Document:

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                                                                   EXHIBIT 10.13

                          FIRST AMENDED AND RESTATED
                       NON-NEGOTIABLE SUBORDINATED NOTE
                       --------------------------------

THIS SUBORDINATED NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
("STATE ACT").  THE SECURITIES EVIDENCED BY THIS NOTE MAY NOT BE OFFERED, SOLD
OR TRANSFERRED FOR VALUE, DIRECTLY OR INDIRECTLY, IN THE ABSENCE OF SUCH
REGISTRATION UNDER THE ACT AND QUALIFICATION UNDER APPLICABLE STATE ACTS, OR
PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND QUALIFICATION UNDER
APPLICABLE STATE ACTS, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE
REASONABLE SATISFACTION OF ENTRAVISION COMMUNICATIONS COMPANY, L.L.C.

                  ENTRAVISION COMMUNICATIONS COMPANY, L.L.C.

Subordinated Note Due December 30, 2021

$120,000,000                                             Los Angeles, California
                                                                   March 2, 2000

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

     Entravision Communications Company, L.L.C., a Delaware limited liability
company (the "Company"), for value received, hereby promises to pay to Univision
Communications Inc., a Delaware corporation ("Univision"), at 1999 Avenue of the
Stars, Suite 3050, Los Angeles, California  90067, the principal sum of One
Hundred Twenty Million Dollars ($120,000,000) together with interest (computed
on the basis of a 360-day year) from the date of this Note, (the "Commencement
Date") on the unpaid balance of such principal amount at 7.01% (the "Interest
Rate").  Principal and interest under this Note shall be payable as follows:
Interest on this Note shall be due and payable semi-annually, as it accrues,
beginning six (6) months after the Commencement Date and continuing regularly
and semi-annually thereafter each calendar year until December 30, 2021, when
the outstanding principal balance of this Note, together with all accrued and
unpaid interest thereon, shall be due and payable in full.  Reference is made to
the Company's First Amended and Restated Operating Agreement dated as of
December 30, 1996 (as amended from time to time, the "Operating Agreement").
Capitalized terms not defined herein shall have the meaning given to such terms
in the Operating Agreement.  This Note amends, restates and supersedes that
certain Non-Negotiable Subordinated Note dated December 30, 1996 in the
principal amount of $10,000,000 executed by the Company in favor of Univision.

     1.  Subordination.
         -------------

          a.  Subordination to Senior Indebtedness.  The indebtedness evidenced
              ------------------------------------
by this Note, and the payment of the principal hereof and any interest hereon,
is wholly subordinated,
<PAGE>

junior and subject in right of payment, to the extent and in the manner
hereinafter provided, to the prior payment of all Senior Indebtedness (as
hereinafter defined) of the Company now outstanding or hereafter incurred.
"Senior Indebtedness" means the principal of and interest on, together with all
other payment obligations under (i) all indebtedness of the Company to banks,
trust companies, insurance companies and other financial institutions, including
commercial paper and accounts receivable sold or assigned by the Company to such
institutions; (ii) obligations of the Company as lessee under leases of real or
personal property; (iii) any indebtedness of the Company issued or incurred in
connection with the acquisition of an equity interest in a business or with the
assets of a business; (iv) shareholder and/or member loans, junk bond debt,
trade debt incurred in the ordinary course of business and other unsecured debt;
(v) deferrals, renewals, extensions and refunding of and modifications to any
such indebtedness or obligations described in (i), (ii), (iii) and (iv) above;
and (vi) any other indebtedness of the Company which the Company and Univision
may hereafter from time to time expressly and specifically agree in writing.

          b.  Payment Upon Dissolution, Etc.  Upon payment or distribution of
              ------------------------------
assets of the Company of any kind or character, whether in cash, property or
securities, to creditors upon any dissolution or winding-up or total or partial
liquidation or reorganization of the Company, whether voluntary or involuntary,
in bankruptcy, insolvency, receivership or other proceedings, all principal and
interest, together with all other payment obligations under, due upon any Senior
Indebtedness shall first be paid in full, or payment thereof in full duly
provided for, before Univision shall be entitled to receive or, if received, to
retain any payment or distribution on account of this Note; and upon any such
dissolution or winding-up or liquidation or reorganization, any payment or
distribution of assets of the Company of any kind or character, whether in cash,
property or securities, to which Univision would be entitled except for the
provisions of this Section 1 shall be paid by the Company or by any receiver,
trustee in bankruptcy, liquidating trustee, agent or other person making such
payment or distribution, or by Univision if it shall have received such payment
or distribution, directly to the holders of the Senior Indebtedness (pro rata to
                                                                     --- ----
each such holder on the basis of the respective amounts of such Senior
Indebtedness held by such holder) or their representatives to the extent
necessary to pay all such Senior Indebtedness in full after giving effect to any
concurrent payment or distribution to or for the holders of such Senior
Indebtedness, before any payment or distribution is made to Univision.  In the
event of any such dissolution, winding-up, liquidation or reorganization of the
Company, Univision shall be entitled to be paid one hundred percent (100%) of
the outstanding principal amount hereof and accrued interest hereon before any
distribution of assets shall be made among the holders of any class of
Membership Units of the Company in their capacities as holders of such
Membership Units.

              For purposes of this paragraph (b), the words "assets" and "cash,
property or securities" shall not be deemed to include Membership Units of the
Company as reorganized or readjusted, or Membership Units of the Company or any
other person provided for by a plan of reorganization or readjustment, the
payment of which is subordinated at least to the extent provided in this Section
1 with respect to this Note to the payment of all Senior Indebtedness which may
at the time be outstanding; provided that (i) the Senior Indebtedness is
                            --------
assumed by the new person, if any, resulting from any such reorganization or
readjustment, and (ii) the rights

                                      -2-
<PAGE>

of the holders of Senior Indebtedness are not, without the consent of such
holders, altered by such reorganization or readjustment.

          c.  Subrogation.  Subject to payment in full of all Senior
              -----------
Indebtedness, Univision shall be subrogated to the rights of the holders of
Senior Indebtedness to receive payments or distributions of the assets of the
Company made on such Senior Indebtedness until all principal and interest on
this Note shall be paid in full; and, for purposes of such subrogation, no
payments or distributions to the holders of Senior Indebtedness of any cash,
property or securities to which Univision would be entitled except for the
subordination provisions of this Section 1 shall, as between Univision and the
Company and/or its creditors other than the holders of the Senior Indebtedness,
be deemed to be a payment on account of the Senior Indebtedness.

          d.  Rights of Holder Unimpaired.  The provisions of this Section 1 are
              ---------------------------
and are intended solely for the purposes of defining the relative rights of
Univision and the holders of Senior Indebtedness; and nothing in this Section 1
shall impair, as between the Company and Univision, the obligation of the
Company, which is unconditional and absolute, to pay to Univision the principal
hereof and interest hereon, in accordance with the terms of this Note; nor shall
anything herein prevent Univision from exercising all remedies otherwise
permitted by applicable law or hereunder upon default, subject to the rights set
forth above of holders of Senior Indebtedness to receive cash, property or
securities otherwise payable or deliverable to Univision.

          e.  Holders of Senior Indebtedness.  These provisions regarding
              ------------------------------
subordination will constitute a continuing offer to all persons who, in reliance
upon such provisions, become holders of, or continue to hold, Senior
Indebtedness; such provisions are made for the benefit of the holders of Senior
Indebtedness, and such holders are hereby made obligees under such provisions to
the same extent as if they were named herein, and they or any of them may
proceed to enforce such subordination.  Univision shall execute and deliver to
any holder of Senior Indebtedness (i) any such instrument as such holder of
Senior Indebtedness may request in order to confirm the subordination of this
Note to such Senior Indebtedness upon the terms set forth in this Note, and (ii)
any powers of attorney specifically confirming the rights of holders of Senior
Indebtedness to enforce such subordination and all such proofs of claim,
assignments of claim and other instruments as may be requested by the holders of
Senior Indebtedness or their representatives to enforce all claims upon or in
respect of this Note.

          f.  Payments on Subordinated Note.  Subject to the terms of this
              -----------------------------
Section 1, the Company may make payments of the principal of, and any interest
on, this Note, if at the time of payment, and immediately after giving effect
thereto, (i) there exists no default in any payment with respect to any Senior
Indebtedness and (ii) there shall not have occurred an event of default (other
than a default in the payment of amounts due thereon) with respect to any Senior
Indebtedness, as defined in the instrument under which the same is outstanding,
permitting the holders thereof to accelerate the maturity thereof, other than an
event of default which shall have been cured or waived or shall have ceased to
exist.  All payments of principal and interest with respect to this Note and all
other Subordinated Notes of the Company due at the

                                      -3-
<PAGE>

time of said payment shall be made ratably in proportion to the aggregate amount
outstanding with respect to each of the Notes.

     2.  Prepayment.  The principal and interest indebtedness represented by
         ----------
this Note may be prepaid to Univision, in whole or in part, without penalty, any
time upon thirty (30) days' prior written notice from Company to Univision.

     3.  Univision Rights.
         ----------------

         a.  Matters Requiring Univision Approval.  The following matters
             ------------------------------------
shall require Univision's approval, which shall not be unreasonably withheld,
except as otherwise specified:

             i.  Acquisition of assets by the Company for a purchase price
equal to or greater than the greater of (a) Five Million Dollars ($5,000,000) or
(b) ten percent (10%) of the Company's "Net Asset Value." Net Asset Value shall
be defined to mean the most recent four (4) quarters of EBITDA (excluding
"Additional Compensation" as that term is defined in that certain Letter
Agreement between Univision and the Company dated December 30, 1996), times
eight (8), less outstanding indebtedness, other than the Subordinated Note.

             ii.  Incurrence of debt (excluding the Subordinated Note and debt
under the Credit Facility) if, on a pro forma basis, the debt to EBITDA ratio
would exceed the ratio set forth below for the applicable EBITDA of the Company:

<TABLE>
<CAPTION>

             EBITDA                                  LEVERAGE RATIO
             -------                                 --------------
             <S>                                     <C>

             Up to $5 million                           4.00 : 1
             $5.0 to less than $6.5 million             4.25 : 1
             $6.5 to less than $8.0 million             4.50 : 1
             $8.0 to less than $10.0 million            4.75 : 1
             $10 million or greater                     5.00 : 1
</TABLE>

             iii.  Any transaction involving the direct or indirect transfer or
sale of any FCC License, (including the sale of Membership Units) in which case,
except as provided below, Univision's consent may be withheld in its sole
discretion; provided, however, in connection with a transfer of Membership
Interests subject to the provisions of Section 26(d) of the Operating Agreement,
the Managing Members may submit to Univision a list of potential transferees
prior to the right of first offer pursuant to said Section 26(d) of the
Operating Agreement and such potential transferees may be approved by Univision,
which approval shall not be unreasonably withheld. If such transferee is
approved in such a manner, an indirect transfer of an FCC License as a result of
such transfer of Membership Interests to such transferee that complies with
Section 26(d) of the Operating Agreement, shall be deemed approved hereunder;
provided, further, that Univision agrees to not unreasonably withhold its
approval of other potential transferees under Section 26(d) of the Operating
Agreement.

                                      -4-
<PAGE>

              iv.  Distributions to Members in excess of quarterly tax
distributions (calculated at the highest applicable federal and state income tax
rates, taking into account the deduction of state income taxes for federal
income tax purposes). The Company shall be permitted to make additional
distributions in amounts in excess of reasonable working capital and reserve
requirements if concurrent with such distribution the Company makes a prepayment
of principal on this Subordinated Note in an amount equal to the "Prepayment
Amount" (as defined below). The "Prepayment Amount" shall be determined as
follows:

              A = B (C + A)
              A equals the amount to be prepaid on this Subordinated Note;
              B equals Univision's then existing Option Percentage (as defined
              in Exhibit "D" to the Operating Agreement);
              C equals the total distributions proposed to be made to the
              Members of the Company;

              v.  Transactions with any Member in excess of $50,000 or not at
arm's length (except for existing management contracts, employment agreements,
and loans existing at the date hereof and scheduled in the Credit Facility
between the Company, among others, and Union Bank of California, N.A., as agent
for various banks).

              vi.   Amendments to the Operating Agreement that would adversely
affect the Class A Non-Managing Membership Units or Univision with respect to
its rights under the Operating Agreement.

              vii.  The merger or consolidation of the Company with a third
party or the sale of all, or substantially all, the assets of the Company, in
which case Univision may withhold its consent, in its sole discretion.

              viii. The issuance of additional Membership Units in the Company
pursuant to Section 7(c)(iii) of the Operating Agreement.

              ix.   The dissolution and liquidation of the Company, in which
case Univision may withhold its consent, in its sole discretion.

              x.    Any other action by the Company that, assuming full exercise
of the rights of Univision under that certain Amended and Restated Subordinated
Note Purchase and Option Agreement dated December 30, 1996 between and among the
Company, Univision, et al., as amended from time to time, would require
Univision's approval under the Operating Agreement.

The foregoing approval rights shall terminate upon repayment of the Note or upon
the closing of Univision's sale of a majority of the principal amount of this
Note to a third party.

          b.  Inspection Rights; Reports.  So long as this Note remains
              --------------------------
outstanding, Univision shall (i) have the inspection rights of a Member of the
Company set forth in the

                                      -5-
<PAGE>

Operating Agreement and (ii) shall be entitled to receive all financial reports
provided to the Members of the Company pursuant to the Operating Agreement.

     4.  [Intentionally omitted.]

     5.  No Assignment.  This Note may be transferred, assigned or encumbered
         -------------
only with the consent of the Company which consent the Company may withhold in
its sole discretion.

     6.  Default.  Subject to the terms, provisions and conditions any time
         -------
contained in any Subordination Agreement by and between Univision and the
holder(s) of any Senior Indebtedness, Univision can require that the entire
unpaid principal of this Note and the interest then accrued on this Note shall
become and be immediately due and payable upon written demand of Univision,
without any other notice or demand of any kind or any presentment or protest, if
any one of the following events (an "Event of Default") shall occur and be
continuing at the time of such demand, whether voluntarily or involuntarily, or,
without limitation, occurring or brought about by operation of law or pursuant
to or in compliance with any judgment, decree or order of any court or any
order, rule or regulation of any governmental body:

         a.  The failure to pay any principal and/or interest amount when due
hereunder;

         b.  If the Company (i) makes a general assignment for the benefit of
creditors; (ii) applies for, consents to, acquiesces in, files a petition or an
answer seeking, or admits (by answer, default or otherwise) the material
allegations of a petition filed against it seeking the appointment of a trustee,
receiver, liquidator or assignee in bankruptcy or insolvency of itself or of all
or a substantial portion of its assets, or a reorganization, arrangement with
creditors or other remedy, relief or adjudication available to or against a
bankrupt, insolvent or debtor under any bankruptcy or insolvency law or any law
relating to relief of debtors; or (iii) admits in writing its inability to pay
its debts generally as they become due; or

         c.  If a decree, order or judgment shall have been entered adjudging
the company a bankrupt or insolvent, or appointing a receiver, liquidator,
trustee or assignee in bankruptcy or insolvency for it or for all or a
substantial portion of its assets or approving a petition seeking a
reorganization, arrangement or the winding-up or liquidation of its affairs on
the grounds of insolvency or nonpayment of debts, and such decree, order or
judgment shall remain undischarged and unstayed for a period of sixty (60) days;
or if any substantial part of the property of the Company is sequestered or
attached and shall not be returned to the possession of the Company or such
subsidiary or released from such attachment within sixty (60) days.

         d.  A material breach of the terms of this Note which goes uncured for
a period of thirty (30) days from written notice from Univision to the Company;
provided that if such breach is not curable within thirty (30) days, the Company
shall have such longer period as may be reasonably necessary to cure such breach
so long as it diligently continues to pursue such cure.

                                      -6-
<PAGE>

     7.  General.
         -------

         a.   Successors and Assigns.  Subject to the restrictions on
              ----------------------
assignment/transfer contained in Section 5 of this Note, this Note, and the
obligations and rights of the Company hereunder, shall be binding upon and inure
to the benefit of the Company, Univision and their respective heirs, successors
and assigns.

         b.   Recourse.  This Note is unsecured.  Recourse under this Note shall
              --------
be to the general unsecured assets of the Company only and in no event to the
Managing Members, officers, or Members of the Company.

         c.   Changes.  Changes in or additions to this Note may be made or
              -------
compliance with any term, covenant, agreement, condition or provision set forth
herein may be omitted or waived (either generally or in a particular instance
and either retroactively or prospectively), upon written consent of the Company
and Univision.

         d.   Currency.  All payments shall be made in such coin or currency of
              --------
the United States of America as at the time of payment shall be legal tender
therein for the payment of public and private debts.

         e.  Notices.  All notices, requests, consents and demands shall be
             -------
made in writing and shall be mailed postage prepaid, or delivered by hand at the
addresses set forth below or to such other address as may be furnished in
writing to the other party hereto:

         Univision:

         Univision Communications Inc.
         1999 Avenue of the Stars, Suite 3050
         Los Angeles, California  90067
         Telephone No.:  (310) 556-7600

         The Company:

         Entravision Communications Company, L.L.C.
         Attention: Walter F. Ulloa and Philip C. Wilkinson
         2425 Olympic Boulevard, Suite 6000 West
         Santa Monica, California 90404
         Telephone No.: (310) 447-3870
         Facsimile No.: (310) 447-3899

         f.  Saturdays, Sundays, Holidays.  If any date that may at any time be
             ----------------------------
specified in this Note as a date for the making of any payment of principal or
interest under this Note shall fall on Saturday, Sunday or on a day which in the
State of California shall be a legal holiday, then the date for the making of
that payment shall be the next subsequent day which is not a Saturday, Sunday or
legal holiday.

                                      -7-
<PAGE>

         g.   Governing Law.  This Note shall be construed and enforced in
              -------------
accordance with, and the rights of the parties shall be governed by, the laws of
the State of California, without giving effect to any conflicts of laws
principles.

         h.   Definitions.  Any capitalized, but undefined, terms used in this
              -----------
Note shall have the same meaning set forth in the Operating Agreement.

                 [Remainder of Page Intentionally Left Blank]

                                      -8-
<PAGE>

     IN WITNESS WHEREOF, this Note has been executed and delivered on the date
first above written by the Managing Members of the Company.

                    ENTRAVISION COMMUNICATIONS COMPANY, L.L.C.,
                    a Delaware limited liability company

                    By:/s/ Walter F. Ulloa
                       -------------------
                         Walter F. Ulloa, Chairman, Chief Executive Officer and
                         Managing Member

                    By:/s/ Philip C. Wilkinson
                       -----------------------
                         Philip C. Wilkinson, President, Chief Operating Officer
                         and Managing Member

Acknowledged and Agreed:

UNIVISION COMMUNICATIONS INC.

By:/s/ Andrew W. Hobson
   --------------------
Name:  Andrew W. Hobson
       ----------------
Title:  EVP
        ---

                 [Signature Page to First Amended and Restated
                       Non-Negotiable Subordinated Note]

                                      -9-<PAGE>

                                                                   EXHIBIT 10.14

                             AMENDED AND RESTATED
                             --------------------
                SUBORDINATED NOTE PURCHASE AND OPTION AGREEMENT
                -----------------------------------------------

          THIS AMENDED AND RESTATED SUBORDINATED NOTE PURCHASE AND OPTION
AGREEMENT (this "Agreement") is made and entered as of December 30, 1996, by and
among Univision Communications Inc., a Delaware corporation ("Univision"),
Entravision Communications Company, L.L.C., a Delaware limited liability company
(the "Company"), KSMS-TV, Inc. ("KSMS"), a Delaware corporation, Tierra Alta
Broadcasting, Inc. ("Tierra Alta"), a Delaware corporation, Cabrillo
Broadcasting Corporation ("Cabrillo"), a California corporation, Golden Hills
Broadcasting Corporation ("Golden"), a Delaware corporation, Las Tres Palmas
Corporation ("Las Tres"), a Delaware corporation, Entravision Merger Corp.,
("Merger Corp."), a Delaware corporation (each of the Company, KSMS, Tierra
Alta, Cabrillo, Golden, Las Tres and Merger Corp. a "Borrower", and
collectively, the "Borrowers"), and Walter F. Ulloa, an individual and Philip C.
Wilkinson, an individual, as the managing members (the "Managing Members"), and
amends and restates in its entirety the SUBORDINATED NOTE PURCHASE AND OPTION
AGREEMENT made and entered as of December 30, 1996 (the "Effective Date") among
the parties hereto with reference to the following:

                                   RECITALS
                                   --------

          A.  Univision has made a Loan to the Company in the principal amount
of $3,000,000 which is evidenced by a Subordinated Promissory Note due August
19, 1997 (the "Prior Note").

          B.  Univision is to purchase a Non-Negotiable Subordinated Note from
the Company in the principal amount of $10,000,000.

          C.  The Company desires to sell the Non-Negotiable Subordinated Note
to Univision and grant to Univision an option to acquire an equity interest in
the Company.

          D.  In order to induce Univision to purchase the Non-Negotiable
Subordinated Note, the Borrowers wish to make certain representations and
warranties to Univision and agree to perform covenants for the benefit of
Univision.

          E.  In order to induce Univision to purchase the Subordinated Note,
the Managing Members of the Company wish to grant to Univision an option to
acquire an equity interest in the Borrowers.

                                   AGREEMENT
                                   ---------

          In consideration of the promises, the mutual covenants and the
agreements hereinafter set forth and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
covenant and agree as follows:
<PAGE>

          1.   Purchase of Subordinated Note.
               -----------------------------

               1.1  Authorization of Subordinated Note.  Pursuant to the terms
                    ----------------------------------
and conditions contained herein, the Company has authorized the issuance to
Univision of a Non-Negotiable Subordinated Note in the form of Exhibit A
attached hereto (the "Subordinated Note").

               1.2  Purchase and Sale.
                    -----------------

                    (a) Subject to the terms and conditions hereof, the Company
hereby issues and sells to Univision and Univision hereby purchases from the
Company, the Subordinated Note for the Purchase Price described in Section
1.2(b).

                    (b) The aggregate purchase price of the Subordinated Note
shall equal $7,000,000 and the delivery to the Company for cancellation of the
Prior Note (the "Purchase Price").

               2.   Representations and Warranties.  The Subordinated Note has
                    ------------------------------
been authorized by all necessary actions on the part of the Company, and is the
valid and binding obligation of the Company, enforceable against the Company in
accordance with its terms. This Agreement has been authorized by the Company and
each of the Borrowers and is a valid and binding obligation of the Company, each
of the Borrowers and each of the Managing Members enforceable against such party
in accordance with its terms. As inducement for Univision entering into this
agreement and purchasing the Subordinated Note each of the Company and the
Borrowers hereby restates and adopt in favor of and for the benefit of Univision
the representations and warranties set forth in Section 3 of the Credit
Agreement among Union Bank of California, as agent for the Banks who are parties
thereto, the Company and the Borrowers dated as of the date hereof, a copy of
which is attached hereto as Exhibit B (the "Credit Agreement") and agrees that,
until the closing of Reorganization (as hereinafter defined) to not engage in
any of the acts or activities described in Section 3 of the Subordinated Note
without the consent of Univision in accordance with the terms thereof.

          3.   Univision Option/Anti-Dilution Protection.
               -----------------------------------------

               For the purposes of this Section 3 capitalized terms not defined
herein shall have the meaning given to such terms in the Amended and Restated
Operating Agreement of the Company, a copy of which is attached hereto as
Exhibit C (the "Operating Agreement").

               3.1  Univision Option.  Univision is hereby granted a right to
                    ----------------
acquire an equity interest in the Company (as calculated in Section 3.2 below)
through the acquisition of Class A Non-Managing Membership Units for a total
exercise price of Ten Million Dollars ($10,000,000) reduced but not below $1, by
the payment to Univision of any amounts distributed pursuant to Section 3(a)(iv)
of the Subordinated Note as a Prepayment Amount (as defined in the Subordinated
Note) (the "Univision Option"). The Univision Option is exercisable only in its
entirety. In light of the unique relationship between Univision and the Company
and the special nature of the Univision Option, the Univision Option is not
assignable to any third party without

                                       2
<PAGE>

the consent of the Company, which the Company may withhold in its sole
unqualified discretion. The Univision Option is exercisable for a period of
twenty-five (25) years from the date hereof (i) at the sole option of Univision
or (ii) automatically and mandatorily at any time upon a change of FCC's rules
that would permit such conversion without attribution to Univision.
Notwithstanding anything to the contrary herein, Univision shall not exercise
any of its rights under this provision should such action constitute or result
in a change of control of a broadcast station licensee, if such change of
control would require, under then existing law, the prior approval of the
Federal Communications Commission. In such event, Univision shall only exercise
its rights upon the prior consent of the Federal Communications Commission to a
request filed with it for transfer of control of the broadcast station licensee.
The Option is exercisable only in its entirety, unless the then applicable FCC
attribution rules and regulations permit Univision to acquire a lesser percent.
Univision shall be permitted to credit the principal sum due under the
Subordinated Note to pay the Purchase Price upon Univision's exercise of the
Univision Option. This Univision Option shall expire upon the exercise of the
Borrower Option, as defined below.

          3.2  Option Percentage.  Upon exercise, the Univision Option shall
               -----------------
entitle Univision to acquire 25.55% of the sum of (i) the Class A and Class C
Non-Managing Membership Units currently issued plus (ii) the Class A and Class C
Non-Managing Membership Units to be issued upon the Reorganization (as defined
below) plus (iii) the Class A Non-Managing Membership Units to be issued to
Univision on exercise of the Univision Option (the "Option Percentage"),
including those to be issued to Valley Channel in accordance with the Operating
Agreement.  Univision's Option Percentage shall also proportionately increase
upon purchase by the Company of any Class A Non-Managing Membership Units
outstanding on the Effective Date or the non-issuance of any Class A Non-
Managing Membership Units contemplated to be issued in the Reorganization which
are not so issued.  There shall be no adjustment related to the option to
acquire 11,965 units held by Dr. Armando Navarro.

          3.3  Anti-Dilution Protection.  Univision shall have a right of first
               ------------------------
refusal to purchase any new issuance of Membership Units in the Company pursuant
to Section 7(c)(iii) of the Operating Agreement in order to maintain its
percentage interest in profits, losses and rights; except for the issuance of
non-voting Class D Membership Units to certain managers and employees
representing up to a five percent (5%) interest in profits and losses of the
Company on a fully diluted basis.  Any such additional issuances of equity shall
be evidenced by Class B Membership Units pursuant to Section 7(c)(iii) of the
Operating Agreement.  In connection with any such additional issuance, so long
as the Univision Option is outstanding, Univision shall have the right to make
an additional long term loan to the Company (the "Additional Loan") in a
Proportionate Amount (as hereinafter defined), which Additional Loan shall be on
the same terms and conditions as the Subordinated Note and shall be accompanied
by additional options to acquire Class B Membership Units (the "Additional
Option"), in an amount sufficient to allow Univision to maintain an ownership
interest in the Company equal to the then Option Percentage.  For purposes of
this Section 3.3, "Proportionate Amount" means a principal amount determined by
multiplying (i) the amount to be raised by the Company by (ii) Univision's then
existing Option Percentage.  To the extent that Univision exercises its right to
make an Additional Loan, the amount to be raised from the sale of Class B
Membership Units shall be decreased by the amount of such Additional Loan.  Such
rights of first refusal and right to make Additional Loans shall terminate upon
a public offering of the Company.

                                       3
<PAGE>

          3.4  Manner of Exercising Option.  Upon the exercise of the Univision
               ---------------------------
Option pursuant to Section 3.1 above, Univision shall take the following
actions:

               (a) Execute and deliver to the Company an agreement agreeing to
be bound by all of the terms and provisions of the then Operating Agreement of
the Company in a form reasonably satisfactory to the Company's attorneys;

               (b) Furnish to the Company appropriate documentation that the
person or persons exercising the Univision Option on behalf of Univision have
the authority to exercise the Univision Option; and

               (c) Deliver the original of the Note marked "cancelled" and "paid
in full."

As soon thereafter as practical, the Company shall mail or deliver to Univision,
if the Company's membership units are then certificated, a certificate
representing the Membership Units so purchased by Univision.

     4.   Borrower Option.
          ---------------

          4.1  Borrower Option.  As inducement for Univision entering into this
               ---------------
agreement and purchasing the Subordinated Note each of the Managing Members
hereby grant to Univision the right to purchase the same percentage of the
Capital Stock of each of the Borrowers as Univision may from time to time be
entitled to purchase from the Company pursuant to Section 3 above (the "Borrower
Option").  The Borrower Option is exercisable only in its entirety.  In light of
the unique relationship between Univision and the Company and the special nature
of the Borrower Option, the Borrower Option is not assignable to any third party
without the consent of the Company, which the Company may withhold in its sole
unqualified discretion.  The Borrower Option is exercisable for a period of
twenty-five (25) years from the Effective Date at the sole option of Univision
and shall expire upon the earlier to occur of (i) the consummation of the
transactions contemplated by the Amended and Restated Formation Agreement among
the Company and the Borrowers dated as of December 30, 1996 (the
"Reorganization") or (ii) the exercise of the Univision Option contained in
Section 3 hereof.

          4.2  Manner of Exercising Borrower Option.  Upon the exercise of the
               ------------------------------------
Borrower Option pursuant to Section 4.1 above, Univision shall take the
following actions:

               (a) Furnish to the Company appropriate documentation that the
person or persons exercising the Borrower Option on behalf of Univision have the
authority to exercise the Borrower Option; and

               (b) Deliver the original of the Subordinated Note.

                                       4
<PAGE>

As soon thereafter as practical, the Managing Members shall deliver to Univision
securities representing the interests so purchased by Univision.

          Notwithstanding the generality of the foregoing, Univision agrees to
cooperate with the Managing Members and the Borrowers in replacing the Borrower
Option with options directly from the Borrowers for newly issued securities of
Borrowers which would give Univision the same percentage interest in each of the
Borrowers after giving effect to the exercise of such options as Univision would
have if it exercised its option from the Borrower Option.

     5.   Miscellaneous.
          -------------

          5.1  Further Assurances.  Each party agrees to cooperate fully with
               ------------------
the other parties and to execute such further instruments, documents and
agreements and to give such further written assurances, as may be reasonably
requested by any other party to evidence and reflect the transactions described
herein and contemplated hereby, and to carry into effect the intents and
purposes of this Agreement.

          5.2  Rights Cumulative.  Each and all of the various rights, powers
               -----------------
and remedies of the parties hereto shall be considered to be cumulative with and
in addition to any other rights, powers and remedies which such parties may have
at law or in equity in the event of the breach of any of the terms of this
Agreement.  The exercise or partial exercise of any right, power or remedy shall
neither constitute the exclusive election thereof nor the waiver of any other
right, power or remedy available to such party.

          5.3  Notices.  All Notices, demands and requests required by this
               -------
Agreement shall be in writing and shall be deemed to have been given for all
purposes (i) upon personal delivery, (ii) one day after being sent, when sent by
professional overnight courier service from and to locations within the
continental United States, (iii) five days after posting when sent by registered
or certified mail, or (iv) on the date of transmission when sent by telegram,
telegraph, telex or facsimile transmission, addressed to the parties hereto at
the addresses set forth on the signature pages hereto.  Any party hereto may
from time to time by notice in writing served upon the others as provided
herein, designate a different mailing address or a different person to which
such notices or demands are thereafter to be address or delivered.

          5.4  Captions.  Captions are provided herein for convenience only and
               --------
they are not to serve as a basis for interpretation or construction of this
Agreement, nor as evidence of the intention of the parties hereto.

          5.5  Severability.  If any clause, provision or section of this
               ------------
Agreement is ruled invalid by any court of competent jurisdiction, the
invalidity of such clause, provision or section shall not affect any of the
remaining provisions hereof.  The parties further agree to replace such void or
unenforceable provisions of this Agreement with valid and enforceable provisions
which will achieve, to the extent possible, the economic, business and other
purposes of the void or unenforceable provisions.

                                       5
<PAGE>

          5.6  Governing Law.  This Agreement shall be governed, interpreted,
               -------------
construed and enforced in accordance with the laws of the State of California.

          5.7  Entire Agreement.  This writing is the complete and exclusive
               ----------------
statement of the agreement between the parties with respect to the transactions
contemplated hereby and supersedes any prior proposal, agreement or
communication relating to the subject matter of this Agreement, and may not be
modified except by writing signed by all of the parties hereto.

          5.8  Waiver of Breach.  The failure of any party hereto at any time to
               ----------------
require performance by the other shall in no way affect their right thereafter
to enforce the same, nor shall the waiver by either party hereto of any breach
of any provision(s) hereof be taken or held to be a waiver of any succeeding
breach or as a waiver of the provision itself.

          5.9  Successors and Assigns.  Except as otherwise provided herein, the
               ----------------------
provisions hereof shall inure to the benefit of, and be binding upon, the
successors, assigns, heirs, executors and administrators of the parties hereto.
Except as provided in Section 3.1 herein and above, which shall be controlling,
Univision may transfer or assign its rights and obligations hereunder.

          5.10 Attorneys' Fees.  If any action is brought to enforce the terms
               ---------------
of this Agreement, the prevailing party shall be entitled to reasonable
attorneys' fees, costs, and disbursements in addition to any other relief to
which the party may be entitled.

          5.11 Survival.  Except as otherwise provided in this Agreement, none
               --------
of the terms, provisions, agreements or representations contained in this
Agreement shall survive the termination of this Agreement.

          5.12 Counterparts.  This Agreement may be executed simultaneously in
               ------------
multiple counterparts, each of which shall be deemed an original, but all of
which taken together shall constitute one and the same instrument.

                                       6
<PAGE>

          IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as of the Effective Date and, as applicable in their respective
corporate names by their duly authorized officers.

                               UNIVISION COMMUNICATIONS INC.,

                               a Delaware corporation

                               By: /s/ Andrew W. Hobson

                               Name:___________________________
                               Title:__________________________
                               ________________________________
                               ________________________________

                               ENTRAVISION COMMUNICATIONS
                               COMPANY, L.L.C.,
                               a Delaware limited liability company

                               By: /s/ Walter F. Ulloa  /s/ Philip C. Wilkinson

                               Name:___________________________
                               Title:__________________________
                               ________________________________
                               ________________________________

                               BORROWERS

                               KSMS-TV, INC.

                               By: /s/ Walter F. Ulloa

                               Name: __________________________
                               Title: _________________________

                               11900 Olympic Boulevard, Suite 590
                               Los Angeles, California 90064
                               Fax No.: (310) 979-8804

                               TIERRA ALTA BROADCASTING, INC.

                               By: /s/ Walter F. Ulloa

                               Name: __________________________
                               Title: _________________________

                               22 Commerce Center Way
                               Henderson, Nevada  89015
                               Fax No.: (702) _____________

                                       7
<PAGE>

                               CABRILLO BROADCASTING
                               CORPORATION

                               By: /s/ Philip C. Wilkinson
                               Name: ____________________________________
                               Title: ___________________________________

                               KBNT-TV, Channel 19
                               5764 Pacific Center Boulevard, Suite 110
                               San Diego, California 92121
                               Fax No.: (619) 597-1909

                               GOLDEN HILLS BROADCASTING
                               CORPORATION

                               By: /s/ Walter F. Ulloa
                               Name: ____________________________________
                               Title: ___________________________________

                               KCEC
                               777 Grant Street, Suite 110
                               Denver, Colorado 80203

                               Fax No.:  (303) 832-3410

                               LAS TRES PALMAS CORPORATION

                               By: /s/ Walter F. Ulloa
                               Name: ____________________________________
                               Title: ___________________________________

                               KVER-TV
                               41601 Corporate Way
                               Palm Desert, California  92260-1904
                               Fax No.: (619) 341-0951

                               MANAGING MEMBERS

                               WALTER E. ULLOA

                               /s/ Walter F. Ulloa

                               PHILIP C. WILKINSON

                               /s/ Philip C. Wilkinson

                                       8
<PAGE>

EXHIBITS

Exhibit A  Non-Negotiable Subordinated Note and Option Agreement

Exhibit B  Credit Agreement

Exhibit C  Operating Agreement

The registrant hereby agrees to furnish a copy of any omitted schedule or
exhibit upon request.

                                       9

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