ASSET EXCHANGE AGREEMENT

Asset Exchange Agreement

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Title: ASSET EXCHANGE AGREEMENT
Governing Law: Illinois Date: 5/16/2005
Industry: BRDCST Law Firm: Bose McKinney & Evans LLP

exv10w25

Exhibit 10.25

ASSET EXCHANGE AGREEMENT

between

EMMIS RADIO, LLC
EMMIS RADIO LICENSE, LLC

and

BONNEVILLE INTERNATIONAL CORPORATION
BONNEVILLE HOLDING COMPANY

January 14, 2005

TABLE OF CONTENTS


RECITALS			1
ARTICLE I. TERMINOLOGY			2
	1.1	Defined Terms	2
	1.2	Additional defined Terms	6
ARTICLE II. EXCHANGE OF ASSETS			8
	2.1	Description of Exchange Assets	8
	2.2	Excluded Assets	11
	2.3	Emmis Entities’ Assumption of Liabilities	14
	2.4	Bonneville Entities’ Assumption of Liabilities	14
	2.5	Exchange of Assets; Boot and Noncompete Payments	16
	2.6	Asset Values and 1031 Schedules	16
	2.7	Proration Adjustment	17
	2.8	Accounts Receivable	20
ARTICLE III. REPRESENTATIONS AND WARRANTIES OF THE EMMIS ENTITIES			21
	3.1	Organization, Good Standing and Requisite Power	21
	3.2	Authorization and Binding Effect of Documents	21
	3.3	Absence of Conflicts	22
	3.4	Consents	22
	3.5	Emmis Assets; Title	22
	3.6	Emmis FCC Licenses	23
	3.7	Station Agreements	24
	3.8	Tangible Personal Property	26
	3.9	Emmis Real Property	26
	3.10	Intellectual Property	29
	3.11	Emmis Stations Financial Condition	29
	3.12	Absence of Certain Changes or Events	30
	3.13	Litigation	31
	3.14	Labor Matters	31
	3.15	Employee Benefit Plans	32
	3.16	Compliance with Law	33
	3.17	[INTENTIONALLY OMITTED]	34
	3.18	Environmental Matters	34
	3.19	Broker’s or Finder’s Fees	35
	3.20	Insurance	35
	3.21	Transactions with Affiliates	35
	3.22	Emmis Entities’ Qualification	36
	3.23	WARN Act	36
	3.24	Certain Information Regarding Emmis Entities	36
	3.25	Exclusivity of Representations	37
ARTICLE IV. REPRESENTATIONS AND WARRANTIES OF THE BONNEVILLE ENTITIES			37
	4.1	Organization, Good Standing and Requisite Power	37
	4.2	Authorization and Binding Effect of Documents	37
	4.3	Absence of Conflicts	38


	4.4		Consents	38
	4.5		Bonneville Assets; Title	38
	4.6		Bonneville FCC Licenses	39
	4.7		Station Agreements	40
	4.8		Tangible Personal Property	42
	4.9		Bonneville Real Property	42
	4.10		Intellectual Property	44
	4.11		WLUP Financial Condition	44
	4.12		Absence of Certain Changes or Events	45
	4.13		Litigation	46
	4.14		Labor Matters	46
	4.15		Employee Benefit Plans	47
	4.16		Compliance with Law	48
	4.17		[INTENTIONALLY OMITTED]	48
	4.18		Environmental Matters	48
	4.19		Broker’s or Finder’s Fees	50
	4.20		Insurance	50
	4.21		Transactions with Affiliates	50
	4.22		Bonneville Entities’ Qualification	50
	4.23		WARN Act	51
	4.24		Exclusivity of Representations	51
ARTICLE V. OTHER COVENANTS				52
	5.1		Conduct of Each Station’s Business Prior to the Closing Date	52
	5.2		Notification of Certain Matters	54
	5.3		HSR Filings	54
	5.4		FCC Filing	54
	5.5		Title; Additional Documents	55
	5.6		Consents	55
	5.7		Inspection and Access; Financial Information	56
	5.8		Confidentiality	56
	5.9		Publicity	56
	5.10		Material Adverse Effect	57
	5.11		Commercially Reasonable Efforts	57
	5.12		FCC Reports and Applications	57
	5.13	<