Document:

EX-10.3

 Exhibit 10.3 
 WAIVER AND AMENDMENT 
 This WAIVER AND AMENDMENT,
dated as of August 3, 2012 (this “Agreement”), is by and among (a) EMMIS COMMUNICATIONS CORPORATION (the “Parent”), an Indiana corporation, (b) EMMIS OPERATING COMPANY (the
“Borrower”), an Indiana corporation and (c) the Lenders (as defined below) and is acknowledged by BANK OF AMERICA, N.A., as administrative agent (the “Administrative Agent”) for itself and the other
Lenders party to that certain Amended and Restated Revolving Credit and Term Loan Agreement, dated November 2, 2006, as amended by (i) that certain First Amendment and Consent to Amended and Restated Revolving Credit and Term Loan
Agreement, dated as of March 3, 2009, by and among the Borrower, the Parent, the lending institutions party thereto (the “Lenders”), the Administrative Agent, Deutsche Bank Trust Company Americas, as syndication agent, General
Electric Capital Corporation, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Nederland”, New York Branch and SunTrust Bank, as co-documentation agents; (ii) that certain Second Amendment to Amended and Restated
Revolving Credit and Term Loan Agreement, dated as of August 19, 2009, among the Borrower, the Parent, the Lenders and the Administrative Agent; (iii) that certain Third Amendment to Amended and Restated Revolving Credit and Term Loan
Agreement, dated as of March 29, 2011, executed by the Borrower, the Parent and the Required Lenders and, subject to the qualifications set forth therein, acknowledged by the Administrative Agent; (iv) that certain Fourth Amendment to
Amended and Restated Revolving Credit and Term Loan Agreement, dated as of November 10, 2011, executed by the Borrower, the Parent and the Required Lenders and, subject to the qualifications set forth therein, acknowledged by the Administrative
Agent; (v) that certain Fifth Amendment to Amended and Restated Revolving Credit and Term Loan Agreement, dated as of March 20, 2012, executed by the Borrower, the Parent and the Required Lenders and, subject to the qualifications set
forth therein, acknowledged by the Administrative Agent; and (vi) that certain Sixth Amendment to Amended and Restated Revolving Credit and Term Loan Agreement, dated as of April 26, 2012, among the Borrower, the Parent, the Lenders and,
subject to the qualifications set forth therein, acknowledged by the Administrative Agent (as so amended, and as further amended, supplemented, and restated or otherwise modified and in effect from time to time, the “Credit
Agreement”). Capitalized terms used herein without definition shall have the meanings assigned to such terms in the Credit Agreement. 
 WHEREAS, certain of the Borrower’s Bridge to Sale Excluded Subsidiaries, KMVN, LLC and KMVN License, LLC, expect to sell their interests in the station assets subject to that certain LMA
Agreement, dated as of April 3, 2009, among such Bridge to Sale Excluded Subsidiaries, Grupo Radio Centro LA, LLC and Grupo Radio Centro S.A.B. de.C.V. (the “Bridge to Sale Third Party Transaction”), which such sale is expected
to occur on or before August 31, 2012; 
 WHEREAS, pursuant to the Credit Agreement, the Borrower is required to pay
to the Administrative Agent an amount equal to one hundred percent (100%) of the gross cash proceeds (minus certain amounts) received in connection with the Bridge to Sale Third Party Transaction (the “Bridge to Sale Third Party
Transaction Proceeds”) in the manner set forth in Section 4 of the Credit Agreement (the “Prepayment Requirement”); 

 WHEREAS, the Borrower desires to retain up to $4,000,000 of the Bridge to Sale Third
Party Transaction Proceeds (the “Specified Proceeds”) to be used for any purpose otherwise permitted by the Credit Agreement (the “Retention”), which Retention of the Specified Proceeds would otherwise be prohibited
by the Prepayment Requirement; 
 WHEREAS, on March 27, 2011, the Company, the Parent and Canyon Capital Advisors
LLC (“Canyon”), entered into a certain letter agreement (the “Backstop Letter”) providing for the commitment by Canyon to backstop the Company’s third amendment to the Credit Agreement and certain fees to be
payable in connection therewith, on and subject to the terms and conditions of the Backstop Letter, with such Backstop Letter being designated as a “Loan Document” for purposes of the Credit Agreement; 

WHEREAS, the Borrower or certain of its Subsidiaries desires to enter into a Local Programming and Marketing Agreement as
previously disclosed to the Lenders who have designated themselves as “private-side” and the Administrative Agent (the “2012 LMA Transaction”), pursuant to which the Borrower or certain of its Subsidiaries will obtain
(i) the rights to program an AM and FM station located in the same market (the “2012 LMA Stations”) for a monthly fee not in excess of $5,000.00, plus applicable expense reimbursement under the terms of the Local Programming
and Marketing Agreement and (ii) an obligation to purchase the station assets and Federal Communications Commission licenses associated with the 2012 LMA Stations (the “2012 Station Acquisition”) within an agreed-upon timeframe
for an aggregate consideration not to exceed $375,000; and 
 NOW THEREFORE, in consideration of the foregoing premises
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Borrower, the Parent and the Lenders hereby agree as follows: 
 §1. Waiver. Subject to the terms and conditions set forth below, the Required Lenders hereby (x) consent to the Retention of the Specified Proceeds and agree to waive the
Prepayment Requirement only with respect to the Specified Proceeds and (y) consent (but only to the extent the 2012 LMA Transaction and the 2012 Station Acquisition are entered into on terms disclosed to the Lenders on or prior to the date
hereof (or such other terms as are reasonably acceptable to the Required Lenders)) to the 2012 LMA Transaction and the 2012 Station Acquisition (with such acquisition for an aggregate purchase price not to exceed $375,000) and agree to waive the
requirements applicable to the 2012 LMA Transaction and the 2012 Station Acquisition in Section 10.5.1(d)(ii), as well as the requirements that any such transaction occur after the Revert Date in Sections 10.5.1(d)(iv) and 10.5.1(e) of the
Credit Agreement. The foregoing shall not be construed to constitute a waiver of any other requirements set forth in the Credit Agreement that are applicable to the 2012 LMA Transaction and the 2012 Station Acquisition; for the avoidance of doubt,
the parties hereby agree that the 2012 LMA Transaction and the 2012 Station Acquisition are not “Bridge to Sale Third Party Transactions,” as defined in the Credit Agreement. 

§2. Amendment. The Backstop Letter is hereby amended by changing the “6%” in clause (ii) of the third
sentence of paragraph 3 thereof to “6% (or if such “Bridge to Sale Third Party Transaction Proceeds” shall have been received, for any amounts prepaid or repaid after giving effect to the “Bridge to Sale Third Party Transaction
Proceeds” (as defined in the Waiver and Amendment dated as of August 3, 2012), 7%)”. 

  
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 §3. Conditions to Effectiveness. This Agreement shall become effective as
of the date set forth above subject to the satisfaction or waiver by the Administrative Agent on behalf of the Required Lenders of the following conditions precedent: 
 A. the representations and warranties set forth in Section 5 of this Agreement shall be true and correct as of the date of this Agreement; 

B. there shall exist no Default or Event of Default immediately prior to and immediately after giving effect to this Agreement;

 C. the Waiver and Amendment to the Note Purchase Agreement, dated as of the date hereof, shall (i) be in form and
substance satisfactory to the Required Lenders, (ii) have been executed and delivered by the Notes Purchaser and (iii) become effective in accordance with the terms thereof; 

D. the Administrative Agent shall have received a counterpart signature page to this Agreement, duly executed and delivered by the
Borrower, the Parent and the Required Lenders; 
 E. the Borrower shall have paid all reasonable unpaid fees and expenses of the
Administrative Agent’s counsel, Winstead PC, to the extent that copies of invoices for such fees and expenses have been delivered to the Borrower; and 
 F. the Borrower shall have paid to Canyon Capital Advisors LLC and the Administrative Agent, respectively, all fees and expenses of Canyon and the Administrative Agent arising in connection with this
Agreement (including any fees and disbursements of legal counsel). 
 §4. Affirmation of Borrower and Parent.
The Borrower and the Parent each hereby affirms its Obligations under the Credit Agreement (as amended hereby) and under each of the other Loan Documents to which each is a party and each hereby affirms its absolute and unconditional promise to pay
to the Lenders the Loans and all other amounts due under the Credit Agreement (as amended hereby) and the other Loan Documents. 

§5. Representations and Warranties. The Parent and the Borrower each hereby represents and warrants to the
Administrative Agent and the Lenders as follows: 
 (a) Representations and Warranties. Each of the representations and
warranties contained in Section 8 of the Credit Agreement were true and correct in all material respects (except to the extent such representations and warranties are already qualified by materiality, in which case, such representations and
warranties were true and correct in all respects) when made, and, after giving effect to this Agreement, are true and correct in all material respects on and as of the date hereof (except to the extent such representations and warranties are already
qualified by materiality, in which case, such representations and warranties are true and correct in all respects), except to the extent of changes resulting from 

  
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transactions contemplated or permitted by the Credit Agreement and the other Loan Documents and to the extent that such representations and warranties relate specifically to a prior date. To the
extent not otherwise applicable to the Parent, each of the representations and warranties contained in Section 8 of the Credit Agreement shall be deemed to be equally applicable to the Parent for all purposes hereunder, and shall be deemed to
be made by the Parent with respect to itself in connection with this Section 4. 
 A. Enforceability. The execution
and delivery by the Borrower and the Parent of this Agreement, and the performance by the Borrower and the Parent of this Agreement and the Credit Agreement are within the corporate authority of each of the Borrower and the Parent and have been duly
authorized by all necessary corporate proceedings. This Agreement and the Credit Agreement constitute valid and legally binding obligations of each of the Borrower and the Parent, enforceable against it in accordance with their terms, except as
limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting the enforcement of creditors’ rights in general. 
 B. No Default or Event of Default. No Default or Event of Default has occurred and is continuing, and after giving effect to this Agreement, no Default or Event of Default will result from the
execution, delivery and performance by the Parent and the Borrower of this Agreement or from the consummation of the transactions contemplated herein. 
 C. Disclosure. None of the information provided to the Administrative Agent and the Lenders on or prior to the date of this Agreement relating to this Agreement contained any untrue statement of
material fact or omitted to state any material fact (known to the Parent, the Borrower or any of its Subsidiaries in the case of any document or information not furnished by it or any of its Subsidiaries) necessary in order to make the statements
herein or therein not misleading. On the date hereof, neither the Borrower nor the Parent possess any material information with respect to the operations, business, assets, properties, liabilities (actual or contingent) or financial condition of the
Parent, the Borrower and their respective Subsidiaries taken as a whole as to which the Lenders do not have access. 
 D.
Solvency. As of the date on which this representation and warranty is made, each of the Borrower and the Subsidiaries is Solvent, both before and after giving effect to the transactions contemplated hereby consummated on such date and to the
incurrence of all Indebtedness and other obligations incurred on such date in connection herewith and therewith. 
 §6.
Limited Waiver. Except as expressly provided in this Agreement, (a) all of the terms and conditions of the Credit Agreement and the other Loan Documents remain unchanged, and (b) all of the terms and conditions of the Credit
Agreement and of the other Loan Documents are hereby ratified and confirmed and remain in full force and effect. Nothing herein shall be construed to be an amendment, consent or a waiver of any requirements of the Parent, the Borrower or of any
other Person under the Credit Agreement or any of the other Loan Documents except as expressly set forth herein. Nothing in this Agreement shall be construed to imply any willingness on the part of any Lender to grant any similar or future
amendment, consent or waiver of any of the terms and conditions of the Credit Agreement or the other Loan Documents. For the avoidance of doubt, this Agreement shall constitute a “Loan Document” under the Credit Agreement and each other
Loan Document. 

  
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 §7. Release. In order to induce the Lenders to enter into this Agreement,
the Borrower and the Parent each acknowledges and agrees that: (i) the Borrower and the Parent do not have any claim or cause of action against the Administrative Agent or any Lender (or any of their respective directors, officers, employees or
agents); (ii) the Borrower and the Parent do not have any offset right, counterclaim, right of recoupment or any defense of any kind against the Borrower’s or the Parent’s obligations, indebtedness or liabilities to the Administrative
Agent or any Lender; and (iii) each of the Administrative Agent and the Lenders has heretofore properly performed and satisfied in a timely manner all of its obligations to the Borrower and the Parent. The Borrower and the Parent each wishes to
eliminate any possibility that any past conditions, acts, omissions, events, circumstances or matters would impair or otherwise adversely affect any of the Administrative Agent’s and the Lenders’ rights, interests, contracts, collateral
security or remedies. Therefore, the Borrower and the Parent each unconditionally releases, waives and forever discharges (A) any and all liabilities, obligations, duties, promises or indebtedness of any kind of the Administrative Agent or any
Lender to the Borrower, except the obligations to be performed by the Administrative Agent or any Lender on or after the date hereof as expressly stated in this Amendment, the Credit Agreement and the other Loan Documents, and (B) all claims,
offsets, causes of action, right of recoupment, suits or defenses of any kind whatsoever (if any), whether arising at law or in equity, whether known or unknown, which the Borrower or the Parent might otherwise have against the Administrative Agent,
any Lender or any of their respective directors, officers, employees or agents, in either case (A) or (B), on account of any past or presently existing condition, act, omission, event, contract, liability, obligation, indebtedness, claim, cause
of action, defense, circumstance or matter of any kind. 
 §8. Execution in Counterparts. This Agreement may
be executed in any number of counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be an original, but all of which together shall constitute one instrument. In proving this Agreement, it shall
not be necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought. 
 §9. Interpretation. This Agreement has been the result of limited negotiation involving the Administrative Agent and its counsel. This Agreement, the Credit Agreement and the other Loan
Documents are not intended to be construed against the Administrative Agent or any of the Lenders whether or to the extent of the Administrative Agent’s or any Lender’s involvement in the preparation of such documents. 

§10. Loan Document. This Agreement is a Loan Document under the terms of the Credit Agreement, and any breach of any
provision of this Agreement shall be a Default or Event of Default under the Credit Agreement (as applicable). 
 §11.
Miscellaneous. This Agreement shall for all purposes be construed in accordance with and governed by the laws of the State of New York (excluding the laws applicable to conflicts or choice of law) (other than Section 5-1401 and
Section 5-1402 of the General Obligations Laws of the State of New York). The captions in this Agreement are for convenience of reference only and shall not define or limit the provisions hereof. The Borrower agrees to pay to the Administrative
Agent, on demand by the Administrative Agent, all reasonable costs and expenses incurred or sustained by the Administrative Agent in connection with the preparation of this Agreement, including reasonable legal fees in accordance with
Section 18.2 of the Credit Agreement. 
 [Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the undersigned have duly executed this Agreement as of the date
first set forth above. 
  

			
	The Borrower:
	
	EMMIS OPERATING COMPANY
		
	By:	 	 /s/ J. Scott Enright

	Name:	 	J. Scott Enright
	Title:	 	Executive Vice President,
General Counsel and Secretary
	
	 The Parent:
  

EMMIS COMMUNICATIONS CORPORATION

		
	By:	 	 /s/ J. Scott Enright

	Name:	 	J. Scott Enright
	Title:	 	 Executive Vice President,

General Counsel and Secretary

 [Signature Page to Waiver & Amendment] 

 
			
	Lenders:
	
	CANYON SPECIAL OPPORTUNITIES MASTER FUND (CAYMAN), LTD.
	
	By: Canyon Capital Advisors LLC, its Investment Advisor
		
	By:	 	 /s/ Jonathan M. Kaplan

	Name:	 	Jonathan M. Kaplan
	Title:	 	Authorized Signatory
	
	CANPARTNERS INVESTMENTS IV, LLC
	
	By: Canyon Capital Advisors LLC, its Manager
		
	By:	 	 /s/ Jonathan M. Kaplan

	Name:	 	Jonathan M. Kaplan
	Title:	 	Authorized Signatory
	
	CANYON DISTRESSED OPPORTUNITY MASTER FUND, L.P.
	
	By: Canyon Capital Advisors LLC, its Investment Advisor
		
	By:	 	 /s/ Jonathan M. Kaplan

	Name:	 	Jonathan M. Kaplan
	Title:	 	Authorized Signatory

 [Signature Page to Waiver & Amendment] 

 Receipt of the preceding Agreement is hereby acknowledged by the Administrative Agent in its role as
administrative agent but the provisions of this Agreement are not consented to by the Administrative Agent, or by Bank of America, N.A., in its capacity as a Lender. 
 The Administrative Agent’s acknowledgement of receipt of this Agreement should not be construed as an agreement by the Administrative Agent or Bank of America, N.A., or confirmation by the
Administrative Agent or Bank of America, N.A., that such Agreement was completed in accordance with the terms of the Credit Agreement and the other Loan Documents. 
 The Administrative Agent and Bank of America, N.A., as Administrative Agent and Lender, respectively, each reserves all of its rights in connection with the Agreement. 

 

			
	BANK OF AMERICA, N.A.,
	as Administrative Agent
		
	By:	 	 /s/ Edna Aguilar Mitchell

	Name:	 	Edna Aguilar Mitchell
	Title:	 	Director

 [Signature Page to Waiver & Amendment] 

 RATIFICATION OF GUARANTORS 

Each of the undersigned Guarantors hereby (a) acknowledges and consents to the foregoing Agreement and the Borrower’s and the
Parent’s execution thereof; (b) joins the foregoing Agreement for the sole purpose of consenting to and being bound by the provisions of Sections 4, 6 and 7 thereof; (c) ratifies and confirms all of their respective obligations
and liabilities under the Loan Documents to which any of them is a party and ratifies and confirms that such obligations and liabilities extend to and continue in effect with respect to, and continue to guarantee and secure, as applicable, the
Obligations of the Borrower under the Credit Agreement; (d) acknowledges and confirms that the liens and security interests granted by such Guarantor pursuant to the Loan Documents are and continue to be valid and perfected first priority liens
and security interests (subject only to Permitted Liens) that secure all of the Obligations on and after the date hereof; (e) acknowledges and agrees that such Guarantor does not have any claim or cause of action against the Administrative
Agent or any Lender (or any of its respective directors, officers, employees or agents); and (f) acknowledges, affirms and agrees that such Guarantor does not have any defense, claim, cause of action, counterclaim, offset or right of recoupment
of any kind or nature against any of their respective obligations, indebtedness or liabilities to the Administrative Agent or any Lender. 
 [Remainder of Page Intentionally Left Blank] 

 
			
	The Guarantors:
	
	 EMMIS COMMUNICATIONS CORPORATION

	 EMMIS INDIANA BROADCASTING, L.P., by Emmis Operating Company, its General Partner

	 EMMIS INTERNATIONAL BROADCASTING CORPORATION

	 EMMIS LICENSE CORPORATION OF NEW YORK

	 EMMIS MEADOWLANDS CORPORATION

	 EMMIS PUBLISHING CORPORATION

	 EMMIS PUBLISHING, L.P., by Emmis Operating Company, its General Partner

	 EMMIS RADIO, LLC, by Emmis Operating Company, its Manager

	 EMMIS RADIO LICENSE CORPORATION OF NEW YORK

	 EMMIS RADIO LICENSE, LLC, by Emmis Operating Company, its Manager

	 EMMIS TELEVISION LICENSE, LLC, by Emmis Operating Company, its Manager

	 EMMIS TELEVISION BROADCASTING, L.P., by Emmis Operating Company, its General Partner

	 LOS ANGELES MAGAZINE HOLDING COMPANY, INC.

	 MEDIATEX COMMUNICATIONS CORPORATION

	 ORANGE COAST KOMMUNICATIONS, INC.

		
	By:	 	 /s/ J. Scott Enright

	Name:	 	J. Scott Enright
	Title:	 	Executive Vice President,
		 	General Counsel and Secretary

 [Signature Page to Ratification of Guarantors]EX-10.4

 Exhibit 10.4 
 THIRD AMENDMENT TO THE PUT AND CALL AGREEMENT 
 This Third Amendment to the
Put and Call Agreement (“Amendment”) is made this 20th day of August, 2012 by and among KMVN, LLC (“Operating”), KMVN License, LLC (“Licensee” and together with Operating, “Emmis”), Grupo Radio Centro LA, LLC
(“GRC”), solely for the purpose of guaranteeing the obligations of GRC, Grupo Radio Centro, S.A.B. de C.V. (“Guarantor”), 93.9 Holdings, Inc. (“93.9 Holdings”) and 93.9 License, LLC (“93.9 LicenseCo” and
together with 93.9 Holdings, the “93.9 Entities”). Capitalized terms used herein and not defined have the respective meanings set forth in the Put and Call Agreement (defined below). 

Recitals 

A. Emmis, the 93.9 Entities (as assignees of GRC) and Guarantor are parties to the Put and Call Agreement dated April 3, 2009 and
amended in each of April 12, 2012 and July 20, 2012 (as amended, the “Put and Call Agreement”). 
 B.
Pursuant to the first amendment to the Put and Call Agreement dated April 12, 2012 (the “First Amendment”), GRC exercised its Call effective as of the date of the First Amendment, designated the 93.9 Entities as Qualified Designees
for all purposes of the Put and Call Agreement and in connection therewith, assigned its rights and obligations under the Put and Call Agreement to the 93.9 Entities in the manner provided therein. 

C. Pursuant to Section 3 of the First Amendment, the parties agreed to the automatic rescission of both (i) the amendments to
the Put and Call Agreement and (ii) the exercise of the Call, if the Closing did not occur on or before the Target Date. 

D. Pursuant to the second amendment to the Put and Call Agreement dated July 20, 2012, the parties extended the Target Date to
August 8, 2012. 
 E. The parties now desire to further amend the Put and Call Agreement and further extend the Target Date
as set forth herein. 
 Agreement 
 NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein, and subject to and on the terms and conditions set forth herein, the parties hereto agree as follows:

  

	I.	Amendments. 

 A. Target
Date. Section 3 of the First Amendment shall be amended and restated in its entirety to read as follows: 
 “3.
Rescission of Call. The parties acknowledge and agree that, in connection with the Call exercised by GRC pursuant to Section 2 above, if Closing does not occur on or before August 23, 2012 (the “Target Date”), then the
Call exercised by GRC pursuant to Section 2 and the amendments set forth in Section 1 hereof and the terms of Section 2 hereof 

 
shall be deemed to be automatically rescinded in their entirety and shall be deemed null and void without need for further action and thereafter the parties shall be restored for all purposes to
their positions had this Amendment not been entered into and the Call had not been exercised by GRC.” 
  

	II.	Miscellaneous. 

 A. No
Other Changes. Except as expressly set forth herein, the Put and Call Agreement, as amended, has not been amended or modified and remains in full force and effect. Without limiting the foregoing, Guarantor hereby acknowledges and agrees that its
obligations set forth in Section 12.12 of the Put and Call Agreement remain in effect with respect to the Put and Call Agreement as amended and assigned and assumed. The construction and performance of this Amendment shall be governed by the
laws of the State of California without giving effect to the choice of law provisions thereof. Venue for any suit to enforce this Amendment shall be in the appropriate state or federal court in Los Angeles, California. This Amendment may be executed
in separate counterparts, each of which will be deemed an original and all of which together will constitute one and the same Amendment. Each of the parties hereto shall take, or cause to be taken, all actions and do, or cause to be done, all things
reasonably necessary to consummate and make effective the transactions contemplated by this Amendment. 
 [SIGNATURE PAGE
FOLLOWS] 

 SIGNATURE PAGE TO THIRD AMENDMENT TO PUT AND CALL AGREEMENT 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set forth above. 

 

							
	EMMIS:	 		 	KMVN, LLC
			
		 		 	By: Emmis Operating Company, its Manager
				
		 		 	By:	 	 /s/ J. Scott Enright

		 		 	Name:	 	J. Scott Enright
		 		 	Title:	 	Executive Vice President and General Counsel
			
		 		 	KMVN LICENSE, LLC
			
		 		 	By: KMVN, LLC, its Manager
		 		 	By: Emmis Operating Company, its Manager
				
		 		 	By:	 	 /s/ J. Scott Enright

		 		 	Name:	 	J. Scott Enright
		 		 	Title:	 	Executive Vice President and General Counsel
			
	93.9 LICENSECO:	 		 	93.9 LICENSE, LLC
		 		 	By: 93.9 Holdings Inc., its Manager
				
		 		 	By:	 	 /s/ Francisco Aguirre Cranz

		 		 	Name:	 	Francisco Aguirre Cranz
		 		 	Title:	 	President
			
	93.9 HOLDINGS:	 		 	93.9 HOLDINGS, INC.
				
		 		 	By:	 	 /s/ Francisco Aguirre Cranz

		 		 	Name:	 	Francisco Aguirre Cranz
		 		 	Title:	 	President
			
	GRC:	 		 	GRUPO RADIO CENTRO LA, LLC
				
		 		 	By:	 	 /s/ Carlos Aguirre Gomez

		 		 	Name:	 	Carlos Aguirre Gomez
		 		 	Title:	 	Chief Executive Officer

							
	GUARANTOR:	 		 	GRUPO RADIO CENTRO, S.A.B de C.V.
				
		 		 	By:	 	 /s/ Carlos Aguirre Gomez

		 		 	Name:	 	Carlos Aguirre Gomez
		 		 	Title:	 	Chief Executive Officer

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