Document:

SILVER
      POINT FINANCE, LLC

    Two
      Greenwich Plaza

    Greenwich,
      CT 06830 

    

    Dated
      as
      of February 13, 2008

    

    Equity
      Media Holdings Corporation, as Borrower Representative

    1
      Shackleford Drive, Suite 400

    Little
      Rock, Arkansas 72111

    Attention:
      Larry E. Morton, President

    Fax
      No.:
      (501) 221-1101

    

    
      	Re:	
              Third
                Amended and Restated Credit Agreement of even date herewith (as amended,
                supplemented and joined, the "Credit
                Agreement")
                among EQUITY
                MEDIA HOLDINGS CORPORATION,
                as successor by merger to Equity Broadcasting Corporation ("EMHC"),
                certain of EMHC's affiliates (together with EMHC, "Borrowers"),
                SILVER
                POINT FINANCE, LLC,
                as administrative agent and documentation agent (in such capacity,
                "Administrative
                Agent"),
                WELLS
                FARGO FOOTHILL, INC.,
                as collateral agent (in such capacity, "Collateral
                Agent",
                and together with Administrative Agent, the "Agents"),
                and the lenders that are from time to time parties thereto (each
                a
                "Lender"
                and collectively the "Lenders").

            

    

     

    Ladies
      and Gentlemen:

     

    Unless
      otherwise indicated, all capitalized terms used but not defined herein shall
      have the meanings assigned to such terms in the Credit Agreement.

     

    I. Required
      Dispositions.

     

    (a) Within
      the time frames set forth in the chart below, Borrowers shall deliver to Agents,
      and maintain in full force and effect through closing thereunder, executed
      bona
      fide purchase agreements with third parties for Dispositions of Stations that
      will generate, in the aggregate, minimum Net Cash Proceeds as
      follows:

     

    
      	
              Within:

            	 	
              Minimum Aggregate Net Cash

              Proceeds:

            	 
	
              Forty-five
                (45) days after the Closing Date

            	 	
              $

            	
              7,500,000

            	 
	
              Four
                (4) months after the Closing Date

            	 	
              $

            	
              10,000,000

            	 
	
              Seven
                (7) months after the Closing Date

            	 	
              $

            	
              20,000,000

            	 
	
              Ten
                (10) months after the Closing Date

            	 	
              $

            	
              30,000,000

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) Within
      the time frames set forth in the chart below, Borrowers shall close on
      Dispositions of Stations that will generate, in the aggregate, minimum Net
      Cash
      Proceeds as follows:

     

    
      	
              Within:

            	 	
              Minimum Aggregate Net Cash

              Proceeds:

            	 
	
              Six
                (6) months after the Closing Date

            	 	
              $

            	
              7,500,000

            	 
	
              Nine
                (9) months after the Closing Date

            	 	
              $

            	
              10,000,000

            	 
	
              Eleven
                (11) months after the Closing Date

            	 	
              $

            	
              20,000,000

            	 
	
              Thirteen
                (13) months after the Closing Date

            	 	
              $

            	
              30,000,000

            	 

    

     

    (c) Notwithstanding
      the time periods set forth herein, Borrowers will not be in violation of this
      Section
      I
      if a
      delay in closing Dispositions (other than Permitted Dispositions) required
      to
      meet the benchmarks set forth above is due solely to either: (i) the Required
      Lenders' failure to respond to Borrowers' request for consent to such
      Dispositions prior to the proposed closing date thereof; or (ii) the
      Administrative Agent requests an updated appraisal in connection with an
      adjustment to the Sale Amount during the first five (5) Business Days after
      the
      execution of a bona fide letter of intent with respect to such Disposition
      is
      accordance with Section
      2.18(a)(i)
      of the
      Credit Agreement. In either situation, the right of Borrowers to extend the
      deadlines set forth in paragraphs (a) and (b) above shall be limited to the
      delay caused solely by the Required Lenders' failure to respond to Borrowers'
      request for consent to the Disposition described in (i) above or the number
      of
      days it takes for a the Administrative Agent to receive a revised appraisal
      pursuant to (ii) above.

     

    (d) Proceeds
      of the Dispositions required by this Section
      I
      will be
      applied pursuant to Section
      2.05(b)
      of the
      Credit Agreement.

     

    II. Disposition
      of KWBF-TV.
      Upon
      receipt by Borrowers, Borrowers shall accept any bona fide written offer to
      sell
      KWBF-TV (Little Rock, Arkansas) for no less than an amount that would result
      in
      Net Cash Proceeds of at least $8,000,000; provided that the terms and conditions
      of any such offer shall otherwise be reasonably acceptable to
      Borrowers.

     

    III. Financial
      Officers.
      Borrowers shall, at any time after March 28, 2008 upon the Required Lenders'
      or
      Administrative Agent's request, hire a financial advisor and/or chief
      restructuring officer at Borrowers' cost and expense, provided,
      that
      such date shall be extended to April 30, 2008 if EMHC issues additional Equity
      Securities or Indebtedness permitted by the Credit Agreement and receives cash
      proceeds of $5,000,000 in exchange therefor prior to March 28, 2008. Such
      financial advisor and/or chief restructuring officer shall be selected and
      hired
      by EMHC, shall be reasonably acceptable to Agents and shall have duties and
      rights reasonably satisfactory to Agents.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IV. Cash
      Flow Forecasts and Covenants.
      Prior
      to the Closing Date, Borrowers shall have delivered to Agents and Lenders a
      13-week cash flow forecast in the form of Exhibit
      A
      (beginning on the Closing Date). On the first (1st)
      Business Day of each calendar week thereafter, Borrowers shall deliver to Agents
      an updated 13-week cash flow forecast which includes one additional week into
      the future than the previous week's forecast and the same next 12-week forecast
      as in the prior week's cash flow forecast, each in the form of Exhibit
      A
      based on
      Borrowers' reasonable cash flow projections, and each showing projected cash
      flow for the next thirteen (13) weeks as well as a historical comparison of
      actual performance to projected performance based on the previously submitted
      13-week cash flow forecasts. Borrowers shall maintain a minimum cumulative
      cash
      flow for each date listed under "Week Ending" in the amount set forth on
Exhibit
      A
      under
      the heading "Covenant". For the purposes hereof, "minimum cumulative cash flow"
      shall be determined by aggregating the "Net Change" for each testing date with
      each of the previous week's "Net Change" listings, each as set forth on
Exhibit
      A.
      This
      cash flow covenant shall be tested weekly upon the delivery of each 13-week
      cash
      flow forecast required pursuant to this Section
      IV.
      

     

    V. Release
      of Reserve.
      On the
      second (2nd)
      Business Day of each calendar week following the "Week Ending" date set forth
      on
Exhibit
      A,
      Agents
      and Lenders shall release funds from the Reserve (as defined in the Credit
      Agreement) in an amount equal to the "Amount Released" corresponding with such
      "Week Ending" date on Exhibit
      A
      hereto
      so long as sufficient funds remain in the Reserve and no Default or Event of
      Default has occurred hereunder, under the Credit Agreement or under any of
      the
      Loan Documents.

     

    VI. Miscellaneous
      Provisions. 

     

    (a) THIS
      LETTER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
      STATE OF CALIFORNIA, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THAT
      REQUIRE OR PERMIT APPLICATION OF THE LAWS OF ANY OTHER STATE OR
      JURISDICTION.

     

    (b) Borrowers
      acknowledge and agree that, a failure to comply in all respects with the terms
      of this letter shall constitute an Event of Default under the Credit Agreement
      and the other Loan Documents.

     

    (c) This
      letter shall, for all purposes, constitute a Loan Document.

     

    (d) This
      letter may be executed in any number of counterparts, each of which shall be
      an
      original but all of which together shall constitute one instrument. Each
      counterpart may consist of a number of copies hereof, each signed by less than
      all, but together signed by all, of the parties hereto. 

     

    (e) Any
      signature delivered by a party by facsimile transmission shall be deemed to
      be
      an original signature hereto.

     

    (f) By
      signing this letter, Borrowers agree to be bound by the terms and conditions
      hereof.

     

    (Signatures
      begin on the next page.)

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

        
          	 	
                  Very
                    truly yours,

                
	 	 
	 	
                  WELLS
                    FARGO FOOTHILL, INC.,
                    as Collateral Agent and a Lender

                
	 	 
	 	
                  By: _______________________________________

                
	 	 	 	
                  Print Name:  ____________________________________

                
	 	 	 	
                  Title: _________________________________________

                
	 	 
	 	
                  SILVER
                    POINT FINANCE, LLC,
                    as Administrative Agent and Documentation Agent

                
	 	 
	 	
                  By: _______________________________________

                
	 	 	 	
                  Print Name: ____________________________________

                
	 	 	 	
                  Title: _________________________________________

                
	 	 	 
	 	
                  SPF
                    CDO I, LTD.,
                    as a Lender

                
	 	 	 
	 	
                  By: _______________________________________

                
	 	 	 	
                  Print Name: ____________________________________

                
	 	 	 	
                  Title: _________________________________________

                
	 	 	 
	 	
                  SPCP
                    GROUP, LLC,
                    as a Lender

                
	 	 	 
	 	
                  By: _______________________________________

                
	 	 	 	
                  Print Name: ____________________________________

                
	 	 	 	
                  Title: _________________________________________

                
	 	 	 
	 	
                  FIELD
                    POINT III, LTD.,
                    as a Lender

                
	 	 	 
	 	
                  By: _______________________________________

                
	 	 	 	
                  Print Name: ____________________________________

                
	 	 	 	
                  Title: _________________________________________

                
	 	 	 
	 	
                  FIELD
                    POINT IV, LTD.,
                    as a Lender

                
	 	 	 
	 	
                  By: _______________________________________

                
	 	 	 	
                  Print Name: ____________________________________

                
	 	 	 	
                  Title: ________________________________________

                

        
 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Accepted
      and agreed as of the day and year first above written. 

     

    BORROWERS:

    EQUITY
      MEDIA HOLDINGS CORPORATION

    

      
        	
                By: _______________________________________

              	 
	 	 	
                Print Name: ____________________________________

              	 
	 	 	
                Title: ________________________________________

              	 

      

    

     

    ARKANSAS
      49, INC.

    BORGER
      BROADCASTING, INC. 

    DENVER
      BROADCASTING, INC. 

    EBC
      HARRISON, INC.

    EBC
      PANAMA CITY, INC.

    EBC
      POCATELLO, INC.

    EBC
      SCOTTSBLUFF, INC.

    EBC
      ST.
      LOUIS, INC.

    EQUITY
      NEWS SERVICES, INC.,

    
      	 	
              f/k/a
                Hispanic News Network, Inc.

            

    

    FORT
      SMITH 46, INC.

    LA
      GRANDE
      BROADCASTING, INC. 

    LOGAN
      12,
      INC.

    MARQUETTE
      BROADCASTING, INC. 

    MONTGOMERY
      22, INC.

    NEVADA
      CHANNEL 3, INC.

    NEWMONT
      BROADCASTING CORPORATION

    PRICE
      BROADCASTING, INC.

    PULLMAN
      BROADCASTING INC. 

    REP
      PLUS,
      INC.

    RIVER
      CITY BROADCASTING, INC. 

    ROSEBURG
      BROADCASTING, INC. 

    SHAWNEE
      BROADCASTING, INC.

    TV
      34,
      INC.

    VERNAL
      BROADCASTING, INC. 

    WOODWARD
      BROADCASTING, INC. 

    EBC
      MINNEAPOLIS, INC.

    EBC
      DETROIT, INC. 

    EBC
      BUFFALO, INC. 

    EBC
      WATERLOO, INC.

    EBC
      ATLANTA, INC. 

    EBC
      SEATTLE, INC. 

    EBC
      KANSAS CITY, INC.

    EBC
      SYRACUSE, INC. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    NEVADA
      CHANNEL 6, INC.

    EBC
      PROVO, INC.

    EBC
      SOUTHWEST FLORIDA, INC.

    EBC
      LOS
      ANGELES, INC.

    EBC
      BOISE, INC.

    C.A.S.H.
      SERVICES, INC. f/k/a Skyport

    Services,
      Inc. 

    EBC
      NASHVILLE, INC.

    EBC
      JACKSONVILLE, INC.

    

    
      	
              By: _____________________________________

            	 
	 	 	
              James
                Hearnsberger

            
	 	 	
              Vice
                President of Each

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A

    Cash
      Flow Projections

    

    
      	
              Week#

            	 	
              Week

              Ending

            	 	
              Net Cash

              Flow

            	 	
              Covenant

            	 	
              Amount Released

            	 
	
              1

            	 	 	
              2/15/08

            	 	$ 	
              (546,700

            	
              )

            	$ 	
              (546,700

            	
              )

            	
              $

            	
              406,200
                less actual net change from week ending 2/15/08

            	 
	
              2

            	 	 	
              2/22/08

            	 	 	
              (406,200

            	
              )

            	 	
              (952,900

            	
              )

            	 	
              —
                

            	 
	
              3

            	 	 	
              2/29/08

            	 	 	
              157,300
                

            	 	 	
              (795,600

            	
              )

            	 	
              805,200
                

            	 
	
              4

            	 	 	
              3/7/08

            	 	 	
              (805,200

            	
              )

            	 	
              (1,600,800

            	
              )

            	 	
              575,500
                

            	 
	
              5

            	 	 	
              3/14/08

            	 	 	
              (575,500

            	
              )

            	 	
              (2,176,300

            	
              )

            	 	
              520,200
                

            	 
	
              6

            	 	 	
              3/21/08

            	 	 	
              (520,200

            	
              )

            	 	
              (2,696,500

            	
              )

            	 	
              —
                

            	 
	
              7

            	 	 	
              3/28/08

            	 	 	
              135,300
                

            	 	 	
              (2,561,200

            	
              )

            	 	
              805,200
                

            	 
	
              8

            	 	 	
              4/4/08

            	 	 	
              (805,200

            	
              )

            	 	
              (3,366,400

            	
              )

            	 	
              42,200
                

            	 
	
              9

            	 	 	
              4/11/08

            	 	 	
              (42,200

            	
              )

            	 	
              (3,408,600

            	
              )

            	 	
              1,053,500
                

            	 
	
              10

            	 	 	
              4/18/08

            	 	 	
              (1,053,500

            	
              )

            	 	
              (4,462,100

            	
              )

            	 	
              —
                

            	 
	
              11

            	 	 	
              4/25/08

            	 	 	
              165,300
                

            	 	 	
              (4,296,800

            	
              )

            	 	
              617,200
                

            	 
	
              12

            	 	 	
              5/2/08

            	 	 	
              (617,200

            	
              )

            	 	
              (4,914,000

            	
              )FIRST
      AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT

    AGREEMENT
      AND FORBEARANCE AGREEMENT

    

    THIS
      FIRST AMENDMENT TO THIRD AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT AND
      FORBEARANCE AGREEMENT (this
      "Agreement")
      is
      made as of the 19th
      day of
      March, 2008, by and among

    

    EQUITY
      MEDIA HOLDINGS CORPORATION,
      a
      Delaware corporation (successor-by-merger to Equity Broadcasting Corporation,
      an
      Arkansas corporation) ("EMHC"),
      ARKANSAS
      49, INC.,
      an
      Arkansas corporation, BORGER
      BROADCASTING, INC.,
      a
      Nevada corporation, DENVER
      BROADCASTING, INC.,
      an
      Arkansas corporation, EBC
      HARRISON, INC.,
      an
      Arkansas corporation, EBC
      PANAMA CITY, INC.,
      an
      Arkansas corporation, EBC
      SCOTTSBLUFF, INC.,
      an
      Arkansas corporation, FORT
      SMITH 46, INC.,
      a
      Nevada corporation ("Fort
      Smith 46"),
      EQUITY
      NEWS SERVICES, INC. (formerly
      known as Hispanic News Network, Inc.), an Arkansas corporation, LOGAN
      12, INC.,
      an
      Arkansas corporation ("Logan
      12"),
      MARQUETTE
      BROADCASTING, INC.,
      a
      Nevada corporation, NEVADA
      CHANNEL 3, INC.,
      an
      Arkansas corporation, NEWMONT
      BROADCASTING CORPORATION,
      an
      Arkansas corporation, PRICE
      BROADCASTING, INC.,
      a
      Nevada corporation, PULLMAN
      BROADCASTING INC.,
      an
      Arkansas corporation ("PBI"),
      REP
      PLUS, INC.,
      an
      Arkansas corporation, RIVER
      CITY BROADCASTING, INC.,
      an
      Arkansas corporation ("River
      City"),
      ROSEBURG
      BROADCASTING, INC.,
      a
      Nevada corporation, TV
      34, INC.,
      an
      Arkansas corporation, VERNAL
      BROADCASTING, INC.,
      a
      Nevada corporation, WOODWARD
      BROADCASTING, INC.,
      a
      Nevada corporation, EBC
      MINNEAPOLIS, INC.,
      an
      Arkansas corporation, EBC
      DETROIT, INC.,
      an
      Arkansas corporation, EBC
      BUFFALO, INC.,
      an
      Arkansas corporation, EBC
      WATERLOO, INC.,
      an
      Arkansas corporation,
      EBC ATLANTA, INC.,
      an
      Arkansas corporation, EBC
      SEATTLE, INC.,
      an
      Arkansas corporation, EBC
      KANSAS CITY, INC.,
      an
      Arkansas corporation, EBC
      SYRACUSE, INC.,
      an
      Arkansas corporation, NEVADA
      CHANNEL 6, INC.,
      an
      Arkansas corporation, EBC
      PROVO, INC.,
      an
      Arkansas corporation, EBC
      SOUTHWEST FLORIDA, INC.,
      an
      Arkansas corporation, EBC
      LOS ANGELES, INC.,
      an
      Arkansas corporation, C.A.S.H.
      SERVICES, INC.
      (formerly known as Skyport Services, Inc.), an Arkansas corporation,
EBC
      NASHVILLE, INC.,
      an
      Arkansas corporation, and EBC
      JACKSONVILLE, INC., an
      Arkansas corporation (together, the "Borrowers"
      and
      individually, a "Borrower").

     

    SPCP
      GROUP, LLC,
      a
      Delaware limited liability company ("SPCP"),
      SPF CDO I, LLC,
      a
      Delaware limited liability company ("SPF"),
      FIELD
      POINT III, LTD., a
      Cayman
      Islands limited liability company ("FPIII"),
      FIELD
      POINT IV, LTD.,
      a
      Cayman Islands limited liability company ("FPIV"),
      WELLS FARGO FOOTHILL, INC.,
      a
      California corporation ("WFF"),
      and
      the other financial institutions which are now, or in accordance with
Article
      XII
      hereafter become, parties hereto and "Lenders" hereunder (collectively,
      "Lenders"
      and
      each individually, a "Lender");

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SILVER
      POINT FINANCE, LLC,
      a
      Delaware limited liability company, as Administrative Agent for Lenders (in
      such
      capacity, together with its successors and assigns in such capacity,
      "Administrative
      Agent"),
      and
      as Documentation Agent for Lenders (in such capacity, together with its
      successors and assigns in such capacity, "Documentation
      Agent");

     

    WELLS
      FARGO FOOTHILL, INC.,
      a
      California corporation, as Collateral Agent (in such capacity, together with
      its
      successors and assigns in such capacity, "Collateral
      Agent").

     

    WITNESSETH
      THAT

     

    WHEREAS,
      Borrowers are indebted to the Lenders pursuant to a certain Third Amended and
      Restated Credit Agreement dated as of February 13, 2008 (as
      the
      same may be amended, restated, supplemented and otherwise modified from time
      to
      time,
      the
      "Credit
      Agreement");
      and

     

    WHEREAS,
      Borrowers are in default under the Credit Agreement as described in Exhibit
      A
      attached
      hereto and made a part hereof (the "Designated
      Defaults");
      and

     

    WHEREAS,
      Borrowers have requested that Lenders, Administrative Agent and Collateral
      Agent
      (collectively, "Lender
      Group")
      forbear from exercising their rights and remedies under the Credit Agreement,
      and the related Security Documents as a result of such Designated Defaults
      until
      April 18, 2008; and

     

    WHEREAS,
      Borrowers have requested that certain Term Loan B Lenders provide additional
      financing to Borrowers as hereinafter provided; and

     

    WHEREAS,
      Lender Group is willing to agree to forbear from exercising its rights and
      remedies with respect to the Designated Defaults for the Forbearance Period
      specified herein and on the terms and conditions specified herein and certain
      Lenders are willing to extend such additional financing on the terms and
      conditions specified herein and in the Credit Agreement, as amended hereby;
      and

     

    WHEREAS,
      the parties hereto desire to amend the Credit Agreement as hereinafter
      provided;

     

    NOW
      THEREFORE, in consideration of the premises and for other good and valuable
      consideration, the receipt and adequacy of which are hereby acknowledged, the
      parties hereto hereby agree as follows:

     

    1. Definitions.

     

    Unless
      otherwise defined herein, all capitalized terms used herein shall have the
      identical meanings assigned to them in the Credit Agreement, as amended
      hereby.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2. Forbearance.

     

    (a) Acknowledgment
      of Indebtedness.
      Borrowers hereby acknowledge, confirm and agree that as of the date hereof
      and
      prior to taking into account any Additional Term Loans B (as hereinafter
      defined), Borrowers are indebted to Lenders in respect of: (i) the Revolving
      Credit Loan in the aggregate outstanding principal amount of $5,512,500.00
      plus
      accrued and unpaid interest; (ii) the Term Loans A in the aggregate outstanding
      principal amount of $12,000,000.00, plus accrued and unpaid interest; (iii)
      the
      Term Loans B in the aggregate outstanding principal amount of $33,000,000.00,
      plus accrued and unpaid interest and (iv) all legal and other fees in connection
      with this Agreement, the Credit Agreement and/or any other Loan Document,
      including, without limitation, all reasonable fees and expenses of Edwards
      Angell Palmer & Dodge LLP, special counsel to Administrative Agent, and Paul
      Hastings, special counsel to Collateral Agent, in each case accrued to the
      date
      hereof. The Revolving Credit Loan, the Term Loans A and the Term Loans B,
      together with interest accrued and accruing thereon, and fees, costs, expenses
      and other charges now or hereafter payable by Borrowers to Lender, are
      unconditionally owing by Borrowers, without offset, defense or counterclaim
      of
      any kind, nature or description whatsoever.

     

    (b) Acknowledgement
      of Security Interests.
      Borrowers hereby acknowledge, confirm and agree that Lender Group has and shall
      continue to have valid, enforceable and perfected first-priority liens upon,
      and
      security interests in, the Collateral heretofore granted to Collateral Agent
      for
      the benefit of Lenders pursuant to the Loan Documents or otherwise granted
      to or
      held by Lender Group, subject to permitted encumbrances, if any.

     

    (c) Acknowledgement
      Concerning Loans.

     

    Borrowers
      hereby acknowledge, confirm and agree that no Borrower is entitled to request
      any further Loans, advances or financial accommodations under the Credit
      Agreement, and that Lender Group is under no obligation to make any further
      Loans, advances or financial accommodations to any Borrower. Notwithstanding
      the
      foregoing, on the date of closing of this Agreement (the "First
      Amendment Closing Date"),
      the
      Term Loan B Lenders identified on Exhibit
      C
      attached
      hereto (collectively, the "Additional
      Term Loan B Lenders"),
      provided no Termination Event (as hereinafter defined) has occurred, shall
      make
      Additional Term Loans B to Borrowers upon request by Borrowers in accordance
      with and subject to the Credit Agreement, as amended hereby. Such Additional
      Term Loans B shall be deemed to be Term Loans B as defined in, and subject
      to
      the terms of, the Credit Agreement (including, without limitation, provisions
      as
      to the accrual and payment of interest and principal) and secured under related
      Security Documents, as amended. 

    

    3. Forbearance
      in Respect of Events of Default.

     

    (a) Acknowledgement
      of Defaults.
      Borrowers hereby acknowledge and agree that the Designated Defaults have
      occurred as of the date hereof and will be continuing, which Designated Defaults
      constitute Events of Default. The Borrowers further represent and warrant that
      as of the date hereof no other Defaults or Events of Default under the Loan
      Documents exist. The Borrowers hereby acknowledge and agree that Lender Group
      has the present right to exercise all remedies available under the Loan
      Documents and applicable law, and that Borrowers' Obligations to the Lender
      Group are immediately due and payable without notice or demand.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b) Forbearance.

     

    (i) In
      reliance upon the representations, warranties and covenants of Borrowers
      contained in this Agreement, and subject to the terms and conditions of this
      Agreement and any documents or instruments executed in connection herewith,
      Lender Group agrees to forbear from exercising, or causing the exercise of,
      its
      rights and remedies under the Loan Documents or applicable law in respect of
      or
      arising out of the Designated Defaults or of a Default or Event of Default
      arising pursuant to Section 2.18
      of the
      Credit Agreement, subject to the conditions contained herein for the period
      (the
      "Forbearance
      Period")
      commencing on the date hereof and ending on the earliest to occur of:
      (i)
      April
      18, 2008, or (ii) the occurrence of a Termination Event (as hereinafter
      defined).

     

    (ii) Upon
      the
      termination of the Forbearance Period, the agreement of Lender Group to forbear
      shall automatically and without further action terminate and be of no force
      and
      effect; it being expressly agreed that the effect of such termination will
      be to
      permit Lender Group to exercise, or cause the exercise of, any rights and
      remedies available to it, if any, immediately, without any further notice,
      passage of time or forbearance of any kind.

     

    (iii) For
      the
      purpose of this Agreement, "Termination
      Event"
      shall
      have the meaning given to such term in that certain Side Letter Agreement dated
      as of February 13, 2008, as amended by a certain First Amendment to Side Letter
      Agreement of even date herewith by and among Borrowers, Agents and Lenders
      (as
      amended, the "Side
      Letter Agreement").

     

    (c) No
      Waivers; Reservation of Rights.

     

    (i) Lender
      Group has not waived, and is not waiving, by the execution of this Agreement,
      the funding of Additional Term Loans B, or the acceptance of any payments
      hereunder or under the Credit Agreement, the Designated Defaults or any Default,
      Event of Default or Termination Event which has occurred or may hereafter occur
      (whether the same or similar to the Designated Defaults or otherwise), and
      Lender Group has not agreed to forbear with respect to any of its rights or
      remedies concerning any Default or Event of Default (other than, during the
      Forbearance Period, the Designated Defaults to the extent expressly set forth
      herein), which may have occurred or is continuing as of the date hereof or
      which
      may occur after the date hereof.

     

    (ii) Subject
      to Section
      3(b)
      above
      (solely with respect to the Designated Defaults), Lender Group and each Agent
      reserves the right, in its discretion, to exercise, or cause the exercise of,
      any or all of their rights and remedies under the Credit Agreement, the other
      Loan Documents and applicable law as a result of the Designated Defaults or
      any
      Default or Event of Default which has occurred or may hereafter
      occur.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (iii) Without
      limiting the generality of the foregoing, Borrowers will not claim that any
      prior action or course of conduct by Lender Group or any Agent constitutes
      an
      agreement or obligation to continue such action or course of conduct in the
      future. Each of Borrowers acknowledges that Lender Group or any Agent has made
      no commitment as to: (i) future funding of the Revolving Credit Loan or
      Additional Term Loans B, and (ii) how or whether the Designated
      Defaults will be resolved upon termination or expiration of the Forbearance
      Period.

     

    (iv) Except
      as
      expressly provided herein, nothing in this Agreement shall be construed as
      an
      amendment to the Credit Agreement, or any other Loan Document. The Credit
      Agreement, and the Loan Documents are in full force and effect, and shall remain
      in full force and effect unless and until an agreement modifying the Credit
      Agreement, or such other Loan Document is executed and delivered by the
      applicable parties, and then only to the extent such agreement actually modifies
      such documents. The parties hereto further acknowledge and agree that this
      Agreement shall constitute a Loan Document for all purposes.

     

    4. Additional Definitions.

     

    (a) The
      following new definitions are hereby added to Section
      1.01
      of the
      Credit Agreement in the correct alphabetical order:

     

    "Additional
      Term Loans B:
      the
      meaning given to such term in the First Amendment."

     

    "Additional
      Term Loans B Amount:
      $3,040,981.00."

     

    "First
      Amendment:
      that
      certain First Amendment to Third Amended and Restated Credit Agreement and
      Forbearance Agreement dated as of March 17, 2008, among Borrowers, Lenders
      and
      Agents."

     

    (b) The
      definition of "Term
      Loans B"
      is
      hereby amended to read in its entirety as follows:

     

    "Term
      Loans B:
      (a)
      Loans made by Term Loan Lenders to Borrowers pursuant to Section
      2.01(c)(i),
      and (b)
      Additional Term Loans B."

     

    (c) This
      Agreement, the Side Letter Agreement and the New Fee Letter shall be included
      within the definition of "Loan
      Documents"
      for the
      purposes of the Credit Agreement.

     

    5. Additional
      Term Loans B. (i)
      Subject to the terms and conditions contained in the Credit Agreement, as
      amended by this Agreement, the Additional Term Loan B Lenders agree severally
      to
      make one or more loans pursuant to this Section
      5
      (collectively, the "Additional
      Term Loans B")
      to
      Borrowers during the Forbearance Period in an aggregate principal amount which
      does not exceed the Additional Term Loans B Amount. The Additional Term Loans
      B
      shall constitute Term Loans B for all purposes of the Credit Agreement, as
      amended hereby. The Additional Term Loan B Lenders' respective agreements to
      make Additional Term Loans B shall not exceed their respective limits set forth
      in Exhibit
      C
      hereto.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (ii) Borrowers
      may request Additional Term Loans B during the Forbearance Period within the
      limits of the Additional Term Loans B Amount; provided,
      however,
      that
      Borrowers shall not have the right to re-borrow principal amounts repaid or
      prepaid in respect to the Additional Term Loans B. All Additional Term Loans
      B
      used for the purposes described in clause (C) below shall be made by the
      Additional Term Loans B Lenders on the second (2nd)
      Business Day of each week provided Borrowers maintain a minimum cumulative
      net
      cash flow equal to the sum of the "Net Change" for each week (with such
      calculation beginning with the week of March 10, 2008) provided by
      Borrowers to Administrative Agent on the first (1st)
      Business Day of such week pursuant to Section IV of the Side Letter Agreement.
      The amount of the Additional Term Loans B shall be equal to the cash need
      shown for such week in the "Net Change" line of the cash forecast. The proceeds
      of Additional Term Loan B shall be used solely (A) first,
      on the
      date hereof, to fund accrued and unpaid interest on the Loans that was due
      and
      payable on March 17, 2008, (B) second,
      on the
      date hereof, to fund payment of all fees and expenses referred to in the New
      Fee
      Letter, and all fees and expenses of the Agents in closing the transactions
      contemplated by this Agreement, and (C) on and after the date hereof and in
      compliance with the terms of this Agreement, the Credit Agreement and the Side
      Letter Agreement, the balance for Borrowers' customary working capital
      requirements.

     

    (iii) Borrowers'
      right to request or receive Additional Term Loans B shall terminate upon
      termination or expiration of the Forbearance Period.

     

    6. Article
      II Amendments.

     

    (a) The
      following definition in Section
      1.01
      of the
      Credit Agreement is hereby amended to read in its entirety as
      follows:

     

    "Base
      Rate:
      the
      per
      annum interest rate calculated from time to time as being (i) the greatest
      of (A) the Prime Rate, (B) the Federal Funds Rate in effect on such
      day plus fifty (50) basis points (0.50%), and (C) seven and one-half percent
      (7.50%) per annum plus
      (ii) nine percent (9.00%).

     

    (b) Section
      2.01(e)
      of the
      Credit Agreement is hereby amended to read in its entirety as
      follows:

     

    "During
      the existence of any Default or Event of Default, the outstanding principal
      balance under the Loans and, to the extent permitted by applicable law, overdue
      interest, fees, expenses or other amounts payable hereunder or under the other
      Loan Documents, shall bear interest, from and including the date such Event
      of
      Default occurred until such Event of Default is cured or waived in writing
      as
      provided herein, at a rate per annum (the "Default
      Rate")
      (computed on the basis of the actual number of days elapsed over a 360-day
      year)
      equal to three percent (3.00%) above the interest rate(s) otherwise applicable
      hereunder; and the Letter of Credit fee provided for herein shall be increased
      by three percent (3.00%) above the per annum rate otherwise applicable
      hereunder."

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c) Section
      2.02(b)
      of the
      Credit Agreement is hereby amended to read in its entirety as
      follows:

     

    "(b) Determination
      of Interest Rate for Loans.
      Except
      as hereinafter provided, the interest rate charged by the Lenders in respect
      to
      the Loans shall be either (1) the applicable LIBOR Rate pursuant to a Notice
      of
      Conversion or Continuation effective on the first day of the Interest Period,
      plus
      ten
      percent (10.00%), or, (2) if such LIBOR Rate is not available or published,
      or
      at Borrowers' option, the Base Rate. Notwithstanding anything herein to the
      contrary, if Borrowers indefeasibly pay all Obligations in full on or prior
      to
      March 28, 2008, Lenders shall credit to Borrowers from the Early Termination
      Fee
      an amount equal to the difference between the amount of interest actually paid
      or owing pursuant to the terms hereof and the amount of interest that would
      have
      been due or paid if the interest rate on the Closing Date had been the Reduced
      Interest Rate."

     

    (d) Section
      2.18
      of the
      Credit Agreement is hereby amended to read in its entirety as
      follows:

     

    "Section
      2.18.
      Adjustments
      to Schedule 1.01.
      Adjustments to the attached Schedule
      1.01
      may be
      made from time to time as follows:

     

    "(a) The
      respective Sale Amount of each Station listed on the attached Schedule
      1.01
      may be
      adjusted from time to time (as so adjusted, an "Adjusted
      Sale Amount")
      either
      (x) with the consent of the Required Lenders, following written request by
      the
      Borrowers, or (y) upon the written request of the Administrative Agent in the
      exercise of its discretion or at the written direction of the Required Lenders,
      and in each case upon completion of an updated appraisal of the Collateral
      that
      is satisfactory to the Administrative Agent, provided,
      however,
      that,
      unless a Default or an Event of Default has occurred and is continuing, no
      request for an adjustment shall be submitted by the Administrative Agent with
      respect to any Station(s) after the earlier to occur of (i) five (5)
      Business Days after the execution and delivery to Administrative Agent of a
      bona
      fide letter of intent or similar document with respect to the Disposition of
      such Stations; or (ii) the execution by Borrower and an unrelated third
      party of a bona fide definitive purchase and sale agreement or similar document
      (which is reasonably acceptable to Administrative Agent in the event that the
      Disposition is not a Pre-Approved Station Disposition) and delivery thereof
      to
      Administrative Agent with respect to such Stations, unless such purchase and
      sale agreement contemplates the sale of such Station(s) at an amount lower
      than
      the current Sale Amount(s), in which case the Administrative Agent may
      re-appraise such Station(s) down to the proposed sale price. Each appraisal
      shall be performed by a duly licensed appraiser or appraisal firm reasonably
      acceptable to the Administrative Agent and at Borrowers' sole cost and expense;
      provided,
      however,
      that
      except as provided in Section
      2.06(b)(ii)
      and
(iii),
      and
      except as provided in Section
      2.18(b), unless an
      Event
      of Default shall have occurred and be continuing, Borrowers shall not be
      required to pay fees and expenses incurred in the performance for more than
      three (3) appraisals of the entire collateral pool during any calendar
      year.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b) Borrowers
      may add Stations to Schedule
      1.01
      with the
      approval of the Required Lenders, and the respective Sale Amount of each Station
      (each, an "Additional
      Sale Amount")
      shall
      be determined by an appraisal satisfactory to the Administrative Agent,
      performed by a duly licensed appraiser or appraisal firm reasonably acceptable
      to the Administrative Agent and paid for by the Borrowers.

     

    (c) Any
      appraisal delivered as part of the written request of Administrative Agent
      pursuant to clause (a)(y) above of this Section
      2.18
      to the
      Borrowers, and any resulting Adjusted Sale Amount, Additional Sale Amount or
      resulting adjustment to Schedule
      1.01
      hereof
      shall become effective for the purposes of this Agreement two (2) Business
      Days
      after delivery of such appraisal to the Borrowers."

     

    
      
        7.
          Additional
          Affirmative Covenants.

      

    

     

    A
      new
Section
      6.13
      is
      hereby added to the Credit Agreement which shall read in its entirety as
      follows:

     

    "Section
      6.13.
      Sell
      Side Advisor.
      At all
      times after March 14, 2008, retain a financial advisor (which is not an
      Affiliate of a Borrower or any member of Lender Group) reasonably satisfactory
      to Administrative Agent (the "Sell Side Advisor") at Borrowers' sole cost and
      expense, on terms and conditions reasonably acceptable to Administrative Agent,
      which Sell Side Advisor shall at all times conduct a process by which all
      Stations and related assets and Licenses are offered for sale and shall manage
      all aspects of such sales processes, including the negotiation of sale
      documentation. Borrowers have engaged Patrick Communications as the Sell Sale
      Advisor."

     

    8. Representations
      and Warranties of the Borrowers.

     

    Borrowers
      hereby represent and warrant to Lender Group that, except for the existence
      of
      the Designated Defaults:

     

    (a) Each
      representation and warranty set forth in Section
      IV
      of the
      Credit Agreement, as amended hereby, is hereby restated and affirmed as true
      and
      correct as of the date hereof (except to the extent that any such
      representations or warranties relate to an earlier specific date or
      dates);

     

    (b) Borrowers
      have the power and authority to enter into this Agreement and all other
      agreements contemplated hereby, and to do all acts and things as are required
      or
      contemplated hereunder to be done, observed and performed by the
      Borrowers;

     

    (c) Each
      of
      this Agreement and all other agreements to be executed by Borrowers and
      contemplated hereby has been duly authorized (by all necessary corporate or
      limited liability company action and otherwise), validly executed and delivered
      by Borrowers and constitutes the legal, valid and binding obligation of
      Borrowers enforceable against them in accordance with its terms;
      and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (d) The
      execution and delivery of this Agreement and all other agreements to be executed
      by Borrowers and contemplated hereby and Borrowers' performance hereunder and
      thereunder do not and will not require the consent or approval of any
      governmental authority, nor be in contravention of or in conflict with
      Borrowers' respective Articles of Incorporation or similar document, or the
      provisions of any statute, or any judgment, order, or indenture, instrument,
      agreement, or undertaking, to which each Borrower is a party or by which each
      Borrower or its assets or properties are or may become bound.

     

    9. Conditions
      to Agreement.

     

    As
      a
      condition precedent to the effectiveness of this Agreement,
      Borrowers shall have delivered to Lender the agreements
      and documents described in Exhibit
      B
      attached
      hereto and made a part hereof, each
      in
      form
      and substance acceptable to Agents.

     

    10. Release.
      (a) In consideration of the agreements of Lender Group contained herein and
      for other good and valuable consideration, the receipt and sufficiency of which
      are hereby acknowledged, each Borrower, on behalf of itself and its successors,
      assigns, and other legal representatives, hereby absolutely, unconditionally
      and
      irrevocably releases, remises and forever discharges each Agent and each Lender
      and their respective successors and assigns, and its affiliates, subsidiaries,
      predecessors, directors, officers, attorneys, employees, agents and other
      representatives (each Lender, each Agent and all such other Persons being
      hereinafter referred to collectively as the "Releasees,"
      and
      individually as a "Releasee"),
      of
      and from all demands, actions, causes of action, suits, covenants, contracts,
      controversies, agreements, promises, sums of money, accounts, bills, reckonings,
      damages and any and all other claims, counterclaims, defenses, rights of
      set-off, demands and liabilities whatsoever (individually, a "Claim,"
      and
      collectively, "Claims")
      of
      every name and nature, known or unknown, suspected or unsuspected, both at
      law
      and in equity, which any Borrower or any of its successors, assigns, or other
      legal representatives, may now or hereafter own, hold, have or claim to have
      against the Releasees or any of them for, upon, or by reason of any
      circumstance, action, cause or thing whatsoever which arises at any time on
      or
      prior to the day and date of this Agreement for or on account of, or in relation
      to, or in any way in connection with any of the Credit
      Agreement,
      as
      amended hereby, the other Loan Documents or this Agreement or transactions
      thereunder or related thereto.

     

    (b) Each
      Borrower understands, acknowledges and agrees that the release set forth above
      may be pleaded as a full and complete defense and may be used as a basis for
      an
      injunction against any action, suit or other proceeding which may be instituted,
      prosecuted or attempted in breach of the provisions of such
      release.

     

    (c) Each
      Borrower agrees that no fact, event, circumstance, evidence or transaction
      which
      could now be asserted or which may hereafter be discovered shall affect in
      any
      manner the final, absolute and unconditional nature of the release set forth
      above.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (d) Each
      Borrower, on behalf of itself and its respective successors, assigns, and other
      legal representatives, hereby absolutely, unconditionally and irrevocably,
      covenants and agrees with and in favor of each Releasee that it will not sue
      (at
      law, in equity, in any regulatory proceeding or otherwise) any Releasee on
      the
      basis of any Claim released, remised and discharged by the Borrower pursuant
      to
Section 10(a)
      of this
      Agreement. If any Borrower, or its respective successors, assigns, or other
      legal representatives violates the foregoing covenant, each Borrower, for itself
      and its successors, assigns and legal representatives, agrees to pay, in
      addition to such other damages as any Releasee may sustain as a result of such
      violation, all attorneys' fees and costs incurred by any Releasee as a result
      of
      such violation.

     

    11. Acknowledgment
      of Obligations.
      The
      Revolving Credit Loan and the Term Loans, together with interest accrued and
      accruing thereon, the reimbursement obligations with respect to each letter
      of
      credit for the account of Borrowers or any affiliate, and fees, costs, expenses
      and other charges now or hereafter payable by Borrowers to Lender Group, are
      unconditionally owing by Borrowers, without offset, defense or counterclaim
      of
      any kind, nature or description whatsoever. Each Borrower warrants and
      represents that it has no defenses, setoffs, claims, counterclaims or causes
      of
      action of any kind or nature whatsoever with respect to the
      Obligations.

     

    12. No
      Further Amendments.

     

    Except
      for the amendments set forth herein or otherwise set forth in any agreement
      signed by Lender Group and dated the date hereof, the text of the Credit
      Agreement shall remain unchanged and in full force and effect. No waiver by
      Lender Group under the Credit
      Agreement
      is
      granted or intended and Lender Group expressly reserves the right to require
      strict compliance with the terms of the Credit Agreement. The waivers and
      amendments agreed to herein shall not constitute or evidence a course of dealing
      at variance with the Credit
      Agreement
      such as
      to require further notice by Lender Group to require strict compliance with
      the
      terms of the Credit
      Agreement
      in the
      future.

     

    13. Security
      Documents.

     

    All
      obligations of Borrowers under the Credit Agreement, as amended hereby, shall
      be
      secured by a first priority security interest and Lien (subject only to
      Permitted Liens) and be entitled to the benefits of the Security Documents.
      All
      Security Documents heretofore executed by the Borrowers shall remain in full
      force and effect to secure the Obligations, and such Security Documents, as
      amended hereby, are hereby ratified and affirmed.

     

    14. Counterparts.

     

    This
      Agreement may be executed in multiple counterparts, each of which shall be
      deemed an original and all of which, taken together, shall constitute one and
      the same agreement. Delivery of an executed counterpart of this Agreement by
      telefacsimile or other electronic method of transmission shall be equally as
      effective as delivery of an original executed counterpart of this
      Agreement

     

    15. Applicable
      Law.

     

    THIS
      AGREEMENT SHALL BE DEEMED TO BE MADE PURSUANT TO THE LAWS OF THE STATE OF
      CALIFORNIA WITH RESPECT TO AGREEMENTS MADE AND TO BE PERFORMED WHOLLY IN THE
      STATE OF CALIFORNIA AND SHALL BE CONSTRUED, INTERPRETED, PERFORMED AND ENFORCED
      IN ACCORDANCE THEREWITH.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    16. Captions.

     

    The
      captions in this Agreement are for convenience of reference only and shall
      not
      define or limit the provisions hereof.

     

    17. Legal
      Fees.

     

    Borrowers
      shall pay all reasonable expenses incurred by Lender Group in the drafting,
      negotiation and closing of the documents and transactions contemplated hereby,
      including the reasonable fees and disbursements of the Administrative Agent's
      special counsel and the Collateral Agent's special counsel.

     

    18. Reaffirmation.

     

    Except
      as
      amended hereby, the Credit
      Agreement,
      the
      Notes and all Security Documents shall remain in full force and effect and
      are
      in all respects hereby ratified and affirmed.

     

    (The
      next page is the first signature page)

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      Administrative Agent, Collateral Agent, Billing Agent, Lenders and Borrowers
      have caused this Agreement to be duly executed by their respective duly
      authorized representatives, as a sealed instrument, all as of the day and year
      first above written.

     

    
      	
              BORROWERS:

            
	 
	
              EQUITY
                MEDIA HOLDINGS CORPORATION

            
	
              ARKANSAS
                49, INC.

            
	
              BORGER
                BROADCASTING, INC.

            
	
              DENVER
                BROADCASTING, INC.

            
	
              EBC
                HARRISON, INC.

            
	
              EBC
                PANAMA CITY, INC.

            
	
              EBC
                SCOTTSBLUFF, INC.

            
	
              EQUITY
                NEWS SERVICES, INC., f/k/a Hispanic News Network,
                Inc.

            
	
              FORT
                SMITH 46, INC.

            
	
              LOGAN
                12, INC.

            
	
              MARQUETTE
                BROADCASTING, INC.

            
	
              NEVADA
                CHANNEL 3, INC.

            
	
              NEWMONT
                BROADCASTING CORPORATION

            
	
              PRICE
                BROADCASTING, INC.

            
	
              PULLMAN
                BROADCASTING INC.

            
	
              REP
                PLUS, INC.

            
	
              RIVER
                CITY BROADCASTING, INC.

            
	
              ROSEBURG
                BROADCASTING, INC.

            
	
              TV
                34, INC.

            
	
              VERNAL
                BROADCASTING, INC.

            
	
              WOODWARD
                BROADCASTING, INC.

            
	
              EBC
                MINNEAPOLIS, INC.

            
	
              EBC
                DETROIT, INC.

            
	
              EBC
                BUFFALO, INC.

            
	
              EBC
                WATERLOO, INC.

            
	
              EBC
                ATLANTA, INC.

            
	
              EBC
                SEATTLE, INC.

            
	
              EBC
                KANSAS CITY, INC.

            
	
              EBC
                SYRACUSE, INC.

            
	
              NEVADA
                CHANNEL 6, INC.

            
	
              EBC
                PROVO, INC.

            
	
              EBC
                SOUTHWEST FLORIDA, INC.

            
	
              EBC
                LOS ANGELES, INC.

            
	
              C.A.S.H.
                SERVICES, INC. f/k/a Skyport Services, Inc.

            
	
              EBC
                NASHVILLE, INC

            
	
              EBC
                JACKSONVILLE, INC.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              By:

            	 
	
              Name:
                James H. Hearnsberger

            
	
              Title:
                Vice President of each

            

    

    

    [First
      Amendment to Third Amended and Restated

    Credit
      Agreement and Forbearance Agreement]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              ADMINISTRATIVE
                AGENT,

              DOCUMENTATION
                AGENT AND BILLING

              AGENT:

            
	 
	
              SILVER
                POINT FINANCE, LLC, as

              Administrative
                Agent, Documentation Agent and

              Billing
                Agent

            
	 
	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            
	 
	
              Address
                for Notices to Silver Point Finance, LLC

            
	
              Two
                Greenwich Plaza

            
	
              Greenwich,
                Connecticut 06830

            
	
              Attention:
                Zubin Jariwala

            
	
              Telecopy
                No.: (203) 542-4312

            

    

    

    [First
      Amendment to Third Amended and Restated

    Credit
      Agreement and Forbearance Agreement]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              COLLATERAL
                AGENT AND BILLING

              AGENT:

            
	 
	
              WELLS
                FARGO FOOTHILL, INC.,

            
	
              as
                Collateral Agent and Billing Agent

            
	 
	
              By:

            	 
	 	
              Dena
                Seki, Vice President

            
	 
	
              Address
                for Notice to Wells Fargo Foothill, Inc.

            
	
              2450
                Colorado Avenue, Suite 3000 West

            
	
              Santa
                Monica, California 90404

            
	
              Attention:
                Group Credit Manager – Specialty Finance Group

            
	
              Telecopy
                No.: (310) 453-7442

            

    

    

    [First
      Amendment to Third Amended and Restated

    Credit
      Agreement and Forbearance Agreement]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              LENDER:

            
	 
	
              SPCP
                GROUP, LLC

            
	 
	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            
	 
	
              Address
                for Notices to SPCP Group, LLC:

            
	 
	
              Two
                Greenwich Plaza

            
	
              Greenwich,
                CT 06830

            
	
              Attention:
                Zubin Jariwala

            
	
              Telecopy
                No.: (203) 542-4312

            

    

    

    [First
      Amendment to Third Amended and Restated

    Credit
      Agreement and Forbearance Agreement]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              LENDER:

            
	 
	
              SPF
                CDO I, LTD.

            
	 
	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            
	 
	
              Address
                for Notices to SPF CDO I, LTD.:

            
	 
	
              Two
                Greenwich Plaza

            
	
              Greenwich,
                CT 06830

            
	
              Attention:
                Zubin Jariwala

            
	
              Telecopy
                No.: (203) 542-4312

            

    

    

    [First
      Amendment to Third Amended and Restated

    Credit
      Agreement and Forbearance Agreement]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              LENDER:

            
	 
	
              FIELD
                POINT III, LLC

            
	 	 
	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            
	 	 
	
              Address
                for Notices to FIELD POINT III, LLC:

            
	 
	
              Two
                Greenwich Plaza

            
	
              Greenwich,
                CT 06830

            
	
              Attention:
                Zubin Jariwala

            
	
              Telecopy
                No.: (203) 542-4312

            

    

    

    [First
      Amendment to Third Amended and Restated

    Credit
      Agreement and Forbearance Agreement]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              LENDER:

            
	 
	
              FIELD
                POINT IV, LLC

            
	 	 
	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            
	 	 
	
              Address
                for Notices to FIELD POINT IV, LLC:

            
	 
	
              Two
                Greenwich Plaza

            
	
              Greenwich,
                CT 06830

            
	
              Attention:
                Zubin Jariwala

            
	
              Telecopy
                No.: (203) 542-4312

            

    

    

    [First
      Amendment to Third Amended and Restated

    Credit
      Agreement and Forbearance Agreement]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              LENDER:

            
	 
	
              WELLS
                FARGO FOOTHILL, INC.

            
	 
	
              By: 

            	 
	
               

            	
              Dena
                Seki, Vice President

            
	 
	
              Address
                for Notice to Wells Fargo Foothill, Inc.

            
	
              2450
                Colorado Avenue, Suite 3000 West

            
	
              Santa
                Monica, California 90404

            
	
              Attention:
                Group Credit Manager – Specialty Finance Group

            
	
              Telecopy
                No.: (310) 453-7442

            

    

    

    [First
      Amendment to Third Amended and Restated

    Credit
      Agreement and Forbearance Agreement]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    DESIGNATED
      DEFAULTS

    

    1. Borrowers'
      Default in paying interest under the Credit Agreement when due and payable
      on
      March 1, 2008.

    

    2. The
      occurrence of an Event of Default caused by the funding of the Additional Term
      Loans B which results in the aggregate amount of all Loans and Letter of Credit
      Usage exceeding the limits set forth in Sections 2.01(a)(i)(2) and 2.01(c)(i)(B)
      of the Credit Agreement

    

    3. A
      Default
      or Event of Default occurring as a result of an inability of the Borrowers
      to
      repeat certain warranties and representations as of the date hereof by reason
      of
      the following:

    

    a. Section
      4.01: To the extent that the Borrowers' have been tardy in their delivery to
      the
      Agents in a timely manner prior to the date hereof of all financial statements
      required by the Credit Agreement.

    

    b. Section
      4.06(a): To the extent that the Borrowers are at present late on payment under
      satellite agreement.

    

    c. Section
      4.11 (b): To the extent that the Borrowers have need for additional funding
      as
      evidenced by the Additional Term Loans B.

    

    d. Section
      4.11(e): To the extent that the Side Letter Agreement requires Borrowers to
      engage in sale of Stations which may constitute a plan to liquidate properties
      for the purposes of this Section.

    

    e. Section
      4.24 To
      the
      extent that Borrowers' requirements for additional funding hereunder and failure
      to pay certain expenses disclosed to Agents would be deemed to cause a Material
      Adverse Effect.

    

    f. Section
      4.25 To the extent that Borrowers failed to make required payments to Agents
      under the Credit Agreement prior to date hereof. 

    

    4.
       Default
      under Section 5.06 by reason of Borrowers' failure to achieve Minimum EBITDA
      and
      Revenues required thereby for January 2008, February 2008 and March 2008.
      Borrowers agree that they shall provide Agents on or before March 24, 2008,
      with
      financial information for January 2008, in accordance with the requirements
      of
      Section 6.05(c) of the Credit Agreement.

    

    5. Default
      under Section 6.05 (e) for Borrowers' failure to deliver Budget required thereby
      .

    

    6. Defaults
      under Sections Section 7.04(a)(iv) and 7.13(a) which may occur during the
      Forbearance period to the extent caused by Borrowers' entering into agreements
      with the New Equity Investors consistent with the timeline and requirements
      set
      forth in the Side Letter Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

    

    CONDITIONS
      TO CLOSING FIRST AMENDMENT

    

    
      	
              1.

            	
              Fee
                Letter between Borrowers and Administrative Agent (the "New Fee Letter")
                and Fee Letter between Borrowers and Collateral
                Agent

            

    

    

    
      	
              2.

            	
              Secured
                Promissory Notes evidencing Additional Term Loans
                B

            

    

    

    
      	
              3.

            	
              Certificate
                of Chief Financial Officer or Chief Executive Officer of Absence
                of Events
                of Default

            

    

    

    
      	
              4.

            	
              Certificate
                of Secretary of Borrowers certifying as to authority and incumbency
                of
                officer executing agreements

            

    

    

    
      	5.	
              Payment
                of closing/amendment fees to each of the
                Agents.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

    

    ALLOCATION
      OF ADDITIONAL TERM LOANS B

    

    
      	
              Additional
                Term Loan B Lender

            	 	
              Maximum
                Amount of

              Additional
                Term Loans B

            	 
	 	 	 	 
	
              SPCP
                GROUP, LLC

            	 	
              $

            	
              2,432,784.80

            	 
	 	 	 	 	 
	
              SPF
                CDO I, LLC

            	 	
              $

            	
              608,196.20

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]