Exhibit 10.3
PLEDGE AMENDMENT
This Pledge Amendment, dated as of March 15, 1999, is delivered pursuant to
Section 5(b) of the Stock Pledge Agreement, dated as of July 2, 1998 (the
"Agreement"; capitalized terms defined in the Agreement being used herein as
therein defined), by the undersigned in favor of BankBoston, N.A., as Agent. The
undersigned hereby agrees that this Pledge Amendment may be attached to the
Agreement, and that the Pledged Shares listed on this Pledge Amendment shall be
deemed to be and shall become part of the Pledged Collateral and shall secure
all Secured Obligations. Nothing contained in this Pledge Amendment shall be
deemed or construed to (i) release or impair any of the Pledged Shares or other
Pledged Collateral existing in favor of the Agent as of the date hereof, or (ii)
waive or limit any right or remedy of the Agent or the Lenders under the
Agreement or with respect to any such Pledged Shares or Pledged Collateral.
INTEREP NATIONAL RADIO SALES, INC.
By: /s/ Xxxxxxx X. XxXxxxx, Xx.
------------------------------------
Name: Xxxxxxx X. XxXxxxx, Xx.
Title: Vice President and
Chief Financial Officer
CERTIF- NUMBER OF NUMBER OF NUMBER OF
CLASS OF PAR ICATE SHARES OUTSTANDING AUTHORIZED
ISSUER STOCK VALUE NO(S) PLEDGED SHARES SHARES
------ ----- ----- ----- -------- ------ ------
American Radio Common $.01 1 100 100 1000
Sales, Inc
