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                                                                     EXHIBIT 4.3

                          WAIVER AND SECOND AGREEMENTS
                          CONCERNING BUY-SELL AGREEMENT

         WHEREAS, the undersigned are all of the parties to that certain
Buy-Sell Agreement executed May 31, 1977, relating to shares of Clear Channel
Communications, Inc. (the "Agreement") who remain obligated thereon after the
execution of that certain Agreement Concerning Buy-Sell Agreement executed
August 3, 1998 (the "First Amendment"); and

         WHEREAS, B.J. McCombs ("McCombs") proposes to pledge certain shares of
the Stock owned by him to Chase Bank of Texas, National Association ("Chase") to
secure credit being extended to him by Chase;

         NOW, THEREFORE, for mutual consideration, the receipt and sufficiency
of which is hereby acknowledged and agreed, the undersigned agree as follows:

         1. Terms defined in the Agreement shall have the same meaning in this
agreement.

         2. The Company and each Shareholder agrees that McCombs may pledge and
grant to Chase a security interest in any or all of the shares of Stock owned by
him (the "Pledged Stock") and that the Pledged Stock shall be free of the terms
of the Agreement, as amended, including without limitation, any requirement of a
legend on the certificate evidencing the Pledged Stock and of any obligation to
offer the Pledged Stock to another party to the Agreement.

         3. Chase and any assignee or successor shall be free to exercise any
rights it may have pursuant to any pledge or security agreement relating to the
Pledged Stock.

         4. The undersigned execute this Second Amendment with the stated
purpose that Chase may rely hereon and hereby represent to Chase that the only
agreements between or among them relating to the Stock are the Agreement, the
First Amendment and this Waiver and Second Agreement Concerning Buy-Sell
Agreement ("Second Amendment"), and the First Amendment and the Second Amendment
are the only amendments to the Agreement.

         5. The Agreement, the First Amendment, the Second Amendment, and the
terms and conditions thereof and hereof shall be binding on and operate for the
benefit of the respective heirs, legal representatives, successors and assigns
of the parties hereto.

<PAGE>

         Executed this 17 day of August, 1998.

                                        CLEAR CHANNEL COMMUNICATIONS, INC.

                                        By: /s/ L. LOWRY MAYS
                                            ------------------------------------
                                        Name: L. Lowry Mays
                                        Title: Chief Executive Officer

                                            /s/ L. LOWRY MAYS
                                        ----------------------------------------
                                        L. Lowry Mays

                                            /s/ B.J. MCCOMBS
                                        ----------------------------------------
                                        B.J. McCombs<PAGE>

                                                                     EXHIBIT 4.4

                           WAIVER AND THIRD AGREEMENT
                          CONCERNING BUY-SELL AGREEMENT

         This WAIVER AND THIRD AGREEMENT CONCERNING BUY-SELL AGREEMENT dated as
of July 26, 2002 (this "Third Amendment") is by and among Clear Channel
Communications, Inc., L. Lowry Mays and B.J. McCombs.

         WHEREAS, the undersigned are all of the parties to that certain
Buy-Sell Agreement executed May 31, 1977, relating to shares of Clear Channel
Communications, Inc. (the "Agreement"), who remain obligated thereon as such
Agreement has been heretofore amended by that certain Agreement Concerning
Buy-Sell Agreement executed August 3, 1998 (the "First Amendment") and as
further amended by that certain Waiver and Second Agreement Concerning Buy-Sell
Agreement executed August 17, 1998 (the "Second Amendment"; copies of the
Agreement, the First Amendment and the Second Amendment are attached hereto as
Exhibit A) and

         WHEREAS, B.J. McCombs proposes to: (a) amend, ratify and confirm the
pledge of the Pledged Stock (as defined in the Second Amendment) to JPMorgan
Chase Bank (formerly known as The Chase Manhattan Bank, successor by merger to
Chase Bank of Texas, National Association) contemplated by the Second Amendment;
(b) amend, ratify and confirm certain pledges of other shares of the Stock owned
by him to secure indebtedness owed to Wells Fargo Bank (Texas), N.A. (the "Wells
Fargo Stock") in connection with the assignment of such indebtedness to JPMorgan
Chase Bank; (c) sell, transfer and dispose of some or all of the Pledged Stock,
the Wells Fargo Stock and certain other shares of the Stock owned by him (the
Pledged Stock, the Wells Fargo Stock and all other shares of Stock owned by B.J.
McCombs from time to time is collectively the "McCombs Stock") in one or more
tranches pursuant to one or more Stock Purchase Agreements to be entered into by
and among B.J. McCombs, JPMorgan Chase Bank and certain affiliates of JPMorgan
Chase Bank (the "Stock Sale"); (d) pledge certain shares of the McCombs Stock
(and rights related thereto) to JPMorgan Chase Bank to secure his obligations
under agreements relating to the Stock Sale; (e) lend and dispose of some or all
of the McCombs Stock to JPMorgan Chase Bank from time to time pursuant to one or
more stock lending agreements which may from time to time be entered into by
B.J. McCombs, JPMorgan Chase Bank and certain affiliates of JPMorgan Chase Bank
(the "Stock Loan"); and (f) pledge to JPMorgan Chase Bank any of the rights of
B.J. McCombs under the Stock Loan (including any rights to proceeds or to the
return of shares of the McCombs Stock that have been lent or disposed of).

         NOW THEREFORE, for mutual consideration, the receipt and sufficiency of
which is hereby acknowledged and agreed, the undersigned agree as follows:

         1. Unless indicated otherwise, terms defined in the Agreement shall
have the same meaning in this agreement.

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         2. The Company and each Shareholder acknowledges and consents to (i)
the pledges by B.J. McCombs to JPMorgan Chase Bank, either directly or through
assignment, of a security interest in any or all of the shares of the McCombs
Stock, (ii) the sale, disposition and transfer of any or all of the shares of
the McCombs Stock through the Stock Sale and any pledges of any or all of the
shares of the McCombs Stock (and rights related thereto) related to the Stock
Sale and (iii) the lending and disposition of any or all of the shares of the
McCombs Stock through the Stock Loan and any pledges to JPMorgan Chase Bank of
the rights of B.J. McCombs under the Stock Loan (including any rights to
proceeds or to the return of shares of the McCombs Stock that have been lent or
disposed of). The Company and each Shareholder agrees that the McCombs Stock
shall be free of the terms of the Agreement, as amended, including without
limitation, any requirement of a legend on the certificate evidencing any
McCombs Stock and of any obligation to offer the McCombs Stock to another party
to the Agreement.

         3. JPMorgan Chase Bank and any assignee or successor shall be free to
exercise any rights it may have pursuant to (i) any pledge or security agreement
relating to the McCombs Stock, (ii) the Stock Sale, (iii) the Stock Loan, or
(iv) any pledge or security agreement relating to the rights of B.J. McCombs
under the Stock Loan (including any rights to proceeds or to the return of
shares of the McCombs Stock that have been lent or disposed of).

         4. The undersigned execute this Third Amendment with the stated purpose
that JPMorgan Chase Bank and its affiliates may rely hereon and hereby represent
to JPMorgan Chase Bank and its affiliates that the only agreements between or
among them relating to the Stock are the Agreement, the First Amendment, the
Second Amendment and this Third Amendment, and the First Amendment, the Second
Amendment and this Third Amendment are the only amendments to the Agreement.

         5. The Agreement, the First Amendment, the Second Amendment, and the
Third Amendment and the terms and conditions thereof and hereof shall be binding
on and operate for the benefit of the respective heirs, legal representatives,
successors and assigns of the parties hereto.

<PAGE>

Executed this 26 day of July, 2002.

                                          CLEAR CHANNEL COMMUNICATIONS, INC.

                                          By: /s/ MARK P. MAYS
                                              ----------------------------------
                                          Name:  Mark P. Mays
                                          Title: President/COO

                                              /s/ L. LOWRY MAYS
                                          --------------------------------------
                                          L. Lowry Mays

                                              /s/ B.J. MCCOMBS
                                          --------------------------------------
                                          B.J. McCombs

<PAGE>

                                    Exhibit A

            Buy-Sell Agreement, First Amendment, and Second Amendment<PAGE>

                                                                     EXHIBIT 4.5

                           WAIVER AND FOURTH AGREEMENT

                          CONCERNING BUY-SELL AGREEMENT

         This WAIVER AND FOURTH AGREEMENT CONCERNING BUY-SELL AGREEMENT dated as
of September 27, 2002 (this "FOURTH AMENDMENT") is by and among Clear Channel
Communications, Inc. (the "COMPANY"), L. Lowry Mays and B. J. McCombs.

         WHEREAS, the undersigned are all of the parties to that certain
Buy-Sell Agreement executed May 31, 1977, relating to shares of Clear Channel
Communications, Inc. (the "AGREEMENT"), who remain obligated thereon as such
Agreement has been heretofore amended by that Agreement Concerning Buy-Sell
Agreement executed August 3, 1998 (the "FIRST AMENDMENT"), as further amended by
that certain Waiver and Second Agreement Concerning Buy-Sell Agreement executed
August 17, 1998 (the "SECOND AMENDMENT"), and as further amended by that certain
Waiver and Third Agreement Concerning Buy-Sell Agreement executed July 26, 2002
(the "THIRD AMENDMENT").

         WHEREAS, following the dissolution of 4-M Partners, Ltd. ("4-M") and
through a series of transactions with the general and limited partners of 4-M
(such dissolution and transactions, the "TRANSFERS"), the 20,395,000 shares (the
"SHARES") of the Company's common stock owned by 4-M have been transferred to L.
Lowry Mays.

         NOW THEREFORE, for mutual consideration, the receipt and sufficiency of
which is hereby acknowledged and agreed, the undersigned agree as follows:

         1. Each of the undersigned acknowledges and consents to the Transfers
of the Shares and waives its rights under the Agreement to acquire those Shares
subject to the Agreement (the "COVERED SHARES") in connection with the
Transfers.

         2. The undersigned execute this Fourth Amendment with the stated
purpose that L. Lowry Mays may rely hereon and hereby represent to L. Lowry Mays
that the only agreements between or among them relating to the Shares are the
Agreement, the First Amendment, the Second Amendment, the Third Amendment and
this Fourth Amendment.

         3. Upon completion of the Transfers, the Covered Shares will remain
subject to the Agreement as the same has been and may be amended from time to
time, and any certificates representing the Covered Shares must bear a
restrictive legend relating to such agreements.

         4. The Agreement, the First Amendment, the Second Amendment, the Third
Amendment and this Fourth Amendment and the terms and conditions thereof and
hereof shall be binding on and operate for the benefit of the respective heirs,
legal representatives, successors and assigns of the parties hereto.

                            [Signature Page Follows]

<PAGE>

Executed this 27th day of September, 2002.

                                  CLEAR CHANNEL COMMUNICATIONS, INC.

                                  By: /s/ Randall Mays
                                      ------------------------------------------
                                  Name:  Randall Mays
                                  Title: Chief Financial Officer

                                      /s/ L. LOWRY MAYS
                                  ----------------------------------------------
                                  L. Lowry Mays

                                      /s/ B.J. MCCOMBS
                                  ----------------------------------------------
                                  B.J. McCombs

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