Document:

<PAGE>   1
                                                                   EXHIBIT 4.5.3

                    SECOND AMENDMENT TO AMENDED AND RESTATED
                             STOCKHOLDERS AGREEMENT

         This SECOND AMENDMENT TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
(this "Agreement") is made and entered into as of July 13, 1999, by and among
AMFM INC. (formerly known as CHANCELLOR MEDIA CORPORATION), a Delaware
corporation (the "Company"), and each of the Holders (as defined in the
Stockholders Agreement (as hereinafter defined)) whose names are set forth on
the signature pages hereto.

         WHEREAS, the Company and the Holders are parties to that certain
Amended and Restated Stockholders Agreement, dated as of February 14, 1996, as
amended by that certain First Amendment to Amended and Restated Stockholders
Agreement, dated as September 5, 1997, a complete copy of which is attached
hereto as Annex I (as amended, the "Stockholders Agreement");

         WHEREAS, the Company is a party to that certain Amended and Restated
Agreement and Plan of Merger, dated as of August 26, 1998 and amended and
restated as of April 29, 1999, as amended on June 30, 1999, (the "Merger
Agreement"), among the Company, Capstar Broadcasting Corporation ("Capstar"), a
Delaware corporation, and CMC Merger Sub, Inc. ("Merger Sub"), a Delaware
corporation and wholly-owned subsidiary of the Company, pursuant to which Merger
Sub will be merged with and into Capstar, with Capstar surviving such merger as
a wholly-owned subsidiary of the Company; and

         WHEREAS, in connection with the closing of the transactions
contemplated by the Merger Agreement and pursuant to the terms thereof, the
Company and the Holders desire hereby to amend the Stockholders Agreement as
provided herein and to add such additional Holders (the "Additional Holders")
that agree to be bound by the terms of the Stockholders Agreement, as amended by
this Agreement.

         NOW, THEREFORE, in consideration of the mutual agreements and covenants
set forth herein, together with other good and valuable consideration, the
parties hereto agree as follows:

         SECTION 1. Amendments. The Stockholders Agreement is amended as
follows:

            (a). The definition of "Company" in the Stockholders Agreement shall
mean AMFM Inc. (formerly known as Chancellor Media Corporation), a Delaware
corporation.

<PAGE>   2

            (b). The definition of "Common Stock" set forth in Section 1 of the
Stockholders Agreement is hereby amended and restated in its entirety to read as
follows:

         "Common Stock" means the Common Stock, $0.01 par value, of the Company,
and any other class of series of capital stock issued by the Company which has
the unlimited right to participate in dividends and distributions upon
liquidation of the Company (a "Common Equity Security"), as well as any capital
stock or other securities received in exchange for, or upon conversion of, such
Common Stock or Common Equity Security, whether by merger, consolidation,
reorganization, reclassification or otherwise.

            (c). Section 3(a)(i) of the Stockholders Agreement is hereby amended
and restated in its entirety to read as follows:

         "(a) Request for Registration. (i) At any time after the date hereof, a
Holder or Holders of at least 40% of the total number of Registrable Shares held
by all Holders may request the Company, in writing (a "Demand Request"), to
effect the registration under the Securities Act of all or part of its or their
Registrable Shares (a "Demand Registration"); provided that the Registrable
Shares proposed to be sold by the Holder or Holders requesting a Demand
Registration (the "Requesting Holders," which term shall include parties deemed
"Requesting Holders" pursuant to Section 3(e) hereof) represent, in the
aggregate, Registrable Shares with a fair market value of at least $5.0 million.
For purposes of the immediately preceding sentence, fair market value in respect
of a Demand Request shall be determined as of the date on which the Demand
Request is made (or if such day is not a trading day, then as of the immediately
preceding trading day) and shall equal the product of (A) the aggregate number
of Registrable Shares proposed to be included in such Demand Registration,
multiplied by (B) (x) if the Common Stock is listed or admitted for trading on a
national securities exchange, the last reported sales price or, if no such
reported sale occurs on such day, the average of the closing bid and asked
prices regular way on such day, in each case as reported on the principal
consolidated transaction reporting system with respect to the shares of Common
Stock listed on the principal national securities exchange on which such Common
Stock is listed or admitted to trading, or (y) if the Common Stock is not listed
or admitted for trading on any national securities exchange, the last quoted
sales price, or, if not so quoted, the average of the high bid and low asked
prices in the over-the-counter market on such day as reported by The National
Association of Securities Dealers, Inc. Automated Quotation System or any
comparable system then in use or, if not so reported, as reported by any New
York Stock Exchange member firm reasonably selected by the Company for such
purpose."

            (d). Section 8(b) of the Stockholders Agreement is hereby amended
and restated in its entirety to read as follows:

                                       2
<PAGE>   3

         "(b) Amendments and Waivers. The provisions of this Agreement may be
amended or waived at any time by the written agreement of the Company and a
Holder or Holders of a majority of the Registrable Shares."

         SECTION 2. Additional Holders. Each Additional Holder hereby agrees to
be bound by the terms of the Stockholders Agreement and is deemed to be a
"Holder" for all purposes under the Stockholders Agreement.

         SECTION 3. Stockholders Agreement Otherwise Unchanged. Except as
expressly amended hereby, the Stockholders Agreement shall remain unchanged and
in full force and effect.

         SECTION 4. Counterparts. This Agreement may be executed in any number
of counterparts, each of which shall constitute one and the same instrument.

         SECTION 5. Successors and Assigns. The rights and obligations of the
parties hereunder shall be binding upon and inure to the benefit of the Company
and the Holders and each of their respective successors and assigns.

         SECTION 6. Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York, without giving
effect to conflict of laws principles thereof.

            [The remainder of this page is intentionally left blank.]

                                       3
<PAGE>   4

         IN WITNESS WHEREOF, in accordance with the terms of the Stockholders
Agreement, the Company, a majority of the HM2 Holders (as defined in the
Stockholders Agreement), and a majority of the Holders (as defined in the
Stockholders Agreement) have executed this Agreement as of the day and year
first written above.

                                        AMFM INC.

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

                                    HOLDERS:

                                        HM2/CHANCELLOR, L.P.

                                        By:    HM2/CHANCELLOR GP, L.P., its
                                               general partner

                                        By:    HM2/CHANCELLOR HOLDINGS, INC.,
                                               its general partner

                                               By: /s/ Thomas O. Hicks
                                                  -----------------------------
                                               Name:
                                               Title:

                                        HICKS, MUSE, TATE & FURST EQUITY
                                        FUND II, L.P.

                                        By:    HM2/GP PARTNERS, L.P., its
                                               general partner

                                        By:    HICKS, MUSE G.P. PARTNERS, L.P.,
                                               its general partner

                                        By:    HICKS, MUSE FUND II INCORPORATED,
                                               its general partner

                                               By: /s/ Thomas O. Hicks
                                                  -----------------------------
                                               Name:
                                               Title:

                     (SIGNATURE PAGE TO SECOND AMENDMENT TO
                  AMENDED AND RESTATED STOCKHOLDERS AGREEMENT)

<PAGE>   5

                                        HM2/HMW, L.P.

                                        By: HICKS, MUSE, TATE & FURST EQUITY
                                            FUND II, L.P., its general partner

                                        By: HM2/GP PARTNERS, L.P., its general
                                            partner

                                        By: HICKS, MUSE GP PARTNERS, L.P., its
                                            general partner

                                        By: HICKS, MUSE FUND II INCORPORATED,
                                            its general partner

                                            By: /s/ Thomas O. Hicks
                                                --------------------------------
                                                Name: Thomas O. Hicks
                                                Title:

                                        HM4/CHANCELLOR, L.P.

                                        By: HICKS, MUSE FUND IV LLC, its general
                                            partner

                                            By: /s/ Thomas O. Hicks
                                                -------------------------------
                                                Name: Thomas O. Hicks
                                                Title:

                                            /s/ Thomas O. Hicks
                                            ------------------------------------
                                            Thomas O. Hicks

                                            THOMAS O. HICKS, AS TRUSTEE OF THE
                                            WILLIAM CREE HICKS 1992 IRREVOCABLE
                                            TRUST

                                            By: /s/ Thomas O. Hicks
                                                --------------------------------
                                                Thomas O. Hicks,
                                                Trustee

                     (SIGNATURE PAGE TO SECOND AMENDMENT TO
                  AMENDED AND RESTATED STOCKHOLDERS AGREEMENT)

<PAGE>   6

                                            THOMAS O. HICKS, AS TRUSTEE OF THE
                                            CATHERINE FORGRAVE HICKS 1993
                                            IRREVOCABLE TRUST

                                            By: /s/ Thomas O. Hicks
                                                --------------------------------
                                                Thomas O. Hicks,
                                                Trustee

                                            THOMAS O. HICKS, AS TRUSTEE OF THE
                                            JOHN ALEXANDER HICKS 1984 TRUST

                                            By: /s/ Thomas O. Hicks
                                                --------------------------------
                                                Thomas O. Hicks,
                                                Trustee

                                            THOMAS O. HICKS, AS TRUSTEE OF THE
                                            MACK HARDIN HICKS 1984 TRUST

                                            By: /s/ Thomas O. Hicks
                                                -------------------------------
                                                Thomas O. Hicks,
                                                Trustee

                                            THOMAS O. HICKS, AS TRUSTEE OF THE
                                            ROBERT BRADLEY HICKS 1984 TRUST

                                            By: /s/ Thomas O. Hicks
                                                --------------------------------
                                                Thomas O. Hicks,
                                                Trustee

                                            THOMAS O. HICKS, AS TRUSTEE OF THE
                                            THOMAS O. HICKS, JR. 1984 TRUST

                                            By: /s/ Thomas O. Hicks
                                                --------------------------------
                                                Thomas O. Hicks,
                                                Trustee

                     (SIGNATURE PAGE TO SECOND AMENDMENT TO
                  AMENDED AND RESTATED STOCKHOLDERS AGREEMENT)

<PAGE>   7

                                            /s/ Steven Dinetz
                                            ------------------------------------
                                            Steven Dinetz

                                            /s/ Lawrence D. Stuart, Jr.
                                            ------------------------------------
                                            Lawrence D. Stuart, Jr.

                                            /s/ R. Scott Cohen
                                            ------------------------------------
                                            R. Scott Cohen

                                            /s/ Jerred G. Blanchard, Jr.
                                            ------------------------------------
                                            Jerred G. Blanchard, Jr.

                                            /s/ George C. Toulas
                                            ------------------------------------
                                            George C. Toulas

                                            /s/ Rick Eytcheson
                                            ------------------------------------
                                            Rick Eytcheson

                                            /s/ Matthew Leibowitz
                                            ------------------------------------
                                            Matthew Leibowitz

                                            /s/ Eric W. Neumann
                                            ------------------------------------
                                            Eric W. Neumann

                                            /s/ Matrice Ellis-Kirk
                                            ------------------------------------
                                            Matrice Ellis-Kirk

                     (SIGNATURE PAGE TO SECOND AMENDMENT TO
                  AMENDED AND RESTATED STOCKHOLDERS AGREEMENT)

<PAGE>   8

                           ADDITIONAL HOLDERS:

         The undersigned hereby agree to hold the Common Stock and Common Stock
Equivalents of the Company pursuant to the terms of the Stockholders Agreement
and agree to be bound by the terms thereby:

                                          CAPSTAR BROADCASTING
                                          PARTNERS, L.P., a Delaware limited
                                          partnership

                                          By: HM3/CAPSTAR PARTNERS, L.P., a
                                              Texas limited partnership, its
                                              general partner

                                          By: HM3/CAPSTAR, INC., a Texas
                                              corporation, its general partner

                                              By: /s/ David W. Knickel
                                                  ------------------------------
                                                  Name:  David W. Knickel
                                                  Title:

                                          BT CAPITAL PARTNERS, INC.

                                          By: /s/ Joseph T. Wood
                                              ----------------------------------
                                          Name:  Joseph T. Wood
                                          Title:

                                          /s/ R. Steven Hicks
                                          --------------------------------------
                                          R. Steven Hicks

                     (SIGNATURE PAGE TO SECOND AMENDMENT TO
                  AMENDED AND RESTATED STOCKHOLDERS AGREEMENT)

<PAGE>   9

                                          HICKS FAMILY CHARITABLE FOUNDATION

                                          By:    /s/ R. Steven Hicks
                                             -----------------------------------
                                          Name:  R. Steven Hicks
                                          Title:

                                          R. STEVEN HICKS AS CUSTODIAN FOR
                                          BRINSON ELIZABETH ELLARD UNDER THE
                                          TEXAS UNIFORM TRANSFERS TO MINORS ACT

                                          By:    /s/ R. Steven Hicks
                                             -----------------------------------
                                          Name:  R. Steven Hicks
                                          Title: Custodian

                     (SIGNATURE PAGE TO SECOND AMENDMENT TO
                  AMENDED AND RESTATED STOCKHOLDERS AGREEMENT)<PAGE>   1
                                                                   EXHIBIT 4.7.5

--------------------------------------------------------------------------------

                   CHANCELLOR MEDIA CORPORATION OF LOS ANGELES

                                   as Obligor

                                       AND

                           the Guarantors named herein

                                       AND

                       U.S. TRUST COMPANY OF TEXAS, N.A.,

                                   as Trustee

                              --------------------

                          FOURTH SUPPLEMENTAL INDENTURE

                          Dated as of October 28, 1997

                                       to

                                    Indenture

                          Dated as of February 14, 1996

                              --------------------

                                   $200,000,00

                        9-3/8% Senior Subordinated Notes

                                    due 2004

--------------------------------------------------------------------------------

<PAGE>   2

         FOURTH SUPPLEMENTAL INDENTURE dated as of October 28,1997, among
CHANCELLOR MEDIA CORPORATION OF LOS ANGELES, a Delaware corporation (the
"Company"), the subsidiaries signatories hereto (collectively, the "New
Subsidiary Guarantors") and U.S. TRUST COMPANY OF TEXAS, N.A., a national
banking association, as Trustee (the "Trustee").

         WHEREAS, Chancellor Radio Broadcasting Company ("CRBC") (which, prior
to February 14, 1996, was known as Chancellor Broadcasting Company), and
Chancellor Broadcasting Licensee Company have heretofore executed and delivered
to the Trustee an Indenture dated as of February 14, 1996, as amended by that
certain First Supplemental Indenture, dated as of February 14, 1996, by and
among CRBC, the guarantors named therein and the Trustee, by that certain Second
Supplemental Indenture, dated as of April 15, 1997, by and among CRBC, the
guarantors named therein and the Trustee and by that certain Third Supplemental
Indenture, dated as of September 5, 1997 by and among the company, the
guarantors named therein and the Trustee (as so amended, the "Indenture"),
providing for the issuance of $200,000,000 aggregate principal amount 9-3/8%
Senior Subordinated Notes due 2004 (the "Notes"); and

         WHEREAS, pursuant to that certain Amended and Restated Agreement and
Plan of Merger by and among Chancellor Broadcasting Company, CRBC, Evergreen
Media Corporation, Evergreen Mezzanine Holdings Corporation and Evergreen Media
Corporation of Los Angeles, dated as of February 19, 1997 and amended and
restated as of July 31, 1997 (the "Merger Agreement"), among other things, (i)
Chancellor Broadcasting Company merged with and into Evergreen Mezzanine
Holdings Corporation (the "Parent Merger") and (ii) CRBC merged with and into
Evergreen Media Corporation of Los Angeles (the "Subsidiary Merger"). Upon
completion of the Parent Merger, Evergreen Media Corporation changed its name to
Chancellor Media Corporation and Evergreen Mezzanine Holdings Corporation
changed its name to Chancellor Mezzanine Holdings Corporation. Upon completion
of the Subsidiary Merger, Evergreen Media Corporation of Los Angeles changed its
name to Chancellor Media Corporation of Los Angeles; and

         WHEREAS, pursuant to that Third Supplemental Indenture dated as of
September 5, 1997, the Company assumed the obligations under the Notes and the
Indenture and the Company and the Trustee amended certain other terms of the
Indenture; and

         WHEREAS, the Company, the New Subsidiary Guarantors and the Trustee
desire by this Fourth Supplemental Indenture pursuant to and as contemplated by
Sections 4.19 and 10A.03 of the Indenture, to add the New Subsidiary Guarantors
as guarantors pursuant to the terms of the Indenture; and

         WHEREAS, the execution and delivery of this Fourth Supplemental
Indenture has been authorized by resolutions of the Boards of Directors of the
Company, and each of the New Subsidiary Guarantors; and

<PAGE>   3

         WHEREAS, all conditions and requirements necessary to make this Fourth
Supplemental Indenture a valid, binding legal instrument in accordance with its
terms have been performed and fulfilled by the parties hereto and the execution
and delivery thereof have been in all respects duly authorized by the parties
hereto.

         NOW, THEREFORE, in consideration of the above premises, each party
agrees, for the benefit of the others and for the equal and ratable benefit of
the holders of the Notes, as follows:

                                    ARTICLE I

                     ASSUMPTION OF OBLIGATIONS AS GUARANTOR

Section 1.01 Assumption. Each of the New Subsidiary Guarantors hereby expressly
and unconditionally assumes each and every covenant, agreement and undertaking
of a Guarantor in the Indenture as of the date of this Fourth Supplemental
Indenture, and also hereby expressly and unconditionally assumes each and every
covenant, agreement and undertaking of a Guarantor in each Note outstanding on
the date of this Fourth Supplemental Indenture.

                                   ARTICLE II

                            MISCELLANEOUS PROVISIONS

Section 2.01 Terms Defined. For all purposes of this Fourth Supplemental
Indenture, except as otherwise defined or unless the context otherwise requires,
terms used in capitalized form in this Fourth Supplemental Indenture and defined
in the Indenture have the meanings specified in the Indenture.

Section 2.02 Indenture. Except as amended hereby, the Indenture and the Notes
are in all respects ratified and confirmed and all the terms shall remain in
full force and effect.

Section 2.03 Governing Law. THIS FOURTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS
APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

Section 2.04 Successors. All agreements of the Company and the new Subsidiary
Guarantors in this Fourth Supplemental Indenture and the Notes shall bind their
successors. All agreements of the Trustee in this Fourth Supplemental Indenture
shall bind its successors.

Section 2.05 Duplicate Originals. All parties may sign any number of copies of
this Fourth Supplemental Indenture. Each signed copy shall be an original, but
all of them together shall represent the same agreement.

<PAGE>   4

Section 2.06 Severability. In case any one or more of the provisions in this
Fourth Supplemental Indenture or in the Notes shall be held invalid, illegal or
unenforceable, in any respect for any reason, the validity, legality and
enforceability of any such provision in every other respect and of the remaining
provisions shall not in any way be affected or impaired thereby, it being
intended that all of the provisions hereof shall be enforceable to the full
extent permitted by law.

Section 2.07 Trustee Disclaimer. The Trustee accepts the amendment of the
Indenture effected by this Fourth Supplemental Indenture and agrees to execute
the trust created by the Indenture as hereby amended, but on the terms and
conditions set forth in the Indenture, including the terms and provisions
defining and limiting the liabilities and responsibilities of the Trustee, which
terms and provisions shall in like manner define and limit its liabilities and
responsibilities in the performance of the trust created by the Indenture as
hereby amended, and without limiting the generality of the foregoing, the
Trustee shall not be responsible in any manner whatsoever for or with respect to
any of the recitals or statements contained herein, all of which recitals or
statements are made solely by the company and the new Subsidiary Guarantors, or
for or with respect to (i) the validity or sufficiency of this Fourth
Supplemental Indenture or any of the terms or provisions hereof, (ii) the proper
authorization hereof by the company and the new Subsidiary Guarantors by
corporate action or otherwise, (iii) the due execution hereof by the Company and
the New Subsidiary Guarantors or (iv) the consequences (direct or indirect and
whether deliberate or inadvertent) of any amendment herein provided for, and the
Trustee makes no representation with respect to any such matters.

Section 2.08 Effectiveness.

         (a) This Fourth Supplemental Indenture shall become effective once
executed upon fulfillment of the conditions set forth in Section 2.08(b) below.

         (b) This Fourth Supplemental Indenture shall not become effective until
receipt by the Trustee of the following, in each case dated no earlier than the
date hereof.

             (i)   a certificate of an appropriate officer of the Company; and

             (ii)  an opinion of Latham & Watkins, counsel to the Company.

            (THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK)

<PAGE>   5

         IN WITNESS WHEREOF, the parties hereto have caused this Fourth
Supplemental Indenture to be duly executed as of the day and year written above.

                                         CHANCELLOR MEDIA CORPORATION
                                         OF LOS ANGELES, as Issuer

                                         /s/ M. E. Devine
                                         ---------------------------------------
                                         By:     Matthew E. Devine
                                         Title:  Senior Vice President

Attest: /s/
        ----------------------------
        Title:   Vice President

                                         U.S. TRUST COMPANY OF TEXAS, N.A.,
                                         as Trustee

                                         ---------------------------------------
                                         By:
                                         Title:

Attest:
        ----------------------------
        Title:

<PAGE>   6

         IN WITNESS WHEREOF, the parties hereto have caused this Fourth
Supplemental Indenture to be duly executed as of the day and year written above.

                                        CHANCELLOR MEDIA CORPORATION
                                        OF LOS ANGELES, as Issuer

                                        /s/ Matthew E. Devine
                                        ----------------------------------------
                                        By:      Matthew E. Devine
                                        Title:   Senior Vice President

Attest: /s/
        ----------------------------
        Title:

                                        /s/ Bill Barber
                                        ----------------------------------------
                                        By:      Bill Barber
                                        Title:   Vice President

Attest: /s/
        ----------------------------
        Title:   Vice President

<PAGE>   7

                                          KATZ COMMUNICATIONS, INC.
                                          as Guarantor

                                          /s/ Richard E. Vendig
                                          --------------------------------------
                                          By:    Richard E. Vendig
                                          Title: Senior Vice President, Chief
                                                 Financial and Administrative
                                                 Officer, Treasurer

Attest: /s/
        ----------------------------
        Title:

                                          KATZ MILLENNIUM MARKETING, INC.,
                                          as Guarantor

                                          /s/ Richard E. Vendig
                                          --------------------------------------
                                          By:    Richard E. Vendig
                                          Title: Senior Vice President, Chief
                                                 Financial and Administrative
                                                 Officer, Treasurer

Attest: /s/
        ----------------------------
        Title:

                                          AMCAST RADIO SALES, INC.,
                                          as Guarantor

                                          /s/ Richard E. Vendig
                                          --------------------------------------
                                          By:    Richard E. Vendig
                                          Title: Senior Vice President, Chief
                                                 Financial and Administrative
                                                 Officer, Treasurer

Attest: /s/
        ----------------------------
        Title:

                                          CHRISTAL RADIO SALES, INC.,
                                          as Guarantor

                                          /s/ Richard E. Vendig
                                          --------------------------------------
                                          By:    Richard E. Vendig
                                          Title: Senior Vice President, Chief
                                                 Financial and Administrative
                                                 Officer, Treasurer
Attest: /s/
        ----------------------------
        Title:

<PAGE>   8

                                          EASTMAN RADIO SALES, INC.,
                                          as Guarantor

                                          /s/ Richard E. Vendig
                                          --------------------------------------
                                          By:    Richard E. Vendig
                                          Title: Senior Vice President, Chief
                                                 Financial and Administrative
                                                 Officer, Treasurer

Attest: /s/
        ----------------------------
         Title:

                                          SELTEL, INC.,
                                          as Guarantor

                                          /s/ Richard E. Vendig
                                          ---------------------
                                          By:    Richard E. Vendig
                                          Title: Senior Vice President, Chief
                                                 Financial and Administrative
                                                 Officer, Treasurer

Attest: /s/
        ----------------------------
        Title:

                                          KATZ CABLE CORPORATION,
                                          as Guarantor

                                          /s/ Richard E. Vendig
                                          ---------------------
                                          By:    Richard E. Vendig
                                          Title: Senior Vice President, Chief
                                                 Financial and Administrative
                                                 Officer, Treasurer

Attest: /s/
        ----------------------------
        Title:

<PAGE>   9

                                          THE NATIONAL PAYROLL COMPANY, INC.,
                                          as Guarantor

                                          /s/ Richard E. Vendig
                                          ---------------------
                                          By:    Richard E. Vendig
                                          Title: Senior Vice President, Chief
                                                 Financial and Administrative
                                                 Officer, Treasurer

Attest: /s/
        ----------------------------
        Title:

                                          KATZ MEDIA CORPORATION,
                                          as Guarantor

                                          /s/ Richard E. Vendig
                                          ---------------------
                                          By:    Richard E. Vendig
                                          Title: Senior Vice President, Chief
                                                 Financial and Administrative
                                                 Officer, Treasurer

Attest: /s/
        ----------------------------
        Title:

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