Document:

Registration Rights Agreement

 EXHIBIT 4.4 
  
 Execution Version 
  
 $68,428,000 
  
 LBI MEDIA HOLDINGS, INC. 
  
 11.00% Senior Discount Notes due 2013 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 October 10, 2003 
  
 Credit Suisse First Boston
LLC 
 UBS Securities LLC 
 Fleet Securities, Inc. 

	c/o	Credit Suisse First Boston LLC 

	  	Eleven Madison Avenue 

	  	New York, New York 10010-3629 

  
 Dear Sirs: 
  
 LBI Media Holdings, Inc., a Delaware corporation (the “Company”), proposes to issue and sell to Credit Suisse First Boston LLC, UBS Securities LLC and Fleet Securities, Inc. (collectively, the
“Initial Purchasers”), upon the terms set forth in a purchase agreement dated October 3, 2003 (the “Purchase Agreement”), $68,428,000 aggregate principal amount at maturity of its 11% Senior Discount Notes due 2013
(the “Initial Securities”). The Initial Securities will be issued pursuant to an Indenture, dated as of October 10, 2003 (the “Indenture”), between the Company and U.S. Bank, N.A., a national banking association, as
trustee (the “Trustee”). As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company agrees with the Initial Purchasers, for the benefit of the Initial Purchasers and the holders of the Securities
(as defined below) (collectively the “Holders”), as follows: 
  
 1. Registered Exchange Offer. Unless not permitted by applicable law (after the Company has complied with the ultimate paragraph of this Section 1), the Company shall prepare and, on or prior to 90 days (such
90th day being a “Filing Deadline”) after the date on which the Initial Purchasers purchase the
Initial Securities pursuant to the Purchase Agreement (the “Closing Date”), file with the Securities and Exchange Commission (the “Commission”) a registration statement (the “Exchange Offer
Registration Statement”) on an appropriate form under the Securities Act of 1933, as amended (the “Securities Act”), with respect to a proposed offer (the “Exchange Offer”) to the Holders of Transfer
Restricted Securities (as defined in Section 6 hereof), who are not prohibited by any law or policy of the Commission from participating in the Exchange Offer, to issue and deliver to such Holders, in exchange for the Initial Securities (except that
the Exchange Securities will not contain terms with respect to transfer restrictions or Liquidated Damages upon a Registration Default (as each term is defined in Section 6(a)) a like aggregate principal amount of debt securities of the Company,
issued under the Indenture, identical in all material respects to the Initial Securities and registered under the Securities Act (the “Exchange Securities”). The Company shall (i) use its best efforts to have such Exchange Offer
Registration Statement declared effective by the Commission under the Securities Act on or prior to 235 days after the Closing Date and (ii) unless the Exchange Offer would not be permitted by applicable law or Commission policy, the Company will,
following the declaration of the effectiveness of the Exchange Offer Registration Statement (a) commence the Exchange Offer and (b) use its best efforts to issue, on or prior to 30 Business Days after the date on which the Exchange Offer
Registration Statement was declared effective by the Commission (the “Consummation Deadline”), Exchange Securities, in exchange for all Initial Securities tendered prior thereto in the Exchange Offer. “Business Day”
shall mean any day other than a Saturday, Sunday, or a day on which banking institutions in New York, New York are required by law, regulation or executive order to remain closed. 

 Following the declaration of the effectiveness of the Exchange Offer Registration Statement, the Company
shall promptly commence the Exchange Offer, it being the objective of such Exchange Offer to enable each Holder of Transfer Restricted Securities electing to exchange the Initial Securities for Exchange Securities (assuming that such Holder is not
an affiliate of the Company within the meaning of the Securities Act, acquires the Exchange Securities in the ordinary course of such Holder’s business and has no arrangements with any person to participate in the distribution of the Exchange
Securities and is not prohibited by any law or policy of the Commission from participating in the Exchange Offer) to trade such Exchange Securities from and after their receipt without any limitations or restrictions under the Securities Act and
without material restrictions under the securities laws of the several states of the United States. 
  
 The Company acknowledges that, pursuant to current interpretations by the Commission’s staff of Section 5 of the Securities Act, in the absence of an
applicable exemption therefrom, (i) each Holder which is a broker-dealer electing to exchange Initial Securities, acquired for its own account as a result of market making activities or other trading activities, for Exchange Securities (an
“Exchanging Dealer”), is required to deliver a prospectus containing the information set forth in (a) Annex A hereto on the cover, (b) Annex B hereto in the “Exchange Offer Procedures” section and the “Purpose of the
Exchange Offer” section, and (c) Annex C hereto in the “Plan of Distribution” section of such prospectus in connection with a sale of any such Exchange Securities received by such Exchanging Dealer pursuant to the Exchange Offer and
(ii) an Initial Purchaser that elects to sell Securities (as defined below) acquired in exchange for Initial Securities constituting any portion of an unsold allotment, is required to deliver a prospectus containing the information required by Items
507 or 508 of Regulation S-K under the Securities Act, as applicable, in connection with such sale. 
  
 The Company shall use its reasonable best efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the prospectus
contained therein, in order to permit such prospectus to be lawfully delivered by all persons subject to the prospectus delivery requirements of the Securities Act for such period of time as such persons must comply with such requirements in order
to resell the Exchange Securities; provided, however, that (i) in the case where such prospectus and any amendment or supplement thereto must be delivered by an Exchanging Dealer or an Initial Purchaser, such period shall be the lesser
of 180 days and the date on which all Exchanging Dealers and the Initial Purchasers have sold all Exchange Securities held by them (unless such period is extended pursuant to Section 3(j) below) and (ii) the Company shall make such prospectus and
any amendment or supplement thereto available to any broker-dealer for use in connection with any resale of any Exchange Securities for a period of not less than 180 days after the consummation of the Exchange Offer. 
  
 If, upon consummation of the Exchange Offer, any Initial Purchaser holds
Initial Securities acquired by it as part of its initial distribution, the Company, simultaneously with the delivery of the Exchange Securities pursuant to the Exchange Offer, shall issue and deliver to such Initial Purchaser upon the written
request of such Initial Purchaser, in exchange (the “Private Exchange”) for the Initial Securities held by such Initial Purchaser, a like principal amount of debt securities of the Company, issued under the Indenture and identical
in all material respects to the Initial Securities (the “Private Exchange Securities”) (except that the Private Exchange Securities may be subject to restrictions on transfer and bear a legend to such effect). The Initial
Securities, the Exchange Securities and the Private Exchange Securities are herein collectively called the “Securities.” 
  
 In connection with the Exchange Offer, the Company shall: 
  
 (a) mail to each Holder a copy of the prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate
letter of transmittal and related documents; 
  

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 (b) keep the Exchange Offer open for not less than 30 days (or longer, if required by
applicable law) after the date notice thereof is mailed to the Holders; 
  
 (c) utilize the services of a depositary for the Exchange Offer with an address in the Borough of Manhattan, The City of New York, which may be the Trustee or an affiliate of the Trustee; 
  
 (d) permit Holders to withdraw tendered Securities at any
time prior to the close of business, New York time, on the last business day on which the Exchange Offer shall remain open; and 
  
 (e) otherwise comply in all material respects with all applicable laws. 
  
 As soon as practicable after the close of the Exchange Offer or the Private Exchange, as the case may be, the Company shall:

  
 (x) accept for exchange all the Securities
validly tendered and not withdrawn pursuant to the Exchange Offer and the Private Exchange; 
  
 (y) deliver to the Trustee for cancellation all of the Initial Securities so accepted for exchange; and 
  
 (z) cause the Trustee to authenticate and deliver promptly
to each Holder of the Initial Securities, Exchange Securities or Private Exchange Securities, as the case may be, equal in principal amount to the Initial Securities of such Holder so accepted for exchange. 
  
 The Indenture will provide that the Exchange Securities will not be subject
to the transfer restrictions set forth in the Indenture and that all the Securities will vote and consent together on all matters as one class and that none of the Securities will have the right to vote or consent as a class separate from one
another on any matter. 
  
 Interest on each Exchange Security and
Private Exchange Security issued pursuant to the Exchange Offer and in the Private Exchange will accrue from the last interest payment date on which interest was paid on the Initial Securities surrendered in exchange therefor or, if no interest has
been paid on the Initial Securities, from the date of original issue of the Initial Securities. 
  
 Each Holder participating in the Exchange Offer shall be required to represent to the Company that at the time of the consummation of the Exchange Offer
(i) any Exchange Securities received by such Holder will be acquired in the ordinary course of business, (ii) such Holder will have no arrangements or understanding with any person to participate in the distribution of the Securities or the Exchange
Securities within the meaning of the Securities Act, (iii) such Holder is not an “affiliate,” as defined in Rule 405 of the Securities Act, of the Company or if it is an affiliate, such Holder will comply with the registration and
prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of the Exchange Securities, (v) if such Holder
is a broker-dealer, that it will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making activities or other trading activities and that it will be required to acknowledge
that it will deliver a prospectus in connection with any resale of such Exchange Securities and (vi) such Holder has full power and authority to transfer the Initial Securities in exchange for the Exchange Securities. 
  
 Notwithstanding any other provisions hereof, the Company will ensure that (i)
any Exchange Offer Registration Statement and any amendment thereto and any prospectus forming part thereof and any supplement thereto complies in all material respects with the Securities Act and the rules and regulations 

  

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thereunder, (ii) any Exchange Offer Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and (iii) any prospectus forming part of any Exchange Offer Registration Statement, and any supplement to such
prospectus, does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading. 
  
 If following the date hereof there has been
announced a change in Commission policy with respect to exchange offers that in the reasonable opinion of counsel to the Company raises a substantial question as to whether the Exchange Offer is permitted by applicable federal law, the Company will
seek a no-action letter or other favorable decision from the Commission allowing the Company to consummate the Exchange Offer. The Company will pursue the issuance of such a decision to the Commission staff level. In connection with the foregoing,
the Company will take all such other actions as may be requested by the Commission or otherwise required in connection with the issuance of such decision, including without limitation (i) participating in telephonic conferences with the Commission,
(ii) delivering to the Commission staff an analysis prepared by counsel to the Company setting forth the legal bases, if any, upon which such counsel has concluded that the Exchange Offer should be permitted and (iii) diligently pursuing a
resolution (which need not be favorable) by the Commission staff. 
  
 2. Shelf Registration. If, (i) any changes in law or the applicable interpretations of the staff of the Commission do not permit the Company to effect the Exchange Offer, or (ii) any holder of Transferred Restricted Securities
notifies the Company prior to the 20th day following consummation of the Exchange Offer that: (a) it is prohibited
by law or Commission policy from participating in the Exchange Offer; or (b) that it may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and the prospectus contained in the
Exchange Offer Registration Statement is not appropriate or available for resales; or (c) that it is a broker-dealer and owns Securities acquired directly from the Company or an affiliate of the Company, the Company shall take the following actions:

  
 (a) The Company will file a registration
statement (the “Shelf Registration Statement” and, together with the Exchange Offer Registration Statement, the “Registration Statement”) with the Commission and use its best efforts to (i) cause such filing to be
made on or prior to 30 days after such filing obligation arises and (ii) cause the Shelf Registration Statement to be declared effective by the later of (x) 235 days after the Closing Date or (y) 90 days after such obligation arises. The Shelf
Registration Statement shall be filed on an appropriate form under the Securities Act relating to the offer and sale of the Transfer Restricted Securities by the Holders thereof from time to time in accordance with the methods of distribution set
forth in the Shelf Registration Statement and Rule 415 under the Securities Act (hereinafter, the “Shelf Registration”); provided, however, that no Holder (other than an Initial Purchaser) shall be entitled to have the
Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound by all the provisions of this Agreement applicable to such Holder. 
  
 (b) The Company shall use its reasonable best efforts to keep the Shelf Registration Statement continuously
effective in order to permit the prospectus included therein to be lawfully delivered by the Holders of the relevant Securities, for a period of two years (or for such longer period if extended pursuant to Section 3(j) below) from the date of its
effectiveness or such shorter period that will terminate when all the Securities covered by the Shelf Registration Statement (i) have been sold pursuant thereto or (ii) are no longer restricted securities (as defined in Rule 144 under the Securities
Act, or any successor rule thereof). The Company shall be deemed not to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the requisite period if it voluntarily takes any action that would result in
Holders of Securities covered thereby not being able to offer and sell such Securities during that period, unless such action is required by applicable law. 
  

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 (c) Notwithstanding any other provisions of this Agreement to the contrary, the Company
shall cause the Shelf Registration Statement and the related prospectus and any amendment or supplement thereto, as of the effective date of the Shelf Registration Statement, amendment or supplement, (i) to comply in all material respects with the
applicable requirements of the Securities Act and the rules and regulations of the Commission and (ii) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to
make the statements therein, in light of the circumstances under which they were made, not misleading. 
  
 3. Registration Procedures. In connection with any Shelf Registration contemplated by Section 2 hereof and, to the extent applicable, any Exchange
Offer contemplated by Section 1 hereof, the following provisions shall apply: 
  
 (a) The Company shall (i) furnish to each Initial Purchaser, prior to the filing thereof with the Commission, a copy of the Registration Statement and each amendment thereof and each supplement, if any, to the
prospectus included therein and, in the event that an Initial Purchaser (with respect to any portion of an unsold allotment from the original offering) is participating in the Exchange Offer or the Shelf Registration Statement, the Company shall use
its reasonable best efforts to reflect in each such document, when so filed with the Commission, such comments as such Initial Purchaser reasonably may propose; (ii) include the information set forth in Annex A hereto on the cover, in Annex B hereto
in the “Exchange Offer Procedures” section and the “Purpose of the Exchange Offer” section and in Annex C hereto in the “Plan of Distribution” section of the prospectus forming a part of the Exchange Offer Registration
Statement and include the information set forth in Annex D hereto in the Letter of Transmittal delivered pursuant to the Exchange Offer; (iii) if requested by an Initial Purchaser, include the information required by Items 507 or 508 of Regulation
S-K under the Securities Act, as applicable, in the prospectus forming a part of the Exchange Offer Registration Statement; (iv) include within the prospectus contained in the Exchange Offer Registration Statement a section entitled “Plan of
Distribution,” reasonably acceptable to the Initial Purchasers, which shall contain a summary statement of the positions taken or policies made by the staff of the Commission with respect to the potential “underwriter” status of any
broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of Exchange Securities received by such broker-dealer in the Exchange Offer (a
“Participating Broker-Dealer”), whether such positions or policies have been publicly disseminated by the staff of the Commission or such positions or policies, in the reasonable judgment of the Initial Purchasers based upon advice
of counsel (which may be in-house counsel), represent the prevailing views of the staff of the Commission; and (v) in the case of a Shelf Registration Statement, include the names of the Holders who propose to sell Securities pursuant to the Shelf
Registration Statement as selling securityholders. 
  
 (b) The Company shall notify the Initial Purchasers, the Holders of the Securities and any Participating Broker-Dealer from whom the Company has received prior written notice that it will be a Participating Broker-Dealer in the Exchange
Offer and, if requested by any such Person, confirm such notice in writing (which notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made):

  
 (i) when the Registration Statement or any
amendment thereto has been filed with the Commission and when the Registration Statement or any post-effective amendment thereto has become effective; 
  

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 (ii) of any request by the Commission for amendments or supplements to the Registration
Statement or the prospectus included therein or for additional information; 
  
 (iii) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; 
  
 (iv) of the receipt by the Company or its legal counsel of
any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 
  
 (v) of the happening of any event that requires the Company
to make changes in the Registration Statement or the prospectus in order that the Registration Statement or the prospectus does not contain an untrue statement of a material fact nor omit to state a material fact required to be stated therein or
necessary to make the statements therein (in the case of the prospectus, in light of the circumstances under which they were made) not misleading. 
  
 (c) The Company shall make every reasonable effort to obtain the withdrawal at the earliest possible time, of any order suspending the
effectiveness of the Registration Statement. 
  
 (d) The Company shall furnish to each Holder of Securities included within the coverage of the Shelf Registration, without charge, at least one copy of the Shelf Registration Statement and any post-effective amendment thereto, including
financial statements and schedules, and, if the Holder so requests in writing, all exhibits thereto (including those, if any, incorporated by reference). 
  
 (e) The Company shall deliver to each Exchanging Dealer and each Initial Purchaser, and to any other Holder who so requests, without
charge, at least one copy of the Exchange Offer Registration Statement and any post-effective amendment thereto, including financial statements and schedules, and, if any Initial Purchaser or any such Holder requests, all exhibits thereto (including
those incorporated by reference). 
  
 (f) The
Company shall, during the Shelf Registration Period, deliver to each Holder of Securities included within the coverage of the Shelf Registration, without charge, as many copies of the prospectus (including each preliminary prospectus) included in
the Shelf Registration Statement and any amendment or supplement thereto as such person may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by
each of the selling Holders of the Securities in connection with the offering and sale of the Securities covered by the prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 
  
 (g) The Company shall deliver to each Initial Purchaser, any
Exchanging Dealer, any Participating Broker-Dealer and such other persons required to deliver a prospectus following the Exchange Offer, without charge, as many copies of the final prospectus included in the Exchange Offer Registration Statement and
any amendment or supplement thereto as such persons may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by any Initial Purchaser, if
necessary, any Participating Broker-Dealer and such other persons required to deliver a prospectus following the Exchange Offer in connection with the offering and sale of the Exchange Securities covered by the prospectus, or any amendment or
supplement thereto, included in such Exchange Offer Registration Statement. 
  

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 (h) Prior to any public offering of the Securities pursuant to any Registration
Statement, the Company shall use its reasonable best efforts to register or qualify or cooperate with the Holders of the Securities included therein and their respective counsel in connection with the registration or qualification of the Securities
for offer and sale under the securities or “blue sky” laws of such states of the United States as any Holder of the Securities reasonably requests in writing and do any and all other acts or things reasonably necessary or advisable to
enable the offer and sale in such jurisdictions of the Securities covered by such Registration Statement; provided, however, that the Company shall not be required to (i) qualify generally to do business in any jurisdiction where it is
not then so qualified, (ii) take any action which would subject it to general service of process or to taxation in any jurisdiction where it is not then so subject or (iii) subject itself to taxation in excess of a nominal dollar amount in any such
jurisdiction where it is not then so subject. 
  
 (i) The Company shall cooperate with the Holders of the Securities to facilitate the timely preparation and delivery of certificates representing the Securities to be sold pursuant to any Registration Statement free of any restrictive
legends and in such denominations and registered in such names as the Holders may request a reasonable period of time prior to sales of the Securities pursuant to such Registration Statement. 
  
 (j) Upon the occurrence of any event contemplated by
paragraphs (ii) through (v) of Section 3(b) above during the period for which the Company is required to maintain an effective Registration Statement, the Company shall promptly prepare and file a post-effective amendment to the Registration
Statement or a supplement to the related prospectus and any other required document so that, as thereafter delivered to Holders of the Securities or purchasers of Securities, the prospectus will not contain an untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies the Initial Purchasers, the Holders of the
Securities and any known Participating Broker-Dealer in accordance with paragraphs (ii) through (v) of Section 3(b) above to suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the Initial Purchasers,
the Holders of the Securities and any such Participating Broker-Dealers shall suspend use of such prospectus, and the period of effectiveness of the Shelf Registration Statement provided for in Section 2(b) above and the Exchange Offer Registration
Statement provided for in Section 1 above shall each be extended by the number of days from and including the date of the giving of such notice to and including the date when the Initial Purchasers, the Holders of the Securities and any known
Participating Broker-Dealer shall have received such amended or supplemented prospectus pursuant to this Section 3(j). 
  
 (k) Not later than the effective date of the applicable Registration Statement, the Company will provide a CUSIP number for the Initial
Securities, the Exchange Securities or the Private Exchange Securities, as the case may be, and provide the applicable trustee with printed certificates for the Initial Securities, the Exchange Securities or the Private Exchange Securities, as the
case may be, in a form eligible for deposit with The Depository Trust Company. 
  
 (l) The Company will comply with all rules and regulations of the Commission to the extent and so long as they are applicable to the
Exchange Offer or the Shelf Registration and will make generally available to its security holders (or otherwise provide in accordance with Section 11(a) of the Securities Act) an earnings statement satisfying the provisions of Section 11(a) of the
Securities Act, no later than 45 days after the end of a 12-month period (or 90 days, if such period is a fiscal year) beginning with the first month of the Company’s first fiscal quarter commencing after the effective date of the Registration
Statement, which statement shall cover such 12-month period. 
  

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 (m) The Company shall cause the Indenture to be qualified under the Trust Indenture Act
of 1939, as amended, in a timely manner and containing such changes, if any, as shall be necessary for such qualification. In the event that such qualification would require the appointment of a new trustee under the Indenture, the Company shall
appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture. 
  
 (n) The Company may require each Holder of Securities to be sold pursuant to the Shelf Registration Statement to furnish to the Company
such information regarding the Holder and the distribution of the Securities as the Company may from time to time reasonably require for inclusion in the Shelf Registration Statement, and the Company may exclude from such registration the Securities
of any Holder that unreasonably fails to furnish such information within a reasonable time after receiving such request. 
  
 (o) The Company shall enter into such customary agreements (including, if requested, an underwriting agreement in customary form) and take
all such other action, if any, as any Holder of the Securities shall reasonably request in order to facilitate the disposition of the Securities pursuant to any Shelf Registration. 
  
 (p) In the case of any Shelf Registration, subject to the execution of customary confidentiality agreements,
the Company shall (i) make reasonably available for inspection during normal business hours by the Holders of the Securities, any underwriter participating in any disposition pursuant to the Shelf Registration Statement and any attorney, accountant
or other agent retained by the Holders of the Securities or any such underwriter all relevant financial and other records, pertinent corporate documents and properties of the Company and (ii) cause the Company’s officers, directors, employees,
accountants and auditors to supply all relevant information reasonably requested by the Holders of the Securities or any such underwriter, attorney, accountant or agent in connection with the Shelf Registration Statement, in each case, as shall be
reasonably necessary to enable such persons, to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided, however, that the foregoing inspection and information gathering shall be coordinated
on behalf of the Initial Purchasers by you and on behalf of the other parties, by one counsel designated by and on behalf of such other parties as described in Section 4 hereof. 
  
 (q) In the case of any Shelf Registration, the Company, if requested by any Holder of Securities covered
thereby, shall cause (i) its counsel to deliver an opinion and updates thereof relating to the Securities in customary form addressed to such Holders and the managing underwriters, if any, thereof and dated, in the case of the initial opinion, the
effective date of such Shelf Registration Statement; (it being agreed that the matters to be covered by such opinion shall include, without limitation, the due incorporation and good standing of the Company and its subsidiaries; the qualification of
the Company and its subsidiaries to transact business as foreign corporations; the due authorization, execution and delivery of the relevant agreement of the type referred to in Section 3(o) hereof; the due authorization, execution, authentication
and issuance, and the validity and enforceability, of the applicable Securities; the absence of material legal or governmental proceedings involving the Company and its subsidiaries; the absence of governmental approvals required to be obtained in
connection with the Shelf Registration Statement, the offering and sale of the applicable Securities, or any agreement of the type referred to in Section 3(o) hereof; the compliance as to form of such Shelf Registration Statement and of the
Indenture with the requirements of the Securities Act and the Trust Indenture Act, respectively; and, as of the date of the opinion and as of the effective date of the Shelf Registration Statement or most recent post-effective amendment thereto, as
the case may be, the absence from such Shelf Registration Statement and the prospectus included therein, as then amended or supplemented, and from any documents incorporated by reference therein of an untrue statement 

  

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of a material fact or the omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading
(in the case of any such documents, in the light of the circumstances existing at the time that such documents were filed with the Commission under the Exchange Act); (ii) its officers to execute and deliver all customary documents and certificates
and updates thereof reasonably requested by any underwriters of the applicable Securities and (iii) its independent public accountants to provide to the selling Holders of the applicable Securities and any underwriter therefor a comfort letter in
customary form and covering matters of the type customarily covered in comfort letters in connection with primary underwritten offerings, subject to receipt of appropriate documentation as contemplated, and only if permitted, by Statement of
Auditing Standards No. 72. 
  
 (r) In the case of
the Exchange Offer, if requested by any Initial Purchaser or any known Participating Broker-Dealer, the Company shall cause (i) its counsel to deliver to such Initial Purchaser or such Participating Broker-Dealer a signed opinion in the form set
forth in Sections 6(c) and 6(d) of the Purchase Agreement with such changes as are customary in connection with the preparation of a Registration Statement and (ii) its independent public accountants to deliver to such Initial Purchaser or such
Participating Broker-Dealer a comfort letter, in customary form, meeting the requirements as to the substance thereof as set forth in Section 6(a) and (g) of the Purchase Agreement, with appropriate date changes. 
  
 (s) If an Exchange Offer or a Private Exchange is to be
consummated, upon delivery of the Initial Securities by Holders to the Company (or to such other Person as directed by the Company) in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be, the Company shall
mark, or caused to be marked, on the Initial Securities so exchanged that such Initial Securities are being canceled in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be; in no event shall the Initial
Securities be marked as paid or otherwise satisfied. 
  
 (t) The Company will use its reasonable best efforts to (a) if the Initial Securities have been rated prior to the initial sale of such Initial Securities, confirm such ratings will apply to the Securities covered by a Registration
Statement, or (b) if the Initial Securities were not previously rated, cause the Securities covered by a Registration Statement to be rated with the appropriate rating agencies, if so requested by Holders of a majority in aggregate principal amount
of Securities covered by such Registration Statement, or by the managing underwriters, if any. 
  
 (u) In the event that any broker-dealer registered under the Exchange Act shall underwrite any Securities or participate as a member of an
underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the Conduct Rules (the “Rules”) of the National Association of Securities Dealers, Inc. (“NASD”)) thereof,
whether as a Holder of such Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Company will assist such broker-dealer in complying with the requirements of such Rules, including,
without limitation, by (i) if such Rules, including Rule 2720, shall so require, engaging a “qualified independent underwriter” (as defined in Rule 2720) to participate in the preparation of the Registration Statement relating to such
Securities, to exercise usual standards of due diligence in respect thereto and, if any portion of the offering contemplated by such Registration Statement is an underwritten offering or is made through a placement or sales agent, to recommend the
yield of such Securities, (ii) indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters provided in Section 5 hereof and (iii) providing such information to such broker-dealer as may be required in
order for such broker-dealer to comply with the requirements of the Rules. 
  
 (v) The Company shall use its reasonable best efforts to take all other steps necessary to effect the registration of the Securities covered by a Registration Statement contemplated hereby. 
  

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 4. Registration Expenses. (a) Except as set forth in Section (4)(b), all expenses incident to the
Company’s performance of and compliance with this Agreement will be borne by the Company, regardless of whether a Registration Statement is ever filed or becomes effective, including without limitation; 
  
 (i) all registration and filing fees and expenses;

  
 (ii) all fees and expenses of compliance with
federal securities and state “blue sky” or securities laws; 
  
 (iii) all expenses of printing (including printing certificates for the Securities to be issued in the Exchange Offer and the Private Exchange and printing of prospectuses), messenger and delivery services and
telephone; 
  
 (iv) all fees and disbursements of
counsel for the Company; 
  
 (v) all application
and filing fees, if any, in connection with listing the Exchange Securities on a national securities exchange or automated quotation system pursuant to the requirements hereof; and 
  
 (vi) all fees and disbursements of independent certified public accountants of the Company (including the
expenses of any special audit and comfort letters required by or incident to such performance). 
  
 The Company will bear its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees
and expenses of any person, including special experts, retained by the Company. 
  
 (b) Each Holder shall pay all underwriting discounts and commissions related to the sale or disposition of a Holder’s Securities in an underwritten offering in connection with any Shelf Registration. 

 
 (c) In connection with any Registration Statement required by this
Agreement, the Company will reimburse the Initial Purchasers and the Holders of Transfer Restricted Securities who are tendering Initial Securities in the Exchange Offer and/or selling or reselling Securities pursuant to the “Plan of
Distribution” contained in the Exchange Offer Registration Statement or the Shelf Registration Statement, as applicable, for the reasonable fees and disbursements of not more than one counsel, who shall be Latham & Watkins LLP, unless
another firm shall be chosen by the Holders of a majority in principal amount of the Transfer Restricted Securities for whose benefit such Registration Statement is being prepared. 
  
 5. Indemnification. (a) The Company agrees to indemnify and hold harmless each Holder of the Securities, any
Participating Broker-Dealer and each person, if any, who controls such Holder or such Participating Broker-Dealer within the meaning of the Securities Act or the Exchange Act (each Holder, any Participating Broker-Dealer and such controlling persons
are referred to collectively as the “Indemnified Parties”) from and against any losses, claims, damages or liabilities, joint or several, or any actions in respect thereof (including, but not limited to, any losses, claims,
damages, liabilities or actions relating to purchases and sales of the Securities) to which each Indemnified Party may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or
actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to a
Shelf Registration, or arise out of, or are based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse, as incurred, the
Indemnified Parties for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, 

  

 10 

 
claim, damage, liability or action in respect thereof; provided, however, that (i) the Company shall not be liable in any such case to the
extent that such loss, claim, damage, liability or action arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in a Registration Statement or prospectus or in any amendment or
supplement thereto or in any preliminary prospectus relating to a Shelf Registration in reliance upon and in conformity with written information pertaining to such Holder and furnished to the Company by or on behalf of such Holder specifically for
inclusion therein and (ii) with respect to any untrue statement or omission or alleged untrue statement or omission made in any preliminary prospectus relating to a Shelf Registration Statement, the indemnity agreement contained in this subsection
(a) shall not inure to the benefit of any Holder or Participating Broker-Dealer from whom the person asserting any such losses, claims, damages or liabilities purchased the Securities concerned, to the extent that a prospectus relating to such
Securities was required to be delivered by such Holder or Participating Broker-Dealer under the Securities Act in connection with such purchase and any such loss, claim, damage or liability of such Holder or Participating Broker-Dealer results from
the fact that there was not sent or given to such person, at or prior to the written confirmation of the sale of such Securities to such person, a copy of the final prospectus if the Company had previously furnished copies thereof to such Holder or
Participating Broker-Dealer; provided further, that this indemnity agreement will be in addition to any liability which the Company may otherwise have to such Indemnified Party. The Company shall also indemnify underwriters, their
officers and directors and each person who controls such underwriters within the meaning of the Securities Act or the Exchange Act to the same extent as provided above with respect to the indemnification of the Holders of the Securities if requested
by such Holders. 
  
 (b) Each Holder of the Securities, severally
and not jointly, will indemnify and hold harmless the Company and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act from and against any losses, claims, damages or liabilities or any actions
in respect thereof, to which the Company or any such controlling person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon (i)
any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to a Shelf Registration, or (ii) arise out of
or are based upon the omission or alleged omission to state therein a material fact necessary to make the statements therein not misleading, but in each case only to the extent that the untrue statement or omission or alleged untrue statement or
omission was made in reliance upon and in conformity with written information pertaining to such Holder and furnished to the Company by or on behalf of such Holder specifically for inclusion therein; and, subject to the limitation set forth
immediately preceding this clause, shall reimburse, as incurred, the Company for any legal or other expenses reasonably incurred by the Company or any such controlling person in connection with investigating or defending any loss, claim, damage,
liability or action in respect thereof. This indemnity agreement will be in addition to any liability which such Holder may otherwise have to the Company or any of its controlling persons. 
  
 (c) Promptly after receipt by an indemnified party under this Section 5 of
notice of the commencement of any action or proceeding (including a governmental investigation), such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 5, notify the indemnifying
party of the commencement thereof; but the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have under subsection (a) or (b) above except to the extent that it has been materially
prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise
than under subsection (a) or (b) above. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the
extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party,
which consent shall not be unreasonably withheld, be 

  

 11 

 
counsel to the indemnifying party), and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof
the indemnifying party will not be liable to such indemnified party under this Section 5 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such indemnified party in connection with the defense
thereof. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity could
have been sought hereunder by such indemnified party unless such settlement includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action, and does not include a statement as
to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 
  
 (d) If the indemnification provided for in this Section 5 is unavailable or insufficient to hold harmless an indemnified party under subsections (a) or
(b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to in subsection (a) or (b) above (i)
in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party on the other from the exchange of the Securities, pursuant to the Exchange Offer, or (ii)
if the allocation provided by the foregoing clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the indemnifying
party or parties on the one hand and the indemnified party on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other relevant
equitable considerations. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company on the one hand or such Holder or such other indemnified party, as the case may be, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending any action or claim which is the subject of this subsection (d). Notwithstanding any other provision of this Section 5, the Holders of the Securities shall
not be required to contribute any amount in excess of the amount by which the net proceeds received by such Holders from the sale of the Securities pursuant to a Registration Statement exceeds the amount of damages which such Holders have otherwise
been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 5(d), each person, if any, who controls such indemnified party within the meaning of the Securities Act or the Exchange Act shall have the same
rights to contribution as such indemnified party and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as the Company. 
  
 (e) The agreements contained in this Section 5 shall survive the sale of the
Securities pursuant to a Registration Statement and shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party. 
  
 6. Liquidated Damages Under Certain Circumstances. (a) Liquidated
damages (the “Liquidated Damages”) with respect to the Securities shall be assessed as follows if any of the following events occur (each such event in clauses (i) through (iv) below being herein called a “Registration
Default”): 
  

	 	(i)	any Registration Statement required by this Agreement is not filed with the Commission on or prior to the date specified for filing; 

  

 12 

	 	(ii)	any Registration Statement required by this Agreement is not declared effective by the Commission on or prior to the date specified for such effectiveness; 

 

	 	(iii)	the Exchange Offer has not been consummated on or prior to the Consummation Deadline; or 

  

	 	(iv)	any Registration Statement required by this Agreement has been declared effective by the Commission but (A) such Registration Statement thereafter ceases to be effective or (B) such
Registration Statement or the related prospectus ceases to be usable in connection with resales of Transfer Restricted Securities during the periods specified herein. 

  
 Each of the foregoing will constitute a Registration Default whatever the reason for any such event and whether it is voluntary or
involuntary or is beyond the control of the Company or pursuant to operation of law or as a result of any action or inaction by the Commission. 
  
 The Company shall pay Liquidated Damages to each Holder in the event of a Registration Default. Liquidated Damages shall accrue on the Securities from and
including the date on which any such Registration Default shall occur to, but excluding, the date on which all such Registration Defaults have been cured, in an amount equal to $.05 per week per $1,000 principal amount of Initial Securities for the
first 90-day period immediately following the occurrence of such Registration Default and shall increase by an additional $.05 per week per $1,000 principal amount of Initial Securities with respect to each subsequent 90-day period until all
Registration Defaults have been cured, up to a maximum amount of $.20 per week per $1,000 principal amount of Initial Securities. 
  
 Notwithstanding the foregoing (1) the amount of Liquidated Damages payable shall not increase because more than one Registration Default has occurred and
is pending and (2) a Holder of Initial Securities or Exchange Securities who is not entitled to the benefits of a Shelf Registration Statement shall not be entitled to Liquidated Damages with respect to a Registration Default that pertains to such
Shelf Registration Statement. 
  
 (b) A Registration Default
referred to in Section 6(a)(iv) hereof shall be deemed not to have occurred and be continuing in relation to a Shelf Registration Statement or the related prospectus if (i) such Registration Default has occurred solely as a result of (x) the filing
of a post-effective amendment to such Shelf Registration Statement to incorporate annual audited financial information with respect to the Company where such post-effective amendment is not yet effective and needs to be declared effective to permit
Holders to use the related prospectus or (y) other material events, with respect to the Company that would need to be described in such Shelf Registration Statement or the related prospectus and (ii) in the case of clause (y), the Company is
proceeding promptly and in good faith to amend or supplement such Shelf Registration Statement and related prospectus to describe such events; provided, however, that in any case if such Registration Default occurs for a continuous
period in excess of 30 days, Liquidated Damages shall be payable in accordance with the above paragraph from the day such Registration Default occurs until such Registration Default is cured. 
  
 (c) Any amounts of Liquidated Damages due pursuant to Section 6(a) will be
payable in cash on the regular interest payment dates with respect to the Securities. 
  
 (d) “Transfer Restricted Securities” means each Security until (i) the date on which such Security has been exchanged by a person other than a broker-dealer for a freely transferable Exchange Security
in the Exchange Offer, (ii) following the exchange by a broker-dealer in the Exchange Offer of an Initial Security for an Exchange Security, the date on which such Exchange Security is sold to a purchaser who receives from such broker-dealer on or
prior to the date of such sale a copy of the prospectus contained in the Exchange Offer Registration Statement, (iii) the date on which such Security has been effectively 

  

 13 

 
registered under the Securities Act and disposed of in accordance with the Shelf Registration Statement or (iv) the date on which such Security is
distributed to the public pursuant to Rule 144 under the Securities Act or is saleable pursuant to Rule 144(k) under the Securities Act. 
  
 7. Rules 144 and 144A. The Company shall use its reasonable best efforts, upon the request of any Holder of Securities, to make publicly available
any information so long as necessary to permit sales of their securities pursuant to Rules 144 and 144A under the Securities Act. The Company covenants that it will take such further action as any Holder of Securities may reasonably request, all to
the extent required from time to time to enable such Holder to sell Securities without registration under the Securities Act within the limitation of the exemptions provided by Rules 144 and 144A (including the requirements of Rule 144A(d)(4)). The
Company will provide a copy of this Agreement to prospective purchasers of Initial Securities identified to the Company by the Initial Purchasers upon request. Upon the request of any Holder of Initial Securities, the Company shall deliver to such
Holder a written statement as to whether it has complied with such requirements. Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Company to register any of its securities pursuant to the Exchange Act.

  
 8. Underwritten Registrations. If any of the Transfer
Restricted Securities covered by any Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will administer the offering will be selected by the Holders of a majority
in aggregate principal amount of such Transfer Restricted Securities to be included in such offering. 
  
 No person may participate in any underwritten registration hereunder unless such person (i) agrees to sell such person’s Transfer Restricted
Securities on the basis reasonably provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such underwriting arrangements. 
  
 9. Miscellaneous. 
  
 (a) Remedies. The Company acknowledges and agrees that any failure by the Company to comply with its obligations under Section 1 and 2 hereof may
result in material irreparable injury to the Initial Purchasers or the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the
Initial Purchasers or any Holder may obtain such relief as may be required to specifically enforce the Company’s obligations under Sections 1 and 2 hereof. The Company further agrees to waive the defense in any action for specific performance
that a remedy at law would be adequate. 
  
 (b) No Inconsistent
Agreements. The Company will not on or after the date of this Agreement enter into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the
provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Company’s securities under any agreement in effect on the date hereof.

  
 (c) Amendments and Waivers. The provisions of this
Agreement may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, except by the Company and the written consent of the Holders of a majority in principal amount of the
Securities affected by such amendment, modification, supplement, waiver or consents. 
  

 14 

 (d) Notices. All notices and other communications provided for or permitted hereunder shall be
made in writing by hand delivery, first-class mail, facsimile transmission, or air courier which guarantees overnight delivery: 
  
 (1) if to a Holder of the Securities, at the most current address given by such Holder to the Company. 
  
 (2) if to the Initial Purchasers; 
  
 Credit Suisse First Boston LLC 
 Eleven Madison Avenue 
 New York, NY 10010-3629 
 Fax No.: (212) 325-8278 
 Attention: Transactions Advisory Group 
  
 with a copy to: 
  
 Latham & Watkins LLP 
 633 West Fifth Street, Suite 4000 
 Los Angeles, CA 90071 
 Fax No: (213) 891-8763 
 Attention: Cynthia A. Rotell, Esq. 
  
 (3) if to the Company, at its address as follows: 
  
 LBI Media Holdings, Inc. 
 1845 West Empire Avenue 
 Burbank, CA 91504 
 Fax No: (818) 563-5722 
 Attention: Brett Zane, Chief Financial Officer 
  
 with a copy to: 
  
 O’Melveny & Myers, LLP 
 400 South Hope Street 
 Los Angeles, CA 90071 
 Fax No: (213) 430-6407 
 Attention: Joseph K. Kim, Esq. 
  
 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; three
business days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by recipient’s facsimile machine operator, if sent by facsimile transmission; and on the day delivered, if sent by overnight air courier
guaranteeing next day delivery. 
  
 (e) Third Party
Beneficiaries. The Holders shall be third party beneficiaries to the agreements made hereunder between the Company, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to
the extent they may deem such enforcement necessary or advisable to protect their rights or the rights of Holders hereunder. 
  
 (f) Successors and Assigns. This Agreement shall be binding upon the Company and its successors and assigns. The Agreement shall not inure to the
benefit of, or be binding upon, a successor or assign of a Holder unless and to the extent such successor or assign holds Securities. 
  

 15 

 (g) Counterparts. This Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 (h) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning hereof. 
  
 (i) Governing Law. THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 
  
 (j) Severability. If any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal
or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 
  
 (k) Securities Held by the Company. Whenever the consent or approval
of Holders of a specified percentage of principal amount of Securities is required hereunder, Securities held by the Company or its affiliates (other than subsequent Holders of Securities if such subsequent Holders are deemed to be affiliates solely
by reason of their holdings of such Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 
  
 [Signature Page Follows] 
  

 16 

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to the
Company a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the several Initial Purchasers and the Company in accordance with its terms. 
  

	 Very truly yours,

	
	 LBI Media Holdings, Inc.

		
	 By:
	 	 /s/ Brett Zane

	 Name:
	 	 Brett Zane

	 Title:
	 	 Chief Financial Officer

  

 S-1 

 The foregoing Registration Rights 
 Agreement is hereby confirmed 
 and accepted as of the date first 
 above written. 
  
 CREDIT
SUISSE FIRST BOSTON LLC 
  

	 By:
	 	 /s/ Michael Hooks

	 	 	 Name:

	 	 	 Title:

  
 UBS SECURITIES LLC 
  

	 By:
	 	 /s/ Navid Mahmoodzadegan

	 	 	 Name: Navid Mahmoodzadegan

	 	 	 Title: Managing Director

  
 UBS SECURITIES LLC 
  

	 By:
	 	 /s/ David Lee

	 	 	 Name: David Lee

	 	 	 Title: Associate Director

  
 Acting on behalf of itself and as the
Representative 
 of the several Initial Purchasers 
  

 S-2 

 ANNEX A 
  
 Each broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus
in connection with any resale of such Exchange Securities. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning
of the Securities Act. This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial Securities where such Initial
Securities were acquired by such broker-dealer as a result of market-making activities or other trading activities. The Company has agreed that, for a period of 180 days after the Expiration Date (as defined herein), it will make this Prospectus
available to any broker-dealer for use in connection with any such resale. See “Plan of Distribution.” 

 ANNEX B 
  
 Each broker-dealer that receives Exchange Securities for its own account in exchange for Initial Securities, where such Initial Securities were acquired
by such broker-dealer as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. See “Plan of Distribution.”

 ANNEX C 
  
 PLAN OF DISTRIBUTION 
  
 Each broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus
in connection with any resale of such Exchange Securities. This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial
Securities where such Initial Securities were acquired as a result of market-making activities or other trading activities. The Company has agreed that, for a period of 180 days after the Expiration Date, it will make this prospectus, as amended or
supplemented, available to any broker-dealer for use in connection with any such resale. In addition, until             , 200_, all dealers effecting transactions in the Exchange
Securities may be required to deliver a prospectus.(1) 
  
 The Company will not receive any proceeds from any sale of Exchange Securities by broker-dealers. Exchange Securities
received by broker-dealers for their own account pursuant to the Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the Exchange
Securities or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer or the purchasers of any such Exchange Securities. Any broker-dealer that resells Exchange Securities that were received by it for
its own account pursuant to the Exchange Offer and any broker or dealer that participates in a distribution of such Exchange Securities may be deemed to be an “underwriter” within the meaning of the Securities Act and any profit on any
such resale of Exchange Securities and any commission or concessions received by any such persons may be deemed to be underwriting compensation under the Securities Act. The Letter of Transmittal states that, by acknowledging that it will deliver
and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act. 
  
 For a period of 180 days after the Expiration Date the Company will promptly send additional copies of this Prospectus and any amendment or supplement to
this Prospectus to any broker-dealer that requests such documents in the Letter of Transmittal. The Company has agreed to pay all expenses incident to the Exchange Offer (including the expenses of one counsel for the Holders of the Securities) other
than commissions or concessions of any brokers or dealers and will indemnify the Holders of the Securities (including any broker-dealers) against certain liabilities, including liabilities under the Securities Act. 

	(1)	In addition, the legend required by Item 502(e) of Regulation S-K will appear on the back
cover page of the Exchange Offer prospectus. 

 ANNEX D 
  
  ̈ CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10
ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO. 
  
 Name:
                                        
                                     
 Address:
                                        
                                 
  
 If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged
in, and does not intend to engage in, a distribution of Exchange Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of
market-making activities or other trading activities, it acknowledges that it will deliver a prospectus in connection with any resale of such Exchange Securities; however, by so acknowledging and by delivering a prospectus, the undersigned will not
be deemed to admit that it is an “underwriter” within the meaning of the Securities Act.2nd Amendment to Amended & Restated Credit Agreement

 EXHIBIT 10.3 
  
 SECOND AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT 
  
 This
SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT dated as of October 10, 2003 (this “Amendment”), among LBI MEDIA, INC. (the “Borrower”), THE GUARANTORS PARTY HERETO (the
“Guarantors”), THE LENDERS PARTY HERETO (the “Lenders”), FLEET NATIONAL BANK, as Administrative Agent (the “Administrative Agent”), FLEET SECURITIES, INC., as Sole Lead Arranger (the “Sole
Lead Arranger”), GENERAL ELECTRIC CAPITAL CORPORATION and U.S. BANK, N.A., as Co-Syndication Agents (the “Syndication Agents”) and CIT LENDING SERVICES CORPORATION and SUNTRUST BANK, as Co-Documentation Agents (the
“Documentation Agents” and together with the Administrative Agent, Sole Lead Arranger and the Syndication Agents, the “Agents”). 
  
 WHEREAS, the Credit Parties, the Lenders (including the Issuing Lender), and the Agents wish to amend the Credit
Agreement to revise certain provisions and covenants; 
  
 NOW,
THEREFORE, in consideration of the foregoing and the agreements contained herein, the parties hereby agree as follows: 
  
 1. REFERENCE TO CREDIT AGREEMENT. 
  
 Reference is made to the Amended and Restated Credit Agreement dated as of July 9, 2002, among the Borrower, the Guarantors, the Lenders, the
Administrative Agent, the Sole Lead Arranger, the Syndication Agents and the Documentation Agents as amended by that certain First Amendment to Amended and Restated Credit Agreement dated as of April 15, 2003 (the “Credit
Agreement”). Capitalized terms used herein which are defined in the Credit Agreement have the same meanings herein as therein, except to the extent that such meanings are amended hereby. 
  
 2. AMENDMENTS. The Credit Parties, the Lenders and the Agents
agree that the Credit Agreement is hereby amended, effective as of the date hereof, as follows: 
  
 2.1. Section 1.1 of the Credit Agreement is hereby amended by adding the following definitions in alphabetical order: 
  
 “Assignment and Exchange Agreement” means
the Assignment and Exchange Agreement dated September 29, 2003 between Holdings I and Media Holdings. 
  
 “Astor Acquisition Documents” means the Asset Purchase Agreement dated as of December 19, 2002 and all related
instruments, agreements and other documents entered into by any Credit Party and the sellers party thereto in connection with the purchase of KEBN-FM (formerly KMXN-FM). 
  
 “Holdings Second Amendment” means the Second Amendment to Securities Purchase Agreement,
Warrant Agreement and Subordination and Intercreditor Agreement dated as of the Second Amendment Effective Date among Holdings I, Alta and the Administrative Agent. 

 “KMPX Acquisition” means the proposed acquisition by certain Credit
Parties of the assets of television station KMPX-TV, Decatur, Texas, for cash consideration not in excess of $37,000,000. 
  
 “KMPX Acquisition Documents” means the asset purchase agreement and all related instruments, agreements and other
documents entered into by any Credit Party and the sellers party thereto in connection with the purchase of KMPX-TV. 
  
 “Media Holdings” means LBI Media Holdings, Inc, a Delaware corporation, which is the sole shareholder of the Borrower and
a Wholly-Owned Subsidiary of Holdings I. 
  
 “Media Holdings Discount Notes” means Media Holdings’ unsecured Senior Discount Notes due 2013, including any Additional Notes and Exchange Notes (as each such term is defined in the Media Holdings Discount Notes
Indenture), in each case, as amended, supplemented or otherwise modified in accordance with the restrictions of Section 7.15, and as issued pursuant to the Media Holdings Discount Notes Indenture with aggregate gross cash proceeds not in excess of
the sum of (a) $50,000,000 (excluding the amounts referred to in clause (b) of this definition) plus (b) the amount of any increase in the outstanding principal amount of such notes as a consequence of such notes being issued at a discount
(i. e. accreted value). 
  
 “Media
Holdings Discount Notes Indenture” means the Indenture between Media Holdings and U.S. Bank, N.A., as trustee, pursuant to which the Media Holdings Discount Notes shall be issued, as amended, supplemented or otherwise modified in accordance
with the restrictions of Section 7.15. 
  
 “Second Amendment Effective Date” means October 10, 2003. 
  
 2.2. Section 1.1 of the Credit Agreement is hereby amended by deleting in their entirety the definitions of the terms listed below in this Section 2.2 and replacing those definitions with the following: 
  
 “Basic Documents” means the Loan Documents,
the Holdings Amendment, the Holdings Second Amendment, the Oaktree Redemption Agreement, the El Dorado Acquisitions Documents, the Guajillo Acquisitions Documents, the Intermediate Holdings Intercompany Note, the Senior Subordinated Note Indenture,
the Senior Subordinated Notes, the Media Holdings Discount Notes Indenture, the Media Holdings Discount Notes and the documents related thereto. 
  
 “Change in Control” means (a) Media Holdings shall cease to own, directly or indirectly, 100% of the Borrower’s
outstanding capital stock and Total Voting Power, (b) Holdings I shall cease to own, directly or indirectly, 100% of Media Holdings’ outstanding capital stock and Total Voting Power, (c) Jose and Lenard Liberman 

  

 2 

 
(together with their spouses, lineal descendants or heirs and devisees and any trusts controlled by them) shall cease to collectively own, directly or
indirectly, more than 50% of (i) the economic interests in the outstanding equity securities of Holdings I or (ii) the Total Voting Power of Holdings I, (d) the Borrower no longer owns and controls, directly or indirectly, 100% of the capital stock
of each of Liberman Broadcasting, Inc., Liberman Television Inc., Liberman Television of Houston, Inc., Liberman Broadcasting of Houston, Inc., Liberman Television of Dallas, Inc., and any License Subsidiary, unless one hundred percent (100%) or any
portion of such entity’s capital stock is transferred in accordance with the terms and conditions of this Agreement, (e) any Holding Company or the Borrower sells, leases, conveys, transfers, exchanges or otherwise disposes of, in a single
transaction or through a series of related transactions, all of the FCC Licenses owned by such Holding Company, the Borrower and the other Credit Parties to any Person other than any of the Credit Parties or (f) the occurrence of any “Change of
Control” as defined in any of the Holdings Securities Purchase Documents, the Senior Subordinated Note Indenture or the Media Holdings Discount Notes Indenture. 
  
 “Empire Burbank Lease” means that certain Lease dated as of July 15, 1999 between Empire
Burbank, as lessor, and LBI, as lessee, relating to occupancy of the Burbank Office Property, (or a replacement lease in substantially the same form except that the Borrower is the lessee and the term thereof is extended (which replacement lease
shall be deemed to be permitted under Section 7.14)), in each case as such lease may be amended or modified in accordance with Section 7.14. 
  
 “Empire Burbank Sublease” means that certain Sublease Agreement between LBI, as lessor, and Empire Burbank, as lessee,
(or a replacement sublease in substantially the same form except that the Borrower is the lessor and the term thereof is extended (which replacement lease shall be deemed to be permitted under Section 7.14)), in each case relating to occupancy of
certain portions of the Burbank Office Property by Empire Burbank, as such lease may be amended or modified from time to time. 
  
 “Holding Company” means each of (i) Holdings I, (ii) Media Holdings, and (ii) any other holding company formed after the
Closing Date which directly or indirectly owns all the equity interest of the Borrower and all of whose equity interests is directly or indirectly owned by Holdings I. 
  
 “Holding Company Debt” means any Indebtedness of Holdings I in respect of the Holdings
Securities Purchase Documents and any Indebtedness of Media Holdings in respect of the Media Holdings Discount Notes Indenture. 
  
 “Permitted Holdings Tax Distributions” means cash distributions and/or loans (to be computed by the Tax Accountant) from
the Borrower to Media Holdings or Holdings I and/or from Media Holdings to Holdings I, in respect of any taxable year to permit Holdings I to pay its estimated and final state income tax liabilities which are attributable to the taxable income of
Media Holdings and/or the Borrower for such taxable year calculated as though Media Holdings and the Borrower were S Corporations. If in any year Holdings I or Media Holdings is required to pay additional taxes with respect to a 

  

 3 

 
prior year’s tax return which are attributable to the taxable income of Media Holdings and/or the Borrower calculated as though Media Holdings and the
Borrower were S Corporations (whether because of an audit by a taxing authority, an amended return the filing of which is required in the reasonable judgment of Holdings I, Media Holdings or otherwise), the amount of Permitted Holdings Tax
Distributions which may be paid or loaned in such year shall be increased by the amount of such additional taxes. 
  
 “Permitted Refinancing” means a refinancing of the Empire Burbank Loan (other than with the Loans); provided that
(i) the terms of the Empire Burbank Loan Documents evidencing such refinancing shall be substantially similar to the terms of the Empire Burbank Loan Documents existing on March 20, 2001, with such changes as do not materially adversely affect the
Administrative Agent or the Lenders (it being understood that (a) no change to those provisions of the Empire Burbank Loan Documents referred to in Section 7.14(a)(ii) shall be permitted without the prior written consent of the Administrative Agent
and (b) replacement of the lessee under the Empire Burbank Lease of LBI with the Borrower, replacement of the lessor under the Empire Burbank Sublease of LBI with the Borrower and lengthening the term of either shall not be considered to materially
adversely affect the Administrative Agent or any Lender), (ii) no additional property shall be encumbered by the Empire Burbank Mortgage executed in connection with such refinancing and (iii) prior to consummation of such refinancing, the Borrower
shall deliver to the Administrative Agent copies of all loan documents relating thereto, certified by the Borrower to be true and correct copies thereof and to be all loan documents executed in connection with such refinancing. 
  
 “Permitted Shareholder Tax Distributions”
means cash distributions and/or loans made by the Borrower to Media Holdings, Holdings I or the shareholders of Holdings I and/or by Media Holdings to Holdings I or such shareholders to permit the shareholders of Holdings I to pay their estimated
and final federal and state income tax liabilities attributable to the income of Media Holdings and/or the Borrower calculated as though Media Holdings and/or the Borrower were an S Corporation. Permitted Shareholder Tax Distributions may be made
not more frequently than quarterly with respect to each period for which an installment of estimated tax would be required to be paid by the shareholders of Holdings I, provided, however, that the amount of such distributions or loans shall
not exceed the Permitted Dividend Amount. For purposes of computing the amount of aggregate Permitted Shareholder Tax Distributions for any taxable year, amounts paid in such taxable year by Media Holdings and/or the Borrower to the State of
California on behalf of nonresident shareholders as estimated taxes or as withholding taxes pursuant to the California Revenue and Taxation Code shall be treated as Permitted Shareholder Tax Distributions. If nonresident shareholders recontribute to
Media Holdings and/or the Borrower any such amounts paid on their behalf, however, the amounts contributed shall be subtracted from the amount of aggregate Permitted Shareholder Tax Distributions for the taxable year in which the contributions are
made. If in any year Holdings I’s shareholders are required to pay additional taxes with respect to a prior year’s tax return which are attributable to the taxable income of Media Holdings and/or the Borrower calculated as though Media
Holdings and/or the Borrower were S Corporations (whether because of an audit by a taxing authority, an amended return the 

  

 4 

 
filing of which is required in the reasonable judgment of Holdings I, or otherwise), the amount of Permitted Shareholder Tax Distributions which may be paid
in such year shall be increased by the amount of such additional taxes as determined by a Tax Accountant. Notwithstanding any other provision in this Agreement to the contrary, in the event that in any future tax period Holdings I fails to qualify
as an S Corporation for California and/or other state tax purposes or otherwise fails to receive the benefits of S Corporation tax treatments, but continues to maintain its S Corporation status for federal income tax purposes, the amount that can be
distributed or loaned under this paragraph or any other provisions of this Agreement shall include and shall be increased by the amount of California and/or other state taxes imposed on such distributions and loans (including the additional
distributions and loans under this sentence). For the avoidance of doubt, in determining the amounts that can be distributed to pay the tax liabilities of the shareholders of Holdings I or any of its Subsidiaries under this definition and other
provisions of this Agreement, if there are multiple distributions and/or loans (e.g., an amount from the Borrower to Media Holdings and the same amount from Media Holdings to Holdings I), such a series of distributions and/or loans shall be only
counted once. 
  
 “Transactions”
means with respect to each Credit Party and Holding Company, the execution, delivery and performance by the Borrower or such other Credit Party of the Loan Documents (including the Second Amendment to Amended and Restated Credit Agreement), the
Senior Subordinated Note Indenture and the documents related thereto, the Media Holdings Discount Notes Indenture and the documents related thereto and the Holdings Second Amendment and any other document related thereto to which any Credit Party or
Holding Company is a party, the borrowing of Loans and the use of the proceeds thereof, the issuance of Letters of Credit hereunder, and all transactions contemplated by the foregoing documents. 
  
 2.3. The definition of “EBITDA” in Section 1.1 is hereby
amended as follows: 
  
 (a) Clause (a)(i) is replaced with the
following: 
  
 (i) Interest Expense during such
period and any interest expense accrued during such period pursuant to the Holdings Securities Purchase Documents and the Media Holdings Discount Notes Indenture and the Media Holdings Discount Notes, 
  
 (b) Clause (2) of the provision is replaced with the following: 

 
 (2) for any period for which EBITDA is determined and in
which period a Permitted Acquisition is consummated, EBITDA shall be adjusted in a manner reasonably satisfactory to the Administrative Agent (a) to give effect to the consummation of such Acquisition on a pro-forma basis, as if such Acquisition
occurred on the first day of such period and (b) to reflect certain expense deductions in connection with such Acquisition reasonably acceptable to the Administrative Agent (except that for purposes of determining EBITDA for the fiscal quarter in
which the KMPX Acquisition is consummated, EBITDA shall be determined without inclusion of the operating results of KMPX-TV for such fiscal quarter), 

  

 5 

 (c) Clause (3) of the proviso is replaced with the following: 
  
 (3) for purposes of determining EBITDA for the four
consecutive fiscal quarter periods ending at the end of the first, second and third full fiscal quarters ending immediately subsequent to the closing of the KMPX Acquisition (for example, if the closing date of the KMPX Acquisition is January 20,
2004, the four consecutive fiscal quarter period ending at the end of the first full fiscal quarter ending immediately subsequent to such closing date would be the four consecutive fiscal quarter period ending on June 30, 2004), the EBITDA
attributable to the station and other assets acquired in connection with the KMPX Acquisition, shall be calculated as follows: for the four fiscal quarter periods ending on each of the three consecutive full fiscal quarter periods ending immediately
subsequent to the KMPX Acquisition, the EBITDA attributable to such stations and other assets as of the end of the first full fiscal quarter ending immediately subsequent to the KMPX Acquisition shall be based on the EBITDA attributable to such
station and other assets for such first full fiscal quarter times 4 (if such EBITDA is greater than zero) or times 1 (if such EBITDA is less than zero), the EBITDA attributable to such station and other assets as of the end of the second full fiscal
quarter ending immediately subsequent to the KMPX Acquisition shall be based on the EBITDA attributable to such station and other assets for the two full fiscal quarters then ending times 2 (if such EBITDA is greater than zero) or times 1 (if such
EBITDA is less than zero), and the EBITDA attributable to such station and other assets as of the end of the third full fiscal quarter ending immediately subsequent to the KMPX Acquisition shall be based on the EBITDA attributable to such station
and other assets for the three full fiscal quarters then ending times 1 and 1/3 (if such EBITDA is greater than zero) or times 1 (if such EBITDA is less than zero), respectively. Notwithstanding the foregoing, to the extent not expressly in conflict
herewith, the provisions of Section 7.4(d) applicable to Permitted Acquisitions shall apply to the KMPX Acquisition. 
  
 2.4. The definitions of “Dividend Limitation” and “Net Cash Payments” are hereby amended by replacing the references to
“Intermediate Holdings” with “Media Holdings.” 
  
 2.5. The definition of “Total Debt” is hereby deleted in its entirety and replaced with the following: 
  
 “Total Debt” means, as of any date of determination thereof, the Indebtedness of the Credit Parties (determined on a
consolidated basis without duplication in accordance with GAAP) excluding (i) intercompany loans among the Credit Parties, (ii) Indebtedness under the Holdings Securities Purchase Documents and under the Media Holdings Discount Notes Indenture and
documents related thereto if and to the extent no Credit Party is obligated with respect to such Indebtedness, (iii) the Liberman Subordinated Debt, and (iv) the Empire Burbank Loan. 
  
 2.6. The definition of “Transaction Costs” is hereby amended by deleting clause (c) and the final sentence and
replacing them with the following, “(c) the negotiation and 

  

 6 

 
consummation of the transactions contemplated under the El Dorado Acquisition Documents, the Guajillo Acquisition Documents, the Astor Acquisition Documents
and the KMPX Acquisition Documents, including any due diligence, engineering, consulting, environmental, travel and accommodation, appraisal or other similar costs and expenses; provided that the aggregate of the amounts described in this
clause (c), excluding the costs and expenses related to any financing agreements and proposed financing agreements and any financing fees and expenses related thereto, shall not exceed $4,000,000. The term “Transaction Costs” shall include
the initial and the routine periodic rating agency fees related to the issuance of the Senior Subordinated Notes, the Media Holdings Discount Notes and the maintenance of the rating(s) thereon but excluding any rating agency fees related to
subsequent transactions unrelated to the Senior Subordinated Notes, the Media Holdings Discount Notes and excluding any rating agency fees payable in connection with an Acquisition.” 
  
 2.7. Section 2.10(b) of the Credit Agreement is hereby amended as follows 
  
 (a) The second paragraph of Section 2.10(b)(iii) is hereby deleted and
replaced by the following: 
  
 Notwithstanding
anything herein to the contrary, (i) in the event any radio or television station owned by any Credit Party is sold, as permitted by paragraph (f) of Section 7.4, during the continuance of any Event of Default, all Net Cash Payments shall be applied
in the manner specified in paragraph (c) of this Section 2.10, and (ii) in the event that any of the Credit Parties shall have consummated (I) any “Asset Sale” (as defined in the Senior Subordinated Note Indenture), (II) any “Asset
Sale” (as defined in the Media Holdings Discount Notes Indenture) or (III) any “Sale of the Company” (as defined in the Holdings Securities Purchase Documents) that, in any case, would not be deemed a Disposition requiring a
prepayment under this Section 2.10(b), in any such case, the Credit Parties shall nonetheless prepay the Loans to the extent that the Senior Subordinated Note Indenture, the Media Holdings Discount Notes Indenture or the Holdings Securities Purchase
Documents would require any prepayment or redemption of the Senior Subordinated Notes or any Holding Company Debt or warrants issued by any Holding Company pursuant to the Media Holdings Discount Notes Indenture or the Holdings Securities Purchase
Documents, respectively. Prepayments of Loans (and cover for LC Exposure) and reductions of Commitments shall be effected in each case in the manner and to the extent specified in paragraph (c) of this Section 2.10. 
  
 (b) The following clause (iv) is hereby added thereto: 
  
 (iv) On the date of the incurrence by Media Holdings of any
Indebtedness under the Media Holdings Discount Notes, the Borrower shall deliver to the Administrative Agent a statement certified by a financial officer of the Borrower, in form and detail reasonably satisfactory to the Administrative Agent, of the
estimated amount of the net cash proceeds (net of all legal, underwriting and other fees, costs and expenses incurred in connection with the incurrence of such Indebtedness) from such incurrence of such Indebtedness that will (on the date of such
incurrence of Indebtedness) be received by Media Holdings and the Borrower will prepay the Loans hereunder (and provide cover for LC Exposure as specified in Section 2.4(i)), with no reduction of the Commitments 

  

 7 

 
hereunder, on the date of such incurrence of Indebtedness, in an aggregate amount equal to the lesser of (A) 100% of the net cash proceeds (net of all legal,
underwriting and other fees, costs and expenses incurred in connection with the incurrence of such Indebtedness) from such incurrence of Indebtedness received by Media Holdings or (B) the sum of the aggregate amount of Loans outstanding plus LC
Exposure then in effect, and such prepayment (other than the amount provided to cover LC Exposure) shall be shared and applied ratably among the Revolving Credit Lenders in proportion to their respective Revolving Credit Commitments (with no
reduction to the Revolving Credit Commitments). 
  
 2.8. Section
2.10(c) of the Credit Agreement is hereby amended by deleting the first part of the second sentence of the first paragraph (until the first colon appearing therein) in its entirety and substituting the following in lieu thereof: “Subject to the
preceding sentence and subject to the prepayment made pursuant to the subsection (b)(iii) of this Section being applied in accordance with such subsection (b)(iii) (with no reduction to the Revolving Credit Commitments) and subject to the prepayment
made pursuant to the subsection (b)(iv) of this Section being applied in accordance with such subsection (b)(iv) (with no reduction to the Revolving Credit Commitments), in the event of any optional prepayment of Borrowings pursuant to subsection
(a) of this Section, or any mandatory prepayment of Loans pursuant to subsection (b) of this Section, the proceeds shall be applied as follows: 
  
 2.9. Section 2.17 is hereby amended by adding the following subsection (f): 
  
 (f) Except to the extent otherwise provided herein: (i) each Borrowing of Revolving Credit Loans from the
Lenders under Section 2.1 shall be made from the Lenders, each payment of commitment fee under Section 2.11 in respect of Commitments shall be made for the account of the Lenders, and each termination or reduction of the amount of the Commitments
under Section 2.3 shall be applied to the Commitments of the Lenders, pro rata according to the amounts of their respective Commitments; (ii) LIBOR Loans having the same Interest Period shall be allocated pro rata among the Lenders according to the
amounts of their Commitments (in the case of the making of Loans) or their Loans (in the case of conversions and continuations of Loans); (iii) each payment or prepayment by the Borrower of principal of Loans shall be made for the account of the
Lenders pro rata in accordance with the respective unpaid principal amounts of the Loans held by such Lenders, except as otherwise set forth in Section 2.10(c); (iv) each payment by the Borrower of interest on Loans shall be made for the account of
the Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable to the Lenders; and (v) each payment by the Borrower of participation fees in respect of Letters of Credit shall be made for the account of the
Revolving Credit Lenders pro rata in accordance with the amount of participation fees then due and payable to the Revolving Credit Lenders. 
  
 2.10. Section 4.12 is hereby deleted in its entirety and replaced by the following: 
  
 4.12 Ownership and Capitalization. As of the Second Amendment Effective Date, the capital structure
and ownership of the Credit Parties and the Holding Companies, both before and after giving effect to the transactions contemplated by the 

  

 8 

 
Assignment and Exchange Agreement occurring on or prior to such date, is correctly described in Schedule 4.12. As of Second Amendment Effective Date,
the authorized, issued and outstanding capital stock of, and other equity interests in, each of the Credit Parties and the Holding Companies consists, after giving effect to the transactions contemplated by the Assignment and Exchange Agreement
occurring on or prior to such date, of the stock and interests described on Schedule 4.12, in each case all of which is duly and validly issued and outstanding, fully paid and nonassessable. As of Second Amendment Effective Date, except as
set forth in Schedule 4.12, after giving effect to the transactions contemplated by the Assignment and Exchange Agreement occurring on or prior to such date, (x) there are no outstanding Equity Rights with respect to any Credit Party and (y)
there are no outstanding obligations of any Credit Party to repurchase, redeem, or otherwise acquire any shares of capital stock of or other interests in any Credit Party nor are there any outstanding obligations of any Credit Party to make payments
to any Person, such as “phantom stock” payments, where the amount thereof is calculated with reference to the fair market value or equity value of any Credit Party. 
  
 2.11. Section 4.13(b) is hereby deleted in its entirety and replaced by the following: 
  
 (b) Except as set forth in Schedule 7.8 and except
for the Senior Subordinated Note Indenture and the documents related thereto, the Media Holdings Discount Notes Indenture and the documents related thereto, the Holdings Securities Purchase Documents, and the Subordination and Intercreditor
Agreement referred to in Section 7.8, as of the Second Amendment Effective Date, none of the Credit Parties is subject to any indenture, agreement, instrument or other arrangement containing any provision of the type described in Section 7.8, other
than any such provision the effect of which has been unconditionally, irrevocably and permanently waived so long as any portion of the Loans or any Commitment is outstanding. 
  
 2.12. Section 4.20 is hereby deleted in its entirety and replaced by the following: 
  
 4.20 Subchapter S Election and QSSS Election.
Holdings I has made an S Corporation election in accordance with Code Section 1362 and an election to treat Media Holdings and the Borrower as a qualified subchapter S subsidiaries have been made. Holdings I has not elected, pursuant to California
Revenue and Taxation Code Section 23801, not to be treated as an S Corporation for California income tax purposes. None of Holdings I’s individual shareholders are or shall be nonresidents of the State of California. 
  
 2.13. Section 6.1(e) is hereby deleted in its entirety and replaced by the
following: 
  
 (e) promptly upon the mailing
thereof to the holders of any Indebtedness or equity interests in the Credit Parties or any Holding Company generally, copies of all financial statements, regular reports and other statements so mailed; 
  
 2.14. Section 6.1(g) is hereby deleted in its entirety and replaced by the
following: 
  

 9 

 (g) promptly after the same become publicly available, copies of all registration
statements, regular periodic and other reports and statements filed by any Holding Company or any Credit Party with the Securities and Exchange Commission or any Governmental Authority succeeding to any or all of the functions of said Commission or
with any national securities exchange or market quotation system and copies of all press releases by the Holding Company or any Credit Party including, to the extent not included in the foregoing, any regular periodic and other reports and
statements provided by any Holding Company or any Credit Party to the holders of the Senior Subordinated Notes or the holders of the Media Holdings Discount Notes; and 
  
 2.15. Section 6.2(k) is hereby deleted in its entirety and replaced by the following: 
  
 (k) on the date of the occurrence thereof, notice that (i)
any or all of the obligations under the Senior Subordinated Note Indenture or the Media Holdings Discount Notes Indenture have been accelerated, or (ii) that trustee or required holders of the Senior Subordinated Notes or of the Media Holdings
Discount Notes has been given notice that any or all such obligations are to be accelerated. 
  
 2.16. Section 6.10(b) is hereby deleted in its entirety and replaced by the following: 
  
 (b) Ownership of Subsidiaries. Subject to Section 7.4, no Credit Party shall sell, transfer or otherwise dispose of any shares of
stock or other equity interests in any Subsidiary owned by it, nor issue or permit any Subsidiary, to issue, any shares of stock of any class or other equity interests whatsoever to any Person, except that (i) the Borrower may issue stock or equity
to any Holding Company and (ii) any Credit Party may issue stock or equity to another Credit Party provided such stock or equity is pledged to the Administrative Agent as set forth below. Subject to Section 7.4, each of the Credit Parties will cause
each of its Subsidiaries to take such action from time to time as shall be necessary to ensure that the percentage of the equity capital of any class or character owned by such Credit Party in any Subsidiary on the date hereof (or, in the case of
any newly formed or newly acquired Subsidiary, on the date of formation or acquisition) is not at any time decreased, other than by reason of transfers to another Credit Party. In the event that any additional shares of stock or other equity
interests shall be issued by any Credit Party (other than issuance by the Borrower of its capital stock to any Holding Company), the respective holder of such shares of stock or other equity interests shall forthwith deliver to the Administrative
Agent pursuant to the Pledge Agreement the certificates evidencing such shares of stock, accompanied by undated stock powers executed in blank, and shall take such other action as the Administrative Agent shall request to perfect the security
interest created therein pursuant to such pledge agreement. 
  
 2.17. Section 7.1(m) is hereby deleted in its entirety and replaced by the following: 
  
 (m) In addition to the foregoing, unsecured Indebtedness in an aggregate principal amount not exceeding $4,000,000 at any time
outstanding; provided that no Indebtedness to any holder of Indebtedness of Holdings I shall be permitted to be incurred under this subsection (m) unless such Indebtedness is subject to a subordination agreement satisfactory in form and
substance to the Administrative Agent. 
  

 10 

 2.18. Section 7.4(d) is hereby amended by replacing the reference to “the Borrower” in the
first paragraph with “any Credit Party” and by replacing the reference to “the Borrower” in clause (i) thereof with “the Borrower and its Subsidiaries.” 
  
 2.19. Section 7.5(a) of the Credit Agreement is hereby amended as follows: 
  
 (a) Clause (x) is hereby deleted and replaced by the following: 

 
 (x) (1) with respect to any period during which Holdings
I is an S Corporation or a substantially similar pass-through entity for federal income tax purposes and a QSSS Election is in effect for the Borrower, the Borrower may make loans to Media Holdings, Holdings I or the shareholders of Holdings I in an
amount (together with dividend payments made pursuant to Section 7.6(a)) not in excess of the Permitted Holdings Tax Distributions and the Permitted Shareholder Tax Distributions, (2) so long as no Default shall have occurred and be continuing and
no Default shall be caused thereby, at any time the Total Leverage Ratio is less than 4.5 to 1 as of the end of any fiscal year with respect thereto, as shown in the financial statements required to be delivered pursuant to Section 6.1(a) and in the
Compliance Certificate required to be delivered in respect of such fiscal year pursuant to Section 6.1(c), the Borrower may make loans (together with dividend payments made pursuant to Section 7.6(c)) to any Holding Company or the shareholders of
Holdings I to the extent of Excess Cash Flow for such fiscal year; provided that the aggregate amount of loans made pursuant to this clause (2) after the date hereof (together with the aggregate amount of dividends made pursuant to Section 7.6(c))
after the date hereof, shall not exceed $5,000,000, (3) so long as no Default shall have occurred or be continuing or shall be caused thereby, the Borrower may make loans to any Holding Company to pay corporate administrative expenses, provided,
that the amount of cash loans made pursuant to this clause (3), together with the amount of cash distributions made pursuant to Section 7.6(d), shall not exceed $1,500,000 in any fiscal year, (4) so long as no Default shall have occurred or be
continuing or shall be caused thereby, any Credit Party may make loans to Holdings I to enable Holdings I to make the payments with respect to any portion of the “Incentive Bonus” which may become payable pursuant to the employment
agreements of Winter Horton dated December 18, 2002, Andrew Mars dated November 15, 1998 and Xavier Ortiz dated September 1, 1999, respectively, or with respect to any notes issued with respect thereto; provided that the aggregate amount of such
loans together with the aggregate amount of dividends made pursuant to Section 7.6(g) shall not exceed the amount of such bonuses required to be paid under such employment agreements (including any amounts required to be paid under any such notes),
(5) so long as no Default shall have occurred and be continuing and no Default shall be caused thereby, the Borrower may make loans (together with dividend payments made pursuant to Section 7.6(i)) to Media Holdings in an amount equal to the
scheduled payments of interest on the Media Holdings Discount Notes to the extent required to be paid in cash pursuant to the Media Holdings Discount Notes Indenture and any liquidated damages required to be paid in connection with any registration
rights agreement related thereto, provided, that, 

  

 11 

 
in any fiscal year, the aggregate amount of cash loans made pursuant to this clause (5) during such fiscal year, together with the amount of cash
distributions made pursuant to Section 7.6(i) during such fiscal year, shall not exceed the aggregate amount of scheduled payments of interest on the Media Holdings Discount Notes to the extent required to be paid in cash on or after October 15,
2008 pursuant to the Media Holdings Discount Notes Indenture during such fiscal year (for the avoidance of doubt any cash interest payments which may become due prior to October 15, 2008 as a result of any election to make cash interest payments
with respect to the Media Holdings Discount Notes shall not be deemed to be “required to be paid in cash,” for the purposes of Sections 7.5 and 7.6) and any liquidated damages required to be paid during such fiscal year in connection with
any registration rights agreement related thereto, and (6) Borrower may forgive or cancel any of the loans made pursuant to clause (1), (2), (3), (4) or (5) above. 
  
 2.20. Section 7.6 of the Credit Agreement is hereby amended as follows: 
  
 7.6 Restricted Junior Payments. No Credit Party will
declare or make any Restricted Junior Payment at any time; provided, however, that (a) with respect to any period during which Holdings I is an S Corporation or a substantially similar pass-through entity for federal income tax purposes and a QSSS
Election is in effect for the Borrower, the Borrower may declare and make dividend payments to Media Holdings in an amount (together with loans made pursuant to Section 7.5(a)(x)(1)) not in excess of the Permitted Holdings Tax Distributions and the
Permitted Shareholder Tax Distributions; (b) so long as no Default shall have occurred and be continuing and no Default shall be caused thereby, the Borrower may make scheduled payments of interest on the Senior Subordinated Notes to the extent
required to be paid in cash pursuant to the Senior Subordinated Note Indenture and any liquidated damages required to be paid in connection with any registration rights agreement related thereto; (c) so long as no Default shall have occurred and be
continuing and no Default shall be caused thereby, at any time the Total Leverage Ratio is less than 4.5 to 1 as of the end of any fiscal year with respect thereto, as shown in the financial statements required to be delivered pursuant to Section
6.1(a) and Compliance Certificate required to be delivered in respect of such fiscal year pursuant to Section 6.1(c), the Borrower may declare and make dividend payments (together with loans made pursuant to Section 7.5(a)(x)(2)) to Media Holdings
or any other Holding Company, as applicable, to the extent of Excess Cash Flow for such fiscal year, provided that the aggregate amount paid pursuant to this clause (c) after the date hereof (together with the aggregate amount of loans made pursuant
to Section 7.5(a)(x)(2) after the date hereof) shall not exceed $5,000,000, (d) so long as no Default shall have occurred or be continuing or shall be caused thereby the Borrower may declare and make Restricted Junior Payments to any Holding Company
to pay corporate administrative expenses, provided that the amount of cash distributions made pursuant to this clause (d) (together with the amount of loans made pursuant to Section 7.5(a)(x)(3)) shall not exceed $1,500,000 in any fiscal year, (e)
the Credit Parties may pay their obligations to Empire Burbank to the extent required to be paid under the Empire Burbank Lease, (f) so long as no Default shall have occurred or be continuing or shall be caused thereby, Liberman Broadcasting, Inc.,
or any successor entity thereto, may make the payments described in clause (vi) of the definition of Restricted Junior Payment or make the payments with respect to any notes issued under the employment agreement 

  

 12 

 
described in such clause (vi), (g) so long as no Default shall have occurred or be continuing or shall be caused thereby, any Credit Party may make dividend
payments to Holdings I (through another Holding Company, if applicable), to enable Holdings I to make the payments with respect to any portion of the “Incentive Bonus” which may become payable pursuant to the employment agreements of
Winter Horton dated December 18, 2002, Andrew Mars dated November 15, 1998 and Xavier Ortiz dated September 1, 1999, respectively, or with respect to any notes issued with respect thereto; provided that the aggregate amount of such dividends
together with the aggregate amount of loans made pursuant to Section 7.5(a)(x)(4) shall not exceed the amount of such bonuses required to be paid under such employment agreements (including any amounts required to be paid under any such notes), (h)
the Credit Parties may make payments on the Liberman Subordinated Debt on the Closing Date in an amount not in excess of $1,920,000 and may make payments of interest on the Liberman Subordinated Debt to the extent such payments of interest are
permitted to be made under the Liberman Subordination Agreements, and (i) so long as no Default shall have occurred and be continuing and no Default shall be caused thereby, the Borrower may declare and make dividends (together with loans made
pursuant to Section 7.5(a)(x)(5)) to Media Holdings in an amount equal to the scheduled payments of interest on the Media Holdings Discount Notes to the extent required to be paid in cash pursuant to the Media Holdings Discount Notes Indenture and
any liquidated damages required to be paid in connection with any registration rights agreement related thereto, provided that, in any fiscal year, the aggregate amount paid pursuant to this clause (i) during such fiscal year (together with the
aggregate amount of loans made pursuant to Section 7.5(a)(x)(5) during such fiscal year), shall not exceed the aggregate amount of scheduled payments of interest on the Media Holdings Discount Notes to the extent required to be paid in cash on or
after October 15, 2008 pursuant to the Media Holdings Discount Notes Indenture during such fiscal year (for the avoidance of doubt any cash interest payments which may become due prior to October 15, 2008 as a result of any election to make cash
interest payments with respect to the Media Holdings Discount Notes shall not be deemed to be “required to be paid in cash,” for the purposes of Sections 7.5 and 7.6) and any liquidated damages required to be paid during such fiscal year
in connection with any registration rights agreement related thereto. Nothing herein shall be deemed to prohibit the making of any dividend or distribution, or other payment constituting a Restricted Junior Payment under clauses (ii) or (iii) of the
definition thereof by any Subsidiary to any Credit Party. Notwithstanding anything herein to the contrary, if part or all of a Permitted Holdings Tax Distribution or a Permitted Shareholder Tax Distribution is made in the form of a loan (rather than
a dividend or other form of distribution), then (i) the terms of such loan shall be determined in the sole discretion of the Borrower, and (ii) the subsequent cancellation or forgiveness of such loan shall not be treated as a Restricted Junior
Payment and shall not reduce the amount of subsequent Permitted Holdings Tax Distributions or Permitted Shareholder Tax Distributions. 
  
 2.21. (a) The parenthetical beginning in the second line of Section 7.8 is hereby deleted and replaced by the following: “(other than this Agreement,
the Senior Subordinated Note Indenture and the documents related thereto, the Media Holdings Discount Notes Indenture and the documents related thereto and the Holdings Securities Purchase Documents and the Subordination and Intercreditor Agreement
dated as of March 21, 2001 by 

  

 13 

 
and among Holdings I, Alta and Oaktree, as such agreement is amended by the Holdings Amendment and the Holdings Second Amendment and as it may be further
amended, supplemented or otherwise modified from time to time in accordance with the restrictions set forth in Section 7.15).” 
  
 (b) Clause (i) appearing in Section 7.8 is hereby deleted and replaced by the following: “(i) the foregoing shall not apply to restrictions and
conditions imposed by law, this Agreement, the Senior Subordinated Note Indenture and the documents related thereto, the Media Holdings Discount Notes Indenture and the documents thereto, or the Holdings Securities Purchase Documents or the
Subordination and Intercreditor Agreement referred to in this Section 7.8 above,”. 
  
 2.22. Section 7.10 of the Credit Agreement is hereby amended as follows: 
  
 (a) Subsection (a) of Section 7.10 is hereby deleted and replaced by the following: 
  
 (a) Total Leverage Ratio. The Credit Parties will not permit the Total Leverage Ratio at the end of
any fiscal quarter occurring during the periods below to exceed the ratio set opposite such period below: 
  

	 Period

	  	Ratio

	 September 30, 2003 through December 30, 2004
	  	Not Applicable
	 December 31, 2004 through June 30, 2005
	  	7.25 to 1
	 July 1, 2005 through December 31, 2005
	  	7.00 to 1
	 January 1, 2006 through June 30, 2006
	  	6.50 to 1
	 July 1, 2006 through December 31, 2006
	  	6.00 to 1
	 January 1, 2007 and thereafter
	  	5.50 to 1

  
 (b) Subsection (b) of
Section 7.10 is hereby deleted and replaced by the following: 
  
 (b) Senior Leverage Ratio. The Credit Parties will not permit the Senior Leverage Ratio at the end of any fiscal quarter occurring during the periods below to exceed the ratio set opposite such period below:

  

	 Period

	  	Ratio

	 Closing Date through June 30, 2004
	  	4.00 to 1
	 July 1, 2004 through December 31, 2004
	  	3.75 to 1
	 January 1, 2005 and thereafter
	  	3.50 to 1

  
 (c) Subsection (c) of
Section 7.10 is hereby deleted and replaced by the following: 
  

 14 

 (c) Interest Coverage Ratio. The Credit Parties will not permit the Interest
Coverage Ratio at the end of any fiscal quarter occurring during the periods below to be less than the ratio set opposite such period below: 
  

	 Period

	  	Ratio

	 September 30, 2003 through December 30, 2003
	  	1.50 to 1
	 December 31, 2003 through June 30, 2004
	  	1.60 to 1
	 July 1, 2004 through June 30, 2005
	  	1.65 to 1
	 July 1, 2005 through December 31, 2005
	  	1.75 to 1
	 January 1, 2006 through June 30, 2006
	  	1.80 to 1
	 July 1, 2006 through June 30, 2007
	  	1.90 to 1
	 July 1, 2007 through December 31, 2007
	  	2.00 to 1
	 January 1, 2008 through June 30, 2008
	  	2.05 to 1
	 July 1, 2008 and thereafter
	  	2.25 to 1

  
 (d) Subsection (d) of
Section 7.10 is hereby deleted and replaced by the following: 
  
 Capital Expenditures. The Credit Parties will not permit the aggregate amount of Capital Expenditures in any fiscal year to exceed the amount below set forth opposite such period: 
  

	 Period

	  	Amount

	 Fiscal year ending December 31, 2003
	  	$11,100,000
	 Fiscal year ending December 31, 2004
	  	$13,000,000
	 Fiscal year ending December 31, 2005 and each fiscal year thereafter
	  	$10,000,000

  
 ; provided, however
that to the extent that actual Capital Expenditures permitted hereunder in any fiscal year shall be less than the maximum amount permitted hereunder for such fiscal year, the excess of the maximum amount permitted hereunder over the actual Capital
Expenditures shall be available for Capital Expenditures hereunder in the immediately succeeding fiscal year but may not be carried over into any subsequent fiscal year. For purposes of this Section 7.10(d), Capital Expenditures made by the
reinvestment of Net Cash Payments in accordance with Section 2.10(b) shall not be deemed Capital Expenditures. 
  
 2.23. Section 7.15 of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 
  
 7.15 Holding Company Restrictions. Except for (a) the
Holding Company Debt incurred or to be incurred by (i) Holdings I pursuant to the Holdings Securities Purchase Documents and (ii) Media Holdings on or after the Second Amendment Effective Date pursuant to the Media Holdings Discount Notes Indenture,
the net cash proceeds of which additional Indebtedness shall be contributed as capital to the Borrower 

  

 15 

 
and shall be applied to the Loans in accordance with Section 2.10(b)(iv), (b) intercompany Indebtedness incurred by any Holding Company and owing to the
Borrower or any other Credit Party or any other Holding Company and (c) the Indebtedness which may be required to be incurred by Holdings I under the employment agreement of Winter Horton dated December 18, 2002, by and between Holdings I and Winter
Horton, the employment agreement dated as of March 21, 2003, by and between the Borrower and Brett Zane and the employment agreements described in Section 5.1(i) to the extent that payments under the phantom stock incentive provisions of such
agreements are not permitted by this Agreement or any other document to be made in cash, the Holding Companies shall not create incur, assume or permit to exist any Indebtedness which requires the payment in cash of any principal or interest in
respect thereof prior to March 31, 2010 without the prior written consent of the Required Lenders. No Holding Company will purchase, redeem, retire or otherwise acquire for value, or set apart any money for a sinking, defeasance or other analogous
fund for the purchase, redemption, retirement or other acquisition of, or make any payment or prepayment of the principal of, or interest on, or any other amount owing in respect of, (x) the Holdings Securities Purchase Documents, except , subject
to the provisions of the Alta Subordination Agreement, to the extent required by the Holdings Securities Purchase Documents or (y) the Media Holdings Discount Notes, except to the extent (1) required by the Media Holdings Discount Notes Indenture
(for the avoidance of doubt any cash interest payments which may become due prior to October 15, 2008 as a result of any election to make cash interest payments with respect to the Media Holdings Discount Notes shall not be deemed to be a payment of
interest required by the Media Holdings Discount Notes Indenture) or (2) if no Default shall have occurred and be continuing, permitted by the Media Holdings Discount Notes Indenture. No Holding Company will consent to any modification, supplement
or waiver of any of the provisions of the Media Holdings Discount Notes Indenture or the Holdings Securities Purchase Documents, the effect of which is to (i) increase principal, interest, fees, reimbursements or other amounts payable with respect
thereto or create any additional payment obligations thereunder, (ii) accelerate any scheduled or otherwise required payments of principal, interest, fees, reimbursements or other amounts, (iii) cause any amount of interest payable ‘in
kind” to be payable in cash, (iv) cause any covenants or other agreements to be more restrictive upon, or burdensome to, such Holding Company, in any respect materially adverse to the Credit Parties, (v) alter any event of default provisions
contained in the Media Holdings Discount Notes Indenture or the Holdings Securities Purchase Documents in any material respect, or (vi) make any other change which could reasonably be expected to have a Material Adverse Effect, in each case, without
the prior written consent of the Required Lenders or the Administrative Agent on their behalf except that (A) Holdings I may enter into and perform its obligations under the Holdings Amendment and the Holdings Second Amendment, (B) in accordance
with the Holdings Amendment, may, on the Closing Date, exchange (x) the notes outstanding under the Holdings Securities Purchase Documents for new notes, in the form attached to the Holdings Amendment, and (y) the warrants issued pursuant to the
Holdings Securities Purchase Documents for new warrants, in the form attached to the Holdings Amendment, and (C) in accordance with the Holdings Second Amendment, may, on the Second Amendment Effective Date, issue allonges to the notes and allonges
to the warrants, in 
  

 16 

 
each case in the form attached to the Holdings Second Amendment. Media Holdings shall not conduct any business or own any assets other than holding all of
the equity interests issued by the Borrower or any other Holding Company, cash and cash equivalents, any loans to or from any other Holding Company or any Credit Party, or any loans to any shareholder of Holdings I, performing managerial functions
relating to the businesses of the Credit Parties and entering into and performing its obligations under the Media Holdings Discount Notes Indenture, the Assignment and Exchange Agreement and the Basic Documents to which it is a party. Holdings I
shall not conduct any business or own any assets other than holding all of the equity interests issued by Media Holdings (or, if a new Holding Company is created after the Closing Date, all of the equity interests of such Holding Company to the
extent applicable), cash and cash equivalents, any loans to or from any other Holding Company or any Credit Party or any loans to any shareholder of Holdings I, performing managerial functions relating to the businesses of the Credit Parties and
entering into and performing its obligations under the Holdings Securities Purchase Documents, the Assignment and Exchange Agreement, the Basic Documents to which it is a party, the key employee agreements to which it is a party (and service
agreements with any Credit Party relating to such employment agreements), the intercreditor and subordination agreement referred to in the last sentence of this Section 7.15, making distributions or loans to its shareholders with the proceeds of
Permitted Shareholder Tax Distributions or Permitted Holdings Tax Distributions, and forgiving or canceling any such loans or any other loans to its Affiliates. Media Holdings shall not pledge, encumber or hypothecate any of the capital stock of the
Borrower. Holdings I will not consent to any modification, supplement or waiver of any of the provisions of the Intercreditor and Subordination Agreement dated as of March 20, 2001 among Holdings I, Alta and Oaktree, except pursuant to the Holdings
Amendment and the Holdings Second Amendment, without the prior written consent of the Administrative Agent in its sole discretion. 
  
 2.24 Schedules 4.12 and 7.7 to the Credit Agreement are hereby amended by deleting each such existing schedule in its entirety and substituting the
Schedules 4.12 and 7.7 attached to this Amendment therefor. 
  
 3.
NO DEFAULT; REPRESENTATIONS AND WARRANTIES. The Credit Parties hereby confirm that: 
  
 3.1. the representations and warranties of the Credit Parties contained in Article 4 of the Credit Agreement (as amended by this Agreement) are true on and as of the date hereof as if made on such date (except to the
extent that such representations and warranties expressly relate to an earlier date); 
  
 3.2. the Credit Parties are in compliance with all of the terms and provisions set forth in the Credit Agreement on their part to be observed or performed thereunder; and 
  
 3.3. after giving effect to this Amendment, no Event of Default, nor any
event which with the giving of notice or expiration of any applicable grace period or both would constitute such an Event of Default, shall have occurred and be continuing. 
  

 17 

 4. CONDITIONS TO THIS AMENDMENT. 
  
 The effectiveness of this Amendment is conditioned on the satisfaction of each of the following conditions: 
  
 4.1. Execution of Amendment. The Administrative Agent shall have
received from the Borrower, each Guarantor, each Holding Company, the Administrative Agent and the Required Lenders either (i) a counterpart of this Amendment signed on behalf of such party or (ii) written evidence satisfactory to the Administrative
Agent (which may include telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Amendment. 
  
 4.2. Governmental Approvals. The Credit Parties and the Holding Companies have obtained all permits, licenses, authorizations or consents from all
Governmental Authorities (including the FCC) and all consents of other Persons, in each case, that are necessary in connection with the transactions contemplated by the Assignment and Exchange Agreement and occurring on the date hereof, and each of
the foregoing shall be in full force and effect, in each case other than those the failure to obtain or maintain which, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 
  
 4.3. Organization of Media Holdings. The Administrative Agent shall
have received true and correct copies of the Assignment and Exchange Agreement and such Assignment and Exchange Agreement shall be the only agreement related to the contribution of the capital stock of the Borrower to Media Holdings, certified by a
Financial Officer of the Borrower. 
  
 4.4. Media Holdings
Discount Notes. (a) Media Holdings shall have issued the Media Holdings Discount Notes with aggregate gross cash proceeds of not greater than $50,000,000, (b) the Administrative Agent shall have received copies of the Media Holdings Discount
Notes Indenture and the same shall be reasonably satisfactory to the Administrative Agent and Special Counsel, (c) the Borrower shall have applied the proceeds thereof in accordance with Section 2.10(b)(iv) of the Credit Agreement and (d) the
Administrative Agent shall have received a certificate of a Financial Officer of the Borrower in form satisfactory to the Administrative Agent confirming that the Borrower has received from the purchasers of the Media Holdings Discount Notes all net
cash proceeds from the sale of such notes. 
  
 4.5. Holdings
Second Amendment. At or prior to date hereof, (a) the Holdings Second Amendment shall be entered into by Holdings I, the Administrative Agent and the Majority Purchasers (as defined in the Holdings Securities Purchase Documents) and shall
constitute an effective amendment to the Holdings Securities Purchase Documents enforceable against all parties thereto and (b) the Administrative Agent shall have received copies of such amendment and the same shall be reasonably satisfactory to
the Administrative Agent and Special Counsel. 
  
 4.6.
Corporate Matters. Appropriate corporate resolutions, if necessary, and such other certificates, instruments and documents as the Administrative Agent may reasonably request for the purpose of implementing or effectuating the provisions of
the Credit Agreement, as hereby amended, or this Amendment. 
  

 18 

 4.7. Fees. The Borrower shall have executed and delivered to the Administrative Agent a fee letter
with respect to this Amendment, in form and substance satisfactory to the Administrative Agent, and the Borrower shall have paid to the Administrative Agent for the benefit of certain Lenders, the fees required to be paid thereby. 
  
 4.8. Other Documents. Such other documents and instruments as the
Administrative Agent may reasonably require in order to put this Amendment into full force and effect. 
  
 5. MISCELLANEOUS. 
  
 5.1. Except to the extent specifically amended hereby, the Credit Agreement, the Loan Documents and all related documents shall remain in full force and
effect. Whenever the terms or sections amended hereby shall be referred to in the Credit Agreement, Loan Documents or such other documents (whether directly or by incorporation into other defined terms), such terms or sections shall be deemed to
refer to those terms or sections as amended by this Amendment. 
  
 5.2. This Amendment may be executed in any number of counterparts, each of which, when executed and delivered, shall be an original, but all counterparts shall together constitute one instrument. 
  
 5.3. This Amendment shall be governed by the laws of the Commonwealth of
Massachusetts and shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
  
 5.4. The Credit Parties agree to pay all reasonable expenses, including reasonable legal fees and disbursements incurred by the Administrative Agent in
connection with this Amendment and the transactions contemplated hereby. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 19 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment which shall be deemed to be a
sealed instrument as of the date first above written. 
  

	 BORROWER

	
	 LBI MEDIA, INC.,
 a California corporation

		
	 By:
	 	 /s/ Brett Zane

	 	 	      Name: Brett Zane

	 	 	      Title: Chief Financial Officer

	
	 GUARANTORS

	
	 LIBERMAN TELEVISION OF HOUSTON,
 INC., a California corporation

		
	 By:
	 	 /s/ Brett Zane

	 	 	      Name: Brett Zane

	 	 	      Title: Chief Financial Officer

	
	 KZJL LICENSE CORP.,
 a California corporation

		
	 By:
	 	 /s/ Brett Zane

	 	 	      Name: Brett Zane

	 	 	      Title: Chief Financial Officer

	
	 LIBERMAN TELEVISION, INC.,
 a California corporation

		
	 By:
	 	 /s/ Brett Zane

	 	 	      Name: Brett Zane

	 	 	      Title: Chief Financial Officer

	
	 KRCA TELEVISION, INC.,
 a California corporation

		
	 By:
	 	 /s/ Brett Zane

	 	 	      Name: Brett Zane

	 	 	      Title: Chief Financial Officer

  

 S-1 

	 KRCA LICENSE CORP.,
 a California corporation

		
	 By:
	 	 /s/ Brett Zane

	 	 	      Name: Brett Zane

	 	 	      Title: Chief Financial Officer

	
	 LIBERMAN BROADCASTING, INC.,
 a California corporation

		
	 By:
	 	 /s/ Brett Zane

	 	 	      Name: Brett Zane

	 	 	      Title: Chief Financial Officer

	
	 LBI RADIO LICENSE CORP.,
 a California corporation

		
	 By:
	 	 /s/ Brett Zane

	 	 	      Name: Brett Zane

	 	 	      Title: Chief Financial Officer

	
	 LIBERMAN BROADCASTING OF
 HOUSTON, INC.,
 a California corporation

		
	 By:
	 	 /s/ Brett Zane

	 	 	      Name: Brett Zane

	 	 	      Title: Chief Financial Officer

	
	 LIBERMAN BROADCASTING OF HOUSTON
 LICENSE CORP.,
 a California corporation

		
	 By:
	 	 /s/ Brett Zane

	 	 	      Name: Brett Zane

	 	 	      Title: Chief Financial Officer

	
	 EMPIRE BURBANK STUDIOS, INC.,
 a California corporation

		
	 By:
	 	 /s/ Brett Zane

	 	 	      Name: Brett Zane

	 	 	      Title: Chief Financial Officer

  

 S-2 

	 LIBERMAN TELEVISION OF DALLAS, INC.
 a California corporation

		
	 By:
	 	 /s/ Brett Zane

	 	 	      Name: Brett Zane

	 	 	      Title: Chief Financial Officer

	
	 LIBERMAN TELEVISION OF DALLAS
 LICENSE CORP.,
 a California corporation

		
	 By:
	 	 /s/ Brett Zane

	 	 	      Name: Brett Zane

	 	 	      Title: Chief Financial Officer

  

 S-3 

	 HOLDING COMPANIES
 Solely with respect to provisions of Section 2.23:

	
	 LBI HOLDINGS I, INC.,
 a California corporation

		
	 By:
	 	 /s/ Brett Zane

	 	 	      Name: Brett Zane

	 	 	      Title: Chief Financial Officer

	
	 LBI MEDIA HOLDINGS, INC.,
 a Delaware corporation

		
	 By:
	 	 /s/ Brett Zane

	 	 	      Name: Brett Zane

	 	 	      Title: Chief Financial Officer

  

 S-4 

	 ADMINISTRATIVE AGENT

	
	 FLEET NATIONAL BANK,
 as Administrative Agent and Lender

		
	 By:
	 	 /s/ Stephen J. Healey

	 	 	      Name: Stephen J. Healey

	 	 	      Title:

  

 S-5 

	 CO-SYNDICATION AGENTS

	
	 GENERAL ELECTRIC CAPITAL
 CORPORATION,

	 as Co-Syndication Agent and Lender

		
	 By:
	 	      /s/ Stephen W. Hipp

	 	 	      Name: Stephen W. Hipp

	 	 	      Title: Duly Authorized Signatory

  

 S-6 

	 U.S. BANK, N.A.,

	 as Co-Syndication Agent and Lender

		
	 By:
	 	 /s/ Jaycee Earll

	 	 	      Name: Jaycee Earll

	 	 	      Title: Assistant Vice President

  

 S-7 

	 CO-DOCUMENTATION AGENTS

	
	 CIT LENDING SERVICES CORPORATION,
 as Co-Documentation Agent and Lender

		
	 By:
	 	      /s/ Steven K. Reedy

	 	 	      Name: Steven K. Reedy

	 	 	      Title: Vice President

  

 S-8 

	 SUNTRUST BANK,

	 as Co-Documentation Agent and Lender

		
	 By:
	 	      /s/ Thomas C. King, Jr.

	 	 	      Name: Thomas C. King, Jr.

	 	 	      Title: Director

  

 S-9 

	 LENDERS

	
	 CREDIT SUISSE FIRST BOSTON,
 CAYMAN ISLANDS BRANCH

		
	 By:
	 	      /s/ Bill O’Daly

	 	 	      Name: Bill O’Daly

	 	 	      Title: Director

  

 S-10 

	 CIBC INC.

		
	 By:
	 	      /s/ Keith Labbate

	 	 	      Name: Keith Labbate

	 	 	      Title: Executive Director

	 	 	      CIBC World Markets Corp., as Agent

  

 S-11 

	 UBS AG, STAMFORD BRANCH

		
	 By:
	 	       /s/ Patricia O’Kicki

	 	 	       Name: Patricia O’Kicki

	 	 	       Title: Director

		
	 By:
	 	       /s/ Wilfred V. Saint

	 	 	       Name: Wilfred V. Saint

	 	 	       Title: Associate Director Banking Products
       Services, US

  

 S-12 

	 WEBSTER BANK

		
	 By:
	 	       /s/ (illegible)

	 	 	       Name:

	 	 	       Title:

  
  

 S-13

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