Document:

exhibit101.htm

    
      

    

    EXHIBIT
A

    

    AMENDMENT
NO. 4

    TO
THE

    GULFMARK
OFFSHORE, INC.

    1997
INCENTIVE EQUITY PLAN

    

    

     

    Pursuant
to the terms and provisions of Article 6 of the GulfMark Offshore, Inc. 1997
Incentive Equity Plan (the “Plan”), GulfMark Offshore, Inc., a Delaware
corporation (the “Company”) hereby adopts the following Amendment No. 4 to the
Plan (the “Amendment No. 4”).

     

    

     

    ARTICLE
I.  AMENDMENTS TO THE PLAN

    

     

    1.01           The
last sentence of Section 1.2 of the Plan is amended to read as
follows:

     

    Awards
may also be granted to replace awards under a plan or arrangement of a business
entity, all or a portion of which is acquired by the Company or a Related
Company.

     

    

     

    ARTICLE
II.  ADOPTION OF AMENDMENT

    

     

    2.01.                      Each
amendment made by this Amendment No. 4 to the Plan has been effected in
conformity with the provisions of the Plan.  This Amendment No. 4 was
adopted by the Board of Directors of the Company on March 20, 2008.

     

    

     

    Dated:
March 20, 2008

     

     

    GulfMark
Offshore Inc.

     

     

    By:                           /s/
Edward A.
Guthrie                                              

    Name:                      Edward
A. Guthrie

    Title:                      
 Executive Vice President – Finance and Secretary

    

     

    
      
        
          1ex10-1.htm

    

    EXECUTION
      COPY

    

    

    

    

    

    

    

    

    ASSET
      PURCHASE AGREEMENT

    

    by
      and among

    

    RADIO
      ONE, INC. and

    RADIO
      ONE LICENSES, LLC,

    

    

    as
      Sellers

    

    and

    

    BONNEVILLE
      INTERNATIONAL CORPORATION and

    BONNEVILLE
      HOLDING COMPANY

    

    as
      Buyers

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    March
      24, 2008

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    TABLE
      OF
      CONTENTS

    

      
         

         

      

      ARTICLE
        1   ASSETS TO BE CONVEYED

       

      1.1           
        Transfer of Assets of the Station

       

      1.2           
        Excluded Assets

       

      1.3           
        Assumption of Liabilities and Obligations

       

      1.4           
        Time Brokerage Agreement; Call Sign Change

       

      1.5           
        Allocation

       

      ARTICLE
        2   PURCHASE PRICE

       

      2.1           
        Purchase Price

       

      2.2           
        Escrow of Purchase Price

       

      2.3           
        Prorations

       

      ARTICLE
        3   CLOSING

       

      3.1           
        Closing

       

      ARTICLE
        4   REPRESENTATIONS AND WARRANTIES OF SELLERS

       

      4.1           
        Organization and Standing

       

      4.2           
        Authorization and Binding Obligation

       

      4.3           
        Absence of Conflicting Agreements or Required Consents

       

      4.4           
        Litigation

       

      4.5           
        Station Licenses

       

      4.6           
        Real Property

       

      4.7           
        Contracts

       

      4.8           
        Compliance with Laws

       

      4.9           
        Governmental Consents

       

      4.10           
        Taxes

       

      4.11           
        Reports

       

      4.12           
        Environmental Matters

       

      4.13           
        Broker’s Fees

       

      4.14           
        Insurance

       

      4.15           
        Personal Property

       

      4.16           
        Disclaimer of Warranties

       

      4.17           
        Buyers’ Representations and Warranties

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        5   REPRESENTATIONS AND WARRANTIES OF BUYERS

       

      5.1           
        Organization and Standing

       

      5.2           
        Authorization and Binding Obligation

       

      5.3           
        Absence of Conflicting Agreements or Required Consents

       

      5.4           
        Absence of Litigation

       

      5.5           
        FCC Qualifications

       

      5.6           
        Broker’s Fees

       

      5.7           
        Sellers’ Representations and Warranties

       

      ARTICLE
        6   GOVERNMENTAL CONSENTS

       

      6.1           
        FCC Application

       

      6.2           
        HSR Filings

       

      ARTICLE
        7   COVENANTS

       

      7.1           
        Conduct of Business

       

      7.2           
        Access

       

      7.3           
        No Inconsistent Action

       

      7.4           
        Confidentiality

       

      7.5           
        Further Assurances

       

      7.6           
        Transition Efforts

       

      7.7           
        Press Releases

       

      7.8           
        FCC Authorizations

       

      7.9           
        Consents; Benefit of Agreements

       

      ARTICLE
        8   CONDITIONS PRECEDENT

       

      8.1           
        To Buyers’ Obligations Regarding Closing

       

      8.2           
        To Sellers’ Obligations

       

      ARTICLE
        9   DOCUMENTS TO BE DELIVERED AT THE CLOSING

       

      9.1           
        Documents to be Delivered by Sellers

       

      9.2           
        Documents to be Delivered by Buyers

       

      ARTICLE
        10   INDEMNIFICATION

       

      10.1           
        Sellers’ Indemnities

       

      10.2           
        Buyers’ Indemnities

       

      10.3           
        Procedure for Indemnification

       

      10.4           
        Limitations

       

      10.5           
        Exclusive Remedies

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        11   TERMINATION RIGHTS

       

      11.1           
        Termination

       

      11.2           
        Payment of Escrow Amount

       

      11.3           
        Exclusive Remedies Upon Default

       

      11.4           
        Other Effects of Termination

       

      ARTICLE
        12   OTHER PROVISIONS

       

      12.1           
        Survival of Representations, Warranties and Covenants

       

      12.2           
        Transfer Taxes and Expenses

       

      12.3           
        Benefit and Assignment

       

      12.4           
        Additional Documents

       

      12.5           
        Entire Agreement; Schedules; Amendment; Waiver

       

      12.6           
        Headings

       

      12.7           
        Computation of Time

       

      12.8           
        Governing Law

       

      12.9           
        Attorneys’ Fees

       

      12.10           
        Severability

       

      12.11           
        Notices

       

      12.12           
        Counterparts

       

      12.13           
        Facsimile or PDF Signatures

       

      ARTICLE
        13   DEFINITIONS

       

      13.1           
        Defined Terms

       

      13.2           
        Miscellaneous Terms

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ASSET
      PURCHASE AGREEMENT

     

    This
      Asset Purchase Agreement (“Agreement”)
      is made as of the 24th
      day of
      March, 2008, by and among RADIO ONE, INC., a Delaware corporation (“Radio
      One”), RADIO ONE
      LICENSES, LLC, a
      Delaware limited liability company (“Licensee,”
      and together with Radio One, “Sellers”),
      BONNEVILLE INTERNATIONAL
      CORPORATION, a Utah corporation (“BIC”),
      and BONNEVILLE HOLDING
      COMPANY, a Utah non-profit corporation (“BHC,”
      and together with BIC,
“Buyers”).  Reference
      herein to a “Party”
or
      the “Parties”
      shall refer, on the one hand, to the Buyers, and on the other hand, to the
      Sellers.  Capitalized terms shall have the meanings ascribed to them
      in Article 13 of this Agreement.

     

    RECITALS

     

    WHEREAS,
      Radio One operates radio station KRBV(FM), licensed to Los Angeles, California
      (the “Station”),
      and Licensee is the holder of the license and authorizations issued by the
      Federal Communications Commission (the “FCC”)
      for
      the operation of the Station;

     

    WHEREAS,
      subject to the terms and conditions of this Agreement, (i) Radio One desires
      to
      sell and BIC desires to purchase certain of the assets and property used in
      the
      operation of the Station, and (ii) Licensee desires to assign and BHC desires
      to
      assume Licensee’s FCC licenses for the Station; and

     

    WHEREAS,
      Sellers and Buyers are, simultaneously with the execution and delivery of this
      Agreement, entering into a Time Brokerage Agreement for the Station (the “Time
      Brokerage
      Agreement”), pursuant to which, on the Operational Commencement Date
      (defined below), BIC shall provide programming on the Station pending the
      Closing of the transaction contemplated in this Agreement.

     

    AGREEMENT

     

    NOW,
      THEREFORE, in consideration of the mutual covenants contained herein, Sellers
      and Buyers hereby agree as follows:

     

    ARTICLE
      1

     

    ASSETS
      TO BE CONVEYED

     

    1.1 
      Transfer of Assets of the Station.  Subject
      to the terms and conditions set forth in this Agreement, Licensee hereby agrees
      to sell, assign, transfer, convey and deliver to BHC on the Closing Date those
      items listed in subsection (a) below and Radio One hereby agrees to sell,
      assign, transfer, convey and deliver to BIC on the Closing Date those items
      listed in subsections (b) through (g) below, together with any replacements
      thereof and additions thereto between the date of this Agreement and the Closing
      Date, free and clear of all Liens, except as otherwise provided in this
      Agreement, but excluding the assets described in Section 1.2 (collectively,
      the“Assets”):

     

            (a) 
      All
      licenses, permits and other authorizations issued to Licensee by the FCC listed
      on Schedule
      1.1(a) attached hereto, together with renewals or modifications thereof
      between the date hereof and the Closing Date (the “FCC
      Licenses”);

     

            (b) All
      right, title and interest held by Sellers in and to each lease or sublease
      (including all amendments, modifications or supplements) under which either
      Seller leases or subleases an interest in any real property listed in Schedule 1.1(b) (the
“Real
      Property”), including but not limited to the Station’s studio location,
      main transmitter site and each auxiliary or translator site (each a “Real
      Property
      Lease” and, collectively, the “Real
      Property
      Leases”);

     

            (c) The
      towers, transmitters, antennas, receivers, spare parts and other tangible
      personal property owned by Sellers and located at the Station’s main transmitter
      site and each auxiliary or translator site, together with all studio equipment,
      office equipment, office furniture, fixtures, materials and supplies,
      inventories, and other tangible personal property owned by Sellers and located
      at the Station’s studio, including the items listed on Schedule 1.1(c),
      together with replacements thereof and additions thereto made between the date
      hereof and the Closing Date in accordance with the terms and provisions of
      this
      Agreement (collectively, the “Personal
      Property”);  

     

            (d) All
      contracts (including the Real Property Leases) of Sellers listed on Schedule 1.1(d)
      hereto (the “Assumed
      Contracts”);

     

            (e) The
      Intellectual Property listed on Schedule
      1.1(e);

     

            (f) The
      Station’s public inspection file, filings with the FCC relating to the Station,
      all records required by the FCC to be kept by the Station, all records relating
      to the Real Property and the Personal Property, and such technical information,
      engineering data, and, to the extent transferable, rights under
      manufacturers’ warranties
      as they exist at the Closing and relate to the Assets being conveyed hereunder;
      and

     

            (g) Sellers’
      proprietary information, technical information and data, operating manuals,
      books, studies, records, reports, ledgers, files, correspondence, maps, computer
      discs and tapes, plans, diagrams, blueprints and schematics, including filings
      with the FCC, relating to the technical operation of the Assets; provided,
      however, that Sellers may provide Buyers copies of any such items, if the
      original cannot be located or if it relates to Excluded Assets.

     

    1.2 
      Excluded Assets.  Except
      for the Assets specifically identified above (which identification,
      notwithstanding anything to the contrary set forth herein, shall control in
      the
      event of any disagreement with the definition of Excluded Assets below), no
      other assets shall be transferred to Buyers hereunder, including the following,
      which shall not be included in the Assets (collectively, the “Excluded
      Assets”):

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

            (a) 
      All
      cash, cash equivalents or similar investments such as certificates of deposit,
      treasury bills and other marketable securities on hand and/or in banks and
      deposits of either of the Sellers;

     

            (b) All
      accounts receivable of Sellers arising from the operation of the Station prior
      to the Operational Commencement Date (as defined below) of the Time Brokerage
      Agreement (as defined below) (the “Accounts
      Receivable”);

     

            (c) Except
      as
      set forth in Section 12.12 (Casualty), any insurance policies, promissory notes,
      amounts due from employees, bonds, letters of credit, or other similar items,
      and any cash surrender value in regard thereto of either of the
      Sellers;

     

            (d) Any
      pension, profit-sharing or cash or deferred (Section 401(k)) plans and trusts
      and assets thereof, or any other employee benefit plan or arrangement, and
      the
      assets thereof;

     

            (e) Duplicate
      copies of such records as may be necessary to enable Sellers to prepare and
      file
      tax returns and reports, all original financial statements and supporting
      materials, all books and records that Sellers are required by law to retain,
      and
      all records of Sellers relating to the purchase and sale of the
      Assets;

     

            (f) Any
      interest in and to any refunds of federal, state or local franchise, income
      or
      other taxes of the Sellers for periods prior to the Closing;

     

            (g) All
      tangible and intangible personal property of Sellers related to the Station
      and
      disposed of or consumed between the date of this Agreement and the Closing
      in
      the ordinary course of business consistent with Section 7.1 hereof;

     

            (h) The
      financial records, account books of original entry and general ledgers and
      all
      corporate records of each of the Sellers, including, but not limited to, tax
      returns and transfer books;

     

            (i) All
      promotional, sales, marketing and programming agreements and materials related
      to the operation of the Station;

     

            (j) All
      Intellectual Property used or held for use in the operation of the Station
      other
      than the Intellectual Property listed on Schedule
      1.1(e);

     

            (k) All
      assets used or held for use primarily in the operation of Sellers’ other radio
      stations; and

     

            (l) 
      Any
      other assets identified on Schedule
      1.2(l).

     

    1.3 
      Assumption of Liabilities and Obligations.
 Subject
      to obligations
      already assumed under the Time Brokerage Agreement, BIC shall assume and
      undertake to pay, discharge and perform all obligations and liabilities of
      Sellers (as to the Assumed Contracts and other Assets (but not as to the
      Licenses)) and BHC shall assume and undertake to discharge and perform all
      obligations and liabilities of Licensee (as to the FCC Licenses) arising or
      accruing after the Closing.  Buyers shall not assume (i) any
      obligation or liabilities under Assumed Contracts relating to the period prior
      to the Closing, (ii) any obligations or liabilities of Sellers which are
      unrelated to the Assets being sold hereunder, (iii) any obligations relating
      to
      employees of Sellers, (iv) any obligations relating to the Excluded Assets,
      (v)
      any federal, state or local franchise, income or other taxes of Sellers, or
      (vi)
      any other obligation or liability of either Seller.

     

    1.4 
      Time Brokerage Agreement; Call Sign Change.  

     

    (a)           
      Simultaneously with the execution and delivery of this Agreement, the Sellers
      and BIC are entering into the Time Brokerage Agreement. BIC’s programming of the
      Station under the Time Brokerage Agreement shall commence on the later of April
      1, 2008 or that date which is two (2) business days after the expiration or
      termination of any waiting period applicable to the proposed transaction under
      the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”)
      (the “Operational
      Commencement Date”).  To the extent that any assets and
      liabilities are prorated under the Time Brokerage Agreement, any obligation
      of
      Sellers under this Agreement to prorate such assets or liabilities shall be
      deemed satisfied.  Notwithstanding anything to the contrary contained
      in this Agreement or otherwise, Sellers shall not be deemed to have breached
      or
      failed to comply with any representations, warranties, covenants, or agreements
      with respect to the Station or the Assets if such breach or failure is caused
      by
      any act, omission or instruction of BIC under or in connection with the Time
      Brokerage Agreement or any activities or transactions by BIC in furtherance
      thereof or in connection therewith.

     

    (b)           
      Buyer has selected (or shall select) new call letters for the Station and has
      notified (or shall notify) Sellers of its selection (the “New Call
      Letters”).  Sellers shall make and diligently prosecute any
      such selection at the FCC (requesting the New Call Letters and that the New
      Call
      Letters will become effective as promptly as possible (i.e., seven (7) days
      from
      filing), but not earlier than the Operational Commencement Date) until the
      New
      Call Letters become effective (subject to any FCC denial or prior third-party
      filing for the New Call Letters), and shall implement such call letter change
      once such change has become effective.  In the event that this
      Agreement terminates without a Closing, Sellers and Buyers will cooperate to
      change the call letters of the Station from the New Call Letters (which may
      remain with Buyers) to call letters selected by Sellers, and shall make
      application filing with the FCC to effect such change.  The previous
      sentence will survive any termination of this Agreement.

     

    1.5 Allocation.  The
      Purchase Price shall be
      allocated based upon the fair market value of the Assets.  Sellers and
      Buyers may each obtain an appraisal of the Assets prepared by Bond & Pecaro,
      Inc. using valuation methods of their choosing, and shall provide each other
      with a copy of any such appraisal, if obtained, as soon as reasonably possible
      following Closing and shall disclose to one another the allocation that each
      intends to use in their respective filings and the bases therefor.  If
      Sellers and Buyers plan to use allocations that are inconsistent with one
      another, they will discuss such allocations for a period of up to 60 days
      following Closing (or such shorter time period sufficient to allow the Parties
      to file their tax returns when due) in an effort to reach an allocation upon
      which both agree.  If a mutually agreeable allocation is not reached,
      then Buyers and Sellers shall each be free to use their own allocation in their
      respective filings.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    ARTICLE
      2

     

    PURCHASE
      PRICE

     

    2.1 
      Purchase Price.  The
      purchase price for the Assets shall be One Hundred Thirty-Seven Million Five
      Hundred Thousand Dollars ($137,500,000) (the “Purchase
      Price”), payable in cash at the Closing, less that portion of the Escrow
      Amount (as defined below) simultaneously delivered to Sellers, and subject
      to
      the prorations set forth in Section 2.3, by wire transfer of immediately
      available funds to one or more accounts at banks or other financial institutions
      pursuant to wire transfer instructions that Sellers shall deliver to Buyers
      at
      least three (3) days prior to the Closing Date.

     

    2.2 
      Escrow of Purchase Price.  Simultaneously
      with the execution and delivery of this Agreement, Buyers will deposit Eleven
      Million Dollars ($11,000,000) (the “Escrow
      Amount”) into escrow.  The Escrow Amount shall be held and
      disbursed by Wilmington Trust NA (the “Escrow
      Agent”), pursuant to the terms of an Escrow Agreement in the form
      attached hereto as Exhibit “A” (the “Escrow
      Agreement”), which Escrow Agreement shall be signed by Sellers, Buyers
      and Escrow Agent simultaneously with the execution of this
      Agreement.  At the Closing, the Parties shall cause the Escrow Amount
      to be paid to the Sellers and all interest accrued on the Escrow Amount to
      be
      paid to Buyers.  Buyers and Sellers agree to give the Escrow Agent
      joint written instructions in accordance with the terms of this Agreement and
      the Escrow Agreement.

     

    2.3 Prorations.  Income
      and Expense
      Prorations.  Subject to those prorations already made under the
      terms of the Time Brokerage Agreement, all income and expenses arising from
      the
      conduct of the business and operations of the Station shall be prorated between
      Buyers and Seller as of 12:01 a.m. local time on the Closing
      Date.  Except as specifically addressed in the Time Brokerage
      Agreement, such prorations shall be based upon the principle that Sellers shall
      be entitled to all income earned and shall be responsible for all liabilities
      and obligations accruing in connection with the Station’s operations until the
      Closing Date, and BIC shall be entitled to such income earned and be responsible
      for such liabilities and obligations accruing in connection with such operations
      thereafter.  Such prorations shall include all ad valorem and other
      property taxes (but excluding taxes arising by reason of the transfer of the
      Assets as contemplated hereby, which shall be paid as set forth in Section
      12.2
      of this Agreement), deposits, utility expenses, liabilities and obligations
      under all Assumed Contracts, rents and similar prepaid and deferred items,
      and
      all other expenses attributable to the ownership and operations of the
      Station.  All real estate taxes and personal property taxes, if any,
      shall be apportioned on the basis of the number of days that each Party owned
      or
      used the Real Property or Personal Property during the relevant tax
      year.   The aggregate net adjustment amount determined in
      accordance with this Section is referred to herein as the “Proration
      Amount.”

     

            (a) Specific
      Prorations.  Subject to those prorations already made under the
      terms of the Time Brokerage Agreement, and without limiting the generality
      of
      the foregoing Section 2.3(a):

     

                (i) Sellers
      shall receive a credit for the unapplied portion, as of the Closing, of any
      security deposits made by Sellers under the Assumed Contracts; and

     

                (ii) The
      Buyers shall receive a prorated credit for any FCC annual regulatory fees
      relating to the Station paid in arrears by the Buyers and any security deposits
      received by Sellers under the Assumed Contracts.

        

            (b) Proration
      Notice.  To the extent sufficient information is available
      regarding proration items as of the Closing Date, proration shall be made as
      of
      the Closing Date.  Within ninety (90) days after the Closing Date, the
      Buyers shall deliver to Sellers in writing and in reasonable detail a good
      faith
      determination of the Proration Amount determined as of the Closing Date (the
      “Proration
      Notice”).  Sellers shall provide reasonable assistance as
      requested by the Buyers in making such determination.  Buyers shall
      provide Sellers backup documentation supporting the Buyers’ preparation of the
      Proration Amount.   If Sellers disagree with the Proration Amount
      determined by Buyers, Sellers shall so notify the Buyers in writing (the “Proration
      Dispute
      Notice”) within thirty (30) days after the date of receipt of the
      Proration Notice, specifying in detail any point of disagreement and providing
      backup documentation supporting Seller’s calculations.  After the
      receipt of any Proration Dispute Notice, the Buyers and Sellers shall negotiate
      in good faith to resolve any disagreements regarding the applicable Proration
      Amount.  If agreement is reached within thirty (30) days after the
      Buyers’ receipt of the Proration Dispute Notice, then upon reaching such
      agreement, Sellers shall pay to the Buyers or the Buyers shall pay to Sellers,
      as the case may be, the Proration Amount in the manner provided in Section
      2.3(c) below.  

     

            (c) Payment
      of Proration
      Amount. Each payment of the Proration Amount required hereunder shall be
      paid by wire transfer in immediately available funds to the account of the
      payee
      at a financial institution in the United States within five (5) business days
      of
      its final determination.  Any payment not received by the Party
      entitled thereto within this period shall bear interest from such date until
      paid in full at a rate per annum equal to the prime rate in effect at the end
      of
      such period (as published in the Money Rates column of Eastern Edition of The Wall Street Journal)
plus
      four percent (4%).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      3

     

    CLOSING

     

    3.1 
      Closing.  Subject
      to satisfaction or waiver of the conditions set forth in Sections 8.1 and 8.2
      and subject to the provisions of Section 11.1, the closing (the “Closing”)
      of the sale and purchase of the Assets shall take place at a mutually agreeable
      location or by electronic exchange of signatures and payments on a date mutually
      agreeable to Buyers and Sellers no later than the fifth (5th)
      business day after the date of the FCC Consent (defined below); provided that
      such date shall be no later than the Upset Date (defined below) (the “Closing
      Date”).

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      4

     

    REPRESENTATIONS
      AND WARRANTIES OF SELLERS

     

    Each
      Seller, each as to itself and its Assets, represents and warrants jointly and
      severally to Buyers that, subject to the specific terms herein and to the
      disclosures in the schedules referenced in this Article 4 (the “Schedule
      of
      Exceptions”), the following representations and warranties are true and
      correct as of the date of this Agreement and will be true and correct as of
      the
      Closing Date:

     

    4.1 Organization
      and Standing. Each
      Seller (a) is duly formed, validly existing and in good standing under the
      laws
      of the State of Delaware, (b) is qualified to do business in all jurisdictions
      where failure to do so would have a material adverse effect on the business
      of
      the Station, and (c) has all necessary power and authority to own, operate
      and
      lease its respective Assets and carry on the business of the Station.

     

    4.2 Authorization
      and Binding
      Obligation. Each
      Seller has all
      necessary power and authority to enter into and perform its respective
      obligations under this Agreement and the documents contemplated hereby and
      to
      consummate the transactions contemplated hereby and thereby.  This
      Agreement and the Time Brokerage Agreement have been, and each of the other
      documents contemplated hereby at or prior to Closing will be, duly executed
      and
      delivered by Sellers, and have been approved by all necessary corporate or
      other
      action.  This Agreement constitutes (and each of the other documents
      contemplated hereby, when executed and delivered, will constitute) valid and
      binding obligations enforceable against Sellers in accordance with their terms,
      except as may be limited by applicable bankruptcy, insolvency or similar laws
      affecting creditors’ rights generally or the availability of equitable
      remedies.

     

    4.3 Absence
      of Conflicting Agreements or Required
      Consents.  Except
      for the FCC Consents, HSR
      Clearance (defined below) and necessary consents to assignment indicated on
      Schedules 1.1(b)
      and
      1.1(d), the execution, delivery and performance of this Agreement and the
      documents contemplated hereby by each of the Sellers, respectively, do not
      and
      will not:  (a) violate any provisions of the organizational documents
      of such Seller; (b) violate any applicable law, judgment, order, ordinance,
      injunction, decree, rule, regulation or ruling of any court or governmental
      authority; (c) constitute a material default under, or accelerate or permit
      the
      acceleration of any performance required by the terms of any of the Assumed
      Contracts, assuming any necessary consents are obtained; and (d) create any
      claim, Lien or encumbrance upon any of the Assets, except in each of the above
      instances where such breach or default would not have a material adverse effect
      on the Assets or on the ability of the Sellers to consummate the transactions
      contemplated by this Agreement.

     

    4.4 
      Litigation.  Except
      as disclosed on Schedule 4.4, there
      are no claims, litigation, arbitrations or other legal proceedings pending
      or,
      to the Knowledge of Sellers, threatened against Sellers with respect to the
      Assets or operation of the Station, except where such claims, litigation,
      arbitrations or other legal proceedings could not reasonably be expected to
      have
      a material adverse effect on the financial condition of the Station or on the
      ability of the Parties to consummate the transactions contemplated by this
      Agreement.

     

    4.5 
      Station Licenses.

     

            (a) Schedule
      1.1(a)
      contains a true and complete list of the FCC Licenses used or held for use
      in
      connection with the operation of the Station as currently
      operated.  Licensee is the authorized legal holder of the FCC Licenses
      listed on Schedule
      1.1(a).  Except as set forth on Schedule
      1.1(a), the
      FCC Licenses are in good standing and in full force and effect.  The
      Station and the facilities of the Station are being and have been operated
      during Sellers’ ownership and operation of the Stations in material compliance
      with the FCC Licenses, the Communications Act and all FCC rules and
      policies.  Except as set forth on Schedule 1.1(a), the
      FCC Licenses are all of the FCC licenses, permits and authorizations required
      for the operation of the Station as presently operated.

     

            (b) Except
      as
      set forth in Schedule
      1.1(a), and except for proceedings affecting the radio broadcasting
      industry generally, (i) to the Knowledge of Sellers, there are no applications,
      petitions, complaints, investigations, notices of violations, notice of apparent
      liabilities, pending license terminations, forfeitures, proceedings or other
      actions pending or threatened from or before the FCC relating to the Station
      or
      the FCC Licenses, (ii) Sellers have not filed with the FCC any applications
      or
      petitions relating to the Station or the FCC Licenses which are pending before
      the FCC and (iii) there are no tolling or similar agreements with the FCC
      relating to the Station.  Sellers and the Assets are in compliance
      with all rules and regulations of the Federal Aviation Administration applicable
      to the Station.  Each antenna structure that is required to be
      registered with the FCC has been registered with the FCC.  All
      material reports and other filings required by the FCC with respect to the
      Station have been properly and timely filed.

     

            (c) The
      operation of the Station does not expose workers or others to levels of radio
      frequency radiation in excess of the “Radio Frequency Protection Guides”
recommended in “American National Standard Safety Levels with Respect to Human
      Exposure to Radio Frequency Electromagnetic Fields 3 kHz to 300 GHz” (ANSI/IEEE
      C95.1-1992), issued by the American National Standards Institute, and renewal
      of
      the FCC Licenses would not constitute a “major action” within the meaning of
      Section 1.1301, et
      seq., of the FCC’s rules.

     

    4.6 
      Real Property. The
      list of Real
      Property Leases set forth on Schedule 1.1(b) is a
      correct and complete list of all of the interests in real estate used in
      connection with the operation of the Station.  Sellers have a valid
      leasehold interest in and to each Real Property Lease.  Sellers have
      not received any notice (i) that either the whole or any portion of the Real
      Property is to be condemned, requisitioned or otherwise taken by any public
      authority, (ii) of violation by Sellers of restrictive covenants, deed
      restrictions or governmental requirements on the Real Property which have not
      been remedied,  or (iii) of any violation by Sellers of any zoning or
      similar land use law or restriction, or of any proceedings which would cause
      the
      change, redefinition or other modification of the zoning
      classification.  Sellers have not received any notice of any pending
      or threatened termination or impairment of access to the Real Property or
      discontinuation of sewer, water, electrical, gas telephone or other utilities
      or
      services to the Real Property.  To the Knowledge of Sellers, the Real
      Property includes sufficient access to the Station’s facilities from public
      roads without need to obtain any other access rights.

     

    4.7 
      Contracts.  Schedules
      1.1(b) and
      1.1(d) list all agreements with respect to the Station to be conveyed
      hereunder.  Each of the Assumed Contracts is in full force and effect
      and is legally valid, binding and enforceable by Seller in accordance with
      their  terms, except as limited by laws affecting creditor’s rights or
      equitable principles generally.  Except as disclosed on Schedule 1.1(d),
      neither Sellers nor, to the Knowledge of Sellers, any other party thereto is
      in
      any material respect in default under the Assumed Contracts.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.8 
      Compliance with Laws.  Except
      as set forth in Schedule 4.8, Sellers
      have complied in all material respects with, and are not in any material respect
      in violation of, applicable federal, state or local laws, statutes, rules,
      regulations or orders relating to the ownership and operation of the Station,
      except where such violation would not have a material adverse effect on the
      Assets or on the ability of the Parties to consummate the transactions
      contemplated by this Agreement.  Sellers have
      not received any notice asserting any
material noncompliance
      with any applicable
      statute, rule or regulation, relating to the Assets
      or in connection with the
      operation of the
      Station. There
      is no pending or, to the Knowledge of
      each of the
      Sellers, threatened
      investigation, audit, review or other examination of the Station, and
Sellers are
      not subject to any order, agreement,
      memorandum of understanding or other regulatory enforcement action or proceeding
      with or by the FCC or any other federal or state governmental agency having
      supervisory or regulatory authority with respect to the Station or the Assets.

     

    4.9 
      Governmental Consents.  Except
      for the FCC Consent and the HSR Clearance (defined below), the execution,
      delivery and performance by the Sellers of this Agreement and the other
      documents contemplated herein, and the consummation by the Sellers of the
      transactions contemplated hereby and thereby, do not and will not require the
      authorization, consent, approval, exemption, clearance or other action by or
      notice or declaration to, or filing with, any court, administrative or other
      governmental body.

     

    4.10 
      Taxes.  All
      federal, state, local and other Tax returns, reports and declarations required
      to be filed by the Sellers have been filed or caused to be filed, and all Taxes
      (including, but not limited to, income, franchise, sales, use, unemployment,
      personal property, real property, withholding, social security and workers’
compensation taxes and estimated income and franchise tax payments, penalties
      and fines) reflected as due on such returns, reports or declarations (whether
      or
      not shown on such returns, reports or declarations), or pursuant to any
      assessment received in connection with such returns, reports or declarations
      have been paid, the non-filing or non-payment of which is reasonably likely
      to
      have a material adverse impact on the Assets.  To the Knowledge of the
      Sellers, (i) all such returns, reports and declarations are true, complete
      and
      correct in all material respects; (ii) no deficiency in payment of any Taxes
      related to the Assets for any period has been asserted by any taxing authority
      which remains unsettled as of the date hereof, no written inquiries have been
      received from any taxing authority with respect to possible claims for taxes
      or
      assessments on the Assets, and there is no basis for any additional claims
      or
      assessments for Taxes on the Assets, the consequences of which, in each case,
      is
      reasonably likely to have a material adverse impact on the Assets.

     

    4.11 
      Reports.  All
      reports and statements that either of the Sellers are required to file with
      the
      FCC in respect of the Station have been filed, and all reporting requirements
      of
      the FCC have been complied with in all material respects.

     

    4.12 
      Environmental Matters.  In
      respect of the Real Property:

     

            (a) 
      Neither
      Seller has received any notice from any governmental authority that the Sellers
      have ever been in violation or alleged violation of any judgment, decree, order,
      law, license, rule or regulation pertaining to environmental matters, including
      those arising under the Resource Conservation and Recovery Act, the
      Comprehensive Environmental Response, Compensation and Liability Act of 1980
      as
      amended, the Superfund Amendments and Reauthorization Act of 1986, the Federal
      Water Pollution Control Act, the Solid Waste Disposal Act, as amended, the
      Federal Clean Air Act, the Toxic Substances Control Act, or any federal, state
      or local statute, regulation, ordinance, order or decree relating to the
      environment (hereinafter collectively “Environmental
      Laws”) at the Real Property;

     

            (b) Neither
      Seller has received written notice from any third party, including any federal,
      state or local governmental authority, that any hazardous waste, as defined
      by
      42 U.S.C. § 6903(5), any hazardous
      substance, as defined by 42 U.S.C. § 9601(33), or any toxic
      substance, oil or hazardous material, asbestos containing material or other
      hazardous chemical or hazardous substance regulated by any Environmental Laws
      (collectively, “Hazardous
      Substances”) is or has been used or stored at the Real Property by either
      Seller in material violation of Environmental Laws, and the only Hazardous
      Substances used or stored at the Real Property by Sellers are used in connection
      with the Station’s transmission facilities, customary oils and fuel used in
      connection with the Station’s generator, if any;

     

            (c) Neither
      Seller has used any portion of any of the Real Property for the handling,
      manufacturing, processing, storage or disposal of Hazardous Substances in
      material violation of applicable Environmental Laws related to the Real
      Property;

     

            (d) Neither
      Seller has released (i.e., any past or present releasing, spilling, leaking,
      pumping, pouring, emitting, emptying, discharging, injecting, escaping,
      disposing or dumping) Hazardous Substances on, upon, into or from any of the
      Real Property in material violation of applicable Environmental
      Laws;

     

            (e) Sellers
      have complied in all material respects with all Environmental Laws in respect
      of
      the Real Property; and

     

            (f) To
      Seller’s Knowledge (without investigation), the Real Property is not subject to
      any order from or agreement with any governmental authority or private party
      regarding any Environmental Laws.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.13 
      Broker’s Fees.  Neither
      of the Sellers, nor any person or entity acting on either of the Seller’s
      behalf, has agreed to pay a commission, finder’s fee or similar payment in
      connection with this Agreement or any matter related hereto to any person or
      entity, and no person or entity is entitled to any such payment from either
      of
      the Sellers in connection with the transactions contemplated by this Agreement,
      other than a payment owed by Sellers to Star Media Group pursuant to a separate
      agreement with them.  The Sellers shall indemnify and hold harmless
      the Buyers for any payment due to Star Media Group or any other broker claiming
      by, through or under Sellers in connection with the transaction contemplated
      by
      this Agreement.

     

    4.14 
      Insurance.  Sellers
      maintain insurance policies or other arrangements with respect to the Station
      and the Assets consistent with its practices for other stations, including
      coverage of all buildings, towers, antennas, dishes, transmission lines,
      transmitters and other Assets used in the  operation of the Station,
      and will maintain such policies or arrangements until the
      Closing.  Sellers have not received notice from any issuer of such
      policies of its intention to cancel, terminate or refuse to renew any policy
      issued by it with respect to the Station and the Assets.  Set forth on
Schedule 4.14
      is a true and correct summary of the property insurance policies or arrangements
      with respect to the Station and the Station Assets.

     

    4.15 
      Personal Property.  Schedule
      1.1(c)
      contains a list of material items of Personal Property included in the
      Assets.  Sellers have good and marketable title to the Personal
      Property free and clear of Liens.  All items of Personal Property are
      in good operating condition, ordinary wear and tear excepted and are suitable
      for the purpose for which such items are presently used.  The Assets
      include all the assets necessary to conduct the broadcasting operations of
      the
      Station in all material respects as currently operated by Sellers other than
      personnel, Excluded Assets and agreements that are not Assumed
      Contracts.

     

    4.16 
      Disclaimer of Warranties. EXCEPT
      AS OTHERWISE
      SPECIFICALLY SET FORTH HEREIN, THE ASSETS ARE BEING SOLD “AS-IS, WHERE-IS” AND SELLERS
      MAKE NO REPRESENTATIONS OR WARRANTY WITH REGARD TO THE SAME.  THIS
      DISCLAIMER OF WARRANTIES, INCLUDES, BUT IS NOT LIMITED TO, WARRANTIES OF
      MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. 

     

    4.17 
      Buyers’ Representations and Warranties.  Sellers
      have not relied on or been induced to enter into this Agreement by any
      statement, representation or warranty other than those expressly set forth
      in
      Article 5 of this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      5

     

    REPRESENTATIONS
      AND WARRANTIES OF BUYERS

     

    Each
      Buyer represents and warrants jointly and severally to Sellers that the
      following representations and warranties are true and correct as of the date
      of
      this Agreement and will be true and correct as of the Closing Date:

     

    5.1 
      Organization and Standing.  BIC
      is a corporation and BHC is a non-profit corporation, both of which are formed,
      validly existing and in good standing under the laws of the State of
      Utah.  As of the Closing Date, each Buyer will be qualified to do
      business in all jurisdictions where the failure to so qualify would have a
      material adverse effect on its business.

     

    5.2 Authorization
      and Binding
      Obligation.  Each
      Buyer has all necessary power and authority to enter into and perform its
      obligations under this Agreement and the documents contemplated hereby and
      to
      consummate the transactions contemplated hereby and thereby.  This
      Agreement and the Time Brokerage Agreement have been, and each of the other
      documents contemplated hereby at or prior to Closing will be, duly executed
      and
      delivered by Buyers, and have been approved by all necessary corporate
      action.  This Agreement constitutes (and each of the other documents
      contemplated hereby, when executed and delivered, will constitute) valid and
      binding obligations enforceable against Buyers in accordance with their terms,
      except as may be limited by applicable bankruptcy, insolvency or similar laws
      affecting creditors’ rights generally or the availability of equitable
      remedies.

     

    5.3 
      Absence of Conflicting Agreements or Required Consents.  Except
      for the FCC Consents and the HSR Clearance, the execution, delivery and
      performance of this Agreement by Buyers does not and will not:  (a)
      violate any provision of either of the Buyers’ organizational documents; (b)
      require the consent of any governmental authority; (c) violate any material
      law,
      judgment, order, injunction, decree, rule, regulation or ruling of any
      governmental authority; and (d) either alone or with the giving of notice or
      the
      passage of time or both, conflict with, constitute grounds for termination
      or
      acceleration of, or result in a breach of the terms, conditions or provisions
      of, or constitute a default under, any agreement, lease, instrument, license
      or
      permit to which either of the Buyers is now subject.

     

    5.4 
      Absence of Litigation.  There
      is no claim, litigation, arbitration or proceeding pending or, to the Knowledge
      of Buyers, threatened, before or by any court, governmental authority or
      arbitrator relating to Buyers that seeks to enjoin or prohibit, or that could
      hinder or impair, the Buyers’ performance of their obligations under this
      Agreement.

     

    5.5 
      FCC Qualifications.  To
      Buyers’ Knowledge, BHC is qualified under the Communications Act of 1934, as
      amended (the “Communications
      Act”) and the rules and regulations of the FCC, including without
      limitation the multiple ownership rules, as in effect on the date hereof, to
      be
      an assignee of the FCC Licenses.  Buyers are not aware of any fact
      that would, under present law (including published policies of the FCC),
      disqualify BHC from being the assignee of the Station or that would delay FCC
      approval of the assignment of the FCC Licenses.

     

    5.6 
      Broker’s Fees.  Neither
      of the Buyers nor any person or entity acting on either of the Buyers’ behalf
      has agreed to pay a commission, finder’s fee or similar payment in connection
      with this Agreement or any matter related hereto to any person or entity, and
      no
      person or entity is entitled to any such payment from the Buyers in connection
      with the transactions contemplated by this Agreement.  The Buyers
      shall indemnify and hold harmless the Sellers for any payment due to any broker
      or agent based on any agreement made by Buyers.

     

    5.7 
      Sellers’ Representations and Warranties.  Buyers
      have not relied on or been induced to enter into this Agreement by any
      statement, representation or warranty other than those expressly set forth
      in
      Article 4 of this Agreement.

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    ARTICLE
      6

     

    GOVERNMENTAL
      CONSENTS

     

    6.1 
      FCC Application.

     

    
              (a) 
        The
        assignments of the FCC Licenses as contemplated by this Agreement are subject
        to
        the prior consent and approval of the FCC. Prior to the Closing, Buyers shall
        not directly or indirectly control, supervise, direct, or attempt to control,
        supervise, or direct, the operation of the Station, and such operation,
        including complete control and supervision of all of the Station’s programs,
        employees, and policies, shall be the sole responsibility of Sellers as the
        operator of the Station until the Closing, subject to the provisions of the
        Time
        Brokerage Agreement.

    

     

            (b) Buyers
      and Sellers shall prepare and jointly file the FCC Applications within five
      (5)
      business days after the date of this Agreement.  The Parties shall use
      commercially reasonable efforts to cause the FCC to accept the FCC Applications
      for filing as soon as practicable after such filing; provided, however, that
      neither Sellers nor Buyers shall have any obligation to satisfy any complainant
      or the FCC by taking any steps which would have a material adverse effect upon
      BHC, BIC, Licensee or Radio One, but neither the expense nor inconvenience
      to a
      Party of defending against a complainant or an inquiry by the FCC shall be
      considered a material adverse effect on such Party.  Buyers and
      Sellers shall thereafter prosecute the FCC Applications in good faith and with
      all reasonable diligence and otherwise use their commercially reasonable efforts
      to obtain the grant of the FCC Applications as expeditiously as
      practicable.  Neither Party will take any action that it knows, or
      reasonably believes, would disqualify the FCC Applications.  If
      rehearing, reconsideration or judicial review is sought by a third party or
      by
      the FCC on its own motion with respect to the FCC Consent, Buyers and Sellers
      shall vigorously oppose such efforts for rehearing, reconsideration or judicial
      review; provided, however, that nothing herein shall be construed to limit
      either Party’s right to terminate this Agreement pursuant to Article 11
      (Termination Rights).  

     

            (c) Each
      Party shall bear one-half of the cost of the FCC filing fees for the FCC
      Applications.  Each Party shall bear its own costs and expenses
      (including the legal fees and disbursements of its counsel) in connection with
      the preparation of the portion of the FCC Applications to be prepared by it
      and
      in connection with the processing and defense of the application.

     

            (d) In
      the event
      that a court of competent jurisdiction or governmental, regulatory or
      administrative agency or commission pursues an order, decree or ruling or takes
      any other action that seeks to restrain, enjoin or otherwise prohibit the
      transactions contemplated by this Agreement, Buyers and Sellers shall each
      use
      commercially reasonable efforts to oppose and to prevent the issuance of such
      an
      order, decree or ruling; provided, however, that nothing herein shall be
      construed to limit either Party’s right to terminate this Agreement pursuant to
      Article 11 (Termination Rights).

     

    6.2 
      HSR Filings.  If
      the Buyers and Sellers have not previously made the filings required under
      the
      HSR Act in connection with the transactions contemplated by this Agreement
      (which shall include a request for early termination of the waiting period
      thereunder) (the “HSR
      Filings”), the Parties shall, within five (5) business days after the
      date of this Agreement, make the HSR Filings following the execution of this
      Agreement.  Buyers and Sellers will use their commercially reasonable
      efforts to obtain early termination of the waiting period under the HSR Act,
      and
      will promptly take all necessary and proper steps and respond to any requests
      for additional information, in order to comply with the requirements of the
      HSR
      Act; provided, however, that the Buyers will not be required to disclose
      financial information relating to Buyers’ Affiliates to any governmental
      agency.  Buyers agree to use commercially reasonable efforts to
      persuade any such governmental agency that any such Affiliate information should
      not be required.  Expiration or termination of any applicable waiting
      period under the HSR Act is referred to herein as “HSR
      Clearance.”  Each party shall bear one-half of the cost of the
      HSR Filings.  Each Party shall bear its own costs and expenses
      (including the legal fees and disbursements of its counsel) in connection with
      the preparation of its portion of the HSR Filings and in connection with the
      prosecution of such filings.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      7

     

    COVENANTS

     

    7.1 
      Conduct of Business.

     

            (a) Affirmative
      Covenants of
      Sellers.  Between the date of this Agreement and the Closing
      Date, subject to the Time Brokerage Agreement and except as expressly prohibited
      by this Agreement or with the prior written consent of Buyers, which consent
      shall not be unreasonably withheld, conditioned or delayed:

     

                (i) Sellers
      shall promptly notify Buyers in writing if Sellers have Knowledge prior to
      the
      Closing of:  (1) any representations or warranties contained in
      Articles 4 or 5 that are no longer true and correct in any material respect,
      (2)
      the occurrence of any event that would require any changes or amendments to
      the
      schedules and exhibits attached to this Agreement, or (3) the occurrence of
      any
      other event that violates any covenants, conditions or agreements to be complied
      with or satisfied by Sellers under this Agreement; provided, however, that
      no
      such notice shall qualify or otherwise limit in any way Sellers’
representations, warranties, covenants or agreements herein;

     

                (ii) Sellers
      will notify Buyers of supplements or amendments to the Schedule of Exceptions
      with respect to any matter arising after the date of this Agreement that would
      have been required to be set forth, provided, however, that any such supplements
      or amendments, shall not relieve Sellers of any liability for inaccuracy of
      any
      representation or warranty or Sellers’ obligation to remedy any such inaccuracy
      in a timely manner.

     

                (iii) Except
      as
      noted on Schedule 1.1(a), Sellers will comply in all material respects with
      all
      laws applicable to each Seller’s use of the Assets and operate and maintain the
      Station and its operations in conformity with the FCC Licenses, the
      Communications Act, and the rules and regulations of the FCC;

     

                (iv) Sellers
      will maintain the Assets in customary repair, maintenance and condition, except
      for wear and tear incurred in the ordinary course of business;

     

                (v) Except
      as
      noted on Schedule 1.1(a), Sellers will maintain in full force and effect the
      FCC
      Licenses relating to the Station and the Assets and take any action necessary
      before the FCC, including the preparation and prosecution of applications for
      renewal of the FCC Licenses, if necessary, to preserve such licenses in full
      force and effect without material adverse change; and

     

                (vi) Sellers
      will maintain in full force and effect reasonable property damage and liability
      insurance on the Assets in at least the amount provided for by the policies
      currently maintained by Sellers.

     

            (b) Negative
      Covenants.
      Between the date of this Agreement and the Closing Date, subject to the Time
      Brokerage Agreement and except as expressly permitted by this Agreement or
      with
      the prior written consent of Buyers:

     

                (i) Sellers
      will not terminate, modify or amend any Assumed Contract or commit to any act
      or
      fail to take any action that would cause a breach of any Assumed Contract except
      in the ordinary course of business consistent with past practice;

     

                (ii) Neither
      Seller will create or permit any Lien on any of the Assets;

     

                (iii) Neither
      Seller will sell, assign, lease or otherwise transfer or dispose of any of
      the
      Assets, except for the Assets consumed or disposed of in the ordinary course
      of
      business and which are replaced by the Sellers in the ordinary course of
      business with assets of equivalent or better functionality; and

     

                (iv) Except
      as
      noted on Schedule 1.1(a), Sellers will not modify or amend, or seek to modify
      or
      amend, any of the FCC Licenses without Buyers’ prior written consent, provided
      that Buyers shall not unreasonably withhold, condition or delay its consent
      if
      the modification is necessary for the Sellers to be in compliance with the
      Communications Act and such modification is not materially adverse to the
      interests of Buyers or the Station.

     

            (c) Affirmative
      Covenants of
      Buyers.  Buyers shall promptly notify Sellers in writing if
      Buyers have Knowledge prior to the Closing of:   (i) any
      representations or warranties contained in Articles 4 or 5 that are no longer
      true and correct in any material respect, (ii) the occurrence of any event
      that
      would require any changes or amendments to the schedules or exhibits attached
      to
      this Agreement, or (iii) the occurrence of any other event that may result
      in a
      violation of any covenants, conditions or agreements to be complied with or
      satisfied by Buyers under this Agreement; provided, however, that no such notice
      shall qualify or otherwise limit in any way Buyers’ representations, warranties,
      covenants or agreements herein.

     

    7.2 
      Access.  Between
      the date hereof and the Closing Date and during regular business hours (so
      long
      as it would not unreasonably interfere with the operations of Sellers), Sellers
      will afford BIC, its counsel, accountants, environmental consultants, appraisers
      and other advisers and representatives, upon reasonable advance notice, access
      to the Station and Real Property to review and inspect the Assets and the
      Station, to inspect and copy all Assumed Contracts, environmental and
      engineering studies and reports, and other documents and contracts relating
      to
      the Assets.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    7.3 
      No Inconsistent Action.  Between
      the date of this Agreement and the Closing, each Party shall use its
      commercially reasonable efforts to cause the fulfillment at the earliest
      practicable date of all of the conditions to the obligations of such Party
      to
      consummate the sale and purchase of the Station and shall take no actions which
      are inconsistent with its obligations under this Agreement or that would
      materially hinder or delay the consummation of the transactions contemplated
      by
      this Agreement.  In particular, neither Party shall take any action
      that would jeopardize the FCC Licenses, result in its disqualification to hold
      the FCC Licenses, or in any way delay grant of the FCC Application or
      consummation of the transactions contemplated by this Agreement, and Buyers
      shall take no action which would impair their financial or other qualifications
      to consummate this transaction in accordance with its terms.  Should
      either Party become aware of any such fact or circumstance, such Party shall
      promptly inform the other.  In the event that the Upset Date is within
      ten (10) business days or less, and either Party is prepared to close the
      transaction contemplated by this Agreement and believes that all of the
      conditions precedent to the other Party’s obligations to close the transaction
      have been fulfilled or waived by such Party, it may provide such Party written
      notice indicating the same, and the Party receiving notice shall, within five
      (5) business days following receipt thereof, either (i) indicate in writing
      its
      reasonable, good faith determination that one or more conditions precedent
      have
      not been fulfilled or waived, or (ii) complete the Closing by the Upset
      Date.

     

    7.4 
      Confidentiality.  Each
      Party shall keep confidential all information obtained by it with respect to
      the
      other Parties in connection with this Agreement, except where such information
      is known through other lawful sources or where its disclosure is required in
      accordance with applicable law, including requirements of the FCC pursuant
      to
      the FCC Applications.  If the transactions contemplated hereby are not
      consummated for any reason, Buyers and Sellers shall return to each other,
      without retaining a copy thereof in any medium whatsoever, any schedules,
      documents or other written information, including all financial information,
      obtained from the other in connection with this Agreement and the transactions
      contemplated hereby.

     

    7.5 
      Further Assurances.  Sellers
      and Buyers shall cooperate and take such actions, and execute such other
      documents, at the Closing or thereafter, as may be reasonably requested by
      the
      other in order to carry out the provisions and purposes of this Agreement,
      including, for example, promptly advising each other of all communications
      relevant to the transactions contemplated by this Agreement received from the
      FCC after the date of this Agreement and furnishing each other with copies
      of
      all such written communications.

     

    7.6 
      Transition Efforts.  Subject
      to the provisions of the Time Brokerage Agreement, beginning at the Closing,
      Sellers shall use their respective reasonable best efforts to accomplish a
      timely, smooth, uninterrupted and organized transfer of the
      Assets.  Sellers agree to remove all of its personnel from, and turn
      over quiet possession to Buyers of the Real Property pursuant to the Real
      Property Leases concurrently with the Closing.

     

    7.7 
      Press Releases.  The
      Sellers and the Buyers agree that, from the date hereof through the Closing
      Date, or, in the event this Agreement is terminated, for a period of one (1)
      year following termination, no public release or announcement concerning the
      transactions contemplated hereby shall be issued by either Party without the
      prior consent of the other Party, except as such release or announcement may
      be
      required by any law or the rules or regulations of the United States or any
      state therein, in which case the Party required to make the release or
      announcement shall, allow the other Party reasonable time to comment on such
      release or announcement in advance of such issuance.  Notwithstanding
      the foregoing, Radio One may elect to issue a press release and/or an 8-K,
      or
      similar notification, announcing the transaction contemplated in this
      Agreement.  Radio One will provide Buyers a copy thereof prior to
      issuance.

     

    7.8 FCC
      Authorizations. 
Except
      as noted on
Schedule
      1.1(a), during the period prior to Closing, Sellers shall not cause or
      permit any modification of any FCC License without the Buyers’ advance written
      consent, provided that Buyers shall not unreasonably withhold, condition or
      delay its consent if the modification is necessary for the Sellers to be in
      compliance with the Communications Act and such modification is not materially
      adverse to the interests of Buyers or the Station.  Sellers shall use
      commercially reasonable efforts to correct any known technical deficiencies,
      errors or inconsistencies on the FCC Licenses, including those identified on
      Schedule
      1.1(a), provided that resolution thereof will not be a condition to
      Closing.

     

    7.9 
      Consents; Benefit of Agreements. 
      The Sellers shall use commercially reasonable efforts (but the Sellers shall
      not
      be required to make any payment except in connection with the FCC Consents)
      to
      obtain all consents and approvals required for the assignment of the Assumed
      Contracts and an estoppel certificate from the lessor under the Real Property
      Leases (if consent to assignment is required thereunder), but no such consents
      or estoppel certificates are conditions to Closing except for the Required
      Consents (defined below).  Receipt of consent to assign to Buyers the
      Station’s main tower lease and studio site lease marked with an asterisk (*) on
Schedule
      1.1(b), and estoppel certificates reasonably acceptable to BIC and Radio
      One in connection therewith, is a condition precedent to Buyers’ obligation to
      close under this Agreement, if consent to assignment is required thereunder
      (the
“Required
      Consent”).  Subject to the foregoing, if, with respect to any
      lease, commitment or agreement to be assigned to BIC, a required consent to
      the
      assignment is not obtained, the Sellers shall use commercially reasonable
      efforts to keep it in effect and give the Buyers the benefit of it to the same
      extent as if it had been assigned, and the Buyers shall perform the Sellers’
obligations under the agreement relating to the benefit obtained by the
      Buyers.  Nothing in this Agreement shall be construed as an attempt to
      assign any agreement or other instrument that is by its terms non-assignable
      without the consent of the other party.

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    ARTICLE
      8

     

    CONDITIONS
      PRECEDENT

     

    8.1 
      To Buyers’ Obligations Regarding Closing.  The
      obligations of Buyers hereunder to complete the Closing are subject to the
      satisfaction or to the waiver by Buyers in their sole discretion (except for
      Sections 8.1(c) and 8.1(d) below, which may not be waived), at or prior to
      the
      Closing Date, of each of the following conditions:

     

            (a) Representations,
      Warranties
      and Covenants.

     

                (i) All
      representations and warranties made by the Sellers shall be true and correct
      in
      all material respects (except any that are already qualified by materiality,
      which shall be true and correct in all respects, and except as otherwise
      expressly permitted by this Agreement) on and as of the Closing Date as if
      made
      on and as of that date, except those made as of a specific date, which shall
      have been true and correct on and as of such date.

     

                (ii) All
      of
      the terms, covenants and conditions to be complied with or performed by each
      of
      the Sellers under this Agreement on or prior to the Closing Date shall have
      been
      complied with or performed by each of the Sellers in all material
      respects.

     

            (b) No
      Injunction.  No order of any court or administrative agency
      shall be in effect which restrains or prohibits the transactions contemplated
      by
      this Agreement in accordance with its terms.

     

            (c) FCC
      Consents.  The FCC Consents relating to the Station shall have
      been obtained without the imposition of any condition materially adverse to
      Buyers or the Station except those that are customary in the assignment of
      FCC
      Licenses generally; provided that if a petition to deny or other third-party
      objection is filed by any person with the FCC prior to the Closing Date, and
      such petition or objection is not withdrawn as of such date and in the
      reasonable judgment of the Buyers’ counsel such petition or objection would
      reasonably be expected to result in a reversal or rescission of the FCC
      Consents, then the Buyers’ obligation to effect the Closing will be subject to
      the further condition that the FCC Consents shall have become a Final
      Order.

     

            (d) HSR
      Act.  The HSR Clearance shall have been received.

     

            (e) Real
      Property
      Lease.  The Real Property Lease for the Station’s main
      transmitter shall have been extended or a new lease obtained on terms that
      are
      reasonably acceptable to Buyers.  The Parties hereby agree that
      reasonably acceptable terms for such extension or new lease shall mean at least
      an additional 5 years, at fair market terms and lease rates.

     

            (f) Deliveries.  Sellers
      shall have made all deliveries required under Section 9.1.

     

    8.2 
      To Sellers’ Obligations.  The
      obligations of each of the Sellers hereunder to complete the Closing are subject
      to the satisfaction or to the waiver by Sellers in their sole discretion (except
      for Sections 8.1(c) and 8.1(d) below, which may not be waived), at or prior
      to
      the Closing Date, of each of the following conditions:

     

            (a) Representations,
      Warranties
      and Covenants.

     

                (i) All
      representations and warranties made by Buyers in this Agreement shall be true
      and correct in all material respects (except any that are already qualified
      by
      materiality, which shall be true and correct in all respects, and except as
      otherwise expressly permitted by this Agreement) on and as of the Closing Date
      as if made on and as of that date, except those made as of a specific date,
      which shall have been true and correct on and as of such date.

     

                (ii) All
      of
      the terms, covenants and conditions to be complied with or performed by Buyers
      under this Agreement on or prior to the Closing Date shall have been complied
      with or performed by Buyers in all material respects.

     

            (b) No
      Injunction.  No order of any court or administrative agency
      shall be in effect which restrains or prohibits the transactions contemplated
      by
      this Agreement in accordance with its terms.

     

            (c) FCC
      Consents.  The FCC Consents relating to the Station shall have
      been obtained without the imposition of any condition materially adverse to
      Buyers except those that are customary in the assignment of FCC licenses
      generally. 

     

            (d) HSR
      Act.  The HSR Clearance shall have been received.

     

            (e) Deliveries.  Buyers
      shall have made all the deliveries required under Section 9.2 and shall have
      paid the applicable Purchase Price as provided in Section 2.1.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      9

     

    DOCUMENTS
      TO BE DELIVERED AT THE CLOSING

     

    9.1 
      Documents to be Delivered by Sellers.  At
      the Closing, Sellers shall deliver to Buyers the following:

     

            (a) 
      Copies
      of resolutions of each Seller authorizing the execution, delivery and
      performance of this Agreement by each Seller and the consummation of the
      transactions contemplated hereby, and copies of each Seller’s formation
      documents, in each case certified on behalf of each Seller by a duly authorized
      officer of each such Seller, as being true, correct, in full force and effect
      and complete as of the Closing Date;

     

            (b) 
      A
      certificate for each Seller, dated as of the Closing Date, executed by an
      officer of each Seller, certifying on behalf of each Seller that the closing
      conditions specified in Section 8.1(a) have been satisfied;

     

            (c) 
      Duly
      executed instruments of conveyance and transfer effecting the sale, transfer,
      assignment and conveyance of the Assets to Buyers as contemplated herein,
      including the following:

     

                (i) 
      assignment
      by Licensee of the FCC Licenses;

     

                (ii) 
      a
      bill of
      sale from Sellers for all Personal Property;

     

                (iii) 
      assignments
      of Sellers’ rights under the Assumed Contracts;

     

            (d) 
Any
      state
      or local filing forms, if any, required in connection with transfer of the
      Real
      Property Leases, to the extent Sellers are required to execute any such
      forms;

     

            (e) 
Duly
      executed UCC releases, mortgage terminations or other similar documents or
      instruments required to transfer the Assets free and clear of
      Liens;

     

            (f) 
Copies
      of
      all Required Consents; and

     

            (g) 
Such
      other
      documents, information, certificates and materials as may be required by this
      Agreement.

     

    9.2 
      Documents to be Delivered by Buyers.  At
      the Closing, Buyers shall deliver to Sellers the following:

     

            (a) 
      Copies
      of resolutions of each Buyer authorizing the execution, delivery and performance
      of this Agreement by each Buyer and the consummation of the transactions
      contemplated hereby, and copies of each Buyer’s formation documents, in each
      case certified on behalf of each Buyer by a duly authorized officer of each
      Buyer, as being true, correct, in full force and effect and complete as of
      the
      Closing Date;

     

            (b) A
      certificate for each Buyer, dated as of the Closing Date, executed on behalf
      of
      each Buyer by a duly authorized representative of each Buyer, certifying that
      the closing conditions specified in Section 8.2(a) have been
      satisfied;

     

            (c) Assumption
      of Sellers’ obligations under the Assumed Contracts;

     

            (d) The
      Purchase Price in immediately available wire transferred federal funds as
      provided in Section 2.1;

     

            (e) Such
      other documents, information, certificates and materials as may be required
      by
      this Agreement.

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    ARTICLE
      10

     

    INDEMNIFICATION

     

    10.1 
      Sellers’ Indemnities.  From
      and after the Closing, Sellers shall indemnify, defend, and hold harmless the
      Buyers and their Affiliates, and their respective shareholders, directors,
      officers, employees, and representatives from and against, and reimburse them
      for, all claims, damages, liabilities, losses, costs and expenses, including
      interest, penalties, court costs and reasonable attorneys’ fees and expenses
      (each, a “Loss”
and
      together, “Losses”),
      resulting from:

     

            (a) 
      Any
      breach, misrepresentation, failure or omission to perform, or other violation
      by
      either Seller of any of its respective representations, warranties, covenants
      or
      agreements in this Agreement or in any certificate, document or instrument
      delivered by Sellers to Buyers under this Agreement;

     

            (b) Any
      third-party claims brought against any Buyer or any of its Affiliates to the
      extent attributable to Sellers’ operation of the Station prior to the Closing;
      or

     

            (c) Any
      liability or obligation of any Seller not assumed by any Buyer under this
      Agreement, including any liabilities arising at any time under any contract
      or
      agreement not included in the Assumed Contracts.

     

    10.2 
      Buyers’ Indemnities.  From
      and after the Closing, Buyers shall indemnify, defend and hold harmless each
      of
      the Sellers and its Affiliates, and their respective shareholders, members,
      directors, officers, employees, and representatives, and the successors and
      assigns of any of them, from and against, and reimburse them for, all Losses
      resulting from:

     

            (a) 
      Any
      breach, misrepresentation, failure or omission to perform, or other violation
      by
      either Buyer of any of its representations, warranties, covenants or agreements
      in this Agreement or in any certificate, document or instrument delivered by
      Buyers to Sellers under this Agreement;

     

            (b) Any
      third-party claims brought against any Seller or any of its Affiliates to the
      extent attributable to Buyers’ operation of the Station or use of the Assets
      following the Closing; or 

     

            (c) Any
      liability or obligation assumed by any Buyer under this Agreement, including
      any
      liabilities arising after Closing under the Assumed Contracts.

     

    10.3 
      Procedure for Indemnification.  The
      procedure for indemnification shall be as follows:

     

            (a) 
      The
      Party seeking indemnification under this Article 10 (the “Claimant”)
      shall give notice to the Party from whom indemnification is sought (the “Indemnitor”)
      of any Loss, reasonably specifying (i) the factual basis for the Loss; and
      (ii)
      the amount of the Loss if then known.  If the Loss relates to an
      action, suit or proceeding filed by a third party against Claimant, notice
      shall
      be given by Claimant within fifteen (15) business days after written notice
      of
      the action, suit or proceeding was given to Claimant.  In all other
      circumstances, notice shall be given by Claimant within sixty (60) days after
      Claimant becomes aware of the facts giving rise to the
      Loss.  Notwithstanding the foregoing in this paragraph, delay or
      failure to timely give notice of a Loss shall not affect or limit the
      Indemnitor’s obligation to indemnify hereunder except to the extent that the
      Indemnitor is prejudiced by such delay or failure.

     

            (b) The
      Claimant shall make available to Indemnitor and/or its authorized
      representatives the information relied upon by the Claimant to substantiate
      the
      Loss.

     

            (c) With
      respect to any Loss resulting from a claim by a third party as to which the
      Claimant is entitled to indemnification hereunder, the Indemnitor shall, without
      prejudice to its rights to contest the obligation to indemnify, defend against
      the claim with counsel reasonably acceptable to Claimant, and the Claimant
      shall
      cooperate fully with the Indemnitor, subject to reimbursement for reasonable
      expenses incurred by the Claimant as the result of a request by the
      Indemnitor.  The Claimant shall have the right to participate in the
      defense of the claim at its own expense.  If the Indemnitor does not
      assume control of the defense of any third party claim, Claimant may, but shall
      have no obligation to, defend or settle such claim or litigation in such a
      manner as it deems appropriate, and in such event Indemnitor shall be bound
      by
      the results obtained by the Claimant with respect to the claim (by default
      or
      otherwise) and shall promptly reimburse Claimant for the amount of all expenses
      (including the amount of any judgment rendered), legal or otherwise, incurred
      in
      connection with such claim or litigation.  The Indemnitor shall be
      subrogated to all rights of the Claimant against any third party with respect
      to
      any Loss for which indemnity was paid.

     

    10.4 
      Limitations.  The
      Indemnitor shall only be required to indemnify the Claimant under this Article
      10 for breach of representations and warranties if: (i) Claimant’s written
      notice of the Loss under this Article 10 is received by the Indemnitor within
      one (1) year following Closing (the “Survival
      Period”); (ii) the aggregate amount of Losses exceeds $200,000, after
      which the Claimant shall be entitled to recover, and the Indemnitor shall be
      obligated for, all Losses in excess of $100,000; and (iii) the aggregate amount
      of all Losses relating to all claims is less than $7,500,000; provided that
      the
      limitations set forth in subsection (i), (ii) and (iii) of this Section 10.4
      shall not apply to Losses relating to a breach by Sellers of their
      representations in Section 4.1 (Organization and Standing), Section 4.2
      (Authorization and Binding Obligation), Section 4.3 (Absence of Conflicting
      Agreements), or Section 4.5 (Station Licenses, but only as regards holding
      the
      FCC Licenses), though claims for Losses under such provisions may not be
      asserted beyond their applicable statute of limitation periods.  In
      calculating the amount of Losses of a Claimant under this Article
      10:  (a) such Losses shall be reduced by any recovery from any third
      party (including insurance proceeds) as a result of the facts or circumstances
      giving rise to the Losses; and (b) Losses shall only include the Party’s actual
      out-of-pocket costs and expenses and not any punitive, special, consequential
      (such as lost profits) or other indirect damages.

     

    10.5 
      Exclusive Remedies.  Buyers
      and Sellers acknowledge and agree that the foregoing indemnification provisions
      in this Article 10 shall be the exclusive remedy of Buyers and Sellers with
      respect to Losses after the Closing relating to the transactions contemplated
      by
      this Agreement.  Buyers and Sellers further acknowledge and agree that
      the Closing under this Agreement, including any waiver of conditions to Closing,
      does not limit or waive in any respect any claim that Buyers or Sellers may
      have
      under this Article 10.  Either Party may pursue injunctive relief to
      enforce covenants in the Agreement that survive the Closing and are supportable
      under applicable law.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      11

     

    TERMINATION
      RIGHTS

     

    11.1 
      Termination.

     

            (a) In
      addition to other remedies available prior to Closing, this Agreement may be
      terminated by either Buyers or Sellers, if the Party seeking to terminate is
      not
      in material default or breach of this Agreement, upon written notice to the
      other, if:

     

                (i) the
      other
      Party is in material breach of this Agreement and such breach has been neither
      cured within the cure period allowed under subsection (d) below nor waived
      by
      the Party giving such termination notice;

     

                (ii) a
      court
      of competent jurisdiction or governmental, regulatory or administrative agency
      or commission shall have issued an order, decree or ruling or taken any other
      action permanently restraining, enjoining or otherwise prohibiting the
      transactions contemplated by this Agreement and such order, decree, ruling
      or
      other action shall have become final and non-appealable; or

     

                (iii) the
      Closing has not occurred by April 1, 2009 (the “Upset
      Date”).

    

            (b) 
      This
      Agreement may be terminated by mutual written consent of Buyers and
      Sellers.

     

            (c) 
      Buyers
      may terminate this Agreement by written notice to Sellers in the event that
      the
      U.S. Department of Justice, the U.S. Federal Trade Commission, or any other
      governmental agency, requires the disclosure of any financial information
      relating to any of Buyer’s Affiliates in connection with this
      transaction.  Buyers agree to use reasonable efforts to persuade any
      such government agency that any such required Affiliate information should
      not
      be required prior to exercising this right of termination.

     

            (d) If
      either
      Party believes the other to be in breach or default of this Agreement, the
      non-defaulting Party shall, prior to exercising its right to terminate under
      Section 11.1(a)(i), provide the defaulting Party with notice specifying in
      reasonable detail the nature of such breach or default.  Except for a
      failure to pay the Purchase Price or the failure to complete the Closing, the
      defaulting Party shall have thirty (30) days, from receipt of such notice to
      cure such default.  If the cure period set forth in the previous
      sentence would extend beyond the Upset Date, then notwithstanding the definition
      of Upset Date set forth in Section 11.1(a)(iii) hereof, the term Upset Date
      shall mean the date one business day after the 30-day period.

     

    11.2 
      Payment of Escrow Amount.  The
      Escrow
      Amount  shall be promptly released from escrow upon termination of
      this Agreement under this Article 11 and delivered as follows:

     

            (a) 
      to
      Sellers as liquidated damages in the event this Agreement is terminated by
      Sellers pursuant to Section 11.1(a)(i); or

     

            (b) 
      to
      Buyers in the event this Agreement is terminated due to any other
      reason.

     

    11.3 Exclusive
      Remedies Upon Default.  The
      Parties agree that in the event the Sellers terminate this Agreement under
      Section 11.1(a)(i) above, Sellers’ exclusive remedy shall be as set forth in
      Section 11.2(a) above.  Buyers and Sellers agree that it would be
      impractical and extremely difficult to estimate the damages which Sellers may
      suffer as a result of a termination of this Agreement under the circumstances
      described in Section 11.2(a) above, and agree that the Escrow Amount represents
      a reasonable estimate of the total net detriment that Sellers would suffer
      under
      such circumstances and shall be the full, agreed and liquidated damages for
      termination under such circumstances.  In the event of failure or
      threatened failure by Sellers to comply with the terms of this Agreement at
      Buyers’ election, in addition to any other remedy available to it, Buyers shall
      be entitled to an injunction restraining such failure or threatened failure
      and,
      subject to obtaining any necessary FCC consent, to enforcement of this Agreement
      by a decree of specific performance requiring compliance with this Agreement,
      in
      each case without the necessity of showing economic loss or other actual damage
      and without any bond or other security being required.

     

    11.4 
      Other Effects of Termination.  The
      following sections shall survive the termination of this Agreement pursuant
      to
      this Article 11: 7.4 (Confidentiality), 7.7 (Press Releases), 11.3 (Exclusive
      Remedies Upon Default), 11.4 (Other Effects of Termination), and the provisions
      in Article 12 (Other Provisions) and Article 13 (Definitions) that by their
      terms would survive termination.

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    ARTICLE
      12

     

    OTHER
      PROVISIONS

     

    12.1 
      Survival of Representations, Warranties and Covenants.  Each
      Party’s representation and warranties shall survive the Closing and continue
      until the end of the Survival Period, provided that those Sections cited as
      not
      being subject to the Survival Period shall continue for the duration of their
      applicable statute of limitation periods.  Each party’s covenants and
      agreements hereunder shall survive Closing and continue until
      performed.

     

    12.2 
      Transfer Taxes and Expenses.  All
      recordation, transfer, documentary fees, and sales taxes, if any, imposed on
      this transaction shall be paid one-half by Buyers and one-half by
      Sellers.  Except as otherwise provided in this Agreement, each Party
      shall be solely responsible for and shall pay all other costs and expenses
      (including attorney and accounting fees) incurred by it in connection with
      the
      negotiation, preparation and performance of and compliance with the terms of
      this Agreement.

     

    12.3 
      Benefit and Assignment.  This
      Agreement shall be binding upon and shall inure to the benefit of the Parties
      hereto and their respective successors and assigns.  Neither Buyers
      nor either Seller may assign its rights or delegate its obligations under this
      Agreement without the prior written consent of the other Party, except that
      either Buyers may assign the Agreement in whole or in part to one or more of
      its
      Affiliates, provided that it shall not be released thereby.  Except as
      expressly provided in this Agreement, this Agreement is not intended to, nor
      shall it, create any rights in any person other than the Parties.

     

    12.4 
      Additional Documents.  The
      Parties agree to execute, acknowledge and deliver, before, at or after the
      Closing Date, such further instruments and documents as may be reasonably
      required to implement, consummate and effectuate the terms of this
      Agreement.

     

    12.5 
      Entire Agreement; Schedules; Amendment; Waiver.  This
      Agreement and the exhibits and schedules hereto and thereto and the Time
      Brokerage Agreement embody the entire agreement and understanding of the Parties
      hereto and supersede any and all prior agreements, arrangements and
      understandings relating to the matters provided for herein.  Any
      matter that is disclosed in a schedule hereto shall be deemed to have been
      included in other pertinent schedules, notwithstanding the omission of an
      appropriate cross-reference.  No amendment, waiver of compliance with
      any provision or condition hereof or consent pursuant to this Agreement shall
      be
      effective unless evidenced by an instrument in writing signed by the Party
      against whom enforcement of any waiver, amendment or consent is
      sought.  No failure or delay on the part of Buyers or Sellers in
      exercising any right or power under this Agreement shall operate as a waiver
      thereof, nor shall any single or partial exercise of any right or power, or
      any
      abandonment or discontinuance of steps to enforce such a right or power,
      preclude any other or further exercise thereof or the exercise of any other
      right or power.

     

    12.6 
      Headings.  The
      headings set forth in this Agreement are for convenience only and shall not
      control or affect the meaning or construction of the provisions of this
      Agreement.

     

    12.7 
      Computation of Time.  If
      after making computations of time provided for in this Agreement, a time for
      action or notice falls on Saturday, Sunday or a federal holiday, then such
      time
      shall be extended to the next business day.

     

    12.8 
      Governing Law.  The
      construction and performance of this Agreement shall be governed by the laws
      of
      the District of Columbia without regard to any choice or conflicts of law
      provision or rule (whether of the District of Columbia or any other
      jurisdiction).

     

    12.9 
      Attorneys’ Fees.  In
      the event of any dispute between the Parties to this Agreement, Sellers or
      Buyers, as the case may be, shall reimburse the prevailing Party for its
      reasonable attorneys’ fees and other costs incurred in enforcing its rights or
      exercising its remedies under this Agreement.  Such right of
      reimbursement shall be in addition to any other right or remedy that the
      prevailing Party may have under this Agreement.

     

    12.10 
      Severability.  If
      any term or provision of this Agreement or the application thereof to any person
      or circumstance shall, to any extent, be held invalid or unenforceable, the
      remainder of this Agreement, or the application of such term or provision to
      persons or circumstances other than those as to which it is held invalid or
      unenforceable, shall not be affected thereby, and each such term and provision
      of this Agreement shall be valid and be enforced to the fullest extent permitted
      by law.

     

    12.11 
      Notices.  Any
      notice, demand or request required or permitted to be given under this Agreement
      shall be in writing and shall be addressed to the following addresses or to
      such
      other address as any Party may request:

     

    
      	
               

            	
              If
                to either of the Buyers:

            	
              Bonneville
                International Corporation 

            

    

    55
      North
      Third West, 8th Floor

    Salt
      Lake
      City, Utah 84180

    Attention:  Bruce
      Reese, President & CEO

    Telephone:                                
      801-575-7565

    Telecopier:                                
      801-575-7567

     

    
      	
               

            	
              with
                a copy to:

            	
              
                Bonneville
                  International Corporation 

              

            

    

    
    

    55
      North
      Third West, 8th Floor

    Salt
      Lake
      City, Utah 84180

    Attn:  General
      Counsel

    Telephone:                                
      801-575-7517

    Telecopier:                                
      801-575-7509

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              with
                a copy to:

            	
              
                Bonneville
                  Holding Company

              

            

    

    
    

    50
      E.
      North Temple, 14th Floor

    Salt
      Lake
      City, Utah 84150

    Attention:  Craig
      L. Christensen

    Telephone:                                
      801-240-1237

     

    
      	
               

            	
              with
                a copy to:

            	
              Boyd
                J. Black, Esq.

            

    

    
    

    Second
      Floor, West Wing

    50
      East
      North Temple

    Salt
      Lake
      City, Utah 84150

    Telecopier:                                
      801-240-6235

     

    
      	
               

            	
              with
                a copy to:

            	
              Kirton
                & McConkie, PC

            

    

    
    

    60
      E.
      South Temple, Suite 1800

    Salt
      Lake
      City, Utah 84111

    Attention:  Randy
      K. Johnson

    Telephone:                                
      801-328-3600

    Telecopier:                                
      801-321-4893

    

    
      	
               

            	
              If
                to either of the Sellers:

            	
              Radio
                One, Inc. 

            

    

    5900
      Princess Garden Parkway

    7th
      Floor

    Lanham,
      Maryland  20706

    Attn:  Linda
      Vilardo, Chief Administrative Officer

    Telephone:                                
      301-429-2646

    Telecopier:                                
      301-429-3502

    

    Radio
      One, Inc.

    5900
      Princess Garden Parkway

    5th
      Floor

    Lanham,
      Maryland 20706

    Attention:  General
      Counsel

    Telecopier:  301-306-9638

     

    
      	
               

            	
              with
                a copy to:

            	
              Wiley
                Rein LLP

            

    

    
    

    
      	
               

            	
              1776
                K Street, NW 

            

    

    
      	
               

            	
              Washington,
                DC 20006 

            

    

    
      	
               

            	
              Attention:
                Brook A. Edinger, Esq. 

            

    

    
      	
               

            	
              Telephone:202-719-7279
                

            

    

    
      	
               

            	
              Telecopier:202-719-7049
                

            

    

     

    Any
      such
      notice, demand or request shall be deemed to have been duly delivered and
      received (a) on the date of personal delivery, (b) on the date of transmission
      if sent by facsimile, (c) on the date of receipt if mailed by registered or
      certified mail, postage prepaid and return receipt requested, or (d) on the
      date
      of a signed receipt if sent by an overnight delivery service.

     

    Casualty.  The
      risk of loss, damage or destruction to the Assets shall be on Sellers prior
      to
      Closing and on Buyers thereafter.  If, prior to the Closing, any
      material portion of the Assets shall be damaged or destroyed by fire or other
      casualty (collectively, “Casualty”),
      Sellers shall deliver to Buyers written notice (“Casualty
      Loss
      Notice”) of such Casualty together with Sellers’ determination as to
      whether the damage constitutes a Material Damage. Buyers and Sellers shall
      cooperate to repair or replace the Assets affected by such Casualty as promptly
      as practicable in a manner reasonably acceptable to both Buyers and Sellers,
      provided that the cost of such repairs or replacement shall be borne by
      Sellers.  For the purposes of this Section 12.12 only, “Material
      Damage” shall mean damage to the Assets which is of such nature that the
      cost of restoring the same to their condition prior to the Casualty will, in
      Sellers’ reasonable determination, exceed $5,000,000, whether or not such damage
      is covered by insurance, or any damage which would reduce the value of either
      the Assets by $5,000,000 or more.  If, prior to the Closing, the
      Assets sustain Material Damage by a Casualty, Buyers may, at Buyers’ option,
      terminate this Agreement by delivering written notice thereof to Sellers within
      fifteen (15) business days after Buyers’ receipt of the Casualty Loss
      Notice.  If the Assets shall be damaged by a Casualty which is not a
      Material Damage, or if the Assets sustain Material Damage by a Casualty, but
      the
      Buyers elect not to terminate the Agreement as a result thereof, then the
      parties shall proceed to the Closing and the Sellers shall (at the Closing)
      assign to Buyers all of Sellers’ rights in and to any insurance proceeds which
      may become available as a result of the Casualty at issue, and Sellers shall
      remain obligated to pay any deductible relating to the claim.  If
      Buyers elect to terminate this Agreement under this Section 12.12, the entire
      Escrow Amount and all interest thereon shall be promptly returned to Buyers,
      and
      thereafter neither party shall have any further rights or obligations hereunder,
      except as otherwise specifically provided in this Agreement.

     

    12.12 
      Counterparts.  This
      Agreement may be executed in one or more counterparts, each of which will be
      deemed an original and all of which together will constitute one and the same
      instrument.

     

    12.13 
      Facsimile or PDF Signatures. 
      The
      Parties agree that transmission to the other Party of this Agreement with its
      facsimile or electronic “pdf” signature shall bind the Party transmitting this
      Agreement thereby in the same manner as if such Party’s original signature had
      been delivered.  Without limiting the foregoing, each Party who
      transmits this Agreement with its facsimile or “pdf” signature covenants to
      deliver the original thereof to the other Party as soon as possible
      thereafter.

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    ARTICLE
      13

     

    DEFINITIONS

     

    13.1 
      Defined Terms.  Unless
      otherwise
      stated in this Agreement, the following terms when used herein shall have the
      meanings assigned to them below (such meanings to be equally applicable to
      both
      the singular and plural forms of the terms defined).

     

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

     

    “Affiliate”
      shall mean, with respect to any specified Person, another Person indirectly
      controls, is controlled by, or is under common control Person.

     

    “Agreement”
      shall mean this Asset Purchase Agreement.

     

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

     

    “Assumed
      Contracts” shall have the meaning set forth in Section
      1.1(d).

     

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

     

    “BIC”
shall
      have the meaning set forth in the preamble to this Agreement.

     

    “Buyers”
      shall have the meaning set forth in the preamble to this Agreement.

     

    “Casualty”
      shall have the meaning set forth in Section 12.12.

     

    “Casualty
      Loss
      Notice” shall have the meaning set forth in Section 12.12.

     

    “Claimant”
      shall have the meaning set forth in Section 10.3(a).

     

    “Closing”
      and “Closing
      Date” shall have the meaning set forth in Section 3.1.

     

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

     

    “Communications
      Act” shall have the meaning set forth in Section 5.5.

     

    “Environmental
      Laws” shall have the meaning set forth in Section 4.12(a).

     

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

     

    “FCC
      Applications” shall mean the application or applications that Sellers and
      Buyers must file with the FCC requesting its consent to the assignment of the
      FCC Licenses from Licensee to BHC.

     

    “FCC
      Consents” shall mean the action or actions by the FCC granting the FCC
      Applications.

     

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

     

    “HSR
      Act”
      shall have the meaning set forth in Section 1.4.

     

    “HSR
      Filings” shall have the meaning set forth in Section 6.2.

     

    “Hazardous
      Substances” shall have the meaning set forth in Section
      4.12(b).

     

    “Indemnitor”
      shall have the meaning set forth in Section 10.3(a).

     

    “Intellectual
      Property” shall mean trade names, trademarks, service marks, copyrights,
      patents,  jingles, slogans, symbols, logos, formats, programming
      materials and concepts, on air copy, on air talent concepts, telephone numbers,
      internet addresses, email addresses, universal resource locators (URLs),
      websites and domain names, web-site content, inventions, and any other
      proprietary material, process, trade secret, trade dress or trade rights, and
      all use rights and registrations, applications and licenses for any of the
      foregoing, including the Station’s call letters and all rights to use or refer
      to “100.3” as a dial position or frequency of the Station, including any
      variations thereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Knowledge”
      shall mean, (i) in the case of Radio One, the actual knowledge, after reasonable
      inquiry, of the President and Chief Executive Officer, the Executive Vice
      President and Chief Financial Officer, Business Manager, Station Manager, or
      the
      Station’s local engineer, (ii) in the case of Licensee, the actual knowledge,
      after reasonable inquiry, of the President and Chief Executive Officer or the
      Executive Vice President and Chief Financial Officer, Business Manager, Station
      Manager, or the Station’s local engineer, (iii) BIC, the actual knowledge, after
      reasonable inquiry, of the President and Chief Executive Officer or the Chief
      Financial Officer, and (iv) in the case of BHC, the actual knowledge, after
      reasonable inquiry, of the President, Chief Executive Officer or the Chief
      Financial Officer.

     

    “Licensee”
      shall have the meaning set forth in the preamble to this Agreement.

     

    “Liens”
      shall mean mortgages, deeds of trust, liens, security interests, pledges,
      collateral assignments, condition sales agreements, leases (other than Assumed
      Contracts), encumbrances, claims or other defects of title, but shall not
      include (i) liens for current taxes not yet due and payable, or (ii) in respect
      of the Real Property, any defects in title or other matters that do not
      materially adversely affect the value, marketability or continued use of the
      Real Property, in each instance based on how the Real Property is currently
      used
      by Sellers.

     

    “Loss”
or
      “Losses”
      shall have the meaning set forth in Section 10.1

     

    “Material
      Damage” shall have the meaning set forth in Section 12.12.

     

    “Operational
      Commencement Date” shall have the meaning set forth in Section
      1.4.

     

    “Party”
or
      “Parties”
      shall have the meaning set forth in the preamble.

     

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

     

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

     

    “Proration
      Amount” shall have the meaning set forth in Section 2.3(a).

     

    “Proration
      Dispute
      Notice” shall have the meaning set forth in Section 2.3(c).

     

    “Proration
      Notice” shall have the meaning set forth in Section 2.3(c).

     

    “Purchase
      Price” shall have the meaning set forth in Section 2.1.

     

    “Radio
      One” shall have the meaning set forth in the preamble to this
      Agreement.

     

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

     

    “Real
      Property
      Lease” and “Real
      Property
      Leases” shall have the meanings set forth in Section 1.1(b).

     

    “Sellers”
      shall have the meaning set forth in the preamble to this Agreement.

     

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

     

    “Survival
      Period” shall have the meaning set forth in Section 10.4.

     

    “Tax”
shall
      mean all federal, state, local and foreign taxes including, without limitation,
      income, gains, transfer, unemployment, withholding, payroll, social security,
      real property, personal property, excise, sales, use and franchise taxes,
      levies, assessments, imposts, duties, licenses and registration fees and charges
      of any nature whatsoever, including interest, penalties and additions with
      respect thereto and any interest in respect of such additions or
      penalties.

     

    “Tax
      Return”  shall mean any return, filing, report, declaration,
      questionnaire or other document required to be filed for any period with any
      taxing authority (whether domestic or foreign) in connection with any Taxes
      (whether or not payment is required to be made with respect to such
      document).

     

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

     

    “Upset
      Date” shall have the meaning set forth in Section
      11.1(a)(iii).

     

    13.2 
      Miscellaneous Terms.  The
      term “or” is
      disjunctive; the term “and” is conjunctive.  The term “shall” is
      mandatory; the term “may” is permissive.  Masculine terms apply to
      females as well as males; feminine terms apply to males as well as
      females.  The term “includes” or “including” is by way of example and
      not limitation.

     

     

    [signature
      page
      follows]

     

    12819290.1

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    IN
      WITNESS WHEREOF, the Parties hereto have caused this Asset Purchase Agreement
      to
      be duly executed as of the date first written above.

     

    
      “Buyers”                                                                       BONNEVILLE
        INTERNATIONAL
        CORPORATION,

      a
        Utah Corporation

       

    

    By: 
      Bruce
      Reese                                                                

    

    Its: 
      President and Chief
      Executive Officer                                                                

    

    

    BONNEVILLE
      HOLDING
      COMPANY,

    a
      Utah
      non-profit corporation

    

    By:  Bruce
      Reese                                                                

    

    Its:  President
      and Chief
      Executive Officer                                                              

    

    

    

    “Sellers”                                                                        RADIO
      ONE, INC.,

    a
      Delaware corporation

    

    By: 
      Linda J.
      Vilardo                                                                

    

    Its: 
      Executive Vice President and Chief Administrative
      Officer                                                                

    

    

    

    RADIO
      ONE LICENSES,
      LLC,

    a
      Delaware limited liability
      company

    

    By:  Linda
      J.
      Vilardo                                                              

    

    Its:  Executive
      Vice President and Chief Administrative
      Officer

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