Document:

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                                                                    EXHIBIT 10.4

                          DFS/GANIS TRANSFER AGREEMENT

                                     between

                     DEUTSCHE FINANCIAL SERVICES CORPORATION

                                       and

                            GANIS CREDIT CORPORATION

                          Dated as of November 1, 2001

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                                TABLE OF CONTENTS

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<S>                                                                                                             <C>
                                                     ARTICLE I
                                                    Definitions

         SECTION 1.01.  Definitions...............................................................................1
         SECTION 1.02.  Other Definitional Provisions.............................................................1

                                                    ARTICLE II
                                            Contribution of Receivables

         SECTION 2.01.  Contribution..............................................................................2
         SECTION 2.02.  Intent of the Parties.....................................................................3

                                                    ARTICLE III
                                                  The Receivables

         SECTION 3.01.  Representations and Warranties as to Receivables..........................................4

                                                    ARTICLE IV
                                                        DFS

         SECTION 4.01.  Representations of DFS...................................................................10
         SECTION 4.02.  Corporate Existence......................................................................12
         SECTION 4.03.  Liability of DFS ........................................................................12
         SECTION 4.04.  Indemnification..........................................................................12
         SECTION 4.05.  Merger or Consolidation of, or Assumption of the
                               Obligations of, DFS...............................................................12
         SECTION 4.06.  Limitation on Liability of DFS and Others................................................13

                                                     ARTICLE V
                                                   Miscellaneous

         SECTION 5.01.  Amendment................................................................................13
         SECTION 5.02.  Protection of Title; Change of Name, Identity, Corporate
                               Structure or Location, Etc........................................................14
         SECTION 5.03.  Notices..................................................................................14
         SECTION 5.04.  Assignment...............................................................................15
         SECTION 5.05.  Limitations on Rights of Others..........................................................15
         SECTION 5.06.  Severability.............................................................................15
         SECTION 5.07.  Separate Counterparts....................................................................15
         SECTION 5.08.  Headings.................................................................................15
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<TABLE>
<S>                                                                                                            <C>
         SECTION 5.09.  Governing Law............................................................................15
         SECTION 5.10.  Nonpetition Covenants....................................................................16
         SECTION 5.11.  Waiver...................................................................................16
         SECTION 5.12.  Separate Corporate Existence.............................................................16
         SECTION 5.13.  Submission to Jurisdiction...............................................................16
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         DFS/GANIS TRANSFER AGREEMENT dated as of November 1, 2001 (this
"Agreement") between DEUTSCHE FINANCIAL SERVICES CORPORATION, a Nevada
corporation ("DFS") and GANIS CREDIT CORPORATION, a Delaware corporation
("Ganis").

         WHEREAS, Ganis desires to acquire Receivables from DFS; and

         WHEREAS, DFS is willing to contribute such Receivables to Ganis.

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

                                    ARTICLE I

                                   Definitions

         SECTION 1.01. Definitions. Except as otherwise specified herein or as
the context may otherwise require, capitalized terms used herein (including in
the recitals hereto) have the respective meanings assigned thereto in Appendix A
to the Transfer and Servicing Agreement for all purposes of this Agreement.
"Transfer and Servicing Agreement" means the Transfer and Servicing Agreement,
dated the same date as this Agreement, among Distribution Financial Services
RV/Marine Trust 2001-1, Deutsche Recreational Asset Funding Corporation and DFS,
as Servicer, as the same may be amended, amended and restated or otherwise
modified from time to time.

         SECTION 1.02.  Other Definitional Provisions.

         (a) All terms defined in Appendix A to the Transfer and Servicing
Agreement shall have the defined meanings when used in any certificate or other
document made or delivered pursuant hereto unless otherwise defined therein.

         (b) As used in this Agreement and in any certificate or other document
made or delivered pursuant hereto, accounting terms not defined in this
Agreement or in any such certificate or other document, and accounting terms
partly defined in this Agreement or in any such certificate or other document to
the extent not defined, shall have the respective meanings given to them under
generally accepted accounting principles. To the extent that the definitions of
accounting terms in this Agreement or in any such certificate or other document
are inconsistent with the meanings of such terms under generally accepted
accounting principles, the definitions contained in this Agreement or in any
such certificate or other document shall control.

         (c) The words "hereof", "herein", "hereunder" and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provision of this Agreement; Article and Section
references contained in this Agreement are

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references to Articles and Sections in this Agreement unless otherwise
specified; and the term "including" shall mean "including without limitation".

         (d) The definitions contained in this Agreement are applicable to the
singular as well as the plural forms of such terms and to the masculine as well
as to the feminine and neuter genders of such terms.

         (e) Any agreement, instrument or statute defined or referred to herein
or in any instrument or certificate delivered in connection herewith means such
agreement, instrument or statute as from time to time amended, amended and
restated or otherwise modified and includes (in the case of agreements or
instruments) references to all attachments thereto and instruments incorporated
therein; references to a Person are also to its permitted successors and
assigns.

         (f) Each reference to the "close of business" on a particular day shall
mean 5:00 p.m. Pacific Time on such day.

                                   ARTICLE II

                           Contribution of Receivables

         SECTION 2.01. Contribution. DFS does hereby transfer, assign, set over
and otherwise convey to Ganis, as a capital contribution, without recourse
(subject to the obligations of DFS set forth herein), all right, title and
interest of DFS in, to and under (but none of the obligations of DFS under):

         (a) all of the Receivables originated by DFS or acquired by DFS from
Dealers (all of such Receivables being referred to collectively as the "DFS
Receivables" and individually as a "DFS Receivable") and all moneys received
thereon on and after the Cutoff Date;

         (b) (i) the security interests in the Financed Assets (other than
Federally Documented Boats) created pursuant to the DFS Receivables and any
other interest of DFS in the Financed Assets, and (ii) the Boat Mortgage Trust
Agreement (but only to the extent relating to the Federally Documented Boats);

         (c) any proceeds with respect to the DFS Receivables under any
Insurance Policies and all claims under such Insurance Policies;

         (d) any proceeds from recourse to Dealers with respect to DFS
Receivables;

         (e) any Financed Asset, relating to a DFS Receivable, acquired in
repossession;

         (f) the contents of the Receivable Files with respect to DFS
Receivables and all rights, benefits and proceeds arising therefrom or in
connection therewith;

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         (g) all funds on deposit from time to time in the Trust Accounts, and
all investments and proceeds thereof (including all income thereon); and

         (h) the proceeds of any and all of the foregoing.

         The DFS Receivables and other items covered by clauses (a)-(h) of this
Section 2.01 shall be referred to collectively as the "DFS Conveyed Property".
The conveyance of the DFS Conveyed Property by DFS to Ganis (and the other terms
of this Agreement) shall not be deemed to limit the right of DFS (i) to act as
Servicer or (ii) in its capacity as Servicer, to receive compensation as set
forth in the Basic Documents.

         SECTION 2.02. Intent of the Parties. (a) DFS and Ganis intend that the
conveyance by DFS to Ganis of the right, title and interest of DFS in, to and
under the DFS Receivables and the other DFS Conveyed Property pursuant to this
Agreement shall constitute a capital contribution and not a loan, that such
conveyance is absolute and unconditional, and that DFS retain no interest in, to
or under the DFS Receivables and the other DFS Conveyed Property. However, in
the event that, notwithstanding the intent of the parties, such conveyance is
deemed to be a transfer for security and not a capital contribution, then (i)
DFS shall be deemed to have granted, and in such event does hereby grant, to
Ganis a first priority security interest in all of its right, title and interest
in, to and under DFS Conveyed Property, and (ii) this Agreement shall constitute
a security agreement under applicable law with respect to such conveyance.

         (b) No party hereto shall take any action that is inconsistent with the
ownership of the DFS Conveyed Property by Ganis, it being understood that this
sentence shall not prevent the transfer of the DFS Conveyed Property by Ganis to
the Depositor in accordance with the Ganis/Depositor Transfer Agreement and the
transfer of the DFS Conveyed Property by the Depositor to the Issuer in
accordance with the Transfer and Servicing Agreement. Each party hereto shall
inform any Person inquiring about the Receivables that the DFS Conveyed Property
has been transferred by DFS to Ganis, by Ganis to the Depositor and by the
Depositor to the Issuer (and such transfers shall be reflected in the accounting
records and computer systems of the parties hereto). Without limiting the
generality of the foregoing, for accounting, tax and other purposes each party
hereto shall treat the transfer of the DFS Conveyed Property by DFS to Ganis as
a capital contribution by DFS to Ganis. Notwithstanding any other provision of
this Agreement, no Person shall have any recourse to DFS, Ganis or the Servicer
on account of the financial inability of any Obligor to make payments in respect
of a Receivable.

         (c) DFS and Ganis intend that, solely for purposes of allocating income
between DFS and Ganis, (i) the conveyance of DFS Receivables by DFS to Ganis
shall be effective as of the respective dates on which DFS originated or
acquired such DFS Receivables, (ii) all proceeds and income arising on or prior
to the Closing Date in respect of such DFS Receivables shall be deemed to have
been transferred by DFS to Ganis as of such respective dates of origination and
execution, and (iii) Ganis shall be deemed to have paid such proceeds and income
simultaneously to DFS as a repayment of intercompany debt owed by Ganis to DFS.
The

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preceding sentence shall not limit or otherwise affect the other provisions of
this Agreement, including the provisions of Section 3.01 relating to the
obligation of DFS to purchase Receivables in the circumstances contemplated
thereby.

                                   ARTICLE III

                                 The Receivables

         SECTION 3.01.  Representations and Warranties as to Receivables.

         DFS makes the following representations and warranties as to the
Receivables, on which representations and warranties each of Ganis, the
Depositor and the Issuer is deemed to have relied in acquiring the Receivables.
Such representations and warranties speak as of the execution and delivery of
this Agreement and as of the Closing Date and shall survive the transfer and
assignment of the Receivables to the Issuer and the pledge thereof to the
Indenture Trustee pursuant to the Indenture.

                  (i) Characteristics of Receivables. All of the Receivables
         (other than the Receivables originated by the Transferor or acquired by
         the Transferor from Dealers) were originated by DFS or acquired by DFS
         from Dealers. Each DFS Receivable (A) was fully and properly executed
         by the parties thereto, (B) contains customary and enforceable
         provisions such as to render the rights and remedies of the holder
         thereof adequate for realization against the collateral security, (C)
         is fully amortizing and provides for fixed level periodic payments
         which, if made when due, shall fully amortize the Amount Financed over
         the original term (except that if such DFS Receivable is a Step Rate
         Receivable, such periodic payments will vary from time to time during
         the term of such Receivable) and (D) provides for, in the event that
         such DFS Receivable is prepaid in full, payment of an amount that fully
         pays the Principal Balance and includes accrued but unpaid interest at
         least through the date of prepayment calculated at a rate at least
         equal to its Annual Percentage Rate. Each DFS Receivable provides that
         payments thereon are to be applied in accordance with the Simple
         Interest Method. If a DFS Receivable was originated by a Dealer, such
         Receivable, to the knowledge of DFS, (A) was originated by the Dealer
         for the retail sale of a Financed Asset in the ordinary course of such
         Dealer's business, (B) was purchased by DFS from such Dealer for new
         value under a Dealer Agreement and (C) was validly assigned by the
         Dealer to DFS. To the knowledge of DFS, such Dealer had all necessary
         licenses and permits to originate DFS Receivables in the state where
         such Dealer was located. If such DFS Receivable was originated by DFS,
         such DFS Receivable was originated for value by DFS in the ordinary
         course of its business to finance the purchase of, or refinance, the
         related Financed Asset by the related Obligor. DFS had all necessary
         licenses and permits to originate or purchase each DFS Receivable at
         the time of its origination or purchase of such DFS Receivable. At the
         time that each DFS Receivable was originated or purchased by DFS, any
         related Financed Asset was, to the knowledge of DFS, to be used
         primarily for

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         personal, family, or household purposes rather than for business or
         commercial purposes. The DFS Receivables were selected at random by DFS
         from its portfolio of recreational vehicle and boat receivables
         originated by DFS or acquired by DFS from Dealers.

                  (ii) No Fraud or Misrepresentation. To the knowledge of DFS,
         each DFS Receivable originated by a Dealer was originated by the Dealer
         and sold by the Dealer to DFS without any fraud or misrepresentation on
         the part of such Dealer.

                  (iii) Compliance with Law. To the knowledge of DFS, all
         requirements of applicable federal, state and local laws, and
         regulations thereunder (including, without limitation, usury laws, the
         Federal Truth-in- Lending Act, the Equal Credit Opportunity Act, the
         Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt
         Collection Practices Act, the Federal Trade Commission Act, the
         Magnuson-Moss Warranty Act, the Federal Reserve Board's Regulations "B"
         and "Z", the Soldiers' and Sailors' Civil Relief Act of 1940, state
         motor vehicle retail installment sales acts and lending acts and state
         adaptations of the National Consumer Act and of the Uniform Consumer
         Credit Code and other consumer credit laws and equal credit opportunity
         and disclosure laws) in respect of all of the DFS Receivables and each
         and every sale of Financed Assets relating thereto, have been complied
         with in all material respects, and each DFS Receivable and the sale of
         the Financed Asset evidenced by each DFS Receivable complied at the
         time it was originated or made and now complies in all material
         respects with all applicable legal requirements, including the laws and
         regulations contemplated by this clause (iii).

                  (iv) Origination. Each DFS Receivable was originated in the
         United States of America.

                  (v) Binding Obligation. Each DFS Receivable represents the
         genuine, legal, valid and binding payment obligation of the Obligor
         thereon, enforceable by the holder thereof in accordance with its
         terms, except as enforceability may be limited by bankruptcy,
         insolvency, reorganization or similar laws affecting the enforcement of
         creditors' rights generally and by equitable limitations on the
         availability of specific remedies, regardless of whether such
         enforceability is considered in a proceeding in equity or at law; and
         all parties to each DFS Receivable had full legal capacity to execute
         and deliver such DFS Receivable and all other documents related thereto
         and to grant the security interest purported to be granted thereby.

                  (vi) No Government Obligor. No Obligor of a DFS Receivable is
         the United States of America or any State or any agency, department,
         subdivision or instrumentality thereof.

                  (vii) Obligor Bankruptcy. At the Cutoff Date, no Obligor had
         been identified on the records of DFS as being the subject of a current
         bankruptcy proceeding.

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                  (viii) Schedule of Receivables. The information with respect
         to DFS Receivables set forth in the Schedule of Receivables is true and
         correct in all material respects as of the close of business on the
         Cutoff Date.

                  (ix) Marking Records. By the Closing Date, DFS shall have
         caused the portions of its electronic ledger relating to the DFS
         Receivables to be clearly and unambiguously marked to show that the DFS
         Receivables have been transferred absolutely from DFS to Ganis, from
         Ganis to the Depositor and from the Depositor to the Trust.

                  (x) Computer Tape. The Computer Tape was complete and accurate
         as of the Cutoff Date and includes a description of the same DFS
         Receivables that are described in the Schedule of Receivables.

                  (xi) Chattel Paper. The DFS Receivables constitute chattel
         paper within the meaning of the UCC as in effect in the states in which
         the Obligors reside.

                  (xii) One Original. There is only one original executed copy
         of each DFS Receivable.

                  (xiii) Receivable Files Complete. There exists a Receivable
         File pertaining to each DFS Receivable and, to the knowledge of DFS,
         such Receivable File contains (a) a fully executed original of the DFS
         Receivable, with a fully executed assignment thereof in blank or from
         the related Dealer to DFS, as the case may be, if such DFS Receivable
         was acquired by DFS from a Dealer, (b) a certificate of physical damage
         insurance, application form for such insurance signed by the Obligor or
         a signed representation letter from the Obligor named in the DFS
         Receivable pursuant to which the Obligor has agreed to obtain physical
         damage insurance for the Financed Asset, or copies thereof, (c) the
         Title Document, Lien Certificate or a copy of the application therefor
         or, except with respect to Financed Boats that are Federally Documented
         Boats, a certification from the Servicer that it has received
         confirmation from an authorized official of the appropriate
         governmental office of the existence of the first lien of DFS with
         respect to the related Financed Asset and (d) a credit application
         signed by the Obligor, or a copy thereof. Each of such documents which
         is required to be signed by the Obligor has been signed by the Obligor
         in the appropriate spaces. Each of the foregoing documents has been
         correctly prepared. The complete file for each DFS Receivable currently
         is in the possession of the Servicer.

                  (xiv) Receivables in Force. No DFS Receivable has been
         satisfied, subordinated or rescinded, and the Financed Asset securing
         each such DFS Receivable has not been released from the lien of the
         related DFS Receivable in whole or in part. No provisions of any DFS
         Receivable have been waived, altered or modified (except that DFS as
         servicer may have, for administrative purposes, modified the due date
         of a DFS Receivable to a different date in the month, which
         modification is reflected in its

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         servicing records) in any respect since its origination, except by
         instruments or documents identified in the Receivable File. No DFS
         Receivable has been modified as a result of application of the
         Soldiers' and Sailors' Civil Relief Act of 1940, as amended.

                  (xv) Lawful Assignment. No DFS Receivable was originated in,
         or is subject to the laws of, any jurisdiction the laws of which (a)
         would make unlawful, void or voidable the transfer and assignment of
         such DFS Receivable under this Agreement or the pledge of such DFS
         Receivable under the Indenture or (b) would impair the validity or
         enforceability of any DFS Receivable because of any such transfer,
         assignment or pledge.

                  (xvi) Good Title. No DFS Receivable has been sold,
         transferred, assigned or pledged by DFS except pursuant to this
         Agreement; immediately prior to the conveyance of the DFS Receivables
         by DFS to Ganis pursuant to this Agreement, DFS had good and
         indefeasible title to the DFS Receivables, free and clear of any Lien.
         No Dealer has a participation in, or other right to receive, payments
         or proceeds in respect of any DFS Receivable. DFS has not taken any
         action to convey any right to any Person that would result in such
         Person having a right to payments received under the related Insurance
         Policies or the related Dealer Agreements or to payments due under such
         DFS Receivables. This Agreement is effective to transfer to the
         Transferor all of the right, title and interest of DFS in, to and under
         the DFS Receivables.

                  (xvii) Security Interest in Financed Asset. Each DFS
         Receivable (together with the related mortgage, if applicable) has
         created a valid, binding and enforceable first priority security
         interest in favor of DFS in the related Financed Asset, which is in
         full force and effect and which has been perfected. Each Title Document
         and Lien Certificate contained in the Receivables Files shows DFS named
         as the original secured party under each DFS Receivable and as the
         holder of a first priority security interest in such Financed Asset.
         With respect to each DFS Receivable for which the Title Document or
         Lien Certificate, as the case may be, is not contained in the related
         Receivable File, the Servicer has either received written evidence that
         such Title Document or Lien Certificate showing DFS as first lienholder
         has been applied for or, except with respect to Financed Boats that are
         Federally Documented Boats, has certified in writing in the related
         Receivable File that it has received confirmation from the appropriate
         governmental office of the existence of the first lien of DFS with
         respect to the related Financed Asset. The security interest of DFS in
         each such Financed Asset has been validly assigned by DFS to Ganis
         pursuant to this Agreement. Each DFS Receivable is secured by an
         enforceable and perfected first priority security interest in the
         Financed Asset (except for certain horse trailers) in the name of DFS
         as secured party, which security interest is prior to all other Liens
         upon and security interests in such Financed Asset. The security
         interest of DFS in each such Financed Boat (other than a Federally
         Documented Boat) has been validly assigned by DFS to Ganis pursuant to
         this Agreement. The security interest of DFS in each Federally
         Documented Boat securing a DFS Receivable has been validly assigned by
         DFS to the Boat Mortgage Trustee pursuant to the Boat Mortgage

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         Trust Agreement. With respect to each Financed Boat that secures a DFS
         Receivable and that is eligible for documentation under the Ship
         Mortgage Statutes, a fully effective Preferred Mortgage has been signed
         by the related Obligor in favor of DFS as security for such Receivable
         and such Preferred Mortgage has been properly filed with the Coast
         Guard.

                  (xviii) All Filings Made; Valid Security Interest. All filings
         (including, without limitation, UCC filings) required to be made by any
         Person and actions required to be taken or performed by any Person in
         any jurisdiction to give Ganis a first priority perfected ownership
         interest in the DFS Receivables and the proceeds thereof have been
         made, taken or performed, subject to the transfer thereof by Ganis to
         the Depositor. At the Closing Date Ganis shall have a valid, subsisting
         and enforceable first priority ownership interest in each Receivable
         and the proceeds thereof, subject to the transfer thereof by Ganis to
         the Depositor.

                  (xix) No Impairment. DFS has not done and shall not do
         anything to convey any right to any Person that would result in such
         Person having a right to payments due under a Receivable or otherwise
         to impair the rights of the Trust in any Receivable or the proceeds
         thereof.

                  (xx) No Release. No DFS Receivable is assumable by another
         Person in a manner which would release the Obligor thereof from such
         Obligor's obligations to DFS with respect to such DFS Receivable.

                  (xxi) No Defenses. No DFS Receivable is subject to any right
         of rescission, setoff, counterclaim or defense and, to the knowledge of
         DFS, no such right has been asserted or threatened with respect to any
         DFS Receivable. The operation of the terms of any DFS Receivable or the
         exercise of any right thereunder shall not render the DFS Receivable
         unenforceable in whole or in part or subject to any right of
         rescission, setoff, counterclaim or defense, and to the knowledge of
         DFS, no such right of rescission, setoff, counterclaim or defense has
         been asserted or threatened with respect thereto.

                  (xxii) No Default. To the knowledge of DFS, there has been no
         default, breach, violation or event permitting acceleration under the
         terms of any DFS Receivable (other than payment delinquencies as of the
         Cutoff Date of not more than 29 days), and no condition exists or event
         has occurred and is continuing that with notice, the lapse of time or
         both would constitute a default, breach, violation or event permitting
         acceleration under the terms of any DFS Receivable, and there has been
         no waiver of any of the foregoing. As of the Cutoff Date, no Financed
         Asset relating to any DFS Receivable had been repossessed.

                  (xxiii) Insurance. Each DFS Receivable requires the Obligor to
         maintain physical loss and damage insurance, naming DFS and its
         successors and assigns as additional insured parties or loss payees ,
         and each DFS Receivable permits the holder

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         thereof to obtain physical loss and damage insurance at the expense of
         the Obligor if the Obligor fails to do so. No Financed Asset relating
         to any DFS Receivable was insured under a policy of force-placed
         insurance on the Cutoff Date.

                  (xxiv) Past Due. At the Cutoff Date, no DFS Receivable was
         more than 29 days past due.

                  (xxv) No Liens. There are no Liens or claims which have been
         filed, and, to the knowledge of DFS, none pending or threatened to be
         filed, for work, labor, materials or unpaid state or federal taxes
         affecting the Financed Asset securing any DFS Receivable which are or
         may become liens prior or equal to the lien of the DFS Receivable.

                  (xxvi) Remaining Principal Balance. At the Cutoff Date, the
         Principal Balance of each DFS Receivable set forth in the Schedule of
         Receivables is true and accurate in all material respects.

                  (xxvii) Final Scheduled Maturity Date. No Receivable has a
         final maturity which is sooner than the first Monthly Payment Date
         following the Closing Date or later than 240 months after the Cutoff
         Date.

                  (xxviii) Certain Characteristics. (A) Each Receivable had a
         remaining maturity, as of the Cutoff Date, of at least 12 months but
         not more than 240 months; (B) each Receivable had an original maturity
         of at least 18 months but not more than 240 months; (C) each Receivable
         had an original principal balance of at least $500 and not more than
         $1,200,000; (D) each Receivable had a Principal Balance as of the
         Cutoff Date of at least $582.38 and not more than $722,630.95; (E) as
         of the Cutoff Date, each Receivable has an Annual Percentage Rate of at
         least 5.99% and not more than 18.25%; (F) approximately 41.4% of the
         aggregate Principal Balance of the Receivables (measured as of the
         Cutoff Date), constituting 42.16% of the number of such Receivables,
         were secured by used Financed Assets at the time such Receivables were
         originated; (G) no funds have been advanced by DFS, any Dealer, or any
         Person acting on behalf of any of them in order to cause any DFS
         Receivable to qualify under paragraph (xxv) above; (H) as of the Cutoff
         Date, other than California (21.92%), Texas (12.15%), New York (8.02%)
         and Florida (7.49%), no State represented more than 4.50% of the
         Initial Pool Balance with respect to the billing addresses of the
         Obligors (determined by reference to the records of DFS); (I) the
         Principal Balance of each DFS Receivable set forth in Schedule of
         Receivables is true and accurate in all material respects as of the
         Cutoff Date; (J) as of the Cutoff Date, recreational vehicle
         Receivables represented 59.7% of the Initial Pool Balance, and marine
         Receivables represented 40.3% of the Initial Pool Balance; (K) as of
         the Cutoff Date, Receivables representing approximately 58.6% of the
         Initial Pool Balance were secured by new Financed Assets at the time
         such Receivables were originated, and Receivables representing
         approximately 41.4% of the Initial Pool Balance were secured by used
         Financed Assets at the time such Receivables were originated; and (L)
         all Receivables in the Boat Mortgage Trust are related to

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         Federally Documented Boats. As of the Cutoff Date, the sum of the
         Principal Balances of the Receivables which change APR one or more
         times does not exceed approximately 0.44% of the Initial Pool Balance.

                  For purposes of determining whether DFS is obligated to
         purchase a Receivable on account of a breach of a representation and
         warranty pursuant to this Section 3.01 or indemnify in respect of such
         breach pursuant to the last paragraph of this Section 3.01, the
         determination as to whether a representation or warranty that is made
         to the knowledge of DFS has been breached shall be made without regard
         to such knowledge of DFS as if such representation and warranty were
         not qualified by the knowledge of DFS .

                  Upon discovery by any party hereto of a breach of any of the
         representations and warranties of DFS set forth in this Section, which
         materially and adversely affects the value of the Receivables or the
         interest therein of the Issuer or the Indenture Trustee (or which
         materially and adversely affects the interest of the Issuer or the
         Indenture Trustee in the related Receivable in the case of a
         representation and warranty relating to a particular Receivable), the
         party discovering such breach shall give prompt written notice to the
         other parties hereto. On the last day of the Collection Period
         following the Collection Period during which DFS discovers or receives
         notice of any such breach of any such representation or warranty, if
         such breach shall not have been cured in all material respects by such
         last day, DFS shall purchase such Receivable from the Issuer (or from
         the Depositor, if the Depositor is required to purchase such Receivable
         pursuant to Section 3.01 of the Transfer and Servicing Agreement) as of
         such last day at a price equal to the Purchase Amount of such
         Receivable, which price DFS shall remit in the manner specified in
         Section 5.05 of the Transfer and Servicing Agreement; provided, that,
         with respect to the representation set forth in paragraph (xiii) above,
         such purchase shall be required with respect to a Receivable only if
         any resulting breach is not cured (it being understood that if the
         related Lien Certificate has been duly applied for from the applicable
         governmental offices as evidenced by a copy of the application
         therefor, the receipt of such Lien Certificate shall not be required to
         cure a breach of the applicable representation and warranty) within 90
         days after completion of the review and examination of the Receivable
         File for such Receivable pursuant to Section 3.02 of the Transfer and
         Servicing Agreement. Subject to the indemnification provisions
         contained in the last paragraph of this Section, the sole remedy of
         Ganis, the Depositor, the Issuer, the Owner Trustee, the Indenture
         Trustee, the Residual Interestholder and the Noteholders with respect
         to a breach of representations and warranties of DFS set forth in this
         Section shall be to require DFS to purchase Receivables pursuant to
         this Section, subject to the conditions contained herein.

                  DFS shall indemnify Ganis, the Depositor, the Issuer, the
         Owner Trustee and the Indenture Trustee and hold each harmless against
         any loss, damages, penalties, fines, forfeitures, legal fees and
         related costs, judgments, and other costs and expenses resulting from
         any claim, demand, defense or assertion based on or grounded upon, or
         resulting from, a breach of the representations and warranties of DFS
         contained in this Agreement;

                                       10

<PAGE>

         provided that DFS shall not be liable for any indirect damages or for
         any loss, damage, penalty, fine, forfeiture, legal fees and related
         costs, judgments and other costs and expenses caused by the wilful
         misconduct of Ganis, the Issuer, the Owner Trustee or the Indenture
         Trustee.

                                   ARTICLE IV

                                       DFS

         SECTION 4.01. Representations of DFS. DFS makes the following
representations on which each of Ganis, the Depositor and the Issuer is deemed
to have relied in acquiring the Receivables. The representations speak as of the
execution and delivery of this Agreement and as of the Closing Date, in the case
of the Receivables, and shall survive the transfer of the Receivables to the
Issuer and the pledge thereof to the Indenture Trustee pursuant to the
Indenture.

         (a) Organization and Good Standing. DFS is duly organized and validly
existing as a corporation in good standing under the laws of the State of
Nevada, with the corporate power and authority to own its properties and to
conduct its business as such properties are currently owned and such business is
presently conducted, and had at all relevant times, and has, the corporate
power, authority and legal right to acquire and own the Receivables.

         (b) Due Qualification. DFS is duly qualified to do business as a
foreign corporation in good standing, and has obtained all necessary licenses
and approvals, in all jurisdictions in which the ownership or lease of property
or the conduct of its business shall require such qualifications.

         (c) Power and Authority. DFS has the corporate power and authority to
execute and deliver this Agreement and to carry out its respective terms; DFS
has full power and authority to transfer and assign the property to be
transferred and assigned to Ganis, and DFS has duly authorized such transfer and
assignment by all necessary corporate action; and the execution, delivery and
performance of this Agreement by DFS has been duly authorized by DFS by all
necessary corporate action.

         (d) Binding Obligation. This Agreement constitutes a legal, valid and
binding obligation of DFS enforceable in accordance with its terms.

         (e) No Violation. The consummation of the transactions contemplated by
this Agreement by DFS and the fulfillment of the terms hereof by DFS do not
conflict with, result in any breach of any of the terms and provisions of, or
constitute (with or without notice or lapse of time) a default under, the
articles of incorporation or bylaws of DFS, or any indenture, agreement or other
instrument to which DFS is a party or by which it is bound; or result in the
creation or

                                       11

<PAGE>

imposition of any Lien upon any of its properties pursuant to the terms of any
such indenture, agreement or other instrument (other than pursuant to the Basic
Documents); or violate any law or, to the best of the knowledge of DFS, any
order, rule or regulation applicable to DFS of any court or of any federal or
state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over DFS or its properties.

         (f) No Proceedings. To the best knowledge of DFS, there are no
proceedings or investigations pending or threatened before any court, regulatory
body, administrative agency or other governmental instrumentality having
jurisdiction over DFS or its properties: (i) asserting the invalidity of this
Agreement, the Indenture or any of the other Basic Documents, the Notes or the
Certificates, (ii) seeking to prevent the issuance of the Notes or the
Certificates or the consummation of any of the transactions contemplated by this
Agreement, the Indenture or any of the other Basic Documents, (iii) seeking any
determination or ruling that might materially and adversely affect the
performance by DFS of its obligations under, or the validity or enforceability
of, this Agreement, the Indenture, any of the other Basic Documents, the Notes
or the Certificates or (iv) which might adversely affect the federal or state
income tax attributes of the Notes or the Certificates.

         (g) Chief Executive Office. The chief executive office of DFS is
located at 655 Maryville Centre Drive, St. Louis, Missouri 63141.

         SECTION 4.02. Corporate Existence. During the term of this Agreement,
DFS shall keep in full force and effect its existence, rights and franchises as
a corporation under the laws of the jurisdiction of its incorporation and shall
obtain and preserve its qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Basic Documents and each other instrument
or agreement necessary or appropriate to the proper administration of this
Agreement and the transactions contemplated hereby.

         SECTION 4.03. Liability of DFS . DFS shall be liable in accordance
herewith only to the extent of the obligations specifically undertaken by DFS
under this Agreement.

         SECTION 4.04. Indemnification. (a) DFS shall indemnify, defend and hold
harmless Ganis against any taxes that may at any time be asserted against Ganis
with respect to any sales, tangible personal property, privilege or license
taxes relating to this Agreement (but not including any taxes asserted with
respect to, and as of the date of, the transfer of the Receivables to Ganis or
the issuance and original sale of the Notes and the Residual Interest, or
asserted with respect to ownership of the Receivables, or federal or other
income taxes) and costs and expenses in defending against the same.

         (b) DFS shall indemnify, defend and hold harmless Ganis and any of the
officers, directors, employees and agents of Ganis from and against any loss,
liability or expense incurred by reason of the willful misfeasance of DFS, bad
faith or negligence in the performance of its

                                       12

<PAGE>

duties under this Agreement, or by reason of reckless disregard of its
obligations and duties under this Agreement.

         Indemnification under this Section shall survive termination of this
Agreement and the other Basic Documents and shall include reasonable fees and
expenses of counsel and expenses of litigation. If DFS shall have made any
indemnity payments pursuant to this Section and the Person to or on behalf of
whom such payments are made thereafter shall collect any of such amounts from
others, such Person shall promptly repay such amounts to DFS, without interest.

         SECTION 4.05. Merger or Consolidation of, or Assumption of the
Obligations of, DFS. Any Person (a) into which DFS may be merged or
consolidated, (b) which may result from any merger or consolidation to which DFS
shall be a party or (c) which may succeed to the properties and assets of DFS
substantially as a whole, which Person in any of the foregoing cases executes an
agreement of assumption to perform every obligation of DFS under this Agreement,
shall be the successor to DFS hereunder without the execution or filing of any
document or any further act by any of the parties to this Agreement; provided,
however, that (i) immediately after giving effect to such transaction, no
representation or warranty made by DFS in Section 3.01 shall have been breached
(unless the applicable breach shall have been cured in all material respects, or
the applicable Receivable shall have been purchased in accordance herewith),
(ii) DFS shall have delivered to Ganis, the Owner Trustee and the Indenture
Trustee an Officer's Certificate and an Opinion of Counsel each stating that
such consolidation, merger or succession and such agreement of assumption comply
with this Section and that all conditions precedent, if any, provided for in
this Agreement relating to such transaction have been complied with, (iii) DFS
shall have delivered to the Owner Trustee and the Indenture Trustee an Opinion
of Counsel either (A) stating that, in the opinion of such counsel, all
financing statements and continuation statements and amendments thereto have
been executed and filed that are necessary fully to preserve and protect the
interest of the Owner Trustee and Indenture Trustee, respectively, in the DFS
Receivables and reciting the details of such filings, or (B) stating that, in
the opinion of such counsel, no such action shall be necessary to preserve and
protect such interests, and (iv) DFS shall have delivered notice of such merger,
consolidation or assumption to the Rating Agencies. Notwithstanding anything
herein to the contrary, the execution of the foregoing agreement of assumption
and compliance with clauses (i), (ii), (iii) and (iv) above shall be conditions
to the consummation of the transactions referred to in clauses (a), (b) or (c)
above.

         SECTION 4.06. Limitation on Liability of DFS and Others. DFS and any
director, officer, employee or agent of DFS may rely in good faith on the advice
of counsel or on any document of any kind, prima facie properly executed and
submitted by any Person respecting any matters arising hereunder. DFS shall not
be under any obligation to appear in, prosecute or defend any legal action that
shall not be incidental to its obligations under this Agreement, and that in its
opinion may involve it in any expense or liability.

         SECTION 4.07. Notice of Events. DFS shall give each of the Rating
Agencies prior written notice of (i) any mergers involving DFS, (ii) any
amendments to this Agreement and (iii) any assignment under this Agreement as
permitted by Sections 4.05 and 5.04 of this Agreement.

                                       13

<PAGE>
                                    ARTICLE V

                                  Miscellaneous

         SECTION 5.01. Amendment. This Agreement may be amended by the parties
hereto, with the consent of the Indenture Trustee, but without the consent of
any other Person; provided, however, that no such amendment shall be effective
unless either (a) the Owner Trustee and the Indenture Trustee shall have been
delivered an Opinion of Counsel to the effect that such amendment shall not
adversely affect in any material respect the interests of any Noteholder or the
Residual Interestholder, or (b) the Holders of 100% of the Outstanding Amount of
the Notes shall have consented to such amendment.

         Promptly after the execution of any such amendment or consent, Ganis
shall furnish written notification of the substance of such amendment or consent
to the Indenture Trustee and each of the Rating Agencies.

         Prior to the execution of or the consent to any amendment to this
Agreement, the Indenture Trustee shall be entitled to receive and rely upon an
Opinion of Counsel stating that the execution of or the consent to such
amendment is authorized or permitted by this Agreement. The Indenture Trustee
may, but shall not be obligated to, consent to any such amendment which affects
the Indenture Trustee's own rights, duties or immunities under this Agreement or
otherwise.

         SECTION 5.02. Protection of Title; Change of Name, Identity, Corporate
Structure or Location, Etc.

         (a) DFS shall execute and file such financing statements and cause to
be executed and filed such continuation statements, all in such manner and in
such places as may be required by law fully to preserve, maintain and protect
the interest of Ganis, the Issuer and of the Indenture Trustee in the
Receivables and in the proceeds thereof. DFS shall deliver (or cause to be
delivered) to the Owner Trustee and the Indenture Trustee file-stamped copies
of, or filing receipts for, any document filed as provided above, as soon as
available following such filing.

         (b) DFS shall not change its name, identity or corporate structure in
any manner that would, could or might make any financing statement or
continuation statement filed in accordance with paragraph (a) above seriously
misleading within the meaning of Section 9- 402(7) of the UCC, unless it shall
have given Ganis, the Owner Trustee and the Indenture Trustee at least five
days' prior written notice thereof and shall have promptly filed appropriate
amendments to all previously filed financing statements or continuation
statements.

         (c) DFS shall give Ganis, the Owner Trustee and the Indenture Trustee
at least 60 days' prior written notice of any relocation of its chief executive
office if, as a result of such relocation, the applicable provisions of the UCC
would require the filing of any amendment of

                                       14

<PAGE>

any previously filed financing or continuation statement or of any new financing
statement and shall promptly file any such amendment or new financing statement.

         (d) If at any time DFS shall propose to sell, grant a security interest
in, or otherwise transfer any interest in recreational vehicle or boat
receivables to any prospective purchaser, lender or other transferee, DFS shall
give (or shall cause the Servicer to give) to such prospective purchaser, lender
or other transferee computer tapes, records or printouts (including any restored
from backup archives) that, if they shall refer in any manner whatsoever to any
DFS Receivable, shall indicate clearly that such DFS Receivable has been
transferred by DFS to Ganis and by Ganis to the Issuer and is owned by the
Issuer and has been pledged to the Indenture Trustee.

         (e) DFS shall cooperate fully and in good faith with the Servicer (if
at any time DFS is not the Servicer), the Indenture Trustee and the Boat
Mortgage Trustee in order to maintain and promote the perfection and priority of
security interests in the Financed Assets and in order to facilitate enforcement
and collection of the Receivables.

         SECTION 5.03. Notices. All demands, notices, directions, communications
and instructions upon, to, or by DFS, Ganis, the Depositor, the Issuer, the
Owner Trustee, the Indenture Trustee or the Rating Agencies under this Agreement
shall be in writing, personally delivered or mailed by certified mail, return
receipt requested, and shall be deemed to have been duly given upon receipt (a)
in the case of DFS, to Deutsche Financial Services Corporation, 655 Maryville
Centre Drive, St. Louis, Missouri 63141, Attention: Senior Vice
President/Treasurer or Chief Legal Officer, (b) in the case of Ganis, to Ganis
Credit Corporation, 600 Anton Blvd., Costa Mesa, California 92626, Attention:
Senior Vice President, (c) in the case of the Depositor, to Deutsche
Recreational Asset Funding Corporation, 655 Maryville Centre Drive, St. Louis,
Missouri 63141, Attention: President, (d) in the case of the Issuer or the Owner
Trustee, at the Corporate Trust Office (as defined in the Trust Agreement), (e)
in the case of the Indenture Trustee, at the Corporate Trust Office, (f) in the
case of Fitch, to Fitch, Inc., One State Street Plaza, New York, New York 10004,
Attention: Asset-Backed Securities Surveillance Group, (g) in the case of
Standard & Poor's, to Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10041,
Attention: Asset Backed Surveillance Department and (h) in the case of Moody's,
to Moody's Investors Service, 99 Church Street, New York, New York 10004,
Attention: Moody's ABS Monitoring Group; or, as to each of the foregoing, at
such other address as shall be designated by written notice to the other Persons
listed in this Section.

         SECTION 5.04. Assignment. Notwithstanding anything to the contrary
contained herein, except as provided in Section 4.05 of this Agreement, this
Agreement may not be assigned by DFS. DFS hereby acknowledges and consents to
(i) the transfer by Ganis to the Depositor pursuant to the Ganis/Depositor
Transfer Agreement of all right, title and interest of Ganis in, to and under
(but none of the obligations of Ganis under) the DFS Conveyed Property and this
Agreement, (ii) the transfer by the Depositor to the Issuer pursuant to the
Transfer and Servicing Agreement of all right, title and interest of the
Depositor in, to and under (but none of the obligations of the Depositor under)
the DFS Conveyed Property and this Agreement,

                                       15

<PAGE>

including the representations and warranties of DFS in this Agreement, together
with all rights of Ganis with respect to any breach thereof, including the right
to require DFS to purchase Receivables in accordance with this Agreement, and
(iii) the other terms of and transactions contemplated by the Transfer and
Servicing Agreement and the other Basic Documents.

         SECTION 5.05. Limitations on Rights of Others. The provisions of this
Agreement are solely for the benefit of DFS, Ganis, the Depositor, the Servicer,
the Issuer, the Owner Trustee, the Indenture Trustee and the Noteholders, and,
except as expressly provided in this Agreement, nothing in this Agreement shall
be construed to give to any other Person any legal or equitable right, remedy or
claim under or in respect of this Agreement or any covenants, conditions or
provisions contained herein.

         SECTION 5.06. Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

         SECTION 5.07. Separate Counterparts. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

         SECTION 5.08. Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

         SECTION 5.09. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF
LAWS PRINCIPLES, EXCEPT TO THE EXTENT THAT THE PERFECTION (AND THE EFFECT OF
PERFECTION OR NON- PERFECTION) OF THE INTERESTS OF ANY PERSON IN CONVEYED
PROPERTY ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW
YORK.

         SECTION 5.10. Nonpetition Covenants. Notwithstanding any prior
termination of this Agreement, DFS shall not acquiesce, petition or otherwise
invoke or cause the Issuer to invoke the process of any court or government
authority for the purpose of commencing or sustaining a case against the Issuer
or the Boat Mortgage Trust under any federal or state bankruptcy, insolvency or
similar law, or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Issuer or the Boat Mortgage Trust
or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Issuer or the Boat Mortgage Trust.
Notwithstanding any prior termination of this Agreement, DFS shall not
acquiesce, petition or otherwise invoke or cause the Depositor to invoke the
process of any court or government authority for the purpose of commencing or
sustaining a case against the

                                       16

<PAGE>

Depositor under any federal or state bankruptcy, insolvency or similar law, or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or
other similar official of the Depositor or any substantial part of its property,
or ordering the winding up or liquidation of the affairs of the Depositor.

         SECTION 5.11. Waiver. Each party hereto hereby (a) acknowledges that
Mayer, Brown & Platt represents (i) DFS, the Transferor, and the Depositor in
connection with the transactions contemplated by the Basic Documents, (ii)
Affiliates of the Transferor, DFS and the Depositor in other matters, (iii)
underwriters of the Notes (and Affiliates of underwriters of the Notes) in other
matters, (iv) the institutions which are the Indenture Trustee, the Boat
Mortgage Trustee and the Owner Trustee (and Affiliates of such institutions) in
other matters, and (v) the Specified Accountants in other matters, and (b)
waives any conflict of interest relating thereto. Notwithstanding any other
provision of this Agreement, Mayer, Brown & Platt is entitled to rely on this
Section.

         SECTION 5.12. Separate Corporate Existence. Each party hereto hereby
acknowledges that the Trust is entering into the transactions contemplated by
the Basic Documents in reliance upon (i) the identity of DFS as a legal entity
separate from the Depositor and (ii) the identity of Ganis as a legal entity
separate from the Depositor. Therefore, each party hereto shall take all
reasonable steps to make it apparent to third Persons that the Depositor is an
entity with assets and liabilities distinct from those of DFS and Ganis and that
the Depositor is not a division of DFS, Ganis or any other Person. Without
limiting the foregoing, each party hereto shall operate and conduct its
respective businesses and otherwise act in a manner which is consistent with
Section 10.13 of the Transfer and Servicing Agreement.

         SECTION 5.13. Submission to Jurisdiction. Each of the parties hereto
hereby irrevocably and unconditionally:

         (a) submits for itself and its property in any legal action or
proceeding relating to this Agreement or any other Basic Document or for
recognition and enforcement of any judgment in respect thereof, to the
non-exclusive general jurisdiction of the courts of the State of New York, the
courts of the United States of America for the Southern District of New York,
and appellate courts from any thereof;

         (b) consents that any such action or proceeding may be brought in such
courts and waives any objection that it may now or hereafter have to the venue
of such action or proceeding in any such court or that such action or proceeding
was brought in an inconvenient court and agrees not to plead or claim the same;

         (c) agrees that service of process in any such action or proceeding may
be effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Person at its
address set forth in Section 5.03 or at such other address notified to the other
party to this Agreement pursuant thereto; and

                                       17

<PAGE>

         (d) agrees that nothing herein shall affect the right to effect service
of process in any other manner permitted by law or shall limit the right to sue
in any other jurisdiction.

                               [SIGNATURES FOLLOW]

                                       18

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this DFS/Ganis
Transfer Agreement to be duly executed by their respective officers as of the
day and year first above written.

                                    DEUTSCHE FINANCIAL SERVICES CORPORATION

                                    By: /s/ Richard C. Goldman
                                        ----------------------------------------
                                            Richard C. Goldman
                                            Executive Vice President

                                    By: /s/ Joseph B. Thomas
                                        ----------------------------------------
                                            Joseph B. Thomas
                                            Vice President

                                    GANIS CREDIT CORPORATION

                                    By: /s/ Richard C. Goldman
                                        ----------------------------------------
                                            Richard C. Goldman
                                            Vice President

                                    By: /s/ Joseph B. Thomas
                                        ----------------------------------------
                                            Joseph B. Thomas
                                            Vice President

                                       S-1<PAGE>

                                                                  CONFORMED COPY

                      AMENDMENT NO. 4 TO CREDIT AGREEMENTS

         AMENDMENT NO. 4 dated as of November 21, 2001 to each of the Second
Amended and Restated Credit Agreement (as previously amended by Amendment No. 1
to Credit Agreements ("Amendment No. 1") dated as of September 18, 2000,
Amendment No. 2 to Credit Agreements ("Amendment No. 2") dated as of May 9, 2001
and Amendment No. 3 to Credit Agreements ("Amendment No. 3") dated as of
September 27, 2001, the "Second AR Credit Agreement") and the Credit Agreement
(as previously amended by Amendment No. 1, Amendment No. 2 and Amendment No. 3,
the "June 2000 Credit Agreement"; the Second AR Credit Agreement and the June
2000 Credit Agreement are together the "Credit Agreements" and each is
individually a "Credit Agreement"), each dated as of June 26, 2000 among Young
Broadcasting Inc., a Delaware corporation (the "Borrower"), the banks and other
financial institutions listed on the signature pages thereof, Bankers Trust
Company, as Administrative Agent (in such capacity, the "Administrative Agent")
and, in the case of the Second AR Credit Agreement only, as Issuing Bank, and
First Union National Bank and CIBC World Markets Corp., as Syndication Agents.

                              W I T N E S S E T H:

         WHEREAS, the Borrower has asked the Lenders under each Credit Agreement
to agree to certain amendments to the covenants contained in the Credit
Agreements, and the Lenders are willing to do so on the terms and conditions set
forth herein; and

         WHEREAS, the Borrower intends to issue Permitted Senior Unsecured Debt
(as defined herein) on the terms set forth in this Amendment No. 4 and the
Lenders are willing to permit such issuance on the terms and conditions set
forth herein; and

         NOW, THEREFORE, the parties hereto agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

         SECTION 1.01. Definitions. As used herein, (i) capitalized terms
                       -----------
defined in, or defined by reference in, both Credit Agreements with identical
meanings and not otherwise defined herein, have the respective meanings provided
for in the Credit Agreements, and (ii) capitalized terms not otherwise defined
herein that are defined in, or by reference in, one of the Credit Agreements and
not defined in the other Credit

<PAGE>

Agreement, have the respective meanings provided for in the Credit Agreement
wherein such term is defined.

                                   ARTICLE II

                                    AMENDMENT

         SECTION 2.01. Amendment to Definitions. (a) Section 1.01 of each of the
                      ------------------------
Credit Agreements is amended by inserting the following definitions in
appropriate alphabetical order:

                  "Amendment No. 4" means Amendment No. 4 to Credit Agreements
         dated as of November 21, 2001 among the Borrower, the banks and other
         financial institutions listed on the signature pages thereof, the
         Administrative Agent and the Syndication Agents.

                  "Interest Reserve Borrowing" means a Revolving Facility
         Borrowing in the smallest multiple of $100,000 that is more than the
         Permitted Interest Reserve Amount, to be borrowed no earlier than the
         Domestic Business Day immediately preceding the date the Permitted
         Senior Unsecured Debt is issued and the proceeds of which are used to
         the extent necessary to fund the Permitted Interest Reserve Account.

                  "1996 Subordinated Notes Indenture" means the Indenture dated
         as of January 1, 1996, as supplemented, among the Borrower, as issuer,
         each of the Subsidiaries of the Borrower named therein as the Initial
         Guarantors, as guarantors thereunder, and State Street Bank and Trust
         Company, as trustee.

                  "Permitted Interest Reserve Account" means an account with the
         trustee under the Permitted Senior Unsecured Debt Indenture, in which
         will be initially deposited an amount equal to the Permitted Interest
         Reserve Amount; such deposit and the maintenance of the Permitted
         Interest Reserve Account is agreed not to constitute a violation of
         Section 5.02(h) of each Credit Agreement.

                  "Permitted Interest Reserve Amount" means an amount equal to
         the first four regularly scheduled interest payments on the Permitted
         Senior Unsecured Debt (assuming no prepayment of the principal amount
         thereof).

                  "Permitted Senior Unsecured Debt" means a one-time issuance of
         Debt in a minimum aggregate principal amount of $200,000,000 for which
         the Borrower is directly and primarily liable, but which may be
         guaranteed by any one or more Guarantors (provided that any obligations
         of any Guarantor in respect thereof are not secured by any Lien), and
         which (w) has a maturity date no earlier than June 15, 2007; (x) is not
         secured by any Lien (except the Permitted

                                       2

<PAGE>

         Senior Unsecured Debt Lien); (y) is subject to a requirement that the
         Borrower establish the Permitted Interest Reserve Account and permits
         the Borrower to pay the first four regularly scheduled interest
         payments on the Permitted Senior Unsecured Debt out of the Permitted
         Interest Reserve Account (with no obligation by the Borrower to pay any
         other amount in respect of regularly scheduled interest on the
         Permitted Senior Unsecured Debt so long as funds are available in the
         Permitted Interest Reserve Account); and (z) has terms (including
         mandatory redemption, covenants, events of default and permitted
         investments for moneys in the Permitted Interest Reserve Account (which
         in any event must constitute Temporary Cash Investments)) in addition
         to those in clauses (w) through (y) above that are reasonably
         satisfactory to the Agents in their sole discretion; provided that at
         least two (2) Domestic Business Days prior to the incurrence of such
         Debt, the Borrower shall have delivered to each of the Lenders (i) a
         compliance certificate, substantially in the form of Exhibit J,
         certifying the Borrower's compliance with the provisions of this
         Agreement set forth in Exhibit J, as of the most recent date for
         compliance prior to the date of such certificate, after giving effect
         on a Pro Forma Basis to the incurrence of such Debt and (ii) a report
         of the chief financial officer of the Borrower, in a form and providing
         sufficient detail and justification for the information provided
         therein, including assumptions, as shall be found to be reasonable by
         each of the Agents in its sole good faith discretion, after completion
         of reasonable due diligence, establishing that after giving effect to
         the incurrence of such Debt, the Borrower shall be in compliance at the
         end of each fiscal year until the Termination Date (determined without
         regard to any potential but not yet fixed acceleration thereof or
         account of any failure to Refinance) with the covenants contained in
         Sections 5.01(l), 5.01(m), 5.01(n), 5.01(o), 5.02(a), 5.02(b), 5.02(d),
         5.02(f), 5.02(g) and 5.02(h).

                  "Permitted Senior Unsecured Debt Documents" means the
         Permitted Senior Unsecured Debt Indenture and any other documents
         governing the Permitted Senior Unsecured Debt.

                  "Permitted Senior Unsecured Debt Indenture" means the
         indenture under which notes evidencing the Permitted Senior Unsecured
         Debt are issued.

                  "Permitted Senior Unsecured Debt Lien" means the Lien in favor
         of the trustee under the Permitted Senior Unsecured Debt Indenture in
         respect of the Permitted Interest Reserve Account and the moneys and
         other property therein.

                  "Senior Secured Debt" means, as of any date, the aggregate
         unpaid principal amount on such date of all Debt of the Borrower or any
         Subsidiary secured by any Lien, other than Debt secured by a Lien which
         is junior and subordinate to the Liens created by or pursuant to the
         Loan Documents.

                                       3

<PAGE>

                  "Total Cash Interest Expense" means for any period Total
         Interest Expense for such period calculated without including any
         interest payments on the Permitted Senior Unsecured Debt made during
         such period by application of moneys in the Permitted Interest Reserve
         Account.

         (b) The definition of "Applicable Premium Percentage" in Section 1.01
of the June 2000 Credit Agreement is amended by replacing the phrase "prior to
the second anniversary of the Closing Date" with the phrase "on or prior to
December 31, 2002."

         (c) The definition of "Mandatory Prepayment Excess Amount" in the
Second AR Credit Agreement is amended by inserting the following proviso
immediately before the period at the end thereof:

         ", and provided further that the Mandatory Prepayment Excess Amount in
         connection with the issuance of the Permitted Senior Unsecured Debt
         shall be zero regardless of the amount that would otherwise be
         applicable without regard to this proviso"

         (d) The definition of "Net Proceeds" in Section 1.01 of each of the
Credit Agreements is amended by inserting ", Permitted Senior Unsecured Debt"
immediately after each of the references to "equity securities" therein.

         (e) The definition of "1996 Subordinated Notes Documents" in Section
1.01 of each of the Credit Agreements is amended by deleting all text in the
definition after the phrase "means the 1996 Subordinated Notes and the" and
adding "1996 Subordinated Notes Indenture" immediately after such phrase.

         (f) The definition of "Permitted Liens" in Section 1.01 of each of the
Credit Agreements is amended by deleting "and" at the end of clause (x) and
inserting the following new clauses (xii) and (xiii) immediately after clause
(xi) thereof:

                  "(xii)   the Permitted Senior Unsecured Debt Lien; and

                  (xiii)   Liens securing the Capital Lease Obligations
         permitted by clause (D) of Section 5.02(b)(vi);"

         (g) The definition of "Permitted Subordinated Debt" in Section 1.01 of
each of the Credit Agreements is amended by replacing the reference to "fifteen
(15) days" with the phrase "two (2) Domestic Business Days".

         (h) The definition of "Related Documents" in Section 1.01 of each of
the Credit Agreements is amended by adding the phrase "the Permitted Senior
Unsecured Debt Documents," immediately after the phrase "the Acquisition
Documents," therein.

                                       4

<PAGE>

         SECTION 2.02. Revolving Facility Commitments Reduction. On the date the
Permitted Senior Unsecured Debt is issued (but after the Borrower has made the
Interest Reserve Borrowing), Appendix I to the Second AR Credit Agreement shall
be immediately and automatically amended to decrease the Revolving Facility
Commitment amount of each Lender on a pro rata basis (allocated in proportion to
the outstanding principal amount of the Revolving Advances of such Lender) such
that the total Revolving Facility Commitment of all Lenders (after giving effect
to any prior reduction thereof) is reduced to $100,000,000 in the aggregate.

         SECTION 2.03.  Additional Mandatory Prepayment.  (a) Section 2.09(b) of
                        -------------------------------
the June 2000 Credit Agreement is amended by inserting the following clause
(vi) immediately after clause (v) thereof:

                  "(vi) If on any date the Borrower shall issue the Permitted
         Senior Unsecured Debt, then within four Eurodollar Business Days after
         the date on which the Borrower shall issue the Permitted Senior
         Unsecured Debt, the Borrower shall prepay (A) first, the full
         outstanding principal amount of the Term Loan A Advances, then (B) an
         outstanding principal amount of the Term Loan B Advances equal to the
         remainder of the Net Proceeds of such issuance after deduction of (1)
         an amount equal to the prepayment in full of the Other Term Loan A
         Advances required pursuant to Section 2.09(b)(vi)(A) of the Existing
         Credit Agreement and (2) an amount equal to the prepayment of the
         Revolving Advances (as defined in the Existing Credit Agreement)
         required pursuant to Section 2.09(b)(vi)(B) of the Existing Credit
         Agreement on account of such issuance. The Borrower shall pay the
         principal amount to be prepaid together with accrued interest thereon
         to the date of prepayment, in the case of Term Loan B Advances, any
         premium payable pursuant to Section 2.09(e), and all amounts then owing
         under Section 2.12 in respect of such prepayment and such prepayment
         shall be applied, in the case of the prepayment of Term Loan B
         Advances, to reduce ratably all then remaining unpaid installments of
         principal of the Term Loan B Advances (based on the schedule set forth
         in Section 2.04, as the amounts therein may have been reduced or
         increased from time to time in accordance with this Agreement)."

         (b) Section 2.09(b) of the Second AR Credit Agreement is amended by
inserting the following clause (vi) immediately after clause (v) thereof:

                  "(vi) If on any date the Borrower shall issue the Permitted
         Senior Unsecured Debt, then within four Eurodollar Business Days after
         the date on which the Borrower shall issue the Permitted Senior
         Unsecured Debt, the Borrower shall prepay (A) first, the full
         outstanding principal amount of the Term Loan A Advances, and (B)
         second, an outstanding principal amount of the Revolving Advances equal
         to the sum of the Interest Reserve Borrowing and an additional
         outstanding principal amount of the Revolving Advances of

                                       5

<PAGE>

         $40,000,000 or such lesser amount as is required to cause the aggregate
         outstanding principal amount of the Revolving Advances, after giving
         effect to repayment of the Interest Reserve Borrowing, to equal
         $30,000,000 (but no reduction in the Revolving Facility Commitments
         other than as required by Section 2.02 of Amendment No. 4 shall be
         required in connection with such prepayment). The Borrower shall pay
         the principal amount to be prepaid together with accrued interest
         thereon to the date of prepayment, and all amounts then owing under
         Section 2.12 in respect of such prepayment."

         (c) For the avoidance of doubt, the parties hereto note that clause
(vi) has been added to Section 2.09(b) of the June 2000 Credit Agreement by this
Amendment at the requirement of the Majority Lenders in conjunction with, and as
a condition to, their permitting the Borrower to incur the Permitted Senior
Unsecured Debt, and Section 2.09(c) of the June 2000 Credit Agreement is not
intended to be extended to, and shall not apply to, any prepayment required
thereby.

         SECTION 2.04. Prepayment Premium. Section 2.09(e) of the June 2000
Credit Agreement is amended by (a) replacing the phrase "prior to the second
anniversary of the Closing Date" with the phrase "on or prior to December 31,
2002" and (b) replacing the "or" immediately after the reference to
"2.09(b)(ii)" with a comma and inserting "or (vi)" immediately after the
reference to "(iii)" therein.

         SECTION 2.05.  Amendment to Pro Forma Debt Service Coverage Ratio.
                        --------------------------------------------------
Section 5.01(l) of each of the Credit Agreements is amended and restated in its
entirety to read as follows:

                  "(l) Pro Forma Debt Service Coverage. Subject to Section
                       -------------------------------
         5.01(p), cause, at all times, the ratio of (i) Operating Cash Flow
         minus Capital Expenditures (other than Digital Capital Expenditures),
         in each case for the four consecutive Fiscal Quarters then most
         recently ended, to (ii) Pro Forma Debt Service at such time to be not
         less than 1.10x, except in the case of the four consecutive Fiscal
         Quarters ended on each of December 31, 2001, March 31, 2002 and June
         30, 2002, in which case such ratio shall not be less than 1.00x, and
         the four Fiscal Quarters ended September 30, 2002, in which case such
         ratio shall not be less than 1.05x."

         SECTION 2.06. Amendment to Interest Coverage Ratio. Section 5.01(m) of
                       ------------------------------------
each of the Credit Agreements is amended by (a) inserting the phrase "Subject to
Section 5.01(p)" immediately before the word "Cause" at the beginning thereof
and (b) amending and restating the table contained therein to read in its
entirety as follows:

              Fiscal Quarter Ending                         Required Ratio
              ---------------------                         --------------
              December 31, 2001                                      1.20x

                                       6

<PAGE>

              Fiscal Quarter Ending                         Required Ratio
              ---------------------                         --------------
              March 31, 2002                                         1.20x

              June 30, 2002                                          1.20x

              September 30, 2002                                     1.20x

              December 31, 2002                                      1.25x

              March 31, 2003                                         1.50x

              June 30, 2003                                          1.50x

              September 30, 2003                                     1.50x

              December 31, 2003                                      1.65x

              March 31, 2004                                         1.65x

              June 30, 2004                                          1.65x

              September 30, 2004                                     1.65x

              December 31, 2004                                      1.65x

              March 31, 2005 and                                     1.75x
               thereafter

         SECTION 2.07. Amendment to Senior Debt to Operating Cash Flow Ratio.
                       -----------------------------------------------------
Section 5.01(n) of each of the Credit Agreements is amended by (a) inserting the
phrase "Subject to Section 5.01(p)" immediately before the word "Cause" at the
beginning thereof, and (b) replacing the table contained therein to read in its
entirety as follows:

             Fiscal Quarter Ending                            Required Ratio
             ---------------------                            --------------

             December 31, 2001                                       3.00x

             March 31, 2002                                          3.00x

             June 30, 2002                                           3.00x

             September 30, 2002                                      3.00x

             December 31, 2002                                       2.75x

             March 31, 2003                                          2.50x

             June 30, 2003                                           2.50x

             September 30, 2003                                      2.50x

                                       7

<PAGE>

             December 31, 2003                                       2.50x

             March 31, 2004                                          2.25x

             June 30, 2004                                           2.25x

             September 30, 2004                                      2.25x

             December 31, 2004                                       2.25x

             March 31, 2005                                          2.00x
             and thereafter

         SECTION 2.08. Amendment to Debt to Operating Cash Flow Ratio. Section
                       ----------------------------------------------
5.01(o) of each of the Credit Agreements is amended by (a) inserting the phrase
"Subject to Section 5.01(p)" immediately before the word "Cause" at the
beginning thereof, (b) adding the phrase "commencing with the Fiscal Quarter
ending on March 31, 2003," immediately after the "(ii)" contained therein, and
(c) amending and restating the table contained therein to read in its entirety
as follows:

                               Fiscal Quarter                       Required
                                  Ending                             Ratio
                               -------------                        --------

              March 31, 2003                                           7.00x

              June 30, 2003                                            6.50x

              September 30, 2003                                       6.50x

              December 31, 2003                                        6.25x

              March 31, 2004                                           6.25x

              June 30, 2004                                            5.75x

              September 30, 2004                                       5.75x

              December 31, 2004                                        5.75x

              March 31, 2005 and thereafter                            5.25x

         SECTION 2.09. Financial Covenant Levels upon Issuance of Permitted
                       ----------------------------------------------------
Senior Unsecured Debt. Section 5.01 of each of the Credit Agreements is amended
---------------------
by inserting the following new subsection (p) immediately after subsection (o)
thereof, and re-lettering subsections (p) through (v) accordingly:

                  "(p) Change in Covenants upon Issuance of Permitted Senior
         Unsecured Debt. In the event the Borrower issues the Permitted Senior
         Unsecured Debt,

                                       8

<PAGE>

         commencing with the first Fiscal Quarter ending on or after the date of
         issuance of the Permitted Senior Unsecured Debt: (i) subsection (l) of
         this Section 5.01 shall be amended and restated in its entirety to read
         as follows:

                           (l)  Pro Forma Debt Service Coverage. Cause, at all
                  times, the ratio of (i) Operating Cash Flow minus Capital
                  Expenditures (other than Digital Capital Expenditures), in
                  each case for the four consecutive Fiscal Quarters then most
                  recently ended, to(ii) Pro Forma Debt Service at such time to
                  be not less than 1.10x.

                  (ii) Section 5.01(m) shall be amended and restated in its
         entirety to read asfollows:

                           (m)  Cash Interest Coverage. Cause, as of the last
                  day of each Fiscal Quarter set forth below, the ratio of
                  Operating Cash Flow to Total Cash Interest Expense, in each
                  case for the four consecutive Fiscal Quarters ending on such
                  day, to be not less than the required ratio set forth below
                  opposite such

                  Fiscal Quarter:

                       Fiscal Quarter Ending                    Required Ratio
                       ---------------------                    --------------

             December 31, 2001                                           1.20x

             March 31, 2002                                              1.20x

             June 30, 2002                                               1.20x

             September 30, 2002                                          1.20x

             December 31, 2002                                           1.25x

             March 31, 2003                                              1.30x

             June 30, 2003                                               1.30x

             September 30, 2003                                          1.30x

             December 31, 2003                                           1.30x

             March 31, 2004 and thereafter                               1.40x

                  (iii) the Senior Debt to Operating Cash Flow Ratio covenant
         levels set forth in subsection (n) of this Section 5.01 shall be
         amended by amending and restating the table contained therein to read
         in its entirety as follows:

                                       9

<PAGE>

                       Fiscal Quarter Ending                    Required Ratio
                       ---------------------                    --------------

             December 31, 2001                                           4.00x

             March 31, 2002                                              4.00x

             June 30, 2002                                               4.00x

             September 30, 2002                                          4.00x

             December 31, 2002                                           3.75x

             March 31, 2003                                              3.75x

             June 30, 2003 and thereafter                                3.50x

                  (iv) the following new Senior Secured Debt to Operating Cash
         Flow covenant shall become effective:

         Senior Secured Debt to Operating Cash Flow Ratio. Cause, as of the last
         day of each Fiscal Quarter set forth below, the ratio of (A) Senior
         Secured Debt as of such day to (B) Operating Cash Flow for the four
         consecutive Fiscal Quarters ending on such day to be not greater than
         the required ratio set forth below opposite the last day of such Fiscal
         Quarter:

                       Fiscal Quarter Ending                   Required Ratio
                       ---------------------                   --------------

         December 31, 2001 through and including December               2.00x
         31, 2002

         March 31, 2003 through and including March 31,                 1.75x
         2004

                  (v) the Debt to Operating Cash Flow Ratio covenant in
         subsection (o) of this Section 5.01 is amended by (a) replacing the
         phrase "commencing with the Fiscal Quarter ending on March 31, 2003,"
         with the phrase "commencing with the Fiscal Quarter ending on June 30,
         2004," and (b) amending and restating the table contained therein to
         read in its entirety as follows:

                       Fiscal Quarter Ending                   Required Ratio
                       ---------------------                   --------------

              June 30, 2004                                             7.35x

              September 30, 2004                                        7.35x

              December 31, 2004                                         7.35x

              March 31, 2005                                            7.35x

                                       10

<PAGE>

              June 30, 2005                                             7.35x

              September 30, 2005 and thereafter                         7.00x

         SECTION 2.10. Debt Covenant. Section 5.02(b) of each of the Credit
                       -------------
Agreements is amended by deleting the "and" at the end of clause (E), replacing
the period at the end of clause (F) with "; and", and inserting the following
new clause (G) immediately after clause (F) thereof:

                  "(G)     Permitted Senior Unsecured Debt."

         SECTION 2.11.  Additional Negative Covenant.  Section 5.02 of each of
                        ----------------------------
the Credit Agreements is amended by inserting the following new subsection (u)
immediately after subsection (t) thereof:

                  "(u) Payment of Permitted Senior Unsecured Debt Interest. The
                       ---------------------------------------------------
         Borrower will not use any of its funds other than amounts in the
         Permitted Interest Reserve Account to make any regularly scheduled
         payment of interest on the Permitted Senior Unsecured Debt if and to
         the extent the Permitted Senior Unsecured Debt Indenture permits such
         amounts to be used for such purpose."

         SECTION 2.12.  Additional Reporting Requirements.  (a) Section 5.03(a)
                        ---------------------------------
of each of the Credit Agreements is amended by adding the following immediately
before the phrase "as of the last day of such Fiscal Quarter" in clause (ii)
thereof:

         "and, commencing with the first Fiscal Quarter ending on or after the
         date of the issuance of the Permitted Senior Unsecured Debt, the Senior
         Debt to Operating Cash Flow Ratio"

         (b) Section 5.03(r) of each of the Credit Agreements is amended by
inserting the phrase ", Permitted Senior Unsecured Debt" immediately after each
of the references to "Existing Subordinated Debt" therein.

         SECTION 2.13. Events of Default. Section 6.01(e) of each of the Credit
                       -----------------
Agreements is amended by inserting ", any Permitted Senior Unsecured Debt
Document" immediately after the reference to "Subordinated Debt Document"
therein.

         SECTION 2.14. Amendment to Pricing Schedules. (a) The Pricing Schedule
                       ------------------------------
of the Second AR Credit Agreement is amended by amending and restating the table
contained therein, and the Pricing Schedule of the June 2000 Credit Agreement is
amended by amending and restating the table with respect to the Term A Loan
Advances contained therein, each to read in its entirety as follows:

                                       11

<PAGE>

<TABLE>
<CAPTION>
 Debt to Operating Cash    Base Rate          CD Rate          Eurodollar      Letter of Credit
       Flow Ratio          Margin              Margin           Margin         Fee Rate
 ----------------------    ---------          -------          ----------      ----------------
<S>                        <C>                <C>               <C>             <C>
         > 7.00x               2.250%         3.625%            3.500%          3.500%
         -

         > 6.50x               1.750%         3.125%            3.000%          3.000%
         -

         > 6.00x               1.250%         2.625%            2.500%          2.500%
         -

         > 5.50x               1.000%         2.375%            2.250%          2.250%
         -

         > 5.00x               0.750%         2.125%            2.000%          2.000%
         -
(Less than) 5.00x              0.500%         1.875%            1.750%          1.750%
</TABLE>

         (b) The Pricing Schedule of the June 2000 Credit Agreement is further
amended by amending and restating the table with respect to the Term Loan B
Advances contained therein to read in its entirety as follows:

<TABLE>
<CAPTION>
Base Rate Margin                     CD Rate Margin                     Eurodollar Margin
----------------                     --------------                     -----------------
<S>                                 <C>                                <C>
2.500%                               3.875%                             3.750%
</TABLE>

         (c) The Pricing Schedule of the Second AR Credit Agreement is further
amended by adding the following three provisos immediately after the existing
proviso thereto and the Pricing Schedule of the June 2000 Credit Agreement is
further amended by adding the following three provisos immediately after each of
the two existing provisos thereto:

                  provided further that unless the Permitted Senior Unsecured
         Debt shall have been issued on or prior to March 31, 2002, each of the
         margins and rates in the above table shall be increased by 0.25% on
         such date and shall remain at such increased levels through the
         Termination Date, unless the Permitted Senior Unsecured Debt shall have
         been issued on or prior to December 31, 2002, in which case such
         margins and rates shall revert to the levels set forth in the above
         table on and as of such date of issuance;

                  provided further that unless the Permitted Senior Unsecured
         Debt shall have been issued on or prior to June 30, 2002, each of the
         margins and rates in the above table (as previously increased according
         to the immediately preceding proviso) shall be increased by 0.25% on
         such date and shall remain at such increased levels through the
         Termination Date, unless the Permitted Senior Unsecured Debt shall have
         been issued on or prior to December 31, 2002, in which case the margins
         and rates shall revert to the levels set forth in the above

                                       12

<PAGE>

         table (without giving effect to any increases pursuant to the
         immediately preceding proviso) on and as of such date of issuance; and

                  provided further that for any day on or after the date of
         issuance of the Permitted Senior Unsecured Debt when the Senior Debt to
         Operating Cash Flow Ratio as specified in the most recent Notice of
         Debt to Operating Cash Flow Ratio received by the Administrative Agent
         on or before such day is equal to or greater than 3.50x, each of the
         margins and rates in the above table (as previously adjusted according
         to the two immediately preceding provisos) shall be increased by 0.25%,
         provided that if the Borrower shall fail to provide a Notice of Debt to
         Operating Cash Flow Ratio in accordance with the provisions of Section
         5.03(a), as the case may be, each of the margins and rates in the above
         table shall, on the date that is five (5) Business Days after the date
         by which the Borrower was so required to provide such Notice of Debt to
         Operating Cash Flow Ratio to the Administrative Agent and each Lender,
         be determined as if the Senior Debt to Operating Cash Flow Ratio is
         equal to or greater than 3.50x until such time as such Notice of Debt
         to Operating Cash Flow Ratio is provided, whereupon each of the margins
         and rates in the above table shall be determined in accordance with the
         Senior Debt to Operating Cash Flow Ratio therein presented.

         SECTION 2.15. Consent to 1996 Subordinated Notes Amendment. In
                       --------------------------------------------
accordance with Section 5.02(m)(ii) of each of the Credit Agreements, the
undersigned Lenders hereby consent to the Borrower's amendment of the 1996
Subordinated Notes Indenture as provided in the Borrower's Consent Solicitation
Statement dated October 26, 2001.

         SECTION 2.16. Covenant Calculations. (a) For purposes of calculating
                       ---------------------
compliance with the financial covenants set forth in Sections 5.01(l) through
5.01(p) of each of the Credit Agreements, (i) Consolidated Net Income for any
period shall be calculated on a Pro Forma Basis excluding (net of income tax
effect) the fees paid by the Borrower to the Lenders and the Agents in
connection with this Amendment No. 4 and any placement agent fees (or comparable
underwriters' discount) paid by the Borrower in connection with the issuance of
the Permitted Senior Unsecured Debt during such period, (ii) Total Interest
Expense and Total Cash Interest Expense, as applicable, for any period shall be
calculated on a Pro Forma basis as if the prepayments by the Borrower of the
Term Loan A Advances, Other Term Loan A Advances and Term B Advances in
connection with the $103,500,000 class A common stock issuance consummated on
June 26, 2001 and, if the Borrower has issued the Permitted Senior Unsecured
Debt, the issuance of the Permitted Senior Unsecured Debt, occurred on the first
day of such period and (iii) Operating Cash Flow for any period shall be
calculated, if such accounting period includes the Fiscal Quarter ending on
December 31, 2001, by adding up to $3,102,000 in costs (to the extent incurred)
associated with achieving certain cost savings under the Borrower's 2002 expense
reduction program (and such amount shall be

                                       13

<PAGE>

deemed to be included as a "Total Cost Savings Add-Back" for purposes of the
last sentence of clause (i) of Section 2.09(b) of each of the Credit
Agreements.)

         (b) For the avoidance of doubt, in any instance after or in connection
with the issuance of the Permitted Senior Unsecured Debt in which the Borrower
is required to certify actual or projected compliance with the financial
covenants set forth in Sections 5.01(l) through (o) of each of the Credit
Agreements (including delivery of a compliance certificate in the form of
Exhibit J to each of the Credit Agreements), such certification or projection
shall be as to such covenants as and to the extent amended by the new Section
5.01(p) set forth in this Amendment No. 4, and shall include the new Senior
Secured Debt to Operating Cash Flow Ratio covenant set forth in clause (iv) of
such Section 5.01(p).

         (c) In the event and as of the date the Borrower issues the Permitted
Senior Unsecured Debt, each reference in each of the Credit Agreements to "Total
Interest Expense" shall be deemed to be a reference to "Total Cash Interest
Expense".

                                   ARTICLE III
                                  MISCELLANEOUS

         SECTION 3.01.  Representations Correct: No Default.  The Borrower
                        -----------------------------------
represents and warrants that on and as of the date hereof: (i) the
representations and warranties contained in each of the Credit Agreements and
each of the other Loan Documents are correct; and (ii) no event has occurred and
is continuing which (assuming the effectiveness of this Amendment) constitutes
(or would constitute) a Default.

         SECTION 3.02. Effectiveness. (a) This Amendment No. 4 shall become
                       -------------
effective upon the date (the "Effective Date") when the Administrative Agent
receives duly executed counterparts hereof signed by the Borrower, each
Guarantor and the Majority Lenders (or, in the case of any party as to which an
executed counterpart thereof shall not have been received, receipt by the
Administrative Agent in form satisfactory to it of telegraphic, telex or other
written confirmation from such party of execution of a counterpart hereof by
such party). The calculation of any commitment fees and accrued interest and
letter of credit fees on Advances, Letters of Credit and unpaid reimbursement
obligations outstanding on the Effective Date shall reflect as of the Effective
Date the changes in the Pricing Schedules made hereby.

         (b) (i) If the Effective Date occurs, the Borrower shall pay the
Administrative Agent, in immediately available funds, for the account of each
Lender (a "Consenting Lender") that has evidenced its agreement hereto as
provided in Section 3.02(a) by 3:00 P.M. (New York City time) on the later of
(i) November 21, 2001 and (ii) the Domestic

                                       14

<PAGE>

Business Day on which the Administrative Agent issues a notice to the Lenders
under each Credit Agreement saying this Amendment No. 4 has become effective
(such later date being the "Fee Determination Date"), an amendment fee in an
amount equal to 0.50% of the sum of (1) the Revolving Credit Commitment of such
Consenting Lender (determined as of the opening of business on the Effective
Date), and (2) the outstanding principal amount of such Consenting Lender's Term
Loan A Advances and Term Loan B Advances (determined as of the opening of
business on the Effective Date), such amendment fees being due on the first
Domestic Business Day after the Fee Determination Date.

                  (ii) If the Effective Date occurs but the Borrower has not
issued the Permitted Senior Unsecured Debt on or prior to March 31, 2002, the
Borrower shall pay the Administrative Agent, in immediately available funds, for
the account of each Lender, a supplemental amendment fee in an amount equal to
0.125% of the sum of (1) the Revolving Credit Commitment of such Lender
(determined as of the opening of business on March 31, 2002), and (2) the
outstanding principal amount of such Lender's Term Loan A Advances and Term Loan
B Advances (determined as of the opening of business on March 31, 2002), such
amendment fees being due on the first Domestic Business Day after March 31,
2002.

                  (iii) If the Effective Date occurs but the Borrower has not
issued the Permitted Senior Unsecured Debt on or prior to June 30, 2002, the
Borrower shall pay the Administrative Agent, in immediately available funds, for
the account of each Lender, a supplemental amendment fee (in addition to the
supplemental amendment fees paid pursuant to Section 3.02(b)(ii)) in an amount
equal to 0.375% of the sum of (1) the Revolving Credit Commitment of such Lender
(determined as of the opening of business on June 30, 2002), and (2) the
outstanding principal amount of such Lender's Term Loan A Advances and Term Loan
B Advances (as of the opening of business on June 30, 2002), such amendment fees
being due on the first Domestic Business Day after June 30, 2002.

         SECTION 3.03.  GOVERNING LAW.  THIS AMENDMENT NO. 4 SHALL BE GOVERNED
                        -------------
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

         SECTION 3.04. Effect of Amendments. Except as expressly set forth
                       --------------------
herein, the amendments contained herein shall not constitute a waiver or
amendment of any term or condition of either of the Credit Agreements or any
other Loan Document, and all such terms and conditions shall remain in full
force and effect and are hereby ratified and confirmed in all respects.

         SECTION 3.05.  Execution in Counterparts.  This Amendment No. 4 may be
                        -------------------------
executed in any number of counterparts and by different parties hereto in
separate

                                       15

<PAGE>

counterparts, each of which when so executed being deemed an original
and all of which taken together constituting one and the same agreement.

                                       16

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 4
to be executed by their respective authorized officers as of the date first
above written.

                                YOUNG BROADCASTING INC.

                                By:      /s/ James A. Morgan
                                         ---------------------------------------
                                         Title:  Executive Vice President
                                                 and Chief Financial Officer

                                BANKERS TRUST COMPANY, AS
                                ADMINISTRATIVE AGENT

                                By:      /s/ Gregory Shefrin
                                        ----------------------------------------
                                         Title: Director

                                FIRST UNION NATIONAL BANK, AS
                                SYNDICATION AGENT

                                By:      /s/ Jeffrey M. Graci
                                         ---------------------------------------
                                         Title: Director

                                CIBC WORLD MARKETS CORP., AS
                                SYNDICATION AGENT

                                By:      /s/ Tefta Ghilaga
                                         ---------------------------------------
                                         Title: Executive Director

                                 BANKS
                                 -----

                                            ADDISON CDO, LIMITED (Acct 1279)
                                            By: Pacific Investment Management
                                            Company LLC, as its Investment
                                            Advisor

                                            By: /s/ Mohan V. Phansalkar
                                                --------------------------------
                                            Title: Executive Vice President

                                AIMCO CDO SERIES 2000-A

                                By: /s/ Jerry D. Zinkula
                                    --------------------------------------------
                                Title: Authorized Signatory

                                By: /s/ Patricia W. Wilson
                                    --------------------------------------------
                                Title: Authorized Signatory

<PAGE>

                                ALLSTATE LIFE INSURANCE
                                COMPANY

                                By: /s/ Jerry D. Zinkula
                                    --------------------------------------------
                                Title: Authorized Signatory

                                By: /s/ Patricia W. Wilson
                                    --------------------------------------------
                                Title: Authorized Signatory

                                AMEX-SEQUILS-CENTURION V, LTD.

                                By:
                                    --------------------------------------------
                                Name:
                                Title:

                                            AMMC CDO II, LIMITED
                                            By:      American Money Management
                                            Corp., as Collateral Manager

                                            By:/s/ David P. Meyer
                                               ---------------------------------
                                            Title: Vice President

                                            APEX (IDM) CDO I, LTD.

                                            By:/s/ Mark K. Misenheimer
                                               ---------------------------------
                                            Title: Senior Vice President

                                            APEX (Trimaran) CDO I, LTD.
                                            By: Trimaran Advisors, L.L.C.

                                            By: /s/ Dean T. Criares
                                                --------------------------------
                                            Title:  Managing Director

                                            ARCHIMEDES FUNDING III, LTD.
                                            By:   ING Capital Advisors LLC, as
                                            Collateral Manager

                                            By: /s/ Mark M. O'Shaughnessy
                                                --------------------------------
                                            Title: Vice President

<PAGE>

                                            ARCHIMEDES FUNDING IV
                                           (CAYMAN), LTD.

                                            By:    NG Capital Advisors LLC, as
                                            Collateral Manager

                                            By: /s/ Mark M. O'Shaughnessy
                                                --------------------------------
                                            Title: Vice President

                                            ARES III CLO LTD.
                                            By:      ARES CLO Management LLC,
                                            Investment Manager

                                            By:/s/ Seth J. Brufsky
                                               ---------------------------------
                                            Title: Vice President

                                            ARES IV CLO, LTD.
                                            By:   ARES CLO Management IV, L.P.,
                                            Investment Manager
                                            By:   Ares CLO GP IV, LLC, Its
                                            Managing Member

                                            By:/s/ Seth J. Brufsky
                                               ---------------------------------
                                            Title: Vice President

                                            ARES V CLO LTD.
                                            By:   Ares CLO Management V, L.P.,
                                                  Investment Manager
                                            By:   Ares CLO GP V, LLC,
                                                  Its Managing Member

                                            By: /s/ Seth J. Brufsky
                                                --------------------------------
                                            Title: Vice President

                                            ARES LEVERAGED INVESTMENT
                                            FUND L.P.
                                            By:      ARES Management, L.P.
                                            Its:     General Partner

                                            By:/s/ Seth J. Brufsky
                                               ---------------------------------
                                            Title: Vice President

                                            ARES LEVERAGED INVESTMENT
                                            FUND II, L.P.
                                            By:      ARES Management II, L.P.
                                            Its:     General Partner

                                            By:/s/ Seth J. Brufsky
                                               --------------------------------
                                            Title: Vice President

<PAGE>

                                            ATHENA CDO, LIMITED (Acct 1277)
                                            By:   Pacific Investment Management
                                            Company LLC, as its Investment
                                            Advisor

                                            By:/s/ Mohan V. Phansalkar
                                               ---------------------------------
                                            Title:   Executive Vice President

                                            THE BANK OF TOKYO-MITSUBISHI
                                            TRUST COMPANY

                                            By:/s/ W. Vukovich
                                               ---------------------------------
                                            Title: Vice President

                                            BANKERS TRUST COMPANY

                                            By: /s/ Gregory Shefrin
                                                --------------------------------
                                            Title: Director

                                            BANKERS TRUST COMPANY

                                            By: /s/ Gregory Shefrin
                                                --------------------------------
                                            Title: Director

                                            CAPTIVA II FINANCE LTD.

                                            By:/s/ Paul Cope
                                               ---------------------------------
                                            Title: Director

                                            CAPTIVA III FINANCE LTD. (Acct 275)
                                            as advised by Pacific Investment
                                            Management Company LLC

                                            By:/s/ David Dyer
                                               ---------------------------------
                                            Title: Director

<PAGE>

                                            CARAVELLE-APEX
                                            (TRIMARAN) CDO I, LTD.

                                             By:
                                                --------------------------------
                                             Name:
                                             Title:

                                            CARAVELLE INVESTMENT FUND, L.L.C.;
                                            by Trimaran Advisors, L.L.C.

                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:

                                            CARLYLE HIGH YIELD PARTNERS, L.P.

                                            By:/s/ Linda M. Pace
                                               ---------------------------------
                                            Title: Vice President

                                            CARLYLE HIGH YIELD PARTNERS II, LTD.

                                            By:/s/ Linda M. Pace
                                               ---------------------------------
                                            Title: Vice President

                                            CENTURION CDO II LTD.
                                            By:      American Express Asset
                                            Management Group Inc., as
                                            Collateral Manager

                                            By:/s/ Michael M. Leyland
                                               ---------------------------------
                                            Title: Managing Director

                                          CENTURION CDO III, LIMITED
                                          By: American Express Asset Management
                                              Group Inc. as Collateral Manager

                                            By:/s/ Michael M. Leyland
                                               ---------------------------------
                                            Title: Managing Director

<PAGE>

                                            COLUMBUS LOAN FUNDING, LTD.
                                            By:      Travelers Asset Management
                                            International Company, LLC

                                            By:/s/ Pamela Westmoreland
                                               ---------------------------------
                                            Title: Vice President

                                            CONTINENTAL ASSURANCE
                                            COMPANY SEPARATE ACCOUNT (E)
                                            By:  TCW Asset Management Company as
                                            Attorney-in-Fact

                                            By:/s/ Mark L. Gold
                                               ---------------------------------
                                            Title: Managing Director

                                            By:/s/ Jonathan R. Insull
                                               ---------------------------------
                                            Title: Senior Vice President

                                            CREDIT INDUSTRIEL ET
                                            COMMERCIAL

                                            By:/s/ Marcus Edward
                                               ---------------------------------
                                            Title: Vice President

                                            By:/s/ Anthony Rock
                                               ---------------------------------
                                            Title: Vice President

                                            CYPRESSTREE INVESTMENT
                                            PARTNERS I, LTD.

                                            By:/s/ Jonathan D. Sharkey
                                               ---------------------------------
                                            Title: Principal

                                            CYPRESSTREE INVESTMENT
                                            PARTNERS II LTD.

                                            By:/s/ Jonathan D. Sharkey
                                               ---------------------------------
                                            Title: Principal

                                            CYPRESSTREE INVESTMENT MANAGEMENT
                                            COMPANY, INC.
                                            As:   Attorney-in-Fact and on behalf
                                            of First Allmerica Financial Life
                                            Insurance Company as Portfolio
                                            Manager

                                            By:/s/ Jonathan D. Sharkey
                                               ---------------------------------
                                            Title: Principal

<PAGE>

                                            DAI-ICHI KANGYO BANK, LIMITED

                                            By:/s/ Yudesh Sohan
                                               ---------------------------------
                                            Title: Credit Officer

                                            DELANO COMPANY (Acct 274)
                                            By:  Pacific Investment Management
                                            Company LLC, as its Investment
                                            Advisor

                                            By:/s/ Mohan V. Phansalkar
                                               ---------------------------------
                                            Title: Executive Vice President

                                            ELC (CAYMAN) LTD., 2000-I

                                            By:/s/ Mark K. Misenheimer
                                               ---------------------------------
                                            Title:   Senior Vice President

                                            ERSTE BANK DER
                                            OESTERREICHISCHEN SPARKASSEN
                                            AG

                                            By:/s/ Robert J. Wagman
                                               ---------------------------------
                                            Title: Vice President

                                            By:/s/ John S. Runnion
                                               ---------------------------------
                                            Title: Managing Director

                                            FIDELITY ADVISOR SERIES II:
                                            FIDELITY ADVISOR FLOATING RATE
                                            HIGH INCOME

                                            By:/s/ Ben H. Costello
                                               ---------------------------------
                                            Title: Assistant Treasurer

                                            FIRST ALLMERICA FINANCIAL LIFE
                                            INSURANCE COMPANY

                                            By:
                                                --------------------------------
                                            Name:
                                            Title:

<PAGE>

                                           FIRST SUNAMERICA LIFE
                                           INSURANCE COMPANY

                                           By: /s/ John G. Lapham
                                               ---------------------------------
                                               Title: Authorized Agent

                                           FIRST UNION NATIONAL BANK

                                            By: /s/ Jeffrey M. Graci
                                                --------------------------------
                                                Title: Director

                                            FLEET NATIONAL BANK

                                            By:/s/ Patrick Bonebrake
                                               ---------------------------------
                                            Title: Vice President

                                            GALAXY CLO 1999-1, LTD.
                                            By: SAI Investment Advisor, Inc.,
                                            its Collateral Manager

                                            By:/s/ John G. Lapham
                                               ---------------------------------
                                              Title: Authorized Agent

                                            GENERAL MOTORS EMPLOYEES
                                            GLOBAL GROUP PENSION TRUST,
                                            by State Street Bank and Trust
                                            Company as Trustee

                                            By:
                                                --------------------------------
                                            Name:
                                            Title:

                                      GENERAL MOTORS WELFARE
                                      BENEFITS TRUST,
                                      by  State Street Bank and Trust Company as
                                      Trustee

                                      By:
                                          -------------------------------------
                                      Name:
                                      Title:

<PAGE>

                                     GOLDMAN SACHS CREDIT
                                     PARTNERS L.P.

                                      By:
                                          -------------------------------------
                                      Name:
                                      Title:

                                      HARCH CLO I LIMITED

                                      By:
                                          -------------------------------------
                                      Name:
                                      Title:

                                      HELLER FINANCIAL INC.

                                      By:/s/ Sheila C. Weimer
                                         ---------------------------------------
                                      Title: Vice President

                                      INDOSUEZ CAPITAL FUNDING IV, L.P.

                                       By:/s/ Jack C. Henry
                                          --------------------------------------
                                          Title: Principal

                                                     INDOSUEZ CAPITAL FUNDING
                                                     VI, LIMITED

                                                     By:/s/ Jack C. Henry
                                                        ------------------------
                                                     Title: Principal

                                                    INDOSUEZ-RIVIERA FUNDING
                                                    LLC

                                                     By:
                                                        -----------------------
                                                     Name:
                                                     Title:

<PAGE>

                                            KZH CYPRESSTREE-1 LLC

                                            By:/s/ Susan Lee
                                               ---------------------------------
                                            Title: Authorized Agent

                                            KZH ING-1 LLC

                                            By:/s/ Susan Lee
                                               ---------------------------------
                                            Title: Authorized Agent

                                            KZH ING-2 LLC

                                            By:/s/ Susan Lee
                                               ---------------------------------
                                            Title: Authorized Agent

                                                     KZH LANGDALE LLC

                                                     By:/s/ Susan Lee
                                                        ------------------------
                                                     Title: Authorized Agent

                                            KZH PONDVIEW LLC

                                            By:/s/ Susan Lee
                                               ---------------------------------
                                            Title: Authorized Agent

                                            KZH SOLEIL LLC

                                            By:/s/ Susan Lee
                                               ---------------------------------
                                            Title: Authorized Agent

<PAGE>

                                            KZH SOLEIL-2 LLC

                                            By:/s/ Susan Lee
                                               ---------------------------------
                                            Title: Authorized Agent

                                            KZH STERLING LLC

                                            By:/s/ Susan Lee
                                               ---------------------------------
                                            Title: Authorized Agent

                                            KZH WATERSIDE LLC

                                            By:/s/ Susan Lee
                                               ---------------------------------
                                            Title: Authorized Agent

                                            LIBERTY- STEIN ROE ADVISOR
                                                 FLOATING RATE ADVANTAGE FUND,
                                            by Stein Roe & Farnham Incorporated
                                            as Advisor

                                            By:/s/ James R. Fellows
                                               ---------------------------------
                                            Title:   Senior Vice President &
                                                     Portfolio Manager

                                         LONGHORN CDO (CAYMAN) LTD.
                                         By: Merrill Lynch Investment Managers,
                                         L.P. as Investment Advisor

                                         By:/s/ Joseph Matteo
                                            ---------------------------------
                                         Title: Authorized Signatory

                                            MADISON AVENUE CDO I, LIMITED, by
                                            METROPOLITAN LIFE INSURANCE
                                            COMPANY as Collateral Manager

                                            By:/s/ James R. Dingler
                                               ---------------------------------
                                            Title: Director

<PAGE>

                                             MADISON AVENUE CDO III,
                                             LTD, by Metropolitan Life Insurance
                                             Company, as Collateral Manager

                                             By:/s/ James R. Dingler
                                                --------------------------------
                                             Title: Director

                                              MASTER SENIOR FLOATING RATE
                                              TRUST

                                              By:/s/ Joseph Matteo
                                              ----------------------------------
                                              Title: Authorized Signatory

                                            MELLON BANK, N.A.

                                            By:/s/ Raghunatha Reddy
                                               ---------------------------------
                                            Title: Lending Officer

                                            MERRILL LYNCH MASTER SENIOR
                                            FLOATING RATE TRUST

                                            By:/s/ Joseph Matteo
                                               ---------------------------------
                                            Title: Authorized Signatory

                                            MERRILL LYNCH SENIOR FLOATING
                                            RATE FUND, INC.

                                            By:/s/ Joseph Matteo
                                               ---------------------------------
                                            Title: Authorized Signatory

                                            METROPOLITAN LIFE INSURANCE COMPANY

                                            By:/s/ James R. Dingler
                                               ---------------------------------
                                            Title: Director

<PAGE>

                                            METROPOLITAN PROPERTY AND
                                            CASUALTY INSURANCE

                                            By:/s/ James R. Dingler
                                               ---------------------------------
                                            Title: Director

                                            MUIRFIELD TRADING LLC

                                            By/s/ Ann E. Morris
                                              ----------------------------------
                                            Title: Assistant Vice President

                                            MUZINICH CASHFLOW CBO, LTD.

                                            By:/s/ Daniel Naccarella
                                               ---------------------------------
                                            Title: Authorized Signatory

                                        NATEXIS BANQUES POPULAIRES

                                        By:/s/ Evan S. Kraus
                                           ---------------------------------
                                        Title:   Vice President

                                        By:/s/ Cynthia E. Sachs
                                           ---------------------------------
                                        Title:   Vice President Group Manager

                                        NEMEAN CLO, LTD.
                                        By:  ING Capital Advisors LLC, as
                                             Investment Manager

                                         By:/s/ Mark M. O'Shaughnessy
                                            --------------------------------
                                         Title: Vice President

                                         NORSE CBO, LTD.
                                         By: Regiment Capital Management, LLC
                                             as its Investment Advisor
                                         By: Regiment Capital Advisors, LLC
                                             its
                                             Manager and pursuant to delegated
                                             authority

                                         By:/s/ Timothy S. Peterson
                                            ---------------------------------
                                         Title: President

<PAGE>

                                    NORTH AMERICAN SENIOR
                                    FLOATING  RATE FUND INC.
                                    By: Stanfield Capital Partners LLC as
                                        Subadvisor

                                    By:/s/ Christopher A. Bondy
                                       -----------------------------------------
                                    Title: Partner

                                    OLYMPIC FUNDING TRUST, SERIES
                                    1999-1

                                    By:/s/ Ann E. Morris
                                       -----------------------------------------
                                    Title: Authorized Agent

                                    PIMCO-SEQUILS-MAGNUM

                                    By:
                                       ----------------------------------------
                                    Name:
                                    Title:

                                            PINEHURST TRADING, INC.

                                            By:/s/ Ann E. Morris
                                               --------------------------------
                                            Title:   Assistant Vice President

                                            PORTFOLIO

                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:

                                    REGIMENT CAPITAL, LTD.
                                    By: Regiment Capital Management, LLC
                                        as its Investment Advisor
                                    By: Regiment Capital Advisors, LLC its
                                    Manager and pursuant to delegated authority

                                    By:/s/ Timothy S. Peterson
                                       ----------------------------------------
                                    Title: President

<PAGE>

                                                RIVIERA FUNDING LLC

                                                By:/s/ Ann E. Morris
                                                   -----------------------------
                                                Title: Assistant Vice President

                                            SAWGRASS TRADING LLC

                                            By:/s/ Ann E. Morris
                                               ---------------------------------
                                            Title: Assistant Vice President

                                                   SCM COMMUNICATIONS CBO I LTD.

                                                   By:
                                                      --------------------------
                                                   Name:
                                                   Title:

                                                   SCUDDER FLOATING RATE FUND

                                                   By:/s/ Kelly Babson
                                                        ------------------------
                                                   Title: Managing Director

                                            SENIOR DEBT PORTFOLIO
                                            By: Boston Management and Research
                                                 as Investment Advisor

                                            By:/s/ Payson F. Swaffield
                                               ---------------------------------
                                            Title: Vice President

                                        SEQUILS I, LTD.
                                        By: TCW Advisors, Inc. as its Collateral
                                            Manager

                                        By:/s/ Mark L. Gold
                                           ------------------------------------
                                        Title: Managing Director

                                        By:/s/ Jonathan R. Insull
                                           ------------------------------------
                                        Title: Senior Vice President

<PAGE>

                                        SEQUILS IV, LTD.
                                        By: TCW Advisors, Inc. as its Collateral
                                            Manager

                                        By:/s/ Mark L. Gold
                                           -------------------------------------
                                        Title: Managing Director

                                        By:/s/ Jonathan R. Insull
                                           -------------------------------------
                                        Title: Senior Vice President

                                           SEQUILS-CENTURION V, LTD.
                                           By: American Express Asset Management
                                           Group Inc. as Collateral Manager

                                           By:/s/ Michael M. Leyland
                                              ------------------------
                                           Title: Managing Director

                                        SEQUILS-CUMBERLAND I, LTD.
                                        By:      Deerfield Capital Management,
                                        L.L.C., as its Collateral Manager

                                        By:/s/ Mark E. Wittnebel
                                           -------------------------------------
                                        Title: Senior Vice President

                                        SEQUILS-ING I (HBDGM), LTD.
                                        By:  ING Capital Advisors LLC, as
                                             Collateral Manager

                                        By:/s/ Mark M. O'Shaughnessy
                                           -------------------------------------
                                        Title: Vice President

                                     SEQUILS-MAGNUM, LTD. (#1280)
                                     By: Pacific Investment Management
                                         Company LLC, as its Investment Advisor

                                     By:/s/ Mohan V. Phansalkar
                                        ------------------------
                                     Title: Executive Vice President

                                            SRF 2000 LLC

                                            By:/s/ Ann E. Morris
                                               ---------------------------------
                                            Title: Assistant Vice President

<PAGE>

                                       STANFIELD ARBITRAGE CDO,
                                       LTD.

                                       By: Stanfield Capital Partners LLC as its
                                           Collateral Manager

                                       By:/s/ Christopher A. Bondy
                                          ------------------------
                                       Title: Partner

                                       STANFIELD CLO, LTD.
                                       By: Stanfield Capital Partners LLC as its
                                           Collateral Manager

                                       By:/s/ Christopher A. Bondy
                                              ---------------------------------
                                       Title: Partner

                                       STANFIELD- KZH LANGDALE
                                       LLC

                                       By:
                                          --------------------------------------
                                       Name:
                                       Title:

                                       STANFIELD/RMF TRANSATLANTIC
                                       CDO LTD.
                                       By: Stanfield Capital Partners LLC as its
                                           Collateral Manager

                                       By:/s/ Christopher A. Bondy
                                              ---------------------------------
                                              Title: Partner

                                   STEIN ROE & FARNHAM CLO I LTD., by
                                   Stein Roe & Farnham Incorporated as
                                   Portfolio Manager

                                   By:/s/ James R. Fellows
                                      ------------------------------------------
                                   Title: Senior Vice President & Portfolio
                                          Manager

                                   STEIN ROE FLOATING RATE LIMITED
                                        LIABILITY COMPANY

                                   By:/s/ James R. Fellows
                                      ------------------------------------------
                                   Title: Senior Vice President & Portfolio
                                          Manager

<PAGE>

                                            SUNAMERICA LIFE INSURANCE
                                            COMPANY

                                            By:/s/ John G. Lapham
                                               ---------------------------------
                                            Title: Authorized Agent

                                            SUNTRUST BANK

                                            By:/s/ David G. Jones
                                               ---------------------------------
                                            Title: Managing Director

                                             TCW- KZH CRESCENT-2 LLC

                                             By:
                                                --------------------------------
                                             Name:
                                             Title:

                                            TCW SELECT LOAN FUND, LIMITED
                                            By: TCW Advisors, Inc. as its
                                            Collateral Manager

                                            By:/s/ Mark L. Gold
                                               ---------------------------------
                                            Title:   Managing Director

                                            By:/s/ Jonathan R. Insull
                                               ---------------------------------
                                            Title;   Senior Vice President

                                            TORONTO DOMINION (NEW YORK),   INC.

                                            By:/s/ Stacey Malek
                                               ---------------------------------
                                            Title:   Vice President

                                            TRAVELERS CORPORATE LOAN FUND
                                            INC.

                                            By: Travelers Asset Management
                                                International Company, LLC

                                            By:/s/ Pamela Westmoreland
                                               --------------------------------
                                            Title: Vice President

<PAGE>

                                            UNITED OF OMAHA LIFE INSURANCE
                                            COMPANY
                                            By:   TCW Asset Management Company,
                                                  its Investment Advisor

                                            By:/s/ Mark L. Gold
                                               ---------------------------------
                                            Title: Managing Director

                                            By:/s/ Jonathan R. Insull
                                               ---------------------------------
                                            Title: Senior Vice President

                                            US BANK, NATIONAL ASSOCIATION

                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:

                                      WINDSOR LOAN FUNDING, LIMITED
                                      By: Stanfield Capital Partners LLC as its
                                      Investment Manager

                                      By:/s/ Christopher A. Bondy
                                         ---------------------------------------
                                      Title: Partner

                                      WINGED FOOT FUNDING TRUST

                                      By:/s/ Ann E. Morris
                                         --------------------------------------
                                      Title: Authorized Agent

<PAGE>

Each of the undersigned Guarantors hereby consents

to the foregoing Amendment No. 4:

YOUNG BROADCASTING OF LANSING, INC.
YOUNG BROADCASTING OF LOUISIANA, INC.
YOUNG BROADCASTING OF LA CROSSE, INC.
YOUNG BROADCASTING OF NASHVILLE, INC.
YOUNG BROADCASTING OF ALBANY, INC.
WINNEBAGO TELEVISION CORPORATION
KLFY, L.P.
         By:    Young Broadcasting of Louisiana, Inc., its General Partner
WKRN, G.P.

         By:    Young Broadcasting of Nashville, Inc., its General Partner
LAT, INC.
YBT, INC.

YOUNG BROADCASTING OF RICHMOND, INC.
YOUNG BROADCASTING OF GREEN BAY, INC.
YOUNG BROADCASTING OF KNOXVILLE, INC.
WATE, G.P.

         By:    Young Broadcasting of Knoxville, Inc., its General Partner
YBK, INC.

YOUNG BROADCASTING OF DAVENPORT, INC.
YOUNG BROADCASTING OF SIOUX FALLS, INC.
YOUNG BROADCASTING OF RAPID CITY, INC.
YOUNG BROADCASTING OF LOS ANGELES, INC.
FIDELITY TELEVISION, INC.

YOUNG BROADCASTING OF SAN FRANCISCO, INC.
YOUNG HOLDING COMPANY, INC.
YBSF INC.
ADAM YOUNG INC.
HONEY BUCKET FILMS, INC.

         By:      /s/ James A. Morgan
                  --------------------------------
         Title:   Executive Vice President
                  and Chief Financial Officer

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