Disclosure Schedules. All schedules referenced herein and attached hereto (each, a “Schedule” and, collectively, the “Disclosure Schedules”) are incorporated herein and expressly made a part of this Agreement as though completely set forth herein. The Disclosure Schedules have been arranged for purposes of convenience in separately numbered sections corresponding to the sections of this Agreement; however, any item disclosed in any part, subpart, section or subsection of the Disclosure Schedules referenced by a particular section or subsection in the Disclosure Schedules will be deemed to have been disclosed with respect to every other section and subsection in this Agreement if the relevance of such disclosure to such other section or subsection is readily apparent on its face. Any item of information, matter or document disclosed or referenced in, or attached to, the Disclosure Schedules will not # be used as a basis for interpreting the term “material” or other similar terms in this Agreement or to establish a standard of materiality, # represent a determination that such item or matter did not arise in the Ordinary Course of Business, # be deemed or interpreted to expand the scope of Emmis’ or Sinclair’s representations and warranties, obligations, covenants, conditions or agreements contained herein, # constitute, or be deemed to constitute, an admission of liability or obligation regarding such matter, # represent a determination that the consummation of the transactions contemplated hereby requires the consent of any third party, # constitute, or be deemed to constitute, an admission to any third party concerning such item or matter or # constitute, or be deemed to constitute, an admission or indication by Emmis or Sinclair that such item meets any or all of the criteria set forth in this Agreement for inclusion in the Disclosure Schedules. No disclosure in the Disclosure Schedules relating to any possible breach or violation of any Contract or Law will be construed as an admission or indication that any such breach or violation exists or has actually occurred. Capitalized terms used in the Disclosure Schedules and not otherwise defined therein have the meanings given to them in this Agreement.

The schedules and information set forth in the Disclosure Schedules refer to the section or paragraph of this Agreement to which such schedule and information is responsive, and each such schedule and information shall be deemed to have been disclosed with respect to all other sections and paragraphs of this Agreement to which the applicability of such information is reasonably apparent on its face notwithstanding the omission of a cross-reference. All capitalized terms used in the Disclosure Schedules and not otherwise defined therein shall have the same meanings as are ascribed to such terms in this Agreement. The Disclosure Schedules shall not vary, change or alter the literal meaning of the representations and warranties of the Seller contained in this Agreement, other than creating exceptions thereto which are responsive to the language of the warranties and representations contained in this Agreement. The specification of any dollar amount in the representations or warranties contained in this Agreement or the inclusion of any specific item in any Schedule is not intended to imply that such amounts, or higher or lower amounts or the items so included or other items, are or are not material. Any summary or description of any law or regulation, contract or other document contained in the Disclosure Schedules is only a summary, is not complete and is qualified by the full text of such law or regulation, contract or other document.