Document:

Asset Purchase Agreement

  
 EXHIBIT 10.14

  
 ASSET PURCHASE AGREEMENT 
  
 Among 
  
 WORD OF GOD FELLOWSHIP, INC. 
  

LBI MEDIA, INC. 
  
 LIBERMAN TELEVISION OF DALLAS, INC. 
  
 AND 
  
 LIBERMAN TELEVISION OF DALLAS LICENSE CORP. 
  
 RELATING TO THE ACQUISITION OF KMPX 
  
  
 Dated July 14, 2003 

 TABLE OF CONTENTS 
  

	 	 	 	  	Page

	 ARTICLE I
	 	       DEFINITIONS
	  	1
			
	             1.1
	 	 Definitions
	  	 1

			
	             1.2
	 	 Knowledge
	  	 7

			
	 ARTICLE II
	 	       PURCHASE AND SALE OF ASSETS
	  	 7

			
	             2.1
	 	 Assets to be Conveyed
	  	 7

			
	             2.2
	 	 Excluded Assets and Liabilities
	  	 8

			
	 ARTICLE III
	 	       PURCHASE PRICE; METHOD OF PAYMENT; ESCROW DEPOSIT
	  	 8

			
	             3.1
	 	 Purchase Price
	  	 8

			
	             3.2
	 	 Liabilities Assumed
	  	 9

			
	             3.3
	 	 Escrow Deposit
	  	 9

			
	             3.4
	 	 Buyer’s Remedies
	  	 10

			
	             3.5
	 	 Allocation
	  	 10

			
	             3.6
	 	 Prorations
	  	 10

			
	 ARTICLE IV
	 	       REPRESENTATIONS AND WARRANTIES BY SELLER
	  	 10

			
	             4.1
	 	 Organization and Standing
	  	 10

			
	             4.2
	 	 Authorization
	  	 11

			
	             4.3
	 	 FCC Licenses
	  	 11

			
	             4.4
	 	 Purchased Assets
	  	 14

			
	             4.5
	 	 Insurance
	  	 15

			
	             4.6
	 	 Litigation
	  	 15

			
	             4.7
	 	 Contracts
	  	 15

			
	             4.8
	 	 Insolvency
	  	 15

			
	             4.9
	 	 Reports
	  	 15

			
	             4.10
	 	 No Defaults
	  	 16

			
	             4.11
	 	 Disclosures
	  	 16

			
	             4.12
	 	 Environmental Compliance
	  	 16

			
	             4.13
	 	 Must Carry Rights
	  	 17

			
	             4.14
	 	 Intellectual Property
	  	 17

			
	             4.15
	 	 Brokers
	  	 18

			
	             4.16
	 	 Prepaid Expenses
	  	 18

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

	 	  	 	  	Page

	             4.17
	  	 Employees and Employee Benefits.
	  	18
			
	             4.18
	  	 Taxes.
	  	18
			
	             4.19
	  	 No Interference With Signal.
	  	18
			
	             4.20
	  	 DTV Transmitter Site Lease.
	  	19
			
	             4.21
	  	 Echostar and DirecTV
	  	19
			
	 ARTICLE V
	  	       REPRESENTATIONS AND WARRANTIES BY BUYER AND LBI MEDIA
	  	20
			
	             5.1
	  	 Status
	  	20
			
	             5.2
	  	 No Defaults
	  	20
			
	             5.3
	  	 Authorization.
	  	20
			
	             5.4
	  	 Brokers
	  	20
			
	             5.5
	  	 Qualification as a Broadcast Licensee
	  	20
			
	             5.6
	  	 Litigation
	  	21
			
	             5.7
	  	 Approvals and Consents
	  	21
			
	 ARTICLE VI
	  	       COVENANTS OF SELLER
	  	21
			
	             6.1
	  	 Affirmative Covenants of Seller
	  	21
			
	             6.2
	  	 Negative Covenants of Seller
	  	24
			
	             6.3
	  	 COBRA Continuation Coverage.
	  	25
			
	             6.4
	  	 FCC Filing Related Covenants.
	  	25
			
	 ARTICLE VII
	  	       ADDITIONAL AGREEMENTS
	  	25
			
	             7.1
	  	 Application for Commission Consent; Other Consents
	  	25
			
	             7.2
	  	 Mutual Right to Terminate
	  	26
			
	             7.3
	  	 Buyer’s Right to Terminate
	  	27
			
	             7.4
	  	 Seller’s Right to Terminate
	  	27
			
	             7.5
	  	 Risk of Loss
	  	27
			
	             7.6
	  	 Transfer Taxes and FCC Filings; Expenses; Bulk Sales.
	  	28
			
	 ARTICLE VIII
	  	       CLOSING CONDITIONS
	  	29
			
	             8.1
	  	 Conditions Precedent to Buyer’s Obligations
	  	29
			
	             8.2
	  	 Conditions Precedent to Seller’s Obligations
	  	32
			
	 ARTICLE IX
	  	       ITEMS TO BE DELIVERED AT THE CLOSING
	  	33
			
	             9.1
	  	 Seller’s Performance At Closing
	  	33

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

	 	  	 	  	Page

	             9.2
	  	Buyer’s Performance at Closing	  	35
			
	 ARTICLE X
	  	      INDEMNIFICATION	  	36
			
	             10.1
	  	Indemnification by Seller	  	36
			
	             10.2
	  	Indemnification by LBI Media and Buyer	  	36
			
	             10.3
	  	Third-Party Claims	  	37
			
	             10.4
	  	Survival of Representations and Warranties	  	38
			
	 ARTICLE XI
	  	      MISCELLANEOUS PROVISIONS	  	38
			
	             11.1
	  	Notices	  	38
			
	             11.2
	  	Benefit and Assignment	  	39
			
	             11.3
	  	Public Announcements	  	39
			
	             11.4
	  	Other Documents	  	40
			
	             11.5
	  	Appendices	  	40
			
	             11.6
	  	Attorneys’ Fees	  	40
			
	             11.7
	  	Construction	  	40
			
	             11.8
	  	Arbitration	  	40
			
	             11.9
	  	Counterparts	  	42
			
	             11.10
	  	Headings	  	42
			
	             11.11
	  	Entire Agreement	  	42

  

	 SCHEDULE I
	  	Identification of Contracts to be Assumed
	 SCHEDULE II
	  	List of all Permits and FCC Licenses
	 SCHEDULE III
	  	List of Required Consents
	 SCHEDULE IV
	  	Identification of Principal Items of Tangible Personal Property
	 SCHEDULE V
	  	Insurance Coverage Maintained by Seller on the Purchased Assets
	 SCHEDULE VI
	  	List of Certain Cable Systems (Must Carry Rules)
	 SCHEDULE VII
	  	Schedule of Prepaid Expenses

  

	EXHIBIT A	Form of Warranty Deed 

	EXHIBIT B	Legal Opinion of Seller’s Counsel 

	EXHIBIT C	Legal Opinion of Seller’s FCC Counsel 

	EXHIBIT D	Legal Opinion of LBI Entities’ Counsel 

	EXHIBIT E	Form of Estoppel and Consent 

	EXHIBIT F	Form of Escrow Agreement 

  

 -iii- 

 ASSET PURCHASE AGREEMENT 
  
 THIS ASSET PURCHASE AGREEMENT is made and entered into this 14th day of July, 2003, by and among Word of God
Fellowship, Inc., a Georgia non-profit corporation (“Fellowship” or “Seller”), on the one hand, and LBI Media, Inc., a California corporation (“LBI Media”), Liberman Television of Dallas, Inc., a
California corporation (“LBI”), and Liberman Television of Dallas License Corp., a California corporation (“LBI Sub”), on the other. LBI and LBI Sub are referred to collectively as “Buyer.”

  
 W I T N E S S E T H: 
  
 WHEREAS, Seller owns certain assets used or held for use in connection
with the operation of television station KMPX (Channel 29, Decatur-Dallas, Texas) and station KMPX-DT (Channel 30, Decatur-Dallas, Texas) (collectively, the “Station”) and Seller desires to sell and assign to Buyer the Station and
its related assets and certain other assets, and the licenses, permits and other authorizations issued by the Federal Communications Commission (the “FCC” or “Commission”) for or in connection with the operation of
the Station, including any and all pending applications or requests therefor (the “FCC Licenses”); and 
  
 WHEREAS, LBI Sub desires to acquire the FCC Licenses and LBI desires to acquire from Seller all the other assets relating to the Station and
certain other assets; and 
  
 WHEREAS, the FCC Licenses may
not be assigned to LBI Sub without the prior written consent of the Commission. 
  
 NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained, the Parties, intending to be legally bound, agree as follows: 
  
 ARTICLE I 
 DEFINITIONS 
  
 1.1 Definitions. Unless otherwise stated in this Agreement, the following terms shall have the following meanings: 
  
 “Agreement” means this Asset Purchase Agreement, and references to “Articles,” “Sections,”
“Schedules” and “Exhibits” are to the Articles and Sections of this Agreement and to the Schedules and Exhibits attached hereto. 
  
 “American Tower” means the landlord under the Tower Leases. 
  
 “Analog Modification Application” has the meaning ascribed
to such term in Section 4.3.8. 
  
 “Analog Transmitter
Site Leases (Northwest)” means (i) the Lease Agreement dated October [    ], 2001 between American Tower) and Seller for the primary antenna and related equipment located at the Northwest Highway tower
site, and (ii) the KMPX Channel 29 Lease Agreement dated October [    ], 2001 between American Tower and Seller for certain TSL dish and related equipment located at the Northwest Highway tower site, in each case as
unamended. 

 “Assignment Application” means the Form 314 application which Seller and Buyer will join
in and file with the Commission requesting its written consent to the assignment of the FCC Licenses from Seller to LBI Sub. 
  
 “Assumed Contracts” means only (i) those Contracts listed on Schedule I, (ii) any other contract which LBI specifically agrees to
assume in connection with this Agreement in its sole discretion, and (iii) those Contracts entered into by Seller in the ordinary course of business between the date hereof and the Closing Date which LBI specifically agrees in writing to assume.

  
 “Buyer” has the meaning set forth in the
first paragraph of this Agreement. 
  
 “Cable
Systems” means the cable television systems within the Station’s DMA. 
  
 “Cedar Hill Analog Space Agreement” has the meaning set forth in Section 7.2. 
  
 “Closing Date” means (i) the latest of (a) 5:00 p.m. PST on the 10th business day following the Final Order Day or (b) 5:00 p.m. PST on
October 30, 2003, or (c) if the fulfillment of the condition in Section 8.2.6 hereof is a condition to the obligation of Seller to consummate the transactions contemplated hereby in accordance with the proviso set forth in Section 8.2.6 hereof, then
5:00 p.m. PST on the 10th business day following the satisfaction of Section 8.2.6 hereof (it being understood that
if the fulfillment of the condition in Section 8.2.6 hereof is not a condition to the obligation of Seller to consummate the transactions contemplated hereby in accordance with the proviso set forth in Section 8.2.6 hereof, then this clause (c)
shall be ignored for purposes of this definition) or (ii) such other time mutually agreed to in writing by the Parties; provided, however, that the Closing Date shall be extended one time (and only one time) pursuant to this proviso
for up to thirty days if either Buyer or Seller gives written notice to the other Party (which notice shall indicate the number of days of such extension (not to exceed 30 days)) at least ten days prior to the date when the Closing Date would
otherwise have been determined by the foregoing clauses (i) and (ii). 
  
 “Closing Place” means the offices of O’Melveny & Myers LLP, 400 South Hope Street, 15th Floor, Los Angeles, California 90071, or such other place mutually agreed to in writing by the Parties. 
  
 “Commission” has the meaning set forth in the recitals hereto. 
  
 “Communications Act” means the Communications Act of 1934, as amended, or any successor statute or statutes
thereto, and all rules, regulations, written policies, orders and decisions of the FCC thereunder, in each case as from time to time in effect. 
  

 2 

 “Contracts” means any agreement, written or oral, between Seller and any third party
related to the Station or the Purchased Assets that creates a right or obligation for either side to make payment or provide goods or services or otherwise grants rights or creates obligations, including but not limited to advertising contracts and
sales orders. 
  
 “Damages” means any and all
claims, demands, liabilities, obligations, actions suits, proceedings, losses, damages, costs, expenses, assessments, judgments, recoveries and deficiencies, including interest, penalties and reasonable attorneys’ fees, of every kind and
description, contingent or otherwise. 
  
 “DBS”
has the meaning set forth in Section 4.21. 
  
 “DirecTV” has the meaning set forth in Section 4.21. 
  
 “DMA” means the Station’s Designated Market Area as determined by Nielsen Media Research and published in its Nielsen Station Index Directory and Nielsen Station Index U.S. Television Household
Estimates for 2000-2001. 
  
 “DTV” has the
meaning ascribed to such term in Section 4.3.7. 
  
 “DTV
CP” has the meaning ascribed to such term in Section 4.3.7. 
  
 “DTV Maximization CP” has the meaning ascribed to such term in Section 4.3.7. 
  
 “DTV STA” has the meaning ascribed to such term in Section 4.3.7. 
  
 “DTV Transmitter Site Lease” means that certain Lease Agreement dated October 26, 2001 between American
Tower and Seller for tower space at the Cedar Hill tower site, also known as “Cowboy Hill,” as amended by one or more amendments that are in form and substance satisfactory to Buyer. 
  
 “Echostar” has the meaning set forth in Section 4.21.

  
 “Echostar Agreement” has the meaning set
forth in Section 6.1.13. 
  
 “Encumbrance” means
any option, pledge, security interest, lien, charge, mortgage, claim, debt, liability, obligation, encumbrance or restriction (whether on voting, sale, transfer or disposition), whether imposed by agreement, understanding, law, rule or regulation,
and, with respect to real property assets, including the Real Property, the Transmitter Buildings and Towers, means any leases, licenses or other occupancy agreements relating thereto or covering any portion thereof or any liens or encumbrances
existing with respect to Seller’s interest under such documents. 
  
 “Escrow Agent” means Commonwealth Land Title Company, a California corporation. 
  

 3 

 “Escrow Agreement” means the Corporate Custodial Agreement Relating to Earnest Money
dated July     , 2003 executed by the Escrow Agent, LBI Media and Fellowship substantially in the form of Exhibit F attached hereto. 
  
 “Escrow Deposit” has the meaning set forth in Section 3.3. 
  
 “Excluded Assets” has the meaning set forth in Section
2.2.1. 
  
 “Existing DirecTV Agreements” has the
meaning set forth in Section 4.21. 
  
 “Existing Echostar
Agreements” has the meaning set forth in Section 4.21. 
  
 “FCC” has the meaning set forth in the recitals hereto. 
  
 “FCC Licenses” has the meaning set forth in the recitals hereto. 
  
 “Final Order Day” means the date on which the Initial Grant has become a final order, which date shall be the forty-first day following
issuance by the Commission of a public notice announcing the Initial Grant, unless the Initial Grant has during the preceding forty-day period become subject to any administrative or judicial stay, appeal, review, reconsideration or rehearing, in
which case, the Final Order Day shall not be deemed to occur until such administrative or judicial stay, appeal, review, reconsideration or rehearing shall have been resolved by a final, unappealable order (by the Commission or by a court of
competent jurisdiction if Buyer elects to seek judicial review of any final order by the Commission) which preserves intact the Initial Grant without any conditions materially adverse to Buyer. 
  
 “Governmental Authority” shall mean any court, arbitrator,
department, commission, board, bureau, agency, authority, instrumentality or other body, whether federal, state, municipal, foreign or other. 
  
 “Hazardous Substance” has the meaning set forth in Section 4.12. 
  
 “HSRA” means the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended, and the regulations
thereunder, as in effect from time to time. 
  
 “Indemnified Party” and “Indemnifying Party” have the meanings specified in Section 10.3. 
  
 “Initial Grant” means, with respect to the Assignment Application, the Commission’s written consent to the assignment of the FCC
Licenses associated with the Station to LBI Sub pursuant to such Assignment Application (including without limitation, by the Mass Media Bureau or the Media Bureau by delegated authority), without any conditions materially adverse to any Party.

  
 “Initial Grant Day” means the day on which
the Commission publishes public notice of an Initial Grant with respect to the Assignment Application. 
  

 4 

 “Intellectual Property” means the designations KMPX, KMPX-TV and KMPX-DT (including all
goodwill related thereto). 
  
 “KDTN Carriage
Assignment” has the meaning specified in Section 6.1.13. 
  
 “LBI,” “LBI Media” and “LBI Sub” have the meanings specified in the first paragraph of this Agreement. 
  
 “Letter of Intent” means that Letter Agreement dated April 3, 2003 by and between LBI Media and Fellowship
on behalf of itself and its subsidiaries and affiliates, as it may be amended from time to time. 
  
 “Party” means any of Fellowship, LBI Media, LBI or LBI Sub, as the context requires, and the term “Parties” mean all
such entities; provided, however, that Seller, on the one hand, and LBI Media and Buyer, on the other, shall each be considered a single Party for purposes of Sections 7.3, 7.4, 10.3 and 11.8. 
  
 “Permits” means the licenses, permits, approvals,
authorizations, consents, variances and orders of any federal, state or local Governmental Authority used, useful or required in connection with the operation of the Station (including the FCC Licenses) or the ownership or operation of the Purchased
Assets and all pending requests and applications therefor, including without limitation those listed on Schedule II. 
  
 “Permitted Encumbrances” means, with respect to the Real Property only those Encumbrances which are (i) nondelinquent real property taxes
and special assessments, if any, (ii) utility easements to service the Real Property which do not materially interfere with the continued use of the Real Property in connection with the operation of the Station, and (iii) approved in writing by
Buyer as exceptions or exclusions from coverage under the Title Policies. 
  
 “Pool Road Studio Building” means Seller’s approximately 32,000 square foot office and studio and production facility located at 4201 Pool Road, Colleyville, Texas. 
  
 “Pool Road Studio Site” shall mean that
certain property located at 4201 Pool Road, Colleyville/Grapevine, Tarrant County, Texas consisting of approximately 4.85 acres of land, including Lot 1, which consists of approximately 1.097 acres of undeveloped land, and Lot 2, which includes
approximately 3.755 acres of land and the improvements thereon, including the Pool Road Studio Building, and the parking lot. 
  
 “Proceeds” has the meaning set forth in Section 7.5.1. 
  
 “Purchased Assets” means all the assets to be conveyed to Buyer by Seller pursuant to the terms of this
Agreement. 
  

 5 

 “Real Property” means the Pool Road Studio Site and the real property interests held by
Seller under the Tower Leases. 
  
 “Required
Consents” means the FCC consents to the assignment of the FCC Licenses, and the other governmental consents, third-party consents, approvals or waivers in form and substance satisfactory to Buyer, necessary to sell, convey or otherwise sell
or assign the Purchased Assets to Buyer, including without limitation those (including UCC Financing Statement Amendments and UCC Termination Statements) set forth on Schedule III. 
  
 “Seller” has the meaning set forth in the first paragraph
of this Agreement. 
  
 “Station” has the meaning
set forth in the recitals hereto. 
  
 “Tangible Personal
Property” has the meaning set forth in Section 2.1.1. 
  
 “Taxes” shall mean all federal, state and local taxes (including income, profit, franchise, sales, use, real property, personal property, ad valorem, excise, employment, social security and wage withholding taxes) and
installments of estimated taxes, assessments, deficiencies, levies, imports, duties, license fees, registration fees, withholdings, or other similar charges of every kind, character or description imposed by any Governmental Authorities. 

 
 “Title Company” means Lawyer’s Title Company.

  
 “Title Policies” means each of (1) an
extended coverage owner’s policy with respect to the Pool Road Studio Site, and (2) an extended coverage leasehold owner’s interest policy with respect to the Tower Leases, each in a form and with coverages and amounts acceptable to Buyer
and showing only Permitted Encumbrances. 
  
 “Tower Lease” or “Tower Leases” means the DTV Transmitter Site Lease and each of the Analog Transmitter Site Leases (Northwest), each individually a “Tower Lease” and
collectively the “Tower Leases.” 
  
 “Towers” means the television broadcast towers located at the applicable Transmitter Site upon which are located the Station broadcast antennas and/or related broadcast equipment. 
  
 “Transmitter Buildings” means the studio and transmitter
buildings located at the Transmitter Sites. 
  
 “Transmitter Sites” means the transmitter and antenna sites located at the Pool Road Studio Site and the locations described in the Tower Leases. 
  
 “Warranty Deed” shall mean a Warranty Deed for the Pool Road Studio Site, substantially the form of
Exhibit A. 
  

 6 

 1.2 Knowledge. The term “knowledge,” as it relates to a Party, shall mean the
best knowledge of such Party after reasonable investigation, including due inquiry of such Party’s employees. 
  
 ARTICLE II 
 PURCHASE AND SALE OF ASSETS 
  
 2.1 Assets to be Conveyed. On the Closing Date at the Closing Place,
Seller will sell, assign, convey, transfer and deliver (i) to LBI Sub, the FCC Licenses and the Permits, and all applications therefor, together with any renewals, extensions, additions or modifications thereof, and (ii) to LBI all (except the
Excluded Assets) of Seller’s right, title and interest in and to the other assets, properties and rights of every kind and nature, whether tangible or intangible, absolute or contingent, wherever located and used or usable in connection with
the operation of the Station (which, together with the FCC Licenses and the Permits and applications therefor, together with any renewals, extensions, additions or modifications thereof, the Pool Road Studio Site, the real property interests held by
Seller under the Tower Leases that are Assumed Contracts and all of the equipment used or located at the Pool Road Studio Site and all of the equipment owned or leased by Seller and used or located at the sites covered by the Tower Leases, are
collectively referred to as the “Purchased Assets”), such sale, assignment, conveyance, transfer and delivery to be made by instruments of conveyance in form reasonably satisfactory to Buyer and to be free and clear of all
Encumbrances (except, with respect to the Real Property, the Permitted Encumbrances). The Purchased Assets include the following: 
  
 2.1.1 All tangible personal property, furniture, fixtures, improvements and office equipment and other equipment used or useful in the operation of
the Station, including without limitation all furniture and inventory in the Transmitter Buildings, the transmitter facilities, all Towers, antennas, main and back-up transmitters and generators, and other equipment and tangible personal property
located or otherwise intended for use at the Transmitter Sites, all the principal items of equipment which are listed on Schedule IV, together with any replacements thereof or additions thereto made between the date hereof and the Closing
Date, less any retirements made in the ordinary and usual course of the Station’s business (collectively, the “Tangible Personal Property”); 
  
 2.1.2 The transmitter facilities used or located at the Pool Road Studio Site or owned or leased by Seller and used
or located at the sites covered by the Tower Leases; 
  
 2.1.3
The Real Property; 
  
 2.1.4 All prepaid expenses and
all deposits made by Seller, in each case under the Assumed Contracts; 
  
 2.1.5 The Assumed Contracts and all of Seller’s rights thereunder relating to periods and events occurring on and after the Closing Date; 
  

2.1.6 Such files, records and logs pertaining to any of the Purchased Assets or the operation of the Station as Buyer may reasonably require,
including the Station’s public inspection files and other records relating to the FCC Licenses and other filings with the Commission; and 
  

 7 

 2.1.7 All Intellectual Property. 
  
 2.2   Excluded Assets and Liabilities. 
  
 2.2.1 Excluded Assets. It is understood and agreed that the Purchased Assets do not include any assets of Seller that
are not used or useful in the operation of the Station (except to the extent explicitly included in Section 2.1 or any of Section 2.1.1 through Section 2.1.7), cash (other than the amounts described in Section 2.1.4), cash equivalents, deposits made
by Seller under any contracts (other than the amounts described in Section 2.1.4), and accounts receivable of Seller, causes of action, tax refunds, insurance claims or proceeds, employee benefit plans, employment records and contracts with
employees, in each case (for such accounts receivable, causes of action, tax refunds and insurance claim and proceeds) accruing prior to the closing (all the foregoing of which are referred to as the “Excluded Assets”). 

 
 2.2.2 Liabilities Not Assumed. Except for the liabilities and
obligations specifically assumed by Buyer pursuant to Section 3.2, Buyer and LBI Media will not assume and will not be or become liable for, any liabilities or obligations of Seller of any kind or nature whatsoever, whether absolute, contingent,
accrued, known or unknown, related to the ownership of the Purchased Assets, the Excluded Assets, the operation of the Station, Seller’s employees or otherwise (including but not limited to any monetary forfeitures by the FCC). 
  
 ARTICLE III 
 PURCHASE PRICE; METHOD OF PAYMENT; ESCROW DEPOSIT 
  
 3.1 Purchase Price. Subject to Section 7.5.3, the purchase price to be paid to Seller by Buyer for the Purchased Assets will be Thirty-Seven
Million Dollars ($37,000,000) plus the aggregate amount of prepaid expenses made by Seller for services to be provided to the Station after the Closing Date under the Assumed Contracts as set forth on Schedule VIII less any
accrued liabilities agreed to be assumed by Buyer (the “Purchase Price”). 
  
 3.1.1 Payment of Purchase Price. Subject to the terms and conditions set forth in this Agreement, on the Closing Date, Buyer will pay Seller an amount equal to the Purchase Price by wire transfer of immediately
available funds in accordance with wire transfer instructions to be provided by Seller to Buyer not less than five business days prior to the Closing Date. 
  
 3.1.2 Release of Escrow Deposit. Also on the Closing Date, concurrently with the wire transfer of the Purchase Price in accordance with Section
3.1.1 above, Seller and LBI Media shall jointly execute and deliver to the Escrow Agent written instructions to terminate the Escrow Agreement and deliver the entire Escrow Deposit to LBI Media. 
  

 8 

 3.1.3 Post-Closing Proration. Following the Closing Date, the Parties shall determine and make the
prorations called for in Section 3.6. 
  
 3.2 Liabilities
Assumed. As of the Closing Date, Buyer will assume and agree to pay, discharge and perform insofar as they relate to the time period on and after the Closing Date, and arise out of events occurring on or after the Closing Date, all the
obligations and liabilities of Seller under the Assumed Contracts. 
  
 3.3 Escrow Deposit. Concurrently with the execution and delivery of this Agreement, LBI Media has deposited One Million Five Hundred Thousand Dollars ($1,500,000) under the Escrow Agreement (together with any interest accrued on such
amount, the “Escrow Deposit”). The Escrow Deposit will be held, maintained, administered and disbursed by the Escrow Agent in accordance with the terms and provisions hereof and of the Escrow Agreement, with the terms of the Escrow
Agreement controlling in the event of any conflict. The Escrow Deposit will be disbursed as follows: 
  
 3.3.1 Delivery to Seller. If Buyer fails to consummate the purchase and sale contemplated by this Agreement under circumstances that would
constitute a material breach by Buyer of this Agreement and Seller is not then in breach of its representations, warranties or covenants hereunder in any material respect, then, the Escrow Deposit, will be delivered to Seller, it being understood
and agreed that payment to Seller of the full amount of the Escrow Deposit will constitute full payment for any and all damages suffered by Seller by reason of LBI Media’s or Buyer’s failure to consummate the purchase and sale contemplated
by this Agreement. 
  
 THE PARTIES ACKNOWLEDGE
AND AGREE IN ADVANCE BY INITIALING THIS AGREEMENT IN THE SPACES PROVIDED [LBI MEDIA’S INITIALS /s/ J.L., BUYER’S INITIALS /s/ J.L. AND /s/ J.L., AND SELLER’S INITIALS /s/ M.D.L.], THAT THE ACTUAL DAMAGES THAT SELLER WOULD
SUFFER AS A RESULT OF BUYER’S FAILURE TO CONSUMMATE THE PURCHASE AND SALE OF THE PURCHASED ASSETS WOULD BE EXTREMELY DIFFICULT OR IMPOSSIBLE TO CALCULATE; THAT THE FULL AMOUNT OF THE ESCROW DEPOSIT IS A FAIR AND EQUITABLE AMOUNT TO REIMBURSE
SELLER FOR ANY DAMAGES WHICH THE PARTIES ESTIMATE MAY BE SUSTAINED BY SELLER DUE TO BUYER’S FAILURE TO CONSUMMATE THE PURCHASE AND SALE OF THE PURCHASED ASSETS UNDER THE CIRCUMSTANCES STATED IN THIS SECTION 3.3.1; AND THAT THIS SECTION 3.3.1
SHALL CONSTITUTE A LIQUIDATED DAMAGES PROVISION, WHICH DAMAGES WILL BE SELLER’S SOLE REMEDY HEREUNDER IN THE EVENT OF LBI MEDIA’S OR BUYER’S FAILURE TO CONSUMMATE THE PURCHASE AND SALE OF THE PURCHASED ASSETS UNDER THE CIRCUMSTANCES
STATED IN THIS SECTION 3.3.1. 
  

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 3.3.2 Delivery to LBI Media. The Escrow Deposit shall be delivered to LBI Media if (i) the
transaction contemplated by this Agreement is consummated, or (ii) the purchase and sale contemplated by this Agreement is not consummated and Seller is not entitled to receive the Escrow Deposit in accordance with Section 3.3.1. 
  
 3.4 Buyer’s Remedies. If the purchase and sale contemplated by
this Agreement is not consummated because of the breach by Seller of its representations, warranties or covenants hereunder in any material respect, and Buyer is not in breach of its representations, warranties or covenants hereunder in any material
respect, Seller agrees that, in addition to any other rights and remedies available at law or in equity, LBI Media and Buyer shall have the following rights and remedies: (i) Buyer shall have the right to specific performance of Seller’s
obligation to sell the Purchased Assets upon the terms and conditions set forth in this Agreement and incidental damages related to such specific performance; (ii) LBI Media shall have the right to the return of the Escrow Deposit; and (iii) LBI
Media and Buyer shall have the right to recover money damages for breach of this Agreement, including but not limited to, benefit of the bargain damages and compensation for transaction costs; provided, that if Buyer obtains full remedies
under clause (i) pursuant to a non-appealable judgment with which Seller complies, then Buyer shall not thereafter have additional claims under clause (iii) and if LBI Media and Buyer obtain full remedies under clause (iii) pursuant to a
non-appealable judgment with which Seller complies, then Buyer shall not thereafter have additional claims under clause (i). The Parties agree that a remedy at law is inadequate and that damages are not adequate to compensate LBI Media and Buyer.

  
 3.5 Allocation. At least 5 days prior to Closing Date,
Buyer shall allocate the Purchase Price pursuant to Section 1060 of the Internal Revenue Code of 1986, as amended, subject to the approval of the Seller, whose consent shall not be unreasonably withheld. 
  
 3.6 Prorations. Other than the prepaid expenses set forth on
Schedule VII, the operation of the Station and all income, expenses and liabilities attributable thereto through 11:59 p.m., PT, on the day immediately preceding the Closing Date will be for the account of Seller and thereafter for the
account of LBI, and all income and expenses, including such items as power and utilities charges, rents and other deferred items will be prorated between Seller and LBI in accordance with generally accepted accounting principles consistently
applied, the proration to be made and paid, insofar as feasible, on the Closing Date, with a final settlement sixty days after the Closing Date. In addition, it is acknowledged and agreed that all ad valorem taxes with respect to Real Property and
the Tangible Personal Property will be prorated as of the Closing Date but that the final bill for such taxes may be received more than sixty days after the Closing Date. 
  
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES BY SELLER 
  
 Seller hereby represents and warrants to LBI Media and Buyer as follows: 
  
 4.1 Organization and Standing. Seller is a non-profit corporation duly organized, validly existing and in good standing under the laws of the state of its incorporation. 
  

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Seller has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and the Escrow Agreement. Seller
currently owns the assets necessary to operate at least 15 television stations (including the Station), including all FCC licenses issued by the FCC for the operation of such 15 stations. 
  
 4.2 Authorization. All necessary corporate actions and proceedings to
duly approve the execution, delivery and performance of this Agreement, the Escrow Agreement, and other agreements, documents and instruments being executed by the Seller in connection herewith or therewith and the consummation of the transaction
contemplated hereby or thereby have been duly and validly taken by the Seller, and each of this Agreement, the Escrow Agreement and other agreements, documents and instruments being executed by the Seller in connection herewith or therewith has been
duly and validly authorized, executed and delivered by the Seller and constitutes the legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with and subject to their respective terms. 
  
 4.3 FCC Licenses. 
  
 4.3.1 The FCC Licenses (all of which are listed on Schedule
II, together with any pending applications for FCC Licenses) constitute all the Permits required for and used in connection with the Purchased Assets and the operation of the Station. No waivers of the Communications Act are necessary in order
to permit Seller’s ownership and operation of the Purchased Assets and the Station. Seller is the holder of all the FCC Licenses. Other than the Initial Grant of the Assignment Application, no additional order or grant is required from the FCC
in order to consummate the assignment of the FCC Licenses to LBI Sub. Schedule II correctly sets forth the respective expiration date of each FCC License. Each FCC License is validly issued and in full force and effect. Seller has taken all
actions and performed all of its respective obligations that are necessary to maintain the FCC Licenses without adverse modification or impairment, and complete and correct copies of the FCC Licenses and any pending applications therefor have been
delivered to Buyer. No event has occurred which (i) has resulted in, or after notice or lapse of time or both would result in, revocation, suspension, adverse modification, non-renewal or termination of or any order of forfeiture with respect to,
any FCC License or (ii) materially and adversely affects or in the future may materially and adversely affect any rights of Seller or any of its assignees or transferees thereunder. None of the FCC Licenses requires that any assignment thereof must
be approved by any public or other Governmental Authority other than the FCC. 
  
 4.3.2 Seller is not a party to, and there are no notices of apparent liability, violations, forfeitures, notices of violation, orders to show cause or other orders or complaints or, to the knowledge of Seller,
investigations, issued or conducted by or before any court or regulatory body, including, without limitation, the FCC, or of any other proceedings (other than proceedings relating to the television industry generally) that could in any manner
threaten or adversely affect the validity or continued effectiveness of, or result in the adverse modification of, any of the FCC Licenses. In the event Seller learns of any such action, or the filing or 

  

 11 

 
issuance of any such order, notice or complaint, Seller promptly will notify Buyer of the same in writing and will take all reasonable measures to contest in
good faith or seek removal or rescission of such action, order, notice or complaint. The Station is now operating at its licensed power and antenna height, in accordance with the FCC Licenses, and is in compliance with the Communications Act,
including, without limitation restrictions on the amount of commercial advertising that may be included in children’s programming, record-keeping requirements related thereto, and requirements concerning efforts to address the educational and
informational needs of children and related record-keeping obligations. Seller has no reason to believe that the FCC Licenses will not be renewed in the ordinary course. 
  
 4.3.3 None of the Purchased Assets, including the facilities used in connection with the television broadcasting
operations of Seller relating to the Station (including the Pool Road Studio Site, the Transmitter Buildings, the Transmitter Sites and the Towers), violates the provisions of any applicable building codes, fire regulations, building restrictions or
other governmental ordinances, orders or regulations (including, without limitation, any applicable regulation of the Federal Aviation Administration) except where such violation could not impair, impede or affect the continued, uninterrupted
operation of the Station and could not otherwise have an adverse effect on the owner or operator of such Purchased Assets or such facilities, and each such facility is zoned so as to permit the commercial uses intended by the owner or occupier
thereof. Schedule II identifies any outstanding variances or special use permits materially affecting any facilities included in the Purchased Assets or the uses thereof and Seller is in compliance therewith. Seller has received no notice of
any complaint being made against the Station or Seller relating to its Tower, Transmitter Site, Transmitter Building, any other Purchased Assets or Seller’s operation of the Station (including, without limitation, any complaint relating to the
signals broadcast or otherwise transmitted from any Tower, either by Seller or by any person subleasing a portion of any Tower) except where such complaint would not impair, impede or affect the continued, uninterrupted operation of the Station and
the continued uninterrupted operation and ownership of the Purchased Assets. Each Tower has been appropriately registered with the Commission, as described in Schedule II. It is understood and agreed that Seller’s representations in this
Section 4.3.3, with respect to the Transmitter Sites covered by the Tower Leases and the Transmitter Buildings covered by the Tower Leases are made to the best actual knowledge of Seller after commercially reasonable diligence and inquiry by Seller.

  
 4.3.4 Seller is qualified to sell the Station and to
assign the FCC Licenses in accordance with the terms of this Agreement and in compliance with the Communications Act. Seller does not know of any person who has expressed any intention to oppose FCC approval of the assignment of the FCC Licenses to
LBI Sub, nor does Seller know of any reason why FCC consent to such assignment might be denied or delayed. 
  

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 4.3.5 Each report or certification filed by or on behalf of Seller with the FCC, including,
without limitation, any filing pursuant to 47 C.F.R. § 73.3615 with respect to its ownership of the Station and any other filing relating to the Station, was timely filed, and was at the time of filing true, correct and complete in all
respects; there have been no changes in the ownership of the Station since the filing of the most recent such ownership reports or certifications and those ownership reports and certificates are true, correct and complete in all respects.

  
 4.3.6 The operation of the Station by the Seller does
not cause or result in exposure of workers or the general public to levels of radio frequency radiation in excess of the applicable limits stated in 47 C.F.R. § 1.1310. 
  
 4.3.7 The Station has been assigned a channel by the FCC (Channel 30) for the provision of digital television
(“DTV”) service. The FCC Licenses listed in Schedule II include a modified DTV construction permit (the “DTV Maximization CP”) authorizing the Station to construct by 3 AM on July 1, 2003 facilities necessary for
the transmission of DTV service on its assigned channel at 1000 kW, and Emergency Special Temporary Authority (the “Emergency DTV STA”) authorizing the Station to operate digital facilities which provide 41 dBu service over all of
Decatur, Texas without exceeding the service contours authorized in the DTV Maximization CP. The DTV Maximization CP and the Emergency DTV STA are in full force and effect, and the FCC has not taken any adverse action with respect thereto. Seller
has filed an application with the FCC seeking Special Temporary Authority authorizing the Station to operate digital facilities which provide 41 dBu service over all of Decatur, Texas without exceeding the service contours authorized in the DTV
Maximization CP (the “DTV STA”) and Seller has no reason to believe that the DTV STA will not be granted in the ordinary course. Seller completed construction of its DTV facilities in accordance with FCC rules and regulations on or
before 3 AM July 1, 2003 and timely notified the FCC of commencement of DTV operations pursuant to the Emergency DTV STA. Seller’s DTV operations are fully consistent with the FCC’s rules and regulations, including those conditions imposed
by the Emergency DTV STA. Seller has no reason to believe that the FCC will take any adverse action with respect to its DTV Maximization CP, Emergency DTV STA, DTV STA, or its ability to provide analog or DTV service on its assigned channels. Seller
has timely met the reporting requirements imposed by the FCC’s letter of June 14, 2002 regarding Seller’s Request for Extension of Time to Construct Digital Facilities. Seller will have paid on or prior to the Closing Date any monetary
forfeiture imposed by the FCC on or prior to the Closing Date for its failure to timely construct its DTV facilities, and will remain liable for any such forfeiture issued after the Closing Date.  
  
 4.3.8 Seller has filed with the FCC an application to modify the
license for its analog facilities and to relocate the transmitter site to Cedar Hill (the “Analog Modification Application”). The Analog Modification Application is, in form and substance, complete and fully consistent with FCC
rules and regulations. Seller does not know of (1) any currently pending or contemplated FCC 

  

 13 

 
application that would preclude grant of the Analog Modification Application or (2) any person who has expressed any intention to oppose FCC approval of the
Analog Modification Application, and Seller has no reason to believe that the Analog Modification Application will not be granted or that the FCC will take any other adverse action with respect to such application. Should, between the date hereof
and the Closing Date, the FCC act to grant the Analog Modification Application and issue a construction permit pursuant thereto (the “Analog CP”), the Analog CP will be as of the Closing Date in full force and effect and Seller has
no reason to believe that the Analog CP will be rescinded or that the FCC will take any other adverse action with respect to the Analog CP. 
  
 4.4 Purchased Assets. All material items of the Purchased Assets used in the operation of the Station and all equipment used or located in the Pool
Road Studio Site, the Transmitter Sites or in any of the other Real Property are listed and described in Schedule IV to this Agreement. No other affiliate of Seller (including without limitation direct or indirect subsidiaries of Seller and
direct or indirect subsidiaries of shareholders of Seller) other than Seller owns or has any rights, title or interest in any Purchased Assets or is in any way involved with the operation of the Station. On the Closing Date, Seller will have good
and valid title to the Purchased Assets, free and clear of all Encumbrances, other than (i) with respect to the Real Property, the Permitted Encumbrances, and (ii) the Encumbrances described in Schedule III, which Encumbrances will be
released on the Closing Date concurrently with the closing. Upon consummation of the transactions set forth in this Agreement, Buyer will have good and valid title to the Purchased Assets, free and clear of all Encumbrances (other than liens granted
to Buyer’s lenders and, with respect to the Real Property, the Permitted Encumbrances). Schedule III also sets forth all UCC Financing Statements and/or mortgages that have been filed against any Purchased Asset. Schedule III also
sets forth each release and UCC Termination Statements that are required in order to release such Encumbrances on the Closing Date. None of the Tangible Personal Property is subject to any lease agreement. Seller has received no notice of
noncompliance with any restriction or encumbrance encumbering the Real Property, except the Permitted Encumbrances. Seller has maintained and has operated each Transmitter Site, each Tower, each Transmitter Building and the Station, and, to the best
knowledge of Seller, the Pool Road Studio Site, under and in accordance with the terms of all applicable laws, rules and regulations, including, without limitation, those governing handicapped access, zoning, parking and other laws relating to the
ownership or operation of an office, studio and broadcasting facility. Seller has no knowledge of any defects or deficiencies or lack of repair in the Pool Road Studio Building and Pool Road Studio Site, including with respect to all systems and
structural aspects (including the roof) of the Pool Road Studio Building. The undeveloped land included within the Pool Road Studio Site complies with all laws, rules and regulations and is in good order and condition and Seller has no knowledge of
any restrictions upon the development or use of the undeveloped land included within the Pool Road Studio Site. Seller has no knowledge of any complaints regarding the Pool Road Studio Sites, the Transmitter Sites, the Towers, the Transmitter
Buildings, the antennas, the television transmitters, the studio facilities or any other facilities included in the Purchased Assets. There is no pending or, to the knowledge of Seller, threatened action, event, transaction or proceeding that could
interfere with the quiet enjoyment or operation of the Purchased Assets (including the Real Property) by Seller or, on and after the Closing Date, by Buyer. Subject to the terms of the Tower Leases that are Assumed Contracts and the scope of
Seller’s rights thereunder, there are no other persons which 

  

 14 

 
have any rights to use the Towers or Transmitter Sites or to occupy or use the Transmitter Buildings or any other Real Property (including the undeveloped
land included within the Pool Road Studio Site), whether by lease, sublease, easement, license or other instrument or operation of law. Buyer will have following the closing reasonable access to each of the Transmitter Sites and the other Real
Property, and a continuous means of ingress and egress thereto from public roads. The items of Tangible Personal Property are in all material respects in good operating condition for equipment of their age and usage (ordinary wear and tear
excepted). The technical equipment, constituting a part of the Tangible Personal Property, has been maintained in accordance with the Station’s and the Seller’s past practice and is operating and complies in all material respects with all
applicable rules and regulations of the FCC and the terms of the FCC Licenses and Permits. The Purchased Assets include all the Permits, personal property, real property and assets, including real estate rights, necessary to conduct the operation of
the Station as now conducted. 
  
 4.5 Insurance. Seller now
has in force insurance on the Purchased Assets as set forth in Schedule V and Seller will continue the present insurance at the present limits in full force and effect up through the Closing Date. 
  
 4.6 Litigation. No litigation, action, suit, judgment, proceeding or,
to the knowledge of Seller, investigation relating to the Station or the Purchased Assets is pending or outstanding before any forum, court, or governmental body, department or agency of any kind to which Seller or the Station is subject or is a
party and, to the knowledge of Seller, no such litigation, action, proceeding or investigation is threatened. 
  
 4.7 Contracts. Seller has delivered to Buyer true and complete copies of all the Assumed Contracts. The Assumed Contracts will be enforceable by
Buyer after the consummation of the transaction contemplated hereby in accordance with their respective terms. Seller has not taken any action that would impair the enforceability of the Assumed Contracts, or omitted to take any action, the omission
of which would have such effect. There exist no material defaults by any parties thereto under any of the Assumed Contracts and the consummation of the transaction contemplated hereby will not cause any defaults under any of the Assumed Contracts.
Schedule I sets forth all the relevant documents to which Seller is a party with respect to the Real Property, true, correct and complete copies of which have been delivered to Buyer. 
  
 4.8 Insolvency. No insolvency proceedings of any character including,
without limitation, bankruptcy, receivership, reorganization, composition or arrangement with creditors, voluntary or involuntary, affecting Seller or any of its assets or properties, including the Purchased Assets, are pending or, to the knowledge
of Seller, threatened. 
  
 4.9 Reports. All material
returns, reports and statements currently required to be filed by Seller with the Commission or with any other governmental agency have been filed and each such return, report and statement is true, correct and complete in all material respects.
Seller has complied in all material respects with the reporting requirements of the Commission and other Governmental Authorities having jurisdiction over the Station and its operations. 
  

 15 

 4.10 No Defaults. Neither the execution, delivery and performance by Seller of this Agreement, the
Escrow Agreement and the other agreements, documents and instruments being executed by Seller in connection herewith or therewith nor the consummation by Seller of the transaction contemplated hereby or thereby is an event that, of itself or with
the giving of notice or the passage of time or both, will (i) conflict with the provisions of the Articles of Incorporation or Bylaws of Seller, (ii) constitute a violation of, conflict with or result in any breach of or any default under, result in
any termination or modification of, or cause any acceleration of any obligation under, any contract, mortgage, indenture, agreement, lease, license or other instrument to which Seller is a party or by which it or he is bound, or by which it may be
affected, or result in the creation of any Encumbrance on any of the Purchased Assets, (iii) violate any judgment, decree, order, statute, rule or regulation applicable to Seller or (iv) violate or constitute a breach of any Assumed Contract. As of
the Closing Date, Seller will have complied with all notice and obtained all approvals, if any, required under Georgia non-profit corporation law or regulation. The execution, delivery and performance by Seller of this Agreement, the Escrow
Agreement and the other agreements, documents and instruments being executed by Seller in connection herewith or therewith do not require the consent of any third party other than as listed on Schedule III (which schedule shall set forth the
document under which the consent was required), and a full and complete copy of such consent is attached hereto as Annex A to Schedule III. 
  
 4.11 Disclosures. No covenant, representation or warranty by Seller and no written statement, certificate, appendix or Schedule furnished by Seller
pursuant hereto or in connection with the transaction contemplated hereby contains any untrue statement of a material fact or omits to state any material fact necessary to make the statements contained herein or therein not materially misleading.

  
 4.12 Environmental Compliance. (i) Seller has not, in
connection with its business or assets, including the Purchased Assets, generated, used, transported, treated, stored, released or disposed of, or has suffered or permitted anyone else to generate, use, transport, treat, store, release or dispose of
any Hazardous Substance (as defined below) in violation of any applicable environmental law; (ii) there has not been any generation, use, transportation, treatment, storage, release or disposal of any Hazardous Substance in connection with the
Purchased Assets or the operation of the Station or, to the knowledge of Seller, in any properties within 100 yards of its business which has created or might reasonably be expected to create any material liability under any applicable environmental
law or which would require reporting to or notification of any governmental entity; (iii) to the knowledge of Seller no asbestos or polychlorinated biphenyl or underground storage tank is contained in or located at any facility used in connection
with the operation of the Station or any facility included in the Purchased Assets; and (iv) any Hazardous Substance handled or dealt with in any way in connection with the Purchased Assets or the operation of the Station has been and is being
handled or dealt with in all material respects in compliance with all applicable environmental laws. As used herein, “Hazardous Substance” means substances that are defined or listed in, or otherwise classified pursuant to, any
applicable laws as “hazardous substances,” “hazardous materials,” “hazardous wastes” or “toxic substances,” or any other formulation of any applicable environmental law intended to define, list or classify
substances by reason of deleterious properties such as ignitibility, corrosivity, reactivity, radioactivity, carcinogenicity, reproductive toxicity or “EP toxicity,” and petroleum and drilling fluids, produced waters and other wastes
associated with the exploration, development, or production of crude oil, natural gas or geothermal energy. 
  

 16 

 4.13 Must Carry Rights. Except as set forth on part (1) of Schedule VI, each Cable System
is obligated to carry the Station as provided by the FCC’s must carry rules. Except as set forth on part (2) of Schedule VI, the Station has timely made a valid must carry election with respect to each Cable System as of October 1, 2002
or has defaulted to must carry status with respect to such Cable System for the cycle beginning on January 1, 2003 and ending on December 31, 2005 by its failure to make such election. Except as set forth on part (3) of Schedule VI, no Cable
System has notified the Station that it will deny carriage of the Station. Except as set forth on part (4) of Schedule VI, the Station has not taken any action or failed to take any required action pursuant to the FCC’s rules that has
resulted in the Station’s forfeiture of its must carry rights on any Cable System. Except as set forth on part (5) of Schedule VI, the FCC has made no determination that the Station is not entitled to carriage on any Cable System for the
current election cycle. Copies of all must carry elections have been provided to Buyer and are included in the Station’s public inspection file and copies of all correspondence between the Station and/or Seller and any Cable System concerning
mandatory cable carriage of the Station, retransmission consent agreements, and/or any FCC decisions relating to mandatory cable carriage of the Station, have been provided to Buyer. 
  
 4.14 Intellectual Property. 
  

4.14.1 Seller has good and marketable title to all of the Intellectual Property, free and clear of all Encumbrances. 
  
 4.14.2 Seller is the sole and exclusive owner of the Intellectual
Property, has the sole and exclusive right to use the trade names and trademarks included in the Intellectual Property and has received no notice from any other person or entity pertaining to or challenging the right of Seller to use any of the
Intellectual Property or any rights thereunder. 
  
 4.14.3
Seller has not, to the best of its knowledge, violated or infringed any patent, trademark, trade name, jingle, assumed name, fictional business name, copyright, license, permit or other similar intangible property right or interest held by
others or any license or permit held by Seller. 
  
 4.14.4
(i) Seller has not granted any license or other rights and has no obligations to grant licenses or other rights to any of the Intellectual Property, and (ii) Seller has not made any claim of any violation or infringement by others of its rights
to or in connection with any of the Intellectual Property, and there is no basis for the making of any such claim. 
  
 4.14.5 To the best of Seller’s knowledge, there are no proceedings, either pending or threatened, in the United States Copyright Office, the
United States Patent and Trademark Office or any Federal, state or local court or before any other governmental agency or tribunal, relating to any pending application with respect to any Intellectual Property. 
  

 17 

 4.15 Brokers. No agent, broker, investment or commercial banker, person or firm acting on behalf
of Seller or under the authority of Seller is or will be entitled to any broker, finder or financial advisor fee or any other commission or similar fee directly or indirectly in connection with the transaction contemplated by this Agreement, other
than Media Venture Partners, whose fee shall be paid by Seller. 
  
 4.16 Prepaid Expenses. All prepaid expenses made by Seller for services to be provided to the Station after the Closing Date under the Assumed Contracts are set forth on Schedule VII.  
  
 4.17 Employees and Employee Benefits.  
  
 4.17.1 The “Seller Benefit Plans” are each “employee
benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) maintained, sponsored, contributed to, or required to be contributed to, by Seller or by any entity or trade or
business, whether or not incorporated, which, with the Seller, constitutes a group described in Sections 414(b), (c), (m) or (o) of the Internal Revenue Code of 1986, as amended (the “Code”) (an “ERISA Affiliate”). No Seller
Benefit Plan is subject to Title IV of ERISA. No Seller Benefit Plan is a multiemployer plan. 
  
 4.17.2 Neither Seller nor any of its ERISA Affiliates has failed to make any contribution or payment to any Seller Benefit Plan that has resulted in the imposition of a lien or the posting of a bond or other
security under ERISA or the Code. 
  
 4.17.3 No collective
bargaining agreement applies with respect to any employee of Seller or any ERISA Affiliate whose duties are performed in connection with the Station. 
  
 4.18 Taxes. All Tax reports and returns required to be filed by Seller or relating to the Purchased Assets have been filed with the appropriate
Governmental Authority, and there have been paid all Taxes, penalties, interest, deficiencies, assessments or other charges due with respect to such Taxes, as reflected on the filed returns or claimed to be due by such federal, state or local taxing
authorities (other than Taxes, deficiencies, assessments or claims which are being contested in good faith and which in the aggregate are not material). Seller has not received any written notice of any examinations or audits pending or unresolved
examinations or audit issues with respect to Seller’s federal, state or local Tax returns. All additional Taxes, if any, assessed as a result of such examinations or audits have been paid, and to Seller’s knowledge, there are no pending
claims or proceedings relating to, or asserted for, Taxes, penalties, interest, deficiencies or assessments against the Purchased Assets. 
  
 4.19 No Interference With Signal. There currently exists no objectionable interference to Station’s signal from other broadcast or
non-broadcast stations beyond that permitted by the FCC’s rules and, to Seller’s knowledge, there are no applications pending at the FCC grant of which would cause objectionable interference. No construction, buildings, or other structures
adjacent to any Transmitter Site or otherwise that would result in degradation, 

  

 18 

 
interference to, or impaired reception of the Station’s signal to any extent currently exists, or, to Seller’s knowledge, is proposed. To
Seller’s knowledge, upon the grant of the Analog Modification Application and the relocation of the Station’s analog facilities in accordance therewith, (1) there would not exist any objectionable interference to Station’s signal from
other broadcast or non-broadcast stations beyond that permitted by the FCC’s rules, (2) that are no applications pending at the FCC grant of which would cause objectionable interference, and (3) no construction, buildings or other structures
adjacent to any Transmitter Site or otherwise that would result in degradation, interference to, or impaired reception of, the Station’s signal to any extent would exist or is proposed.  
  
 4.20 DTV Transmitter Site Lease. The DTV Transmitter Site Lease
provides for sufficient space, and is in all other ways appropriate, to accommodate the construction of facilities sufficient to permit continued DTV operations in accordance with FCC rules and regulations and as set forth in the DTV Maximization
CP, including, but not limited to, the mounting and operation of the necessary antenna and the installation and operation of a higher power transmitter. Seller has sufficient rights under the DTV Transmitter Site Lease and, on and after the Closing
Date, Buyer will have sufficient rights under the DTV Transmitter Site Lease to, without modification to such DTV Transmitter Site Lease or payments to, and/or consents from, any third parties, accommodate the construction of facilities sufficient
to permit continued DTV operations in accordance with the DTV Maximization CP and FCC rules and regulations.  
  
 4.21 Echostar and DirecTV. Upon the consummation of the transactions contemplated herein and the execution of the Echostar Agreement by the parties
thereto, Echostar Satellite Corporation (“Echostar”) will have agreed to and be legally obligated to provide local-into-local carriage of the Station, as defined by the FCC’s rules, on its direct broadcast satellite
(“DBS”) system commencing on the Closing Date. The Station has not taken any action or failed to take any required action that would result in the Station losing its mandatory local-into-local carriage rights on Echostar’s DBS
system upon consummation of the transactions contemplated herein and continuing through December 31, 2005. That certain Public Interest Programming Agreement effective on or about December 12, 2002 by and between Seller and Echostar, or any other
agreements involving such parties (collectively, the “Existing Echostar Agreements”), shall not in any way preclude Buyer from making a valid must carry election for mandatory local-into-local carriage of the Station pursuant to the
FCC’s rules and regulations for the period beginning January 1, 2006 through December 31, 2008 with respect to Echostar’s DBS system or from receiving the benefits of such election. Upon the consummation of the transactions contemplated by
this Agreement, any agreement by and between Seller and DirecTV, Inc. (“DirecTV”) (collectively, the “Existing DirecTV Agreements”), shall not in any way preclude Buyer from making a valid must carry election for
mandatory local-into-local carriage of the Station pursuant to the FCC’s rules and regulations for the period beginning January 1, 2006 through December 31, 2008 with respect to DirecTV’s DBS system or from receiving the benefits of such
election. 
  

 19 

 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES BY BUYER AND LBI MEDIA 
  
 LBI Media and Buyer represent and warrant to Seller as follows: 
  
 5.1 Status. Each of LBI Media, LBI and LBI Sub is a California corporation, duly organized, validly existing and in good standing under the laws of
the State of California. LBI Media and Buyer each has the requisite corporate power to enter into and perform its obligations under this Agreement and the Escrow Agreement. 
  
 5.2 No Defaults. Other than the consents set forth on Schedule III with respect to Buyer, neither the
execution, delivery and performance by LBI Media or Buyer, as applicable, of this Agreement, the Escrow Agreement, and the other agreements, documents and instruments being executed by LBI Media or Buyer in connection herewith or therewith nor the
consummation by Buyer of the transaction contemplated hereby is an event that, of itself or with the giving of notice or the passage of time or both, will (i) conflict with the provisions of the Articles of Incorporation or Bylaws of LBI Media or
Buyer, (ii) constitute a violation of, conflict with or result in any breach of or any default under, result in any termination or modification of, or cause any acceleration of any obligation under, any material contract, mortgage, indenture,
agreement, lease or other instrument to which LBI Media or Buyer is a party or by which it is bound, or by which it may be affected, or result in the creation of any Encumbrance on any of its assets, except for agreements, indentures and instruments
related to the financing of the transaction contemplated by this Agreement, (iii) violate any judgment, decree, order, statute, rule or regulation applicable to LBI Media or Buyer, or (iv) result in the creation or imposition of any Encumbrance on
the Station or the Purchased Assets, except for liens, charges or encumbrances relating to the financing of the transaction contemplated by this Agreement. 
  
 5.3 Authorization. All necessary corporate actions and proceedings to duly approve the execution, delivery and performance of this Agreement, the
Escrow Agreement and other agreements, documents and instruments being executed by LBI Media or Buyer in connection herewith or therewith and the consummation of the transaction contemplated hereby or thereby have been duly and validly taken by LBI
Media and Buyer, and each of this Agreement, the Escrow Agreement and other agreements, documents and instruments being executed by LBI Media or Buyer in connection herewith or therewith has been duly and validly authorized, executed and delivered
by LBI Media and Buyer and constitutes the legal, valid and binding obligation of LBI Media and Buyer, enforceable against LBI Media and Buyer, as the case may be, in accordance with and subject to their respective terms. 
  
 5.4 Brokers. No agent, broker, investment or commercial banker, person
or firm acting on behalf of LBI Media or Buyer or under the authority of LBI Media or Buyer is or will be entitled to any broker, finder or financial advisor fee or any other commission or similar fee directly or indirectly in connection with the
transaction contemplated by this Agreement. 
  
 5.5
Qualification as a Broadcast Licensee. Neither LBI Media nor Buyer knows of any fact that would as of the date hereof, under the Communications Act, disqualify Buyer as owner, operator and licensee of the Station. 
  

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 5.6 Litigation. There are no suits, legal proceedings or investigations of any nature pending or,
to the knowledge of LBI Media or Buyer, threatened against or affecting it that would affect the ability of LBI Media or Buyer to carry out the transaction contemplated by this Agreement. 
  
 5.7 Approvals and Consents. To the knowledge of LBI Media or Buyer, the only approvals or consents of persons or
entities not a party to this Agreement that are legally or contractually required to be obtained by LBI Media or Buyer in connection with the consummation of the transaction contemplated by this Agreement are identified on Schedule III.

  
 ARTICLE VI 
 COVENANTS OF SELLER 
  
 6.1 Affirmative Covenants of Seller. Between the date hereof and the Closing Date, except as otherwise expressly permitted by this Agreement:

  
 6.1.1 Maintenance. Seller will continue to operate the
Station and the Purchased Assets in substantial conformity with past practices, and in conformity with the FCC Licenses and the Communications Act and will continue to maintain the Pool Road Studio Site and the Towers and, to the extent required
under the Tower Leases, the assets covered by the Tower Leases in good working order and condition and in compliance with all laws. Seller will take all necessary actions to oppose the licensing or modification of broadcast or non-broadcast stations
or the construction of any buildings or other structures adjacent to the Pool Road Studio Site or other Transmitter Sites or otherwise that would cause objectionable interference or that would otherwise result in degradation, interference to, or
impaired reception of the Station’s signal, or that would prohibit current or future operation of its DTV facilities in accordance with the FCC’s rules. 
  
 6.1.2 Preserve Relations. Seller will use its best efforts to preserve the business of the Station and good relations
with the counterparty under any Assumed Contract, with owners of property adjacent to or in the area of the Transmitter Sites, the Transmitter Buildings, the Towers and other Real Property and others having business relations with Seller in
connection with the Station or the Purchased Assets (including but not limited to lessors, advertisers, clients, service providers and municipalities). 
  
 6.1.3 Reasonable Access. Following reasonable advance notification (except with respect to Buyer personnel at Seller premises pursuant to Section
6.1.12), Seller will provide Buyer and representatives of Buyer with reasonable access to the employees and the properties, titles, contracts, books, files, logs, records and affairs of the Station and the Purchased Assets (including access to the
Real Property to allow planning for potential remodeling and construction, including access to HVAC and other operational areas), and Seller will furnish or will cause to be furnished such additional information concerning the Station or the
Purchased Assets as Buyer may from time to time reasonably request. Seller 

  

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 agrees that a request by Buyer at least three business days prior to a visit by personnel of Buyer
(including contractors and consultants in the employ of Buyer) to the Station during the Station’s normal business hours shall constitute reasonable advance notification and Seller shall use its best efforts to make available the documents, the
facilities and the personnel Buyer indicates that its personnel would like to see during such visit. 
  
 6.1.4 Obtain Consents. Seller will use its best efforts to procure the Required Consents. 
  
 6.1.5 Books and Records. Seller will maintain the books and records
of the Station and the books and records relating to the Purchased Assets consistent with past practices. 
  
 6.1.6 Insurance. Seller will maintain in force the existing insurance policies identified on Schedule V or reasonably equivalent policies.
Seller will use the proceeds of any claims for loss payable under such insurance policies to repair, replace, or restore any of the Purchased Assets destroyed prior to the Closing Date by fire and other casualties to their former condition as soon
as possible after the loss. 
  
 6.1.7 Notification. Seller
will promptly upon learning of the same notify Buyer of any order to show cause, notice of violation, notice of apparent liability or of forfeiture or the filing or threat of filing of any complaint against the Station or any of the Purchased Assets
or against Seller in connection with the Station or any of the Purchased Assets, occurring between the date hereof and the Closing Date, and respond to any action, order, notice or complaints, and implement procedures to ensure that the complaints
or violations will not recur. Without limiting the generality of the foregoing, Seller will also promptly upon learning of the same notify Buyer of any complaint being made against the Station or any of the Purchased Assets relating to the Towers,
Transmitter Sites, Transmitter Buildings, the Pool Road Studio Site, Seller’s operations under the Tower Leases or Seller’s ownership or operation of the Station or any of the Purchased Assets (including, without limitation, any complaint
related to the signals broadcast or otherwise transmitted from such Tower, either by Seller or by any person subleasing a portion of such Tower) and of any invoice unpaid by the Station or by Seller in connection with the Station or any of the
Purchased Assets that remains unpaid 60 days after the applicable due date of such invoice. 
  
 6.1.8 Contracts. Seller will not enter into any Contract relating to the Station or any of the Purchased Assets without the prior written consent of Buyer, which consent shall not be unreasonably withheld.

  
 6.1.9 Transition Assistance. Seller will use its best
efforts to assist Buyer in transitioning to Buyer third party provided services such as utilities, phone service, etc. 
  

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 6.1.10 Title Policies; Survey. Prior to the execution and delivery hereof, Buyer has delivered to
Seller a title commitment issued by the Title Company with respect to each of the Title Policies to be issued hereunder, which commitments have been annotated to reflect the issues that Buyer will require to be cleared prior to closing. In addition,
Seller has delivered to Buyer a survey for the Pool Road Studio Site dated as of October 31, 2002. Seller and Buyer will work together to clear any title problems identified by such markups as soon as possible. In addition, Seller shall cause the
survey to be current, certified to Buyer as an ALTA survey. 
  
 6.1.11 Must Carry and Related Matters. Between the date hereof and the Closing Date, Seller (i) will promptly provide Buyer with copies of all correspondence between Station and/or Seller and cable television systems concerning must
carry status, retransmission consent and other matters arising under the 1992 Cable Act and the Communications Act with respect to the Station, as well as all FCC decisions relating thereto, and (ii) will use its best efforts to preserve good
relations with all Cable Systems that are currently carrying or may be obligated to carry the Station. Seller will take all actions necessary to enforce its must carry rights on cable television systems on which the Station is entitled to carriage
under the FCC’s rules and will fully cooperate with Buyer in enforcing such rights. This includes, without limitation, upon Buyer’s request, corresponding with cable television systems for the purpose of asserting must carry rights, and
installing equipment and/or modifying Station operations so as to allow delivery of a good quality signal, as defined by the FCC’s rules, to the designated head end of any Cable System that the Buyer may request (provided that Buyer will pay
for the cost of any additional equipment and any related out of pocket expenses that Buyer approves in writing in advance). Seller will ensure that the Station is continuing to meet the standards for delivery of a good quality signal, as provided in
the FCC’s rules, to each Cable System on which it is being carried. 
  
 6.1.12 Shared Use. Ninety days prior to the earlier of (i) the Final Order, or (ii) October 30, 2003, Seller shall, without charge, grant Buyer or Buyer’s agents or designees (x) full time use of the
16’9” x 23’ office next to the Green Room with appropriate office furniture for three people at the Pool Road Studio Building, (y) reasonable access to the office facilities of the Pool Road Studio Building, including but not limited
to phone and other communications services, copy machines, computers and other customary office facilities and services, and (z) access to such areas and parts of the Pool Road Studio Site, including but not limited to parking space in the parking
lot at the Pool Road Studio Site, that Buyer may reasonably need, in each case, in order to facilitate the transfer of the Purchased Assets and the transition of the operation of the Station from Seller to Buyer. 
  
 6.1.13 DirecTV and Echostar. Seller will use its best efforts (which
will include phone calls, correspondence and meetings, in which Buyer will be entitled to participate or, when applicable, be promptly notified of) to enter into (1) a 

  

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retransmission agreement or other written agreement satisfactory in form and substance to Buyer in its reasonable discretion granting, at no cost, with
channel placement reasonably satisfactory to Buyer and on terms customary to similarly situated content providers, to the Station local-into-local carriage rights on Echostar’s DBS system commencing on the Closing Date and continuing until
December 31, 2005, which agreement shall be assignable to Buyer (the “Echostar Agreement”); and (2) a written agreement satisfactory to Buyer in its reasonable discretion (including but not limited to an agreement which assigns
local-into-local carriage rights of Station KDTN to the Station at no cost (the “KDTN Carriage Assignment”)) granting or confirming local-into-local carriage rights for the Station after the consummation of the transactions
contemplated by this Agreement on DirecTV’s DBS system at no cost, with channel placement reasonably satisfactory to Buyer, and on terms customary for similarly situated content providers on DirecTV’s DBS system commencing on the Closing
Date and continuing until December 31, 2005, which agreement shall be assignable to Buyer. 
  
 6.2 Negative Covenants of Seller. From the date hereof through consummation of the transaction contemplated hereby on the Closing Date, except as contemplated by this Agreement, Seller will not, without the
prior written consent of Buyer: 
  
 6.2.1 Encumbrances.
Create or assume any Encumbrance on any of the Purchased Assets (other than Permitted Encumbrances on the Real Property), whether now owned or hereafter acquired, unless discharged or terminated and fully released prior to the Closing Date;

  
 6.2.2 Transfers. Sell, assign, lease or otherwise
transfer or dispose of any of the Purchased Assets, whether now owned or hereafter acquired, except for retirements in the normal and usual course of business; 
  

6.2.3 Call Letters. Change the Station’s call letters or modify any of the facilities included in the Purchased Assets (including the
Station’s facilities) in any material respect; 
  
 6.2.4
Modification of Contracts. Amend or terminate any of the Assumed Contracts (or waive any substantial right thereunder); 
  
 6.2.5 Rights. Cancel or compromise any claim or waive or release any right of Seller relating to the Purchased Assets, except in the ordinary
course of business consistent with past practice; 
  
 6.2.6
FCC Licenses and Permits. Cause or permit, by any act or failure on its part, the FCC Licenses or Permits to expire or to be surrendered or modified, or take any action which would cause the FCC or any other Governmental Authority to institute
proceedings for the suspension, revocation or adverse modification of any of the FCC Licenses or Permits, or fail to prosecute with due diligence any pending applications to any Governmental Authority in connection with the 

  

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ownership and operation of the Station and the Purchased Assets, or take any other action within Seller’s control which would result in the Station or
any of the Purchased Assets being in non-compliance with the requirements of the Communications Act or any other applicable law material to the ownership and operation of the Station and the Purchased Assets 
  
 6.2.7 Must Carry. Take any action or omit to take any action that
would prevent the Station from enforcing its right to mandatory carriage rights on any Cable System; or 
  
 6.2.8 No Inconsistent Action. Take any other action inconsistent with its obligations under this Agreement or which could hinder or delay the
consummation of the transaction contemplated by this Agreement. 
  
 6.3 COBRA Continuation Coverage. Seller and its ERISA Affiliates shall comply with Section 601 et. seq. of ERISA and the corresponding provisions of the Code (commonly known as COBRA continuation) with respect to each employee whose
employment was associated with (within the meaning of Treasury Regulation Section 54.4980B-9) the Station, and each such employee’s spouse and dependents. Buyer shall have no COBRA continuation obligation with respect to any employee of Seller
or any ERISA Affiliate, or the spouse and dependents of any such employee. 
  
 6.4 FCC Filing Related Covenants. 
  
 6.4.1 Seller agrees (i) to diligently and with best efforts prosecute the Analog Modification Application, (ii) to amend and supplement such application as directed by Buyer or its counsel, and (iii) to
otherwise fully cooperate with Buyer to expeditiously amend and prosecute such application, and to communicate with the FCC to request expedited processing of the Analog Modification Application. Should, between the date hereof and the Closing Date,
the FCC issue the Analog CP, Seller agrees to fully cooperate with Buyer to take all actions necessary to relocate the analog transmitter site to Cedar Hill in accordance with the Analog CP. 
  
 ARTICLE VII 
 ADDITIONAL AGREEMENTS 
  
 7.1 Application for Commission Consent; Other Consents. 
  
 7.1.1 FCC Consent. Buyer and Seller agree to proceed as expeditiously as practical, and in no event later than ten business days after the
execution hereof by Buyer and Seller, to file or cause to be filed the Assignment Application requesting FCC consent to the transaction contemplated by this Agreement; provided, however, that if the FCC does not permit the filing of the
Assignment Application due to a general “freeze” on the filing of such applications, the Assignment Application shall be filed no later than ten business days following the lifting of such freeze. The Parties agree that the Assignment
Application will be prosecuted in good faith and with due diligence, including filing and 

  

 25 

 
cooperating with all requests of the Commission. The Parties acknowledge that this Agreement, including Schedules and Exhibits, will have to be filed with
the FCC. The Parties further acknowledge that the Assignment Application may have to be amended from time to time prior to the date it is granted to reflect any changes resulting from Buyer’s financing and related arrangements. 
  
 7.1.2 Other Governmental Consents. Promptly, but not later than ten
business days following the filing of the Assignment Application, the Parties will proceed to prepare and file with all other appropriate Governmental Authorities (if any), such other requests for approval or waiver as may be required from such
Governmental Authorities to permit the transfer of the FCC Licenses, Permits and the Purchased Assets, or as otherwise required in connection with the transaction contemplated hereby and will jointly, diligently and expeditiously prosecute, and will
cooperate fully with each other in the prosecution of, such requests for approval or waiver and all proceedings necessary to secure such approvals and waivers. The Parties hereby acknowledge that no filings will be required under the HSRA because
both the Purchase Price and the fair market value of the Purchased Assets and Assumed Contracts are less than $50,000,000. 
  
 7.1.3 Control of the Station. The purchase and sale transaction contemplated by this Agreement shall not be consummated until the Closing Date.
Between the date of this Agreement and the Closing Date, Buyer, its employees or its agents, shall not directly or indirectly control, supervise or direct or attempt to control, supervise or direct the operation of the Station, but such operation
will be the sole responsibility and in the complete discretion of Seller. Until the Closing Date, Buyer’s interest in the Station is limited to its rights under this Agreement and the Assignment Application. 
  
 7.2 Mutual Right to Terminate. Subject to the provisions of Section
7.5.2, if the purchase and sale transaction contemplated by this Agreement has not occurred on or before the 12 month anniversary of the date hereof, either Buyer or Seller, if such Party is not materially in default hereunder in a manner which has
delayed the occurrence of the purchase and sale transaction contemplated by this Agreement, may terminate this Agreement upon five days’ written notice to the other Party. In addition, on July 18, 2003, after 4:00 pm PST (and on no day
subsequent to July 18, 2003), either Buyer or Seller may terminate this Agreement upon written notice of termination by facsimile to the other party (any notice of termination from Buyer to Seller pursuant to this sentence shall be to Word of God
Fellowship, Inc. at fax number (817) 684-1487 (ATT: Reverend Lamb) and to Media Venture Partners, Ltd. at fax number (415) 391-4912 (ATT: Elliot Evers) and any notice of termination from Seller to Buyer pursuant to this sentence shall be to LBI
Media at fax numbers (818) 558-4244 and (281) 759-3963 (ATT: Lenard Liberman) and to O’Melveny & Myers at fax number (213) 430-6407 (ATT: Joe Kim)) if (i) the Buyer has not entered into an agreement with respect to space for an analog
antenna to be located at the Cedar Hill tower site in form and substance satisfactory to the Buyer (the “Cedar Hill Analog Space Agreement”) on or prior to 4:00 pm PST on July 18, 2003, and (ii) on or prior to 4:00 pm PST on July 18, 2003,
Buyer has not informed Seller of the fact that Buyer has entered into the Cedar Hill Analog Space Agreement. 
  

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 7.3 Buyer’s Right to Terminate. Buyer, at its option, may terminate this Agreement, so long
as Buyer is not then in material default under or material breach of this Agreement, upon the happening of any of the following events: 
  
 7.3.1 The FCC Licenses or other Permits are modified or their terms substantially modified resulting in an adverse change in Buyer’s ability
to operate the Station; 
  
 7.3.2 The Assignment
Application is designated for a hearing before an administrative law judge; 
  
 7.3.3 The FCC institutes revocation of license proceedings against the Station; or 
  
 7.3.4 Seller is in material breach of this Agreement ten business days after Buyer has given Seller written notice of breach, and Seller has not
commenced and continued to prosecute diligently a cure therefor or such breach is or becomes incurable. 
  
 7.4 Seller’s Right to Terminate. Seller, at its option, may terminate this Agreement, so long as Seller is not then in material default under
or material breach of this Agreement, upon the happening of any of the following events: 
  
 7.4.1 The Assignment Application is designated for a hearing before an administrative law judge; or 
  
 7.4.2 Buyer is in material breach of this Agreement ten business days after Seller has given Buyer written notice of breach, and Buyer has not
commenced and continued to prosecute diligently a cure therefor or such breach is or becomes incurable. 
  
 7.5 Risk of Loss. 
  
 7.5.1 The risk of loss and damage, whether by force majeure or for any other reason, to the Purchased Assets or the operation of the Station
between the date of this Agreement and the Closing Date will be on Seller. Seller shall take all reasonable steps to repair, replace and restore the Purchased Assets as soon as possible after any loss or damage, it being understood and agreed that
all insurance proceeds with respect thereto (“Proceeds”) will be applied to or reserved for such replacement, restoration or repair, but that Seller will have no obligation to repair, replace or restore in excess of the Proceeds
(plus any applicable deductible payment), and that Buyer’s sole remedies if Seller elects not to fully repair, replace or restore will be (i) to terminate this Agreement, in which case the Escrow Deposit will be delivered to LBI Media, or (ii)
to close in accordance with Section 7.5.3 below. 
  
 7.5.2
In the event of any damage to the Station or any Purchased Assets or event that prevents broadcast transmissions of the Station in the normal and usual 

  

 27 

 
manner and substantially in accordance with the FCC Licenses (other than scheduled ordinary course maintenance), Seller will give prompt notice thereof to
Buyer and Buyer, in addition to its other rights and remedies, will have the right to postpone the Closing Date until transmission in accordance with the FCC Licenses has been resumed. The postponed Closing Date will be any date within the effective
period of the FCC’s consent to assignment of the FCC Licenses to LBI Sub as Buyer may designate by not less than five business days’ prior written notice to Seller. During the period of postponement, Seller shall use its best efforts to
resume broadcast transmissions. In the event transmission in accordance with the FCC Licenses cannot be resumed within the effective period of the FCC’s consent to assignment of the FCC Licenses to LBI Sub, at Buyer’s request, the Parties
will join in an application or applications requesting the FCC to extend the effective period of its consent for one or more periods not to exceed 120 days in the aggregate. If transmission in accordance with the FCC Licenses has not been resumed so
that the Closing Date does not occur within such extended period, or any agreed extension thereof, Buyer will have the right, by giving written notice to Seller within five business days after the expiration of such 120-day period, or any agreed
extension thereof, to terminate this Agreement forthwith without any further obligation, in which case the Escrow Deposit will be delivered to LBI Media. 
  
 7.5.3 If any loss of or damage to the Purchased Assets (including but not limited to any Tower or any Transmitter Building) occurs prior to the
Closing Date and full repair, replacement or restoration of all Purchased Assets has not been made on or before the Closing Date (as the Closing Date may be extended as provided in Section 7.5.2), or the cost thereof is greater than the Proceeds
(plus any applicable deductible), then Buyer will be entitled, but not obligated, to accept the Purchased Assets in their then-current condition and will receive an abatement or reduction in the Purchase Price in an amount equal to the difference
between the amount necessary to fully repair or replace the damaged Purchased Assets and the amount of the unused Proceeds, in which case Buyer will be entitled to all the unused Proceeds and payment of the deductible amount. If Buyer elects to
accept damaged Purchased Assets at a reduced Purchase Price, the Parties agree to cooperate in determining the amount of the reduction to the Purchase Price in accordance with the provisions hereof. 
  
 7.6 Transfer Taxes and FCC Filings; Expenses; Bulk Sales. 

 
 7.6.1 Transfer Taxes; FCC Filings. All federal, state or local
excise, sales or use taxes, or similar taxes and other costs imposed on or in connection with the sale, purchase or transfer of the Purchased Assets and assumption of the Assumed Contracts by Buyer pursuant hereto will be borne by Seller. All FCC
filing fees will be shared equally by Buyer and Seller. 
  
 7.6.2 Title, Survey, Escrow, Recordation, and other Real Property Costs. The costs of issuing the Title Policies and certifying the ALTA survey for the Pool Road Studio Site to Buyer shall be divided equally between Seller and

  

 28 

 
Buyer. The costs of recording the Warranty Deed and any assumption fees or transfer fees or taxes payable in connection with the transfer of the Pool Road
Studio Site or the Tower Leases shall be borne by Seller. The costs of any real estate escrow shall be borne equally by Buyer and Seller and any other costs or expenses with respect to the transfer of the Pool Road Studio Site shall be borne by
Buyer and Seller in accordance with the custom and practice of Tarrant County, Texas. 
  
 7.6.3 Expenses. Except as otherwise provided herein, Buyer and Seller shall each pay its own expenses incident to the negotiation, preparation and performance of this Agreement and consummation of the
transaction contemplated hereby, including but not limited to the fees, expenses and disbursements of its accountants and counsel. 
  
 7.6.4 Compliance With Bulk Sales Laws. Any loss, liability, obligation or cost suffered by Seller or Buyer as the result of the failure of Seller
or Buyer to comply with the provisions of any bulk sales laws applicable to the transfer of the Purchased Assets as contemplated by this Agreement will be borne by Seller. 
  
 7.7 Funds. If any person makes any payment or sends funds to Seller prior to, on or after the consummation of the
transactions contemplated by this Agreement rather than to Buyer, which funds are the property of Buyer, Seller shall hold such amounts in trust for Buyer, shall promptly notify Buyer of the receipt of such funds and shall forward such amounts to
Buyer within five business days. If any person makes any payment or sends funds to Buyer prior to, on or after the consummation of the transactions contemplated by this Agreement rather than to Seller, which funds are the property of Seller, Buyer
shall hold such amounts in trust for Seller, shall promptly notify Seller of the receipt of such funds and shall forward such amounts to Seller within five business days. 
  
 7.8 Monetary Forfeiture. Seller will promptly pay for any monetary forfeiture imposed by the FCC prior to, on or
after the Closing Date for its failure to timely construct its DTV facilities. 
  
 ARTICLE VIII 
 CLOSING CONDITIONS 
  
 8.1 Conditions Precedent to Buyer’s Obligations. The obligation of Buyer to consummate the transaction
contemplated hereby is subject to the fulfillment prior to and as of the consummation of the transaction contemplated hereby on the Closing Date of each of the following conditions, each of which may be waived (but only by an express written waiver)
in the sole discretion of Buyer: 
  
 8.1.1 Commission
Approval. The definition of Closing Date shall have been satisfied. 
  
 8.1.2 Representations and Warranties. All representations and warranties of Seller contained in this Agreement shall be true and correct in all material respects at and as of the Closing Date as if made on the
Closing Date except as specifically contemplated by this Agreement. 
  

 29 

 8.1.3 Performance. Seller shall have performed and complied in all material respects with the
covenants, agreements and conditions required by this Agreement to be performed or complied with by it prior to and on the Closing Date. There shall not have been any material adverse change in the Station or the Purchased Assets, or any damage,
destruction or loss materially and adversely affecting the Purchased Assets or the operation of the Station. 
  
 8.1.4 FCC Licenses. Seller shall be the holder of the FCC Licenses, and there shall not have been any modification of any of the FCC Licenses or
any modification of FCC rules, regulations or policies affecting the class of holders of FCC licenses to which Seller belongs as the holder of the FCC Licenses, that has or is reasonably likely to have a material adverse effect on the Station or,
after the Closing Date, the conduct of its operations by Buyer. No proceeding shall be pending, the effect of which would be to revoke, cancel, fail to renew, suspend, impair or modify adversely any of the FCC Licenses specifically or such class of
holders generally. The corrections, amendments and actions required pursuant to Section 6.4 shall have been completed to Buyer’s satisfaction. 
  
 8.1.5 Consents. All Required Consents shall have been obtained and delivered to Buyer at least four business days prior to the Closing Date. In
addition the lessors under all leases and licenses included in the Real Property shall have executed and delivered to Buyer estoppels and consents substantially in the form attached hereto as Exhibit E with respect to each such leasehold
(including confirmation that each applicable lease is in full force and effect and no defaults exist thereunder and confirmation of the terms of each applicable lease, together with such documents and consents that may be required by Buyer’s
lenders) at least four business days prior to the Closing Date. 
  
 8.1.6 Real Property. Buyer shall have received from the Title Company an irrevocable and unconditional written commitment, in form and content satisfactory to Buyer, to issue the Title Policies. 
  
 8.1.7 Environmental Report; Building Inspection. Seller shall have
delivered to Buyer (i) any and all available reports, studies and notices relating to the environmental, soils and physical condition of the Real Property, and (ii) at Seller’s expense, a Phase I Environmental Audit report with respect to each
site included in the Real Property, in form, substance and scope reasonably satisfactory to Buyer, each such report shall be prepared by a consultant reasonably satisfactory to Buyer, and each such report shall not disclose any material adverse
environmental condition in the Real Property. Buyer shall have conducted a building inspection in form, substance and scope reasonably satisfactory to Buyer (including with respect to all systems and structural aspects (including the roof)), each
such report shall be prepared by a consultant reasonably satisfactory to Buyer, and each such report shall not disclose any 

  

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material defects, deficiencies, lack of repair, or violations of laws, rules and regulations, including without limitation, those governing handicapped
access, zoning, parking and other laws relating to the ownership or operation of an office, studio and broadcasting facility. 
  
 8.1.8 Litigation and Insolvency. Except for matters affecting the television broadcasting industry generally, no litigation, action, suit,
judgment, proceeding, complaint or investigation shall be pending or outstanding before any forum, court, or governmental body, department or agency of any kind, relating to the Purchased Assets or the operation of the Station or which has the
stated purpose or the probable effect of enjoining or preventing the consummation of this Agreement, or the transaction contemplated hereby or to recover damages by reason thereof, or which questions the validity of any action taken or to be taken
pursuant to or in connection with this Agreement. No insolvency proceedings of any character including, without limitation, receivership, reorganization, composition or arrangement with creditors, voluntary or involuntary, affecting Seller or any of
its assets or properties, shall be pending, and Seller shall not have taken any action in contemplation of, or which would constitute the basis for, the institution of any such insolvency proceedings. 
  
 8.1.9 Deliveries. All deliveries required under Section 9.1 shall
have been completed to the satisfaction of Buyer (including issuance of the legal opinions). 
  
 8.1.10 DTV Compliance; Certain Other Matters. On or before 3 AM on July 1, 2003, Seller shall have completed construction of its DTV facilities in accordance with FCC rules and regulations. Seller has timely
filed with the FCC notice of the commencement of DTV operations. The FCC shall have granted the DTV STA. Buyer shall have the right to inspect such DTV facilities during business hours at any time prior to the Closing Date (after reasonable notice).
The DTV facilities as constructed shall be operating in compliance with the FCC’s rules and regulations, including the conditions imposed by the DTV STA (and such DTV facilities shall have been constructed pursuant to a standard of quality that
would permit continued operation as if Seller intended to continue operation of the Station in accordance with the DTV STA for a period of at least ten years from the date hereof with the exception of the tubes, which may need replacement). There
shall not have occurred any events or developments which would cause any Party to reasonably believe that the Analog Modification Application will not be granted or, if the Analog CP has been issued, that the Analog CP will be rescinded, or that the
FCC will take any adverse action with respect to the DTV Maximization CP, the Emergency DTV STA, the DTV STA, the Analog Modification Application, the Analog CP or the Station’s continuing ability to provide analog and DTV service on its
assigned channels in accordance with FCC rules and regulations. Seller shall have paid any monetary forfeiture imposed by the FCC on or prior to the Closing Date relating to its DTV facilities. There shall not have been any modification of any
license or construction permit for the Station’s analog or DTV facilities, or any modification of FCC rules, regulations or policies affecting the class of holders of FCC licenses to which Seller belongs, that has or is reasonably likely to
have a material adverse effect on the Station or, after the Closing Date, the conduct of its operations by Buyer. 
  

 31 

 8.1.11 DTV Transmitter Site Lease. The DTV Transmitter Site Lease shall provide for sufficient
space, and be able in all other ways appropriate, to accommodate the construction of facilities sufficient to permit continued DTV operations in accordance with the DTV Maximization CP and FCC rules and regulations, including, but not limited to,
the mounting and operation of the necessary antenna and the installation and operation of a higher power transmitter. Seller shall have sufficient rights under the DTV Transmitter Site Lease and, on and after the Closing Date, Buyer shall have
sufficient rights under the DTV Transmitter Site Lease to, without modification to such DTV Transmitter Site Lease or payments to, and/or consents from, any third parties, accommodate the construction of facilities sufficient to permit continued DTV
operations in accordance with the DTV Maximization CP, FCC rules and regulations. 
  
 8.1.12 Echostar. The Echostar Agreement in form and substance satisfactory to Buyer shall have been executed and delivered by Seller and Echostar (with a copy to Buyer) at least four business days prior to the
Closing Date 
  
 8.1.13 KDTN Carriage Assignment. The KDTN
Carriage Assignment in form and substance satisfactory to Buyer shall have been executed and delivered by each party thereto at least four business days prior to the Closing Date; provided, however, that if the KDTN Carriage Assignment cannot be
obtained without the consent of DirecTV and DirecTV refuses to give such consent, then obtaining the KDTN Carriage Assignment shall not be a closing condition (but the best efforts obligation to obtain the KDTN Carriage Assignment, including the
best efforts obligation to obtain DirecTV’s consent thereto, shall remain in force). 
  
 8.2 Conditions Precedent to Seller’s Obligations. The obligation of Seller to consummate the transaction contemplated hereby is subject to the fulfillment prior to and as of the consummation of the
transaction contemplated hereby on the Closing Date of each of the following conditions, each of which may be waived (but only by an express written waiver) in the sole discretion of Seller: 
  
 8.2.1 Commission Approval. The condition set forth in Section 8.1.1
shall have been satisfied. 
  
 8.2.2 Representations and
Warranties. All representations and warranties of LBI Media and Buyer contained in this Agreement shall be true and correct in all material respects at and as of the Closing Date as if made on the Closing Date, except as specifically
contemplated by this Agreement. 
  
 8.2.3 Performance. LBI
Media and Buyer shall each have performed and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed or complied with by it prior to and at the Closing Date. 
  

 32 

 8.2.4 Litigation and Insolvency. Except for matters affecting the television broadcasting industry
generally, no litigation, action, suit, judgment, proceeding, complaint or investigation shall be pending or outstanding before any forum, court or governmental body, department or agency of any kind which has the stated purpose or the probable
effect of enjoining or preventing the consummation of this Agreement or the transaction contemplated hereby or to recover damages by reason thereof, or which questions the validity of any action taken or to be taken pursuant to or in connection with
this Agreement. No insolvency proceedings of any character including, without limitation, reorganization, receivership, composition or arrangement with creditors, voluntary or involuntary, affecting Buyer or any of its assets or properties shall be
pending, and Buyer shall not have taken any action in contemplation of, or which would constitute the basis for, the institution of any such insolvency proceedings. 
  
 8.2.5 Deliveries. All deliveries required under Section 9.2 shall have been completed to the satisfaction of Seller
(including issuance of the legal opinions). 
  
 8.2.6
KDTN. The FCC shall have given its written consent to the assignment of the FCC licenses associated with the operation of television station KDTN, Denton, Texas (“KDTN Station”) to Seller, as contemplated by the parties to that certain
Asset Purchase Agreement, (the “KDTN Asset Purchase Agreement”) pursuant to which Seller will purchase the KDTN Station from North Texas Public Broadcasting, Inc.; provided that the fulfillment of the condition in this Section 8.2.6
shall be a condition to the obligation of Seller to consummate the transaction contemplated hereby only if (i) Seller has not breached Section 7.01 of the KDTN Asset Purchase Agreement, as unamended, and (ii) Seller has not taken any action (or
omitted to take any action) which has caused such condition not to be fulfilled. 
  
 ARTICLE IX 
 ITEMS TO BE DELIVERED AT THE CLOSING 
  
 9.1 Seller’s Performance At Closing. On the Closing Date at the
Closing Place, Seller shall have executed and delivered to Buyer all bills of sale, endorsements, assignments and other instruments of conveyance and transfer reasonably satisfactory in form and substance to Buyer and its counsel, effecting the
sale, transfer, assignment and conveyance of the Purchased Assets to Buyer including, without limitation, the following: 
  
 9.1.1 A Warranty Deed for the Pool Road Studio Site shall be recorded in Tarrant County, Texas and the Title Policies shall have been issued in
favor of Buyer; 
  
 9.1.2 Such other instruments or
documents as Buyer may reasonably request, or as may reasonably be required by title insurers or escrow holders or required for the issuance of the Title Policies, in connection with the transfer and assignment of each Real Property, including with
certifications of non-foreign status and such other documents and instruments customary and appropriate with the transfer and assignment of such Real Property in each of the counties in which such Real Property is located; 
  

 33 

 9.1.3 One or more bills of sale conveying to LBI all of the Tangible Personal Property and
Intellectual Property to be acquired by Buyer hereunder; 
  
 9.1.4 An assignment assigning to LBI Sub the FCC Licenses; 
  
 9.1.5 An assignment assigning to LBI each of the Assumed Contracts together with the Required Consents and the original copies of the Assumed Contracts; 
  
 9.1.6 The data, documents, copies, files, records and logs referred
to in Section 2.1.6 and Seller shall have transferred data from Seller’s computer systems to Buyer’s computer systems to the extent provided in Section 2.1.6; 
  
 9.1.7 Proof of payment of prepaid expenses made by Seller for services to be provided to the Station after the
Closing Date under the Assumed Contracts; 
  
 9.1.8
Opinions of Seller’s counsel and Seller’s FCC counsel, each dated as of the Closing Date substantially in the form of Exhibits B and C together with such changes as Buyer’s lenders shall require; 
  
 9.1.9 Copies of resolutions of the Board of Directors of Seller,
certified by its Secretary, authorizing the execution, delivery and performance of this Agreement, the Escrow Agreement, and the transaction contemplated hereby and thereby; 
  
 9.1.10 A certificate, dated as of the Closing Date, executed by the President and Chief Executive Officer of Seller,
to the effect that, (i) the representations and warranties of Seller contained in this Agreement are true and complete in all material respects on and as of the Closing Date as though made on and as of the Closing Date, except as specifically
contemplated by this Agreement; (ii) Seller has complied with or performed in all material respects all terms, covenants, agreements and conditions required by this Agreement to be complied with or performed by it prior to and at the Closing Date;
(iii) all Required Consents have been obtained by Seller and delivered to Buyer; (iv) except for matters affecting the television broadcasting industry generally, no litigation, action, suit, judgment, proceeding or investigation is pending or
outstanding or, to the knowledge of Seller, threatened, before any forum, court, or governmental body, department or agency of any kind, relating to the Purchased Assets or the operation of the Station or which has the stated purpose or the probable
effect of enjoining or preventing the consummation of this Agreement or the transaction contemplated hereby or to recover damages by reason thereof, or which questions the validity of any action taken or to be taken pursuant to or in connection with
this Agreement; (v) to the knowledge of Seller, no insolvency proceedings of any character including, without limitation, receivership, reorganization, composition or arrangement with creditors, voluntary or involuntary, affecting Seller or any of
its material assets or properties is pending, and Seller has not taken any action in contemplation of, or which would constitute the basis for, the institution of any such insolvency proceedings; (vi) Seller has complied with the requirements of
Section 8.1.10 and (vi) Seller has performed the requirements of this Section 9.1; 
  

 34 

 9.1.11 Written instructions to terminate the Escrow Agreement and deliver the entire Escrow
Deposit to LBI Media executed by Seller; 
  
 9.1.12 A
fully executed copy of each of the Tower Leases; and 
  
 9.1.13 Such other instruments of transfer, documents or certificates requested by Buyer as may be necessary or appropriate to transfer to and vest in Buyer all of Seller’s right, title and interest in and to the Purchased Assets
or as reasonably may be requested by Buyer to evidence consummation of this Agreement and the transaction contemplated hereby 
  
 9.2 Buyer’s Performance at Closing. On the Closing Date at the Closing Place, Buyer will execute and deliver or cause to be delivered to
Seller: 
  
 9.2.1 The monies payable as set forth in
Section 3.1.1 by wire transfer of federal funds; 
  
 9.2.2
An opinion of Buyer’s counsel dated as of the Closing Date substantially in the form of Exhibit D; 
  
 9.2.3 Copies of resolutions of the Boards of Directors of LBI Media, LBI and LBI Sub, in each case certified by its Secretary, authorizing the
execution, delivery and performance of this Agreement, the Escrow Agreement, and the transaction contemplated hereby and thereby; 
  
 9.2.4 A certificate, dated as of the Closing Date, executed by the Executive Vice President or Chief Financial Officer of LBI Media and Buyer, to
the effect that (i) the representations and warranties of LBI Media and Buyer contained in this Agreement are true and complete in all material respects on and as of the Closing Date as though made on and as of the Closing Date, except as
specifically contemplated by this Agreement; (ii) LBI Media and Buyer have each complied in all material respects with or performed in all material respects all terms, covenants, agreements and conditions required by this Agreement to be complied
with or performed by it prior to and at the Closing Date; (iii) except for matters affecting the television broadcasting industry generally, no litigation, action, suit, judgment, proceeding or investigation is pending or outstanding or, to the
knowledge of LBI Media and Buyer, threatened, before any forum, court or governmental body, department or agency of any kind which has the stated purpose or the probable effect of enjoining or preventing the consummation of this Agreement or the
transaction contemplated hereby or to recover damages by reason thereof, or which questions the validity of any action taken or to be taken pursuant to or in connection with this Agreement; (iv) to the knowledge of LBI Media and Buyer, no insolvency
proceedings of any character including, without 

  

 35 

 
limitation, receivership, reorganization, composition or arrangement with creditors, voluntary or involuntary, affecting LBI Media or Buyer or any of their
respective material assets or properties is pending, and neither LBI Media nor Buyer has taken any action in contemplation of, or which would constitute the basis for, the institution of any such insolvency proceedings; and (v) LBI Media and Buyer
have each performed the requirements of this Section 9.2; 
  
 9.2.5 A writing evidencing the assumption by Buyer of each of the Assumed Contracts consistent with the provisions of this Agreement; and 
  
 9.2.6 Such other instruments, documents and certificates as reasonably may be requested by Seller to consummate this Agreement and the transaction
contemplated hereby. 
  
 ARTICLE X 
 INDEMNIFICATION 
  
 10.1 Indemnification by Seller. It is understood and agreed that LBI Media and Buyer do not assume and will not be obligated to pay any liability
of Seller under the terms of this Agreement or otherwise and will not be obligated to perform any obligations of Seller of any kind or manner, except in connection with the Assumed Contracts and with respect thereto only to the extent such
obligations arise subsequent to the consummation of the transaction contemplated hereby on the Closing Date. Seller hereby agrees to indemnify, defend and hold harmless LBI Media and Buyer, their successors and assigns, following the consummation of
the purchase and sale transaction contemplated hereby on the Closing Date, from and against: 
  
 10.1.1 Any and all Damages, occasioned by, arising out of or resulting from the Purchased Assets or the operation of the Station prior to the Closing Date, including, but not limited to, any and all claims,
liabilities and obligations arising or required to be performed prior to the Closing Date under any of the Assumed Contracts or otherwise with respect to Seller’s ownership and operation of the Purchased Assets or the Station prior to the
Closing Date; and 
  
 10.1.2 Any and all Damages
occasioned by, arising out of or resulting from any material misrepresentation, material breach of warranty or covenant, or material default or material nonfulfillment of any agreement on the part of Seller under this Agreement, or from any material
misrepresentation in or material breach of any certificate, agreement, appendix, Schedule, or other instrument furnished to LBI Media or Buyer pursuant to this Agreement or in connection with the transaction contemplated hereby; provided,
that any breach of Section 7.7 shall be deemed material regardless of the cash value of such breach. 
  
 10.2 Indemnification by LBI Media and Buyer. LBI Media and Buyer agree to indemnify, defend and hold harmless Seller, its successors and assigns,
following the consummation of the purchase and sale transaction contemplated hereby on the Closing Date from and against: 
  

 36 

 10.2.1 Any and all Damages occasioned by, arising out of or resulting from the operation of the
Station on or subsequent to the Closing Date, including, but not limited to, any and all claims, liabilities and obligations arising or required to be performed on or subsequent to the Closing Date under any of the Assumed Contracts or otherwise
with respect to Buyer’s ownership and operation of the Station from and after the Closing Date; and 
  
 10.2.2 Any and all Damages occasioned by, arising out of or resulting from any material misrepresentation, material breach of warranty or covenant,
or material default or material nonfulfillment, of any agreement on the part of LBI Media or Buyer under this Agreement, or from any material misrepresentation in or material breach of any certificate, agreement, appendix, Schedule or other
instrument furnished to Seller pursuant to this Agreement or in connection with the transaction contemplated hereby; provided, that any breach of Section 7.7 shall be deemed material regardless of the cash value of such breach. 
  
 10.3 Third-Party Claims. In the event of third party claims, each
Party (“Indemnified Party”) shall give written notice to the other Party (“Indemnifying Party”) as soon as practicable and in no event later than ten business days after the Indemnified Party has knowledge, or the
discovery, of any facts which in its opinion entitle or may entitle it to indemnification under this Section 10.3. Seller, on the one hand, and LBI Media and Buyer, on the other, shall be considered a single Party for purposes of this Section 10.3.
However, failure to give such notice will not preclude the Indemnified Party from seeking indemnification hereunder, unless, and to the extent that, such failure adversely affects to a material degree the Indemnifying Party’s ability to defend
against such a claim. The Indemnifying Party will promptly defend such a claim by counsel approved by the Indemnified Party, which approval shall not be unreasonably withheld, and the Indemnified Party may appear at any proceeding, at its own cost,
by counsel of its own choosing and will otherwise reasonably cooperate in the defense of such claim, provided that the Indemnifying Party shall promptly reimburse the Indemnified Party all reasonable costs, expenses and attorneys’ fees incurred
in the course of cooperating in the defense of such claim. The Indemnifying Party shall be responsible for all costs and expenses of any settlement. If the Indemnifying Party within ten business days after notice of a claim fails to defend the
Indemnified Party, the Indemnified Party will be entitled to undertake the defense, compromise or settlement of such claim at the expense of and for the account and risk of the Indemnifying Party. Anything in this Section to the contrary
notwithstanding: 
  
 10.3.1 If LBI Media or Buyer is the
Indemnified Party and in the reasonable judgment of LBI Media or Buyer there is a reasonable probability that a claim may materially and adversely affect the Indemnified Party or its continued ownership and operation of the Purchased Assets or the
Station, the Indemnified Party will have the right, at its own cost and expense, to undertake the prosecution, compromise and settlement of such claim, and the Indemnifying Party will cooperate with the Indemnified Party; 
  
 10.3.2 If the facts giving rise to indemnification hereunder involve
a possible claim by the Indemnified Party against a third party, the Indemnified Party will have the right, at its own cost and expense, to undertake the prosecution, compromise and settlement of such claim; and 
  

 37 

 10.3.3 The Indemnifying Party will not, without the consent of the Indemnified Party, enter into
or settle or compromise any claim or consent to any entry of judgment which (i) in the reasonable judgment of LBI Media or Buyer may materially and adversely affect LBI Media or Buyer or its continued ownership and operation of the Purchased Assets
or the Station, and (ii) does not include as an unconditional provision thereof the giving by the claimant or the plaintiff to the Indemnified Party of a full and complete release from all liability in respect to such claim. 
  
 10.4 Survival of Representations and Warranties. The representations
and warranties contained in this Agreement or in any Schedule or Exhibit, or in any certificate or other instrument delivered pursuant to this Agreement, will survive the consummation of the purchase and sale transaction contemplated by this
Agreement on the Closing Date for a period of two years, except with respect to the representations and warranties set forth in Sections 4.13 and 4.21, which representations and warranties shall survive the consummation of the purchase and sale
transaction contemplated by this Agreement on the Closing Date for a period of three years, and except with respect to the representations and warranties set forth in Section 4.18, which representations and warranties shall survive until the length
of the applicable statute of limitations; provided that if a claim or notice is given under this Article X or otherwise with respect to any such representation and warranty prior to such expiration date, such claim shall continue (and such
representation and warranty shall survive) indefinitely until such claim is finally resolved. 
  
 ARTICLE XI 
 MISCELLANEOUS PROVISIONS 
  
 11.1 Notices. All notices, demands and requests, required or permitted
to be given under the provisions of this Agreement shall be in writing and will be deemed duly given if received on a business day by facsimile at the facsimile numbers below and telephone notification is provided by the sending Party to the
receiving Party at the time of the facsimile that such notice is about to be sent (it being understood that a voice mail left on answering machines shall be deemed to satisfy the requirement for such telephone notification): 
  
 If to Seller: 
  
 Reverend Marcus D. Lamb 
 Word of God Fellowship, Inc. 
 4201 Pool Road 
 Colleyville, TX 76034 
 Phone: (817) 571-1229 
 Fax: (817) 684-1487 
  
 Copy
(which shall not, by itself, constitute notice) to: 
  

 38 

 Robert L. Olender, Esq. 
 5809 Nicholson Lane 
 Suite 124 
 North Bethesda, MD 20852 
 Phone: (301) 468-3336 
 Fax:      (301) 468-3343 
  
 If to LBI Media or Buyer: 
  
 Mr. Lenard D. Liberman 
 Executive Vice President 
 Liberman Television of Dallas Inc. 
 1845 Empire Avenue 
 Burbank, California 91504 
 Phone: BOTH (818) 563-5722 and 
              (281) 493-2900 
 Fax:      BOTH (818) 558-4244 and 
              (281)759-3963 
  
 Copy (which shall not, by itself, constitute notice) to: 
  
 Joseph K. Kim, Esq. 
 O’Melveny & Myers LLP 
 400 South Hope Street, 15th Floor 
 Los Angeles, California
90071 
 Phone: (213) 430-6000 
 Fax:      (213) 430-6407 
  
 or any other such facsimile numbers, telephone numbers and addresses as any Party may from time to time supply in writing to the other Parties. 
  
 11.2 Benefit and Assignment. This Agreement will be binding upon and inure to the benefit of the Parties, and their respective successors and
assigns. This Agreement will not be assignable by a Party without the prior written consent of all of LBI Media, Buyer and Seller; provided, however, that LBI Media and Buyer may assign their rights and obligations hereunder without Seller’s
consent to any party owned, directly or indirectly, by LBI Media and LBI Media and Buyer may assign their rights hereunder, without Seller’s consent, to any of their lenders (provided that such assignment to such lenders does not violate the
Communications Act and does not delay the Closing Date). 
  
 11.3 Public Announcements. LBI Media and Buyer, on the one hand, and Seller on the other, will consult with, and obtain the approval of (such approval not to be unreasonably withheld or delayed) each other before issuing, and provide
each other the opportunity to review, comment upon and concur with, any press release or other public statement with respect to the transactions contemplated by this Agreement, and shall not issue any such press release or make any such public
statement prior to such consultation and 

  

 39 

 
approval, except as may be required by applicable law, court process or by obligations pursuant to any listing agreement with any national securities
exchange or the National Association of Securities Dealers, Inc or disclosures to advisors and financing sources of each Party and disclosures required in connection with FCC approvals or under financing documents. 
  
 11.4 Other Documents. The Parties will execute such other documents as
may be necessary and desirable to the implementation and consummation of this Agreement. 
  
 11.5 Appendices. All Schedules and Exhibits are deemed to be part of this Agreement and incorporated herein, where applicable, as if fully set forth herein. Whenever, by the terms of this Agreement or any
subsequent agreement of the Parties, any additions or deletions are made to the Purchased Assets shown on the Schedules, the Schedules affected shall be deemed to be appropriately modified to reflect those changes. 
  
 11.6 Attorneys’ Fees. Each party hereto agrees that in the event
of any and all claims, grievances, demands, controversies, causes of action or disputes of any nature whatsoever, the prevailing party shall be entitled to recover from the losing party reasonable attorneys’ fees, expenses and costs.

  
 11.7 Construction. This Agreement will be governed,
construed and enforced in accordance with the laws of the State of New York. 
  
 11.8 Arbitration. Any dispute, controversy or other matters as to which the Parties disagree arising out of, relating to or in connection with the provisions of this Agreement or the interpretation, breach or
alleged breach hereof shall be settled and decided by arbitration conducted by the Judicial Arbitration and Mediation Service (“JAMS”), subject to the following: 
  
 11.8.1 Any arbitration as set forth above shall be held and conducted in New York, New York before one arbitrator who
shall be selected by mutual agreement of the parties. If agreement is not reached on the selection of the arbitrator within 30 days after commencement of an arbitration by (i) submission of a matter to the JAMS in accordance with its Commercial
Arbitration Rules and (ii) notice to the other party of the initiating party’s intention to arbitrate, then such arbitrator shall be appointed by the presiding judge of the appropriate New York, New York Court. 
  
 11.8.2 The arbitrator appointed must be a former or retired judge, or
an attorney with at least 15 years experience in the broadcast television industry. 
  
 11.8.3 All proceedings involving the parties shall be reported by a certified shorthand court reporter and written transcripts of the proceedings shall be prepared and made available to the parties. 

 
 11.8.4 The prevailing party shall be awarded reasonable
attorneys’ fees, expert and non-expert witness costs and expenses, and other costs and expenses incurred in connection with the arbitration unless the arbitrator, for good cause, determines otherwise. 
  

 40 

 11.8.5 The dispute shall be heard in accordance with the rules and procedures of JAMS and the
arbitrator’s decision and award shall be final and binding. 
  
 11.8.6 Costs and fees of the arbitrator (including the cost of the record of transcripts of the arbitration) shall be borne by the non-prevailing party, unless the arbitrator for good cause determines otherwise. Costs and fees
payable in advance shall be advanced equally by the parties, subject to ultimate payment by the non-prevailing party in accordance with the preceding sentence. 
  

11.8.7 Any Party may initiate an arbitration proceeding under this Section 11.8 by written notice to the other Party of its intention to
arbitrate, specifying the dispute or controversy to be arbitrated, the amount involved and the remedy sought, and by filing with the New York, New York office of the JAMS a copy of said notice together with a copy of this Agreement and the fee
specified in the JAMS fee schedule. In no event shall a demand for arbitration be made after the date when institution of legal or equitable proceedings based on the claim, dispute or other matter in question would be barred by the applicable
statute of limitations. 
  
 11.8.8 This agreement to
arbitrate shall be specifically enforceable under applicable law in any court of competent jurisdiction. The award rendered by the arbitrator shall be final and judgment may be entered in accordance with applicable law and in any court having
jurisdiction thereof. 
  
 11.8.9 Notwithstanding anything
contained in this Agreement elsewhere to the contrary, and unless modified by the arbitrator upon a showing of good cause, the arbitration shall proceed upon the following schedule: (i) within 30 days from the service of the notice of the request to
arbitrate, the parties shall select the arbitrator; (ii) within 30 days after selection of the arbitrator, the parties shall conduct a pre-arbitration conference at which a schedule of pre-arbitration discovery shall be set, all pre-arbitration
motions scheduled and any other necessary pre-arbitration matters decided; (iii) all discovery shall be completed within four months following the pre-arbitration conference; (iv) all pre-arbitration motions shall be filed and briefed so that they
may be heard no later than one month following the discovery cut-off; (v) the arbitration shall be scheduled to commence no later than 30 days after the decision on all pre-arbitration motions but in any event no later than six months following the
service of the notice of arbitration; and (vi) the arbitrator shall render his written decision within 30 days following the submission of the matter. 
  
 11.8.10 Any monetary award of the arbitrator may include interest at the highest prime rate, as published in the Wall Street Journal, plus
two percent, which interest shall accrue from the date the claim, dispute or other matter in question was rightfully due and payable under this agreement until the date the award is paid to the prevailing party. 
  

 41 

 11.8.11 No provision of this Section 11.8 shall limit the right of any Party to this Agreement to
exercise self-help remedies or to obtain provisional or ancillary remedies from a court of competent jurisdiction before, after, or during the pendency of any arbitration or other proceeding. The exercise of such remedy does not waive the right of
any party to resort to arbitration. 
  
 11.9 Counterparts.
This Agreement may be signed in any number of counterparts with the same effect as if the signature on each such counterpart were upon the same instrument. 
  
 11.10 Headings. The headings of the Sections of this Agreement are inserted as a matter of convenience and for reference purposes only and in no
respect define, limit or describe the scope of this Agreement or the intent of any Section. 
  
 11.11 Entire Agreement. This Agreement, the Escrow Agreement, and all Schedules and Exhibits hereto and thereto and related agreements entered into as of the date hereof and all agreements, certificates and
instruments delivered by the Parties pursuant to the terms of this Agreement represent the entire understanding and agreement between the Parties with respect to the subject matter hereof, supersede all prior negotiations and agreements between the
Parties, including the Letter of Intent, and can be amended, supplemented, waived or changed only by an amendment in writing which makes specific reference to this Agreement or the amendment, as the case may be, and which is signed by the Party
against whom enforcement of any such amendment, supplement, waiver or modification is sought. 
  
  

 42 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed and delivered by their
duly authorized officers on the day and year first above written. 
  

	WORD OF GOD FELLOWSHIP, INC.
		
	 By:
	 	   /s/ Marcus D. Lamb

	 	 	     Marcus D. Lamb

	 	 	     President and CEO

	
	LBI MEDIA, INC.
		
	 By:
	 	   /s/ Lenard D. Lieberman

	 	 	     Lenard D. Liberman

	 	 	     Executive Vice President

	
	LIBERMAN TELEVISION OF DALLAS, INC.
		
	 By:
	 	   /s/ Lenard D. Lieberman

	 	 	     Lenard D. Liberman

	 	 	     Executive Vice President

 and 

	
	LIBERMAN TELEVISION OF DALLAS LICENSE CORP.
		
	 By:
	 	   /s/ Lenard D. Lieberman

	 	 	     Lenard D. Liberman

	 	 	     Executive Vice President

  
  

 S-1 

 SCHEDULE I 
  
 Identification of Contracts to be Assumed 
  

	 	  	NORTHWEST HIGHWAY TOWER
		
	 1.
	  	Lease Agreement, dated October [__], 2001 between American Tower L.P., a Delaware limited partnership and Word of God Fellowship, Inc.
		
	 2.
	  	Lease Agreement, dated October [__], 2001 between American Tower L.P., a Delaware limited partnership and Word of God Fellowship, Inc.
		
	 	  	CEDAR HILL TOWER
		
	 3.
	  	Lease Agreement, dated October 26, 2001 between American Tower L.P., a Delaware limited partnership and Word of God Fellowship, Inc.
		
	 	  	OTHER CONTRACTS
		
	 4.
	  	Echostar Agreement
		
	 5.
	  	KDTN Carriage Assignment (if applicable)
		
	 6.
	  	Service Agreement, dated March 8, 2001, between Daystar Television Network and Commercial Systems and Services.

  
  

 Schedule I-1 

 SCHEDULE II 
  
 List of all Permits and FCC Licenses 
  

		
	 	  	Permits and FCC Licenses
		
	 1.
	  	License for Station KMPX (TV), Channel 29, Decatur, Texas, BLCT – 19930927KF granted January 19, 1994, renewed on July 24, 1998 (BRCT-19980401MM). Expires
8/1/2006.
		
	 2.
	  	WPNG429 Studio Transmitter Link. Expires 8/1/2006.
		
	 3.
	  	DTV Maximization Construction Permit BMPTCDT–20030616ABD granted 6/25/2003, expires 7/1/2003, expiration date tolled indefinitely by operation pursuant to Emergency DTV STA
referenced below and DTV STA referenced below (when granted).
		
	 4.
	  	Emergency DTV STA granted June 20, 2003 (remains effective pending action on BDSTA-20030702ADI)
		
	 5.
	  	DTV STA BDSTA-20030702ADI (pending)
		
	 6.
	  	Analog Modification Application (Cedar Hill move) BPCT-20021015AAA (pending).
		
	 7.
	  	Analog application to correct coordinates BMLCT-20030623ADR (pending).

	

	

  
  

 Schedule II-1 

 SCHEDULE III 
  
 List of Required Consents, Encumbrances and UCC-1 Filing Statements 
  
 Required Consents (Seller) 
  
 1. Federal Communications Commission consents to the Assignment Application which Seller and
Buyer will file with the Federal Communications Commission requesting its written consent to the assignment of the FCC Licenses from Seller to LBI Sub. 
  
 2. A Confirmation of Lease Terms and Consent executed by American Tower L.P., as lessor (“Lessor”) and Word of God Fellowship, Inc., as lessee
(“Lessee”), with respect to that certain Lease Agreement dated October [    ], 2001 between Lessor and Lessee for KMPX, Decatur-Dallas, Texas [Northwest Highway (primary antenna)], together with an
executed and acknowledged Memorandum of Lease (Attachment D to the Confirmation) and a Landlord Consent and Waiver (Attachment E to the Confirmation), all in a form reasonably acceptable to Buyer and Buyer’s lenders as set forth
in Exhibit E to the Asset Purchase Agreement. 
  
 3. A Confirmation of
Lease Terms and Consent executed by Lessor and Lessee with respect to that certain Lease Agreement dated October [    ], 2001 between Lessor and Lessee for KMPX, Decatur-Dallas, Texas [Northwest Highway (additional
equipment)], together with an executed and acknowledged Memorandum of Lease (Attachment D to the Confirmation) and a Landlord Consent and Waiver (Attachment E to the Confirmation), all in a form reasonably acceptable to Buyer and
Buyer’s lenders as set forth in Exhibit E to the Asset Purchase Agreement. 
  
 4. A Confirmation of Lease Terms and Consent executed by Lessor and Lessee for that certain Lease Agreement dated October 26, 2001 between Lessor and Lessee for KMPX-DT, Decatur-Dallas, Texas [Cedar Hill], together
with an executed and acknowledged Memorandum of Lease (Attachment D to the Confirmation) and a Landlord Consent and Waiver (Attachment E to the Confirmation), all in a form reasonably acceptable to Buyer and Buyer’s lenders as set
forth in Exhibit E to the Asset Purchase Agreement. 
  
 Required Consents (Buyer) 
  
 1. Consents of Buyer’s
creditors. 
  
 Encumbrances 
  
 1. With respect to the Pool Road Studio Site, Seller shall clear, pursuant to the terms of
the Agreement, all Encumbrances other than Permitted Encumbrances, including as shown on the title insurance commitment dated April 21, 2003 (GF No. 297091CDQ) issued by Commonwealth Land Title Company (the “Pool Road Studio Title
Commitment”). 
  

 Schedule III-1 

 UCC Financing Statements 
  

	 Debtor Name

	  	State

	  	 Jurisdiction

	  	 Secured Party

	  	Type of
Filing

	  	 Date
 Filed

	  	File No.

	Word of God
Fellowship, Inc.	  	GA	  	Cooperative Authority (Gwinnett County, GA)	  	The Frost National Bank	  	UCC-1	  	10/04/02	  	67-2002-0101281
							
	Word of God
Fellowship, Inc.	  	GA	  	Cooperative Authority (Fulton County, GA)	  	The Frost National Bank	  	UCC-1	  	12/10/02	  	060200216731
							
	Word of God
Fellowship, Inc.	  	GA	  	Cooperative Authority (Bibb County, GA)	  	The Frost National Bank	  	UCC-1	  	11/07/02	  	11023452
							
	Word of God
Fellowship,
Incorporated	  	GA	  	Cooperative Authority (Bibb County, GA)	  	The Frost National Bank	  	UCC-1	  	11/07/02	  	11023453
							
	Word of God
Fellowship,
Incorporated	  	GA	  	Cooperative Authority (Fulton County, GA)	  	The Frost National Bank	  	UCC-1	  	11/05/02	  	060200215242
							
	Word of God
Fellowship, Inc.	  	TX	  	Secretary of State	  	Bank of America, N.A.	  	UCC-1	  	11/12/99	  	99-227674
							
	Word of God
Fellowship, Inc.	  	TX	  	Secretary of State	  	Bank of America, N.A.	  	UCC-3	  	07/14/02	  	02-00369628

  
 UCC Termination Statements

  
 1. With respect to the Pool Road Studio Site, UCC Termination Statement
with respect to all UCC Fixture Filings and Financing Statements referenced in the Pool Road Studio Title Commitment. 
  
 2. With respect to each UCC Financing Statement described above, a UCC Termination Statement or a UCC Financing Statement Amendment that releases any Purchased Assets
covered thereby, in each case in form and substance satisfactory to Buyer. 
  
 Mortgage Reconveyances 
  
 1. See note above with respect
to Encumbrances on the Pool Road Studio Site. 
  

 Schedule III-2 

 SCHEDULE IV 
  
 Identification of Principal Items 
 of Tangible Personal Property 
  
 (Attached) 
  

 Schedule IV-1 

 FURNITURE 
  

	Quantity

	  	 Office Number

	  	 Description

	 2
	  	1-Office	  	Leather High Back Guest Chairs
	 1
	  	1-Office	  	Executive Wood Desk
	 1
	  	1-Office	  	Computer Wood Desk
	 1
	  	1-Office	  	Wood Crendenza
	 2
	  	2-Office	  	U-Shaped Executive Wood Desk
	 1
	  	2-Office	  	2 Drawer Wood File Cabinet
	 1
	  	2-Office	  	3 Shelf Wood Book Cases
	 All
	  	3-Green Room	  	Built In Shelves and Counters in Make-Up Room and Dressing Room
	 1
	  	4-RF Office	  	Executive Wood Desk
	 3
	  	4-RF Office	  	Wood Desk
	 All
	  	5-Break Room	  	Built In Shelves, Cabinets and Counters
	 1
	  	6-Office	  	Executive Wood Desk
	 1
	  	10-Office	  	Computer Wood Desk
	 1
	  	10-Office	  	2 Drawer Wood File Cabinet
	 All
	  	15-Edit Suite	  	Edit Equipment and Racks
	 All
	  	15-Edit Suite	  	Tables, Chairs, Desk
	 All
	  	18-Break Room	  	Built In Shelves, Cabinets and Counters
	 All
	  	24-Tape Library	  	Sliding Shelving Units
	 All
	  	25-Mail Room	  	Shelving
	 1
	  	25-Mail Room	  	Work Table
	 All
	  	26-Network Control	  	Console Table, Equipment Racks, Wood Shelves
	 All
	  	27-Production Control	  	Console Table, Equipment Racks
	 All
	  	28-Audio	  	Console Table, Equipment Racks
	 All
	  	29-Audio	  	Built Ins
	 All
	  	30-Phone/Server Room	  	Phone Racks, Wood Shelves
	 1
	  	32-Office	  	Wood Desk
	 1
	  	32-Office	  	Computer Wood Desk
	 1
	  	32-Office	  	Grey Table
	 All
	  	33-Security Office	  	Shelving Units
	 All
	  	35-Eng Lab	  	Shelving and Built In Cabinets
	 All
	  	36-Parts Room	  	Furniture and Fixtures
	 All
	  	37-RF Lab	  	Shelving
	 1
	  	38-Receiving	  	Saw Table
	 1
	  	38-Receiving	  	Grinding Table
	 All
	  	39-43-Exec Offices	  	Built In Cabinets
	 All
	  	44-Grip Room	  	Shelving and Built In Cabinets

  

 Schedule IV-2 

 KMPX INVENTORY 
  

	 Qty

	  	 Department

	  	 Description

	  	 Model Number

	  	 Brand

	 4
	  	Audio Control Room	  	8.0 power distribution center	  	 	  	Juice Goose
	 1
	  	Audio Control Room	  	8-channel snake	  	Medusa	  	Whirlwind
	 2
	  	Audio Control Room	  	8-channel snake	  	 	  	Rapco
	 7
	  	Audio Control Room	  	Active Speaker	  	SX200A	  	Electro-voice
	 2
	  	Audio Control Room	  	Active Speaker w/stand	  	SRM450	  	Mackie
	 2
	  	Audio Control Room	  	Amplifier	  	MX1500A	  	QSC
	 1
	  	Audio Control Room	  	Amplifier	  	LA1201	  	Crest Audio
	 1
	  	Audio Control Room	  	Antenna distribution system	  	UHF	  	Shure
	 1
	  	Audio Control Room	  	Audio mixer	  	02R	  	Yamaha
	 1
	  	Audio Control Room	  	Audio mixer	  	MX662 Ultralink	  	Behringer
	 1
	  	Audio Control Room	  	Cassette deck	  	122MKII	  	Tascam
	 1
	  	Audio Control Room	  	Cassette deck	  	112R MKII	  	Tascam
	 1
	  	Audio Control Room	  	CD player	  	PMD-321	  	Marantz
	 1
	  	Audio Control Room	  	CD player	  	CD-150	  	Tascam
	 1
	  	Audio Control Room	  	CD recorder	  	CD-RW5000	  	Tascam
	 1
	  	Audio Control Room	  	Compressor	  	1066	  	DBX
	 1
	  	Audio Control Room	  	Compressor/limiter	  	DPR-402	  	BSS
	 1
	  	Audio Control Room	  	Condenser mic	  	C414EB	  	AKG
	 5
	  	Audio Control Room	  	Condenser mic	  	Pro 37R	  	Audio-Technica
	 1
	  	Audio Control Room	  	Condenser mic	  	AT4033	  	Audio-Technica
	 1
	  	Audio Control Room	  	DAT deck	  	PCM-2300	  	Sony
	 1
	  	Audio Control Room	  	Digital Hybrid II	  	 	  	Gentner
	 1
	  	Audio Control Room	  	Distribution amp	  	DA208	  	Encore
	 1
	  	Audio Control Room	  	Distribution amplifier	  	MF-300	  	Benchmark
	 1
	  	Audio Control Room	  	Dual 1/3 octave equalizer	  	DN 360	  	Klark-Teknik
	 1
	  	Audio Control Room	  	Effects uni	  	H 3000 SE	  	Eventide
	 1
	  	Audio Control Room	  	equalizer	  	1531X	  	DBX
	 1
	  	Audio Control Room	  	Hard disk recorder	  	Instant Replay	  	360 systems
	 1
	  	Audio Control Room	  	Intercom base station	  	MS-222	  	Clear-Com

  

 Schedule IV-3 

	 Qty

	  	 Department

	  	 Description

	  	 Model Number

	  	 Brand

	 2
	  	Audio Control Room	  	Lav mic	  	COS-11BP	  	Sanken
	 2
	  	Audio Control Room	  	Lav mic	  	K6	  	Sennheiser
	 1
	  	Audio Control Room	  	Lav mic	  	ECM-50PS	  	Sony
	 1
	  	Audio Control Room	  	Lav mic	  	TR50BPS	  	Tram
	 1
	  	Audio Control Room	  	Limiter	  	Dominator II	  	Aphex
	 3
	  	Audio Control Room	  	Loudness monitors	  	40-A2	  	Dorrough
	 4
	  	Audio Control Room	  	Mic	  	SM58	  	Shure
	 2
	  	Audio Control Room	  	Mic	  	SM57	  	Shure
	 1
	  	Audio Control Room	  	Mic	  	MD421-U-S	  	Sennheiser
	 1
	  	Audio Control Room	  	Mic	  	AT853RX	  	Audio-Technica
	 10
	  	Audio Control Room	  	Mic stand	  	 	  	Ultimate
	 6
	  	Audio Control Room	  	Mic stand w/boom arm	  	 	  	K&M
	 2
	  	Audio Control Room	  	Microphone pre-amp	  	MIA 4x4	  	Benchmark
	 1
	  	Audio Control Room	  	Microphone pre-amp	  	MPS-400	  	Benchmark
	 1
	  	Audio Control Room	  	Mini-Disc deck	  	MD-301MKII	  	Tascam
	 5
	  	Audio Control Room	  	Music stand	  	 	  	Manhasset
	 1
	  	Audio Control Room	  	Parametric equalizer	  	622B	  	Orban
	 2
	  	Audio Control Room	  	Power distribution	  	Zilla power 8	  	Juice Goose
	 1
	  	Audio Control Room	  	Power strip	  	 	  	Juice Goose
	 1
	  	Audio Control Room	  	PZM mic	  	PZM-30D	  	Crown
	 4
	  	Audio Control Room	  	Speaker	  	SM200iH	  	EAW
	 2
	  	Audio Control Room	  	Speaker	  	KP250	  	Klipsch
	 1
	  	Audio Control Room	  	Speaker	  	KSM	  	Klipsch
	 4
	  	Audio Control Room	  	Speaker stand	  	 	  	Ultimate
	 4
	  	Audio Control Room	  	Speaker system controller (for studio) MIDIverb II	  	Xp 200A	  	EV Alesis
	 2
	  	Audio Control Room	  	Speakers	  	HD-1	  	Meyer
	 1
	  	Audio Control Room	  	Video switcher	  	 	  	Sigma electronics
	 5
	  	Audio Control Room	  	Wireless microphone receiver	  	WRU-806	  	Sony
	 2
	  	Audio Control Room	  	Wireless microphone receiver	  	UHF	  	Shure
	 3
	  	Audio Control Room	  	Wireless microphone receiver	  	EM3532	  	Sennheiser
	 1
	  	Audio Control Room	  	Wireless microphone receiver	  	R-32A	  	Vega
	 1
	  	Audio Control Room	  	Wireless receiver Chassis	  	MB-806A	  	Sony

  

 Schedule IV-4 

	 Qty

	  	 Department

	  	 Description

	  	 Model Number

	  	 	  	 Brand

	 1
	  	Daystar & KMPX	  	13” Color Monitor	  	 	  	 	  	Sony
	 1
	  	Daystar & KMPX	  	14” Color Monitor	  	TM-1400 SU	  	 	  	JVC
	 4
	  	Daystar & KMPX	  	6’ Equipment Rack	  	 	  	 	  	 
	 1
	  	Daystar & KMPX	  	Air Dryer System	  	HDS-2500	  	 	  	McIntire
	 2
	  	Daystar & KMPX	  	Audio Meters	  	40-A2	  	 	  	Dorrough
	 1
	  	Daystar & KMPX	  	Switcher / Router	  	Ocelot	  	 	  	Pesa
	 1
	  	Daystar & KMPX	  	Waveform / Vectorscope	  	1780R	  	 	  	Tektronix
	 1
	  	Edit 2	  	16 channel Audio Mixer	  	1604	  	VLZ-Pro	  	Mackie
	 1
	  	Edit 2	  	16 in video monitor	  	TM 1650	  	 	  	JVC
	 1
	  	Edit 2	  	2.1 subwoofer and (2) Klipsch speakers	  	 	  	ProMedia	  	Klipsch
	 1
	  	Edit 2	  	6.0 software running on a Full Matrox Digisuite boardset with Video and Audio breakout boxes	  	 	  	edit plus	  	Discreet
	 2
	  	Edit 2	  	Black 21 in. CRT monitors	  	 	  	 	  	Intergraph
	 1
	  	Edit 2	  	Blackburst Generator	  	TCG-50	  	 	  	Horita
	 1
	  	Edit 2	  	cd player	  	CD-150	  	 	  	Tascam
	 1
	  	Edit 2	  	deck	  	AJ-D950	  	DVCPRO50	  	Panasonic
	 1
	  	Edit 2	  	deck	  	BVW-75	  	Beta SP	  	Sony
	 1
	  	Edit 2	  	deck	  	HR53911U	  	SVHS	  	JVC
	 1
	  	Edit 2	  	deck	  	9000	  	DVD-R/RW	  	Pioneer
	 1
	  	Edit 2	  	Intellistation running dual 550 MHz processors, 1 GB RAM, 220 GB video drive, 40GB audio drive	  	 	  	Pentium III	  	IBM
	 2
	  	Edit 2	  	meters	  	40-A2	  	 	  	Dorrough
	 1
	  	Edit 2	  	Vector/Waveform	  	5872A	  	 	  	Leader
	 1
	  	Edit 2	  	Vectorscope	  	1420	  	 	  	Tektronics
	 1
	  	Edit 3	  	12 channel Audio Mixer	  	1202	  	VLZ-Pro	  	Mackie
	 1
	  	Edit 3	  	6.0 software running on a Full Matrox Digisuite boardset with Video and Audio breakout boxes	  	 	  	edit plus	  	Discreet
	 1
	  	Edit 3	  	deck	  	AJ-D950	  	DVCPRO50	  	Panasonic
	 1
	  	Edit 3	  	Intellistation running dual 800 MHz processors, 768 MB RAM, 180 GB video drive, 40GB audio drive	  	 	  	Pentium III	  	IBM
	 2
	  	Edit 3	  	White Optisync 17 in. CRT monitors	  	PF77	  	 	  	Viewsonic

  

 Schedule IV-5 

	 Qty

	  	 Department

	  	 Description

	    	 Model Number

	  	 	  	 Brand

	 1
	  	General Facility Equipment	  	5HP 60 Gallon Upright Air Compressor	    	 	  	 	  	 
	 1
	  	General Facility Equipment	  	Air Cooler	    	5Z757	  	 	  	Dayton
	 1
	  	General Facility Equipment	  	Air Dryer System	    	3Z529A	  	 	  	Dayton
	 1
	  	General Facility Equipment	  	Automatic Transfer Switch - Includes Engine Exerciser Timer	    	H3003600C1C	  	Series 300	  	Asco
	 1
	  	General Facility Equipment	  	Stationary Generator Rating 350kw - 120v/208v	    	 	  	 	  	Generac
	 1
	  	General Facility Equipment	  	UPS System - Field Upgrade to 50kw	    	AP346	  	 	  	Liebert
	 1
	  	KMPX	  	7 ghz Microwave Transmitter	    	Microwave	  	 	  	RF Technology
	 1
	  	KMPX	  	Multiband Audio Processor	    	8182A	  	Optimod TV	  	Orban
	 1
	  	KMPX	  	Transmitter Remote Control	    	 	  	 	  	SVS Com Interface
	 1
	  	KMPX	  	Tuner	    	ST-72TV	  	 	  	Sony
	 1
	  	KMPX Transmitter	  	3 1/8” Transmission Line - standby	    	 	  	 	  	 
	 1
	  	KMPX Transmitter	  	6 1/8” Transmission Line	    	 	  	 	  	 
	 1
	  	KMPX Transmitter	  	7 ghz Microwave Receiver	    	Microwave	  	 	  	RF Technology
	 1
	  	KMPX Transmitter	  	Audio Monitor	    	TVM-1	  	 	  	Bel.
	 1
	  	KMPX Transmitter	  	Demodulator	    	6250	  	 	  	Scientific Atlanta
	 1
	  	KMPX Transmitter	  	Ghost Cancelling Reference Generator	    	Mini GCR0	  	 	  	Ultech
	 1
	  	KMPX Transmitter	  	Processing Amplifier	    	3240	  	 	  	Grass Valley
	 1
	  	KMPX Transmitter	  	UHF Transmitter	    	CTT-U-80SKC	  	 	  	Comark
	 1
	  	KMPX Transmitter	  	UHF Broadcast Antenna - Ch. 29	    	BUI 28	  	 	  	Bogner
	 1
	  	KMPX Transmitter	  	UHF TV 29 Broadcast Antennna - standby	    	BUI-8	  	 	  	Bogner
	 1
	  	KMPX Transmitter	  	Video DeModulator	    	MSI-320	  	 	  	Modulation Science
	 1
	  	Master Control	  	2 RU Patch V	    	 	  	 	  	ADC
	 1
	  	Master Control	  	4 port	    	F1D104-OSD	  	Omni Pro	  	Belkin
	 1
	  	Master Control	  	Audio	    	 	  	2 Pro	  	ADC
	 1
	  	Master Control	  	Audio DA	    	416	  	 	  	RTS Systems
	 2
	  	Master Control	  	Audio Delay	    	AVA22D	  	 	  	Rane
	 1
	  	Master Control	  	Audio Interface	    	 	  	Mitchbox	  	Henry
	 1
	  	Master Control	  	Audio Meter	    	 	  	40A2	  	Dorrough
	 2
	  	Master Control	  	Audio Meter	    	 	  	Dual 12-A	  	Dorrough
	 1
	  	Master Control	  	Auto Switcher	    	SQS-4B	  	 	  	Pro Video
	 1
	  	Master Control	  	Automation Controller	    	MA-204B	  	 	  	Matco

  

 Schedule IV-6 

	 Qty

	  	 Department

	  	 Description

	  	 Model Number

	  	 	  	 Brand

	 1
	  	Master Control	  	AV Alignment Delay	  	AVA 22D	  	 	  	Rane
	 3
	  	Master Control	  	B3W Monitor	  	WV-5200B	  	 	  	Panasonic
	 6
	  	Master Control	  	B3W Monitor	  	WV-5200B	  	 	  	Panasonic
	 6
	  	Master Control	  	B3W Monitor	  	WV-5200B	  	 	  	Panasonic
	 2
	  	Master Control	  	B3W Monitor	  	WV-5370	  	 	  	Panasonic
	 1
	  	Master Control	  	B3W Monitor	  	WVBM-990	  	 	  	Panasonic
	 1
	  	Master Control	  	Bandwidth TV Monitor	  	WV-5200B	  	 	  	Panasonic
	 1
	  	Master Control	  	Betacam SP	  	UVW-1600	  	SP	  	Sony
	 1
	  	Master Control	  	Betacam SP	  	UVW-1400A	  	SP	  	Sony
	 1
	  	Master Control	  	Bridging Video Switcher	  	 	  	 	  	3M
	 1
	  	Master Control	  	CC: Decoder	  	 	  	PCD-85	  	Link
	 1
	  	Master Control	  	Clock	  	TCD 100	  	 	  	Horita
	 1
	  	Master Control	  	Clock	  	TCD 100	  	 	  	Horita
	 1
	  	Master Control	  	Clock	  	MOD 100	  	 	  	Horita
	 3
	  	Master Control	  	Color Monitor	  	BM-H1900-SU	  	 	  	JVC
	 1
	  	Master Control	  	Computer	  	 	  	 	  	Dell
	 1
	  	Master Control	  	Computer Monitor	  	 	  	 	  	Kogl
	 1
	  	Master Control	  	Computer Monitor	  	570V	  	TFT	  	Samsong
	 1
	  	Master Control	  	Computer Monitor	  	 	  	 	  	Optiquest
	 1
	  	Master Control	  	Computer Monitor	  	 	  	 	  	Acer
	 1
	  	Master Control	  	CPU	  	 	  	 	  	Inscriber
	 1
	  	Master Control	  	DA	  	3400	  	Aug-01	  	Grass Valley Group
	 1
	  	Master Control	  	DA Dual Power 8.3401	  	3400	  	 	  	Grass Valley Group
	 2
	  	Master Control	  	Digital Generator	  	1910	  	 	  	Tektronix
	 1
	  	Master Control	  	Digital Video Cassette Player	  	AJ-D940	  	 	  	Panasonic
	 3
	  	Master Control	  	DSW Monitor	  	WV-S200B	  	 	  	Panasonic
	 1
	  	Master Control	  	Dual Buffer Amp	  	444	  	 	  	RTS System
	 1
	  	Master Control	  	Dual Monor Amp	  	 	  	Series Three	  	QSC
	 1
	  	Master Control	  	EAS	  	930A	  	 	  	TFT
	 1
	  	Master Control	  	EAS	  	911	  	 	  	TFT
	 1
	  	Master Control	  	Encoder Remote Controller	  	AV-ER65B	  	 	  	Panasonic

  

 Schedule IV-7 

	 Qty

	  	 Department

	  	 Description

	  	 Model Number

	  	 	  	 Brand

	 2
	  	Master Control	  	Encoder Remote Controller	  	ER-65B	  	 	  	Panasonic
	 1
	  	Master Control	  	GPI	  	 	  	 	  	Horita
	 1
	  	Master Control	  	GPI	  	 	  	 	  	Horita
	 1
	  	Master Control	  	GPI	  	 	  	 	  	Horita
	 1
	  	Master Control	  	GPI	  	 	  	 	  	Horita
	 1
	  	Master Control	  	GPS Time Module	  	 	  	MTG	  	Horita
	 3
	  	Master Control	  	Image Inserter	  	808	  	 	  	QSI
	 1
	  	Master Control	  	Master Control Switcher	  	 	  	Master 21	  	Grass Valley Group
	 1
	  	Master Control	  	Master Sync Module	  	 	  	MSG	  	Horita
	 1
	  	Master Control	  	Multi Function Frame	  	FR-2602	  	 	  	Leitch
	 2
	  	Master Control	  	Powered Monitor	  	1400	  	 	  	Anchor
	 1
	  	Master Control	  	Receiver	  	TU-4500U	  	 	  	JVC
	 1
	  	Master Control	  	Router Control Panel	  	UCP-XY	  	 	  	Sony
	 1
	  	Master Control	  	Sat Antenna Control System	  	CTI-800	  	 	  	CTI
	 2
	  	Master Control	  	Satellite Reciver	  	CAM 830	  	 	  	Standard
	 1
	  	Master Control	  	Satellite Reciver	  	DIR-657	  	 	  	DX Antenna
	 1
	  	Master Control	  	Server	  	MA-600	  	 	  	Matco
	 1
	  	Master Control	  	Source Synchronizing Generator	  	9505A	  	 	  	Grass Valley Group
	 2
	  	Master Control	  	Speakers	  	 	  	PBM 5 II	  	Tannoy
	 1
	  	Master Control	  	Switcher	  	GVG-0632	  	 	  	Grass Valley Group
	 9
	  	Master Control	  	Synchronizer	  	VDP-8410	  	 	  	Videotek
	 1
	  	Master Control	  	TBC	  	AP41	  	 	  	Hottronics
	 1
	  	Master Control	  	TBC Frame Sync	  	 	  	 	  	Novation
	 2
	  	Master Control	  	TBC Remote	  	 	  	 	  	Varivue
	 1
	  	Master Control	  	Time Code Reader	  	ARV-8	  	 	  	FM Systems
	 1
	  	Master Control	  	Two Channel Main Station	  	MS-222	  	 	  	Clear Com
	 1
	  	Master Control	  	Vada	  	VM-10AR11	  	 	  	Kramer
	 1
	  	Master Control	  	Vector Scope	  	5850	  	Vector	  	Leader
	 1
	  	Master Control	  	Vector Wave	  	1780R	  	 	  	Tektronix
	 1
	  	Master Control	  	VG	  	 	  	 	  	Horita
	 1
	  	Master Control	  	Video Cassette Recorder	  	BVW75	  	 	  	Sony

  

 Schedule IV-8 

	 Qty

	  	 Department

	  	 Description

	  	 Model Number

	  	 	  	 Brand

	 1
	  	Master Control	  	Video Cipher II	  	 	  	RS	  	General Instrument
	 1
	  	Master Control	  	VTR	  	PVW2800	  	 	  	Sony
	 2
	  	Master Control	  	VTR	  	AJ-D95DC	  	DVC PRO 50	  	Panasonic
	 2
	  	Master Control	  	VTR	  	PVW-2800	  	 	  	Sony
	 1
	  	Master Control	  	VTR	  	KR 7496V	  	24HR	  	Ultrak
	 8
	  	Master Control	  	VTR Interface	  	M-1075	  	 	  	Matco
	 2
	  	Master Control	  	Waveform	  	5860	  	Waveform	  	Leader
	 2
	  	Master Control	  	Waveform Scope	  	LBO-5860A	  	 	  	Leader
	 1
	  	Production Control Rm	  	13” Color Consumer TV	  	 	  	 	  	 
	 1
	  	Production Control Rm	  	13” Sharp Color Consumer TV	  	 	  	 	  	Sharp
	 1
	  	Production Control Rm	  	14” Color Engineer Monitor	  	14G5U	  	 	  	Sony
	 1
	  	Production Control Rm	  	14” Color Monitor	  	PVM14M4U	  	 	  	Sony
	 1
	  	Production Control Rm	  	14” Color Monitor	  	BMH1310	  	 	  	JVC
	 2
	  	Production Control Rm	  	16” Color Monitor	  	1650	  	 	  	JVC
	 1
	  	Production Control Rm	  	Audio AMP	  	D75A	  	 	  	Crown
	 1
	  	Production Control Rm	  	Audio Mixer	  	1202	  	 	  	Mackie
	 1
	  	Production Control Rm	  	Audio Speakers	  	 	  	 	  	JBL
	 1
	  	Production Control Rm	  	Audio/Video DA	  	VM10ARN	  	 	  	Kramer
	 4
	  	Production Control Rm	  	Cameras, Cam Control Unit, Remote Control	  	Z2000	  	 	  	Hitachi
	 1
	  	Production Control Rm	  	Color LCD 3” Monitor-6pack	  	1610	  	 	  	Datachek
	 1
	  	Production Control Rm	  	Dell PC with Matrox Video Card Set Digisuite and
Inscriber	  	 	  	 	  	Dell
	 12
	  	Production Control Rm	  	Dual 9” B&W Monitor	  	990	  	 	  	Panasonic
	 2
	  	Production Control Rm	  	Dual 9” B&W Monitor	  	5370	  	 	  	Panasonic
	 7
	  	Production Control Rm	  	Dual 9” B&W Monitor	  	TR930	  	 	  	Panasonic
	 6
	  	Production Control Rm	  	Dual 9” B&W Monitor	  	901B	  	 	  	Pro Video
	 1
	  	Production Control Rm	  	ESE Countdown Clock System w/Local LED Display and Studio Display	  	 	  	 	  	 
	 2
	  	Production Control Rm	  	Frame Synchronizer	  	VDP8410	  	Frame Sync	  	Videotek
	 1
	  	Production Control Rm	  	Frame Synchronizer	  	 	  	 	  	JVC
	 1
	  	Production Control Rm	  	Intercom Station	  	RM220	  	 	  	Clear Com
	 4
	  	Production Control Rm	  	Line Matching Buffer	  	RTS444	  	 	  	RTS

  

 Schedule IV-9 

	 Qty

	    	 Department

	    	 Description

	    	 Model Number

	    	 	    	 Brand

	 1
	    	Production Control Rm	    	PC Tower with Pinnacle Accadin Studio Pak	    	 	    	 	    	Generic
	 1
	    	Production Control Rm	    	Pinnacle Alladin Studio Pack DVE/SS with Teleprompter Software	    	 	    	Presario	    	Compaq
	 1
	    	Production Control Rm	    	Production DVE GVG 2 Channel Console and Main Frame	    	DPM 700	    	 	    	 
	 1
	    	Production Control Rm	    	Production Switcher Console and Main Frame	    	3000	    	 	    	Grassvalley
	 1
	    	Production Control Rm	    	Signal Detection Switcher	    	VM24N	    	 	    	Kramer
	 2
	    	Production Control Rm	    	Ten by one Switcher	    	GVG10X	    	 	    	GVG
	 1
	    	Production Control Rm	    	Time Code Generator with M7D100 Display	    	TRG50	    	TC Gen	    	Horita
	 12
	    	Production Control Rm	    	Tripple 5” Black and White Pix Monitor	    	WV5200B	    	 	    	Panasonic
	 2
	    	Production Control Rm	    	Tripple Color LCD 5” Monitor	    	VR53P	    	 	    	Marshall
	 1
	    	Production Control Rm	    	VHF Wireless Intercom Base Station	    	BTR200	    	 	    	Teler
	 4
	    	Production Control Rm	    	VHF Wireless Intercom Belt Pack	    	TR200	    	 	    	Teler
	 7
	    	Production Control Rm	    	VHS Dubing VTR	    	H538	    	VHS	    	Sanyo
	 4
	    	Production Control Rm	    	Video distribution Amplifiers Tray w/ 8 DA’s	    	 	    	 	    	GVG
	 2
	    	Production Control Rm	    	Video Patch Panel-48 point	    	 	    	 	    	ADC
	 1
	    	Production Control Rm	    	Video Router 8x2	    	 	    	LNS 8	    	Pesa
	 1
	    	Production Control Rm	    	Video Router 8x8	    	 	    	Ocelot	    	Pesa
	 1
	    	Production Control Rm	    	Video Tape Machine	    	PD950	    	DVCPRO 50	    	Panasonic
	 4
	    	Production Control Rm	    	Video Tape Machine	    	D95	    	DVCPRO 50	    	Panasonic
	 1
	    	Production Control Rm	    	VTR	    	PVW2800	    	Beta	    	Sony
	 1
	    	Production Control Rm	    	VTR	    	UVW1800	    	 	    	Sony
	 1
	    	Production Control Rm	    	VTR	    	3911U	    	JVC SVHS	    	Sony
	 1
	    	Production Control Rm	    	VTR Remote Control Panel	    	 	    	TBC’s 2 VTR	    	Panasonic/Vuetech
	 1
	    	Production Control Rm	    	VTR Remote Control Panel	    	 	    	 	    	Sony
	 1
	    	Production Control Rm	    	Waveform Monitor	    	5872A	    	 	    	Waveform
	 1
	    	Production Control Rm	    	Waveform Monitor	    	5870	    	 	    	Waveform
	 4
	    	Remote Equipment	    	Battery	    	Trim Pack Dig 14	    	 	    	Anton Bauer
	 8
	    	Remote Equipment	    	Battery	    	Propac Dig 14	    	 	    	Anton Bauer
	 8
	    	Remote Equipment	    	Battery	    	NP1	    	 	    	Anton Bauer
	 1
	    	Remote Equipment	    	Battery Charger	    	2700	    	 	    	Anton Bauer
	 1
	    	Remote Equipment	    	Battery Charger	    	Life Saver Gast Chg	    	 	    	Anton Bauer

  

 Schedule IV-10 

	 Qty

	  	 Department

	  	 Description

	  	 Model Number

	  	 Brand

	 1
	  	Remote Equipment	  	Battery Charger	  	Life Saver MP8 Probe	  	Anton Bauer
	 1
	  	Remote Equipment	  	Battery Charger	  	LSNP Fast Charge	  	Anton Bauer
	 1
	  	Remote Equipment	  	Battery Charger	  	ID 400	  	ID
	 2
	  	Remote Equipment	  	Battery Discharger	  	ADM	  	Anton Bauer
	 1
	  	Remote Equipment	  	Beta Recorder (Cam and VCR)	  	PVV3	  	Sony
	 1
	  	Remote Equipment	  	Boom Mic Shotgun	  	KMR81	  	Neuman
	 1
	  	Remote Equipment	  	Boom Pole	  	VDB	  	Prof Sound Corp
	 1
	  	Remote Equipment	  	Camcorder DVCAM	  	DSR300	  	Sony
	 1
	  	Remote Equipment	  	Camera - DV	  	XL1	  	Canon
	 1
	  	Remote Equipment	  	Docking Camcorder - Combination	  	CAM=DXC637	  	Sony
	 1
	  	Remote Equipment	  	Earbuds	  	Earbuds	  	Sony
	 1
	  	Remote Equipment	  	Field Monitor (color battery op/ac)	  	8020	  	Sony
	 1
	  	Remote Equipment	  	Handheld Mic	  	Beta 58	  	Sure
	 1
	  	Remote Equipment	  	Headphones	  	MDR7506	  	Sony
	 1
	  	Remote Equipment	  	Lapel Micro	  	MKE104	  	Sennheiser
	 1
	  	Remote Equipment	  	Mic Power Supply	  	 	  	 
	 1
	  	Remote Equipment	  	Phantom Power Supply	  	48 Phantom	  	Prof. Sound Corp
	 1
	  	Remote Equipment	  	Pop Screen	  	 	  	Rycote 14
	 1
	  	Remote Equipment	  	Pop Screen	  	 	  	Windjammer
	 1
	  	Remote Equipment	  	Tripods with heads	  	Vision 11	  	Vinten
	 2
	  	Remote Equipment	  	Wireless microphone	  	VCR201	  	Electronics
	 2
	  	Remote Equipment	  	Wireless microphone	  	UM200C	  	Electronics
	 1
	  	Remote Equipment	  	Wireless microphone	  	VCR190	  	Electronics
	 1
	  	Remote Equipment	  	Wireless microphone	  	UM190	  	Electronics
	 1
	  	Studio	  	12’ Rolling ladder	  	 	  	 
	 20
	  	Studio	  	2K scoops	  	 	  	 
	 82
	  	Studio	  	4 ellipsoidials	  	 	  	ETC Source
	 172
	  	Studio	  	6 ” various size lamps @ 500W, 750W, and
1000W	  	 	  	Strand Fresnels
	 38
	  	Studio	  	8 ” various size lamps @1000W and 2000W	  	 	  	Strand Fresnels
	 1
	  	Studio	  	AVAB 12 dimmer (2.4K) capacity rack	  	 	  	 
	 1
	  	Studio	  	AVAB M155 Lighint controller	  	 	  	 

  

 Schedule IV-11 

	 Qty

	  	 Department

	  	 Description

	  	 Model Number

	  	 Brand

	 415
	  	Studio	  	Lighting Drops	  	 	  	 
	 4
	  	Studio	  	Trinitron Wega 20	  	KV20FS12	  	Sony
	 2
	  	Studio	  	Video Teleprompter	  	VM-1501B	  	Listec
	 3
	  	Studio	  	Vinton Osprey Pedestals	  	Osprey	  	Vinton
	 2
	  	Studio	  	Vinton Vision Fluid Head	  	250	  	Vinton
	 1
	  	Studio	  	Vinton Vision Fluid Head	  	100	  	Vinton
	 1
	  	Studio Roof	  	(Dual) Antenna Cut 29 Antenna	  	 	  	Sitco
	 1
	  	Studio Roof	  	(Single) Antenna Cut 29 Antenna	  	 	  	Sitco
	 1
	  	Studio Roof	  	1.8M KU-Band Return Disk (Boston)	  	 	  	Prodelin / Channel Master
	 1
	  	Studio Roof	  	10’ STL/SUL/TSL Microwave Disk	  	 	  	Andrew
	 1
	  	Studio Roof	  	12’ C-Band Return Satellite Dish	  	 	  	 
	 2
	  	Studio Roof	  	16’ Met 7 & Net 2 Satellite Dish	  	 	  	Paraclipse
	 1
	  	Studio Roof	  	18” Directv Dish	  	 	  	RCA
	 1
	  	Studio Roof	  	18” Dish Network DBS Dish	  	 	  	Dish Network/Echostar
	 1
	  	Studio Roof	  	24”x36” Direcway PC Dish	  	 	  	Direcway/Direlpc
	 1
	  	Studio Roof	  	3’ Dish Network DBS Dish	  	 	  	Dish Network/Echostar
	 1
	  	Studio Roof	  	UHF-VHF Off Air Antenna	  	 	  	Radio Shack
	 1
	  	KMPX-DT	  	RFS Cable Wave dehydrator/air pump	  	 	  	 
	 3
	  	KMPX-DT	  	Barstools	  	 	  	 
	 1
	  	KMPX-DT	  	12’ Ladder	  	 	  	 
	 1
	  	KMPX-DT	  	13” Color TV	  	 	  	RCA
	 1
	  	KMPX-DT	  	MDTV Tuner	  	SIR-T151	  	Samsung
	 1
	  	KMPX-DT	  	UHF receive antenna and mount	  	 	  	 
	 1
	  	KMPX-DT	  	Channel 29 Notch Filter	  	 	  	 
	 1
	  	KMPX-DT	  	6’ X 1’ 1/2 Shelve Units	  	 	  	 
	 1
	  	KMPX-DT	  	Vac Cleaner	  	WD06250	  	Ridgid
	 1
	  	KMPX-DT	  	7’ Equipment Rack	  	 	  	 
	 1
	  	KMPX-DT	  	1,400’ of 6 1/8” Transmission Line	  	EIA	  	SWR
	 1
	  	KMPX-DT	  	Power Command and Transfer Switch	  	OTPCD-5601833	  	 
	 1
	  	KMPX-DT	  	7-5 Ton A/C Unit	  	 	  	 
	 1
	  	KMPX-DT	  	5KW DTV Diacrode Transmitter	  	DT840A	  	Axcera

  

 Schedule IV-12 

	 Qty

	  	 Department

	  	 Description

	  	 Model Number

	  	 Brand

	 1
	  	KMPX-DT	  	RF System	  	 	  	Axcera
	 1
	  	KMPX-DT	  	Modulator	  	 	  	Axcera
	 1
	  	KMPX-DT	  	Mask Filter	  	 	  	Axcera
	 1
	  	KMPX-DT	  	Driver	  	 	  	Axcera
	 1
	  	KMPX-DT	  	28 Bay Broadcast Antenna: Ch. 29 analog & Ch. 30 digital	  	 	  	SWR
	 1
	  	KMPX-DT	  	Digital Encoder	  	MV-10	  	Divicom
	 1
	  	KMPX-DT	  	Digital Decoder	  	6120	  	Tandberg

  
  

 Schedule IV-13 

 SCHEDULE V 
  

Insurance Coverage Maintained 
 by
Seller on the Purchased Assets 
  
 (Attached)

  

 Schedule V-1 

 SCHEDULE VI 
  
 List of Certain Cable Systems 
  

(Must Carry Rules) 
  
 Part (1) 
  
 1. Paragon Cable in Commerce, Texas and Palestine, Texas has received market modifications to exclude KMPX from carriage. 
  
 2. Greenville Cablevision in Greenville, Texas has received market modifications to exclude KMPX from carriage. 
  
 Part (2) 
  
 None. 
  
 Part (3) 
  
 1. Paragon Cable in Commerce, Texas and Palestine, Texas has notified KMPX it is denying carriage. 
  
 2. Greenville Cablevision in Greenville, Texas has notified KMPX it is denying carriage. 
  
 Part (4) 
  
 None. 
  
 Part (5) 
  
 1. Paragon Cable in Commerce, Texas and
Palestine, Texas has received market modifications to exclude KMPX from carriage. 
  
 2. Greenville Cablevision in Greenville, Texas has received market modifications to exclude KMPX from carriage. 
  

 Schedule VI-1 

 SCHEDULE VII 
  
 Prepaid Expenses 
  
 None. 
  

 Schedule VII-1 

 EXHIBIT A 
  

Form of Warranty Deed 
  

 Exhibit A-1 

 EXHIBIT B 
  

Legal Opinion of Seller’s Counsel 
  
 [Closing Date] 
  
 LBI Media, Inc. 
 Liberman Television of Dallas, Inc. 
 Liberman Television of Dallas License Corp. 
 1845 Empire Avenue 
 Burbank, California 91504 
  
 [Buyer’s various lenders] 
  
 Re: Sale of Certain
Assets of Word of God Fellowship, Inc. 
  
 Ladies and Gentlemen: 
  
 We have acted as counsel to
Word of God Fellowship, Inc, a Georgia non-profit corporation (“Fellowship” or “Seller”), in connection with the sale by Seller and the purchase by Liberman Television of Dallas, Inc., a California corporation
(“LBI”), and Liberman Television of Dallas License Corp., a California corporation (“LBI Sub,” and together with LBI, the “Buyers” and each individually a “Buyer”) of certain assets
which are used or held for use in connection with the operation of television station KMPX (Channel 29, Decatur-Dallas, Texas) and television station KMPX-DT (Channel 30, Decatur-Dallas, Texas) and related assets, license, permits and authorizations
issued by the Federal Communications Commission and certain other assets pursuant to the Asset Purchase Agreement dated as of July 14, 2003 (the “Asset Purchase Agreement”), by and among the Buyers, LBI Media, Inc., a California
corporation (“LBI Media”) and Seller. We have also reviewed, among other things, (i) the Corporate Custodial Agreement Relating to Earnest Money dated
                    , 2003 executed by
[                                        
                    ], as escrow agent, LBI Media and Fellowship (the “Escrow Agreement”), (ii) one or more bills of sale
conveying to one or both Buyers all of the Tangible Personal Property and Intellectual Property, (iii) one or more assignments assigning to one or both Buyers the FCC Licenses and each of the Assumed Contracts and Required Consents and (iv)
[list other agreements and documents] (the agreements and documents contained in clauses (i) through (iv) above, together with the Asset Purchase Agreement, are collectively referred to herein as the “Agreements”). We
are providing this opinion to you at the request of the Seller pursuant to Section 9.1.9 of the Asset Purchase Agreement. All capitalized terms used in this opinion and not defined herein will have the meanings given in the Asset Purchase Agreement.

  
 In our capacity as such counsel, we have examined originals or
copies of those corporate and other records and documents we considered appropriate. 
  
 As to relevant factual matters, we have relied upon, among other things, the Seller’s factual representations in the Certificate of Seller, dated
                    , 2003 (the “Certificate of Seller”), a copy of which is attached hereto as Exhibit A. In addition, we
have obtained and relied upon those certificates of public officials we considered appropriate. 
  

 Exhibit B-1 

 We have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as
originals and the conformity with originals of all documents submitted to us as copies. With respect to each natural person who is a party to the transaction, we have assumed such person has sufficient legal capacity to carry out his or her
obligations under the Agreements to which any such person is a party. To the extent the Seller’s obligations under the Agreements to which Seller is a party depend on the due authorization, execution and delivery of the Agreements by the other
parties to the Agreements (other than Seller), we have assumed that the Agreements have been so authorized, executed and delivered. 
  
 On the basis of such examination, our reliance upon the assumptions in this opinion and our consideration of those questions of law we considered
relevant, and subject to the limitations and qualifications in this opinion, we are of the opinion that: 
  
 (a) Seller is a non-profit corporation validly existing under the laws of the State of Georgia with the corporate power to own its properties and assets
and to conduct any activity that a corporation organized under the Georgia General Corporation Law may conduct. 
  
 (b) Seller has corporate power to enter into and to perform its obligations under the Agreements to which Seller is a party. 
  
 (c) The execution, delivery and performance by Seller of the Agreements to
which Seller is a party have been duly authorized by all necessary corporate action on the part of Seller, and the Agreements to which Seller is a party have been duly executed and delivered by Seller. 
  
 (d) The Agreements to which Seller is a party constitute the legally valid
and binding obligations of Seller, as applicable, enforceable against Seller, in accordance with their respective terms, except as limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting
creditors’ rights generally (including, without limitation, fraudulent conveyance laws) and by general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing, regardless of
whether considered in a proceeding in equity or at law. 
  
 (e)
Seller’s execution and delivery of, and performance of its or his obligations under, the Agreements to which Seller is a party, do not and will not (i) violate Seller’s organizational documents and operating agreements, (ii) violate,
breach, or result in a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the assets of Seller, under any existing obligation of or restriction on Seller under any agreement to which it is a party
identified in the Certificate of Seller as being a material agreement of Seller, or (iii) breach or otherwise violate any existing obligation of or restriction on Seller under any order, judgment or decree of any Georgia, Texas or federal court or
Governmental Authority binding on Seller identified in the Certificate of Seller. 
  
 (f) The execution and delivery by Seller, and performance of its obligations under, the Agreements to which Seller is a party do not violate any Georgia, Texas or federal statute or regulation that we have, in the
exercise of customary professional diligence, recognized as applicable to Seller or to transactions of the type contemplated by the Agreements. 
  

 Exhibit B-2 

 (g) Except as set forth on Schedule      hereto, no order, consent, permit or
approval of any Georgia, Texas or federal government authority that we have, in the exercise of customary professional diligence, recognized as applicable to Seller or to transactions of the type contemplated by the Agreements to which Seller is a
party is required on the part of Seller or for the execution and delivery of, and performance of its obligations under, the Agreements to which Seller is a party. 
  
 (h) Except for the matters described in Schedule      to the Asset Purchase Agreement, we have
not given substantive attention on behalf of Seller or represented the Seller in connection with any action, suit or proceeding pending or threatened against Seller before any court, arbitrator or governmental agency. 
  
 [Qualifications to be provided by Counsel to Seller] 
  
 The law covered by this opinion is limited to the present federal law of the
United States and the present law of the State of Georgia. We express no opinion as to the laws of any other jurisdiction and no opinion regarding the statutes, administrative decisions, rules, regulations or requirements of any county,
municipality, subdivision or local authority of any jurisdiction. Insofar as the opinions rendered herein relate to documents governed by the law of the State of New York, we have advised you that we are members of the bar of the state of Georgia
and are not familiar with the laws of the State of New York and render no opinion about them. For the purposes of these opinions, we have assumed, with your consent, that the laws of the State of New York are identical in all respects to the laws of
the State of Georgia. 
  
 Our use of the terms “known to
us,” “to our knowledge,” or similar phrase to qualify a statement in this opinion means that those attorneys in this firm who have given substantive attention to the representation described in the introductory paragraph of this
opinion do not have current actual knowledge that the statement is inaccurate. Such terms do not include any knowledge of other attorneys within our firm (regardless of whether they have represented or are representing Seller in connection with any
other matter) or any constructive or imputed notice of any matters or items of information. We have not undertaken any independent investigation to determine the accuracy of the statement, and any limited inquiry undertaken by us during the
preparation of this opinion should not be regarded as such an investigation. No inference as to our knowledge of any matters bearing on the accuracy of any such statement should be drawn from the fact of our representation of Seller in connection
with this opinion or in other matters. 
  
 This opinion is
furnished by us as counsel for Seller and may be relied upon by you only in connection with the Agreements. With the specific exception of [INSERT NAME OF AGENT] for itself and as Administrative Agent for the Lenders, and the Lenders and other
Agents (and their respective actual participants, assignees and successors) from time to time party to the [INSERT DESCRIPTION OF APPLICABLE FINANCING DOCUMENT(S) AND INSERT APPLICABLE DESCRIPTION OF PARTIES THERETO] and [DESCRIPTION OF OTHER
LENDERS], which lenders may rely on this opinion as if it were addressed and had been delivered to such lenders on the date of this opinion, this opinion may not be used or relied 

  

 Exhibit B-3 

 EXHIBIT C 
  

Legal Opinion of Seller’s FCC Counsel 
  
 [Closing Date] 
  
 LBI Media, Inc. 
 Liberman Television of Dallas, Inc. 
 Liberman Television of Dallas License Corp. 
 1845 Empire Avenue 
 Burbank, California 91504 
  
 [Buyer’s various lenders] 
  
 Re: Assignment of
Authorizations of KMPX, Decatur-Dallas, Texas 
  
 Gentlemen: 
  
 We have acted as special communications
counsel to Word of God Fellowship, Inc, a [                    ] corporation (“Fellowship” or “Seller”), a
Georgia non-profit corporation, in connection with the sale by Seller and the purchase by Liberman Television of Dallas, Inc., a California corporation (“LBI”), and Liberman Television of Dallas License Corp., a California
corporation (“LBI Sub,” and together with LBI, the “Buyers” and each individually a “Buyer”) of certain assets which are used or held for use in connection with the operation of television station
KMPX (Channel 29, Decatur-Dallas, Texas) and television station KMPX-DT (Channel 30, Decatur-Dallas, Texas) and related assets, license, permits and authorizations issued by the Federal Communications Commission and certain other assets pursuant to
the Asset Purchase Agreement dated as of July 14, 2003 (the “Asset Purchase Agreement”), by and among the Buyers, LBI Media, Inc., a California corporation (“LBI Media”) and Seller. We are providing this opinion to
you at the request of the Seller pursuant to Section 9.1.9 of the Asset Purchase Agreement. All capitalized terms used in this opinion and not defined herein will have the meanings given in the Asset Purchase Agreement. 
  
 We have not reviewed any agreement, contract or corporate document other than
the Asset Purchase Agreement and Exhibits and Schedules thereto in connection with the opinions expressed herein. With respect to a review of certain publicly available records of the FCC, we have not made any independent investigation of Seller,
its operations or business in connection with the opinions expressed herein. The opinions stated herein do not purport to cover matters that would require or involve an inspection of the Station or the work product, records or operations of the
Station. We render no opinion with respect to whether a security interest may be held in any authorization issued by the FCC. We have not searched the docket files of any court. 
  
 This opinion is limited to and addresses only matters within the jurisdiction of the Federal Communications Commission
(“FCC”) under the Communications Act of 1934, as amended, and the rules, regulations and published orders of the FCC pertaining to the Station (all 

  

 Exhibit C-1 

 
hereinafter collectively referred to as the “Communication Laws”). We have assumed, and relied upon without any independent inquiry or
verification by us, the accuracy and completeness of (i) representations and warranties of Seller as to factual matters in the Asset Purchase Agreement, Exhibits and Schedules thereto, and (ii) the accuracy and completeness of the FCC’s
publicly available records for the Station in the FCC’s Washington, D.C. offices at the time of examination by us on
                    , 2003 (“Examination Date”), and the absence of changes since the date of our examination. 
  
 Whenever an opinion herein with respect to the existence or absence of facts
is indicated to be based on our knowledge, it is intended to signify that, during the course of our representation of Seller in connection herewith, no information has come to our attention of the attorneys in our firm who have devoted substantive
legal attention to the representation of Seller that gives those attorneys actual knowledge of the existence or absence of such facts. Other than our above-described review of the records of the FCC, we have not undertaken any independent
investigation to determine the existence or absence of such facts and no inference as to our knowledge of the existence or absence of such facts should be drawn from our serving as communications counsel to Seller. 
  
 Our opinion is limited strictly to the matters stated herein and no opinions
may be inferred or are implied beyond the matters expressly stated herein. We have assumed no obligation to advise you beyond the opinion specifically expressed herein. The opinion set forth herein is as of the date hereof, and we have undertaken no
obligation to advise you of any changes that may occur thereafter. With respect to any authorizations held by the Seller which may be auxiliary authorizations issued under Part 74 of the FCC’s Rules and Regulations, we advise you that the
FCC’s records are inherently unreliable and the opinions set forth below exclude any such auxiliary authorizations; however, we have no knowledge that would preclude our giving such opinions with respect to the auxiliary licenses. 

 
 With respect to our opinion in paragraph 3, we advise you that in
extraordinary circumstances, the FCC and the courts have held that petitions for review or reconsideration may be considered even if filed after the period prescribed by rule or statute for such submissions. Additionally, in previous cases where the
FCC discovered procedural irregularities, it has reconsidered its prior action well after the standard time for such reconsideration had expired. 
  
 Based upon our examination of the foregoing disclosures, documents, records and matters of law and subject to the qualifications, assumptions and
limitations set forth herein, we are of the opinion (or, where indicated, confirm) that: 
  

	 	1.	Seller holds the FCC licenses, which have been granted to assigned to it by the FCC, listed on Attachment A hereto (the “FCC Licenses”). The FCC’s records reflect
that the license for KMPX-TV expires on                     . The FCC Licenses include all FCC licenses, permits and authorizations necessary
for Seller to operate the Station. The FCC Licenses are in full force and effect. 

  

	 	2.	Based upon a review of the public files of the FCC, appropriate files of this firm, and an inquiry of lawyers in this firm who have substantial responsibility for the Seller’s
legal matters handled by the firm, we 

  

 Exhibit C-2 

	 	    	confirm that, except as disclosed on Attachment B: (a) there is no unsatisfied or adverse FCC order, decree, or ruling outstanding against Seller, the Station, or any of the FCC
Licenses; and (b) there is no proceeding, complaint, or investigation against Seller or any of the FCC Licenses pending or threatened before the FCC except for proceedings affecting the television industry generally, to which Seller is not a
specific party. 

  

	 	3.	The FCC Form 732 evidencing its consent to the assignment of the licenses for KMPX(TV) from Word of God Fellowship, Inc. to Liberman Television of Dallas License Corp. was issued on
                    . FCC Public Notice of such consent was issued on
                    . The time within which any party in interest other than the FCC may seek administrative or judicial reconsideration or
review expired on                     , and no petition for such reconsideration or review was timely filed with the FCC or with the
appropriate court. The time within which the FCC may review the consent on its own motion expired on                     , and the FCC has not
undertaken such review. No additional order or grant is required from the FCC in order to consummate the assignment of the FCC Licenses from Seller to the Buyers pursuant to the Asset Purchase Agreement. 

  

	 	4.	To the best of our knowledge, Seller is in compliance with the Communications Laws with respect to the Station. 

  
 This opinion is furnished by us as special communications counsel for Seller
and may be relied upon by you only in connection with the Agreements. With the specific exception of [INSERT NAME OF AGENT] for itself and as Administrative Agent for the Lenders, and the Lenders and other Agents (and their respective actual
participants, assignees and successors) from time to time party to the [INSERT DESCRIPTION OF APPLICABLE FINANCING DOCUMENT(S) AND INSERT APPLICABLE DESCRIPTION OF PARTIES THERETO] and [DESCRIPTION OF OTHER LENDERS], which lenders may rely on this
opinion as if it were addressed and had been delivered to such lenders on the date of this opinion, this opinion may not be used or relied upon by you for any other purpose, or disclosed or delivered to any other person, without in each instance our
prior written consent. 
  

	 Very truly yours,

	
	[SELLER’S FCC COUNSEL]
		
	 By:
	 	  

  

 Exhibit C-3 

 EXHIBIT D 
  

Legal Opinion of LBI Entities Counsel 
  
 [Closing Date] 
  
 Word of God Fellowship, Inc. 
 4201 Pool Road 
 Colleyville, Texas 76031 
  
 [Buyer’s various lenders] 
  
 Re: Purchase of Certain Assets of Word of God Fellowship, Inc.

  
 Ladies and Gentlemen: 
  
 We have acted as counsel to LBI Media, Inc., a California corporation
(“LBI Media”), Liberman Television of Dallas, Inc., a California corporation (“LBI”) and Liberman Television of Dallas License Corp., a California corporation (“LBI Sub”, and together with LBI Media
and LBI, the “LBI Entities” and each individually an “LBI Entity”), in connection with the acquisition by the LBI Entities of certain assets which are used or held for use in connection with the television station
KMPX (Channel 29, Decatur-Dallas, Texas) and television station KMPX-DT (Channel 30, Decatur-Dallas, Texas) and related assets, license, permits and authorizations issued by the Federal Communications Commission to Word of God Fellowship, Inc, a
Georgia non-profit corporation (“Fellowship” or “Seller”) and certain other assets, pursuant to the Asset Purchase Agreement dated as of July 14, 2003 (the “Asset Purchase Agreement”), by and among
the LBI Entities and the Seller. We have also reviewed, among other things, (i) the Corporate Custodial Agreement Relating to Earnest Money dated
                    , 2003,by and among
                    , as escrow agent, LBI Media and Fellowship (the “Escrow Agreement”), (ii) one or more bills of sale
conveying to one or both Buyers all of the Tangible Personal Property and Intellectual Property, (iii) one or more assignments assigning to one or both Buyers the FCC Licenses and each of the Assumed Contracts and Required Consents, and (iv)
[list other agreements and documents] (the agreements and documents contained in clauses (i) through (iv) above, together with the Asset Purchase Agreement, are collectively referred to herein as the “Agreements”). We
are providing this opinion to you at the request of the LBI Entities pursuant to Section 9.2.2 of the Asset Purchase Agreement. All capitalized terms used in this opinion and not defined herein will have the meanings given in the Asset Purchase
Agreement. 
  
 In our capacity as such counsel, we have examined
originals or copies of those corporate and other records and documents we considered appropriate. 
  
 As to relevant factual matters, we have relied upon, among other things, the LBI Entities’ factual representations in the Certificates of LBI Entity,
dated                     , 2003 (the “Certificates of LBI Entity”), a copy of each of which is attached hereto as Exhibit A.
In addition, we have obtained and relied upon those certificates of public officials we considered appropriate. 
  

 Exhibit D-1 

 We have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as
originals and the conformity with originals of all documents submitted to us as copies. With respect to each natural person who is a party to the transaction, we have assumed such person has sufficient legal capacity to carry out his or her
obligations under the Agreements to which any such person is a party. To the extent the LBI Entities’ obligations under the Agreements to which any LBI Entity is a party depend on the due authorization, execution and delivery of the Agreements
by the other parties to the Agreements (other than any of the LBI Entities), we have assumed that the Agreements have been so authorized, executed and delivered. 
  
 On the basis of such examination, our reliance upon the assumptions in this opinion and our consideration of those questions
of law we considered relevant, and subject to the limitations and qualifications in this opinion, we are of the opinion that: 
  
 (a) Each LBI Entity is a corporation validly existing under the laws of the State of California with the corporate power to own its properties and assets
and to conduct any activity that a corporation organized under the California General Corporation Law may conduct (other than the banking, insurance or trust company business or the rendering of “professional services” as defined in
Subdivision (a) of Section applicable 13401 of the California Corporations Code). 
  
 (b) Each LBI Entity has corporate power to enter into and to perform its obligations under the Agreements to which such LBI Entity is a party. 
  
 (c) The execution, delivery and performance by any LBI Entity of the Agreements to which such LBI Entity is a party have
been duly authorized by all necessary corporate action on the part of such LBI Entity, and the Agreements to which such LBI Entity is a party have been duly executed and delivered by such LBI Entity. 
  
 (d) The Agreements to which any LBI Entity is a party, constitute the legally
valid and binding obligations of such LBI Entity, enforceable against such LBI Entity in accordance with their terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting
creditors’ rights generally (including, without limitation, fraudulent conveyance laws) and by general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing, regardless of
whether considered in a proceeding in equity or at law. 
  
 (e)
The execution and delivery by any LBI Entity of, and performance of its obligations under, the Agreements to which such LBI Entity is a party, do not and will not (i) violate such LBI Entity’s Articles of Incorporation or Bylaws, (ii) violate,
breach, or result in a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the assets of such LBI Entity under, any existing obligation of or restriction on such LBI Entity under any agreement to
which it is a party identified in the applicable Certificate of LBI Entity as being a material agreement of such LBI Entity, or (iii) breach or otherwise violate any existing obligation of or restriction on such LBI Entity under any order, judgment
or decree of any California or federal court or Governmental Authority binding on such LBI Entity identified in the applicable Certificate of LBI Entity. 
  

 Exhibit D-2 

 (f) The execution and delivery by any LBI Entity of, and performance of its obligations under, the
Agreements to which such LBI Entity is a party do not violate any current California or federal statute or regulation that we have, in the exercise of customary professional diligence, recognized as applicable to such LBI Entity or to transactions
of the type contemplated by the Agreements. 
  
 (g) Except as set
forth on Schedule      hereto, no order, consent, permit or approval of any California or federal government authority that we have, in the exercise of customary professional diligence, recognized as applicable to any LBI
Entity or to transactions of the type contemplated by the Agreements to which such LBI Entity is a party is required on the part of such LBI Entity for the execution and delivery of, and performance of its obligations under, the Agreements to which
such LBI Entity is a party. 
  
 [Qualifications to come from
Counsel to LBI Entities] 
  
 The law covered by this opinion is
limited to the present federal law of the United States and the present law of the State of New York. We express no opinion as to the laws of any other jurisdiction and no opinion regarding the statutes, administrative decisions, rules, regulations
or requirements of any county, municipality, subdivision or local authority of any jurisdiction. 
  
 Our use of the terms “known to us,” “to our knowledge,” or similar phrase to qualify a statement in this opinion means that those
attorneys in this firm who have given substantive attention to the representation described in the introductory paragraph of this opinion do not have current actual knowledge that the statement is inaccurate. Such terms do not include any knowledge
of other attorneys within our firm (regardless of whether they have represented or are representing the LBI Entities in connection with any other matter) or any constructive or imputed notice of any matters or items of information. We have not
undertaken any independent investigation to determine the accuracy of the statement, and any limited inquiry undertaken by us during the preparation of this opinion should not be regarded as such an investigation. No inference as to our knowledge of
any matters bearing on the accuracy of any such statement should be drawn from the fact of our representation of the LBI Entities in connection with this opinion or in other matters. 
  
 This opinion is furnished by us as counsel for the Buyer and may be relied upon by you only in connection with the
Agreements. With the specific exception of [INSERT NAME OF AGENT] for itself and as Administrative Agent for the Lenders, and the Lenders and other Agents (and their respective actual participants, assignees and successors) from time to time party
to the [INSERT DESCRIPTION OF APPLICABLE FINANCING DOCUMENT(S) AND INSERT APPLICABLE DESCRIPTION OF PARTIES THERETO] and [DESCRIPTION OF OTHER LENDERS], which lenders may rely on this opinion as if it were addressed and had been delivered to such
lenders on the date of this opinion, this opinion may not be used or relied upon by you for any other purpose, or disclosed or delivered to any other person, without in each instance our prior written consent. 
  
 Respectfully submitted, 
  

 Exhibit D-3 

 FIRST AMENDMENT TO 
 ASSET PURCHASE AGREEMENT 
  
 This FIRST AMENDMENT TO ASSET PURCHASE AGREEMENT (this “First Amendment”) is dated as of July 18, 2003, and entered into by and among Word of God Fellowship, Inc., a Georgia non-profit corporation
(“Fellowship” or “Seller”), on the one hand, and LBI Media, Inc., a California corporation (“LBI Media”), Liberman Television of Dallas, Inc., a California corporation (“LBI”), and
Liberman Television of Dallas License Corp., a California corporation (“LBI Sub”), on the other. LBI and LBI Sub are referred to collectively as “Buyer.” 
  
 This First Amendment is made with reference to that certain Asset Purchase Agreement among Seller, LBI Media and Buyer dated
July 14, 2003 (the “Asset Purchase Agreement”). 
  
 Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Asset Purchase Agreement. 
  
 RECITALS 
  
 WHEREAS, under Section 7.2 of the Asset Purchase Agreement, Seller and Buyer have a mutual right to terminate the Asset Purchase Agreement on July
18, 2003, after 4:00 pm PST (and on no day subsequent to July 18, 2003), in the event that (i) the Buyer has not entered into the Cedar Hill Space Agreement on or prior to 4:00 pm PST on July 18, 2003, and (ii) on or prior to 4:00 pm PST on July 18,
2003, Buyer has not informed Seller of the fact that Buyer has entered into the Cedar Hill Analog Space Agreement; and 
  
 WHEREAS, Buyer and Seller wish to amend Section 7.2 of the Asset Purchase Agreement to extend the time period set forth therein relating to their
mutual termination right; 
  
 NOW, THEREFORE, in
consideration of the premises and the agreements, provisions and covenants herein contained, LBI Media, Buyer and Seller agree as follows: 
  
 Section 1. AMENDMENT TO THE ASSET PURCHASE AGREEMENT 
  
 Section 7.2 of the Asset Purchase Agreement is hereby amended by substituting each reference to “July 18” appearing therein with “July
23.” 
  
 Section 2. MISCELLANEOUS 
  
 A. Construction. This First Amendment will be governed, construed and
enforced in accordance with the laws of the State of New York. 
  
 B. Arbitration. Any dispute, controversy or other matters as to which the Parties disagree arising out of, relating to or in connection with the provisions of this First Amendment or the interpretation, breach or alleged breach
hereof shall be settled and decided by arbitration as set forth in Section 11.8 of the Amended Asset Purchase Agreement. 

 C. Counterparts. This First Amendment may be signed in any number of counterparts with the same
effect as if the signature on each such counterpart were upon the same instrument 
  
 [Remainder of page intentionally left blank; signature page to follow] 
  

 2 

 IN WITNESS WHEREOF, the parties hereto have executed this First Amendment as of the day and year first
above written. 
  

	WORD OF GOD FELLOWSHIP, INC.
		
	 By:
	 	   /s/ Marcus D. Lamb

	 	 	    Marcus D. Lamb
	 	 	    President and CEO
	
	LBI MEDIA, INC.
		
	 By:
	 	   /s/ Lenard D. Lieberman

	 Lenard D. Liberman

	 Executive Vice President

	
	 LIBERMAN TELEVISION OF
 DALLAS, INC.

		
	 By:
	 	   /s/ Lenard D. Lieberman

	 	 	     Lenard D. Liberman

	 	 	     Executive Vice President

  
 and 

 

	 LIBERMAN TELEVISION OF DALLAS
 LICENSE CORP.

		
	 By:
	 	   /s/ Lenard D. Lieberman

	 	 	     Lenard D. Liberman

	 	 	     Executive Vice President

  

 S-1 

 SECOND AMENDMENT TO 
 ASSET PURCHASE AGREEMENT 
  
 This SECOND AMENDMENT TO ASSET PURCHASE AGREEMENT (this “Second Amendment”) is dated as of July 23, 2003, and entered into by and among Word of God Fellowship, Inc., a Georgia non-profit corporation
(“Fellowship” or “Seller”), on the one hand, and LBI Media, Inc., a California corporation (“LBI Media”), Liberman Television of Dallas, Inc., a California corporation (“LBI”), and
Liberman Television of Dallas License Corp., a California corporation (“LBI Sub”), on the other. LBI and LBI Sub are referred to collectively as “Buyer.” 
  
 This Second Amendment is made with reference to that certain Asset Purchase Agreement among Seller, LBI Media and Buyer,
dated July 14, 2003 (as amended by that certain First Amendment to Asset Purchase Agreement, dated July 18, 2003, the “Asset Purchase Agreement”). 
  
 Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Asset Purchase
Agreement. 
  
 RECITALS 
  
 WHEREAS, under Section 7.2 of the Asset Purchase Agreement, Seller and
Buyer have a mutual right to terminate the Asset Purchase Agreement on July 23, 2003, after 4:00 pm PST (and on no day subsequent to July 23, 2003), in the event that (i) the Buyer has not entered into the Cedar Hill Space Agreement on or prior to
4:00 pm PST on July 23, 2003, and (ii) on or prior to 4:00 pm PST on July 23, 2003, Buyer has not informed Seller of the fact that Buyer has entered into the Cedar Hill Analog Space Agreement; and 
  
 WHEREAS, Buyer and Seller wish to amend Section 7.2 of the Asset
Purchase Agreement to extend the time period set forth therein relating to their mutual termination right; 
  
 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, LBI Media, Buyer and Seller agree
as follows: 
  
 Section 1. AMENDMENT TO THE ASSET PURCHASE AGREEMENT

  
 Section 7.2 of the Asset Purchase Agreement is hereby
amended by substituting each reference to “July 23” appearing therein with “July 24.” 
  
 Section 2. MISCELLANEOUS 
  
 A. Construction. This Second Amendment will be governed, construed and enforced in accordance with the laws of the State of New York. 
  
 B. Arbitration. Any dispute, controversy or other matters as to which the Parties disagree arising out of, relating to or in connection with
the provisions of this Second Amendment or the interpretation, breach or alleged breach hereof shall be settled and decided by arbitration as set forth in Section 11.8 of the Asset Purchase Agreement. 

 C. Counterparts. This Second Amendment may be signed in any number of counterparts with the
same effect as if the signature on each such counterpart were upon the same instrument 
  
 [Remainder of page intentionally left blank; signature page to follow] 
  

 2 

 IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment as of the day and year first
above written. 
  

	WORD OF GOD FELLOWSHIP, INC.
		
	 By:
	 	   /s/ Marcus D. Lamb

	 	 	     Marcus D. Lamb

	 	 	     President and CEO

	
	LBI MEDIA, INC.
		
	 By:
	 	   /s/ Lenard D. Lieberman

	 	 	     Lenard D. Liberman

	 	 	     Executive Vice President

	
	 LIBERMAN TELEVISION OF
 DALLAS, INC.

		
	 By:
	 	   /s/ Lenard D. Lieberman

	 	 	     Lenard D. Liberman

	 	 	     Executive Vice President

  
 and 

 

	 LIBERMAN TELEVISION OF DALLAS
 LICENSE CORP.

		
	 By:
	 	   /s/ Lenard D. Lieberman

	 	 	     Lenard D. Liberman

	 	 	     Executive Vice President

  

 S-1 

 THIRD AMENDMENT TO 
 ASSET PURCHASE AGREEMENT 
  
 This THIRD AMENDMENT TO ASSET PURCHASE AGREEMENT (this “Third Amendment”) is dated as of July 24, 2003, and entered into by and among Word of God Fellowship, Inc., a Georgia non-profit corporation
(“Fellowship” or “Seller”), on the one hand, and LBI Media, Inc., a California corporation (“LBI Media”), Liberman Television of Dallas, Inc., a California corporation (“LBI”), and
Liberman Television of Dallas License Corp., a California corporation (“LBI Sub”), on the other. LBI and LBI Sub are referred to collectively as “Buyer.” 
  
 This Third Amendment is made with reference to that certain Asset Purchase Agreement among Seller, LBI Media and Buyer,
dated July 14, 2003 (as amended by that certain First Amendment to Asset Purchase Agreement, dated July 18, 2003, and that Second Amendment to Asset Purchase Agreement dated July 23, 2003, the “Asset Purchase Agreement”).

  
 Capitalized terms used herein without definition shall have
the same meanings herein as set forth in the Asset Purchase Agreement. 
  
 RECITALS 
  
 WHEREAS, under Section 7.2 of
the Asset Purchase Agreement, Seller and Buyer have a mutual right to terminate the Asset Purchase Agreement on July 24, 2003, after 4:00 pm PST (and on no day subsequent to July 24, 2003), in the event that (i) the Buyer has not entered into the
Cedar Hill Space Agreement on or prior to 4:00 pm PST on July 24, 2003, and (ii) on or prior to 4:00 pm PST on July 24, 2003, Buyer has not informed Seller of the fact that Buyer has entered into the Cedar Hill Analog Space Agreement; and

  
 WHEREAS, Buyer and Seller wish to amend Section 7.2 of
the Asset Purchase Agreement to extend the time period set forth therein relating to their mutual termination right; 
  
 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, LBI Media, Buyer and Seller agree
as follows: 
  
 Section 1. AMENDMENT TO THE ASSET PURCHASE AGREEMENT

  
 Section 7.2 of the Asset Purchase Agreement is hereby
amended by substituting each reference to “July 24” appearing therein with “July 25.” 
  
 Section 2. MISCELLANEOUS 
  
 A. Construction. This Third Amendment will be governed, construed and enforced in accordance with the laws of the State of New York. 
  
 B. Arbitration. Any dispute, controversy or other matters as to which the Parties disagree arising out of, relating to or in connection with
the provisions of this Third Amendment or the interpretation, breach or alleged breach hereof shall be settled and decided by arbitration as set forth in Section 11.8 of the Asset Purchase Agreement. 

 C. Counterparts. This Third Amendment may be signed in any number of counterparts with the
same effect as if the signature on each such counterpart were upon the same instrument 
  
 [Remainder of page intentionally left blank; signature page to follow] 
  

 2 

 IN WITNESS WHEREOF, the parties hereto have executed this Third Amendment as of the day and year first
above written. 
  

	WORD OF GOD FELLOWSHIP, INC.
		
	 By:
	 	   /s/ Marcus D. Lamb

	 Marcus D. Lamb

	 President and CEO

	
	LBI MEDIA, INC.
		
	 By:
	 	   /s/ Lenard D. Lieberman

	 Lenard D. Liberman

	 Executive Vice President

	
	 LIBERMAN TELEVISION OF
 DALLAS, INC.

		
	 By:
	 	   /s/ Lenard D. Lieberman

	 	 	     Lenard D. Liberman

	 	 	     Executive Vice President

  
 and 

 

	LIBERMAN TELEVISION OF DALLAS
LICENSE CORP.
		
	 By:
	 	   /s/ Lenard D. Lieberman

	 	 	     Lenard D. Liberman

	 	 	     Executive Vice President

  

 S-1 

 FOURTH AMENDMENT TO 
 ASSET PURCHASE AGREEMENT 
  
 This FOURTH AMENDMENT TO ASSET PURCHASE AGREEMENT (this “Fourth Amendment”) is dated as of July 25, 2003, and entered into by and among Word of God Fellowship, Inc., a Georgia non-profit corporation
(“Fellowship” or “Seller”), on the one hand, and LBI Media, Inc., a California corporation (“LBI Media”), Liberman Television of Dallas, Inc., a California corporation (“LBI”), and
Liberman Television of Dallas License Corp., a California corporation (“LBI Sub”), on the other. LBI and LBI Sub are referred to collectively as “Buyer.” 
  
 This Fourth Amendment is made with reference to that certain Asset Purchase Agreement among Seller, LBI Media and Buyer,
dated July 14, 2003 (as amended by that certain First Amendment to Asset Purchase Agreement, dated July 18, 2003, that certain Second Amendment to Asset Purchase Agreement, dated July 23, 2003, and that certain Third Amendment to Asset Purchase
Agreement, dated July 24, 2003, the “Asset Purchase Agreement”). 
  
 Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Asset Purchase Agreement. 
  
 RECITALS 
  
 WHEREAS, Seller and Buyer agree that the KMPX Channel 29 Lease Agreement dated October [    ], 2001 between American
Tower L.P. (“American Tower”) and Seller for certain TSL dish and related equipment located at the Northwest Highway tower site is not an Assumed Contract; and 
  
 WHEREAS, Seller and Buyer agree that after the Closing Date, Buyer may use a certain portion of the space governed by
the aforementioned lease rent free for a certain period; and 
  
 WHEREAS, Buyer and Seller wish to amend Schedule I and create a new Section 7.9 to set forth the understanding related to the KMPX Channel 29 Lease Agreement dated October [    ], 2001 between American
Tower and Seller for certain TSL dish and related equipment located at the Northwest Highway tower site. 
  
 NOW, THEREFORE, in consideration of the promises and the agreements, provisions and covenants herein contained, LBI Media, Buyer and Seller agree
as follows: 
  
 Section 1. AMENDMENT TO THE ASSET PURCHASE AGREEMENT

  
 A. Section 7.9. Article VII is hereby amended by
adding a new Section 7.9 which reads as follows: 
  
 B.
7.9 Occupation of Space. It is acknowledged the certain items included within the Purchased Assets, including a TSL dish and related equipment for the operation of KMPX-Channel 29, are presently located at space covered by the
KMPX-Channel 29 Lease Agreement, dated October [    ], 2001 between American Tower and Seller for 

 
certain TSL dish and related equipment located at the Northwest Highway tower site, which lease will not be assumed by Buyer at Closing. Accordingly, in
order to permit Buyer to continue operating such items of the Purchased Assets following Closing, Seller confirms that Buyer shall have the right to access, operate and maintain such items at their present locations and in the same manner, without
charge, until such time as Buyer enters into a new lease with American Tower covering space on the tower to be used for such equipment. 
  
 C. Schedule I. Schedule I is hereby replaced in its entirety with the Schedule I attached hereto as Schedule I. 
  
 Section 2. MISCELLANEOUS 
  
 A. Construction. This Fourth Amendment will be governed, construed
and enforced in accordance with the laws of the State of New York. 
  
 B. Arbitration. Any dispute, controversy or other matters as to which the Parties disagree arising out of, relating to or in connection with the provisions of this Fourth Amendment or the interpretation, breach or alleged breach
hereof shall be settled and decided by arbitration as set forth in Section 11.8 of the Asset Purchase Agreement. 
  
 C. Counterparts. This Fourth Amendment may be signed in any number of counterparts with the same effect as if the signature on each such
counterpart were upon the same instrument 
  
 [Remainder of page
intentionally left blank; signature page to follow] 
  

 2 

 IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amendment as of the day and year first
above written. 
  

	WORD OF GOD FELLOWSHIP, INC.
		
	 By:
	 	   /s/ Marcus D. Lamb

	 Marcus D. Lamb

	 President and CEO

	
	LBI MEDIA, INC.
		
	 By:
	 	   /s/ Lenard D. Lieberman

	 Lenard D. Liberman

	 Executive Vice President

	
	LIBERMAN TELEVISION OF DALLAS, INC.
		
	 By:
	 	   /s/ Lenard D. Lieberman

	 	 	     Lenard D. Liberman

	 	 	     Executive Vice President

  
 and 

 

	LIBERMAN TELEVISION OF DALLAS LICENSE CORP.
		
	 By:
	 	   /s/ Lenard D. Lieberman

	 	 	     Lenard D. Liberman

	 	 	     Executive Vice President

  

 S-1 

 SCHEDULE I 
  
 Identification of Contracts to be Assumed 
  
 NORTHWEST HIGHWAY TOWER 
  

	1.	Lease Agreement, dated October 26, 2001 between American Tower L.P., a Delaware limited partnership and Word of God Fellowship, Inc. [relating to the primary antenna and
related equipment located at the Northwest Highway tower site] 

  
 CEDAR HILL TOWER 
  

	2.	Lease Agreement, dated October 26, 2001 between American Tower L.P., a Delaware limited partnership and Word of God Fellowship, Inc. 

  
 OTHER CONTRACTS 
  

	3.	Echostar Agreement 

  

	4.	KDTN Carriage Assignment (if applicable) 

  

	5.	Service Agreement, dated March 8, 2001, between Daystar Television Network and Carrier Commercial Systems and Services. 

  

 I-1 

 FIFTH AMENDMENT TO 
 ASSET PURCHASE AGREEMENT 
  
 This FIFTH AMENDMENT TO ASSET PURCHASE AGREEMENT (this “Fifth Amendment”) is dated as of July 25, 2003, and entered into by and among Word of God Fellowship, Inc., a Georgia non-profit corporation
(“Fellowship” or “Seller”), on the one hand, and LBI Media, Inc., a California corporation (“LBI Media”), Liberman Television of Dallas, Inc., a California corporation (“LBI”), and
Liberman Television of Dallas License Corp., a California corporation (“LBI Sub”), on the other. LBI and LBI Sub are referred to collectively as “Buyer.” 
  
 This Fifth Amendment is made with reference to that certain Asset Purchase Agreement among Seller, LBI Media and Buyer,
dated July 14, 2003 (as amended by that certain First Amendment to Asset Purchase Agreement, dated July 18, 2003, that Second Amendment to Asset Purchase Agreement dated July 23, 2003, that Third Amendment to Asset Purchase Agreement dated July 24,
2003 and that Fourth Amendment to Asset Purchase Agreement dated July 25, 2003, the “Asset Purchase Agreement”). 
  
 Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Asset Purchase Agreement. 
  
 RECITALS 
  
 WHEREAS, under Section 7.2 of the Asset Purchase Agreement, Seller and Buyer have a mutual right to terminate the
Asset Purchase Agreement on July 25, 2003, after 4:00 pm PST (and on no day subsequent to July 25, 2003), in the event that (i) the Buyer has not entered into the Cedar Hill Space Agreement on or prior to 4:00 pm PST on July 25, 2003, and (ii) on or
prior to 4:00 pm PST on July 25, 2003, Buyer has not informed Seller of the fact that Buyer has entered into the Cedar Hill Analog Space Agreement; and 
  
 WHEREAS, Buyer and Seller wish to amend Section 7.2 of the Asset Purchase Agreement to extend the time period set forth therein relating to their
mutual termination right; 
  
 NOW, THEREFORE, in
consideration of the promises and the agreements, provisions and covenants herein contained, LBI Media, Buyer and Seller agree as follows: 
  
 Section 1. AMENDMENT TO THE ASSET PURCHASE AGREEMENT 
  
 Section 7.2 of the Asset Purchase Agreement is hereby amended by substituting each reference to “July 25” appearing therein with “July
28.” 
  
 Section 2. MISCELLANEOUS 
  
 A. Construction. This Fifth Amendment will be governed,
construed and enforced in accordance with the laws of the State of New York. 
  

 I-1 

 B. Arbitration. Any dispute, controversy or other matters as to which the Parties disagree
arising out of, relating to or in connection with the provisions of this Fifth Amendment or the interpretation, breach or alleged breach hereof shall be settled and decided by arbitration as set forth in Section 11.8 of the Asset Purchase Agreement.

  
 C. Counterparts. This Fifth Amendment may be
signed in any number of counterparts with the same effect as if the signature on each such counterpart were upon the same instrument 
  
 [Remainder of page intentionally left blank; signature page to follow] 
  

 2 

 IN WITNESS WHEREOF, the parties hereto have executed this Fifth Amendment as of the day and year first
above written. 
  

	WORD OF GOD FELLOWSHIP, INC.
		
	 By:
	 	   /s/ Marcus D. Lamb

	 	 	     Marcus D. Lamb

	 	 	     President and CEO

	
	LBI MEDIA, INC.
		
	 By:
	 	   /s/ Lenard D. Lieberman

	 	 	     Lenard D. Liberman

	 	 	     Executive Vice President

	
	LIBERMAN TELEVISION OF DALLAS, INC.
		
	 By:
	 	   /s/ Lenard D. Lieberman

	 	 	     Lenard D. Liberman

	 	 	     Executive Vice President

 and 

	
	LIBERMAN TELEVISION OF DALLAS LICENSE CORP.
		
	 By:
	 	   /s/ Lenard D. Lieberman

	 	 	     Lenard D. Liberman

	 	 	     Executive Vice President

  

 S-12nd Amendment to Securities Purchase Agreement, Warrant Agreement, etc.

 EXHIBIT 10.25 
  
 LBI HOLDINGS I, INC. 
  
 SECOND AMENDMENT TO 
 SECURITIES
PURCHASE AGREEMENT, WARRANT AGREEMENT 
 AND SUBORDINATION AND INTERCREDITOR AGREEMENT 
  
 THIS SECOND AMENDMENT TO SECURITIES PURCHASE AGREEMENT, WARRANT AGREEMENT
AND SUBORDINATION AND INTERCREDITOR AGREEMENT (this “Amendment”) is dated as of October 10, 2003 and entered into by and among LBI Holdings I, Inc., a California corporation (the “Company”), the several
purchasers (individually, a “Purchaser,” and collectively, the “Purchasers”) listed on the signature pages hereof, and for purposes of Sections 2, 5, 6A and 7 only, Fleet National Bank, individually and as
administrative agent for the lenders under the Senior Loan Agreement dated as of July 9, 2002, as amended from time to time (“Fleet”). 
  
 This Amendment is made with reference to that certain Securities Purchase Agreement dated as of March 20, 2001 and entered by and among the Company and
the Purchasers, as amended by the First Amendment to Securities Purchase Agreement, Warrant Agreement and Subordination and Intercreditor Agreements dated July 9, 2002 (as so amended, the “Purchase Agreement”; as further amended
hereby, the “Amended Purchase Agreement”), that certain Warrant Agreement dated as of March 20, 2001 and entered by and among the Company and the Purchasers, as amended by the First Amendment to Securities Purchase Agreement,
Warrant Agreement and Subordination and Intercreditor Agreements dated July 9, 2002 (as so amended, the “Warrant Agreement”; as further amended hereby, the “Amended Warrant Agreement”), and that certain
Subordination and Intercreditor Agreement dated as of March 20, 2001 and entered by and among the Company, the Purchasers and Fleet, as amended by the First Amendment to Securities Purchase Agreement, Warrant Agreement and Subordination and
Intercreditor Agreements dated July 9, 2002 (as so amended, the “Senior Lenders Intercreditor Agreement”; as further amended hereby, the “Amended Intercreditor Agreement” and together with the Amended Purchase
Agreement and the Amended Warrant Agreement, the “Amended Agreements”). 
  
 Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Purchase Agreement. 
  
 RECITALS 
  
 WHEREAS, the Company and the Purchasers have previously entered into the Purchase Agreement, pursuant to which the Company sold to the Purchasers
(i) Notes in an original aggregate principal amount of $30,000,000 and (ii) Warrants to purchase a certain number of shares of the Company’s Common Stock; 
  

WHEREAS, the Company has formed a wholly-owned subsidiary, LBI Media Holdings, Inc., a Delaware corporation (“LBI Media
Holdings”) and LBI Media Holdings desires to issue certain senior discount notes (the “Senior Discount Notes”) pursuant to the Senior Discount Loan Agreement (as defined below) as amended, supplemented or otherwise
modified; 

 WHEREAS, the parties hereto desire to amend, to the extent they are a party thereto, the Purchase
Agreement, the Warrant Agreement and the Senior Lenders Intercreditor Agreement on the terms and subject to the conditions contained herein; 
  
 WHEREAS, the Company and the Purchasers desire to have the Company issue (i) an Allonge to Note for each outstanding Note to reflect the extension
of the scheduled maturity date of the Notes to January 31, 2014 and (ii) an Allonge to Warrant for each outstanding Warrant to reflect the extension of the scheduled expiration date of the Warrants to July 31, 2015; and 
  
 WHEREAS, the Company, Fleet and the Purchasers desire to amend the
Senior Lenders Intercreditor Agreement to reflect the extension of the scheduled maturity date of the Notes to January 31, 2014. 
  
 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as
follows: 
  
 Section 1. AMENDMENTS TO THE PURCHASE AGREEMENT 
  
 1.1 Amendments to Article I: Definitions. 
  
 A. Article I of the Purchase Agreement is hereby amended by deleting in the
definition of Majority Purchasers the reference to “Section 3.5 of the Voting and Co-Sale Agreement” and substituting therefor “Section 3.4 of the Voting and Co-Sale Agreement”. 
  
 B. Article I of the Purchase Agreement is hereby amended by deleting the
following definitions therefrom in their entirety and substituting the following therefor: 
  
 “Existing Grants” means those certain rights in the agreements set forth in Paragraphs 2, 3, 4 and 5 of Schedule 3.4(b) hereto. 
  
 “Loan Documents” means the Senior Loan Agreement, Senior Lenders Intercreditor Agreement, Senior
Subordinated Loan Agreement, Senior Subordinated Lenders Intercreditor Agreement and Senior Discount Loan Agreement. 
  
 “Maturity Date” means the earlier to occur of (i) January 31, 2014, (ii) the acceleration of the obligations of the Company to the
Purchasers under the Notes in accordance with Article IX following the occurrence and continuance of a Material Event of Default, (iii) a Sale of the Company, (iv) [intentionally left blank] or (v) the date on which the Company repurchases the
Warrants pursuant to Section 5.2 of the Warrant Agreement. 
  
 C.
Article I of the Purchase Agreement is hereby amended by adding each of the following definitions thereto in appropriate alphabetical order: 
  
 “LBI Media Holdings” means LBI Media Holdings, Inc., a Delaware corporation. 
  

 2 

 “Senior Discount Lenders” means the holders of notes from time to time issued pursuant
to the Senior Discount Loan Agreement. 
  
 “Senior
Discount Loan Agreement” means the Indenture, dated as of October 10, 2003, between LBI Media Holdings, as the issuer, and U.S. Bank, National Association, as the trustee, and any other agreement governing Indebtedness incurred to refund or
refinance the borrowings and commitments then outstanding or permitted to be outstanding under the Indenture, in whole or in part, in each case together with any related notes, guarantees, and collateral documents executed from time to time in
connection therewith, including that certain registration rights agreement dated as of October 10, 2003 by and between LBI Media Holdings and the initial purchasers party thereto for the benefit of the Senior Discount Lenders, and in each case as
amended, modified, supplemented, extended, restated, renewed, refunded, restructured, replaced or refinanced (in whole or in part), including any increase in the amount of Indebtedness thereunder, from time to time, whether by the same or any other
agent, purchaser or group of purchasers. 
  
 1.2 Amendments
to Article II: Sale and Purchase of Purchased Securities 
  
 Section 2.4(a)(ii) of the Purchase Agreement is hereby amended by deleting the reference to “July 9, 2013” contained therein and substituting “January 31, 2014” therefor. 
  
 1.3 Amendments to Article VII: Affirmative and Negative Covenants

  
 A. Section 7.1 of the Purchase Agreement is hereby
amended by (i) inserting in the first sentence thereof the phrase “or permitted or not prohibited under the Senor Discount Loan Agreement” immediately after the phrase “or not prohibited under the Senior Subordinated Loan
Agreement” and (ii) deleting from the second sentence thereof the reference to “under Sections 4.10, 4.13, and Article 5 of the Senior Subordinated Loan Agreement, as such sections exist on July 9, 2002” contained therein and
substituting therefor “under Sections 4.10, 4.13 or Article 5 of the Senior Subordinated Loan Agreement or under Sections 4.10, 4.13 or Article 5 of the Senior Discount Loan Agreement, in each case as such sections exist on October 10,
2003”. 
  
 B. Section 7.2 of the Purchase Agreement is
hereby amended by deleting the reference to “Section 6.5 of the Senior Loan Agreement, as such section exists as of July 9, 2002” contained therein and substituting “Section 6.5 of the Senior Loan Agreement, as such section exists as
of October 10, 2003” therefor.  
  
 C.
Section 7.5 of the Purchase Agreement is hereby amended by (i) deleting the phrase “on July 9, 2002” appearing in Section 7.5(i) thereof, and substituting therefor “on October 10, 2003”, (ii) by deleting the reference to
“LBI Media” appearing in Section 7.5(i) thereof, and substituting therefor “LBI Media Holdings” and (iii) adding to the end of such Section 7.5 the following sentence: 
  
 “Notwithstanding any other provision in this Agreement to the contrary,
in the event that in any future tax period the Company fails to qualify as an S Corporation for California and/or for other state tax purposes, but continues to 

  

 3 

 
maintain its S Corporation status for federal income tax purposes, the amount that can be distributed or loaned under this Section 7.5 or under any other
provision under this Agreement shall include and shall be increased by the amount of California and/or other state taxes imposed on such distributions and loans (including the additional distributions and loans under this sentence).”

  
 D. Section 7.7 of the Purchase Agreement is hereby
amended by adding to the end of the second sentence thereof the phrase “or under the Senior Discount Loan Agreement.” 
  
 1.4 Amendment to Article VIII: Delivery of Information 
  
 A. Section 8.1 of the Purchase Agreement is hereby amended by (i) deleting the reference to “July 9, 2002”
contained therein and substituting “October 10, 2003” therefor and (ii) deleting each reference to “LBI Media” or “LBI Media’s” and substituting therefor in each instance the phrase “LBI Media Holdings”
or “LBI Media Holdings’”, as applicable. 
  
 B. Section 8.3 of the Purchase Agreement is hereby amended by deleting each reference to “LBI Media” or “LBI Media’s” and substituting therefor in each instance the phrase “LBI Media Holdings” or
“LBI Media Holdings’”, as applicable. 
  
 C.
Section 8.7 of the Purchase Agreement is hereby amended by deleting in the second sentence the reference to “the Senior Loan Agreement or the Senior Subordinated Loan Agreement” and substituting therefor the phrase “the Senior Loan
Agreement, the Senior Subordinated Loan Agreement or the Senior Discount Loan Agreement”. 
  
 1.5 Amendment to Article IX: Defaults 
  
 Article IX of the Purchase Agreement is hereby amended by (i) deleting the reference to “July 9, 2002” contained in subsection (e) and substituting “October 10, 2003” therefor, and (ii) deleting
the phrase “13% pursuant to Section 2.4(a)(ii)” contained in the first paragraph after subsection (l) and substituting therefor the following phrase “13% per annum or, after September 20, 2009, 17% per annum pursuant to Section
2.4(a)(ii) and shall be subject to additional increases, as applicable, pursuant to Section 2.4(a)(ii)”. 
  
 1.6 Modification of Schedules 
  
 A. Schedule 3.4(a) to the Purchase Agreement is hereby amended by deleting the existing schedule in its entirety and substituting the
Schedule 3.4(a) attached to this Amendment therefor. 
  
 B. Schedule 3.4(b) to the Purchase Agreement is hereby amended by deleting the existing schedule in its entirety and substituting the Schedule 3.4(b) attached to this Amendment therefor. 
  
 C. Schedule 3.5 to the Purchase Agreement is hereby amended by
deleting the existing schedule in its entirety and substituting the Schedule 3.5 attached to this Amendment therefor. 
  

 4 

 D. Schedule 3.7 to the Purchase Agreement is hereby amended by deleting the existing
schedule in its entirety and substituting the Schedule 3.7 attached to this Amendment therefor. 
  
 E. Schedule 7.6 to the Purchase Agreement is hereby amended by deleting the existing schedule in its entirety and substituting the
Schedule 7.6 attached to this Amendment therefor. 
  
 Section 2.
AMENDMENTS TO THE SENIOR LENDERS INTERCREDITOR AGREEMENT 
  
 2.1 Amendments to Section 3: Terms of Subordination 
  
 Section 3.6(b) of the Senior Lenders Intercreditor Agreement is hereby amended by (i) deleting each of the two references to “July 9, 2013” contained therein and substituting therefor in each instance the
phrase “January 31, 2014” and (ii) deleting each of the two references to “(as in effect on July 9, 2002)” appearing in clause (i) and (ii) thereof and substituting therefor in each instance the phrase “(as in effect on
October 10, 2003)”. 
  
 Section 3. AMENDMENTS TO WARRANT AGREEMENT

  
 3.1 Amendments to Section 4.1: Adjustments;
Distributions, Consolidation, Merger, Sale, Reclassification; Fractional Shares; Special Agreements 
  
 A. Subsection 4.1(a)(2) of the Warrant Agreement is hereby amended by adding immediately after the last sentence of subsection 4.1(a)(2) the
following sentence: 
  
 “The parties agree that Schedule B
presently sets forth Corporate Overhead Expense levels for the periods 2001 through 2007 and that, on or before December 31, 2003, either (i) the Company shall provide Corporate Overhead Expense levels for the periods 2008 through 2013, as
reasonably acceptable to the Company and the Required Holders, which (together with the Schedule B delivered on March 20, 2001) shall thereupon constitute Schedule B, or (ii) the Company and the Required Holders shall otherwise amend the Corporate
Overhead Expense Adjustment set forth in this Section 4.1(a)(2), as mutually agreeable to the Company and the Required Holders.” 
  
 B. Subsection 4.1(d) of the Warrant Agreement is hereby amended by (i) adding after the phrase “for the trailing twelve (12) months ended at
the end of its most recently completed fiscal quarter immediately prior to the date of the applicable event specified in clauses (i) through (iv) above” appearing in the clause (a) thereof the phrase “for which financial statements are
internally available”, and (ii) adding immediately prior to the last sentence of subsection 4.1(d) the following sentence: 
  
 “The parties further agree that the Budgeted Plan presently contains projections for the periods 2001 through 2008 and that, on or before December
31, 2003, either (i) the Company shall provide projections from 2009 through 2013, as reasonably acceptable to the Company and the Required Holders, which (together with the Schedule C delivered on March 20, 2001 and any quarterly numbers delivered
pursuant to the immediately 

  

 5 

 
preceding sentence) shall thereupon constitute Schedule C, or (ii) the Company and the Required Holders shall otherwise amend the performance-based
adjustment set forth in this Section 4.1(d), as mutually agreeable to the Company and the Required Holders.” 
  
 3.2 Amendments to Section 7: Interpretation of this Agreement 
  
 The definition of “Expiration Date” in Section 7.1 of the Warrant Agreement is hereby amended by deleting
the reference to “January 9, 2015” contained therein and substituting “July 31, 2015” therefor. 
  
 Section 4. ISSUANCE OF ALLONGES TO NOTES AND WARRANTS 
  
 On the Amendment Effective Date, the Company agrees to execute and deliver to each Purchaser an Allonge to Note in the form of Annex A to this
Amendment and an Allonge to Warrant in the form of Annex B to this Amendment, in each case with appropriate insertions reflecting the same amounts as the existing Note and Warrant. In such issuance, the parties agree that no commission or
other remuneration will be paid or given directly or indirectly for soliciting such issuance. 
  
 Section 5. CONDITIONS TO EFFECTIVENESS 
  
 Sections 1, 2, 3, 4 and 7F of this Amendment shall become effective only upon the satisfaction of all of the following conditions precedent (the date of satisfaction of such conditions being referred to herein as the
“Second Amendment Effective Date”): 
  
 A.
On or before the Second Amendment Effective Date, each of Company, Fleet and Majority Purchasers shall have delivered to the Company and to Alta Communications VIII, L.P., as agent for each of the Purchasers, executed copies of this Amendment.

  
 B. On or before the Second Amendment Effective Date,
the Company shall have delivered to Alta Communications VIII, L.P., as agent for each of the Purchasers, an executed Allonge to Note for each Note and an executed Allonge to Warrant for each Warrant. 
  
 C. LBI Media Holdings shall have simultaneously issued the Senior
Discount Notes for aggregate gross proceeds of not more than $50,000,000. 
  
 D. The Purchasers shall have received an opinion of O’Melveny & Myers LLP, counsel to the Company, substantially in the form attached as Annex C. 
  
 E. The Company shall have received an opinion of Edwards & Angell,
LLP, counsel to Alta Communications VIII, L.P. and certain affiliates thereof, substantially in the form attached as Annex D. 
  
 Section 6. REPRESENTATIONS AND WARRANTIES 
  
 A. By All Parties. In order to induce each of the other parties hereto to enter into this Amendment, each party hereto represents and warrants to
each of the other parties hereto that the following statements are true, correct and complete: 
  

 6 

 (i) Corporate Power and Authority. Such party has all requisite corporate or
partnership power and authority to enter into this Amendment and to carry out the transactions contemplated by, and perform its obligations under, this Amendment and the Amended Agreements. 
  
 (ii) Authorization of Agreements. The execution and
delivery of this Amendment and the performance of this Amendment and the Amended Agreements have been duly authorized by all necessary corporate or partnership action on the part of such party. 
  
 (iii) No Conflict. The execution and delivery by such
party of this Amendment and the performance by such party of this Amendment and the Amended Agreements do not and will not (i) violate any provision of any law or any governmental rule or regulation applicable to such party, the articles and bylaws
or the partnership agreement or any other organizational documents of such party, or any order, judgment or decree of any court or other agency of the government of the United States binding on such party, (ii) conflict with, result in a breach of
or constitute (with due notice or lapse of time or both) a default under any material contractual obligation of such party, (iii) result in or require the creation or imposition of any Lien upon any of the properties or assets of such party, or (iv)
require any approval of stockholders or any approval or consent of any Person under any contractual obligation of such party, except where applicable approvals or consents have been obtained. 
  
 (iv) Governmental Consents. The execution and
delivery by such party of this Amendment and the performance by such party of this Amendment and the Amended Agreements do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any U.S.
federal, state, provincial or other governmental authority or regulatory body. 
  
 (v) Binding Obligation. This Amendment has been duly executed and delivered by such party and this Amendment and the Amended
Agreements are the legally valid and binding obligations of such party enforceable against such party in accordance with their respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating
to or limiting creditors’ rights generally or by equitable principles relating to enforceability. 
  
 B. By the Company. In order to induce the Purchasers to enter into this Amendment, the Company represents and warrants to each of the Purchasers
that the representations and warranties of the Company and its Subsidiaries made in Sections 3.3, 3.4, 3.5 and 3.7 of the Purchase Agreement as of the Second Amendment Effective Date (which representations and warranties are subject to all of the
qualifications, limitations and restrictions contained in the Purchase Agreement and any revised schedule attached to this Amendment) are hereby incorporated herein by reference and each such representation and warranty is restated and re-made by
the Company to the Purchasers as of the date hereof and will be deemed to be representations and warranties made by the Company to the Purchasers under this Amendment and relied upon by the Purchasers in entering into this Amendment. 
  

 7 

 C. By the Purchasers. In order to induce each of the other parties hereto to enter into this
Amendment, each Purchaser party hereto represents and warrants to each of the other parties hereto that the following statements are true, correct and complete: (i) the execution by the Majority Purchasers of this Amendment constitutes the requisite
approval of the Purchasers necessary to amend the Amended Agreements, each of the Notes and each of the Warrants, in each case, as contemplated by this Amendment, including but not limited to approval as “Majority Purchasers” under the
Purchase Agreement and as “Required Holders” under the Warrant Agreement; (ii) with such approval, each Purchaser is bound by this Amendment (including amendments to each of the Amended Agreements, each of the Notes and each of the
Warrants), whether or not such Purchaser is a party hereto; (iii) collectively, Alta Communications VIII, L.P., Alta-Comm VIII S By S, LLC, Alta Communications VIII-B, L.P., and Alta VIII Associates, LLC constitute “Majority Purchasers”
under the Purchase Agreement and “Required Holders” under the Warrant Agreement; and (iv) each Purchaser is the original Purchaser under the Securities Purchase Agreement and each Purchaser is a lender actively and regularly engaged in the
business of making loans. 
  
 Section 7. MISCELLANEOUS 
  
 A. Headings. Section and subsection headings in this Amendment are
included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect. 
  
 B. Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. 
  
 C. Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single
counterpart so that all signature pages are physically attached to the same document. 
  
 D. Expenses. The Company acknowledges that all costs, fees and expenses as described in Section 12.1 of the Purchase Agreement incurred by the Purchasers and one counsel for the Purchasers with respect to this
Amendment and the documents and transactions contemplated hereby shall be for the account of the Company. The Company shall concurrently with the execution and delivery of this Amendment pay all accrued and unpaid fees of Edwards & Angell, LLP,
counsel to the Purchasers, for which invoices shall have been received by Company on or prior to the Second Amendment Effective Date. 
  
 E. Confirmation of Tax Allocation and Budgeted Plan. The Company hereby ratifies and confirms that this Amendment shall not amend or otherwise
alter the allocation of issue price of $29,500,000 to the Notes and $500,000 to the Warrants as set forth in the original Purchase Agreement. The Company further ratifies and confirms its obligation under Section 

  

 8 

 
4.1(d) of the Warrant Agreement to provide to Purchasers a breakdown of the Budgeted Plan (as defined in the Warrant Agreement) on a quarter-annual basis,
reasonably acceptable to Required Holders (as defined in the Warrant Agreement). 
  
 F. Consent to Amended Agreements. Fleet hereby consents to this Amendment and the amendments and modifications to the Amended Agreements, to each Note and to each Warrant, in each case effected by this
Amendment and the transactions described in Section 4 hereof. 
  
 G. Consent to Registration Rights. With reference to Section 7.6(B) of the Purchase Agreement, the Purchasers hereby consent to the grant of registration rights to the Senior Discount Lenders as contemplated by the Senior Discount
Loan Agreement. 
  
 H. Ratification and Confirmation.
Except as specifically amended by this Amendment, (i) the Purchase Agreement, (ii) the Senior Lenders Intercreditor Agreement, (iii) Warrant Agreement, (iv) each Note and (v) each Warrant shall remain in full force and effect and are hereby ratified
and confirmed. Each of the Purchasers hereby acknowledges and confirms, for the benefit of Fleet, the lenders under the Senior Loan Agreement and their respective successors and assigns, that all Indebtedness of the Credit Parties (as defined in the
Senior Loan Agreement) to the administrative agent and such lenders under the Senior Loan Agreement, as amended by that certain First Amendment to Amended and Restated Credit Agreement dated as of April 15, 2003 and that certain Second Amendment to
Amended and Restated Credit Agreement dated as of the date hereof or any other Loan Documents, whether relating to principal, interest (including, without limitation, interest that accrues after the commencement of any bankruptcy proceeding by or
against any Credit Party or any of its subsidiaries and affiliates), premium and termination fees, expenses or other amounts due from time to time under the Loan Documents, shall constitute “Senior Indebtedness” under the Amended
Intercreditor Agreement. 
  
 [Remainder of page intentionally
left blank; signature pages to follow] 
  

 9 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first above
written. 
  

	 COMPANY:

	
	 LBI HOLDINGS I, INC.

		
	 By:
	 	 /s/ Brett Zane

	 	 	       Name:  Brett Zane

	 	 	       Title:    Chief Financial Officer

	
	 PURCHASERS:

	
	 ALTA COMMUNICATIONS VIII, L.P.

		
	 By:
	 	 Alta Communications VIII Managers, LLC,
its General Partner

		
	 By:
	 	 /s/ Eileen McCarthy

	 Name:
	 	       Eileen McCarthy

	 Title:
	 	       Member

	
	 ALTA-COMM VIII S BY S, LLC

		
	 By:
	 	 /s/ Eileen McCarthy

	 Name:
	 	       Eileen McCarthy

	 Title:
	 	       Member

	
	 ALTA COMMUNICATIONS VIII-B, L.P.

		
	 By:
	 	 Alta Communications VIII Managers, LLC,
its General Partner

		
	 By:
	 	 /s/ Eileen McCarthy

	 Name:
	 	       Eileen McCarthy

	 Title:
	 	       Member

	
	 ALTA VIII ASSOCIATES, LLC

		
	 By:
	 	 Alta Communications, Inc.

		
	 By:
	 	 /s/ Eileen McCarthy

	 Name:
	 	       Eileen McCarthy

	 Title:
	 	       Vice President – Finance

  
 [Signature
Page to Second Amendment to Securities Purchase Agreement, Warrant 
 Agreement and Subordination and Intercreditor Agreement]

	 BANCBOSTON INVESTMENTS INC.

		
	 By:
	 	 /s/ Lars A. Swanson

	 Name:
	 	       Lars A. Swanson

	 Title:
	 	       Director

	
	 UNIONBANCAL EQUITIES, INC.

		
	 By:
	 	 /s/ Jean-Pierre Knight

	 Name:
	 	       Jean-Pierre Knight

	 Title:
	 	       Vice President

	
	 CALIFORNIA STATE TEACHERS’
 RETIREMENT SYSTEM

		
	 By:
	 	 Alta Communications VIII, L.P.,
 under a Proxy granted pursuant to the LBI
 Holdings I, Inc. Voting and Co-Sale Agreement dated as of March 20, 2001

		
	 By:
	 	 Alta Communications VIII Managers, LLC,
its General Partner

		
	 By:
	 	 /s/ Eileen McCarthy

	 Name:
	 	       Eileen McCarthy

	 Title:
	 	       Member

  
 [Signature
Page to Second Amendment to Securities Purchase Agreement, Warrant 
 Agreement and Subordination and Intercreditor Agreement]

	 For purposes of Sections 2, 5, 6A and 7 only:

	
	 FLEET NATIONAL BANK, individually and as
 agent for the Senior Lenders

		
	 By:
	 	 /s/ Stephen J. Healy

	 Name:
	 	  

	 Title:
	 	  

  
 [Signature
Page to Second Amendment to Securities Purchase Agreement, Warrant 
 Agreement and Subordination and Intercreditor Agreement]

 SCHEDULE 3.4(a) 
 (to the Amended Purchase Agreement) 
  
 CAPITALIZATION 
  
 Esther Liberman 2003 Annuity
Trust - 50 shares of Common Stock. 
  
 Jose Liberman 2003 Annuity
Trust - 50 shares of Common Stock. 
  
 Lenard Liberman – 100
shares of Common Stock. 

 SCHEDULE 3.4(b) 
 (to the Amended Purchase Agreement) 
  
 EQUITY RIGHTS 
  

	1.	Pursuant to a Stock Purchase Agreement dated as of January 6, 1998, between Jose Liberman, Esther Liberman, Lenard D. Liberman (collectively, the “Shareholders”) and LBI
Holdings I, Inc. (the “Company”), upon the death of any Shareholder, the surviving Shareholders and the Company will have an option to purchase the deceased Shareholder’s stock. The Shareholders are subject to certain restrictions on
pledging, transferring, hypothecating, dividing, assigning or otherwise alienating their stock in the Company. 

  

	2.	Pursuant to that certain Employment Agreement dated September 1, 1999, by and between LBI Holdings I, Inc. and Xavier Ortiz, Mr. Ortiz is entitled under an incentive plan to receive
payment in either cash or Common Stock of LBI Holdings I, Inc. if, among other things, stock of LBI Holdings I, Inc. is traded on the New York Stock Exchange or the National Association of Securities Dealers Automated Quotation System.

  

	3.	Pursuant to that certain Employment Agreement dated November 15, 1998, by and between LBI Holdings I, Inc. and Andrew F. Mars, Mr. Mars is entitled under an incentive plan to
receive payment in either cash or Common Stock of LBI Holdings I, Inc. if, among other things, stock of LBI Holdings I, Inc. is traded on the New York Stock Exchange or the National Association of Securities Dealers Automated Quotation System.

  

	4.	Pursuant to that certain Employment Agreement dated December 1, 1999, by and between Liberman Broadcasting Inc. and Eduardo Leon, Mr. Leon is entitled under an incentive plan to
receive payment in either cash or Common Stock of Liberman Broadcasting Inc. if, among other things, stock of Liberman Broadcasting Inc. is capable of being immediately traded on the New York Stock Exchange or the National Association of Securities
Dealers Automated Quotation System. 

  

	5.	Pursuant to that certain Employment Agreement dated December 18, 2002, by and between LBI Holdings I, Inc. and Winter Horton, Mr. Horton is entitled under an incentive plan to
receive payment in either cash or Common Stock of LBI Holdings I, Inc. if, among other things, stock of LBI Holdings I, Inc. is traded on the New York Stock Exchange, the National Association of Securities Dealers Automated Quotation System or any
other recognized national stock exchange. 

 SCHEDULE 3.5 
 (to the Amended Purchase Agreement) 
  
 SUBSIDIARIES 
  

	 Name of Entity

	 	 Authorized Shares

	 	 Number of
 Shares Issued

	 	 Name of
 Shareholder

	LBI Media Holdings, Inc., a Delaware corporation	 	1,000 Shares Common Stock, $.01 par value per share	 	100	 	LBI Holdings I, Inc.
				
	LBI Media, Inc., a California corporation	 	1,000 Shares Common Stock, $.01 par value per share	 	100	 	LBI Media Holdings, Inc.
				
	Liberman Television of Houston, Inc., a California corporation	 	1,000 Shares Common Stock, $.01 par value per share	 	100	 	LBI Media, Inc.
				
	KZJL License Corp., a California corporation	 	1,000 Shares Common Stock, $.01 par value per share	 	100	 	Liberman Television of Houston, Inc.
				
	Liberman Television, Inc., a California corporation	 	1,000 Shares Common Stock, $.01 par value per share	 	100	 	LBI Media, Inc.
				
	KRCA Television, Inc., a California corporation	 	2,000 Shares Common Stock	 	200	 	Liberman Television, Inc.
				
	KRCA License Corp., a California corporation	 	1,000 Shares Common Stock, $.01 par value per share	 	100	 	KRCA Television, Inc.
				
	Liberman Broadcasting, Inc., a California corporation	 	1,000 Shares Common Stock	 	50	 	LBI Media, Inc.
				
	LBI Radio License Corp., a California corporation	 	1,000 Shares Common Stock, $.01 par value per share	 	100	 	Liberman Broadcasting, Inc.
				
	Liberman Broadcasting of Houston, Inc., a California corporation	 	1,000 Shares Common Stock, $.01 par value per share	 	100	 	LBI Media, Inc.
				
	Liberman Broadcasting of Houston License Corp., a California corporation	 	1,000 Shares Common Stock, $.01 par value per share	 	100	 	Liberman Broadcasting of Houston, Inc.

	Liberman Television of Dallas, Inc., a California corporation	 	1,000 Shares Common Stock, $.01 par value per share	 	100	 	LBI Media, Inc.
				
	Liberman Television of Dallas License Corp., a California corporation	 	1,000 Shares Common Stock, $.01 par value per share	 	100	 	Liberman Television of Dallas, Inc.
				
	Empire Burbank Studios, Inc., a California Corporation,	 	1,000 Shares Common Stock, $.01 par value per share	 	100	 	LBI Media, Inc.

  
 Existing Liens Against Capital
Stock Subsidiaries: 
  
 1. None. 
  
 Outstanding Options, Warrants and Rights: 
  
 1. Item 4 of Schedule 3.4(b) is incorporated herein by reference. 

 SCHEDULE 3.7 
 (to the Amended Purchase Agreement) 
  
 TRANSACTIONS WITH AFFILIATES 
  

	1.	Regarding the Empire Burbank Studios located at 1845 Empire Blvd., Burbank, California, the following leases are in effect: 

  

	 	(a)	Lease dated as of July 15, 1999 by and between Empire Burbank Studios, Inc., a California corporation (“Empire”), as landlord, and Liberman Broadcasting, Inc., a
California corporation (“Liberman Broadcasting”), as tenant. 

  

	 	(b)	Sublease Agreement dated as of July 15, 1999 by and between Liberman Broadcasting, as sublandlord and Empire, as subtenant. 

  

	2.	Spanish Media Rep Team is a wholly owned subsidiary of Jose Liberman and Lenard Liberman and it receives a 15% commission from Liberman Broadcasting Inc. for any advertising time it
sells. The agreement is not memorialized in writing. 

  

	3.	LBI Media, Inc. (formerly known as LBI Holdings II, Inc.) has outstanding loans, including accrued interest as of June 30, 2003 , aggregating $229,122 and $2,255,515 to Jose
Liberman and Lenard Liberman, respectively. For Jose Liberman, LBI Media, Inc. made loans of $146,590, $4,432 and $75,000 on December 20, 2001, July 14, 2002 and July 29, 2002, respectively. For Lenard Liberman, LBI Media, Inc. made loans of
$243,095, $32,000 and $1,916,563 on December 20, 2001, June 14, 2002 and July 9, 2002, respectively. 

  

	4.	Those transactions and payments described in Section 7.6 (a) through (i) of the Senior Loan Agreement or otherwise permitted by the Senior Loan Agreement. 

 

	5.	Item #1 of Schedule 3.4(b) is incorporated herein by reference. 

  

	6.	In August 2003, Jose Liberman transferred or assigned 50 shares of LBI Holdings I, Inc. common stock to the Esther Liberman 2003 Annuity Trust and 50 shares of LBI Holdings I, Inc.
common stock to the Jose Liberman 2003 Annuity Trust. In connection therewith, the Esther Liberman 2003 Annuity Trust and the Jose Liberman 2003 Annuity Trust executed Counterparts to the Voting and Co-Sale Agreement dated as of March 20, 2001.

  

	7.	Transactions contemplated by the Assignment and Exchange Agreement dated as of September 29, 2003, by and between the Company and LBI Media Holdings. 

 SCHEDULE 7.6 
 (to the Amended Purchase Agreement) 
  
 AFFILIATE TRANSACTIONS 
  

	1.	Items 1, 2, 5, 6 and 7 of Schedule 3.7 are hereby incorporated by reference. 

  

	2.	Loans by Company or its Subsidiaries (on such terms as determined by the sole and absolute discretion of Company or its Subsidiaries) to Jose Liberman and/or Lenard Liberman (and
their respective Family Members) in an aggregate amount not exceeding $5,000,000; provided that no cancellation, forgiveness or transfer of any such loans shall increase the aggregate amount of loans otherwise permitted hereunder.

  

	3.	The making of any loans described in Section 7.5(ii) (the terms of which shall be determined in the sole discretion of the Company) and cancellation, forgiveness or transfer of such
loans. 

 ANNEX A TO AMENDMENT 
  
 ALLONGE TO NOTE 
  
 THIS INSTRUMENT IS SUBJECT TO A SUBORDINATION AND INTERCREDITOR AGREEMENT DATED AS OF MARCH 20, 2001 BY AND AMONG LBI HOLDINGS I, INC., A CALIFORNIA
CORPORATION, FLEET NATIONAL BANK, INDIVIDUALLY AND AS ADMINISTRATIVE AGENT FOR CERTAIN LENDERS, AND CERTAIN OTHER PARTIES, AS AMENDED FROM TIME TO TIME. BY ITS ACCEPTANCE OF THIS INSTRUMENT, THE HOLDER HEREOF AGREES TO BE BOUND BY THE PROVISIONS OF
SUCH SUBORDINATION AND INTERCREDITOR AGREEMENT TO THE SAME EXTENT THAT THE SUBORDINATED CREDITORS (AS DEFINED THEREIN) ARE BOUND. 
  
 THIS INSTRUMENT IS SUBJECT TO THE SUBORDINATION AND INTERCREDITOR PROVISIONS CONTAINED IN ARTICLE XIX OF THE SECURITIES PURCHASE AGREEMENT DESCRIBED IN
THE NOTE TO WHICH THIS ALLONGE TO NOTE RELATES. BY ITS ACCEPTANCE OF THIS INSTRUMENT, THE HOLDER HEREOF AGREES TO BE BOUND BY SUCH SUBORDINATION AND INTERCREDITOR PROVISIONS TO THE SAME EXTENT THAT THE PERMITTED HOLDERS (AS DEFINED THEREIN) ARE
BOUND. 
  
 THE SECURITIES REPRESENTED BY THE NOTE TO WHICH
THIS ALLONGE TO NOTE RELATES HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE LAWS. THE SECURITIES REPRESENTED BY THE NOTE TO WHICH THIS ALLONGE TO NOTE RELATES MAY NOT BE SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS THE REGISTRATION PROVISIONS OF SAID ACT AND LAWS HAVE BEEN COMPLIED WITH OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.
FURTHERMORE, THE SECURITIES TO WHICH THIS ALLONGE TO NOTE RELATES MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS THE COMPANY HAS RECEIVED AN OPINION OF TAX COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY IN FORM AND SUBSTANCE REASONABLY
ACCEPTABLE TO THE COMPANY TO THE EFFECT THAT SUCH SALE, TRANSFER, PLEDGE OR HYPOTHECATION WILL NOT TERMINATE THE COMPANY’S CLASSIFICATION AS AN S CORPORATION. 
  

 A-1 

 By this Allonge to Note (this “Allonge”), the undersigned, LBI Holdings I, Inc., a California
corporation (“Debtor”), agrees that, pursuant to that certain Securities Purchase Agreement dated as of March 20, 2001, by and among Debtor and the several purchasers named therein, as amended by that certain First Amendment to Securities
Purchase Agreement, Warrant Agreement and Subordination and Intercreditor Agreements dated as of July 9, 2002 and that certain Second Amendment to Securities Purchase Agreement, Warrant Agreement and Subordination and Intercreditor Agreement dated
as of October 10, 2003, the U.S.$[        ] Junior Subordinated Promissory Note dated March 20, 2001 payable to the order of
[            ] is hereby amended by deleting the reference to “July 9, 2013” contained therein and substituting therefor the phrase “January 31, 2014”.

  
 Date: October     , 2003

  
 [remainder of page intentionally left blank] 
  

 A-2 

 IN WITNESS WHEREOF, Debtor has caused this Allonge to Note to be duly executed as of the date first above
written. 
  

	 DEBTOR:
  
 LBI HOLDINGS I, INC.

		
	 By:
	 	  

	 	 	   Name:
   Title:

  
 Acknowledged and Agreed:

  
 [                                      
          ] 
  

		
	 By:
	 	  

	 	 	   Name:
   Title:

  

 A-3 

 ANNEX B TO AMENDMENT 
  
 ALLONGE TO WARRANT 
  
 THE WARRANTS REPRESENTED BY THE CERTIFICATE TO WHICH THIS ALLONGE TO WARRANT RELATES AND THE OTHER SECURITIES ISSUABLE UPON EXERCISE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND THEY MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT AND ANY APPLICABLE STATE
SECURITIES LAWS OR THE AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
  
 THE SALE, TRANSFER, PLEDGE, OR HYPOTHECATION (COLLECTIVELY, THE “TRANSFER”) OR EXERCISE OF THE WARRANT AND THE TRANSFER OF THE SECURITIES
ISSUABLE UPON EXERCISE ARE SUBJECT TO THE COMMUNICATIONS ACT OF 1934, AS AMENDED, AND THE RULES AND REGULATIONS OF THE FEDERAL COMMUNICATIONS COMMISSION. 
  
 FURTHERMORE, THE WARRANTS REPRESENTED BY THE CERTIFICATE TO WHICH THIS ALLONGE TO WARRANT RELATES MAY NOT BE TRANSFERRED OR EXERCISED AND THE
SECURITIES ISSUABLE UPON EXERCISE MAY NOT BE TRANSFERRED, IN EACH CASE, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF TAX COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY IN FORM AND SUBSTANCE REASONABLY ACCEPTABLE TO THE COMPANY TO THE EFFECT THAT SUCH
TRANSFER OR EXERCISE, AS APPLICABLE, WILL NOT TERMINATE THE COMPANY’S CLASSIFICATION AS AN “S” CORPORATION EXCEPT TO THE EXTENT SUCH EXERCISE IS OTHERWISE PERMITTED UNDER THE PURCHASE AGREEMENT DEFINED IN THE BELOW-REFERENCED WARRANT
AGREEMENT. 
  
 THIS INSTRUMENT IS SUBJECT TO A
SUBORDINATION AND INTERCREDITOR AGREEMENT DATED AS OF MARCH 20, 2001 BY AND AMONG LBI HOLDINGS I, INC., A CALIFORNIA CORPORATION, THE PURCHASERS PARTY TO THE PURCHASE AGREEMENT, AND FLEET NATIONAL BANK, INDIVIDUALLY AND AS ADMINISTRATIVE AGENT (THE
“ADMINISTRATIVE AGENT”) FOR CERTAIN LENDERS AND CERTAIN OTHER PARTIES, AS AMENDED FROM TIME TO TIME. BY ITS ACCEPTANCE OF THIS INSTRUMENT, THE HOLDER HEREOF AGREES TO BE BOUND BY THE PROVISIONS OF SUCH SUBORDINATION AND INTERCREDITOR
AGREEMENT TO THE SAME EXTENT THAT THE SUBORDINATED CREDITORS (AS DEFINED THEREIN) ARE BOUND. 
  
 THIS INSTRUMENT IS SUBJECT TO THE SUBORDINATION AND INTERCREDITOR PROVISIONS CONTAINED IN ARTICLE XIX OF THE PURCHASE AGREEMENT (AS DEFINED IN THE
WARRANT AGREEMENT 

  

 B-1 

 
DESCRIBED IN THE CERTIFICATE TO WHICH THIS ALLONGE TO WARRANT RELATES). BY ITS ACCEPTANCE OF THIS INSTRUMENT, THE HOLDER HEREOF AGREES TO BE BOUND BY SUCH
SUBORDINATION AND INTERCREDITOR PROVISIONS TO THE SAME EXTENT THAT THE PERMITTED HOLDERS (AS DEFINED IN THE PURCHASE AGREEMENT) ARE BOUND. 
  
 By this Allonge to Warrant (this “Allonge”), the undersigned, LBI Holdings I, Inc., a California corporation (“Debtor”), agrees that,
pursuant to that certain Warrant Agreement dated as of March 20, 2001, by and among Debtor and the several purchasers named therein, as amended by that certain First Amendment to Securities Purchase Agreement, Warrant Agreement and Subordination and
Intercreditor Agreements dated as of July 9, 2002 and that certain Second Amendment to Securities Purchase Agreement, Warrant Agreement and Subordination and Intercreditor Agreement dated as of October 10, 2003, the Warrant Certificate for
[        ] Warrants dated March 20, 2001 issued to [            ] is hereby amended by deleting the reference to “January 9,
2015” contained therein and substituting “July 31, 2015” therefor. 
  
 Date: October     , 2003 
  
 [remainder of page intentionally left blank] 
  

 B-2 

 IN WITNESS WHEREOF, Debtor has caused this Allonge to Warrant to be duly executed as of the date first
above written. 
  

	 DEBTOR:
  
 LBI HOLDINGS I, INC.

		
	 By:
	 	  

	 	 	   Name:
   Title:

  
 Acknowledged and Agreed:

  
 [                                      
          ] 
  

		
	 By:
	 	  

	 	 	   Name:
   Title:

  

 B-3

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