  (a)      The representations and warranties of Seller in this
Agreement shall be true and correct as of the Closing Date;

                  (b)      Seller shall have performed all obligations under
its covenants and agreements in this Agreement on or before the Closing Date;
and

                  (c)      All items required to be delivered by Seller and the
Company pursuant to Section 5.2 shall have been delivered.

         4.3.     Conditions to Obligations of Seller. The obligation of Seller
to effect the transactions contemplated hereby is subject to the satisfaction
of the following conditions unless waived, in whole or in part, by Seller:

                  (a)      The representations and warranties of Buyer in this
Agreement shall be true and correct as of the Closing Date;

                  (b)      Buyer shall have performed all obligations under its
covenants and agreements in this Agreement before the Closing Date; and

                  (c)      All items required to be delivered by Buyer and SBP
pursuant to Section 5.2 shall have been delivered.

                                   ARTICLE V

                                    CLOSING

         5.1.     Closing. The closing of the transactions contemplated by this
Agreement (the "Closing") shall be on a date (the "Closing Date"), and at a
time and place, mutually acceptable to Buyer and Seller; provided, however,
that the Closing Date shall be no later than the effective time of the merger
contemplated by the Agreement and Plan of Merger, among Clear Channel
Communications, Inc., CCU Merger Sub, Inc. and AMFM Inc., dated as of October
2, 1999 (the "Merger Agreement"). For purposes of this Agreement, each and
every event referred to in this Agreement that is to occur at the Closing shall
be deemed to have occurred contemporaneously.

         5.2.     Actions to Occur at Closing.

                  (a)      At the Closing, Buyer shall deliver to Seller an
amount equal to the Purchase Price in cash or by wire transfer of immediately
available funds.

                  (b)      At the Closing, Seller shall deliver to Buyer a
certificate representing the Share, accompanied by a stock power duly endorsed
in blank, and otherwise in proper form for transfer.

                  (c)      At the Closing, Buyer, the Other Parties, and the
Company shall deliver to each other a duly executed copy of the Side Letter
Agreement.

                                       5
<PAGE>   6

                                   ARTICLE VI

                                  TERMINATION

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

                  (a)      by mutual consent of Buyer and Seller; or

                  (b)      by written notice of Buyer to Seller or Seller to
Buyer, if the other party breaches any of its representations, warranties,
covenants or agreements contained herein which (i) would give rise to the
failure of a condition to the Closing set forth in Article IV, as applicable,
and (ii) cannot be or has not been cured within 30 days after the date notice
of such breach or default is served by the party seeking to terminate this
Agreement; or

                  (c)      by written notice of Buyer to Seller or Seller to
Buyer, if there shall be in effect any judgment, decree or order that would
prevent or make unlawful the Closing of the transactions contemplated by this
Agreement; or

                  (d)      automatically, without further action by either
Buyer or Seller, if the Company elects, in its sole and absolute discretion,
not to consummate the Recapitalization;

provided, however, that no party hereto may effect a termination hereof if such
party is then in material breach or default of this Agreement; and provided
further, that the termination of this Agreement pursuant to this section shall
not relieve any party of any liability for breach of this Agreement prior to
the date of termination. Articles VI and VII shall survive termination of this
Agreement.

                                  ARTICLE VII

                                 MISCELLANEOUS

         7.1.     Indemnification; Survival Period. Each party acknowledges and
understands the meaning and legal consequences of the representations,
warranties, covenants and agreements set forth herein and that the other
parties hereto have relied or will rely upon such representations, warranties,
covenants and agreements, and such party hereby agrees to indemnify and hold
harmless each other party hereto and, to the extent applicable, such other
party's officers, directors, controlling persons, agents and employees, from
and against any and all loss, claim, damage, liability or expense, and any
action in respect thereof, joint or several, to which any such person may
become subject, due to or arising out of a breach of any such representation,
warranty, covenant or agreement, together with all reasonable costs and
expenses (including attorneys' fees) incurred by any such person in connection
with any action, suit, proceeding, demand, assessment or judgment incident to
any of the matters so indemnified against. All representations and warranties
contained in this Agreement, and the indemnification contained herein, shall
survive the sale of the Share in full force and effect until the expiration of
the applicable statute of limitations. To the extent that such are performable
after the Closing, each of the covenants and agreements contained in this
Agreement shall survive the Closing indefinitely.

         7.2.     Expenses and Obligations. Except as otherwise expressly
provided in this Agreement or as provided by law, as between the parties
hereto, all costs and expenses incurred by the parties hereto in connection
with the transactions contemplated in this Agreement or in the other related
documents shall be borne solely and entirely by the Company, including any fees
associated with any filings or applications under the Hart-Scott Act or with
the Federal Communications Commission related to the transactions contemplated
herein.

                                       6
<PAGE>   7

         7.3.     Parties in Interest. This Agreement shall be binding upon
and, except as provided in Section 7.1, inure solely to the benefit of each
party hereto and their successors and assigns, and nothing in this Agreement,
except as set forth in Section 7.1, express or implied, is intended to confer
upon any other person any rights or remedies of any nature whatsoever under or
by reason of this Agreement.

         7.4.     Specific Performance. The parties recognize that, in the
event any party should refuse to perform under the provisions of this
Agreement, monetary damages alone will not be adequate. Each party shall
therefore be entitled, in addition to any other remedies which may be
available, including money damages, to obtain specific performance of the terms
of this Agreement. In the event of any action to enforce this Agreement
specifically, each party hereby waives the defense that there is an adequate
remedy at law.

         7.5.     Notices. All notices and other communications hereunder shall
be in writing and shall be deemed given if delivered personally or mailed by
registered or certified mail (return receipt requested) to the parties at the
following addresses (or at such other address for a party as shall be specified
by like notice):

                  (a)      If to Buyer, to

                           Smith Broadcasting Partners, L.P.
                           720 Second Avenue South
                           St. Petersburg, Florida 33701
                           Facsimile: (727) 821-8092

                           with a copy to

                           Hogan & Hartson L.L.P.
                           8300 Greensboro Drive
                           McLean, Virginia 22102-3606
                           Attn: Richard Horan
                           Facsimile: (703) 610-6200

                  (b)      If to Seller, to

                           Sunrise Television Partners, L.P.
                           c/o Hicks, Muse, Tate & Furst Incorporated
                           200 Crescent Court, Suite 1600
                           Dallas, Texas 75201
                           Attention: Lawrence D. Stuart, Jr.
                           Facsimile: (214) 720-7888

                           with a copy to

                           Vinson & Elkins L.L.P.
                           3700 Trammell Crow Center
                           2001 Ross Avenue
                           Dallas, Texas 75201
                           Attn: Michael D. Wortley
                           Facsimile: (214) 220-7716

         7.6.     Entire Agreement. This Agreement (which term shall be deemed
to include the other certificates, documents and instruments delivered
hereunder) constitutes the entire agreement of the parties

                                       7
<PAGE>   8

hereto and supersedes all prior agreements and understandings, both written and
oral, among the parties with respect to the subject matter hereof.

         7.7.     Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD
TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF.

         7.8.     Interpretation. All references in this Agreement to Articles,
Sections, subsections, and other subdivisions refer to the corresponding
Articles, Sections, subsections, and other subdivisions of this Agreement
unless expressly provided otherwise. Titles appearing at the beginning of any
Articles, Sections, subsections or other subdivision of this Agreement are for
convenience only, do not constitute any part of such Articles, Sections,
subsections, or other subdivisions, and shall be disregarded in construing the
language contained therein. The words "this Agreement," "herein," "hereby,"
"hereunder," and "hereof," and words of similar import, refer to this Agreement
as a whole and not to any particular subdivision unless expressly so limited.
The word "including" (in its various forms) means "including without
limitation." Pronouns in masculine, feminine, or neuter genders shall be
construed to state and include any other gender and words, terms, and titles
(including terms defined herein) in the singular form shall be construed to
include the plural and vice versa, unless the context otherwise expressly
requires. Unless the context otherwise requires, all defined terms contained
herein shall include the singular and plural and the conjunctive and
disjunctive forms of such defined terms. The headings contained in this
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.

         7.9.     Counterparts. This Agreement may be executed and delivered
(including by facsimile transmission) in any number of counterparts, all of
which shall be considered one and the same agreement and shall become effective
when one or more counterparts have been signed by each of the parties and
delivered to the other parties, it being understood that all parties need not
sign the same counterpart.

         7.10.    Assignment; Amendment. Neither this Agreement nor any of the
rights, interests or obligations hereunder shall be assigned by either of
Seller or Buyer, whether by operation of law or otherwise without the prior
written consent of the other party hereto. 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 or consent is sought.

         7.11.    Further Assurances. From time to time following the Closing,
the parties hereto shall execute and deliver such other instruments of
assignment, transfer and delivery and shall take such other actions as the
other reasonably may request in order to consummate, complete and carry out the
transactions contemplated by this Agreement.

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

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       8
<PAGE>   9

         IN WITNESS WHEREOF, the undersigned have each caused this Agreement to
be executed as of the date first written above.

                                            BUYER:

                                            SMITH BROADCASTING PARTNERS, L.P.

                                            By: Smith Broadcasting Group, Inc.

                                            By: /s/ David A. Fitz
                                            -----------------------------------
                                            Name:   David A. Fitz
                                            Title:  CFO, EVP

                                            SELLER:

                                            SUNRISE TELEVISION PARTNERS, L.P.

                                            By: HM3/Sunrise L.P.,
                                                its general partner

                                            By: HM3/Sunrise, Inc.,
                                                its general partner

                                            By: /s/ Eric C. Neuman
                                            -----------------------------------
                                            Name:   Eric C. Neuman
                                            Title:  Vice President

                                            COMPANY:

                                            SUNRISE TELEVISION CORP.

                                            By: /s/ David A. Fitz
                                            -----------------------------------
                                            Name:   David A. Fitz
                                            Title:  CFO

                                      S-1
<PAGE>   10

                                            SMITH BROADCASTING GROUP, INC.

                                            By: /s/ David A. Fitz
                                            -----------------------------------
                                            Name:   David A. Fitz
                                            Title:  CFO, EVP

                                                /s/ Sandy DiPasquale
                                                -------------------------------
                                                    Sandy DiPasquale

                                                /s/ John Purcell
                                                -------------------------------
                                                    John Purcell

                                                /s/ David A. Fitz
                                                -------------------------------
                                                    David Fitz

                                      S-2
<PAGE>   11

                                   EXHIBIT A

             SECOND AMENDED AND RESTATED ARTICLES OF INCORPORATION

<PAGE>   12

                                   EXHIBIT B

                       SECOND AMENDED AND RESTATED BYLAWS

<PAGE>   13

                                   EXHIBIT C

                         FORM OF SIDE LETTER AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}]]